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Banking, Finance & Economy PDF 2023 – December
Table of Contents
Banking, Finance & Economy News: December 2023 ............................................................................................ 6
Banking, Finance & Economy Q&A: December 2023 ........................................................................................... 87

Banking, Finance & Economy News: December 2023

RBI IN NEWS
RBI, Bank of England sign MoU concerning Clearing Corporation; Fines Bank of America, N.A.,
HDFC Bank
On December 1, 2023, the Reserve Bank of India (RBI) and the Bank of England (BoE) signed a Memorandum of
Understanding (MoU) for cooperation and information exchange regarding the Clearing Corporation of India
Limited (CCIL).
Signatories:
RBI Deputy Governor T Rabi Sankar and BoE Deputy Governor for Financial Stability Sarah Breeden in
London, United Kingdom (UK)
What is in the MoU?
i.The MoU establishes a framework for the BoE to rely on the RBI’s regulatory and supervisory activities.
ii.The BoE will also assess and recognize CCIL as a counterparty to clear and settle bonds and overnight
indexed swap trades.
iii.It emphasizes cross-border cooperation for international clearing activities and demonstrates BoE’s
commitment to deferring to other regulators’ regimes.
iv.The MoU enables BoE to assess CCIL’s application for recognition as a third-country Central Counterparty
(CCP), a prerequisite for UK banks to clear transactions through CCIL.
Note: It should be noted that in terms of section 3 of the Payment and Settlement Systems Act, 2007 (“PSS
Act”), RBI is the designated authority for the regulation and supervision of payment systems, including CCIL,
which operates in India under the PSS Act.
Click Here for Official MoU
RBI fines Bank of America, N.A., HDFC Bank
RBI in exercise of powers under the provisions of Section 11(3) of FEMA (Foreign Exchange Management Act),
1999 has imposed a monetary penalty of Rs 10,000 on Bank of America, N.A. for violation of RBI’s
instructions on reporting requirements under Liberalised Remittance Scheme of FEMA, 1999.
• This penalty will not affect any transaction or agreement entered into by the bank with its
customers.
• RBI issued a Show Cause notice to the bank, and after reviewing their written and oral responses,
concluded that the violations were substantiated, leading to the imposition of a penalty.
CSB Bank Promoter gets RBI nod to Retain 26% Stake in Lender
RBI approved the promoter of CSB Bank to retain a 26% stake in the lender. This is higher than the 15%
stake that RBI had previously advised.
Key Points:
i.The RBI previously required bank promoters to reduce their shareholding to 15% to ensure that these
institutions are widely held. However, following a legal battle with Uday Kotak, the promoter of Kotak
Mahindra Bank, RBI permitted promoters to retain up to 26% in banks
ii.CSB Bank is based in Thrissur, Kerala. FIH Mauritius Investments Ltd (FIHM) currently holds a 49.72% stake
in the bank.
• It will reduce its shareholding within 15 years from the date of completion of investments.
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 Cancels Licence of Maharashtra’s Shankarrao Pujari Bank & UP’s Urban Co-operative Bank
The Reserve Bank of India (RBI) has cancelled the license of Shankarrao Pujari Nutan Nagari Sahakari Bank
Limited, Ichalkaranji, Kolhapur in Maharashtra, and Urban Co-operative Bank Limited, Sitapur in Uttar
Pradesh (UP) with effect from the close of business on 4th December 2023 and 7th December 2023,
respectively.
Reason:
i.The banks does not have adequate capital and earning prospects.
• The banks do not comply with the provisions of Section 11(1) and Section 22 (3) (d) read with
Section 56 of the BR Act, 1949.
ii.The banks also failed to comply with the requirements of Sections 22(3) (a), 22 (3) (b), 22(3)(c), 22(3) (d)
and 22(3)(e) read with Section 56 of the Banking Regulation (BR) Act, 1949.
iii.The bank’s persistence poses a threat to depositors’ interests, as its current financial inability to fully repay
depositors and the adverse impact on public interest if it continues its banking operations.
Key Points:
i.Upon cancellation, both banks are immediately prohibited from engaging in banking activities, including the
acceptance and repayment of deposits, as per Section 5(b) read with Section 56 of the BR Act, 1949.
ii.It should be noted that on liquidation, every depositor is entitled to receive deposit insurance claim amount
upto Rs 5,00,000 from DICGC, subject to DICGC Act, 1961.
iii.As per the data submitted by the Urban Co-operative Bank Ltd, 98.32% of the depositors will receive full
amount of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC), and
for Shankarrao Pujari Bank, 99.85% of the depositors will receive full amount of their deposits.
RBI Imposes Monetary Penalty on 4 Co-Operative Banks
On 7th December 2023, RBI has imposed monetary penalty on 4 co-operative banks:
• Rajarshi Shahu Sahakari Bank Ltd., Pune, Maharashtra
• Prathamik Shikshak Sahakari Bank Limited, Satara, Maharashtra
• Patan Co-operative Bank Limited, Mumbai, Maharashtra
• The District Co-operative Central Bank Ltd., Mahabubnagar, Telangana
Note:
The penalty was imposed in exercise of powers conferred on RBI under the provisions of Section 47A (1) (c)
read with Section 46 (4) (i) and Section 56 of the BR Act, 1949.
This will not affect any transaction or agreement entered into by the bank with its customers.
Details of the Monetary Penalty:
i.Rajarshi Shahu Sahakari Bank Ltd:
Penalty– Rs 1 Lakh
Reason– Non-compliance with the directions issued by RBI on ‘Maintenance of Deposit Accounts – Primary
(Urban) Co-operative Banks’
ii.Prathamik Shikshak Sahakari Bank Limited:
Reason– Non-compliance with the directions issued by RBI on ‘Management of Advances-UCBs
iii.Patan Co-operative Bank Limited:
Reason– Non-compliance with directions issued by RBI on ‘Reserve Bank of India –Know Your Customer (KYC)
Direction, 2016
iv.The District Co-operative Central Bank Ltd:
Penalty– Rs 10,000
Reason– Non-compliance with the directions issued by the National Bank for Agriculture and Rural

Development (NABARD) on ‘Review of Frauds – Guidelines on Monitoring and Reporting System’ read with
‘Frauds – Guidelines for Classification, Reporting and Monitoring of Frauds’.
Highlights of RBI’s 5th Bi-monthly Monetary Policy of FY24: Repo rate retained at 6.5%
The Reserve Bank of India (RBI)’s 5th Bi-monthly Monetary Policy Committee (MPC), held from 6th to 8th
December 2023, has decided to retain the policy repo rate under the liquidity adjustment facility (LAF)
unchanged at 6.50% for 5th consecutive time.
• The standing deposit facility (SDF) rate is also retained at 6.25% and the marginal standing facility
(MSF) rate and the Bank Rate is at 6.75%.
These decisions were in line with the objective of achieving the medium-term target for consumer price index
(CPI) inflation of 4% within a band of +/- 2% , while supporting growth.
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 next meeting of the MPC is scheduled during February 6-8, 2024.
RBI’s Policy Rates:
The MPC kept the policy rates unchanged.
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%

• RBI kept the repo rate unchanged citing concerns about a possible resurgence in inflation and
emphasizing its commitment to price stability.
Real GDP Growth Projections:
RBI has kept India’s real Gross Domestic Product (GDP) growth 7% in FY24 (2023-24) with FY24’s Q3 at 6.5%,
and Q4 at 6%.
• Real GDP growth for Q1FY25 (April-June, 2024-25) is projected at 6.7%, Q2FY25 (July-September,
2024-25) at 6.5%, and Q3FY25 (October-December, 2024-25) at 6.4%.
• The stance is to focus on withdrawal of accommodation to ensure that inflation progressively
aligns with the target, while supporting growth.
Note:
It should be noted that the real GDP for FY24 in 4th Bi-Monthly Policy was projected at 6.5%. Now, the rise in
this projection to 7% is driven by continued growth in manufacturing, construction, and rural sectors, along
with strong bank and corporate balance sheets, normalized supply chains, and rising capital spending, which
will drive future investments.

Inflation:
i.Consumer Price Index (CPI) inflation or retail inflation is projected at 5.4% for FY24, with FY24’s, with
Q3 at 5.6%, and Q4 at 5.2%.
ii.CPI inflation for Q1FY25 is projected at 5.2%, Q2FY25 at 4%, and Q3FY25 at 4.7%.
• This forecast is on the assumption of normal monsoon.
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 decreased by about 2 percentage points to 4.9% in October 2023 amid decrease in
prices of certain vegetables, deflation in fuel and a broad-based moderation in core inflation (CPI inflation
excluding food and fuel).
Domestic & Global Economy:
i.With Respect to the domestic economy, real GDP grew Year-on-Year (Y-o-Y) by 7.6% in Q2FY24 supported
by robust investment, government consumption, and offsetting net external demand drag.
• The gross value added (GVA) increased by 7.4% in Q2, led by vibrant manufacturing and
construction activities.
ii.With respect to the global economy, the growth is slowing; inflation recedes but remains above target.
• There is positive market shift with lower bond yields, depreciation in USD, and global equities
strengthened.
• Emerging markets experience fluctuating capital flows.
RBI increased the limit for e-mandate to Rs 1 lakh per transaction
RBI has increased the cap on e-mandates for recurring online transactions to Rs 1 lakh per transaction from Rs
15,000 currently for following categories:
• Subscription to mutual funds, payment of insurance premium and payments of credit card bills.
Key Points:
i.Under the e-mandate framework, an Additional Factor of Authentication (AFA) is required for recurring
transactions exceeding certain limit which now being raised to Rs 1 lakh.
ii.The number of e-mandates registered currently stands at 8.5 crore, processing nearly Rs 2800 crores of
transactions per month.
RBI raises UPI transaction limit for hospitals, educational institutions to Rs 5 lakh
To encourage the use of Unified Payments Interface (UPI), for medical and educational services, RBI raises the
limit for UPI payments to hospitals and educational institutions from Rs 1 lakh to Rs 5 lakh per transaction.
• This will help people make UPI payments of higher amounts for education and healthcare purposes.
Background:
i.The transaction limit for UPI is capped at Rs 1 lakh, except a few categories like Capital Markets, Collections,
Insurance etc. where the transaction limit is Rs 2 lakh, and for payments for Retail Direct Scheme and for IPO
(Initial Public Offer) subscriptions, it was Rs 5 lakh.
ii.UPI is a real-time payment system in India that allows seamless, instant transactions between different banks
using smartphones.
• It was launched by the National Payments Corporation of India (NPCI) in 2016.
SDF and MSF allowed on Weekends, Holidays
RBI has allowed banks to reverse liquidity facilities under both SDF (standing deposit facility) and MSF
(marginal standing facility) on weekends and holidays w.e.f. December 30, 2023.
• Previously, funds moved from SDF to MSF on Fridays and reversed on Mondays; now, reversals will
occur over the weekends.
• This move is expected to facilitate better fund management by the banks.
Key Points:
i.SDF is a collateral-free liquidity tool by the RBI to absorb excess liquidity from banks while ensuring they
maintain sufficient liquidity.

ii.RBI uses MSF as a mechanism for banks through which they can obtain liquidity overnight if inter-bank
liquidity dries up.
RBI to introduce Unified Framework for Connected Lending
RBI will introduce a unified regulatory framework for connected lending for all Regulated Entities (REs) as the
current guidelines on the issue are limited in scope and are not applicable uniformly to all regulated entities.
• This decision will reduce the influence of business conglomerates in the Indian lending sector.
• Connected lending means lending to related parties within the same business group.
RBI to introduce Regulatory Framework for WALP
The RBI is also introducing a regulatory framework for web-aggregation of loan products (WALP). WALP offers
a service that aggregates loan offers from multiple lenders/ Lending Service Providers (LSPs) on an electronic
platform. This allows borrowers to compare offers and choose the most suitable loan option.
• The decision to introduce a framework for the same was taken on the recommendations of the
Working Group on Digital Lending chaired by Jayant Kumar Dash.
RBI to establishment Cloud Facility for the Financial Sector in India
RBI proposed to establish a cloud facility for the financial sector in India to enhance security, integrity and
privacy of financial sector data along with facilitation of scalability and business continuity.
Key Points:
i.The cloud facility will be set up and initially operated by Indian Financial Technology & Allied
Services (IFTAS), a wholly-owned subsidiary of RBI.
ii.Eventually, the cloud facility will be transferred to a separate entity owned by the financial sector
participants.
iii.The cloud facility will be set up in a phased manner in the medium term.
iv.The facility caters to growing data storage needs, benefiting smaller entities like cooperative banks by
minimizing the necessity for individual database management and reducing investments in skills and
resources.
RBI proposes to set up Fintech Repository
RBI also announced to set up a Fintech Repository for a better understanding of developments in the fintech
ecosystem and support the sector.
• This will be operationalized by the Reserve Bank Innovation Hub in April 2024 or earlier.
Static Points:
i.Under the Reserve Bank of India (RBI), Act,1934 (RBI Act,1934) (as amended in 2016), RBI is entrusted with
the responsibility of conducting monetary policy in India with the primary objective of maintaining price
stability while keeping in mind the objective of growth.
ii.Section 45ZB of the amended RBI Act, 1934 provides for an empowered six-member Monetary Policy
Committee (MPC) to be constituted by the Central Government by notification in the Official Gazette.
• The first such MPC was constituted on September 29, 2016.
RBI Report State’s Finances Improved for 2nd Consecutive Year; Combined GFD Stood at 2.8%
On 11th December 2023, the Reserve Bank of India (RBI) released its annual report titled “State Finances: A
Study of Budgets of 2023-24” under the theme “Revenue Dynamics and Fiscal Capacity of Indian States”.
• The report states that the improvement achieved in State finances in 2021-22 was sustained in
2022-23, with the combined States’ gross fiscal deficit (GFD) stood at 2.8% of gross domestic
product (GDP).
• This was below the budget estimate of 3.2% and Central Government’s limit of 4% for the second
consecutive year due to a reduction in the revenue deficit.
About State Finances: A Study of Budgets of 2023-24:
i.The report provides data on and analysis of the fiscal position of State governments in India during 2021-22
(FY22-Actuals), 2022-23 (FY23-revised estimates/provisional accounts) and 2023-24 (FY24-Budget
Estimates).

ii.It was prepared in the Division of State

Finances (DSF) in the Department of Economic and
Policy Research (DEPR), RBI under the supervision
of Muneesh Kapur, Executive Director, RBI.
Key Figures:
i.In FY24, states plan to maintain prudent fiscal
management, with a budgeted consolidated GFD
at 3.1% of GDP, below the Central Government’s 3.5%
limit.
ii.The capital outlay is set to increase by 42.6% in FY24
to 2.9% of GDP.
iii.States target to reduce total outstanding liabilities
to 27.6% of GDP in FY24 from the peak of 31.0% in 2020-
21, though many states may still exceed 30% of Gross
State Domestic Product (GSDP).
iv.The growth in State’s tax revenue during first half of
FY24 (H1FY24) is at 14.6% which is marginally lower
than the budgeted 17.9%.
v.The growth in the State’s revenue expenditure during H1FY24 is at 8.9% which is much lower than the FY24
budget estimate of 18%.
vi.The Gross Market Borrowings of States/Union Territories (UTs) increased
by 8.1% to Rs 7.58 lakh crore during FY23 from Rs 7.02 lakh crore in FY22.
vii.The Net Market Borrowings of States increased by 5.4% to Rs 5.19 lakh crore in FY23 from Rs 4.92 lakh
crore in FY22.
• This increase was concentrated in a few States like Andhra Pradesh (AP), Gujarat, Himachal Pradesh
(HP), Madhya Pradesh (MP), Haryana and Assam.
Highlights:
i.During H1FY24, states experienced Year-on-Year (Y-o-Y) increase in consolidated GFDs, driven by, lower
growth in revenue receipts and higher capital expenditure.
ii.Within revenue receipts, Tax and non-tax revenues slowed, grants contracted due to cessation of GST (Gross
and Service Tax) compensation cess, but State goods and services tax (SGST) showed robust growth
of 19.7% driven by improved GST compliance and economic activity.
iii.Capital outlay already surged by 52.6% in H1FY24, supported by Central Government’s schemes for Special
Assistance to States for Capital Investment.
iv.Fiscal outlook is positive for states in FY24 with adequate fiscal space for higher capital expenditure due to
resilient domestic economic activity and consolidation efforts.
• It is expected that there will be improved tax revenue in H2FY24.
Key Points:
i.GST implementation has boosted tax buoyancy for the States.
ii.To enhance tax revenues, states need to strengthen their tax capacity with reforms and innovative
administration.
iii.Non-tax revenues can be increased through revising charges on services like electricity and water, mining
royalties, and better financial management of Public Sector Undertakings (PSUs).

What is Fiscal capacity?

Fiscal capacity is the revenue a government can actually generate from taxes and other sources. It determines
the government’s ability to fund public goods, infrastructure, and economic development while maintaining
fiscal discipline and stability.
RBI authorised Bandhan Bank to Disburse Pensions to Railway Employees

Bandhan Bank Limited has received authorisation from Reserve Bank of India (RBI) to distribute pensions
through Electronic Pension Payment Order (e-PPOs) on behalf of the Ministry of Railways (MoR).
• The authorisation is in line with the mandate of the Ministry of Finance(MoF), MoR and RBI.
• The bank will be able to provide pension services to around 50,000 retirees each year across 17
zonal offices and 8 production units of the Indian Railways.
About Bandhan Bank Limited:
Managing Director(MD) & Chief Executive Officer (CEO)– Chandra Shekhar Ghosh
Headquarters – Kolkata, West Bengal
Established in – 2015
Tagline – Aapka Bhala. Sabki Bhalai
Indian Banks Global Presence Expanded: RBI ITBS Survey

The Reserve Bank of India (RBI) released the annual Survey on International Trade in Banking Services
(ITBS), 2022-23 which provides insights into cross-border banking activities of 14 Indian banks and 44
foreign banks’ branches/subsidiaries in India.
• The cross-border banking activities include fund-based banking services, encompassing
deposits, credit, and financial auxiliary services with fees or commissions. Click Here for the list
of Full Banking Services
Highlights:
i.Indian banks expanded their global presence through the subsidiaries route, with an increase in
employee strength for foreign branches (0.5%) and subsidiaries (6.2%) in 2022-23.
• While, the number of branches and employees of foreign banks in India deceased in 2022-23.
• Indian banks increased their overseas presence through the subsidiaries route to 417 during
2022-23 from 399 in FY22.
ii.There is expansion of the overseas business of Indian banks witnessing growth in deposits and lending
activities.
iii.Foreign banks in India experienced a decline in aggregate deposits and credit due to a retail business
transfer of major foreign bank in India to a domestic private sector bank.
• However their capital and investments increased during 2022-23, and saw a 5.7% increase in
the consolidated balance sheet in US (United States) dollars.
iv.The Total Income to assets ratio for overseas branches of Indian banks rose to 3.9% in 2022-23 from
1.6% in 2021-22 , still lower than the 6.9% for foreign banks in India.
v.Higher interest rates in 2022-23 resulted in an increased total income, but caused a decline in the share
of fee income.
• Foreign banks in India had a higher fee income share at 11.5%, surpassing the 7% share for
overseas branches of Indian banks.
• Indian bank branches in the United Arab Emirates (UAE) generated the highest fee income,
followed by those in the United Kingdom (UK), Hong Kong, and Singapore.
vi.The tightening of global monetary policy during of 2022-23 led to increased interest income and
expenses across bank groups.

Razorpay, Cashfree along with 4 Other Firms Gets RBI Nod to Operate as Pas
The Reserve Bank of India (RBI) has lifted the ban on Razorpay Software Private Limited and Cashfree
Payments India Private Limited to act as a payment aggregators (PAs) and gave final authorization to
them along with 4 other firms to onboard new merchants onto their platform for processing online
payments.
Other Payment Aggregators to Receive RBI nod:
i.Neobank ‘Open Financial Technologies Private
Limited’ was also granted final approval to function as a PA.
• However, they received in-principle approval for
the PA licence from RBI in 2022.
ii.Nehat Tech Solutions Private Limited (EnKash) has
secured regulatory approval RBI to operate as a payment
aggregator under the brand name Olympus.
iii.Few other firms like Google India Digital Services Private
Limited (Google Pay) and Paymate India Private Limited also
received approval from RBI.
Note:
The authorisation was granted under Section 7 of Payment
and Settlement Systems Act, 2007.
About the ban:
i.In December 2022, RBI has imposed curbs on RazorPay and Cashfree Payments for on-boarding new
merchants till they get the final Payment Aggregator (PA) licence.
ii.These entities need to complete the migration of existing merchants to the new platform and submit a
progress report with RBI.
iii.They also require making some systematic upgrades which involve migrations to an escrow account
from a nodal account, integrating RBI’s reporting system so that periodic reports can be submitted on
transactions undertaken and merchants brought into the formal system, among others.
Additional Info:
• PayTM Payments Services Limited and PayU Payments Private Limited also received ban in
2022 to act as PA still continue to be under embargo.
• Juspay Technologies Private Limited has reached the second stage of approval as a PA, however,
it cannot start operations without the final approval from the RBI.
About Payment Aggregators:
i.Online payment aggregators are companies that facilitate online payments by acting as intermediaries
between the customer and the merchant.
ii.RBI introduced Guidelines for Regulating PAs and Payment Gateway in 2020.
iii.As of December 20, 2023 there are 38 Online Payment Aggregators in India.
RBI Report: States’ Gross Fiscal Deficit below Budget Estimate for 2nd Consecutive Year
Reserve Bank of India (RBI) has released the report titled “State Finances: A Study of Budgets of 2023-
2024”.
Key Findings:
i.As per the report, the Gross Fiscal Deficit (GFD) of states fell from 4.1% of GDP (Gross Domestic Product)
(2020-21) to 2.8 %( 2022-23). This is below the State Budget Estimates for the 2nd consecutive year.
ii.States have budgeted a GFD to GDP ratio of 3.1% for FY (Financial Year) 2023-24. It is below the limit of
3.5% set by the Centre.

iii.The debt-GDP ratio of states declined from 31% at the end-March (2021) to 27.5% by end-March
(2023).
iv.States have budgeted revenue expenditure for FY2023-24 at 14.4% of GDP, with social sector
expenditure at 8% of GDP.
v.Committed Expenditure will remain same 4.5% of GDP.
• Commited Expenditure includes: interest payments, administrative services and pensions.
vi.The Report highlighted that debt consolidation remains priority, with states debt budgeted to
ease 29.5% of the GDP (2022-23) as compared to 31.1% (2020-21). However, the number is higher
than 20% recommended by the Fiscal Responsibility and Budget Management (FRBM) review committee
in 2018.
vii.Report projected capital outlay will increase by 42.6%.
• Main reason for increase of capital outlay is increase in loan allocation under the scheme to
special assistance to states for capital investment.
viii.Contingent liabilities of states which include government guarantees, decreased by around 16%
during 2022-23. Earlier, it was 3.8 of GDP by end-March 2021.
ix.States dependence on net market borrowings declined to 76% in the budgeted GFD for 2023-24.
• Net market borrowings increased by 5.4%.
Reasons for decline in deficit:
i.The report mentioned that reduction in deficit was due to reduction in the revenue deficit while
sustaining the robust capital outlays.
ii.However, outstanding liabilities will remain higher than 30% of gross state domestic product (GSDP) for
many states. This is due to lower growth in revenue receipts and increase capital expenditure.
• Data of the report revealed that 19% states and Union Territories (UTs) set a GFD to GSDP ratio
exceeding the fiscal responsibility legislation (FRL) of 3%.
RBI allows card-on-file tokenization through issuer banks, card networks
RBI has allowed card-on-file tokenistation (CoFT) through issuer banks or institutions, card networks.
• It will provide cardholders a facility to tokenise their cards for multiple merchant sites (e-
commerce sites) through a single process.
• Earlier, RBI had announced to extend this tokenization service to issuer banks and financial
institutions as part of the Statement on Development and Regulatory Policies in October, 2023.
Features:
i.Generation of CoF tokens: Tokens can be generated through the card issuer or card networks, customers
can enable them through mobile banking and internet banking channels.
ii.It is mandatory for card issuers to provide a complete list of merchants for whom they can provide
tokenization services and cardholders will select the merchants as per their choice and convenience.
iii.After the generation of tokens, they are needed to be made available on the merchant’s payment page,
in the cardholder ‘s account with the merchant.
iv.Tokenisation guidelines are applicable for both debit and credit card.
v.Tokenisation is available only for domestic transactions.
About CoFT(Card-on-File Token):
• It was introduced by RBI in September 2021 and it started its operation on October1,2022.
• As per the RBI, Over 56 crore token have been created on which transactions with value of over
5 lakh crore have been undertaken.
Tokenisation: refers to replacement of actual card detail in an encrypted form with alternate code named
“token” which can be used for online purchase. It consists of unique combination of card, token requestor
and the merchant.

RBI’s model pegged India’s FY25 GDP growth at 6.0%

RBI developed Dynamic Stochastic General Equilbrium(DSGE) model has projected GDP growth for India
at 6.0% for FY25(2024-25).
• This projection is 50 basis points lower than RBI’s Monetary Policy (Ocotber,2023), which has
forecasted India’s GDP at 6.5% for FY25.
RBI’s model projects FY25 retail inflation at 4.8%
RBI’s Dynamic Stochastic General Equilibrium(DSGE) model has projected retail inflation for India will be
moderated at 4.8% for FY2025.
Projection’s regarding CPI inflation:
• It has estimated CPI inflation for FY24 (2023-24) will be 5.4%, Quater3 (Q3) at 5.6% and Q4 at
5.2%.
• Subsequently, DSGE model projected CPI inflation for Q1 (FY25) will be 5.2% followed by Q2
and Q3 of FY25 (2024-25) will be 4.0% and 5.2% respectively.
Other Major Assumptions made by DSGE model:
i.Global Growth rate will be 2.6%(2023-24) and 2.1%(2024-25).
ii.Global CPI inflation for FY24 and FY25 will 5.5% and 4.0% respectively.
iii.Repo Rate will remain 6.5% for FY24 and FY25.
iv.It estimated that growth rate for India will be 7.1%(2023-24) which is 10 basis higher than official
forecast of RBI which is 7.0%
About Dynamic Stochastic General Equilibrium(DSGE) Model:
• RBI introduced this model during COVID-19 time, to assess the impact of COVID-19 on Indian
economy.
• DSGE model is a method in macro economics that attempts to explain economic phenomena
such as economic growth and business cycles through ecometric models based on economic
principles and applied general equilibrium.
• RBI has considered three main economic parameters: households, firms and governments.
CPI(Consumer Price Index):
It measures the change in prices of basket of goods and services(such as food, education, healthcare etc.)
purchased by Indian consumers. It is released by National Statistical Office(NSO).
RBI tightens norms to check evrgreening of loans by lenders through AIFs
RBI has introduced new norms in order to curb “evergreening” of loans by lenders through Alternate
Investment Funds(AIFs).
About Evergreening of Loans: It is a practice of extending new loans to borrowers who is unable to repay
previous loans. Thus, borrowers conceals the true status of bad loans or NPAs(Non-Performing Assets).
Key Points:
i.It has put restrictions on banks and NBFCs(Non-Banking Finance Companies) from investing in any
scheme of Alternative Investment Funds(AIFs) which has made any investment in companies that have
taken loan from the concerned lenders in past 1year(12months).
ii.It has directed lenders that such investments would be required to be liquidated within 30 days.
iii.If the Regulated Entities(REs) is unable to liquidate its investment within the stipulated time, they will
be required to make 100% provisions on these investments.
iv.Investment by RE in the subordinated units of any AIFs with a “priority distribution model” shall be
subject to full deduction from banks, NBFC’s capital funds.
Regulated Entities(RE): refers to financial institutions or organizations that operate within the
framework of specific regulations set by RBI. Some of the Regulated Entities in India are: Commercial
Banks, Urban Co-operative Banks, NBFCs, all-India financial institutions

About Alternative Investment Fund (AIF):

It is a special fund established to raise privately pooled investment vehicle from private entities whether
Indian or foreign to invest in accordance with a defined investment policy for the benefit of its investors.
These funds do not draw investment in the form of Cash or Bonds or Capital Stocks. AIFs are regulated by
SEBI under SEBI (Alternative Investment Fund) Regulation, 2012.
RBI approves IDFC-IDFC First Bank Merger; Notifies GSL Directions 2023
On December 26, 2023, the Reserve Bank of India (RBI) has given its nod for the reverse merger of IDFC
Limited and IDFC Financial Holding Company (IDFC FHCL) with its banking subsidiary IDFC First Bank
Limited.
• As part of the composite scheme of amalgamation, IDFC FHCL would first merge with IDFC and
then IDFC into IDFC First Bank Ltd.
Note:
In July 2023, the Board of Directors (BoDs) of IDFC
FHCL, IDFC and IDFC FIRST Bank approved the
proposed Scheme under Sections 230 to 232 of the
Companies Act, 2013, the Companies (Compromises,
Arrangements and Amalgamations) Rules, 2016 and
other rules and regulations framed thereunder, subject
to other statutory and regulatory approvals.
Key Points:
i.As a part of amalgamation, an IDFC shareholder will
get 155 shares for every 100 shares she/he holds in the
bank.
ii.IDFC, originally an infrastructure lender since 1997,
transformed into IDFC First Bank in October 2015. In
December 2018, it acquired Capital First, solidifying its
position as a full-service universal bank.
Click Here to Read More about IDFC-IDFC First Bank merger
RBI permits Lending and Borrowing of G-Secs
RBI has notified RBI (Government Securities Lending/GSL) Directions, 2023 in exercise of the powers
conferred under section 45W of the RBI Act, 1934 read with section 45U of the Act and of all the powers
enabling it in this behalf w.e.f. December 27, 2023. This decision has been taken to deepen the bond
market.
• These directions will enable Lending and borrowing of Government Securities (G-Secs) in all
GSL transactions., undertaken in Over-the-Counter (OTC) markets.
Eligible Securities:
i.Central Government-issued G-Secs (excluding Treasury Bills/T-Bills) qualify for lending/borrowing in
GSL transactions.
• Securities obtained under a repo transaction, including through Reserve Bank’s Liquidity
Adjustment Facility or borrowed in another GSL transaction are also eligible for lending in GSL
transactions.
ii.Central and State Government-issued G-Secs (including Treasury Bills) qualify as collateral in GSL
transactions.
Adjustment Facility or borrowed in another GSL transaction are also eligible for placement
as collateral in GSL transactions.

iii.Securities borrowed under a GSL transaction can be counted for SLR by the borrower, but not by the
lender. Collateral received under GSL is eligible for SLR by the lender, while the borrower cannot count it
for SLR.
Tenor of GSL transaction:
Minimum tenor – 1 Day
Maximum tenor- Maximum period prescribed to cover short sales in terms of the Directions on ‘Secondary
Market Transactions in Government Securities – Short Selling’ dated July 25, 2018, as amended from time
to time.
GSL Transactions:
All GSL transactions shall settle on a Delivery versus Delivery basis. The first leg of all GSL transactions will
settle either on a T+0 or T+1 basis and transactions will settle through Clearing Corporation of India
Ltd. (CCIL) or any other central counterparty or clearing arrangement approved by RBI.
Note:
It should be noted that India is set to be included in the globally tracked JP Morgan’s Government Bond
Index-Emerging Markets (GBI-EM) index from June 28, 2024.
What is JP Morgan’s GBI-EM Index?
The JP Morgan GBI-EM index tracks emerging market Sovereign Bonds and is influential in the fixed
income market. It Includes government bonds issued by various emerging market countries.
• It included India with its 23 bonds totaling USD 330 billion, is expected to reach 10% in the GBI-
EM Global Diversified and 8.7% in the GBI-EM Global index.
• This move enhances India’s investment by attracting USD 45-50 billion over 12-15 months.
• It will also aids economic stability, lowers financing costs, and has positive impacts on sectors
like corporate, banking, and infrastructure development. Challenges include market volatility,
geopolitical risks, currency management, transparency demands, and tax-related concerns.
SBI, HDFC Bank will need to maintain Higher Capital from FY25
On December 28, 2023, the Reserve Bank of India (RBI) released the list of Domestic Systemically
Important Banks (D-SIBs) in which State Bank of India (SBI), HDFC Bank and ICICI Bank continued to be
identified as D-SIBS. However, SBI and HDFC Bank will need to maintain higher capital from April 1, 2025.
The additional common equity Tier 1 (CET-1) as a percentage of Risk Weighted Assets
(RWAs) requirement for SBI will be 0.80%, and for HDFC Bank, it will be 0.40%.
Note: The RBI has moved SBI from bucket 3 to bucket 4 and HDFC Bank from bucket 1 to bucket 2. This
means they will have to meet the above mentioned higher additional CET 1 requirements. Upto March 31,
2025, the D-SIB surcharge applicable to SBI and HDFC Bank is 0.60% and 0.20%, respectively.
• ICICI Bank continues to be in the same bucketing structure i.e. bucket 1 with 0.20% addition
CET-1 requirement.
Key Points:
i.The RBI has to provide information about the names of banks that are important for the financial system
every year in August since 2015.
ii.D-SIBs are those institutions which are “too big to fail”, meaning their failure will negatively impact the
economy.

• The banks are placed in appropriate buckets depending upon their Systemic Importance
Scores (SISs).
iii.The additional CET-1 requirement is in addition to the capital conservation buffer.
iv.RBI had named SBI and ICICI Bank as D-SIBs in 2015 and 2016, and HDFC Bank in 2017.
Click Here for Official Notification
How D-SIBs are Selected and Assessed?
i.The D-SIBs will be selected by RBI based on the size of the bank as a percentage of GDP(Gross Domestic
Product) i.e the banks having a size beyond 2% of GDP.
ii.The selected D-SIBs are assessed through the 4 indicators of Size, Interconnectedness, Lack of readily
available substitutes or financial institution infrastructure, and Complexity.
About State Bank of India (SBI):
Chairman– Dinesh Kumar Khara
Headquarters– Mumbai, Maharashtra
Establishment– 1955
Tagline–The banker to Every Indian
I-Pru AMC & I-Pru Life Gets RBI Approval to Acquire a 9.95% Stake in RBL,
IDFC FIRST, Equitas SFB, Federal and IndusInd Bank
The Reserve Bank of India (RBI) has given its approval to ICICI Prudential Asset Management Company
Limited (I-Pru AMC) and ICICI Prudential Life Insurance Company Limited (I-Pru Life) to acquire
aggregate holding of up to 9.95% of the paid-up share capital or voting rights in RBL Bank Limited, IDFC
FIRST Bank Limited, Equitas Small Finance Bank (SFB), Federal Bank, and IndusInd Bank Limited.
• The companies must complete the acquisition within 1 year, by December 26, 2024. The
approval will be canceled if the companies fail to acquire the stake within the mentioned year.
• The approval has been granted concerning an application submitted by I-Pru AMC and I-Pru Life
to RBI.
• I-Pru AMC and I-Pru Life hold 2.08% of the equity share capital of RBL Bank Limited as of
December 22, 2023.
Conditions:
i.The aggregate holding should not exceed 9.95% of the paid-up share capital or voting rights of the banks
at all times.
ii.If the aggregate holding falls below 5%, prior approval from the RBI is required to increase it to 5% or
more of the share capital or voting rights of the banks.
Regulatory Framework:
i.The approval granted by the RBI is subject to compliance with the relevant provisions of the Banking
Regulation Act of 1949.
ii.Adherence to RBI’s Master Direction and Guidelines on Acquisition and Holding of Shares or Voting
Rights in Banking Companies dated January 16, 2023 (as amended from time to time);
iii.Comply with the provisions of the Foreign Exchange Management Act of 1999;
iv.Follow regulations issued by the Securities and Exchange Board of India (SEBI), and any other
guidelines, regulations, and statutes as applicable.
About ICICI Prudential Life Insurance Company Limited (I-Pru Life):
I-Pru Life is promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited.
Managing Director (MD) and Chief Executive Officer (CEO)– Mr. Anup Bagchi
Incorporated in– 2000
Started Operations– 2001

RBI Extends Payments Infrastructure Development Fund Scheme Till 2025

The Reserve Bank of India (RBI) has revised the Payments Infrastructure Development Fund (PIDF)
scheme and extended the deadline by two years, i.e., upto December 31, 2025.
Key Points:
The PIDF scheme has been enhanced to increase the scope of beneficiaries and acceptance
infrastructure. The enhancements includes,
i.Included Beneficiaries of PM Vishwakarma Scheme as merchants under the PIDF Scheme.
• All installations since 17th September 2023(inception of PM Vishwakarma Scheme) may prefer claim
under the PIDF scheme.
ii.Sound Box devices and Aadhaar-enabled biometric devices are now eligible to claim subsidy
under the scheme.
iii.Irrespective of the device type, the subsidy for devices deployed in special focus areas(North
Eastern states; Jammu & Kashmir and Ladakh) has been increased to 90% from 75% of the cost of
device.
• Installations made from 1st October 2023 are eligible for subsidy.
About PIDF scheme:
i.PIDF scheme was introduced by RBI in 2021 for a period of 3 years (until December 2023).
ii.The scheme aims to encourage deployment of payment acceptance infrastructure such as physical
Point of Sale (PoS) terminals, Quick Response (QR) codes by adding 30 lakh touch points every year..
iii.The scheme is targeted in tier-3 to tier-6 centres, North Eastern states, J&K and Ladakh.
iv.In August 2021, beneficiaries of Pradhan Manthiri Street Vendor’s AtmaNirbhar Nidhi (PM
SVANidhi Scheme) in Tier-1 and 2 centres were included in the PIDF scheme.
v.By August 2023, over 2.66 crore new touchpoints have been deployed under the Scheme.
Governance of PIDF:
i.PIDF is governed by a nine-member ex-officio Advisory Council (AC).
ii.Gunveer Singh who is the Chief General Manager-in-Charge, Department of Payment & Settlement
Systems of RBI, functions as the Secretariat to the AC.
Additional info:
The instructions are issued by RBI under Section 18 read with Section 10 (2) of Payment and
Settlement Systems Act, 2007.
Fully Owned Subsidiaries of RBI:
i.Deposit Insurance and Credit Guarantee Corporation of India (DICGC)
ii.Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL)
iii.Reserve Bank Information Technology Private Limited (ReBIT)
iv.Indian Financial Technology and Allied Services (IFTAS)
v.Reserve Bank Innovation Hub (RBIH)
RBI Releases Draft Licensing Framework for APs under FEMA

On December 26, 2023, the Reserve Bank of India (RBI) has released a draft ‘Licensing Framework for
Authorized Persons (APs)‘ under Foreign Exchange Management Act (FEMA), 1999.
Focus of the draft norms:
i.Rationalize the authorization framework for money changers in view of the widespread availability of
banking services.
ii.Improve the scope of services being offered by AD (Authorized Dealers)-Category II entities and review
the regulatory framework for APs.

