Banking & Economy PDF - August 2023 by AffairsCloud 1

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2023 @ AffairsCloud.
com 1
This PAID PDF is provided by AffairsCloud’s dedicated team that works
diligently to provide aspirants with high-quality content. We recommend
you to purchase this PDF subscription and seize the opportunity to learn
efficiently.
Help Us to Grow & Provide Quality Service
Click here to Download the CareersCloud APP

Click here to Join the Telegram Channel
AffairsCloud Hindu Vocabs
Suggestions & Feedback are welcomed

Support@affairscloud.com
Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2023 @ AffairsCloud.com 2

Banking, Finance & Economy PDF 2023 – August
Table of Contents
Banking, Finance & Economy News: August 2023 .................................................................................................. 6
Banking, Finance & Economy Q&A: August 2023 ................................................................................................. 67

Banking, Finance & Economy News: August 2023
RBI IN NEWS
Non-Food Bank Credit grew to 16.3% in June 2023, for Aviation its 93.4% Hike: RBI Data
On July 31, 2023, the Reserve Bank of India (RBI) released a report ‘Sectoral Deployment of Bank Credit – June
2023‘ showcasing a Year-on-Year (Y-o-Y) growth of non-food bank credit to 16.3% in June 2023 as compared
with 15% in June 2022.
• This rise is due to the strong demand for credit from sectors such as services, retail and agriculture,
and allied activities.
• On the other hand, the food bank credit shows a decline of -25.4% in June 2023 as compared to a
decline of -55% in June 2022.
• The Total Bank Credit (Food Credit + Non-food Credit) grew at 16.2% in June 2023 from 14.5% in
June 2022.
Basis of Assessment:
Data on sectoral deployment of bank credit for the month of June 2023 collected from 40 select Scheduled
Commercial Banks (SCBs), accounting for about 93% of the total non-food credit deployed by all SCBs
Highlights:
The following highlight shows the non-food bank credit in different sectors in June 2023 as compared to June
2022:
i.The credit growth in the agriculture and allied activities sector showed significant improvement, increasing to
19.7% (y-o-y) in June 2023 from 12.9% in June 2022.
ii.In June 2023, the credit growth to the industry sector registered a positive trend, growing by 8.1% (y-o-y)),
although slightly lower than the 9.5% recorded in June 2022.
• Size-wise, credit to large industry rose by 6.4% from 3.2%.
• Credit to medium industries grew by 13.2% from 47.8%
• Credit to and micro and small industries by 13% from 29.2%.
iii.The credit growth to the services sector accelerated to 26.7% y-o-y in June 2023 from 12.8% in 2022 amid
improved credit offtake to Non-Banking Financial Companies (NBFCs) and trade.
iv.Personal loans registered a growth of 20.9% (y-o-y) in June 2023 as compared to 18.1% in June 2022
supported by the increasing demand for housing and vehicle loans.
v.Among major industries, credit growth (y-o-y) to the ‘basic metal & metal products’ and ‘textiles’ sectors
showed acceleration in June 2023.
vi.On the other hand, credit growth to the ‘chemicals & chemical products’, ‘food processing’, and
‘infrastructure’ sectors decelerated in June 2023.
The Story of Bank Credit to Aviation:
According to the report, the gross credit deployment in the aviation sector by 40 Indian SCBs witnessed a
remarkable 93.4% year-on-year (y-o-y) surge in June 2023, reaching Rs 42,033 crore from Rs 21,733 crore in
June 2022.
• This surge represents the highest monthly credit outstanding in the aviation sector since FY22.
• This also marks a month-on-month (May versus June) increase of 32%.
Key Points:
i.Investments within the aviation sector have experienced a healthy rebound in response to increased air
traffic.
However, the rise in investments also reflects the necessity for additional funds due to the growth and
inflationary pressures in the sector.

ii.Another reason for the increase in to overcome ATF (aviation turbine fuel) prices which surged by over
100% per barrel after the Russia-Ukraine war and remain elevated, along with COVID-19 pandemic hit.
iii.The financing support through the Finance Ministry-backed ECGLS (Emergency Credit Line Guarantee
Scheme) has also contributed to the increased credit deployment in the aviation sector.
iv.The RBI considers credit deployment within the aviation sector as part of the services sector.
v.ICRA Limited (formerly Investment Information and Credit Rating Agency of India Limited) has maintained
a ‘stable’ outlook for the Indian aviation industry for 2023 and expects it to remain stable in 2023-24.
vi.Domestic air traffic in June 2023 has risen 4% from pre-Covid levels, to approximately 1.25 crore
passengers,.
• Crisil also reaffirmed Air India’s rating at ‘Crisil AAA / Stable / Crisil A1+’, whereas ICRA upgraded
IndiGo’s rating to [ICRA]A+(Stable)/[ICRA]A1+.
About Bank Credit in India:
Bank credit is categorized into two main segments: food credit and non-food credit.
i.Food credit: This represents the lending provided by banks to the Food Corporation of India (FCI), primarily
to support the procurement of foodgrains. Food credit constitutes a relatively small proportion of the overall
bank credit.
ii.Non-food credit: The significant portion of bank credit falls under non-food credit, which encompasses loans
extended to various sectors of the economy, including Agriculture, Industry, and Services. It also includes
personal loans provided by banks.
Recent Related News:
i.According to the second advance estimates (SAE) of national income released by the National Statistical Office
(NSO) the Indian economy is expected to have recorded a 7.0% growth in real GDP (Gross Domestic Product) in
FY23 from 9.1% in FY22.
ii.During the June 2023 Monetary Policy Committee (MPC) meeting, the six-member MPC left the repo rate
unchanged at 6.5% for the second time.
About Reserve Bank of India (RBI):
Governor – Shaktikanta Das
Deputy Governors –Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar, and
Swaminathan Janakiraman
Establishment – 1st April 1935
Headquarters – Mumbai, Maharashtra
RBI approves Amalgamation of Navanirman Co-op Urban Bank with Rajadhani Co-op Urban
Bank
The Reserve Bank of India (RBI) sanctioned the Scheme of Amalgamation of The Navanirman Co-operative
Urban Bank Ltd., Hyderabad, Telangana with Rajadhani Co-op. Urban Bank Ltd., Hyderabad, Telangana. The
Scheme of Amalgamation is with effect from August 3rd, 2023.
• The Navanirman Co-operative Urban Bank Ltd branch (Hyderabad, Telangana) will function as a
branch of the Rajadhani Co-op. Urban Bank Ltd (Hyderabad, Telangana) with effect from August 03,
2023.
• The Scheme has been sanctioned in the exercise of the powers conferred under Sub-Section (4) of
Section 44A read with Section 56 of the Banking Regulation Act, 1949.
Key Points:
i.Banking Regulation Act, 1949 an Act that provides a framework for regulating the banks of India.
ii.The Act was originally passed as the Banking Companies Act 1949 and came into force on 16th March 1949.
iii.This Act gives RBI the power to control the banks in India. It did not apply to Jammu and Kashmir until
1956.
iv.The Banking Regulation (Amendment) Ordinance, 2020 was promulgated on June 26, 2020. The Ordinance
seeks to amend the Banking Regulation Act, 1949.

Governor– Shaktikanta Das
Deputy Governors – J. Swaminathan, T. Rabi Sankar, M. Rajeshwar Rao, Dr. M.D. Patra
Headquarters– Mumbai, Maharashtra
Established in– 1st April 1935
Highlights of RBI’s 3rd Bi-monthly Monetary Policy of FY24; India’s real GDP to grow at 6.5% in
FY24
The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) met on August 8-10, 2023, and released
the ‘Monetary Policy Statement, 2023-24 Resolution of the MPC‘ which kept India’s real Gross Domestic
Product (GDP) growth retained at 6.5% in FY24 (2023-24) with FY24’s Q1 at 8%, Q2 at 6.5%, Q3 at 6%, and
Q4 at 5.7%. This is attributed to the growth in rural and urban areas, a rise in investment activity, and the
government’s intention to increase capital expenditure.
• This marks the 3rd MPC meeting in FY24, following the bi-monthly policy reviews held in April 2023
and June 2023.
• Real GDP growth for Q1FY25 (April-June, 2024-25) is projected at 6.6%.
• The focus of the MPC’s 3rd FY24 meeting is to prioritize withdrawal of accommodation to guide
inflation towards the target gradually, while simultaneously supporting growth.
RBI’s Policy Rates:
The MPC kept the policy rates unchanged in August 2023.
Category Rate
Policy Repo Rate 6.50%
Fixed Reverse Repo Rate 3.35%
Standing Deposit Facility (SDF) Rate 6.25%
Marginal Standing Facility (MSF) Rate 6.75%
Bank Rate 6.75%
Cash Reserve Ratio (CRR) 4.50%
Statutory Liquidity Ratio (SLR) 18%

Inflation:
i.Consumer Price Index (CPI) inflation or retail inflation is projected at 5.4% for FY24 from the 5.1% forecast
in June 2023.The projections for specific quarters of FY24 are Q2 at 6.2%, Q3 at 5.7%, and Q4 at 5.2%.
• This forecast is on the assumption of normal monsoon.
ii.CPI inflation for Q1FY25 is projected at 5.2%.
iii.RBI set an objective of achieving the medium-term target for CPI inflation of 4% within a band of +/-
2%, while supporting growth.
iv.CPI headline inflation increased to 4.8% in June 2023 from 4.3% in May 2023 amid higher prices of
vegetables, eggs, meat, fish, cereals, pulses and spices.
v.Core CPI (i.e., CPI excluding food and fuel) was steady in June 2023.
vi.Fuel inflation softened during May-June 2023, primarily reflecting the fall in kerosene prices.
Domestic Economy:
i.As on August 4, 2023, the total area sown under kharif crops was 0.4% higher than in August 2022.

ii.The index of industrial production (IIP) expanded by 5.2% in May 2023 while core industries output rose by
8.2% in June 2023.
iii.The composite Purchasing Managers’ Index (PMI) rose to a 13-year high in July 2023.
iv.The daily absorption of liquidity under the Liquidity Adjustment Facility (LAF) averaged Rs 1.8 lakh crore
during June-July 2023 as compared with Rs 1.7 lakh crore in April-May 2023.
v.Money supply (M3) expanded by 10.6% y-o-y as on July 28, 2023 as against 10.1% on May 19, 2023.
vi.Bank credit grew by 14.7% y-o-y as on July 28, 2023 as compared with 15.4% on May 19, 2023.
vii.India’s foreign exchange reserves stood at US$ 601.5 billion as on August 4, 2023.
Cement production and steel consumption recorded robust growth.
Global Economy:
In mid-July 2023, the US dollar dropped to a 15-month low due to predictions of an early end to the monetary
tightening cycle. While it partially recovered afterwards, certain emerging market economies face growth risks
due to factors like low external demand, high debt, and limited external funding. The worldwide economy is
slowing down, with growth differing across regions.
• India is contributing approx 15% to global growth.
Banks to maintain 10% incremental CRR from August 12, 2023
RBI mandates banks to hold an Incremental Cash Reserve Ratio (ICRR) of 10% on increase in deposits
between May 19 and July 28, 2023 with effect from the fortnight starting Aug. 12, 2023.
• This measure intends to absorb liquidity added to the banking system due to a return of 2000-rupee
denomination notes. Rs 3.14 lakh crore worth of Rs 2,000 banknotes, or 88% in circulation, had
returned to the banking system by July 31, 2023.
• ICRR is a temporary measure to overcome a sudden increase in deposits by draining off the liquidity.
RBI; raises payment limit via UPI lite to Rs 500 from Rs 200
In order to encourage wider adoption of UPI (Unified Payments Interface) Lite, RBI has increased the
transaction limit to Rs 500 from Rs 200. This will eliminate the need for multiple transactions for users.
• However, overall limit is retained at Rs 2000 to contain the risks associated with relaxation of two-
factor authentication.
• UPI Lite is an ‘on-device wallet’ feature that will allow users to make real-time small-value payments
without using a UPI PIN. It was launched in September 2022.
Objective:
To harnesse the new technologies for enhancing digital payments experience for users
Background:
The RBI has set a cap of Rs 200 per transaction and a total limit of Rs 2000 for each payment method for small-
value offline digital payments, such as National Common Mobility Card (NCMC) and UPI Lite. This eliminates
the requirement for two-factor authentication in these cases, making them faster, reliable, and contactless
options for routine small payments and transit fares. However, there have been requests for these limits to be
increased. Therefore, the above change has been made.
RBI allows offline payment of UPI by using Near-Field Communication
RBI proposed to introduce Near Field Communication (NFC) technology to facilitate offline payments. This
move aims to support digital payments when internet connectivity is weak or not available, ensuring swift
transactions with fewer declines.
Conversational payments in UPI
RBI plans to introduce ‘conversational payments’ on UPI, allowing users to securely initiate and finalize
transactions through AI-powered conversations. This feature will be accessible on both smartphone and
feature phone UPI platforms, aiding the expansion of digital adoption across India. Initially in Hindi and English,
it will later be available in additional Indian languages.

Development of Digital Public Tech Platform
Reserve Bank Innovation Hub (RBIH) is developing a digital Public Tech Platform to facilitate easy lending by
providing necessary digital data to lenders. It will have an open architecture, allowing financial players to
connect seamlessly using open Application Programming Interfaces (APIs) in a ‘plug and play’ model.
• This initiative will be introduced gradually as a pilot project, focusing on information access and use
cases. Its aim is to enhance lending efficiency by cutting costs, expediting disbursements, and
enabling scalability.
RBI proposes framework for allowing borrowers to switch to fixed interest rate regime
RBI unveils framework allowing borrowers to switch to fixed interest rate from floating interest rate, providing
relief to home, auto loan borrowers.
• The framework envisages that lenders should clearly communicate with the borrowers for
resetting the tenor and/or Equated Monthly Instalments (EMI) , provide options of switching to
fixed rate loans or foreclosure of loans, transparent disclosure of various charges incidental to the
exercise of these options, and proper communication of key information to the borrowers.
Review of NBFC Infrastructure Debt Fund (IDF-NBFC)
In pursuit of bolstering Infrastructure Debt Funds (IDFs) for a larger role in infrastructure financing and
aligning regulations for different types of NBFCs, a review for IDFs has been conducted in collaboration with
the government by RBI.
• The updated framework eliminates the need for a sponsor for IDFs, allows them to directly
finance Toll Operate Transfer projects (ToT), grants access to External Commercial
Borrowings (ECBs), and makes tripartite agreements optional for Public-Private Partnership (PPP)
projects.
• The IDF was created as a separate category of NBFCs in 2011.
Members of MPC:
Dr. Shashanka Bhide; Dr. Ashima Goyal; Prof. Jayanth R. Varma; Dr. Rajiv Ranjan; Dr. Michael Debabrata Patra;
and headed by Shaktikanta Das (RBI Governor).
• The minutes of the MPC’s meeting will be published on August 24, 2023.
• The next meeting of the MPC is scheduled during October 4-6, 2023.
RBI selects McKinsey and Accenture to use AI & ML To Improve Regulatory Supervision
Reserve Bank of India(RBI) awarded the contract worth Rs. 91 Crores to McKinsey and Company India LLP
(Limited Liable Partnership) and Accenture Solutions Private Limited India for the use of advanced
analytics, artificial intelligence(AI) and machine learning(ML) to analyse its huge database and improve
regulatory supervision over banks and Non Banking Financial Services(NBFCs).
• AI and ML technologies are used for real-time data reporting, effective data management and
dissemination.
Background:
In September 2022, Expressions of Interest (EoI) were sought by the RBI with regards to the engagement of
consultants specialising in advanced analytics, artificial intelligence, and machine learning.
• RBI has shortlisted seven applicants for participation in the Request For Proposal (RFP). Out of
which only two firms were selected.
Department of Supervision:
• The Department of Supervision in RBI is developing and using linear and a few machine-learnt
models for supervisory examinations.
• It carries out the responsibility of overseeing all scheduled commercial banks (excluding Regional
Rural Banks), Local Area Banks, Payments Banks, Small Finance Banks, Credit Information
Companies, Primary Urban Cooperative Banks, NBFCs, Asset Reconstruction Companies, Factoring
companies, and All India Financial Institutions (AIFIs).

Additional Info:
Globally, regulatory and supervisory bodies are employing machine learning methods (often
termed ‘suptech‘ and ‘regtech‘) to aid in their supervisory and regulatory tasks.
RBI Launches Pilot ‘Public Tech Platform for Frictionless Credit; Unveils 'UDGAM' Portal for
Unclaimed Deposits
On August 17, 2023, the Reserve Bank of India (RBI) commenced its digital lending pilot project for Public
Tech Platform for Frictionless Credit which is developed by Reserve Bank Innovation Hub (RBIH), a wholly
owned subsidiary of RBI.
Note: RBI announced the development of the public tech platform as a part of the Statement on Developmental
and Regulatory Policies released on August 10, 2023.
Purpose of the Public Tech Platform for frictionless credit:
The Public Tech Platform aims to streamline the credit provision process by effortlessly transmitting crucial
digital data to lenders. It features an open architecture with open Application Programming Interfaces (APIs)
and standards, enabling seamless connectivity for all financial sector participants in a ‘plug and play’ model.
• It enhances lending efficiency through cost reduction, quicker disbursement, and scalability.
How does the Public Tech Platform facilitate loan processing and disbursement?
Lenders usually require diverse data sets for credit approval, sourced from entities like governments, banks,
and credit bureaus. This process causes delays in rule-based lending. To address this, RBI has introduced this
public tech platform enabling lenders to easily access digital data, ensuring smoother credit facilitation and
reducing the time it takes to process loans.
The Pilot Phase:
i.During the pilot phase, the platform concentrates on products including Kisan Credit Card (KCC) loans up
to Rs 1.6 lakh per borrower, Dairy Loans, unsecured MSME (Micro, Small, and Medium Enterprises) loans,
Personal loans, and Home loans.
ii.It integrates services like Aadhaar e-KYC (Know Your Customer), land records from onboarded State
Governments (Madhya Pradesh, Tamil Nadu, Karnataka, Uttar Pradesh, and Maharashtra), satellite data, PAN
validation, etc.
iii.Axis Bank announced its participation, offering KCC and unsecured MSME loans through this platform, with
plans to expand based on lessons learned from the pilot.
• As a pilot, bank will offer KCC in MP and will be available to customers for upto Rs. 1.6 lakh to start
with. MSME loans will be available India and will offer loans upto Rs. 10 lakh to customers.
RBI launches centralised web portal ‘UDGAM’ for Unclaimed Deposits
RBI Governor Shaktikanta Das introduced a centralized web portal
called “उद्गम UDGAM” (Unclaimed Deposits – Gateway to Access inforMation) to simplify the process for the
public to locate their unclaimed deposits in various banks through a single platform.
• Through this portal, users can retrieve unclaimed deposit amounts or make their deposit accounts
operative with their respective banks.
Note: This centralised web portal was announced as a part of the Statement on Developmental and Regulatory
Policies dated April 06, 2023.
Developers:
Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS)
and participating banks have collaborated to develop this portal.

Key Points:
i.Currently, users will access the details of their unclaimed deposits in respect of seven banks presently
available on the portal viz. State Bank of India (SBI), Punjab National Bank (PNB), Central Bank of India (CBI),
Dhanlaxmi Bank Ltd., South Indian Bank Ltd., DBS Bank India Ltd., Citibank N.A.
ii.The search facility for remaining banks on the portal will be made available in a phased manner by October
15, 2023.
i.As per the article State of the Economy authored by Reserve Bank of India (RBI) Deputy Governor Michael
Debabrata Patra and other RBI officials, inflation is slowing down personal consumption expenditure. On the
other hand, it is moderating corporate sales and holding back private investment in capacity creation.
ii.In June 2023, RBI Governor launched a financial inclusion dashboard named ‘Antardrishti (Insight)’ whic will
provide the necessary insight to assess and track the development of financial inclusion by recording relevant
data.
The Reserve Bank of India was established on April 1, 1935 in accordance with the provisions of the Reserve
Bank of India Act, 1934.
Deputy Governors– Swaminathan Janakiraman, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar
Bank credit growth to MSMEs decelerates in Q1FY24: RBI issues new Guidelines for Fair
Lending Practices
According to the Reserve Bank of India (RBI) data, Bank credit growth to Micro, Small and Medium Enterprises
(MSMEs) has decelerated on a year-on-year (y-o-y) basis in the first three months (April-June) of the FY24 i.e.
Q1FY24.
• Banks’ cautious attitude towards risk makes them hesitant to provide loans to small units, leading to
a deceleration in bank credit growth.
Key Points:
i.Credit to medium industries grew by 13.2% in June (compared to 47.8% in June 2022).
ii.Micro and small industries experienced a 13% credit growth in June (compared to 29.2% in June 2022).
iii.Gross bank credit outstanding to medium industries at Q1FY24 end was Rs 2,63,440 crore (up from Rs
2,32,776 crore in June 2022).
iv.Credit outstanding for micro and small industries in June was Rs 6,25,625 crore (compared to Rs 5,53,675
crore in June 2022).
v.May 2023 saw credit growth of 18.9% for medium industries (compared to 42.9% in May 2022 ) and 9.5% for
micro and small industries (versus 32.7% in May 2022).
April’s loan growth for medium industries was 19.1% (compared to 53.7% last year).
vi.Growth for micro and small industries was 9.7% in April 2023 (down from 29.8% in April 2022).
The Expert Committee on MSME, constituted by RBI in December 2018, has estimated the overall credit gap in
the MSME sector to be in the range of Rs 20 to Rs 25 lakh crore.
RBI issues new guidelines for Fair Lending Practices
RBI has issued comprehensive guidelines to the Regulated Entities (REs) regarding penal charges in loan
accounts to ensure fairness, transparency, and accountability in the lending practices of financial institutions.
These will come into effect from January 1, 2024.
• RBI issued these instructions under sections 21, 35A and 56 of the Banking Regulation (BR) Act,
1949, sections 45JA, 45L and 45M of the RBI Act, 1934, and section 30A of the National Housing
Bank (NHB) Act, 1987

Applicability of Guidelines:
These guidelines are applicable across various financial entities, including commercial banks (including Small
Finance Banks, Local Area Banks, and Regional Rural Banks), Primary (Urban) Co-operative Banks, Non-
Banking Financial Companies (NBFCs), and All India Financial Institutions.
• These will not apply to Credit Cards, External Commercial Borrowings, Trade Credits and Structured
Obligations which are covered under product specific directions.
Motivation behind the Initiative:
This action is part of RBI’s ongoing commitment to ensuring fair treatment of borrowers and addressing
customer complaints regarding the imposition of penal charges.
Key Guidelines:
i.Penalties for loan contract non-compliance termed ‘penal charges‘ not ‘penal interest.’
This means that such charges should not be incorporated into the interest rate, and no additional interest
should accrue on these charges.
ii.Penalties linked to non-compliance should be fair and proportional. The charges should be clearly disclosed
in loan terms and Key Fact Statement (KFS).
iii.Financial institutions need a board-approved policy for loan penalties outlining charges rationale, criteria,
and their application across various loans.
iv.Individual borrower penalties (excluding business loans) must not exceed penalties for non-individuals in
similar non-compliance cases.
i.The RBI Governor Shaktikanta Das launched the Reserve Bank’s next generation data warehouse, viz., the
Centralised Information Management System (CIMS) during the 17th Annual Statistics Day Conference on June
30, 2023.
ii.In June 2023, RBI conducted the Rs 75,000 crore 4-day Variable Rate Repo (VRR) auction to address the
expected stress on liquidity ahead of goods and service tax outflows. The RBI received bids worth Rs 75,695
crore but accepted only Rs 75,004 crore at a 6.51 percent cut-off rate.
Governor – Shaktikanta Das
Deputy Governors – Swaminathan Janakiraman, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar
Establishment – 1st April 1935
RBI releases guidelines for IDF-NBFC; ResetsFloating Interest Rate on EMI based Personal
Loans
The Reserve Bank of India (RBI), in consultation with the Government of India (GoI), has reviewed guidelines
for Infrastructure Debt Fund-Non-Banking Financial Companies (IDF-NBFCs) to enhance their role in
infrastructure financing and align regulations across NBFCs in this sector.
• The updated regulations for IDF-NBFCs will be effective from August 18, 2023.
What is IDF?
An IDF can be established either as a trust or a company. If structured as a trust, it is designated as an IDF-
Mutual Fund (IDF-MF) and is regulated by Securities and Exchange Board of India (SEBI). If established as a
company, it’s labeled as an IDF-NBFC and is subject to regulation by RBI.
An IDF-NBFC means a non-deposit taking NBFC which is authorized to the following:

i.Refinance post Commencement Operations Date (COD) infrastructure projects that have completed at least
one year of satisfactory commercial operations
ii.Finance toll operate transfer (TOT) projects as the direct lender.
Revised IDF-NBFC Regulations: Key Points
i.Capital Requirements:
IDF-NBFCs must maintain a Net Owned Fund (NOF) of at least Rs 300 crore.
• Minimum Capital-to-Risk Weighted Assets Ratio (CRAR) of 15%, with Tier 1 capital of at least 10%.
ii.Fundraising:
IDF-NBFCs can issue rupee or dollar-denominated bonds with a minimum maturity of five years.
• They can also raise funds through shorter tenor bonds and commercial papers (CPs) up to 10% of
total borrowings for better asset-liability management.
• Fundraising allowed through external commercial borrowings (ECBs) with a minimum tenor of five
years, avoiding sourcing from foreign branches of Indian banks. For ECBs, adherence needed to
RBI’s Foreign Exchange Department guidelines.
iii.Exposure Limits:
• Single borrower/party exposure limited to 30% of Tier 1 capital.
• Single group of borrowers/parties exposure limited to 50% of Tier 1 capital.
iv.Risk Weighting:
For calculating CRAR, IDF-NBFCs assets shall be risk-weighted as per risk-weights applicable to NBFC-
Investment and Credit Companies (NBFC-ICCs).
v.Sponsorship and Tripartite Agreements:
• Sponsor requirement removed; IDF-NBFC shareholders face scrutiny like other NBFCs, including
NBFC-IFCs. Under the earlier guidelines, an IDF-NBFC was required to be sponsored by a bank or an
NBFC-IFC.
• A tripartite agreement for PPP (Public Private Partnership) infrastructure investments made
optional. Under the earlier arrangement, IDF-NBFCs were required to enter into a tripartite
agreement with the concessionaire and the project authority for investments in the PPP
infrastructure projects having a project authority.
vi.Regulatory Alignment:
Income recognition, asset classification, and provisioning norms align with those applicable to NBFC-ICCs.
vii.Sponsorship of IDF-MFs by NBFCs:
All NBFCs can sponsor IDF-MFs with RBI approval. Besides SEBI’s conditions, the following apply based on
audited financials:
• Minimum NOF of Rs 300 crore and CRAR of 15%.
• Net NPAs (Non-Performing Assests) below 3% of net advances.
• Operational for at least 5 years.
Click Here for Official Guidelines
RBI Reset Floating Interest Rate on EMI based Personal Loans
The Reserve Bank of India (RBI) asked all regulated entities (REs), including banks and NBFCs, to give personal
loan borrowers an option to switch over from a floating rate to a fixed rate at the time of resetting interest
rates. The RE must ensure that the new norms were extended to the existing as well as new loans by December
31, 2023.
• These rules will enhance transparency by necessitating the disclosure of principal and interest
recovered to date, remaining EMIs, EMI amounts, and the annualized rate of interest/Annual
Percentage Rate (APR) for the entire loan duration to the borrowers at the end of each quarter.
• RBI issued these instructions under sections 21, 35A and 56 of the Banking Regulation (BR) Act,
1949, sections 45JA, 45L and 45M of the RBI Act, 1934, and sections 30A and 32 of the National
Housing Bank (NHB) Act, 1987.

Note: Personal loan interest rates are offered on both fixed and floating rate basis. The interest rate will remain
the same throughout the tenure on a fixed rate loan. Whereas, the interest rates will vary as per the market
movement in a floating rate loan.
Reason behind Reset of Floating Interest Rate on EMI based Personal Loans:
During the approval of EMI-based floating rate personal loans, lenders must consider borrowers’ repayment
capabilities to maintain room for potential tenor extension or EMI increase if external benchmark rates rise.
However, concerns have arisen due to rising interest rates, as some borrowers experience elongation of loan
tenor or higher EMIs without proper communication or consent, leading to consumer grievances. To overcome
this, the regulated entities (REs) advised to put in place an appropriate policy framework.
Key Norms:
i.At the time of loan sanction, REs shall clearly communicate to the borrowers about the possible impact of
change in benchmark interest rate on the loan leading to changes in EMI and/or tenor or both. Loan sanction
letters should mention the costs associated with transitioning from a floating to a fixed interest rate in the
future.
ii.At the time of reset of interest rates, REs shall provide the option to the borrowers to switch over to a fixed
rate as per their Board approved policy. The policy may also specify the number of times a borrower will be
allowed to switch during the tenor of the loan.
Click Here for Official Notification
i.According to the RBI provisional data on July 4, 2023, India’s services exports in May
2023 increased by 7.7% compared to May 2022, reaching USD ($)27.06 billion while imports rose 2% to USD
15.5 billion.
ii.Education financing startup, Propelld has procured a NBFC license from RBI to disburse loans worth Rs 2000
Cr by Financial Year(FY)24 and to bolster its direct lending proposition.
i.It was established on April 1, 1935, in accordance with the provisions of the Reserve Bank of India Act, 1934.
ii.The Central Office of the Reserve Bank was initially established in Calcutta(now Kolkata, West Bengal) but
was permanently moved to Mumbai, Maharashtra in 1937.
iii.Though originally privately owned, since nationalization in 1949, the Reserve Bank is fully owned by the
Government of India.
iv.Thus, 2023 marks the 75th year of public ownership of the Reserve Bank and its emergence as a national
institution.
RBI approves the Voluntary amalgamation of Twin Cities Co-operative Urban Bank with Kranti Co-
operative Urban Bank
The Reserve Bank of India(RBI) sanctioned the Scheme of Voluntary Amalgamation of Hyderabad (Telangana)
based Twin Cities Co-operative Urban Bank Limited with Hyderabad (Telangana) based Kranti Co-
operative Urban Bank Limited.
• RBI has the authority to approve the voluntary amalgamation of Urban Cooperative Banks (UCBs) based
on its discretion.
• This authority is granted under Sub-Section (4) of Section 44A read with Section 56 of the Banking
Regulation Act, 1949.
• These sections were modified through an amendment introduced by the Banking Regulation
(Amendment) Act 2020 (Act No. 39 of 2020).

After Amalgamation:
i.The Scheme of Amalgamation came into force from 23rd August, 2023.
ii.The branch of Twin Cities Co-operative Urban Bank will function as a branch of Kranti Co-operative Urban
Bank.
About Amalgamation guidelines:
i.The Amalgamation was based on comprehensive framework notification of RBI released in 2021,
named Master Direction – Amalgamation of Urban Cooperative Banks, Directions, 2020.
ii.As per the framework in 2021, RBI may consider proposals for merger or amalgamation of urban cooperative
banks (UCBs) under three circumstances.
Three Circumstances for amalgamation:
i.Positive net worth of amalgamated bank; amalgamating bank assures to protect entire deposits of the
amalgamated bank.
ii.Negative net worth of amalgamated bank; the amalgamating bank on its own assures to protect deposits of all
the depositors of the amalgamated bank.
iii.Negative net worth of amalgamated bank; amalgamating bank ensures deposit protection with state
government’s upfront financial support in merger process.
Points to be noted:-
The Banking Regulation Amendment Bill, 2020 will not apply to:
a) Primary agricultural credit societies.
b) Cooperative societies whose primary focus is long-term financing for agricultural development.
Furthermore, these two types of societies must not:
a) Use the terms ‘bank,’ ‘banker,’ or ‘banking’ in their name or business.
b) Function as entities that clear cheques.
RBI raises Small Value Payment Transaction Limit in Offline Mode to Rs 500
The Reserve Bank of India (RBI) increased the upper limit for offline transactions to Rs 500 from Rs 200 w.e.f.
August 24, 2023, following its announcement during the bi-monthly policy review on August 10, 2023.
• However, overall limit is retained at Rs 2000 to contain the risks associated with relaxation of two-
factor authentication.
• The information for the same was provided by RBI under Section 10 (2) read with Section 18 of the
Payment and Settlement Systems Act, 2007 (Act 51 of 2007)/PSS Act.
About Offline digital payments:
Offline digital payments are Internet-free transactions, often for small amounts, by using means like National
Common Mobility Card (NCMC) and UPI (Unified Payments Interface) Lite. The offline mode transactions can
be facilitated through cards, wallets, and mobile devices, applicable to Authorized Payment System Operators
(PSOs)/Payment System Participants (PSPs), including acquirers and issuers like banks and non-banks.
Reason behind this increase:
This decision to increase the transaction limit to Rs 500 from Rs 200 has been taken to encourage wider
adoption of UPI (Unified Payments Interface) Lite. This will eliminate the need for multiple transactions for
users. It also harnesses the new technologies for enhancing digital payments experience for users.
• UPI Lite is an ‘on-device wallet’ feature that will allow users to make real-time small-value payments
without using a UPI PIN. It was launched in September 2022.
Background:
The RBI has set a cap of Rs 200 per transaction and a total limit of Rs 2000 for each payment method for small-
value offline digital payments. This eliminates the requirement for two-factor authentication in these cases,
making them faster, reliable, and contactless options for routine small payments and transit fares. However,
there have been requests for these limits to be increased. Therefore, the above change has been made.

Who are PSOs/PSPs?
PSOs/PSPs are entities authorized by the RBI to operate payment systems enabling transactions between
payers and beneficiaries.
• As per the PSS Act, a payment system is a mechanism facilitating transactions between payers and
beneficiaries, encompassing clearing, payment, and settlement services, excluding stock
exchanges. It covers various operations like credit/debit card, smart card, and money transfers.
i.It has issued a ‘Draft Circular – Arrangements with Card Networks for issue of
Debit, Credit and Prepaid Cards’ empowering the debit, credit, and prepaid card users in India with Card
network portability w.e.f. October 1st, 2023.
ii.RBI cancelled the banking licence of two cooperative banks, Sri Sharada Mahila Co-operative Bank, Tumkur,
Karnataka and Harihareshwar Sahakari Bank, Satara in Maharashtra.
RBI approves the amalgamation of Akola Merchant Co-operative Bank Limited with
Jalgaon Peoples Co-operative Bank Limited
The Reserve Bank of India(RBI) sanctioned the Scheme of Voluntary Amalgamation of Akola (Maharashtra)
based Akola Merchant Co-operative Bank Limited with Jalgaon (Maharashtra) based The Jalgaon Peoples
Co-operative Bank Limited. Both of the banks are Urban Co.operative Banks(UCB).
• The authority is granted under Sub-Section (4) of Section 44A read with Section 56 of the Banking
After Amalgamation:
i.The Scheme of Amalgamation will come into force with effect from 28th August, 2023.
ii.Following the amalgamation, the branches of Akola Merchant Co-operative Bank Ltd., will function as
branches of The Jalgaon Peoples Co-operative Bank Ltd.
About Amalgamation guidelines:
i.RBI has the authority to approve the voluntary amalgamation of Co.operative banks based on its discretion.
ii.The Amalgamation was based on a comprehensive framework notification of RBI released in 2021,
named Master Direction – Amalgamation of Urban Cooperative Banks, Directions, 2020.
RBI may consider proposals for merger or amalgamation of urban cooperative banks (UCBs) under three
circumstances.
i.Positive net worth of amalgamated bank; amalgamating bank assures full deposit protection.
ii.Negative net worth of amalgamated bank; amalgamating bank assures deposit protection.
iii.Negative net worth of amalgamated bank; amalgamating bank ensures deposit protection with state
government’s upfront financial support in merger process.
About Jalgaon Peoples Co-operative Bank Limited:
Managing Director(MD) & Chief Executive Officer(CEO) – Rohit Pandurang Bhujbal
Headquarters – Jalgaon, Maharashtra
Established in – 1933
RBI Authorises Bandhan Bank for Disbursing Civil Pension

Bandhan Bank Ltd has been appointed by the Reserve Bank of India (RBI) to act as an authorized bank
for pension disbursement for civil pensioners on behalf of the Central Pension Accounting Office (CPAO), an
entity under the Ministry of Finance.

