Banking & Finance 2022 - Jan To July - TopicWise PDF by AffairsCloud 7

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2022 Banking & Finance

Table of Contents
2022 Banking & Finance - January ................................................................................................................................. 5
2022 Banking & Finance - February ............................................................................................................................ 17
2022 Banking & Finance - March ................................................................................................................................. 28
2022 Banking & Finance - April ................................................................................................................................... 43
2022 Banking & Finance - May ..................................................................................................................................... 57
2022 Banking & Finance - June .................................................................................................................................... 73
2022 Banking & Finance - July ..................................................................................................................................... 91
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2022 Banking & Finance - January

RBI IN NEWS
RBI Approves Fino Payments Bank for Cross Border Remittances
Reserve Bank of India (RBI) has approved Fino Payments Bank for commencing international
remittance business under the Money Transfer Service Scheme (MTSS). The approval will enable the
customers of Fino Payments Bank to receive money sent from foreign countries. The money remitted by
family members abroad can be directly withdrawn at the nearest micro-ATM or Aadhaar-Enabled
Payment Services (AEPS) enabled Fino Bank’s neighbourhood merchant point.
✓ The headquarters of Fino Payments Bank – Navi Mumbai, Maharashtra.
RBI Releases Framework for Small-value Offline Digital Payments

Reserve Bank of India (RBI) issued a framework for facilitating small-value digital payments in offline
mode using cards, wallets, mobile devices, etc, to push digital transactions in rural and semi-urban
areas.The upper limit of an offline payment transaction was fixed at Rs 200, with a total limit on a
payment instrument be at Rs 2,000 at any point in time.
✓ Note – Offline digital payment is a transaction that does not require internet or telecom
connectivity to take effect.
RBI granted Scheduled Payment Bank Status to Airtel Payments Bank

Reserve Bank of India (RBI) granted a Scheduled Payment Bank status to Airtel Payments Bank by
including it into the Second Schedule to the RBI Act, 1934. With this inclusion, it becomes the 4th
payment bank to get this status. This status will help Airtel Payments Bank to explore new central and
state government business opportunities, including participation in government-issued Request for
Proposals (RFP), and primary auctions, along with participation in government-operated welfare
schemes.
RBI Introduces Market Making Scheme to Promote PDs to Trade in RD Scheme

To provide liquidity in the secondary market, the Reserve Bank of India (RBI) has introduced the
market-making scheme to promote retail participation in Government Securities (G-Secs) by providing
prices/quotes to Retail Direct Gilt Account Holders (RDGAHs) enabling them to buy/sell securities
under the RBI Retail Direct (RBI-RD) Scheme.
✓ Under the scheme, RBI allowed the Primary Dealers (PDs) to be present on the Negotiated
Dealing System- Order Matching (NDS-OM) Platform (odd-lot and Request for Quotes (RFQ)
segments) throughout market hours and respond to buy/sell requests from RDGAHs.
RBI Cancels Authorisation Certificates of Two Payment System Operators

Reserve Bank of India (RBI) cancelled the Certificate of Authorisation (CoA) of two Payment System
Operators (PSOs) – Muthoot Vehicle & Asset Finance, and Eko India Financial Services for non-
compliance with regulatory requirements.The CoA was cancelled by RBI on 31st December 2021, in the
exercise of the powers conferred on it under the Payment and Settlement Systems Act, 2007.
RBI Releases Eligibility Criteria for Entities to Become ‘specified Users’ of CICs
Reserve Bank of India (RBI) released the eligibility criteria for entities to be categorised as ‘Specified
User’ of Credit Information Companies (CICs). The eligible criteria are issued under clause (j) of
Regulation 3 of the CICs (Amendment) Regulations, 2021.In November 2021, RBI notified CICs
(Amendment) Regulations, 2021 to amend the CICs Regulations, 2006.
✓ A ‘specified user’ should be a company incorporated in India or a Statutory Corporation
established in India.

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RBI Increased Banks’ LCR maintenance on Funds Received from Non-Financial Small Business
Customers to Rs 7.5 Crore
Reserve Bank of India (RBI) has increased the threshold limit for Banks to maintain the Liquidity
Coverage Ratio (LCR) on deposits and other ‘extension of funds’ received from non-financial small
business customers from Rs 5 crore to Rs 7.5 crore.
✓ Objective: To better align RBI’s guidelines with the Basel Committee on Banking Supervision
(BCBS) standard and enable banks to manage liquidity risk more effectively.
RBI Sets up Separate Department for Fintech

In January 2022, the Reserve Bank of India (RBI) sets up a separate internal department for fintech
(Financial technology) by subsuming the fintech division of DPSS (department of payment and
settlement systems), Central Office (CO). to facilitate innovation, and help identify, address challenges
and opportunities in the fintech sector.
✓ Ajay Kumar Choudhary, who was recently promoted as the Executive Director of RBI was
appointed as head of the department.
The department will be administratively attached to the centralised administrative division (CAD) of
RBI.
RBI extends its Directions for Sri Guru Raghavendra Sahakara Bank till May 10, 2022
Reserve Bank of India (RBI) has extended the validity of its directions by 4 months for Sri Guru
Raghavendra Sahakara Bank Niyamitha, Bengaluru (Karnataka) i.e., till May 10, 2022 from January 11,
2022.The directions have been issued under Section 35A read with Section 56 of the Banking
Regulation (BR) Act, 1949.
RBI brought the bank under Directions in the interest of depositor protection on January 2, 2020, the
validity of which was extended from time to time.
RBI Releases Annual Report of Ombudsman Schemes, 2020-21; Complaints rose by 22.27% in
2021
Reserve Bank of India (RBI) released the Annual Report of the Ombudsman Schemes for 2020-21,
which has been prepared for the 9-month period, i.e., July 1, 2020, to March 31, 2021, in alignment with
the change in the Financial Year of RBI from ‘July – June’ to ‘April – March’ with effect from July 1,
2020.The Annual Report covers the activities under the Banking Ombudsman Scheme, 2006 (BOS), the
Ombudsman Scheme for Non-Banking Financial Companies, 2018 (OSNBFC) and the Ombudsman
Scheme for Digital Transactions, 2019 (OSDT).
RBI Released RBI-DPI for September 2021; Digital Payments Grew by 39.64%
Reserve Bank of India (RBI) released the RBI – Digital Payments Index (RBI-DPI) for September 2021,
as per the index the digital payments increased by 39.64 percent to 304.06 as against 217.74 in
September 2020. It is the index launched by RBI in January 2021 with March 2018 as the base period
(ie. DPI score for March 2018 is set at 100) to identify the extent of digitisation of payments across the
country. The index will be released semi-annually with a lag of 4 months.
It is the index launched by RBI in January 2021 with March 2018 as the base period (ie. DPI score for
March 2018 is set at 100) to identify the extent of digitisation of payments across the country. The
index will be released semi-annually with a lag of 4 months.
Existing NBFC-ICCs with asset size of Rs 1,000cr & above allowed undertaking Factoring
Business: RBI
Reserve Bank of India (RBI) issued the following regulations after exercising its powers conferred
under the Factoring Regulation Act, 2011.
✓ Registration of Factors (Reserve Bank) Regulations, 2022.
✓ Registration of Assignment of Receivables (Reserve Bank) Regulations, 2022.

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It permits all existing non-deposit taking Non-Banking Finance Company-Investment and Credit
Companies (NBFC-ICCs) with asset size of Rs 1,000 crore and above to undertake factoring business,
subject to certain conditions.
RBI holds Overnight VRRR Auction as GST outflow from Banks tightens Liquidity
Reserve Bank of India (RBI) conducted an Overnight variable rate reverse repo (VRRR) auction for Rs
50,000 crore under liquidity adjustment facility (LAF) to infuse liquidity, instead of its usual fixed-rate
overnight reverse repo window, as Goods and Services Tax (GST) collection tightened liquidity this
week.
✓ This auction was to stabilize overnight Call Money Market (CMM) rates which have been
hardening due to outflows from banks on account of GST payments.
✓ The weighted average call money rate also touched 4.3587% showing liquidity stress. This is the
first VRRR auction since March 2021.
RBI conducts Overnight VRR auction of worth Rs. 75,000 crore

Reserve Bank of India (RBI) offered overnight liquidity to the banking system of India with Rs.75,000
crore against banks bid of around Rs 1.37 lakh crore through variable rate repo (VRR) auction under
Liquidity Adjustment Facility (LAF) and 25th January 2022 will be the date of reversal.
✓ The auction will be conducted on Core Banking Solutions (CBS) (e-Kuber) platform with Rs.1
crore as minimum bid amount for the auction and the allotment would be in multiples of Rs.1
crore.
RBI Imposes Restrictions on Indian Mercantile Cooperative Bank

Reserve Bank of India imposed several restrictions on Indian Mercantile Cooperative Bank Limited,
Lucknow, Uttar Pradesh including a cap of Rs 1 lakh on withdrawals.RBI issued the directions in the
exercise of powers vested in it under sub section (1) of Section 35 A read with Section 56 of the Banking
Regulation Act (As Applicable to Cooperative Societies), 1949.

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BANKING TECHNOLOGY
Bank of Maharashtra Partners with Lendingkart Technologies to Offer MSME Loans
On 24th January 2022 Lendingkart Technologies Private Limited, a subsidiary of Lendingkart Finance,
partnered with Bank of Maharashtra (BoM) to co-lend business loans to micro, small and medium
enterprises (MSME) at low rates.
The objective of the partnership is to make economical credit available to MSME borrowers which is
powered by the ‘zero touch’ technology platform Lendingkart ‘2gthr’.
The Headquarters of Bank of Maharashtra (BoM) is Pune, Maharashtra.
LOANS ISSUED BY BANKS

LOANS ISSUED BY RECEIVED BY AMOUNT KEY NOTES
Reserve Bank of India Sri Lanka US$ 900 million Reserve Bank of India (RBI) extended
over US$ 900 million loan facilities to Sri
Lanka, comprising Asian Clearing Union
(ACU) settlement of over USD 500
million and currency Swap of USD 400
million.This funding will aid Sri Lanka to
overcome forex crisis and shortage of
almost all essential commodities due to a
shortage of dollars to pay for the
imports.It will be utilized to build up its
depleted foreign reserves and for food
imports.
World Bank West Bengal USD 125 To support its effort towards social
million (around protection service access to the poor and
Rs 1,000 crore) vulnerable groups.The loan will be
sanctioned under the ‘WB Building State
Capability for Inclusive Social Protection’
operation which will strengthen the
access to social assistance and targeted
service for poor and vulnerable groups.
The Headquarters of World Bank is
Washington, D.C., United States.
AGREEMENTS & MoUs SIGNED

BANKS SIGNED WITH KEY NOTES
HDFC Bank and STPINEXT AIC STPINEXT Initiatives (STPINEXT), a special purpose
Excelpoint Systems vehicle of Software Technology Parks of India (STPI), under
India Pvt. Ltd. the Ministry of Electronics and Information Technology
(MeitY), has signed two Memorandums of Understanding
(MoUs), one with HDFC Bank and the other with Excelpoint
Systems India Pvt. Ltd. to enhance the tech startup ecosystem
in India.
Both HDFC Bank and Excelpoint Systems will support the
startups through technical guidance and assistance, mentoring,
pitching to investors, funding support, and market connect &
access.
Karnataka Vikas Mecwin A Regional Rural Bank (RRB), Karnataka Vikas
Grameena(KVG) Technologies(Tech) Grameena(KVG) Bank (KVGB), has signed a Memorandum of
Bank (KVGB) Ltd Understanding (MoU) with Bengaluru (Karnataka)-based
Mecwin Technologies(Tech) Ltd to introduce farmer-friendly
solar-powered pump-sets using bank finance.

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✓ Solar-powered pump-sets will replace diesel pump-

sets resulting in reduced carbon emissions.
The headquarters of Karnataka Vikas Grameena Bank (KVGB)
is Dharwad, Karnataka
Indian Bank Edelweiss Financial Edelweiss Financial Services and ECL Finance signed a co-
Services and ECL lending agreement with Indian Bank to expand services under
Finance priority sector lending (PSL). The co-lending agreement will
help in expanding the portfolio of lending products and will
ultimately increase credit access.
The Headquarters of Indian Bank is Chennai, Tamil Nadu.
National Bank for Arthimpact Digital Signed a partnership agreement to provide end-to-end fintech
Agriculture and Loans (ARTH) (financial technology) solutions to support self-help groups
Rural Development (SHGs). ARTH will provide credit, payments and insurance
solutions support to micro-MSME enterprises.
(NABARD)
ICICI Prudential First Trust Advisors ICICI Prudential Asset Management Company (AMC) signed an
Asset Management agreement with First Trust Advisors, an US-based company
Company (AMC) to launch a global Fund of Funds (FoF). Under the agreement,
the ICICI Prudential AMC will launch a strategic metal & energy
equity FoF. It invests in offshore funds of First Trust
Advisors.The ICICI Prudential strategic metal & energy equity
FoF will open for subscription on January 17 and will close on
January 31, 2022.
Kotak Mahindra Gujarat A wholly-owned subsidiary of GIFT-City, to improve
Bank Limited International customer’s overall financial services offerings. KMBL and GIFT
(KMBL) Finance Tec-city – SEZ will jointly work on promoting the GIFT International
Financial Services Centre (IFSC) jurisdiction for Alternative
Special Economic
Investment Fund (AIF) structures, holding seminars and
Zone (GIFT SEZ) knowledge series, ease of doing business along with Global
Limited Custody Services.
✓ The headquarters of Kotak Mahindra Bank Limited
(KMBL) is Mumbai, Maharashtra.
NPCI International TerraPay NPCI International Payments Limited (NIPL), international

Payments Limited arm of National Payments Corporation of India (NPCI), signed
(NIPL) a Memorandum of Understanding (MoU) with TerraPay, the
Netherlands-based global payments infrastructure
company.This partnership will allow Indians with an active
UPI (Unified Payments Interface) ID to receive real-time,
international payments into their bank accounts via TerraPay’s
fully regulated, secure, scalable and efficient channel.
OTHER BANKING NEWS

SEBI reconstituted Market Data Advisory Committee Chaired by S Sahoo
Securities and Exchange Board of India (SEBI) reconstituted 20 members Market Data Advisory
Committee (MDAC) to recommend policy measures in areas like securities market data access and
privacy.The MDAC will be chaired by S.Sahoo.
✓ S Sahoo is a Professor at National Law University, Delhi & former chairperson, Insolvency and
Bankruptcy Board of India (IBBI).
✓ The previous committee was headed by Madhabi Puri Buch, ex-whole-time member of SEBI.

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SEBI Amended Settlement Proceedings; cuts Timeline for Filing Settlement Applications to 60
Days
Securities and Exchange Board of India (SEBI) amended the SEBI (Settlement Proceedings)
Regulations, 2018, called the SEBI (Settlement Proceedings) (Amendment) Regulations, 2022 and has
reduced the timeline for filing settlement applications to just 60 days from the current 180 days to
make the system more efficient.
✓ All payments under the settlement regulations will be accepted only through a dedicated
payment gateway. To give this effect, the SEBI has amended Settlement Proceedings norms.
✓ SEBI has amended SEBI (Foreign Portfolio Investors (FPI)) Regulations, 2019 called SEBI (FPI)
(Amendment) Regulations, 2022 and stated that it could provide an exemption from strict
enforcement of the regulations in other cases.
NSE Received SEBI’s nod to Launch Derivatives on Nifty Midcap Select Index
National Stock Exchange (NSE) has received approval from Securities and Exchange Board of India
(SEBI) to launch derivatives on Nifty Midcap Select Index. The index will be available for trading from
24 January, 2022.Nifty Midcap Select Index intends to track the performance of a focused portfolio of 25
stocks within the Nifty Midcap 150 index.
CDSL Venture Ltd Receives SEBI Approval to Set up Accreditation Agency

Central Depository Services Limited (CDSL) Ventures Limited, a wholly owned subsidiary of CDSL has
received approval from Securities and Exchange Board of India’s (SEBI) for setting up Accreditation
Agency for a period of 3 years with effect from 1st February 2022 for accreditation of eligible
Investors.‘Accredited Investors’ (AIs) may avail flexibility in minimum investment amount (lower ticket
size) or concessions from specific regulatory requirements applicable to investment products with
certain conditions for specific products or services.
SIDBI sanctions financial assistance of ₹650 crore to AUSFB and JSFB

Small Industries Development Bank of India (SIDBI) sanctioned financial assistance of around ₹650
crore to AU Small Finance Bank (AUSFB) and Jana Small Finance Bank (JSFB). The Small Finance Banks
will use this assistance to support small-sized non-banking financial companies (NBFCs) and micro
finance institutions (MFIs) and micro entrepreneurs.
The headquarters of Small Industries Development Bank of India (SIDBI) is Lucknow, Uttar Pradesh.
Pencilton Launches India’s 1st Debit Card with NCMC for Teens: PencilCard
Pencilton, a teen-focused fintech company in partnership with Transcorp has launched PencilCard,
India’s 1st debit card with National Common Mobility Card (NCMC) for teens. PencilCard is an NCMC –
compliant RuPay debit card specially designed for the teenager which will serve as an all-in-one card
(debit card, metrocard & bus card) for multiple needs for both online & offline payments.
SBI lists $300 million via Taiwan’s Formosa Bonds on India INX
State Bank of India (SBI) listed its 1st USD 300 million Formosa bonds on India International Exchange
IFSC (India INX). SBI became the first Indian entity to raise money through Formosa Bond.Through the
issuance, India INX became the first Exchange in IFSC (International Financial Services Centre) to list
Formosa Bonds issued by SBI.
✓ The headquarters of State Bank of India (SBI) is Mumbai, Maharashtra.
SBICPSL, Paytm join hands for Card Tokenization to Protect Cardholders’ Data
SBI (State Bank of India) Cards and Payment Services Limited (SBICPSL) has collaborated with Paytm
to enable their cardholders to tokenize their cards on devices and make payments through Paytm.
Currently, only cards issued in the Indian Territory are enabled on Paytm network but this partnership

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enables SBI Cardholders to transact through Paytm network in international locations.The card
tokenization facility is available only on Android NFC (near field communication) devices.
Paisabazaar.com and Axis Bank Launches Pre-Qualified Program for Personal Loans
On 30th December 2021 Paisabazaar.com, the digital marketplace for consumer credit partnered with
Axis Bank to launch a pre-qualified program for unsecured loans on its platform.The pre-qualified
program involves deep technology and analytics collaboration with banks and non-bank financiers,
enabling customers to view customized and pre-qualified lending offers.
SBI, ICICI and HDFC Bank continue to be Domestic Systemically Important Banks
Reserve Bank of India (RBI) announced that SBI (State Bank of India), ICICI (Industrial Credit and
Investment Corporation of India) and HDFC (Housing Development Finance Corporation Limited)
banks will continue to be identified as Domestic Systemically Important Banks (D-SIBs).
Therefore, they will have to maintain additional Common Equity Tier 1 (CET1) capital ratios in the
same manner prescribed in 2020.
SBI General Insurance launches ‘#BahaneChhodoTaxBachao’ Campaign on Tax Saving

SBI (State Bank of India) General Insurance Company Ltd launched a campaign titled
‘#BahaneChhodoTaxBachao’ to increase awareness around the need to buy health insurance to save
tax.It will also highlight the other benefits of opting for health insurance.The campaign is in a quirky
Vox Pop format featuring anchor Rudraksh Singh aka Rudy.
AIIB Invests USD 150 million in Development of Data Centres Serving Asia
Asian Infrastructure Investment Bank (AIIB), a multilateral development bank has committed USD 150
million to invest in the development of data centres that mostly serve emerging Asia through the Keppel
Data Centre Fund II (KDCF II), a closed-end private equity vehicle managed by Alpha Investment
Partners Limited (Alpha).
✓ This project is being AIIB’s 1st data centre project. India is a key founding member of AIIB.
The headquarters of Asian Infrastructure Investment Bank (AIIB) is Beijing, China.
Airtel Payments Bank & Park+ partner on FASTag-based Parking Solutions

Airtel Payments Bank and Park+ have collaborated to offer FASTag-based smart parking solutions to
marquee commercial and residential properties across India.This partnership will utilize the reach of
Airtel Payments Bank to digitise the parking ecosystem using FASTag associated with the vehicle.
Park+ is backed by Sequoia Capital and Matrix Partners, and is engaged in automating parking spaces
through FASTag.
RBL Bank Collaborates with Google for Improving Customer Experience

RBL Bank and Google announced a strategic collaboration to improve the bank’s customer experience
strategy through the digital platform, Abacus 2.0. This collaboration will enable better customer data
management and analytics.
✓ Aim – To provide a one-stop solution to its existing and new customers, to effortlessly deliver
different product offerings.
✓ The headquarters of RBL Bank is Mumbai, Maharashtra.
Axis Bank Collaborates with MinkasuPay for Biometric-Based Banking Payments

Axis Bank has partnered with MinkasuPay to offer a biometric authentication solution for net banking
payments in merchant apps using Fingerprint or Face ID, without the need for usernames, passwords,
and One-Time Passwords (OTPs).This Solution will reduce the time of payment from 50-60 seconds to
just 2-3 seconds and also increase the transaction success rate.

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LazyPay Partners with SBM Bank India to Launch LazyCard for Easy Credit
On 11th January 2022 LazyPay, a Buy Now Pay Later (BNPL) solution by PayU Finance, announced its
partnership with SBM Bank India to launch LazyCard, a prepaid payment instrument backed by a credit
line that works on the Visa payment network.
✓ Objective – To empower financially underserved Indians with easy access to credit as their card
has limited credit options.
✓ The headquarters of SBM Bank is Mumbai, Maharashtra.
Axis Bank Issues 1st LC on Govt-backed Platform SLDE

Axis Bank issued industry’s 1st letter of credit (LC) on the Secured Logistics Document Exchange
(SLDE), a government-backed blockchain-enabled platform (launched in July 2021). The deal, which
was executed digitally on the SLDE platform, involved ArcelorMittal Nippon and Lalit Pipes & Pipes
Limited (LPPL) (Axis bank’s client). The bank released an LC on behalf of LPPL.
UCO Bank Launched RuPay Select Contactless Debit Card in partnership with NPCI
UCO Bank (formerly United Commercial Bank Ltd) in partnership with the National Payments
Corporation of India (NPCI) launched the ‘UCO Bank RuPay Select Contactless Debit Card’ with a
host of benefits for its premium/HNI (High Networth Individuals) customers.This launch was made on
the occasion of the 79th Inauguration Day of the bank i.e. January 6, 2022.
✓ The card offers an ATM (Automated Teller Machine) withdrawal limit of Rs 50000 along with a
purchase of up to Rs 2 lakh at POS (Point of Sale) or E-Commerce.
Canara Bank Partners with Lendingkart to Offer Loans Online for MSMEs
Fintech company Lendingkart announced a co-lending partnership with Canara Bank to provide low-
cost business loans of up to Rs. 10 lakh to micro, small and medium enterprises (MSMEs).The aim of the
partnership is to broaden the support provided to the MSME borrowers for enhancing financial
inclusion under the Reserve Bank India’s (RBIs) Priority Sector initiative.
✓ The loans will be originated and sanctioned through the digital platform ‘Lendingkart 2gthr’
using ‘zero touch’ technology.
Federal Bank, Equirus Wealth Jointly Launches USD Offshore Fund

Federal Bank and Equirus Wealth in collaboration with SCUBE Capital, a global fund management
company based out of Singapore, have launched a ‘US dollar offshore fund’ for their customers. Only the
customers of Federal Bank (both NRI (Non-Resident Indian) and Resident) could invest in the fund. It
offers a portfolio return (internal rate of return (IRR)) guidance of ~ USD 6.50 percent per annum with
a fund tenor of 3 years from the date of fund closure with an option to extend by one year.
✓ The Headquarters of Federal Bank is Aluva,Kerala.
Ujjivan SFB launches Platina Fixed Deposit scheme

Ujjivan Small Finance Bank (SFB) launched ‘Platina Fixed Deposit’ (FD), offering interest of 15 basis
points (bps) higher than the regular term deposit rates provided by Ujjivan SFB.The Platina FD is a non-
callable deposit, where partial & premature withdrawal is not applicable.While the interest amount can
be received on monthly, quarterly or at the end of the maturity period.
The Headquarters of Ujjivan Small Finance Bank (USFB) is Bangalore, Karnataka.
CUB & GOQii Launches CUB Easy Pay Fitness Watch Debit Card
City Union Bank (CUB), the oldest Private Sector Bank in India, in association with smart-tech-enabled
preventive healthcare platform GOQii has launched CUB Easy Pay Debit Card in a Fitness Watch, a
wearable & contactless RuPay On-The-Go payment solution, powered by National Payments
Corporation of India (NPCI).On 24th January 2022, V.R.Venkatachalam, chancellor of Sri Ramachandra

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Institute of Higher Education and Research received the 1st watch in Chennai.
The headquarters of City Union Bank (CUB) Kumbakonam, Tamil Nadu.
Government Approves PMC Bank Amalgamation Plan with USFBL

Reserve Bank of India (RBI) announced the Government of India’s approval for the amalgamation of the
Punjab and Maharashtra Co-operative Bank (PMC Bank) with Unity Small Finance Bank limited
(USFBL), the 12th SFB of India.
The amalgamation came into force from 25th January 2022 and on the same day all the branches of the
PMC Bank were allowed to function as the branches of USFBL.
✓ RBI has also notified a Scheme for the amalgamation, which envisages takeover of the assets and
liabilities of PMC Bank, including deposits, by the USFBL.
SPMCIL sets up New Bank Note Printing Lines at CNP, Nashik & BNP, Dewas
The Security Printing and Minting Corporation of India Limited (SPMCIL) has set up new Bank Note
Printing Lines at Currency Note Press (CNP), Nashik in Maharashtra; and Bank Note Press (BNP),
Dewas in Madhya Pradesh as a part of its modernization initiatives. The bank note printing line at CNP
Nashik was virtually inaugurated by Meera Swarup, Special Secretary & Financial Adviser, Ministry of
Finance.
FINANCE NEWS
IRDAI – to Set up Hubs on Motor, Property Insurances and Sets Norms for Surety Cover
Insurance Regulatory and Development Authority of India (IRDAI) has decided to set up two hubs, one
on motor insurance at ‘Institute of Insurance and Risk Management (IIRM), the other on property
insurance at ‘National Insurance Academy (NIA)’ to promote loss prevention measures in the general
insurance industry. IRDAI also decided to form an advisory committee under the chairmanship of the
NIA director to create a repository of past risk inspection reports and develop standard
survey/inspection report formats.
✓ In exercise of the powers conferred under section 14 (2) (i) of IRDA Act, 1999, IRDAI has issued
the following guidelines to regulate and develop Surety Insurance business named ‘IRDAI
(Surety Insurance Contracts) Guidelines, 2022’.
LIC, GIC, New India Assurance Continue to be Identified as D-SIIs for 2021-22: IRDAI
Life Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC) and New India
Assurance continued to be identified by Insurance Regulator and Development Authority of India
(IRDAI) as Domestic Systemically Important Insurers (D-SIIs) for 2021-22.
✓ They were also consequently subject to enhanced regulatory supervision and IRDAI has asked
the three insurers to raise the level of corporate governance, identify all relevant risks and
promote a sound risk management culture.
LIC Inaugurated “Digi Zone” To Enhance its Digital Footprint

Life Insurance Corporation (LIC) of India has inaugurated “Digi Zone”, at Bandra Kurla Complex,
Mumbai, Maharashtra, as part of its effort to enhance its digital footprint. LIC’s Digi Zone can be used by
the customers to purchase policies online, pay the premium and avail of other services.
Government Retains the Interest Rate of Small Savings Schemes for Q4 of FY22
Ministry of Finance, Department of Economic Affairs (Budget Division), has maintained the status quo
and retained the Interest Rate of Small Savings Scheme unchanged for the 4th Quarter (Q4) for the
Financial Year 2021-22 (FY22) (i.e. from January 2022 to March 2022) same as Q3 FY22, due to the
rising cases of COVID-19 variant Omicron and elevated level of inflation.

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The interest rates on various small savings instruments such as Public Provident Fund (PPF), National
Savings Certificate (NSC), term deposits in post offices, etc remain unchanged from Q2 FY21 (around 7
quarters). Click here for Interest Rates on Small Savings Instruments for Q4 FY22.
Fullerton India and One97 Communications tie up to Provide Lending Products

Non-Banking Financial Company (NBFC) Fullerton India and One97 Communications, parent company
of Paytm, have joined hands to provide lending products to merchant partners and consumers.Under
this partnership, Paytm Postpaid/buy-now-pay-later or innovative merchant loan products will be
offered to consumers on the Paytm platform while utilising Fullerton’s risk assessment capabilities, and
understanding of the segment.
India offers USD 500mn LOC to Sri Lanka for Purchase of Petroleum Products
Indian Government offered a USD 500 million Line of Credit (LOC) to help Sri Lanka for purchase of
petroleum products as it is struggling with fuel and energy crisis.This support is extended through a
letter by Union Minister Dr. Subrahmanyam Jaishankar, India’s Ministry of External Affairs (MEA) to the
Foreign Minister of Sri Lanka, Prof. Gamini Lakshman Peiris.
✓ Recently, Reserve Bank of India (RBI) also extended over US$ 900 million loan to Sri Lanka
utilized that are being utilized by the latter to build up its depleted foreign reserves and for food
imports.
Nippon India MF launches India’s first Auto Exchange Traded Fund

In January 2022, Nippon Life India Asset Management Limited (NAM India), the asset manager of
Nippon India Mutual Fund (NIMF) launched a New Fund Offer (NFO) for Nippon India Nifty Auto
Exchange Traded Fund (ETF). It is India’s First Auto sector ETF.
✓ The scheme will provide exposure to top 15 companies of auto sectors such as automobiles 4
wheelers, automobiles 2 & 3 wheelers, auto ancillaries, and tyres.
NBBL Launches UPMS to Simplify Recurring Bill Payments

NPCI Bharat BillPay Limited (NBBL), the wholly-owned subsidiary of National Payments Corporation of
India (NPCI), launched a Unified Presentment Management System (UPMS), which will enable users to
set up standing instructions on their recurring bill payments across all modes of digital payments.
The bills will be automatically fetched from the billers and presented to customers for their action, in
terms of auto-debit and bill payment management.
Reliance Jio Introduces UPI Autopay in Collaboration with NPCI

National Payments Corporation of India (NPCI) and Reliance Jio collaborated to announce the
introduction of Unified Payment Interface (UPI) Autopay for the telecom industry.Through this
collaboration, Reliance Jio has become the 1st telecom company to launch a UPI autopay facility for both
prepaid and postpaid subscribers.
✓ Jio customers can now autopay for their tariff plans on the MyJio app and avail touch-free auto-
recharge and bill payments facility.
NPCI sets standardized limits for cash withdrawals and mini statements on AePS transactions
In order to make Aadhaar enabled Payments Systems (AePS) more standardized, the National
Payments Corporation of India (NPCI) has introduced limits for cash withdrawals and mini statements
which needs to implement by the acquiring banks by January 15, 2022. As per the guidelines, the
acquiring banks will have to implement a maximum limit of five approved cash withdrawal transactions
per customer per terminal per day.

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SJVN Got Category I Licence for Inter State Power Trading

Satluj Jal Vidyut Nigam (SJVN) got the Category I licence for inter-state trading in electricity in India,
which was granted by the Central Electricity Regulatory Commission (CERC). SJVN has a portfolio of
more than 16,000 megawatt (MW), out of which 2,016.5 MW is under operation.
An entity or person applying for a Category `I` trading licence should have net worth of Rs 50 crore and
should have maintained minimum current ratio and liquidity ratio of 1:1.
NBFC Shrinithi Capital Raises Rs 300 Crores Co-Lending Facility

Shrinithi Capital Private (Pvt) Limited (Ltd), a Non-Banking Financial Company (NBFC) which primarily
focuses on commercial vehicle & two-wheeler loans, tied-up with IndoStar Capital Finance Ltd to focus
on co-lending facilities.
✓ Shrinithi Capital Pvt Ltd has raised Rs. 300 crores as co- lending facility from IndoStar Capital
Finance Ltd.
Yes Mutual Fund Renamed as White Oak Capital Mutual Fund

Yes Asset Management has been renamed as the White Oak Capital Asset Management with effect
from 12th January 2022. In line with this, Yes Mutual Fund has been renamed as White Oak Capital
Mutual Fund.In November 2021, the White Oak Capital group announced the completion of the
transaction to acquire the mutual fund business of Yes Bank.
Torus Kling Blockchain launches Bitcoin and Ethereum Futures ETF, India’s first crypto backed
futures ETF at GIFT City
The Torus Kling Blockchain IFSC, an equal joint venture between Cosmea Financial Holdings and
Kling Trading India signed a MoU with India INX to launch the first Bitcoin and Ethereum Futures
exchange traded funds (ETFs) in India.
These funds will become India’s first crypto backed futures outside of the United States (US).
✓ Torus Kling Blockchain is targeting $ 1 billion Assets Under Management (AUM) in the first
two years from customers participating in blockchain backed products through ETFs and
Discount certificates.
✓ Under the agreement, Torus Kling Blockchain IFSC also launched Metaverse US-listed large-cap
discount certificates.
Marwadi Financial Services partnered with NSDL Payments Bank to offer 3-in-1 Savings
Account to Customers
Marwadi Financial Services has joined hands with NSDL Payments Bank to offer 3-in-1 savings bank
account with features of savings, demat (Dematerialised Account) and trading accounts to boost its
customer experience. This partnership will also allow NSDL Payments Bank to access Marwadi’s clients
and expand its customer base.
✓ NSDL Payments Bank is a subsidiary of NSDL (National Securities Depository Limited), the first
and the largest depository in India.Marwadi Financial Services is a Rajkot, Gujarat based financial
service group dealing in equities/commodities/currencies broking and portfolio management
services.
Indifi, GPay tie-up to offer Instant Digital Credit to Small Merchants

Indifi Technologies has joined hands with Alphabet’s UPI (Unified Payments Interface)-based payment
app, Google Pay (GPay), to offer instant loans to eligible small merchants on the GPay platform.The
loans will be in the range of Rs 2.5 to Rs 3 lakh.
✓ The reason behind this partnership is to serve small Indian businesses that are facing problems
in running seamless operations due to lack of access to formal credit.

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IIFL Securities Partners with Alphaniti for Stock Market Investors

Alphaniti, a Fintech company, partnered with IIFL Securities to allow investors to invest and trade in
stock offerings.
The aim of the partnership is to allow direct investments by offering high-quality products at affordable
costs through big data, deep domain expertise and technology for both India and the US markets across
multiple asset classes.
Paytm Money Launches Intelligent Messenger ‘Pops’ to invest and track markets
Paytm Money, a wholly owned subsidiary of the digital finance platform ‘Paytm’, has launched India’s
first intelligent messenger named ‘’Pop’’ to provide instant updates to track users’ investments in the
stock market. “Pop” provides specific information related to their stock, portfolio analysis, market news,
and important market movements all in one place and easily available to its users.
Snapdeal, BOB Financial & NPCI Launches Contactless RuPay Credit Card
E-commerce platform Snapdeal has partnered with Bank of Baroda (BOB) Financial Solutions Limited, a
subsidiary of BoB, and National Payments Corporation of India (NPCI) to launch a co-branded
contactless RuPay credit card.
✓ Aim – To popularise the adoption and usage of credit cards among the online buyers from India’s
smaller cities and towns.
MobiKwik & Bharat BillPay launch ClickPay Services for Bill Payments
MobiKwik, a mobile wallet Fintech company, partnered with NPCI Bharat BillPay Ltd. (NBBL) to launch
‘ClickPay’ service to its customers. With this, the customers of MobiKwik can pay recurring online bills,
such as mobile, gas, water, electricity, DTH, insurance and loan EMIs using their mobile phone.
✓ ClickPay is a two-factor authentication payment feature wherein the billers generate a unique
payment link within the bill-pay message and allow customers to make payments directly on the
payment page.
NSE Remains World’s Largest Derivatives Market for 3rd Straight Year; NSE Indices launches
Nifty India Defence Index
National Stock Exchange of India (NSE) has emerged as the world’s largest derivatives exchange for the
third consecutive year in 2021 in terms of the number of contracts traded, based on the statistics
maintained by the Futures Industry Association (FIA).As per the statistics maintained by the World
Federation of Exchanges (WFE) for 2021, the NSE exchange was ranked 4th by the number of trades in
cash equities.
Indipaisa Partners with Hitachi Payment to Develop Fintech Platform for MSMEs
Hitachi Payment Services partnered with Indipaisa to develop a new Fintech platform for India’s 63
million Micro, Small & Medium Enterprises (MSMEs).The objective of the partnership is to offer a high-
quality digital platform for fintech services at affordable prices for the Indian MSME market.
✓ The partnership helps in financial inclusion for the marginalised MSMEs with technological
know-how, centralised infrastructure and expansive network.
Max Life, Policybazaar Partners to Offer Insurance Cover for Homemakers

Max Life Insurance Company Limited (Max Life) has partnered with Policybazaar.com to offer its ‘Max
Life Smart Secure Plus Plan’ on Policybazaar platform as an independent Insurance cover to
homemakers. At present homemakers in India are allowed for term insurance cover only as an add-on
to their earning spouse’s cover.