Note: The licensing Framework for APs issued under FEMA, 1999, was last reviewed in March 2006.
Key Points:
i.Comments/feedback on the draft framework are invited from all stakeholders by January 31, 2024.
ii.The goal is to improve operational efficiency in delivering foreign exchange services to individuals,
tourists, and businesses while maintaining necessary safeguards.
iii.In this framework, RBI proposed to introduce a scheme, i.e., FCS, based on a principal-agency model,
where AD Category-I or AD Category-II acts as the principal for Forex Correspondents (FxCs), entering into
agency agreements under the FCS.
iv.It also proposed to renew an existing authorisation as an AD Category-II on a perpetual basis, subject to
conditions.
v.It is proposed to allow AD Category-II entities to additionally facilitate trade-related transactions up to a
value of Rs 15 lakh (per transaction).
RBI cancels licence of Gujarat’s Botad Peoples Co-operative Bank, and Maharashtra’s Adarsh
Mahila Nagari Sahakari Bank Maryadit
On December 29, 2023, the Reserve Bank of India (RBI) has cancelled the banking license of The
Botad Peoples Co-operative Bank Ltd., Botad, Gujarat but granted the non-banking institution
licence. It also cancelled the license of Adarsh Mahila Nagari Sahakari Bank Maryadit, Aurangabad,
Maharashtra.
About The Botad Peoples Co-operative Bank:
RBI has cancelled its licence to carry on banking business of the Botad Peoples Co-operative Bank in
India which was granted in 1998 under Section 22 read with Section 56 of the Banking Regulation
(BR) Act, 1949. However, RBI allows it to function as a non-banking institution under Section 36A (2)
read with Section 56 of the BR Act.
• In this regard, the bank must cease banking activities, including non-member deposits, under section
5(b) of the BR Act.
• It is also obligated to repay any outstanding deposits upon demand, even after being designated a non-
banking institution.
Click Here for Official Notification
About Adarsh Mahila Nagari Sahakari Bank Maryadit, Aurangabad, Maharashtra
RBI has cancelled the licence of Adarsh Mahila Nagari Sahakari Bank Maryadit, Aurangabad,
Maharashtra. Consequently, the bank ceases to carry on banking business i.e. acceptance of deposits
and repayment of deposits as defined in Section 5 (b) read with Section 56 of the Banking Regulation
Act, 1949 with immediate effect.
• The Commissioner and Registrar of Cooperative Societies, Maharashtra has also been requested to issue
an order for winding up the bank and appoint a liquidator for the bank.
Reason behind Cancellation:
i.Inadequate capital and earning prospects, violating Section 11(1) and Section 22 (3) (d) with
Section 56 of BR Act, 1949.
ii.Non-compliance with Sections 22(3)(a), 22 (3)(b), 22(3)(c), 22(3)(d), and 22(3)(e) read with
Section 56 of the Banking Regulation Act, 1949.
iii.The bank's persistence poses a threat to the depositor interests as it is financially incapable of full
repayment, negatively impacting public interest.
Key Points:
i.Depositors receive a deposit insurance claim, up to Rs 5,00,000 (monetary ceiling), upon liquidation,
subject to Deposit Insurance and Credit Guarantee Corporation (DICGC) Act, 1961.

ii.99.77% of depositors are entitled to the full amount from DICGC, as per bank data.
iii.As of October 31, 2023, DICGC has paid Rs 185.38 crore of insured deposits under Section 18A of
the DICGC Act, 1961.
APPOINTMENTS & RESIGNATIONS
RBI Approved the Appointment of C S Rajan as the Part-time Chairman of KMBL

Reserve Bank of India (RBI) has approved the appointment of Chandra Shekhar Rajan (C S Rajan) as the
Part-time Chairman of Kotak Mahindra Bank Limited (KMBL) for two years with effect from 1st January
2024.
i.C S Rajan is serving as an Additional and Independent Director on KMBL’s Board(since 2022).
ii.He will be replacing incumbent Non-Executive Independent Part-time Chairman, Prakash Apte who is
set to retire on 31st December 2023.
About C S Rajan:
i.C S Rajan, an Indian Administrative Service(IAS) Officer of 1978 batch, is a retired Chief Secretary of
Rajasthan in 2016.
ii.In 2018, Rajan was appointed as Director of Infrastructure Leasing & Financial Services
Limited (IL&FS).
iii.He was appointed as Managing Director (MD) of IL&FS in 2019 and is currently serving as its Chairman
(from 2022).
iv.He was also as a Consultant to the World Bank on a Study on Farmer Participation in Agricultural
Research and Extension System.
HDFC Bank Recommends Re-appointment of Atanu Chakraborty as Chairman for 3 years

The Board of Directors of HDFC Bank Limited has recommended the re-appointment
of Atanu Chakraborty as the Part-Time Non-Executive Chairman and Independent Director of the Bank to
the Reserve Bank of India (RBI) for a second term of 3 years with effect from 5th May 2024 to 4th May
2027.
• He was appointed to the post in May 2021 and his first tenure of 3 years is set to end on 4th
May, 2024.
Atanu Chakraborty:
i.Atanu Chakraborty was an Indian Administrative Service (IAS) officer of the 1985 batch belonging to
Gujarat Cadre.
ii.He retired as Secretary of Department of Economic Affairs(DEA), Ministry of Finance(MoF) in April
2020.
iii.He also served as Secretary of the Department of Investment and Public Asset Management(DIPAM),
MoF.
iv.In 2019, he served on the board of the World Bank(WB) as Alternate Governor as well as on the Central
Board of Directors of the RBI.
RBI Approval:
The reappointment will be subjected to the approval of the RBI and the shareholders of the Bank in
accordance with the Banking Regulation Act, 1949 and the Companies Act, 2013.
About HDFC Bank Limited:
Managing Director(MD) & Chief Executive Officer (CEO) – Sashidhar Jagdishan

Tagline – HDFC Bank Parivartan. A Step Towards Progress.
SEBI approves Appointment of Pramod Agrawal as BSE Chairman

The Securities and Exchange Board of India (SEBI) has approved the appointment of Pramod Agrawal as
the Chairman of the BSE Limited (formerly Bombay Stock Exchange) with effect from 17th January 2024.
• He will be replacing Subhash Sheoratan Mundra (SS Mundra), the current Chairman of BSE,
whose tenure is set to expire on 16th January 2024.
• He has been serving as the Public Interest Director of BSE since November 2023.
About Pramod Agrawal:
i.Pramod Agrawal is a retired Indian Administrative Service (IAS) officer of the 1991 batch belonging to
the Madhya Pradesh (MP) cadre.
ii.He served as Chairman and Managing Director(CMD) of Coal India Limited (CIL) from 2020 to June
2023.
iii.Prior to that, he was a Principal Secretary in the Department of Technical Education, Skill Development
& Employment and the Department of Labour, Government of MP.
About SS Mundra:
i.In 2022, BSE appointed SS Mundra as Chairman of the Board of Directors of the company by replacing
Vikramajit Sen.
ii.However he joined BSE in 2018 as a Public Interest Director.
iii.He served as Deputy Governor of the Reserve Bank of India (RBI) from 2014-17.
iv.Prior to that, he served as CMD of the Bank of Baroda (BoB).
About BSE Limited:
Chairman – Subhash Sheoratan Mundra
Satish Kumar Kalra Named Interim MD & CEO of Slice-backed NESFB

The Reserve Bank of India (RBI) has approved the appointment of Satish Kumar Kalra, as interim Managing
Director (MD) and Chief Executive Officer (CEO) of the Fintech startup Slice-backed North East Small
Finance Bank (NESFB).
• Kalra served as the MD & CEO, and Executive Director of Andhra Bank from 2012 to 2017. Later he
served as the independent director at Lakshmi Vilas Bank from 2019 to 2021. At present, he is
serving as an independent director at Can Fin Homes Limited.
• He has also served as a member of the Experience Advisory Board for Banking and Financial Frauds
from 2020 to 2021.
In October 2023, RBI approved the merger of Guwahati(Assam) based NESFBL with Slice. Slice shareholders
will own a 95-97% stake in the merged entity; the remaining is owned by NESFB shareholders.
Rajiv Anand Appointed as Chairman of Max Life Insurance; succeeds Analjit Singh
Rajiv Anand, a Non-Executive Director of Max Life Insurance Co. Ltd. nominated by Axis Bank Ltd, has been
named the Chairman of Max Life Insurance Co. Ltd., with effect from 5th December 2023.
• Rajiv Anand, Deputy Managing Director (MD) of Axis Bank(since 2021) succeeded Analjit Singh,
the Founder and Chairman Emeritus of Max Life Insurance Co Ltd.
• Analjit Singh has formally stepped down from the Chairman position and as a member of the Max
Life Insurances board as of 4 December 2023.

Note: Max Life Insurance Co Ltd is a 70:30 Joint Venture (JV) between Max Financial Services Limited (MFSL), a
part of the Max Group, and Axis Bank Limited.
About Rajiv Anand:
i.He joined Axis Asset Management Co. Ltd (AMC) in 2009 and was the founding MD and CEO of Axis AMC.
ii.In 2013, he was appointed as the President (retail banking) of Axis Bank and was inducted on to the Board of
the bank in 2016.
iii.He was apppointed as the Executive Director (Wholesale Banking) of Axis Bank in 2018.
iv.He is a member of the Corporate Social Responsibility (CSR) Committee and the Committee of Whole Time
Directors of Axis Bank.
v.He is the Co-Chair of the Banking Taskforce at the Confederation of Indian Industry (CII)- Western region, and
a member of the National Committee on Banking at CII.
About Analjit Singh:
i.He has served as non-executive Chairman of Vodafone India and a Director on the boards of several
companies like Tata Global Beverages and Sofina NV/SA, Belgium.
ii.He has also served as member of Prime Minister(PM)’s Joint Indo-US CEOs Forum and the Chairman of CII’s
National Committee on Insurance & Pension.
iii.He was honoured with Padma Bhushan in 2011 for Trade and Industry.
About Max Life Insurance Co. Ltd:
MD and CEO– Prashant Tripathy
Headquarters– Gurugram, Haryana
Launched in– 2000
Chandra Shekhar Ghosh Re-appointed as MD & CEO of Bandhan Bank for 3 Years
The board of Bandhan Bank Limited approved the re-appointment of Chandra Shekhar Ghosh as the
Managing Director (MD) and Chief Executive Officer (CEO) of the Bandhan Bank , for 3 years.
• The re-appointment is subject to the approval of the Reserve Bank of India (RBI) and the
shareholders of the bank.
• If approved by RBI, the re-appointment would be effective from July 10, 2024.
Note: His current tenure as the MD and CEO would expire on 9th July 2024. He has been serving as the MD &
CEO of the bank since 2015.
About Chandra Shekhar Ghosh:
i.Chandra Shekhar Ghosh has more than 30 years of experience in the microfinance and development spaces.
ii.He founded Bandhan in 2001 as a not-for-profit enterprise.
iii.He played a pivotal role in transforming Bandhan into a Non-Banking Financial Company-Micro Finance
Institution (NBFC-MFI) (2006) and as a universal bank in August 2015.
• It became the first microfinance company in India to get a universal banking licence.
iv.Previously, he has also served as the President of the Bengal Chamber of Commerce & Industry (BCC&I), and
Chairman of The Confederation of Indian Industry (CII), Eastern Region.
v.He is also a member of the Managing Committee of the Indian Banks’ Association (IBA) and a member of the
Corporate Governance Council, CII.
vi.He co-chairs the Financial Inclusion Committee of the Federation of Indian Chambers of Commerce and
Industry (FICCI).
vii.He is a Member of the Committee on Micro, Small, and Medium Enterprises (MEMEs) sector in the
Government of West Bengal.
About Bandhan Bank Ltd:
MD & CEO– Chandra Shekhar Ghosh
Headquarters– Kolkata, West Bengal
Commenced Operations (as bank) on– August 23, 2015
Tagline– Aapka Bhala. Sabki Bhalai

OBITUARY
Robert M Solow, Nobel-winning American Economist Passed Away

American Economist Robert Merton Solow, who won the 1987 Nobel Prize in economics has passed away
at the age of 99. He was born on 23 August 1924 in Brooklyn, New York, USA.
About Robert Merton Solow:
Career:
Robert M Solow joined the Department of Economics at Massachusetts Institute of Technology(MIT)
Cambridge, Massachusetts, the United States of America (USA) in 1949.
• He reitred in 1995 as an Institute professor, the highest title at the MIT.
• After his retirement, he was named the Institute Professor Emeritus of MIT.
Key positions:
i.From 1961 to 1962, Solow served on the Council of Economic Advisors in the administration led by then
President of USA John F. Kennedy.
ii.He has served as member and chairman of the Board of Directors of the Federal Reserve Bank of Boston
from 1975 to 1980.
iii.He was one of the founding directors and Chairman of the Manpower Demonstration Research
Corporation, a non-profit research group.
iv.He has also served as the president of the American Economic Association(AEA), and the Econometric
Society.
Noted works: “A Contribution to the Theory of Economic Growth” (1956); “Technical Change and the
Aggregate Production Function” (1957), and “Investments and Technical Progress” (1960); “Nature and
Sources of Unemployment in the USA” (1964).
Nobel prize:
In 1987, he won the Nobel Prize in Economic Sciences for his contributions to the theory of economic
growth.
Other Awards/Honours:
i.John Bates Clark Medal, awarded by AEA to the best economist under the age of 40, in 1961.
ii.President’s National Medal of Science in 2000
iii.Presidential Medal of Freedom, the highest civilian honor in the USA, in 2014
iv.He was elected a member of the National Academy of Sciences, and a Fellow of the British Academy
OTHER NEWS
Urban Unemployment Rate Dropped to 6.6%: 20th Quarterly Bulletins of PLFS

According to Quarterly Bulletin Periodic Labour Force Survey (PLFS) (July to September 2023), released by
National Sample Survey Office (NSSO), Ministry of Statistics and Programme Implementation (MoSPI),
unemployment rate (UR) in urban areas fell from 7.2% in July –September 2022 to 6.6% in July – September
2023 for persons of age 15 years and above.
• This bulletin for the second quarter (Q2) of the financial year 2023-24 (FY24) is the 20th edition of
the series.
Note: The UR in January-March 2023 was at 6.8% and in April-June 2023 was at 6.6%.
Sample Size:
A total of 5,706 First Stage Units – FSUs Urban Frame Survey (UFS blocks) were surveyed in urban areas across
India during the third quarter of 2023 (July-September). This included 44,738 households and 1,70,004
individuals.

Unemployment Rate:
i.For male, the UR in urban area decreased to 6.0% in July-September 2023, from 6.6% in the corresponding
quarter of FY23.
• The UR for male was at 6% in January – March 2023 and at 5.9 in April – June 2023.
ii.For female,UR in urban areas decreased to 8.6% in July-September 2023, from 9.4% in the corresponding
quarter of FY23.
• The UR for female was at 9.2% in January – March 2023 and at 9.1 in April – June 2023.
Note: UR is defined as the percentage of persons unemployed among the persons in the labour force.
Increasing Trend in Labour Force Participation Rate (LFPR):
i.The report indicates that in urban areas, the Labour Force Participation Rate (LFPR) in the current weekly
status (CWS) increased to 49.3% in the July to September quarter of 2023, up from 47.9% in the
corresponding period in 2022.
ii.The LFPR was at 48.8% in April-June 2023, 48.5% in January-March 2023, and 48.2% in October-December
2022.
Note: LFPR is defined as the percentage of persons in labour force (i.e. working or seeking or available for
work) in the population.
Increasing Trend in Worker Population Ratio (WPR):
i.The Worker Population Ratio (WPR) in urban areas has increased to 46.0% in July – September 2023 from
44.5% in July-September 2022.
ii.For males, there was an increase from 68.6% to 69.4%, while for females, it rose from 19.7% to 21.9%.
Note: WPR is defined as the percentage of employed persons in the population.
About PLFS:
i.PLFS was launched by the NSSO in April 2017 to estimate key employment and unemployment indicators for
every three months for the urban areas only in the CWS.
• Key employment and unemployment Indicators are LFPR, WPR and UR
ii.It also estimates employment and unemployment indicators in both ‘Usual Status’ and CWS in both rural and
urban areas annually.
Ministry of Statistics and Programme Implementation (MoSPI):
Minister of State (MoS) (Independent Charge)– Rao Inderjit Singh (Constituency- Gurugram, Haryana)
Secretary– G P Samanta
LIC Jeevan Utsav: New Life Insurance Plan Launched with Lifetime Guaranteed Returns
The Life Insurance Corporation of India (LIC) has launched Jeevan Utsav plan, a Non-Linked, Non-
Participating, Individual, Savings, Whole Life Insurance plan, which provides insurance coverage for the entire
lifetime of the insured individual.
Eligibility:
i.Age limit to join the policy- 90 days and 65 years
ii.Premium paying terms – 5 to 16 years
iii.Minimum sum assured – Rs 5 lakh
iv.Maximum Premium ceasing age – 75 Years
v.Mode of Instalment payment – Monthly, Quarterly, Half-Yearly & Yearly
Key Features:
i.The plan is available in two payout options namely
• Regular income benefits: 10% of the basic sum assured chosen by the policyholder will be paid at
the end of each policy year (starting after 3 to 6 years).
• Flexi income benefits: 10% of the basic sum assured payable can be accumulated and withdrawn
later.
ii.The death benefit will not be less than 105% of total premiums.

• The sum assured on death is the basic sum assured or seven times the annualized premium,
whichever is higher.
iii.LIC will pay interest on any delayed or accumulated Flexi Income Benefits at a rate of 5.5% per annum,
compounded annually.
iv.A policyholder can withdraw up to 75% of the balance accumulated Flexi Income Benefit(s).
About Life Insurance Corporation (LIC) of India:
Chairperson –Siddhartha Mohanty
OECD: India’s GDP growth expected to slow to 6.3% in FY24

According to the Organization for Economic Cooperation and Development (OECD) Economic
Outlook November 2023 titled ‘Restoring growth’, the real Gross Domestic Product (GDP) growth of India is
expected to be at 6.3% in financial year (FY) 2023-24.
• The report also pointed out that the economy will slow down to 6.1% in FY25 due to adverse
weather-related events and the weakening international outlook.
Impact:
i.Due to the slower growth rates the parameters such as inflation expectations, housing prices, and wages are
all anticipated to moderate.
ii.This will facilitate the convergence of headline inflation toward 4.2%, enabling the Reserve Bank of
India (RBI) to reduce interest rates from mid-2024, reaching 5.5% by the end of 2025.
Inflation and Economy:
i.With the increase in purchasing power, the inflation(currently 4.9%) is expected to decrease gradually.
• However, the Food and energy prices depend on weather conditions and geopolitical tensions.
ii.This, coupled with the end of the El Niño weather pattern, productivity advancements resulting from recent
policy reforms, and favorable global conditions, will foster economic growth.
iii.So, the Indian economy will be predicted to grow at the rate of 6.5% in FY26.
Warning:
i.The Indian economy will be facing challenges in the future due to global uncertainty.
ii.In addition, the lagged impact of domestic policy tightening will continue to be felt, along with the
disappointing dynamics of some socio-economic indicators, such as consumer goods’ sales, in rural areas.
Tax Gap:
While the government’s fiscal targets for the next two years are expected to be met, stronger efforts to manage
expenditures at the state level are necessary, along with policy measures to reduce the tax gap.
SBI MF Gets RBI Approval to Buy 9.99% Stake in Karur Vysya Bank
The SBI Mutual Fund (SBI MF) received approval from the Reserve Bank of India (RBI) for acquiring
aggregate holding of up to 9.99% of the paid-up share capital or voting rights of Karur Vysya Bank Ltd (KVB).
• SBI MF has received regulatory approval, pursuant to Regulation 30 of the Securities and Exchange
Board of India (SEBI)(Listing Obligations and Disclosure Requirements) Regulations, 2015.
• The approval has been granted in accordance with the application submitted by SBI MF to the RBI.
About the Approval:
i.As per the approval, SBI MF must acquire major shareholding within 1 year from the RBI’s letter.
• Failure to do so will result in the automatic cancellation of the approval.
ii.SBI MF must ensure that its aggregate holding in the Bank remains below 9.99% of the paid-up share capital
or voting rights.
iii.If the aggregate holding falls below 5%, prior approval from RBI is mandatory to increase it to 5% or more of
the paid-up share capital or voting rights of the Bank.
iv.The approval granted by RBI is subject to strict adherence to various regulatory frameworks, including the:

• Provisions of the Banking Regulation Act, 1949;

• RBI’s Master Direction and Guidelines on Acquisition and Holding of Shares or Voting Rights in
Banking Companies Directions, 2023 on 16 January 2023 (as amended from time to time);
• Provisions of the Foreign Exchange Management Act, 1999;
• Regulations issued by SEBI; and any other guidelines, regulations, and statutes as applicable.
About Karur Vysya Bank (KVB):
Managing Director (MD) & Chief Executive Officer (CEO)– B Ramesh Babu
Headquarters– Karur, Tamil Nadu
Tagline– Smart Way to Bank
Started in– 1916
Ujjivan SFB Partners with Water.org to offer Water, Sanitation & Hygiene Loans
Ujjivan Small Finance Bank Limited (Ujjivan SFB) has partnered with Water.org, a global nonprofit
organization dedicated to providing clean water and sanitation, to offer accessible financing solutions for water
and sanitation solutions.
Features of the partnership:
i.Under this partnership, Water.org will assist Ujjivan SFB in identifying areas that require financing for clean
water and hygienic sanitation.
ii.Water.org will also provide technical assistance, market assessment, development of Information, Education
and Communication (IEC) material, monitoring and evaluation support.
iii.Ujjivan SFB will offer loans of about Rs. 6,000 to Rs. 1,00,000 to existing as well as new customers to enable
them to construct and renovate water and sanitation facilities.
iv.By offering affordable loan over the next 3 years, Ujjivan SFB will provide 65,000 households with access to
clean, hygienic sanitization facilities and safe drinking water.
Note: In 2022, Ujjivan SFB has disbursed over 5,000 Water and Sanitation (WATSAN) loans worth Rs 30 crore
supporting its customers to construct sanitation facilities in line with Government’s Swachh Bharat Mission.
About Ujjivan Small Finance Bank Limited:
Managing Director(MD) & Chief Executive Officer(CEO) – Ittira Davis
Headquarters – Bengaluru, Karnataka
About Water.org:
Water.org is a global nonprofit organization working to bring water and sanitation to the world.
Co-founder & Chief Executive Officer(CEO) – Gary White
Headquarters – Kansas City, Missouri, United States of America (USA)
Federal Bank, NeML tie-up to Streamline E-Procurement, E-Auction

A Memorandum of Understanding (MoU) was signed between the Federal Bank Limited and NCDEX e-
Markets Limited (NeML) to strengthen the integration of e-procurement and e-auction systems.
• This partnership will facilitate an advanced e-procurement solution and streamline e-procurement
and e-auction systems for Central and State Government organizations.
Signatories:
Indraneel Pandit, Senior Vice President and Zonal Business Head, Federal Bank, CIB (Corporate & Institutional
Banking) West, and Dhawal Shah, Chief Operating Officer (COO), NeML.
Key Points:
i.Under this initiative, farmers’ list crop details on NeML’s platform, with the government purchasing them at
the Minimum Support Price (MSP).
ii.Federal Bank’s host-to-host integration with NeML’s e-procurement platform will enable a secure payment
processing system.

iii.NeML’s eAuction solution offers a price-discovery mechanism, benefiting the Government of India by
providing a robust price-discovery mechanism for various commodities
• NeML holds major market share in transparent price discovery across more than 90 commodities.
iv.The other advantages of this partnership includes nationwide participation, enhanced price discovery, cartel
prevention, and adaptable bids, end-to-end digital payment execution, a tailored plug-and-play solution,
simplified documentation, automated reconciliation on NeML’s portal, customizable payment advice, all
without additional charges.
Note:
NeML, headquartered in Mumbai, Maharashtra, is a wholly owned subsidiary of National Commodity and
Derivatives Exchange Limited (NCDEX).
NeML, formerly NCDEX Spot Exchange-NSPOT, is the leading Indian electronic trading platform.
It was incorporated on October 18, 2006
About Federal Bank:
It was established in 1931 as the Travancore Federal Bank Limited. It was renamed as the Federal Bank
Limited in December 1949, and became scheduled commercial bank on July 20, 1970.
Managing Director & CEO– Shyam Srinivasan
Headquarters– Aluva,Kochi, Kerala
Tagline– Your Perfect Banking Partner
India GDP growth in Q2FY24 estimates at 7.6%: NSO

On November 30, 2023, the National Statistical Office (NSO), Ministry of Statistics and Programme
Implementation (MoSPI) released the estimates of Gross Domestic Product (GDP) for the July-September
Quarter (Q2) of 2023-24 (Q2FY24), both at Constant (2011-12) and Current Prices.
• India’s Real GDP or GDP at Constant (2011-12) Prices in Q2FY24 is projected to grow at 7.6% as
compared to 6.2% in Q2FY23. It is estimated to attain a level of Rs 41.74 lakh crore in Q2FY24 as
against Rs 38.78 lakh crore in the Q2FY23.
• In Q1FY24, India’s GDP expanded to 7.8%, surpassing the Reserve Bank of India(RBI)’s forecast of
6.5%.
Key Figures:
i.Nominal GDP or GDP at Current Prices in Q2FY24 is estimated at 9.1% as compared to 17.2% in Q2FY23. It is
estimated Rs 71.66 lakh crore in Q2FY24 as against Rs 65.67 lakh crore in Q2FY23.
ii.GDP at Constant (2011-12) Prices in April-September 2023-24 (H1FY24) is estimated at Rs 82.11 lakh crore
as against Rs 76.22 lakh crore during H1FY23, showing a growth of 7.7% in H1FY24 as against 9.5% in H1FY23.
iii.GDP at Current Prices in H1FY24 is estimated at Rs 142.33 lakh crore as against Rs 131.09 lakh crore
during H1FY23, showing a growth of 8.6% in H1FY24 as against 22.2 in H1FY23.
Sectors in Q2FY24:
i.Manufacturing sector shows robust growth at 13.9% YoY from -3.8% YoY.
ii.Mining and quarrying witness strong growth at 10% YoY from -0.1% YoY.
iii.Agriculture, Livestock, Forestry & Fishing growth slows to 1.2% YoY from 2.5%.
iv.Trade, Hotels, Transport, Communication & Services related to Broadcasting growth drops to 4.3% YoY from
15.6%.
v.Electricity, Gas, Water Supply & Other Utility Services grow at 10.1% YoY from 6%.
vi.Construction records significant growth at 13.3% YoY compared to 5.7%.
Click Here for Full Data
The next release of quarterly GDP estimates for the quarter October-December, 2023 (Q3FY24) will be on
February 29, 2024.

SBI’s Research Ecowrap raises India’s FY24 GDP forecast to 7% from 6.7%
The State Bank of India (SBI) through its Research ‘Ecowrap‘ report has raised its forecast for India’s GDP
growth for FY24 to 7% from 6.7%, citing robust Q2FY24 growth at 7.6%, driven by a 13.9% surge in
manufacturing and a 13.3% rise in construction.
Key Points:
i.Nominal GDP in Q2FY24 grew by 9.1%, with Gross Value Added (GVA) also seeing a parallel increase of 7.4%.
ii.The industry sector soared to 13.2%, marking a 9-quarters high, while services grew by 5.8%, affected by
specific segments.
iii.Government initiatives, especially Production-Linked Incentive (PLI) schemes, played a significant role in
this positive trend.
iv.The agriculture, saw a modest growth of 1.2% in Q2, marking an 18-quarter low.
v.Also, the services sector registered a 5.8% growth due to a 10-quarters low growth of 4.3% in specific
segments.
About the Ministry of Statistics and Programme Implementation (MoSPI):
MoSPI is the nodal agency for the planned and organized development of the statistical system in India.
Ministers of State (Independent Charge) – Rao Inderjit Singh (Gurugram Constituency – Haryana)
SEBI Postpones Linking of SCORES with ODR Portal to April 2024

The Securities and Exchange Board of India (SEBI) has extended the timeline of linking of SEBI Complaint
Redressal (SCORES) platform with the Online Dispute Resolution (ODR) Portal from 4th December 2023 to 1st
April 2024.
• The circular was issued under Section 11(1) of the Securities and Exchange Board of India Act, 1992.
Key Points:
i.As per the circular issued by SEBI on 20th September 2023,
• The market entities has to keep submitting the Action Taken Report (ATR) on SCORES within 21
calendar days from the date of receipt of the complaint.
• The market entities have to apply for SCORES authentication and for Application Programming
Interface (API) integration so that entities can comply with the circular from December 4, 2023.
ii.SEBI has proposed to reduce the timelines and introduce auto-routing and auto-escalation of complaints to
strengthen the investor grievance handling mechanism through SCORES.
iii.This will ultimately reduce the timelines and introduce automatic routing as well as automatic escalation of
complaints.
About SCORES:
i.The SCORES acts as a platform for investors to file their grievances against listed companies or registered
intermediaries which are unresolved.
ii.It is an initiative by SEBI.
iii.It was launched in 2011.
Additional Info:
Designated bodies include stock exchanges, the Association of Investment Bankers of India (AIBI), the Indian
Real Estate Investment Trusts (REITs) Association, Depositories and Association of Portfolio Managers in India
(APMI) and the Association of Mutual Funds in India (AMFI).
About Securities and Exchange Board of India (SEBI):
Chairperson – Madhabi Puri Buch
Established under – Securities and Exchange Board of India Act, 1992


HDFC Securities Launches Mobile Trading App HDFC SKY On AWS Cloud
HDFC Securities Limited, the stock-broking arm of HDFC Bank, has launched its mobile trading app, HDFC
SKY on Amazon Web Services (AWS), the cloud computing unit of Amazon.com.
AWS is the world’s most comprehensive and broadly adopted cloud.
• HDFC Securities will provide secure and low-latency trading services to retail investors who prefer
mobile trading.
• HDFC SKY, built on AWS, will enable investors to access the stock market at a scale of thousands of
transactions per second.
• With AWS, HDFC Securities will reduce its annual Information technology (IT) infrastructure and
management costs by up to 50%.
Note:
• Recently, AWS has outlined its plans to invest USD 12.7 billion in cloud infrastructure in India by
2030.
• Since 2017, AWS has also trained more than 4 million individuals in India with cloud skills
ADB provided USD 200mn loan for U’khand’s Climate-Resilient Power System Development
Project
On December 4, 2023, the Asian Development Bank (ADB) has approved a USD 200 Million
loan for Uttarakhand Climate Resilient Power System Development Project to improve the quality,
efficiency, and reliability of power supply, and aiding the state in achieving 24×7 power to its residents
and transitioning to the use of clean energy.
• The Japan Fund for Prosperous and Resilient Asia and the Pacific, financed by the Government
of Japan through ADB, will also provide USD 2 million grant to support livelihood enhancement,
training, and awareness-raising activities of this project.
What will be done under the Project?
i.ADB will conduct leadership courses and project management programs for the Power Transmission
Corporation of Uttarakhand Limited(PTCUL) and the Uttarakhand Power Corporation Limited(UPCL) to
support the capacity development.
ii.ADB in collaboration with the Energy department aims to develop an energy transition roadmap in line
with Uttarakhand’s commitment to a low carbon future.
iii.To modernise the power infrastructure of Dehradun, this initiative incorporates a cutting-edge, climate-
resilient underground cable system spanning 537 kilometres, 354 ring main units, and 99 compact
substations.
iv.To enhance the current power system upstream substations will be installed and lines to meet rising
electricity demand, reduce congestion, and improve reliability.
v.Women self-help groups (SHGs) in rural areas will be supported with renewable energy access and
efficient equipment.
vi.ADB-led training programs for communities on energy conservation and business skills will conducted,
along with and educational activities in schools to promote opportunities in the energy sector.
vii.Non Governmental Organizations(NGOs) will be involved in implementing and monitoring livelihood
activities.
ADB launches initiative to safeguard Hindu Kush Himalayas from Climate Risks
ADB has unveiled a new initiative to address climate and disaster risks in the crucial Hindu Kush
Himalaya region, a vital water source supporting over a billion people across Asia.
Note:
The region is warming faster than the global average and if global temperature rises hit 3°C, 75% of
glaciers in Bhutan and Nepal could melt by the end of this century.

This will result in increased stress on access to water, threaten food and energy security, and result in
significant biodiversity loss.
About the ADB initiative:
Through technical assistance, ADB will undertake deep analysis of multi-hazard risks which include
landslides, earthquakes, and floods—including from glacier lake outbursts—and vulnerabilities in Bhutan
and Nepal.
This will support the government of Bhutan and Nepal to strengthen their capacities to conduct risk
assessments in priority river basins.
• This aims for early warning systems and climate-resilient investment planning, risk
management strategies in future infrastructure development.
Key Points:
i.The Hindu Kush Himalayas, with the largest ice reserves outside the polar regions, supply water to 10
major rivers.
• This sustains the livelihoods of 240 million mountain-dwellers and over 1.6 billion people
downstream.
ii.Economic losses from disasters in the region totalled USD 45 billion from 1985 to 2014, surpassing
other mountain regions.
iii.ADB has committed to providing USD 100 billion in climate financing from 2019 to 2030, with USD 34
billion earmarked for adaptation.
About Asian Development Bank (ADB):
President – Masatsugu Asakawa
Headquarters – Mandaluyong City, Manila, Philippines
Members – 68
Godrej Capital Nirmaan partners with DBS Bank India, Visa and Amazon to aid MSME growth
Godrej Capital, Non-Banking Finance Company (NBFC) arm of the Godrej Group, has partnered with DBS
Bank India, Visa and Amazon as part of its Nirmaan digital platform initiative, aimed at providing an
extensive range of services to micro, small, and medium enterprises (MSMEs).
i.This is in line with Nirmaan’s commitment to support MSMEs through diverse value-added services
(VAS) to enhance market reach, financial assistance, legal and compliance simplification, employee
welfare, and others.
ii.Nirmaan has expanded its collaborative model to include 13+ partners
iii.Under this partnership,
• Amazon will list MSME products in their website, and offer 3-month subscription to Amazon’s e-
commerce exports program called Amazon Global Selling.
• Visa will provide a comprehensive payment solutions for MSMEs through the Nirmaan platform.
DBS Bank India will offer access to a comprehensive suite of VAS, featuring a customised current account.
SBI’s Stake in Jio Payments Bank Drops to 23% in FY23

State Bank of India’s (SBI) shareholding in Jio Payments Bank Limited reduced to 23% in Financial
Year2022-23 (FY23) from 30% that SBI maintained since the inception of Jio Payments Bank.
• With shareholding less than 25%, SBI will not be able to restrict special resolutions in the
payment bank.
• SBI has stayed away from two Jio Payments Bank rights issue while Reliance Industries
Limited(RIL), has picked up 10 million shares on 29 November 2023, and 70 million on 23
January 2023.