• Bandhan Bank will soon be integrating with the office of the CPAO to operationalise the
disbursement process.
Beneficiary Categories:
i.Bank authorization is primarily aimed at disbursing pensions to the following groups:
• The Central Government employees in Civil Ministries and Departments (other than Railways, Posts,
and Defence)
• The National Capital Territory of Delhi
• Union Territory Administrations without legislatures,
• Retired Judges of the High Courts and the Supreme Court, and
• All India Service Officers.
ii.This scheme also covers the payment of pensions to former Members of Parliament (MPs) and the payment
of pensions and other amenities to former Presidents/Vice Presidents of India.
About Bandhan Bank:
Managing Director & Chief Executive Officer– Chandra Shekhar Ghosh
Headquarters– Kolkata, West Bengal
Established In– 2015
Tagline– Aapka Bhala Sabki Bhilai
APPOINTMENTS & RESIGNATIONS
IRDAI Approved Appointment of Amit Jhingran as MD & CEO of SBI Life

The Insurance Regulatory and Development Authority
of India (IRDAI) has approved the appointment of Amit
Jhingran as the Managing Director(MD) & Chief
Executive Officer (CEO) of SBI Life Insurance Company
Limited (SBI Life).
• Amit Jhingran is set to succeed Mahesh
Kumar Sharma, the incumbent MD & CEO of
SBI Life.
• Amit Jhingran is currently serving as the
Chief General Manager(CGM), in State Bank
of India (SBI), Hyderabad Circle, Telangana.
About Amit Jhingran:
i.Amit Jhingran joined SBI as a probationary officer in
1991 in Lucknow Circle, Uttar Pradesh (UP).
ii.He has also served as the Chief Executive Officer(CEO)
of SBI, Chicago (Illinois), United States Of America(USA).
iii.During his career spanning over 3 decades he has
held various assignments across international banking, retail banking, and branch management.
About Insurance Regulatory and Development Authority of India (IRDAI):
Chairman- Debasish Panda
Headquarters – Hyderabad, Telangana
Established under – Insurance Regulatory and Development Authority Act(IRDAI), 1999

About SBI Life Insurance Company limited(SBI Life):
SBI life was started as a joint venture (JV) between State Bank of India (SBI) and French financial institution
BNP Paribas Cardif.
Incorporated in – 2000
Thuraiya Hamid Alhashmi Elected as BoD and Constituency Director of BRICS’ NDB
BRICS’ New Development Bank (NDB) has elected Thuraiya Hamid Alhashmi, Director of International
Financial Relations and Organisations Department at the United Arab Emirates (UAE) Ministry of Finance, as a
member of its Board of Directors and a Constituency Director.
• Alhashmi will become the first Emirati and Arab woman to assume a Director’s position at the NDB
bank, established by Brazil, Russia, India, China and South Africa (BRICS) in July 2015 to support
infrastructure projects in BRICS countries and other emerging economies
• She was appointed following an internal voting process during NDB’s 8th annual meeting held in
Shanghai, China.
Alhashmi was involved in managing the UAE’s relationship with international financial organizations, including
the World Bank, the International Monetary Fund (IMF), the European Bank for Reconstruction and
Development (EBRD), NDB, the Organization of the Petroleum Exporting Countries (OPEC) Fund for
International Development, the Islamic Development Bank (IsDB), and the G20 (Group of Twenty) Finance
Track
MFIN Elects Udaya Kumar Hebbar as Its Chairperson

On 31st July 2023, Microfinance Industry Network (MFIN) elected Udaya Kumar Hebbar as Chairperson
and Manoj Kumar Nambiar as the Vice Chairperson in its 14th Annual General Meeting (AGM) in Delhi.
Udaya Kumar Hebbar
i.Udaya Kumar Hebbar assumed the position from Devesh Sachdev, MD & CEO of Fusion Micro Finance Ltd. on
completion of his respective term.
ii.Hebbar is the Managing Director (MD)of CreditAccess Grameen Ltd.
Manoj Kumar Nambiar
i.Manoj Kumar Nambiar assumed the position from Vivek Tiwari, MD & CEO of Satya MicroCapital Ltd. on
completion of his respective term.
• Previously Manoj Kumar Nambiar was elected as a Chairperson of MFIN in 2019 and was re-elected
in 2020.
ii.Nambiar is the MD of Arohan Financial Services Ltd.(an Aavishkaar Group company).
About Microfinance Institutions Network (MFIN):
i.MFIN was established in 2009 as an Industry Association for Non-Banking Financial Companies –
Microfinance Institutions (NBFC-MFI).
ii.In 2014, MFIN was recognized by the Reserve Bank of India (RBI) as India’s first Self-Regulatory Organization
(SRO) for the NBFC-MFIs.
Chairman- Udaya Kumar Hebbar
Headquarters- Gurugram, Haryana
Established- 2009
GoI appointed Sanjay Kumar Agarwal as CBIC Chairman & Surjit Bhujabal as CBIC Member
On 5th August 2023, the Government of India (GoI) appointed Sanjay Kumar Agarwal as the Chairman of the
Central Board of Indirect Taxes and Customs (CBIC), an apex policy-making body for indirect taxes under the
Department of Revenue under the Ministry of Finance.
• He succeeds Vivek Johri, who superannuated on 31st July 2023.

• Prior to this appointment, Sanjay Kumar Agarwal was serving as the CBIC Member (Compliance
Management) from March 1, 2022, to August 4, 2023.
Note: Sanjay Kumar Agarwal is an Indian Revenue Service (IRS) Custom and Indirect Taxes (C&IT) Officer of
the 1988 batch.
Other appointmnet:
Surjit Bhujbal has been appointed as
the Member (Compliance Management) of CBIC board
succeeding Sanjay Kumar Agarwal.
• Surjit Bhujbal is an IRS (C&IT) officer of the
1989 batch.
• Prior to his appointment, Surjit Bhujbal was
serving as the Principal Director General of
the Directorate General of GST Intelligence
(DGGI), an apex intelligence organization
functioning under CBIC.
Board of CBIC:
i.The CBIC board is headed by a chairman who is assisted
by 6 members who look into Tax Policy, Customs,
Information technology (IT) & Taxpayer Services, Goods
and Services Tax (GST), Compliance management, and
Vigilance.
ii.The present 6 members are:
Rajiv Talwar; Alok Shukla; V. Rama Mathew; Shashank Priya; Vivek Ranjan and Surjit Bhujbal.
About Central Board of Indirect Taxes and Customs (CBIC):
It is formerly known as the Central Board of Excise and Customs (CBEC), is one of the
Boards constituted under the statute the Central Boards of Revenue Act, 1963.
Chairman– Sanjay Kumar Agarwal
Headquarters– New Delhi, Delhi
R Doraiswamy Executive Director of LIC appointed as MD of LIC

The Government of India(GoI) have appointed R Doraiswamy as Managing Director (MD) of the Life Insurance
Corporation of India (LIC) with effect from the date of assumption of charge of the office on or after September
1, 2023, and upto the date of his superannuation (August 31, 2026) or until further orders, whichever is earlier.
• R Doraiswamy is currently the Executive Director (Information Technology (IT)/Software
Development (SD)), at the LIC central office in Mumbai, Maharashtra.
• He will replace Mini Ipe, one of the current MDs of LIC, who is set to retire at the end of August
2023.
• The Financial Services Institutions Bureau (FSIB), in June 2023, recommended the name of
Doraiswamy as MD of LIC.
• Currently, LIC has 4 MDs namely, Mini Ipe, M Jagannath, Tablesh Pandey, and Sat Pal Bhanoo.
Note: FSIB has been constituted effective from July 01, 2022, by Central Government for the purpose of
recommending persons for appointment as whole-time directors and non-executive chairpersons on the
Boards of financial services institutions. It is headed by Bhanu Pratap Sharma, former Secretary, Department of
Personnel and Training (DoPT).
Parminder Chopra Becomes Full-Time CMD of Power Finance Corp. Ltd

With the approval of Appointments Committee of the Cabinet (ACC), the Power Finance Corporation
Limited (PFC) has appointed Parminder Chopra as its first woman full-time Chairman and Managing

Director (CMD) with effective from (w.e.f) 14th August, 2023. The Ministry of Power has approved Chopra’s
appointment “till the date of her superannuation (April 30, 2027) or until further orders.
• Power Finance Corporation Limited (PFC) is the India’s largest non-banking financial company
(NBFC) and a Maharatna, Central Public Sector Undertaking(CPSU) under the Ministry of Power.
Responsiblities of Parminder Chopra:
i.Previously, she was holding the additional charge of Chairman and Managing Director (CMD) of PFC,
w.e.f 01.06.2023 and was Director (Finance), PFC since 01.07.2020.
ii.She succeeded Ravinder Singh Dhillon as CMD(additional charge) of PFC, who retired on 31st May 2023.
iii. As Director of Finance, she led the Finance Division, achieving record-high Net Profit, Net Worth. This
exceptional financial performance played a key role in PFC attaining “Maharatna” status.
iv.She had done major role in the successful execution of INR 1.12 trillion Liquidity Infusion Scheme (LIS) for
the power distribution sector. This initiative was a crucial component of the Atmanirbhar Bharat campaign
launched by the Government of India.
v.She will remain actively involved in supporting the implementation of important power sector initiatives by
the Government of India, including the Revamped Distribution Sector Scheme (RDSS) and the Late
Payment Surcharge (LPS) rules.
vi.She had a previous experience including service in prominent power sector majors like NHPC
Limited (erstwhile National Hydroelectric Power Corporation), and Power Grid Corporation of India
Limited(POWERGRID), a Schedule ‘A’, ‘Maharatna’ Public Sector Enterprise of Govt. of India.
Awards –
• In the year 2023, Smt. Parminder Chopra has been honored with the esteemed ‘Icon of the Year’
award by the Institute of Cost Accountants of India.
• She has also been conferred with the “Finance Leader of the Year” Award for her outstanding
contributions to the finance industry.
RBI Approves P R Seshadri as Next MD & CEO of South Indian Bank

On 17th August 2023, the Reserve Bank of India (RBI) approved the appointment of P R Seshadri as the
Managing Director (MD) and Chief Executive Officer
(CEO) of South Indian Bank for a period of 3 years with
effect from 1st October 2023.
• He is currently mentoring businesses both at an
operating level as well as at the board level at
various companies.
• He will replace Murali Ramakrishnan, whose
tenure as MD & CEO of South Indian Bank is set to
end by 30th September 2023. He has been
serving in the post since 2020.
About P R Seshadri:
i.He started his banking career with Citibank in early
1992 and served in various capacities including MD of
CitiFinancial Consumer Finance India Ltd (CCFIL) and
Citi Financial Retail Services India Ltd till 2005.
ii.In 2005, he served as the MDr and regional head of
Citibank’s retail banking and lending businesses for the
Asia Pacific region in Singapore.
iii.He also held the post of CEO of BFC Bank Limited, London, the United Kingdom (UK).
iv.From 2017 to 2020, he served as MD and CEO of Karur Vysya Bank (KVB).

About South Indian Bank:
MD & CEO– Murali Ramakrishnan
Headquarters– Thrissur, Kerala
Established on– 25 January 1929
Tagline– Experience Next Generation Banking
SBI Appoints Four Directors To The Board

The State Bank of India (SBI) has appointed four directors namely Ketan Shivji Vikamsey, Mrugank Madhukar
Paranjape, Rajesh Kumar Dubey and Dharmendra Singh Shekhawat to the central board of the bank.
• They were appointed for a period of 3 years with effect from 26th June 2023 to 25th June 2026.
Details of the Appointment:
i.Ketan Shivji Vikamsey and Mrugank Madhukar Paranjape have been reappointed as the director (elected
under Section 19(c) of SBI Act 1955) at SBI’s Central board.
• They have been holding this position since June 2020.
ii.Rajesh Kumar Dubey and Dharmendra Singh Shekhawat have been appointed as the Directors (elected
under section 19 (c) of the SBI Act, 1955) at SBI’s Central Board.
Note:
• Rajesh Kumar Dubey and Dharmendra Singh Shekhawat have replaced B Venugopal and Ganesh
Natarajan, whose tenure as Director ended on 25th June 2023.
About Ketan Shivji Vikamsey:
i.He is a is a senior partner at KKC & Associates LLP (formerly Khimji Kunverji & Co LLP), Chartered
Accountants, established in 1936.
ii.He is registered as an Independent Director with the Indian Institute of Corporate Affairs(IICA) under the
Ministry of Corporate Affairs(MCA).
About Mrugank Madhukar Paranjape:
He is currently the Managing Director(MD) & Chief Executive Officer (CEEO) of NCDEX e-Markets Limited.
Previously, he has served as the MD & CEO of Multi Commodity Exchange of India Limited.
About Rajesh Kumar Dubey:
He is presently holding the charge of Executive Director (Personnel) at Life Insurance Corporation of
India(LIC). He joined LIC of India as a Direct Recruit Officer in the year 1988.
About Dharmendra Singh Shekhawat:
i.Dharmendra Singh Shekhawat is a main Partner of M/s. D. S. Shekhawat & Associates, Chartered Accountants
since September 2002 and is also the Chairman of the Th. Jaswant Singh Memorial Trust.
ii.He has served as an Independent Director on the Board of Indian Oil Corporation Limited (IOCL) and was
also the Chairman of the Audit Committee of the Board of IOCL.
About State Bank of India(SBI):
Chairman – Dinesh Kumar Khara
Tagline – The Banker to Every Indian
OBITUARY
P Jayarama Bhat Former MD&CEO of Karnataka Bank Passes Away

On 09th August 2023, Polali Jayarama Bhat, the former Managing Director(MD) & Chief Executive
Officers(CEO) of Karnataka Bank passed away. He was born on 14th November 1951, in Polali, a small town
near Mangalore, Karnataka.
• He served the Bank for over 48 years from April 1973 to November 2021.

Timeline:
i.Jayarama Bhat joined the services of Karnataka Bank as a Probationary Officer in January 1973.
ii.On July 14, 2009 he was appointed as the Managing Director (MD) and Chief Executive Officer (CEO) of
Karnataka Bank.
iii.In April 2017, Jayarama Bhat chose to step down from his role as MD and CEO.
• Subsequently, he was appointed by the Reserve Bank of India (RBI) as the Part- time Non-
executive Chairman of Karnataka Bank in the same month. He held this position until his
retirement on November 13, 2021.
Awards and Recognition:
• Outstanding Manager Award from Mangalore Management Association.
• CEO with HR(Human Resource) Orientation by Asia Pacific Human Resource Management (HRM)
Congress.
• A. Shama Rao Memorial Outstanding Achievement Award by A. Shama Rao Foundation.
• New Year Award-2015 jointly by Manipal University, Academy of General Education, and Syndicate
Bank.
• T. A. Pai Memorial Shrestha Banker Award from Delhi Kannadiga.
Roles and Appointments:
i.He served on the board of Universal Sompo General Insurance Company Ltd, a joint venture involving
Karnataka Bank, where he held the position of Nominee Director.
ii.From August 2010 to August 2014, he served as a member of the Management Committee of the Indian
Banks’ Association (IBA).
• During this timeframe, he concurrently held the position of Chairman for the “IBA Committee on
Member Private Sector Banks.”
iii.He was also the chairman of the Governing Board of Southern India Banks‟ Staff Training College (SIBSTC),
Bengaluru.
Additional Info:
Following his successful completion of the Certified Associate of the Indian Institute of Bankers (CAIIB)
examination in 1986, he taught at Government Junior College, Mulki(Mangalore, Karnataka) for three months in
1972.
OTHER NEWS
Fino Payments Banks’ Board Approves Transition to SFB licence

On 28th July 2023, the board of Fino Payments Bank Ltd, a fully owned subsidiary of Fino Paytech Ltd
approved the proposal for the transition of the Bank into a Small Finance Bank (SFB) licence. The board has
also formed a committee to explore the possibility of group corporate restructuring and evaluate the
implications and other considerations.
• The bank received a letter from holding company Fino PayTech Ltd, regarding a group corporate
restructuring proposal, following which the board formed a committee.
• The Bank continued its thrust on acquiring new customers and had registered growth 85% year-on-
year (YOY) in the net profit of Rs. 19 crore and its revenue in the June quarter of FY24 increased
21% YoY to Rs 348 crore.
ADB & GoI Signed USD 200 Million Loan Agreement for Expanding Urban Services in Rajasthan
On 28th July 2023, The Government of India (GoI) and Asian Development Bank (ADB) signed a USD 200
million loan agreement as additional financing for the ongoing Rajasthan Secondary Towns Development
Sector Project as additional financing, to expand water supply and sanitation systems and enhance urban
resilience and heritage living in selected towns.

• The additional financing will assist the Government of Rajasthan in reducing the basic infrastructure
gaps in its secondary towns by expanding water supply and sanitation services and improving
livability in selected urban local bodies.
• This initiative includes the reconstruction of water structures with heritage value, integrating
nature-based solutions to enhance climate resilience for expanding basic urban services.
Key Signatories:
The loan agreement was signed by Mr. Vumlunmang Vualnam, Additional Secretary, Department of Economic
Affairs, Ministry of Finance, Government of India (GoI) and Takeo Konishi, Country Director of ADB’s India
Resident Mission, ADB.
Key Points:
i.The project incorporates nature-based solutions to improve heritage structures besides operating public-
private partnerships in the water and sanitation sector of Rajasthan to deepen private sector engagement.
ii.The project in progress, approved in September 2020 has so far laid approximately 1,451 kilometres (Kms)
of water supply pipes, 1,110 kms of sewer pipes, and connected 68,098 households in selected secondary
towns across Rajasthan.
iii.The additional financing aimed at improving water supply systems in at least 7 towns by converting all
groundwater sources to surface water, replacing about 700 km of leaking water pipes, installing 1,400 km of
new water supply pipelines, and providing 77,000 households connections with water metres.
• It will also establish 3 new water treatment plants.
About Asian Development Bank (ADB):
President– Masatsugu Asakawa
Headquarters– Mandaluyong City, Manila, Philippines
Established in– 1966
Paytm Launches 2 New Devices: Pocket Soundbox & Music Soundbox To Empower On-The-Go
Merchants
On July 31, 2023, Paytm, owned by One97 Communications Ltd (OCL), introduced two new cutting-edge
payment devices, the Paytm Pocket Soundbox and Paytm Music Soundbox. Both devices are equipped with
4G capabilities, providing enhanced convenience for on-the-go merchants.
About Paytm Pocket Soundbox:
It is a first-of-its-kind ‘Made in India’ portable device as small as debit card to empower on-the-go merchants
with instant audio payment alerts. This easy-to-carry device has all the features of Paytm Soundbox.
• It provides 5-day battery life, 4G connectivity and a torch to keep going even in low-light conditions.
• The merchants on the go include cab and auto drivers, electricians, delivery agents, parking fee
collectors and cart vendors.
About Paytm Music Soundbox:
It is a unique device that allows merchants to play music from their mobile phones via Bluetooth while
managing payment transactions. It serves both as a speaker for payment notifications and a Bluetooth music
player.
• It has 10-day battery life, 4G connectivity and a powerful 4W speaker.
• An additional feature called “voice overlay” enables merchants to hear payment notifications while
music is playing.
About Paytm:
Founder & CEO– Vijay Shekhar Sharma
Headquarters– Noida, Uttar Pardesh (UP)

Sebi asks MIIs to develop Common Online Dispute Resolution Portal
On 31st July 2023, Security market regulator, Securities and Exchange Board of India(SEBI) released a circular
stating Market Infrastructure Institutions (MIIs) such as stock exchanges, depositories and clearing
corporations should set up a common Online Dispute Resolution (ODR) portal to resolve disputes involving
investors, listed companies, designated intermediaries and regulated entities.
• Market participants such as all listed companies, specified intermediaries and regulated entities
should enrol in the portal.
• Essential features and functionalities will be integrated into the ODR Portal to facilitate the
registration of investors and market participants, the submission of complaints, and the uploading
of relevant documents or papers related to the dispute.
• The portal will include a status update facility that retrieves information from the ODR Institution
concerning the progress of the complaint.
Two Phases:
Phase 1(From 1st August 2023 to 16th August 2023):
i.Development of the ODR Portal, empanelment of ODR Institutions by the MIIs and empanelment of
conciliators and arbitrators by those ODR Institutions by August 1, 2023.
ii.Registration of trading members and depository participants on the ODR Portal will be accomplished by
August 15, 2023.
iii.From August 16, 2023 onwards, the registration of complaints against brokers and depository participants,
as well as their resolution, will commence.
Phase 2:
i.It is proposed that registration of all other market participants on the ODR Portal will be completed by
September 15,2023.
ii.The registering of complaints against all other market participants and their resolution will begin from
September 16,2023.
Dispute resolution process:
To initiate the dispute resolution process, SEBI has outlined the following steps:
i.In the first instance, the investor must raise their grievance directly with the market participant by lodging a
complaint.
ii.If the grievance is not resolved satisfactorily, the investor can escalate it through the SCORES(SEBI
Complaints Redress System) portal.
iii.After exhausting all available resolution options, if the investor remains dissatisfied, they can initiate dispute
resolution through the ODR Portal.
iv.Alternatively, the investor may directly opt for the ODR Portal if the grievance lodged with the market
participant was not resolved to their satisfaction, or at any subsequent escalation stage.
Note: The concerned market participant has the option to initiate dispute resolution through the ODR Portal.
However, before doing so, they must provide the investor with a notice period of at least 15 calendar days to
attempt resolution, which should have remained unsatisfactorily resolved between them.
About Securities Exchange Board of India(SEBI):
Chairperson – Madhabi Puri Buch
Karnataka Bank Hosts Fintech Growth Program in Bengaluru

On 28th July 2023, Karnataka Bank Limited, a leading ‘A’ Class Scheduled Commercial Bank in India, hosted the
first edition of ‘KBL – FinOne’, “A Fintech Growth Program” in Bengaluru, Karnataka.
• The objective is to forge collaborations to develop innovative business models, providing seamless
banking experience & offering a complete product suite.
• Srikrishnan H is the Managing Director(MD) and Chief Executive Officer(CEO) of the bank.

The first edition of ‘KBL – FinOne’ featured over 30 speakers from various fintechs, on topics such as emerging
lending models, neo-banks, platformization, including no code – low code, embedded finance, cards
infrastructure, payment innovations, etc.
Note: The event is hosted in association with “The Fintech Meetup”.
LIC MF Completes Merger of IDBI MF Schemes

On 29th July 2023, Life Insurance Corporation of India(LIC) Mutual Fund completed the acquisition of
Industrial Development Bank of India(IDBI) mutual fund from IDBI Asset Management Limited following the
approval of Competition Commission of India (CCI) in March 2023.
• A Scheme Transfer Agreement was entered into between LIC Mutual Fund Asset Management
Limited (“LIC AMC”), the asset management company, and LIC Mutual Fund Trustee Private Limited
(“LIC Trustee”), the trustee company of LIC MF, with IDBI Asset Management Limited (“IDBI AMC”),
the asset management company, and IDBI MF Trustee Company Limited (“IDBI Trustee”), the
trustee company of IDBI Mutual Fund (“IDBI MF”).
• With this merger, LIC aims to enhance and broaden its product range, extend its presence and
increase its assets under management (AUM).
About Merger:
i.Out of the 20 schemes of IDBI Mutual Fund, 10 schemes would undergo a merger with corresponding schemes
of LIC Mutual Fund.
• The remaining 10 schemes would be directly taken over by LIC Mutual Fund as standalone offerings.
ii.This will expand the total product offering of LIC Mutual Fund from 28 schemes to 38 schemes.
Aim of the Merger:
i.The merger aims to offer schemes in the mid-cap, small-cap, gold fund and passive fund segments.
ii.Access to LIC mutual fund’s diverse range of product offerings, encompassing equity, debt, hybrid, solution-
oriented themes, Exchange-Traded Funds (ETFs) and Index funds will be made available to investors who have
invested in IDBI mutual fund schemes.
Additional Info:
i.As of June 2023, LIC Mutual Fund had an AUM of Rs 18,400 crore, while IDBI Mutual Fund had Rs 3,650 crore.
ii.LIC mutual fund operates as an Asset Management Company (AMC) with Life Insurance Corporation of India
(LIC) serving as its sponsor. Other stakeholders include LIC Housing Finance Ltd, GIC(Government Insurance
Company) Housing Finance Ltd, and Union Bank of India.
iii.IDBI mutual fund has IDBI Bank as its sponsor, and IDBI AMC fulfils the role of the asset management
company for IDBI mutual fund. IDBI Trustee Company serves as the trustee company for IDBI mutual fund.
About Life Insurance Corporation(LIC) Mutual Fund:
Managing Director(MD) & Chief Executive Officer(CEO) – T. S. Ramakrishnan
About Industrial Development Bank of India(IDBI) Mutual Fund
Managing Director(MD) & Chief Executive Officer(CEO) – Raj Kishore Singh
CRED launched RuPay credit card-based UPI payments

CRED, a Bengaluru (Karnataka) based fintech company, in collaboration with the National Payments
Corporation of India (NPCI), introduced RuPay credit card-based Unified Payments Interface (UPI) payments
for CRED members.
Features and Benefits:
i.Members of CRED can now use their RuPay credit cards to make payments to merchants via UPI.

ii.This integration enables members to complete transactions quickly and securely with a simple scan using
their linked RuPay credit card.
iii.It also eliminates the requirement to carry physical cards, enabling seamless payments using saved cards
and the benefit of tracking and clearing bills right on the CRED app.
iv.It can enable customers to earn more rewards on their UPI transactions through their credit cards on CRED.
Key Points:
i.Multiple payment options for UPI will be now available for the CRED members such as linking their Rupay
Credit Card, Peer-to-Peer (P2P), Scan and Pay, and paying on online merchants.
ii.CRED supports RuPay credit cards issued by banks such as HDFC Bank, ICICI Bank, Yes Bank, Axis Bank, BOB
Financial Solutions, Canara Bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank, and Union Bank.
Note: Currently, the CRED app is the 4th most preferred UPI app.
About CRED:
Founder & Chief Executive Officer (CEO)- Kunal Shah
Headquarters– Bengaluru, Karnataka
India’s Q1 FY24 Fiscal Deficit at Rs 4.51 Trillion, 25% of Annual Target

Based on the data released by Controller General of Accounts(CGA) under Department of Expenditure,
Ministry of Finance on 31st July 2023, the fiscal deficit for first quarter(Q1 – April 2023 to June 2023) stood
at Rs 4.51 trillion(USD 54.86 billion) as against the full year estimate of Rs 17.86 trillion, accounting
for 25.3% of annual estimates for the financial year 2023-2024(FY2024).
• It was lower at Rs 3.5 trillion or 21.2% of the Budget estimate in the corresponding period in FY
2022-2023 (FY23).
• The rise in fiscal deficit is attributed to increased capital expenditure and accelerated tax devolution
to state governments, which offset the sharp increase in non-tax revenues.
Key Points:
i.Capital Expenditure (Capex) Surge:
• Capex increased significantly to Rs 2.78 trillion in June 2023 quarter.
• This marked a substantial rise from Rs 1.75 trillion in the same period the previous year.
ii.Non-tax revenues:
Total non-tax revenue for Q1 in FY2024 was Rs 1,54,968 crore or 51.4 % of the budget estimates against 23.1%
for the same period last year. Dividends and profits made up 105% of the non-tax revenue, adding up to Rs
91,000 crore.
Other Observation:
i.Receipts and Tax Revenues:
• Total receipts for April-June reached Rs 5.99 trillion, constituting 22.1% of annual estimates.
• Tax receipts contributed Rs 4.3 trillion, equivalent to 18.6% of annual estimates.
ii.Total Expenditure Increase:
• Total expenditure grew notably to Rs 10.5 trillion in June 2023 quarter.
• This represents 23.3% of annual estimates, a significant rise from Rs 5.86 trillion in the previous
year’s period.
iii.Fiscal Deficit Target:
• Government’s aim: Reduce fiscal deficit to 5.9% of Gross Domestic Product (GDP) in FY 2023-24
against 6.4% last year.
iv.Non-Tax Revenue Surge:
• Net tax revenues contracted by 14%.
• Non-tax revenues surged by 149%, driven by factor like RBI dividend transfer of Rs 87,416 crore in
May 2023 for FY2023
v.Expenditure Composition: Within total revenue expenditure of Rs 7.72 trillion at June quarter-end:

• Interest payments accounted for Rs 2.44 trillion and Rs 87,035.14 crore directed toward subsidies.
About Fiscal Deficit:
• It is the excess of total spending from the Consolidated Fund of India(excluding repayment of the
debt) over total receipts into the fund (excluding the debt receipts) during a financial year.
• Formula: Fiscal Deficit = Total expenditure of the government (capital and revenue expenditure) –
Total income of the Government (Revenue Receipt + Recovery of loans + Other receipts).
Axis Bank Partners With Kiwi to Bolster ‘Credit on UPI’ on RuPay Credit Cards
On 2nd August 2023, Axis Bank, India’s third-largest private sector bank in collaboration with National
Payment Corporation of India (NPCI), partnered for the first time with Kiwi, the revolutionary credit on Unified
Payment Interface (UPI) platform to launch the Axis KWIK virtual credit card that offers credit card rewards
along with the convenience of UPI’s fast and secure payment for seamless online and offline transactions.
• This functionality enables users to conduct merchant payments within the Kiwi app utilising
their credit cards through UPI, resulting in a virtualized payment encounter that eliminates the
necessity for physical cards.
• The partnership offers a complete “Credit on UPI” platform on the RuPay network.
Axis KWIK virtual credit card
i.The virtual credit card extends the advantage of receiving two edge rewards for every Rs. 200 spent.
ii.The Users are entitled to a 1% cashback on scan and pay transactions (when utilising the credit card on UPI),
along with the benefit of having the usual 1% fuel surcharge at petrol pumps waived for card payments.
Reserve Bank of India(RBI)’s proposal:
• In the month of June 2023, Reserve Bank of India (RBI) announced a significant proposal to link
credit cards with UPI platforms, with an initial focus on Rupay cards.
• The fusion of UPI with credit cards could potentially ignite a significant surge in credit card
utilisation in India.
About Axis Bank Limited:
Managing Director(MD) & Chief Executive Officer(CEO) – Amitabh Chaudhry
About Gokiwi Tech Private Limited
Co-founders – Siddharth Mehta, Mohit Bedi and Anup Agrawal
Headquarters – Bengaluru, Karnataka
SIDBI collaborates with IIM Ahmedabad’s CIIE.CO to Establish Accelerator Fund

The Small Industries Development Bank of India (SIDBI), partnered with the Centre for Innovation, Incubation
and Entrepreneurship (CIIE.CO), Indian Institutes of Management (IIM) Ahmedabad, Gujarat (IIM-A)’s startup
incubator and investor, to set up a SIDBI Accelerator Fund, at IIMA’s CIIE.CO.
• The objective of establishing the Accelerator Fund is to provide support and extend seed investment
to early-stage enterprises, especially for deep technologies start-ups in India.
• This collaboration is a part of SIDBI’s “India of Tomorrow” initiative, which intends to strengthen
India’s developmental and funding ecosystem for early-stage start-ups.
Key People:
S Ramann, Chairman and Managing Director (CMD) of SIDBI; Prof. Chitra Singla, and Prof. Ankur Sinha from IIM
Ahmedabad; S P Singh, Chief General Manager (CGM) of SIDBI, and Kunal Upadhyay, co-founder of CIIE.CO,
among others were attended the event.
Funding:
i.SIDBI and IIMA’s CIIE.CO jointly established the fund with a total corpus of Rs.40 crore.
ii.SIDBI is contributing Rs.20 crore to the fund and CIIE.CO is contributing the remaining Rs.20 crore.

Key Points:
i.Through this collaboartion, SIDBI aims to enable seed funding to start-ups in exchange for equity and promote
deep technologies and science-led innovation.
ii.The primary focus is to support start-ups with new and meritorious ideas, and technologies needed for
India’s 2047 goal of becoming Self-reliant (Atmanirbhar Bharat) as well as a dominant player in high-
quality/high-entry barrier products/ services.
iii.CIIE.CO’s investments span a broad range of sectors, with a key focus on three thematic areas: deep tech,
digitisation, and climate tech.
• CIIE.CO has been recognised as a Center of Excellence by the Department of Science and Technology
under the Ministry of Science and Technology, Government of India (GoI).
SIDBI Anchors Vivriti’s Rs 700 crore AIF fund for Micro-Enterprises with BBB and Lower Ratings
Small Industries Development Bank of India (SIDBI) has participated as an anchor investor in the Promising
Lenders Fund (PLF) managed by Vivriti Asset Management Private Limited (VAM), a part of Chennai (Tamil
Nadu)-based Vivriti Group, with an aggregate target corpus of Rs. 700 crore in two tranches.
• The fund was co-conceptualised by SIDBI and Vivriti to provide debt capital to microenterprises and
build bond markets for issuers rated BBB and lower categories.
• The PLF is predicted to benefit over 8,000 micro-enterprises and 80,000 women entrepreneurs.
Note: BBB is a moderate level of default risk relative to other issuers or obligations in the same country or
monetary union.
Phases of the fund:
Phase 1:
• In March 2022, the first phase of the fund (PLF-I) was launched with a fund size of Rs.300 crore. The
fund reached its full investment capacity by October 2022.
• The fund has made 18 investments in 16 Microfinance institutions (MFIs)/Non-Banking Financial
Companies (NBFC)s and Fintechs rated in BBB and lower categories.
• As of June 2023, contributors have already received approximately over 25% of their initial capital.
Note: It provided crucial capital to 8,500 microenterprises and supported over 43,000 women entrepreneurs.
Phase 2:
• The second phase of the fund (PLF-II) launched in March 2023, with a target fund size of Rs.400
crore.
• It is expected to announce a final close by December 2023.
• PLF-II aims to make 20–25 investments in (MFIs) /NBFCs and Fintechs rated in below BBB or lower
category.
• This will enable the fund to extend financial support to an estimated 4,000 microenterprises and
empower 40,000 women entrepreneurs.
Note: Presently, the initiative benefits lower-rated MIFs/NBFCs and Fintechs and provides them opportunities
to tap debt funds under Alternative Investment Fund (AIF) route.
About Small Industries Development Bank of India (SIDBI):
SIDBI set up on 2nd April 1990 under an Act of the Indian Parliament.It is under the jurisdiction of the
Ministry of Finance, GoI.It is the Principal Financial Institution for the Promotion, Financing, and Development
of the Micro, Small, and Medium Enterprise (MSME)
CMD– Sivasubramanian Ramann
Headquarters– Lucknow, Uttar Pradesh
IndiaFirst Life Insurance launches ‘Guarantee of Life Dreams(G.O.L.D)’ Plan

On 31st July 2023, IndiaFirst Life Insurance Company Limited (IndiaFirst Life), launched a new
plan “IndiaFirst Life Guarantee of Life Dreams (G.O.L.D.)” a non-linked, non-participating, individual life
insurance plan is designed to provide policyholders with a regular long-term income option.