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FAARMS, RGICL Partners to Offer Insurance to Farmers

FAARMS, the Agri-tech start-up, partners with Reliance General Insurance Company Ltd. (RGICL) and
introduced customized digital insurance solutions for the rural population especially the farmers. The
partnership will enable the farmers and any individual from rural areas to easily access and choose
from a range of health and cattle insurance on the FAARMS app through their smartphones.
2022 Banking & Finance - February

RBI IN NEWS
Highlights of the Sixth Bi-Monthly Monetary Policy of FY21-22
Reserve Bank of India’s (RBI) 6-members Monetary Policy Committee (MPC) had met on 8th, 9th and 10th
February 2022 and released its sixth bi-monthly monetary policy statement for FY22 (April 2021 –
March 2022). RBI kept the rates under the liquidity adjustment facility (LAF) unchanged (maintains
status quo) for the 10th consecutive time i.e. it decided to continue with the accommodative stance to
mitigate the impact of COVID-19 on the economy and to revive and sustain growth on a durable basis.
✓ India’s real gross domestic product (GDP) growth projection for FY23 is projected at 7.8 percent.
The unchanged Policy rates are as follows:
Category Rates
Policy Rates
Policy Repo Rate 4.00%
Reverse Repo Rate 3.35%
Marginal Standing Facility (MSF) Rate 4.25%
Bank Rate 4.25%
Reserve Ratios
Cash Reserve Ratio (CRR) 4.00%
Statutory Liquidity Ratio (SLR) 18.00%
RBI: Bank’s Non-food Credit Growth Increased to 9.3% in December 2021

As per the Reserve Bank of India’s (RBI) data on ‘Sectoral Deployment of Bank Credit – December 2021’
the bank’s non-food credit registered a growth of 9.3 percent (on a year-on-year (y-o-y) basis) in
December 2021 as compared to 6.6 percent in December 2020.
✓ The improvement in credit growth is mainly due to the credit growth in all 4 segments such as
agriculture and allied activities, industry, services and personal loans.
RBI Cancels Licence of Maharashtra-Based Independence Co-operative Bank

The Reserve Bank of India (RBI), has cancelled the licence of Independence Co-operative Bank Limited
in Nashik, Maharashtra and ceases to carry on banking business, with effect from 3rd February 2022, as
the bank does not have adequate capital and earning prospects to pay its present depositors in full.
✓ The bank does not comply with the provisions of Section 11(1) and Section 22 (3) (d) read with
Section 56 of the Banking Regulation Act, 1949.
RBI Extends Restrictions on Karnataka’s Millath Co-Operative Bank till May 7, 2022
Reserve Bank of India (RBI) extended the restrictions on Millath Co-Operative Bank, Devangere
(Karnataka) by another three months, from February 8 2022 to May 7, 2022.According to the RBI, the
other terms and conditions of the directives will remain unchanged during the latest three-month
extension.

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✓ As per the directions issued first on May 10, 2019, withdrawals were capped at Rs 1,000 from
any account. The directions have been periodically extended till now without major change.
✓ The Headquarters of RBI is Mumbai, Maharashtra.
RBI Extends Deadline for NBFCS to meet new NPA Upgradation Norms till September 2022
Reserve Bank of India (RBI) extended the deadline for non-banking financial companies (NBFCs) to
comply with new Non-Performing Assets (NPAs) classification norms (the norms are issued by RBI in
November 2021) to September 2022 from the earlier deadline of March 2022. Currently, the NBFCs are
provided with a timeline till September 2022 to implement the above provision.
RBI cancels licence of Maharashtra’s Mantha Urban Cooperative Bank

Reserve Bank of India (RBI) has cancelled the licence of Mantha Urban Cooperative Bank Ltd.,
Mantha, District Jalna, Maharashtra. In this regard, the bank ceases to carry on banking business w.e.f.
February 16, 2022 to safeguard the interests of its depositors.The apex bank also prohibited the
cooperative bank from conducting the business of ‘banking’ which includes acceptance of deposits and
repayment of deposits as defined in Section 5(b) read with Section 56 of the Banking Regulation (BR)
Act, 1949 with immediate effect.
Goldhub:RBI Emerges 2nd Largest Buyer of Gold in 2021;Central Bank of Thailand Tops
According to Goldhub, an official website of the World Gold Council that maintains all the data
regarding precious metal, the Reserve Bank of India (RBI) has emerged as the 2nd largest buyer of Gold
among the world’s Central Banks in 2021.RBI bought 77.5 metric tonnes in 2021.As per Goldhub,
India’s official gold reserves is the 9th largest in the world.
✓ Among the world banks, the Central Bank of Thailand is the largest buyer in 2021 that bought 90
metric tonnes of gold.
Government Undergoes Switch Operation of Rs.1,19,701 Crore

The Government of India (GOI) has done a conversion switch transaction of its securities with the
Reserve Bank of India (RBI) on January 28, 2022 for an amount of Rs. 1,19,701 crore (face value).The
GOI undertakes switch operations with RBI and also with market participants to smoothen the liability
profile as well as for market development.
Indian Company’s ECB Jumps 19 Percent to USD 23.28 Billion in 9M FY22

According to the Reserve Bank of India (RBI) data, the overseas borrowings of Indian companies stood
at USD 23.28 billion in the first 3 quarters of the FY22 (April, 2021 -December, 2021) as against USD
19.53 billion during FY21 (April-December, 2020) and had jumped over 19 percent in the first nine
months of the current fiscal (9MFY22).
RBI Directed NBFCs to Implement CFSS by September 2025

Reserve Bank of India (RBI) directed certain Non-Banking Financial Companies (NBFCs) to mandatorily
implement ‘Core Financial Services Solution (CFSS)’ by 30th September 2025. As per the framework,
currently RBI has directed the NBFCs – Middle Layer and NBFCs – Upper Layer with 10 and more ‘fixed
point service delivery units’ as on 1st October 2022 to implement CFSS (similar to the Core Banking
Solution (CBS) adopted by banks) on or before September 30, 2025.
✓ Special Timeline for NBFC-Upper Layer: NBFC – Upper Layer should implement CFSS at least in
70 percent of ‘fixed point service delivery units’ on or before September 30, 2024.
✓ The implementation of CFSS is not mandatory in NBFC – Base Layer and NBFC – Middle and
Upper Layers with fewer than 10 fixed point service delivery units.

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RBI cancels CoR of PC Financial Services operating ‘Cashbean’ app

Reserve Bank of India (RBI) canceled the certificate of registration (CoR) issued to PC Financial Services
Private Limited, Delhi due to increase in complaints against usurious rate of interest and unfair
recovery practices being followed by several digital lenders.The action was taken under Section 45-IA
(6) (iv) of the Reserve Bank of India Act, 1934.The PC Financial Services Private Limited used to carry
out its lending operations through an app called Cashbean.

Asian Development Bank India USD 4.6 billion Asian Development Bank (ADB) provided
a record USD 4.6 billion in sovereign
lending to India in 2021 for 17 loans,
including USD 1.8 billion towards
coronavirus (COVID-19) response. Out of
1.8 billion COVID-19-related assistance,
USD 1.5 billion was towards vaccine
procurement and USD 300 million was to
strengthen primary health care (PHC) in
urban areas for future preparedness.
The headquarters of Asian Development
Bank (ADB) is Manila, Philippines.
World Bank India USD 115 The Government of India (GoI), and the
million World Bank signed loan agreements of
USD 115 million to implement the
“Rejuvenating Watersheds for
Agricultural Resilience through
Innovative Development” (REWARD)
Project in the states of Karnataka and
Odisha with the support of the respective
governments.
✓ The International Bank for
Reconstruction and Development
(IBRD),lending arm of World
Bank Group financing will support
the $115 million loan has a
maturity of 15 years.
The project is also supporting the Prime
Minister Krishi Sinchayee Yojna
(Watershed Development Component)
(WDC-PMKSY) with DoLR.
Asian Development Bank IIFL Home USD 68 million IIFL Home Finance Limited (IIFL HFL), a
(ADB) Finance Limited (INR ~507 100% subsidiary of IIFL Finance Limited,
(IIFL HFL) Crore) signed a loan agreement of USD 68
million (INR ~507 Crore) with the Asian
Development Bank (ADB) to provide the
financial support for affordable green
housing for lower-income women
borrowers in India.
✓ It mainly focuses on the efficient
use of “energy, water, and
building materials. These houses
are designed to be

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environmentally more sustainable

and climate resilient.
The headquarters of ADB is
Mandaluyong, Manilla, Philippines.

State Bank of India Tata Power Solar For financing solar projects and to provide a new direction to
Systems solar projects financing in India.SBI has also set up a dedicated
centralised processing cell – ‘Surya Shakti Cell’, at the Ballard
Estate in Mumbai, Maharashtra.
The partnership is in line with the global objectives of the
Conference of Parties 26 (COP26) Agreement in reducing the
carbon footprint.
Export Import Sri Lanka Export Import (Exim) Bank of India signed a USD 500 million
(Exim) Bank of India Line of Credit (LoC) agreement with the Government of Sri
Lanka to support the country to overcome its current fuel
shortages. The LoC will last for 1 year at a ‘nominal’ interest
rate, of under 2 percent. The emergency LoC financial support
was announced after the virtual meeting between the External
Affairs Minister of India S Jaishankar and Sri Lanka’s Minister
of Finance Basil Rajapaksa, which was held on January 15,
2022.
Small Industries Centre for Small Industries Development Bank of India (SIDBI) signed a
Development Bank Development of MoU with the Centre for Development of Advanced Computing
of India (SIDBI) Advanced (C-DAC), a premier R&D (Research and Development)
organization under the Ministry of Electronics and Information
Computing (C-DAC)
Technology (MeitY), to boost collaboration in Cyber Security
and Allied sectors.
The headquarters of Small Industries Development Bank of
India (SIDBI) is Lucknow, Uttar Pradesh.
DBS Bank India Stellapps Digital DBS Bank India signed a partnership agreement with Stellapps
Network Digital Network, a leading dairy-tech startup company, as its
banking partner to promote digitisation of small dairy
industries across India.This initiative aligns with DBS Bank
commitment to supporting lives and livelihoods through better
business and responsible financing.
Digitisation of the dairy value chain will improve productivity
and quality of milk, transparency and traceability in the supply
chain, thereby improving incomes and financial inclusion
amongst dairy farmers.
Aditya Birla Health Utkarsh Small Aditya Birla Health Insurance Co. Limited. (ABHICL), a
Insurance Co. Finance Bank (SFB) subsidiary of Aditya Birla Capital Ltd., has signed a
Limited. (ABHICL) bancassurance agreement with Utkarsh Small Finance Bank
(SFB) for the distribution of health insurance products across
India through the Bank’s network. The bancassurance
partnership will increase insurance penetration in India by
enabling the ABHICL to reach the tier II and tier III markets
with insurance solutions.
HDFC Bank Ltd LKP Securities Ltd To offer a special 3-in-1 online account. The 3-in1 account
facilitates swift fund transfer between the bank account and
trading account as clients no longer have to go through a
lengthy authentication process.

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The aim of the partnership is to deliver an efficient experience

by offering ease of opening trading, demat and bank account in
a seamless manner.
Bank of Baroda Assam Rifles To provide the ‘Baroda Central Forces Salary Package (BCFSP)’
(BoB) to all personnel of the Assam Rifles, both serving and retired.
The MoU was signed by Colonel P S Singh, Colonel
Administration, Head Quarters, Directorate General, Assam
Rifles and Debarata Das, Zonal Manager, Kolkata Zone, BoB.
Bank of Baroda (BoB)
Headquarters – Vadodara, Gujarat (Head office), Mumbai,
Maharashtra (Corporate centre).
Small Industries Industries To promote the micro, small and medium enterprises (MSME)
Development Bank Department of sector. Bihar is the 14th state of India with which SIDBI has
of India (SIDBI) Government of partnered to strengthen MSME. SIDBI will place an expert
agency with the state industries department of Bihar.
Bihar & the Bihar
Industrial Area
Development
Authority (BIADA)
HDFC bank National State-owned National Hydropower Generation Company
Hydropower (NHPC) limited signed a facility agreement with HDFC bank
Generation limited to securitise return on equity (RoE) of its 540
MegaWatt (3 X 180 MegaWatt) Chamera-I Power Plant in
Company (NHPC)
Himachal Pradesh for 10 years. The facility agreement is in
compliance with the Regulation 30 of Securities and Exchange
Board of India (SEBI) (Listing Obligations and Disclosure
Requirements) Regulations, 2015.
The Headquarters of HDFC Bank is Mumbai, Maharashtra.
OTHER BANKING NEWS

SEBI Restructures High-Power Advisory Committee on Settlement Orders and Compounding of
Offences
Securities and Exchange Board of India (SEBI), Capital markets regulator has restructured its four-
member high-power advisory committee on settlement orders and compounding of offences.The
panel will work as per SEBI (Settlement Proceedings) Regulations, 2018. The committee was earlier
headed by Vijay C Daga, retired judge of the High Court of Bombay and now it will be chaired by Jai
Narayan Patel, former chief justice of Calcutta High Court.
BSE Gets SEBI Nod for Trading in Electronic Gold Receipts

Market regulator SEBI (Securities and Exchange Board of India) gave final approval to the BSE Limited
(Formerly Bombay Stock Exchange) for trading in electronic gold receipts (EGR), a form of shares in
demat accounts, that paves way for spot bullion exchange.
✓ The Finance Ministry has specified EGR as ‘securities,’ under the Securities Contracts
(Regulation) Act 1956.
✓ BSE’s rival Multi Commodity Exchange (MCX) plans to launch spot trading in commodities,
especially bullion.
SEBI restructured Advisory Committee on Investor Protection and Education Fund, now
Chaired by G Mahalingam
SEBI (Securities and Exchange Board of India) restructured its advisory committee on Investor Protection
and Education Fund (IPEF), under the Chairmanship of Gurumoorthy Mahalingam. The advisory

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committee on IPEF is an eight-member committee which will take G Mahalingam, former Whole Time
Member of SEBI, as its new Chairperson.
✓ In 2013, the committee was established by the SEBI to find out ways and means to best utilize
the investor protection and education fund.
SEBI extends deadline for Client-Level Segregation & Monitoring of Funds

Securities and Exchange Board of India (SEBI) extended the deadline for the implementation of Client
Level Segregation of Funds and Monitoring of Collateral at Stock Brokers to May 2, 2022 from February
28, 2022.The guidelines on client-level segregation were notified in 2021 by SEBI amid instances of
misuse of client collateral by brokers.
BSE inks pact with 4 regional associations to promote EGRs

BSE (formerly Bombay Stock Exchange) announced its collaboration with four regional associations
from Maharashtra and Tamil Nadu after receiving In-principle approval from SEBI to launch the
Electronic Gold Receipts (EGR) segment to promote such products.
Vedanta ties up Rs 8,000-cr facility with Union Bank of India

Vedanta Ltd has tied up a facility of Rs 8,000 crore (replacement facility) with Union Bank of India at
7.75% to take over a majority of the syndicated facility after multiple discussions with potential
lenders.This replacement facility was availed on December 28, 2021 to take over the existing
Syndicated facility to reduce the overall interest cost of the company and to prepay high-cost debt
raised at over 10% two years ago.
Syndicated facility:-
A loan or other credit facility provided by more than one lender to a borrower (or associated
borrowers) under the common terms and conditions.
NABARD launches ‘JIVA Programme’ to promote Natural Farming under its existing Watershed
& Wadi Programmes
National Bank for Agriculture and Rural Development (NABARD) launched the ‘JIVA programme’ to
promote natural farming under its existing watershed and wadi programmes in 11 states.The aim of the
programme is to effectively implement the principles of agroecology long-term sustainability and
transform the pre-existing social and natural capital towards efficient farming.
SIDBI Launches ‘Waste to Wealth Creation’ Programme in West Bengal

Sivasubramanian Ramann, Chairman and Managing Director(CMD) of Small Industries Development
Bank of India (SIDBI) virtually inaugurated the ‘Waste to Wealth Creation’ Programme, designed for
the women in Sundarbans in South 24 Parganas district of West Bengal.
✓ The programme is a part of the SIDBI’s Mission Swavalamban which aims to support the artisans
to become sustainable.
The Headquarters of Small Industries Development Bank of India (SIDBI) is Lucknow, Uttar Pradesh.
Banks to Transfer 15 NPA Accounts worth Over Rs 50,000 crore to NARCL in FY22
The two arms of India’s bad bank, National Asset Reconstruction Company (NARCL) and India Debt
Resolution Company (IDRCL) began the business operations for the transferring of 15 stressed assets
(i.e. Non-Performing Asset (NPA) accounts) aggregating worth over Rs 50,000 crore by March 31,
2022 (i.e. within FY22) to the National Asset Reconstruction Company Ltd (NARCL)/bad bank to clean
up their books at first phase.
✓ The initial 15 stressed assets (each above Rs 500 crore) account for 60 percent of the total 38
identified stressed assets worth around Rs 82, 845 crores (~Rs.83000 Crores), which was agreed
by Banks to be transferred to NARCL.

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NARCL will acquire and aggregate the identified non-performing asset (NPA) accounts from the banks,
while the IDRCL will handle the debt resolution process.
PNB, Patanjali launch Contactless Credit Cards in partnership with NPCI

Punjab National Bank (PNB), and Patanjali Ayurved Limited (PAL) have launched two co-branded
contactless credit cards in partnership with the National Payments Corporation of India (NPCI) viz. PNB
RuPay Platinum and PNB RuPay Select. These will be offered on NPCI’s RuPay Platform.
✓ Contactless credit cards have an embedded chip that permits you to make transactions by
placing your card within a few inches of the PoS terminals.
RBL Bank partners with Creditas Solutions to Automate Loan Collections

RBL Bank (formerly The Ratnakar Bank Limited) has partnered with Creditas Solutions for its SaaS
(software as a service)-based ‘Neo Collections’ platform to automate loan collections. This platform,
powered by Artificial Intelligence (AI) and Machine Learning (ML) technology, is a Do It Yourself (DIY)
debt management platform that helps customers to monitor, manage and pay their dues.
✓ Creditas Solutions, a global technology company in the field of delinquency management.
Tata Group Picks SBI, BoB, HDFC to Finance Air India’s Old Debt
The Tata Group has chosen State Bank of India (SBI), Bank of Baroda (BoB) and HDFC Bank as preferred
bankers for India’s largest international airline, ‘Air India’ which was recently taken over by Tata sons
from the Government of India.
✓ Tata Sons availed a Rs 10,000-crore loan from SBI and a Rs 5,000-crore loan from BoB that are
unrated, unsecured, and pegged at 4.25% interest rate annually. (The loan acquired from
HDFC is unknown yet).
✓ The new debt availed by the Tata Group will be used to refinance Air India’s debt at over 10%.
SBI partners with NSE Academy to offer Financial Literacy Courses

The State Bank of India (SBI) partnered with NSE Academy to launch five online courses to promote
financial literacy courses through NSE Knowledge Hub platform, an online Massive Open Online
Courses (MOOCs) platform.The aim of the partnership is to provide a deeper understanding of different
aspects of bankings to banking professionals, students and other learners.
Paisabazaar Partners with RBL bank to Offer Credit Card

Paisabazaar.com, a digital platform for consumer credit, has partnered with RBL Bank Limited to offer
‘Paisa on Demand’ (PoD), a credit card that will be exclusively available on the Paisabazaar
platform.The aim of the partnership is to build products that offer integrated services for the large
under-served segments across India. This is the 3rd product under Paisabazaar’s neo-lending strategy
through which a credit line for prime and super prime segments, through a paperless and presence-less
process is created.
Yes Bank Launches an Annual Start-up Program – ‘Agri Infinity program’

Private sector lender Yes Bank Limited announced the launch of an annual startup enabler program,
YES BANK Agri Infinity, which seeks to co-develop digital financial solutions for the food and
agriculture ecosystem by mentoring entrepreneurial ventures in the field.
The program will last up to 6 months, based on the maturity and readiness of the solution.
‘U-Turbo’ Platform-KVB, UNANU Technologies tie-up for Digital Freight Finance

Karur Vysya Bank (KVB) has partnered with the Chennai-based UNANU Technologies for digital
freight finance to fund transport contractors using the end-to-end logistics technology platform. KVB is
the first bank to introduce digital freight financing through a marketplace in the banking sector.UNANU
has built the Freight Financing System within their suite of software platforms.

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✓ The headquarters of Karur Vysya Bank (KVB) is Karur, Tamil Nadu.
Standard Chartered Bank Launches Interest-only Home Loan Facility

Standard Chartered Bank, India has launched the ‘interest-only home loan’ facility for completed
residential properties where borrowers can pay only the interest without principal deduction during a
limited period. This facility is available to both new and existing clients of Standard Chartered Bank.
IndusInd Bank empaneled with e-NAM Portal to facilitate Digital Transactions

Small Farmers Agri- Business Consortium (SFAC) has empanelled Induslnd Bank with the National
Agriculture Market (e-NAM) portal to facilitate digital collection and settlement services, for
facilitating transactions between farmers and traders across India. Induslnd Bank will be directly
integrated with e-NAM platform to provide safe and hassle-free payments, clearing and settlement
services to the farmers and traders.
✓ The Headquarters of Induslnd Bank is Pune, Maharashtra.
Fisdom Partners with BoM to Offer Wealth Management Services

Fisdom, a wealth-tech company partnered with Bank of Maharashtra (BoM), to offer wealth
management products and services to over 29 million customers of the bank. The wealth management
offerings will enable customers of BoM to invest into mutual funds (MF) through Maha Mobile, BoM’s
Mobile Banking App and Internet Banking facility.
✓ Aim – To distribute the wealth products and services including the mobile banking app and
internet banking.
Kotak Mahindra Bank, Ezetap Partners to Offer Integrated PoS Solutions

Kotak Mahindra Bank Ltd has partnered with Ezetap to provide integrated point of sale (PoS) solutions
across 4,000 locations in India to increase its PoS product base across merchant segments, including
retail enterprises and government customers. The partnership will strengthen the bank’s presence in
the digital payments market space.
✓ The headquarters of Kotak Mahindra Bank is Mumbai, Maharashtra.
Paytm Payments Bank Signs as Acquiring Partner for e-RUPI Service

Paytm Payments Bank Limited (PPBL) announced that it is an official acquiring partner for ‘e-RUPI
vouchers’, which will be accessible at offline stores across India.The PPBL has also partnered with
‘One97 Communications Limited’ (OCL) owns Paytm for improving its strong merchant base.
✓ Paytm’s merchants will be able to collect payments through e-RUPI by scanning the voucher, and
entering the amount to be paid directly into their bank accounts.
The Headquarters of Paytm Payments Bank Limited (PPBL) is Noida, Uttar Pradesh (UP).
JPMorgan Becomes First Bank to Enter the Metaverse, Opens a Lounge in Decentraland
JPMorgan Chase & co, the largest financial institution in the United States (US) has become the 1st bank
to arrive in the metaverse, a virtual world based on blockchain technology with the opening of a lounge
named ‘Onyx’ in blockchain technology-based virtual world Decentraland.
✓ Onyx refers to JPMorgan’s suite of Ethereum-based services and released a report exploring how
businesses can find opportunities in the metaverse.
HDFC Bank Partnered with ICEPL to Finance Asia’s Largest Bio-CNG Plant ‘Gobar-Dhan’
HDFC Bank has collaborated with Indore Clean Energy Private Limited (ICEPL) to fund the conversion
process of 550 tonnes/day of Municipal Solid Waste (MSW) into Compressed Biogas (CBG) at the
Gobar-Dhan plant, the largest Bio-CNG (Compressed Natural Gas) plant in Asia located in Indore,
Madhya Pradesh (MP).

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✓ This is the largest waste to energy project funded by HDFC Bank under its ESG (Environmental,
Social, and Governance) commitments to mitigate the adverse effects of climate change and make
the bank carbon neutral by 2031-2032.
TripMoney Partners with SBM Bank India to Launch Global Credit Card
TripMoney, the fintech arm of MakeMyTrip (MMT), and SBM Bank India have partnered to launch a
rupee-denominated secure credit card, ‘TripMoney Global Card’ powered by Visa that can be used
across over 150 countries.
✓ The headquarters of SBM Bank (India) is Mumbai, Maharashtra.
SIB Introduces Two New Services for Customers – SIBerNet, SIB Express
South Indian Bank (SIB) has introduced two new services by enabling SIBerNet and SIB Express to
enhance both ‘remittances to’ (outward remittances) and ‘remittances from’ (inward remittances).The
online outward remittances are enabled through Net Banking and inward remittances through National
Payments Corporation of India’s (NPCI’s) Unified Payment Interface (UPI) mode.
✓ The headquarters of South Indian Bank (SIB) is Thrissur, Kerala.
Star Health, South Indian Bank enters into Bancassurance Partnership to Offer Health
Insurance
South Indian Bank (SIB) has joined hands with Star Health and Allied Insurance Company Limited as a
corporate agent to provide innovative health insurance products for the SIB’s ~6.5 million customers
spread over 923 branches across India. SIB’s customers can avail benefits of Star Health’s retail
insurance products and group affinity products through the SIB’s distribution channels.
✓ The Headquarters of South Indian Bank (SIB) – Thrissur, Kerala.
NDB : First Multilateral Agency To Open Office in Gift City

New Development Bank (NDB) will become the 1st multilateral agency to open an office in the Gujarat
International Finance Tec (Gift) City, Gujarat which will start its operation by the mid of May 2022. NDB
also expects to partner with the newly launched National Bank for Financing Infrastructure and
Development (NBFID) to support crucial infrastructure projects in India.
FINANCE NEWS
IRDAI Enables Small Entrepreneurs to Tap Insurance Companies for Surety Bonds
On February 01, 2022, while presenting Union Budget 2022-23 in Parliament, Union Finance Minister
Nirmala Sitharaman has encouraged the use of surety bonds as a substitute for bank guarantees in case
of government procurement and also for gold imports to reduce indirect costs for suppliers and work-
contractors. As per the guidelines the Insurance companies could offer 6 types of sureties namely,
advance payment bond, bid bond, contract bond, customs and court bond, performance bond and
retention money.
Dukaan, Simpl Partners to Provide BNPL Services to its Merchants

Dukaan, a platform that supports Small and Medium-sized Businesses (SMB) to set up online stores and
sell products digitally, has partnered with Simpl, a buy-now-pay-later (BNPL) platform, to provide
BNPL services to merchants of Dukaan. Dukaan is a startup established in 2020 (under COVID-19) to
enable D2C (Direct-to-consumer) and SMB merchants to set up online stores and sell products digitally.
Edelweiss General Insurance Launches Sector’s 1st AI Voice Bot for automated Motor Claims
Edelweiss General Insurance launched an AI (Artificial Intelligent) powered voice bot for automated
registration of motor claims. It is powered by Yellow.ai platform.The end-to-end AI Voice Bot is the first

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of its kind services in the General Insurance industry in India. The AI voice bot is currently available in
Hindi, English and Hinglish, enabling real time registration of claims that work 24/7.
LIC & Policybazaar partners for Digital Distribution of Life Insurance Products
Life Insurance Corporation of India (LIC) and Policybazaar.com made an alliance to digitally offer a
wide range of Life Insurance and investment products to its customers across India. This is LIC’s first
association with a private insurance aggregator, which has mainly relied on its 1.33 million agents for
distributing products.
Kotak General Insurance ties up with CARS24 to provide Motor Insurance for Used Cars
Kotak Mahindra General Insurance Company Limited signed an agreement with Cars24 Financial
Services Private Limited (CARS24 Financial Services) to provide motor insurance services to used car
buyers. Under the partnership, used car buyers from Cars24 will be directly provided with Kotak
General Insurance’s comprehensive motor insurance plans.
ICICI Lombard Partners Airtel Payments Bank to Offer Cyber Insurance

ICICI Lombard General Insurance Company has partnered with Airtel Payments Bank to offer insurance
solutions against cybercrimes and financial frauds to its customers. Customers of Airtel Payments Bank
can purchase this insurance policy using the ‘Airtel Thanks’ app with ZERO wait period and allows
users to make multiple claims during the policy tenure, within the limits of the insured amount opted
for.
HDFC ERGO launches Cyber Sachet Insurance Policy to counter Digital Risks
HDFC ERGO General Insurance Company (HDFC ERGO) launched ‘Cyber Sachet Insurance Policy’ to
mitigate cyber-related digital risks for individual customers and keep them internet insured. It is a
cyber insurance product providing protection against the all kinds of risks in the digital world at the
most affordable price. It is structured into 14 sections with customization options to meet their
individual requirements.
HDFC Ergo General Insurance & Visa Partnered for Insurance cover on Select Bank Cards
HDFC Ergo General Insurance (HDFC ERGO) entered into a first-of-its-kind partnership with Visa to
offer curated insurance covers for Visa’s Platinum card holders for select public sector banks.The policy
will offer fraud insurance cover for an amount up to Rs.1 lakh to all Visa Platinum Credit & Debit Cards
of participating issuers. Due to COVID-19, the payment using card usage was increased and it was
accepted as a preferred mode of payment.
DMI Finance, Google Pay Partners to Offer Digital Personal Loans to Google Pay Users
DMI Finance Private Limited (DMI Finance) launched a digital personal loan product on Google Pay to
provide reliable credit access to pre-qualified users of Google Pay, the digital wallet platform.Through
the partnership, DMI Finance intends to disburse up to Rs 1 lakh per loan, which would be repayable
over a maximum of 36 months. The product is being launched across more than 15,000 pin codes.
PayU Announces Integration with BigCommerce to Boost SMB Digitalization

PayU announced its integration with BigCommerce, an Open Software as a service (SaaS) e-commerce
platform for fast-growing and established brands to boost Server Message Block (SMB)
Digitalization.PayU can now provide payment infrastructure & solutions to BigCommerce’s small-to-
medium-sized merchants in India.
The BigCommerce platform provides e-commerce services to retailers, including online store creation,
search engine optimization, hosting, marketing and security.

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Narayan Rane Inaugurated MSME Conclave 2022 in Sindhudurg, Maharashtra; Launches Union
Bank MSME RuPay Credit Card
On February 25-26, 2022, a two-day MSME Conclave 2022 organized in Sindhudurg, an administrative
district of the Konkan division in Maharashtra which was inaugurated by Union Minister Narayan Tatu
Rane, Ministry of Micro, Small & Medium Enterprises (MSME). It was organized by the Ministry of
MSME. The Conclave aims to promote entrepreneurship and trade opportunities for MSMEs in the
Konkan region with the use of technology, product development and skilling.
During the conclave, the Union Minister Narayan Rane launched the Union MSME RuPay Credit Card
which is being offered by Union Bank of India in partnership with the National Payments Corporation of
India (NPCI).
Canara HSBC OBC Life Insurance Launches Flexi Edge

Canara HSBC Oriental Bank of Commerce (OBC) Life Insurance has launched its new insurance plan,
‘Flexi Edge’, a non-linked participating individual savings life insurance plan that enables the
customers with the ability to prioritize their long-term savings. The plan also offers the customers the
flexibility to choose from 3 plan options depending on their individualistic requirements, Plan 1: Flexi
Savings, Plan 2: Flexi Income, and Plan 3: Flexi Care.
✓ Headquarters of Canara HSBC Oriental Bank of Commerce Life Insurance Company is Gurugram,
Haryana
BSE Ebix Partners with LIC for Distribution of Insurance Products

BSE Ebix Insurance Broking Pvt. Ltd., a joint venture of BSE and Ebix Fincorp Exchange Pvt. Ltd., signed
an insurance broker agreement for the distribution of Life Insurance Corporation’s (LIC) products.
✓ Aim – To offer customer centric solutions backed by technological innovations and best in class
services.
✓ Under this agreement, BSE Ebix will offer their clients insurance products offered by LIC such as
Life and Health, using its omni-channel digital presence.
JusPay Launches ‘Openppi’ Software for Interoperablility of PPIs

JusPay, a Softbank-backed digital payments infrastructure provider announced a software stack named
‘OpenPPI’ that helps Prepaid Payment Instruments (PPIs) such as digital wallets implement and comply
with Reserve Bank of India’s (RBI’s) PPI interoperability rules.Implementing PPI Interoperability will
increase the adoption of Unified Payment Interface (UPI) and PPIs.
✓ The OpenPPI solution will enable interoperability for PPIs through the UPI and can comply with
the new rules using an end-to-end secure cloud solution.
BFSL & IRCTC Launches Co-branded RuPay Contactless Credit Card – ‘IRCTC BoB RuPay card’
Bank of Baroda (BOB) Financial Solutions Limited (BFSL), a wholly owned subsidiary of BoB, and the
Indian Railway Catering and Tourism Corporation Limited (IRCTC) have launched a co-branded
contactless credit card, ‘IRCTC BoB RuPay card’.
✓ The card offers maximum savings to frequent railway travellers and the card users will also get
multiple benefits for shopping across other categories like groceries, fuel etc.
Mastercard Partners with SBI Payments to Boost Digital Payments in Guwahati, Lucknow &
Varanasi
Mastercard, as an extension of its flagship campaign ‘Team Cashless India’ along with SBI Payments
partnered with the Auto Rickshaw Association in Lucknow, Uttar Pradesh, All Assam’s Restaurant
Association (AARA) in Guwahati, Assam, local shopkeepers, and Boat Union in Varanasi, Uttar Pradesh
to boost the digital payments infrastructure.

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Edelweiss General Insurance partners Ashv Finance for MSME loan protection Plans
Digital Insurer Edelweiss General Insurance (EGI) has collaborated with Ashv Finance, a tech-led NBFC
to provide financial protection to the latter’s loan debtors. Under this, EGI will utilize Ashv Finance
reach of small business owners across India and offer them easy and friendly, tech powered solutions,
coupled with superior customer experience.
JICA approved Rs 1,000-crore river clean-up project in Pune

Japan International Cooperation Agency (JICA) approved the tender for cleaning up rivers Mula, Mutha
and Mula-Mutha (confluence of both rivers) of Pune Municipal Corporation (PMC) area. The project will
cost around Rs 1,000 Crore for pollution abatement of rivers.
EaseMyTrip Partners with Toffee to Provide Travel Insurance Solutions

EaseMyTrip has partnered with Toffee Insurance, one of the fastest-growing InsurTech companies, to offer
a first-of-its-kind, free-of-charge, full refund medical policy that provides the additional travel flexibility for
customers. Through the free of charge policy, the customers will get a complete refund including the
money deducted by airlines. This is an end-to-end digital integration that enables the digitization of the
entire insurance process.
2022 Banking & Finance - March

RBI IN NEWS
RBI invited RFP to Assess Impact of its Financial Literacy Campaigns
Reserve Bank of India (RBI) has proposed to assess the impact of its multi-media awareness campaigns
that promote financial literacy and safe banking practices. In this regard, it has invited the Request for
Proposal (RFP) from certain shortlisted entities, which will be required to undertake outcome and
impact assessment of its multilingual, pan-India public awareness campaigns.RBI runs the ‘RBI Kehta
Hai’ campaign to educate and empower the public about banking regulations.
RBI updates Payment and Settlement Systems Regulations, 2008; RBI Cautions Against sRide
App
In exercise of the powers conferred by sub-section (1) read with clauses (b) to (f) of subsection (2) of
Section 38 of the Payment and Settlement Systems Act, 2007 (51 of 2007), the Reserve Bank of India
(RBI) updated the Payment and Settlement Systems Regulations, 2008. These allow companies to run
payment businesses to seek licenses from the regulator.
RBI cautions against carpooling app sRide
RBI cautioned public against carpooling app sRide, which is operating a semi-closed pre-paid
instrument without authorization from the central bank under the provisions of the Payment and
Settlement Systems Act, 2007.
RBI cancels the license of Sarjeraodada Naik Shirala Sahakari Bank Limited, Maharashtra
Reserve Bank of India (RBI) canceled the license of Sarjeraodada Naik Shirala Sahakari Bank Ltd of
Shirala, Sangli (Maharashtra) due to compliance failure with the regulation under Section 11(1), Section
22 (3) (d) and Section 56 Banking Regulation Act 1949. The bank is found to lack adequate capital and
earning prospects under section 11(1) and section 22(3) (d) read with section 56 of the Banking
Regulation Act, 1949.
RBI exempts UCBs’ investment in Umbrella Organisation from non-SLR holding limits
Reserve Bank of India (RBI) has exempted the investments made in Umbrella Organization (UO) by
Primary (Urban) Co-operative Banks (UCBs) from non-Statutory Liquidity Ratio (non-SLR) holding

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limits prescribed in Paragraphs 2(i) and 2(iii)(b) of the RBI’s circular ‘Investments in Non-SLR
securities by Primary (Urban) Co-operative Banks‘ dated 30th January, 2009.
1.Paragraph 2(i)- Non-SLR investments should be limited to 10% of a bank’s total deposits as on March
31 of the previous year.
2.Paragraph 2(iii)(b)- Investments in unlisted securities should not exceed 10% of the total non-SLR
investments at any time.
RBI selects Intellect Design Arena for Cloud Native Intellect Quantum Core Banking solution
Reserve Bank of India (RBI) has chosen Intellect Design Arena Limited, a fintech firm to implement the
upgraded version of the ‘Cloud-Native Intellect Quantum Core Banking solution’ to power the next stage
of their digital transformation agenda. Intellect continues to be the trusted partner for the Central
Banking Transformation at RBI. The entire central banking operation of RBI is currently being
supported by Intellect’s Quantum Central Banking Solution, popularly known as e-Kuber in RBI,
Government of India & in the Indian Financial Systems.
RBI Launches UPI for feature phones ‘UPI123Pay’ and 24*7 helpline ‘DigiSaathi’
Reserve Bank of India (RBI) and the National Payment Corporation of India (NPCI) launched two
landmark initiatives such as
✓ UPI123PAY for feature phones will have all of the necessary smartphone features. This initiative
will improve digital payments to a higher level, paving the way for a cashless economy.
DigiSaathi will help customers address queries in the digital payments umbrella including cards in two
languages – english and hindi and also working towards all vernacular languages.
RBI releases booklet ‘BE(A)WARE’ on modus operandi of Financial Frauds

Reserve Bank of India (RBI) released a booklet titled “BE(A)WARE”. It provides information on the
common modus operandi used by fraudsters and precautions to be taken while carrying out various
financial transactions.The booklet will enhance public awareness about financial frauds perpetrated on
innocent customers.
✓ The headquarters of RBI is Mumbai, Maharashtra.
RBI issues Guidelines for Extended Interest Equalisation Scheme for Export Credit
Reserve Bank of India (RBI) issued modified norms on ‘Interest Equalisation Scheme (IES) on Pre and
Post Shipment Rupee Export Credit-Extension’ after the extension of the scheme till March 31, 2024 by
the Central Government w.e.f. October 1, 2021.The extended scheme will not be applicable to the ones
availing benefit under any Production Linked Incentive (PLI) scheme of the Central Government.
RBI bars Paytm Payments Bank from Onboarding New Customers

Reserve Bank of India (RBI) in exercise of its powers under section 35A of the Banking Regulation (BR)
Act, 1949 bars Paytm Payments Bank Limited (PPBL) from onboarding new customers with immediate
effect due to material supervisory concerns.
✓ PPBL was also directed by the apex bank to appoint an IT audit firm to conduct a comprehensive
audit of its IT (Information Technology) system.
The headquarters of Paytm Payments Bank Limited (PPBL): Noida, Uttar Pradesh (UP).
Regulatory Framework for (Microfinance Loans) Directions, 2022: RBI unveils Framework for
Microfinance Lenders
Reserve Bank of India (RBI) issued ‘RBI (Regulatory Framework for Microfinance Loans) Directions,
2022’ which will be effective from April 01, 2022. These directions are issued by the apex bank by
exercising its powers conferred by Section 21, Section 35A and Section 56 of the Banking Regulation
(BR) Act, 1949; Chapter IIIB of the RBI Act, 1934; and Sections 30A and Section 32 of the National
Housing Bank (NHB) Act, 1987.