Note: As per Section 114 of the Companies Act, 2013, a special resolution can be passed only when at least
75% members of the company vote in favour of the resolution.
• Jio Payments Bank was established as a joint venture of RIL and SBI and commenced operations
as payment bank in 2018.
International Day of Banks 2023 – December 4

The United Nations (UN)’s International Day of Banks is annually observed across the globe on December
4 to recognise the vital role of banking systems in the Member States in contributing to the improvement
of the standard of living.
• 4th December 2023 marks the observance of the 4th International Day of Banks.
Background:
i.In 2019, United Nations General Assembly (UNGA) adopted the resolution A/RES/74/245 proclaimed
December 4 of every year as International Day of Banks.
ii.The first ever International Day of Banks was observed on 4th December 2020.
Addis Ababa Action Agenda (AAAA):
i.The Addis Ababa Action Agenda (AAAA) is a global framework for financing sustainable development.
• It outlines a set of commitments and actions to be taken by all stakeholders to mobilize and
effectively utilise financial resources for achieving the Sustainable Development Goals (SDGs).
ii.It was adopted at the Third International Conference on Financing for Development in Addis Ababa,
Ethiopia, in 2015.
iii.The UNGA has endorsed the outcome of the Third International Conference on Financing for
Development (FfD3), AAAA, on 27th July 2015
• UNGA adopted the resolution A/69/L.82 which includes the AAAA as an annex.
Principles for Responsible Banking (PRB)
i.The UN Principles for Responsible Banking (PRB), launched in 2019, collaborates with the banking
community to accelerate a positive global transition for people and the planet.
ii.There are 300 signatory banks representing almost half of the global banking industry.
History of Banks in India:
i.Banks have played a vital role in the economic growth and development of India. Between 1969 and
1991 The Government of India has nationalised around 20 major private banks in 2 phases, 1969 and
1980 and introduced the priority sector lending in 1972.
ii.After Liberalization, Privatization and Globalization(LPG) reforms in 1991, banking sector witnessed the
establishment of private banks and foreign banks.
iii.From 2014 onwards, Banking sector adopted the Jan-Dhan, Aadhaar and Mobile (JAM) trinity and
issued licences to Payments Banks and Small Finance Banks (SFBs).
About the United Nations (UN):
Secretary-General- António Guterres
Headquarters- New York, United States of America (USA)
Establishment- 1945
LIC Notifies Framework for Appointment of Shareholders’ Director in its Board

On December 1, 2023, Life Insurance Corporation of India (LIC) has notified LIC (shareholders’ director)
Regulations, 2023 to allow the induction of shareholders’ directors on LIC’s board.
• The regulations was notified in exercise of the powers conferred by clause (f) of subsection (2) of
section 4 read with clause (n) of sub-section (2) of section 49 of the Life Insurance Corporation Act,
1956 (31 of 1956).

Highlights from Regulation:

i.Election: Upon notice of not less than 1000 shareholders or one-tenth of the total number of shareholders
(whichever is lower), LIC would elect a shareholders’ director through a general meeting of such shareholders.
ii.Term: The board will appoint a shareholders’ director for a tenure of 4 years.
iii.Re-election: The director will be eligible for re-election and re-appointment for another 4 years.
Key Points:
i.After the appointment, the shareholder’s director cannot hold a similar position in more than two companies
at the same time, clarifying the corporation in its notification.
ii.At present, LIC has five executive directors, including Chairman Siddhartha Mohanty, nine independent
directors, and one government nominee Director MP Tangirala.
About Life Insurance Corporation of India (LIC):
Chairperson– Siddhartha Mohanty
World Bank Launched Various initiatives to Address Methane Emissions Globally at the COP28
summit
The World Bank (WB) launched partnership platforms namely the Global Methane Reduction Platform for
Development (CH4D), a hub for methane reduction in agriculture and waste, and the Global Flaring and
Methane Reduction Partnership (GFMR) which focuses on reducing methane leaks in the oil and gas
sector.
• WB also launched an 18-month “blueprint for methane reduction” to set up 15 national
programs to reduce methane emissions.
• The proposals were launched at the 28th Conference of the Parties (COP28) of the United
Nations Framework Convention on Climate Change (UNFCCC), being held in Dubai, United Arab
Emirates (UAE) from 30 November to 12 December 2023.
Note:
• WB framed these initiatives as part of its efforts with countries like Germany, Norway, and the
United States of America (USA), as well as the private sector.
• Methane (CH4) is 80 times more dangerous than Carbon dioxide (CO2) in contributing to global
warming.
Global Methane Reduction Platform for Development (CH4D):
i.CH4D aims to help low- and middle-income countries realize the ‘methane triple-wins’ of reducing
methane emissions, improving resilience, and strengthening livelihoods.
ii.Collaborations with entities like the Climate and Clean Air Coalition (CCAC) Methane Roadmap Action
Programme (M-RAP), CH4D will mobilise expertise, affordable technologies, and catalytic finance for
methane reduction in the agriculture and waste sectors.
Global Flaring and Methane Reduction Partnership (GFMR):
i.WB launched its GFMR with USD 255 million in new grant funding to catalyse oil and gas methane and
flaring reduction in developing countries.
• GFMR is financially supported by a coalition including the UAE, USA, Norway, BP, ENI, Equinor,
Occidental, Shell, and TotalEnergies.
ii.The GFMR’s mission is to boost global efforts to end routine gas flaring and reduce methane emissions to
the greatest extent possible along the entire oil and gas value chain by:
• Providing technical assistance;
• Enabling policy and regulatory reform;
• Strengthening institutions; and

• Mobilising finance to support action by governments and Oil and Gas operators.
iii.The GFMR will strategically target, fund, and sustain engagements with countries representing the
greatest emissions reduction potential.
Note: Despite its significant impact, funding for methane reduction is less than 2% of global climate
finance.
Commitment Criteria:
i.Access to GFMR support is contingent on commitments such as achieving near-zero methane emissions
by 2030 by reducing methane intensity to below 0.2% and achieving zero routine flaring by 2030.
ii.Also to measure and report methane emissions through the Oil and Gas Methane Partnership 2.0
framework, and endorse the Global Methane Pledge (GMP).
• GMP is a voluntary effort to reduce global methane emissions by at least 30% from 2020 levels
by 2030.
Blueprint to cut Methane Emissions:
WB announced its plan to launch 15 national programs in the next 18 months aimed at reducing methane
emissions. These programs will reduce up to 10 million tons of methane.
Key Points:
i.Methane represents around 19% of the global greenhouse gas (GHG) emissions. Rice production
accounts for 8%, livestock 32%, and waste 18% of all human-driven methane emissions.
ii.The programs will deploy the best available technologies through which methane emissions from rice
production can be reduced by up to 40%, for livestock by up to 30%, and for waste by up to 80%.
iii.WB commits to support the interventions where methane emissions are projected to rise significantly,
aiding policy-making through analytics, and unlocking financing from 2024 to 2030.
About World Bank (WB):
World Bank Group President– Ajay Banga
Headquarters– Washington, DC, USA
Established in– 1944
Bank of Baroda Introduced BOB Parivar Account for Savings & Current Accounts
Bank of Baroda (BOB), a leading public sector bank(PSB), has launched the BOB Parivar Account for
Savings and Current Accounts which groups all the bank accounts belonging to members of a single family
under One Family.
• The ‘My Family, My Bank’ segment was launched under the “BOB Ke Sang Tyohaar Ki
Umang” festive campaign of BoB.
About BOB Parivar Account:
i.The accounts under the BOB Parivar Account will be operated independently by the primary account
holder.
ii.This eliminates the need to maintain a quarterly average balance (QAB) in every single account. The
QAB is recorded at the Group/Family level.
Eligibility:
i.Savings account segment is open to a family of a minimum 2 members and a maximum of 6 members.
ii.Current account segment is open to proprietorship, partnership, LLP, and Pvt. Ltd. companies, which are
group companies or sister concerns.
Categories:
i.Both the BOB Parivar Saving Accounts and the BOB Parivar Current Account segments are classified into
3 different categories: Diamond, Gold and Silver.
ii.These accounts vary on Pooled Quarterly Average Balance (PQAB) requirements.

• For Savings Account:

• Diamond – Rs 5 lakh and above
• Gold- Rs 2 lakh and above
• Silver – Rs 50000 and above
• For Current Account:
• Diamond- Rs 10 lakh and above
• Gold – Rs 5 lakh and above
• Silver – Rs 2 lakh
Benefits:
The benefits of this account includes,
• Concessional interest rates on retail loans for savings account holders.
• Concession in manual NEFT(National Electronic Funds Transfer)/RTGS (Real Time Gross
Settlement) charges.
• Complete waiver of processing charges on Retail loans.
About Bank of Baroda (BOB):
MD & CEO– Debadatta Chand
Established in 1908
Headquarters– Vadodara, Gujarat
Tagline– “India’s International Bank”
HDFC Bank Partnered with Tata Neu to Launch Tata Neu HDFC Bank Credit Cards
HDFC Bank Limited in partnership with Tata Neu launched the co-branded credit card “Tata Neu HDFC
Bank credit card” powered by RuPay/Visa.
The credit card is available in 2 variants:
• Tata Neu Infinity HDFC Bank Credit Card
• Tata Neu plus HDFC Bank Credit Card
Note: This collaboration will help Tata Neu to expand into financial services which aims to provide online
payment services to its customers.
About Tata Neu HDFC Plus Credit Card:
Eligibility:
i.For salaried individuals:
• Age: Minimum 21 years & Maximum 60 Years
• Net Monthly Income should be more than Rs 25,000
ii.For Self-Employed Person:
• Income Tax Return should be more than Rs 6 Lakhs per annum
Joining fees: Rs 499 + GST & Renewal fees: Rs 499 + GST
About Tata Neu Infinity HDFC Bank Credit Card:
Eligibility:
i.For salaried individuals:
• Net Monthly Income should be more than Rs 1 lakh.
ii.For Self-Employed Person:
• Income Tax Return should be more than Rs 12 lakh per annum.
Joining fees: Rs 1499 + GST & Renewal fees: Rs 1499 + GST
click here to know more

About Tata Neu App:

i.Tata Neu app is popularly known as the Super app developed by Tata Group. This app was launched on
April 7, 2022. Tata Neu is a single online platform which provides various services like shopping, and
booking flights and hotels.
ii.Tata Neu app gives Neu coins to its customers as an incentive which can used for availing other services
on the app.
Additional info:
NeuCoins are the rewards a customer earns when transacting on the Tata Neu app, website, or at any
brand stores or hotels.
• 1 NeuCoin is worth Rs 1.
About HDFC Bank Limited:
Chairman– Atanu Chakraborty
Established– 1994
Tagline– “We Understand Your World”
ADB Offered Loans for Various Projects in India and Co-Hosts ‘Kutumb‘ with IIFL Home Finance
Ltd
Asian Development Bank (ADB) helps its members and partners by providing loans, technical assistance,
grants, and equity investments to promote social and economic development. Recently it has collaborated
with GOI, Uttrakhand, and IIFl Home Finance Limited for various projects.
• ADB Loan to Promote Plant Health Management in India’s Horticulture
• ADB approves USD 200 million boost to enhance water supply and sanitation in Uttarakhand
• IIFL Home Finance Ltd. presents the 15th chapter of ‘Kutumb’ in collaboration with the Asian
Development Bank (ADB).
ADB Loan to Promote Plant Health Management in India’s Horticulture
ADB has approved a USD($) 98 million(Rs.816 Cr) loan to improve the horticulture crop farmers’ access in
India to certified disease-free planting materials.This initiative aims to improve the crop yield, quality, and
resilience to impacts of climate change.
• This project will support the Government of India’s Atmanirbhar Clean Plant Program(CPP).The
CPP aims to enhance the availability of disease-free, quality planting material for high-value
horticultural crops.
• The project will be implemented by the Ministry of Agriculture and Farmers Welfare and the
National Horticulture Board and the Indian Council of Agricultural Research.
• It was announced in Feb 2023 to establish clean plant centres and a certification scheme to
develop a framework and accrediting private nurseries for selling disease-free planting material
to farmers.
• It will set up a minimum of six clean plant centres dedicated to preserving disease-free
foundation materials.
ADB Approves USD 200 million boost to enhance water supply and sanitation in Uttarakhand
ADB approves additional funding of USD 200 million for the Uttarakhand Integrated and Resilient Urban
Development Project. This is in addition to a USD125 million loan sanctioned in November 2021 for water
supply and sanitation services in Dehradun and Nainital.
• ADB and India aims to attain the goal with the objectives of the Atal Mission for Rejuvenation
and Urban Transformation and Swachh Bharat Mission.
• These urban programs focus on enhancing urban water supply, sanitation, and stormwater
drainage in the country.

• Construction of an 817 km piped water supply network in Haldwani and Tanakpur for
nonrevenue water management through AI-based leak detection technologies
• Installation of 45000 water meters to encourage efficient water consumption in poor
households.
• Construction of 268 km of sewer pipes, 99 km of stormwater drainage, and connecting 12,000
households to the sewer network in Dehradun and Haldwani.
IIFL Home Finance Ltd. presents the 15th chapter of ‘Kutumb‘ in collaboration with the ADB
IIFL Home Finance Ltd and Asian Development Bank jointly hosted the 15th chapter of the ‘kutumb’ event
and the 10th in series with ADB in Delhi,India to discuss the green building ecosystem and affordable
housing. IIFL Home Finance Ltd. and the Asian Development Bank (ADB) joined forces for a Technical
Assistance (TA) initiative named ‘Enabling the Ecosystem to Improve Access to Green Affordable Housing
for Women’ addressing key areas such as green building, affordable housing, and women’s housing access
in India.
• ‘Kutumb’ has played a significant role in helping IIFL Home Finance Ltd. serve more than
250,000 customers
• IIFL HFL has facilitated a credit-linked subsidy of more than Rs 1,746 crore to over 72,000
households under PMAY (U) as of 31st August 2023
• Housing loans to women borrowers in economically weaker sections and low-income groups
will be provided, of which 20% will be toward financing green-certified homes in Tier 2 and
Tier 3 cities.
• This also played a pivotal role in raising awareness among the Economically Weaker Section
(EWS) and Low-Income Group (LIG) categories in India through the “Resilient and Green
Affordable Housing” project.
Keynote:– The Kutumb event focused on insights based on promoting and advancing Green Affordable
Housing in India, aiming to create opportunities for accessible green housing for everyone.
About Asian Development Bank
Founded in-1966
Headquarters– Manilla, Philippines
President- Masatsugu Asakawa
SBI Card joins Bharat BillPay in the Credit Card Category

SBI Card has joined the credit card category of Bharat BillPay. The integration of the SBI Card into Bharat
BillPay was made by NPCI Bharat BillPay (NBBL), a wholly-owned subsidiary of the National Payments
Corporation of India (NPCI),
• The goal of this partnership is to make credit card bill payments more convenient and
accessible.
Key Points:
i.This will enable SBI Card’s approx 1.68 crore customers to pay and manage their credit card bills through
Bharat BillPay’s supported payment channels.
• These channels include: Online via banks, Payment apps, Bharat BillPay physical outlets.
ii.On the other hand, Bharat BillPay’s settlement technology enhances security, ensuring a reliable and
seamless payment experience for all consumers.
iii.Credit card issuers already present in this category include Kotak Mahindra Bank, BoB Financial,
Federal Bank, AU Small Finance Bank, IndusInd Bank, and Canara Bank.
Note –
NPCI incorporated Bharat BillPay in December 2020, which is accountable for driving the Reserve Bank Of
India (RBI)-conceptualised Bharat Bill Payment System (BBPS).

Aditya Birla Sun Life launches ABSLI Salaried Term Plan for Salaried Individuals
Aditya Birla Sun Life Insurance (ABSLI) has launched the ABSLI Salaried Term Plan, a budget-friendly
term insurance plan for salaried individuals.
• The plan is categorised as a non-linked, non-participating, Life Individual, pure risk, and
premium plan.
Key Points:
i.This plan allows the policyholders to customize their plan based on their protection needs.
ii.Along with the Standard Life Cover option, the policyholders can opt for a Life Cover with a Return of
Premium (ROP) feature.
• With this option, policyholders can receive a refund of the total premiums paid upon survival.
Features of Plan:
i.ABSLI Salaried Term Plan provides long-term comprehensive protection with a policy term of up to 49
years.
• The minimum & maximum entry age is 21 to 55 years, respectively, with a maximum maturity
age of 70 years.
ii.The policyholders can also choose between multiple PPT (Premium Payment Term) options i.e., Limited
Pay (5, 7, 10, 12, 15 and 20 Years) & Regular Pay.
iii.Fixed Income Cover: In case of the policyholder’s death, the nominee receives a monthly income equal
to 1.25% of the chosen sum assured for the selected Income Benefit Period, which can span 10, 15, or 20
years.
About Aditya Birla Sun Life Insurance (ABSLI):
ABSLI is a life insurance subsidiary of Aditya Birla Capital Ltd (ABCL).
MD & CEO– Kamlesh Rao
Incorporated in 2000
Commenced operations in 2001
Union Bank Collaborates with Accenture to Boost Operational Efficiency

The Union Bank of India (UBI) has partnered with Accenture, a leading global professional services
company, to design and develop a scalable and secure enterprise data lake platform with advanced
analytics and reporting capabilities.
• The partnership aims to improve operational efficiency, enhance customer-centric banking
services, and manage the risk of Union Bank of India.
i.The platform generates business-relevant insights by using leverage structured and unstructured data
from within the bank as well as from external sources.
ii.The platform will use the predictive analytics, machine learning (ML) and artificial intelligence(AI) and
leverage structured and unstructured data from within the bank and from external sources to generate
business-relevant insights.
iii.This will enable the bank to develop data visualisation and reporting capabilities including interactive
dashboards and reports for business, operational and regulatory purposes.
S&P’s Global Credit Outlook 2024: India set to become 3rd largest economy by 2030
According to ‘Global Credit Outlook 2024: New Risks, New Playbook’ released by S&P Global Market
Intelligence, India is set to become the third-largest economy in the world by 2030 and it is projected to
be the fastest-growing major economy in the next 3 years.
Largest Economy:
i.At present, India is the fifth largest economy in the world.

ii.The top five economy along with their Gross Domestic Product (GDP) are as follows (according to the
ranking):
• United States Of America (USA) – USD 26,954 Billion
• China – USD 17,786 Billion
• Germany – USD 4,430 Billion
• Japan – USD 4,231 Billion
• India – USD 3,730 Billion
GDP prediction:
i.According to the report, India’s GDP is set to grow at 6.4% in the current fiscal (FY24), which is 40 basis
points(bps) higher than the previous forecast.
ii.It is expected to grow at 6.4% for FY25, this is 50 bps lower than the earlier projection.
iii.For FY26 and FY27, India’s GDP is expected to grow at 6.9% and 7%, respectively.
Note:
i.India‘s nominal GDP is expected to rise from USD 3.5 trillion in 2022 to USD 7.3 trillion by 2030.
ii.With this, Indian GDP will exceed the Japanese GDP by 2030, making India the 2nd largest economy in
the Asia-Pacific region.
Key Points:
i.India has a scope of becoming next major global manufacturing hub.
ii.The report also pointed out that India is in need of a strong logistics framework to transform into a
manufacturing-dominant economy from the current services-dominated economy.
iii.It also suggested that by enhancing the skills of workers and boosting female participation in the
workforce, India will India to realise its demographic dividend.
iv.India growing digital market will boost the startup ecosystem, especially in financial and consumer
technology.
Additional Info:
In the second quarter of the financial year 2023-24(July to September 2023) India experienced the GDP
growth rate of 7.6%.
SBI to Acquire Additional 20% Stake in SBI Pension Funds for Rs 229.52 Crore
The Executive Committee of the Central Board (ECCB) of State Bank of India (SBI) has approved SBI to
acquire an additional 20% stake in SBI Pension Funds Private Limited (SBIPFPL) for a cash consideration
of Rs. 229.52 crore.
• These stakes are currently held by SBI Capital Markets Limited (SBICAPS), a wholly-owned
subsidiary of SBI.
About the Acquisition:
i.After the acquisition, SBI will own 80% of the stake in of SBIPFPL whereas the remaining 20% of the
stake will be owned by SBI Funds Management Limited.
ii.The acquisition will be completed by 15th December 2023.
iii.The acquisition is based on the valuation report of Deloitte Touche Tohmatsu India Limited Liability
Partnership (LLP).
iv.The entire process will be carried out on an arm’s length basis.
v.The proposal also received approval from Reserve Bank of India (RBI) and Pension Fund Regulatory and
Development Authority (PFRDA).
Present Composition:
i.At present, SBI is the major stakeholder in SBIPFPL, holding 60% of the shares.
ii.SBICAPS and SBI Funds Management Limited each hold 20% of the remaining shares.

Additional Info:
SBI Funds Management Limited is a joint venture of SBI (62.53%) and Amundi (36.73%), a French asset
management company.
Tagline– The banker to Every Indian
About SBI Pension Funds Private Limited (SBIPFPL):
It is appointed as the Pension Fund Manager (PFM) to manage the pension corpus under the National
Pension System (NPS).
Managing Director & Chief Executive Officer (CEO) – Anthony Rodrigues
AIIB, UNDP Signed MoU for Promoting Sustainable Infrastructure Development

The Asian Infrastructure Investment Bank (AIIB) has signed a Memorandum of Understanding (MoU) with the
United Nations Development Programme (UNDP) to promote sustainable infrastructure development and
address development challenges in Asia and beyond.
• The MoU recognises the shared objectives of AIIB and UNDP in supporting national climate goals
and the 2030 Agenda through financing sustainable development initiatives in common members of
operations.
Signatories:
The MoU was signed by Achim Steiner, UNDP Administrator, and Jin Liqun, AIIB President and Chair of the
Board of Directors.
• The MoU was signed at the 28th Conference of the Parties (COP28) of the United Nations
Framework Convention on Climate Change (UNFCCC), being held in Dubai, United Arab Emirates
(UAE) from 30 November to 12 December 2023.
About the Partnership:
i.Under this partnership, AIIB will leverage its respective strengths and resources to drive positive change and
make a lasting impact on the lives of people in Asia and beyond.
ii.With this partnership, UNDP can unlock new opportunities for financing sustainable development projects
and promote innovative solutions that address pressing global challenges.
iii.Under the MoU, AIIB, and UNDP will:
• Plan to co-invest and leverage multilateral funding and private financing in developing countries;
• Collaborate on measuring the impact of investments on climate goals and Sustainable Development
Goals (SDGs); and
• Pursue joint technical assistance and explore innovative de-risking instruments, knowledge sharing,
joint advocacy, and policy support work.
Note: AIIB, Headquartered in Beijing, China, is a multilateral development bank focusing on financing
sustainable infrastructure for a better future.
About United Nations Development Programme (UNDP):
Administrator– Achim Steiner
Headquarters– New York, United States of America (USA)

CII Projected India’s GDP to Grow at 6.8%

Confederation of Indian Industry (CII) has projected the India’s Gross Domestic Product (GDP) to grow at 6.8
% in Financial Year 2023-24 (FY24) supported by infrastructure development and promotion of ease of doing
business.
• The projected economic growth is higher than earlier projection of 6.5-6.7% which was made in
June 2023.
• CII also projected that the growth will further accelerate to 7% in FY25.
Note: Indian economy recorded a growth of 7.7% in the first half(H1) of FY24
About Confederation of Indian Industry (CII):
Director General – Chandrajit Banerjee
Headquarters – New Delhi, Delhi
Odisha CM Launches ‘AMA bank’ Scheme to Provide Banking Service in Unbanked

Gram Panchayats
Chief Minister (CM) of Odisha Naveen Patnaik has launched “AMA Bank” scheme for providing banking
services through Customer Service Point (CSP) Plus banking outlets in 4373 unbanked Gram
Panchayats (GPs) in Odisha.
• Ama Bank model is the first-of-its-kind financial inclusion programme in India.
About Ama Bank Scheme:
i.Ama Bank offers credit for small businesses along with 15 banking services through CSP Plus banking outlets.
• It is positioned between a business correspondent (BC) and a small bank branch and offers all
banking services.
ii.The bank also offers doorstep services to the elderly, differently-abled persons and pregnant women.
iii.The scheme was launched in collaboration with six public sector banks (PSBs) namely State Bank of
India (SBI), Punjab National Bank (PNB), Union Bank of India (UBI), UCO Bank, Bank of India (BoI) and Bank
of Baroda(BoB).
iv.As part of the scheme, the Government of Odisha will provide rent-free banking space for 5 years along with
bearing one-time expenses for fixed costs and recurring expenses for three years.
v.It was launched with a budget of about Rs 500 crore.
vi.The scheme will be implemented in a phased manner, with the first phase covering 750 GPs and the
remaining GPs will be covered by March 2024.
vii.The scheme is in alignment with Odisha’s 5T initiative.
Why is the scheme introduced?
Around 65% of Odisha’s 6,798 gram panchayats lack physical bank branches, creating challenges for residents
to access essential banking services and receive government benefits through the Direct Benefit
Transfer (DBT) schemes.
5T initiative:
i.The 5T initiative is a governance model in Odisha that stands for Teamwork, Transparency, Technology, Time,
and Transformation.
ii.In 2022, a sixth “T” representing ‘Tour’ was added to the initiative.
About Odisha:
Chief Minister – Naveen Patnaik
Governor – Raghubar Das
Wildlife Sanctuary – Lakhari Valley Sanctuary, Karlapat Sanctuary
Tiger Reserve – Similipal Tiger Reserve, Satkosia Tiger Reserve

S&P’s Ranking 2023: LIC Becomes World’s 4th Largest Insurer based on Reserve; Germany’s
Allianz SE Tops
According to S&P Global Market Intelligence’s new ranking “The Worlds Largest Life Insurers, 2023”
based on life and accident & health reserves, Life Insurance Corporation of India (LIC) has been named the 4th
largest insurer in the world.
• LIC’s reserves stood at USD 503.7 billion in the fiscal year 2023 (FY23) – April 2022 to March 2023.
LIC is the only Indian company featured on the list.
• The 2023 ranking is topped by Germany’s Allianz SE with a reserve of USD 750.2 billion followed
by China Life Insurance Company Ltd, China(USD 616.90 billion) and Nippon Life Insurance
Company, Japan (USD 536.80 Billion)
About the Ranking:
The list features top 50 companies ranked by 2022 life and accident & health reserves.
• Life and accident & health reserves represent a liability to provide for future commitments under
outstanding policies.
Top 5 Largest Insurer in the world:
Rank Insurer Headquarters Reserve (USD Billion)
1 Allianz SE Germany 750.20
2 China Life Insurance Company Ltd China 616.90
3 Nippon Life Insurance Company Japan 536.80
4 Life Insurance Corp. of India India 503.07
5 Ping An Insurance (Group) Co. of China Ltd China 485.86

Key Points:
i.The list is dominated by the European Insurance Companies from 6 European countries, taking 21 spots.
• The United Kingdom(UK) is home to the most companies on the list. 7 companies on the list are
headquartered in UK.
ii.Asia is the region with 2nd highest number of entries on the list. Asian companies accounts for 17 spots on
the list.
• China and Japan share the top spots in Asia with 5 companies headquartered in the two countries.
iii.In terms of premium income, India ranks 7th in world life insurance in 2023, a rise from 9th rank in 2022.
iv.North America had 12 spots on the list, with 8 companies based in the United States of America (USA), 2 in
Canada, and 2 in Bermuda.
• On an individual country basis, the USA has the highest number of life insurers on the top 50 list.
About Life Insurance Corporation of India (LIC):
Chairperson– Siddhartha Mohanty
ADB, Government of India sign USD 175mn Loan to Improve Connectivity in MP

The Government of India (GoI) and Asian Development Bank (ADB) signed a USD 175 million loan to improve
the connectivity and resilience of roads in Madhya Pradesh (MP).
• This project will enhance connectivity in the state road network across 14 districts in MP.
Signatories:
Juhi Mukherjee, Joint Secretary, Department of Economic Affairs, in the Ministry of Finance, for the

Government of India, and Takeo Konishi, Country Director of ADB’s India Resident Mission, for ADB.
Features of Project:
i.ADB will enhance Madhya Pradesh Road Development Corporation Limited(MPRDC) by upgradation of 500
km of roads to two-lane, with climate-resilient design, innovative safety features and facilities catering to
elderly, women, children, and people with disabilities.
• It will also develop strategies for green technology and electric vehicle infrastructure.
ii.Formulate gender equality strategy, establish internship program, and engage women self-help groups.
iii.Conduct livelihood training for women and girls; build at least two roadside markets.
iv.This project will also connect rural areas to growth centres and industrial corridors.
Members – 68
About Madhya Pradesh (MP):
Governor– Mangubhai C. Patel
Chief Minister– Shivraj Singh Chouhan
Wildlife Sanctuaries – Singhori Wildlife Sanctuary, Son Gharial Wildlife Sanctuary, Veerangana Durgavati
Wildlife Sanctuary
Tiger Reserve – Panna Tiger Reserve, Sanjay Tiger Reserve
iVIS partners with ICICI Bank to Boost Security with Advanced E-Surveillance Services
Intensive Vigilance and Intervention System (iVIS), a subsidiary of Magellanic Cloud Limited, has partnered
with ICICI Bank Limited to offer cutting-edge electronic surveillance (e-surveillance) services across the bank
branches.
• The partnership aims to fortify ICICI Bank’s branch-level security operations in Automated Teller
Machines (ATMs) and cash counter operations.
• iVIS will deploy state-of-the-art Artificial Intelligence (AI)/ Machine Learning (ML) and Internet of
Things (IoT) technology to deliver services such as real-time video monitoring, facial recognition,
incident detection, reporting, and data analytics.
iVIS is a company specializing in electronic surveillance systems. It is headquartered in Hyderabad, Telangana.
Govt Provides Rs.6,186 Crore for Renewable Energy Via Green Bonds in FY23
Union Minister R.K.Singh, Ministry of New and Renewable Energy (MNRE), in a written response to a query in
Lok Sabha, informed that the Government of India (GoI) had raised Sovereign Green Bonds (SGB) of Rs.16,000
crore (approximately) in the financial year 2022-23 (FY23).
• Out of the total funding, Rs. 6,186 crores was crafted to offer low-cost funds for renewable energy
projects via green bonds.
About Renewable Energy Projects:
i.Through a transparent bidding process, private sector developers contribute to the majority of renewable
energy projects.
• The Solar & Wind power projects are developed by Independent Power Producers (IPPs)
ii.The funds can be raised through Equity Funding or by debt financing
Sources:
i.The sources to raise Equity Funding include Private Equity Capital, Own Funds of the developers, Venture
Capital, etc.
ii.The sources for debt financing include borrowings from commercial banks, Financial Institutions (FIs),
external commercial borrowings and foreign currency loans from multilateral and bilateral agencies.

About Sovereign Green Bonds (SGB):

i.Sovereign Green Bonds (SGBs) are fixed interest-bearing financial instruments issued by any sovereign entity
or inter-governmental organisation /corporation.
ii.SGBs are exclusively implemented to raise capital for environmentally friendly projects.
iii.Union Budget 2022-23 announced the issue of SGBs.
Steps taken by GoI:
To encourage investment in the renewable energy sector, GoI has taken many steps such as
i.Liquidity Infusion Scheme – to help Distribution Companies (Discoms) settle their debt.
ii.Electricity (Late Payment Surcharge & related matters) Rules, 2022 – to encourage timely payment of dues.
iii.Revamped Distribution Sector Scheme (RDSS) – to improve the operational efficiency of Discoms.
Additional Info:
i.India’s installed power generation capacity from non-fossil sources accounts for 43.82% (186.46 gigawatts
(GW)) of its total installed capacity.
ii.In addition, it has 114.08 GW under implementation.
DPIIT Collaborates with World Bank to elevate India’s logistics efficiency

The Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce and
Industry(MoCI), collaborates with the World Bank (WB) to improve India’s logistics efficiency.
• This information was shared during the DPIIT meeting with World Bank Team in New Delhi, Delhi
which was chaired by Special Secretary (Logistics), DPIIT, Sumita Dawra.
• The aim behind the collaborative efforts is to elevate India’s ranking in the WB Logistics
Performance Index (LPI).
Note:
The meeting showcased effective practices adopted by Indian ministries, reflecting a commitment to
continuous improvement in logistics efficiency.
Key Points:
i.Land Ports Authority of India (LPAI)- Implementation of the Land Port Management System (LPMS) to
digitise operations at Integrated Check Posts (ICPs)
ii.Ministry of Railways- Unveiling plans for 100% electrification of railway tracks, a marked acceleration in
track construction speed, and increased capacity for locomotives and wagons.
• Capital expenditure (CAPEX) of USD 31.2 billion in 2024 is slated for the improvement of freight
transport speed and volume.
iii.Ministry of Ports, Shipping and Waterways (MoPSW)- Launch of NLP Marine, a National maritime single-
window platform offering end-to-end logistics solutions for seamless document exchange among exporters,
importers, and service providers, read the press release.
iv.Central Board of Indirect Taxes and Customs (CBIC)- Integration of Indian Customs Electronic Data
Interchange Gateway (ICEGATE) (Customs Automated Portal) for various APIs and digitization efforts in
application filing, processing, and digitally signed delivery of Authorized Economic Operator (AEO)
certification.
v.Ministry of Road Transport & Highways (MoRTH)- Blueprint for 35 multi-modal logistics parks (MMLPs), 108
port connectivity projects, and 608 way-side amenities sites., introduction of FASTag for electronic toll
collection.
vi.Ministry of Civial Aviation (MoCA)- Implementation of the e-Air Way Bill (e-AWB) and e-Cargo Security
Declaration as digital measures. The upcoming launch of e-Gatepass is in September 2024.
Modern Agricultural Science Technology Center launched in MPKV, Maharashtra
World Bank funded National Agricultural Higher Education Project(NAHEP) and Indian Agricultural Research
Project New Delhi, Modern Agricultural Science Technology Center for Climate Adapted Agriculture and Water
Management has been launched at Mahatma Phule Krishi Vidyapeeth(MPKV) (Agriculture University), Rahuri
in Ahmednagar district , Maharashtra.

• Under this project, the faculties of the university will be trained in the use of drones, robots, Internet
of Things (IOT), artificial intelligence(AI), geographic systems, remote sensing, earth engines.
• Under the guidance of Dr. P.G.Patil, Vice Chancellor of MPKV, a foreign tour in Thailand has been
organised to train in modern agricultural technology.
President (WB Group)– Ajay Banga
Establishment – 1944
Headquarters – Washington D.C, United States of America (USA)
Members – 189 member states
REC Signs 200 Million Euro Loan with Germany’s KfW to Reform DISCOMs
REC Limited(formerly Rural Electrification Corporation Limited), a Maharatna Central Public Sector
Enterprise (CPSE) under the Ministry of Power (MoP), has signed a 200 million Euro (approximately Rs.
1,795 crore) loan agreement with KfW Development Bank, Germany, to reform Distribution
Companies (DISCOMs) in India.
• This is REC’s sixth line of credit under the Indo-German Development Cooperation.
Attended delegates:
i.The loan agreement was signed in the presence of Wolf Muth, Country Director KfW India.
ii.Other attended delegates include Valli Natarajan, Executive Director(ED) of REC and Carolin Gassner,
Director (South Asia) of Kwf.
Key Points:
i.The agreement is in line with the Revamped Distribution Sector Scheme (RDSS).
ii.The collaboration also improves the operational capabilities and financial resilience of DISCOMs.
Revamped Distribution Sector Scheme (RDSS):
i.RDSS is a Reform-based and Result-linked Scheme launched in 2022 under MoP.
ii.The scheme extends for five years starting from financial year 2021-22 (FY22) to FY26.
iii.The scheme provides result-linked financial assistance to DISCOMs for strengthening of supply
infrastructure based on meeting pre-qualifying criteria and achieving basic minimum benchmarks.
iv.REC and Power Finance Corporation PFC are nodal agencies to implement RDSS.
About Rural Electrification Corporation (REC) Limited:
i.Rural Electrification Corporation (REC) Limited is registered with Reserve Bank of India (RBI) as non-
banking finance company (NBFC), Public Financial Institution (PFI) and Infrastructure Financing Company
(IFC).
Chairman & Managing Director (MD) – Vivek Kumar Dewangan
Headquarters- New Delhi, Delhi
About Kwf Development Bank:
Chief Executive Officer (CEO) – Stefan Wintels
Headquarters – Frankfurt, Germany
LIC reduces stake in HDFC Asset Management Company to 6.953% from 9.046%
Mumbai (Maharashtra) based Life Insurance Corporation of India (LIC) has reduced its shareholding
in HDFC Asset Management Company (AMC) Limited from 9.046% to 6.953% of the paid-up capital.
• LIC’s shareholding in HDFC AMC has reduced from 1,93,11,744 to 1,48,44,466 Equity Shares.
• LIC sold the additional shares of HDFC AMC through Open Market Transaction.
Previously, LIC had acquired an extra 43.27 lakh equity shares, or 2.03 per cent of HDFC AMC in 2022, raising
its stake from 7.024% to 9.053%.