• The highlight of this product is that one can plan to receive future income from the end of the first
month itself.
Premium and Tenure:
The plan offers Premium Paying Terms (PPT), with options of 6 years, 8 years, and 10 years for a policy tenure
of 30 years or 40 years. Receive a regular income from the end of the 10th year of the policy with the benefit of
life cover
• Pay premiums for a fixed period – 6, 8 or 10 years.
• Receive a regular income in yearly, half-yearly, quarterly, or monthly frequency till the end of the
chosen policy term, i.e., for 30 or 40 years.
What is Premium Paying Terms (PPT)?
Premium Paying Term (PPT) refers to the duration during which a policyholder needs to pay premiums for an
insurance policy. It is the period within which the regular premium payments are made to keep the insurance
policy in force.
• Once the PPT is over, the policy remains active until the end of the policy term or maturity,
depending on the terms of the insurance contract.
About Guarantee of Life Dreams (G.O.L.D.):
The IndiaFirst Life Guarantee of Life Dreams Plan extends three distinct choices for generating income:
i.Immediate Income Option: This option introduces a consistent and progressively increasing income stream,
commencing as early as the conclusion of the first policy month. The income is disbursed monthly, ensuring a
regular inflow of funds.
ii.Intermediate Income Option: With this option, policyholders enjoy regular increasing income starting from
the end of the 5th policy year.
iii.Deferred Income Option: The Deferred Income Option provides a reliable and progressively increasing
income source, commencing from the end of the 10th policy year. In addition, the plan incorporates two lump-
sum cash back instalments, each amounting to 50 percent of the Annualised Premium. These installments are
allocated at the conclusion of the 3rd policy year and the termination of the Premium Paying Term (PPT).
Eligibility Criteria:
i.Age at Entry:
• Minimum 90 days
• Maximum for Premium Payment Term is 6, 8 & 10 years
• Maximum for Immediate income is 50 years and 55 years
• Maximum for Intermediate income is 50 years and 55 years
• Maximum for Deferred income is 50 years and 60 years
ii.Age at Maturity:
• Minimum 30 years
• Maximum 90 years
iii.Premium Payment Frequency – Yearly,Half Yearly,Quarterly, Monthly options are available.The minimum
premium is Rs.4176 and is no limit on maximum premium.
Additional Info
The plan offers Waiver of Premium (WOP) Rider in which future premiums are waived off in case the
policyholder/ life assured suffers from death, accidental total permanent disability, or critical illnesses.
About IndiaFirst Life Insurance Company Limited (IndiaFirst Life)
Managing Director(MD) and Chief Executive Officer(CEO)- Vishakha RM

IndusInd Bank and Tiger Fintech partnered to launch a co-branded credit card Powered by
Visa
On 3rd August 2023, IndusInd Bank Ltd. and Tiger Fintech Private Limited, a Bajaj Capital Group company,
announced the launch of the ‘IndusInd Bank Tiger Credit Card’, a co-branded credit card powered by Visa Inc
(Visa), the global digital payments technology company, to give the best-in-class credit card access to the
customers, to meet their lifestyle requirements.
Benefits of the card:
i.The card offers a ‘Magnificent Rewards Program’, where customers earn up to 6X accelerated rewards.
ii.Cardholders will also be able to convert their rewards points to air miles (by redeeming the reward points for
flight tickets) and enjoy discounted foreign currency markup of 1.5%, which can lead to considerable savings
on their international expenses.
iii.It also offers access to complimentary benefits like a 24×7 concierge facility (customers can have access to a
team of personal assistants to perform various tasks), domestic and international lounge access at the airports,
games/lessons of golf, assured movie tickets, and many other entertainment benefits.
iv.The benefits also include discounted fees for international transactions, with Visa’s commitment to a safe,
secure, and seamless payment experience, cardholders can make secure transactions.
About IndusInd Bank Ltd:
Managing Director (MD) & Chief Executive Officer (CEO)– Sumant Kathpalia
Tagline– We Make You Feel Richer
SEBI, APMI jointly set Standards for Performance Audit of PMS Players
On August 2, 2023, the Securities and Exchange Board of India (SEBI) and Association of Portfolio Managers in
India (APMI) collaboratively established performance audit standards for portfolio management services
(PMS) providers, effective from October 1, 2023.
• This information by SEBI is provided in exercise of powers conferred under Section 11(1) of the
SEBI Act, 1992, read with the provisions of Regulation 43 of SEBI (Portfolio Managers) Regulations,
2020, to protect the interest of investors in securities and to promote the development of the
securities market.
Standard Terms of Reference by APMI:
i.APMI, in consultation with Sebi, will set standardized Terms of Reference (ToR) for auditing firm-level
performance data. It will mandate portfolio managers to include all client portfolios in the audit process.
ii.According to the new standards, Portfolio Managers need to submit two reports to SEBI related to the firm-
level performance data within 60 days after each financial year ends.
• The first report is a “confirmation of compliance” with the requirement of an annual audit of the
firm-level performance data. Portfolio Managers need to ensure that they have conducted the
necessary audit as per the specified standard and submit this confirmation to SEBI within sixty days
from the end of each financial year.
• The second report is required to submit the actual “audit report” on firm-level performance
data to SEBI within 60 days from the end of each financial year.The report contains the findings and
results of the audit conducted on the firm-level performance data which includes detailed
information about the assessment and evaluation of the portfolio manager’s performance data
during the financial year.
iii.The performance of advisory clients may be excluded from the audit if it has not been published in any
marketing material or website.
Click Here for Official Circular

About Securities and Exchange Board of India ( SEBI):
Chairperson -Madhabi Puri Buch
Establishment – 12 April 1992
SEBI Allows OFS for Units of Private Listed InvITs via Stock Exchange
The Securities and Exchange Board of India (SEBI) allowed Offer For Sale (OFS) for units of private
listed Infrastructure Investment Trusts (InvlTs) through a stock exchange mechanism. This information by
SEBI is provided in exercise of powers conferred under Section 11(1) of the SEBI Act, 1992.
• Offer For Sale (OFS) mechanism is allowed for the sale of units of both Real Estate Investment Trusts
(REITs) and Infrastructure Investment Trusts (InvITs) by their respective sponsors or sponsor
group entities. Additionally, other unit holders of listed REITs can also use the OFS mechanism to
sell their units.
• Now,it has been decided to modify the framework to allow OFS for units of private listed InvITs.
• In the case of OFS for listed InvITs, the trading lot will be the same as the trading lot prescribed for
such InvITs in the secondary market under SEBI’s Infrastructure Investment Trusts rules.
What is Offer for Sale (OFS) Mechanism: OFS is a method that allows existing investors (promoters,
shareholders, etc.) of a company or trust to sell their securities (shares or units) to the public through the stock
exchange platform.
About Infrastructure Investment Trusts (InvITs):
InvITs are investment vehicles that pool money from investors to invest in income-generating infrastructure
projects such as roads, highways, power plants, etc. These trusts are listed on stock exchanges, and their units
can be bought and sold like shares.
InvITs Units
i.There are two types of InvITs based on their issuance: privately placed and publicly offered.
• Privately placed InvITs have the flexibility to invest in a mix of under-construction assets, which are
still being developed, and completed and revenue-generating assets that are generating income.
• Publicly offered InvITs, on the other hand, mainly focus on investing in completed and revenue-
generating assets, providing stable cash flows to investors from the outset.
What is Real Estate Investment Trusts (REITs): REITs are similar to InvITs but invest in income-generating
real estate assets like commercial properties, office spaces, shopping malls, etc. REITs are also listed on stock
exchanges, allowing investors to trade their units.
India to grow at average 6.7% per year from FY24 to FY31: S&P Global
As per the United States based corporation S&P Global’s report titled ‘Look Forward: India’s Moment’, India
will grow at an average 6.7% per year from financial year 2023-24 (FY24) to FY31. This will increase the Gross
Domestic Product (GDP) of India to USD($)6.7 trillion by FY31 from $3.4 trillion in FY23 and The Per capita
GDP will rise to about $4,500.
• For FY24, India will be the fastest growing economy in the G20 (Group of Twenty) and will grow by
6% amid global slowdown and policy rate hikes by the Reserve Bank of India (RBI).
• India shows a GDP growth of 7.2% in FY23.
• The report projected India’s economic growth from FY24 to FY31.
Key Points:
i.The Indian private sector will drive India’s economic growth with projected capital contribution of around
53% of the projected 6.7% average GDP growth until 2030.
ii.Increasing the participation of women in the labor force will be crucial for future growth since only 24%
were participating in 2022.
iii.India has an opportunity to boost its share of global manufacturing exports, and the government aims to

raise manufacturing’s contribution to GDP from 17.7% to 25% by 2025.
iv.The development of digital infrastructure is also a potential growth driver of Indian economy.
v.India’s total energy demand to double by 2050.
Societe Generale Bought Bandhan Bank Ltd. Shares For Rs 382 Cr

On 31st July 2023, Europe-based financial services group Societe Generale bought shares of Kolkata-
based Bandhan Bank Ltd. for Rs 382 crore through open market transactions.
• According to the bulk deal data available with the Bombay Stock Exchange (BSE) and National Stock
Exchange (NSE), Societe Generale has acquired a total of 1.74 crore equity shares or 1.08 percent
stake in Bandhan Bank of which 89.23 lakh shares were bought on the NSE and 85.52 lakh shares on
the BSE.
The average buying price for the above shares was Rs 218.6 per share, and the stake buy amounted to Rs
382.01 crore.
NABARD sanctions Rs 1974 cr to Rajasthan under RIDF for 2023-24

National Bank for Agriculture And Rural Development (NABARD) has sanctioned Rs 1,974.07 crore to
the Government of Rajasthan under the Rural Infrastructure Development Fund (RIDF) for 2023-24. A
budget of Rs.930.44 crore has been sanctioned for 3 rural drinking water supply projects in the districts of
Rajasthan namely Ajmer, Jalore, and Kota.
• Further, Rs.926.48 crore was sanctioned for the construction of 676 rural roads in the desert and
tribal areas of Rajasthan. Earlier, Rs.117.15 was allocated for the establishment of 104 veterinary
hospitals and 431 sub-centres in all the districts of Rajasthan.
• The drinking water supply projects are expected to provide clean and potable water to 2.87 lakh
households in 2,500 villages, whereas rural road projects will improve connectivity in 1,229 villages
across 12 districts.
• NABARD is also supporting the Rajasthan government to bring 4.28 lakh hectares under micro-
irrigation with support of Rs.740 crore from the Micro Irrigation Fund.
Note:
• NABARD’s Infrastructure Development Assistance has allocated Rs.623.38 crore for the construction
of earthen canal linings covering 450 kilometers in the Kota and Bundi districts.
• NABARD is India’s apex development bank, established in 1982 under an Act of Parliament to
promote sustainable and equitable agriculture and rural development.
Mastercard Introduces CVC Free Online Transactions for Its Customers

On 7th August 2023, Mastercard introduced Card Verification Code (CVC)-free online transactions for
customers who have tokenized their debit and credit cards on merchant platforms.
• The move aims to reduce the checkout time and make CVC-free payment to enhance the payment
security.
Mastercard’s token-based transactions leverage 3 key factors that ensure a high degree of safety and security
which includes
i.Enhanced Security Features
ii.Authenticated User Identity Check
iii.Domain Control
Tokenization of Card & CVC:
As per the Reserve Bank of India’s tokenization guidelines, merchants who implement tokenized payments will
collect the CVC only once, during the initial tokenization of the card. For future transactions, cardholders select
the tokenized card, verify One-time password(OTP), and complete the payment without re-entering CVC,

streamlining the process while ensuring security.
Note: CVC is the 3-digit number printed on the back of debit and credit cards.
Swiss impact investor signs agreement with Electronica Finance

Swiss impact investor responsAbility Investments AG signed a USD 15 million funding deal with Non-Banking
Financial Company (NBFC) Electronica Finance to promote green financing in India in line with its
sustainability goal.
• Electronica Finance is headquartered in Pune, Maharashtra, and is a part of the SRP Electronica
group.
• It is supported by the Small Industries Development Bank of India (SIDBI).
Key Points:
i.Electronica Finance will use the funding for financing energy efficient machines and promoting rooftop solar
installation.
ii.It has already received USD 7.5 million from responsAbility in July 2023 will get remaining part in later 2023.
The fund was raised at 11.4%.
Bajaj Finance has Partnered with ICICI Lombard General Insurance to Provide Insurance Plans
Bajaj Finance Limited (BFL) has partnered with ICICI Lombard General Insurance along with other partners to
provide car and two-wheeler insurance plans on the platform Bajaj Finance Insurance Mall.
Key points:
i.The ICICI Lombard Car and Two-wheeler Insurance policies offer comprehensive damage coverage, (including
own and third-party damage), personal accident cover, No Claim Bonus (NCB) to vehicle owners and vehicles.
• Comprehensive Coverage: Complete protection for insured vehicle and safeguard against third-
party liabilities.
• Own Damage Cover: Receive coverage for damages caused to vehicle due to accidents, theft,
natural disasters, and fire incidents.
• Third-Party Cover: Secure financial support for third-party liabilities, compensating for property
damage and injury expenses caused by the policyholder’s fault.
• Personal Accident Cover: Receive financial aid in case of accidents resulting in injuries or fatality of
the owner/driver, with a personal accident cover up to Rs. 15 lakhs.
• No Claim Bonus (NCB): Policyholders will receive a No Claim Bonus when they haven’t made any
claims in the previous policy year. This bonus earns you a discount on your renewal premium, which
grows as you accumulate more bonus points.
ii.ICICI Lombard also offers a range of add-on covers to help customers enhance their vehicle insurance such as
NCB protector cover, 24×7 roadside assistance cover, Zero depreciation add-on cover, Engine protection add-
on cover.
• These covers provide additional financial backup, ensuring the customers stay fully covered in case
of any emergency.
iii.The policies can be brought through a seamless digital process.
About Bajaj Finance Limited (BFL):
BFL a subsidiary of Bajaj Finserv Ltd. is a deposit taking Non-Banking Financial Company (NBFC-D).
Chairman- Sanjiv Bajaj
Headquarters- Pune, Maharashtra
Established- 1987
Star Health Partners With SCB To Sell Health Insurance Products

Star Health & Allied Insurance Co. Ltd.,(Star Health) India’s leading private Health Insurance company has
entered into a strategic corporate bancassurance tie-up with Standard Chartered Bank (SCB) , a reputed

international bank to enhance the accessibility of health insurance products through the bank’s extensive
distribution network.
• The SCB, with 100 branches spread across 42 cities, will function as a convenient single point of
access for customers seeking health insurance.
• The agreement also provides top-tier services that align with the distinct needs of India’s affluent
clientele.
Why Health Insurance?
i.Health and protection are key needs today for clients. The rising healthcare expenses in India have led to an
unparalleled increase in the desire for health insurance.
ii.Customers are now in need of all-inclusive policies that address their medical needs, including features like
OPD Care, Hospi Cash, and Critical Illness coverage.
iii.The focus on health and fitness is growing, fostering a heightened interest in tailor-made wellness programs.
Note: According to the Wealth Expectancy Report, 2022 by Standard Chartered, more than 54 percent of
respondents in India have placed a higher priority on health and wellness in the aftermath of the COVID-19
pandemic.
Bancassurance:
Bancassurance constitutes an insurance distribution framework wherein insurance firms collaborate with
banks for the sale of insurance policies. This association yields advantages for both entities involved.
• The bank secures a commission from the insurance company, while the insurer capitalises on the
expansive distribution network of the bank.
About Star Health & Allied Insurance Co. Ltd:
Managing Director(MD) & Chief Executive Officer(CEO) – Anand Roy
Headquarters – Chennai, Tamilnadu
About Standard Chartered Bank(SCB) India:
Chief Executive Officer(CEO) – Zarin Daruwala
SEBI Mandates FPIs to carry 10% of Corp.Bonds Trades ; Shortens AIFs/VCFs Overseas
Investment to 4 Months
On August 7, 2023, the Securities and Exchange Board of India (SEBI) mandated Foreign Portfolio Investors
(FPIs) to place at least 10% of their trades in corporate bonds through the Request For Quote (RFQ) platform
of stock exchanges w.e.f. from October 1, 2023.
• This information by SEBI is provided in exercise of its power conferred
under Section 11(1) of the SEBI Act 1992, read with the provisions of
Regulation 20(5) and Regulation 44 of SEBI (Foreign Portfolio Investors) Regulations,
2019 to protect the interests of investors in securities and to promote the development of, and to
regulate the securities markets.
Aim:
i.To boost liquidity on the RFQ platform
ii.To enhance the transparency and disclosures pertaining to investments in corporate bonds to encourage
investment by FPIs in the corporate bond segment
Reason behind this Mandate:
This mandate followed a consultation paper by SEBI in July 2023. According to the paper, FPIs’ corporate bond
investment is generally low, and their trades on the RFQ platform are even lower. In FY2022-23, FPIs
conducted only 4.5% of their total corporate bond trades through the RFQ platform, and their share of total
trades executed by various entities on the RFQ platform was merely 0.78%. So, to overcome this, the above
mandate is made.

What is RFQ?
Request For Quote (RFQ) , launched on BSE (earlier Bombay Stock Exchange) and NSE (National Stock
Exchange of India) in February 2020, is an electronic platform that facilitates multi-lateral negotiations for
debt securities on a centralized online trading platform. It enables straight-through processing of clearing and
settlement, and offers a diverse range of debt securities for trading.
• It operates as a participant-based model, allowing registered regulated entities, listed corporate
bodies, institutional investors, and Indian financial institutions to access and transact quotes.
SEBI Reduces Overseas Investment Timeline for AIFs and VCFs to 4 Months
SEBI has decreased the validity period of approval for Alternative Investment Funds (AIFs) and Venture Capital
Funds (VCFs) to make overseas investments to four months from six months.
• If these funds do not utilize their investment limits within this timeframe, SEBI has the authority to
allocate the unutilized limits to other applicant AIFs and VCs.
• This information by SEBI is provided in exercise of its power conferred under Section 11(1) of the
SEBI Act 1992.
Key Points:
i.The decision has been taken following the recommendation of the Alternative Investments Policy Advisory
Committee.
ii.This decision will apply to the overseas investment approvals granted by SEBI.
iii.In August 2022, SEBI issued guidelines permitting Alternative Investment Funds (AIFs) and Venture Capital
Funds (VCFs) to invest in foreign companies without requiring any connection to India. Prior to this, their
investments were limited to companies that had at least one office in India.
• AIFs/VCFs can invest in an overseas investee company, which is incorporated in a country whose
securities market regulator is a signatory to the International Organization of Securities
Commission’s Multilateral Memorandum of Understanding (Appendix A Signatories) or a
signatory to the bilateral Memorandum of Understanding with SEBI.
• This step opens up investment opportunities for AIFs and VCFs in overseas companies within a
regulated framework.
About Securities Exchange Board of India(SEBI):
Headquarters -Mumbai, Maharashtra
Paytm Founder & CEO Vijay Shekhar Sharma buys 10.3% stake from Antfin; Paytm share price
surges ~12%
On 7th August 2023, Shares of One 97 Communications Ltd, the parent company of Paytm, jumped
over 11.6%(~12%) to Rs. 887.55 on BSE (formerly Bombay Stock Exchange) during intra-day trade,
after Vijay Shekhar Sharma, founder and Chief Executive Officer (CEO) of Paytm entered into an agreement to
buy 10.3% worth USD 628 Million from Ant Financial (Antfin) Netherlands Holding BV, a Chinese fintech via
Resilient Asset Management BV (Resilient), a 100% owned overseas entity of Vijay Shekhar Sharma.
• As a result of this transaction, Vijay Shekhar Sharma’s shareholding in Paytm (direct and indirect)
will increase to 19.42%, whereas Antfin’s shareholding will reduce to 13.5%.
• As per the agreement, Antfin will receive Optionally Convertible Debentures (OCDs) by Resilient
Asset Management B.V. in exchange for transferring ownership and voting rights. This will allow
Antfin to retain the economic value of its 10.30% stake in Paytm.
• The Paytm-Antfin deal is likely to India’s biggest buy now, pay later deal. It involves a cash outgo,
but only later.

• As a result of this acquisition, there will be no change in the management or control of Paytm. Vijay
Shekhar Sharma will continue to serve as the Managing Director and CEO of the company. However,
there will be no nominee of Antfin on the board of Paytm
AU SFB Launched India’s first 24×7 Video Banking Service

On 08th August 2023, AU Small Finance Bank (AU SFB), India’s Largest Small Finance Bank, became the first
bank in India to offer 24X7 for 365 days video banking facility to all the customers(including account holders
under Pradhan Mantri Jan Dhan Yojana(PMJDY) ) for free of cost.
• Video Banking provides customers with a branch-like experience, enabling them to engage in face-
to-face interactions with AU Video Banking relationship managers over a video call.
• The customer needs to be at least 18 years of age and located within India while making the video
call.
Services offered:
i.Opening of Savings Account & Booking for Fixed Deposit(FD).
ii.Initiating financial transactions like Real Time Gross Settlement (RTGS), National Electronic Funds Transfer
(NEFT) and Internal Fund Transfer.
iii.Other services like mobile number updation, address change, dormant account activation, registration of net
banking without debit card.
Timeframe:
• The Video Banking service for initiating account openings is accessible every day, including Sundays
and Bank Holidays, only from 8 am to 9 pm.
• The Video Servicing feature, catering to inquiries and service requests, is operational only from 8
am to 8 pm.
Mode of connection: Via AU 0101 Mobile Application or by NetBanking.
Security Measures:
• Verification of mobile numbers via One-Time-Password (OTP).
• Facial recognition powered by Artificial Intelligence(AI).
• Customised security queries.
• Recording of calls.
• Strict due diligence on all financial transactions and service requests.
Required Documents:
i.For Account Opening- Original PAN Card.
ii.For Video Banking (Servicing)- Any Officially Valid Document (OVD) apart from Aadhaar.
Note: Video Know Your Customer (KYC) is a part of Video Banking which offers 400+ services.
About AU Small Finance Bank (AU SFB):
Managing Director & Chief Executive Officer(CEO) – Sanjay Agarwal
Headquarters – Jaipur, Rajasthan
Tagline – Badlaav Humse Hai
Airtel Payments Bank Launches India’s 1st Eco-Friendly Debit Card

On 8th August 2023, India’s first payment bank, Airtel Payment Bank also became the first Indian Bank to
launch an eco-friendly debit card for its new and existing customers with a savings bank account.
• The debit cards will be crafted from recycle- Poly Vinyl Chloride (r-PVC) material, a certified eco-
friendly material, against normal PVC cards.
• The introduction coincides with the Bank’s dedication to sustainability and its drive to advocate for
environmentally conscious practices within the financial industry.

Environmental Impact:
i.Each production batch of 50,000 cards will result in a reduction of 350 kgs of carbon emissions compared
to the traditional PVC cards commonly used in the market.
ii.The production of r-PVC cards will lead to a 43% reduction in hydrocarbon consumption, playing a role in
curbing petroleum usage during the manufacturing process.
iii.With each batch of r-PVC cards contributing to the conservation of an 6.6 million litres of water.
About new Debit cards:
Airtel Payments Bank debit card comes in two variants(under Classic variant)
i.Personalised Classic Card – Availed through the Airtel Thanks mobile application.
ii.Insta Classic Card – Availed at selected neighbourhood banking points (by the close of the current quarter).
Note: The cards also offer the rewards with e-commerce benefits of up to INR 10,000, as well as complimentary
One Dines experiences in major cities across India.
About Airtel Payments Bank Limited:
Managing Director(MD) & Chief Executive Officer(CEO) – Anubrata Biswas
Headquarters – New Delhi, Delhi
Exim Bank of India launches Factoring Subsidiary ‘Exim Finserve’ in GIFT City, Gujarat
On August 8, 2023, the Export-Import Bank of India (Exim Bank of India) launched its
subsidiary- India Exim Finserve IFSC Private Limited (Exim Finserve) at the Gujarat International Financial
Tec (GIFT) City in Gandhinagar, Gujarat.
• It was inaugurated by Dr. Vivek Joshi, Secretary, Department of Financial Services (DFS), Ministry
of Finance.
• This subsidiary is set to provide a suite of trade finance solutions to Indian exporters, with a primary
emphasis on export factoring.
• Exim Finserve is the first finance company in GIFT City for export factoring.
Note: The subsidiary of Exim Bank was announced in the Union Budget 2023 by Union Finance Minister
Nirmala Sitharaman.
Services to be provided by Exim Finserve to Exporters:
The subsidiary aims to empower exporters with a trio of services:
1. Receivables financing,
2. Risk mitigation against non-payment
3. Efficient accounts receivable management
Key Points:
i.The services by Exim Finserve will improve cash flow and reduced payment risk for exporters.
• It will enhance the export competitiveness of Micro, Small, and Medium Enterprises (MSMEs) as
they can provide attractive credit terms to buyers without facing associated risks.
ii.During the launch event, Exim Bank also released a study titled “Strengthening Collaborations to Bridge
the Trade Finance Gap: Insights for G20 Countries”. The study notes that the trade finance gap expanded to
US$ 2 trillion in 2021/22.
About Exim Bank of India:
Managing Director– Harsha Bangari
Establishment– 1982
PayU and CSC Academy to offer Financial Education to Underprivileged People

PayU India and CSC Academy collaborated to provide digital and financial literacy to the weak and
underprivileged segments of society from July 1 2023 to June 30, 2024.

• Under this Mobile vans will be stationed in and around three districts
in Delhi/Gurugram (Haryana), Mumbai (Maharashtra), and Bengaluru (Karnataka) to provide
financial and digital literacy instructions as well as other civic services for people between the ages
of 15 and 60.
• Underprivileged segments of society include SC (Scheduled Caste), ST (Scheduled Tribe), BPL
(Below Poverty Line), and Women.
Note: PayU India is a leading online payment service provider in India, and CSC Academy is a SPV (Special
Purpose Vehicle) of the Ministry of Electronics & Information Technology (MeitY).
Key Points:
i.The main objective of this campaign is to improve the standard of living for an expanding number of people by
including them in the Government of India’s Digital India plan.
• This campaign would encourage common people to save and invest money while also promoting
secure digital financial transactions
ii.This drive seeks to motivate ordinary citizens to save, invest, and engage in secure digital financial
transactions, fostering both financial and digital literacy.
iii.By utilizing the advantages of Information & Communications Technology (ICT), this initiative aims to
seamlessly integrate technology into rural dwellers’ daily routines, particularly enhancing healthcare, income
opportunities, and education.
iv.Village Level Entrepreneurs (VLEs) from CSC will play a pivotal role in administering this campaign,
aiming to train approximately 50,000 individuals per year through each van.
Bandhan Bank & Odisha Govt Partnered to facilitate OTDC payment solutions
On 7th August 2023, Kolkata (West Bengal) based-Bandhan Bank Limited, partnered with the Government
of Odisha, to support the payment solutions for the Odisha Tourism Development Corporation (OTDC) Ltd.
• The Bank has introduced Point of Sale (PoS) machines, which offers a seamless card payment
experience and are placed in prime locations across popular tourist destinations in Odisha including
Puri, Bhubaneshwar, Konark, Chilka, and Gopalpur.
• Bandhan Bank will be providing the machines to OTDC and these PoS machines provide easy and
quick payment solutions to tourists, thus bringing convenience, both for the tourists and OTDC
officials.
• The Electronic Data Capture (EDC) machines will also help prevent revenue loss for OTDC, due to
the lack of cash carried by the tourists. This initiative is also aligned with India’s vision of a ‘Cashless
Economy’.
Note:
• Bandhan Bank Limited, incorporated on 23rd December 2014, is an associate of Bandhan Financial
Holdings Limited (BFHL) which is a wholly-owned subsidiary of Bandhan Financial Services Limited
(BFSL).
In 2015, It became the first-ever microfinance institution to become a universal bank in India.
Sashidhar Jagdishan of HDFC Bank Becomes Highest-Paid Bank CEO in FY23

HDFC Bank’s Sashidhar Jagdishan emerged as the highest-paid bank Chief Executive Officer (CEO) in the
financial year 2022-2023(FY23) with over Rs 10.55 crore in total pay.
i.Kaizad Bharucha, deputy managing director, HDFC Bank, drew Rs 10 crore for FY23 and is likely to be the
second-highest-grossing banker in India
ii.Among bank CEOs, Amitabh Chaudhry, the CEO of Axis Bank, received a payout of Rs 9.75 crore in FY23
making it the second-highest in terms of overall pay among bank chief executives.
iii.Sandeep Bakhshi ,CEO of ICICI Bank got paid Rs 9.60 crore for the fiscal year.
Note: The details were made public in disclosures made in annual reports.

CCI approves merger of TCCL and TCFSL into TCL; Clears proposed acquisition of
HDFC Credila Financial Services
On August 8, 2023, the Competition Commission of India (CCI) approves merger of Tata Cleantech Capital
Limited (TCCL) and Tata Capital Financial Services Limited (TCFSL) into Tata Capital Limited (TCL).
Key Points:
i.TCL, registered with the Reserve Bank of India (RBI), is a Core Investment Company (CIC). Its main focus is on
investing in its subsidiary companies operating in the financial services sector
ii.TCFSL, fully owned by TCL, is an important Non-Banking Financial Company (NBFC) under RBI’s supervision.
Its core operations include lending and providing financial services within the financial sector.
iii.TCCL, another subsidiary of TCL, is also an RBI-registered NBFC. It specializes in offering cash flow-based
finance and advisory services for projects centered around renewable energy, energy efficiency, waste and
water management, and other infrastructure ventures.
CCI clears proposed acquisition of HDFC Credila Financial Services
CCI also approved the combination involving the acquisition of 90% of the shareholding of HDFC Credila
Financial Services Limited(HDFC Credila) by Kopvoorn B.V., Moss Investments Limited, Infinity Partners and
Defati Investments Holding B.V.
• In June 2023, HDFC Ltd, HDFC Bank, and HDFC Credila declared their proposal to sell a substantial
stake in HDFC Credila to a consortium of private equity firms including BPEA, EQT, and ChrysCapital
at a transaction value of Rs 9,060 crore.
Key Points:
i.Kopvoorn B.V., owned by BPEA Private Equity Fund VIII managed by EQT AB, is the Netherlands
incorporated company, part of the global EQT investment group.
ii.Moss Investments Limited (Moss), Infinity Partners (Infinity), and Defati Investments Holding B.V. (Defati)
are collectively known as ChrysCapital Acquirers, are private equity investors.
iii.HDFC Credila, a subsidiary of Housing Development Finance Corporation Limited (HDFC) Ltd., is an
Indian public limited company incorporated under the Companies Act, 1956 and registered with RBI. It is
focused on providing education loans for higher studies in India and abroad.
About Competition Commission of India (CCI):
Chairperson– Ravneet Kaur
Headquarter– New Delhi, Delhi
NABARD supports Rajasthan to Get 5 GI Tag certification for Traditional Products

The National Bank For Agriculture And Rural Development(NABARD) supported Rajasthan to get a
Geographical Indications (GI) tag for five traditional products including Nathdwara Pichhwai Craft of
Rajsamand, Udaipur Koftgari Metal Craft, Bikaner Kashidakari Craft, Jodhpur Bandhej Craft and Bikaner Usta
Kala Craft.
Advantages of getting GI Tags:
i.GI tags are crucial in rural off-farm development because they act as product differentiators, boost brand
building, provide local employment, create a regional brand, generate spin-off benefits in tourism and cuisine,
and help to conserve biodiversity.
ii.It also improves market access, raises knowledge, and strengthens producers’ ability to assert their rights.
iii.It is supported to empower local communities by enhancing their income levels and preserving the
intactness of disappearing artworks.
Nathdwara Pichhwai Craft:
i.The Nathdwara Pichhwai Craft has a 400-year history and depicts the glorious life of Lord Shrinathji(Lord
Krishna).
• These paintings were used to decorate the walls of temples in Nathdwara, Rajasmand district,
Rajasthan.

ii.The word Pichhwai comes from the Sanskrit words, ‘pich’ meaning back and ‘wais’ meaning hanging.
iii.The colours used in Pichhwai painting are natural colours including vibrant blue, green, brilliant red, and
Oranges.
• The most beautiful ones are mainly filled with pure gold.
iv.Themes commonly used in Nathdwara Pichhwai Crafts are based on Ramayana, Krishna Lila,
Choura Panchasika, Ragamala series and Gita Govinda.
• Nathdwara Pichhwai Craft is a Handi Crafts goods.
Note:
The other four GI products Udaipur Koftgari Metal Craft, Bikaner Kashidakari Craft, Jodhpur Bandhej Craft, and
Bikaner Usta Kala Craft explained in Rajasthan GI Tags
Renewal:
A registered GI shall be valid for 10 years and can be renewed on payment of renewal fee.
Additional info:
i.In Rajasthan, NABARD also promotes the farm and off-farm sectors through skill development programmes,
GI, promotion of farm and off-farm producer organisations, farmer exposure tours, and improvement of
watersheds and wadis for tribal people.
ii.NABARD spent Rs.31.04 crore on different developmental activities in Rajasthan during the financial year
2022-23.
IBA forms Sectoral Committee for 26 Banks in GIFT City

The Indian Banks’ Association (IBA) constituted a sectoral committee to frame the unique regulatory landscape
and address challenges faced by 26 member banks operating within the Gujarat International Finance Tec-City
(GIFT City) in Gandhinagar, Gujarat.
• The committee is intended to function as a bridge connecting the banking sector and regulatory
bodies, ensuring effective communication and resolution of concerns and perspectives.
Why the committee?
i.Due to the differential regulatory guidelines between banks operating within GIFT City and those outside,
there is a need for a dedicated committee to focus on resolving the challenges encountered by International
Financial Services Centre (IFSC) Banking Units (IBUs) .
ii.The committee will represent the collective interests of the banks operating within GIFT City.
iii. In the past, banks used to independently raise the issues they were experiencing with the International
Financial Services Centre Authority (IFSCA).
About Indian Banks’ Association (IBA):
Chief Executive – Sunil Mehta
About Gujarat International Finance Tec-city co. ltd. (GIFT-City)
Managing Director & Group Chief Executive Officer(CEO) – Tapan Ray
Headquarters – Gandhinagar, Gujarat
Axis Bank to raise stake in Max Life to 16.22% via Rs 1,612 crore Investment
On August 9, 2023, Axis Bank Limited announce to raise its stake in Max Life Insurance Company Limited to
16.22% from 9.99% by infusing Rs 1,612 crore (USD 194.6 million) through a preferential allotment of
shares.
• The proposal for the same was approved by the acquisitions, divestment and merger committee of
Bank’s board.
• This capital infusion will help Max Life to support its growth ambitions, augment capital position
and improve solvency margins.

Background:
Axis Bank, along with its entities (Axis Securities and Axis Capital), had acquired a 12.99% stake in Max Life in
2021, and through this new investment they will own 19.02% in the Max Life.
Key points:
i.The increase in the stake by the bank will be done through a share subscription agreement with Max Life
through subscription to the preferential issue of 14,25,79,161 fully paid-up equity shares of face value of Rs 10
each at a fair market value of Rs 113.06 per share.
ii.Currently, Max Financial holds an 87% in Max Life. On completion of the proposed capital infusion, Max
Financials’ shareholding will reduced to 80.98%.
iii.After the investment, Five nominee directors of Axis entities and three nominee directors of Max Financial
will be there on the board of Max Life.
About Axis Bank:
MD & CEO– Amitabh Chaudhry
Tagline– Badhti Ka Naam Zindagi
Kotak Life partners with ESAF Bank to offer Life Insurance to customers
On 9th August 2023, Kotak Mahindra Life Insurance Company Ltd (Kotak Life) announced its corporate
agency tie-up with ESAF Small Finance Bank (ESAF Bank) to offer life insurance to ESAF Bank customers.
• The tie-up plans to benefit 68 lakh customers of ESAF Bank through life insurance products
provided by Kotak Life, including protection, savings, investment and retirement through ESAF
Bank’s 700 banking outlets spread across 21 States and 2 Union Territories(UTs).
RGICL has been Awarded the Contract for Implementing MHIS & PMJAY in Meghalaya
On 8th August 2023, Reliance General Insurance Company Ltd (RGICL) signed a contract with the Department
of Health and Family Welfare, Government of Meghalaya for the implementation of the Megha Health
Insurance Scheme (MHIS) and the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY)-Phase
6 in Meghalaya.
• RGICL emerged as the successful bidder to implement a revised MHIS 6 scheme in convergence with
PMJAY, providing an insurance cover of Rs 5.3 lakhs for all eligible beneficiaries on a family floater
basis.
• Meghalaya has decided to review the health benefit packages and other terms in insurance contract
of MHIS 6. This will cover more than 7 lakh families in Meghalaya and provide them health
insurance coverage that will meet secondary and tertiary care hospitalization, outpatient care,
diagnostic tests, and follow-up care.
• RGICL will also leverage its digital capabilities for smooth and hassle-free enrolment, claim
settlement, and grievance redressal for the beneficiaries.
• The scheme provides coverage to all residents of Meghalaya apart from those who are employed by
the GoM and central governments.
IIITD-IC & YES Bank Signed MoU to Scale up Indian Startups

IIITD Innovation and Incubation Centre (IIITD-IC), a section 8 company promoted by the Indraprastha
Institute of Information Technology-Delhi (IIITD), has signed a Memorandum of Understanding (MoU) with
YES Bank Limited (YES Bank) to support and scale up the growth of startup ecosystem in India.
Aim:
• To enable enterprise banking, personal banking and beyond banking solutions required by the
Startups.

• To bridge the gap between startups and corporates with the right and in-time mentorship.
Features of the partnership:
Under this MoU, IIITD-IC will strengthen the mentoring initiatives for startups, get access to experts across the
industry and find new investment and funding opportunities to support startups.
With this partnership, YES Bank will offer banking facilities to Startups which are in the developmental phase
at IIITD-IC through YES Bank’s YES HeadStartup programme.
• YES HeadStartup programme is a dedicated banking solution for startups which provides end-to-
end solutions for the banking and digital service requirements of the startup.
• The banking facilities include, A salary account proposition for startups with only 5 employees; A
fungible limit for credit cards for business and personal use and an API(Application Programming
Interface) Sandbox facility.
Note:
YES Bank is one of the first banks in India to adopt the Credit Guarantee Scheme for Startups (CGSS) which
supports developing startups to scale up.
About YES Bank Limited:
YES Bank was incorporated in November 2003 & Commenced operations in 2004.
Managing Director(MD) & Chief Executive Officer(CEO)– Prashant Kumar
Tagline– Experience our expertise
Chatbot– YES ROBOT
SEBI Reduces IPO Listing Timeline to 3 days

The Securities and Exchange Board of India (SEBI) has reduced the timeline for listing securities after the
closing of an Initial Public Offering (IPO) to 3 days (T+3) from the present requirement of 6 working days
(T+6).
• This will be an option for IPOs opening on or after September 1, 2023, and will be mandatory for
public issues opening after December 1, 2023.
• According to SEBI, the reduction in timelines for listing and trading of shares will benefit both
issuers and investors.
• Under the new guidelines, companies will have to finalise allotment before 6 pm on T+1 day. The
transfer of funds will be made to unsuccessful applicants on T+2 day.
Benefits:
i.Swift access to raised capital allows issuers to promptly deploy funds for business expansion and other
operational enhancements.
ii.Early access to credit ensures investors have more flexibility in allocating funds for other investment
opportunities.
PAN verification:
i.Third-party verification will be carried out by the Registrar, to ensure the accuracy of the data provided by the
applicant.
ii.The Registrar matches the Permanent Account Number (PAN) available in the applicant’s demat account. The
PAN available in the applicant’s bank account is also cross-referenced.
Helios Capital Gets SEBI Approval to Launch MF business
Singapore-based Helios Capital Management PTE Ltd, which offers Portfolio Management Services (PMS) has
been granted approval from the Securities and Exchange Board of India (SEBI) to launch a Mutual Fund (MF)
business.
• Once launched, Helios Mutual Fund will become the 46th entity to enter into the MF industry with
an Asset Under Management (AUM) of Rs.46-lakh crore.
Background:
i.In February 2021, Helios Capital applied for a mutual fund license with the SEBI.

ii.In September 2022, Helios Capital received Sebi’s in-principle approval to float the MF business and another
firm, which received the approval along with Helios Capital was Zeordha Broking Ltd.
Key Points:
i.Zerodha Broking Ltd and Old Bridge Capital Management Pvt Ltd are the 2 entities awaiting SEBI’s final nod
for a MF license.
ii.Another three entities waiting for SEBI approval to enter the MF industry is Unifi Capital, Alpha Alternatives
Fund Advisors and Wizemarkets Analytics.
iii.In June 2023, Bajaj Finserv Mutual Fund became the 43rd asset management company to enter into the MF
space.
Chakr Innovation Secures Rs 18 Crore Funding from EXIM Bank’s USP for Sustainable
Environment
Chakr Innovation Pvt Ltd, a Gurugram (Haryana)- based technology start-up focused on environmental
sustainability and pollution reduction solutions, secured substantial funding of Rs.18 crores from the Export-
Import Bank of India (EXIM Bank) under its Ubharte Sitare Programme (USP), for developing the
environmental sustainability and technology sector in India.
• The funds were sanctioned under EXIM Bank’s USP, reflecting the institution’s commitment to
promoting domestic growth and addressing international demands.
Note:
• Chakr Innovation has developed the world’s first retrofit emission control device for diesel
generators, and their technology can reduce ~70% of particulate matter emissions from the exhaust
of diesel generators.
• EXIM bank is the premier export finance institution, established by the Government of India, under
the Export-Import Bank of India Act, 1981. It commenced its operations in March 1982 and is
operating under the Ministry of Finance.
PNB & Amul Signs MoU To provide Finance Through MUDRA

Punjab National Bank (PNB) signed a Memorandum of Understanding (MoU) with Gujarat Cooperative Milk
Marketing Federation Ltd (GCMMFL) also known as Amul, to finance Amul’s retailers, wholesale dealers/area
milk distributors and exclusive Amul preferred outlets-milk parlours.
• The financing is made through small ticket financing under Micro Units Development & Refinance
Agency (MUDRA).
• By the association, both the partners extend assistance to over 11 lakh retailers, wholesale dealers,
and numerous other stakeholders.
Other Services:
Additional offerings encompass the seamless incorporation of diverse digital mediums such as QR codes, point
of sale (POS) systems, Unified Payment Interface (UPI), along with digital supply chain finance and electronic
collection of Equated Monthly Instalments (EMIs) and facilitation of working capital limits.
PFRDA integrates NPS Statement of Transaction (SoT) with CAS

Pension Fund Regulatory and Development Authority(PFRDA) in coordination with the Securities and
Exchange Board of India(SEBI) has integrated the National Pension System (NPS) Statement of Transaction
(SoT) with the Consolidated Account Statement (CAS).
• Now, PFRDA has enabled Central Record Keeping Agencies (CRAs) to integrate with depositories,
registered with SEBI to provide NPS Subscribers with the option to include NPS transactions in CAS.
• The facility to include NPS SoT in CAS will be available to NPS subscribers on consent basis.
About CAS:
i.The CAS provided by National Securities Depository Limited (NSDL) and Central Depository Services Ltd

(CDSL) offers a consolidated view of the personal investments in the securities market with updated mark-to-
market values.
ii.It encompasses holdings of Demat accounts and mutual fund holdings of the investors.
Note: CAS is issued to investors in accordance with Regulation 36(4) of SEBI
(Mutual Funds) Regulations, 1996.
Present scenario:
At present, the NPS SoT is shared annually, either in physical form or via email, and is also accessible for online
viewing through CRA login.
Consolidated Account Statement (CAS) Advantages:
i.Simplified Record-Keeping: CAS summarizes the statements for different investments into one
comprehensive statement, reducing paperwork and offering a consolidated view of all investments in one
place.
ii.Enhanced Security: CAS ensures the safety of information related to contributions/investments. Monthly
updates help Subscribers spot unauthorized transactions.
iii.Timely Information: CAS provides monthly updates on transactions and holdings, enabling Subscribers to
track performance, stay informed, and make informed choices.
About Pension Fund Regulatory and Development Authority(PFRDA):
Chairperson – Deepak Mohanty
Zerodha AMC Launched After Receiving Approval From SEBI