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✓ RBI asked the Regulated Entities (REs) to ensure that loans are collateral-free and not linked
with a lien on the borrower’s deposit account, repayment obligations are capped, interest rates
are not usurious, and there is no pre-payment penalty.
NaBFID to be Regulated as All India Financial Institution under RBI Act

Reserve Bank of India (RBI) announced that National Bank for Financing Infrastructure and
Development (NaBFID) will be regulated and supervised as an All India Financial Institution (AIFI) by it
under the Sections 45L and 45N of Reserve Bank of India (RBI) Act, 1934.
✓ NaBFID has been set up as a Development Financial Institution (DFI) to support the development
of long-term infrastructure financing in India.
✓ It shall be the 5th AIFI after Export Import (EXIM) Bank, National Bank for Agriculture and Rural
Development (NABARD), National Housing Bank (NHB) and Small Industries Development Bank
of India (SIDBI).
LivQuik becomes 1st PPI issuer to Achieve RBI’s PPI Interoperability Guidelines
LivQuik becomes the first Prepaid Payment Instrument (PPI) issuer to have achieved full
interoperability as mandated by the Reserve Bank of India (RBI) for their PPIs. RBI, in exercise of the
powers conferred under Section 18 read with Section 10(2) of the Payment and Settlement Systems Act,
2007 (PSS Act) mandated all PPI Issuers to facilitate interoperability for full-KYC (Know Your
Customers) wallets by March 31, 2022.
RBI Lifted all Curbs on HDFC Bank’s New Digital Launches

Reserve Bank of India(RBI) has lifted all the restrictions placed on HDFC Bank regarding its business-
generating activities under the HDFC Bank’s Digital 2.0 programme. In December 2020, the RBI had
restricted HDFC Bank from launching any new digital products or services and issuing new credit cards
till the lender resolved recurring tech issues.In September 2021, RBI had lifted restrictions on HDFC
Bank on issuing new credit cards.
RBI revokes license of People’s Co-operative Bank Ltd, Kanpur, UP

Reserve Bank of India (RBI) has cancelled the license of People’s Co-operative Bank Limited, Kanpur
(Uttar Pradesh) as the bank failed to adhere to the requirements of Sections 22(3) (a), 22 (3) (b),
22(3)(c), 22(3) (d) and 22(3)(e) – under Section 56 of the Banking Regulation Act, 1949.
The bank is found to lack adequate capital and earning prospects under the provisions of Section 11(1)
and Section 22 (3) (d) – under Section 56 of the Banking Regulation Act, 1949 – ‘Act to apply to co-
operative societies subject to modifications.
RBI releases framework for Geotagging Payment System Touchpoints

The Reserve Bank of India (RBI) issued a framework for Geo-tagging of Payment System Touch
Points/acceptance infrastructure under Section 10 (2) read with Section 18 of Payment and Settlement
Systems Act, 2007 (Act 51 of 2007).
✓ The framework was issued on the lines of the Monetary Policy Statement 2020-21 of October 08,
2021.
✓ This system will be deployed by banks / non-bank Payment System Operators (PSOs).
✓ RBI has its Headquarters in Mumbai, Maharashtra
RBIH launched in Bengaluru, Karnataka

Reserve Bank Innovation Hub(RBIH) set up as a Section 8 company under Companies Act, 2013, with an
initial capital contribution of Rs 100 crore; and wholly owned subsidiary of the RBI.
✓ Governor of Reserve Bank of India (RBI), Shaktikanta Das, inaugurated the Reserve Bank
Innovation Hub (RBIH) in Bengaluru, Karnataka.

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✓ Senapathy (Kris) Gopalakrishnan, co-founder and former co-Chairman, Infosys, was earlier
appointed as RBIH 1st Chairman.

Indian Overseas Bank Jammu and Rs 1,000 crore The Indian Overseas Bank (IOB) has
Kashmir sanctioned a loan of Rs 1,000 crore to
Infrastructure Jammu and Kashmir Infrastructure
Development Development Finance Corporation Ltd
Finance (JKIDFC) under an agreement signed by
Corporation Ltd both entities. Rs 500 crore has already
(JKIDFC) been disbursed by the bank and IOB is
one of the first public sector banks to
lend to JKIDFC.
✓ This funding by the bank is a
part of its business plan to
widen credit growth and
funding infrastructure
development across the nation.
The headquarters of Indian Overseas
Bank (IOB) is Chennai, Tamil Nadu.

Union Bank of India Ambit Finvest Signed a co-lending agreement for lending to Micro, Small
(UBI) private limited and Medium Enterprise (MSME) customers which enables
creditworthiness of MSMEs in 11 states that are currently
covered by Ambit Finvest.The aim of the agreement is to
facilitate fast disbursal of credit across different
geographies.
Bank of Maharashtra Mahagram To power up the ‘Bank Sakhi’ project in Odisha.
Mahagram provides financial technology and
infrastructure support to augment rural financial
inclusion.The aim of the partnership will provide access
to the doorstep and hassle-free banking services to the
people of Odisha.
The headquarters of Bank of Maharashtra is Pune,
Maharashtra.
Axis Bank IPE Global limited For the SAMRIDH Healthcare Blended Finance Facility
with finance of up to USD 150 million (approximately Rs
1,140 crore) to support health enterprises and
innovators. SAMRIDH – Sustainable Access to Markets
and Resources for Innovative Delivery of Healthcare’.
Indian Banks Insolvency and To collaborate on capacity building for financial creditors
Association (IBA) Bankruptcy Board on topics related to insolvency, bankruptcy and related
of India (IBBI), an subjects. The MoU was signed during the workshop on
‘Committee of Creditors: An Institution of Public Faith’
insolvency
organised jointly by IBBI, SBI(State Bank of India) and
regulator IBA at New Delhi.
The headquarters of Insolvency and Bankruptcy Board of
India (IBBI) is New Delhi, Delhi.

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Bharat Co-operative Aditya Birla Sun Aim combining synergies to enhance the reach of life
Bank (Mumbai) Ltd. Life Insurance insurance products Aditya Birla Sun Life Insurance
(ABSLI) (ABSLI), the life insurance subsidiary of Aditya Birla
Capital Limited (ABCL), and Bharat Co-operative Bank
(Mumbai) Ltd. signed a bancassurance partnership
agreement.The agreement will provide life insurance
support to more than 5 lakh customers of the bank.
Karnataka Bank SELCO Solar Light To provide energy access to the underserved population.
Limited Private Limited Karnataka Bank will provide financial support through
loans with a competitive interest rate for installing SELCO
Solar energy products for both household and
commercial use.
National Bank for Odisha Signed an agreement for the creation of fisheries
Agriculture and Rural infrastructure to boost fish production. The Fisheries and
Development Aquaculture Infrastructure Development Fund (FIDF) will
(NABARD) help in creation of infrastructure facilities in marine and
inland sectors of Odisha. Around Rs 119.8 crore was
initially approved for the development in the sector.
BSE (formerly Bombay Bhartiya Swarnkar For the strengthening of commodities derivatives trade
Stock Exchange) Sangh (BSS) and and proposed Electronic Gold Receipt (EGR) markets in
Jamshedpur India.
EGRs are issued on the basis of a deposit of physical gold.
Jewellers
They are regarded as ‘securities’ under the Securities
Association (JJA)
Contracts (Regulation) Act 1956.
Indian Institute of RBI Innovation Hub India’s prominent deep-tech startup hub pioneered by
Technology Madras (RBIH) Indian Institute of Technology Madras Incubation Cell
Incubation Cell (IITMIC) and RBI Innovation Hub (RBIH), a wholly owned
subsidiary of Reserve Bank of India, have signed a MoU to
(IITMIC)
contribute and work together in developing the necessary
ecosystem to support and scale FinTech (Financial
Technology) Startups in India.
The headquarters of RBI Innovation Hub (RBIH) is
Bengaluru, Karnataka.
Kotak Mahindra Bank Business France Kotak Mahindra Bank Ltd (KMBL) signed a MoU with
Ltd (KMBL) Business France, a French National agency involved in
exports and international investments in France, to
provide support to companies in the Indo-French
corridor.The KMBL became the first Indian bank to sign a
MoU with Business France.
The agreement ceremony held in France was chaired by
Eric Fajole, Regional Director, French Embassy in India
and Sudha Balakrishnan, Business Head, MNC Banking
Group, Kotak Mahindra Bank.
State bank of India 5 Housing Finance State bank of India (SBI) signed co-lending partnership
(SBI) Companies (HFCs) with 5 Housing Finance Companies (HFCs): PNB Housing
Finance, IIFL Home Finance, Shriram Housing Finance,
Edelweiss Housing Finance, and Capri Global Housing
Finance.
✓ Aim: To provide affordable housing loans to the
underserved and unserved sections of society as
per Reserve Bank of India (RBI) guidelines.
SBI Headquarters: Mumbai, Maharashtra.

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Airtel Payments Bank ICICI Lombard ✓ Purpose: to provide smartphone insurance,

General Insurance which offers financial protection against damage
Company (ICICI and hence boosts the mobile insurance industry in
Lombard) India.
Headquarters of Airtel Payment Bank is New Delhi, Delhi.
Small Industries Meghalaya Small Industries Development Bank of India (SIDBI) and
Development Bank of Meghalaya Infrastructure Development and Finance
India (SIDBI) Corporation Limited (MiDFC), Government of
Meghalaya.Under the MoU, SIDBI and the Government of
Meghalaya will work in tandem to facilitate the
development of the Micro Small and Medium Enterprises
(MSME) ecosystem in Meghalaya.
SIDBI acquires stake in ONDC :- SIDBI has acquired
7.84% stake in Open Network for Digital Commerce
(ONDC), an open public digital infrastructure framework
entity, through an investment of Rs.10 crore.
SIDBI Headquarters – Lucknow, Uttar Pradesh.
EbixCash Limited Axis Securities Partnership b/w: EbixCash Limited, a technology-based
provider of digital products and services in the B2C
(Business to Consumer), B2B (Business to Business) and
financial technology arenas & Axis Securities, a wholly-
owned subsidiary of Axis Bank.
Purpose: Through an integrated business strategy,
providing EbixCash customers with end-to-end trading
services. As a result, EbixCash customers will have access
to a 3-in-1 account that integrates their savings, demat,
and trading accounts.
Headquarters of EbixCash Limited - Mumbai,
Maharashtra.
DBS Bank India EaseMyTrip To launch an environment-friendly international debit
card or green debit card, made up of 99% recycled
polyvinyl chloride (PVC) material. This is the first-ever
99% recycled PVC debit card.
Objective- Through this collaboration, EaseMyTrip aims
to promote sustainability and incentivise sustainable
tourism.
DBS Bank India Limited Headquarters - Mumbai,
Maharashtra.
Central Bank of India Kwik.ID To implement digital Know Your Customer (KYC), video
(CBI) KYC and eKYC for its network across India.The objective
is to bring seamless onboarding and provide efficient
digital facilities to the customers across India.The
partnership will support the implementation of its digital
transformation agenda and also help in digital finance
initiatives.
Kwik.ID is India’s fastest and first ever AI-based fully
compliant Video KYC solution and a flagship product by
Think360.ai.

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OTHER BANKING NEWS

First Wildlife Bond Issued by World Bank to Save Africa’s Black Rhino
World Bank (International Bank for Reconstruction and Development, IBRD) has created the world’s first
kind of Wildlife Conservation Bond (WCB), also known as the “Rhino Bond,” in support of South Africa’s
efforts to protect the endangered species.
✓ It is a five-year, USD 150 million Sustainable Development Bond, matures in 2027, that includes a
potential performance payment from the Global Environment Facility (GEF).
✓ It will contribute to protecting and increasing black rhino populations in two protected areas in
South Africa: The Addo Elephant National Park (AENP), managed by the South African National
Parks (SANParks) and The Great Fish River Nature Reserve (GFRNR), managed by Eastern Cape
Parks and Tourism Agency (ECPTA).
SEBI raises Public Debt Investment limit via UPI to Rs 5 lakh from Rs 2 Lakh
Securities and Exchange Board of India (SEBI) increased the limit for investment through Unified
Payments Interface (UPI) mechanism to Rs 5 lakh from Rs 2 Lakh for the investors applying in public
issues of debt securities, which will open on or after May 1, 2022.The move comes following NPCI’s
(National Payments Corporation of India) decision in December 2021, to enhance the per transaction
limit in UPI from Rs 2 lakh to Rs 5 lakh for UPI-based Application Supported by Blocked Amount (ASBA)
Initial Public Offer (IPO).
NSE, IBJA partner to set up 1st Domestic Bullion Spot Exchange under SEBI
National Stock Exchange of India Ltd (NSE) and India Bullion and Jewellers Association Ltd (IBJA) have
joined hands to launch the Domestic Bullion Spot Exchange in line with SEBI (Securities and Exchange
Board of India) guidelines. This will be for the first time that a domestic bullion spot exchange is being
set up under the aegis of SEBI.
The shareholders will include NSE, IBJA and industry participants (including refiners, bullion dealers,
jewellers, banks and overseas suppliers).
SEBI amends Rules for Category III Alternative Investment Funds

Securities and Exchange Board of India (SEBI) has amended the rules regarding investment aspects of
Category III of alternative investment funds (AIFs). The new norms will be called as ‘SEBI’s AIF
Regulations, 2022’ w.e.f. March 16, 2022.Category III AIFs* trade with a view to make short term
returns. These are open ended, and no specific incentives are given by the government or any other
Regulator. These include hedge funds, PIPE (private investment in public equity) Funds, etc.
NABARD Allocates Rs. 4,013 Crore Financial Assistance to Odisha

National Bank for Agriculture and Rural Development (NABARD) has sanctioned a financial assistance
of Rs. 4,013 crores to Odisha under the Rural Infrastructure Development Fund (RIDF) for the financial
year 2021-2022, and Odisha has got a major share of NABARD’s infrastructure funds, the highest in
India. The RIDF is classified under three broad categories: Agriculture and related sector; Social sector;
and Rural connectivity.
✓ The Headquarters of NABARD is Mumbai, Maharashtra.
SIDBI Accredits Odisha with Rs. 837 Crore for MSME Clusters
The Small Industries Development Bank of India (SIDBI) has approved a Rs. 837 crore grant to
the Government of Odisha under its SIDBI Cluster Development Fund (SCDF) to 18 micro, small, and
medium enterprises (MSME) infrastructure projects in Odisha.
✓ The projects will be implemented by the Odisha Industrial Infrastructure Development
Corporation (IDCO).

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SIDBI has also inked an agreement with the state to set up Project Management Unit (PMU) for
MSMEs.
IDBI Bank launches C-LMS & G-LMS for institutional clients

IDBI Bank launched Corporate Liquidity Management Solution (C-LMS) and Government Liquidity
Management Solution (G-LMS) to meet the liquidity management needs of institutional customers.LMS
helps in consolidating funds and managing the liquidity seamlessly within the organisation.
✓ The headquarters of IDBI Bank is Mumbai, Maharashtra.
Equitas SFB Launches Limited Edition ‘Equitas Bank CSK Debit Card’
Equitas Small Finance Bank (SFB) Limited has announced the launch of a limited-edition Chennai Super
Kings (CSK) branded debit card that can be availed along with an experience at ‘Equiverse’ virtual
world. It is the first bank to introduce the Equitas Bank CSK Debit Card in the Equiverse, a special
edition debit card for Chennai Super King (CSK) fans who shared space with the team’s avatars in this
virtual experience at www.equiverse.in.
UCO Bank Partners with Fisdom to Offer Fintech services to Customers

UCO Bank Partners with Fisdom to offer fintech services including demat account, stockbroking
services, pension funds and tax filing to its customers. UCO Bank will now offer its customers a robust
3-in-1 personal banking experience with the extended product & service suite.
✓ The extension suite will be offered through UCO Bank’s mobile banking application UCO
mBanking Plus and will gradually be accessible through its internet banking platform as well.
✓ The headquarters of UCO Bank is Kolkata, West Bengal.
Indian Oil Partners with Kotak Mahindra Bank for Co-branded Credit Card
On 4th March 2022 Kotak Mahindra Bank Limited (KMBL) and Indian Oil Corporation (IOC) Limited
launched the Indian Oil Kotak co-branded fuel credit card that will offer more value to customers in the
form of an enhanced rewards programme.The program gives customers value on fuel spends and on
special non-fuel & frequent-spend categories, such as fuel, dining and groceries.
✓ The headquarters of Kotak Mahindra Bank Limited (KMBL) is Mumbai, Maharashtra.
Bharti Airtel Partners with Axis Bank to Issue Co-branded Credit Card
Bharti Airtel partnered with Axis Bank Limited to launch ‘Airtel Axis Bank Credit Card’, a co-branded
credit card that will offer benefits such as cashbacks, special discounts, digital vouchers and
complimentary services to Airtel’s more than 34 crore customers.This partnership will also cover
future collaboration on cyber security, data and cloud centres.
Axis Bank Rolls out ‘HouseWorkIsWork’ Initiative to Bring Educated Women to Workforce
Axis Bank Limited has started the ‘HouseWorkIsWork’ initiative that provides opportunities to those
women who want to rejoin the professional space as the urban educated women’s participation in the
workforce is still not at desired levels.The aim of the initiative is to provide confidence to women about
their employment and also about the skills they possess that could fit in various job roles in a bank.
✓ The headquarters of Axis Bank is Mumbai, Maharashtra.
BFSL Partners with CreditAI to Launch Unnati Co-Branded Credit Card for Farmers
Bank of Baroda(BoB) Financial Solutions Limited (BFSL), a wholly owned subsidiary of Bank of Baroda
(BoB) partnered with CreditAI Fintech Pvt Ltd (CAI), a Singapore and Bengaluru based farmer
digitisation and credit scoring company to launch Unnati- contactless co-branded credit card on the
Visa network platform exclusively for farmers.

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✓ The Unnati Credit Card, which was 1st launched in Karnataka and later scaled across
Maharashtra, Andhra Pradesh, Telangana, Tamil Nadu and other states in India.
✓ The headquarters of BFSL is Mumbai, Maharashtra.
Ujjivan SFB launches Industry’s first Digital based Onboarding

Ujjivan Small Finance Bank (USFB) launched Industry’s first digital onboarding facility for its micro
banking customers through its ‘Ujjivan SFB Assisted’ app.The Ujjivan SFB Assisted app provides the
facility to update mobile numbers for individual banking transactions through paperless and secured
manner.It is an OTP and biometric authentication based process.
The headquarters of Ujjivan Small Finance Bank (USFB) is Bengaluru, Karnataka.
ICICI Bank Launches Co-Branded Credit Cards with Emirates Skywards

ICICI Bank has announced a tie-up with Emirates Skywards, a loyalty programme of Emirates and
flydubai, to launch a range of co-branded credit cards named “Emirates Skywards ICICI Bank Credit
Card”, an exclusive card for avid travellers that gives them access to unmatched luxury and comfort.
✓ ICICI bank is the first Indian bank to partner with Emirates Skywards, to offer an exclusive range
of credit cards in India.
Bob and BNP Paribas Asset Management Asia (BNPP AM) To Form Mutual Fund JV
Baroda Asset Management India, a wholly-owned subsidiary of Bank of Baroda (BoB) and BNP Paribas
Asset Management India, a subsidiary of BNP Paribas Asset Management Asia (BNPP AM), have entered
into a strategic partnership by merging their mutual fund businesses to form a joint venture (JV) called
“Baroda BNP Paribas Mutual Fund”.
✓ This merger involves no cash consideration and post-merger BoB will hold 50.1% stake in the
merged Asset Management Company (AMC) and the rest will be held by BNPP AM.
✓ Suresh Soni has been appointed as the CEO of Baroda BNP Paribas Mutual Fund.
SBI to set up Innovation, Incubation and Acceleration Centre at Hyderabad, Telangana

State Bank of India (SBI) will set up an Innovation, Incubation and Acceleration Centre (IIAC) at
Hyderabad, Telangana which will be operational in six to nine months of on-boarding a consultant. This
Centre will be the bank’s in-house capability to enhance its current performance and drive higher top-
line growth through innovation.
The headquarters of State Bank of India is Mumbai, Maharashtra.
SBI to Grant USD 1 Billion Credit Line to Sri Lanka to Recover from Economic Crisis
In light of the country’s deteriorating economic circumstances, India announced a USD 1 billion Line of
Credit (LOC) to Sri Lanka as part of its financial assistance to deal with its economic crisis.An agreement
extending the LOC was signed between SBI and Government of Sri Lanka for the procurement of food,
medicine, and other essential items.
✓ Previously, the Export-Import Bank of India (EXIM Bank) had extended an LOC of USD 500
million to Sri Lanka, which is in the midst of a financial crisis, to finance the purchase of
petroleum goods.
SBI Card & Nature’s Basket jointly launch the International Gourmet Card
SBI Card, India’s pure-play credit card issuer and second largest credit card provider, has teamed up
with Nature’s Basket, India’s premier multi-channel gourmet retailer, to launch the ‘Nature’s Basket SBI
Card’, a first-of-its-kind credit card.This credit card will be a welcome addition to SBI Card’s existing
impressive premium portfolio, as it will cater to the cardholder’s specific lifestyle spending demands,
such as groceries and gourmet foods.

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The card is to be introduced in two variants: ‘Nature’s Basket SBI Card’ and ‘Nature’s Basket SBI Card
Elite’.
HDFC to Boost Small Business with Digital Loans

HDFC Bank has announced a dedicated app for small, family-owned, or independent businesses to push
merchant loans.
✓ The bank is working on the SmartHub Vyapar programme for merchants, which is an app that
combines payment platforms such as cards, UPI, QR codes, tap-pay, and SMS-based payments.
✓ It also has the application "AutoFirst" in the pipeline, which offers fully automated auto loans
exclusively.
✓ Headquarters of HDFC Bank is Mumbai, Maharashtra.
DBS Bank India Launches Green Deposits Programme

DBS Bank India has announced the launch of Green Deposit Programme for corporate clients which will
provide a simple way for the companies to support environmentally friendly projects or avenues. This
is in line with the focus on DBS Bank India on responsible banking. Under the bank’s sustainability
programme, Green Deposits will fund green industries and initiatives such as green building
sustainable water initiatives that include wastewater management, renewable energy and clean
transportation.
Swanari TechSprint programme for Women by RBIH

Federal Bank, Bank of Baroda & Axis Bank, Avanti Finance teamed up with Reserve Bank Innovation
Hub (RBIH), a subsidiary of the Reserve Bank of India (RBI) for the 2nd phase of Swanari TechSprint
programme.
✓ Aim - To promote financial inclusion of women through technology.
✓ Swanari is ‘Swanirbhar Nari’ meaning ‘Self Reliant Lady’.
ICICI Bank & CSK jointly launches co-branded credit card: “Chennai Super Kings ICICI Bank Credit
Card”
ICCI Bank has teamed up with the Chennai Super Kings (CSK), an Indian Premier League (IPL) franchise, to
develop a co-branded credit card called the “Chennai Super Kings ICICI Bank Credit Card”, designed with a
range of exclusive privileges for cricket fans of CSK team and distinct banking benefits from ICICI Bank.
✓ Customers can apply for the ‘Chennai Super Kings ICICI Bank Credit Card’ by sending an SMS ‘KING’ to
5676766.
✓ In 2018, ICICI Bank had launched a co-branded credit card with Manchester United, a professional
football club in England.
✓ Headquarters of ICICI Bank is Mumbai,Maharashtra.
HDFC ERGO Launches VAULT, an Industry’s First Digitally-enabled Rewards based Program
HDFC ERGO General Insurance Company launched its VAULT program. It is India’s first industry based
digital customer engagement and rewards program.This program is an experiment to test a new idea
under the Regulatory Sandbox of IRDAI (Insurance Regulatory and Development Authority of India).
The testing period will be till 14th May 2022 and further continuance of the product beyond the testing
period will be subject to IRDAI approval.
FINANCE NEWS
Japan and India Renews Bilateral Swap Arrangement of up to USD 75 billion
Japan and India have renewed the Bilateral Swap Arrangement (BSA) under which the 2 countries can
swap their local currencies in exchange for the US Dollar of up to USD 75 billion with effect from 28th
February 2022.

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✓ Aim – To strengthen financial safety nets and further deepen financial cooperation between the
two countries including contribution to regional and global financial stability.
✓ Signatories – The Bank of Japan which is acting as agent for the Minister of Finance of Japan, and
the Reserve Bank of India (RBI) on behalf of Government of India (GoI) signed the Amendment
and Restatement Agreement of the BSA.
Union Cabinet Approves FDI of up to 20% in LIC under Automatic Route

Union Cabinet approved Foreign Direct Investment (FDI) of up to 20 percent under the ‘automatic
route’ in Life Insurance Corporation (LIC) of India, ahead of the mega initial public offering (IPO) of the
LIC of India in mid-March 2022. The current FDI policy which permits 74 percent foreign investment
under the automatic route in the insurance sector does not apply for the LIC, as it is established and
governed under the LIC Act, 1956, and the law did not have any specific provision for foreign
investment in the insurer.
Edelweiss Housing Finance & StanChart will offer loan against Property at low Interest rates
Edelweiss Housing Finance Limited (EHFL) and Standard Chartered Bank signed a strategic co-lending
agreement for extending property loans to Micro Small Medium Enterprises (MSMEs). Under the
partnership, EHFL will originate, process, service the loans and retain 20% of the loan on its books and
remaining 80 % will be on the books of Standard Chartered Bank.
✓ The headquarters of Standard Chartered Bank is London, United Kingdom(UK).
Paytm Partners with IRCTC to Offer Digital Ticketing Services Through ATVM
Paytm owned by One97 Communications Limited (OCL) expanded its partnership with Indian Railway
Catering and Tourism Corporation (IRCTC) to offer first of its kind digital ticketing services to
consumers through Automatic Ticket Vending Machines (ATVM) installed at railway stations across
India.
NPCI partners with Yatra.com, & SBI Card to launch Co-branded ‘Yatra SBI Card’
National Payments Corporation of India (NPCI) partnered with Yatra.com and SBI Cards and Payment
Services Private Limited (SBICPSL) to launch a co-branded ‘Yatra SBI Card’ on the RuPay network,
especially for travel enthusiasts. This card is a holiday-cum-shopping credit card which also comes with
travel benefits on booking flights and hotels that are applicable for 6 times a year.
✓ The headquarters of SBICPSL is Gurugram, Haryana.
LoanTap Partners with Arka and MAS Financial Services for New Digital Lending Models
LoanTap, a leading fintech digital lending platform, aims to close Financial Year 2022 by announcing
business collaborations with Non-Banking Financial Company (NBFC) – Arka Fincap Limited (Arka) and
Reserve Bank of India (RBI) registered NBFC MAS Financial Services Limited. (MAS) in a co-lending
model for the salaried and MSME segment.
✓ The collaboration will allow LoanTap to utilise its technology and quick processes to tap into a
larger customer base and enable loan disbursals through these partnerships.
Central Govt sets Rs 1-trillion Infrastructure Lending Target for NaBFID

Central Government has set a target of Rs 1-trillion for the new Development Finance Institution (DFI)
namely ‘National Bank for Financial Infrastructure and Development (NaBFID)’ for sanctioning loans to
the infrastructure sector in FY23. NaBFID will get a 10-year tax concession so that it can provide long-
term funds at an affordable cost to the infrastructure sector.
✓ In October 2021, the government had appointed Kundapur Vaman Kamath as the chairman of
NaBFID.

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LICHFL Partners with CSC to Provide Loans through over 4 Lakh VLEs
LIC Housing Finance Limited (LICHFL) and Common Service Centre e-Governance Services India
Limited (CSC) have entered into a strategic partnership to provide loans to citizens through CSC’s
network of over 4 lakh Village Level Entrepreneurs (VLEs). Through the partnership, VLEs can avail
home loans; loans for serving or retired employees who are entitled to pension; residential plot loan;
Griha Suvidha for private sector workers or self-employed; and loan against property and top-up loan.
IIFL Finance Partners with NIRA to Offer Personal Loans

On 3rd March 2022 IIFL Finance Limited, non-banking financial company collaborated with fintech
NIRA to strengthen its digital footprint by providing personal loans.The aim of the collaboration is to
provide credit to largely unbanked and underbanked borrowers and small entrepreneurs. Through this
partnership, salaried customers can avail a personal loan of up to Rs. 1 lakh from IIFL Finance by
downloading the NIRA app from Google’s Play store.
PayU and VTEX Partners to Offer Merchants Multiple Local Payment Methods
PayU has collaborated with VTEX, one of the largest global digital commerce platforms, to offer multiple
payment solutions to VTEX merchants.Through this collaboration, PayU platform will be available for
VTEX’s merchants that includes global players operating in different industries in India and provides
seamless access to PayU’s payment solutions.
✓ Using PayU, VTEX merchants can offer customised bank-based offers on debit & credit cards to
consumers, making purchases more affordable and improving business.
Future Generali India Insurance Launches ‘FG Dog Health Cover’ Insurance; unveils ‘Oh My
Dog!’ Campaign
Future Generali India Insurance Company (FGII) Limited launched FG Dog Health Cover, a
comprehensive health insurance for pet dogs, along with industry-first ‘Emergency Pet Minding’ cover
as an add-on if parents are hospitalised.The FGII also focuses on a digital campaign named ‘Oh My Dog!’
with an aim to create awareness on purchasing dog health insurance cover and also targets on social
media like Instagram and twitter.
Star Health Introduces Women-Centric Medical Insurance Policy

On 8th March 2022 Star Health and Allied Insurance Company Limited, a health insurance company
launched ‘Star Women Care Insurance Policy’, a woman-centric comprehensive health cover specially
designed to protect the health-care needs of women at every stage of their lives.Policy can be purchased
through premiums that can be paid in quarterly or half-yearly instalments, and this policy can also be
taken for 1 year, 2 year or 3-year terms.
HDFC MF launches LaxmiForLaxmi financial empowerment initiative for women

HDFC Mutual Fund (HDFC MF) launched an exclusive women led financial empowerment initiative
#LaxmiForLaxmi which able to connect women investors with a woman financial expert through a
unique missed call service.
Zeta partner Mastercard to Power Next-Gen Credit Processing for Banks, Fintechs
Zeta, a banking tech unicorn and provider of next-gen credit card processing to banks and fintechs, and
Mastercard announced a 5-year global partnership. In addition, MasterCard has invested $30 million in
the banking tech unicorn Zeta, along with other investors, at a valuation of $1.5 billion. This funding is a
follow-on round to the company’s Series C funding led by Tokyo, Japan based SoftBank in May 2021.
As part of the agreement, the firms will jointly launch credit cards with issuers worldwide on Zeta’s
modern, cloud-native, and fully API (Application Programming Interface)-ready credit processing stack.

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ToneTag Partners with NSDL to Introduce VoiceSe UPI Digital Payment Solutions for Feature
Phones
ToneTag, a sound-based proximity communication and payments service provider in partnership with
NSDL Payments Bank and National Payments Corporation of India (NPCI) has recently introduced its
VoiceSe UPI digital payments for feature phone users.ToneTag has launched its Interactive voice
response (IVR) 6366 200 200 (toll-free number) to bridge the gap in accessibility of digital payments,
especially in rural India and without internet connectivity.
EPFO Sets Its Interest Rates on PF for 2021-22 At the Lowest Level
Employees’ Provident Fund Organization (EPFO) has set the interest rate on Provident Fund Deposits
for 2021-22 at 8.1%, up from 8.5% in the previous fiscal year 2020-21.This decision was taken by the
Central Board of Trustees (CBT), the apex decision-making body of the EPFO, and will be sent to the
Ministry of Finance for consensus.
IIFL Securities launches India’s 1st Primary Markets Investment Platform, OneUp
IIFL Securities Limited (Formerly India Infoline Limited) launched India’s first primary markets
investment platform, ‘OneUp’ for investing in initial public offerings (IPOs), non-convertible debentures
(NCDs) and sovereign gold bonds (SGBs), among others.
India Infrastructure Finance Company Ltd (IIFCL) has raised Rs.1,500 crore in debt to promote long
term infrastructure finance in India. It raised the funds through private placement of Non-Convertible
Debt Securities for Rs 500 crore and it has a greenshoe option of Rs 1,000 crore. The issue was
oversubscribed 6 times (i.e. IIFCL raises Rs 6,000 crore via debt to fund infra projects).
SGX selected TCS to power NSE IFSC-SGX Connect in GIFT City

Tata Consultancy Services Ltd’s (TCS) BaNCS, a financial solution, grabbed a 5-year contract from
Singapore Exchange (SGX) to power the NSE IFSC-SGX Connect (Gift Connect) in special economic zone
Gujarat International Finance Tec-City (GIFT City). NSE IFSC, an acronym for National Stock Exchange
International Financial Service Centre, is a fully owned subsidiary of NSE.
Mahila Money, Visa and Transcorp Jointly Launch Prepaid Card for Women Entrepreneurs
The digital payments networks Mahila Money, Visa and Transcorp Prepaid Payment Instruments (PPI)
have partnered in launching Mahila Money Prepaid Card, an exclusive product to help women
entrepreneurs use digital payments more effectively. The prepaid card is designed in such a way that it
caters to the needs of digital entrepreneurs, small business owners, and women.
Smart Guaranteed Pension Plan Launched by Max Life Insurance

Max Life Insurance Company Limited has announced the launch of the “Max Life Smart Guaranteed
Pension Plan”, a non-linked, non-participating single premium individual or group general annuity
plan, guaranteeing a regular income and ensuring the future financial security of the annuitant.
Corporates and public-sector enterprises can purchase this plan directly as a group annuity product to
meet the retirement needs of their employees.
NPCI to launch ‘On-Device Wallet-UPI Lite for Small Value Transactions’ in Offline Mode
National Payments Corporation of India (NPCI) will launch On-Device Wallet i.e., ‘UPI Lite’ for UPI users
which will enable small value transactions in an offline mode. UPI stands for (Unified Payments
Interface). This functionality enables transactions without additional factor authentication (AFA) or a
UPI PIN (Personal Identification Number).Designed by NPCI, it will be launched as a pilot with multiple
banks and app providers in the next 10 days.
The headquarters of National Payments Corporation of India (NPCI) is Mumbai, Maharashtra.