About HDFC Asset Management Company (AMC) Limited:

HDFC AMC, registered with the Securities and Exchange Board of India (SEBI), was established in 2000.
MD & CEO – Navneet Munot
Bank of India Launches Exclusive SB Account “Nari Shakti Savings Account” for Women
Bank of India (BOI), a leading public sector bank in India, has launched an exclusive Saving Bank (SB) Account
named Nari Shakti Savings Account, specifically designed for women aged 18 and above who have an
independent source of income.
• This account offers benefits and features designed to empower women financially and promote their
well-being.
Key People:
The Nari Shakti Savings Account was unveiled by Rajneesh Karnatak, Managing Director and Chief Executive
Officer (MD & CEO) of BOI at its Head Office in Mumbaim Maharashtra, in the presence of its Board of Directors.
Features:
i.It offers advanced benefits and features including discounted health insurance and wellness products, and
complimentary facilities for Platinum SB account holders.
ii.Discounts on locker facilities for Gold and Diamond SB account holders and personal accident insurance
cover up to Rs. 1 crore.
iii.It also offers free issuance of credit cards, a lower usage limit of up to Rs. 5 lakh for point-of-sale (POS)
transactions, and preferential interest rates on personal loans.
iv.It also provides a lower rate of interest on Retail Loans and a remission of processing fees on Retail Loans.
v.This account comes with a comprehensive personal accident insurance cover of up to Rs. 100 lakhs, ensuring
the safety and security of women account holders.
Note:
• For every new Nari Shakti account opened, the bank contributes Rs 10/- to the Corporate Social
Responsibility (CSR) fund, which will be used for the socio-economic development of
underprivileged women and girls.
• All 5132 domestic branches as well as online platforms offer the Nari Shakti savings account.
About Bank of India (BOI):
MD and CEO– Rajneesh Karnatak
Founded on– 7 September 1906
Tagline– Relationship Beyond Banking
Intellect Signs a Rs.80 Cr Deal with Indian Bank to Deploy CMS

Chennai(Tamil Nadu) based Intellect Design Arena Limited has signed a Rs 80 crore worth 5–year deal
with Indian Bank to deploy its eMACH.ai powered Cash Management System(CMS) to bolster their Corporate
Banking Modernisation.
• Under ‘INDLEAP’ Project, the Indian Bank has adopted the goal of digital transformation, by
leveraging technology wherever possible with transaction banking and supply chain management as
growth engines.
Through this partnership, Intellect will offer various services including
• Omni-channel access across Desktop, Mobility, Host to Host & Application Programming
Interface(API).
• Treasury persona aligned dashboard to drive Contextual Banking eXperience
• Extensive coverage of Payments across electronic and physical channels
• Coverage of Multi-Modal Collections offerings for Indian Corporates

• Ready Open APIs across Portfolio, Payment, and Collections to curate Banking-as-a-Service from
Indian Bank.
About Indian Bank:
MD & CEO– Shanti Lal Jain
Headquarters– Chennai, Tamil Nadu
Established in 1907
Tagline– Your own bank
ACKO Partnered With PhonePe to Sell Car and Bike Insurance

ACKO General Insurance and PhonePe have partnered to offer car and bike insurance products directly through
the PhonePe platform which aims to deliver intuitive, affordable, and reliable insurance coverage to the users.
About the Partnership:
i.The partnership combines ACKO’s customer-first approach with PhonePe’s extensive distribution network.
ii.This collaboration is facilitated through the cutting-edge partnership Application programming
interface (API) stack for seamless integration.
About API Stack:
i.The API stack is specifically designed to enable quick and efficient collaborations with online distributors.
ii.API stack ensures that ACKO’s personalized pricing, innovative Stock Keeping Units (SKUs), and consistent
user experience are seamlessly extended to all partners.
IDFC FIRST Bank & MasterCard Unveiled the “FIRST SWYP” Credit Card
IDFC First Bank Limited, in collaboration with MasterCard, has launched “FIRST SWYP credit card”,
designed exclusively for Gen Z generation.
• The card, powered by Mastercard, aims to provide various lifestyle requirements of the youth,
focused on affordability, convenience and increased customer engagement.
Key Features are:
i.No Interest Charge Card: It will impose no interest charge on credit card. Thus, it provides customers with
financial flexibility.
ii.EMI Repayment Flexibility: It allows the customers for flexible bill repayments through EMI.
iii.Referral Program: It provide benefit-laden referral program which means cardholders can refer friends
and on every successful referral, one can avail various benefits such as: waiver of annual feel, movie vouchers,
bonus rewards and more.
iv.Exclusive Merchant Partnership: this feature allows its customers with access to various lifestyle-related
offers.
Related Information:
FIRST SWYP is the second youth-focused credit card launched by IDFC. Earlier, it had launched “FIRST
Millennia Credit cards”.
IDFC FIRST Bank has launched IDFC FIRST Bank digital RuPay credit cards
IDFC FIRST bank has introduced “IDFC FIRST Bank digital RuPay credit card”, powered for UPI (Unified
Payments Interface). This is a digital credit card on the Rupay network.
Objective: It focuses to enhance customer convenience and simplify transaction experience for them. In
addition, it will blend the UPI transactions and main credit card facilities.
About IDFC FIRST Bank digital RuPay credit card:
i.Existing customers of bank can link their Rupay credit card to UPI without any requirement of document. It
makes this whole process hassle-free.
ii.Customers will be able to use their existing limits through Rupay credit card.
Benefits:
i.It charges Rs199 as joining or annual fees.

ii.It will provide100% cash back up to Rs200 on first 4 UPI transactions done within 15 days from the credit
card issuance date.
iii.Reward Program: Customers can incentivize their spending by earning reward points on UPI.
• It provides 3x reward point on UPI transaction above Rs 2000.
• It provides 1x reward point on UPI transaction below Rs 2000.
iv.Transaction on UPI Apps: It allows customers for easy payment through various UPI apps such as: BHIM,
PhonePe, Paytm, Google Pay, Mobikwik and many more.
About IDFC FIRST Bank Limited:
Managing Director & CEO– V. Vaidyanathan
Headquarter– Mumbai, Maharashtra
Established– 2015
Tagline– “Always You First”
About MasterCard:
CEO– Michael Miebach
Established– 1966
Headquarter– New York, the United States of America (U.S.A)
SEBI allows brokers to Invest Clients’ Fund in overnight MF Scheme; Suspends Registration
of Religare Commodities
On December 12, 2023, Securities and Exchange Board of India (SEBI) has allowed Stock Brokers (SBs) and
Clearing Members (CMs) to park client funds in Mutual Fund Overnight Schemes (MFOS). Currently, they invest
only in risk-free government securities.
• This follows the revision in framework for upstreaming of clients’ funds to clearing corporations
by SBs and CMs which was issued in June 2023.
• MFOS ensures minimal risk transformation of client funds because of overnight tenure and exposure
to only risk-free government securities.
This information by SEBI is provided in exercise of powers conferred under Section 11(1) of the SEBI Act, 1992
read with Regulation 30 of SEBI (Stock
Brokers) Regulations, 1992 and Regulation 51 of Securities Contracts (Regulation) (Stock Exchanges and
Clearing Corporations) Regulations, 2018, to protect the interests of investors in securities and to promote the
development of the securities markets.
Key Points:
i.Brokers and clearing members should ensure that the overnight schemes invest only in government bond,
overnight repo markets and overnight Tri-party Repo Dealing and Settlement (TREPS).
ii.MFOS units should be in dematerialised (demat) form and must necessarily be pledged with a clearing
corporation at all times.
iii.As per the revised framework, Client payment requests must be processed by the next settlement day.
• If not processed on the same day, stock brokers and clearing members must ensure that client funds
are deposited with clearing corporations
iv.Brokers and clearing members cannot use clients’ funds to obtain banking facilities, whether funded or non-
funded based on Fixed Deposit Receipts (FDR).
• FDRs to be created only with banks, which satisfy the clearing corporations’ exposure norms as
specified by them and/or Sebi.
Click Here for Full Framework
SEBI suspends registration of Religare Commodities in NSEL Paired Contracts Case
On December 13, 2023, SEBI suspended the registration of Religare Commodities, a brokerage firm, for its
alleged involvement in illegal paired contracts on the National Spot Exchange Ltd (NSEL).

• The suspension will be for three months from the date of this order or till the FIR filed against the
broking firm by EOW (Economic Offences Wing) ceases to be pending or till the noticee is acquitted
by a court about the FIR, whichever is later.
Key Points:
i.The scheme of paired contracts traded on NSEL caused a loss of Rs 5,500 crore to investors, exposing clients
to trading risks in a product lacking regulatory approval.
ii.In September 2009, NSEL introduced paired contracts, enabling the purchase and sale of the same
commodity through two different contracts at varying prices on the exchange platform.
It was established as a statutory body in 1992 and the provisions of the SEBI India Act, 1992 (15 of 1992) came
into force on January 30, 1992.
Chairperson– Madhabi Puri Buch
Canara HSBC Life Insurance Launches ‘Alpha Wealth’ Plan with Option to Modify Premiums
Canara HSBC Life Insurance introduced the Alpha Wealth plan to provide extensive financial security for
policyholders and their families. The plan encourages long-term savings, with loyalty additions and wealth
boosters enhancing the attractiveness of the plan.
• The product offers increased flexibility, allowing investors to modify premiums, premium payment
terms, policy duration, and sum assured to accommodate evolving financial requirements.
Note:
• Canara HSBC Life Insurance Company Limited is a joint venture (JV) promoted by Canara Bank
(51%) and HSBC Insurance (Asia Pacific) Holdings Limited (26%), established in 2008.
Features:
i.The insurance plan is flexible in terms of providing to choose from 3 plan options based on the life stages:
• Alpha Invest Plus
• Alpha Premium Plus
• Alpha Life Plus
ii.Alpha Premium Plus offers an additional layer of protection that ensures financial responsibilities in the
absence of the policyholder.
• The nominee will receive a lump sum death benefit and waiver of future premiums in case of the
policyholder’s death during the term.
• The nominee also receives the fund value at policy maturity.
• Systematic Withdrawal Option (SWO) and Milestone Withdrawal Option (MWO) empower
policyholders to access wealth strategically.
Canara Bank Launched New Products & Services on its 118th Founder’s Day
Canara Bank, a public sector bank in India launched new products and services for customers on its 118th
Founder’s Day (19 November). These include Corporate ai1, Whatsapp Banking Channel,
and Canara Unified Payments Interface (UPI) 123 Pay.
Note: Canara Bank commemorates the Founder’s Day in memory of its founder, the Late Ammembal Subba Rao
Pai, a philanthropist, who established the Canara Hindu Permanent Fund in Mangalore(Karnataka), on 1 July
1906.
Key People:
K Satyanarayana Raju, Managing Director (MD) and Chief Executive Officer (CEO) of Canara Bank along with
the executive directors introduced the products and services.
About the new products and services:
1.Corporate ai1:
i.It is an application providing a comprehensive 360-degree view of dashboards, forex transactions, and trade
finance services like Letter of Credit (LC) and Bank Guarantee (BG), along with a bulk payment option.

ii.It would provide the various needs of the Corporate Customers of the Bank, who can perform Banking
transactions through Corporate Internet Banking and also on the ‘Canara ai1 Corporate’ App interchangeably.
2.Whatsapp Banking Channel:
It provides 18 services to customers such as balance inquiries, mini statements, account opening, deposit
opening, etc by simply sending a Hi/Hello message to 9076030001.
3.Canara UPI 123 Pay:
It is an Interactive Voice Response (IVR) based UPI solution offered to feature phone users, allowing UPI
registration, Peer to Peer (P2P) payments, balance inquiries, and UPI pin resets.
• Account holders of any bank can avail of this facility in 10 Indian languages including English.
About Canara Bank:
MD and CEO– K.Satyanarayana Raju
Headquarters– Bengaluru, Karnataka
Founded on– 1 July 1906
Tagline– Together we can
World Bank & WFP Deepen Partnership against Backdrop of Record Food Insecurity
World Bank (WB) and the World Food Programme (WFP) have strengthened their partnership amidst growing
concerns about record levels of food insecurity worldwide.
• The partnership aims to build robust food systems along with a preparation plan to handle future
shocks.
• The collaboration also addresses the interconnected challenges of food insecurity such as climate
change, fragility, and poverty.
• They also help governments and communities to boost food security, transform food systems, and
expand adaptive social protection programs.
• The partnership will improve programmatic alignment with a sharp focus on strengthening the
capacities of institutions in the poorest and most vulnerable countries.
CCI approves Temasek & MO Alternate Investment Advisors Stake Buy in Niva Bupa Health
Insurance
The Competition Commission of India (CCI) has given its approval to acquire the stakes in Niva Bupa Health
Insurance Company Limited by Temasek-controlled entity and Motilal Oswal(MO) Alternate Investment
Advisors Private Limited.
Background:
i.In October 2023, Niva Bupa Health Insurance company opened the windows for new investors to invest
Rs.800 crore in the firm for a minority stake.
ii.Following this, investors like Motilal Oswal Private Equity, Temasek and Paragon Partners Growth Fund II
invested in Niva Bupa.
iii.This investment is subjected to regulatory approval.
Temasek:
i.Temasek invested in Niva Bupa Health Insurance through its investment arm V-Sciences Investments Pte
Ltd.
ii.Temasek is a global investment company.
Motilal Oswal Alternate Investment Advisors:
i.Motilal Oswal Private Equity through India Business Excellence Fund-IV(IBEF IV) invested in Niva Bupa
Health Insurance Limited.
• IBEF IV which is a private equity fund managed by Motilal Oswal Private Equity.
ii.IBEF-IV acquired certain equity shares and special rights in Niva Bupa Health Insurance Limited.
iii.It is a Category II Alternative Investment Fund(AIF) registered with the Securities and Exchange Board of
India(SEBI).

Earlier Acquisition:
i.In September 2023, True North Managers Limited Liable Partnership (a majority shareholder), announced
that it would be selling 20% of its holding in Niva Bupa for Rs.2,700 crore.
ii.Bupa Singapore Holdings Pte Limited bought these shares and CCI approved it in November 2023.
• Bupa Singapore Holdings is a shareholder of Niva Bupa and a subsidiary of the international
healthcare group The British United Provident Association Ltd (Bupa).
About Temasek:
Chief Executive Officer(CEO) – Dilhan Pillay Sandrasegara
Headquarters – Singapore
About Motilal Oswal Alternate Investment Advisors Private Limited:
Founder, Chief Executive Officer(CEO) & Managing Director(MD) – Vishal Tulsyan
SBI Mutual Fund Buys 1.5% Stake Karur Vysya Bank for Rs 194.4 cr
SBI Mutual Fund (MF) has acquired 1.5% of paid-up equity share capital in Karur Vysya Bank (KVB) Limited
through open market transactions.
About the Acquisition:
i.SBI Mutual Fund (MF) purchased a total of 1.2 crore shares of KVB for Rs 194.4 crore with the average price
per share being Rs 162.
ii.In November 2023, the Reserve Bank of India(RBI) granted its approval to SBI MF to acquire an aggregate
holding of up to 9.99% in KVB.
iii.The acquisition should take place within one year from the date of RBI’s letter; Otherwise the approval shall
stand cancelled.
About Karur Vysya Bank Limited:
Managing Director(MD) & Chief Executive Officer(CEO) – B. Ramesh Babu
Headquarters – Karur, Tamil Nadu
Tagline – Smart Way to Bank
ICICI Prudential Life & Ujjivan SFB enters Bancassurance Partnership to Distribute Life
Insurance Products
ICICI Prudential Life Insurance limited have entered into a bancassurance partnership Ujjivan Small Finance
Bank (SFB) Limited for the distribution of life insurance product .
Key Points:
i.Under this partnership, Ujjivan SFB’s 700+ branches across 26 states and Union Territories will offer the
entire suite of ICICI Prudential Life’s customer-friendly protection, long-term savings, and retirement products
to its customers.
ii.Through this partnership, Ujjivan SFB aims to increase access to insurance solutions for the middle class and
enable them to secure their financial future.
iii.This partnership will bridge the demand gap for insurance services, and strengthen Ujjivan’s position in
offering insurance solutions for its customers.
Highlighted Products:
i.On the pure protection platform, ICICI Pru iProtect Smart and ICICI Pru iProtect Return of Premium will be
available.
• The protection products can serve as crucial income replacements in the unfortunate loss of the
primary breadwinner.

ii.For long-term savings, customers will be able to conveniently purchase ICICI Pru GIFT Pro, ICICI Pru Gold,
and ICICI Pru Signature.
• Long-term savings products will aid customers in building a savings pool and creating
supplementary income sources.
iii.For retirement planning, ICICI Pru Guaranteed Pension Plan Flexi will aid Ujjivan SFB customers in
systematically planning for their retirement.
• Retirement planning products will ensure customers receive guaranteed life-long income,
promoting financially independent retired lives.
iv.Introduction of ICICI Pru Stack, a suite of digital capabilities, enables efficient customer segmentation, lead
generation, and end-to-end digital policy issuance.
• The stack provides customers with a virtually paperless buying journey.
About ICICI Prudential Life Insurance Company Limited:
It is promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited.
Managing Director & CEO– Anup Bagchi
Started operating in 2001
ADB approves USD 250mn to support NICDP Subprogram 2; USD 200mn Loan to improve
Waste Management in India
On December 8, 2023, the Asian Development Bank (ADB) approved a USD 250 million policy-based loan to
develop industrial corridors in India aligning with the National Industrial Corridor Development Program
(NICDP).
• This funding supports NICDP subprogram 2 for development of multi-modal logistics in industrial
corridors under the Prime Minister (PM) Gati Shakti– National Master Plan for Multi-modal
Connectivity platform.
• It will be utilized to create manufacturing jobs in various industrial sectors, fostering formalization,
boosting productivity, and increasing wages for poverty alleviation in corridor states.
• It will also promote gender equality and worker training/upskilling in these industrial corridors.
Note:
This loan complements the ADB’s USD 250 million Subprogram 1 approved in October 2021, which
strengthened NICDP policies and developed 11 industrial corridors.
Other Features of NICDP subprogram 2:
i.It supports industrial corridors with alternative financing like green finance and promotes workplace safety
and environmental practices.
ii.There will be initiation of a synchronized central and state-level single window clearance system for ease
of investments, and digitizes processes for streamlined logistics.
iii.It will offers private investors access to land and sex-disaggregated labor force data to facilitate investment
decisions.
About NICDP:
NICDP was launched in 2016 by the Government of India (GoI) and was updated in 2020 to enhance planning
and management of industrial clusters to attract private investments in infrastructure and manufacturing.
• It emphasizes efficient transport, quality infrastructure, and business-friendly policies, and setting
up distribution networks linking production centers, urban centers, and international gateways like
ports and airports.
• NICDP’s implementing agency is Department for Promotion of Industry and Internal
Trade (DPIIT).

ADB approved USD 200mn Loan to Help Improve Waste Management and Sanitation in India
On December 13, 2023, ADB approved USD 200 million loan to improve solid waste management and
sanitation in Indian cities. It will support GoI’s Swachh Bharat Mission(Clean India Mission)–Urban (SBM-U)
2.0 targeting garbage free Indian cities by 2026.
How will this ADB’ support be utilized?
i.Through this funding there will be development of municipal solid waste management and sanitation facilities
and practices in 100 cities across 8 states.
ii.There will be establishment of upgraded waste facilities (bio-methanation, composting, landfills, recovery,
plastic processing).
iii.There will be construction of communal toilets, urinals, and acquiring of sweeping equipment for improved
urban services.
iv.It will enhance urban waste management with integrated resilience, gender equality, social inclusion,
capacity building, peer learning, private sector engagement, regular plan reviews, and training for improved
waste segregation by sanitation workers and communities.
ADB to Provide USD 3.15mn TA grant
ADB will also provide an additional USD 3.15 million Technical Assistance (TA) grant from its Urban
Resilience Trust Fund, Republic of Korea e-Asia and Knowledge Partnership Fund, and the Sanitation Financing
Partnership Trust Fund.
• This TA grant will support implementation of above program, capacity building of selected states on
financial management.
• It will also monitor, evaluate and facilitate city-to-city partnerships.
Key Points:
i.India generates about 62 million tons of Municipal Solid Waste (MSW) annually.
ii.According to the State of India’s Environment 2023 report, MSW generation in India is estimated to be
around 150,000 tonne per day (TPD).
• 22%-28% of generated waste remains untreated, contributing to environmental pollution through
open burning, illegal dumping, and uncontrolled dumpsites.
iii.The SBM eradicated open defecation for 500 million people, reducing health risks and preventing pollution,
with ongoing efforts for further enhancements.
ADB launches pioneering climate action catalyst fund to drive decarbonisation in Asia-Pacific
ADB announced plans to launch the Climate Action Catalyst Fund (CACF) on January 1, 2024. It is a first-of-
its-kind carbon fund under the Paris Agreement.
• The CACF is a carbon fund supporting mitigation actions in Asia-Pacific, enables financing partners
to engage in long-term transactions for post-2020 outcomes, and foster the development of
international carbon markets in ADB’s Developing Member Countries (DMCs)
Key Points:
i.CACF funds upfront climate mitigation for carbon credit delivery, emphasizing environmental integrity and
sustainable development.
ii.Under Article 6 of the Paris Agreement, the CACF facilitates direct collaboration between countries,
enabling emissions reductions measures to transfer between nations.
iii.The Swedish Energy Agency signed an agreement with ADB to contribute 300 million Swedish krona(~USD
27 million) to the fund which aims to mobilize more than USD 100 million in commitments from national and
subnational government entities, and the private sector in ADB members.
iv.It should be noted that ADB aims to provide USD 100 billion in climate financing from its own resources
from 2019 to 2030, including USD 34 billion for adaptation.
Click Here for Official Information about Fund
About National Industrial Corridor Development Program (NICDP):
CEO & MD– Rajat Kumar Saini
Headquarters– New Delhi, Delhi

SBI Signs 70 Million Euro Loan with Germany’s KfW For Solar PV Projects
The State Bank of India (SBI) has signed a 70 million Euro (approximately Rs 636 crore) Line of
Credit (LoC) with KfW Development Bank, Germany, to support solar photovoltaic(PV) projects in India.
• The agreement was signed at the International Financial Services Centres (IFSC) Gujarat
International Finance Tec-City (GIFT City) Branch of SBI in Ahmedabad, Gujarat.
India’s COP Commitments:
i.The agreement is in line with India’s commitment made at 28th Conference of the Parties of the United
Nations Framework Convention on Climate Change (UNFCCC – COP 28) summit held at Dubai in November
2023.
ii.COP 28 calls for deep, rapid and sustained reduction in greenhouse gas (GHG) emissions” and “transitioning”
away from fossil fuels in the energy system in an orderly and equitable manner
iii.India’s commitment at COP26 in 2021, promising five key climate goals, including 500 Gigawatt (GW) of
non-fossil energy by 2030 and generating half of all energy requirements from renewables, to reducing
emissions by 1 billion tonnes by 2030.
iv.India aims to reduce the GHG emissions intensity of Gross Domestic Product (GDP) by 45 per cent.
v.India also commits to net-zero emissions by 2070.
Chairperson – Dinesh Kumar Khara
About Kfw Development Bank:
Federal Bank recognised as Top Performer of 2023 CAFI Award for Climate Reporting by IFC
International Finance Corporation (IFC), a member of the World Bank Group, has recognised Federal Bank
Limited as the top performer of the 2023 Climate Assessment for Financial Institutions (CAFI) Awards for
Climate Reporting.
• Federal Bank emerged as a standout performer by securing 2 positions on the global stage and 4
recognitions in South Asian Region.
Note: Around 258 financial institutions across the globe are participating in climate reporting through the CAFI
tool.
Accolades Received by Federal Bank:
Global recognition:
• Highest Climate Loan Amount Reported
• Most (Greenhouse Gas) GHG Mitigated.
FY23 Regional Award (South Asia):
• Most Transactions Reported
• Most GHG Mitigated
• Best Achievement vs Climate Targets
The awards recognise the Federal Bank’s dedication to climate-conscious practices.
2023 CAFI Awards for Climate Reporting:
i.The 2023 CAFI Awards for Climate Reporting acknowledges the IFC clients using the CAFI tool to report on
their climate investments and commitments in emerging markets.
ii.Apart from Federal Bank, 2 other financial institutions were recognized as the 2023’s top global reporting
financial institutions, they are:
• Most Transactions Reported- Equity Bank, Kenya

• Best Achievement vs Climate Targets- Banco de la Producción, Ecuador

iii.The award also recognized the top performers in each IFC’s region
Click here for the complete list of 2023 awardees
Key Points:
i.As of June 2023, IFC has committed USD 15.2 billion to climate-related projects through more than 210
emerging market financial institution partners, leveraging an additional USD 5.8 billion.
ii.The CAFI tool enables these partners to evaluate the climate eligibility and impact of their investment
decisions.
iii.CAFI was used by the IFC clients to report more than USD 12 billion worth of climate loans distributed in
emerging markets.
iv.Annually, these loans will reduce GHG emissions by more than 31 million tons, generate 45 terawatt hours of
renewable energy, and finance 2.8 million square metres of certified green buildings.
v.In the Fiscal year 2023, IFC contributed about USD 43.7 billion to private companies and financial institutions
in developing countries.
About Federal Bank Limited:
Managing Director(MD) & Chief Executive Officer (CEO)– Shyam Srinivasan
Headquarters– Aluva, Kerala
Tagline– Your Perfect Banking Partner
ADB raises India FY24 growth forecast to 6.7%

On December 13, 2023, the Asian Development Bank (ADB) in its Asian Development Outlook (ADO) December
2023 raised its economic forecast for India to 6.7% for Fiscal 2023-2024 (FY24) from the 6.3% forecast made
in September 2023.
This increase is driven by India’s higher-than-expected gross domestic product (GDP) growth of 7.6% year-on-
year in the July-September quarter.
• On the other hand, Real GDP growth for Q1 FY25 is projected at 6.7%; Q2 at 6.5%; and Q3 at 6.4%.
• India’s inflation also unchanged at 5.5% in FY24.
For Asia:
i.For whole of Asia, ADB projected its economic growth forecast in 2023 at 4.9% which higher than the
September 2023 forecast of 4.7%.
ii.The outlook for 2024 is retained at 4.8%.
iii.Inflation has been lowered from the original 3.6% to 3.5% in 2023.
• In 2024, it is expected to be 3.6%, slightly higher than the previous forecast of 3.5%.
iv.ADB also revised the Developing Asia’s growth projection to 4.9% for the calendar year 2023 from 4.7%
earlier, on account of robust domestic demand.
v.While, Southeast Asia will grow slower than expected due to downward revisions for Malaysia, Thailand, and
Vietnam. It has been cut from 4.6% to 4.3%.
Members – 68
Bain Capital Sold 1.08% Stake in Axis Bank for Rs 3737 Cr

Bain Capital, an American Private Equity (PE) firm, has sold 1.08% stake or 33.38 million shares worth Rs
3737 crore in Axis Bank in a block trade.
The shares were sold by 3 affiliate firms of Bain Capital: BC Asia Investments VII, BC Asia Investments III and
Integral Investments South Asia IV at Rs 1119.7 apiece.

• This was the 2nd sell down of Axis bank by Bain in 2023. Previously, in June 2023, Bain has sold
0.73% stake for Rs 2178 crore at Rs 968 per share.
• In November 2017, Bain had bought stake worth Rs 6,854 crore in Axis Bank and has sold shares in
several tranches since then.
Note:
The block trade was carried out by Goldman Sachs Group, Inc..
The top buyers of the shares includes Société Générale S.A., Goldman Sachs, Union Bank of Switzerland (UBS)
and Morgan Stanley & Co Limited Liable Company (LLC.)
About Axis Bank Limited:
Managing Director(MD) & Chief Executive Officer (CEO)– Amitabh Chaudhry
Tagline – Badhti Ka Naam Zindagi
LIC Cards, IDFC First & Mastercard Collaborate to Launch Co-Branded Credit Card
LIC Cards Services Limited (LIC CSL), IDFC FIRST Bank Limited and Mastercard has collaborated to
launch “LIC IDFC FIRST Credit Cards”, a co-branded credit card to meet the dynamic financial needs of
India.
• The card is available in two variants: LIC Classic Credit Card and LIC Select Credit Card.
• The Lifetime free card is (zero joining fee and zero annual fee) specially designed for the
customers in Tier II and Tier III cities.
Co-branded Credit Card:
i.The card provides reward points on payment of every Life Insurance Corporation of
India (LIC) insurance premium.
ii.These reward points (valid for 3years) can be redeemed by a cardholder against any online purchase,
including the payment of LIC insurance premiums.
iii.The card comes with Zero Joining Fee and Zero Annual Fee with no minimum spend conditions.
Eligibility:
i.Primary cardholder should be above the age of 21 years.
ii.The annual income of a cardholder should be Rs.3 lakhs or more.
Benefits:
i.The card offers low interest rate of 9% per annum.
ii.The card provides upto Rs 50,000 cover for lost card liability and a personal accident insurance cover of
up to Rs 5 lakh.
iii.The card gives complimentary access to lounges at airports and railway stations insurance.
iv.The cardholders also avail a 1% fuel surcharge waiver along with roadside vehicle assistance worth Rs
1,399.
v.The cardholders can use the card to withdraw cash from an Automated Teller Machine (ATM) at
zero interest rate.
Managing Director & Chief Executive Officer (CEO)– V. Vaidyanathan
Established– 2015
Tagline– “Always You First”
About LIC Cards Services Limited (LIC CSL):
LIC Cards Services Ltd., (LIC CSL) is a wholly owned subsidiary of Life Insurance Corporation of
India (LIC) of India.


Cashfree Payments Launches India’s First Self-Hosted Payments Orchestration Platform

Cashfree Payments has introduced India’s first self-hosted payments orchestration
platform ‘FlowWise’ which allows payment management to take place directly on the merchant’s
infrastructure.
About FlowWise:
i.FlowWise is one setup solution for Indian businesses for managing different payment systems. It
simplifies the complexity and effort of using multiple Payment Gateways (PGs) for businesses.
ii.The platform is considered to be secure as there is no scope for data leaks.
iii.The platform allows to send payments to different partners by cutting processing costs by up to 40%
and improving success rates up to 10%.
RIL & DBS Bank India Collaborates to Promote CBG Plants Across India
Reliance Industries Limited (RIL) and DBS Bank India have collaborated to introduce a customised
supply chain financing program meet the requirements of compressed biogas (CBG) project initiated by
RIL.
• This initiative is a part of RIL’s net zero emissios roadmap.
Note: DBS Bank India’s customized funding structure facilitates the development of a competitive logistics
and scalable CBG industry.
Key Points:
i.DBS Bank India customizes its supply chain financing model to accommodate the unique challenges
presented by the highly fragmented and seasonally variable CBG industry.
ii.The financing will enable the development of an ecosystem where vendor partners can aggregate
agricultural residue as raw material for Reliance’s CBG production plants across India.
Reliance’s Green Vision:
i.RIL sees agricultural residue as pivotal in its net-zero roadmap and plans to invest nationwide in
producing CBG as an eco-friendly alternative to imported Compressed Natural Gas (CNG) and other fossil
fuels.
ii.It has planned to set up 100 CBG plants over 5 years that will not only meet domestic gas demand but
also position India as a key biofuel source.
iii.The focus is on converting over 5.5 million tonnes per annum of agricultural residue and organic waste.
• The initiative contributes to India’s net-zero goals, reducing carbon dioxide (CO2) emissions by
nearly 2 million tonnes annually.
Benefits of CBG Plants:
i.CBG plants play a crucial role in controlling air pollution, caused primarily by burning organic waste.
ii.These plants not only manage waste effectively but also contribute significantly to reducing carbon
emissions.
iii.It will also contribute towards the production of Fermented Organic Manure (FOM) which will enhance
soil fertility and reduce the consumption of chemical fertilizers over a period.
iv.It can benefit farmers from an additional revenue stream, avoiding penalties tied to residue burning.
About Reliance Industries Limited (RIL):
Chairman and Managing Director(CMD)– Mukesh D. Ambani

About DBS Bank India Limited:

It is a wholly owned subsidiary of DBS Bank Ltd, Singapore.
MD & CEO– Surojit Shome
KMBL & IIT Kanpur Launched India’s 1st School of Sustainability

Kotak Mahindra Bank Limited (KMBL) and the Indian Institute of Technology, Kanpur(IIT-K) in Uttar
Pradesh(UP), has launched “Kotak School of Sustainability (KSS)”, India’s first fully integrated school of
sustainability, at IIT-K Campus.
• KSS is funded by KMBL through their Corporate Social Responsibility (CSR) programme ‘Kotak
Karma’.
Key People:
i.Union Minister Dharmendra Pradhan, Ministry of Education(MoE) graced the event as Chief Guest.
ii.Abhay Karandikar, Secretary, Department of Science and Technology(DST); Prakash Apte, Chairman of
KMBL; and Nagendra Nath Sinha, Secretary, of Ministry of Steel(MoS) were present during the event.
About Kotak School of Sustainability (KSS):
Aim:
To promote pedigree education, research, and outreach by focusing on enhancing home-grown capabilities to
address sustainable development.
Cost:
The total project cost is around Rs 200 crore. Kotak will be contributing Rs 70 crore in the first phase.
Features:
i.The KSS will be housed in a green building in IIT-K’s main campus. It will be platinum-rated with net zero
practices on energy, water, and waste.
ii.KSS will be led by tenured professors and leading industry experts from across the world.
iii.It will offer both undergraduate and postgraduate academic and skill-building programmes on different
themes of sustainability.
Key Points:
i.KSS will acts as a platform for collaborative research across multiple facets of sustainability by bringing
together departments and Centres of Excellence (COEs) at IIT-K.
ii.KSS will have dedicated COEs covering diverse aspects of sustainability like clean energy, environment,
ecology, circular economy, climate finance, sustainable societies and policy.
v.KSS will contribute to India’s growing skilled workforce towards achieving the goal of long-term sustainable
development, including its net-zero target by 2070.
About Kotak Mahindra Bank Limited (KMBL):
Managing Director & Chief Executive Officer (CEO)– Dipak Gupta
Tagline – Let’s Make Money Simple
Sovereign Gold Bonds Scheme 2023-24 Series III Unveiled

The Government of India (GoI), under Notification No.4(6)-B(W&M)/2023 dated December 8, 2023, announces
the opening of Sovereign Gold Bonds (SGBs) 2023-24 (Series III) for subscription during the period
December 18-22, 2023 with Settlement date December 28, 2023.
• The issue price during the subscription period shall be Rs.6,199 per gram (as per the Reserve Bank
of India (RBI) Press Release dated December 15, 2023).
• The Government of India in consultation with the RBI has decided to allow a discount of Rs. 50 per
gram to investors applying online and making payments through digital mode.

• The issue price of Gold Bond for such investors will be Rs. 6,149 per gram.
Click here to know more about SDB Scheme 2023-24
PSBs Wrote-off Rs 10.42 lakh crore in 9 Years & Recovered 15.45%

The Public Sector Banks (PSBs) have recovered Rs 1.61 lakh crore out of the Rs 10.42 lakh crore written off
during the 9 fiscal years from 2014-15 to 2022-23. PSBs could not recover even Re 1 as against Rs 5 written-off
during 9 fiscal years starting 2014-15
• The recovered amount accounts for around 15.45% of the total written-off amount.
bWhat is a loan write-off?
As per Reserve Bank of India(RBI) guidelines and Banks Board-approved policies, Non-Performing Assets
(NPAs), including those fully provisioned after 4 years, are written off from the balance sheets of the concerned
banks.
Recovery from Written-Off:
i.The recovery from written-off accounts is initiated through various mechanisms, such as
• Filing of civil suits in the Debts Recovery Tribunals(DRTs)
• Action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security
Interest(SARFAESI) Act, 2002.
• Filing of cases in the National Company Law Tribunal(NCLT) under the Insolvency and Bankruptcy
Code(IBC), 2016
ii.With respect to the ‘Framework for Compromise Settlements and Technical Write-offs’ released by the
RBI in June 2023, lenders can offer compromise settlements to defaulters without prejudice to criminal
proceedings.
• Such compromise will enable multiple avenues for lenders to recover money in default without
delay.
SCB written off Rs 10.57 lakh Crore in the last 5 years; Recovered Rs 7.15 lakh crore
Scheduled Commercial Banks (SCBs) have collectively written off Rs 10.57 lakh crore over the past 5 financial
years spanning from 2018-19 to FY 2022-23.
• Over Rs 5.52 lakh crore was allocated to loans linked to large industries. This also includes Rs
93,874 crore written off by all banks due to fraud during this period.
• During this period, SCBs have recovered Rs 7.15 lakh crore from NPAs.
Note: In FY23, SCBs have collected an aggregate amount of Rs 5,309.80 crore as penal charges, including
penalty charges against delay in payment of loans.
Static GK:
Scheduled Commercial Banks are divided into 6 types: Scheduled Public Sector Banks; Scheduled Private Sector
Banks; Scheduled Small Finance Banks; Regional Rural Banks; and Foreign Banks.
At present, India has 12 Public Sector Banks and 22 Private Banks.
LIC Notifies Hike in Gratuity Limit to Rs 5 lakh from Rs 3 lakh for Agents
Life Insurance Corporation of India (LIC) has increased the gratuity limit to Rs 5 lakh from Rs 3 lakh with
an aim to improve the working conditions and benefits of the agents with effect from 6th December 2023.
• These regulations will be called the Life Insurance Corporation of India (Agents) Amendment
Regulations, 2023.
Key Points:
i.In September 2023, the Ministry of Finance(MoF) approved a series of welfare measures related to the
amendments of LIC (Agents) Regulations, 2017.
ii.This includes enhancement of gratuity limit and Uniform Rate of Family Pension.
iii.It also includes the reappointed agents to be eligible for renewal commission, thereby providing them
with increased financial stability.