Zerodha Broking Limited(Zerodha) has received final approval from Securities and Exchange Board of
India(SEBI) to launch an Asset Management Company (AMC) – Zerodha Asset Management Private Limited
called as “Zerodha Fund House”.
• Zerodha Fund House is the joint venture (JV) of Zerodha with Smallcase Technologies Private
Limited(smallcase), a fintech platform.
• Vishal Jain has been appointed as the Chief Executive Officer(CEO) of Zerodha Fund House.
Previously, He headed the Exchange-Traded Funds (ETFs) division of Nippon Life India Asset
Management Ltd.
Background:
i.Zerodha applied for the AMC licence in February 2020 and received an in-principle approval in September
2021.
ii.Prior to the final approval (in April 2023), Zerodha announced its decision to form a JV with smallcase to start
the AMC
Zerodha’s motivation to start Mutual Funds:
i.Despite substantial growth in the past three years, the count of unique equity investors remains around 60-80
million.
ii.The need for the market to have simple products(like mutual funds) to facilitate the swift entry of the next 10
million investors.
SEBI Sets New Exit Option Timeline for MF Unitholders for AMC Control Change
SEBI new timeline for the exit option window period given to the mutual fund unitholders in the event of a
change in the control of an AMC.
• Under the new guidelines, the change in control of the AMC will require the unitholders of the MF to
be granted the choice of exiting at the prevailing Net Asset Value (NAV), devoid of any exit load,
within a span of 15 calendar days from the date of communication(earlier it was 30 days).
Key Points:
i.This move aims to enhance investor protection and streamline the process of such transitions within the
mutual fund landscape.

ii.With improved communication technology, has enabled faster dissemination of information to unitholders,
SEBI received a request from the mutual fund industry to reconsider the exit option timeline.
In case of merger:
If the change of control is because of consolidation or merger of schemes, unitholders will have the opportunity
to exit at the prevailing NAV without incurring any exit load, but the window for this choice will extend to a
minimum of 30 calendar days from the date of communication.
Requirements for change in control:
i.Trustees and SEBI’s prior approval.
ii.A written communication about the proposed change to each unitholder.
iii.Advertisement in the newspaper concerning the proposed alterations.
ADB Supports ECD & Maternal Mental Health in Meghalaya

The Asian Development Bank (ADB) has approved a USD 40.5 million loan for an integrated project focussing
on Early Childhood Development (ECD) and Maternal Mental Health in Meghalaya. The Government of
Meghalaya is contributing USD 15.27 million to the project.
• This initiative focuses on enhancing Day care centers or Anganwadi centers (AWC) to provide
nurturing care, including maternal mental health support and inclusive group-based parenting
programs involving fathers.
• The project is initiated to strengthen home-based childcare for children aged 0–1.5 years and
center-based childcare for those aged 1.5–6 years.
Background:
Meghalaya launched the Meghalaya Early Childhood Development Mission (MECDM) on June 8, 2022, to
improve ECD indicators and enable every child to reach their full potential.
About the Project:
i.ADB project upgrades 1,800 AWCs and builds 600 new ones in challenging areas with climate-resilient
designs.
ii.AWCs serve as daycare centers, now with added ECD educators extending services to 1.5–3 and 3-6-year-
olds.
iii.ADB is set to conduct a first-of-its-kind evaluation to assess the potential to revolutionise ECD interventions
in Lower Middle-Income Countries (LMIC) , shaping national and global childcare policies.
Funding Assistance:
Japan Fund for Prosperous and Resilient Asia and the Pacific (JFPR) will grant USD 2 million in technical
assistance to help develop guidelines and training curricula for AWC staff and ECD educators.
Key Points:
• ADB to support nutrient enhancement by introducing egg in dietary plan for pregnant, lactating
women, and 0.5–6-year-old children.
• Climate-resilient efforts to establish nutrition gardens at AWCs for improved diet diversity and
security.
• Focus on vital first 1,000 days for optimal child development and nurturing care.
• ADB strengthens India’s early childhood development (ECD) initiatives, aligning with Meghalaya
Government’s cause.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific.
Headquarters– Mandaluyong City, Manila, Philippines

Canara Bank Launched Canara Jeevan Dhara for Pensioners
Canara Bank launched Canara Jeevan Dhara, a unique savings bank account designed for pensioners and
those who are planning for retirement, including all the employees who retired on a voluntary basis or
standard retirement procedures.
Variants:
Under this scheme, the bank provides two variants based on the amount of pension credit.
• Diamonds account is designed for pension credits of up to Rs 50,000.
• Platinum account caters to pension credits exceeding Rs 50,000.
Facilities:
Loan against Deposit: This account presents an opportunity for senior citizens as the bank extends an offer of
0.75% above the deposit rate.
Top-Up Facility: Customers holding this account will find added convenience, as the bank provides them with
a top-up facility on pension loans.
Concession on Medical Expenses: Canara Bank Jeevan Dhaara customers are entitled to a concession of up to
25% on medical expenses, easing their financial burdens.
Canara Bank Fixed Deposit(FD) Interest Rates: FDs offered by Canara Bank, maturing over durations
spanning 7 days to 10 years, yield interest rates ranging from 4% to 7.25% for the general public, and 4% to
7.75% for senior citizens.
Interest rates:
The bank provides different interest rates, ranging from 2.90% to 4% based on the balance in the savings
accounts. Click here for Interest rate details
About Canara Bank:
Managing Director(MD) & Chief Executive Officer(CEO) – K. Satyanarayana Raju
Headquarters- Bengaluru, Karnataka
Established in – 1906 (as Canara Hindu Permanent Fund Ltd. and renamed as Canara Bank Limited in 1910)
Tagline – Together we can
Retail Inflation Hiked to 7.44% Crossing RBI’s Inflation Target

As per the All India Consumer Price Index (CPI) released by National Statistical Office (NSO) under the
Ministry of Statistics and Programme Implementation (MoSPI), India’s retail inflation rate hiked to 7.44% in
July, 2023 surpassing the upper limit of the Reserve Bank of India’s (RBI) 2-6% tolerance range.The inflation
rate recorded 4.87 % in June 2023.
• This is due to a surge in prices of vegetables, cereals, pulses, spices and milk.
• This is the third instance of retail inflation crossing the threshold(after 15 months),with the
previous instances being 7% in September 2022 and 7.79% in April 2022.
• The Reserve Bank of India (RBI) has increased its inflation forecast for the current FY2024 to 5.4%
from the earlier estimate of 5.1%.
Consumer Food Price Index (CFPI):

The Consumer Food Price Index (CFPI) experienced an inflation rate of 11.51% in July 2023 against 4.55% in
June 2023 and 6.69% in July 2022.
Core inflation:
Core inflation, which pertains to the non-food and non-fuel components, decreased to a 21-month low of 5.1%
in July 2023, as estimated by ICRA Limited, formerly known as the “Investment Information and Credit Rating
Agency of India Limited.
With Respect to States:
Rajasthan registered the highest inflation rate at 9.66%, followed by Jharkhand at 9.16%, Tamil Nadu at 8.95%,
Odisha at 8.67%, and Uttarakhand at 8.58%.

Wholesale Inflation Stays In Negative for Fourth Month
In July 2023, wholesale prices continued to display deflationary trends for the fourth consecutive month. This
notable increase in food and primary article prices led to a substantial reduction in the overall price decline,
narrowing it to (-)1.36%.
• The inflation rate based on the wholesale price index (WPI) has remained negative since April 2023
and was recorded at (-)4.12% in June 2023. In comparison, the same period in 2022 saw a
considerably higher rate of 14.07% in July.
Bank of Maharashtra Tops List of PSU lenders chart in Q1 in Loan, Deposit Growth
Bank of Maharashtra (BoM), an Indian Public Sector Bank(PSB), has emerged as the top performer among
public sector lenders in terms of loan and deposit growth in percentage during the first Quarter (Q1) of the
current financial year (FY24).
• Its deposit and advances recorded around 25% rise, the highest by any PSB, during the April-June
quarter.
• According to the recently published quarterly data of PSBs, BoM’s gross domestic advances surged
by 24.98%, reaching a total of Rs. 1,75,676 crore at the end of June 2023.
Top 5:
i.BoM was followed by UCO Bank with a growth rate of 20.70% in the 2nd spot.
ii.Bank of Baroda (BoB) with 16.80% and Indian Overseas Bank (IOB) with 16.21% growth rates are at 3rd
and 4th spots, respectively.
iii.India’s largest lender State Bank of India (SBI) stood at the 5th spot with a 15.08% rise in domestic
advances growth.
Key Points:
i.SBI’s total loans were about 16 times higher at Rs. 28,20,433 crore, as compared to Rs. 1,75,676 crore of BoM
in absolute terms.
ii.In terms of Retail-Agriculture-MSME (Micro, Small, and Medium Enterprises) loans (RAM loans), BoM has
the highest growth of 25.44% followed by Punjab & Sind Bank with 19.64% and Punjab National Bank (PNB) at
19.41% on Year-on-Year basis.
Highlights:
i.In the domain of deposit growth, BoM has marked a significant growth of 24.73% and mobilised Rs. 2,44,365
crore at the end of June 2023.
• BoB holds the 2nd place with a 15.50% growth in deposits (Rs. 10,50,306 crore), while PNB
recorded a 13.66% rise at Rs. 12,67,002 crore.
ii.With regard to low-cost Current Account and Savings Account (CASA) deposits, BoM retained the top position
with 50.97% followed by the Central Bank of India (CBI) at 49.56%.
iii.BoM’s total business also recorded the highest growth of 24.84% at Rs. 420,041 crores, followed by BoB at
16.10% at Rs. 18,62,932 crore at the end of June 2023.
About Bank of Maharashtra (BoM):
Managing Director (MD) & Chief Executive Officer (CEO)– A S Rajeev
Headquarters– Pune, Maharashtra
Established on– 16 September 1935
Tagline– Ek Parivaar, Ek Bank (One Family One Bank)
Axis Bank Partners with RBIH To Launch KCC & MSME loans Powered By PTPFC
Axis Bank Limited has launched two new financial products, Kisan Credit Card (KCC) and unsecured Micro,
Small and Medium Enterprises (MSME) loans powered by Public Tech Platform for Frictionless Credit (PTPFC),
an initiate of Reserve Bank Innovation Hub (RBIH), wholly owned subsidiary of the Reserve Bank of
India(RBI).

Features:
i.On Pilot basis, the Kisan Credit Cards(KCC) will be introduced in Madhya Pradesh(MP).
Customers can access these cards for amounts up to Rs. 1.6 lakhs.
ii.MSME loans will be made available across India, and this will offer loans up to Rs 10 lakh to customers.
iii.Both the products will be of fully digital process and require no paper works.
About PTPFC:
i.PTPFC can be used to obtain the necessary data for evaluating loans from trusted sources, all while ensuring
complete customer consent and security.
ii.This platform will increase the efficiency of the lending process by reduction of costs, quicker disbursement,
and scalability.
PTPFC & Axis Bank:
During the trial phase, Axis Bank will use the PTPFC to securely access customer data.
• This will involve activities like confirming Permanent Account Number (PAN) details, using Aadhaar
electronic Know Your Customer (eKYC), gathering data from Account Aggregators, checking land
records, and using the penny drop service to verify bank accounts.
Tagline – Badhti Ka Naam Zindagi
About Reserve Bank Innovation Hub (RBIH)
Chief Executive Officer (CEO) – Rajesh Bansal
Headquarters – Bengaluru, Karnataka
IndusInd Bank Launches Visa Multi-Branded Credit Card with Qatar Airways & British Airways
IndusInd Bank Limited launched first-of-its-kind Visa multi-branded credit card “IndusInd Bank Avios Visa
Infinite Credit Card” in partnership with British Airways Executive Club and Qatar Airways Privilege Club.
• This card aims to offer best-in-class rewards and benefits to customers, across travel, wellness and
lifestyle experiences.
• Avios, the rewards currency for British Airways Executive Club and Qatar Airways Privilege Club
which can be used for travel rewards, including hotels and car hire.
About IndusInd Bank Avios Visa Infinite Credit Card:
i.The IndusInd Bank Avios Visa Infinite Credit Card is an ultra-premium metal card with an innovative, sleek
design.
ii.The chip-based contactless credit card will enable swift, convenient, and secure transactions for your daily
purchases.
Benefits:
i.The card offers flexibility to choose your preferred airline loyalty programme partner (Qatar or British
Airways) and select preferred international destination to maximise benefits.
ii.Complimentary Gold membership tier awarded by Qatar Airways.
iii.Airport Meet & Greet Immigration Services at leading international airports.
Other benefits:
The cardholders are also entitled for other benefits such as dedicated concierge, elderly care assist,
international travel health insurance and discounted foreign currency markup at preferred international
destinations.
Additional Info:
The British Airways is a member of oneworld Alliance, a premier airline alliance which aims to deliver a
superior, seamless travel experience, with special privileges and rewards for frequent flyers.

About IndusInd Bank Limited(Ltd):
Managing Director(MD) & Chief Executive Officer(CEO) – Sumant Kathpalia
Tagline – We Make You Feel Richer
Indian Bank Starts Specialised Startup Cells in 10 Cities across India

Indian Bank, a Public Sector Undertaking (PSU) bank headquartered in Chennai, Tamil Nadu, has
established 10 start-up cells across various cities in the country to mark its 117th foundation day (15 August
1907). These cells aim to cater to specialized banking needs and promote the growth of the startup ecosystem
in India.
• The start-up cells have been set up in Ahmedabad in Gujarat, Bengaluru in Karnataka, Coimbatore
& Chennai in Tamil Nadu, New Delhi in Delhi, Gurgaon in Haryana, Guwahati in
Assam, Hyderabad in Telangana , Kanpur in UttarPradesh, and Mumbai in Maharashtra.
• As part of the initiative, the bank has developed a range of tailor-made(customized) banking
products and services specifically designed for startups, taking into consideration their distinct and
specialized banking needs.
• It includes offering payment gateways, corporate credit cards, and credit facilities apart from the
existing products of the bank.
• Managing Director (MD) and Chief Executive Officer(CEO) of Indian bank is Shanti Lal Jain.
Crisil projects Indian economy to grow at 6% in FY24

On August 16, 2023, Crisil, a global analytics company, has estimated that the Indian economy will experience a
growth rate of 6% during FY24, a decline from the 7.2% growth achieved in FY23.
Key Points:
i.The report stated that the global economic slowdown is expected as a result of rising interest rates and the
exports may continue to be a drag on industrial output.
ii.It also stated that the monsoon will have a significant impact on industrial prospects through effects on
inflation and rural demand.
• Crisil also noted that the monsoon has weakened, with all India rainfall turning deficient at 5%
below long period average (LPA) as on 15th August 2023.
• This also highlighted that El Nino which will determine the rainfall pattern has set in as expected.
Key Highlights:
i.Retail inflation in India escalated to 7.44% in July of the current year, surpassing the upper tolerance level set
by the Reserve Bank of India (RBI) i.e. 2-6%.
ii.The notable surge in food inflation to 11.5% in July, up from 4.5% in June and 3% in May, can be attributed to
accelerating inflation rates in vegetables, cereals, pulses, spices, and milk.
• This marks the highest food inflation rate since April 2020.
ASCI Mandates Finfluencers To Registered With SEBI

The Advertising Standards Council of India (ASCI) announced that it is mandatory to all finfluencers or
finance influencers working in the banking, financial services, and insurance (BFSI) sector offering investment
advice to be registered with the Securities and Exchange Board of India (SEBI).
• The new guidelines are to safeguard consumers from the consequences of advice from non-experts.
New Guidelines:
i.Finfluencers who have certifications from recognized institutions need to openly share their certified expert
status and their credentials.
ii.They should display their registration number along with name and qualifications.

iii.For other financial advice, suitable credentials like a licence from the Insurance Regulatory and Development
Authority of India (IRDAI), being a chartered accountant (CA) or holding a company secretaryship are
required.
Other Requirements:
i.All the advertisements they post are labeled with a disclosure that clearly indicates they are advertisements.
ii.They should provide clear and appropriate information about their qualifications and registration particulars
on all forms of promotional content.These disclosures need to be visibly displayed on visuals in a noticeable
and upfront manner.
• Video content – they should be displayed clearly on the screen or spoken as the initial statement.
• Blogs or text– they should be put at the beginning, so people see them before reading.
• Podcasts or audio posts – mentioned right at the start of the content.
Who are Finfluencers?
Finfluencers are people with public social media platforms offering advice and sharing personal experiences
about money and investment in stocks.
Existing Provision:
The SEBI Act, 1993 and the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities
Market) Regulations, 2003 forbid certain unfair acts.
Additional Info:
The guidelines of ASCI have been updated for influencers who promote products with health and nutrition
claims as well.
• Influencers endorsing such products should possess appropriate qualifications like medical degrees or
certifications in nursing, nutrition, dietetics, physiotherapy or psychology.
YES BANK Introduces Mobile App ‘iris by YES BANK’

Yes Bank Limited(Ltd) launched ‘iris by YES BANK’ , a state-of-the-art mobile banking application which was
developed in collaboration with customer feedback.
• It is the bank’s first Direct to Consumer platform,allowing new and existing customers to access more
than 100 features and services.
• The app demonstrates the bank’s commitment to fostering a digitally empowered ecosystem and
showcases its dedication to delivering top-notch digital solutions.
Key Features:
The unique collaborative mobile app comprises a sleek and intuitive user interface with features such as
opening a savings account,
ii.applying for a Credit Card,
iii.availing instant personal, business and auto loans,
iv.booking recurring and fixed deposits,
v.Customised investment(in mutual fund) & insurance options.
Security Features: The app incorporates security features like Biometric Authentication, Sim-Binding and 2-
factor Verification
About YES Bank Limited(Ltd):
Managing Director(MD) & Chief executive Officers (CEO) – Prashant Kumar
Tagline –Experience Our Expertise
HDFC Group launched Life Insurance & Asset Management Services from Gujarat’s GIFT City
HDFC Group launched new life insurance and asset management services at International Financial Services

Centre (IFSC) situated in Gujarat International Finance Tec (GIFT) City, Gujarat.This initiative offer services to
Non-Resident Indians (NRIs) and the global Indian diaspora.
• HDFC Life unveils HDFC International Life and Re, and HDFC AMC International (IFSC) Ltd by HDFC
Asset Management Company to cater to the financial needs of the worldwide Indian community.
HDFC International Life and Re:
HDFC Life created HDFC International Life and Re to provide specialized insurance solutions.
i.This is offering life and health insurance plans in United States (US) dollars(USD) which aims to make world-
class foreign currency denominated insurance solutions available for Non Resident Indians (NRIs) and global
Indians.
ii.The first product – US Dollar Global Education Plan– to eliminate any future mismatch between the
currency of investment and the currency of expenses.
• The plan is designed to help parents with a US dollar-denominated corpus to meet future expenses for
their child’s overseas education.
HDFC AMC International (IFSC) Limited(Ltd):
i.HDFC Asset Management Company(AMC) established HDFC AMC International (IFSC) Ltd to offer fund
management and advisory solutions as part of its offshore hub operations.
• Indian investment solutions available to global investors and global investment solutions available to
resident investors.
ii.The first product – plan to launch six funds – to contribute to various HDFC Mutual Fund schemes,
encompassing strategies related to equity and hybrid investments.
About HDFC Life Insurance Company Limited
Managing Director(MD) & Chief executive Officers (CEO) – Vibha Padalkar
About HDFC Asset Management Company Limited:
HDFC AMC was established in 2000 and firm registered with Securities and Exchange Board of India (SEBI).
Joint Venture Formation: In 2001, a strategic joint venture was established between HDFC Limited and abrdn
Investment Management Limited (formerly Standard Life Investments Limited).
Managing Director(MD) and Chief Executive Director – Navneet Munot
Indian Bank Becomes 1st PSB to Extend Online Locker Agreement Through DDE Platform of
NeSL
Indian Bank became the First Public Sector Bank (PSB) to extend facility of execution of on-line locker
agreement through Digital Document Execution (DDE) Platform of National E-Governance Services Limited
(NeSL), India’s first Information Utility under Insolvency and Bankruptcy Board of India (IBBI).
• Online locker agreements are available 24/7, improving customer convenience and reduces agreement
execution time.
i.DDE is a fully automated contract execution platform with paperless e-stamp and electronic signature (e-
Sign) facility. The facility of e-Sign includes Aadhar based (OTP/Biometric) and dongle-based digital
signature…Click here for the workflow and benefit of DDE
ii.The platform provides the option for both individual and multiple signatories to execute documents
sequentially. This feature enables joint account holders to easily execute locker agreements. Additionally,
customers can monitor transaction status and instantly download the Electronic Evidence (65B) certificate.
• The 65B Certificate is prescribed under Section 65B of the Indian Evidence Act,1872. A 65B Certificate is
a certificate submitted to a court in India for the purpose of producing Electronic or Digital Evidence in
certain cases.
iii.The end-to-end digital process eliminates the need for physical stamp papers and signatures, making it
faster and more efficient.

About Indian Bank
MD & CEO – Shanti Lal Jain
Headquarters – Chennai, Tamil Nadu
Tagline – Your own bank
Canara Bank launches UPI interoperable Digital Rupee Mobile App

Canara Bank launched its Unified Payments Interface (UPI) Interoperable Digital Rupee mobile application,
called the “Canara Digital Rupee app”, as a part of the Reserve Bank of India (RBI)’s Central Bank Digital
Currency (CBDC) pilot project.
• Canara Bank is now the first among the public and commercial sector bank to provide this feature in
its CBDC mobile app, Canara Digital Rupee app.
• The app has been created in accordance with RBI guidelines and is powered by advanced blockchain
technology to ensure great security and efficiency.
Features:
i.Customers will be able to scan merchant UPI Quick Response (QR) codes using the Canara Digital Rupee app
and make digital currency payments with the release of this unique feature.
ii.It enables merchants to accept digital currency payments in addition to UPI-based payments, utilising their
existing UPI QR codes without the need for a separate onboarding process for CBDC.
iii.The app features multi-factor authentication and encryption to safeguard transactions and protect user data.
iv.The app will allow customers to experience the benefits of rapid and secure transactions using RBI’s digital
money.
v.Customers may now simply deal in digital currency with the Canara Bank Digital Rupee mobile application,
which is currently available for both Android and iOS users.
• According to RBI regulations, digital currency is legal tender, therefore the launch of this app is a big
step towards the use of digital currency in India.
Accessibility of the Application:
i.The facility is now being given on a trial basis to bank customers and merchants in 26 locations across India.
All whitelisted clients in these 26 cities can access the Canara Bank Digital Rupee app.
ii.If a customer is not whitelisted, they will be prompted to request for whitelisting during app installation.
iii.Within 24 hours, the customer will receive a message from the bank for whitelisting, after which they will be
able to install the app.
About Canara Bank Limited :
Canara Bank was established as Canara Hindu Permanent Fund Ltd. in 1906 and was renamed as Canara Bank
Limited in 1910.
Managing Director (MD) & Chief Executive Officer (CEO)- K.Satyanarayana Raju
Nationalised in 1969
Tagline– Together we can
SBI Partners With IIT–B to Strengthen its Data Analytics, AI Capabilities

State Bank of India (SBI) is contributing Rs 22.5 crore through its Corporate Social Responsibility (CSR)
arm, SBI Foundation, to set up a Banking Data and Analytics Hub at the Indian Institute of Technology,
Bombay (IIT-B), Mumbai, Maharashtra, to tackle the distinct challenges facing by the Indian banking and
financial services industry. The collaboration will boost SBI’s AI (Artificial Intelligence) capabilities and
promote the exchange of innovative concepts through cooperation between the banking industry and
academia.

• The partnership’s positive impact will extend to the entire Banking, Financial Services, and
Insurance sector (BFSI) sector, facilitating the incorporation of emerging technologies such as
ChatGPT.
• The hub is designed to encompass a laboratory area of 10,000 square feet. Its primary focus will be
on supporting research and skill enhancement in the fields of data analytics and AI.
• SBI, founded through a parliamentary Act on July 1st, 1955.Recently, it celebrated its 68th Bank
Day. Dinesh Kumar Khara is the Chairperson of SBI.
CBDT Notifies New Rules for Tax Exemption of Life Insurance Premiums Exceeding 5 Lakh
Central Board for Direct Tax (CBDT) under Department of Revenue in Ministry of Finance issued notification
(No. 61/2023) regarding the Income Tax Amendment (Sixteenth Amendment) Rules, 2023 is a set of rules
introduced as part of the Finance Act, 2023. The new guidelines for tax exemptions under the amended
section 10 (10D) of the Income Tax Act, 1961, state that the maturity sum received from life insurance
policies will be subject to taxation if the annual premium exceeds Rs.5 lakh.
• The insertion of a new clause (xiii) in sub-section (2) of section 56 of the Income Tax Act, 1961, is
related to the amendment mentioned in the Income Tax Amendment (Sixteenth Amendment) Rules,
2023.
• This new clause (xiii) introduces a specific provision that addresses the tax treatment of sums
received under a life insurance policy.The tax treatment of life insurance policies refers to how
the proceeds or benefits received from these policies are treated for taxation purposes
• Rule 11UACA provides the methodology for computing the income chargeable to tax under clause
(xiii) of sub-section (2) of section 56 of the Income Tax Act, 1961.
Note – The Finance Act is an annual legislation in India that outlines the amendments, modifications, and
changes to various tax laws, including the Income Tax Act, 1961.
The key changes introduced through the amendment are as follows:
Under the previous rules specified in section 10 (10D) of the Income Tax Act, 1961, the maturity sum of a
life insurance policy, along with any bonuses, was not subject to taxation.
• However, the amendment to Clause (10D) of section 10 of the Income Tax Act, 1961, stipulated
that the maturity sum received from life insurance policies issued on April 1, 2023, or after, will be
taxable if the yearly premium exceeds Rs 5 lakh.
The new provisions specify that starting from the FY 2023-24 (Assessment Year 2024-25):
i.Premium Limit for Exemption: Sums received from life insurance policies (except Unit Linked Insurance
Policies(ULIP)) issued on or after April 1, 2023, will not be eligible for exemption under Clause (10D) if the
aggregate premium payable for any previous year during the policy term exceeds Rs.5 Lakhs(Rs.5,00,000).
ii.Multiple Policies Aggregate Limit: If you have multiple life insurance policies (excluding unit linked
policies) issued after April 1, 2023, the tax exemption will only apply to policies where the total premium paid
in any previous year doesn’t exceed Rs. 5 lakhs for the entire duration of those policies.
iii.Exception for Death Claims: These conditions won’t apply to sums received on a person’s death. In case of
claims received due to the demise of an insured person, the new provisions will not be applicable.
Note: The Union Budget 2023-24 introduced a change in the tax treatment of life insurance policies, with the
exception of Unit Linked Insurance Policies (ULIPs).
• Unit Linked Insurance Plans (ULIPs): ULIPs combine life insurance coverage with investment.
The tax treatment varies based on whether the policy is primarily an insurance product or an
investment product. The premium paid for insurance coverage is eligible for deduction, and the tax
treatment of investment gains depends on the holding period and other factors.
The New Rules-11UACA:
Rule 11UACA” is a reference to a specific rule introduced as part of the Income Tax Amendment (Sixteenth
Amendment) Rules, 2023.

• Rule 11UACA has been established to regulate the determination of income associated with the
maturity proceeds of life insurance policies issued after 1 April 2023, when the premiums paid
exceeds Rs. 5 lakh.
• The rule makes distinctions in the calculation methodology based on whether the sum is received
for the first time or in subsequent years under the life insurance policy.
A new clause (xiii) has been introduced in sub-section (2) of section 56
• It states that if any sum, including bonuses, is received during a previous year under a life insurance
policy (excluding unit linked policies), which isn’t excluded from total income under clause (10D) of
Section 10, the portion exceeding the aggregate premiums paid during the policy term (and not
claimed as a deduction elsewhere in the Act) will be taxed under the head “Income from other
sources.”
• A new sub-clause (xviid) is added to clause (24) of Section 2, specifying that income includes any
sum mentioned in clause (xiii) of sub-section (2) of section 56.
SBI Life Insurance becomes the first Indian private life insurer to launch ’24X7 inbound contact
centre
State Bank of India (SBI) Life Insurance became the first private life insurance company in India to provide
24X7 inbound contact centre via toll-free number 18002679090 to address before and after purchase queries
with the aim to offer real time solutions to queries related to policies and insurance solutions.
• The contact centre is available to both existing and new consumers, throughout the year.
• This is aligned with the goal of ‘Insurance for all by 2047’ set by Insurance Regulatory and
Development Authority of India (IRDAI).
• This initiative aims to address both pre and post-purchase inquiries, offering real-time solutions for
policy and insurance-related queries.
Current Capacity:
The current capacity of the customer care support enables it to manage approximately 13 lakhs calls annually.
Additionally, the company operates an Interactive Voice Response System (IVRS) featuring 13 self-service
options.
Insurance for all by 2047-IRDAI:
i.IRDAI committed to enable ‘Insurance for all by 2047’ with an aim to provide every citizen with life, health
and property insurance cover and every enterprise with appropriate insurance solutions.
ii.The three pillars of the entire insurance ecosystem are insurance customers (policyholders), insurance
providers (insurers) and insurance distributors (intermediaries).
IFC invests USD 100 million in IIFL HFL to Boost LIG’s Access to Affordable Housing Finance in
India
International Finance Corporation (IFC), a member of the World Bank Group, has invested up to USD 100
million in IIFL Home Finance Ltd (IIFL HFL),a housing finance company in India to increase access to housing
finance among economically weaker sections (EWS) and Low-Income Groups (LIG), including women
borrowers in India.
• The investment also aims to induce India’s affordable housing space, promote green construction,
and support India’s climate goals.
• Through this partnership with IFC, IIFL HFL aims to bring sustainable living in self-constructed
houses.
• IIFL HFL is a subsidiary of IIFL Finance Limited, formerly known as IIFL Holdings Limited, doing
business as India Infoline Finance Limited(IIFL).It is registered under National Housing Bank(NHB)
in India.

Features of the Partnership:
i.Under the partnership, 50% of funding will be dedicated to promoting housing finance for women borrowers,
with the remaining 50% dedicated to financing green housing for buyers in this underserved segment.
ii.As part of this collaboration, IFC will offer a performance-based incentive from the United Kingdom(UK)-IFC
Market Accelerator for Green Construction Program (MAGC).
• The incentive aims to accelerate the execution of IIFL HFL’s green building strategy and stimulate
the adoption of affordable housing units certified as green.
Note: In 2018, IFC and the UK Government’s Department for Energy Security and Net Zero (DESNZ, then
operating as BEIS), collaborated to address climate change in developing nations. The Micro, Small, and
Medium Enterprises Advisory and Guarantee Facility (MAGC) represents the first UK-IFC partnership in this
endeavor.
• IIFL will also leverage IFC’s expertise in capacity building for diversity and inclusion to increase the
proportion of women borrowers in its portfolio.
Key Points:
i.India’s rapid urbanisation has intensified the need for affordable housing, with an estimated requirement of
38 million housing units by 2030. EWS and LIG segments represent over 96% of these needs.
• LIGs, particularly women, often lack the financial resources and credit history required to secure
mortgages, making adequate housing.
ii.As per IFC estimates, India’s green buildings market accounts for only 6% of residential buildings, despite
representing a USD 1.25 trillion opportunity between now and 2030.
About International Finance Corporation (IFC):
IFC is the largest global development institution focused exclusively on the private sector in developing
countries.
Managing Director– Makhtar Diop
Headquarters– Washington, D.C., The United States of America
Max Life Insurance Introduces Max Life NIFTY Smallcap Quality Index Fund
Max Life Insurance Company Limited(Max Life) launched “NIFTY Smallcap Quality Index Fund” in the Unit
Linked Insurance Plan (ULIP) segment to provide an opportunity to capitalise on the growth potential of
smallcap companies, aiming for long term index linked returns.
• This marks the first smallcap index fund of the life insurance sector.
• Max Life Nifty Smallcap Quality Index Fund is similar to Nifty Smallcap 250 Quality 50 Index which
offers 22% Compound annual growth rate (CAGR) for 10 years.
• This fund is designed to provide investors with an opportunity to leverage the growth potential of
Small-Cap companies, with a focus on achieving long-term index-linked returns.
Additional Points about NIFTY Smallcap Quality Index Fund:
i.The fund will be available with leading products like Online Savings Plan, which carries no allocation and
administrative charges, and the Platinum Wealth Plan, available with guaranteed wealth boosters and additions
during the New Fund Offer (NFO) period.It will also be available with other ULIP products.
• During the NFO period, the Fund will be offered through both the Online Savings Plan and the
Platinum Wealth Plan.
ii.The lower Fund Management Charges (FMC) makes this Index Fund a valuable investment avenue for
millennial investors.
iii.This fund is anticipated to generate returns in line with the benchmark performance of the NIFTY Smallcap
250 Quality 50 Index, following to the investment guidelines set by the Insurance Regulatory and Development
Authority of India (IRDAI).

About Max Life Insurance Company Limited(Ltd):
Max Life Insurance Company Limited(Ltd) is a joint venture between Max Financial Service Limited(70%) and
Axis Bank Limited(30%).
Managing Director(MD) & Chief Executive Officer(CEO) – Prashant Tripathy
Headquarters – Gurugram, Haryana
ICRA Estimates GDP Growth at 8.5% in Q1FY24; Maintains FY24 Forecast at 6%

ICRA Limited (formerly Investment Information and Credit Rating Agency of India Limited) projected that
India’s economic growth will accelerate to 8.5% during the first quarter of the financial year 2023-24 (Q1FY24)
in the period from April 2023 to June 2023. This is a notable increase from the 6.1% growth rate recorded in
the fourth quarter of the financial year 2022-23 (Q4FY23), spanning January 2023 to March 2023.
• ICAR forecasts India’s real Gross Domestic Product (GDP) growth to remain at 6% for the financial
year 2023-24 (FY24), a figure lower than the RBI’s projected estimate of 6.5%.
Highlights:
i.India’s Q1FY24 GDP increase is supported by a strong Q1FY23 base, improved profit margins, and service
sector revival.
ii.This 8.5% estimate for Q1FY24 is higher than the Reserve Bank of India (RBI) forecast of 8.1%.
iii.Q1FY24 Gross Value Added (GVA) growth is projected at 8.1%, compared to 6.5% in Q4FY23.
iv.Unpredictable rainfall, narrowing year-on-year commodity price differences, and a potential slowdown in
Government capex momentum due to the upcoming parliamentary elections will hamper GDP growth in
FY2024.
Key Points:
i.Gross fixed capital formation (GFCF) expansion in Q1 FY24 to be in double digits, based on the robust year on
year growth performance of a majority of the investment-related indicators.
ii.The aggregate capital outlay and net lending of 23 state governments (except Arunachal Pradesh, Assam, Goa,
Manipur and Meghalaya), and Indian Government’s gross capital expenditure surged by 76% (Rs 1.2 lakh
crore) and 59.1% (Rs 2.8 lakh crore) respectively in Q1FY24.
iii.Capex-related External Commercial Borrowings (ECBs) for modernization, new projects, and capital goods
imports reached USD 13.0 billion in Q1FY24, surpassing FY23’s full-year levels of USD 9.6 billion.
iv.Services’ gross value added growth to have risen to 9.7% in Q1FY24 from 6.9% in Q4 FY23
v.Electricity generation growth dropped to an 11-quarter low of 1.3% in Q1 FY24 due to an unfavorable base
and excessive rainfall in the first half of the quarter.
vi.Industrial GVA growth estimated to have risen to 7.3% in Q1 FY24 from 6.3% in Q4 FY23, driven by the
manufacturing sector with an expected growth of 8% in Q1 FY24.
vii.Agricultural growth projected at 4.0% in Q1 FY24, relatively lower compared to the 5.5% in Q4FY23.
Click Here for Official Release
LIC Acquires 6.66% Shareholding in Jio Financial Service

Life Insurance Corporation of India (LIC), an Indian multinational public sector life insurance company, has
acquired 6.66% shareholding in Jio Financial Services Ltd. (JFSL).Jio Financial Services Limited (JFSL),
previously named Reliance Strategic Investments Limited, the demerged financial subsidiary of Reliance
Industries Limited(RIL).
• LIC holds a 6.49% stake in RIL as of June 30, 2023.
• The acquisition of the shareholding in Jio Financial Services by LIC occurred as a part of the process
in which Jio Financial Services was separated from its parent company.
• The cost of acquiring this shareholding represents 4.68% of the value of RIL before the separation
or demerger occurred.