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BPCL Launches Voice-Based LPG Booking, 1st To Offer Digital Payment to Non-Internet Users
Bharat Petroleum Corporation Limited (BPCL) has partnered with UltraCash Technologies Private
Limited to become the first Indian company to offer digital payment to non-internet users for its
BharatGas consumers to book their LPG (Liquefied Petroleum Gas) cylinders.
This facility will enable its customers who do not have smartphones or the internet to book their
cylinders and make the payment through “UPI 123PAY”.
USAID & Mastercard Partners to Promote Digital Empowerment of Women under Project
Kirana
The US Agency for International Development (USAID) and Mastercard have partnered to promote
digital empowerment of women in India through ‘Project Kirana’, a digital financial literacy programme
for women entrepreneurs in India. The aim of the partnership is to increase the revenue of the women-
owned-and-operated kirana shops and also expand their financial inclusion and enable them to adopt
digital tools like digital payments etc.
PPSL launches ‘Payment Analytic ‘for Paytm Merchants to make Data Driven Decisions
Paytm Payments Services Limited (PPSL), a wholly-owned subsidiary of One97 Communications has
launched first-of-its-kind ‘Payment Analytics’ which is designed by Paytm Payment Gateway.It is a data
analysis feature available to all Paytm merchants i.e. online and offline, at no extra cost. This will be
helpful for the merchants of Small and Medium Enterprises (SMEs).
Rupeek, NAPS Partners to Launch of ‘Rupeek Academy’ to Build Gold Appraisers

Rupeek (Rupeek Fintech Pvt Ltd.), India’s leading asset-backed digital lending platform announced the
launch of ‘Rupeek Academy’ in collaboration with the National Apprenticeship Promotion Scheme
(NAPS), an initiative by National Skill Development Corporation (NSDC). This aims to attract young
talent who are looking for a career opportunity in the gold loan industry of India.
Max Life Insurance Co. Ltd Partners with PhonePe To launch Insurance plans for Consumers
Max Life Insurance Co. Ltd Partners with PhonePe to launch its ‘Max Life Smart Secure Plus Plan’ for its
customers. It is a non-linked non-participating individual pure risk premium life insurance plan on the
PhonePe app to enhance financial protection for digitally-savvy customers.The license for direct broking was
granted to PhonePe by Insurance Regulatory and Development Authority of India (IRDAI). It allows the
selling of insurance on the respective apps.
✓ Headquarters of Max Life Insurance Co. Ltd - Gurugram, Haryana.
HDFC Mutual Fund to launch HDFC Defence Fund, India’s first Defence Fund
HDFC Mutual Fund has filed a scheme information document (SID) with the Securities and Exchange Board of
India(SEBI) to launch HDFC Defence Fund, India’s first Defence Fund. This open-ended equity scheme will be
investing in defence & allied sector companies (aerospace, explosives, shipbuilding, industries /stocks
present on the SIDM (Society of Indian Defence Manufacturers) list).
Google Pay & Pine Labs collaborates to launch Tap to Pay for UPI
Google Pay, payment platform of Google, has partnered with Pine Labs to launch Tap to Pay for UPI
(Unified Payments Interface) – a functionality that aims to bring the seamless convenience of Tap to Pay
to UPI.With this new feature, users can just tap their phones on the Point of Sales (POS) terminal and
authenticate transactions on their phones using their UPI PIN.

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2022 Banking & Finance - April

RBI IN NEWS
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) released 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%.
✓ RBI has also hiked its Consumer Price Index (CPI) based inflation forecast for FY23 to 5.7% from its
earlier projection of 4.5%.
✓ The MPC kept the interest rates unchanged for the 11th consecutive time as: Policy Repo Rate - 4%;
Reverse Repo Rate - 3.35%; Marginal Standing Facility (MSF) Rate - 4.25%; Bank Rate - 4.25%
Click here to read know more about RBI’s first Monetary Policy of FY23
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
✓ The unit also produces Colour Shift Intaglio Ink (CSII).
He has also placed the foundation stone for for BRBNMPL’s Learning and Development Centre (LDC) in
Mysuru, Karnataka.
RBI extends Deadline for Implementation of Cassette Swap in ATMs till Mar 31, 2023
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.
✓ 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

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. 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.
Reserve Bank of India (RBI) was established in 1935.
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.
Click here to know more about the RBI Data
RBI imposes Restrictions on Shushruti Souharda Sahakara Bank Niyamita

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.

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✓ 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.
✓ Shushruti Souharda Sahakara Bank Niyamita: Founder Chairman– Dr. N. Srinivasa Murthy;
Headquarters- Bengaluru, Karnataka
Click here for official Notification
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.
✓ 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.
Click Here for Full Official Notification by RBI
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.
NBFC- Factor: it means 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.
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 in exercise of powers vested in RBI under Section 30 of the Payment and Settlement
Systems Act, 2007.
The penalty is imposed 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).
RBI unveils Large Exposures Framework for NBFCs-UL

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.
✓ NBFC-UL: It 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.
✓ 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.
Click here to read more on LEF

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RBI allows RCBs to Raise Funds from Preference Shares, Debt Instruments
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.
✓ 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).
Click here to know more
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’ includes all fund
based and non-fund based (credit as well as investment) worth.
✓ LEI 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.
✓ 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.
Click here to read more
NBFCs-UL, NBFCs-ML to have Compliance Function by April 1, CCO by Oct 1, 2023

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.
Click here to read the full information
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.

Topic-wise PDF
✓ 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.
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.
✓ Genesis Management & Market Research Pvt Ltd has been authorized to conduct the survey for
April-June 2022 on behalf of RBI.
Click here to read more about the RBI Directions & IOS 2022
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)

World Bank and the Gujarat Rs 7,500 crore The World Bank and the Asian Infrastructure
Asian Infrastructure Investment Bank (AIIB) will provide a loan of Rs
Investment Bank 7,500 crore to the government of Gujarat for its
(AIIB) ‘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: 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.
World Bank: President-David R. Malpass;
Headquarters- Washington, D.C., United States.
Asian Development Louis Dreyfus USD 100 Purpose: to help small farmers in countries such
Bank (ADB) Company (LDC), million as India, Indonesia, Pakistan,Thailand and
a French Firm (Rs.760 Vietnam to recover from the economic
crores) challenges posed by the pandemic (COVID-19)
and improve their resilience to climate change
impacts.
ADB: President & Chairperson – Masatsugu
Asakawa (Japan); Headquarters – Mandaluyong,
Manila, Philippines.
Asian Development Three specific USD 76.25 Under this, ADB will fund the following:
Bank (ADB) projects under million or Rs 23 kilometres of road by retrofitting 15 stretches
the Agartala 551 crore at a cost of Rs. 444.05 crores; Revive lakes and
Smart City water bodies of Maharaja Bir Bikram College and
Limited (ASCL) its adjoining areas for Rs. 30.67 crore; Renovate
and restore Ujjayanta Palace and its surrounding
for Rs. 35.68 cr.

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The Government of India (GoI) and ADB signed a

USD 2 million Project Readiness Financing (PRF)
loan for the proposed Nagaland Urban
Infrastructure Development Project.
Click here to know more about ADB’s funding

Asian Development HSBC India (HSBC) Agreed to set up a USD 100 million partial
Bank (ADB) 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
an equivalent of USD 30 million in aggregate
financing would be disbursed to three
Microfinance Institutions (MFIs) in India by
April 2022 under the terms of agreement.
Headquarters of ADB is Manila, Phillipines
PNB (Punjab National Nabet India Purpose: to promote livelihood and employment
Bank) Housing Finance Pvt opportunities for women particularly in rural
Ltd areas and also promote health and wellness to
improve their quality of life.
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.
PNB Housing Headquarters: New Delhi, Delhi
Indian Overseas Bank (IOB) Software Technology Parks Purpose: to promote innovation through
of India (STPI) & AIC financial technologies through FinBlue initiative.
STPINEXT INITIATIVES (a FinBlue Initiative: A FinTech (financial
Section 8 company of STPI) technology) Centre of
Entrepreneurship (CoE) set by the STPI at
Chennai, Tamil Nadu.
IOB Headquarters: Chennai, Tamil Nadu.
International Financial Insurance Regulatory and Purpose - strengthening of inter-regulatory
Services Centres Authority Development Authority of exchange of information, technical cooperation
(IFSCA) India (IRDAI) and supervisory collaboration.
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.
State Bank of India (SBI) Border Security Purpose: to provide special benefits to serving
Force (BSF) and retired BSF personnel, as well as family
pensioners, through the Central Armed Police
Salary Package (CAPSP) Scheme.
SBI Headquarters: Mumbai, Maharashtra.

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Aegon Life Insurance Ahalia Finforex, a Kerala- Purpose: To provide life insurance access to
Company (Aegon Life), a based diversified financial unorganized and unserved segments residing in
digital life insurance services firm tier 2, tier 3, and tier 4 towns.
company Aegon Life has onboarded partners like Flipkart,
Paytm, Mobikwik and others. It plans to onboard
100 distribution partners in 2022.
Tata Consultancy Payments Canada, Canada’s Purpose: To transform its payment system
Services (TCS) largest payment operations and assist with the implementation
organization 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.
Indian embassy in Ministry of Federal Affairs Purpose: for the construction of the Khumjung
Kathmandu (Nepal) and General Khunde Wastewater Management Project.
Administration, the This is a community development project that
Government of Nepal, and will be built under the India-Nepal Development
Khumbu Pasang Lhamu Cooperation, with financial support from the
Rural Municipality, Indian government, at a total estimated cost
Soulukhumbu, Nepal of Nepali Rupees 41.13 million.
ICICIdirect, a financial CoverStack, a digital B2B This partnership allows more than seven million
products distributor platform for insurance customers of ICICIdirect to search, customize,
services compare, and buy the most suitable insurance
plans for health and motor insurance, by
comparing quotes and features from multiple
insurance firms easily.
ICICIdirect was first established in the year 2000
by ICICI Securities.
ICICI Securities: MD & CEO – Vijay Chandok;
Headquarters – Mumbai, Maharashtra
Axis Bank Asian Development Axis Bank signed a Partial Guarantee Facility
Bank (ADB) Agreement (PGFA) with the Asian Development
Bank (ADB) for a partial guarantee programme
with initial outlay of USD 150 million.
It is ADB’s first supply chain finance transaction
in India. Under this Axis bank will support small
and medium-sized enterprises (SMEs) in India.
The programme covers various supply chain
financing product variants, including one-year
working capital demand loans.
Axis Bank: MD & CEO-Amitabh Chaudhry;
Headquarters-Mumbai, Maharashtra.
DBS (formerly Social Alpha There will be Techtonic Innovations Towards
Development Bank of Purpose: to address the Zero Food Waste (TZFW), a two-year program,
Singapore Limited) Bank global issue of food waste supported by DBS and powered by Social Alpha
India through sustainable to identify innovative solutions by
solutions. entrepreneurs to help reduce quantitative and
qualitative food loss and waste across food
systems and agri-food value chains.

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DBS Bank India: MD & CEO:Surojit Shome;

Headquarter:Mumbai, Maharashtra
ICICI Bank KredX, a supply chain Purpose: To provide ‘ICICI Bank-KredX
finance company 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.
ICICI Bank Ltd: MD & CEO – Sandeep Bakhshi;
Headquarters – Mumbai, Maharashtra.
Tata AIA Life Insurance Common Services Tata AIA Life Insurance, one of the leading
Centers (CSC) insurers in the Indian private sector, and
Common Services Centers (CSC) of the Ministry
of Electronics and Information Technology
(MeitY).
Purpose: to engage its network of over 4 lakh
Village-Level Entrepreneurs (VLEs) at the last
mile for distribution of life insurance plans.
TATA AIA Life Insurance Company Ltd: a joint
venture between Tata Sons Pvt. Ltd. and the AIA
Group Ltd. (AIA). CEO & MD – Mr. Naveen
Tahilyani; Headquarters – Mumbai,
Maharashtra.
Federal Bank, a leading Mashreq NEO, a full-service Purpose: to enable its United Arab Emirates
financial institution in India digital bank from Mashreq (UAE)-based Indian customers to open Non-
Bank (Dubai, UAE) Resident (NR) accounts with the Federal Bank in
India instantly through the Neo app.
Federal Bank: MD & CEO – Shyam Srinivasan;
Headquarters – Aluya, Kochi (Kerala).
ICICI Bank, a leading pvt. GIFT SEZ (Special Purpose: To promote the GIFT SEZ to Indian and
sector bank Economic Zone), India’s international businesses, particularly in the
first International Financial areas of information technology (IT), IT-enabled
Services Centre (IFSC), services (ITeS), and financial services.
located at GIFT City in GIFT SEZ is being developed as a global financial
Gandhinagar, Gujarat services hub. ICICI Bank has been a prominent
player in GIFT SEZ with its banking business
since 2016.
ICIC Bank Ltd: CEO & MD – Sandeep Bakhshi;
Phone Pe Extreme IX (Internet Purpose: to provide faster digital payment
Exchange) 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.

Topic-wise PDF
It will enable the PhonePe users to swiftly

administer their day-to-day financial
transactions across the Geographic locations.
Dhanlaxmi Bank Central Board of Direct Purpose: for collection of Direct Taxes and
Taxes (CBDT) and Central Indirect Taxes.
Board of Indirect Taxes and The Reserve Bank of India (RBI) has authorized
Customs (CBIC) the Bank to collect various taxes, based on a
recommendation by the Controller General of
Accounts.
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.
Dhanlaxmi Bank Headquarters – Thrissur,
Kerala.
Small Industries West Bengal Small Aim: to enhance the eco-system for micro and
Development Bank of Industries Development small firms in West Bengal and was signed
India (SIDBI) Corporation during the MSME sectoral session of the Bengal
Limited (WBSIDCL) 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.
SIDBI: CEO – Sivasubramanian Ramann ;
Establishment – 1990; Headquarters – Lucknow,
Uttar Pradesh
Tata Consultancy SBI Cards and Payments Purpose: to accelerate SBI Card’s digital
Services (TCS) Services Ltd. (SBI Card) transformation journey.
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.
SBI Card: MD & CEO – Rama Mohan Rao Amara;
Founded – 1998; Headquarters – Gurgaon,
Haryana.
Suryoday Small Finance Kyndryl Suryoday Small Finance Bank (SSFB) joined
Bank (SSFB) 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.

Topic-wise PDF
SSFB: MD & CEO- Baskar Babu Ramachandran;

Tagline– A Bank of Smiles; Headquarter– Navi
Mumbai, Maharashtra
Airtel Payments Bank IndusInd Bank Purpose: to provide its customers with a Fixed
Deposit (FD) facility.
Under 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.
Customers of the Airtel Payments Bank will be
able to book several FDs for a fixed term of one,
two, or three years.
IndusInd Bank: MD & CEO – Sumant Kathpalia;
Fintech firm FinMapp Bajaj Finance Limited Purpose: 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.
FinMapp offers an interest rate of 7.35% on the
FD of app users.
FinMapp: Co-Founder & CEO– Kumar Binit;
Headquarters– Gurugram, Haryana.
International Financial National Insurance Purpose: for capacity building and creating a
Services Centres Authority Academy (NIA), Pune skilled talent pool.
(IFSCA) 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).
OTHER BANKING NEWS

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.
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,” a
6-week long Ideathon in association with BSE, NSE, NSDL, CDSL, KFintech, CAMS, Link Intime, and MCX to
promote innovation in the securities market.
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.

Topic-wise PDF
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.
✓ Purpose: To strengthen the regulatory framework for Collective Investment Schemes (CIS) to bring
them on with Mutual Fund (MF) regulations.
✓ SEBI: Chairperson– Madhabi Puri Buch; Headquarter– Mumbai, Maharashtra.
Click here to read more detail
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.
✓ SEBI Headquarters – Mumbai, Maharashtra; Chairperson – Madhabi Puri Buch
Click here to read the full detail
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).
✓ Purpose: 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.
✓ SEBI: Chairperson– Madhabi Puri Buch; Headquarters– Mumbai, Maharashtra.
Click here to read more on SEBI Working Groups for MF
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.
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 totaling 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.
✓ 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.
✓ A fine of Rs 5 lakh on Darshann Kayan over non-genuine trades in illiquid stock options on BSE.
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

Topic-wise PDF
Training under the Department of Skills, Employment, Entrepreneurship and Innovation,

Maharashtra.
✓ 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.
✓ SIDBI: Chairman and MD – Sivasubramanian Ramann; Establishment – 1990; Headquarters –
Lucknow, UP.
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.
Both REITs and InvITs are investment vehicles similar to mutual funds (MFs), wherein
sponsors/managers pool money from investors.
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 credit cards will be available
in two categories namely,
✓ Shoppers Stop HDFC Bank Credit Card
✓ Shoppers Stop BLACK HDFC Bank Credit Card
HDFC Bank Headquarters – Mumbai, Maharashtra
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.
✓ SBI Headquarters – Mumbai, Maharashtra.
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.
✓ Transkapitalbank, a Russian commercial bank, will be the operator of the system’s payment
infrastructure.
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.
PNB MD & CEO – Atul Kumar Goel; Headquarters – New Delhi, Delhi

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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.
✓ Under the project, the bank launched a Super app.”Union nxt – Do it Yourself”
✓ UBI: CEO & MD- Rajkiran Rai G.; Headquarters- Mumbai, Maharashtra
KVGB Launches ‘Vikas Siri Sampat-1111’ Deposit Scheme

Vikas Siri Sampat-1111 – it is a deposit scheme of limited tenure of only 1,111 days with 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.
✓ The scheme was launched by Chairman of Karnataka Vikas Grameena Bank (KVGB), P. Gopi Krishna
KVGB: Headquarters – Dharwad, Karnataka.
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.
✓ 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 movt.
PNB: CEO & MD – Atul Kumar Goel; Headquarters – New Delhi, Delhi.
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.
✓ 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.
✓ Ashwini Vaishnaw, Union Minister of Communications, has announced Rs. 3 crores of financial
support to start-ups that are working on financial inclusion.
✓ On September 1, 2018, Prime Minister Narendra Modi launched the IPPB.
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.
✓ 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.
BoB: MD & CEO – Sanjiv Chadha; Headquarters – Vadodara, Gujarat; Tagline – India’s International
Bank
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.

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✓ MSMEs who are customers of other banks can use the new version of InstaBIZ, a business app of ICICI
Bank, to log in as guests and use a variety of services from the bank’s digital ecosystem.
✓ The most essential of these services is InstaOD Plus, which provides an instant and paperless
overdraft (OD) facility up to Rs. 25 lakhs.
ICICI Bank: MD & CEO – Sandeep Bakhshi; Headquarters – Mumbai, Maharashtra.
FINANCE NEWS
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.
✓ IMF Establishment – 1944; Headquarters – Washington, D.C, USA
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.
MG Motor India Launches MG e-Pay Industry’s 1st End-to-end Online Auto

Finance Platform
Morris Garages(MG) Motor India has launched MG e-Pay, a one-stop online car finance platform for an
end-to-end online auto finance journey with instant loan approvals. It offers 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.
Redeemption : India’s 1st KYC-Compliant Crypto Token

Redeemption Digital Technology Pvt. Ltd. has soft-launched India’s 1st KYC-Compliant Crypto Token,
“Redeemption”. It is a unique crypto token with which users can earn investing time instead of money
✓ It is India’s first crypto token with using which users can redeem for fiat money prior to its listing on
the exchange. It is an emerging Web 3.0 Technology base, a patent-filed crypto token that is
developed on Binance Smart Chain (BSC) BEP20 protocol.
FinMapp Gets Licence from PFRDA & IRDAI to Sell NPS, Insurance
Financial services company FinMapp has received
✓ A licence from Pension Fund Regulatory and Development Authority (PFRDA) under the National
Pension Scheme (NPS) &
A registration certificate from the Insurance Regulatory and Development Authority of India
(IRDAI) recognizing it as a corporate agent.
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. 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.

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Govt Enhances Authorized 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.
Nexo Card: Nexo launches World’s 1st Crypto-Backed Payment Card with Mastercard &
DiPocket
Partnership among: Nexo, based in London (United Kingdom), Mastercard, and DiPocket.
Purpose: To launch 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.
Central Govt amends FEMA (Non-debt Instruments) Rules, 2019 to Allow 20% FDI in LIC
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.
It is done 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).
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.
✓ Features of the regulations: Registering the Fund Management Entity; Green Channel; Exchange
Traded Funds (ETFs); Stressed Assets; Family Office.
✓ IFSCA 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.
✓ IFSC Headquarters – GIFT City, Gandhinagar in Gujarat.
Click here to read about the Framework issued by IFSCA
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).
✓ Indian tourists can now make seamless payments using BHIM UPI throughout NEOPAY enabled
shops and merchant outlets in the UAE.

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✓ NEOPAY is the payment subsidiary of Mashreq Bank, the UAE’s oldest bank and a leading financial
institution in the Middle East.
NIPL Headquarters – Mumbai, Maharashtra
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.
✓ ECube Investment Advisors, an ESG-focused platform, and Chainflux, a Blockchain products startup,
are also engaged with NSE IFSC to make the platform operational.
The GIFT city in Gujarat, which is a special economic zone, is India’s first IFSC.
PencilKey: Contactless Rupay Card Introduced by Pencilton

Collaboration b/w: Pencilton, a teen-focused fintech start-up with National Payments Corporation of
India (NPCI) and Transcorp PPI.
Purpose: Launched PencilKey, a National Common Mobility Card (NCMC) compatible RuPay on-the-go
contactless keychain for teens.
✓ 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.
2022 Banking & Finance - May

RBI IN NEWS
Highlights of RBI’s Monetary Policy Committee Off-Cycle Meeting
On May 2 & May 4, 2022, the Reserve Bank of India (RBI) held an off-cycle meeting of RBI’s Monetary
Policy Committee. Following are its highlights
✓ The meeting saw the rise in policy repo rate under the liquidity adjustment facility (LAF) by 40
basis points to 4.40% with immediate effect, amid rising inflationary pressures in the economy.
✓ Consequently, the Standing Deposit Facility (SDF) rate stands adjusted to 4.15% and
the Marginal Standing Facility (MSF) rate and the Bank Rate to 4.65%.
✓ Cash Reserve Ratio (CRR) hiked by 50 bps to 4.5% w.e.f. May 21, 2022.The Statutory Liquidity
Ratio (SLR) currently stands at 18%.Click here to read more about the highlights if RBI’s MPC
Off-cycle Meeting.
RBI issues Guidelines on Compensation of KMPs & Senior Management in NBFCs; Modifies
Norms for LIs on Short Term Crop Loan Scheme
On the lines of the revised Scale Based Regulatory (SBR) framework for Non-Banking Finance
Companies (NBFCs) that was put in place in October 2021, the Reserve Bank of India (RBI) has issued
guidelines on compensation of Key Managerial Personnel (KMPs) and senior management in NBFCs
under SBR framework w.e.f. April 1, 2023.
However, these will not be applicable to Base Layer and Government owned NBFCs.
✓ RBI modified norms for banks to claim the amount of interest subvention scheme for short term
loans for Agriculture and Allied Activities that was provided to farmers through Kisan Credit Card
(KCC) during the FY22. Click here to read more details about the guidelines & norms.

Topic-wise PDF
RBI Gives NoC for Merger Between Equitas Holdings & Equitas SFB
The Reserve Bank of India (RBI) has issued a No-Objection Certificate (NoC) with conditions to the
proposal for the voluntary merger of Equitas Holdings Limited (EHL) and Equitas Small Finance
Bank (ESFBL), a subsidiary of Equitas Holdings Limited.
✓ The merger is being carried out to comply with RBI small finance bank (SFB) norms, which require
the promoter to reduce its stake in the subsidiary to 40% within five years of commencement of
operations by the SFB.
ESFBL: MD & CEO – Vasudevan Pathangi Narasimhan; Establishment – 2016; Headquarters –
Chennai, Tamil Nadu; Tagline – It’s Fun Banking
RBI Extends Validity of Directions on Laxmi Co-Operative Bank & Sri Guru Raghavendra
Sahakara Bank Niyamitha
The Reserve Bank of India (RBI) has extended the validity of its Directions for two co-operative banks:
The Laxmi Co-operative Bank Limited in Solapur, Maharashtra, and Sri Guru Raghavendra
Sahakara Bank Niyamitha in Bengaluru, Karnataka.
✓ While the RBI extended directions on Laxmi Co-operative Bank for three months, the period was
extended by six months in the case of Sri Guru Raghavendra Sahakara Bank.
RBI Restricts Withdrawals from Shankarrao Pujari Nutan Nagari Sahakari Bank
The Reserve Bank of India (RBI) has imposed several restrictions on Shankarrao Pujari Nutan
Nagari Sahakari Bank Limited, Ichalkaranji, Kolhapur in Maharashtra, including on withdrawals,
in view of the lender’s deteriorating financial position.
The restrictions will be in effect for six months from the close of business on May 13, 2022, and are
subject to review. RBI has issued restrictions in the exercise of its powers under Section 35 A of the
Banking Regulation Act, 1949, read with Section 56 of the Banking Regulation Act, 1949, (As Applicable
to Co-operative Societies).
RBI Permitted Lending by Commercial Banks to NBFCs & SFBs to NBFC-MFIs for on-
lending to Priority Sectors
The Reserve Bank of India (RBI) permitted commercial banks to continue providing credit facility to
NBFCs (Non-Banking Financial Companies) for the purpose of on-lending to certain priority sectors.
✓ The same is applicable for lending by Small Finance Banks (SFBs) to NBFC-MFIs (Microfinance
institutions). This facility was earlier allowed till March 31, 2022.
✓ RBI: Governor - Shaktikanta Das; Establishment – 1935; HQ – Mumbai, Maharashtra.
Frauds in PSBs dip over 51% to Rs 40,295 cr: RBI Data

In accordance with the Reserve Bank of India (RBI) data on frauds reported by the 12 Public Sector
Banks (PSBs) in all categories during FY22, there is over 51% dip in the amount involved in frauds to Rs
40,295.25 crore during FY22 as compared to Rs 81,921.54 crore in FY21.
✓ This information was provided by RBI in response to an application under the Right to
Information (RTI) Act, filed by Madhya Pradesh-based RTI activist Chandrashekhar Gaur.
✓ The highest amount in fraud cases was reported by the Punjab National Bank (PNB) worth Rs
9,528.95 crore involving 431 such incidents.

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RRA 2.0 recommends withdrawal of 239 more circulars: RBI

The Regulations Review Authority (RRA 2.0), set up by the Reserve Bank of India (RBI) in April 2021,
recommended the withdrawal of an additional 239 circulars. With this, the total number of circulars
which stand withdrawn would be 714.
RRA 2.0 was set up to review the regulatory instructions, remove redundant or duplicate instructions
and reduce the compliance burden on Regulated Entities (REs).
RBI imposes Rs 29.79 lakhs Penalty on Unimoni Financial Services

The Reserve Bank of India (RBI) has imposed a penalty of Rs 29.79 lakhs on Unimoni Financial Services
Limited for non-compliant with norms on Small-Prepaid Payment Instruments (PPI) requirements.
RBI also stated that the penalty is based on deficiencies in regulatory compliance & it is not intended to
pronounce upon the validity of any transactions or agreements entered into by the company with its
customers.
RBI imposes Penalty on Daimler Financial Services India, KKR India Financial Services
The Reserve Bank of India (RBI) has imposed a penalty of Rs 5 lakh each on Daimler Financial
Services India and KKR India Financial Services for non-compliance with the RBI’s guidelines of
‘Monitoring of frauds in Non-Banking Financial Companies (NBFCs) (Reserve Bank) Directions, 2016’.
The penalty follows the statutory inspection conducted by RBI in both the companies concerning their
financial position as of 31st March 2020.
RBI asks Banks to Provide Cardless Cash Withdrawal Facility at ATMs; Allows Exporters to
Settle Trade Transactions with Sri Lanka in INR
The Reserve Bank of India (RBI) asked banks to provide the option of Interoperable Card-less Cash
Withdrawal (ICCW) at their ATMs (Automated Teller Machines) in order to curb frauds like skimming,
card cloning and device tampering.
✓ This directive is issued under Section 10(2) read with Section 18 of the Payment and Settlement
Systems Act, 2007 (Act 51 of 2007).
✓ For this ICCW, RBI also advises National Payments Corporation of India (NPCI) to facilitate Unified
Payments Interface (UPI) integration with all banks and ATM networks.
In another circular, which has been issued by RBI under sections 10(4) and 11(1) of the Foreign
Exchange Management Act (FEMA), 1999 (42 of 1999) has allowed exporters to settle trade
transactions with Sri Lanka in Indian Rupee (INR) outside the Asian Clearing Union (ACU) mechanism.
RBI To Set Up a Committee for Review of Customer Service Standards in RBI Regulated Entities
The Reserve Bank of India (RBI) has announced the formation of a 6 – member Committee for
Review of Customer Service Standards in RBI Regulated Entities (REs). Bibhu Prasad Kanungo,
former Deputy Governor of RBI will be the Chairperson of the committee.
✓ The committee will examine and review the state of customer service in REs, as well as the
adequacy of customer service regulations, and make recommendations to improve customer
service. It will submit its report within three months from the date of its first meeting.
RBI: Governor – Shaktikanta Das; Establishment – 1st April 1935; HQ – Mumbai, Maharashtra
RBI cancels registration of 5 NBFCs due to Irregular Lending Practices; Enhances Ceiling on
Loans for Home Repairs
The Reserve Bank of India (RBI) in exercise of the powers conferred under Section 45-IA (6) (iv) of the
RBI Act, 1934 has cancelled the Certificate of Registration (CoR) issued to the following five Non-
Banking Financial Companies (NBFCs).

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✓ The NBFCs are: UMB Securities Limited; Anashri Finvest Limited; Chadha Finance Private Limited
(now known as Chadha Finance Limited); Alexcy Tracon Pvt Ltd & Jhuria Financial Services
Private Limited.
✓ They have violated RBI guidelines on outsourcing and Fair Practices Code in their digital
lending operations undertaken through third party apps.
✓ Now with cancellation of CoR, these companies cannot transact the business of a Non-Banking
Financial Institution (NBFI), as defined in clause (a) of Section 45-I of the RBI Act, 1934.
RBI approves transfer of Rs 30,307 crore as Surplus to Central Govt; Cautioned against
Cryptocurrency
The 596th meeting of the Central Board of Directors of Reserve Bank of India (RBI) was held at Mumbai
(Maharashtra) under the Chairmanship of Shaktikanta Das, Governor of RBI. During the meeting, it was
decided to transfer Rs 30,307 crore as surplus to the Central Government for the accounting year 2021-
22. This amount is the lowest in 10 years.
✓ The decision was taken after deciding to maintain the Contingency Risk Buffer (CRB) at 5.50% of
its balance sheet.
✓ CRB is the country’s savings for a financial stability crisis which has been consciously maintained
with RBI as its role as lender of last resort (LoLR).
The apex bank also cautioned against the use of cryptocurrencies in India as this virtual currency could
impact the macroeconomic stability/financial stability of the country.
This announcement was made during the meeting of the Parliamentary Standing Committee on Finance
chaired by former Minister of State for Finance, Jayant Sinha.
RBI Reduces Minimum Networth Norm for Non-Bank BBPOU To Rs 25cr

The Reserve Bank of India (RBI) eased norms for non-bank entities to set up BBPOU (Bharat Bill
Payment Operating Units) by reducing the net-worth requirement to Rs 25 crore from Rs 100 crore.
This will encourage more players in this segment. These will immediately come into effect.
✓ These guidelines were issued in exercise of RBI’s powers conferred under section 10 (2) read with
Section 18 of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007).
Bharat Bill Payment System (BBPS) is an interoperable platform for bill payments. Users of BBPS enjoy
benefits like standardised bill payment experience, centralised customer grievance redressal
mechanism and prescribed customer convenience fee.

Canara Bank & Additional Skill loans to Rs 5000 to Rs Purpose: to provide skill loans to students
Skill Acquisition students 1.5 lakh pursuing skill training programmes from
Programme (ASAP) Kerala ASAP Kerala or any other central or state
government recognised agencies
conducting National Skills Qualifications
Framework (NSQF) or National Skill
Development Corporation (NSDC) courses.
The loan ranges from Rs 5000 to Rs 1.5
lakh will be provided without any
collateral and has a repayment period of 3
to 7 years.

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DBS Bank India Anthill Foundation, India’s largest ‘Volunteer-driven, Grassroot
Ventures, an level, Startup Ecosystem Enabler.
investment and Purpose: to launch DBS Business Class foundED.
scaling platform ✓ This forum will be held across Indian cities to
for startups, & celebrate modern-day founders, innovators, and
Headstart game-changers to foster co-innovation and
Network collaboration in the startup ecosystem.
The 1st DBS Business Class founded event was held in
Hyderabad, Telangana with Actor investor, and entrepreneur
Rana Daggubati as keynote speaker.
Yes Bank FidyPay, a Purpose: to offer Yes Bank customers with seamless
financial connected banking experience.
technology ✓ This initiative will let a wide range of businesses,
(fintech) API including Small and Medium Enterprises (SMEs),
platform Fintechs, and start-ups, access digital services.
✓ FidyPay will also serve as the solution provider for
Unified Payments Interface (UPI) services.
Yes Bank: MD & CEO – Prashant Kumar; Establishment –
2004; Headquarters – Mumbai, Maharashtra.
Spice Money Limited Religare Broking Purpose: to offer access to platforms to invest in the capital
Limited market for the people in rural India.
✓ This partnership will facilitate rural India to get
assisted access to a Demat account and invest in
capital market-linked products
Under this partnership, Spice Money’s representatives will
assist rural citizens to open a Demat account & apply for Life
Insurance Corporation (LIC) of India’s Initial Public Offer
(IPO) and invest in other products in the future.
Federation of Indian Eqaro Guarantees Purpose: to establish India’s first collateral free digital
Micro, Small and financing platform for MSMEs.
Medium Enterprises ✓ The platform is set to begin in 2022 and would allow
(FISME) MSMEs with access to collateral-free finance of up to
Rs. 25 lakhs following due diligence of their
businesses. The credit would be backed by guarantees
from Eqaro.
✓ FISME: President – Prashant Patel; Establishment –
1995; Headquarters – New Delhi, Delhi.
Eqaro Guarantees: CEO – Vikash Khandelwal;
Establishment – 2019; Headquarters – Mumbai,
Maharashtra
ICICI Bank London-based Purpose: to establish a framework between both the banks to
Santander UK ease the financial service requirements of corporate
(United Kingdom) customers operating within the India-UK corridor.
Plc. ✓ According to official government statistics, the UK is
the 6th largest investor in India’s economy, with
cumulative Foreign Direct Investment (FDI) inflows of

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USD 31.7 billion and contributing 6% to India’s total

FDI inflows.
ICICI Bank: MD & CEO– Sandeep Bakhshi; HQ– Mumbai,
Maharashtra; Tagline– Khayal Apka.
Bank of India (BoI) Worldline India Purpose: to digitise e-challan collections for the Madhya
Pradesh (MP) Police Department.
✓ The BOI and the MP Police Department, Government
of India (GoI), inked a Memorandum of Association
(MoA) to integrate POS terminals with the police
department’s e-challan portal.
BoI: MD & CEO – Atanu Kumar Das; Establishment – 7
September 1906; HQ – Mumbai, Maharashtra; Tagline –
Relationship Beyond Banking.
Export-Import Bank of SBM (Mauritius) Purpose: to provide the latter with a USD 190 million
India (Exim Bank) Infrastructure Government of India (GoI)-backed Line of Credit (LoC).
Development ✓ The agreement was made for the purpose of financing
Company Ltd. Exim Bank’s participation in the ongoing Metro
(SBMIDCL) Express Project and other infrastructure projects in
Mauritius through Redeemable Preference Shares in
public sector entities. The Agreement under the LoC
has become effective from April 18, 2022.
Exim Bank: MD – Harsha Bangari; Founded – 1982; HQ –
Mumbai, Maharashtra.
Axis Bank SpiceJet Purpose: to launch the most lucrative co-branded credit
cards, which are available in 2 variants: SpiceJet Axis Bank
Voyage and Voyage Black.
✓ It will be powered by Visa and will provide customers
with a variety of privileges and benefits. It aims to
provide travellers with an exceptional travel
experience through SpiceClub, India’s first frequent
flyer Program by a low-cost carrier.
Axis Bank: MD & CEO – Amitabh Chaudhry; Establishment –
1993 (Began Operation- 1994); HQ – Mumbai, Maharashtra;
Tagline – Badhti Ka Naam Zindagi.
RBL Bank Amazon Web Purpose: to offer UPI (Unified Payments Interface) payments
Services (AWS) for peer-to-peer and peer-to-merchant transactions.
✓ With this integration, Amazon Pay will issue NPCI’s
(National Payments Corporation of India) allocated
UPI ID with the handle @rapl to RBL Bank.
RBL Bank: MD&CEO (Interim)– Rajeev Ahuja; HQ– Mumbai,
Maharashtra; Tagline– apno ka bank.
Volopay, a Y Visa’s Fintech Purpose: to offer financial management solutions.
Combinator-backed Fast Track This Program will allow Volopay to start issuing their own
corporate cards and Program Visa cards to their client businesses in the Asia-Pacific (APAC)
payable management region. The partnership program was founded by Visa in
company order to support innovative financial services and solutions.
HDFC Bank, one of Retailio, India’s Purpose: to launch of a new range of co-branded credit
India’s major private largest B2B cards targeted primarily at chemists and pharmacies in
banks the merchant segment.