Reliance General Insurance introduces ‘Reliance Health Global’ Insurance Policy

The Reliance General Insurance Company Limited (RGICL), a subsidiary of Reliance Capital limited,
introduced “Reliance Health Global”, a health insurance policy that provides comprehensive coverage for
customers globally, including treatment from the best hospitals.
• Notably, it is the first global health insurance policy that covers emergency and planned
treatments within India by offering an unlimited Sum Insured.
About Reliance Health Global:
i.It aimed at providing Indians with access to global healthcare i.e. it offers coverage in India and in other
parts of the world too.
ii.It offers four plans: Elite, Elite+, Royal, and Royal+.
iii.The tagline of this policy is ‘A Health Policy Without Borders’.
Features:
i.The age criteria for child is 91 days to 25 years, and for adult is 18 years to 65 years
ii.The policy period is 1 year, 2 years & 3 years.
iii.Its sum-insured coverage is up to USD 1 million (Rs 8.30 crores).
Key Points:
i.It covers all specialised treatments+ including neurosurgery, bypass surgery, cancer, etc. ii.It also
includes provisions for travel, accommodation, and comprehensive Visa and assistance services,
addressing unforeseen situations like lost passport or emergency cash needs.
iii.Other services include air ambulance services, organ donor expenses and without any limitations on
room rent.
Maharashtra becomes Largest Economy in India; UP becomes 2nd largest

According to a online blogging platform soic.in, Maharashtra has emerged as the largest economy of
India. It has largest share of 15.7% in India’s Gross Domestic Product (GDP).
• It is followed by Uttar Pradesh (UP) with 9.2% share in India’s GDP, and Tamil Nadu (TN) with
9.1%.
• The platform keeps track of investments and the stock market.
Key Points:
i.The above states are followed by Gujarat (8.2%), West Bengal (7.5%), Karnataka (6.2%), Rajasthan
(5.5%), Andhra Pradesh (4.9%), and Madhya Pradesh (4.6 %)
ii.With Respect to UP, it has eliminated organized crime to zero, surged to 2nd place in ‘Ease of Doing
Business,’ attracted Rs 40 lakh crore investments via Global Investors Summit (GIS) 2023, achieved nearly
Rs 2 lakh crore in exports, and increased the bank loan-deposit ratio from 42-43% to 56%, aiming for
60%.
LIC reduces stake in Dixon Technologies to 3% from 5.012%

Headquartered in Mumbai (Maharashtra), Life Insurance Corporation of India (LIC) has reduced its
percentage of the paid-up capital in Dixon Technologies (India) Limited to 3% from 5.012% through open
market operations.
• This decrease of 2.012% during the period from 20th April 2022 to 15th December 2023, is a
result of decreasing equity shares from 29,97,913 to 17,94,395 at an average cost of Rs
5,877.65.
About Dixon Technologies (India) Limited:
Chief Executive Officer(CEO) – Atul B. Lall
Headquarters – Noida, Uttar Pradesh (UP)

World Bank : India tops Global Remittance Charts at USD 125 Billion in 2023
According to World Bank(WB)’s Migration and Development Brief 39 titled ‘Leveraging Diaspora Finances
for Private Capital Mobilization’, India is considered a top remittance recipient with an estimated inward
remittance flow of USD 125 Billion.
• Mexico stands at the second position with an estimated recipient value of USD 67 billion followed
by China as third with USD 50 billion.
• This report indicates a continuing growth in remittance flows to low- and middle-income countries
(LMICs) in 2023.
• The report raises awareness about the potential impact of global economic conditions on remittance
flows.
Top Five Remittance Recipients:
Rank Country Estimated Remittance Value (USD)
1 India 125 Billion
2 Mexico 67 Billion
3 China 50 Billion
4 Philippines 40 Billion
5 Egypt 24 Billion
India’s Position:
i.The key drivers of remittance growth in India are the tight labour market in the United States of
America(USA), and high employment growth in Europe.
ii.India’s growth also boosted remittance inflows in South Asian region.
iii.The remittance was estimated to be USD 189 billion with a growth of 7.2% in 2023. In 2022, the remittance
growth rate was at 12%.
• The report highlights that banks remain the most expensive channel for sending remittances,
incurring a cost of 12.1%.
Other Regional inflow:
i.The Middle East and North Africa saw a decline in remittance flows for the second consecutive year, due to
low remittance in Egypt.
ii.Remittance flows to Europe and Central Asia also decreased by 1.4% after a significant gain in 2022.
About the report:
i.Migration and Development Briefs report updates on migration and remittance flows happening across the
globe.
ii.The report revealed that there is a continuous but slower growth rate(3.8%) in remittance flows to low- and
middle-income countries (LMICs) in 2023 compared to 2021 and 2022 (with an average of 9%).
• The remittance growth rate is projected at 3.1% in 2024
iii.The overall remittance amounts to a total of USD 669 billion.
iv.The report suggests that due to global inflation and low growth prospects, there is a risk of a decline in real
income for migrants in 2024.
v.Resilient labour markets in advanced economies and Gulf Cooperation Council (GCC) countries played a
pivotal role in supporting migrants’ ability to send money home.
vi.The remittance costs is high, averaging 6.2% to send USD 200 as of the second quarter(Q2- July to
September) of 2023.

About Arms of World Bank Group(WBG):

WBG consists of five development institutions namely,
i.International Bank for Reconstruction and Development (IBRD)
ii.International Development Association (IDA)
iii.International Finance Corporation (IFC)
iv.Multilateral Guarantee Agency (MIGA)
v.The International Centre for the Settlement of Investment Disputes (ICSID)
GoI & ADB sign 37bn Japanese Yen loan for Delhi-Meerut RRTS Corridor
On December 15, 2023,Government of India (GoI) and Asian Development Bank (ADB) have signed an loan
agreement for a 37 Billion Japanese Yen (USD 250 million) loan to continue financing the construction of the
82-kilometre Delhi-Meerut Regional Rapid Transit System (RRTS) corridor.
Signatories: The agreement was signed by the Juhi Mukherjee, Joint Secretary, Department of Economic Affairs
(DEA), Ministry of Finance, GoI, and Hoe Yun Jeong, Deputy Country Director, ADB India Resident Mission,
ADB
About RRTS:
i.Delhi Meerut RRTS is the first of the 3 priority rail corridors planned as a part of the National Capital Region
(NCR) Regional Plan 2021, to connect Delhi to neighboring cities.
ii.RRTS is a new, dedicated, high speed, high capacity, comfortable commuter service connecting regional nodes
in NCR.
iii.It will have multi-modal hubs to ensure smooth interchange with other transport modes.
Implementing agency: National Capital Region Transport Corporation (NCRTC), a joint venture company of
GoI and States of Delhi, Haryana, Rajasthan and Uttar Pradesh(UP).
Note:
i.In 2020, ADB approved USD 1,049 million Multi-tranche Financing Facility (MFF) for RRTS project.
ii.The 1st tranche of the ADB loan ammounted to USD 500 million and another USD 500 million co-financed by
Asian Infrastructure Investment Bank (AIIB).
Key Points:
i.This investment will enable RRTS to improve urban mobility. The economic impacts of this project will also
benefit women and the differently abled.
ii.The Delhi-Meerut RRTS corridor will offer rapid, safe, and high-capacity commuter transit, reducing travel
time from 3-4 hours to about 1 hour.
KMBL & IOCL Collaborate to Launch Co-Branded Rupay Credit Card

Kotak Mahindra Bank Limited (KMBL) in collaboration with IndianOil Corporation Limited (IOCL) has
launched a co-branded credit card called ‘Indian Oil Kotak Credit Card’.
• The fuel card is powered by Rupay contactless technology.
About of Indian Oil Kotak Credit Card:
i.This fuel credit card is specifically designed to benefit customers when used at Fuel Pump Station.
ii.The fuel credit card can be used to purchase petrol, diesel, etc. or other fuels at participating fuel stations.
Benefits:
i.The cardholders will get 4% back as Reward Points(24 points/Rs.150 spent) along with the benefit of 1% Fuel
Surcharge waiver on IndianOil fuel transactions.
ii.The customer will also save 2%(12points/Rs.150 spent) when using the card for dining and grocery
spending.
Eligibility:
i.Primary Credit Card holders should be in the age limit of 18 years to 65 years.
ii.Add-on cardholders should be above the age of 18 years.
iii.The cardholder should be a resident of India.

Features:
i.The card comes with an annual fee of Rs.499 and a Joining fee of Rs.499.
• However, the annual Fee will be waived on spending more than Rs 50,000 in the previous year.
ii.All the aspects of the card can be controlled from mobile applications.
iii.No pin is required for payments up to Rs.5000.
iv.Personal accident insurance cover of Rs 2,00,000 is available in the IndianOil Kotak Credit Card.
Reward Points:
i.Kotak Rewards is the new point redemption currency of this credit card.
• These points can be redeemed in multiples of 300.
ii.The Kotak Reward Points can be converted to XTRAREWARDS Points which is a loyalty program offered
and managed by IndianOil.
iii.Kotak Reward points have a validity of 24 months whereas XTRAREWARDS Points do not expire.
About IndianOil Corporation Limited (IOCL):
IOCL is a Maharatna Central Public Sector Enterprises (CPSEs)
Chairman- Srikant Madhav Vaidya
Max Life introduces the Smart Total Elite Protection Term Plan
The Max Life Insurance Company Ltd. (Max Life) introduced “Max Life Smart Total Elite Protection (STEP)
Term Plan”, a non-linked, non-participating, individual pure-risk premium life insurance plan.
Aim:
To enhance financial security in the current dynamic landscape and address the modern consumer’s need for
increased protection through higher coverage solutions.
Key Points:
i.The offering provides enhanced coverage of Rs 2 crores, aligning with the growing financial needs.
ii.It also offers flexibility, allowing policyholders to take a premium break every five years as part of the cover
continuance benefit.
iii.It offers policyholders multiple enhanced benefits like Instant Payment on Claim Intimation, Cover
Continuance Benefit and Special Exit Value.
About Max Life Insurance Company Ltd. (Max Life):
Max life is a joint venture between Max Financial Services Limited, a part of the Max Group, and Axis Bank
Limited.
Managing Director & CEO– Prashant Tripathy
IndusInd Bank Launched Industry-First Program For Diamond Industry

IndusInd Bank Limited has launched ‘Indus Solitaire Program’, an industry-first community banking
program designed for the diamond industry.
About the Indus Solitaire Program:
i.The program provides a range of exclusive benefits along with distinct features and offerings to customers in
the diamond industry.
ii.The services also includes 24*7 locker access at specific branches, add-on family accounts, debit and credit
cards that come with membership benefits.
iii.The program goes beyond traditional banking and offers elite banking services to the diamond community
through IndusInd’s flagship branches in Mumbai (Maharashtra) and Surat (Gujarat).
• IndusInd Bank also launched its new branch at the Surat Diamond Bours

CASHe Repositions the Brand and Launches New Website and Mobile App
CASHe, an Artificial Intelligence(AI) driven financial wellness platform has strategically repositioned the
brand, along with the launch of the new website and mobile application(app) with the tagline
– ‘Bharat Ka Money App.’
Repositioning:
i.Through repositioning, CASHe established itself as a premier credit-centric financial platform which offers
accessible, innovative, and empowering financial solutions.
ii.This repositioning underscores CASHe’s commitment to meeting the diverse financial needs of young
working millennials in urban hubs and tier 2, tier 3 cities and small towns across India.
iii.Through the new website and mobile app CASHe provides a comprehensive and tailored financial solutions.
About CASHe:
Chief Executive Officer – Yashoraj Tyagi
ICRA Revises India’s FY24 GDP Growth projection to 6.5% from 6.2%
On December 18, 2023, ICRA Limited (formerly Investment Information and Credit Rating Agency of India
Limited) has upgraded its Gross Domestic Product(GDP) growth forecast for India for the fiscal year 2023-24
(FY24) to 6.5% from the earlier estimate of 6.2%.
• The revises forecast is still lower than the Reserve Bank of India (RBI)’s GDP growth forecast of 7%
for FY24.
Points to note:
i.ICRA revised the estimates stating that the deflation in commodity prices will be sustained and expects a
better growth in the October-December period than previous estimates.
ii.The festive-led increase in volume growth in high-frequency non-agri indicators, as indicated by the ICRA
Business Activity Monitor in October-November 2023 (Q3FY24) (11.3% versus 9.5% in Q2FY24) highlights
that GDP growth is likely to fare between Q3FY2024 than expected.
Key Points:
i.Global commodity prices are stable in Q3FY24 due to reduced demand from China, sufficient supplies for
commodities like crude oil, and the normalization of supply chains.
ii.While October and November have seen higher activity, the early trends for December are mixed, amid
moderation in electricity demand growth, a rise in daily vehicle registrations, and a contraction in diesel sales.
iii.The sustenance of deflation in commodity prices in Q3 FY24 is likely to continue to favour margins of some
sectors such as manufacturing.
Unemployment Rate among Graduates declines to 13.4% Between July 2022 and June 2023
As per the Periodic Labour Force Survey (PLFS) by the Ministry of Statistics & Programme Implementation
(MoSPI), the Unemployment Rate (UR) for graduates aged 15 and above declined to 13.4% in 2022-2023 (July
2022 and June 2023) from 14.9% in July 2021-June 2022.
• Chandigarh and Delhi had the lowest URs for graduates, at 5.6% and 5.7% respectively.
• While, the highest unemployment is in Andaman & Nicobar Island at 33%, followed by Ladakh at
26.5% and Andhra Pradesh (AP) at 24%.
• This information was part of the 6th annual report on the basis of the PLFS conducted during July
2022-June 2023 by National Sample Survey Office (NSSO).
Key Points:
i.Among larger states, the unemployment rate was high in Rajasthan at 23.1% and in Odisha at 21.9%.
ii.UR is defined as the percentage of unemployed persons in the labour force.
iii.The NSSO launched the Periodic Labour Force Survey (PLFS) in April 2017. Earlier, five annual reports have

been brought out on the basis of the data collected in PLFS during July 2017-June 2018, July 2018-June 2019,
July 2019-June 2020, July 2020-June 2021 and July 2021-June 2022.
HDFC Life and KVB Entered Into a Corporate Agency Arrangement

On 19th December 2023, Karur Vysya Bank Limited (KVB) signed a Corporate Agency (CA) arrangement
with HDFC Life Insurance Company Limited to empanel HDFC Life as an additional bancassurance
partner of KVB for the life insurance category.
About CA arrangement:
i.The CA arrangement will enable customers of KVB to avail HDFC Life’s wide range of customised life
insurance products, including solutions for protection, savings and investment, retirement and critical illness.
ii.The partnership aims to simplify the path to financial well-being for customers.
iii.The collaboration is aligned with the goal of ‘Insurance for all by 2047’ set by the Insurance Regulatory and
Development Authority of India (IRDAI).
Insurance for all by 2047:
i.IRDAI committed to enabling ‘Insurance for all by 2047’ to provide every citizen with life, health and property
insurance coverage 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).
Bancassurance:
Bancassurance is a financial services model in which banking institutions and insurance companies collaborate
to offer a wide range of financial products and services to customers.
About HDFC Life Insurance Company Limited:
It is a joint venture between HDFC Ltd., and Standard Life Aberdeen.
Managing Director(MD) & Chief Executive Officer(CEO) – Vibha Padalkar
PayCraft partners with NSDL Payments Bank & NPCI to launch Corporate Transit Card
On December 19, 2023, Paycraft Solutions Pvt. Ltd., launched One Nation Corporate Card in partnership
with NSDL Payments Bank and the National Payments Corporation of India (NPCI).
• It will be offered to the Indian customers pan-India from June end 2024
Note:
• NSDL Payments Bank, headquartered in Mumbai, Maharashtra, is a wholly owned subsidiary of
National Securities Depository Ltd (NSDL).
• NPCI is a not-for-profit organisation established by the Reserve Bank of India (RBI) and Indian
Banks’ Association.
About One Nation Corporate Card :
i.The One Nation Corporate Card is a National Transit Card built on an indigenously developed multi-wallet
platform with Transit Issuance and Processing Capability.
ii.The card allows cardholders to travel across India on any public transport that accepts bank-issued cards.
iii.The card crafted on National Common Mobility Card (NCMC) specifications with offline capability, is in line
with Government of India’s (GoI) One Nation One Card vision.
iv.The card enables transaction across 4 channels: Automated Teller Machine (ATM) , POS (Point of Sale), e-

commerce websites, and metro stations.

v.The card serves as a tax benefit instrument for corporate employees, and also features a corporate expense
management platform, providing a digital solution for businesses to streamline expenses nationwide.
Click Here for Official Details about Card
About PayCraft Solution Private Limited:
Paycraft is a payments company providing contactless open loop products with capabilities of processing
online and offline transactions.
CEO– Ambarish Parekh
Founded in 2013.
U GRO Capital raises USD 30mn through NCDs from Netherland’s FMO
On December 19, 2023, U GRO Capital Limited, a non-banking financial company (NBFC), raised USD 30
million (around Rs 250 crore) through Non-Convertible Debentures (NCDs) from FMO, the Dutch
entrepreneurial development bank, based in the Hague, the Netherlands.
• The INR (Rupee)-denominated NCDs issuance was fully subscribed by FMO.
Key Points:
i.This in in line with FMO’s commitment to support inclusive and sustainable prosperity by supporting
entrepreneurs.
ii.FMO, as an impact investor, focuses on 3 sectors with a high development impact: agribusiness, food & water,
energy, and financial institutions.
Additional info:
U GRO Capital has offered credit to more than 80000 small business over the last 5 years.
In 2023, U Gro Capital has raised over Rs 340 crore in equity capital. This includes Rs 240 crore from the
Danish Development Finance Institution(DFI) and Investment Fund for Developing Countries (IFU).
Note:
Reserve Bank of India (RBI) stated that in October 2023, the MSME (Micro, Small & Medium Enterprises) sector
received Rs 23.15 lakh crore in priority sector lending (PSL) from scheduled commercial banks (SCBs). This is
22.8% higher than Rs 18.8 lakh crore deployed in October 2022 and 11.8% higher than Rs 20.6 lakh crore
deployed in September 2023.
About U GRO Capital Limited:
It was established in 1993 as Chokani Securities Ltd and was renamed as “U Gro Capital” in 2018.
Founder and Managing Director– Shachindra Nath
ABSLI Limited & IDFC First Entered Into a Bancassurance Arrangement

Aditya Birla Sun Life Insurance (ABSLI) Limited, the life insurance subsidiary of Aditya Birla Capital
Limited (ABCL) and IDFC First Bank Limited have entered into a bancassurance partnership to offer
insurance solutions to the bank’s customers.
About the Collaboration:
i.The partnership aims to offer ABSLI’s insurance products through the extensive distribution network of IDFC
First Bank.
ii.The collaboration aims to create a one-stop-shop financial solutions to cater to the changing needs of
customers with special focus on retirement planning, ensuring a steady source of second income and tax-free
returns.
iii.This will also promote financial inclusion and increase financial awareness about insurance and protection
amongst the customers.

About Aditya Birla Sun Life Insurance(ABSLI):

i.ABSLI was incorporated on August 4, 2000 and commenced operations on January 17th, 2001.
ii.ABSLI is a 51:49 a joint venture between the Aditya Birla Group and Canadian financial firm Sun Life
Financial Inc. respectively.
Managing Director(MD) & Chief Executive Officer(CEO) – Kamlesh Rao
Managing Director & Chief Executive Officer (CEO)– V. Vaidyanathan
Established– 2018
Tagline– Always You First
EIB invests USD 40 Million in Private Equity Fund Amicus Capital

European Investment Bank (EIB) announced the investment of up to USD 40 million (EUR 37 million) in the
private equity fund Amicus Capital Partners Fund II managed by Amicus India Capital Partners.
• It is a closed-ended fund which supports investments in Indian small and medium-sized
enterprises (SMEs) to strengthen their existing technology infrastructure.
• The fund will prioritise investments in digital-first business models.
• This investment promotes crowding-in and the diversification of the investor base.
Note: Amicus Capital Partners Fund II targets sectors like healthcare, consumer products and services, financial
services, technology and business services, and speciality manufacturing.
About European Investment Bank (EIB):
President – Werner Hoyer
Headquarters – Kirchberg, Luxembourg
Established in 1958
RBL Bank launches electronic Bank Guarantee on NeSL platform

RBL Bank Limited has entered into a partnership with National E-Governance Services Limited (NeSL) to
issue its electronic Bank Guarantee (e-BG) products built on the framework enabled by NeSL.
• The partnership incorporates NeSL’s expertise in e-stamping and e-sign with an aim to make the
transition secure.
• This collaboration will also reduce the turnaround time(TAT) and offer an enhanced value
proposition to the customers.
e-BG:
i.e-BG is a digital equivalent of a traditional paper-based Bank Guarantee.
ii.It is a guarantee issued by a bank to a beneficiary on behalf of an applicant, promising to pay the beneficiary a
specific amount of money if the applicant fails to fulfill a certain obligation.
About National E-Governance Services Limited (NeSL):
NeSL is India’s first Information Utility and is registered with the Insolvency and Bankruptcy Board of India
(IBBI) under the aegis of the Insolvency and Bankruptcy Code, 2016 (IBC).
Managing Director(MD) & Chief Executive Officer (CEO) – Debajyoti Ray Chaudhuri
GenAI Could Boost India’s GDP by USD 1.5 trillion by FY2029-30: EY India Report
According to the Ernst & Young (EY) India’s report titled ‘The AIdea of India: Generative AI’s potential to
accelerate India’s digital transformation”, Generative Artificial Intelligence (AI)/GenAI adoption could boost

India’s Gross Domestic Product (GDP) by USD 359 billion to USD 438 billion by 2029-2030, reflecting a 5.9-
7.2% increase over baseline GDP.
• Over 7 years (2023-24 to 2029-30), this impact could cumulatively reach USD 1.2-1.5 trillion,
contributing an additional 0.9% to 1.1% in annual CAGR (Compound Annual Growth Rate)
Key Points:
i.Around 69% of the impact is anticipated from sectors like business services, financial services, education,
retail, and healthcare.
ii.In line with the development of Digital Public Infrastructure, Developing GenAI systems is considered as
Public Goods.
• This is in line with the National Strategy for Artificial Intelligence(NSAI) (2018) which highlights
inclusive “AI for All”.
iii.The report shows that 60% of organizations recognize Gen AI’s significant impact, but 75% indicate low to
moderate readiness to harness its benefits. The main challenges are a skills gap (52%) and unclear use cases
(47%), with only 36% seeing data privacy as a Gen AI risk.
Note: NSAI was released by NITI Aayog (National Institution for Transforming India) in 2018.
About the report:
The report analyzes key trends in the AI/Gen AI ecosystem, suggests an enterprise transformation agenda,
explores economic opportunities, identifies use cases across industries, and outlines a strategic framework for
responsible Gen AI development and deployment in India.
Assessment: Gen AI’s economic impact has been estimated by utilizing a macro framework in the Indian
context, i.e., using the current sectoral share in the overall economy and input and output ratios for industry
segments.
World Bank Sets up Task Force to Study Recommendations of IEG on MDBs Reforms
The World Bank has set up a task force to study the recommendations to strengthen multilateral
development banks (MDBs) made by an Independent Experts Group (IEG) constituted during India’s G20
(Group 20) chairmanship. This was revealed by World Bank President Ajay Banga during a meeting with
Indian Finance Minister Nirmala Sitharaman on December 20, 2023, in New Delhi, Delhi.
• The decision to set up a task force comes after the World Bank signed an agreement with nine
MDBs to strengthen its collaboration with them in October 2023.
About the Independent Experts Group(IEG):
i.The Independent Expert Group (IEG) was appointed under the India G20 Presidency to provide
recommendations for strengthening (MDBs)and has two co-convenors: Professor Emeritus of Harvard
University Lawrence Summers and former Chairperson of the 15th Finance Commission NK Singh.
ii.IEG has recommended a triple agenda to reform and harness the potential of MDBs in its report.
iii.The triple agenda would be:
• Triple annual sustainable lending levels to USD 390 billion per year by 2030.
• Adopt a triple mandate of eliminating extreme poverty, boosting shared prosperity, and
contributing to global public goods (GPGs).
• Creating a third funding mechanism that would permit flexible and innovative arrangements for
purposefully engaging with investors willing to support elements of the MDB agenda.
Note:
India held the Presidency of the G20 from December 1, 2022, to November 30, 2023.
About the World Bank Agreement with Nine MDBs:
i. As per the agreement, the World Bank will work with MDBs to fast-track solutions that can change the
lives of people living in poverty in developing countries.
ii.The agreement focused on the following five key areas to boost collaboration;
• Scaling up financing capacity

• Boosting collective efforts on climate

• Enhancing country-level collaboration
• Strengthening co-financing
• Catalyzing private sector engagement
iii. The Nine MDBs with which world bank signed an agreement are the African Development Bank, the
Asian Development Bank(ADB), the Asian Infrastructure Investment Bank(AIIB), the Council of Europe
Development Bank(CEB), the European Bank for Reconstruction and Development(EBRD), the European
Investment Bank(EIB), the Inter-American Development Bank(IDB), the Islamic Development Bank(IsDB),
and the New Development Bank(NDB).
Bandhan Bank secured mandate to collect revenue on e-GRAS portal from Assam
Bandhan Bank Limited has gained authorisation to collect revenue on electronic-Government Receipt
Accounting System (e-GRAS) from the Government of Assam.
• This will enable the citizens of Assam to make tax and non-tax payments through GRAS.
Key Points:
i.Through Assam e-GRAS portal, people can pay to 70 departments for their services.
• House tax, Vehicle Registration Tax, Local body tax, Water Bill, Examination fees conducted by
Assam Government, Trade License renewal, amongst others, can be paid using this portal.
ii.This will also make transactions easier, paperless, and accessible for the people of Assam
About Assam e-GRAS:
i.Assam e-GRAS (https://assamegras.gov.in) is an online system that facilitates creation of eChallan and
online payment by citizens anywhere, anytime.
ii.GRAS, a web application, provides facility to the citizens, business community to pay taxes and non-tax
receipts to the government electronically.
Note: In FY 2022-23, around Rs 16,000 crore was collected through Assam e-GRAS portal.
CEO– Chandra Shekhar Ghosh
Tagline– ‘Aapka Bhala. Sabki Bhalai’, (Your benefit. Everyone’s welfare)
IndusInd Bank Exits Nippon Life India Asset, Sells Shares Worth Rs 795.27 cr
IndusInd Bank Limited has sold its entire 2.86% of paid-up share capital in Nippon Life India Asset
Management Limited (NAM-INDIA) (Formerly Reliance Life Asset Management Limited) for Rs 795.27
crore through open market transactions.
• IndusInd Bank exits NAM-India by offloading 1,78,57,355 shares at an average price of Rs
445.35 per share.
• SBI Funds Management Limited, ICICI Prudential Asset Management Company Limited, Bajaj
Allianz Life Insurance Company Limited, Société Générale S.A. and Morgan Stanley Asia
(Singapore) Pte were among the buyers.
About Nippon Life India Asset Management Limited (NAM-INDIA):
Executive Director & Chief Executive Officer (CEO) – Sundeep Sikka

JICA Signs Japanese ODA Loan Agreements with GoI for High-Speed Rail Project & SDGs
The Japan International Cooperation Agency (JICA) signed loan agreements with the Government of
India (GoI) in Delhi to offer Japanese Official Development Assistance (ODA) loans totalling 415,301 million
yen for the following two projects:
i.Project for the Construction of Mumbai -Ahmedabad High-Speed Rail (V) (loan amount: 400,000 million yen)
ii.Program for Japan-India Cooperative Actions towards Sustainable Development Goals (SDGs) in India (Phase
2) (loan amount: 15,301 million yen)
Project for the Construction of Mumbai-Ahmedabad High-Speed Rail:
i.By constructing a high-speed rail between Mumbai(Maharashtra) and Ahmedabad (Gujarat) (approximately
500-km section), the project aims to improve the efficiency of the transportation network and contribute to
broad economic development.
ii.The project will promote regional economic development and the attainment of the following Sustainable
Development Goals (SDGs):
• Goal 8 – Decent work and economic growth
• Goal 9 – Industry, innovation and infrastructure
• Goal 11 – Sustainable cities and communities
• Goal 13 – Climate action
iii.India’s under-construction bullet train follows the style of Japan’s Shinkansen high-speed bullet trains.
Program for Japan-India Cooperative Actions towards SDGs in India:
i.The program aims to contribute to the promotion of the SDGs in India, especially in the field of social
development.
ii.The loan will fund projects overseen by the National Institution for Transforming India (NITI) Aayog which
impact 112 aspirational districts and 500 aspirational blocks across India.
iii.The program will also promote policy actions, implement effective practices, and enhance the Japan-India
partnership through the exchange of human resources.
iv.The project is currently in the second phase which was started in April 2021 and scheduled to be completed
in March 2026.
Policy Matrix Pillars:
The program aims to work on areas (Policy Matrix Pillars) like
i.Health and nutrition – to promote regional healthcare systems and improve maternal and child nutrition
ii.Education – to enhance learning outcomes, foster inclusive school environments, and maintain hygienic
educational facilities.
iii.Agriculture and water resources – to increase farmers’ income and improve the efficacy of agricultural
producer associations
iv.Financial inclusion and skill development – to provide vocational training for youth and enhance financial
inclusion and social security coverage.
v.Basic infrastructure – to increase internet access and ensure universal availability of water supplies.
Note: The quantitative and qualitative outcomes of these policy actions will be monitored and evaluated by
JICA across three tranches.
About Japan International Cooperation Agency (JICA):
President – Tanaka Akihiko
Headquarters – Tokyo, Japan
Axis Bank & American Express Partners to Launch Co-Branded Credit Card
Axis Bank Limited has partnered with the American Express Company and launched the “Axis Bank
Privilege Credit Card” on the American Express network.
• Under this partnership, Axis bank customers will benefit with the local and global benefits of the
American Express network.

About Axis Bank Privilege Credit Card:

i.Eligibility: The applicant should be a resident of India aged between 18 to 70 with a net annual income of Rs
6 lakhs or more.
ii.Joining fee is Rs. 1500(NIL for priority customers) and the annual fee is (2nd year onwards) of Rs 1500.
• The standard fee will be reversed by spending Rs.2.5 lakh in the previous anniversary year.
iii.The finance charges of the card are 3.6% per month and the Cash Withdrawal Fee is 2.5% of the Cash
Amount.
iv.Reward Points: EDGE Reward point is the new point redemption currency of this credit card. These
reward points can be redeemed against multi-brand vouchers.
About American Express (AMEX):
American Express is a leading, globally integrated payments company
Chairman & Chief Executive Officer(CEO) – Stephen J. Squeri
Headquarters – New York, United States of America (USA)
About Axis Bank Limited:
MD & CEO– Amitabh Chaudhry
Tagline – Badhti Ka Naam Zindagi
Kotak Life Has Introduced a New Insurance Product ‘T.U.L.I.P’

On 20th December 2023, Kotak Mahindra Life Insurance Company Limited launched “Kotak T.U.L.I.P”, a new
term insurance policy with benefits of a unit-linked insurance plan (Ulip).
T.U.L.I.P, stands for term and Ulip, offers comprehensive protection like a term plan and also the opportunity
to grow their wealth like a ULIP.
• This offers a refund of 2 times the premium allocation charges in the 10th, 11th, 12th, and 13th
years.
• The policy also offers loyalty addition up to 30% of the fund value as part of the maturity benefits,
• This also offers 8 fund options to choose from for the policyholder to invest according to their
financial goals.
DEA Grants One-Time Exemption to LIC to Achieve 25% MPS in 10 Years

On 21st December 2023, The Department of Economic Affairs (DEA), Ministry of Finance (MoF), granted one-
time exemption (in the public interest) to Life Insurance Corporation of India (LIC) to achieve 25% Minimum
Public Shareholding (MPS) within 10 years from the date of listing, till May 2032.
i.In January 2023, Securities and Exchange Board of India (SEBI) has amended the Securities Contracts
(Regulation) Act, 1956 which will exempt Indian state-run companies from the MPS norm that requires listed
companies to maintain a 25% public shareholding even after their privatisation, if the government decides
so “in public interest”.
ii.The exemption to the MPS rule was earlier available only to government-controlled companies.
Note: LIC was listed on the exchanges in May 2022 and the Government of India (GoI) has sold over 22.13
crore shares (3.5% statke) through Initial Public Offering (IPO). At present, GoI holds 96.5% stake in LIC.
WB approved USD 300 Million Loan to Boost Urban Water, Sewerage Systems in TN
The World Bank(WB) has approved a loan of USD 300 million to the Ministry of
Finance(MoF), Government of India(GoI), for the project ‘Tamil Nadu Climate Resilient Urban
Development Program (TNCRUDP)’.

i.The Project Development Objective (PDO) is to strengthen urban management and improve access to
efficient and climate-resilient urban water and sewerage services in 21 Urban Local Bodies (ULBs) in
Tamil Nadu (TN).
About the funding of TNCRUDP Project:
i.The total finance of the program is USD 450 million.
ii.The program is jointly funded by WB’s arm International Bank of Reconstruction and Development
(IBRD) contributing USD 300 million and GOI offering USD 150 million.
About the program:
i.The program is implemented by Tamil Nadu Urban Infrastructure Financial Services
Limited (TNUIFSL) & Tamil Nadu Municipal Administration & Water Supply Department (TNMA&WSD).
ii.The project implementation period is for six years starting from Financial Year(FY) 2023-24 to FY 2028-
29.
iii.WB’s Systematic Tracking and Exchanges in Procurement (STEP) system will be used to prepare, clear
and update procurement plans.
iv.This Program aims to leverage the private sector by introducing performance-based contracts.
v.The program will also issue municipal bonds and support urban governance reforms to improve the
fiscal health of ULBs.
Technical Assistance:
i.The program also contains the provision for Technical Assistance (TA) worth USD 30 million (USD 21
million – IBRD loan & USD 9 million – GOI).
ii.The main objectives of this component are
• to provide technical support for program implementation
• to provide other systemic technical assistance for the urban sector and ULBs in TN.
iii.This TA will have two sub-components.
About WB loan:
i.The loan is the blended financing instrument of Program-for-Results (PforR) with Investment Project
Financing (IPF).
ii.The loan has a maturity of 32 years with a grace period of 7 years.
Additional info:
The program will support ULBs to increase designated areas for green spaces and parks.
WB approved USD 100 Million Loan to Boost Skill Development & Employment in Sikkim
World Bank approved USD 100 million for the project ‘Sikkim: Integrated Service Provision and
Innovation for Reviving Economies (INSPIRES)’ Operation to support Sikkim’s efforts to train, upskill,
and provide jobs for 300,500 women and youth in high-growth and priority sectors.
About the program:
i.The program aims to establish an Employment and Entrepreneurship Promotion Facility to promote
partnerships with private-sector firms, central agencies, and business associations.
ii.The program will also provide staff training along with building public procurement capacity across
priority state departments.
iii.Career counselling, migration services, and mental health management will be provided to support the
program.
iv.The Program will organize boot camps, create a workplace safety management system, and provide
transport allowance and business development support.
v.The program is implemented by the Planning and Development Department of the Government of
Sikkim.

About the funding:

i.The loan will use blended financing instrument of Program-for-Results (PforR) with Investment Project
Financing (IPF).
ii.The loan has a maturity of 14 years with a grace period of five and a half years.
iii.The program also contains the provision for Technical Assistance (TA).
Types of Financing in World Bank(WB):
The three financing instruments offered by the World Bank(WB) are:
i.Investment Project Financing(IPF): provides financing to governments for activities that create the
physical/social infrastructure.
ii.Development Policy Financing(DPF): provides budget support to governments or a political
subdivision to achieve sustainable, shared growth and poverty reduction.
iii.Program-for-Results(PforR): leverages a country’s own institutions and processes and links the
disbursement of funds directly to the achievement of specific program results.
HDFC Life & NKGSB bank Enters into a Corporate Agency tie-up
HDFC Life Insurance Company Limited (HDFC life) and NKGSB Co-operative bank Limited, a leading
multi-state scheduled co-operative bank, have entered into a Corporate Agency tie-up to enable the
customers of the bank to avail the products of HDFC Life.
Key Points:
i.Under this partnership, customers of NKGSB Bank will get access to life insurance products like solutions
for protection, pension, savings, investment and annuity.
ii.This is in line with the bank’s commitment to ensure the well being and financial security of its
customers.
iii.Under this partnership, HDFC life will leverage its bancassurance expertise and product propositions.
• This will support the efforts towards achieving India’s vision of “Insurance for all” by 2047 set
by the Insurance Regulatory and Development Authority of India (IRDAI).
i.It is a joint venture between HDFC Ltd., and Standard Life Aberdeen.
ii.It is promoted by HDFC Bank Limited.
About NKGSB Co-operative bank Limited:
Chairperson – Himangee C. Nadkarni
Managing Director– Panse Sunil
Tagline – Trusted over a century
ADB & India Signed USD 100 mn Loan Agreement to Improve Urban Services & Tourism
Facilities in Tripura
Asian Development Bank (ADB) and The Government of India (GoI) signed a loan agreement of USD 100
million for the project “India : Tripura Urban and Tourism Development Project” which aims to improve
urban services and tourism facilities in the northeastern state of Tripura.
• This is the first urban project in India that has been prepared with Project Readiness
Financing(PRF).