ICC & Mastercard signed global partnership for ICC Men’s Cricket World Cup 2023
The International Cricket Council (ICC) has signed a global partnership with Mastercard, a global payment-
processing corporation, for the ICC Men’s Cricket World Cup 2023 which is scheduled to be held in India from
5th October 2023 to 19th November 2023.
• The tie-up aims to connect cardholders and cricket enthusiasts to priceless experiences throughout
the tournament.
Benefits to Mastercard holders:
Exclusive 24-hour pre-sale window, chance to meet cricket players, getting up close to the Men’s Cricket World
Cup trophy and a chance for the children of cardholders (aged between 12-18 years) to be a part of the
flagbearer programme.
About ICC Men’s Cricket World Cup 2023:
i.ICC Men’s Cricket World Cup 2023, the most prestigious One-Day International(ODI) cricket tournament, will
be the biggest world cup ever featuring 10 teams across 10 different venues.
• The Narendra Modi Stadium in Ahmedabad, Gujarat will be the venue for the first match and the last
match of the tournament.
ii.The other nine venues are Bengaluru(Karnataka), Chennai(Tamilnadu), Delhi, Dharamsala(Himachal
Pradesh), Hyderabad(Telangana), Kolkata(West Bengal), Lucknow(Uttar Pradesh), Mumbai(Maharashtra) and
Pune(Maharashtra).
Note:
i.Defending champions England will be playing against New Zealand in the first tournament in Ahmedabad on
5th October 2023.
ii.India will be playing against (five-time winners) Australia in Chennai(Tamil Nadu) on 8 October 2023 and
against Pakistan in Ahmedabad on 15th October 2023.
About International Cricket Council (ICC):
Chief Executive – Geoff Allardice
Headquarters – Dubai, United Arab Emirates(UAE)
About Mastercard
President – Ari Sarker( Asia Pacific)
Headquarters – NewYork, United States of America(USA)
HDFC Bank Along With Marriott International Launched India’s First Co-Branded Hotel Credit
Card
Marriott International, one of the world’s largest hotel chains, in collaboration with HDFC Bank launched
India’s first co-branded hotel credit card in the name Marriott Bonvoy HDFC Bank Credit Card.
• The card aims to enhance the travel experiences of cardholders by offering exclusive benefits,
rewards, and seamless access to Marriott International’s loyalty program Marriott Bonvoy .
• The co-branded credit card will run on Diners Club, part of the Discover Global Network.
Eligibility:
Salaried Indian National:
i.Must be an Indian national.
ii.Must be between the ages of 21 to 60 years.
Must have a gross monthly income of more than Rs. 1 lakh.
Self Employed Indian National:
i.Must be between the ages of 21 and 65 years.
ii.Must have an Income Tax Return (ITR) of more than Rs. 15 lakhs.

Bonvoy points:
i.The reward points earned by using the credit card are called Marriott Bonvoy points.
ii.These points can be redeemed at participating hotels across the Marriott Bonvoy portfolio. Cardholders can
also transfer their points to 40 different airlines around the world.
Travel benefits:
i.12 complimentary access to domestic lounges and 12 complimentary access to international lounges.
ii.Insurance facility by HDFC Bank against loss or delayed baggage, loss of passport, ticket and missed
connection along with complimentary personal air accident insurance cover.
Additional info:
HDFC bank has over 100 million customers, and about 18 million of them use credit cards. The bank wants to
reach more of its existing customers with this premium product, and it also wants to reach the 180 million
plus customers who are part of the Marriott Bonvoy loyalty program.
About HDFC Bank Ltd:
Managing Director(MD) & Chief Executive Officer(CEO) – Sashidhar Jagdishan
India’s Per Capita Income to rise 7.5-times by FY47: SBI Research

According to SBI Ecowrap, research division of the State Bank of India (SBI), India’s per capita income will rise
7.5 times by 2047, reaching Rs14.9 lakh (USD 12,400) annually from the present Rs 2 lakh (USD 2,500) in FY23.
• This aligns with the government’s target of transforming India into a developed economy by 2047.
Key Points:
i.The mean income of tax-filing individuals is projected to increase to Rs 49.9 lakh by FY47 from Rs 13 lakh in
FY22, driven by economic shifts, tax trends, and initiatives like the Goods and Services Tax (GST) and the
UDYAM Portal.
ii.State Contributions: Maharashtra, Uttar Pradesh, Gujarat, Rajasthan, and West Bengal contribute
significantly to total tax returns, accounting for nearly half by FY22.
iii.Tax filers increased from 2.1 million in FY13 to 85 million in FY23, projected to reach 482 million by FY47,
with the working population subject to taxation rising from 22.4% in FY23 to 85.3% in FY47.
iv.An approx. 25% decrease expected in zero-tax filers by FY47 as many shift to higher income brackets.
v.Notably, 13.6% between FY11 and FY22 moved from lowest income category, with 8.1% reaching Rs 5-10
lakh and 3.8% entering Rs 10-20 lakh range between FY11 and FY22.
vi.Migrating individuals contributed 0.5-2.5% of Gross State Domestic Product (GSDP) in specific states.
SEBI Issues Disclosure Norms for FPIs Holding High Indian Equity AUM
On August 24, 2023, the Securities and Exchange Board of India (SEBI) mandated additional disclosures from
Foreign Portfolio Investors (FPIs) that have concentrated holding in a single company or a group firm
w.e.f. November 1, 2023.
• Such FPIs will be required to identify all entities with any ownership, economic interest and control
rights.
Key Points:
i.FPIs with over 50% of Indian equity Assets Under Management (AUM) in a single corporate group get 10 days
to reduce holdings, followed by further ownership disclosures.
ii.FPIs with equity AUM exceeding Rs 25,000 crore have 90 days to reduce holdings.
• Accounts of all such FPIs will be blocked for further equity purchases until the holding is brought below
Rs 25,000 crore.
iii.If investment remains high after deadlines, 30 days for disclosures, then FPI registration invalid.
iv.Invalid registration leads to securities liquidation and market exit within 180 days from invalidation.

This information by SEBI was provided in exercise of the powers conferred under Section 11(1) of the
Securities and Exchange Board of India Act, 1992 read with Regulations3(2), 22(1), 22 (6), 22 (7)and 44 of
SEBI(FPI) Regulations,2019,and Sub-rule 14 (i) of Rule 9 of the Prevention of Money-laundering
(Maintenance of Records) Rules, 2005.
About Securities and Exchange Board of India ( SEBI):
Muthoot Fincorp Launches “Muthoot FinCorp ONE”, an All-In-One Financial Platform

Muthoot Fincorp Limited(MFL), a leading Non-Banking Finance Company (NBFC) based in
Thiruvananthapuram, Kerala, launched “Muthoot FinCorp ONE”, an innovative all-in-one digital financial
platform.
• The platform will provide a range of services including Micro, Small & Medium Enterprises (MSME) and
Gold loans along with investment products like Digital Gold and Non-Convertible Debentures(NCDs).
• The platform introduced its gold loans in May 2023 and aims to add insurance, personal loans, two-
wheeler loans, housing loans, and money transfer services within the next 6 months.
Muthoot Fincorp is a flagship company of Muthoot Pappachan Group (also known as Muthoot Blue). Chief
Executive Officer of MFL- Shaji Varghese.
IRDAI Approves Amendments to Reinsurance Regulations

On August 24, 2023, the Insurance Regulatory and Development Authority of India (IRDAI), during its 123rd
Authority Meeting, approved amendments to Reinsurance Regulations to enhance the business environment,
and to attract more reinsurers to set up operations in India.
• These amendments streamline the existing regulations for all insurance market
participants including Indian insurers, Indian reinsurers, Foreign Reinsurance Branches (FRBs),
and International Financial Services Centre(IFSC) Insurance Offices (IIOs).
• This will also position India as a key global reinsurance center.
Key Amendments:
i.The amendments include a reduction of the minimum capital requirement for FRBs from Rs 100 Crore to Rs
50 Crore, with the provision to repatriate any excess assigned capital.
• The decrease in the capital requirement for overseas reinsurers will increase the number of
reinsurers operating within India.
ii.The order of preference for various categories has also been simplified from six to four levels. These levels
are as follows:
• Category 1: This includes Indian Reinsurers, with the sole Indian reinsurer being GIC Re.
• Category 2: IIOs, which invest 100% of retained premiums within India’s domestic market, as well
as FRBs.
• Category 3: Encompasses other International Insurers and Intermediaries.
• Category 4: It includes other Indian insurers and Cross Border Reinsurers (CBRs) for per-risk
facultative placements within the registered insurer’s business segment.
iii.The format for reinsurance programmes has been simplified, and regulatory reporting requirements have
been rationalised for increased clarity and effectiveness.
iv.The regulatory framework for IIOs has been aligned with International Financial Services Centres Authority
(IFSCA) regulations to remove dual compliance.
Focus Areas of Amendments:
i.To expand reinsurance sector capacity to meet rising demand and handle bigger risks.

ii.To boost industry expertise to encourage excellence and innovation.
iii.To ease compliance obligations for sector entities, enhancing regulatory navigation efficiency.
It is a statutory body formed under an Act of Parliament, i.e., Insurance Regulatory and Development
Authority Act, 1999 (IRDAI Act 1999) .It is a public authority as defined in the Right to Information Act, 2005
Chairman– Debasish Panda
Headquarters– Hyderabad, Telangana
IIT Bombay Partners with HSBC to Support Innovation-led Green Hydrogen Initiatives
The Indian Institute of Technology (IIT) Bombay, (Mumbai) Maharashtra has partnered with HSBC to pursue
technological advancements towards making green hydrogen production more efficient, cost-effective, and
scalable.
• This partnership will help boost the Indian government’s National Green Hydrogen
Mission (NGHM) focused on providing policy support towards achieving global leadership in green
hydrogen transition.
This partnership was unveiled by Union Minister Nirmala Sitharaman, Ministry of Finance at Delhi on August
24, 2023.
Key People:
Prof. Ravindra D. Gudi, IIT Bombay, Group Chairman, HSBC, Mark Tucker; CEO, HSBC India, Hitendra Dave;
Global Head of Philanthropy & Head of Sustainability, HSBC India, Aloka Majumdar among others were present
during the event.
About Partnership:
i.The IIT Bombay and HSBC partnership will boost IIT researchers and students to create innovative solutions
to address challenges in green hydrogen technology. The initiative involves project proposals from IIT Bombay,
assessed by a steering committee including HSBC India representatives and professors, potentially leading to
incubation for the top submissions.
ii.India’s MGHM targets 5 MMT (Million Metric Tons) annual green hydrogen production by 2030, contributing
125 GW (Giga Watt) renewable energy capacity and aiding the country’s net-zero emissions goal.
IIT Bombay has received a donation of USD 18.6 million for Green Energy and Sustainability Research
Hub
IIT Bombay has received an USD 18.6 million donation from an alumnus to establish a Green Energy and
Sustainability Research Hub, which will redefine the institute’s role in tackling the global climate crisis.
The hub will be located within a state-of-the-art academic building on the IIT Bombay campus in
suburban Powai.
Focus Areas:
It will focus on vital aspects such as assessing climate risks, devising mitigation strategies, climate adaptation,
and environmental monitoring. It also aims to promote renewable energy adoption, efficient technologies, and
research in key domains like battery tech, solar energy, biofuels, clean air, flood forecasting, and carbon
capture. The center will provide tailored industry education and foster collaborations with global universities
and corporations.
Frontier Markets Joined with Airtel Payments Bank and Mastercard Partner, Launched ‘She
Leads Bharat: Udyam’
Frontier Markets, a Social Commerce Platform, in collaboration with Airtel Payments Bank and the Mastercard
Center for Inclusive Growth launched an initiative ‘She Leads Bharat: Udyam’ . The announcement was made
at the 1st edition of Asia Inclusive Growth Forum.

• The initiative aims to elevate 1,00,000 women-owned small businesses in Rajasthan and Uttar
Pradesh.
• This is a first-of-its-kind initiative that brings together the private sector,social enterprise, and
philanthropy in the banking, financial services, and insurance sector.
• This initiative focuses on showcasing a digital-first approach to empower women-owned small
businesses, enabling them to enhance their earnings.
Role of Frontier Markets’:
Frontier Markets will implement the program and utilize its team of Saral Jeevan Sahelis, who are women
entrepreneurs. Their role involves identifying and enrolling women-owned small businesses onto the Meri-
Saheli platform.
i.In the first phase, the initiative will enable 1,00,000 women-owned small businesses to learn and earn via
Frontier Markets’ proprietary, flexible Meri-Saheli platform.
ii.Frontier Markets aims to reach 1 million women and 100 million rural households by 2025.
• Saral Jeevan Sahelis – Frontier Markets, has a network of 32,000+ rural women entrepreneurs
called “Saral Jeevan Sahelis”.
• Meri-Saheli tech platform, the first of its kind vernacular, Artificial intelligent (AI)-voice enabled
tech platform designed by Sahelis to support rural markets.
Role of Airtel Payment Bank:
i.Selective 10,000 women business owners will be made as Business Correspondence (BCs) by Airtel Payments
Bank.
ii.This initiative is in alignment with the Airtel Payment Bank’s vision of ‘Empowering India with Accessible
and Inclusive Banking.’
Role of Mastercard:
i.Mastercard through its Mastercard Center for Inclusive Growth program will provide capital and global
expertise.
ii.The funding of the project will be provided by Mastercard Impact Fund.
About Frontier Markets:
Chief Executive Officer(CEO) – Ajaita Shah
Headquarters – Jaipur, Rajasthan
About Airtel Payment Bank:
DBS Bank Partners with Maptrasco to Complete First eBL Transaction Between India &
Singapore
DBS Bank Ltd (formerly known as Development Bank of Singapore Limited) in collaboration
with Maptrasco (Khaitan International Private Limited – KIPL), a Singapore-based commodities trader, has
completed the first “live” transaction of electronic Bills of Lading (eBL) for shipments between Singapore and
India.
• The transaction was implemented under the TradeTrust framework, an initiative by the Infocomm
Media Development Authority (IMDA) and supported by Enterprise Singapore.
• This was announced by Gan Kim Yong Minister for Trade and Industry of Singapore during the G20
Trade and Investment Ministerial Meeting in Jaipur, Rajasthan.
Partnerships:
i.This project was implemented in close partnership between government agencies (Ministry of Trade and
Industry (MTI), Singapore), the National Institute for Transforming India (NITI) Aayog (India), Enterprise
Singapore, and IMDA (Singapore).

ii.Industry partners of the project includes DBS (Singapore), ICICI Bank (India), Maptrasco (Singapore), Jindal
Stainless (India), and A.P. Moller-Maersk (APMM), Singapore.
TradeTrust Framework:
TradeTrust aims to streamline the process of document handling, reduce the reliance on physical paperwork,
and enhance transparency and security in cross-border transactions.
i.The framework can be used for the transmission of any digital trade document including Certificates of Origin,
Preferential Certificates, and transfer of Electronic Transferrable Records (ETRs) like eBLs.
ii.TradeTrust meets United Nations Commission On International Trade Law (UNCITRAL) Model Law on
Electronic Transferable Records (MLETR) requirements. Incorporated into Singapore legislation in 2021.
iii.It utilises blockchain-powered technology to ensure the singularity and provenance of transactions,
enhancing trust, security, and accuracy.
Details of First Shipment Using TradeTrust Framework:
i.Maptrasco shipped a container of scrap metal from Miami, Florida, the United States of America (USA) to
Gujarat, India.
ii.Maersk issued an eBL using the TradeTrust portal, a reference implementation of the TradeTrust framework,
to Maptrasco.
iii.Jindal Stainless applied for a Letter of Credit (L/C) from ICICI Bank as the Issuing Bank of the LC.Jindal
Stainless is the first Indian company in a partnership between India and Singapore.
iv.Maptrasco utilised DBS as the Presenting Bank and transferred the title ownership of the eBL via the
TradeTrust portal.
v.DBS checks and confirms the supporting documents as per the terms of the L/C, including the
TradeTrust eBL. DBS uses the Singapore Trade Data Exchange (SGTraDex) platform to transfer the title
ownership of the eBL to ICICI Bank.
vi.ICICI Bank receives the eBL and uses its own advanced platform, TradeChain, powered by EdgeVerve which
is TradeTrust-enabled by GUUD to transfer the title ownership of the eBL to Jindal Stainless.
vii.Jindal Stainless as ICICI Bank’s customer, utilises the TradeChain platform to Surrender the eBL to Maersk
and complete the shipment.
viii.Maersk then issues an electronic Delivery Order (DO) for Jindal Stainless to collect the cargo at the port of
discharge.
Bills of Lading:
i.Bills of Lading(BL/BoL) are essential documents in shipping and logistics and serve as legal proof of
ownership for goods during transit, as well as receipt of goods.
• A bill of lading is issued by the carrier (typically a shipping company or a freight forwarder) to the
shipper (exporter) as a confirmation that the goods have been received and will be transported to
their destination.
ii.However, only about 1.2% of bills of lading globally are issued electronically due to limitations in platforms
that are not interoperable or use variations in rulebooks and standards, which makes scalability challenging.
iii.eBLs are expected to improve the speed, efficiency, and accuracy of information required for trade financing.
Key Points:
• The project supports MLETR and aims to drive cross-border document and title exchanges.
• The successful transaction paves the way for more efficient, interoperable digital bills of lading, and
is a key milestone in the digital transformation of trade financing.
• The project demonstrates the real-world applicability of the Group of 20 (G20) HighLevel Principles
on Digitalisation of Trade Documents, particularly Interoperability, Scalability, Data Privacy, and
Voluntary Sharing of Data.
Recent related news:
DBS Bank India launched an investment solution ‘digiPortfolio’ on its digibank platform, to create a set of
investment options curated by Morningstar that match the risk preferences of different investors.

About DBS Bank Ltd:
Chief Executive Officer– Piyush Gupta
Headquarters– Marina Bay Financial Centre, Singapore
Tagline – Live more, Bank less
Yes Bank Partnered with Zaggle to Launch Corporate Credit Card

Yes Bank Ltd launched a co-branded Corporate Credit Card named ‘YES BANK Zaggle Corporate Credit
Card’ in partnership with Zaggle, a spend management platform, to empower businesses to redefine their
corporate payments, expenditure management, and cash flow optimisation.
• The card provides a solution by granting businesses direct authority over company expenses. This
includes setting individual spending limits, applying merchant category restrictions, and
implementing diverse controls.
• The card will facilitate businesses to bring in greater cost efficiencies by facilitating integration with
Zaggle’s ZatiX, a spend management and analytics platform, allowing corporates to optimise cash
outflows.
• Yes Bank’s partnership with Zaggle allows businesses to enhance their operational efficiency by
consolidating banking transactions, managing business expenses, and offering a centralized solution
for tracking all business-related overheads.
• The Co-branded cards are a compelling proposition for businesses, offering a dual benefit of upfront
savings on spending and the privilege of earning rewards on both spending and repayments across a
large range of business expense categories.
Note: Zaggle collaborated with Yes Bank for prepaid cards in 2016, before the Reserve Bank of India (RBI)-
initiated restructuring in 2019.
LIC tied up with Saraswat Cooperative Bank to sell LIC Products under Bancassurance
Life Insurance Corporation of India (LIC) tied up with a Mumbai
(Maharashtra) headquartered Saraswat Cooperative Bank Ltd., India’s largest urban cooperative bank, to
increase the distribution of life insurance products through the Bancassurance channel.
• Citizens and Customers of Saraswat Bank can now purchase LIC insurance products directly through
Saraswat Bank.
• LIC, being the premier insurer of India, has insurance products for all segments of society, from
annuity, Unit-Linked Insurance Plans (ULIP), and term insurance to savings plans.
• Saraswat Bank Bank has a vast network of 294 Branches (as of March 31, 2023) spread over 6 states
and is serving over 2 million customers.
Note: Bancassurance refers to the partnership or relationship between a Bank and an insurance company
whereby the insurance company leverages the Bank’s sales channel in order to sell insurance products.
ADB Signs Agreement with Fourth Partner to Set up Solar Power Plant in Tamil Nadu
The Asian Development Bank (ADB) signed an agreement of worth Rs 1.2 billion (about USD 14.7 million)
with Fourth Partner Energy (4PEL) Private Limited (Fourth Partner), an Independent Power
Producer(IPP) to build and operate a solar photovoltaic power plant in Tirunelveli, Tamil Nadu.
• The 25 Megawatt(MW) power plant will produce electricity of about 50.7 GigaWatt-
hours(GWh) annually.
Note: ADB for the first time provides direct financing for a renewable energy plant.
Aim:
• The solar photovoltaic power plant aims to provide clean and affordable energy to commercial
and industrial users.

• The plant will prevent the emission of nearly 41,700 tons of carbon dioxide(CO2) per year.
About Open access energy procurement:
i.Open Access enables heavy users with a connected load exceeding 1 MW to purchase affordable
electricity from the open market.
ii.India’s open access renewable energy policy allows businesses to buy electricity directly from IPP.
• This can help them to reduce their carbon emissions and achieve net zero emission target.
Additional Info:
Other projects of Fourth Partner: Construction of solar and wind parks across Ottapidaram, Tuticorin and
Nandikundu, Virudhunagar in Tamil Nadu.
President – Masatsugu Asakawa
Headquarters – Manila, Philippines
Members – 68 member countries
Fourth Partner Energy (4PEL) Private Limited (Fourth Partner)
Fourth Partner Energy, a premier Renewable Energy firm dedicated to the advancement of solar, wind,
hybrid, battery storage, and e-mobility projects/solutions. Catering to the diverse needs of commercial,
industrial, and institutional entities, the company has positioned itself as a beacon of innovation and
progress.
‘Infinity Savings Account’ , First-Of-Its-Kind Fixed Fee-Based Savings Account Launched by Axis
Bank
Axis Bank Limited launched ‘Infinity Savings Account’, a first-of-its-kind fully Digital fixed fee-
based savings account with no paperwork or branch visits.We can able to open completely in digital
through the Video Know Your Customer (KYC) process.
• This account is designed for customer who are comfortable using digital services and often sign
up for subscription-based services.
Eligibility:
Any Resident Indian who is 18 years and above with Initial Funding of Rs 5,000.
Benefits:
i.Customers need to pay a fixed amount of fee at a predefined interval of time.
• There are no service charges or no Average Monthly Balance (AMB) requirement
ii.No charges on any domestic transactional fees.
iii.Free Debit Card with unlimited Automated Teller Machine (ATM) withdrawals.
iv.No charges on cheque book usage or transactions/withdrawals above limits.
Plans offered:
i.Monthly plan: The customers need to pay Rs 150 every month.The plan should be in active for a
minimum of 6 months.
ii.Annual plan: The annual plan is charged at Rs.1650 (inclusive of GST) and offers Infinity benefits for
360 days.

ADB Approves Rs.3.32 crore for Safe Public Transport Projects in Hyderabad
The Asian Development Bank (ADB) has granted Rs.3.32 crore to a team of technology experts from Birla
Institute of Technology & Science (BITS) Hyderabad (Telangana), Indian Institute of
Technology (IIT) Bombay (Maharashtra), and IIT Kharagpur (West Bengal) to develop, test, and implement
passenger safety projects in the public transport systems of Hyderabad.
• The experts’ team led by Prof. Prasanta Sahu, was working on developing technology solutions to
improve last-mile security for metro rail and public transit passengers under the guidance of NVS
Reddy, Managing Director (MD) Hyderabad Metro Rail Limited (HMRL).
• A maiden inception workshop of Technologies for Urban Transit to Enhance Mobility & Safe
Accessibility (TUTEM) was organised at BITS, Hyderabad campus, where DGP Anjani Kumar as the
Chief Guest promised full support from the Police department to ensure success and boost
commuter confidence in safe travel.
Banking, Finance & Economy Q&A: August 2023

1. Which payment bank has recently (in July ‘23) approved the proposal for the transition of
the Bank into a Small Finance Bank (SFB) licence?
1) Airtel Payment Bank
2) India Post Payment Bank
3) Fino Payments Bank
4) Jio Payment Bank
5) Paytm Payment Bank
Answer- 3) Fino Payments Bank
Explanation:
On 28th July 2023, the board of Fino Payments Bank Ltd, a fully owned subsidiary of Fino Paytech
Ltd approved the proposal for the transition of the Bank into a Small Finance Bank (SFB) licence.
i. The board has also formed a committee to explore the possibility of group corporate restructuring
and evaluate the implications and other considerations.
ii. The bank received a letter from holding company Fino PayTech Ltd, regarding a group corporate
restructuring proposal, following which the board formed a committee.
2. Name the organisation/bank that has recently (in July ‘23) signed USD 200 million loan
agreement with Government of India (GoI) to expand urban service in Rajasthan.
1) World Bank
2) Asian Development Bank
3) United Nations Development Programme
4) International Monetary Fund
5) Asian Infrastructure Investment Bank
Answer- 2) Asian Development Bank
Explanation:
On 28th July 2023, The Government of India (GoI) and Asian Development Bank (ADB) signed a
USD 200 million loan agreement as additional financing for the ongoing Rajasthan Secondary
Towns Development Sector Project as additional financing, to expand water supply and sanitation
systems and enhance urban resilience and heritage living in selected towns.

i. The additional financing will assist the Government of Rajasthan in reducing the basic infrastructure
gaps in its secondary towns by expanding water supply and sanitation services and improving
livability in selected urban local bodies.
ii. This initiative includes the reconstruction of water structures with heritage value, integrating
nature-based solutions to enhance climate resilience for expanding basic urban services.
3. Which of the following points is/are “correct” with respect to the ‘Sectoral Deployment of
Bank Credit – June 2023‘ report released by the Reserve Bank of India (RBI) in July 2023?
A) As per the report, a Year-on-Year (Y-o-Y) growth of non-food bank credit to 18.5% in June
2023 as compared with 14% in June 2022.
B) The food bank credit shows a decline of -25.4% in June 2023 as compared to a decline of -
55% in June 2022.
C) The Total Bank Credit (Food Credit + Non-food Credit) grew to 16.2% in June 2023 from
14.5% in June 2022.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Answer- 3) Only B & C
Explanation:
On July 31, 2023, the Reserve Bank of India (RBI) released a report ‘Sectoral Deployment of Bank
Credit – June 2023‘ showcasing a Year-on-Year (Y-o-Y) growth of non-food bank credit to 16.3% in
June 2023 as compared with 15% in June 2022.
• This rise is due to the strong demand for credit from sectors such as services, retail and
agriculture, and allied activities.
i. On the other hand, the food bank credit shows a decline of -25.4% in June 2023 as compared to a
decline of -55% in June 2022.
ii. The Total Bank Credit (Food Credit + Non-food Credit) grew to 16.2% in June 2023 from 14.5% in
June 2022.
iii. The credit growth in the agriculture and allied activities sector showed significant improvement,
increasing to 19.7% (y-o-y) in June 2023 from 12.9% in June 2022.
iv. In June 2023, the credit growth to the industry sector registered a positive trend, growing by 8.1%
(y-o-y)), although slightly lower than the 9.5% recorded in June 2022.
4. Name the company that has recently (in July ‘23) introduced two new cutting-edge payment
devices, the Pocket Soundbox and Music Soundbox.
1) Freecharge
2) PhonePe
3) Paytm
4) Razorpay
5) BharatPe
Answer- 3) Paytm

Explanation:
On July 31, 2023, Paytm, owned by One97 Communications Ltd (OCL), introduced two new cutting-
edge payment devices, the Paytm Pocket Soundbox and Paytm Music Soundbox. Both devices are
equipped with 4G capabilities, providing enhanced convenience for on-the-go merchants.
i. About Paytm Pocket Soundbox: It is a first-of-its-kind ‘Made in India’ portable device as small as a
debit card to empower on-the-go merchants with instant audio payment alerts. This easy-to-carry
device has all the features of Paytm Soundbox.
ii. About Paytm Music Sound Box: It is a unique device that allows merchants to play music from their
mobile phones via Bluetooth while managing payment transactions. It serves both as a speaker for
payment notifications and a Bluetooth music player.
5. Which regulatory body of Government of India has recently (in July ‘23) released a circular
stating that Market Infrastructure Institutions (MIIs) should set up a common Online Dispute
Resolution (ODR) portal?
1) Small Industries Development Bank of India
2) Reserve Bank of India
3) Insurance Regulatory and Development Authority
4) Securities and Exchange Board of India
5) National Bank for Agriculture and Rural Development
Answer- 4) Securities and Exchange Board of India
Explanation:
On 31st July 2023, Security market regulator, Securities and Exchange Board of India(SEBI) released a
circular stating Market Infrastructure Institutions (MIIs) such as stock exchanges, depositories and
clearing corporations should set up a common Online Dispute Resolution (ODR) portal to resolve
disputes involving investors, listed companies, designated intermediaries and regulated entities.
i. Market participants such as all listed companies, specified intermediaries and regulated entities
should enrol in the portal.
ii. Essential features and functionalities will be integrated into the ODR Portal to facilitate the
registration of investors and market participants, the submission of complaints, and the uploading of
relevant documents or papers related to the dispute.
iii. The portal will include a status update facility that retrieves information from the ODR Institution
concerning the progress of the complaint.
6. Name the bank that has recently (in July ‘23) hosted the Fintech Growth Program.
1) RBL Bank
2) Karnataka Bank
3) Kotak Mahindra Bank
4) Axis Bank
5) Karur Vysya Bank
Answer- 2) Karnataka Bank
Explanation:
Karnataka Bank Limited, a leading ‘A’ Class Scheduled Commercial Bank in India, hosted the first
edition of ‘KBL – FinOne’, “A Fintech Growth Program” in Bengaluru, Karnataka.
i. The objective is to forge collaborations to develop innovative business models, providing seamless
banking experience & offering a complete product suite.

ii. Srikrishnan H is the Managing Director(MD) and Chief Executive Officer(CEO) of the bank.
7. Who has recently (in July ‘23) elected as the Board of Directors and a Constituency Director
of BRICS’ New Development Bank (NDB)?
1) A H Mustafa Kamal
2) Anil Kishora
3) Mohamed Maait
4) Anton Siluanov
5) Thuraiya Hamid Alhashmi
Answer- 5) Thuraiya Hamid Alhashmi
Explanation:
BRICS’ New Development Bank (NDB) has elected Thuraiya Hamid Alhashmi, Director of
International Financial Relations and Organisations Department at the United Arab Emirates (UAE)
Ministry of Finance, as a member of its Board of Directors and a Constituency Director.
i. Alhashmi will become the first Emirati and Arab woman to assume a Director’s position at the NDB
bank, established by Brazil, Russia, India, China and South Africa (BRICS) in July 2015 to support
infrastructure projects in BRICS countries and other emerging economies
ii. She was appointed following an internal voting process during NDB’s 8th annual meeting held in
Shanghai, China.
8. In July 2023, Life Insurance Corporation of India(LIC) Mutual Fund completed the
acquisition of Industrial Development Bank of India(IDBI) mutual fund from IDBI Asset
Management Limited.
The total product offering of LIC Mutual Fund increased from 28 schemes to ________ schemes.
1) 40
2) 35
3) 30
4) 38
5) 43
Answer- 4) 38
Explanation:
On 29th July 2023, Life Insurance Corporation of India(LIC) Mutual Fund completed the acquisition
of Industrial Development Bank of India(IDBI) mutual fund from IDBI Asset Management Limited
following the approval of Competition Commission of India (CCI) in March 2023.
• A Scheme Transfer Agreement was entered into between LIC Mutual Fund Asset Management
Limited (“LIC AMC”), the asset management company, and LIC Mutual Fund Trustee Private
Limited (“LIC Trustee”), the trustee company of LIC MF, with IDBI Asset Management Limited
(“IDBI AMC”), the asset management company, and IDBI MF Trustee Company Limited (“IDBI
Trustee”), the trustee company of IDBI Mutual Fund (“IDBI MF”).
• Out of the 20 schemes of IDBI Mutual Fund, 10 schemes would undergo a merger with
corresponding schemes of LIC Mutual Fund.
• The remaining 10 schemes would be directly taken over by LIC Mutual Fund as standalone
offerings.
• This will expand the total product offering of LIC Mutual Fund from 28 schemes to 38
schemes.

9. Name the fintech company that has recently (in July ‘23) collaborated with the National
Payments Corporation of India (NPCI), to introduce RuPay credit card-based Unified Payments
Interface (UPI) payments.
1) CRED
2) PhonePe
3) Razorpay
4) Paytm
5) Freecharge
Answer- 1) CRED
Explanation:
CRED, a Bengaluru (Karnataka) based fintech company, in collaboration with the National Payments
Corporation of India (NPCI), introduced RuPay credit card-based Unified Payments Interface (UPI)
payments for CRED members.
i. Multiple payment options for UPI will be now available for the CRED members such as linking their
Rupay Credit Card, Peer-to-Peer (P2P), Scan and Pay, and paying on online merchants.
Note: Currently, the CRED app is the 4th most preferred UPI app.
10. As per the data released by Controller General of Accounts(CGA) under Department of
Expenditure, Ministry of Finance in July 2023, the fiscal deficit for first quarter (Q1 – April
2023 to June 2023) stood at Rs __________ , accounting for 25.3% of annual estimates for the
financial year 2023-2024 (FY2024).
1) 5.20 trillion
2) 4.20 trillion
3) 3.21 trillion
4) 2.98 trillion
5) 4.51 trillion
Answer- 5) 4.51 trillion
Explanation:
Based on the data released by Controller General of Accounts(CGA) under Department of Expenditure,
Ministry of Finance on 31st July 2023, the fiscal deficit for first quarter (Q1 – April 2023 to June
2023) stood at Rs 4.51 trillion(USD 54.86 billion) as against the full year estimate of Rs 17.86 trillion,
accounting for 25.3% of annual estimates for the financial year 2023-2024(FY2024).
i. It was lower at Rs 3.5 trillion or 21.2% of the Budget estimate in the corresponding period in FY
2022-2023 (FY23).
ii. The rise in fiscal deficit is attributed to increased capital expenditure and accelerated tax
devolution to state governments, which offset the sharp increase in non-tax revenues.
11. Name the personality who has recently (in July ‘23) elected as the Chairperson of the
Microfinance Industry Network (MFIN).
1) Jayanth Kumar
2) Manoj Kumar Nambiar
3) Devesh Sachdev
4) Udaya Kumar Hebbar
5) Vivek Tiwari
Answer- 4) Udaya Kumar Hebbar

Explanation:
On 31st July 2023, Microfinance Industry Network (MFIN) elected Udaya Kumar Hebbar as
Chairperson and Manoj Kumar Nambiar as the Vice Chairperson in its 14th Annual General Meeting
(AGM) in Delhi.
• Udaya Kumar Hebbar assumed the position from Devesh Sachdev, MD & CEO of Fusion Micro
Finance Ltd. on completion of his respective term.
• Hebbar is the Managing Director (MD)of CreditAccess Grameen Ltd.
• Manoj Kumar Nambiar assumed the position from Vivek Tiwari, MD & CEO of Satya
MicroCapital Ltd. on completion of his respective term.
12. In August 2023, the Reserve Bank of India (RBI) sanctioned the Scheme of Amalgamation of
the _______________ (co-operative Bank) with Rajadhani Co-op. Urban Bank Ltd.
1) Chaitanya Co-Operative Urban Bank
2) Gayatri Co-Operative Urban Bank
3) Adarsh Cooperative Urban Bank
4) Navanirman Co-operative Urban Bank
5) A.P. Mahesh Co-Operative Urban Bank
Answer- 4) Navanirman Co-operative Urban Bank
Explanation:
The Reserve Bank of India (RBI) sanctioned the Scheme of Amalgamation of The Navanirman Co-
operative Urban Bank Ltd., Hyderabad, Telangana with Rajadhani Co-op. Urban Bank Ltd.,
Hyderabad, Telangana. The Scheme of Amalgamation is with effect from August 3rd, 2023.
i. The Navanirman Co-operative Urban Bank Ltd branch (Hyderabad, Telangana) will function as a
branch of the Rajadhani Co-op. Urban Bank Ltd (Hyderabad, Telangana) with effect from August 03,
2023.
ii. The Scheme has been sanctioned in the exercise of the powers conferred under Sub-Section (4) of
Section 44A read with Section 56 of the Banking Regulation Act, 1949.
13. Name the bank that has recently (in August ‘23) partnered with Kiwi to launch ‘Credit
on Unified Payment Interface (UPI)’ on RuPay Credit Cards.
1) YES Bank
2) Axis Bank
3) ICICI Bank
4) HDFC Bank
5) IndusInd Bank
Answer- 2) Axis Bank
Explanation:
On 2nd August 2023, Axis Bank, India’s third-largest private sector bank in collaboration with
National Payment Corporation of India (NPCI), partnered for the first time with Kiwi, the
revolutionary credit on Unified Payment Interface (UPI) platform to launch the Axis KWIK virtual
credit card that offers credit card rewards along with the convenience of UPI’s fast and secure
payment for seamless online and offline transactions.
i. This functionality enables users to conduct merchant payments within the Kiwi app utilising their
credit cards through UPI, resulting in a virtualized payment encounter that eliminates the necessity
for physical cards.

ii. The partnership offers a complete “Credit on UPI” platform on the RuPay network.
14. Which of the following points is/are “correct” with respect to the step taken by the Small
Industries Development Bank of India (SIDBI) in August 2023?
A) SIDBI, partnered with the Centre for Innovation, Incubation and Entrepreneurship
(CIIE.CO), Indian Institutes of Management (IIM) Ahmedabad, Gujarat (IIM-A)’s startup
incubator and investor, to set up a SIDBI Accelerator Fund, at IIMA’s CIIE.CO.
B) SIDBI and IIMA’s CIIE.CO jointly established the fund with a total corpus of Rs.40 crore in
which SIDBI is contributing Rs.20 crore to the fund and CIIE.CO is contributing the remaining.
C) SIDBI has participated as an anchor investor in the Promising Lenders Fund (PLF) managed
by Vivriti Asset Management Private Limited (VAM) with an aggregate target corpus of Rs. 700
crore in two tranches.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Answer- 5) All A, B & C
Explanation:
The Small Industries Development Bank of India (SIDBI), partnered with the Centre for Innovation,
Incubation and Entrepreneurship (CIIE.CO), Indian Institutes of Management (IIM) Ahmedabad,
Gujarat (IIM-A)’s startup incubator and investor, to set up a SIDBI Accelerator Fund, at IIMA’s
CIIE.CO.
• The objective of establishing the Accelerator Fund is to provide support and extend seed
investment to early-stage enterprises, especially for deep technologies start-ups in India.
• This collaboration is a part of SIDBI’s “India of Tomorrow” initiative, which intends to
strengthen India’s developmental and funding ecosystem for early-stage start-ups.
i. SIDBI and IIMA’s CIIE.CO jointly established the fund with a total corpus of Rs.40 crore.
ii. SIDBI is contributing Rs.20 crore to the fund and CIIE.CO is contributing the remaining Rs.20 crore.
iii. Small Industries Development Bank of India (SIDBI) has participated as an anchor investor in the
Promising Lenders Fund (PLF) managed by Vivriti Asset Management Private Limited (VAM), a part
of Chennai (Tamil Nadu)-based Vivriti Group, with an aggregate target corpus of Rs. 700 crore in two
tranches.
15. Which Life Insurance company has recently (in August ‘23) launched a ‘Guarantee of Life
Dreams (G.O.L.D)’ Plan to provide policyholders with a regular long-term income option?
1) Tata AIA Life Insurance
2) SBI Life Insurance
3) IndiaFirst Life Insurance
4) HDFC Life Insurance
5) Max Life Insurance
Answer- 3) IndiaFirst Life Insurance

Explanation:
On 31st July 2023, IndiaFirst Life Insurance Company Limited (IndiaFirst Life), launched a new plan
“IndiaFirst Life Guarantee of Life Dreams (G.O.L.D.)” a non-linked, non-participating, individual life
insurance plan is designed to provide policyholders with a regular long-term income option.
i. The highlight of this product is that one can plan to receive future income from the end of the first
month itself.
ii. The plan offers Premium Paying Terms (PPT), with options of 6 years, 8 years, and 10 years for a
policy tenure of 30 years or 40 years.
16. Name the Bank that has recently (in July ‘23) partnered with Tiger Fintech Private Limited
to launch a co-branded credit card Powered by Visa.
1) IndusInd Bank
2) YES Bank
3) Axis Bank
4) ICICI Bank
5) HDFC Bank
Answer- 1) IndusInd Bank
Explanation:
On 3rd August 2023, IndusInd Bank Ltd. and Tiger Fintech Private Limited, a Bajaj Capital Group
company, announced the launch of the ‘IndusInd Bank Tiger Credit Card’, a co-branded credit card
powered by Visa Inc (Visa), the global digital payments technology company, to give the best-in-class
credit card access to the customers, to meet their lifestyle requirements.
i. The card offers a ‘Magnificent Rewards Program’, where customers earn up to 6X accelerated
rewards.
ii. Cardholders will also be able to convert their rewards points to air miles (by redeeming the reward
points for flight tickets) and enjoy discounted foreign currency markup of 1.5%, which can lead to
considerable savings on their international expenses.
17. Which regulatory body of India has recently (in August ‘23) collaborated with Association
of Portfolio Managers in India (APMI) to establish performance audit standards for portfolio
management services (PMS) providers?
4) National Bank for Agriculture and Rural Development
Explanation:
On August 2, 2023, the Securities and Exchange Board of India (SEBI) and Association of Portfolio
Managers in India (APMI) collaboratively established performance audit standards for portfolio
management services (PMS) providers, effective from October 1, 2023.
i. This information by SEBI is provided in exercise of powers conferred under Section 11(1) of the
SEBI Act, 1992, read with the provisions of Regulation 43 of SEBI (Portfolio Managers) Regulations,
2020, to protect the interest of investors in securities and to promote the development of the
securities market.