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pharma ✓ The co-branded credit card has benefits such as an

marketplace interest-free credit period of up to 50 days; reward
points on spending and purchases at all merchants; no
cost and low-cost EMI options for all credit card
customers; and term loan eligibility for business
purposes.
HDFC Bank: MD & CEO – Sashidhar Jagdishan;
Establishment – 1994; HQ – Mumbai, Maharashtra.
IndusInd Bank Mahagram, a rural Purpose: to improve India’s digital payments ecosystem.
financial ✓ In the current fiscal year (2022–23), the partnership
technology intends to enrol 15 million (1.5 crore) small
(FinTech) merchants to the Unified Payments Interface (UPI)
company Quick Response (QR).
✓ Mahagram has recently launched ‘GramSevak.com,’ a
citizen service delivery portal, to provide basic
doorstep banking and e-governance services to all
citizens in rural and urban areas.
IndusInd Bank: MD & CEO – Sumant Kathpalia;
Establishment – 1994; HQ – Mumbai, Maharashtra.
UCO Bank Paisalo Digital Purpose: for agricultural business.
Limited, a Non- ✓ Under the co-lending model (CLM), banks will be
Banking Financial allowed to co-lend with all registered NBFCs,
Company (NBFC) including housing finance companies (HFCs) based on
a prior agreement.
UCO Bank: MD & CEO – Soma Sankara Prasad;
Establishment – 1943; HQ – Kolkata, West Bengal
Indian Bank Northern Arc Purpose: to facilitate the two financial institutions in
Capital Limited, a collaborating, cooperating, co-lending loans, and expanding
non-banking their respective markets and customer bases.
finance company ✓ This partnership allows Indian bank to access
(NBFC) Northern Arc Capital’s n-POS co-lending platform to
locate retail loans, credit underwriting, scoring,
disbursement, monitoring, and reporting.
✓ The platform also gives investors a NAC score, which
is a rating of a borrower’s financial strength and
repayment capacity, developed by Northern Arc and
based on Artificial Intelligence (AI) and Machine
Learning (ML) algorithms.
Northern Arc Capital: MD & CEO – Ashish Mehrotra;
Founded – 2008; HQ – Chennai, Tamil Nadu.
BANKING TECHNOLOGY
Indian Bank Launches Digital Broking Solution ‘E-Broking’
Indian Bank, a public sector bank, has introduced its digital broking solution – ‘E-Broking’, as a strategic
move toward comprehensive digitalisation of its customer products.
✓ E-Broking, an instant and paperless demat & trading account opening service, is now available
through the bank’s mobile banking app, IndOASIS.
✓ The product was introduced in collaboration with Fisdom, the bank’s financial technology partner.

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✓ Indian Bank: MD & CEO – Shanti Lal Jain; Establishment – August 15, 1907; Headquarters –
Chennai, TN.
Union Bank of India launches Online Platform ‘Trade nxt’ for Export-Import Transactions
The Union Bank of India (UBI) has launched an online platform, ‘Trade nxt’, which enable corporate,
and MSMEs (Micro, Small & Medium Enterprises) to transact all cross-border export-import transactions
from the comfort of their place, i.e., eliminates the need for companies to visit a bank branch for the same.
It is a 24/7 safe and secure solution.
✓ Trade nxt’ platform will also enable the regulatory online auto reporting through Import Data
Processing & Monitoring System (IDPMS), Export Data processing & Monitoring System (EDPMS)
and other statutory reporting to Overseas Direct Investment (ODI)/ Foreign Direct Investment
(FDI)/ Liberalised Remittance Scheme (LRS) which will make the process much more convenient.
✓ UBI: MD & CEO– Rajkiran Rai G; Merged Banks– Andhra Bank, and Corporation Bank; HQ–
Mumbai, Maharashtra; Tagline– Good People to Bank with
OTHER BANKING NEWS

World Bank Approves USD 47 Million Program to Strengthen India’s Public Sector Capability
The World Bank’s Board of Executive Directors has approved a USD 47 million project to support the
Government of India’s Mission Karmayogi, a national programme to strengthen civil service capacity.
✓ This loan from the International Bank for Reconstruction and Development (IBRD) has a final
maturity of 11 years with a 4.5-years grace period.
✓ The National Programme for Civil Services Capacity Building (NPCSCB)—” Mission
Karmayogi”—was launched in September 2020.
✓ World Bank: Together, the International Bank for Reconstruction & Development (IBRD) &
International Development Association (IDA) form the World Bank. Establishment – 1944;
Headquarters – Washington, DC, USA.
World Bank Sanctions USD 350 Million Aid For SRESTHA-Gujarat Project
The World Bank has approved USD 350 million in funding for the Systems Reform Endeavour for
Transformed Health Achievement in Gujarat (SRESTHA-G) project’s implementation.
✓ The Program Development Objective is to improve service delivery in Gujarat by improving
primary health care quality, equity, and comprehensiveness, improving service delivery models
for adolescent girls, and increasing disease surveillance system capacity.
World Bank: President of World Bank Group – David Malpass; Establishment – 1944
Headquarters – Washington, DC, USA
SEBI reviews Framework for Debt ETFs and Index Funds; Introduces Passive ELSS Scheme
Category for MFs
The Securities and Exchange Board of India (SEBI) reviewed the regulatory framework for passive
funds i.e., Exchange-traded funds (ETFs), and Index Funds through a Working Group (WG) amid
growing popularity of such funds as an investment product for retail investors.
✓ Now on, the recommendations of the WG, SEBI has laid down norms for debt ETFs and index
funds, its constitution, market making framework for ETFs, investor education and awareness
charges, disclosure guidelines and other provisions. These will come into effect from July 1, 2022.
✓ Debt ETFs or Index Funds could be based on indices comprising corporate debt securities or
government securities (G-sec), T-bills (Treasury Bills) and/or state development loans (SDLs). It
could also be a combination of corporate debt securities and G-sec/T-bills/SDLs (Hybrid debt
indices).

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SEBI also allowed Mutual Funds (MFs) to launch Equity-Linked Savings Schemes (ELSS) to save taxes
under Section 80C of the Income-tax Act, 1961. ELSS will be passively-managed funds based on an
index that comprises top 250 companies in terms of market capitalization. However, a fund house can
either have an active or a passive ELSS, but not both. Click here to read more
SEBI notifies rules to Strengthen Regulatory Framework for CIS

The Securities and Exchange Board of India (SEBI) has amended Collective Investment Scheme (CIS)
regulations, 1999 which have not been reviewed since their first notification in 1999. Under this, there
is enhancement in net worth criteria and track record requirements for entities managing such
schemes.
✓ SEBI has also put a cap on cross-shareholding in Collective Investment Management
Company (CIMC) to 10% to avoid conflict of interest.
✓ CIS is a pooled investment vehicle in closed-ended investment space & the units of the schemes
are listed on an exchange. The structure of CIS is a two-tier i.e., two entities involved in the process
— the CIMC & trustees.
SEBI Modifies Operational Guidelines for FPIs, Depository Participants; Slaps Rs 6 lakh fine on
Pace Stock Broking in NSE Co-Location Case
The Securities and Exchange Board of India (SEBI) has modified the operational guidelines, issued in
November 2019, for Foreign Portfolio Investors (FPIs), Designated Depository Participants (DDPs), and
Eligible Foreign Investors pertaining to Certificate of Registration, and Name change w.e.f. May 9, 2022.
✓ This modification by SEBI has been done by exercising its powers conferred under Section 11
(1) of the SEBI Act, 1992. These will be applicable from May 9, 2022.
SEBI imposed Rs 6 lakh penalty on New Delhi (Delhi)-based Pace Stock Broking Services for
malpractices related to National Stock Exchange’s (NSE) co-location facility. The order came after SEBI
received multiple complaints against the broker.Click here to read more
SEBI Imposed Rs 73 lakh on 11 Entities for fraudulent Trading and Disclosure Lapses
Securities and Exchange Board of India (SEBI) imposed penalties totalling Rs 73 lakh on 11 entities for
fraudulent trading and disclosure lapses.
✓ It imposed a Rs 17 lakh fine on Esteem Bio Organic Food Processing Ltd; Rs 8 lakh on Brij
Kishore Sabharwal; Rs 7 lakh on Goldline International Finvest Ltd; Rs 6 lakh on Vinod Kumar
Garg and Rs 5 lakh each on Satendra Kumar, Madhukar Dubey, Ram Prakash, Avisha Credit
Capital Pvt Ltd, Neel Kanth Trading Co, Amsons Apparels Pvt Ltd and Gracious Software Pvt Ltd.
✓ In a separate order, it levied a fine of Rs 20 lakh on Karvy Capital Limited and Rs 10 lakh on
Vistra ITCL Ltd for flouting norms with respect to the issuance of non-convertible debentures.
It has also imposed a fine of Rs 5 lakh on Ambrikav Bizcom for non-genuine trades in illiquid stock
options on BSE which violates the provisions of PFUTP (Prohibition of Fraudulent and Unfair Trade
Practices) norms.
SEBI Restructures Secondary Market Advisory Panel

The Securities and Exchange Board of India (SEBI) has restructured its Secondary Market Advisory
Committee (SMAC), which makes recommendations to the capital markets regulator on improving
market safety, efficiency, and transparency.
✓ Gurumoorthy Mahalingam, a former full-time member of SEBI, will now chair the 18-member
advisory body. The panel previously consisted of 17 members and was headed by SEBI
chairperson Madhabi Puri Buch.

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✓ SEBI: Chairperson – Madhabi Puri Buch; Establishment – 1992; Headquarters – Mumbai,

Maharashtra.
SEBI forms Advisory Committee for ESG-related matters; Headed by Navneet Munot
The Securities and Exchange Board of India (SEBI) has formed an advisory committee for advising on
Environmental Social and Governance (ESG) related matters pertaining to the securities markets.
✓ The committee will be chaired by Navneet Munot, the Chief Executive Officer (CEO) of HDFC
Mutual Fund.
✓ In terms of the Business Responsibility and Sustainability report the committee will look at
reviewing leadership indicator & it will also examine evolving disclosures relevant to the Indian
context, as well as suggesting areas for assurance and a plan for implementation.
SEBI Grants Recognition to NDML As an Accreditation Agency

The Securities and Exchange Board of India (SEBI) has given NSDL Database Management
Limited (NDML), a wholly owned subsidiary of National Securities Depository Limited (NSDL),
recognition as an accreditation agency for a term of three years, with effect from May 10, 2022.
✓ The recognition was granted under Regulation 2(1) (aa) of the SEBI (Alternative Investment
Funds) Regulations 2012, and its renewal is subject to satisfactory performance by NDML.
SEBI: Chairperson – Madhabi Puri Buch; Establishment – 12 April 1992; HQ – Mumbai, Maharashtra.
NABARD Plans to Formulate Farmer Misery Index to Provide Appropriate Support Package
National Bank for Agriculture and Rural Development (NABARD) plans to formulate Farmer Distress
Index (FDI) to track, identify, and assist the really needy and distressed farmers.
✓ This index will not be consistent across the country because stress levels vary from place to place.
FDI will benefit the financial industry, government agencies and insurance businesses.
This will support the government and financial institutions to offer suitable package of help based on
the severity of the distress instead of distributing uniform distress packages to all farmers.
IIFL & Open Financial Technologies Forms JV To Launch India’s First Neo-bank for MSMEs
JV b/w: IIFL Finance Limited & Open Financial Technologies Private Ltd
Purpose: to launch India’s first neo-bank to serve the banking and credit requirements of Micro, Small
and Medium Enterprises (MSMEs).
✓ The new joint venture would be known as “IIFL Open Fintech Private Limited”, with an initial
capital of Rs. 120 crores. The ratio of IIFL Finance to Open Financial Technologies in the joint
venture is 51:49.
✓ A neo-bank is a type of digital bank that does not have any physical locations. They use artificial
intelligence and technology to provide personalized services to clients while lowering operating
expenses.
✓ IIFL Finance: MD – Venkatraman Rajamani; Establishment – 1995; Headquarters – Mumbai,
Maharashtra
BRICS’s NDB to open India’s regional office in Gujarat’s GIFT City

New Development Bank (NDB) formerly referred to as the BRICS (Brazil, Russia, India, China, and
South Africa) Development Bank, is set to open its regional office in India at the Gujarat International
Finance Tec-City (GIFT City), Gujarat, to offer infrastructure and sustainable development needs of
India and Bangladesh, contributing to economic growth and sustainable development in South Asia.

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✓ Indian Regional Office (IRO), in coordination with NDB Headquarters (Shanghai), will focus on
initial project preparation and technical assistance, pipeline development, project implementation
and monitoring as well as regional portfolio management.
Indian Bank Launched Its First Digital Product PAPL Under Project WAVE
Indian Bank, a public sector lender, has introduced its first digital product, Pre-Approved Personal
Loan (PAPL), which aims to provide customers with instant loan disbursement through a three-step
process. The PAPL is a part of the Bank’s Project – World of Advanced Virtual Experience (WAVE),
which was launched by the Indian Bank in January 2022.
✓ The loan can be availed through ‘IndOASIS’ mobile app. It carries an interest rate of 10% per
annum at present with no foreclosure charges.
✓ Indian Bank: MD & CEO – Shanti Lal Jain; Establishment – 1907; Headquarters – Chennai,
Tamil Nadu.
UBI Becomes 1st Public Sector Bank to Go Live in Account Aggregator Framework
Union Bank of India (UBI) has become the first Public Sector Bank (PSB) to go live on the Account
Aggregator (AA) Framework, an initiative of Reserve Bank India (RBI) to improve credit delivery.
✓ With significant participation from banks and Non-Banking Financial Companies (NBFCs) in India,
the Account Aggregator (AA) Framework went live in September 2021.
✓ An Account Aggregator obtains information about a customer’s financial assets from data
providers (referred to as Financial Information Providers (FIPs)) and aggregates, consolidates,
and delivers it to the customer or specified users (referred to as Financial Information Users
(FIUs)).
UBI: MD & CEO – Rajkiran Rai G.; Establishment – 1919; Headquarters – Mumbai, Maharashtra.
SBI introduces Xpress Credit on YONO

The State Bank of India (SBI) has launched the personal loan product ‘Xpress Credit’ for salaried
customers on its digital banking platform “YONO”. The eligible customers can avail of personal
loans, Real-time Xpress Credit (RTXC), up to Rs 35 lakhs through the YONO app, without any
paperwork.
✓ This will enable the customers to experience a digital, hassle-free and paperless loan process.
Under the RTXC, the central and state government and defence salaried customers are not required to
visit the branch to avail of personal loans. The credit checks, eligibility, sanction and documentation will
be done digitally in real-time.
HDFC Bank Launches Industry First Digital New Car Loan – ‘Xpress Car Loan’
HDFC Bank, a private sector lender, has introduced 30-minute ‘Xpress Car Loans’, an end-to-end
digital new car loan solution for both existing and non-customers. The bank has integrated its lending
application with automobile dealers throughout Indi. The loan facility is up to Rs. 20 lakhs.
✓ It is the industry’s first automotive lending experience, and it is expected to change the way
automobile financing is done in India.
HDFC Bank: MD & CEO – Sashidhar Jagdishan; Establishment – 1994; Headquarters – Mumbai,
Maharashtra; Tagline – We Understand Your World
Bank Of Maharashtra Launches Range of Digital Products

The Bank of Maharashtra (BoM), a public sector bank, has introduced a series of digital products,
including Mahabank Leads, Digital Mahabank Kisan Credit Card (MKCC), Virtual Visiting Card (V-Card),
and others, with the goal of strengthening its digital channels and improving customer convenience.

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✓ ‘Mahabank Leads’ is an application for enhanced customer engagement and direct sales of
various loan products.
✓ The ‘Mahabank Kisan Credit Card’ (MKCC) digital facility aims to provide farmers with adequate
and timely credit support through a simple digital experience.
MoS for Home Affairs Ajay Kumar Mishra Launches ‘Repco Subhiksham’ Special Schemes of
REPCO Bank & App For RFML
Ajay Kumar Mishra, Union Minister of State (MoS), Ministry of Home Affairs (MoHA), has launched
special schemes of Repatriates Cooperative Finance and Development Bank Ltd., (REPCO Bank) and
Repco Micro Finance Limited (RFML) in Chennai, Tamil Nadu.
✓ The schemes include a New Repatriate Welfare Scheme, “Repco Subhiksham”—a special deposit
scheme for senior citizens & super senior citizens, a microfinance loan scheme, and an app for
Repco Micro Finance Ltd. (RFML).
✓ Repco Bank: MD – R.S. Isabella; Establishment – 1969; HQ – Chennai, Tamil Nadu
BIAL Collaborates with Kotak Mahindra Bank & Phi Commerce to Provide First-Of-Its-Kind
One-Stop Payment Solution
Bangalore International Airport Limited (BIAL), the operator of Kempegowda International Airport,
Bengaluru (BLR Airport) in Karnataka, has launched an innovative omnichannel payment solution
across the airport ecosystem in collaboration with Kotak Mahindra Bank Limited (“KMBL”/” Kotak”)
and Phi Commerce Pvt Ltd. (Phi Commerce).
✓ The one-stop payment solution, designed specifically for the airport will provide a secure, scalable,
and unified payment experience across the airport.
Kempegowda International Airport, Bengaluru (BLR Airport) in Karnataka is the busiest airport in
South India and the third busiest in India
NDB Issues CNY 7 billion Bond in China Interbank Bond Market

The New Development Bank (NDB) issued a Chinese yuan (CNY) 7 billion bond (about USD 1.04
billion) in the China Interbank Bond Market with a 3-year maturity period. This is the largest Panda
Bond transaction ever issued by a Multilateral Development Bank (MDB).
✓ Panda Bonds are bonds issued by international issuers denominated in Chinese yuan (CNY) and
traded in mainland China’s domestic market.
The lead underwriter for the bond was the Bank of China (BOC).
HDFC Bank carves out Rural Banking as Separate Vertical; Launches Spot Home Loan Offer on
WhatsApp
HDFC Bank has carved out rural banking as a separate vertical which will be headed by Anil Bhavnani,
who has been working with it for 19 years.
✓ The bank has also tied up with Institute of Rural Management Anand (IRMA), Gujarat to
prepare its rural initiative strategy which will look at consumer behaviour, customer satisfaction,
service design, and service delivery
The bank also rolled out a ‘Spot Offer’ on WhatsApp to provide an in-principle home loan approval to
home buyers within two minutes. This 24×7 facility is developed by bank in association with Cogno AI,
and can be availed by salaried resident Indians.

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India Post Payments Bank Introduced AePS Issuer Charges

The India Post Payments Bank (IPPB), Department of Post (DoP), Ministry of Communication has
introduced issuer charges for the Aadhaar Enabled Payment System (AePS). AePS Issuer transaction
charges will be in effect from June 15, 2022.
✓ AePS is a bank-led model that enables online interoperable financial inclusion transactions at the
Point of Sale (MicroATM) using Aadhaar verification through any bank’s business correspondent.
✓ This payment service allows a bank customer to use Aadhaar as his/her identification to access
his/her respective Aadhaar-enabled bank account and perform basic banking operations such as
balance enquiry, cash deposit, cash withdrawal, and remittances via a Business Correspondent.
✓ IPPB: MD & CEO – J Venkatramu; Establishment – 2018; HQ – New Delhi, Delhi.
Stashfin Launched LiveBoundless a Credit Line Card for Women

Stashfin, a neobanking platform of Akara Capital Advisors Private Limited, has
launched LiveBoundless, a credit line card, especially for women. The new card offers cashback
rewards, welcome credits, free ATM (Automated Teller Machine) withdrawals and several other deals.
✓ The other value-added services include, 1% cashback on every spend to benefits worth Rs 5,000 in
the 1st year, and a free credit period for select customers.
According to a Statista study, the volume of the Indian credit card market has increased to 57.7 million
in FY2020 from 37.5 million in FY2018 and became 62 million in FY2021.
FINANCE NEWS
IMF Increased Weight of US Dollar & Chinese Yuan in SDR basket
The International Monetary Fund (IMF) has increased its weighting of the United States (US) Dollar and
Chinese yuan in its review of the currencies that make up the valuation of its Special Drawing Rights
(SDR), an international reserve asset. The updated weightings will take effect on 1st August 2022.
✓ This marks the first review since the yuan (also known as renminbi) joined the basket of
currencies in 2016.
✓ The weighting of the United States Dollar increased to 43.38% from 41.73% and the weighting of
the yuan increased to 12.28% from 10.92%.
The weighting of the Euro (from 30.93% to 29.31%), Japanese Yen (8.33% to 7.59%) and the British
pound (8.09% to 7.44%) has decreased.
India Contributes USD 800,000 To Promote Hindi Language At UN

The government of India has contributed USD 800,000 to the United Nations (UN) as part of the
initiative which aims to enhance public outreach of the organisation in Hindi.
✓ R Ravindra, India’s Deputy Permanent Representative to the United Nations, handed over a cheque
for the ‘Hindi @ UN’ project to Mita Hosali, Deputy Director and Officer-In-Charge (News and
Media Division), UN Department of Global Communications (DGC).
The project was launched by India in 2018 in collaboration with the UN Department of Public
Information to disseminate information about the UN to the Hindi-speaking population across the
world.
PAN Or Aadhaar Made Mandatory for Cash Deposits or Withdrawals Above Rs 20 Lakh
The Indian government has made the requirement of a Permanent Account Number (PAN) or Aadhaar
number mandatory for deposits or withdrawals of Rs. 20 lakh or more in a fiscal year, or for creating a
current account.
✓ The new regulations will take effect from May 26, 2022. The move is likely to aid the Income Tax
Department in monitoring high-value cash transactions, deposits, and withdrawals where the

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individual would not otherwise pay tax on his or her income.Click here to read more about the
Indian Govt. mandate on PAN or Aadhaar
IIFL Home Loan Partners with ADB To Provide Green Affordable Home Loans in Telangana,
Andhra Pradesh by 2025
IIFL Home Finance Limited (IIFL HFL) organized the 9th chapter of its flagship event ‘Kutumb’, with the
theme ‘Andhra Pradesh and Telangana – Urgent Need for Green Affordable Housing’—the 3rd event in
collaboration with the Asian Development Bank (ADB).
✓ This initiative would promote green affordable housing in Andhra Pradesh (AP) and Telangana
(TS), with a goal of Rs. 7,200 crores in home loans by 2025.
✓ Kutumb is a knowledge ecosystem developed by IIFL Home Loan to promote green affordable
housing in India and provide a better understanding of the available green design, rating, and
financing options.
IIFL HFL: Executive Director (ED) & CEO – Monu Ratra; Commenced Operation – 2009; HQ –
Gurugram, Haryana
IFSCA Issues Framework for FinTech Entity in International Financial Services Centers
The Gandhinagar (Gujarat)-based International Financial Services Centres Authority (IFSCA) has issued
a detailed “Framework for FinTech Entity in the IFSCs” in the IFSCs. It is aimed at giving boost to the
establishment of a world class FinTech Hub at GIFT IFSC comparable with other IFCs.
✓ The framework proposes to cover financial technology (FinTech) solutions & advanced/innovative
technological solutions.
✓ The framework provides a dedicated Regulatory Sandbox for FinTech products or solutions called
IFSCA FinTech Regulatory Sandbox and empowers IFSCA to grant Limited Use Authorization
within this Sandbox to the eligible FinTech entities in IFSC.
HDFC Life Becomes Signatory to UN – Supported Principles for Responsible Investment

HDFC Life Insurance Company Limited (HDFC Life) recently joined the United Nations (UN) -
backed Principles for Responsible Investment (PRI), affirming its commitment to long-term value
creation and sustainable growth.
✓ Principles for Responsible Investment (PRI), founded in 2005 by former UN Secretary-General
Kofi Annan and a group of some of the world’s largest institutional investors. It is the world’s
leading proponent of responsible investment.
✓ HDFC Life: MD & CEO – Vibha Padalkar; Establishment – 2000; Headquarters – Mumbai,
Maharashtra
IRDAI allows Insurance Companies to Invest up to 30% of Assets in Financial and Insurance
activities
The Insurance Regulatory and Development Authority of India (IRDAI) in exercise of its powers
conferred under Regulation 14(2) of the IRDAI (Investment) Regulations, 2016, has increased the
investment limit of all insurance companies to invest in the Financial and Insurance activities (as per
section K of NIC classification) to 30% of investment assets from 25%.
✓ Notably, this move comes just before Life Insurance Corp of India’s (LIC) Rs 21,000 crore IPO
(Initial Public Offering), the largest from India. It can increase the insurer’s participation in this
IPO.
✓ IRDAI: Establishment– 2000 (following the recommendations of the Malhotra Committee
report); Chairperson– Debasish Panda; Headquarters– Hyderabad, Telangana.

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HDFC ERGO Launches ‘Pay as You Drive’ Program to Reduce Costs of Premium
HDFC ERGO General Insurance Company, a renowned private sector general insurance company,
announced the launch of its “Pay as you Drive” program. It is an insurance solution that provides
distance-based insurance under its own damage section in order to lower upfront insurance premiums.
✓ The offer has been extended as a pilot with Maruti Suzuki India Limited to its customers
purchasing a new car as a value proposition to save on insurance premiums.
✓ Owners of new Maruti Suzuki automobiles in select cities will be eligible for the scheme until May
14, 2022.
✓ HDFC ERGO: MD & CEO – Ritesh Kumar; Establishment – 2002; Headquarters – Mumbai,
Maharashtra
LIC IPO subscribed 2.9 times; Govt to raise ∼Rs 21,000cr

An initial public offering (IPO) of Life Insurance Corporation (LIC), India’s biggest public offer, was
subscribed 2.95 times on the last day of offer period i.e., on May 9, 2022. This will help the government
to raise about Rs 21,000 crore.
✓ With this IPO, the government has diluted its 3.5% stake in LIC through the Offer for Sale (OFS).
✓ LIC: Chairperson– Mangalam Ramasubramanian Kumar; HQ: Mumbai, Maharashtra.
UPI hits record 5.58 Bn transactions worth Rs 9.83 trillion in April 2022
According to the National Payments Corporation of India (NPCI), Unified Payments Interface (UPI),
India’s flagship digital payments platform, has recorded 5.58 billion(bn) transactions worth Rs 9.83
trillion in April 2022. This is the highest ever number of transactions recorded by UPI.
✓ The monthly UPI recorded a 3.33 % increase in transaction volume from 5.4 billion transactions
worth Rs 9.6 trillion in March 2022.
Compared to April 2021, the transaction volume increased by 111% and the transaction value
increased by nearly 100%. In April 2021, UPI processed 2.64 billion transactions worth Rs 4.93
trillion. The UPI had breached the USD 1 trillion mark in transaction values in the financial year 2021-
22.
Bharti AXA Life Insurance Launched Financial Literacy Campaign ‘InspiHE₹’

Bharti AXA Life Insurance has launched the financial literacy campaign ‘InspiHE₹-Enabling an
empowered future’, a special initiative to enhance financial awareness among women and empower
them to make informed financial decisions for a secure future.
✓ Bharti AXA Life Insurance is a joint venture between Bharti Enterprises, one of India’s leading
business groups, and AXA, a French multinational insurance firm headquartered in Paris, France.
✓ Bharti AXA Life Insurance: MD & CEO – Parag Raja; Establishment – 2006; HQ – Mumbai,
Maharashtra.
PNB Metlife Launches India’s 1st Dental Health Insurance Plan; AXA To Launch India’s 1st
Mental Health Insurance in Indian Group Policies
PNB MetLife India Insurance Company Limited (PNB MetLife), a private insurer, has launched a dental
health insurance plan. This is India’s first insurance plan to cover fixed-benefit outpatient expenses as
well as provide financial assistance with costs associated with general dental health.
✓ AXA France Vie’s India division, with its Indian insurance partners, is set to launch India’s first-
ever mental health insurance cover in its group policies.
Arjun Ram Meghwal, Minister of State for Parliamentary Affairs and Culture, launched a free mental
health helpline (“080 6909 6909”) run by AXA France Vie’s India division and the Manas Foundation, a
Delhi-based non-governmental organisation.

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BOB Financial & HPCL Launch Co-Branded Contactless RuPay Credit Card
In collaboration with National Payments Corporation of India (NPCI), BOB Financial Solutions Limited
(BFSL), a wholly-owned subsidiary of Bank of Baroda (BoB), and Hindustan Petroleum Corporation Ltd.
(HPCL), a Central Public Sector Enterprise (CPSE), has launched the HPCL BoB co-branded
contactless RuPay Credit Card.
✓ Through the JCB network, an international payment brand based in Japan, this card can be used at
shops and ATMs worldwide.
BFSL: MD & CEO – Shailendra Singh; Establishment – 1994; HQ – Mumbai, Maharashtra
HDFC Securities Launches Robo-Advisory Platform for Mutual Fund Investments

HDFC Securities has introduced HDFC Money, a robo-advisory platform for all mutual fund
investments. HDFC Money is a fully digital platform that does not require the opening or maintenance
of a Demat Account.
✓ Apart from mutual funds, users can access, manage, and track portfolios, start goal planning,
insurance planning, create E-wills, and manage & file taxes.
✓ HDFC Money Robo advisory would assist investors in planning and executing with a more defined
target while taking risk and tenure into account.
✓ HDFC Securities: MD & CEO – Dhiraj Relli; Founded – 2000; HQ – Mumbai, Maharashtra
IRDAI Sets up Committees Through GIC to Overhaul Insurance Sector

Insurance Regulatory and Development Authority of India (IRDAI) has formed various committees
through the General Insurance Council (GIC) to overhaul the insurance sector. The committees formed
through GIC will suggest reforms in the various areas of general, reinsurance and life insurance.
✓ IRDAI has also decided to review areas like reducing the compliance burden for the industry,
rationalising investment norms, and others.
✓ Around 5 committees have been formed to suggest the changes in the general insurance, and non-
life insurance and 2 panels to explore the reinsurance segment.
GIC: Secretary-General– Nagaraja Sarma Maddipatla (M N Sarma); HQ– Mumbai, Maharashtra
AU Small Finance Bank Introduces New Services for the Affluent Segment
AU Small Finance Bank has introduced two new products “AU Royale Salary” and “AU Royale
Business” current accounts as part of their affluent banking programme – AU Royale.
✓ The AU Royale program is intended to meet the everyday banking needs of the affluent class. It
provides family banking, high-interest rates and monthly interest payments, access to domestic
airport lounges, and monthly cashback, etc.,
✓ ‘AU Royale Salary’ and ‘AU Royale Business’ are two specialised products which have been
particularly designed for the salaried and business classes, respectively.
AU Small Finance Bank: MD & CEO – Sanjay Agarwal; Established – 2017; HQ – Jaipur, Rajasthan
Tata Capital Launched Loan Against Shares facility

Tata Capital Limited has launched “Loan Against Shares – LAS”, an end-to-end integrated digital
financing offering. Under LAS, Customers can avail of loans up to Rs 5 crores by pledging their
dematerialised shares online, facilitated by NSDL (National Securities Depository Limited). The loan
amount is customized based on the value of shares in the portfolio of the customer.
✓ The benefits of LAS include End to End paperless processing; Online Know Your Customer (KYC)
and pledging of shares through NSDL; electronic signing of loan documents and Electronic
National Automated Clearing House(e-NACH) facility; and an Easy-to-use online portal for
disbursement, repayment, additional pledging and de-pledging.

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LIC Launches Savings Life Insurance Plan Bima Ratna

The Life Insurance Corporation of India (LIC), India’s largest insurer, has launched “Bima Ratna” – a
non-linked, non-participating, individual, savings life insurance plan. The new plan, which is aimed at
the domestic market, provides both protection and savings.
✓ The key features of the plan include Death Benefit, Survival Benefit, Maturity Benefit, Guaranteed
Additions, Settlement Options, Grace Period and Revival solutions among other things.
✓ It offers for periodic payments for the policyholder’s survival at specified intervals to address
various financial demands.
LIC: Chairperson– Mangalam Ramasubramanian Kumar ; Formed in – 1956; HQ – Mumbai,
Maharashtra
2022 Banking & Finance - June

RBI IN NEWS
Highlights of RBI’s 2nd Bi-monthly Monetary Policy of 2022-23; Repo Rate raised to 4.90%
The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) met on June 6-8, 2022 , and
released the RBI’s 2nd bi-monthly monetary policy of FY23 which retained India’s real 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 stance is to focus on withdrawal of accommodative. This is the third monetary policy for the
current fiscal.
RBI’s Policy Rates:
Category Rate
Policy Repo Rate 4.90%
Reverse Repo Rate 3.35%
Standing Deposit Facility (SDF) Rate 4.65%
Marginal Standing Facility (MSF) Rate 5.15%
Bank Rate 5.15%
Reserve Ratios
Cash Reserve Ratio (CRR) 4.50%
Statutory Liquidity Ratio (SLR) 18%
Click here to read more.
RBI reports India’s CAD of 1.2% of GDP in FY22 on widening trade deficit; Bars Credit Lines for
PPIs
Reserve Bank of India (RBI) released data on India’s balance of payments (BoP) for the fourth quarter
(Q4), i.e., January-March 2021-22/FY22. India’s current account deficit (CAD) decreased to US$ 13.4
billion(bn) (1.5% of GDP) in Q4:FY22 from US$ 22.2 billion (2.6% of GDP) in Q3:FY22 due to a wider
trade deficit. On an annual basis, CAD recorded a deficit of 1.2% of GDP in FY22 as against a surplus of
0.9% in FY21 because the trade deficit widened to USD 189.5 billion in FY22 from USD 102.2 in FY21.
✓ As per the paper titled ‘Capital Flows at Risk: India’s Experience’, there is only 5% chance of
potential portfolio outflows from India of the order of 3.2% of GDP or $100.6 billion in a year,
amid Covid-19 contraction in GDP growth.
✓ RBI has barred loading of non-banking, Prepaid Payment Instruments (PPIs) such as wallets and
prepaid cards, from credit lines. However, RBI guidelines permit PPIs to be loaded by both cash,
debit to a bank account, credit & debit cards and other payment instruments.

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Payments Vision 2025 released by RBI’s DPSS aiming 3x Increase in Digital Payments
The Department of Payment and Settlement Systems (DPSS) of Reserve Bank of India (RBI) released a
document on ‘Payments Vision 2025’ on the core theme of ‘E-Payments for Everyone,
Everywhere, Everytime (4Es)’ to provide every user with 6 attributes of safe, secure, fast,
convenient, accessible, and affordable e-payment options.
✓ This document has been prepared after considering the inputs from various stakeholders and
guidance from the Board for Regulation and Supervision of Payment and Settlement Systems of
the RBI.
It is premised on the initiatives of Payments Vision 2019-21, and 5 anchor goalposts of Integrity,
Inclusion, Innovation, Institutionalisation and Internationalisation. 47 initiatives proposed under the 5
goalposts with10 expected outcomes. Click here to read more
RBI issues New Provisioning Norms for Standard Assets by NBFC-UL; Imposes Rs
27.50 lakh penalty on Punjab & Sind Bank
The Reserve Bank of India (RBI) issued new guidelines regarding Provisioning for Standard assets by
Non-Banking Financial Company (NBFC)–Upper Layer (UL) which are aligned with the commercial
banks.
✓ They have to set aside 0.25-2% of the loan amount for standard assets as provisions. These will
come into effect from October 1, 2022.
✓ There are four layers of NBFCs as notified by RBI in its Scale Based Regulation (SBR): A Revised
Regulatory Framework for NBFCs in October 2021. They are: NBFC Base Layer (NBFC-BL);
NBFC – Middle Layer (NBFC-ML); NBFC–Upper Layer (NBFC-UL) & NBFC– Top Layer (NBFC-
TL).
RBI, in exercise of powers vested under the provisions of section 47 A (1) (c) read with sections 46 (4)
(i) & 51 (1) of the Banking Regulation (BR) Act, 1949, imposed a monetary penalty of Rs 27.50 lakh on
Punjab & Sind Bank for non-compliance with certain directions issued by RBI on External Benchmark
Based Lending. Click here to read more
RBI Cancels Certificate of Registration Of 3 NBFCS; Two NBFCs Surrenders CoR; RBI Cancels the
License of Mudhol Co-Operative Bank, Karnataka
The Reserve Bank of India (RBI) has cancelled the certificate of registration (CoR) of three non-
banking financial companies (NBFCs), including two housing finance companies (HFCs).
✓ The RBI has cancelled the CoR of Malik Motor Finance Limited, Noida, Uttar Pradesh. It has also
cancelled the CoRs of HFCs: North East Region Housing Finance Company Limited in Aizawl,
Mizoram & Aryarth Housing Finance Limited in Gurgaon, Haryana.
✓ Two NBFCs surrendered their CoR issued by the RBI: Empower India Capital Investments Private
Limited in Ernakulam, Kerala & Mangalmayee Garments Private Limited (presently known as
Abhijeet Ferrotech Limited) in Kolkata, West Bengal.
The RBI has cancelled the license of Mudhol Co-operative Bank Limited in Bagalkot, Karnataka,
preventing it from conducting banking operations, with effect from the close of business on June 08,
2022.
ToneTag Emerges Winner In 2 Categories of RBI’s First Global Hackathon HARBINGER 2021
ToneTag, a brand of Naffa Innovations Pvt Ltd, has been named the winner of two categories in the
Reserve Bank of India’s (RBI) first global hackathon, HARBINGER 2021-Innovation for Transformation”.
ToneTag, headquartered in Bengaluru, Karnataka, offers voice-based commerce and payment solutions.