Signatories:
The loan agreement was signed by Juhi Mukherjee, Joint Secretary of Department of Economic Affairs(DEA) in
the Ministry of Finance(MoF) and Nilaya Mitash, Officer-in-Charge of ADB’s India Resident Mission.
Urban Services:
i.The project will improve the municipal infrastructure and public services for 12 out of 20 urban local bodies (
ULBs) along the main National Highways(NH) in Tripura.
ii.A 21 km of urban roads will be build which incorporate features that respond to the needs of the elderly,
women, children, and disabled people.
Tourism Facilities:
i.The project also aims to build the capacity of Tripura Tourism Development Corporation Limited (TTDCL),
with a 10-year business plan and marketing strategy.
ii.Along with establishing a digital museum and a new adventure park, ADB will help upgrade tourist
destinations, such as the Chaturdash Devata Temple(Old Agartala), Kasba Kalibari(Kamalasagar), and
Neermahal Palace(Rudijala) in Tripura.
Urban water supply systems:
The project will upgrade urban water supply systems by
• installing 42 kilometers (km) of new transmission and distribution pipes
• establishing 4 new water treatment plants
• improving 55 km of stormwater drains
About the project:
i.It is a ADB Administered Cofinancing project which is of total value USD 125 million(ADB financing USD 100
million & Non-ADB Financing USD 25 million).
ii.The program is implemented by Tripura Tourism Development Corporation Limited and Tripura Urban
Planning & Development Authority.
iii.The project is executed by Urban Development Department of Government of Tripura with procurement
plan duration of 18 months (1.5 years).
iv.The project is expected to be closed on 30th June 2030.
Additional Info:
i.The project also increases the capacities of these ULBs in the areas such as climate and disaster resilience,
project management, service delivery, and financial sustainability.
ii.The project readiness financing (PRF) document describes the smooth transition from preparation to
implementation of the project to minimize contracting delays and speed up the initial disbursements.
Members – 68 members(49 members are from Asia)
NABARD signs pact with ADB to facilitate Climate Action in India’s ANR Section
National Bank for Agriculture and Rural Development (NABARD) and Asian Development Bank (ADB) have
launched an initiative to facilitate climate action in India’s Agriculture, Natural Resources, and Rural
Development (ANR) sector.
• Under this initiative, NABARD collaborates with the Bill and Melinda Gates Foundation to
establish a Technical Support Unit (TSU) to address climate change challenges, focusing on
agriculture and rural livelihood sectors in India. The TSU will be managed by Intellecap Advisory
Services Private Limited.
Note: United States of America (USA) based Bill and Melinda Gates Foundation is a private foundation founded
by Bill Gates and Melinda French Gates in 2000.

Key Points:
i.The ADB-NABARD collaboration will help the farming sector to tackle the adverse impact of climate change.
ii.This will also identify and support food security and climate financing in India’s ANR sector.
iii.Under this, NABARD will also receive support to formulate a climate financing policy and its adoption.
This will also support the ongoing and future projects of NABARD, like crop diversification projects, micro-
irrigation projects, and JIVA (agro-ecology programme for revitalising natural resources management).
Note:
JIVA, launched by NABARD in 2022, is a community-based participatory programme for watershed (rainfed)
and wadi (tribal) areas. This extends across 2.5 million hectares, with a funding commitment of about Rs 5,000
crore.
About National Bank for Agriculture and Rural Development (NABARD):
Chairman– Shaji K V
WB and DEA launch PPP Beginner’s e-course to foster PPP collaboration in Infrastructure
Capacity-Building
The World Bank (WB) and the Department of Economic Affairs (DEA), Ministry of Finance launched the Public-
Private Partnership (PPP) Beginner’s e-course to help people understand and contribute to PPPs in India.
• It is a step towards fostering collaboration between the public and private sectors in infrastructure
capacity-building.
• It was launched by Ajay Banga, President, WB Group in the presence of Ajay Seth, Secretary, DEA,
among others.
Key Points:
i.The PPP e-course is a infra-focused capacity-building programme jointly undertaken by the Infrastructure
Finance Secretariat, DEA and the World Bank.
ii.The course is a five-module program that includes quizzes, including introduction to PPPs, identification of
PPP projects, structuring of projects, tendering and implementation and monitoring aspects of PPP projects.
iii.The modules are practical and multi-sectoral, and use projects and case studies.
iv.The duration of the course is 7 hours and 15 mins.
v.Key features of the PPP beginner’s e-Course include: Accessible Learning, Expert-Driven Content, Interactive
Learning, Certification.
ICICI Prudential AMC Changed its ETF Symbols

ICICI Prudential Asset Management Company(AMC) Limited has changed its exchange-traded
fund (ETF) product symbols to ‘IETF‘ (which stands for ICICI Prudential ETF) to simplify the identification of
ETF Schemes for passive investment purposes.
• The move is in line with Securities Exchange Board of India (SEBI)’s master circular which dictates
that the scheme name should mirror the scheme category.
About the code:
i.The code will be a combination of the name of the fund followed by the symbol ‘IETF’.
ii.The symbol of 28 ETF was changed in BSE (formerly Bombay Stock Exchange) Limited and National Stock
Exchange (NSE) of India Limited.

About ICICI Prudential Asset Management Company Limited:

ICICI Prudential Asset Management Company Limited is a Joint Venture (JV) between ICICI Bank Limited and
United Kingdom(UK) based Prudential Plc
Managing Director(MD) & Chief Executive Officer (CEO) – Nimesh Shah
SIDBI grants Rs.12.45 Cr to ETO Motors to deploy 300 E3W

Small Industries Development Bank of India (SIDBI) has granted Rs. 12.45 crores to ETO Motors Private
Limited to deploy 300 Electric 3-Wheelers (E3W) in Hyderabad(Telangana) and New Delhi (Delhi), under
Mission 50K-EV4ECO.
• ETO Motors will also develop Electric Vehicle (EV) Charging infrastructure including 180 Charging
points.
• All E3Ws will be manufactured in ETO Motors’ state-of-art manufacturing capacity in Jadcherla,
Telangana.
Mission 50K-EV4ECO:
i.Under this mission, SIDBI will provide loans to eligible small and medium enterprises (SMEs) for the purchase
of EVs and developing charging infrastructure, including battery swapping.
ii.The mission was launched in April, 2023.
IRDAI is set to Launch ‘Bima Vistaar’, the First of its Kind Insurance Product
The Insurance Regulatory and Development Authority of India (IRDAI) is all set to launch the first of its kind
affordable insurance product covering risks against life, health, and property namely ‘Bima Vistaar’ in the first
quarter of 2024-2025 i.e. Q1FY25.
• Bima Vistaar is a part of Insurance Trinity which also includes Bima Sugam, a one-stop digital
platform; and Bima Vahak, a women-led field distribution force.
• These efforts are integral to IRDAI’s vision for universal insurance by 2047 by addressing gaps in
product design, pricing, distribution, and more.
Key Points:
i.Bima Vistaar’s design is almost done, and the Life and General Insurance Councils are hunting for the
technology platform for its launch.
ii.Its launch will introduce Bima Vahak, and their implementation will take effect simultaneously.
• Women ‘Vahaks’ will promote affordable social security and encourage/convince rural women to
opt for Bima Vistaar coverage.
• Bima Vahaks shall be deployed in each gram panchayat before 31st December 2024.
• Click to read about Bima Vahak
iii.Bima Sugam, drawing interest globally, is initiating smaller platforms for the effective launch of Bima Vistaar
and Vahak, with eventual integration into the larger Bima Sugam platform.
• It was originally planned to launch the platform in January 2023, but it was delayed to August 1,
2023, and then to June 2024.
• Advanced technologies like Artificial Intelligence (AI)/ Machine Learning (ML) are being employed
for last-mile insurance connectivity.
• Click Here to Read about Bima Sugam
Note:
It should be noted that in October 2022, IRDAI constituted a committee to study and recommend on
Bima Vahak and Bima Vistaar. Its chairperson was Thomas M. Devasia, Member (Non-Life).

RBI Grants 1 year Extension to Co-branded Credit Card of Bajaj Finance & RBL Bank
Reserve Bank of India (RBI) has granted a 1-year extension, until 21st December 2024, for Bajaj Finance
Limited(BFL)’s co-branded credit card partnership with Mumbai(Maharashtra) based RBL Bank Limited.
Note: RBI granted 1 year extension againts the 2 years sought by Bajaj Finance.
RBI sited serious deficiencies in the Bajaj Finance’s adherence to RBI’s guidelines and stated that further
extension from the current 1-year period would be subject to review
Co-branded credit card of RBL & Bajaj Finance:
i.In 2018, RBL Bank entered into a partnership with Bajaj Finance to launch a series of co-branded credit cards.
ii.In 2021, RBL Bank extended the partnership for 5 years till 2026 while RBI gave its approval for only 2
years(till 2023).
RBI Guidelines:
At present, RBI allows the NBFCs registered with RBI to issue co-branded credit cards with scheduled
commercial banks, with prior approval of RBI for an initial period of two years and a review thereafter.
Bank of Baroda fined Rs 5 crore by RBI over Soiled Note Remittances
RBI has imposed a penalty of Rs.5 crore on the Bank of Baroda (BoB) after detecting a shortage in the soiled
note remittances as per RBI’s Clean Note Policy.
• The RBI also imposed an additional penalty of Rs 2,750 on the BoB after it detected “fake and
mutilated” notes in the soiled note remittances.
Clean Note Policy:
i.The clean note policy was adopted by the RBI in 2002 to ensure the availability of good quality banknotes to
the public.
ii.Under the policy damaged, counterfeit, or soiled notes are removed from circulation by banks and financial
institutions.
iii.The RBI regularly monitors the quality of currency notes in circulation and sets standards for their
acceptability.
Soiled Note:
i.A ‘soiled note’ means a paper currency note which has become dirty due to normal wear and tear
DSCI Excellence Awards Presented at Nasscom-DSCI Annual Information Security Summit 2023
The 18th edition of the NASSCOM- Data Security Council of India (DSCI) Annual Information Security
Summit (AISS), a 3-day event, was held from 19th to 21st December 2023 at the Leela Ambience Hotel,
Gurugram, Haryana.
• During the summit, the 13th edition of the DSCI Excellence Awards (2023) was presented to
recognise organizations and individuals for their work in the fields of cybersecurity and privacy.
The summit was organised by DSCI is a not-for-profit industry body that focuses on data protection in India
established by the National Association of Software and Service Companies (NASSCOM).
Highlights:
The event witnessed the launch of Secure in India 2023; India Cyber Threat Report 2023; and India
Cybersecurity Domestic Market Report 2023.
i.Secure in India 2023:
The third edition of the GCC (Global Capability Centers) report, ‘Secure in India 2023’ was launched during
the event.
• The report was prepared by DSCI, in partnership with KPMG International Limited and NASSCOM to
showcase GCC Cyber Security footprint in India.
ii.India Cyber Threat Report 2023:
The summit also witnessed the launch of India Cyber Threat Report 2023, which provides insights into cyber
threats in India and aims to provide businesses with actionable recommendations.

• The report is a collaboration of Seqrite, the enterprise arm of global cybersecurity solution provider
Quick Heal Technologies Limited, and DSCI.
• The joint report is a first-of-its-kind initiative specifically tailored for the Indian cybersecurity
ecosystem.
• Key People: The report was launched by Vishal Salvi, Chief Executive Officer(CEO) of Quick Heal;
Pramod Bhasin, Chairman of DSCI; and Vinayak Godse, CEO of DSCI.
About DSCI Excellence Awards:
i.DSCI instituted Excellence Awards in 2011 for corporate and Law enforcement agencies (LEAs).
ii.The awards comprised 3 Segments namely:
• Corporate Segment
• Law Enforcement Segment
• Product Segment(introduced in 2023)
Winners of DSCI Excellence Awards 2023: Corporate Segment:
Category Winner
DSCI Excellence Award for Best Security Practices in Organization
Banking Sector Axis Bank
Non-Banking Financial Company (NBFC) SBI Card
Small and Medium Financial Banks Ujjivan Small Finance Bank
Energy Sector GAIL India Ltd.
Critical Information Bharat Electronics Ltd.
Electronics Corporation of India Limited

Manufacturing Sector
(ECIL)
information technology(IT)- IT enabled Services (ITeS)

Tata Consultancy Services Ltd.
Sector
Global Capability Centers Target India Pvt. Ltd.
Capital Markets Multi Commodity Exchange of India Ltd.
IndusInd Bank launches ‘eSvarna’, India’s First Corporate Credit Card on RuPay Network
IndusInd Bank Limited has launched India’s first Corporate Credit Card ‘The eSvarna Card’ on RuPay
network as part of a Corporate Liability program.
• With this launch, IndusInd Bank became the first entity in India to integrate Unified Payments
Interface (UPI) functionality with a Corporate Credit Card.
About the card:
i.The eSvarna Card is a Europay, Mastercard and Visa (EMV) chip based contactless Commercial Credit
Card which can be used at all RuPay
accepting merchant establishments across the globe.
ii.The card is in alignment with National Payments Corporation of India (NPCI)‘s vision for a digitally

inclusive society.
iii.The card simplifies expense management for the company with the exclusive rewards program.
iv.It also eases reconciliation and reimbursement claim processing for the corporates.
Benefits:
i.The eSvarna Card comes with waived joining fees and annual fees.
ii.The card offers 8 domestic & 2 international lounge visits in a year.
iii.A surcharge of 1% is waived off at all fuel stations on transactions between Rs. 400 to Rs. 4000.
iv.IndusInd bank offers insurance coverage of upto Rs.15 lakh in case of counterfeit fraud happening on
the card.
v.The bank also offers Travel Insurance and covers unauthorized transactions on the card (after
reporting theft or loss of card).
vi.The card can also be customised by embossing the company name onto it.
What is a Corporate credit card?
A corporate credit cards are credit cards are issued to employees by the company (in which they work)
that let them charge business expenses (hotel stays, plane tickets etc) without having to use their own
cards or cash.
About National Payments Corporation of India (NPCI):
NPCI is an initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA) under the
provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement
Infrastructure in India.
Managing Director(MD) & Chief Executive Officer (CEO) – Dilip Asbe
About IndusInd Bank Limited:
Managing Director(MD) & Chief Executive Officer (CEO) – Sumant Kathpalia
Tagline – We Make You Feel Richer
Bank of Maharashtra unveils Comprehensive Suite of New Products and Services

Bank of Maharashtra (BoM) announced a new suite of products and services during Maha Parivartan
Diwas on December 19, 2023 to improve the banking experience.
• This showcases the bank’s dedication to digital innovations for customer needs.
• The products and services were launched across diverse platforms like Mobile Banking, Internet
Banking, WhatsApp Banking, Credit Card Services, and a spectrum of Digital Products.
Launched Products & Services:
i.The bank launched STP (Straight Through Process) in PMSVANidhi (Prime Minister Street Vendor’s
AtmaNirbharNidhi) and Digital Mudra schemes and an Automated renewal of Working Capital Limits for
MSME (Micro, Small & Medium Enterprise) borrowers up to Rs. 10lakhs to ease the credit renewal process
for continuous financial support.
ii.BoM launched a virtual debit card, opening of e-FD (e-Fixed Deposits) and e-RD (e-Recurring Deposits)
and Positive Pay System (PPS) on its mobile banking platform to enhance customber convenience.
iii.The bank also introduced,
• Online Dispute Resolution (ODR) platform through mobile and internet banking for swift
dispute resolution of digital transactions;

• self-enrollment options for internet banking customers; Online Public Provident Fund (PPF)
Account opening, KYC (Know Your Customer) updation, and insurance policy applications on
Internet Banking platform.
iv.It has also enhanced the WhatsApp banking (+91-7066036640) features. Now customers can warmlist,
hotlist, and modify debit card limits for various channels through whatsapp banking. Users can also access
detailed information about existing FDs.
v.BoM has simplified the process of sending Domestic Letter of Credits (LCs) and Bank Guarantees (BGs)
through SWIFT (Society for Worldwide Interbank Financial Telecommunications)
vi.It has also launched Mahabank Equipment Finance and a scheme for Lab Grown Diamonds to support
MSMEs.
About Bank of Maharashtra (BoM):
MD & CEO– A S Rajeev
Headquarters– Pune, Maharashtra
Tagline– One Family One Bank (Ek Parivaar Ek Bank)
SBI signs USD 165 mn LoC with World Bank for Rooftop Solar Projects
In December 2023, the State Bank of India (SBI) signed a USD 165 million Line of Credit (LoC) with the
World Bank (WB) to finance grid-connected rooftop Solar Photovoltaic projects in residential and
institutional sectors.
• On December 21, 2023, SBI signed 200 million euro (~Rs 1,800 crore) LoC with the European
Investment Bank (EIB) to support climate action projects in India.
The loan document will become operational once the necessary approvals are secured.
SEBI Extends Deadline to June 2024 to add Nominees in Mutual Funds, Demat Accounts
On December 27, 2023, the Securities and Exchange Board of India (SEBI) extended the deadline to add
nominees for Demat Accounts (Dematerialisation Account) and mutual fund portfolios to June 30, 2024.
Earlier the deadline was December 31, 2023.
• This aims to help the investors to secure their assets and pass them on to their legal heirs.
This information by SEBI was provided in exercise of powers conferred by Section 11(1) of the SEBI Act,
1992, read with Section 19 of the Depositories Act, 1996 and Regulation 77 of SEBI (Mutual Funds)
Regulations, 1996 to protect the interests of investors in securities and to promote the development
of securities market.
Key Points:
i.If an investor doesn’t want to add nominee then he/she explicitly opt out of nomination by submitting a
declaration.
ii.Missing the nomination deadline may result in SEBI freezing debits from mutual funds or trading via
demat accounts.
iii.Only individual demat account holders, either singly or jointly, are eligible to nominate.
iv.Non-individual entities like societies, trusts, corporations, etc., cannot nominate.
v.Joint holders can nominate, and in case of death, securities go to surviving holders unless there is a
nominee.
vi.NRIs (Non-Resident Indians) can nominate directly, but power of attorney holders or minors cannot
nominate.
vii.Up to three nominees are allowed, with the investor specifying the percentage allocation to each.
viii.Depository Participants, Asset Management Companies (AMCs), and Registrar and Transfer Agents

(RTA) will regularly remind holders via email and SMS (Short Message Service) to comply with the
nomination requirement.
SEBI issues Procedure for Public Issuance of ZCZP instrument by NPOs

On December 28, 2023, the Securities and Exchange Board of India (SEBI) notified a procedure for public
issuance of Zero Coupon Zero Principal (ZCZP) Instruments by a Not for Profit Organization (NPO)
and listing of such instruments on the Social Stock Exchange (SSE).
• This procedure is added in the Framework on SSE issued in September 2022.
• It should be noted that SSE framework resulted in the amendment of (Issue of Capital and
Disclosure Requirements) Regulations, 2018 (ICDR Regulations) and (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (LODR Regulations).
Notes:
i.ZCZP instruments on the SSE are donation instruments offering no interest or principal return. Since it is
a donation, not a loan or investment, the contributed funds will not be refunded to the donor.
ii.SSE, approved in 2022, is a trading platform allowing social enterprises and NPO to raise capital from
investors that invest in social welfare programs.
• The SSE is a separate segment within the existing stock exchange i.e. National Stock Exchange
(NSE) and BSE (formerly known as the Bombay Stock Exchange). It functions under the
regulatory ambit of SEBI.
• As of November 2023, BSE-SSE has 32 entities and NSE-SSE has 31.
Procedure for Public Issuance of ZCZP Instruments by NPO
i.The NPO, via lead manager(s), submits the draft fundraising document to the registered SSE with
specified fees and an application for in-principle approval.
ii.The draft document is posted on both SSE and the organization’s website for a minimum of 21 days for
public comments.
iii.The SSE provides observations within 30 days of filing or receiving clarifications from the
organization.
iv.The organization incorporates SSEs observations into the draft fundraising document and submits the
final version before initiating the issuance.
Other Conditions:
i.ZCZP Instruments are issued solely in dematerialized form.
ii.Non-transferability is maintained until the instrument’s tenure ends.
iii.The minimum issue size is Rs. 50 lakhs.
iv.Minimum application size is set at Rs. 10,000.
v.A minimum subscription of 75% of proposed funds is required.
vi.In cases of under-subscription:
• Details on raising the remaining capital (75%-100%) are outlined.
• The fund raising document highlights potential impacts on social objectives if under-
subscription persists; refunds are mandated if subscriptions fall below 75% of the issue size.
vii.The SSE records allotment details post-issuance.
viii.The SSE specifies additional norms regarding the issuance procedure, covering agreements with
depositories, banks, ASBA matters, public issuance duration, allocation methodology, and other relevant
ancillary matters.
Contents for Fundraising Documents:
i.Both the draft and final fund raising documents must provide true and adequate material disclosures for
informed decision-making.

ii.In addition to the general requirement, these documents should include disclosures specified by the
Board, with the possibility of the SSE mandating additional disclosures.
Minimum requirement to be met by NPO for registration with SSE in terms of Regulation 292F of
the ICDR Regulations
i.NPOs must have a valid certificate under Section 12A/12AA/12AB/10(23C)/10(46) of the Income Tax
(IT) Act, 1961 to be valid for at least the next 12 months.
ii.There should be disclosure of pending regulatory cases during registration.
iii.Report fines, promptly stating payment or appeal must be disclosed within 7 days.
iv.There should be Valid 80G registration under IT Act, 1961 for entities registered undersection
12A/12AA/ 12AB of IT Act, 1961.
v.There should be details of past social impact as per the existing practice of NPOs.
SEBI grants Stock Brokers Additional Day for Settling Clients’ Running Accounts
SEBI has also allowed stock brokers to settle Client’s Funds lying with Trading Member (TM) on Saturdays
i.e. one more day is provided. Now, stock brokers can settle the running account of clients’ funds on the
first Friday or Saturday of the quarter or month at the choice of the clients.
• The new framework will be applicable from the quarterly settlement of January-March
2024 and monthly settlement of January 2024.
• This information by SEBI is issued in exercise of powers conferred under Section 11(1) of the
SEBI Act, 1992.
Key Points:
i.This decision has been taken after representations from Industry Standards Forum (ISF) stating
operational difficulties during a single day of settlement.
ii.It will streamline settlement processes for brokers and banks enhances business efficiency while
safeguarding investor interests through error-free settlements.
iii.Until now, clients’ unutilised funds lying in the trading account had to be transferred back to their bank
accounts on the first Friday of every quarter or every month.
iv.Stock exchanges must issue an annual settlement calendar for uniformity and clarity on the settlement
dates.
v.To prevent misuse, client funds received are mandated to stay in the Upstreaming Client Nodal Bank
Account, with stock exchanges responsible for monitoring compliance.
It was established as a statutory body in 1992 and the provisions of the SEBI India Act, 1992 (15 of 1992)
came into force on January 30, 1992.
Chairperson– Madhabi Puri Buch
NSE data: Maharashtra tops Among States with Highest Number of Registered Investors
According to recent data from the National Stock Exchange (NSE), Maharashtra tops the list of states
with the highest number of registered investors. Maharashtra registered a growth of 16.9% with over
1.48 crore registered investors.
• Uttar Pradesh (UP), with 89.47 lakh investors, has surpassed Gujarat (76.68 lakh) and secured the 2nd
position on the list.
Total investors:
i.As of December 25, 2023, the total count of investors across India was 8.49 crore, which is a hike of
22.4% from last year. The count stood at 6.94 crore on 31st December 2022.
ii.The total count of investors in India increased from around 7 crore to 8 crore in the past 8 months.

iii.The recent market rally and increasing interest towards equity investments contributed to the
increase in investor participation.
Points to note:
i.According to the report, UP has registered a growth of 33.8% in new investors while Gujarat
recorded a growth of 17.2%.
ii.West Bengal, Karnataka, Tamil Nadu, and Rajasthan are among the states that have witnessed an
increase in the number of investors in the stock market. The registered individuals in these states are
more than 47 lakh.
iii.Bihar, Uttar Pradesh and Madhya Pradesh have recorded the highest growth among large states
with a rise of 36.6%, 33.8%, and 28.9%, respectively.
iv.The northeastern states have also registered growth in the number of investors. Mizoram;
Nagaland and Tripura have witnessed a growth of 54.9%, 54% and 41.3% respectively.
Market cap of NSE Listed Companies' Surpass USD 4 Trillion Mark
For the first time, the market capitalisation of listed companies on the NSE has surpassed the USD 4
trillion (Rs 334.72 trillion) mark, as of December 29, 2023, it stood at USD 4.32 trillion .
i.At present, India is ranked 4th in the world in terms of market capitalisation, following the
United States of America(USA), China and Japan.
ii.Reliance Industries Limited (RIL) is India’s most valued firm with a market valuation of Rs
17,63,001.81 crore, followed by Tata Consultancy Services (TCS) with Rs 13,90,823.72 crore and
HDFC Bank with Rs 12,94,593.58 crore.
iii.The frontline index Nifty 50 has risen nearly 20%, while BSE Sensex surged more than 18% in
2023. Nifty Smallcap 100 index surged over 54% and the Nifty Midcap 100 jumped over 45% in 2023.
iv.NSE is now ranked as 3rd largest exchange in the world based on number of trades in the cash
market segment. NSE accounts for a 10.8% share globally.
Note:
In November 2023, the combined market valuation of all listed companies on the BSE (formerly
Bombay Stock Exchange) also reached the USD 4 trillion mark.
DEA releases Interest Rate on Small Saving Schemes for Q4FY24; Hikes rate on SSAS & 3-year
Time Deposit
On December 29, 2023, the Department of Economic Affairs-DEA (Budget Division), Ministry of
Finance released the interest rates for Small Savings Schemes applicable in the January-March 2024
quarter (Q4FY24) i.e. from January 1, 2024 to March 31, 2024.
• As per it, the interest rate on the Sukanya Samriddhi Account Scheme (SSAS) increased by 20 basis
points from 8% to 8.2% for Q424.
• The interest rate on three-year time deposits also increased by 10 basis points from 7% to 7.1%.
• The interest rates for all other small savings schemes will remain unchanged from the rates offered in
Q3FY24 (October-December 2023).
List of Interest on Small Saving Schemes for Q4FY24:
Rates of interest Jan-March 2024 Rates of interest Oct-Dec 2023
Instrument (%) (%)
Savings Deposit 4 4
1 Year Time Deposit 6.9 6.9
2 Year Time Deposit 7 7

3 Year Time Deposit 7.1 7

5 Year Time Deposit 7.5 7.5
5 Year Recurring Deposit 6.7 6.7
Senior Citizen Savings Scheme 8.2 8.2
Monthly Income Account Scheme 7.4 7.4
National Savings Certificate 7.7 7.7
Public Provident Fund Scheme 7.1 7.1
Kisan Vikas Patna 7.5 (Matures in 115 months) 7.5 (Matures in 115 months)
Sukanya Samriddhi Account Scheme
(SSAS) 8.2 8
Click Here for Official Rates
About SSAS:
The Prime Minister (PM) of India Narendra Modi launched the SSAS under the
Beti Bachao Beti Padhao campaign on January 22, 2015.
• The scheme is meant to meet the education and marriage expenses of a girl child.
• Minimum deposit is Rs 250, and maximum Rs 1.5 lakh per financial year
• Deposits qualify for Section 80-C deduction, and the interest is tax-free under Sec.10 of the Income Tax
(IT) Act, 1961.
• To be eligible for the SSAS, the girl child must be a resident Indian and under the age of 10 at the time of
account opening.
Click Here to Read More about SSAS
Key Points:
i.Interest rates for small savings schemes are notified on a quarterly basis by the government.
ii.The formula to arrive at the interest rates for small savings scheme was given by the
Shyamala Gopinath Committee.
iii.The committee suggested that interest rates of different schemes should be 25-100 bps higher than
the yields of the government bonds of similar maturity.
IRDAI Annual Report 2022-23: India’s Insurance Penetration Drops to 4% in 2022-23

According to the Insurance Regulatory and Development Authority of India (IRDAI)’s Annual Report 2022-
23, the overall insurance penetration in India reduced from 4.2% in 2021-22 to 4% in 2022-23.
Life insurance penetration has reduced marginally from 3.2% in 2021-22 to 3% in 2022-23 while non-
insurance penetration for both the years remained unchanged at 1%.
Note: Insurance penetration is calculated as the percentage of total premiums collected to the country’s
Gross Domestic Product(GDP).
Policy distribution: Public vs Private sector:
During FY23, public sector insurers issued 204.29 lakh policies (71.75%) while private life insurers issued
80.42 lakh policies (28.25%).
Public sector: 35.81% policies were sold to women and the remaining 64.19% were sold to men.
Private sector: 30.13% were sold to women and 69.85% were sold to men.
Insurance sold to women:
i.A total of 2.84 crore policies were sold during the fiscal year 2022-2023 (FY23). Of this, 97.38 lakh were
sold to women which is 34.20% of 2.84 crore total policies as against a share of 34.7% in 2021-22.

ii.Karnataka(44.23%), Kerala(43.96%) and Mizoram (42.97%) have recorded the highest number of life
insurance policies sold to women while Ladakh(23.10%), Haryana (27.16%) and Jammu & Kashmir (J&K)
(28.07%) recorded the lowest.
Claim settlement ratio:
i.In terms of the number of life insurance policies, the claim settlement ratio decreased to 98.45% in 2022-
23 from 98.64% in 2021-22.
ii.LIC reported claim settlement ratios of 98.52% in 2022-23 (compared to 98.84% in 2021-22) and
private insurers reported 98.02% (compared to 98.11% in 2021-22).
iii.Health insurance sector, general and health insurance companies settled 85.66% of claims by policy
count in 2022-23.
iv.The general and health insurers settled 2.36 crore health insurance claims, amounting to Rs 70,930
crore.
Performance:
i.Premium income of life insurance companies rose by 12.98% to Rs 7.83 lakh crore in FY23 while the
premium income of general insurers increased by 16.4 per cent to Rs 2.57 lakh crore.
ii.Private insurers recorded a growth of 16.34% in premiums while public sector insurers recorded a
growth of 10.90%.
iii.Renewal premium continues to contribute the majority of total premiums underwritten by life insurers
at 52.56% in 2022-23. The remaining 47.44% is contributed by the new business premium.
iv.The growth in new business premium was higher at 17.9% compared to renewal business at 8.88%.
v.Life Insurance Corporation of India (LIC) is the only life insurer underwriting business outside of India,
which collected a total premium of Rs 404.78 crore during 2022–23.
International Comparison of Insurance Penetration:
India ranks 25th in international insurance penetration for the financial years 2021–22 and 2022–23,
while the USA topped the list. (India ranked 27 in the financial years 2020–21 and 2021-22).
About Insurance Regulatory and Development Authority of India (IRDAI):
Chairperson– Debasish Panda
Headquarters– Hyderabad, Telangana
Established in 1999 (incorporated in April 2000)
CBI & Kisetsu Saison Finance Partners for MSME Loan

The Central Bank of India Limited (CBI) has entered into a Co-Lending Partnership with Bengaluru
(Karnataka) based Kisetsu Saison Finance (India) Private Limited, to offer Micro, Small & Medium
Enterprise (MSME) Loans.
i.Under this partnership, CBI will be acquiring 80% of the MSME loans which are originated and
processed by Kisetsu Saison Finance.
ii.The partnership aims to expand the portfolio by the CBI and Kisetsu
Saison Finance.
Kisetsu Saison Finance, Established in 2018, is a Non-Banking Financial Company (NBFC), known by
its trade name Credit Saison India (“CS India”). It is the subsidiary of Japan based Credit Saison
Company Limited.
Chief Executive Officer (CEO) - Presha Paragash

LIC reduces Stakes in BHEL to 9.617%

Life Insurance Corporation of India (LIC) reduced its shareholding in Bharat Heavy Electricals Limited
(BHEL) from 11.701% to 9.617% through open market operation(OMO).
• LIC sold its BHEL shares at an average price of Rs 79.58 through secondary market between June 2019
and December 2023.
• LIC’s shareholding decreased from 40,74,40,614 to 33,48,62,025 Equity Shares.
BHEL is a Maharatna Central Public Sector Enterprise (CPSE) under the Ministry of Heavy Industries
(MHI).
CMD - Koppu Sadashiv Murthy
Headquarters - New Delhi, Delhi
Banking, Finance & Economy Q&A: December 2023

1. According to Quarterly Bulletin Periodic Labour Force Survey (PLFS), released by National
Sample Survey Office (NSSO) in November 2023, unemployment rate (UR) in urban areas fell
from 7.2% in July –September 2022 to ________ in July – September 2023 for persons of age 15
years and above.
1) 6.5%
2) 6.3%
3) 6.1%
4) 6.6%
5) 6.0%
Answer- 4) 6.6%
Explanation:
According to Quarterly Bulletin Periodic Labour Force Survey (PLFS) (July to September 2023),
released by National Sample Survey Office (NSSO), Ministry of Statistics and Programme
Implementation (MoSPI), unemployment rate (UR) in urban areas fell from 7.2% in July –
September 2022 to 6.6% in July – September 2023 for persons of age 15 years and above.
• This bulletin for the second quarter (Q2) of the financial year 2023-24 (FY24) is the 20th
edition of the series.
i. A total of 5,706 First Stage Units – FSUs Urban Frame Survey (UFS blocks) were surveyed in urban
areas across India during the third quarter of 2023 (July-September). This included 44,738
households and 1,70,004 individuals.
ii. The report indicates that in urban areas, the Labour Force Participation Rate (LFPR) in the current
weekly status (CWS) increased to 49.3% in the July to September quarter of 2023, up from 47.9% in
the corresponding period in 2022.
iii. The Worker Population Ratio (WPR) in urban areas has increased to 46.0% in July – September
2023 from 44.5% in July-September 2022.
Note: The UR in January-March 2023 was at 6.8% and in April-June 2023 was at 6.6%.
2. Name the new life insurance plan that has recently (in Nov ‘23) launched by the Life
Insurance Corporation of India (LIC) with Lifetime Guaranteed Returns.
1) Jeevan Utsav
2) Jeevan Anand

3) Jeevan Dhan Sanchay

4) Jeevan Dhan Vridhhi
5) Jeevan Jyoti
Answer- 1) Jeevan Utsav
Explanation:
The Life Insurance Corporation of India (LIC) has launched Jeevan Utsav plan, a Non-Linked, Non-
Participating, Individual, Savings, Whole Life Insurance plan, which provides insurance coverage for
the entire lifetime of the insured individual.
i. The plan is available in two payout options namely
• Regular income benefits: 10% of the basic sum assured chosen by the policyholder will be
paid at the end of each policy year (starting after 3 to 6 years).
• Flexi income benefits: 10% of the basic sum assured payable can be accumulated and
withdrawn later.
3. According to the Organization for Economic Cooperation and Development (OECD) Economic
Outlook November 2023 titled ‘Restoring growth’, the real Gross Domestic Product (GDP)
growth of India is expected to be at __________ in the financial year (FY) 2023-24.
1) 6.6%
2) 6.2%
3) 6.5%
4) 6.3%
5) 6.0%
Answer- 4) 6.3%
Explanation:
According to the Organization for Economic Cooperation and Development (OECD) Economic Outlook
November 2023 titled ‘Restoring growth’, the real Gross Domestic Product (GDP) growth of India is
expected to be at 6.3% in the financial year (FY) 2023-24.
• The report also pointed out that the economy will slow down to 6.1% in FY25 due to adverse
weather-related events and the weakening international outlook.
i. Due to the slower growth rates the parameters such as inflation expectations, housing prices, and
wages are all anticipated to moderate.
ii. This will facilitate the convergence of headline inflation toward 4.2%, enabling the Reserve Bank of
India (RBI) to reduce interest rates from mid-2024, reaching 5.5% by the end of 2025.
4. In November 2023, the SBI Mutual Fund (SBI MF) received approval from the Reserve Bank
of India (RBI) for acquiring aggregate holding of up to 9.99% of the paid-up share capital of
______________ (Bank).
1) South Indian Bank
2) Karur Vysya Bank
3) Axis Bank
4) IDFC FIRST Bank
5) RBL Bank
Answer- 2) Karur Vysya Bank

Explanation:
The SBI Mutual Fund (SBI MF) received approval from the Reserve Bank of India (RBI) for acquiring
aggregate holding of up to 9.99% of the paid-up share capital or voting rights of Karur Vysya Bank
Ltd (KVB).
i. SBI MF has received regulatory approval, pursuant to Regulation 30 of the Securities and Exchange
Board of India (SEBI)(Listing Obligations and Disclosure Requirements) Regulations, 2015.
ii. The approval has been granted in accordance with the application submitted by SBI MF to the RBI.
• As per the approval, SBI MF must acquire major shareholding within 1 year from the RBI’s
letter. Failure to do so will result in the automatic cancellation of the approval.
5. Which Small Finance Bank (SFB) has recently (in Nov ‘23) partnered with Water.org to offer
accessible financing solutions for water and sanitation solutions?
1) Jana SFB
2) Utkarsh SFB
3) Capital SFB
4) Ujjivan SFB
5) AU SFB
Answer- 4) Ujjivan SFB
Explanation:
Ujjivan Small Finance Bank Limited (Ujjivan SFB) has partnered with Water.org, a global nonprofit
organisation dedicated to providing clean water and sanitation, to offer accessible financing solutions
for water and sanitation solutions.
i. Under this partnership, Water.org will assist Ujjivan SFB in identifying areas that require financing
for clean water and hygienic sanitation.
ii. Water.org will also provide technical assistance, market assessment, development of Information,
Education and Communication (IEC) material, monitoring and evaluation support.
iii. Ujjivan SFB will offer loans of about Rs. 6,000 to Rs. 1,00,000 to existing as well as new customers
to enable them to construct and renovate water and sanitation facilities.
6. Name the bank that has recently (in Nov ‘23) signed an MoU with NCDEX e-Markets Limited
(NeML) to strengthen the integration of e-procurement and e-auction systems.
1) YES Bank
2) Federal Bank
3) RBL Bank
4) IndusInd Bank
5) IDFC FIRST Bank
Answer- 2) Federal Bank
Explanation:
A Memorandum of Understanding (MoU) was signed between the Federal Bank Limited and NCDEX
e-Markets Limited (NeML) to strengthen the integration of e-procurement and e-auction systems.
This partnership will facilitate an advanced e-procurement solution and streamline e-procurement
and e-auction systems for Central and State Government organisations.
i. Under this initiative, farmers’ list crop details on NeML’s platform, with the government purchasing
them at the Minimum Support Price (MSP).

ii. Federal Bank’s host-to-host integration with NeML’s e-procurement platform will enable a secure
payment processing system.
iii. NeML’s eAuction solution offers a price-discovery mechanism, benefiting the Government of India
by providing a robust price-discovery mechanism for various commodities NeML holds major market
share in transparent price discovery across more than 90 commodities.
7. In November 2023, the National Statistical Office (NSO), Ministry of Statistics and
Programme Implementation (MoSPI) projected India’s Real GDP or GDP at Constant (2011-12)
Prices in July-September Quarter (Q2) of 2023-24 (Q2FY24) to grow at ___________.
1) 7.6%
2) 7.2%
3) 7.5%
4) 7.0%
5) 7.3%
Answer- 1) 7.6%
Explanation:
On November 30, 2023, the National Statistical Office (NSO), Ministry of Statistics and Programme
Implementation (MoSPI) released the estimates of Gross Domestic Product (GDP) for the July-
September Quarter (Q2) of 2023-24 (Q2FY24), both at Constant (2011-12) and Current Prices.
i. India’s Real GDP or GDP at Constant (2011-12) Prices in Q2FY24 is projected to grow at 7.6% as
compared to 6.2% in Q2FY23. It is estimated to attain a level of Rs 41.74 lakh crore in Q2FY24 as
against Rs 38.78 lakh crore in Q2FY23.
ii. In Q1FY24, India’s GDP expanded to 7.8%, surpassing the Reserve Bank of India(RBI)’s forecast of
6.5%.
8. In November 2023, the State Bank of India (SBI)’s Ecowrap report raised its forecast for
India’s Gross Domestic Product (GDP) growth to _________ from 6.7% for FY24.
1) 6.9%
2) 7.3%
3) 7%
4) 6.8%
5) 7.2%
Answer- 3) 7%
Explanation:
The State Bank of India (SBI) through its Research ‘Ecowrap‘ report has raised its forecast for
India’s Gross Domestic Product (GDP) growth for FY24 to 7% from 6.7%, citing robust Q2FY24
growth at 7.6%, driven by a 13.9% surge in manufacturing and a 13.3% rise in construction.
i. Nominal GDP in Q2FY24 grew by 9.1%, with Gross Value Added (GVA) also seeing a parallel increase
of 7.4%.
ii. The industry sector soared to 13.2%, marking a 9-quarters high, while services grew by 5.8%,
affected by specific segments.
iii. Agriculture saw a modest growth of 1.2% in Q2, marking an 18-quarter low.