18. In August 2023, the Securities and Exchange Board of India (SEBI) allowed Offer For Sale
(OFS) for units of private listed Infrastructure Investment Trusts (InvlTs) through a stock
exchange mechanism in exercise of powers conferred under ________ (Section) of the SEBI Act,
____________.
1) Section 15 (1); 1992
2) Section 12 (2); 1990
3) Section 11(1); 1992
4) Section 12 (2); 1994
5) Section 11(1); 1990
Answer- 3) Section 11(1); 1992
Explanation:
The Securities and Exchange Board of India (SEBI) allowed Offer For Sale (OFS) for units of private
listed Infrastructure Investment Trusts (InvlTs) through a stock exchange mechanism. This
information by SEBI is provided in exercise of powers conferred under Section 11(1) of the SEBI Act,
1992.
i. Offer For Sale (OFS) mechanism is allowed for the sale of units of both Real Estate Investment Trusts
(REITs) and Infrastructure Investment Trusts (InvITs) by their respective sponsors or sponsor group
entities. Additionally, other unit holders of listed REITs can also use the OFS mechanism to sell their
units.
ii. Now, it has been decided to modify the framework to allow OFS for units of private listed InvITs.
iii. OFS is a method that allows existing investors (promoters, shareholders, etc.) of a company or
trust to sell their securities (shares or units) to the public through the stock exchange platform.
19. As per the S&P Global’s report titled ‘Look Forward: India’s Moment’ released in August
2023, India will grow at an average of ________ per year from financial year 2023-24 (FY24) to
FY31.
1) 5.9%
2) 6.7%
3) 6.2%
4) 5.7%
5) 6.0%
Answer- 2) 6.7%
Explanation:
As per the United States based corporation S&P Global’s report titled ‘Look Forward: India’s
Moment’, India will grow at an average 6.7% per year from financial year 2023-24 (FY24) to FY31.
This will increase the Gross Domestic Product (GDP) of India to USD($)6.7 trillion by FY31 from $3.4
trillion in FY23 and The Per capita GDP will rise to about $4,500.
i. For FY24, India will be the fastest growing economy in the G20 (Group of Twenty) and will grow by
6% amid global slowdown and policy rate hikes by the Reserve Bank of India (RBI).
ii. India shows a GDP growth of 7.2% in FY23.
iii. The report projected India’s economic growth from FY24 to FY31.

20. Societe Generale has recently (in July ‘23) bought shares of __________ (Bank) for Rs 382 crore
through open market transactions.
1) IDFC FIRST Bank
2) YES Bank
3) HDFC Bank
4) Bandhan Bank
5) Axis Bank
Answer- 4) Bandhan Bank
Explanation:
On 31st July 2023, Europe-based financial services group Societe Generale bought shares of Kolkata-
based Bandhan Bank Ltd. for Rs 382 crore through open market transactions.
i. According to the bulk deal data available with the Bombay Stock Exchange (BSE) and National Stock
Exchange (NSE), Societe Generale has acquired a total of 1.74 crore equity shares or 1.08 percent
stake in Bandhan Bank of which 89.23 lakh shares were bought on the NSE and 85.52 lakh shares on
the BSE.
ii. The average buying price for the above shares was Rs 218.6 per share, and the stake buy amounted
to Rs 382.01 crore.
21. Which state has recently (in August ‘23) received Rs 1,974.07 crore funding from the
National Bank for Agriculture And Rural Development (NABARD) under the Rural
Infrastructure Development Fund (RIDF) for 2023-24?
1) Bihar
2) Uttar Pradesh
3) Rajasthan
4) Gujarat
5) Odisha
Answer- 3) Rajasthan
Explanation:
National Bank for Agriculture And Rural Development (NABARD) has sanctioned Rs 1,974.07 crore
to the Government of Rajasthan under the Rural Infrastructure Development Fund (RIDF) for 2023-
24. A budget of Rs.930.44 crore has been sanctioned for 3 rural drinking water supply projects in the
districts of Rajasthan namely Ajmer, Jalore, and Kota.
i. Further, Rs.926.48 crore was sanctioned for the construction of 676 rural roads in the desert and
tribal areas of Rajasthan. Earlier, Rs.117.15 was allocated for the establishment of 104 veterinary
hospitals and 431 sub-centres in all the districts of Rajasthan.
ii. The drinking water supply projects are expected to provide clean and potable water to 2.87 lakh
households in 2,500 villages, whereas rural road projects will improve connectivity in 1,229 villages
across 12 districts.
iii. NABARD is also supporting the Rajasthan government to bring 4.28 lakh hectares under micro-
irrigation with support of Rs.740 crore from the Micro Irrigation Fund.
22. Which company has recently (in August ‘23) introduced Card Verification Code (CVC)-free
online transactions for customers?
1) Visa Inc
2) Mastercard

3) American Express
4) Capital One
5) Discover Card
Answer- 2) Mastercard
Explanation:
On 7th August 2023, Mastercard introduced Card Verification Code (CVC)-free online transactions
for customers who have tokenized their debit and credit cards on merchant platforms.
i. The move aims to reduce the checkout time and make CVC-free payment to enhance the payment
security.
ii. Mastercard’s token-based transactions leverage 3 key factors that ensure a high degree of safety
and security which includes:
• Enhanced Security Features
• Authenticated User Identity Check
• Domain Control
23. According to the data released by the Centre for Monitoring Indian Economy Pvt.Ltd.
(CMIE) in August 2023, the unemployment rate of India in July 2023 declined to __________ from
8.45% in June 2023.
1) 7.95%
2) 6.94%
3) 8.12%
4) 7.34%
5) 8.01%
Answer- 1) 7.95%
Explanation:
According to the recent data released by the Centre for Monitoring Indian Economy Pvt.Ltd. (CMIE),
the unemployment rate of India in July 2023 fell to 7.95% from 8.45% in June 2023. This decline is
due to the increased demand for agricultural labour in rural areas, as the monsoon season has begun.
i. However, in July 2023, the demand for labour in the rural non-agriculture sector declined, leading to
a decrease in the number of rural workers seeking employment, consequently affecting the rural
employment rate.
ii. The rural unemployment rate also declined to 7.89% in July 2023, from 8.73% in June 2023, while
the urban unemployment rate slightly increased to 8.06% from 7.87% in the same period.
24. Name the Non-Banking Financial Company (NBFC) that has recently (in August ‘23) signed a
USD 15 million funding deal with Swiss impact investor responsAbility Investments AG to
promote green financing in India.
1) Lendingkart Finance
2) Fullerton India
3) Electronica Finance
4) Avendus Capital
5) Indiabulls Group
Answer- 3) Electronica Finance

Explanation:
Swiss impact investor responsAbility Investments AG signed a USD 15 million funding deal with
Non-Banking Financial Company (NBFC) Electronica Finance to promote green financing in India in
line with its sustainability goal.
i. Electronica Finance is headquartered in Pune, Maharashtra, and is a part of the SRP Electronica
group. It is supported by the Small Industries Development Bank of India (SIDBI).
ii. Electronica Finance will use the funding for financing energy efficient machines and promoting
rooftop solar installation. It has already received USD 7.5 million from responsAbility in July 2023 will
get remaining part in later 2023. The fund was raised at 11.4%.
25. Name the personality who has recently (in July ‘23) appointed as the Chairman of the
Central Board of Indirect Taxes and Customs (CBIC).
1) Sanjay Kumar Agarwal
2) Rajiv Talwar
3) Surjit Bhujbal
4) Vivek Johri
5) Sungita Sharma
Answer- 1) Sanjay Kumar Agarwal
Explanation:
On 5th August 2023, the Government of India (GoI) appointed Sanjay Kumar Agarwal as the
Chairman of the Central Board of Indirect Taxes and Customs (CBIC), an apex policy-making body for
indirect taxes under the Department of Revenue under the Ministry of Finance.
• He succeeds Vivek Johri, who superannuated on 31st July 2023.
i. Prior to this appointment, Sanjay Kumar Agarwal was serving as the CBIC Member (Compliance
Management) from March 1, 2022, to August 4, 2023.
ii. Surjit Bhujbal has been appointed as the Member (Compliance Management) of CBIC board
succeeding Sanjay Kumar Agarwal.
26. Name the company that has recently (in August ‘23) partnered with ICICI Lombard General
Insurance along with other partners to provide car and two-wheeler insurance plans.
1) Shriram Finance Limited
2) Cholamandalam Investment and Finance Limited
3) Mahindra and Mahindra Financial Services Limited
4) Bajaj Finance Limited
5) Muthoot Finance Limited
Answer- 4) Bajaj Finance Limited
Explanation:
Bajaj Finance Limited (BFL) has partnered with ICICI Lombard General Insurance along with
other partners to provide car and two-wheeler insurance plans on the platform Bajaj Finance
Insurance Mall.
i. The ICICI Lombard Car and Two-wheeler Insurance policies offer comprehensive damage coverage,
(including own and third-party damage), personal accident cover, No Claim Bonus (NCB) to vehicle
owners and vehicles.

ii. ICICI Lombard also offers a range of add-on covers to help customers enhance their vehicle
insurance such as NCB protector cover, 24×7 roadside assistance cover, Zero depreciation add-on
cover, Engine protection add-on cover.
27. Which Insurance company has recently (in August ‘23) entered into a bancassurance tie-up
with Standard Chartered Bank (SCB) to sell health Insurance Products?
1) Aditya Birla Health Insurance
2) Reliance General Insurance
3) Star Health & Allied Insurance
4) Care Health Insurance
5) Bajaj Allianz Life Insurance
Answer- 3) Star Health & Allied Insurance
Explanation:
Star Health & Allied Insurance Co. Ltd.,(Star Health) India’s leading private Health Insurance
company has entered into a strategic corporate bancassurance tie-up with Standard Chartered Bank
(SCB), a reputed international bank to enhance the accessibility of health insurance products through
the bank’s extensive distribution network.
i. The SCB, with 100 branches spread across 42 cities, will function as a convenient single point of
access for customers seeking health insurance.
ii. The agreement also provides top-tier services that align with the distinct needs of India’s affluent
clientele.
28. In August 2023, the Securities and Exchange Board of India (SEBI) mandated Foreign
Portfolio Investors (FPIs) to place at least ______ of their trades in corporate bonds through the
Request For Quote (RFQ) platform of stock exchanges w.e.f. October 1, 2023.
1) 25%
2) 40%
3) 20%
4) 10%
5) 30%
Answer- 4) 10%
Explanation:
On August 7, 2023, the Securities and Exchange Board of India (SEBI) mandated Foreign Portfolio
Investors (FPIs) to place at least 10% of their trades in corporate bonds through the Request For
Quote (RFQ) platform of stock exchanges w.e.f. October 1, 2023.
• This information by SEBI is provided in exercise of its power conferred under
Section 11(1) of the SEBI Act 1992, read with the provisions of
Regulation 20(5) and Regulation 44 of SEBI (Foreign Portfolio Investors) Regulations,
2019 to protect the interests of investors in securities and to promote the development of, and
to regulate the securities markets.

29. The Securities and Exchange Board of India (SEBI) has recently (in August ‘23) decreased
the validity period of approval for Alternative Investment Funds (AIFs) and Venture Capital
Funds (VCFs) to make overseas investments to 4 months from _______(months).
1) 7 months
2) 6 months
3) 10 months
4) 8 months
5) 12 months
Answer- 2) 6 months
Explanation:
The Securities and Exchange Board of India (SEBI) has decreased the validity period of approval for
Alternative Investment Funds (AIFs) and Venture Capital Funds (VCFs) to make overseas
investments to four months from six months.
i. If these funds do not utilize their investment limits within this timeframe, SEBI has the authority to
allocate the unutilized limits to other applicant AIFs and VCs.
ii. This information by SEBI is provided in exercise of its power conferred under Section 11(1) of the
SEBI Act 1992.
30. In August 2023, Shares of One 97 Communications Ltd jumped over 12% to Rs. 887.55 on
Bombay Stock Exchange (BSE) after Vijay Shekhar Sharma, founder & Chief Executive Officer of
Paytm entered into an agreement to buy __________ (percent) worth USD 628 Million from Ant
Financial (Antfin) Netherlands Holding BV.
1) 7.9%
2) 11.4%
3) 10.3%
4) 9.3%
5) 8.3%
Answer- 3) 10.3%
Explanation:
On 7th August 2023, Shares of One 97 Communications Ltd, the parent company of Paytm, jumped
over 11.6%(~12%) to Rs. 887.55 on BSE (formerly Bombay Stock Exchange) during intra-day trade,
after Vijay Shekhar Sharma, founder and Chief Executive Officer (CEO) of Paytm entered into an
agreement to buy 10.3% worth USD 628 Million from Ant Financial (Antfin) Netherlands Holding BV,
a Chinese fintech via Resilient Asset Management BV (Resilient), a 100% owned overseas entity of
Vijay Shekhar Sharma.
i. As a result of this transaction, Vijay Shekhar Sharma’s shareholding in Paytm (direct and indirect)
will increase to 19.42%, whereas Antfin’s shareholding will reduce to 13.5%.
ii. As per the agreement, Antfin will receive Optionally Convertible Debentures (OCDs) by Resilient
Asset Management B.V. in exchange for transferring ownership and voting rights. This will allow
Antfin to retain the economic value of its 10.30% stake in Paytm.
iii. The Paytm-Antfin deal is likely India's biggest buy now, pay later deal. It involves a cash outgo, but
only later.

31. Which Small Finance Bank (SFB) has recently (in August ‘23) became the first bank in India
to offer 24X7 video banking facility for 365 days?
1) AU SFB
2) Jana SFB
3) Ujjivan SFB
4) Suryoday SFB
5) ESAF SFB
Answer- 1) AU SFB
Explanation:
On 08th August 2023, AU Small Finance Bank (AU SFB), India’s Largest Small Finance Bank, became
the first bank in India to offer 24X7 for 365 days video banking facility to all the
customers(including account holders under Pradhan Mantri Jan Dhan Yojana (PMJDY) ) for free of
cost.
i. Video Banking provides customers with a branch-like experience, enabling them to engage in face-
to-face interactions with AU Video Banking relationship managers over a video call.
ii. The customer needs to be at least 18 years of age and located within India while making the video
call.
32. Name the Payment Bank that has recently (in August ‘23) launched India’s 1st eco-friendly
debit card.
1) Paytm Payments Bank
2) India Post Payments Bank
4) Airtel Payment Bank
5) Jio Payments Bank
Answer- 4) Airtel Payment Bank
Explanation:
On 8th August 2023, India’s first payment bank, Airtel Payment Bank also became the first Indian
Bank to launch an eco-friendly debit card for its new and existing customers with a savings bank
account.
i. The debit cards will be crafted from recycle- Poly Vinyl Chloride (r-PVC) material, a certified eco-
friendly material, against normal PVC cards.
ii. Airtel Payments Bank debit card comes in two variants(under Classic variant): Personalised Classic
Card – Availed through the Airtel Thanks mobile application.
• Insta Classic Card – Availed at selected neighbourhood banking points (by the close of the
current quarter).
33. Which Public Sector Financial Institutions of GoI has recently (in August ‘23) launched its
subsidiary at the Gujarat International Financial Tec (GIFT) City in Gandhinagar, Gujarat?
1) Industrial Finance Corporation of India
2) National Bank of Financing Infrastructure and Development
3) Export-Import Bank of India
4) India Infrastructure Finance Company Ltd
Answer- 3) Export-Import Bank of India

Explanation:
On August 8, 2023, the Export-Import Bank of India (Exim Bank of India) launched its subsidiary-
India Exim Finserve IFSC Private Limited (Exim Finserve) at the Gujarat International Financial Tec
(GIFT) City in Gandhinagar, Gujarat.
i. It was inaugurated by Dr. Vivek Joshi, Secretary, Department of Financial Services (DFS), Ministry of
Finance.
ii. This subsidiary is set to provide a suite of trade finance solutions to Indian exporters, with a
primary emphasis on export factoring.
iii. Exim Finserve is the first finance company in GIFT City for export factoring.
34. Name the company that has recently (in August ‘23) collaborated with the CSC Academy to
provide digital and financial literacy to the weak and underprivileged segments of society.
1) PayU India
2) Freecharge
3) Razorpay
4) Infibeam
5) PhonePe
Answer- 1) PayU India
Explanation:
PayU India and CSC Academy collaborated to provide digital and financial literacy to the weak and
underprivileged segments of society from July 1 2023 to June 30, 2024.
i. Under this Mobile vans will be stationed in and around three districts in Delhi/Gurugram (Haryana),
Mumbai (Maharashtra), and Bengaluru (Karnataka) to provide financial and digital literacy
instructions as well as other civic services for people between the ages of 15 and 60.
ii. Underprivileged segments of society include SC (Scheduled Caste), ST (Scheduled Tribe), BPL
(Below Poverty Line), and Women.
35. Which bank has recently (in August ‘23) partnered with the Government of Odisha, to
support the payment solutions for the Odisha Tourism Development Corporation (OTDC)
Limited?
1) RBL Bank
2) Bandhan Bank
3) ICICI Bank
4) HDFC Bank
5) YES Bank
Explanation:
On 7th August 2023, Kolkata (West Bengal) based-Bandhan Bank Limited, partnered with the
Government of Odisha, to support the payment solutions for the Odisha Tourism Development
Corporation (OTDC) Ltd.
i. The Bank has introduced Point of Sale (PoS) machines, which offer a seamless card payment
experience and are placed in prime locations across popular tourist destinations in Odisha including
Puri, Bhubaneshwar, Konark, Chilka, and Gopalpur.

ii. Bandhan Bank will be providing the machines to OTDC and these PoS machines provide easy and
quick payment solutions to tourists, thus bringing convenience, both for the tourists and OTDC
officials.
36. Who has recently (in August ‘23) emerged as the highest-paid bank Chief Executive Officer
(CEO) in the financial year 2022-2023(FY23)?
1) Amitabh Chaudhary (Axis Bank)
2) Sandeep Bakhshi (ICICI Bank)
3) Prashant Kumar (YES Bank)
4) Sashidhar Jagdishan (HDFC Bank)
5) Dinesh Kumar Khara (State Bank of India)
Answer- 4) Sashidhar Jagdishan (HDFC Bank)
Explanation:
HDFC Bank’s Sashidhar Jagdishan emerged as the highest-paid bank Chief Executive Officer (CEO) in
the financial year 2022-2023(FY23) with over Rs 10.55 crore in total pay.
i. Kaizad Bharucha, deputy managing director, HDFC Bank, drew Rs 10 crore for FY23 and is likely to
be the second-highest-grossing banker in India
ii. Among bank CEOs, Amitabh Chaudhry, the CEO of Axis Bank, received a payout of Rs 9.75 crore in
FY23 making it the second-highest in terms of overall pay among bank chief executives.
iii. Sandeep Bakhshi ,CEO of ICICI Bank got paid Rs 9.60 crore for the fiscal year.
37. In August 2023, _____________ (organisation/regulatory body) constituted a sectoral

committee to frame the unique regulatory landscape and address challenges faced by _________
member banks operating within the Gujarat International Finance Tec-City (GIFT City) in
Gandhinagar, Gujarat.
1) Reserve Bank of India; 26
2) Small Industries Development Bank of India; 24
3) Indian Banks’ Association; 26
4) Reserve Bank of India; 24
5) Indian Banks’ Association; 20
Answer- 3) Indian Banks’ Association; 26
Explanation:
The Indian Banks’ Association (IBA) constituted a sectoral committee to frame the unique regulatory
landscape and address challenges faced by 26 member banks operating within the Gujarat
International Finance Tec-City (GIFT City) in Gandhinagar, Gujarat.
i. The committee is intended to function as a bridge connecting the banking sector and regulatory
bodies, ensuring effective communication and resolution of concerns and perspectives.
ii. Due to the differential regulatory guidelines between banks operating within GIFT City and those
outside, there is a need for a dedicated committee to focus on resolving the challenges encountered by
International Financial Services Centre (IFSC) Banking Units (IBUs) .
iii. The committee will represent the collective interests of the banks operating within GIFT City.

38. Which bank has recently (in August’ 23) announced a plan to raise its stake in Max Life
Insurance Company to 16.22% from 9.99% by infusing Rs 1,612 crore investment?
1) IndusInd Bank
2) Axis Bank
3) HDFC Bank
4) ICICI Bank
5) YES Bank
Explanation:
On August 9, 2023, Axis Bank Limited announced to raise its stake in Max Life Insurance Company
Limited to 16.22% from 9.99% by infusing Rs 1,612 crore (USD 194.6 million) through a
preferential allotment of shares.
i. The proposal for the same was approved by the acquisitions, divestment and merger committee of
Bank’s board.
ii. This capital infusion will help Max Life to support its growth ambitions, augment capital position
and improve solvency margins.
39. Name the Life Insurance company that has recently (in August ‘23) partnered with the ESAF
Small Finance Bank (ESAF Bank) to offer life insurance.
1) Kotak Mahindra Life Insurance
3) ICICI Prudential Life Insurance
Answer- 1) Kotak Mahindra Life Insurance
Explanation:
Kotak Mahindra Life Insurance Company Ltd (Kotak Life) announced its corporate agency tie-up with
ESAF Small Finance Bank (ESAF Bank) to offer life insurance to ESAF Bank customers.
i. The tie-up plans to benefit 68 lakh customers of ESAF Bank through life insurance products
provided by Kotak Life, including protection, savings, investment and retirement through ESAF Bank’s
700 banking outlets spread across 21 States and 2 Union Territories(UTs).
40. In August 2023, Polali Jayarama Bhat, the former Managing Director (MD) & Chief
Executive Officers (CEO) of ___________ (Bank) passed away.
1) HDFC Bank
2) Karnataka Bank
3) ICICI Bank
4) Axis Bank
5) State Bank of India
Answer- 2) Karnataka Bank
Explanation:
On 09th August 2023, Polali Jayarama Bhat, the former Managing Director (MD) & Chief Executive
Officers (CEO) of Karnataka Bank passed away. He was born on 14th November 1951, in Polali, a
small town near Mangalore, Karnataka.
i. He served the Bank for over 48 years from April 1973 to November 2021.

ii. Awards and Recognition:
• Outstanding Manager Award from Mangalore Management Association.
• CEO with HR(Human Resource) Orientation by Asia Pacific Human Resource Management
(HRM) Congress.
• A. Shama Rao Memorial Outstanding Achievement Award by A. Shama Rao Foundation.
• New Year Award-2015 jointly by Manipal University, Academy of General Education, and
Syndicate Bank.
• T. A. Pai Memorial Shrestha Banker Award from Delhi Kannadiga.
41. Name the Insurance company that has recently (in August ‘23) signed a contract with the
Department of Health and Family Welfare, Government of Meghalaya for the implementation
of the Megha Health Insurance Scheme (MHIS) & the Ayushman Bharat Pradhan Mantri Jan
Arogya Yojana (AB-PMJAY)-Phase 6.
1) Bajaj Allianz General Insurance
2) Shriram General Insurance
3) SBI General Insurance
4) Reliance General Insurance Company
5) Max Life Insurance Company
Answer- 4) Reliance General Insurance Company
Explanation:
On 8th August 2023, Reliance General Insurance Company Ltd (RGICL) signed a contract with the
Department of Health and Family Welfare, Government of Meghalaya for the implementation of the
Megha Health Insurance Scheme (MHIS) and the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana
(AB-PMJAY)-Phase 6 in Meghalaya.
i. RGICL emerged as the successful bidder to implement a revised MHIS 6 scheme in convergence with
PMJAY, providing an insurance cover of Rs 5.3 lakhs for all eligible beneficiaries on a family floater
basis.
ii. Meghalaya has decided to review the health benefit packages and other terms in the insurance
contract of MHIS 6.
42. Which of the following points is ‘Incorrect’ with respect to the 3rd Bi-Monthly Monetary
Policy statement for FY24 released by RBI in August 2023?
1) The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) kept the Policy Repo Rate at
6.50%.
2) The Reverse Repo Rate are kept at 3.35% & the Marginal Standing Facility (MSF) Rate are kept
6.75%
3) The Bank Rate is kept at 6.25%.
4) India’s real Gross Domestic Product (GDP) growth retained at 6.5% in FY24 (2023-24).
5) Consumer Price Index (CPI) inflation is projected at 5.4% for FY24 from the 5.1% forecast in June
2023.
Answer- 3) The Bank Rate is kept at 6.25%.
Explanation:
The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) met on August 8-10, 2023, and
released the ‘Monetary Policy Statement, 2023-24 Resolution of the MPC‘ which kept India’s real
Gross Domestic Product (GDP) growth retained at 6.5% in FY24 (2023-24) with FY24’s Q1 at 8%, Q2

at 6.5%, Q3 at 6%, and Q4 at 5.7%. This is attributed to the growth in rural and urban areas, a rise in
investment activity, and the government’s intention to increase capital expenditure.
• This marks the 3rd MPC meeting in FY24, following the bi-monthly policy reviews held in April
2023 and June 2023.
• Real GDP growth for Q1FY25 (April-June, 2024-25) is projected at 6.6%.
• Consumer Price Index (CPI) inflation or retail inflation is projected at 5.4% for FY24 from the
5.1% forecast in June 2023.
i. The MPC kept the policy rates unchanged in August 2023.
Category Rates
Policy Repo Rate 6.50%
Reverse Repo Rate 3.35%
Marginal Standing Facility (MSF) Rate 6.75%
Standing Deposit Facility (SDF) Rate 6.25%
Bank Rate 6.75%
Cash Reserve Ratio (CRR) 4.50%
Statutory Liquidity Ratio (SLR) 18%
43. Which of the following points is/are ‘correct’ with respect to the initiatives by the Reserve
Bank of India (RBI) in August 2023?
A) Reserve Bank of India (RBI) mandates banks to hold an Incremental Cash Reserve Ratio
(ICRR) of 10% on increase in deposits between May 19 and July 28, 2023 with effect from 12th
August 2023.
B) RBI has increased the transaction limit to Rs 500 from Rs 200 to encourage wider adoption
of UPI (Unified Payments Interface) Lite.
C) Reserve Bank Innovation Hub (RBIH) is developing a digital Public Tech Platform to
facilitate easy lending by providing necessary digital data to lenders.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Explanation:
Reserve Bank of India (RBI) mandates banks to hold an Incremental Cash Reserve Ratio (ICRR) of
10% on increase in deposits between May 19 and July 28, 2023 with effect from the fortnight starting
Aug. 12, 2023.
• In order to encourage wider adoption of UPI (Unified Payments Interface) Lite, RBI has
increased the transaction limit to Rs 500 from Rs 200. This will eliminate the need for multiple
transactions for users.
• However, overall limit is retained at Rs 2000 to contain the risks associated with relaxation of
two-factor authentication.
• UPI Lite is an ‘on-device wallet’ feature that will allow users to make real-time small-value
payments without using a UPI PIN. It was launched in September 2022.

• Reserve Bank Innovation Hub (RBIH) is developing a digital Public Tech Platform to facilitate
easy lending by providing necessary digital data to lenders.
• RBI unveils framework allowing borrowers to switch to fixed interest rate from floating
interest rate, providing relief to home, auto loan borrowers.
44. Name the bank that has recently (in August ‘23) signed an MoU with the IIITD Innovation
and Incubation Centre (IIITD-IC) to support and scale up the growth of the startup ecosystem
in India.
1) IndusInd Bank
2) YES Bank
3) ICICI Bank
4) HDFC Bank
5) Axis Bank
Answer- 2) YES Bank
Explanation:
IIITD Innovation and Incubation Centre (IIITD-IC), a section 8 company promoted by the
Indraprastha Institute of Information Technology-Delhi (IIITD), has signed a Memorandum of
Understanding (MoU) with YES Bank Limited (YES Bank) to support and scale up the growth of
startup ecosystem in India.
• Aim: To enable enterprise banking, personal banking and beyond banking solutions required
by the Startups.
• To bridge the gap between startups and corporates with the right and in-time mentorship.
45. Which of the following points is/are “correct” with respect to the Securities and Exchange
Board of India (SEBI), as of August 2023?
A) SEBI has reduced the timeline for listing securities after the closing of an Initial Public
Offering (IPO) to 3 days (T+3) from the present requirement of 6 working days (T+6).
B) Singapore-based Helios Capital Management PTE Ltd has been granted approval from the
Securities and Exchange Board of India (SEBI) to launch a Mutual Fund (MF) business.
C) Once launched, Helios Mutual Fund will become the 46th entity to enter into the MF industry
with an Asset Under Management (AUM) of Rs.46-lakh crore.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Explanation:
The Securities and Exchange Board of India (SEBI) has reduced the timeline for listing securities after
the closing of an Initial Public Offering (IPO) to 3 days (T+3) from the present requirement of 6
working days (T+6).
• This will be an option for IPOs opening on or after September 1, 2023, and will be mandatory
for public issues opening after December 1, 2023.
• According to SEBI, the reduction in timelines for listing and trading of shares will benefit both
issuers and investors. Under the new guidelines, companies will have to finalise allotment

before 6 pm on T+1 day. The transfer of funds will be made to unsuccessful applicants on T+2
days.
• Singapore-based Helios Capital Management PTE Ltd, which offers Portfolio Management
Services (PMS) has been granted approval from the Securities and Exchange Board of India
(SEBI) to launch a Mutual Fund (MF) business.
• Once launched, Helios Mutual Fund will become the 46th entity to enter into the MF industry
with an Asset Under Management (AUM) of Rs.46-lakh crore.
46. Name the company that has recently (in August ‘23) partnered with the Protean eGov
Technologies to provide credit services on the Open Network for Digital Commerce (ONDC)
network for borrowers & Micro, Small & Medium Enterprises (MSMEs).
1) PhonePe
2) Paytm
3) PayNearby
4) Policybazaar
5) MobiKwik
Answer- 3) PayNearby
Explanation:
Protean eGov Technologies(Protean) has partnered with PayNearby, a fintech platform owned by
Nearby Technologies Private Limited to provide credit services on the ONDC (Open Network for
Digital Commerce) network for last-mile borrowers and Micro, Small & Medium Enterprises
(MSMEs).
i. Under this partnership, Protean will be an ONDC technology service provider through PayNearby’s
Distribution as a Service (DaaS) network through over 12 lahks active PayNearby outlets.
ii. Protean will also aggregate Loan Service Providers (LSPs) onto a single platform.
47. Who has been recently (in August ‘23) appointed as the Managing Director (MD) & Chief
Executive Officer (CEO) of SBI Life Insurance Company Limited?
1) Amit Jhingran
2) Sangramjit Sarangi
3) Mahesh Kumar Sharma
4) Abhijit Gulanikar
5) Anand Pejawar
Answer- 1) Amit Jhingran
Explanation:
The Insurance Regulatory and Development Authority of India (IRDAI) has approved the
appointment of Amit Jhingran as the Managing Director (MD) & Chief Executive Officer (CEO) of SBI
Life Insurance Company Limited (SBI Life).
i. Amit Jhingran is set to succeed Mahesh Kumar Sharma, the incumbent MD & CEO of SBI Life.
ii. Amit Jhingran is currently serving as the Chief General Manager(CGM), in State Bank of India (SBI),
Hyderabad Circle, Telangana.

48. Chakr Innovation Pvt Ltd, Haryana- based technology start-up has recently (in Aug ‘23)
secured substantial funding of Rs.18 crores from the ___________________ under its Ubharte Sitare
Programme (USP)
1) Export-Import Bank of India
2) Canara Bank
3) Bank of India
4) Union Bank of India
5) Indian Bank
Answer- 1) Export-Import Bank of India
Explanation:
Chakr Innovation Pvt Ltd, a Gurugram (Haryana)- based technology start-up focused on
environmental sustainability and pollution reduction solutions, secured substantial funding of Rs.18
crores from the Export-Import Bank of India (EXIM Bank) under its Ubharte Sitare Programme
(USP), for developing the environmental sustainability and technology sector in India.
• The funds were sanctioned under EXIM Bank’s USP, reflecting the institution’s commitment to
promoting domestic growth and addressing international demands.
49. Which of the following banks has recently (in Aug ‘23) signed an MoU with Amul, to finance
Amul’s retailers?
1) IndusInd Bank
2) YES Bank
3) Punjab National Bank
4) ICICI Bank
5) HDFC Bank
Answer- 3) Punjab National Bank
Explanation:
Punjab National Bank (PNB) signed a Memorandum of Understanding (MoU) with Gujarat
Cooperative Milk Marketing Federation Ltd (GCMMFL) also known as Amul, to finance Amul’s
retailers, wholesale dealers/area milk distributors and exclusive Amul preferred outlets-milk
parlours.
• The financing is made through small ticket financing under Micro Units Development &
Refinance Agency (MUDRA).
50. In August 2023, Pension Fund Regulatory and Development Authority(PFRDA) in

coordination with the __________ (Statutory Body/Ministry) has integrated the National Pension
System (NPS) Statement of Transaction (SoT) with the Consolidated Account Statement (CAS).
1) Ministry of Home Affairs
5) Employees' Provident Fund Organisation

Explanation:
Pension Fund Regulatory and Development Authority (PFRDA) in coordination with the Securities
and Exchange Board of India (SEBI) has integrated the National Pension System (NPS) Statement of
Transaction (SoT) with the Consolidated Account Statement (CAS).
i. Now, PFRDA has enabled Central Record Keeping Agencies (CRAs) to integrate with depositories
registered with SEBI to provide NPS Subscribers with the option to include NPS transactions in CAS.
ii. The facility to include NPS SoT in CAS will be available to NPS subscribers on consent basis.
51. In August 2023, Zerodha Broking Limited received final approval from Securities and
Exchange Board of India (SEBI) to launch an Asset Management Company (AMC) – Zerodha
Asset Management Private Limited called as “Zerodha Fund House”.
Who has been appointed as the Chief Executive Officer (CEO) of Zerodha Fund House?
1) Seema Patil
2) Nikhil Kamath
3) Shrikant Pandit
4) Vishal Jain
5) Vasanth Kumar Jayapal
Answer- 4) Vishal Jain
Explanation:
Zerodha Broking Limited (Zerodha) has received final approval from Securities and Exchange Board
of India (SEBI) to launch an Asset Management Company (AMC) – Zerodha Asset Management Private
Limited called as “Zerodha Fund House”.
• Zerodha Fund House is the joint venture (JV) of Zerodha with Smallcase Technologies Private
Limited(smallcase), a fintech platform.
i. Vishal Jain has been appointed as the Chief Executive Officer(CEO) of Zerodha Fund House.
Previously, He headed the Exchange-Traded Funds (ETFs) division of Nippon Life India Asset
Management Ltd.
ii. SEBI new timeline for the exit option window period given to the mutual fund unitholders in the
event of a change in the control of an AMC.
iii. Under the new guidelines, the change in control of the AMC will require the unitholders of the MF
to be granted the choice of exiting at the prevailing Net Asset Value (NAV), devoid of any exit load,
within a span of 15 calendar days from the date of communication (earlier it was 30 days).
52. Who has been recently (in August ‘23) appointed as the Managing Director (MD) of the Life
Insurance Corporation of India (LIC)?
1) Anil Kumar
2) Vinod Kumar Verma
3) R Doraiswamy
4) Siddhartha Mohanty
5) M.Jagannath
Answer- 3) R Doraiswamy
Explanation:
The Government of India(GoI) have appointed R Doraiswamy as Managing Director (MD) of the Life
Insurance Corporation of India (LIC) with effect from the date of assumption of charge of the office on

or after September 1, 2023, and upto the date of his superannuation (August 31, 2026) or until further
orders, whichever is earlier.
i. R Doraiswamy is currently the Executive Director (Information Technology (IT)/Software
Development (SD)), at the LIC central office in Mumbai, Maharashtra.
ii. He will replace Mini Ipe, one of the current MDs of LIC, who is set to retire at the end of August
2023.
53. Which organisation/Bank has recently approved a USD 40.5 million loan for an integrated
project focussing on Early Childhood Development (ECD) and Maternal Mental Health in
Meghalaya, India?
1) World Health Organization
3) United Nations Children's Fund
4) New Development Bank
5) African Development Bank
Explanation:
The Asian Development Bank (ADB) has approved a USD 40.5 million loan for an integrated project
focussing on Early Childhood Development (ECD) and Maternal Mental Health in Meghalaya. The
Government of Meghalaya is contributing USD 15.27 million to the project.
i. This initiative attempts to focus on daycare centers known as Anganwadi centers (AWC), aiming to
enhance access to nurturing care including crucial elements such as maternal mental health support
and inclusive group-based parenting programs involving fathers.
ii. The project is initiated to strengthen home-based childcare for children aged 0 – 1.5 years and
center-based childcare for those aged 1.5 – 6 years.
iii. The ADB-supported project will upgrade 1,800 AWCs and construct around 600 new AWCs in
remote and challenging areas with climate-resilient designs.
54. Name the bank that has recently (in August ‘23) launched Jeevan Dhara, a unique savings
bank account designed for pensioners.
1) Canara Bank
3) Bank of Baroda
4) Bank of India
5) Indian Bank
Answer- 1) Canara Bank
Explanation:
Canara Bank launched Canara Jeevan Dhara, a unique savings bank account designed for
pensioners and those who are planning for retirement, including all the employees who retired on a
voluntary basis or standard retirement procedures.
Variants:
• Under this scheme, the bank provides two variants based on the amount of pension credit.
• Diamonds account is designed for pension credits of up to Rs 50,000.
• Platinum account caters to pension credits exceeding Rs 50,000.