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✓ “HARBINGER 2021-Innovation for Transformation,” hackathon was launched in November 2021,

with the theme “Smarter Digital Payments”. It was organized to encourage entrepreneurs to come
up with innovative products for smarter digital payments.
✓ ToneTag won two categories: “Innovative, easy-to-use, non-mobile digital payment solutions for
converting small-ticket cash transactions to digital mode” & “Context-based retail payments to
remove the physical act of payment.”
India’s Forex Reserves Rise Above USD 600 billion

According to the Reserve Bank of India (RBI)’s data, India’s foreign exchange (forex) reserves for the
week ended May 27, 2022, increased by USD 3.854 billion to USD 601.363 billion led by an increase in
India’s Foreign Currency Assets (FCA). India’s forex reserves have increased for the 2nd consecutive
week after falling for 10 straight weeks.
✓ India’s FCA, the major component of forex reserve, increased by USD 3.610 billion to USD 536.988
billion during the week under review.
The FCA had increased by USD 3.825 billion in the previous week. The FCA include the effect of
appreciation or depreciation of non-dollar currencies like the Euro, Pound Sterling and the Japanese
Yen.
RBI Approves Shriram Group’s Merger of Financial Services Businesses

The Reserve Bank of India (RBI) has approved Shriram Group’s composite scheme of arrangement
and amalgamation of financial services businesses.
✓ The approval has been given for the merger of Shriram City Union Finance (SCUF) and Shriram
Capital Ltd. (SCL) with Shriram Transport Finance Company (STFC), to form India’s largest Non-
Banking Financial Company (NBFC).
✓ The merger will enable the Shriram group to consolidate all of its lending products under one roof,
including commercial vehicles, two-wheeler loans, gold loans, personal loans, auto loans, and
small business finance.
Heads of Amalgamated entities: Umesh Revankar, Executive Vice President and CEO of STFC, will serve
as Vice-Chairman & YS Chakravarti, MD-CEO of Shriram City, would serve as MD and CEO. Click here to
read more.
RBI Suspends License of Millath Co-Operative Bank Due to Inadequate Capital

The Reserve Bank of India (RBI) has cancelled the licence of Millath Co-operative Bank Ltd.,
Davangere, Karnataka, due to insufficient capital and earning potential, and its continued operation is
detrimental to the interests of depositors.
✓ The license has been cancelled as per the provisions of Sections 11 (1) and Section 22 (3) (d) read
with Section 56 of the Banking Regulation Act, 1949 & Sections 22(3)(a), 22(3)(b), 22(3)(c),
22(3)(d), and 22(3)(e) read with Section 56 of the Banking Regulation Act, 1949.
✓ The Registrar of Cooperative Societies, Karnataka has also been requested to issue a winding-up
order and appoint a liquidator for the bank.
RBI: Governor– Shaktikanta Das; Establishment – 1st April 1935; HQ – Mumbai, Maharashtra
RBI extends Deadline by 3 months to October 1 2022 for Implementing Card Rules
the Reserve Bank of India (RBI) extended the timeline for implementation of certain provisions of the
master directions it issued on issuance of debit cards and credit cards by three months from July 1,
2022 to October 1, 2022. Click here to read RBI Directions on Credit and Debit Cards- Issuance and
Conduct Directions, 2022
According to information sourced through RTI (Right to Information) from the Bharatiya Reserve Bank
Note Mudran Private Limited (BRBNMPL), the selling price of bank notes in the denomination of Rs 20,

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Rs 50, Rs 100 and Rs 200 has increased in FY22. While for Rs 500, it remained unchanged. Click here to
read more.
RBI extends Card Tokenisation Deadline by 3 months till September 30, 2022
The Reserve Bank of India (RBI) extended the Card on File (CoF) tokenisation deadline by another three
months to September 30, 2022 from June 30, 2022 for all Payment System Providers and Payment
System Participants. This direction was issued by RBI under Section 10 (2) read with Section 18 of
Payment and Settlement Systems Act, 2007 (Act 51 of 2007).
✓ RBI mandated to store customer’s card information in the form of an encrypted form i.e. Card-On-
File Tokenisation (COFT) to secure transactions.
CoFT is a voluntary process that means those who do not wish to create a token can continue to
transact as before by entering card details manually at the time of undertaking the transaction
(commonly referred to as guest checkout transaction).
RBI Approves SBI’s Establishment of an Operations Support Subsidiary

The State Bank of India (SBI), the largest bank in India, has received an in-principle approval from the
Reserve Bank of India (RBI) for the establishment of an operations support subsidiary with the
objective of lowering the cost-to-income ratio.
✓ The subsidiary would primarily focus on offering support services for agriculture, Micro, Small,
and Medium Enterprises (MSMEs), other microloans, data entry operations, and other activities
that can be carried out as permitted for business correspondents, among others.
The Bank of Baroda (BoB) was the first public sector bank to implement a similar operations support
strategy.
RBI Issues Semi-Closed PPI Licence to Mufin Finance Limited

The Reserve Bank of India (RBI) has granted Mufin Finance Limited, a leading Non-Banking Financial
Company (NBFC), in-principal approval for the issuance of semi-closed Prepaid Payment
Instruments (PPIs). Mufin Finance Ltd is a subsidiary of Hindon Mercantile Limited, an NBFC.
✓ Mufin Finance aims to use this licence to launch MufinPay, a digital payment solution that will
complement its lending operations. With this, the NBFC would offer semi-closed PPIs to customers
in India.
✓ A semi-closed PPI licence enables digital banks, fintech (financial technology) companies, and
major consumer-facing applications to introduce features like digital payment solutions for
lending.
Mufin Finance is the fourth NBFC to get such a licence from the RBI, following Bajaj Finserv,
Manapurram, and Paul Merchants.
Credit Card Issuances and Spends Hit a Record High in May 2022
According to the Reserve Bank of India (RBI) data, Credit card spends has reached an all-time high of Rs
1.14 trillion in May 2022, 7.8 % higher than the Rs. 1.05 lakh crore spent in April 2022.
✓ Credit card spending increased by 118 percent year over year (YoY) and by 8% month over
month, due to robust e-commerce spending, high-value expenditure on travel, tourism, and
discretionary items.
✓ May 2022 saw the addition of 38,500 new cards from Housing Development Finance Corporation
Limited (HDFC) Bank, followed by 21,500 from Axis Bank, 21,200 from ICICI Bank, and 21,500
from SBI Card (20,200).
The biggest incremental growth in credit card spending was recorded by IndusInd Bank and Kotak
Mahindra Bank, at 17% and 15%, respectively. All other players experienced growth in the 4–9% range.

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BRICS (Brazil, Russia, BRICS New Purpose: to facilitate bilateral cooperation and promote the
India, China, and South Development common development of BRICS countries.
Africa) Partnership on Bank (NDB) ✓ It aims to promote Sustainable Development Goals
New Industrial (SDG) in BRICS as well as other emerging markets
Revolution (PartNIR) and developing countries.
Innovation Centre NDB: President– Marcos Troyjo; Establishment – July 2015
(Officially opened); HQ – Shanghai, China
IDFC FIRST Bank CarTrade Tech Ltd Purpose: to provide used car buyers with easy and smart
financing options.
✓ ‘CarWale abSure’ is CarTrade Tech’s used car
platform, which is the most reliable source for high-
quality pre-owned cars.
✓ IDFC FIRST Bank will be one of the preferred
financiers for customers purchasing used vehicles
from CarWaleabSure’s dealers as part of the
partnership, with customized offerings to meet the
demands of the customers.
IDFC FIRST Bank: MD & CEO – V. Vaidyanathan;
Establishment – 2018; HQ – Mumbai, Maharashtra
Housing Development Accenture Purpose: for digitizing its lending business by using a cloud-
Finance Corporation native platform for application, processing, credit
(HDFC) Ltd. underwriting and disbursement.
✓ Under this partnership, HDFC Ltd. will also deploy
machine learning, automation and advanced analytics
to make it a straight-through and paperless process
for the customer.
✓ Developed using human-centric design principles, the
platform includes a user-friendly mobile application
and web-based portal for customers.
HDFC Ltd: MD– Renu Sud Karnad; Tagline– With You, Right
Through; HQ– Mumbai, Maharashtra.
India International Luxembourg Stock The Cooperation agreement was signed at the Gujarat
Exchange (IFSC) Exchange (LuxSE) International Finance Tec (GIFT) City in Gujarat.
Limited (India INX) ✓ Under the agreement, the two exchanges will
enhance the visibility of listed Indian securities to
international investors by facilitating admission of
such securities on LuxSE.
✓ A Memorandum of Understanding (MoU) between
the two exchanges was signed earlier in 2020 for this
purpose, with a specific focus on advancing green
finance in India.
The Power Finance Corporation Limited (PFC), a
Government of India (GoI) Central Public Sector Enterprise
(CPSE), has listed its EUR 300 million green bonds on
the Luxembourg Green Exchange (LGX) of the Luxembourg
Stock Exchange (LuxSE) Securities Official List. This bond is
already listed on India INX.

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PFC’s green bond has a 7-year maturity and provides

funding for renewable energy projects in India, such as
onshore solar and wind energy generation facilities.
Suryoday Small Finance Mobisafar Services Purpose: To launch full banking CSP (Customer Service
Bank Private Point) that would provide banking services across India
Limited (Mobisafar through the Mobisafar franchisees and business
Services) correspondent network.
✓ Mobisafar would assist in the digital onboarding of
new customers in Suryoday SFB via eKYC(know your
customer) through its Banking Mitra.
Suryoday SFB: MD & CEO – Baskar Babu Ramachandran;
Establishment – 2017; HQ – Navi Mumbai, Maharashtra;
Tagline – A Bank of Smiles.
ICICI Bank ZestMoney ICICI Bank partnered with digital EMI/pay-later
platform ZestMoney, to expand its ‘Cardless EMI’ facility for
purchases on retail and e-commerce platforms.
✓ Customers can convert transactions up to Rs.
10 lakhs into Equated Monthly Instalments (EMIs).
✓ the bank’s customers can use pre-approved cardless
credit to instantly buy products/ services using
ZestMoney and pay in EMIs.
The Bank’s customers will also be able to use ZestMoney’s
flagship ‘Pay-in-3’ offering, where they can split the bill into
3 EMIs without extra cost.
Fino Payments Bank Go Digit General Fino Payments Bank Limited has collaborated with Go
Limited Insurance Limited Digit General Insurance Limited, one of India’s fastest
growing general insurers, to provide small and medium
business owners with shop insurance coverage. Fino
Payments Bank serves as a corporate representative for Go
Digit.
✓ The customers of Fino Bank can join Go Digit’s
coverage for Rs 550 per year (for a sum insured of
Rs 3 lakh), which will rise to Rs 2,600 per year (for a
sum insured of Rs 15 lakh).
Fino Payments Bank: MD& CEO- Rishi Gupta;
Establishment- 2017; HQ – Navi Mumbai, Maharashtra
State Bank of India Ather Energy Ather Energy, an electric two-wheeler manufacturer based
(SBI) in Bengaluru, Karnataka, has partnered with the State Bank
of India (SBI) to offer vehicle financing for its customers.
✓ The vehicle loan can be availed online through YONO,
SBI’s mobile app, as well as offline.
According to the loan eligibility of the customer, SBI allows
the customers to avail of loans up to 85% of the on-road
price of the vehicle.
Export- Sri Lanka Line of Credit (LoC) agreement b/w: Government of Sri
Import (EXIM) Bank Lanka (GOSL) & Export-Import (EXIM) Bank of India at
Colombo, Sri Lanka

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Purpose: to extend a Line of Credit (LOC) of USD 55 million

to Sri Lanka for the procurement of Urea Fertiliser.
✓ The LOC will be in line with
India’s ‘Neighbourhood First’ policy and the support
from India ranges close to USD 3.5 billion to help
secure Sri Lanka’s food, health, and energy security
by supplying essential items like food, medicines,
fuel, kerosene etc.
This would help to secure urea fertiliser for the ongoing
paddy sowing ‘Yala’ season.
HDFC Bank 100X.VC, a leading Purpose: to engage more deeply with the start-up
early-stage community.
venture capital ✓ Under the MoU, HDFC Bank will extend its Smart-
firm Up initiative, which helps start-ups achieve their
goals by providing smart financial tools, smart
advisory services, and technology, to all the
companies associated with 100X.VC.
✓ 100X VC will recommend HDFC Bank as its primary
bank to all of its investee companies, and HDFC Bank
will evaluate and offer loans to start-ups directed to it
by 100X.VC.
HDFC Bank: MD & CEO – Sashidhar Jagdishan;
Establishment – 1994; HQ – Mumbai, Maharashtra
Kotak Mahindra PhonePe Purpose: to offer motor insurance to 380 million customers
General Insurance Insurance Broking on the PhonePe platform.
Company Ltd Services Pvt. Ltd ✓ Through PhonePe, Kotak General Insurance will
provide quick and seamless car and two-wheeler
insurance policies to its customers.
This Partnership will empower PhonePe customers to buy
car and two-wheeler insurance end-to-end online in just a
few clicks from the comfort of their smart phones.
National Bank for Open Network for Purpose: to activate e-commerce in the agriculture domain.
Agriculture and Rural Digital Commerce ✓ ONDC is a network based on open protocol and will
Development (ONDC) enable local commerce across different segments to
(NABARD) be discovered and engaged by any network-enabled
application. It is an initiative of the Department for
Promotion of Industry and Internal Trade (DPIIT)
under the Ministry of Commerce and Industry.
✓ NABARD-ONDC Grand Hackathon which aims to
establish market linkages for the players with market
ready Farmers Producers Organisations (FPOs) in
India will be hosted under this partnership.
NABARD: Chairman– Govinda Rajulu Chintala; HQ–
Mumbai, Maharashtra
BOB Financial Solutions Nainital Bank Purpose: to launch BOB Financial and Nainital Bank co-
Limited (BFSL), a branded contactless RuPay Credit Card that is designed to
wholly-owned reward customers for everyday spend categories like grocery
subsidiary of Bank of and departmental stores.
Baroda (BoB)

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✓ The card is being launched in the centenary year of

Nainital Bank (established in 1922).
✓ The co-branded credit card also offers
complimentary Personal Accidental Death insurance.
BFSL: MD & CEO – Shailendra Singh; Establishment – 1994
NPCI International Lyra Network of Purpose: for the acceptance of the Unified Payments
Payments Limited France Interface (UPI) and RuPay Cards in France, giving a boost to
(NIPL), the the digital payment ecosystem.
international arm of the ✓ The UPI payment system is currently available in
National Payments countries such as Bhutan, Singapore, Nepal, and the
Corporation of India United Arab Emirates (UAE).
(NPCI) ✓ NIPL is dedicated to the deployment of RuPay
(domestic card scheme) and UPI (mobile payment
solution) outside of India.
Union Communication Minister Ashwini Vaishnaw
represented India at Europe’s largest start-up conference,
Viva Technology 2022, in Paris, France. India has been
recognized as the ‘country of the year’ at the event.
CARD91 with YES RuPay Purpose: to introduce a range of co-branded card
BANK instruments and maintain a real-time dashboard to provide
insights by employing the scalable CARD91 infrastructure.
✓ Businesses will now be able to choose between co-
branded and non-branded card instruments,
providing them with an innovative solution to suit
specific uses.
CARD91: Co-founders: Ajay Pandey, Kush Srivastava, and
Vineet Saxena; Founded in – 2020; HQ – Bengaluru,
Karnataka.
Equitas Small Finance Freo, a bengaluru- Purpose: to launch Freo’s digital savings account ‘Freo Save’
Bank based neobanking ✓ Freo Save App is 100 percent digital with seamless
platform Unified Payments Interface (UPI) integration which
offers quick access to credit & shopping by providing
up to 7 percent interest on customer savings for
balances above Rs.5 lakh up to Rs.2 crore.
✓ With the launch of Freo Save, it has become
the 1st consumer neobank in India to provide full-
stack neo-banking products, including smart savings
account, credit and payments products, cards and
wealth-growth products.
Freo is India’s first credit-led neobank:- Co-Founder
– Anuj Kacker; HQ – Bengaluru, Karnataka
Max Life Insurance Policybazaar.com Purpose: to launch the ‘Max Life Smart Fixed-return
Company Limited Digital Plan’, a non-linked, non-participating, short-term
individual life insurance savings plan with a minimum policy
tenure of 5 years.
✓ The policy offers guaranteed tax-free returns up to
6.14% along with life cover protection at a monthly
premium of Rs.3000.

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✓ It offers Special benefits for women customers –

0.25% additional maturity benefit for 5 years’ policy
term and 0.5% for 10 years’ policy term.
Max Life Insurance: MD & CEO - Prashant Tripathy; HQ
– Gurugram, Haryana
Airtel Payments Bank Muthoot Finance To offer gold loans through the Airtel Thanks app. This will
add to the Airtel Payments Bank’s digital banking products
portfolio and will enable easy credit access for its
customers.Under this partnership, Muthoot Finance will
provide up to 75% of the pledged gold value as a loan and
there will be no processing charge on the loan. The
customers can also get doorstep disbursals for loan amounts
of Rs 50,000 and above.
Bajaj Finance Limited Worldline, a global Purpose: To develop Point-Of-Sales (POS) payments
(BFL), a part of Bajaj leader in payment acquiring solutions for its merchant network. BFL and
Finserv Limited services Worldline India Private Limited, a wholly-owned subsidiary
of Worldline, have partnered to provide customers and
merchants partners with an integrated payment solution.
Under this partnership, BFL aims to enhance its relationship
with both existing and new networks of merchant partners
by providing POS terminals and enabling them to accept a
wide range of payment instruments (credit cards, EMI Cards,
UPI and wallets) on those terminals.
PayNearby (Nearby Protean eGov Purpose: to offer Permanent Account Number (PAN) related
Technologies Private Technologies services through Aadhaar and biometric or SMS-based One
Limited) Limited (Protean), Time Password (OTP) authentication for their customer.
formerly NSDL e- ✓ This partnership will make the entire process
Governance seamless and accessible across more than 17600 PIN
Infrastructure Ltd codes in India through PayNearby’s DaaS
(Distribution as a Service) network of 50+ lakh
micro-entrepreneurs.
PayNearby, incepted in April 2016, is a Department for
Promotion of Industry and Internal Trade (DPIIT)-certified
company.
Bajaj Allianz General Allianz Partners Purpose: Launching of an industry-first health insurance
Insurance Company India plan, “Global Health Care,” to offer policyholders with a
seamless claims experience.
✓ It offers seamless coverage for emergency and
planned medical care from domestic (within India)
and international (outside India) health care
providers with coverage options ranging from Rs.
37,50,000 to Rs. 3,75,00,000(USD 100,000 to USD
1,000,000).
✓ It is available in two plans: “Imperial Plan” and
“Imperial Plus Plan,” both of which provide
international and domestic coverage.
Bajaj Allianz: MD & CEO – Tapan Singhel; Establishment –
2001; HQ – Pune, Maharashtra

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IDFC FIRST Bank Star Health and Purpose: for the distribution of its health insurance
Allied Insurance solutions.
Company ✓ Under this strategic agreement, Star Health and
Allied Insurance will use IDFC FIRST Bank’s digital
platform and vast distribution network to offer their
best-in-class health insurance products to the
customers of the bank.
IDFC FIRST Bank was formed by the merger of Capital First
and IDFC Bank. MD & CEO – V. Vaidyanathan (He is the first
MD & CEO of IDFC FIRST Bank); Establishment – 2018; HQ –
Mumbai, Maharashtra; Tagline – Always You First
OTHER BANKING NEWS

WB approves USD562mn funding for 3 projects in India; along with Rail Logistics Project
& Uttarakhand’s Rain-Fed Agriculture
The Board of Executive Directors of the World Bank (WB) has approved 5 loans/fundings towards India
catering to different sectors. This includes three loans totalling USD 562 million/mn (about Rs
4,393.70 crore) to fund an education project in Gujarat, a social protection programme in Tamil Nadu
(TN) and a project to help recovery in the fisheries sector post the Covid-19 pandemic.
Following is the list of funding approved by WB:
✓ USD 250mn funding to GOAL, an education project in Gujarat
✓ USD 150mn funding to support the recovery of India’s fisheries sector
✓ USD 162 million for the RIGHTS project in TN
✓ USD 245 million funding to support India’s Rail Logistics project
✓ Rs 1000 crore for Uttarakhand Climate Responsive Rain-fed Farming Project.
WB: President– David Robert Malpass; HQ– Washington DC, United States (US). Click here to read
more.
World Bank Approves USD 250 million for India’s Road Safety Program
The Board of Executive Directors of the World Bank (WB) has approved the financing of USD 250
million to support the “India State Support Program for Road Safety”, a project by the Indian
government to improve road safety.
✓ The project will be implemented in seven States: Andhra Pradesh, Gujarat, Odisha, Tamil Nadu,
Telangana, Uttar Pradesh and West Bengal.
✓ The USD 250 million variable spread loan from the International Bank for Reconstruction and
Development (IBRD) has an 18 years maturity period with a grace period of 5.5 years.
WB: President of WB group - David Malpass; Establishment – 1944; HQ – Washington, DC, USA.
SEBI restructured its Risk Management Review Committee

The Securities Exchange Board of India (SEBI) has restructured its Risk Management Review
Committee (RMRC) which reviews the risk management framework for the Cash and Derivatives
(including Commodity derivatives). The 14 members committee will be headed by Professor Jayanth R
Varma of Indian Institute of Management (IIM), Ahmedabad, Gujarat.
✓ The committee has been entrusted with the task of – Recommending changes if required in the
margin system, consider and suggest measures in reducing transmission of risk from other
segments and review the investor protection measure in the stock exchanges related to risk
management.
✓ SEBI: HQ – Mumbai, Maharashtra; Chairperson – Madhabi Puri Buch

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SEBI gives UPI payment option to Invest in Public Issues of REITs, InvITs; Imposes Rs 30 lakh
fine on RIL & 2 of its Compliance Officers
The Securities and Exchange Board of India (SEBI) provided an additional payment option of Unified
Payments Interface (UPI) to retail investors to apply in the public issue of units of Infrastructure
Investment Trust (InvIT) and Real Estate Investment Trust (REIT) for application value up to Rs 5 lakh
w.e.f. August 1, 2022.
✓ For InvITs, this decision has been taken in exercise of the powers conferred under Regulation 14
(6) and 33 of SEBI (InvIT) Regulations, 2014 and Section 11(1) of the SEBI Act, 1992.
✓ For REIT, this decision has been taken in exercise of the powers conferred under Regulation
14(24) and 33 of SEBI (REIT) Regulations, 2014 and Section 11(1) of the SEBI Act, 1992.
SEBI has imposed a penalty of Rs 30 lakh on Reliance Industries Limited (RIL) and two of its
compliance officers, Savithri Parekh and K Sethuraman, for not promptly disclosing the stake sales in
its subsidiary company, Jio Platforms to Facebook, Silver Lake and Vista Equity Partners in 2020.
SEBI: Forms Building Advisory Committee; Imposed Penalty on 7 Entities

Securities and Exchange Board of India (SEBI), capital markets regulator, has formed a Building
Advisory Committee to advise and assist on premises related matters like planning, acquisition and
furnishing.It is a seven-member committee, headed by B K Katyal, former Chief General Manager,
Reserve Bank of India (RBI).
✓ SEBI imposed a penalty totalling Rs 10.80 crore on 7 entities, including Zenith Steel Pipes &
Industries (erstwhile Zenith Birla (India) Ltd and Yash Birla) in the matter of irregularities in the
global depository receipts (GDR) issued by Zenith Birla.
SEBI Forms Hybrid Securities Advisory Committee (HySAC) Chaired by KV Kamath

The Securities and Exchange Board of India (SEBI), India’s market regulator, has established a 20-
member Hybrid Securities Advisory Committee (HySAC), which will make recommendations for
boosting the growth of such instruments, including measures focusing on ease of issuance and
attracting domestic & global capital.
✓ Kundapur Vaman Kamath (KV Kamath), the Chairperson of the National Bank for Financing
Infrastructure and Development, will chair the committee.
SEBI has reconstituted its 16-member Research Advisory Committee (RAC), which is in charge of
promoting, developing, and maintaining databases relevant to capital market regulation research.
Dr. V. Ravi Anshuman, Professor at Indian Institute of Management (IIM) – Bangalore, will chair the
panel. Click here to read more.
NABARD Chairman Highlights the Role of Self-Help Group

Govinda Rajulu Chintala(GR Chintala), the Chairman of National Bank for Agriculture and Rural
Development (NABARD) stated that the Self Help Groups(SHGs) plays a vital role in empowering
women and making them economically strong and self-reliant.
NABARD signed a Memorandum of Understanding (MoU) with Canara Bank for the formation and
linking of Joint Liability Groups (JLGs). Under this MoU, Canara bank will form and credit link 2,510
JLGs in Karnataka.
US Announces USD 122 Million Fund for India to Address Challenges Posed by Infectious
Diseases
The Centres for Disease Control and Prevention (CDC) of the United States (US) has announced a
funding of about USD 122 million (USD 122,475,000) to top three Indian medical research
institutions: Indian Council of Medical Research (ICMR) in New Delhi, Delhi, National Institute of

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Virology (NIV) in Pune, Maharashtra and National Institute of Epidemiology (NIE) in Chennai, Tamil
Nadu.The overall funding period will be 5 years, from September 30, 2022 to September 29, 2027.
Eligibility for funding is limited to the ICMR in New Delhi, the apex governing body for the numerous
national level institutes. These institutions are designated by the Government of India’s Ministry of
Health and Family Health and Welfare (MoHFW).
Tamilnad Mercantile Bank gets SEBI’s approval to Launch & Raise Funds Through IPO
Thoothukudi-based Tamilnad Mercantile Bank Limited (since 1921), a Private Sector Bank has
received the Securities and Exchange Board of India’s (SEBI) approval to launch and raise funds
through an Initial Public Offering (IPO).
✓ According to the Draft Red Herring Prospectus (DRHP), the IPO comprises a fresh issue of
1,58,27,495 equity shares and an Offer for Sale (OFS) of up to 12,505 equity shares by
shareholders. The offer will constitute 10% of the post-offer paid-up equity share capital.
In September 2021, the bank filed the preliminary IPO paper with SEBI and obtained its observations
on 30th May 2022.
Kiyaverse: Kiya.ai launches India’s 1st Banking Metaverse

India’s first banking metaverse namely ‘Kiyaverse’ has been launched by Kiya.ai in Mumbai,
Maharashtra which intends to merge use cases of real-world banking with metaverse banking through
an avatar (virtual humanoid) based interactions. Kiya.ai is a digital solutions provider to financial
institutions and governments.
✓ Kiyaverse will allow customers to transact, access banking information, and obtain various
banking products virtually from the comfort of their own homes. It will be used by banks and non-
banking finance companies (NBFCs) to enable virtual interactions.
Metaverse is a network of 3D virtual worlds that uses augmented reality (AR), virtual reality (VR), and
blockchain, along with concepts from social media, to create spaces for user interaction mimicking the
real world.
PSBs doubled their Net Profit to record Around Rs 66,539cr in FY22

In accordance with an analysis of key financial parameters of PSBs done by Bank Unions, the 12 Public
sector banks (PSBs) have collectively doubled their net profit during FY22 to ∼Rs 66,539 crore, an
increase of 110% over Rs 31,816 crore in FY21.
✓ The State Bank of India (SBI) marked a highest net profit of Rs 31,675 crore – an increase of 55%
over the previous year. It accounted for 47% of the total profits of the PSBs.
✓ SBI is followed by Bank of Baroda (BOB), with a net profit of Rs 7,272 crore, generating 10% of
PSBs’ profits, followed by Canara Bank, which at Rs 5,678 crore (8%).
The highest revenue growth was reported by BOB, followed by UCO Bank. Bank of Maharashtra has
shown the highest improvement in deposits & advances and is the only PSB to have net non-performing
assets (NPAs) below 1%. Click here to read more
Bajaj Finserv DBS Bank SuperCard: DBS Bank India launched 1st credit card in India in
partnership with BFL
DBS Bank India has launched its first-ever credit card in India in partnership with Bajaj Finance Limited
(BFL), namely ‘Bajaj Finserv DBS Bank SuperCard’. It is powered by Visa and is designed to de-clutter
customers’ wallets by eliminating the need to have multiple credit cards.
✓ SuperCard will provide its customers with benefits and rewards across different product
categories and exclusive benefits on the Bajaj Finserv’s products and services.
Bajaj Finance Limited is the lending arm of Bajaj Finserv Limited. MD - Rajeev Jain; HQ– Pune,
Maharashtra.

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HSBC India Announces USD 250 Million Lending Support for Indian Start-Ups
The Hong Kong and Shanghai Banking Corporation Limited, India (HSBC India), a retail banking and
financial services provider, has announced USD 250 million in lending support for high-growth,
technology-led start-ups in India, which has the world’s third largest start-up ecosystem.
✓ The profit of HSBC’s commercial banking vertical in India registered a growth of 42% to USD 265
million in 2021, compared to USD 187 million in 2020.
HSBC India: CEO – Hitendra Dave; HQ – Mumbai, Maharashtra.
Indian Bank Launches Digital KCC Renewal Scheme for Credit Card Holders
Indian Bank (IB) launched Kisan Credit Card (KCC) digital renewal scheme for renewal of KCC
accounts by customers themselves through IB’s IndOASIS mobile app, internet banking portal and
IB’s website and also through Message for feature phone users.
This is launched currently for customers having outstanding loans of Rs.1.60 Lakh as a part of IB’s
digital transformation under project World of Advanced Virtual Experience (WAVE)
SBI Foundation & Khan Academy Launches Digital Learning Program UpSchool
The SBI Foundation has launched UpSchool, a digital learning platform for students in classes 1 to 10, in
partnership with Khan Academy, an educational non-profit organization in India.
✓ The programme focuses on revising important math and language comprehension concepts from
the previous year, allowing students to overcome the knowledge gap and lay a strong foundation
for the new academic year.
✓ The programme will be available in English, Hindi, and Kannada languages.
✓ SBI Foundation: President & Chief Operating Officer (COO) – Lalit Mohan; Established – 2015;
HQ – Mumbai, Maharashtra.
AU Small Finance Bank Introduces Industry’s First Customizable Credit Card, “AU Bank LIT”
AU Small Finance Bank, the largest Small Finance Bank (SFB) in India, has introduced an innovative
credit card called “AU Bank LIT” (Live-It-Today), which combines the features of multiple credit cards
into a single card, ushering in a new revolution in the credit card landscape. This is the industry’s first
customizable Credit Card.
✓ Customers may track their savings and earnings everyday with the AU0101 app, allowing them to
maximise their benefits with the LIT credit card.
Axis Bank & Indian Oil Launch Co-Branded RuPay Contactless Credit Card
Axis Bank and Indian Oil Corporation Limited (IOCL) have announced the launch of a co-branded
contactless credit card – the “INDIANOIL AXIS BANK RuPay Credit Card” – in collaboration with
National Payments Corporation of India (NPCI).
✓ With RuPay, the partnership aims to offer innovative as well as customized benefits on the co-
branded credit card. Customers can apply for the card either in person or online.
Axis Bank: MD & CEO – Amitabh Chaudhry; Establishment – 1993 (Begun Operations-1994); HQ –
Mumbai, Maharashtra
IBBI amends its Regulations for Insolvency Resolution Process for Corporate Persons;
Complaint Handling; Inspection and Investigation; & Information Utilities
The Insolvency and Bankruptcy Board of India (IBBI) has amended its following regulation for certain
revision:
✓ IBBI has amended the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations,
2016 with new IBBI (Insolvency Resolution Process for Corporate Persons) (Second

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Amendment) Regulations, 2022 to revise the procedure of recording evidences, and

applications made to ‘resolution professional’ by the creditors.
✓ IBBI also amended the (Grievance and Complaint Handling Procedure) Regulations, 2017
with IBBI (Grievance and Complaint Handling Procedure) (Amendment) Regulations,
2022 to have expeditious redressal and also to avoid placing undue burden on the service
providers.
✓ IBBI also amended the (Inspection and Investigation) Regulations, 2017 with IBBI (Inspection
and Investigation) (Amendment) Regulations, 2022 to provide mechanism for carrying out
inspections and investigations on IPAs, insolvency professionals and information utilities and
passing orders by Disciplinary Committee.
IBBI amended the (Information Utilities) Regulations, 2017 with the IBBI (Information
Utilities) (Amendment) Regulations, 2022. Click here to read more.
Equitas Small Finance Bank Launches Exclusive Savings Account for Kids: ENJOI
Equitas Small Finance Bank Limited announced the launch of an exclusive savings account for
kids, ‘ENJOI’ with effect from 19th June 2022 to coincide with Father’s Day.
✓ Its aim is to introduce young kids to the financial world and encourage them to develop the saving
habit early.
✓ ENJOI will allow kids of 0-18 years to open savings accounts under the supervision of their
parents and also minors aged 10 and above will get the option for a personalised debit card.
✓ Equitas Small Finance Bank: MD & CEO – Vasudevan P N; HQ - Chennai, Tamil Nadu
MeitY declares ICICI, HDFC, NPCI’s IT resources as Critical Information Infrastructure

The Ministry of Electronics and IT (MeitY) has declared the Information Technology (IT) resources of
ICICI Bank, HDFC Bank, and National Payments Corporation of India (NPCI) as ‘Critical Information
Infrastructure (CII)’ under Section 70 of the IT Act, 2000.
✓ The computer resources of their associated dependencies will also be regarded as the protected
systems. The IT resources under CII include Core Banking Solution, Real Time Gross Settlement
and National Electronic Fund Transfer (NEFT) comprising Structured Financial Messaging Server.
✓ CII means any harm to this infrastructure can have an impact on national security and any
unauthorized person accessing these resources may be jailed for up to 10 years, and also be liable
to fine.
Karnataka Bank Introduces Online SB Account Opening Facility Using ‘Video Based Customer
Identification Process (V-CIP)’
Karnataka Bank has launched an online savings bank (SB) account opening facility via the ‘Video-based
Customer Identification Process (V-CIP)’.This V-CIP facility will elevate the customer experience by
eliminating the need for a customer’s physical presence at the branch to complete the Know Your
Customer (KYC) process.
Karnataka Bank Limited: MD & CEO – Mahabaleshwara M.S ,Establishment – 1924 and Headquarters
– Mangaluru, Karnataka.
ICICI Bank Launches digital Platform for the Student Ecosystem – ‘Campus Power’
ICICI Bank launched a digital platform, ‘Campus Power’, first-of-its-kind to address the needs of the
students aspiring to pursue higher education in India and abroad. It is also available for other bank
customers. It is a one-stop platform, designed to assist the entire student ecosystem comprising
students, parents and institutes.