9. Which of the following points is/are “correct” with respect to the recent step taken by the
Reserve Bank of India (RBI) in December 2023?
A) The Reserve Bank of India (RBI) and the Central Bank of Brazil signed a Memorandum of
Understanding (MoU) for cooperation and information exchange regarding the Clearing
Corporation of India Limited (CCIL).
B) RBI has imposed a monetary penalty of Rs 10,000 on Bank of America, N.A. for violation of
RBI’s instructions on reporting requirements under the Liberalised Remittance Scheme of
FEMA, 1999.
C) RBI approved the promoter of CSB Bank to retain a 26% stake in the lender.
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 December 1, 2023, the Reserve Bank of India (RBI) and the Bank of England (BoE) signed a
Memorandum of Understanding (MoU) for cooperation and information exchange regarding the
Clearing Corporation of India Limited (CCIL).
• Signatories: RBI Deputy Governor T Rabi Sankar and BoE Deputy Governor for Financial
Stability Sarah Breeden in London, United Kingdom (UK)
i. RBI in exercise of powers under the provisions of Section 11(3) of FEMA (Foreign Exchange
Management Act), 1999 has imposed a monetary penalty of Rs 10,000 on Bank of America, N.A. for
violation of RBI’s instructions on reporting requirements under the Liberalised Remittance Scheme of
FEMA, 1999.
• This penalty will not affect any transaction or agreement entered into by the bank with its
customers.
ii. RBI approved the promoter of CSB Bank to retain a 26% stake in the lender. This is higher than
the 15% stake that RBI had previously advised.
10. The Securities and Exchange Board of India (SEBI) extended the timeline of linking of SEBI
Complaint Redressal (SCORES) platform with the Online Dispute Resolution (ODR) Portal from
4th December 2023 to ____________.
1) 1st July 2024
2) 1st March 2024
3) 1st June 2024
4) 1st April 2024
5) 1st May 2024
Answer- 4) 1st April 2024
Explanation:
The Securities and Exchange Board of India (SEBI) has extended the timeline of linking of SEBI
Complaint Redressal (SCORES) platform with the Online Dispute Resolution (ODR) Portal from 4th
December 2023 to 1st April 2024.
i. The circular was issued under Section 11(1) of the Securities and Exchange Board of India Act,
1992.

ii. As per the circular issued by SEBI on 20th September 2023,

• The market entities have to keep submitting the Action Taken Report (ATR) on SCORES within
21 calendar days from the date of receipt of the complaint.
• The market entities have to apply for SCORES authentication and for Application Programming
Interface (API) integration so that entities can comply with the circular from December 4,
2023.
iii. SEBI has proposed to reduce the timelines and introduce auto-routing and auto-escalation of
complaints to strengthen the investor grievance handling mechanism through SCORES.
11. Which company has recently (in Dec ‘23) launched its mobile trading app, SKY on Amazon
Web Services (AWS)?
1) Motilal Oswal Securities
2) HDFC Securities
3) Axis Securities
4) ICICI Securities
5) Kotak Securities
Answer- 2) HDFC Securities
Explanation:
HDFC Securities Limited, the stock-broking arm of HDFC Bank, has launched its mobile trading app,
HDFC SKY on Amazon Web Services (AWS), the cloud computing unit of Amazon.com.
i. AWS is the world’s most comprehensive and broadly adopted cloud.
• HDFC Securities will provide secure and low-latency trading services to retail investors who
prefer mobile trading.
• HDFC SKY, built on AWS, will enable investors to access the stock market at a scale of
thousands of transactions per second.
• With AWS, HDFC Securities will reduce its annual Information technology (IT) infrastructure
and management costs by up to 50%.
12. Which bank has recently (in Dec ‘23) re-appointment Chandra Shekhar Ghosh as the
Managing Director (MD) and Chief Executive Officer (CEO) for 3 years?
1) IndusInd Bank
2) IDFC FIRST Bank
3) IDBI Bank
4) Bandhan Bank
5) Federal Bank
Answer- 4) Bandhan Bank
Explanation:
The board of Bandhan Bank Limited approved the re-appointment of Chandra Shekhar Ghosh as
the Managing Director (MD) and Chief Executive Officer (CEO) of the Bandhan Bank , for 3 years.
i. The re-appointment is subject to the approval of the Reserve Bank of India (RBI) and the
shareholders of the bank.
ii. If approved by RBI, the re-appointment would be effective from July 10, 2024.
Note: His current tenure as the MD and CEO would expire on 9th July 2024. He has been serving as the
MD & CEO of the bank since 2015.

13. In December 2023, Asian Development Bank (ADB) approved a USD _____________ loan for
Uttarakhand Climate Resilient Power System Development Project to improve the quality,
efficiency, and reliability of power supply.
1) 300 Million
2) 200 Million
3) 500 Million
4) 400 Million
5) 100 Million
Answer- 2) 200 Million
Explanation:
On December 4, 2023, the Asian Development Bank (ADB) has approved a USD 200 Million loan
for Uttarakhand Climate Resilient Power System Development Project to improve the quality,
efficiency, and reliability of power supply, and aiding the state in achieving 24×7 power to its
residents and transitioning to the use of clean energy.
i. The Japan Fund for Prosperous and Resilient Asia and the Pacific, financed by the Government of
Japan through ADB, will also provide a USD 2 million grant to support livelihood enhancement,
training, and awareness-raising activities of this project.
• ADB will conduct leadership courses and project management programs for the Power
Transmission Corporation of Uttarakhand Limited (PTCUL) and the Uttarakhand Power
Corporation Limited(UPCL) to support the capacity development.
Note- ADB has unveiled a new initiative to address climate and disaster risks in the crucial Hindu
Kush Himalaya region, a vital water source supporting over a billion people across Asia.
14. Name the company that has recently (in Dec ‘23) partnered with DBS Bank India, Visa and
Amazon to provide an extensive range of services to micro, small, and medium enterprises
(MSMEs).
1) Muthoot Finance
2) Aditya Birla Finance
3) Bajaj Finance
4) Godrej Capital
5) Mahindra & Mahindra Financial Services
Answer- 4) Godrej Capital
Explanation:
Godrej Capital, Non-Banking Finance Company (NBFC) arm of the Godrej Group, has partnered with
DBS Bank India, Visa and Amazon as part of its Nirmaan digital platform initiative, aimed at
providing an extensive range of services to micro, small, and medium enterprises (MSMEs).
i. This is in line with Nirmaan’s commitment to support MSMEs through diverse value-added services
(VAS) to enhance market reach, financial assistance, legal and compliance simplification, employee
welfare, and others.
15. Which Insurance Company has recently (in Dec ‘23) appointed Smriti Mandhana as the
brand ambassador?
1) IndiaFirst Life Insurance
2) PNB MetLife India Insurance
3) Ageas Federal Life Insurance

4) Tata AIA Life Insurance

5) Max Life Insurance
Answer- 2) PNB MetLife India Insurance
Explanation:
Smriti Mandhana, Vice-Captain of Indian Women’s Cricket team has been appointed as the brand
ambassador of PNB MetLife India Insurance Company Limited for their campaign “Karo Bade Sapno
Ki Tayyari”.
i. With this partnership, PNB MetLife hopes to inspire all Indians to dream big and enable them a
secured future.
ii. Smriti Mandhana was honoured with the Arjuna Award (2018) by Government of India for her
exemplary performance in cricket.
16. In December 2023, State Bank of India’s (SBI) shareholding in Jio Payments Bank Limited
reduced to ________ in Financial Year 2022-23 (FY23).
1) 18%
2) 20%
3) 23%
4) 33%
5) 29%
Answer- 3) 23%
Explanation:
State Bank of India’s (SBI) shareholding in Jio Payments Bank Limited reduced to 23% in Financial
Year 2022-23 (FY23) from 30% that SBI maintained since the inception of Jio Payments Bank.
i. With shareholding less than 25%, SBI will not be able to restrict special resolutions in the payment
bank.
ii. SBI has stayed away from two Jio Payments Bank rights issues while Reliance Industries
Limited(RIL), has picked up 10 million shares on 29 November 2023, and 70 million on 23 January
2023.
17. Which of the following is/are “correct” with respect to the LIC (shareholders’ director)
Regulations, 2023 notified by Life Insurance Corporation of India (LIC) in December 2023?
A) The LIC corporation would, upon notice of not less than 1000 shareholders or one-tenth of
the total number of shareholders (whichever is lower), elect a shareholders' director through a
general meeting of such shareholders.
B) The board will appoint a shareholders’ director for a tenure of 4 years.
C) The director will be eligible for re-election and re-appointment for another 4 years.
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:
On December 1, 2023, Life Insurance Corporation of India (LIC) notified LIC (shareholders’
director) Regulations, 2023 to allow the induction of shareholders’ directors on LIC’s board.

• The regulations were notified in exercise of the powers conferred by clause (f) of subsection
(2) of section 4 read with clause (n) of sub-section (2) of section 49 of the Life Insurance
Corporation Act, 1956 (31 of 1956).
i. Highlights from Regulation:
• Election: Upon notice of not less than 1000 shareholders or one-tenth of the total number of
shareholders (whichever is lower), LIC would elect a shareholders’ director through a general
meeting of such shareholders.
• Term: The board will appoint a shareholders’ director for a tenure of 4 years.
• Re-election: The director will be eligible for re-election and re-appointment for another 4
years.
18. In December 2023, Rajiv Anand was named as the Chairman of _____________ (Insurance
Company).
Answer- 2) Max Life Insurance
Explanation:
Rajiv Anand, a Non-Executive Director of Max Life Insurance Co. Ltd. nominated by Axis Bank Ltd, has
been named the Chairman of Max Life Insurance Co. Ltd., with effect from 5th December 2023.
i. Rajiv Anand, Deputy Managing Director (MD) of Axis Bank(since 2021) succeeded Analjit Singh, the
Founder and Chairman Emeritus of Max Life Insurance Co Ltd.
ii. Analjit Singh has formally stepped down from the Chairman position and as a member of the Max
Life Insurances board as of 4 December 2023.
Note: Max Life Insurance Co Ltd is a 70:30 Joint Venture (JV) between Max Financial Services Limited
(MFSL), a part of the Max Group, and Axis Bank Limited.
• Analjit Singh was honoured with Padma Bhushan in 2011 for Trade and Industry.
World Bank (WB) in December 2023?
A) The World Bank (WB) launched partnership platforms namely the Global Methane
Reduction Platform for Development (CH4D), a hub for methane reduction in agriculture and
waste.
B) WB launched its Global Flaring and Methane Reduction Partnership (GFMR) with USD 255
million in new grant funding to catalyse oil and gas methane and flaring reduction in
developing countries.
C) WB also launched an 18-month “blueprint for methane reduction” to set up 15 national
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C


Explanation:
The World Bank (WB) launched partnership platforms namely the Global Methane Reduction
Platform for Development (CH4D), a hub for methane reduction in agriculture and waste.
• CH4D aims to help low- and middle-income countries realize the ‘methane triple-wins’ of
reducing methane emissions, improving resilience, and strengthening livelihoods.
i. WB launched its Global Flaring and Methane Reduction Partnership (GFMR) with USD 255 million
in new grant funding to catalyse oil and gas methane and flaring reduction in developing countries.
• GFMR is financially supported by a coalition including the UAE, USA, Norway, BP, ENI, Equinor,
Occidental, Shell, and TotalEnergies.
ii. WB also launched an 18-month “blueprint for methane reduction” to set up 15 national
• The proposals were launched at the 28th Conference of the Parties (COP28) of the United
Nations Framework Convention on Climate Change (UNFCCC), being held in Dubai, United Arab
Emirates (UAE) from 30 November to 12 December 2023.
20. Name the bank that has recently (in Dec ‘23) launched the Parivar Account for Savings and
Current Accounts.
1) Bank of Baroda
2) Union Bank of India
3) Bank of India
4) Bank of Maharashtra
5) Indian Bank
Answer- 1) Bank of Baroda
Explanation:
Bank of Baroda (BOB), a leading public sector bank(PSB), has launched the BOB Parivar Account
for Savings and Current Accounts which groups all the bank accounts belonging to members of a
single family under One Family.
• The ‘My Family, My Bank’ segment was launched under the “BOB Ke Sang Tyohaar Ki Umang”
festive campaign of BoB.
i. The accounts under the BOB Parivar Account will be operated independently by the primary
account holder.
ii. This eliminates the need to maintain a quarterly average balance (QAB) in every single account. The
QAB is recorded at the Group/Family level.
iii. Eligibility:
• Savings account segment is open to a family of a minimum 2 members and a maximum of 6
members.
• Current account segment is open to proprietorship, partnership, LLP, and Pvt. Ltd. companies,
which are group companies or sister concerns.
21. Which bank, along with Tata Neu has recently (in Dec ‘23) launched Tata Neu Infinity and
plus Credit Card?
1) YES Bank
2) Axis Bank
3) HDFC Bank

4) ICICI Bank
5) IndusInd Bank
Answer- 3) HDFC Bank
Explanation:
HDFC Bank Limited in partnership with Tata Neu launched the co-branded credit card “Tata Neu
HDFC Bank credit card” powered by RuPay/Visa.
i. The credit card is available in 2 variants:
• Tata Neu Infinity HDFC Bank Credit Card
• Tata Neu plus HDFC Bank Credit Card.
ii. Eligibility:
• For salaried individuals: Age: Minimum 21 years & Maximum 60 Years Net Monthly Income
should be more than Rs 25,000
• For Self-Employed Person: Age: Minimum 21 years & Maximum 65 Years Income Tax Return
should be more than Rs 6 Lakhs per annum.
Note: This collaboration will help Tata Neu to expand into financial services which aims to provide
online payment services to its customers.
Asian Development Bank (ADB) in December 2023?
A) Asian Development Bank (ADB) has approved a USD 98 million loan to improve the
horticulture crop farmers’ access in India to certified disease-free planting materials.
B) ADB approves additional funding of USD 100 million for the Odisha Integrated and Resilient
Urban Development Project.
C) IIFL Home Finance Ltd and Asian Development Bank jointly hosted the 15th chapter of the
‘kutumb’ event and the 10th in series with ADB in Delhi.
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:
Asian Development Bank (ADB) has approved a USD($) 98 million(Rs.816 Cr) loan to improve the
horticulture crop farmers’ access in India to certified disease-free planting materials.This initiative
aims to improve the crop yield, quality, and resilience to impacts of climate change.
• This project will support the Government of India’s Atmanirbhar Clean Plant Program(CPP).
i. ADB approves additional funding of USD 200 million for the Uttarakhand Integrated and Resilient
Urban Development Project. This is in addition to a USD 125 million loan sanctioned in November
2021 for water supply and sanitation services in Dehradun and Nainital.
• ADB and India aims to attain the goal with the objectives of the Atal Mission for Rejuvenation
and Urban Transformation and Swachh Bharat Mission.
ii. IIFL Home Finance Ltd and Asian Development Bank jointly hosted the 15th chapter of the ‘kutumb’
event and the 10th in series with ADB in Delhi, India to discuss the green building ecosystem and
affordable housing.

• IIFL Home Finance Ltd. and the Asian Development Bank (ADB) joined forces for a Technical
Assistance (TA) initiative named ‘Enabling the Ecosystem to Improve Access to Green
Affordable Housing for Women’ addressing key areas such as green building, affordable
housing, and women’s housing access in India.
• ‘Kutumb’ has played a significant role in helping IIFL Home Finance Ltd. serve more than
250,000 customers
23. Name the company that has (in Dec ‘23) joined the Bharat BillPay in the Credit Card
Category.
1) RBL Bank
2) HSBC credit card
3) Axis Bank
4) IDBI Credit Card
5) SBI Card
Answer- 5) SBI Card
Explanation:
SBI Card has joined the credit card category of Bharat BillPay. The integration of the SBI Card into
Bharat BillPay was made by NPCI Bharat BillPay (NBBL), a wholly-owned subsidiary of the National
Payments Corporation of India (NPCI).
• The goal of this partnership is to make credit card bill payments more convenient and
accessible.
i. This will enable SBI Card’s approx 1.68 crore customers to pay and manage their credit card bills
through Bharat BillPay’s supported payment channels.
ii. These channels include: Online via banks, Payment apps, Bharat BillPay physical outlets.
iii. Credit card issuers already present in this category include Kotak Mahindra Bank, BoB Financial,
Federal Bank, AU Small Finance Bank, IndusInd Bank, and Canara Bank.
24. Which Life Insurance company has recently (in Dec ‘23) launched a budget-friendly term
insurance plan for salaried individuals?
1) HDFC Life Insurance Limited
2) Aditya Birla Sun Life Insurance Limited
3) TATA AIA Life Insurance Limited
4) SBI Life Insurance Limited
5) Bajaj Allianz Life Insurance Limited
Answer- 2) Aditya Birla Sun Life Insurance Limited
Explanation:
Aditya Birla Sun Life Insurance (ABSLI) has launched the ABSLI Salaried Term Plan, a budget-friendly
term insurance plan for salaried individuals.
• The plan is categorised as a non-linked, non-participating, Life Individual, pure risk, and
premium plan.
i. ABSLI Salaried Term Plan provides long-term comprehensive protection with a policy term of up to
49 years. The minimum & maximum entry age is 21 to 55 years, respectively, with a maximum
maturity age of 70 years.
ii. The policyholders can also choose between multiple PPT (Premium Payment Term) options i.e.,
Limited Pay (5, 7, 10, 12, 15 and 20 Years) & Regular Pay.

24. Name the bank that has recently (in Dec ‘23) partnered with Accenture to improve
operational efficiency.
1) Canara Bank
2) Bank of India
3) IndusInd Bank
5) Indian Bank
Answer- 4) Union Bank of India
Explanation:
The Union Bank of India (UBI) has partnered with Accenture, a leading global professional services
company, to design and develop a scalable and secure enterprise data lake platform with advanced
analytics and reporting capabilities.
i. The partnership aims to improve operational efficiency, enhance customer-centric banking
services, and manage the risk of Union Bank of India.
ii. The platform generates business-relevant insights by using leverage structured and unstructured
data from within the bank as well as from external sources.
25. According to ‘Global Credit Outlook 2024: New Risks, New Playbook’ released by S&P
Global Market Intelligence in December 2023, India is set to become the third-largest economy
in the world by ___________(year).
1) 2027
2) 2025
3) 2030
4) 2026
5) 2028
Answer- 3) 2030
Explanation:
According to ‘Global Credit Outlook 2024: New Risks, New Playbook’ released by S&P Global Market
Intelligence, India is set to become the third-largest economy in the world by 2030 and it is
projected to be the fastest-growing major economy in the next 3 years.
Largest Economy:
i. At present, India is the fifth largest economy in the world.
ii. The top five economy along with their Gross Domestic Product (GDP) are as follows (according to
the ranking):
• United States Of America (USA) – USD 26,954 Billion
• China – USD 17,786 Billion
• Germany – USD 4,430 Billion
• Japan – USD 4,231 Billion
• India – USD 3,730 Billion
26. In December 2023, State Bank of India (SBI) is set to acquire an additional ___________ stake
in SBI Pension Funds Private Limited (SBIPFPL) for a cash consideration of Rs. 229.52 crore.
1) 10%
2) 40%
3) 20%

4) 50%
5) 30%
Answer- 3) 20%
Explanation:
The Executive Committee of the Central Board (ECCB) of State Bank of India (SBI) has approved SBI
to acquire an additional 20% stake in SBI Pension Funds Private Limited (SBIPFPL) for a cash
consideration of Rs. 229.52 crore.
• These stakes are currently held by SBI Capital Markets Limited (SBICAPS), a wholly-owned
subsidiary of SBI.
i. After the acquisition, SBI will own 80% of the stake in SBIPFPL whereas the remaining 20% of the
stake will be owned by SBI Funds Management Limited. The acquisition will be completed by 15th
December 2023.
ii. The acquisition is based on the valuation report of Deloitte Touche Tohmatsu India Limited
Liability Partnership (LLP).
Note- SBI Funds Management Limited is a joint venture of SBI (62.53%) and Amundi (36.73%), a
French asset management company.
27. Name the organisation that has recently (in Dec ‘23) signed an MoU with the United Nations
Development Programme (UNDP) to promote sustainable infrastructure development.
1) Asian Infrastructure Investment Bank
2) International Monetary Fund
3) United Nations Development Programme
4) Asian Development Bank
5) World Bank
Answer- 1) Asian Infrastructure Investment Bank
Explanation:
The Asian Infrastructure Investment Bank (AIIB) has signed a Memorandum of Understanding (MoU)
with the United Nations Development Programme (UNDP) to promote sustainable infrastructure
development and address development challenges in Asia and beyond.
• The MoU recognises the shared objectives of AIIB and UNDP in supporting national climate
goals and the 2030 Agenda through financing sustainable development initiatives in common
members of operations.
i. Under this partnership, AIIB will leverage its respective strengths and resources to drive positive
change and make a lasting impact on the lives of people in Asia and beyond.
ii. With this partnership, UNDP can unlock new opportunities for financing sustainable development
projects and promote innovative solutions that address pressing global challenges.
28. In December 2023, the Confederation of Indian Industry (CII) projected India's Gross
Domestic Product (GDP) to grow at ___________ in Financial Year 2023-24 (FY24).
1) 6.4 %
2) 6.8 %
3) 6.5 %
4) 6.6 %
5) 6.7 %
Answer- 2) 6.8 %

Explanation:
The Confederation of Indian Industry (CII) has projected India's Gross Domestic Product (GDP) to
grow at 6.8 % in Financial Year 2023-24 (FY24) supported by infrastructure development and
promotion of ease of doing business.
i. The projected economic growth is higher than the earlier projection of 6.5-6.7% which was made in
June 2023.
ii. CII also projected that the growth will further accelerate to 7% in FY25.
29. Name the state government that has recently (in Dec ‘23) launched ‘AMA bank’ Scheme to
provide banking service in Unbanked Gram Panchayats (GPs).
1) Maharashtra
2) Odisha
3) Gujarat
4) West Bengal
5) Jharkhand
Answer- 2) Odisha
Explanation:
Chief Minister (CM) of Odisha Naveen Patnaik has launched “AMA Bank” scheme for providing
banking services through Customer Service Point (CSP) Plus banking outlets in 4373 unbanked
Gram Panchayats (GPs) in Odisha.
• Ama Bank model is the first-of-its-kind financial inclusion programme in India.
i. Ama Bank offers credit for small businesses along with 15 banking services through CSP Plus
banking outlets.
ii. It is positioned between a business correspondent (BC) and a small bank branch and offers all
banking services.
iii. The scheme was launched in collaboration with six public sector banks (PSBs) namely State Bank
of India (SBI), Punjab National Bank (PNB), Union Bank of India (UBI), UCO Bank, Bank of India (BoI)
and Bank of Baroda(BoB).
30. According to The World's Largest Life Insurers, 2023 released by the S&P Global Market
Intelligence in December 2023, Life Insurance Corporation of India (LIC) has been named the
_________ largest insurer in the world, while ____________ tops the ranking.
1) 3rd; Ping An Insurance (China)
2) 4th; Allianz SE (Germany)
3) 3rd; Nippon Life Insurance (Japan)
4) 4th; China Life Insurance (China)
5) 5th; Allianz SE (Germany)
Answer- 2) 4th; Allianz SE (Germany)
Explanation:
According to S&P Global Market Intelligence’s new ranking “The World's Largest Life Insurers,
2023” based on life and accident & health reserves, Life Insurance Corporation of India (LIC) has been
named the 4th largest insurer in the world.
i. LIC’s reserves stood at USD 503.7 billion in the fiscal year 2023 (FY23) – April 2022 to March 2023.
LIC is the only Indian company featured on the list.

ii. The 2023 ranking is topped by Germany’s Allianz SE with a reserve of USD 750.2 billion followed
by China Life Insurance Company Ltd, China(USD 616.90 billion) and Nippon Life Insurance Company,
Japan (USD 536.80 Billion)
31. Which of the following points is/are “correct” with respect to the step taken by the Reserve
Bank of India (RBI) in December 2023?
A) RBI has cancelled the license of Shankarrao Pujari Nutan Nagari Sahakari Bank Limited,
Ichalkaranji, Kolhapur in Maharashtra, and Urban Co-operative Bank Limited, Sitapur in Uttar
Pradesh.
B) RBI has imposed monetary penalty on 4 co-operative banks: Rajarshi Shahu Sahakari Bank
Ltd (Rs 1 Lakh), Prathamik Shikshak Sahakari Bank Limited (Rs 1 Lakh), Patan Co-operative
Bank Limited (Rs 1 Lakh) and the District Co-operative Central Bank Ltd (Rs 10,000).
C) The penalty was imposed in exercise of powers conferred on RBI under the provisions of
Section 47A (1) (c) read with Section 46 (4) (i) and Section 56 of the BR Act, 1949.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Explanation:
The Reserve Bank of India (RBI) has cancelled the license of Shankarrao Pujari Nutan Nagari
Sahakari Bank Limited, Ichalkaranji, Kolhapur in Maharashtra, and Urban Co-operative Bank
Limited, Sitapur in Uttar Pradesh (UP) with effect from the close of business on 4th December 2023
and 7th December 2023, respectively.
• The bank does not have adequate capital and earning prospects.
• The banks do not comply with the provisions of Section 11(1) and Section 22 (3) (d) read with
Section 56 of the BR Act, 1949.
i. On 7th December 2023, RBI has imposed monetary penalty on 4 co-operative banks:
• Rajarshi Shahu Sahakari Bank Ltd., Pune, Maharashtra- Rs 1 Lakh
• Prathamik Shikshak Sahakari Bank Limited, Satara, Maharashtra- Rs 1 Lakh
• Patan Co-operative Bank Limited, Mumbai, Maharashtra- Rs 1 Lakh
• The District Co-operative Central Bank Ltd., Mahabubnagar, Telangana- Rs 10,000
• The penalty was imposed in exercise of powers conferred on RBI under the provisions of
Section 47A (1) (c) read with Section 46 (4) (i) and Section 56 of the BR Act, 1949.
• This will not affect any transaction or agreement entered into by the bank with its customers.
32. In December 2023, the Government of India (GoI) and Asian Development Bank (ADB)
signed a USD 175 million loan to improve the connectivity and resilience of roads in __________
(state).
1) Maharashtra
2) Madhya Pradesh
3) Assam
4) Uttar Pradesh
5) Uttarakhand

Answer- 2) Madhya Pradesh

Explanation:
The Government of India (GoI) and Asian Development Bank (ADB) signed a USD 175 million loan to
improve the connectivity and resilience of roads in Madhya Pradesh (MP).
• This project will enhance connectivity in the state road network across 14 districts in MP.
i. ADB will enhance Madhya Pradesh Road Development Corporation Limited(MPRDC) by
upgradation of 500 km of roads to two-lane, with climate-resilient design, innovative safety features
and facilities catering to elderly, women, children, and people with disabilities.
• It will also develop strategies for green technology and electric vehicle infrastructure.
ii. Formulate gender equality strategy, establish internship programs, and engage women self-help
groups.
33. Name the bank that has recently (in Dec ‘23) partnered with the Intensive Vigilance and
Intervention System (iVIS) to offer cutting-edge electronic surveillance (e-surveillance)
services.
1) IndusInd Bank
2) HDFC Bank
3) ICICI Bank
4) Axis Bank
5) YES Bank
Answer- 3) ICICI Bank
Explanation:
Intensive Vigilance and Intervention System (iVIS), a subsidiary of Magellanic Cloud Limited, has
partnered with ICICI Bank Limited to offer cutting-edge electronic surveillance (e-surveillance)
services across the bank branches.
i. The partnership aims to fortify ICICI Bank’s branch-level security operations in Automated Teller
Machines (ATMs) and cash counter operations.
ii. VIS will deploy state-of-the-art Artificial Intelligence (AI)/ Machine Learning (ML) and Internet of
Things (IoT) technology to deliver services such as real-time video monitoring, facial recognition,
incident detection, reporting, and data analytics.
34. The government raised around Rs. 16,000 crore through sovereign green bonds in the last
financial year, of which more than Rs. __________ were provided for Renewable Energy (RE).
1) 2,190 crores
2) 3,647 crores
3) 4,678 crores
4) 5,987 crores
5) 6,186 crores
Answer- 5) 6,186 crores
Explanation:
Union Minister R.K.Singh, Ministry of New and Renewable Energy (MNRE), in a written response to a
query in Lok Sabha, informed that the Government of India (GoI) had raised Sovereign Green Bonds
(SGB) of Rs.16,000 crore (approximately) in the financial year 2022-23 (FY23).
• Out of the total funding, Rs. 6,186 crores was crafted to offer low-cost funds for renewable
energy projects via green bonds.

i. Through a transparent bidding process, private sector developers contribute to the majority of
renewable energy projects.
• The Solar & Wind power projects are developed by Independent Power Producers (IPPs)
ii. The funds can be raised through Equity Funding or by debt financing
iii. The sources to raise Equity Funding include Private Equity Capital, Own Funds of the developers,
Venture Capital, etc.
iv. The sources for debt financing include borrowings from commercial banks, Financial Institutions
(FIs), external commercial borrowings and foreign currency loans from multilateral and bilateral
agencies.
35.Which of the following is/are “correct” with respect to 5th Bi-Monthly monetary Policy
Committee(MPC) conducted by the Reserve Bank of India(RBI) in December 2023?
A)The Reserve Bank of India (RBI) has retained the policy repo rate under the liquidity
adjustment facility (LAF) unchanged at 6.50% for the 5th consecutive time.
B)RBI raised the limit for UPI payments to hospitals and educational institutions from Rs 1
lakh to Rs 5 lakh per transaction.
C)RBI allowed banks to reverse liquidity facilities under both SDF (standing deposit facility)
and MSF (marginal standing facility) on weekends and holidays w.e.f. December 30, 2023.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Explanation:
The Reserve Bank of India (RBI)’s 5th Monetary Policy Committee (MPC) Bi-monthly Monetary Policy
Committee (MPC), held from 6th to 8th December 2023, has decided to retain the policy repo rate
under the liquidity adjustment facility (LAF) unchanged at 6.50% for 5th consecutive time.
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%
i.RBI raised the limit for UPI payments to hospitals and educational institutions from Rs 1 lakh to Rs 5
lakh per transaction.
ii. RBI allowed banks to reverse liquidity facilities under both SDF (standing deposit facility) and MSF
(marginal standing facility) on weekends and holidays w.e.f. December 30, 2023.
iii.Consumer Price Index (CPI) inflation or retail inflation is projected at 5.4% for FY24, with FY24’s
Q3 at 5.6%, and Q4 at 5.2%.
iv. RBI has kept India’s real Gross Domestic Product (GDP) growth 7% in FY24 (2023-24) with FY24’s
Q3 at 6.5%, and Q4 at 6%
36.In December 2023, the Department for Promotion of Industry and Internal Trade (DPIIT),
under the Ministry of Commerce and Industry(MoCI), collaborated with which organisation to
improve India’s logistics efficiency.
1) International Civil Aviation Organization
2) World Economic Forum
3) World Bank
5) South Asian Association for Regional Cooperation
Answer-3) World Bank
Explanation:
The Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of
Commerce and Industry(MoCI), collaborates with the World Bank (WB) to improve India’s logistics
efficiency.
i.The aim behind the collaborative efforts is to elevate India’s ranking in the WB Logistics
Performance Index (LPI).
ii.Land Ports Authority of India (LPAI)- Implementation of the Land Port Management System (LPMS)
to digitise operations at Integrated Check Posts (ICPs)
iii.Ministry of Railways- Unveiling plans for 100% electrification of railway tracks, a marked
acceleration in track construction speed, and increased capacity for locomotives and wagons.
iv.Ministry of Ports, Shipping and Waterways (MoPSW)- Launch of NLP Marine, a National maritime
single-window platform offering end-to-end logistics solutions for seamless document exchange
among exporters, importers, and service providers, read the press release.
37.REC Limited has signed a ____________ loan agreement with KfW Development Bank, Germany
to reform Distribution Companies (DISCOMs) in India.
1) 150 million Euro
2) 510 million Euro
3) 200 million Euro
4) 450 million Euro
5) 300 million Euro
Answer- 3) 200 million Euro

Explanation:
REC Limited(formerly Rural Electrification Corporation Limited), a Maharatna Central Public Sector
Enterprise (CPSE) under the Ministry of Power (MoP), has signed a 200 million Euro (approximately
Rs. 1,795 crore) loan agreement with KfW Development Bank, Germany, to reform Distribution
Companies (DISCOMs) in India.
i.The agreement is in line with the Revamped Distribution Sector Scheme (RDSS).
ii.The scheme extends for five years starting from financial year 2021-22 (FY22) to FY26.
iii.The scheme provides result-linked financial assistance to DISCOMs for strengthening of supply
infrastructure based on meeting pre-qualifying criteria and achieving basic minimum benchmarks.
38.In December 2023, Life Insurance Corporation of India (LIC) reduced its shareholding in
HDFC Asset Management Company (AMC) Limited from 9.046% to ___________ (%) of the paid-
up capital.
1) 7.817%
2) 5.116%
3) 8.025%
4) 6.953%
5) 4.141%
Answer- 4) 6.953%
Explanation:
Mumbai (Maharashtra) based Life Insurance Corporation of India (LIC) has reduced its shareholding
in HDFC Asset Management Company (AMC) Limited from 9.046% to 6.953% of the paid-up capital.
i.LIC’s shareholding in HDFC AMC has reduced from 1,93,11,744 to 1,48,44,466 Equity Shares.
ii.LIC sold the additional shares of HDFC AMC through Open Market Transaction.
39. Which bank has recently (in Dec ‘23) launched an exclusive Saving Bank (SB) Account
named ‘Nari Shakti Savings Account’ for women?
1) Punjab National Bank
2) State Bank of India
3) Bank of India
4) ICICI Bank
5) Bank of Baroda
Answer- 3) Bank of India
Explanation:
Bank of India (BOI), a leading public sector bank in India, has launched an exclusive Saving Bank (SB)
Account named Nari Shakti Savings Account, specifically designed for women aged 18 and above
who have an independent source of income.
• This account offers benefits and features designed to empower women financially and promote
their well-being.
i. It offers advanced benefits and features including discounted health insurance and wellness
products, and complimentary facilities for Platinum SB account holders.
ii. Discounts on locker facilities for Gold and Diamond SB account holders and personal accident
insurance cover up to Rs. 1 crore.
iii. It also offers free issuance of credit cards, a lower usage limit of up to Rs. 5 lakh for point-of-sale
(POS) transactions, and preferential interest rates on personal loans.