55. As per the All India Consumer Price Index (CPI) released by National Statistical Office (NSO)
in August 2023, India’s retail inflation rate hiked to __________ in July, 2023 surpassing the upper
limit of the RBI’s 2-6% tolerance range.
1) 7.16%
2) 7.21%
3) 6.32%
4) 7.44%
5) 6.89%
Answer- 4) 7.44%
Explanation:
As per the All India Consumer Price Index (CPI) released by National Statistical Office (NSO) under
the Ministry of Statistics and Programme Implementation (MoSPI), India’s retail inflation rate hiked
to 7.44% in July, 2023 surpassing the upper limit of the Reserve Bank of India’s (RBI) 2-6%
tolerance range. The inflation rate recorded 4.87% in June 2023.
• This is due to a surge in prices of vegetables, cereals, pulses, spices and milk.
i. The Reserve Bank of India (RBI) has increased its inflation forecast for the current FY2024 to
5.4% from the earlier estimate of 5.1%.
ii. Rajasthan registered the highest inflation rate at 9.66%, followed by Jharkhand at 9.16%, Tamil
Nadu at 8.95%, Odisha at 8.67%, and Uttarakhand at 8.58%.
iii. In July 2023, wholesale prices continued to display deflationary trends for the fourth consecutive
month. This notable increase in food and primary article prices led to a substantial reduction in the
overall price decline, narrowing it to (-)1.36%.
56. Which of the following companies has recently (in August ‘23) received the Rs. 91
Crores contract from the Reserve Bank of India (RBI) for the use of advanced analytics,
artificial intelligence (AI) and Machine Learning(ML) to analyse its huge database and improve
regulatory supervision?
1) Cognizant India Private Limited
2) Mckinsey & Company India Llp
3) Accenture Solutions Private Limited India
4) Both 1 & 2
5) Both 2 & 3
Answer- 5) Both 2 & 3
Explanation:
Reserve Bank of India (RBI) awarded the contract worth Rs. 91 Crores to McKinsey and Company
India LLP (Limited Liable Partnership) and Accenture Solutions Private Limited India for the use of
advanced analytics, artificial intelligence(AI) and machine learning(ML) to analyse its huge database
and improve regulatory supervision over banks and Non Banking Financial Services(NBFCs).
i. AI and ML technologies are used for real-time data reporting, effective data management and
dissemination.
ii. The Department of Supervision in RBI is developing and using linear and a few machine-learnt
models for supervisory examinations.

57. Which of the following points is/are “correct” with respect to the initiative taken by the
Reserve Bank of India (RBI) in August 2023?
A) Reserve Bank of India (RBI) commenced its digital lending pilot project for Public Tech
Platform for Frictionless Credit which is developed by Reserve Bank Innovation Hub (RBIH).
B) RBI Governor Shaktikanta Das introduced a centralized web portal called “उद्गम UDGAM”
(Unclaimed Deposits – Gateway to Access inforMation) to simplify the process for the public to
locate their unclaimed deposits in various banks through a single platform.
C) Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied
Services (IFTAS) and participating banks have collaborated to develop this portal.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Explanation:
On August 17, 2023, the Reserve Bank of India (RBI) commenced its digital lending pilot project for
Public Tech Platform for Frictionless Credit which is developed by Reserve Bank Innovation Hub
(RBIH), a wholly owned subsidiary of RBI.
i. RBI Governor Shaktikanta Das introduced a centralized web portal called “उद्गम UDGAM”
(Unclaimed Deposits – Gateway to Access inforMation) to simplify the process for the public to locate
their unclaimed deposits in various banks through a single platform.
ii. Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied
Services (IFTAS) and participating banks have collaborated to develop this portal.
58. Which bank has recently (in August ‘23) emerged as the top performer among public sector
lenders in terms of loan and deposit growth in percentage during the first Quarter (Q1) of the
current financial year (FY24)?
2) Bank of Baroda
3) Bank of Maharashtra
4) Bank of India
5) Indian Overseas Bank
Answer- 3) Bank of Maharashtra
Explanation:
Bank of Maharashtra (BoM), an Indian Public Sector Bank(PSB), has emerged as the top performer
among public sector lenders in terms of loan and deposit growth in percentage during the first
Quarter (Q1) of the current financial year (FY24).
i. Its deposit and advances recorded around 25% rise, the highest by any PSB, during the April-June
quarter.
ii. According to the recently published quarterly data of PSBs, BoM’s gross domestic advances surged
by 24.98%, reaching a total of Rs. 1,75,676 crore at the end of June 2023.
• BoM was followed by UCO Bank with a growth rate of 20.70% in the 2nd spot.

• Bank of Baroda (BoB) with 16.80% and Indian Overseas Bank (IOB) with 16.21% growth rates
are at 3rd and 4th spots, respectively.
• India’s largest lender State Bank of India (SBI) stood at the 5th spot with a 15.08% rise in
domestic advances growth.
59. Name the bank that has recently (in August ‘23) partnered with Reserve Bank Innovation
Hub (RBIH) to launch Kisan Credit Card (KCC) and unsecured Micro, Small and Medium
Enterprises (MSME) loans powered by Public Tech Platform for Frictionless Credit (PTPFC).
1) IndusInd Bank
2) HDFC Bank
3) ICICI Bank
4) YES Bank
5) Axis Bank
Explanation:
Axis Bank Limited has launched two new financial products, Kisan Credit Card (KCC) and unsecured
Micro, Small and Medium Enterprises (MSME) loans powered by Public Tech Platform for Frictionless
Credit (PTPFC), an initiate of Reserve Bank Innovation Hub (RBIH), wholly owned subsidiary of the
Reserve Bank of India(RBI)
i. On Pilot basis, the Kisan Credit Cards(KCC) will be introduced in Madhya Pradesh(MP).
ii. Customers can access these cards for amounts up to Rs. 1.6 lakhs.
iii. MSME loans will be made available across India, and this will offer loans up to Rs 10 lakh to
customers.
iv. Both the products will be of fully digital process and require no paperwork.
60. Which bank has recently (in August ‘23) launched Visa multi-branded credit card in
partnership with British Airways Executive Club and Qatar Airways Privilege Club?
1) IndusInd Bank
2) HDFC Bank
3) ICICI Bank
4) YES Bank
5) Axis Bank
Answer- 1) IndusInd Bank
Explanation:
IndusInd Bank Limited launched first-of-its-kind Visa multi-branded credit card “IndusInd Bank
Avios Visa Infinite Credit Card” in partnership with British Airways Executive Club and Qatar Airways
Privilege Club.
i. This card aims to offer best-in-class rewards and benefits to customers, across travel, wellness and
lifestyle experiences.
ii. Avios, the rewards currency for British Airways Executive Club and Qatar Airways Privilege Club
which can be used for travel rewards, including hotels and car hire.

61. Name the bank that has recently (in August ‘23) established 10 start-up cells across various
cities in India.
1) Bank of Baroda
2) Bank of India
3) Canara Bank
4) Indian Bank
5) UCO Bank
Answer- 4) Indian Bank
Explanation:
Indian Bank, a Public Sector Undertaking (PSU) bank headquartered in Chennai, Tamil Nadu, has
established 10 start-up cells across various cities in the country to mark its 117th foundation day (15
August 1907).
i. These cells aim to cater to specialized banking needs and promote the growth of the startup
ecosystem in India.
ii. The start-up cells have been set up in Ahmedabad in Gujarat, Bengaluru in Karnataka, Coimbatore &
Chennai in Tamil Nadu, New Delhi in Delhi, Gurgaon in Haryana, Guwahati in Assam, Hyderabad in
Telangana , Kanpur in Uttar Pradesh, and Mumbai in Maharashtra.
62. In August 2023, Crisil estimated that the Indian economy will experience a growth rate of
__________ during FY24.
1) 8.3%
2) 6%
3) 7.2%
4) 8.0%
5) 6.5%
Answer- 2) 6%
Explanation:
On August 16, 2023, Crisil, a global analytics company, estimated that the Indian economy will
experience a growth rate of 6% during FY24, a decline from the 7.2% growth achieved in FY23.
i. The report stated that the global economic slowdown is expected as a result of rising interest rates
and the exports may continue to be a drag on industrial output.
ii. Retail inflation in India escalated to 7.44% in July of the current year, surpassing the upper
tolerance level set by the Reserve Bank of India (RBI) i.e. 2-6%.
63. In August 2023, the Advertising Standards Council of India (ASCI) mandatory to all
finfluencers/Finance Influencers working in the banking, financial services, and insurance
(BFSI) sector offering investment advice to be registered with the _______________(Regulatory
Body) .
3) Insolvency and Bankruptcy Board of India
5) Employees' Provident Fund Organisation

Explanation:
The Advertising Standards Council of India (ASCI) announced that it is mandatory to all finfluencers
or finance influencers working in the banking, financial services, and insurance (BFSI) sector offering
investment advice to be registered with the Securities and Exchange Board of India (SEBI).
• The new guidelines are to safeguard consumers from the consequences of advice from non-
experts.
i. Finfluencers who have certifications from recognized institutions need to openly share their
certified expert status and their credentials.
ii. They should display their registration number along with name and qualifications.
iii. For other financial advice, suitable credentials like a licence from the Insurance Regulatory and
Development Authority of India (IRDAI), being a chartered accountant (CA) or holding a company
secretaryship are required.
64. Which bank has recently (in August ‘23) launched mobile banking application ‘iris’?
1) Axis Bank
2) YES Bank
3) HDFC Bank
4) ICICI Bank
5) IndusInd Bank
Answer- 2) YES Bank
Explanation:
YES Bank Limited (Ltd) launched ‘iris by YES BANK’ , a state-of-the-art mobile banking application
which was developed in collaboration with customer feedback.
i. It is the bank’s first Direct to Consumer platform,allowing new and existing customers to access
more than 100 features and services.
ii. The app demonstrates the bank’s commitment to fostering a digitally empowered ecosystem and
showcases its dedication to delivering top-notch digital solutions.
65. Name the company/bank that has recently (in August ‘23) launched new life insurance and
asset management services at International Financial Services Centre (IFSC) situated in
Gujarat International Finance Tec (GIFT) City, Gujarat.
1) Reliance Group
2) Aditya Birla Group
3) HDFC Group
4) Mahindra & Mahindra Limited
5) ICICI Bank
Answer- 3) HDFC Group
Explanation:
HDFC Group launched new life insurance and asset management services at International Financial
Services Centre (IFSC) situated in Gujarat International Finance Tec (GIFT) City, Gujarat. This
initiative offers services to Non-Resident Indians (NRIs) and the global Indian diaspora.
i. HDFC Life unveils HDFC International Life and Re, and HDFC AMC International (IFSC) Ltd by HDFC
Asset Management Company to cater to the financial needs of the worldwide Indian community.
ii. HDFC Life created HDFC International Life and Re to provide specialized insurance solutions.

66. Which bank has recently (in August ‘23) became the First Public Sector Bank (PSB) to
extend the facility of execution of on-line locker agreement through Digital Document
Execution (DDE) Platform of National E-Governance Services Limited (NeSL)?
1) Canara Bank
3) Bank of Baroda
4) Indian Bank
Answer- 4) Indian Bank
Explanation:
Indian Bank became the First Public Sector Bank (PSB) to extend facility of execution of on-line
locker agreement through Digital Document Execution (DDE) Platform of National E-Governance
Services Limited (NeSL), India’s first Information Utility under Insolvency and Bankruptcy Board of
India (IBBI).
i. Online locker agreements are available 24/7, improving customer convenience and reducing
agreement execution time.
ii. DDE is a fully automated contract execution platform with paperless e-stamp and electronic
signature (e-Sign) facility. The facility of e-Sign includes Aadhar based (OTP/Biometric) and dongle-
based digital signature.
67. Who has been recently (in August ‘23) appointed as the Managing Director (MD) and Chief
Executive Officer (CEO) of South Indian Bank?
1) Sankara Narayanan
2) P R Seshadri
3) Murali Ramakrishnan
4) Salim Gangadharan
5) Radha Unni
Answer- 2) P R Seshadri
Explanation:
On 17th August 2023, the Reserve Bank of India (RBI) approved the appointment of P R Seshadri as
the Managing Director (MD) and Chief Executive Officer (CEO) of South Indian Bank for a period of 3
years with effect from 1st October 2023.
i. He is currently mentoring businesses both at an operating level as well as at the board level at
various companies.
ii. He will replace Murali Ramakrishnan, whose tenure as MD & CEO of South Indian Bank is set to end
by 30th September 2023. He has been serving in the post since 2020.
68. According to the Reserve Bank of India (RBI) data released in August 2023, Bank credit
growth to Micro, Small and Medium Enterprises (MSMEs) has decelerated on a year-on-year (y-
o-y) basis in the first three months (April-June) of the Q1FY24.
The Credit to medium industries grew by __________ in June 2023.
1) 11.8%
2) 14.2%
3) 12.5%
4) 15.2%

5) 13.2%
Answer- 5) 13.2%
Explanation:
According to the Reserve Bank of India (RBI) data, Bank credit growth to Micro, Small and Medium
Enterprises (MSMEs) has decelerated on a year-on-year (y-o-y) basis in the first three months (April-
June) of the FY24 i.e. Q1FY24.
• Banks’ cautious attitude towards risk makes them hesitant to provide loans to small units,
leading to a deceleration in bank credit growth.
i. Credit to medium industries grew by 13.2% in June 2023 (compared to 47.8% in June 2022).
ii. The Expert Committee on MSME, constituted by RBI in December 2018, has estimated the overall
credit gap in the MSME sector to be in the range of Rs 20 to Rs 25 lakh crore.
iii. RBI has issued comprehensive guidelines to the Regulated Entities (REs) regarding penal charges
in loan accounts to ensure fairness, transparency, and accountability in the lending practices of
financial institutions. These will come into effect from January 1, 2024.
• RBI issued these instructions under sections 21, 35A and 56 of the Banking Regulation (BR)
Act, 1949, sections 45JA, 45L and 45M of the RBI Act, 1934, and section 30A of the National
Housing Bank (NHB) Act, 1987.
69. Which of the following points is/are “correct” with respect to the Reserve Bank of India
(RBI) initiative in August 2023?
A) The Reserve Bank of India (RBI) has reviewed guidelines for Infrastructure Debt Fund-Non-
Banking Financial Companies (IDF-NBFCs) to enhance their role in infrastructure financing
and align regulations across NBFCs in this sector.
B) IDF-NBFCs must maintain a Net Owned Fund (NOF) of at least Rs 500 crore & can issue rupee
or dollar-denominated bonds with a minimum maturity of 3 years.
C) RBI advised banks and finance companies to reset Floating Interest Rate on Equated
Monthly Instalments (EMI) for select personal loans in response to rising interest rates
through the new rules, w.e.f. December 31, 2023.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Answer- 4) Only A & C
Explanation:
The Reserve Bank of India (RBI), in consultation with the Government of India (GoI), has reviewed
guidelines for Infrastructure Debt Fund-Non-Banking Financial Companies (IDF-NBFCs) to enhance
their role in infrastructure financing and align regulations across NBFCs in this sector.
• The updated regulations for IDF-NBFCs will be effective from August 18, 2023.
i. IDF-NBFCs must maintain a Net Owned Fund (NOF) of at least Rs 300 crore.
ii. IDF-NBFCs can issue rupee or dollar-denominated bonds with a minimum maturity of five years.
iii. RBI advised banks and finance companies to reset Floating Interest Rate on Equated Monthly
Instalments (EMI) for select personal loans in response to rising interest rates through the new rules,
w.e.f. December 31, 2023. This will apply to both new and existing borrowers.

70. Name the bank that has recently (in August ‘23) launched its Unified Payments Interface
(UPI) Interoperable Digital Rupee mobile application.
2) Canara Bank
3) Axis Bank
4) Bank of India
5) IndusInd Bank
Answer- 2) Canara Bank
Explanation:
Canara Bank launched its Unified Payments Interface (UPI) Interoperable Digital Rupee mobile
application, called the “Canara Digital Rupee app”, as a part of the Reserve Bank of India (RBI)’s
Central Bank Digital Currency (CBDC) pilot project.
i. Canara Bank is now the first among the public and commercial sector banks to provide this feature
in its CBDC mobile app, Canara Digital Rupee app.
ii. The app has been created in accordance with RBI guidelines and is powered by advanced
blockchain technology to ensure great security and efficiency.
71. Which bank has recently (in August ‘23) contributed Rs 22.5 crore to set up a Banking Data
and Analytics Hub at the Indian Institute of Technology, Bombay (IIT-B)?
1) HDFC Bank
2) ICICI Bank
4) Axis Bank
5) YES Bank
Answer- 3) State Bank of India
Explanation:
State Bank of India (SBI) is contributing Rs 22.5 crore through its Corporate Social Responsibility
(CSR) arm, SBI Foundation, to set up a Banking Data and Analytics Hub at the Indian Institute of
Technology, Bombay (IIT-B), Mumbai, Maharashtra, to tackle the distinct challenges facing by the
Indian banking and financial services industry.
i. The collaboration will boost SBI’s AI (Artificial Intelligence) capabilities and promote the exchange
of innovative concepts through cooperation between the banking industry and academia.
ii. The partnership’s positive impact will extend to the entire Banking, Financial Services, and
Insurance sector (BFSI) sector, facilitating the incorporation of emerging technologies such as
ChatGPT.
72. Which bank has recently (in August ‘23) appointed 4 directors, Ketan Shivji Vikamsey,
Mrugank Madhukar Paranjape, Rajesh Kumar Dubey and Dharmendra Singh Shekhawat to the
central board of the bank?
3) Canara Bank
4) Bank of India

Explanation:
The State Bank of India (SBI) has appointed four directors namely Ketan Shivji Vikamsey, Mrugank
Madhukar Paranjape, Rajesh Kumar Dubey and Dharmendra Singh Shekhawat to the central board of
the bank.
• They were appointed for a period of 3 years with effect from 26th June 2023 to 25th June
2026.
• Ketan Shivji Vikamsey and Mrugank Madhukar Paranjape have been reappointed as the
director (elected under Section 19(c) of SBI Act 1955) at SBI’s Central board.
• Rajesh Kumar Dubey and Dharmendra Singh Shekhawat have been appointed as the Directors
(elected under section 19 (c) of the SBI Act, 1955) at SBI’s Central Board.
• Rajesh Kumar Dubey and Dharmendra Singh Shekhawat have replaced B Venugopal and
Ganesh Natarajan, whose tenure as Director ended on 25th June 2023.
73. In August 2023, the Central Board for Direct Tax (CBDT) notified the Income Tax
Amendment (Sixteenth Amendment), Rules, 2023, prescribing the 11UACA rule for calculating
income from maturity of life insurance policies issued after April 1, 2023, with the amount of
premiums exceeding Rs ____________ .
1) 4 lakh
2) 6 lakh
3) 5 lakh
4) 2 lakh
5) 3 lakh
Answer- 3) 5 lakh
Explanation:
The Central Board for Direct Tax (CBDT) under Department Of Revenue in Ministry of Finance has
notified the Income Tax Amendment (Sixteenth Amendment), Rules, 2023, prescribing rule
11UACA for calculating income with respect to sum received upon maturity of life insurance
policies wherein the amount of premiums exceed Rs 5 lakh and such policy/policies are issued on or
after April 1, 2023.
i. Amendment:
• If the annual total premium paid does not surpass Rs. 5 lakhs, life insurance policies issued
post 1 April 2023 will qualify for tax exemption on maturity benefits under Section 10(10D) of
the Income Tax Act, 1961.
• However, policies with premiums surpassing the sum of Rs. 5 lakhs will have their maturity
proceeds integrated into the policyholder’s income and will be subject to the relevant income
tax rates.
ii. Presently, Section 10(10D) of the Income Tax Act, 1961 offers an exclusion from income tax for
sums obtained from a life insurance policy, encompassing bonus allotments, subject to certain
outlined criteria.
74. In August 2023, ______________ became the first private life insurance company in India to
provide 24X7 inbound contact centre.
1) Exide Life Insurance

4) IndiaFirst Life Insurance
Answer- 5) SBI Life Insurance
Explanation:
State Bank of India (SBI) Life Insurance became the first private life insurance company in India to
provide 24X7 inbound contact centre via toll-free number 18002679090 to address before and
after purchase queries with the aim to offer real time solutions to queries related to policies and
insurance solutions.
i. The contact centre is available to both existing and new consumers, throughout the year.
ii. This is aligned with the goal of ‘Insurance for all by 2047’ set by Insurance Regulatory and
Development Authority of India (IRDAI).
75. Which company has recently (in August ‘23) received USD 100 million investment from
International Finance Corporation (IFC) to increase access to housing finance among
economically weaker sections (EWS) and Low-Income Groups (LIG) in India?
1) India Home Loans Ltd
2) Gic Housing Finance Ltd
3) IIFL Home Finance Ltd
4) Indiabulls Housing Ltd
5) LIC Housing Finance Ltd
Answer- 3) IIFL Home Finance Ltd
Explanation:
International Finance Corporation (IFC), a member of the World Bank Group, has invested up to USD
100 million in IIFL Home Finance Ltd (IIFL HFL), to increase access to housing finance among
economically weaker sections (EWS) and Low-Income Groups (LIG), including women borrowers in
India.
i. The investment also aims to induce India’s affordable housing space, promote green construction,
and support India’s climate goals.
ii. Through this partnership with IFC, IIFL HFL aims to bring sustainable living in self-constructed
houses.
Note: IIFL HFL is a subsidiary of IIFL Finance Limited, formerly known as IIFL Holdings Limited,
doing business as India Infoline Finance Limited(IIFL).
76. Name the Insurance company that has recently (in August ‘23) launched “Smallcap Quality
Index Fund” in the Unit Linked Insurance Plan (ULIP) segment.
3) ICICI Prudential Life Insurance
Answer- 1) Max Life Insurance
Explanation:
Max Life Insurance Company Limited (Max Life) launched “NIFTY Smallcap Quality Index Fund” in
the Unit Linked Insurance Plan (ULIP) segment to provide an opportunity to capitalise on the growth
potential of smallcap companies, aiming for long term index linked returns.

i. This is the first smallcap index fund of the life insurance segment.
ii. Max Life Nifty Small Cap Quality Index Fund is similar to Nifty Smallcap 250 Quality 50 Index which
offers 22% Compound annual growth rate (CAGR) for 10 years.
77. In August 2023, ICRA Limited projected India's economic growth at ___________ in the April
2023 to June 2023 period – 1st Quarter of financial year 2023-24 (Q1FY24).
1) 8.0%
2) 8.5%
3) 6.1%
4) 7.5%
5) 7.9%
Answer- 2) 8.5%
Explanation:
On August 22, 2023, ICRA Limited (formerly Investment Information and Credit Rating Agency of
India Limited) projected that India’s economic growth will accelerate to 8.5% in the April 2023 to
June 2023 period – 1st Quarter of financial year 2023-24 (Q1FY24) from the 6.1% growth rate
witnessed in the January 2023 -March 2023 quarter (Q4FY23).
i. ICAR has projected that the real Gross domestic product (GDP) growth of India will be maintained at
6% for FY24 which is lower than the RBI estimates of 6.5%.
ii. India’s Q1FY24 GDP increase is supported by a strong Q1FY23 base, improved profit margins, and
service sector revival.
78. In August 2023, Life Insurance Corporation of India (LIC) acquired _________ shareholding in
Jio Financial Services Limited (JFSL).
1) 4.28%
2) 7.23%
3) 5.23%
4) 8.21%
5) 6.66%
Answer- 5) 6.66%
Explanation:
Life Insurance Corporation of India (LIC), an Indian multinational public sector life insurance
company, has acquired 6.66% shareholding in Jio Financial Services Ltd. (JFSL).
i. Jio Financial Services Limited (JFSL), previously named Reliance Strategic Investments Limited, the
demerged financial subsidiary of Reliance Industries Limited(RIL).
• LIC holds a 6.49% stake in RIL as of June 30, 2023.
ii. The acquisition of the shareholding in Jio Financial Services by LIC occurred as a part of the process
in which Jio Financial Services was separated from its parent company.
79. Name the company that has recently (in August ‘23) became the Global Partner for
International Cricket Council (ICC) Men’s Cricket World Cup 2023.
1) Capital One
2) OPPO
3) Mastercard
4) BharatPe

5) BYJU'S
Answer- 3) Mastercard
Explanation:
The International Cricket Council (ICC) has signed a global partnership with Mastercard, a global
payment-processing corporation, for the ICC Men’s Cricket World Cup 2023 which is scheduled to
be held in India from 5th October 2023 to 19th November 2023.
i. The tie-up aims to connect cardholders and cricket enthusiasts to priceless experiences throughout
the tournament.
ii. Exclusive 24-hour pre-sale window, chance to meet cricket players, getting up close to the Men’s
Cricket World Cup trophy and a chance for the children of cardholders (aged between 12-18 years) to
be a part of the flagbearer programme.
80. Which bank has recently (in August ‘23) collaborated with Marriott International to launch
India’s first co-branded hotel credit card?
1) HDFC Bank
2) ICICI Bank
3) Axis Bank
4) YES Bank
5) IndusInd Bank
Answer- 1) HDFC Bank
Explanation:
Marriott International, one of the world’s largest hotel chains, in collaboration with HDFC Bank
launched India’s first co-branded hotel credit card in the name Marriott Bonvoy HDFC Bank Credit
Card.
i. The card aims to enhance the travel experiences of cardholders by offering exclusive benefits,
rewards, and seamless access to Marriott International’s loyalty program Marriott Bonvoy .
ii. The co-branded credit card will run on Diners Club, part of the Discover Global Network.
81. According to the State Bank of India (SBI) Ecowrap released in August 2023, India’s per
capita income will rise 7.5 times by ___________ (year).
1) 2057
2) 2040
3) 2036
4) 2028
5) 2047
Answer- 5) 2047
Explanation:
According to SBI Ecowrap, research division of the State Bank of India (SBI), India’s per capita
income will rise 7.5 times by 2047, reaching Rs14.9 lakh (USD 12,400) annually from the present Rs
2 lakh (USD 2,500) in FY23.
• This aligns with the government’s target of transforming India into a developed economy by
2047.
i. The mean income of tax-filing individuals is projected to increase to Rs 49.9 lakh by FY47 from Rs
13 lakh in FY22, driven by economic shifts, tax trends, and initiatives like the Goods and Services Tax
(GST) and the UDYAM Portal.

ii. State Contributions: Maharashtra, Uttar Pradesh, Gujarat, Rajasthan, and West Bengal contribute
significantly to total tax returns, accounting for nearly half by FY22.
82. In August 2023, the Securities and Exchange Board of India (SEBI) mandated additional
disclosures from Foreign Portfolio Investors (FPIs) that have concentrated holding in a single
company or a group firm w.e.f. November 1, 2023.
FPIs with over 50% of Indian equity Assets Under Management (AUM) in a single corporate
group get ___________ days to reduce holdings, followed by further ownership disclosures.
1) 15
2) 10
3) 30
4) 20
5) 25
Answer- 2) 10
Explanation:
On August 24, 2023, the Securities and Exchange Board of India (SEBI) mandated additional
disclosures from Foreign Portfolio Investors (FPIs) that have concentrated holding in a single
company or a group firm w.e.f. November 1, 2023.
i. Such FPIs will be required to identify all entities with any ownership, economic interest and control
rights.
Key Points:
• FPIs with over 50% of Indian equity Assets Under Management (AUM) in a single corporate
group get 10 days to reduce holdings, followed by further ownership disclosures.
• FPIs with equity AUM exceeding Rs 25,000 crore have 90 days to reduce holdings.
• Accounts of all such FPIs will be blocked for further equity purchases until the holding is
brought below Rs 25,000 crore.
• If investment remains high after deadlines, 30 days for disclosures, then FPI registration
invalid.
• Invalid registration leads to securities liquidation and market exit within 180 days from
invalidation.
83. In August 2023, the Reserve Bank of India (RBI) sanctioned the Scheme of Voluntary
Amalgamation of Hyderabad, Telangana based Twin Cities Co-operative Urban Bank Limited
with ___________________in Hyderabad, Telangana.
1) Kranti Co-operative Urban Bank
2) Agrasen Co-Operative Urban Bank
3) Gayatri Co-Operative Urban Bank
4) A.P. Mahesh Cooperative Urban Bank
5) Sudha Co Operative Urban Bank
Answer- 1) Kranti Co-operative Urban Bank
Explanation:
The Reserve Bank of India(RBI) sanctioned the Scheme of Voluntary Amalgamation of Hyderabad
(Telangana) based Twin Cities Co-operative Urban Bank Limited with Hyderabad (Telangana)
based Kranti Co-operative Urban Bank Limited.

• RBI has the authority to approve the voluntary amalgamation of Urban Cooperative Banks
(UCBs) based on its discretion.
• This authority is granted under Sub-Section (4) of Section 44A read with Section 56 of the
Banking Regulation Act, 1949.
• These sections were modified through an amendment introduced by the Banking Regulation
(Amendment) Act 2020 (Act No. 39 of 2020).
84. Name the company that has recently (in August ‘23) launched an innovative all-in-one
digital financial platform.
1) Mahindra & Mahindra Financial Services Limited
2) Muthoot Fincorp Limited
3) Tata Capital Financial Services Limited
4) Aditya Birla Finance Limited
5) Bajaj Finance Limited
Answer- 2) Muthoot Fincorp Limited
Explanation:
Muthoot Fincorp Limited(MFL), a leading Non-Banking Finance Company (NBFC) based in
Thiruvananthapuram, Kerala, launched “Muthoot FinCorp ONE”, an innovative all-in-one digital
financial platform.
i. The platform will provide a range of services including Micro, Small & Medium Enterprises (MSME)
and Gold loans along with investment products like Digital Gold and Non-Convertible
Debentures(NCDs).
ii. The platform introduced its gold loans in May 2023 and aims to add insurance, personal loans, two-
wheeler loans, housing loans, and money transfer services within the next 6 months.
85. In August 2023, the National Payments Corporation of India (NPCI) launched the _________
edition of its Unified Payments Interface (UPI) Safety Awareness campaign.
1) 2nd
2) 5th
3) 3rd
4) 1st
5) 4th
Answer- 3) 3rd
Explanation:
The National Payments Corporation of India (NPCI) has launched “UPI Chalega 3.0”, the 3rd edition
of its Unified Payments Interface (UPI) Safety Awareness campaign, developed in collaboration with
key stakeholders in the payments ecosystem.
i. The campaign aims to promote the adoption of UPI as a secure, easy, and instant mode of payment.
ii. The campaign is designed to educate users about UPI’s various features, including UPI LITE for
quick low-value transactions, UPI AUTOPAY for secure recurring payments, and UPI Interoperability
for seamless money transfers across all UPI-enabled applications.

86. In August 2023, the Reserve Bank of India (RBI) increased the upper limit for offline
transactions to Rs _________ from Rs 200.
1) Rs 300
2) Rs 600
3) Rs 800
4) Rs 500
5) Rs 400
Answer- 4) Rs 500
Explanation:
The Reserve Bank of India (RBI) increased the upper limit for offline transactions to Rs 500 from Rs
200 w.e.f. August 24, 2023, following its announcement during the bi-monthly policy review on
August 10, 2023.
i. However, the overall limit is retained at Rs 2000 to contain the risks associated with relaxation of
two-factor authentication.
ii. The information for the same was provided by RBI under Section 10 (2) read with Section 18 of the
Payment and Settlement Systems Act, 2007 (Act 51 of 2007)/PSS Act.
iii. PSOs/PSPs are entities authorized by the RBI to operate payment systems enabling transactions
between payers and beneficiaries.
87. In August 2023, the Insurance Regulatory and Development Authority of India (IRDAI)
approved amendments to Reinsurance Regulations.
The amendments include a reduction of the minimum capital requirement for Foreign
Reinsurance Branches (FRBs) from Rs ____________ to Rs 50 Crore, with the provision to
repatriate any excess assigned capital.
1) 120 Crore
2) 100 Crore
3) 80 Crore
4) 70 Crore
5) 150 Crore
Answer- 2) 100 Crore
Explanation:
On August 24, 2023, the Insurance Regulatory and Development Authority of India (IRDAI), during its
123rd Authority Meeting, approved amendments to Reinsurance Regulations to enhance the business
environment, and to attract more reinsurers to set up operations in India.
• These amendments streamline the existing regulations for all insurance market participants
including Indian insurers, Indian reinsurers, Foreign Reinsurance Branches (FRBs), and
International Financial Services Centre(IFSC) Insurance Offices (IIOs).
• This will also position India as a key global reinsurance center.
i. The amendments include a reduction of the minimum capital requirement for FRBs from Rs 100
Crore to Rs 50 Crore, with the provision to repatriate any excess assigned capital.
88. Name the Indian Institute of Technology (IIT) that has recently (in August ‘23) partnered
with HSBC to support Innovation-led Green Hydrogen production.
1) IIT Roorkee
2) IIT Guwahati

3) IIT Kanpur
4) IIT Madras
5) IIT Bombay
Answer- 5) IIT Bombay
Explanation:
The Indian Institute of Technology (IIT) Bombay, (Mumbai) Maharashtra has partnered with HSBC
to pursue technological advancements towards making green hydrogen production more efficient,
cost-effective, and scalable.
• This partnership will help boost the Indian government’s National Green Hydrogen Mission
(NGHM) focused on providing policy support towards achieving global leadership in green
hydrogen transition.
• This partnership was unveiled by Union Minister Nirmala Sitharaman, Ministry of Finance at
Delhi on August 24, 2023.
89. In August 2023, the Indian Institute of Technology (IIT) Bombay received an _____________
donation from an alumnus to establish a Green Energy and Sustainability Research Hub.
1) USD 23.4 million
2) USD 19.3 million
3) USD 15.2 million
4) USD 18.6 million
5) USD 17.3 million
Answer- 4) USD 18.6 million
Explanation:
The Indian Institute of Technology (IIT) Bombay, (Mumbai) Maharashtra has received an USD 18.6
million donation from an alumnus to establish a Green Energy and Sustainability Research Hub,
which will redefine the institute’s role in tackling the global climate crisis.
i. The hub will be located within a state-of-the-art academic building on the IIT Bombay campus in
suburban Powai.
ii. It will focus on vital aspects such as assessing climate risks, devising mitigation strategies, climate
adaptation, and environmental monitoring.
iii.It also aims to promote renewable energy adoption, efficient technologies, and research in key
domains like battery tech, solar energy, biofuels, clean air, flood forecasting, and carbon capture.
90. In August 2023, the Reserve Bank of India (RBI) sanctioned the Scheme of Voluntary
Amalgamation of Akola Merchant Co-operative Bank Limited with ______________ (Co.operative
Banks).
1) Cosmos Cooperative Bank Limited
2) Bharat Co-operative Bank Limited
3) Jalgaon Peoples Co-operative Bank Limited
4) Shamrao Vithal Co-operative Bank Limited
5) Kalupur Commercial Cooperative Bank Limited
Answer- 3) Jalgaon Peoples Co-operative Bank Limited
Explanation:
The Reserve Bank of India (RBI) sanctioned the Scheme of Voluntary Amalgamation of Akola
(Maharashtra) based Akola Merchant Co-operative Bank Limited with Jalgaon (Maharashtra) based

The Jalgaon Peoples Co-operative Bank Limited. Both of the banks are Urban Co.operative
Banks(UCB).
i. The authority is granted under Sub-Section (4) of Section 44A read with Section 56 of the Banking
ii. After Amalgamation:
• The Scheme of Amalgamation will come into force with effect from 28th August, 2023.
• Following the amalgamation, the branches of Akola Merchant Co-operative Bank Ltd., will
function as branches of The Jalgaon Peoples Co-operative Bank Ltd.
91. Which Payments Bank has recently (in August ‘23) collaborated with Frontier Markets and
the Mastercard Center for Inclusive Growth to launch ‘She Leads Bharat: Udyam’?
1) Airtel Payments Bank
2) Jio Payments Bank
3) India Post Payments Bank
4) Paytm Payments Bank
Answer- 1) Airtel Payments Bank
Explanation:
Frontier Markets, a Social Commerce Platform, in collaboration with Airtel Payments Bank and the
Mastercard Center for Inclusive Growth launched an initiative ‘She Leads Bharat: Udyam’ . The
announcement was made at the 1st edition of Asia Inclusive Growth Forum.
• The initiative aims to elevate 1,00,000 women-owned small businesses in Rajasthan and Uttar
Pradesh.
i. Frontier Markets will implement the program and utilize its team of Saral Jeevan Sahelis, who are
women entrepreneurs. Their role involves identifying and enrolling women-owned small businesses
onto the Meri-Saheli platform.
92. Which bank, along with Maptrasco, has recently (in August ‘23) completed the first “live”
transaction of electronic Bills of Lading (eBL) for shipments between Singapore and India?
1) Standard Chartered Bank
2) Citi Commercial Bank
3) HSBC Bank
4) DBS Bank
5) Barclays Bank
Answer- 4) DBS Bank
Explanation:
DBS Bank Ltd (formerly known as Development Bank of Singapore Limited) in collaboration with
Maptrasco, a Singapore-based commodities trader, has completed the first “live” transaction of
electronic Bills of Lading (eBL) for shipments between Singapore and India.
i. The transaction was implemented under the TradeTrust framework, an initiative by the Infocomm
Media Development Authority (IMDA) and supported by Enterprise Singapore.
ii. With this first shipment, businesses in Singapore and India can now access the benefits of the
TradeTrust network via their preferred TradeTrust-enabled platforms.
iii. The TradeTrust network can enable the digital trade finance of live shipments of goods between
the 2 countries.