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✓ Campus Power offers financial products and also provides information about value-added services
related to higher studies in India and foreign countries including Canada, UK, Germany, USA and
Australia.
✓ The first branch of ICICI on student ecosystem has been set up at Indian Institute of
Technology (IIT) Kanpur and seven more will be added.
ICICI Bank: MD & CEO – Sandeep Bakhshi; Establishment – 1994; HQ – Mumbai, Maharashtra
FINANCE NEWS
Tata AIA Life Announces Industry-First Smart Value Income Plan
Tata AIA Life Insurance Company Limited (Tata AIA Life), a joint venture between Tata Sons Pvt. Ltd.
and AIA Group Ltd. (AIA), has announced the ‘Tata AIA Life Insurance Smart Value Income Plan’,
which is the first of its kind in the industry.
✓ It’s a participating, non-linked life insurance savings plan where the bonus can be adjusted against
premium payments.
✓ It offers a number of first-to-market features, as well as best-in-class regular and stable income
possibilities, allowing customers to plan for their financial future and create wealth for long-term
goals.
Tata AIA Life: MD & CEO – Naveen Tahilyani; HQ – Mumbai, Maharashtra.
SBI General Insurance Launches New Health Insurance Vertical

SBI General Insurance Company Limited, a subsidiary of the State Bank of India (SBI), has introduced
a new health insurance vertical, through which it intends to focus on new innovative health products
and an in-house claim settlement process, among other things, to improve customer experience.
✓ Using SBI’s extensive reach and network, SBI General Insurance hopes to further establish health
insurance penetration in tier 3 and 4 markets across India.
✓ SBI General Insurance has teamed with Apollo 24/7 to provide its customers with access to a
variety of services provided by Apollo 24/7. It has partnered with Sevamob, an organisation
dedicated to improving the health of women, children, and senior citizens in northern India,
especially in Uttar Pradesh.
SBI General Insurance: MD & CEO – Prakash Chandra Kandpal; Establishment – 2009; HQ – Mumbai,
Maharashtra.
Kotak Investment Advisors Launches Investment Platform ‘Kotak Cherry’

‘Kotak Cherry’ – a one-stop curated open architecture investment management platform, has been
introduced by Kotak Investment Advisors, a subsidiary of Kotak Mahindra Bank.
✓ Investors can choose from a diverse range of offerings other than those manufactured by Kotak
group companies with assistance from Kotak Cherry. It allows customers to make investments
using their existing digital broking and banking services
✓ The platform will offer investment options ranging from stocks, bonds, mutual funds, fixed
deposits, and the National Pension Scheme (NPS) to more advanced investment options like
exchange-traded funds (ETFs) and real estate through real estate investment trusts.
Kotak Mahindra bank: MD & CEO – Uday Kotak; Establishment – 2003; HQ – Mumbai, Maharashtra
Bajaj Finance Launches Financial Education Initiative, ‘Har Time EMI on Time’
Bajaj Finance Limited, the lending arm of Bajaj Finserv Limited, a leading financial services
conglomerate, has launched the financial education awareness campaign – ‘Har Time EMI on Time’.
✓ It’s a digital, multilingual campaign aimed at raising awareness about the importance and benefits
of good financial habits for a secure financial future and timely loan repayments in order to take
advantage of the market’s varied financial offerings.

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✓ Gupta ji, who is renowned for ‘SavdhaanRahein. Safe Rahein’, a public awareness campaign on
financial fraud risks, is featured in the brand campaign, in which he teaches Tinku Ji the simple
ways of paying monthly EMIs on time.
‘Har Time EMI On Time’ is a follow-up to its original educational series, ‘ABC of EMI,’ which debuted in
February 2022 during Financial Literacy Week.
ICICI Home Finance & Easy Home Finance Forms Co-Lending Partnership
Easy Home Finance Limited (EHFL), Technology-Enabled Home Finance Company, and ICICI Home
Finance Company Limited (ICICI HFC), a wholly-owned subsidiary of ICICI Bank Ltd, have entered
into a co-lending partnership to provide affordable home loans in India.
✓ The co-origination, underwriting and disbursement operations from EHFL & ICICI HFC together
will enable a seamless process for new home buyers.
✓ This partnership will combine ICICI HFC’s affordable housing expertise with EHFL’s digital skills to
enable speedy disbursement of affordable home loans, allowing people to realise their dream of
owning a home.
ICICI HFC: MD & CEO – Anirudh Kamani; HQ – Mumbai, Maharashtra
IRDAI eases Capital Requirement for Insurers to offer PMJJBY Schemes

The Insurance Regulatory and Development Authority of India (IRDAI) reduced the capital required to
be held by insurers offering Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) by almost 50%.
✓ This decision has been taken to facilitate more participation of insurers under the scheme, and to
provide financial security to Indians through life insurance.
✓ This step by IRDAI will supplement the recent hike in premium rates by Government of India for
PMJJBY and Pradhan Mantri Suraksha Bima Yojana (PMSBY) w.e.f. June 1, 2022, to make these
schemes economically viable.
✓ IRDAI: Chairman– Debasish Panda; HQ– Hyderabad, Telangana.
CoinSwitch Launches India’s First Rupee-Based Crypto Index CRE8

CoinSwitch (CoinSwitch Kuber), India’s largest crypto trading platform, has launched CRE8 (Crypto
Rupee Index), India’s first-of-its-kind benchmark index to measure the performance of the Indian
onshore Rupee-based crypto market. The index is owned and administered by CoinSwitch.
✓ The Crypto Rupee Index (CRE8) is a list of eight of the most valuable crypto assets based on
market capitalization.
Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Ripple (XRP), Cardano (ADA), Solana (SOL),
Polkadot (DOT), and Dogecoin (DOGE) are the index’s constituents.
Union Finance & Corporate Affairs Minister Nirmala Sitharaman Launches EASE 5.0 Public
Sector Banks Common Reforms Agenda
On June 8, 2022, Union Minister Nirmala Sitharaman, Ministry of Finance (MoF) & Ministry of Corporate
Affairs (MoCA) unveiled the fifth edition of Enhanced Access and Service Excellence – ‘EASE 5.0:
Enhanced digital experience; data-driven, integrated, and inclusive banking’, which provides the
Common Public Sector Banks (PSBs) Reforms Agenda for fiscal year 2022-23 (FY23) under the
EASENext program.
✓ EASE 5.0 will emphasize increased digital customer experience, data-driven, integrated, and
inclusive banking, with a focus on small enterprises and agriculture.
The EASENext would comprise 2 major initiatives: EASE 5.0 (common PSB reforms agenda) and Bank
specific strategic 3-year roadmap (based on individual bank’s business priorities). Click here to read
more.

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Bharat BillPay Onboards CRED as Key Agent Institution

Bharat BillPay (Bharat Bill Payment System – BBPS), the wholly-owned subsidiary of the National
Payments Corporation of India (NPCI) has onboarded CRED (Dreamplug Technologies Pvt Ltd) as a key
agent institution (AI) to provide bill payment solutions to CRED users.
As an AI, CRED will create member touchpoints, provide member assistance (registration, Quickpay,
complaint resolution), instant confirmation, awareness (payment and charges), BBPS brand visibility.
XPay.Life launches India’s 1st Blockchain-enabled UPI Services targeting Rural Areas
Bengaluru (Karnataka)-based Fintech startup XPay.Life on the completion of its 3 years of operations,
launched India’s first blockchain-enabled transaction Unified Payments Interface (UPI) services to make
financial facilities accessible for people in rural areas .
✓ XPay.Life is aiding Regional Rural Banks (RRBs) and District Co-Operative Banks (DCCBs) to help
them bank better and enable true financial inclusion in rural areas with security and no
disruption.
It is also working with National Bank for Agriculture and Rural Development (NABARD), National
Payments Corporation of India (NPCI), and Karnataka Government to strengthen digital banking and
payments by enabling the last mile link.
OmniCard becomes 1st RBI licensed PPI to launch Cash Withdrawal across all ATMs PAN India
Payment solution provider OmniCard became the first Reserve Bank of India (RBI) licensed PPI
(Prepaid Instrument) to launch a cash withdrawal facility using a RuPay-powered card from any ATM
(Automated teller machine) through their e-wallet.
✓ OmniCard users can withdraw cash from any ATM at their convenience with high safety and
secure features and protects the user from exposing their money and bank account details.
The company worked with the National Payments Corporation of India (NPCI) team to enable the
facility.
IRDAI extended Use and File Procedure for Life Insurance products; EGI launches Health
Insurance Cash Advance
The Insurance Regulatory and Development Authority of India (IRDAI) has extended the ‘Use and File’
procedure for most of the Life Insurance products which means the life insurance companies can also
launch these products without prior approval of IRDAI.However, Board approved product management
and pricing policy (BAPMPP) is required.
Edelweiss General Insurance (EGI) launched Health Insurance Cash Advance, an Out-of-Network Cash
Advance facility to help customers with monetary support at any hospital which is not part of EGI’s
network.
CASHe Launches Industry First Instant Credit Line on WhatsApp

CASHe, a credit- led, Artificial Intelligence (AI)-driven financial wellness platform, has introduced an
industry-first instant credit line service on WhatsApp leveraging its AI-powered chat capability.
✓ CASHe’s WhatsApp chat service is built on the WhatsApp Business Platform,an enterprise solution
that enables businesses to engage with new and existing consumers on WhatsApp in a simple,
secure, and reliable manner.
✓ CASHe has become the first fintech (financial technology) firm to offer the service using its AI-
powered chatbot.
✓ CASHe: CEO – Dhruv Jain; Founded – 2016; HQ – Mumbai, Maharashtra

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Canara HSBC OBC Life Insurance Rebranded as Canara HSBC Life Insurance
On 15th June 2022 Canara HSBC Oriental Bank of Commerce (OBC) Life Insurance renamed itself
as Canara HSBC Life Insurance, coinciding with its 14th Foundation and launched its 1st brand
campaign #PromisesKaPartner aligned to its new positioning and its campaign tagline is ‘Powering
India to re-imagine their dreams and aspirations’.
✓ The newly conceptualised Total Variable Cost (TVCs) by Canara HSBC Life Insurance signifies 3
phases of life which fulfils the dream of child savings, long term wealth accumulation and early
retirement.
✓ At present, Canara Bank holds 51% of stake in the insurance arm, and HSBC holds 26 % and PNB
23%. Following the PNB’s exit, the stake will be acquired by existing shareholders.
✓ Canara HSBC Life Insurance: MD & CEO – Anuj Mathur; Establishment – 2008; HQ – Gurugram,
Haryana
Centre Mandates 3-year Health Insurance Plan for Surrogate Mothers

As per the new Surrogacy (Regulation) Rules 2022 with respect to Surrogacy (Regulation) act, 2021,
issued by the Government for the benefit of Surrogate mothers, couples who wish to become parents
through surrogacy must buy 3-years (36 months) health insurance plans for surrogate
mothers.According to the new surrogacy rules, this insurance plan should be availed from an insurance
company or an agent recognized by the Insurance Regulatory and Development Authority of India
(IRDAI).
The insured amount must be sufficient to cover all expenses for all complications arising out of
pregnancy and also covering postpartum delivery complications.
Liberty General Insurance Partners with Peerless Financial Products Distribution

Liberty General Insurance (LGI) has entered into a corporate agency agreement with Peerless Financial
Products Distribution Limited (PFPDL) to enable the distribution of Liberty’s retail and commercial line
of products through Peerless’ network of 42 branches across India. It covers up to 60 critical illnesses
including major and minor health conditions under Liberty Health Connect, Health Prime Connect, and
Individual Personal Accident Policy.
LIC launches Dhan Sanchay Life Insurance Plan with Income Benefit
The Life Insurance Corporation of India (LIC) has launched a Dhan Sanchay Savings scheme, which is
a non-linked, non-participating, individual, savings life insurance plan providing guaranteed Income
Benefit and Terminal Benefit (Life protection) payable at the time of maturity of scheme.
✓ The plan is available for a term of minimum 5 years to maximum 15 years depending on the
option chosen by the policy holder.
There are 4 types of plans have been introduced under the LIC Dhan Sanchay plan. These are options A,
B, C and D. The minimum sum assured under the option A & B of the plan is Rs 3,30,000. For option C it
is Rs 2,50,000 and for option D it is Rs 22,00,000.
IRDAI reduced Solvency Margin Requirement for General Insurers Doing Crop Business
Insurance Regulatory and Development Authority of India (IRDAI) has reduced the solvency margin
requirement for general insurers doing crop business. This decision frees up a capital of Rs 1400 crore
which will increase the capacity of general insurers to underwrite more business.
✓ IRDAI has been relaxing the period of admissibility of premiums due from state governments for
solvency purposes from 180 days to 365 days since 2017-18.
It has decided to extend this relaxation from FY23 onwards until further orders. It has also reduced the
capital required to be held by insurance companies offering policies under Pradhan Mantri Jeevan Jyoti

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Bima Yojana (PMJJBY) by almost 50 per cent to enable insurers to offer more policies under the
scheme.
2022 Banking & Finance - July

RBI IN NEWS
RBI launches 58th OBICUS of Manufacturing Sector; Imposes Monetary Penalty
on Kotak Mahindra, IndusInd & 4 Cooperative Banks
On July 4, 2022, the Reserve Bank of India (RBI) launched the 58th round of OBICUS i.e., Order Books,
Inventories and Capacity Utilization Survey of the manufacturing sector for April-June 2022
(Q1:2022-23). RBI has also launched the 2021-22 round of its Survey on International Trade in
Banking Services (ITBS).
✓ RBI in exercise of powers vested under the provisions of section 47 A (1) (c) read with sections 46
(4) (i) of the Banking Regulation (BR) Act, 1949 has imposed a monetary penalty of Rs
1,05,00,000 (Rs 1 crore and 5 lakh) on Kotak Mahindra Bank Limited.
RBI in exercise of powers vested in RBI under the Banking Regulation (BR) Act, 1949 has imposed
monetary penalties on the following cooperative banks: Nav Jeevan Co-operative Bank Ltd.,
Ulhasnagar, Maharashtra; Balangir District Central Cooperative Bank Limited, Balangir, Odisha;
Dhakuria Cooperative Bank Limited, Kolkata, West Bengal; The Palani Co-operative Urban Bank
Limited, Palani, Dindigul District, Tamil Nadu.
RBI: Gives No Objection for HDFC Bank & HDFC Merger; DICGC Pays Eligible Depositors
On 4th July 2022 HDFC Bank received no objection letter from Reserve Bank of India (RBI)
merging HDFC (Housing Development finance Corporation) Ltd and HDFC Bank. BSE Limited and NSE
(National Stock Exchange) have also issued observation letters for the proposed merger.
✓ On 4th April 2022, the board of HDFC Bank agreed to take over HDFC with a deal value of
around USD 40 billion, subject to approvals.
✓ After amalgamation, the proposed entity would have a combined asset base of around Rs
18 lakh crore and will complete the merging by the 2nd or 3rd quarter of FY24, subject to
approvals.
Reserve Bank of India’s (RBIs), Deposit Insurance and Credit Guarantee Corporation (DICGC) will pay
the eligible depositors of 2 Maharashtra based banks that
includes, Shankarrao Pujari Nutan Sahakari Bank, Ichalkaranji, and Harihareshwar Sahakari Bank,
Wai in August 2022.
RBI’s Digital Payments Index rises to 349.30 in March 2022

The Reserve Bank of India’s composite Digital Payments Index (RBI-DPI) has risen to 349.30 in March
2022 against 270.59 in March 2021, which states rapid utilization and deepening of digital payments
across India.
✓ The index states the extent of digitization of payments across India. It has been constructed with
March 2018 as the base period–DPI score for March 2018 is set at 100.
✓ The RBI-DPI comprises 5 broad parameters that enable measurement of deepening and
penetration of digital payments in the country over different time periods.
✓ The parameters are: Payment Enablers (weight 25 %); Payment Infrastructure – Demand-side
factors (10 %); Payment Infrastructure–Supply-side factors (15 %); Payment Performance (45 %);
Consumer Centricity (5 %).

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India emerged as Leader in Large-Value Digital Payment System in RBI Report; Issues New
Guidelines for Non-Bank PSOs
The Reserve Bank of India (RBI) released the report titled ‘Benchmarking India’s Payment Systems –
Follow-on exercise’ in which India has shown a significant progress, and emerged as leader in large-
value digital payment systems i.e., RTGS (Real Time Gross Settlement).
✓ India’s Payment Systems performance is based upon 40 indicators in which it was categorized as
‘leader’ in 16 indicators, ‘strong’ in 10 indicators, ‘moderate’ in 7 indicators, and ‘weak’ in 8
indicators.
✓ India is one of the few countries where the large value RTGS system is available round the clock.
✓ India has two fast payment systems, viz. Immediate Payment Service (IMPS) and Unified Payments
Interface (UPI). The National Electronic Funds Transfer (NEFT) system operated by RBI is
available 24×7 and ensures settlement in half hourly batches.
RBI in exercise of its powers conferred under Section 10 (2) read with Section 18 of Payment and
Settlement Systems Act, 2007 issues new guidelines for non-bank payment system operators (PSOs).
PSOs are institutions, which have been authorized to operate payment systems. Click here to read more.
RBI: Imposes Restrictions on Four Co-op Banks; Penalises FB & BOI for Violating Regulations
The Reserve Bank of India (RBI) imposed various restrictions on 4 cooperative banks under the
Banking Regulation Act, 1949 for 6 months which also included a cap on withdrawals by depositors.
✓ The 4 banks are Ramgarhia Co-operative Bank, New Delhi, Sahebrao Deshmukh Co-operative
Bank, Mumbai, Maharashtra, Sangli Sahakari Bank, Mumbai; and Sharada Mahila Co-operative
Bank Limited, Tumkur, Karnataka.
The RBI has also imposed a monetary penalty of Rs 5.72 crore on FB Limited for non-compliance with
certain provisions of its Know Your Customer (KYC) guidelines; a monetary penalty of Rs 70 lakh on
BOI for non-compliance with certain provisions of the RBI’s KYC Direction, 2016 and circular
instructions on Compliance Function in Banks; and imposed Rs 7.60 lakh on Dhani Loans and Services
Limited, Gurugram, for non-compliance with the RBI’s KYC Directions, 2016 issued by RBI.
RBI 22nd Systemic Risk Survey States Credit demand to improve in next 3 months; Eases FPI,
NRI Deposit Norms to Prevent Rupee slide
According to the Reserve Bank of India’s (RBI) 22nd round of Systemic Risk Survey (SRS), which was
conducted in May 2022demand for credit, is expected to see marginal to considerable
improvement in the next three months.
✓ This credit demand will be backed by recovery in GDP (Gross Domestic Product) growth, higher
consumer spending, pick up in manufacturing sector activity, public investment in infrastructure
and higher demand for working capital.
The RBI has announced a series of measures to prevent a Rupee slide, and support foreign exchange
reserves. A slide in the rupee means a higher valuation of RBI’s assets held in dollars.
These include relaxation in foreign investment in debt, external commercial borrowings (ECBs), and
Non-Resident Indian (NRI) deposits. Click here to read more.
RBI allows Trade transactions with Sri Lanka may be Settled outside ACU; Imposes Fines on 3
co-operative banks for Non-Compliance
The Reserve Bank of India (RBI) has allowed all eligible current account transactions including trade
transactions with Sri Lanka to be/may be settled in any permitted currency outside the Asian Clearing
Union (ACU) mechanism with immediate effect.

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✓ This provision has been made after reviewing clause b of sub-Regulation 2 of Regulation 3 and
clause c of sub-Regulation 2 of Regulation 5 of Foreign Exchange Management (Manner of Receipt
and Payment) Regulations, 2016.
✓ Currently, ACU settlements are done in three currencies: US dollar, the euro, and the Japanese yen.
On July 11, 2022, the RBI imposed penalty on three cooperatives banks for deficiencies in regulatory
compliance by exercising its powers conferred under provisions of Section 47 A (1) (c) read with
Section 46 (4) (i) and Section 56 of the Banking Regulation (BR) Act, 1949.
The banks are Nasik Merchant’s Co-operative Bank Ltd in Nashik (Maharashtra); Maharashtra State Co-
operative Bank Ltd in Mumbai (Maharashtra); and National Central Cooperative Bank Limited in
Bettiah (Bihar). Click here to read more.
Bank Deposit Growth Moderates to 10% on Year in March 2022: RBI

As per the latest data on Deposits with ‘Scheduled Commercial Banks – March 2022’ released by
Reserve Bank of India (RBI), the share of current and savings accounts (CASA) deposits of commercial
banks has increased to 44.8% as of March 2022 end, from 41.7% three years ago.
✓ They accounted for 60.9% and 55.6% of incremental deposits during 2020-21 and 2021-22,
respectively.
The seven states of Maharashtra, National Capital Territory (NCT) of Delhi, Uttar Pradesh, Karnataka,
Tamil Nadu, West Bengal, and Gujarat together accounted for 63.3% of bank deposits in fiscal 2021-22.
Razorpay, Pine Labs & Stripe Receives Payment Aggregator Gateway Licences from RBI
Online payment providers Razorpay, Pine Labs and american payments player Stripe are
the 1st players to receive in-principle approval from Reserve Bank of India for payment aggregator
(PA) and Gateway licence.
✓ In march 2020, the payment aggregator framework was formally introduced which mandates
that only firms approved by the RBI can acquire and offer payment services to merchants.
✓ The firms that were authorised to operate as PA’s will come under the direct purview of the RBI.
PA’s are expected to show a net worth of Rs 15 crore on the date of their applications or as of March-
end 2021 and of Rs 25 crore by the end of FY23.
RBI Cancels Licence of Shri Anand Co-operative Bank Due to Lack of Capital
The Reserve Bank of India (RBI) cancelled the licence of Shri Anand Co-operative Bank
Limited, Chinchwad, Pune in Maharashtra as the lender does not have enough capital to pay present
depositors in full.
✓ The bank is prohibited to carry on banking businesses including acceptance of deposits and
repayment of deposits as defined in section 5(b) read with section 56 of the Banking Regulation
Act, 1949, with effect from 7th July 2022.
✓ RBI: Governor – Shaktikanta Das; Establishment – 1st April 1935; HQ – Mumbai, Maharashtra
RBI sets up mechanism to Settle International Trade Payments in Rupees

The Reserve Bank of India (RBI) unveiled a rupee settlement system i.e. invoicing, payment, and
settlement of exports/imports in INR for international trade INR under Foreign Exchange Management
Act, 1999 (FEMA), with immediate effect. It aims to promote growth of global trade with emphasis on
exports from India.
✓ The directions have been issued under sections 10(4) and 11(1) of the Foreign Exchange
Management Act (FEMA), 1999 (42 of 1999).
The framework for International Trade Settlement for cross border trade transactions in INR includes
Invoicing, Exchange rate and Settlement.

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RBI Cancels Certificate of Registration of Four NBFCS; Fined Ola Financial Services Rs. 1.67
Crore for Violating Norms
The Reserve Bank of India (RBI), in exercise of powers conferred on it under Section 45-IA (6) of the
Reserve Bank of India Act, 1934, has cancelled the Certificate of Registration (CoR) of the
following four Non-Banking Financial Companies (NBFCs) and mandated them to not transact the
business of an NBFC, as defined in clause (a) of Section 45-I of the RBI Act, 1934.
✓ The four NBFCs are: i. Kanva Shree Credit Private Limited (formerly known as MCI Leasing
Private Limited) in Bengaluru, Karnataka; ii.Williamson Magor & Co. Ltd inKolkata, West Bengal;
iii. Galaxy Capital Finance Limited in Kanpur, Uttar Pradesh; iv.SRS Finance Limited in Faridabad,
Haryana
The RBI issued a monetary penalty of Rs. 1,67,80,000/- (Rupees One Crore Sixty-Seven Lakh Eighty
Thousand Only) on Ola Financial Services Private Limited (the entity) in accordance with Section 30
of the Payment and Settlement Systems Act of 2007.
India’s share of Remittance from Gulf Region Declined in FY21: RBI

The Reserve Bank of India (RBI) in its July 2022 Bulletin has published an article titled ‘Headwinds of
COVID-19 and India’s Inward Remittances’.
✓ It claimed that the share of inward remittances from the Gulf Cooperation Council (GCC) region is
estimated to have decreased from more than 50% in 2016–17 to about 30% in 2020–21 amid
COVID–19–induced economic stress. This is according to the 5th round of the Survey on
Remittances for the year 2020–21 conducted by the RBI.
✓ The United States (US) surpassed the United Arab Emirates (UAE) as the top source country,
accounting for 23% of total remittances in 2020-21.
India remained the top recipient country, accounting for 12% of total global remittances, recording a
marginal decline of 0.2% in 2020 and a growth of 8% in 2021. Click Here for Official PDF
RBI Imposes Restrictions on Three Urban Cooperative Banks

The Reserve Bank of India (RBI) has imposed restrictions on three urban co-operative
banks (UCBs) including:
i. Durga Co-operative Urban Bank, Vijayawada (Andhra Pradesh)
ii. Jaiprakash Narayan Nagari Sahakari Bank, Basmatnagar (Maharashtra)
iii. The Karmala Urban Co-operative Bank, Solapur (Maharashtra)
The Directions will remain in force for 6 months from the close of business on 29th July 2022, and are
subject to review.
RBI stipulates 4-Tier Regulatory Structure for UCBs; Restricts 3 cooperative banks
from Conducting Banking Activity
The Reserve Bank of India (RBI) prescribed the following four-tier regulatory structure with
differentiated regulatory prescriptions for Urban Cooperative Banks (UCBs) to strengthen their
financial resilience, and to enhance their ability to fund their growth:
✓ Tier-I: All unit UCBs and salary earners’ UCBs, irrespective of deposit size, and all other UCBs with
deposits of up to Rs100 crore
✓ Tier-II: UCBs with deposits of more than Rs 100 crore and up to Rs 1,000 crore
✓ Tier III: UCBs with deposits of over Rs 1,000 crore and up to Rs 10,000 crore
✓ Tier-IV: UCBs with deposits of over Rs 10,000 crore
The RBI in exercise of its powers conferred under sub section (1) of Section 35 A of the Banking
Regulation Act, 1949, read with Section 56 of the Banking Regulation Act, 1949, imposed restrictions on
the following three cooperative banks due to their poor liquidity position:
✓ Nashik Zilla Girna Sahakari Bank Limited, Nashik (Maharashtra)

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✓ Sri Mallikarjuna Pattana Sahakari Bank Niyamita, Maski (Karnataka)

Raigad Sahakari Bank Limited, Mumbai (Maharashtra). Click here to read more.
RBI signs its renewed Statement of Commitment to the FX Global Code

The Reserve Bank of India (RBI) signed its renewed Statement of Commitment (SoC) to the FX Global
Code. The Code is being implemented globally by the Global FX Committee (GFXC) in co-ordination
with the Local FX Committee (LFXC) in each jurisdiction. RBI is a member of GFXC. [FX stands for
Foreign Exchange].
The Code is a compilation of best practices for foreign exchange market participants. It was formulated
by Central Banks and market participants, and was developed under the aegis of Bank for
International Settlements (BIS), Basel, Switzerland.
RBI Imposes Restrictions on two Co-Operative Banks, Caps Withdrawal Amount

The Reserve Bank of India (RBI) imposed several restrictions on two Uttar Pradesh (UP) based
cooperative banks, Lucknow Urban Co-operative Bank and Urban Co-operative Bank Limited
from Sitapur, including restriction on withdrawal of funds.
✓ The restrictions were imposed under the Banking Regulation Act which will remain in force for 6
months.
✓ These two banks cannot grant loans, make investments, incur any liability including borrowal of
funds or acceptance of deposits, disburse funds or dispose assets without permission of RBI.
RBI: Governor – Shaktikanta Das; Establishment – 1935; HQ – Mumbai, Maharashtra
RBI Extends Window for Payment Aggregators to Apply for License

The Reserve Bank of India (RBI) has given another window to Payment Aggregators (PAs) in
existence as of March 17, 2020 to apply to the RBI for a license by September 30, 2022. PAs are
mandated to have a minimum net worth of Rs 15 crore as on March 31, 2022.
✓ The firms that have been granted permission to act as PAs in India will be directly supervised by
the RBI when providing payment services to merchants. The timeline of March 31, 2023, for
achieving the net worth of Rs 25 crore would remain.
PAs are entities that facilitate e-commerce sites and merchants to accept various payment instruments
from customers for completion of their payment without the need for merchants to create separate
payment integration systems of their own.

World Bank India’s Health USD 1 Billion The World Bank (WB) Board of Executive
Sector Directors has approved 2 complementary loans
of USD 500 million each to support India’s
health sector. The two complementary combined
loans of USD 1 billion will be offered to support
India’s flagship Pradhan Mantri-Ayushman
Bharat Health Infrastructure Mission (PM-
ABHIM) which was launched in October 2021, to
improve the public healthcare infrastructure
across India.
✓ This loan will be prioritized for seven
states including Andhra Pradesh, Kerala,
Meghalaya, Odisha, Punjab, Tamil Nadu,

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and Uttar Pradesh to improve the health

sector.
✓ The two loans from International Bank
for Reconstruction and
Development (IBRD) supports Public
Health Systems for Pandemic
Preparedness Program (PHSPP) and
Enhanced Health Service Delivery
Program (EHSDP) with a final maturity
of 18.5 years including a grace period of 5
years.
WB: President – David Robert Malpass;
Establishment -1944; HQ – Washington D.C,
United States (US)
Asian Development Himachal USD 96.3 Asian Development Bank (ADB) has approved
Bank Pradesh million USD 96.3 million (~Rs.770 crores) loan to
(~Rs.770 provide safe drinking water, sanitation services
crores)
and improve water supply in Himachal Pradesh
under the Himachal Pradesh Rural Drinking
Water Improvement and Livelihood Project.
✓ The aim is to upgrade water supply
infrastructure and strengthen
institutional capacity for safe,
sustainable, and inclusive rural water
supply management and sanitation
services.
✓ Faecal sludge management and
sanitation programme, a pilot project will
be implemented in Sirmaur
District, Himachal Pradesh.
ADB: President – Masatsugu Asakawa;
Establishment – 1966; HQ – Manila, Philippines
Japan International India 100,000 Japan International Cooperation
Cooperation million yen Agency (JICA) signed a loan agreement with
Agency (JICA) (JPY) (~Rs the Government of India to provide Japanese
6000 crore)
Official Development Assistance (ODA) loan of up
to a total of 100,000 million yen (JPY) (~Rs
6000 crore) as Tranche 3 for the Project for the
construction of Mumbai-Ahmedabad High-Speed
Rail (MAHSR) (III).
✓ This loan agreement has been signed
after the 250,000 million JPY (~Rs.
18,000 crores) package of JICA’s
commitment towards the development of
India’s first High-Speed Rail initiative in
2017.
✓ The project aims to develop a high-
frequency mass transportation system by
constructing the High-Speed Rail along

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the 500 km system between Mumbai in

Maharashtra and Ahmedabad in Gujarat.
This enhances mobility in India contributing
towards regional economic development and
also development towards Sustainable
Development Goals (SDGs), Goals 8 (Decent
work and economic growth), Goal 9 (Industry,
innovation and infrastructure), 11 (Sustainable
cities and communities), and Goal 13 (Climate
Action).

Asian Development Singapore Purpose: to promote investments in the Asia and Pacific
Bank (ADB) region and to recognize the importance of private sector
finance as well as catalysing public sector resources for
sustainable and inclusive development.
✓ The MoU was signed by Masatsugu Asakawa, ADB
president and Singapore Deputy Prime Minister and
Finance Minister Lawrence Wong.
✓ The signing ceremony was held on the sidelines of
the Group of 20 (G20) Finance Ministers meeting and
Central Bank Governors meeting in Bali, Indonesia.
✓ Singapore was a founding member of ADB and its
Singapore office plays the central role in enhancing
investments under the MoU.
ADB: President – Masatsugu Asakawa; Establishment
– 1966; HQ – Manila, Philippines; Members – 68 members
(48 from Asia & Pacific region).
Power Finance Japan Bank for Purpose: for Japanese Yen (JPY) 30 billion
Corporation (PFC) International ✓ JBIC has provided the loan under the initiative,
Limited, a state-owned Cooperation (JBIC) ‘Global action for Reconciling Economic growth and
and a leading Non- Environmental preservation’ (GREEN).
Banking Finance ✓ JBIC provides financing for projects that effectively
Company (NBFC) in the reduce greenhouse gas emissions and work towards
Indian power sector the conservation of the global environment.
PFC Limited: Chairman & Managing Director (CMD)
– Ravinder Singh Dhillon; Establishment – 1986; HQ – New
Delhi, Delhi.
State Bank of Karnataka Digital Purpose: to support the start-up ecosystem of Karnataka
India (SBI) Economy ✓ The MoU will further allow SBI and KDEM to
Mission (KDEM) participate in cluster funds under Karnataka
Information Technology Venture Capital
Fund (KITVEN), which has focused on long term
investment in seed or rapid growth opportunities
within Karnataka.
SBI will utilise the Credit Guarantee Fund Trust for Micro
and Small Enterprises (CGTMSE) scheme to provide loan up
to Rs.2 crore loan without collateral recognised under

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KDEM’s Elevate programme, that support around 1000

start-ups.
Axis Bank Indian Air Force Purpose: to manage salary accounts of the defense
(IAF) personnel under its ‘Power Salute’ initiative.
Under the MoU, the bank will offer benefits to all ranks of
IAF personnel including the veterans, cadets/recruits It
includes a personal accident cover of up to Rs 56 lakh, total
permanent disability cover benefit of Rs 46 lakh, air accident
covers of Rs 1 crore among others.
Airtel Payments Bank Axis Bank Purpose: to digitise the cash collection system in Tier III
cities and semi-urban regions.
✓ Axis Bank’s agents can now deposit the amount at
any Airtel Payments Bank outlet for transferring to
the Axis Bank accounts instead of reaching out to the
branch for depositing the collected Equated Monthly
Income (EMI) amount.
Airtel Payments Bank: MD & CEO – Anubrata Biswas;
Establishment – 2017; HQ – New Delhi,Delhi
Punjab National Indian Air Purpose: to provide specially designed products to the
Bank (PNB) Force (IAF) defence personnel under the ‘PNB Rakshak Plus’ scheme.
✓ It is a Zero Balance Salary/ Pension Account for
Serving & Non- Serving Defence Personnel i.e. all
three wings of Defence.
PNB Rakshak Plus Scheme also includes Border Security
Force (BSF), Central Reserve Police Force (CRPF), Central
Industrial Security Force (CISF), Indo-Tibetan Border Police
(ITBP), State Police Force, Metro Police (Cities which
follows Police Commissionerate System- like Delhi
Police, Mumbai Police, Kolkata Police etc.), Research and
Analysis Wing (RAW), Intelligence Bureau (IB), Central
Bureau of Investigation (CBI) Indian Coast Guard Personnel
& Para-Military personnel, Gentlemen cadets and Special
Forces at Central & State level.
City Union Bank (CUB) Shriram General Purpose: for the distribution of the insurance products
Insurance through the Bank’s network across India.
Company Under the agreement, Shriram General Insurance would
offer both personal lines of insurance products (motor,
personal accident, home and travel) and commercial lines of
insurance products (property, marine and engineering
insurance) to the Bank’s customers.
Axis Bank EazyDiner, India’s Purpose: to launch Dining Delights, a unique dining
leading table experience for the bank customers.
reservation, food ✓ The program will offer benefits such as the option to
discovery and choose from over 10,000 premium restaurants
restaurant across India and Dubai, instant confirmation on table
payment platform reservations, and exclusive offers on dining
reservations made through the EazyDiner app.

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This new initiative is aligned to serve an increasing number

of customers who want choice, variety and convenience
while dining out, all at one go.
State Bank of India Indian Air Force For the Defence Salary Package (DSP) scheme.
(SBI) (IAF) ✓ The DSP scheme offers various benefits and features
such as complimentary personal accidental
insurance, air accidental insurance, and additional
cover in case of on-duty death to all serving and
retired Air Force personnel and their families.
A Non-Financial MoU b/w: SBI with Samunnati, an agri
finance company
Purpose: for financing farmer producer
organisations (FPOs) with an initial outlay of Rs. 100 crore.
SBI: Chairman – Dinesh Kumar Khara; Establishment – 1st
July 1955; HQ – Mumbai, Maharashtra.
Standard Chartered Jubilant Pharma Purpose: for a five-year loan of USD 400 million (about Rs
Bank (SCB) Holdings Inc (JPHI) 3,186 crore) for repayment of existing term loan and bonds
aggregating USD 350 million (about Rs 2,787 crore) and
additional tranche of USD 50 (about Rs 400 crore) million
for capital expenditure.
Jubilant Pharma Holdings Inc (JPHI), a subsidiary of Jubilant
Pharma Limited is the wholly-owned subsidiary of Jubilant
Pharmova Limited (Parent Organisation).
South Indian Bank (SIB) Kerala’s Forest and Purpose: to enable digital collection of payments at eco-
Wildlife tourism centres, Vanasree shops, mobile Vanasree units and
Department eco-shops across Kerala.
✓ The partnership will commence by setting up 124
Point-of-sale (POS) machines under 36 forest
department agencies across Kerala.
SIB: MD & CEO – Murali Ramakrishnan; Establishment
– 1929; HQ – Thrissur, Kerala
SBI General nurture.farm, an Purpose: to expand its insurance solutions for its 1.9 million
Insurance and agri-tech startup farmers in 2022-23.
Future Generali India ✓ The agri-tech nurture.farm is an open digital
Insurance Company platform for farm growers, farming communities
and food systems and has recently stepped into
insurance.
✓ The nurture.farm has received a licence from the
Insurance Regulatory and Development Authority of
India (IRDAI) on providing insurance to help farmers
with insurance solutions at cost-effective prices.
SBI General Insurance: MD & CEO – Paritosh Tripathi; HQ
– Mumbai, Maharashtra.
SBI Cards and Payment Aditya Birla Purpose: for the launch of ‘Aditya Birla SBI Card’
Services Finance ✓ This card has been designed to award customers
Limited (ABFL), the with reward points on their spending in telecom,
lending subsidiary fashion, travel, dining, entertainment, and hotels.
of Aditya Birla ✓ The card has been launched in two variants, ‘Aditya
Capital Birla SBI Card SELECT’ and ‘Aditya Birla SBI Card’, on

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the Visa platform and benefits 35 million (3.5 crore)

customers of Aditya Birla Capital.
SBI Cards: MD & CEO – Rama Mohan Rao Amara;
Establishment – 1998; HQ – Gurugram, Haryana
Edelweiss General Avanse Financial Purpose: to provide travel insurance to Indian students
Insurance Services, an going abroad for higher education.
education-focused ✓ Under this partnership, EGI plans to offer complete
Non-Banking coverage against medical, stay and travel
Financial Company inconvenience-related covers, thereby ensuring a
(NBFC) worry-free, study & stay period for students.
Students will also have the choice to customize their plan
with optional covers as per their needs and requirements
from universities.
HDFC Bank NIIT Limited Partnership b/w: National Institute of Information
Technology (NIIT), Institute of Finance, Banking & Insurance
(IFBI), a subsidiary of NIIT Limited, & HDFC Bank
Purpose: to build digital talent for the banking industry.
✓ The partnership aims to nurture talent in the tech
field of data science and empower them to leverage
data meaningfully and deliver useful business
insights.
The first learning program to be launched is the HDFC Bank
Data Digits-Post Graduate (PG) Program in Data
Engineering.
Bank of Baroda (BoB), Women’s World Purpose: to launch the broader Phase 3 of the ‘Baroda Jan
one of India’s leading Banking (WWB), a Dhan Plus’ to inculcate savings behaviour in customers.
public sector banks global Non-Profit ✓ It will be rolled out in all 13 districts of Uttarakhand
Organization (NPO) & 25 districts in Uttar Pradesh, with the aim of
enhancing access to and promote the participation of
low-income women with formal financial services
✓ The Pradhan Mantri Jan Dhan Yojana (PMJDY)
Overdraft (OD) facility and other social security
schemes will be used to disseminate the benefits of
saving and enable access to formal credit.
BoB: MD & CEO – Sanjiv Chadha; Establishment – 1908;
HQ – Vadodara, Gujarat.
Tata Mutual Fund Computer Age Purpose: to introduce Unified Payments Interface (UPI)
Management Autopay for immediate Systematic Investment Plan (SIPs).
Services UPI Autopay will enable investors in mutual funds to use
Limited, CAMSPay their Virtual Payment Address (VPA) or UPI handle to
mandate an Autopay facility for their SIP contributions.
National Payments Mumbai- Purpose: to co-create a master’s programme in
Corporation of India based Jamnalal management studies in digital payments for its employees.
(NPCI) Bajaj Institute of The Degree was launched under NPCI’s “Learn while you
Management Earn” higher education programme with its first batch
Studies (JBIMS) commencing in June 2022. The launch aims to integrate
aspects of technology, finance and information system and
management studies into a single Master’s specialisation in
digital payments.

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SBICAP Ventures Ltd. Ministry of Purpose: to create the Trilateral Development

(SVL), an Indian External Cooperation Fund (TDC Fund) for joint projects with global
alternative asset Affairs (MEA) partners.
manager ✓ India would contribute approximately Rs. 175 crore
(Pound (£) 17.5 million) to the Global Innovation
Development Fund (GIP Fund) through the TDC
Fund.
✓ The GIP Fund will target innovative Indian
enterprises that are at an advanced stage but do not
have access to funding for expansion to other
developing countries.
In addition to facilitating the GIP programme for MEA, SVL
will serve as the TDC Fund’s administrator-cum-advisor
(Investment Manager).
City Union Bank Tata AIA Life Purpose: to provide life and health insurance solutions to
Insurance the bank’s customers.
Company Ltd., ✓ Through this agreement, Tata AIA Life’s diverse and
(Tata AIA Life) innovative products and services, including term
insurance, savings and investment, retirement, and
health care, will be more accessible to both current
and new customers of CUB.
CUB: MD & CEO – Dr. N. Kamakodi; Headquarters –
Kumbakonam, Tamil Nadu; Tagline – Trust and Excellence
Since 1904.
Star Health and Allied Common Services Purpose: to take health insurance to rural India.
Insurance Company Centres (CSC), ✓ It aims to increase awareness of health insurance
Limited under the Ministry and to increase its penetration in rural India with the
of Electronics and help of additional distribution networks which
Information further increase market share and strengthen its
Technology (MeitY) presence across India.
Star Health: Chairman & CEO – V. Jagannathan;
Establishment – 2006; HQ – Chennai, Tamil Nadu
Karnataka Bank JCB India Limited a Purpose: for nominating Karnataka bank as its preferred
manufacturer of Financier
earthmoving and ✓ As a preferred financier, Karnataka Bank will offer
construction loans to individuals, contractors, companies and
equipment in India partnership firms at competitive interest rates for
purchasing a wide range of equipment from JCB
India Limited.
✓ The bank will provide loans under its Micro Small
and Medium Enterprises (MSME) portfolio
Karnataka bank: MD & CEO – Mahabaleshwara M.S;
Establishment – 1924; HQ – Mangaluru, Karnataka
Federal Bank Central Board of Purpose: to launch CBDT’s new online tax payment service.
Direct Taxes ✓ Federal Bank also registered under Tin 2.0
(CBDT) platform of Income Tax Department. Technology
Investment Notification (TIN) is a repository
of India’s Tax related information.

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✓ Any individual can now pay their taxes instantly via

any of their payment modes such as Debit/Credit
Card, UPI, Net banking, cash, NEFT/RTGS etc.
Federal Bank: CEO & MD-Shyam Srinivasan; HQ- Aluva,
Kerala; Founded- 1931.
Bajaj Allianz Life DBS Bank India, the Purpose: to offer a wide range of life insurance solutions to
Insurance Company wholly owned the customers of DBS Bank.
Limited (Bajaj Alliance subsidiary of DBS ✓ Both sides aim to empower the customers to ‘live
Life) Bank Limited, more and bank less’ by investing in life insurance
Singapore products.
✓ The new and existing customers from more than 500
branches of DBS bank can choose from Bajaj Allianz
Life’s retail products including term, savings,
retirement and investment products.
Bajaj Allianz Life: MD & CEO – Tarun Chugh;
Establishment – 2001; HQ – Pune, Maharashtra
IndusInd Bank EasyDiner Purpose: to launch EasyDiner IndusInd Bank Credit Card, a
co-branded credit card that aims at enhancing customers
dining experience.
IndusInd Bank: MD & CEO - Sumant Kathpalia;
Establishment – 1994; HQ – Pune, Maharashtra
HDFC Securities Equitas Small Purpose: to provide its clients a demat account and its
Ltd., (HDFC Securities) Finance broking or investment services.
Bank (Equitas SFB) ✓ As a result of this collaboration, Equitas SFB will be
able to provide its clients with a 3-in-1 account that
enables them to access the services of HDFC
Securities.
✓ HDFC Securities will manage the complete
experience of the customers of Equitas SFB, from
account opening to regular share transactions.
Equitas SFB: MD & CEO – Vasudevan Pathangi Narasimhan;
Founded –2016; HQ – Chennai, Tamil Nadu
Kotak Mahindra Inspektlabs Purpose: to automate the vehicle inspection process for
General Insurance vehicle insurance renewals using Artificial Intelligence (AI)
Company Limited based technology.
(Kotak General The technology will detect fraud based on the uploaded
Insurance) pictures & videos aiding the underwriting process.
Aditya Birla Health Policybazaar.com, a Purpose: Launched ‘OPD Add-on’ insurance cover for
Insurance Company non-bank financial customers to address their health & wellness needs.
Limited (ABHICL), a company (NBFC) ✓ This product provides unlimited medical
subsidiary of Aditya consultation at an affordable price.
Birla Capital Limited It also offers a range of special consultations such as
(ABCL) Gynaecology, Orthopaedic, Paediatric, Ophthalmologist,
Physiotherapist and Nutritionist, referred or prescribed by a
General Practitioner, in relation to any illness or injury.

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OTHER BANKING NEWS

World Bank to Fund USD 200 Million for HP Power Sector Reforms
Government of India (GOI) will provide a financing facility worth USD 200 million (around Rs. 1600
Crore) through the World Bank (WB) for the Himachal Pradesh (HP) Power Sector Development
Program.
✓ The total cost of HP Power Sector Development Program will be estimated as approximately 2000
crores along with state equity.
✓ The funding from the WB is expected to be available by the beginning of 2023 and the project
duration will be completed in five years from 2023 – 2028.
WB: President – David Malpass; Established in – 1944; HQ – Washington D.C, United States
(US)
SEBI Extends the Deadline for Introducing DDPI System to September 1, 2022
The Securities and Exchange Board of India (SEBI), the capital markets regulator, has extended the
deadline for implementation of the guidelines, related to the Demat Debit and Pledge Instruction
(DDPI) for pledging and repledging of stocks for margin purposes, by 2 months, from its original date of
July 01, 2022 to September 01, 2022
✓ The guidelines are intended to prevent the misuse of Power of Attorney (PoA) granted by clients
to stock brokers, and once implemented, PoA will be replaced with a DDPI document.
✓ Objective: To protect the interests of investors in securities, and to promote the development and
regulation of securities markets.
The action is taken in accordance with Section 11(1) of the Securities and Exchange Board of
India Act, 1992, and Section 19 of the Depositories Act, 1996.
SEBI issues new Guidelines for Settlement of Running Account

The Securities and Exchange Board of India (SEBI) has issued new guidelines for settlement of running
accounts of clients’ funds or securities lying with stock brokers. It also asked stock exchanges to issue
operational guidelines to their members in this regard. The new guidelines will be effective from
October 1, 2022.
✓ Running Account Settlement is the process of transferring back the unused funds of the clients to
their accounts by stock brokers.
The settlement of running account of client funds should be done by the trading members (TM) after
considering the End of the day (EOD) obligation of funds as on the date of settlement across all the
Exchanges on the first Friday of the Quarter (i.e., Apr-Jun, Jul-Sep, Oct-Dec, Jan–Mar) for all the clients.
SEBI extends Deadline for Commencing KYC Record Validation by KRAs till Nov 1, 2022
The Securities and Exchange Board of India (SEBI) has extended the deadline for commencing the
validation of all KYC (Know Your Customer) records by KYC Registration Agencies (KRAs) by three
months to November 1, 2022.
✓ This is for the 2nd time that SEBI has extended the deadline. Earlier, it was extended till August 1,
2022 from July 1, 2022.
KYC records of all existing clients, who have used Aadhaar as an Officially Valid Document (OVD), will
be validated within a period of 180 days from November 1, 2022.
European Investment Bank joins India-led Coalition for Disaster Resilient Infrastructure
The European Investment Bank (EIB), the lending arm of the European Union (EU), has joined the
India-led Coalition for Disaster Resilient Infrastructure (CDRI) as part of efforts to limit damage
caused by climate change.

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✓ The EIB will help CDRI to develop the research and knowledge-management capabilities of its
members by offering advisory and financial support to CDRI members.
✓ Since the beginning its operations in India in 1993, the EIB has supported 17 projects in transport,
energy, agriculture, fisheries and forestry with investments of nearly €4.2 billion.
✓ EIB: President– Werner Hoyer; Established in – 1958; HQ– Luxembourg, Europe
UBI Plans Automated Solution for Resolution of Stressed Assets – Union SARAS
State-Owned Union Bank of India (UBI) is planning to develop an automated solution, Union SARAS
(Stressed Assets Recovery Automated Solution) for early resolution of stressed assets through a bad
loan management system.
✓ The automated solution will cover recovery actions under Securitization and Reconstruction of
Financial Assets and Enforcement of Security Interest Act (SARFAESI), Debts Recovery
Tribunal (DRT) and Insolvency Bankruptcy Code (IBC).
✓ Under Union SARAS, the software has been created in digitising and recovery of stressed assets.
This will digitise all recovery financial areas of the stressed asset including field-related works and
convert the flow of recovery actions through automated solutions.
UBI: MD & CEO – A. Manimekhalai; Establishment – 1919; HQ – Mumbai, Maharashtra
NDB Approves 5 New Projects Worth USD 875 Million for Various Departments in Brazil, China
& India
The New Development Bank (NDB) has approved 5 new projects, worth USD 875 million, for water,
sanitation, eco-tourism and transport, which will support the investment commitment by Brazil, China
and India toward Sustainable Development Goals (SDG).
✓ Brazil – NDB will channel USD 300 million for the projects that will be implemented by São Paulo
state utility SABESP, a water and sanitation company.
✓ China – NDB approved invested EUR 265 million for the expansion of the Lanzhou Zhongchuan
International Airport and Renminbi (RMB) 805 million for the expansion of the Xi’an Xianyang
International Airport.
India – NDB has approved USD 79 million for the Meghalaya Ecotourism Infrastructure Development
project which will contribute to the development of 5 eco-tourism circuits including construction of 114
km of roads and bridges.
SBI to Raise Rs. 11,000 Crore in Basel III Bonds in FY23

The State Bank of India (SBI) has received approval from its Board of Directors to issue bonds to raise
up to Rs. 11,000 crores via additional Tier-I and Tier II bonds during the current fiscal year 2022–23
(FY23).
✓ Of the total earmarked fund-raise, the approval is for additional tier-1 (AT-1) capital up to Rs.
7,000 crore, subject to concurrence from the Government of India (GoI). The remaining Rs. 4,000
crore will be in the form of tier-2 capital.
AT-1 bonds, often known as perpetual bonds, have no maturity date but contain a call option at the end
of five years. These are issued by banks to increase their core equity base and so comply with Basel III
standards.
In a First, MoD Approves Private Sector Banks for Financial Services in Overseas Procurement
For the first time, the Ministry of Defence (MoD) has entrusted 3 private sector banks—HDFC Bank
Ltd., ICICI Bank, and Axis Bank Ltd.—to provide financial services such as Letter of Credit (LoC) and
Direct Bank Transfer operations for overseas procurement.

Topic-wise PDF
✓ A Letter of Credit (LC) transaction of Rs 2000 crore may be granted to the selected banks
concurrently for a year on both the capital and revenue sides (Rs. 666 Crore for each bank under
both capital as well as revenue).
Bank Name MD & CEO Establishment Headquarters Tagline
HDFC Bank Sashidhar Jagdishan 1994 Mumbai, We Understand Your World
Ltd. Maharashtra
ICICI Bank Sandeep Bakhshi 1994 Mumbai, Hum Hai Na Khayal Apka
Maharashtra
Axis Bank Ltd. Amitabh Chaudhry 1993 Mumbai, Badhti Ka Naam Zindagi
Maharashtra
AIIB to establish an Interim Operational Hub in Abu Dhabi, UAE

Asian Infrastructure Investment Bank (AIIB) has approved the establishment of an Interim Operational
Hub, its first overseas office in Abu Dhabi, United Arab Emirates (UAE), pending formal agreement to be
finalised.
✓ AIIB Starting with 57 founding members (UAE is one of them) in 2016 at headquarters Beijing,
China, now AIIB has 105 members and developed a portfolio of 181 projects in 33 member
countries with a total amount of USD 35.7 billion.
✓ India is the second-largest shareholder of the Asian Infrastructure Investment Bank (AIIB) after
China.
✓ The bank is headed by former Chinese Vice Minister for Finance, Jin Liqun. Urjit Patel, Former
Reserve Bank Governor (India) is one of its five Vice Presidents.
Central Govt declares ‘Zero Coupon Zero Principal Instruments’ as Securities

The Central Government has declared ‘Zero Coupon Zero Principal Instruments’ as securities, for the
purposes of the Securities Contracts (Regulation) Act, 1956.This declaration is a run up to setting up a
social stock exchange (SSE).
✓ Zero Coupon Zero Principal Instruments are the instruments issued by a Not-for-Profit
Organisation (NPO) which will be registered with the SSE segment of a recognized stock
exchange. These will be governed by rules made by the Securities and Exchange Board of India
(SEBI).
The idea for the SSE was induced by the Union Minister Nirmala Sitharaman, Ministry of
Finance in her Budget Speech 2019-20. It will serve private and non-profit sector providers by
channeling greater capital to them.
Banking Frauds of Over Rs 100 Crore Witness Significant Decline in FY22

Bank fraud involving sums over Rs. 100 crore has declined substantially, with banks reporting cases
worth Rs. 41,000 crore in Fiscal Year 2021-22 (FY22), compared to Rs. 1.05 lakh crore in FY21.
✓ According to official data, the number of fraud cases in private and Public Sector Banks (PSBs)
decreased to 118 in FY22 from 265 in FY21.
✓ The overall number of fraud cases involving over Rs. 100 crore have decreased for PSBs, from 167
in FY21 to 80 in FY22, while they have decreased for private sector lenders, from 98 in FY21 to 38
in FY22.
The cumulative amount for PSBs has decreased from Rs. 65,900 crore in FY21 to Rs. 28,000
crore in FY22. The decrease for private sector banks in FY22 is from Rs. 39,900 crore in FY21
to Rs. 13,000 crore in FY22.

Topic-wise PDF
ONDC & NABARD Jointly Organised Grand Hackathon to Promote E-commerce in Agri Sector;
Launched by Piyush Goyal
Union Minister Piyush Goyal virtually launched the 3-day ‘Grand Hackathon’, a hybrid event with the
physical event held at the Bombay Stock Exchange (BSE) in Fort, Mumbai, Maharashtra.
✓ It was organised by the Open Network for Digital Commerce (ONDC), a project initiated by the
Department for Promotion of Industry and Internal Trade (DPIIT) in collaboration with National
Bank for Agriculture and Rural Development (NABARD).
The “Grand Hackathon” is subdivided into two categories: the Agri Grant Challenge and the Agri
Innovation Hackathon, which will highlight the ideas to support the adoption of eCommerce in the
agricultural sector.
Kotak Mahindra Bank: First Private Bank to Integrate with New Income Tax Portal
Kotak Mahindra Bank has become the 1st private sector bank to be fully integrated with the new e-
filing portal of the Income Tax department after the completion of its technical integration with the
new e-filing portal.
✓ Customers, both Individual and corporate can pay direct taxes through the portal’s e-pay tax tab
using Kotak net banking.
✓ In October 2021, Kotak Mahindra Bank became the 1st private sector bank to receive approval as a
collections partner for taxes.
✓ Kotak Mahindra Bank: MD & CEO – Uday Kotak; Establishment – 2003; HQ – Mumbai,
Maharashtra; Tagline – Let’s Make Money Simple
YES Bank Signs Term sheet with JCF ARC LLC & JC Flowers for Sale of Stressed Loans
YES Bank has signed a binding term sheet with JCF ARC LLC and JC Flowers Asset Reconstruction
Private Limited for the sale of bad loans worth Rs. 48000 crore.
✓ JC Flowers ARC will be the base bidder for the proposed bad loan and the term sheet has become
effective from 15th July 2022.
✓ Based on Reserve Bank of India (RBI) guidelines, YES Bank will run a transparent bidding process
for the sale of bad loans on swiss challenge basis using JC Flowers bid as the base bid.
YES Bank: MD & CEO – Prashant Kumar; Establishment – 2004; HQ – Mumbai, Maharashtra; Tagline
– Experience Our Expertise.
Bandhan Bank Opens New Currency Chest in Patna for Cash Management
Bandhan Bank opened its first currency chest in Deedargunj in Patna, Bihar which helps in cash
management for bank branches and ATMs.
✓ Currency chests are depositories established by the Reserve Bank of India (RBI) to facilitate the
distribution of new currency notes, recycle old notes and to retain cash reserves of the banks.
✓ According to the RBIs, 2020-2021 Annual Report (as on March 2022), there are 2,878 currency
chests in India.
Category Number of Currency Chests
State Bank of India 1,544
Nationalised Banks 1,067
Private Sector Banks 253
Cooperative Banks 5
Foreign Banks 4
Regional Rural Banks 4

Topic-wise PDF
Reserve Bank of
India 1
Total 2,878
UBI Launches Metaverse Virtual Lounge, ‘Uni-verse’, & Open Banking Sandbox Environment
Union Bank of India (UBI), one of India’s leading Public Sector Banks (PSBs), announced the launch
of ‘Uni-verse’, the bank’s Metaverse Virtual Lounge, and the Open Banking Sandbox Environment at an
event in Mumbai, Maharashtra.
✓ By launching ‘Uni-verse’, UBI has become the first Indian bank to open a virtual shop for publicity.
The Metaverse Virtual Lounge initiative is a collaboration with Tech Mahindra, which offers
creative and customer-centric digital experiences.
✓ The Sandbox environment will serve as a platform for FinTechs and developers to put their ideas
into action.
UBI: MD & CEO – A Manimekhalai; Establishment – 1919; HQ – Mumbai, Maharashtra; Tagline - Good
People to Bank with
BOI & PFRDA Launches Platform for Opening NPS Account through Mobile phone
Association b/w: Bank of India (BoI); Pension Fund Regulatory and Development
Authority (PFRDA) & k-fintech
Purpose: to launch a digital platform which allows customers to open National Pension System (NPS)
accounts using mobile phones.
✓ The NPS account can be opened by scanning the QR code, that takes to the website, where
customers can fill in the aadhaar number to fetch pictures and other details from DigiLocker.
K-fintech provides Software as a Service (SaaS) based end-to-end transaction management, channel
management and compliance solutions.
CUB Forms Bancassurance Tie-Up with Aditya Birla Health, Bajaj Allianz Life Insurance & Royal
Sundaram General Insurance
City Union Bank (CUB), an old private sector lender, has formed bancassurance partnerships with the
following insurers:
i. Aditya Birla Health Insurance Co Ltd (ABHICL)
ii.Bajaj Allianz Life Insurance Company Limited (Bajaj Allianz Life)
iii. Royal Sundaram General Insurance Co Ltd (Royal Sundaram)
✓ The Open Architecture of the Insurance Regulatory and Development Authority of India
(IRDAI) has permitted banks to have tie-ups with three companies each for general insurance, life
insurance and health insurance.
✓ CUB has tie-up with eight insurers – three each in life [LIC, Tata AIA and Bajaj Alliance] and health
[Star Health, Aditya Birla and Care Insurance] and two in general insurance [Shriram General and
Royal Sundaram].
CUB: MD & CEO – Dr. N. Kamakodi; Establishment – 1904; HQ – Kumbakonam, Tamil Nadu. Click here
to read more.
Standard Chartered Bank, EaseMyTrip launches Co-Branded Credit Card

Standard Chartered Bank launched a co-branded credit card namely ‘EaseMyTrip Standard
Chartered Credit Card’ with online travel platform EaseMyTrip.
✓ The credit card will provide a flat 20% instant discount on domestic and international hotel
bookings & there will also be a flat 10% instant discount on domestic and international flight
bookings on EaseMyTrip.

Topic-wise PDF
✓ The Bank has recently extended its sponsor agreement with Liverpool Football Club by 4 years i.e.,
till the end of 2026-27 season.
Standard Chartered Bank: Headquarters – London, United Kingdom; CEO (India) – Zarin Daruwala
FINANCE NEWS
India Contributes USD 2.5 million to UNRWA for Palestine Refugees
India contributed USD 2.5 million to the United Nations Relief and Works Agency for Palestine
Refugees in the Near East(UNRWA) in support of UNs programmes including education, health care,
relief and social services for Palestine Refugees in the Near East.
✓ This is the first half (2.5 million) of the annual contribution of India (total of 5 million).
✓ Since 2018 India has been a dedicated contributor to UNRWA by donating around USD 20
million in support of other UNRWA services to Palestine refugees across the Middle East.
✓ UNRWA: Commissioner General – Philippe Lazzarini (he is also the Under Secretary General of
UN); Establishment – 1949
Quantum MF Launches India’s 1st Nifty 50 ETF FoF – Quantum Nifty 50 ETF
Quantum Mutual Fund (MF) launches Quantum Nifty (QNifty) 50 Exchange Traded Fund (ETF),
India’s first Nifty 50 and an open-ended Fund of Fund (FoF) that invests in units of Quantum Nifty 50
ETF that is approximately equal to the price of 1/10 (one-tenth) of the Nifty 50 Index.
✓ Hitendra Parekh will be the fund manager, who is managing Quantum 50 ETF since 10th July
2008.
✓ Objective – To provide capital by investing in units of Quantum Nifty 50 ETF replicating/tracking
Nifty 50 Index.
The FoF allows investors to invest in Nifty 50 without a Demat account. The scheme allows them to
invest in units of Quantum Nifty 50 ETF, a passive scheme that is active for the past 14 years.
Max Life Launches Insta-COI+ to Deliver Superior Customer Experience

Max Life Insurance Company Limited has launched ‘Insta confirmation of insurance (Insta-COI)’, for the
customers who buys the ‘Max Life Smart Fixed-return Digital Plan’ (UIN: 104N123V01), a non-linked,
non-participating, individual life insurance savings plan on Max Life website or Policybazaar platform.
✓ The Insta-COI enables notification to the customer regarding the commencement of the risk cover
pending release of the policy contract with a hassle-free onboarding.
✓ Max Life has also introduced innovative digital experiences like chatbot and WhatsApp servicing.
✓ Max Life: MD & CEO – Prashant Tripathy; HQ – New Delhi, Delhi
Salesforce: Announces USD 2 million Grant for education, workforce development in India;
Ties up with HDFC
On 6th July 2022 Salesforce, Inc, a Customer Relationship Management (CRM) firm, announced USD 2
million (about Rs.15.85 crore) in grants to over 22 Non-Profit Organisations (NPO) across India.
✓ Salesforce will partner with institutions such as Meghshala Trust, Inquilab Foundation, Learning
Curve Foundation and others for giving quality education to children.
✓ Thus, students will have access to Hybrid learning spaces, Social Emotional Learning, STEM
(Science, technology, engineering, and mathematics) and early education.
HDFC Limited, a mortgage lender has partnered with Salesforce for supporting growth priorities as
HDFC wanted to build the next generation of integration backbone, to easily connect backend and
frontend systems including Salesforce.

Topic-wise PDF
ECGC Introduces New Scheme Providing Enhanced Insurance Cover for Small Exporters
The Export Credit Guarantee Corporation of India Limited (ECGC) has launched a new scheme to
provide enhanced export credit risk insurance coverage to small exporters, in response to the increased
uncertainty in international trade.
✓ The scheme offers small exporters increased export credit risk insurance coverage of up to 90%
under the Export Credit Insurance for Banks Whole Turnover Packaging Credit and Post Shipment
(ECIB- WTPC & PS).
✓ The ECGC is a Government of India (GoI) enterprise that provides export credit insurance to
Indian exporters and commercial banks.It is administered by the Ministry of Commerce and
Industry (MoCI).
ECGC: CMD - M. Senthilnathan; HQ – Mumbai, Maharashtra. Click here to read more.
ACC Establishes FSIB for Appointments in Financial Institutions

The Appointments Committee of the Cabinet (ACC) headed by the Prime Minister (PM) has approved
the establishment of Financial Services Institutions Bureau (FSIB) with one chairperson and two
members.
✓ It is a single entity constituted for making recommendations for appointments of Wholetime
Directors and Non-Executive Directors in public sector banks (PSBs), public sector insurers (PSIs)
and financial institutions (FIs) including selection of General Managers and Directors in non-life
PSIs.
✓ The former Banks Board Bureau Chairman Bhanu Pratap Sharma to be the 1st chairman of the
entity for 2 years, with 2 other members.
The establishment of FSIB brings an end to the Banks Board Bureau (BBB), that was established in 1st
April 2016 as an autonomous body for the appointments for the Board of Public Sector Banks, Public
Sector Financial Institutions and Public Sector Insurance Companies.
Edelweiss General Insurance Launches Comprehensive Motor Insurance: SWITCH

Edelweiss General Insurance has launched SWITCH, a comprehensive motor insurance product
under Insurance Regulatory and Development Authority’s (Irdai) Sandbox initiative.
✓ SWITCH is an application that is a completely digital, India’s 1st mobile telematics-based motor
policy which detects motion and automatically activates insurance when the vehicle is driven. This
helps customers to pay only for how much they drive.
✓ Certain policies like ‘pay as you drive’ charge a lower premium when the vehicle is driven less
and charge higher when driven more.
Edelweiss General Insurance: Executive Director and CEO – Shanai Ghosh; HQ – Mumbai,
Maharashtra.
SBI General Insurance Launches Cyber Insurance Cover for Individuals: Cyber VaultEdge
SBI General Insurance has launched the Cyber VaultEdge insurance plan, a comprehensive cyber
insurance cover for protecting individuals against financial losses arising from cyber risks and attacks.
✓ It aims to secure individuals by minimising financial losses arising due to internet-based risk or
cyber risks through a comprehensive and affordable product.
✓ Cyber VaultEdge takes care of the legal expenses arising on any legal actions taken for the
incidents against 3rd parties and reimbursement is done to restore data by availing Information
Technology (IT) specialists.
SBI General Insurance: MD & CEO - Paritosh Tripathi; Establishment – 2009; HQ – Mumbai,
Maharashtra.

Topic-wise PDF
IRDAI Sets up Task Forces to Resolve Issues of Insurers & Reinsurers

Insurance Regulatory and Development Authority of India (IRDAI) set up two task forces to resolve
issues between insurers and reinsurers. The task force will submit the reports in 3 weeks.
✓ First Panel – It consists of 9 members to sort out the issues between non-life insurers and re-
insurers. It headed by Bhargav Dasgupta, MD & CEO, ICICI Lombard General Insurance.
✓ Second Panel – The life insurance sector consists of 7 members to sort out the life insurance
segment and re-insurers. It is headed by Naveen Tahilyani, MD & CEO, Tata AIA Life Insurance.
✓ IRDAI: Chairman – Debasish Panda; Establishment – 1999; HQ – Hyderabad, Telangana
Fi Money Introduces ‘Ally Annexure’: A Queer Community Financial Inclusion Initiative

Fi Money, a neobank based in Bengaluru (Karnataka), has launched ‘Ally Annexure’, an initiative to
empower LGBTQ (lesbian, gay, bisexual, and transgender) customers have better access to financial
services. The initiative is currently in its initial stages.
✓ The “Ally Annexure” initiative seeks to educate institutions about the need of being more receptive
to the financial needs of LGBT customers.
It was launched in collaboration with Pride Circle, a diversity and inclusion firm and will be sponsored
by Kochi (Kerala) – based Federal Bank, a banking partner of Fi Money. CEO of Fi Money – Sujith
Narayanan.
Bajaj Allianz launches QR Code-enabled services for customers

Bajaj Allianz Life Insurance, one of India’s leading private life insurers, has launched Industry-first QR
Code Enabled Services to help the customers self-service their needs offering immediate closure of
their requirements. The service will be available across all 509 branches of Bajaj Allianz.
The Pune (Maharashtra) based Bajaj Allianz Life which began operations in 2001 as a joint venture
between Bajaj Finserve and the German financial services major Allianz.
Max Life Launches New Life Insurance Product – Smart Capital Guarantee Solution
Max Life Insurance Company Limited has launched ‘Smart Capital Guarantee Solution’, a life
insurance product solution that merges the benefits of 2 existing products, Max Life Smart Wealth
Plan and Max Life Flexi Wealth Advantage Plan.
✓ From the 2 existing products, the capital guarantee is offered through maturity benefit of Max
Life Smart Wealth Plan and the market-linked returns will be through a part of the premium
paid towards the Max Life Flexi Wealth Advantage Plan.
Max Life Insurance: MD & CEO – Prashant Tripathy; Establishment – 2000; HQ – New Delhi, Delhi
ReNew Power Becomes First Indian RE Firm to Refinance Dollar-Denominated Bonds

ReNew Power, India’s leading Renewable Energy (RE) company, has successfully refinanced its 2024
maturity dollar-denominated bonds with amortising project debt from an Indian nonbank financial
company.
✓ With this, ReNew has become the first Indian renewable energy firm to refinance dollar-
denominated bonds.
✓ ReNew issued bonds worth USD 525 million in 2019, which were set to mature in 2024.
Renew Power is a subsidiary of ReNew Energy Global PLC.
AMFI to launch mutual funds distributor recruitment campaign “Karein Shuru?”

The Association of Mutual Funds in India (AMFI) has launched a mutual fund (MF) distributor
recruitment campaign, “Karein Shuru?” (Can we start?).

Topic-wise PDF
The Indian mutual fund industry has the potential to cross Rs 100 trillion in Assets Under Management
(AUM) before 2030.
Go Digit Insurance launches ‘Pay as You Drive’ add-on cover for Motor Insurance OD Policies
Go Digit General Insurance Limited launched ‘Pay as you Drive’ (PAYD), an add-on feature for
motor insurance Own Damage (OD) policies.
✓ It became India’s first insurance company to introduce the add-on for its customers.
✓ The approval was given by the Insurance Regulatory and Development Authority of India (IRDAI)
to introduce such tech-enabled concepts in motor OD policies.
Chairman of Go Digit: Kamesh Goyal.
Bajaj Allianz General Insurance Launches PAYC Motor insurance add-on cover
Bajaj Allianz General Insurance Company Limited becomes the first company to launch Pay As
You Consume (PAYC), an add-on motor insurance cover under the Insurance Regulatory and
Development Authority of India’s (IRDAI’s) Sandbox Regulations.
✓ This can be opted by the customers along with the Own Damage (OD) plan under package
product, bundled and standalone OD cover.
✓ Customers can now choose the insurance coverage based on their vehicle usage (kilometres
covered) for which the premium will be calculated.
Bajaj Allianz General Insurance: MD & CEO – Tapan Singhel; Establishment – 2001; HQ – Pune,
Maharashtra
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Topic-wise PDF

2022 Banking & Finance

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2022 Banking & Finance - January

RBI Releases Framework for Small-value Offline Digital Payments

RBI granted Scheduled Payment Bank Status to Airtel Payments Bank

RBI Introduces Market Making Scheme to Promote PDs to Trade in RD Scheme

RBI Cancels Authorisation Certificates of Two Payment System Operators

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RBI Sets up Separate Department for Fintech

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RBI conducts Overnight VRR auction of worth Rs. 75,000 crore

RBI Imposes Restrictions on Indian Mercantile Cooperative Bank

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LOANS ISSUED BY BANKS

AGREEMENTS & MoUs SIGNED

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✓ Solar-powered pump-sets will replace diesel pump-

NPCI International TerraPay NPCI International Payments Limited (NIPL), international

OTHER BANKING NEWS

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CDSL Venture Ltd Receives SEBI Approval to Set up Accreditation Agency

SIDBI sanctions financial assistance of ₹650 crore to AUSFB and JSFB

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SBI General Insurance launches ‘#BahaneChhodoTaxBachao’ Campaign on Tax Saving

Airtel Payments Bank & Park+ partner on FASTag-based Parking Solutions

RBL Bank Collaborates with Google for Improving Customer Experience

Axis Bank Collaborates with MinkasuPay for Biometric-Based Banking Payments

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Axis Bank Issues 1st LC on Govt-backed Platform SLDE

Federal Bank, Equirus Wealth Jointly Launches USD Offshore Fund

Ujjivan SFB launches Platina Fixed Deposit scheme

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Government Approves PMC Bank Amalgamation Plan with USFBL

LIC Inaugurated “Digi Zone” To Enhance its Digital Footprint

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Fullerton India and One97 Communications tie up to Provide Lending Products

Nippon India MF launches India’s first Auto Exchange Traded Fund

NBBL Launches UPMS to Simplify Recurring Bill Payments

Reliance Jio Introduces UPI Autopay in Collaboration with NPCI

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SJVN Got Category I Licence for Inter State Power Trading

NBFC Shrinithi Capital Raises Rs 300 Crores Co-Lending Facility

Yes Mutual Fund Renamed as White Oak Capital Mutual Fund

Indifi, GPay tie-up to offer Instant Digital Credit to Small Merchants

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IIFL Securities Partners with Alphaniti for Stock Market Investors

Max Life, Policybazaar Partners to Offer Insurance Cover for Homemakers

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FAARMS, RGICL Partners to Offer Insurance to Farmers

2022 Banking & Finance - February

RBI: Bank’s Non-food Credit Growth Increased to 9.3% in December 2021

RBI Cancels Licence of Maharashtra-Based Independence Co-operative Bank

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RBI cancels licence of Maharashtra’s Mantha Urban Cooperative Bank

Government Undergoes Switch Operation of Rs.1,19,701 Crore

Indian Company’s ECB Jumps 19 Percent to USD 23.28 Billion in 9M FY22

RBI Directed NBFCs to Implement CFSS by September 2025

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RBI cancels CoR of PC Financial Services operating ‘Cashbean’ app

LOANS ISSUED BY BANKS

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environmentally more sustainable