93. Name the bank that has recently (in August ‘23) partnered with Zaggle to launch a co-
branded corporate credit card.
1) HDFC Bank
2) YES Bank
3) ICICI Bank
4) Axis Bank
5) IndusInd Bank
Answer- 2) YES Bank
Explanation:
Yes Bank Ltd launched a co-branded Corporate Credit Card named ‘YES BANK Zaggle Corporate
Credit Card’ in partnership with Zaggle, a spend management platform, to empower businesses to
redefine their corporate payments, expenditure management, and cash flow optimisation.
i. The card provides a solution by granting businesses direct authority over company expenses. This
includes setting individual spending limits, applying merchant category restrictions, and
implementing diverse controls.
ii. The card will facilitate businesses to bring in greater cost efficiencies by facilitating integration with
Zaggle’s ZatiX, a spend management and analytics platform, allowing corporates to optimise cash
outflows.
iii. Yes Bank’s partnership with Zaggle allows businesses to enhance their operational efficiency by
consolidating banking transactions, managing business expenses, and offering a centralized solution
for tracking all business-related overheads.
94. Which cooperative Bank has recently (in August ‘23) tied up with the Life Insurance
Corporation of India (LIC) to increase the distribution of life insurance products through the
Bancassurance channel?
1) Saraswat Co-operative Bank
2) Shri Anand Co-operative Bank
3) Shamrao Vithal Co-operative Bank
4) Abhyudaya Co-operative Bank
5) Kalupur Commercial Co-operative Bank
Answer- 1) Saraswat Co-operative Bank
Explanation:
Life Insurance Corporation of India (LIC) tied up with a Mumbai (Maharashtra) headquartered
Saraswat Cooperative Bank Ltd., India’s largest urban cooperative bank, to increase the distribution
of life insurance products through the Bancassurance channel.
i. Citizens and Customers of Saraswat Bank can now purchase LIC insurance products directly through
Saraswat Bank.
ii. LIC, being the premier insurer of India, has insurance products for all segments of society, from
annuity, Unit-Linked Insurance Plans (ULIP), and term insurance to savings plans.
95. Name the Organisation/bank that has recently (in August ‘23) signed an Rs 1.2 billion
worth of agreement with the Fourth Partner Energy (4PEL) Private Limited to build and
operate a solar photovoltaic power plant in Tirunelveli, Tamil Nadu.
2) United Nations Development Programme

3) World Bank
4) Asian Infrastructure Investment Bank
5) International Monetary Fund
Explanation:
The Asian Development Bank (ADB) signed an agreement of worth Rs 1.2 billion (about USD 14.7
million) with Fourth Partner Energy (4PEL) Private Limited (Fourth Partner), an Independent
Power Producer(IPP) to build and operate a solar photovoltaic power plant in Tirunelveli, Tamil
Nadu.
• The 25 Megawatt(MW) power plant will produce electricity of about 50.7 GigaWatt-
hours(GWh) annually.
• Open Access enables heavy users with a connected load exceeding 1 MW to purchase
affordable electricity from the open market.
• India’s open access renewable energy policy allows businesses to buy electricity directly from
IPP.
96. Name the bank that has recently (in August ‘23) launched ‘Infinity Savings Account’, a first-
of-its-kind fully Digital fixed fee-based savings account with no paperwork or branch visits.
1) HDFC Bank
2) ICICI Bank
3) Axis Bank
4) YES Bank
5) IndusInd Bank
Explanation:
Axis Bank Limited launched ‘Infinity Savings Account’, a first-of-its-kind fully Digital fixed fee-based
savings account with no paperwork or branch visits. We are able to open completely in digital through
the Video Know Your Customer (KYC) process.
i. This account is designed for customers who are comfortable using digital services and often sign up
for subscription-based services.
ii. Any Resident Indian who is 18 years and above with Initial Funding of Rs 5,000.
97. Who has been recently (in August ‘23) appointed as the chairman of the Finance Industry
Development Council (FIDC) for a period of 2 years?
1) Theepak Jain
2) Ajay Kumar
3) Atish Mathur
4) Umesh Revankar
5) Jayanth Kumar
Answer- 4) Umesh Revankar
Explanation:
Umesh Revankar was appointed as the chairman of the Finance Industry Development Council
(FIDC) for a period of 2 years with effect from 23rd August 2023. He is currently serving as the
Executive Vice Chairman (EVC) of Shriram Finance Limited.

i. FIDC is a Self-Regulatory Organization (SRO) cum Representative Body of Asset and Loan Financing
of the Non-Banking Financial Corporation (NBFC) registered with the Reserve Bank of India(RBI).
ii. Kamlesh Gandhi, Chairman and Managing Director (CMD) of MAS Financial Services Limited, and K.
V. Srinivasan, Chief Executive Officer (CEO) of Profectus Capital Pvt Limited, will act as co-chairmen of
FIDC.
98. Name the Bank that has been recently (in August ‘23) appointed by the Reserve Bank of
India (RBI) to act as an authorized bank for pension disbursement for civil pensioners on
behalf of the Central Pension Accounting Office (CPAO).
1) IndusInd Bank
2) Axis Bank
3) YES Bank
4) Bandhan Bank
5) HDFC Bank
Explanation:
Bandhan Bank Ltd has been appointed by the Reserve Bank of India (RBI) to act as an authorized
bank for pension disbursement for civil pensioners on behalf of the Central Pension Accounting Office
(CPAO), an entity under the Ministry of Finance.
i. Bandhan Bank will soon be integrating with the office of the CPAO to operationalise the
disbursement process.
99. Which of the following Institute has recently (in August ‘23) received Rs.3.32 crore from
Asian Development Bank (ADB) to develop, test & implement passenger safety projects in the
public transport systems of Hyderabad?
1) Indian Institute of Technology (IIT) Bombay
2) Birla Institute of Technology & Science (BITS) Hyderabad
3) Indian Institute of Technology (IIT) Kharagpur
4) Both 1 & 2
5) All 1, 2 & 3
Answer- 5) All 1, 2 & 3
Explanation:
The Asian Development Bank (ADB) has granted Rs.3.32 crore to a team of technology experts from
Birla Institute of Technology & Science (BITS) Hyderabad (Telangana), Indian Institute of
Technology (IIT) Bombay (Maharashtra), and IIT Kharagpur (West Bengal) to develop, test, and
implement passenger safety projects in the public transport systems of Hyderabad.
i. The experts’ team led by Prof. Prasanta Sahu, was working on developing technology solutions to
improve last-mile security for metro rail and public transit passengers under the guidance of NVS
Reddy, Managing Director (MD) Hyderabad Metro Rail Limited (HMRL).

STATIC BANKING QUESTIONS
1. Number panels of the bank note are printed in ________.

1) Nylon Ink
2) Phosphorus Ink
3) Fluorescent Ink
4) Ribbon Ink
5) Latex Ink
Answer- 3) Fluorescent Ink
Explanation:
RBI addressed rumours circulating on social media platforms, clarifying that the star (*) symbol on
the number panel of the banknote indicates that it is a replaced or reprinted banknote. These star (*)
banknotes are identical to other legal banknotes and are considered valid currency.
• The number panel of the banknote is printed in embedded fluorescent ink and optically
variable ink.
i. A banknote with a Star (*) symbol is identical to any other legal banknote, except that in the number
panel, a Star (*) symbol is added between the prefix and the serial number. The Star (*) symbol is an
identifier that is a replaced/reprinted banknote.
ii. The RBI has been issuing ₹500 denomination banknotes in the Mahatma Gandhi (New) series,
which bear the inset letter ‘E’ in both number panels. Some of these banknotes have an additional
character ‘*’ (star) in the number panel, placed between the prefix and the number. This practice was
introduced earlier with ₹10, ₹20, ₹50, and ₹100 banknotes, even before 2016.
2. Who is the current (as of August ‘23) Chief Executive Officer (CEO) of Paytm?
1) Vijay Shekhar Sharma
2) Surinder Chawla
3) Anubrata Biswas
4) Rishi Gupta
5) Vinod Easwaran
Answer- 1) Vijay Shekhar Sharma
Explanation:
About Paytm:
Founder & CEO– Vijay Shekhar Sharma
Headquarters– Noida, Uttar Pradesh (UP)
3. In July 2023, SoftBank sold an additional ________ stake in One 97 Communications in a series
of transactions.
1) 8%
2) 2%
3) 3%
4) 4%
5) 6%
Answer- 2) 2%

Explanation:
SoftBank has sold an additional 2% stake in One 97 Communications, the parent of Paytm, in a series
of transactions, generating USD 180-200 million.
i. This will bring the Japanese investment major’s stake in the payments company to below 10% for
the first time.
ii. SVF India Holdings (Cayman) Ltd has disposed of an aggregate of 12,771,434 equity shares of One
97 Communications Ltd in a series of disposals undertaken between May 9, 2023, and July 13, 2023,
4. Which company has recently (in July ‘23) launched the ‘Income Tax Payment’ feature on its
application to enable taxpayers?
1) Freecharge
2) PhonePe
3) Paytm
4) Razorpay
5) BharatPe
Answer- 2) PhonePe
Explanation:
Fintech major PhonePe has launched the ‘Income Tax Payment’ feature on its application to enable
taxpayers such as individuals and businesses to pay self-assessment and advance tax directly from
within the PhonePe app, the company announced on Monday. Users can now pay taxes with their
credit card or over UPI.
i. Users can pay taxes by tapping the ‘Income Tax’ icon on the PhonePe app homepage. Additionally,
they can select the type of tax they would pay, the assessment year, and PAN Card details.
ii. Users then will have to enter the total tax amount and pay using the preferred mode of payment.
The amount will be credited to the tax portal within two working days post successful payment.
5. Which bank has recently (in July ‘23) announced a plan to set up a new trustee company as
its wholly-owned subsidiary for managing the Corporate Debt Market Development Fund
(CDMDF)?
1) Bank of India
2) Canara Bank
3) Indian Bank
4) Bank of Baroda
Explanation:
State Bank of India (SBI) announced that SBI will set up a new trustee company as its wholly-
owned subsidiary for managing the Corporate Debt Market Development Fund (CDMDF).
i. CDMDF will act as a backstop facility for purchase of investment grade corporate debt securities to
instill confidence amongst the participants in the corporate bond market during times of stress and to
generally enhance secondary market liquidity by creating a permanent institutional framework for
activation in times of market stress.
ii. SBI Funds Management Ltd (SBIFML), the asset management company (AMC) of SBI Mutual Fund,
has been identified as the investment manager-cum-sponsor of CDMDF, India’s largest bank. SBI has
62.53 per cent stake in SBIFML.

6. Which company has recently (in July ‘23) collaborated with Max Life Insurance to launch an
innovation and development centre?
1) Wipro
2) Accenture
3) Tata Consultancy Services
4) HCL Tech
5) Cognizant Technology
Answer- 5) Cognizant Technology
Explanation:
Cognizant Technology announced that it has launched an innovation and development centre in
collaboration with Max Life Insurance Co. Ltd (Max Life) in Chennai. The facility aims to bring together
teams from both companies to accelerate Max Life’s digital transformation efforts.
i. The centre aims to drive product innovations, enhance customer experiences, and lead operational
excellence for Max Life. Cognizant will utilise its expertise in consulting and emerging technologies,
including artificial intelligence, automation, and cloud transformation to further enhance the digital
experience for customers.
7. Name the Bank that has recently (in July ‘23) opened four special rupee vostro accounts with
Russian banks & has received permission from Reserve Bank of India for opening eight more
accounts.
1) Bank of India
2) Canara Bank
3) Indian Bank
4) Bank of Baroda
5) UCO Bank
Answer- 5) UCO Bank
Explanation:
UCO Bank has opened four special rupee vostro accounts with Russian banks so far and has
received permission from Reserve Bank of India for opening eight more accounts. Of these eight, six
are with Russian banks and two are with banks in Belarus.
8. Which state’s transport department has recently (in July ‘23) introduced a Unified Payments
Interface (UPI) payments system at inter-state check posts to curb corruption?
1) Karnataka
2) Andhra Pradesh
3) Uttar Pradesh
4) Gujarat
5) Maharashtra
Answer- 2) Andhra Pradesh
Explanation:
Andhra Pradesh transport department has introduced a Unified Payments Interface (UPI) payments
system at inter-state check posts to curb corruption.
i. The new policy has been implemented at 15 check posts of the transport department across the
state. The transport department has implemented the cashless system in all check posts, which would
curb the officials from taking bribes.

9. Name the personality who has recently (in July ‘23) appointed as a Member in the Board of
International Financial Services Centre Authority (IFSCA).
1) Jayanth Kumar
2) Sujit Prasad
3) Mitesh Vishwa
4) Pramod Rao
5) Ajay Kumar
Answer- 4) Pramod Rao
Explanation:
The Finance Ministry has appointed Pramod Rao, Executive Director, SEBI, as a Member in the Board
of International Financial Services Centre Authority (IFSCA).
i. Rao has replaced Sujit Prasad, Executive Director SEBI, who was appointed as a Member
(representing SEBI) in IFSCA in July 2020. It may be recalled that Rao took charge as SEBI Executive
Director on July 15, 2022.
ii. Prior to this assignment at SEBI, Rao, an alumnus of the National Law School of India University,
held the position of Group General Counsel at ICICI Bank and provided strategic oversight to the legal
function for the ICICI Group.
10. What is the Tagline of IndusInd Bank?

1) Good People to Grow With
2) The Banker to Every Indian
3) We Make You Feel Richer
4) Banking With Personal Touch
5) Let’s Make Money Simple
Answer- 3) We Make You Feel Richer
Explanation:
About IndusInd Bank Ltd:
Managing Director (MD) & Chief Executive Officer (CEO)– Sumant Kathpalia
Tagline– We Make You Feel Richer
11. Which company has recently (in August ‘23) become the first major financial technology
firm to launch U.S. dollar stablecoin stablecoin?
1) Visa
2) PayPal
3) Mastercard
4) Stripe
5) Tencent
Answer- 2) PayPal
Explanation:
Payments giant PayPal has launched a U.S. dollar stablecoin, becoming the first major financial
technology firm to embrace digital currencies for payments and transfers.

i. While stablecoins - crypto tokens whose monetary value is pegged to a stable asset to protect from
wild volatility - have been around for years now, they are yet to successfully make headway into the
mainstream consumer payments ecosystem.
ii. PayPal's announcement, which lifted its shares 2.5% in afternoon trading, reflects a show of
confidence in the troubled industry that has over the last 12 months grappled with regulatory
headwinds that were exacerbated by a string of high-profile collapses.
12. In July 2023, Bank of Baroda (BoB) intended to sell up to ____________ of its ownership in the
credit card division BOB Financial Solutions Ltd.
1) 30%
2) 25%
3) 49%
4) 51%
5) 35%
Answer- 3) 49%
Explanation:
The government-owned Bank of Baroda (BoB) intends to sell up to 49% of its ownership in the credit
card division BOB Financial Solutions Ltd. BoB currently holds a 100% ownership interest.
i. BOB intends to offloadThe government-owned Bank of Baroda (BoB) intends to sell up to 49% of its
ownership in the credit card division BOB Financial Solutions Ltd.
ii. BoB currently holds a 100% ownership interest. up to 49 per cent in a combination of primary and
secondary capital from one or multiple investors to create more value in BOB Financial Solutions and
take it to the next level of growth.
iii. By issuing about 1.2 million credit cards in FY23 as opposed to 0.5 million the previous year, BOB
Financial more than doubled the acquisition of new credit cards.
13. Name the bank that has recently (in August ‘23) launched Prime Minister Street Vendors
Aatmanirbhar Nidhi (PMSVANidhi) publicity campaign to access affordable working capital
loans for their livelihood activities.
2) Bank of India
3) Bank of Baroda
4) Indian Bank
Explanation:
State Bank of India, Hyderabad Circle, launched Prime Minister Street Vendors Aatmanirbhar Nidhi
(PMSVANidhi) publicity campaign to facilitate more street vendors to access affordable working
capital loans for their livelihood activities.
i. Five PMSVANidhi branded vehicles were flagged off by SBI Deputy Managing Director Amit Jhingran
and Chief General Manager of Hyderabad Circle Rajesh Kumar. The vehicles would be going around
the city explaining the details and urging street vendors to make the best use of the scheme, the bank
said in a release on the launch from its local head office here.

14. Who is the current (as of August ‘23) Managing Director (MD) & Group Chief Executive
Officer (CEO) of Gujarat International Finance Tec-city (GIFT-City)?
1) Sanjeev Kumar
2) Tapan Ray
3) Hasmukh Adhia
4) Rajkumar Beniwal
5) Anjali Bansal
Answer- 2) Tapan Ray
Explanation:
About Gujarat International Finance Tec-city co. ltd. (GIFT-City):
Managing Director & Group Chief Executive Officer(CEO) – Tapan Ray
Headquarters – Gandhinagar, Gujarat
15. Who is the current (as of August ‘23) Managing Director(MD) & Chief Executive
Officer(CEO) of YES Bank?
1) Amitabh Chaudhary
2) Sandeep Bakhshi
3) Prashant Kumar
4) Sashidhar Jagdishan
5) Dinesh Kumar Khara
Answer- 3) Prashant Kumar
Explanation:
About YES Bank Limited:
YES Bank was incorporated in November 2003 & Commenced operations in 2004.
Managing Director(MD) & Chief Executive Officer(CEO)– Prashant Kumar
Tagline– Experience our expertise
Chatbot– YES ROBOT
16. Who is the current (as of August ‘23) Chairman of Insurance Regulatory and Development
Authority of India (IRDAI)?
1) Rakesh Joshi
2) S. N. Rajeswari
3) Parmod Kumar Arora
4) Suchindra Misra
5) Debasish Panda
Answer- 5) Debasish Panda
Explanation:
Chairman- Debasish Panda
Established under – Insurance Regulatory and Development Authority Act(IRDAI), 1999

17. Joint secretary in the Ministry of Finance, ________________ has recently (in Aug ‘23)been
appointed for the post of whole-time member at the Securities and Exchange Board of India
(SEBI).
1) S.S Nakul
2) Vivek Singh
3) B.N.Bhaskar
4) Kamlesh Varshney
5) Gaurav Shukla
Answer- 4) Kamlesh Varshney
Explanation:
Joint secretary in the Ministry of Finance Kamlesh Varshney has been appointed for the post of
whole-time member at the Securities and Exchange Board of India (SEBI).The IRS officer is being sent
to Mumbai from New Delhi to fill the vacancy at SEBI.
Earlier this month, Varshney was being considered for the whole-time member position.
18._____________ has recently (in Aug ‘23) joined hands with Indian Banks' Association (IBA) to
improve audit quality?
1) The Institute of Chartered Accountants of India
2) Indian Institute of Finance and Accounts
3) PIRON School of Business and Finance
4) Pearn Accountants, International Accountants and Business Consultants
5) International School of Financial Studies
Answer- 1) The Institute of Chartered Accountants of India
Explanation:
The Institute of Chartered Accountants of India (ICAI) in association with the Indian Banks
Association (IBA) has approved a plan to develop and jointly control a common balance confirmation
portal which promises high efficiency and reliability. The IBA has engaged with the RBI’s Institute for
Development and Research in Banking Technology (IDRBT) and National E-Governance Services
Limited to ensure the platform’s efficient and secure implementation. Further, the portal’s
development and maintenance will be managed by PSB Alliance Pvt. Ltd., which will collaborate with
IDRBT.
19. Who is the current (as of August ‘23) Chairperson of Pension Fund Regulatory and
Development Authority (PFRDA)?
1) B N Bhaskar
2) Deepak Mohanty
3) Ankit Jalan
4) Vivek Singh
5) Anil Yadav
Answer- 2) Deepak Mohanty
Explanation:
About Pension Fund Regulatory and Development Authority (PFRDA):
Chairperson – Deepak Mohanty

20. According to a survey by the Bank for International Settlements (BIS) released in August
2023, the 24 central banks are expected to have digital currencies in circulation by ___________
(year).
1) 2026
2) 2030
3) 2028
4) 2025
5) 2024
Answer- 2) 2030
Explanation:
By 2030, 24 central banks are expected to have digital currencies in circulation, according to a survey
by the Bank for International Settlements (BIS). This includes up to 15 retail and nine wholesale
central bank digital currencies (CBDC).
i. In total, the share of central banks that said they were engaged in some form of CBDC-related work
rose to 93 percent.
21. In which year, ‘Asian Development Bank (ADB)’ is established?

1) 1972
2) 1945
3) 1958
4) 1994
5) 1966
Answer- 5) 1966
Explanation:
About the Asian Development Bank (ADB):
Headquarters– Mandaluyong, Philippines
22. What is the tagline of Canara Bank?

5) Together we can
Answer- 5) Together we can
Explanation:
About Canara Bank:
Managing Director(MD) & Chief Executive Officer(CEO) – K. Satyanarayana Raju
Headquarters- Bengaluru, Karnataka
Established in – 1906 (as Canara Hindu Permanent Fund Ltd. and renamed as Canara Bank Limited
in 1910)
Tagline – Together we can

23. In August 2023, Union Finance Minister Nirmala Sitharaman announced that the 28%
Goods and Services Tax (GST) on online gaming, casinos and horse racing is expected to be
implemented from ____________.
1) 1st January 2024
2) 1st December 2023
3) 1st November 2023
4) 1st October 2023
5) 1st September 2023
Answer- 4) 1st October 2023
Explanation:
Union Finance Minister Nirmala Sitharaman announced that the 28% Goods and Services Tax (GST)
on online gaming, casinos and horse racing is expected to be implemented from 1st October 2023.
i. However, in a reprieve to the online gaming sector, the government has clarified that the tax will be
levied on the contest entry amount, excluding the winnings.
ii. The GST Council also recommended that valuation of supply of online gaming and actionable claims
in casinos may be done based on the amount paid or payable to or deposited with the supplier, by or
on behalf of the player (excluding the amount entered into games or bets out of winnings of previous
games or bets) and not on the total value of each bet placed
24. Which bank has recently (in August ‘23) extended the relief on loans to its customers in
Manipur, who have been affected by the Violence?
1) Bank of Baroda
2) ICICI Bank
3) HDFC Bank
4) Indian Bank
Explanation:
The State Bank of India (SBI) has offered to extend relief on loans to its customers in Manipur, who
have been affected by the ongoing unrest in the state.
i. The relief package includes a moratorium of up to 12 months on equated monthly installments
(EMIs), interest payments, and other installments.
ii. It will be available to borrowers whose accounts had not turned non-performing assets (NPAs) as
on May 3, 2023
25. What is the tagline of IndusInd Bank?

5) Together we can
Answer- 3) We Make You Feel Richer

Explanation:
About IndusInd Bank Limited(Ltd):
Managing Director(MD) & Chief Executive Officer(CEO) – Sumant Kathpalia
Tagline – We Make You Feel Richer
26. The ___________ Conference of the State Finance Secretaries was held in Mumbai, Maharashtra
in July, 2023.
1) 31st
2) 34th
3) 33rd
4) 32nd
5) 30th
Answer- 3) 33rd
Explanation:
The 33rd Conference of the State Finance Secretaries was held in Mumbai, Maharashtra on 6th July,
2023. The conference, inaugurated by the Governor of the Reserve Bank of India (RBI), focused on the
theme of ‘Debt Sustainability: States’ Perspective.’
i. The event was attended by Finance Secretaries from 23 states, one Union Territory, officials from
the Ministry of Finance, Government of India, Controller General of Accounts, and the Comptroller and
Auditor General of India.
27. What is the Tagline of YES Bank?

4) Experience Our Expertise
5) Together we can
Answer- 4) Experience Our Expertise
Explanation:
About YES Bank Limited(Ltd):
Managing Director(MD) & Chief executive Officers (CEO) – Prashant Kumar
Tagline –Experience Our Expertise
28. Who is the current (as of August ‘23) Managing Director (MD) & Chief Executive Officer
(CEO) of Canara Bank?
1) Debadatta Chand
2) Rajneesh Karnatak
3) Sashidhar Jagdishan
4) K Satyanarayana Raju
5) Ajay Kumar Srivastava
Answer- 4) K Satyanarayana Raju

Explanation:
About Canara Bank Limited :
Canara Bank was established as Canara Hindu Permanent Fund Ltd. in 1906 and was renamed as
Canara Bank Limited in 1910.
Managing Director (MD) & Chief Executive Officer (CEO)- K.Satyanarayana Raju
Nationalised in 1969
Tagline– Together we can
29. In August 2023, India’s gross revenues from the Goods and Services Tax (GST) reached
three-month high to cross Rs. ____________ in July 2023.
1) 1.29 lakh crore
2) 1.37 lakh crore
3) 1.45 lakh crore
4) 1.50 lakh crore
5) 1.65 lakh crore
Answer- 5) 1.65 lakh crore
Explanation:
India’s gross revenues from the Goods and Services Tax (GST) hit a three-month high to cross Rs.
1.65 lakh crore in July 2023.
i. July’s collections were 2.2% higher than the previous month’s GST collection.
ii. However, at 10.8%, it was the slowest uptick in collections since July 2021 compared to revenues
from the same month last year.
30. A ‘Committee of Experts to Onshoring the Indian Innovation to GIFT IFSC’ constituted by
International Financial Services Centres Authority (IFSCA) submitted its report to Chairperson,
IFSCA in August, 2023.
Who chaired the committee?
1) Theepak Kumar
2) Praveen Sharma
3) Ajay Kumar
4) G. Padmanabhan
5) Vijayakumar
Answer- 4) G. Padmanabhan
Explanation:
A ‘Committee of Experts to Onshoring the Indian Innovation to GIFT IFSC’ constituted by International
Financial Services Centres Authority (IFSCA) submitted its report to Chairperson, IFSCA, on August
14, 2023. The committee was chaired by Shri G. Padmanabhan, Former Executive Director, RBI.
i. The committee members comprised representatives from leading Venture Capital funds, Startups,
Fintechs, Law firms, Tax firms and other domain experts and the constitution of committee can be
accessed through the link: https://ifsca.gov.in/IFSCACommittees
ii. The main focus areas of the committee were directed towards understanding the reasons for
shifting of Indian startups outside India and suggestions to avoid externalization of startups in the
future and also to persuade startups that are presently externalized to redomicile back.

iii. The committee has provided its recommendations that are critical to the development of GIFT IFSC
as a global Fintech Hub, besides suggesting measures to encourage new Fintechs to have a global
outlook to set up their commercial presence in GIFT IFSC.
31. Who has been recently (in August ‘23) appointed as the Managing Director and Chief
Executive Officer (CEO) of ICRA Analytics Limited (IAL)?
1) Jayanta Chatterjee
2) Ramnath Krishnan
3) Amit Gupta
4) Venkatesh Viswanathan
5) Sushmita Ghatak
Answer- 1) Jayanta Chatterjee
Explanation:
ICRA has announced the appointment of Jayanta Chatterjee as the managing director and chief
executive officer of ICRA Analytics Limited (IAL), its wholly owned subsidiary effective from
September 14, 2023.
i. Mr. Chatterjee will be responsible for shaping business strategies, aligned with the group’s
objectives, product and revenue diversification, and business transformation.
ii. Mr. Chatterjee will succeed Sushmita Ghatak, who has resigned to pursue other opportunities.
32. Which bank has recently (in August ‘23) introduced a facility to allow customers to enrol in
social security schemes by just furnishing an Aadhaar card?
1) Indian Bank
3) Bank of Baroda
5) Bank of India
Explanation:
The country's largest lender State Bank of India (SBI) introduced a facility to allow customers to
enrol in social security schemes by just furnishing an Aadhaar card. SBI Chairman Dinesh Khara
unveiled the new feature, which will be available at the bank's Customer Service Points (CSPs) that
aims to make the process of enrolling in various social security schemes simpler.
i. Customers visiting CSPs will need only their Aadhaar cards to enrol in schemes such as Pradhan
Mantri Jeevan Jyoti Bima Yojana, the Pradhan Mantri Suraksha Bima Yojana, and the Atal Pension
Yojana, the bank said in a statement.
33. In August 2023, the Central Board of Direct Taxes (CBDT) launched a revamped website
with a user-friendly interface, value-added features, and new modules.
Who is the current (as of August ‘23) Chairman of the Central Board of Direct Taxes (CBDT)?
1) Ravi Agrawal
2) Subashree Anantkrishnan
3) Pravin Kumar
4) Nitin Gupta
5) Sanjai Kumar

Answer- 4) Nitin Gupta
Explanation:
The Central Board of Direct Taxes (CBDT) launched a revamped website with a user-friendly
interface, value-added features, and new modules.
i. The newly revamped website was launched by the Central Board of Direct Taxes (CBDT) Chairman
Nitin Gupta at the 'Chintan Shivir', organised by the Directorate of Income Tax (Systems), at Udaipur.
ii. The revamped website has been redesigned with a mobile-responsive layout. The website also has
a 'Mega Menu' for content, with new features, and functionalities.
iii. The new functionalities allow users to compare different Acts, sections, rules, and tax treaties. All
relevant content on the site is now tagged with Income Tax sections for easy navigation.
34. Who is the current (as of August ‘23) Managing Director(MD) & Chief Executive
Officer(CEO) of Airtel Payment Bank?
1) Rishi Gupta
2) J Venkataramu
3) Surinder Chawla
4) Shashi Arora
5) Anubrata Biswas
Answer- 5) Anubrata Biswas
Explanation:
About Airtel Payment Bank:
35. In August 2023, The Central GST Department decided to adopt _________ (state) Lucky Bill
app for GST compliance.
1) West Bengal
2) Maharashtra
3) Karnataka
4) Tamil Nadu
5) Kerala
Answer- 5) Kerala
Explanation:
The Central GST Department has decided to adopt an AI-based app, which was developed by the
Digital University of Kerala (DUK) for the state GST Department to promote tax compliance, for an all-
India roll out.
• The model of Lucky Bill app, “Mera Bill-Mera Adhikar Yojana”, would be launched on a pilot
basis in the states of Haryana, Gujarat, Andhra Pradesh, Assam, and UTs of Puducherry and
Dadra & Nagar Haveli and Daman & Diu, according to the DUK.
• The app was launched in Kerala in August 2022 to prevent tax evasion.

36. Who is the current (as of August ‘23) Managing Director (MD) & Chief Executive Officer
(CEO) of Indian Bank?
1) Atanu Kumar Das
2) A. S. Rajeev
3) K Satyanarayana Raju
4) Matam Venkata Rao
5) Shanti Lal Jain
Answer- 5) Shanti Lal Jain
Explanation:
About Indian Bank:
Managing Director (MD) & Chief Executive Officer (CEO)- Shanti Lal Jain
Headquarters- Chennai, Tamil Nadu
Establishment- 15 August 1907
37. In the Venture Capital Industry, the term Unicorn refers to any start up that reaches the
valuation of ____________, as of August 2023.
1) 10000 Million
2) 100 Million
3) 500 Million
4) 1000 Million
5) 50 Million
Answer- 4) 1000 Million
Explanation:
The term unicorn refers to a privately held startup company with a value of over USD 1 billion (1000
Million).
i. It is commonly used in the venture capital industry. The term was first popularised by venture
capitalist Aileen Lee when she referred to the 39 startups that had a valuation of overUSD 1 billion as
unicorns.
38. __________ refers to the portion of Total Deposits of a commercial bank which has to be kept
with the RBI in the form of cash reserves.
1) Reserve Repo Rate
2) Cash Reserve Ratio
3) Repo Rate
4) Bank Rate
5) Statutory Liquidity Ratio
Answer- 2) Cash Reserve Ratio
Explanation:
Cash Reserve Ratio refers to that portion of total deposits of a commercial bank which it has to keep
with RBI in the form of cash reserves.
39. Which of the following is ‘Not’ International Monetary Fund (IMF)’s Special Drawing Right
(SDR) basket of currencies?
1) Indian Rupee
2) Chinese renminbi

3) US dollar
4) Japanese yen
5) Pound Sterling
Answer- 1) Indian Rupee
Explanation:
The Special Drawing Right (SDR) is neither a currency nor a claim on the International Monetary Fund
(IMF). Rather, it is a potential claim on the freely usable currencies of IMF members. SDRs can be
exchanged for these currencies.
i. The SDR serves as the unit of account of the IMF and some other international organizations.
ii. The currency value of the SDR is determined by summing the values in US dollars, based on market
exchange rates, of a SDR basket of currencies.
iii. The SDR basket of currencies includes the US dollar, Euro, Japanese yen, pound sterling and the
Chinese renminbi (included in 2016).
40. How many member countries are in the Asian Development Bank (ADB)?
1) 35
2) 68
3) 58
4) 49
5) 50
Answer- 2) 68
Explanation:
President – Masatsugu Asakawa
Headquarters – Manila, Philippines
Members – 68 member countries
41. Who is the current (as of August ‘23) Managing Director(MD) & Chief Executive Officer
(CEO) of Axis Bank Limited?
1) Rajiv Anand
2) Rakesh Makhija
3) Amitabh Chaudhry
4) Ganesh Sankaran
5) Subrat Mohanty
Answer- 3) Amitabh Chaudhry
Explanation:
Managing Director(MD) & Chief Executive Officer (CEO) – Amitabh Chaudhry

42. When was the International Monetary Fund (IMF) established?
1) 1965
2) 1948
3) 1944
4) 1974
5) 1961
Answer- 3) 1944
Explanation:
About International Monetary Fund (IMF):
Managing Director – Kristalina Georgieva
Headquarters– Washington, D.C, USA
Aspirant Queries
Aspirant: Does Affairscloud covers all the Current affairs topics

related to examinations?
Affairscloud: We Guaranteed All the Important topics related to
examination are covered in Our Daily CA content and Daily CA
Quizzes.
Aspirant: Why is there a delayal in news?
Affairscloud: As some of the major news sites doesn't provide the
required data on the exact day, we take extra time for important
data to be presented to the aspirants on the examination basis to
ensure nothing is missed.
Example: In 'Important Days' topics the International

Organisations publish their reports and Rankings in the evenings, to
make sure every data is covered, we delay the topics to the next day
Candidates appearing Competative Exams. Kindly Share the General

Awareness questions to “gaanalysis.ac@gmail.com”
GA Questions Asked in Exams
• Affairscloud’s Self Analysis for General Awareness Section


Banking &amp; Economy PDF - August 2023 by AffairsCloud 1

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Banking &amp; Economy PDF - August 2023 by AffairsCloud 1

Uploaded by

Copyright:

Available Formats

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2023 @ AffairsCloud.

Click here to Download the CareersCloud APP

Suggestions & Feedback are welcomed

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2023 @ AffairsCloud.com 2

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2023 @ AffairsCloud.com 5

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2023 @ AffairsCloud.com 6

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2023 @ AffairsCloud.com 7

Policy Repo Rate 6.50%

Fixed Reverse Repo Rate 3.35%

Standing Deposit Facility (SDF) Rate 6.25%

Marginal Standing Facility (MSF) Rate 6.75%

Bank Rate 6.75%

Cash Reserve Ratio (CRR) 4.50%

Statutory Liquidity Ratio (SLR) 18%

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2023 @ AffairsCloud.com 8

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2023 @ AffairsCloud.com 9

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2023 @ AffairsCloud.com 10

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2023 @ AffairsCloud.com 11

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2023 @ AffairsCloud.com 12

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2023 @ AffairsCloud.com 13

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2023 @ AffairsCloud.com 14

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2023 @ AffairsCloud.com 15

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2023 @ AffairsCloud.com 16

RBI Authorises Bandhan Bank for Disbursing Civil Pension

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2023 @ AffairsCloud.com 17

APPOINTMENTS & RESIGNATIONS

IRDAI Approved Appointment of Amit Jhingran as MD & CEO of SBI Life

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2023 @ AffairsCloud.com 18

MFIN Elects Udaya Kumar Hebbar as Its Chairperson

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2023 @ AffairsCloud.com 19

R Doraiswamy Executive Director of LIC appointed as MD of LIC

Parminder Chopra Becomes Full-Time CMD of Power Finance Corp. Ltd

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2023 @ AffairsCloud.com 20

RBI Approves P R Seshadri as Next MD & CEO of South Indian Bank

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2023 @ AffairsCloud.com 21

SBI Appoints Four Directors To The Board

P Jayarama Bhat Former MD&CEO of Karnataka Bank Passes Away

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2023 @ AffairsCloud.com 22

Fino Payments Banks’ Board Approves Transition to SFB licence

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2023 @ AffairsCloud.com 23

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2023 @ AffairsCloud.com 24

Karnataka Bank Hosts Fintech Growth Program in Bengaluru

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2023 @ AffairsCloud.com 25

LIC MF Completes Merger of IDBI MF Schemes

CRED launched RuPay credit card-based UPI payments

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2023 @ AffairsCloud.com 26

India’s Q1 FY24 Fiscal Deficit at Rs 4.51 Trillion, 25% of Annual Target

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2023 @ AffairsCloud.com 27

SIDBI collaborates with IIM Ahmedabad’s CIIE.CO to Establish Accelerator Fund

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2023 @ AffairsCloud.com 28

IndiaFirst Life Insurance launches ‘Guarantee of Life Dreams(G.O.L.D)’ Plan

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2023 @ AffairsCloud.com 29

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2023 @ AffairsCloud.com 31

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2023 @ AffairsCloud.com 32

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2023 @ AffairsCloud.com 33

Societe Generale Bought Bandhan Bank Ltd. Shares For Rs 382 Cr

NABARD sanctions Rs 1974 cr to Rajasthan under RIDF for 2023-24

Mastercard Introduces CVC Free Online Transactions for Its Customers

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2023 @ AffairsCloud.com 34

Swiss impact investor signs agreement with Electronica Finance

Star Health Partners With SCB To Sell Health Insurance Products

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2023 @ AffairsCloud.com 35

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2023 @ AffairsCloud.com 36

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2023 @ AffairsCloud.com 37

Banking & Economy PDF - August 2023 by AffairsCloud 1

Banking & Economy PDF - August 2023 by AffairsCloud 1