40. Name the bank that has recently (in Dec ‘23) signed a Rs. 80 crore deal with Intellect Design
Arena Limited to deploy eMACH.ai powered Cash Management System(CMS).
1) Indian Bank
3) Bank of India
4) Bank of Baroda
Answer- 1) Indian Bank
Explanation:
Chennai(Tamil Nadu) based Intellect Design Arena Limited has signed a Rs 80 crore worth 5–year
deal with Indian Bank to deploy its eMACH.ai powered Cash Management System (CMS) to bolster
their Corporate Banking Modernisation.
i. Under ‘INDLEAP’ Project, the Indian Bank Indian Bank has adopted the goal of digital
transformation, by leveraging technology wherever possible with transaction banking and supply
chain management as growth engines.
41. Which of the following points is/are “correct” with respect to the State Finances: A Study of
Budgets of 2023-24 report released by the Reserve Bank of India (RBI) in December 2023?
A) The report states that the improvement achieved in State finances in 2021-22 was sustained
in 2022-23, with the combined States’ gross fiscal deficit (GFD) standing at 2.8% of gross
domestic product (GDP).
B) States’ GFD is below the budget estimate of 3.2% and Central Government’s limit of 4% for
the second consecutive year due to a reduction in the revenue deficit.
C) In FY24, states plan to maintain prudent fiscal management, with a budgeted consolidated
GFD at 3.1% of GDP, below the Central Government’s 3.5% limit.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Explanation:
On 11th December 2023, the Reserve Bank of India (RBI) released its annual report titled “State
Finances: A Study of Budgets of 2023-24” under the theme “Revenue Dynamics and Fiscal Capacity
of Indian States”.
i. The report states that the improvement achieved in State finances in 2021-22 was sustained in
2022-23, with the combined States’ gross fiscal deficit (GFD) standing at 2.8% of gross domestic
product (GDP).
ii. This was below the budget estimate of 3.2% and Central Government’s limit of 4% for the second
consecutive year due to a reduction in the revenue deficit.
• The report provides data on and analysis of the fiscal position of State governments in India
during 2021-22 (FY22-Actuals), 2022-23 (FY23-revised estimates/provisional accounts) and
2023-24 (FY24-Budget Estimates), prepared in the Division of State Finances (DSF) in the
Department of Economic and Policy Research (DEPR), RBI under the supervision of Muneesh
Kapur, Executive Director, RBI.

• In FY24, states plan to maintain prudent fiscal management, with a budgeted consolidated
GFD at 3.1% of GDP, below the Central Government’s 3.5% limit.
• During H1FY24, states experienced Year-on-Year (Y-o-Y) increase in consolidated GFDs, driven
by lower growth in revenue receipts and higher capital expenditure.
• GST implementation has boosted tax buoyancy for the States.
• Within revenue receipts, Tax and non-tax revenues slowed, grants contracted due to cessation
of GST (Gross and Service Tax) compensation cess, but State goods and services tax (SGST)
showed robust growth of 19.7% driven by improved GST compliance and economic activity.
42. Name the Insurance company that has recently (in Dec ‘23) partnered with PhonePe to
offer car and bike insurance products.
1) ICICI Lombard General Insurance
2) ACKO General Insurance
3) Bajaj Allianz General Insurance
4) Go Digit General Insurance
5) Cholamandalam MS General Insurance
Answer- 2) ACKO General Insurance
Explanation:
ACKO General Insurance and PhonePe have partnered to offer car and bike insurance products
directly through the PhonePe platform which aims to deliver intuitive, affordable, and reliable
insurance coverage to the users.
i. The partnership combines ACKO’s customer-first approach with PhonePe’s extensive distribution
network.
ii. This collaboration is facilitated through the cutting-edge partnership Application programming
interface (API) stack for seamless integration.
43. Which credit card company has recently (in Dec ‘23) collaborated with IDFC First Bank
Limited to launch “FIRST SWYP credit card” for Gen Z generation?
1) Mastercard
2) SBI Card
3) American Express
4) HDFC Card
5) ICICI Card
Answer- 1) Mastercard
Explanation:
IDFC First Bank Limited, in collaboration with MasterCard, has launched “FIRST SWYP credit card”,
designed exclusively for Gen Z generation.
• The card, powered by Mastercard, aims to provide various lifestyle requirements of the youth,
focused on affordability, convenience and increased customer engagement.
i. IDFC FIRST bank has introduced “IDFC FIRST Bank digital RuPay credit card”, powered for UPI
(Unified Payments Interface). This is a digital credit card on the Rupay network.
ii. Objective: It focuses to enhance customer convenience and simplify transaction experience for
them. In addition, it will blend the UPI transactions and main credit card facilities.

44. Which of the following points is/are “correct” with respect to the recent step taken by
the Securities and Exchange Board of India (SEBI) in December 2023?
A) SEBI allowed Stock Brokers (SBs) and Clearing Members (CMs) to park client funds in
Mutual Fund Overnight Schemes (MFOS).
B) Brokers and clearing members should ensure that the overnight schemes invest only in
government bonds, overnight repo markets and overnight Tri-party Repo Dealing and
Settlement (TREPS).
C) SEBI suspended the registration of Religare Commodities, a brokerage firm, for its alleged
involvement in illegal paired contracts on the National Spot Exchange Ltd (NSEL).
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Explanation:
On December 12, 2023, SEBI allowed Stock Brokers (SBs) and Clearing Members (CMs) to park client
funds in Mutual Fund Overnight Schemes (MFOS). Currently, they invest only in risk-free government
securities.
• This follows the revision in the framework for upstreaming of clients’ funds to clearing
corporations by SBs and CMs which was issued in June 2023.
• MFOS ensures minimal risk transformation of client funds because of overnight tenure and
exposure to only risk-free government securities.
• This information by SEBI is provided in exercise of powers conferred under Section 11(1) of
the SEBI Act, 1992 read with Regulation 30 of SEBI (Stock
Brokers) Regulations, 1992 and Regulation 51 of Securities Contracts (Regulation) (Stock
Exchanges and Clearing Corporations) Regulations, 2018, to protect the interests of investors
in securities and to promote the development of the securities markets.
i. Brokers and clearing members should ensure that the overnight schemes invest only in government
bonds, overnight repo markets and overnight Tri-party Repo Dealing and Settlement (TREPS).
• Brokers and clearing members cannot use clients’ funds to obtain banking facilities, whether
funded or non-funded based on Fixed Deposit Receipts (FDR).
ii. On December 13, 2023, SEBI suspended the registration of Religare Commodities, a brokerage
firm, for its alleged involvement in illegal paired contracts on the National Spot Exchange Ltd (NSEL).
• The suspension will be for three months from the date of this order or till the FIR filed against
the broking firm by EOW (Economic Offences Wing) ceases to be pending or till the notice is
acquitted by a court about the FIR, whichever is later.
45. Name the Life Insurance company that has recently (in Dec ‘23) introduced the Alpha
Wealth plan to provide extensive financial security for policyholders and their families.
1) HDFC Life Insurance
2) Exide Life Insurance
3) Bajaj Allianz Life Insurance
4) Canara HSBC Life Insurance
5) Edelweiss Tokio Life Insurance

Answer- 4) Canara HSBC Life Insurance

Explanation:
Canara HSBC Life Insurance introduced the Alpha Wealth plan to provide extensive financial
security for policyholders and their families. The plan encourages long-term savings, with loyalty
additions and wealth boosters enhancing the attractiveness of the plan.
• The product offers increased flexibility, allowing investors to modify premiums, premium
payment terms, policy duration, and sum assured to accommodate evolving financial
requirements.
i. Canara Bank, a public sector bank in India launched new products and services for customers on its
118th Founder’s Day (19 November). These include Corporate ai1, Whatsapp Banking Channel, and
Canara Unified Payments Interface (UPI) 123 Pay.
Note: Canara Bank commemorates the Founder’s Day in memory of its founder, the Late Ammembal
Subba Rao Pai, a philanthropist, who established the Canara Hindu Permanent Fund in
Mangalore(Karnataka), on 1 July 1906.
46. Which bank/organisation has recently (in Dec ‘23) partnered with the World Food
Programme (WFP) to scale up impact on Food Security?
2) World Bank
5) World Trade Organization
Answer- 2) World Bank
Explanation:
The World Bank (WB) and the World Food Programme (WFP) have strengthened their partnership
amidst growing concerns about record levels of food insecurity worldwide.
i. The partnership aims to build robust food systems along with a preparation plan to handle future
shocks.
ii. The collaboration also addresses the interconnected challenges of food insecurity such as climate
change, fragility, and poverty.
47. In December 2023, the Competition Commission of India (CCI) gave its approval to acquire
the stakes in _______________ (Insurance Company) by Temasek-controlled entity and Motilal
Oswal 4(MO) Alternate Investment Advisors Private Limited.
1) Niva Bupa Health Insurance
2) Aditya Birla Health Insurance
3) HDFC ERGO General Insurance
4) Star Health and Allied Insurance
Answer- 1) Niva Bupa Health Insurance
Explanation:
The Competition Commission of India (CCI) has given its approval to acquire the stakes in Niva Bupa
Health Insurance Company Limited by a Temasek-controlled entity and Motilal Oswal(MO)
Alternate Investment Advisors Private Limited.

i. In October 2023, Niva Bupa Health Insurance company opened the windows for new investors to
invest Rs.800 crore in the firm for a minority stake.
ii. Following this, investors like Motilal Oswal Private Equity, Temasek and Paragon Partners Growth
Fund II invested in Niva Bupa.
iii. This investment is subjected to regulatory approval.
48. Name the Mutual Fund company that has recently (in Dec '23) acquired 1.5% of paid-up
equity share capital in Karur Vysya Bank (KVB) Limited through open market transactions.
1) HDFC Mutual Fund
2) Edelweiss Mutual Fund
3) Axis Mutual Funds
4) SBI Mutual Funds
5) ICICI Prudential Mutual Fund
Answer- 4) SBI Mutual Funds
Explanation:
SBI Mutual Fund (MF) has acquired 1.5% of paid-up equity share capital in Karur Vysya Bank
(KVB) Limited through open market transactions.
i. SBI Mutual Fund (MF) purchased a total of 1.2 crore shares of KVB for Rs 194.4 crore with the
average price per share being Rs 162.
ii. In November 2023, the Reserve Bank of India(RBI) granted its approval to SBI MF to acquire an
aggregate holding of up to 9.99% in KVB.
49. Which Small Finance Bank (SFB) has recently (in Dec ‘23) entered into a bancassurance
partnership with ICICI Prudential Life Insurance for the distribution of life insurance
products?
1) Ujjivan SFB
2) AU SFB
3) Capital SFB
4) Equitas SFB
5) ESAF SFB
Answer- 1) Ujjivan SFB
Explanation:
ICICI Prudential Life Insurance limited have entered into a bancassurance partnership Ujjivan
Small Finance Bank (SFB) Limited for the distribution of life insurance products .
• Under this partnership, Ujjivan SFB’s 700+ branches across 26 states and Union Territories
will offer the entire suite of ICICI Prudential Life’s customer-friendly protection, long-term
savings, and retirement products to its customers.
• On the pure protection platform, ICICI Pru iProtect Smart and ICICI Pru iProtect Return of
Premium will be available.
• For long-term savings, customers will be able to conveniently purchase ICICI Pru GIFT Pro,
ICICI Pru Gold, and ICICI Pru Signature.
• For retirement planning, ICICI Pru Guaranteed Pension Plan Flexi will aid Ujjivan SFB
customers in systematically planning for their retirement.

Asian Development Bank (ADB) in December 2023?
A) ADB approved a USD 250 million policy-based loan to develop industrial corridors in India
aligning with the National Industrial Corridor Development Program (NICDP).
B) ADB approved a USD 200 million loan to improve solid waste management and sanitation in
Indian cities.
C) ADB will also provide an additional USD 3.15 million Technical Assistance (TA) grant from
its Urban Resilience Trust Fund, Republic of Korea e-Asia and Knowledge Partnership Fund,
and the Sanitation Financing Partnership Trust Fund.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Explanation:
On December 8, 2023, the Asian Development Bank (ADB) approved a USD 250 million policy-based
loan to develop industrial corridors in India aligning with the National Industrial Corridor
Development Program (NICDP).
• This funding supports NICDP subprogram 2 for development of multi-modal logistics in
industrial corridors under the Prime Minister (PM) Gati Shakti– National Master Plan for Multi-
modal Connectivity platform.
i. ADB also approved a USD 200 million loan to improve solid waste management and sanitation in
Indian cities. It will support GoI’s Swachh Bharat Mission(Clean India Mission)–Urban (SBM-U) 2.0
targeting garbage free Indian cities by 2026.
ii. ADB will also provide an additional USD 3.15 million Technical Assistance (TA) grant from its
Urban Resilience Trust Fund, Republic of Korea e-Asia and Knowledge Partnership Fund, and the
Sanitation Financing Partnership Trust Fund.
• This TA grant will support implementation of the above program, capacity building of selected
states on financial management.
iii. ADB announced plans to launch the Climate Action Catalyst Fund (CACF) on January 1, 2024. It is a
first-of-its-kind carbon fund under the Paris Agreement.
51. In December 2023, the State Bank of India (SBI) signed a __________ Euro Line of Credit (LoC)
with KfW Development Bank, Germany, to support solar photovoltaic(PV) projects in India.
1) 30 million
2) 50 million
3) 70 million
4) 40 million
5) 60 million
Answer- 3) 70 million
Explanation:
The State Bank of India (SBI) has signed a 70 million Euro (approximately Rs 636 crore) Line of
Credit (LoC) with KfW Development Bank, Germany, to support solar photovoltaic(PV) projects in
India.

• The agreement was signed at the International Financial Services Centres (IFSC) Gujarat
International Finance Tec-City (GIFT City) Branch of SBI in Ahmedabad, Gujarat.
i. The agreement is in line with India’s commitment made at 28th Conference of the Parties of the
United Nations Framework Convention on Climate Change (UNFCCC – COP 28) summit held at Dubai
in November 2023.
ii. India’s commitment at COP26 in 2021, promising five key climate goals, including 500 Gigawatt
(GW) of non-fossil energy by 2030 and generating half of all energy requirements from renewables, to
reducing emissions by 1 billion tonnes by 2030.
52. Name the bank that has recently (in Dec ‘23) recognised as the top performer of the 2023
Climate Assessment for Financial Institutions (CAFI) Awards for Climate Reporting.
1) Canara Bank
2) Federal Bank
5) Bank of Baroda
Explanation:
International Finance Corporation (IFC), a member of the World Bank Group, has recognised Federal
Bank Limited as the top performer of the 2023 Climate Assessment for Financial Institutions (CAFI)
Awards for Climate Reporting.
i. Federal Bank emerged as a standout performer by securing 2 positions on the global stage and 4
recognitions in the South Asian Region.
ii. Accolades Received by Federal Bank:
• Global recognition:
• Most (Greenhouse Gas) GHG Mitigated.
• FY23 Regional Award (South Asia):
• Most Transactions Reported
• Most GHG Mitigated
• Best Achievement vs Climate Targets
Note: Around 258 financial institutions across the globe are participating in climate reporting through
the CAFI tool.
53. Which Bank has recently (in Dec ‘23) received authorisation from Reserve Bank of India
(RBI) to distribute pensions through Electronic Pension Payment Order (e-PPOs) on behalf of
the Ministry of Railways (MoR)?
1) ICICI Bank
2) HDFC Bank
3) IndusInd Bank
4) Bandhan Bank
5) Federal Bank

Explanation:
Bandhan Bank Limited has received authorisation from Reserve Bank of India (RBI) to distribute
pensions through Electronic Pension Payment Order (e-PPOs) on behalf of the Ministry of Railways
(MoR).
i. The authorisation is in line with the mandate of the Ministry of Finance(MoF), MoR and RBI.
ii. The bank will be able to provide pension services to around 50,000 retirees each year across 17
zonal offices and 8 production units of the Indian Railways.
54. In December 2023, the Asian Development Bank (ADB) raised its economic forecast for
India to ________ for Fiscal 2023-2024 (FY24).
1) 6.2%
2) 6.8%
3) 6.7%
4) 6.5%
5) 6.3%
Answer- 3) 6.7%
Explanation:
On December 13, 2023, the Asian Development Bank (ADB) in its Asian Development Outlook (ADO)
December 2023 raised its economic forecast for India to 6.7% for Fiscal 2023-2024 (FY24) from the
6.3% forecast made in September 2023.
i. This increase is driven by India’s higher-than-expected gross domestic product (GDP) growth of
7.6% year-on-year in the July-September quarter.
ii. On the other hand, Real GDP growth for Q1 FY25 is projected at 6.7%; Q2 at 6.5%; and Q3 at 6.4%.
India’s inflation was also unchanged at 5.5% in FY24.
55. In December 2023, Bain Capital sold 1.08% stake in ___________ (Bank) for Rs 3737 crore in a
block trade.
1) IndusInd Bank
2) Axis Bank
3) HDFC Bank
4) ICICI Bank
5) YES Bank
Answer- 2) Axis Bank
Explanation:
Bain Capital, an American Private Equity (PE) firm, has sold 1.08% stake or 33.38 million shares
worth Rs 3737 crore in Axis Bank in a block trade.
• The shares were sold by 3 affiliate firms of Bain Capital: BC Asia Investments VII, BC Asia
Investments III and Integral Investments South Asia IV at Rs 1119.7 apiece.
i. This was the 2nd sell down of Axis bank by Bain in 2023. Previously, in June 2023, Bain had sold
0.73% stake for Rs 2178 crore at Rs 968 per share.
ii. In November 2017, Bain had bought a stake worth Rs 6,854 crore in Axis Bank and has sold shares
in several tranches since then.

56. As per the report ‘Women Empowerment & Ladli Behna_Dec23‘ released by the State Bank
of India’s (SBI) Economic Research Department (ERD) in December 2023, women voters in
India will surpass male voters from the _______ General Election onwards.
1) 2044
2) 2024
3) 2034
4) 2029
5) 2039
Answer- 4) 2029
Explanation:
On December 14, 2023, the State Bank of India’s (SBI) Economic Research Department (ERD) released
a report titled ‘Women Empowerment & Ladli Behna_Dec23‘ which states that women voters in India
will surpass male voters from the 2029 General Election onwards.
• In 2029, the total voter turnout is expected to be 73 crores of which women voters will be at
37 crore, which will be higher than the registered men voters at 36 crore.
• The report projects that the total voter turnout in the 2024 general election will be around 68
crores of which 33 crore (49%) will be women.
• ERD projects that in 2047 (probable election year 2049), women voter turnout should
increase to 55% and men voter turnout might decrease to 45%.
• It is projected that in 2047, around 115 crore would be registered electors.
• The voter turnout is projected to be at 80% (92 crore), with women outnumbering men (50.6
crore women, 41.4 crore men).
57. Name the company that has recently (in Dec ‘23) collaborated with LIC Cards Services
Limited and Mastercard to launch co-branded credit cards.
1) IndusInd Bank
2) IDFC FIRST Bank
3) HDFC Bank
4) ICICI Bank
5) IDBI Bank
Answer- 2) IDFC FIRST Bank
Explanation:
LIC Cards Services Limited (LIC CSL), IDFC FIRST Bank Limited and Mastercard has collaborated to
launch “LIC IDFC FIRST Credit Cards”, a co-branded credit card to meet the dynamic financial needs
of India.
• The card is available in two variants: LIC Classic Credit Card and LIC Select Credit Card.
• The Lifetime free card is (zero joining fee and zero annual fee) specially designed for the
customers in Tier II and Tier III cities.
i. The card provides reward points on payment of every Life Insurance Corporation of India (LIC)
insurance premium.
ii. These reward points (valid for 3 years) can be redeemed by a cardholder against any online
purchase, including the payment of LIC insurance premiums.

58. Which company has recently (in Dec ‘23) launched India’s first self-hosted payments
orchestration platform ‘FlowWise’?
1) Razorpay Software Private Limited
2) Amazon Pay India Private Limited
3) Cashfree Payments Limited
4) PhonePe Private Limited
5) BharatPe Limited
Answer- 3) Cashfree Payments Limited
Explanation:
Cashfree Payments has introduced India’s first self-hosted payments orchestration platform
‘FlowWise’ which allows payment management to take place directly on the merchant’s
infrastructure.
i. FlowWise is one setup solution for Indian businesses for managing different payment systems. It
simplifies the complexity and effort of using multiple Payment Gateways (PGs) for businesses.
ii. The platform allows users to send payments to different partners by cutting processing costs by up
to 40% and improving success rates up to 10%.
59. Name the bank that has recently (in Dec ‘23) collaborated with the Reliance Industries
Limited (RIL) to launch a financing program for compressed biogas (CBG) plants.
1) DBS Bank India
2) ICICI Bank
3) HSBC India
4) Axis Bank
5) YES Bank
Answer- 1) DBS Bank India
Explanation:
Reliance Industries Limited (RIL) and DBS Bank India have collaborated to introduce a customised
supply chain financing program to meet the requirements of compressed biogas (CBG) project
initiated by RIL.
• This initiative is a part of RIL’s net zero emissions roadmap.
Note: DBS Bank India’s customized funding structure facilitates the development of a competitive
logistics and scalable CBG industry.
i. RIL sees agricultural residue as pivotal in its net-zero roadmap and plans to invest nationwide in
producing CBG as an eco-friendly alternative to imported Compressed Natural Gas (CNG) and other
fossil fuels.
ii. It has planned to set up 100 CBG plants over 5 years that will not only meet domestic gas demand
but also position India as a key biofuel source.
60. Which bank, along with the Indian Institute of Technology, Kanpur (IIT-K) has recently (in
Dec ‘23) launched India’s first fully integrated school of sustainability?
1) YES Bank
2) ICICI Bank
3) Axis Bank
4) HDFC Bank
5) Kotak Mahindra Bank

Answer- 5) Kotak Mahindra Bank

Explanation:
Kotak Mahindra Bank Limited (KMBL) and the Indian Institute of Technology, Kanpur(IIT-K) in
Uttar Pradesh(UP), has launched “Kotak School of Sustainability (KSS)”, India’s first fully
integrated school of sustainability, at IIT-K Campus.
• KSS is funded by KMBL through their Corporate Social Responsibility (CSR) programme ‘Kotak
Karma’.
i. Aim: To promote pedigree education, research, and outreach by focusing on enhancing home-grown
capabilities to address sustainable development.
ii. Cost: The total project cost is around Rs 200 crore. Kotak will be contributing Rs 70 crore in the
first phase.
iii. The KSS will be housed in a green building in IIT-K’s main campus. It will be platinum-rated with
net zero practices on energy, water, and waste.
61. In December 2023, the Government of India (GoI) announced the opening of Sovereign Gold
Bonds (SGBs) 2023-24 (Series III) for subscription during the period December 18-22, 2023.
The issue price during the subscription period shall be Rs. _________ per gram.
1) 5,423
2) 7,212
3) 4,278
4) 6,199
5) 3,246
Answer- 4) 6,199
Explanation:
The Government of India (GoI), under Notification No.4(6)-B(W&M)/2023 dated December 8, 2023,
announces the opening of Sovereign Gold Bonds (SGBs) 2023-24 (Series III) for subscription
during the period December 18-22, 2023 with Settlement date December 28, 2023.
• The issue price during the subscription period shall be Rs.6,199 per gram (as per the
Reserve Bank of India (RBI) Press Release dated December 15, 2023).
i. The Government of India in consultation with the RBI has decided to allow a discount of Rs. 50 per
gram to investors applying online and making payments through digital mode.
ii. The issue price of Gold Bond for such investors will be Rs. 6,149 per gram.
62. Which of the following points is/are “correct” with respect to the Public Sector Banks
(PSBs) and Scheduled Commercial Banks (SCBs) of India, as of December 2023?
A) The Public Sector Banks (PSBs) have recovered Rs 1.61 lakh crore out of the Rs 10.42 lakh
crore written off during the 9 fiscal years from 2014-15 to 2022-23.
B) The recovered amount accounts for around 15.45% of the total written-off amount.
C) Scheduled Commercial Banks (SCBs) have collectively written off Rs 10.57 lakh crore over
the past 5 financial years spanning from 2018-19 to FY 2022-23.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C


Explanation:
The Public Sector Banks (PSBs) have recovered Rs 1.61 lakh crore out of the Rs 10.42 lakh crore
written off during the 9 fiscal years from 2014-15 to 2022-23.
• The recovered amount accounts for around 15.45% of the total written-off amount.
• PSBs could not recover even Re 1 as against Rs 5 written-off during 9 fiscal years starting
2014-15.
i. Scheduled Commercial Banks (SCBs) have collectively written off Rs 10.57 lakh crore over the
past 5 financial years spanning from 2018-19 to FY 2022-23.
• Over Rs 5.52 lakh crore was allocated to loans linked to large industries. This also includes Rs
93,874 crore written off by all banks due to fraud during this period.
• During this period, SCBs have recovered Rs 7.15 lakh crore from NPAs.
Note: In FY23, SCBs have collected an aggregate amount of Rs 5,309.80 crore as penal charges,
including penalty charges against delay in payment of loans.
63. In December 2023, Life Insurance Corporation of India (LIC) increased the gratuity limit to
Rs _________ from Rs 3 lakh with an aim to improve the working conditions and benefits of the
agents.
1) 7 lakh
2) 4 lakh
3) 5 lakh
4) 8 lakh
5) 6 lakh
Answer- 3) 5 lakh
Explanation:
Life Insurance Corporation of India (LIC) has increased the gratuity limit to Rs 5 lakh from Rs 3 lakh
with an aim to improve the working conditions and benefits of the agents with effect from 6th
December 2023.
• These regulations will be called the Life Insurance Corporation of India (Agents) Amendment
Regulations, 2023.
i. In September 2023, the Ministry of Finance(MoF) approved a series of welfare measures related to
the amendments of LIC (Agents) Regulations, 2017.
ii. This includes enhancement of the gratuity limit and Uniform Rate of Family Pension.
64. Which of the following points is/are “correct” with respect to the annual Survey on
International Trade in Banking Services (ITBS), 2022-23 released by the Reserve Bank of India
(RBI) in December 2023?
A) The survey provides insights into cross-border banking activities of 14 Indian banks and 44
foreign banks’ branches/subsidiaries in India.
B) Indian banks expanded their global presence through the subsidiaries route, with an
increase in employee strength for foreign branches (0.5%) and subsidiaries (6.2%) in 2022-
23.
C) The Total Income to assets ratio for overseas branches of Indian banks rose to 3.9% in
2022-23 from 1.6% in 2021-22 , still lower than the 6.9% for foreign banks in India.
1) Only A

2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Explanation:
The Reserve Bank of India (RBI) released the annual Survey on International Trade in Banking
Services (ITBS), 2022-23 which provides insights into cross-border banking activities of 14 Indian
banks and 44 foreign banks’ branches/subsidiaries in India.
• The cross-border banking activities include fund-based banking services, encompassing
deposits, credit, and financial auxiliary services with fees or commissions. Click Here for the list
of Full Banking Services
i. Indian banks expanded their overseas presence through subsidiaries, reaching 417 in FY23
compared to 399 in FY22.
• Indian banks expanded their global presence through the subsidiaries route, with an increase
in employee strength for foreign branches (0.5%) and subsidiaries (6.2%) in 2022-23.
ii. The number of branches and employees of foreign banks in India decreased in 2022-23.
• The Total Income to assets ratio for overseas branches of Indian banks rose to 3.9% in 2022-
23 from 1.6% in 2021-22 , still lower than the 6.9% for foreign banks in India.
iii. Foreign banks in India had a higher fee income share at 11.5%, surpassing the 7% share for
overseas branches of Indian banks.
• Indian bank branches in the United Arab Emirates (UAE) generated the highest fee income,
followed by those in the United Kingdom (UK), Hong Kong, and Singapore.
65. Name the Insurance Company that has recently (in Dec ‘23) launched a health insurance
policy that provides comprehensive coverage for customers globally, including treatment from
the best hospitals.
1) Reliance General Insurance
2) Aditya Birla Health Insurance
3) Star Health & Allied Insurance
4) Care Health Insurance
Answer- 1) Reliance General Insurance
Explanation:
The Reliance General Insurance Company Limited (RGICL), a subsidiary of Reliance Capital limited,
introduced “Reliance Health Global”, a health insurance policy that provides comprehensive
coverage for customers globally, including treatment from the best hospitals.
• Notably, it is the first global health insurance policy that covers emergency and planned
treatments within India by offering an unlimited Sum Insured.
i. About Reliance Health Global:
• It aimed at providing Indians with access to global healthcare i.e. it offers coverage in India and
in other parts of the world too. It offers four plans: Elite, Elite+, Royal, and Royal+.
• The tagline of this policy is ‘A Health Policy Without Borders’.

66. In December 2023, Life Insurance Corporation of India (LIC) reduced its percentage of the
paid-up capital in Dixon Technologies (India) Limited to ____________ from 5.012% through open
market operations.
1) 2.23%
2) 3.65%
3) 4.3%
4) 4.92%
5) 3%
Answer- 5) 3%
Explanation:
Headquartered in Mumbai (Maharashtra), Life Insurance Corporation of India (LIC) has reduced its
percentage of the paid-up capital in Dixon Technologies (India) Limited to 3% from 5.012% through
open market operations.
i. This decrease of 2.012% during the period from 20th April 2022 to 15th December 2023, is a result
of decreasing equity shares from 29,97,913 to 17,94,395 at an average cost of Rs 5,877.65.
67. In December 2023, GoI and Asian Development Bank (ADB) signed a loan agreement for a
_____________ Japanese Yen loan to continue financing the construction of the 82-kilometre Delhi-
Meerut Regional Rapid Transit System (RRTS) corridor.
1) 37 Billion
2) 40 Billion
3) 42 Billion
4) 54 Billion
5) 68 Billion
Answer- 1) 37 Billion
Explanation:
On December 15, 2023, Government of India (GoI) and Asian Development Bank (ADB) have signed
an loan agreement for a 37 Billion Japanese Yen (USD 250 million) loan to continue financing the
construction of the 82-kilometre Delhi-Meerut Regional Rapid Transit System (RRTS) corridor.
i. Delhi Meerut RRTS is the first of the 3 priority rail corridors planned as a part of the National Capital
Region (NCR) Regional Plan 2021, to connect Delhi to neighbouring cities.
ii. RRTS is a new, dedicated, high speed, high capacity, comfortable commuter service connecting
regional nodes in NCR.
iii. It will have multi-modal hubs to ensure smooth interchange with other transport modes.
iv. Implementing agency: National Capital Region Transport Corporation (NCRTC), a joint venture
company of GoI and States of Delhi, Haryana, Rajasthan and Uttar Pradesh(UP).
68. Which bank has recently (in Dec ‘23) collaborated with Indian Oil Corporation Limited
(IOCL) to launch a co-branded credit card?
1) HDFC Bank
2) YES Bank
3) Axis Bank
5) ICICI Bank

Explanation:
Kotak Mahindra Bank Limited (KMBL) in collaboration with Indian Oil Corporation Limited (IOCL)
has launched a co-branded credit card called ‘Indian Oil Kotak Credit Card’.
• The fuel card is powered by Rupay contactless technology.
i. This fuel credit card is specifically designed to benefit customers when used at Fuel Pump Station.
ii. The fuel credit card can be used to purchase petrol, diesel, etc. or other fuels at participating fuel
stations.
69. Name the Insurance company that has recently (in Dec ‘23) introduced Smart Total Elite
Protection (STEP) Term Plan”, a non-linked, non-participating, individual pure-risk premium
life insurance plan.
Answer- 2) Max Life Insurance
Explanation:
The Max Life Insurance Company Ltd. (Max Life) introduced “Max Life Smart Total Elite Protection
(STEP) Term Plan”, a non-linked, non-participating, individual pure-risk premium life insurance
plan.
i. Aim: To enhance financial security in the current dynamic landscape and address the modern
consumer’s need for increased protection through higher coverage solutions.
ii. The offering provides enhanced coverage of Rs 2 crores, aligning with the growing financial needs.
iii. It also offers flexibility, allowing policyholders to take a premium break every five years as part of
the cover continuance benefit.
70. Which bank has recently (in Dec ‘23) launched industry-first community banking programs
for the diamond industry?
1) YES Bank
2) Axis Bank
3) ICICI Bank
4) HDFC Bank
5) IndusInd Bank
Answer- 5) IndusInd Bank
Explanation:
IndusInd Bank Limited has launched ‘Indus Solitaire Program’, an industry-first community
banking program designed for the diamond industry.
i. The program provides a range of exclusive benefits along with distinct features and offerings to
customers in the diamond industry.
ii. The program goes beyond traditional banking and offers elite banking services to the diamond
community through IndusInd’s flagship branches in Mumbai (Maharashtra) and Surat (Gujarat).
• IndusInd Bank also launched its new branch at the Surat Diamond Bourse

71. Name the platform that has recently (in Dec ‘23) launched the new website & mobile
application(app) with the tagline – ‘Bharat Ka Money App’.
1) MoneyTap
2) CASHe
3) Zype
4) Capital Now
5) Privo
Answer- 2) CASHe
Explanation:
CASHe, an Artificial Intelligence(AI) driven financial wellness platform has strategically repositioned
the brand, along with the launch of the new website and mobile application(app) with the tagline –
‘Bharat Ka Money App.’
Repositioning:
i. Through repositioning, CASHe established itself as a premier credit-centric financial platform which
offers accessible, innovative, and empowering financial solutions.
ii. This repositioning underscores CASHe’s commitment to meeting the diverse financial needs of
young working millennials in urban hubs and tier 2, tier 3 cities and small towns across India.
iii. Through the new website and mobile app CASHe provides comprehensive and tailored financial
solutions.
72. In December 2023, ICRA Limited upgraded its Gross Domestic Product (GDP) growth
forecast for India for the fiscal year 2023-24 (FY24) to ___________ from 6.2%.
1) 6.6%
2) 6.8%
3) 6.5%
4) 6.7%
5) 6.4%
Answer- 3) 6.5%
Explanation:
On December 18, 2023, ICRA Limited (formerly Investment Information and Credit Rating Agency of
India Limited) upgraded its Gross Domestic Product (GDP) growth forecast for India for the fiscal
year 2023-24 (FY24) to 6.5% from the earlier estimate of 6.2%.
i. The revised forecast is still lower than the Reserve Bank of India (RBI)’s GDP growth forecast of 7%
for FY24.
73. Which bank has recently (in Dec ‘23) entered into a corporate agency arrangement with
HDFC Life to offer life insurance products to customers?
1) South Indian Bank
2) Karur Vysya Bank
3) Axis Bank
4) IDFC FIRST Bank
5) RBL Bank
Answer- 2) Karur Vysya Bank

Explanation:
Karur Vysya Bank Limited (KVB) signed a Corporate Agency (CA) arrangement with HDFC Life
Insurance Company Limited to empanel HDFC Life as an additional bancassurance partner of KVB
for the life insurance category.
i. The CA arrangement will enable customers of KVB to avail HDFC Life’s wide range of customised life
insurance products, including solutions for protection, savings and investment, retirement and critical
illness.
ii. The partnership aims to simplify the path to financial well-being for customers.
iii. The collaboration is aligned with the goal of ‘Insurance for all by 2047’ set by the Insurance
Regulatory and Development Authority of India (IRDAI).
74. Which company has recently (in Dec ‘23) partnered with the NSDL Payments Bank and the
National Payments Corporation of India (NPCI) to launch One Nation Corporate Card?
1) Paycraft Solutions
2) CCAvenue
3) Cashfree Payments
4) Razorpay Solutions
5) Instamojo
Answer- 1) Paycraft Solutions
Explanation:
On December 19, 2023, Paycraft Solutions Pvt. Ltd., launched One Nation Corporate Card in
partnership with NSDL Payments Bank and the National Payments Corporation of India (NPCI).
• It will be offered to the Indian customers pan-India from June end 2024
About One Nation Corporate Card :
i. The One Nation Corporate Card is a National Transit Card built on an indigenously developed multi-
wallet platform with Transit Issuance and Processing Capability.
ii. The card allows cardholders to travel across India on any public transport that accepts bank-issued
cards.
iii. The card crafted on National Common Mobility Card (NCMC) specifications with offline capability,
is in line with Government of India’s (GoI) One Nation One Card vision.
iv. The card enables transactions across 4 channels: Automated Teller Machine (ATM) , POS (Point of
Sale), e-commerce websites, and metro stations.
75. In December 2023, U GRO Capital raised USD __________ through Non-Convertible Debentures
(NCDs) from Hague, the Netherlands based FMO.
1) 90 million
2) 70 million
3) 60 million
4) 80 million
5) 30 million
Explanation:
On December 19, 2023, U GRO Capital Limited, a non-banking financial company (NBFC), raised USD
30 million (around Rs 250 crore) through Non-Convertible Debentures (NCDs) from FMO, the Dutch
entrepreneurial development bank, based in the Hague, the Netherlands.

• The INR (Rupee)-denominated NCDs issuance was fully subscribed by FMO.

i. U GRO Capital has offered credit to more than 80000 small businesses over the last 5 years.
ii. In 2023, U Gro Capital raised over Rs 340 crore in equity capital. This includes Rs 240 crore from
the Danish Development Finance Institution(DFI) and Investment Fund for Developing Countries
(IFU).
76. Name the Life Insurance that has recently (in Dec ‘23) entered into a bancassurance
partnership with the IDFC First Bank Limited to offer insurance solutions to the bank’s
customers.
1) HDFC Life Insurance Limited
2) Aditya Birla Sun Life Insurance Limited
3) TATA AIA Life Insurance Limited
4) SBI Life Insurance Limited
5) Bajaj Allianz Life Insurance Limited
Answer- 2) Aditya Birla Sun Life Insurance Limited
Explanation:
Aditya Birla Sun Life Insurance (ABSLI) Limited, the life insurance subsidiary of Aditya Birla Capital
Limited (ABCL) and IDFC First Bank Limited have entered into a bancassurance partnership to offer
insurance solutions to the bank’s customers.
i. The partnership aims to offer ABSLI’s insurance products through the extensive distribution
network of IDFC First Bank.
ii. The collaboration aims to create a one-stop-shop financial solution to cater to the changing needs of
customers with special focus on retirement planning, ensuring a steady source of second income and
tax-free returns.
77. In December 2023, European Investment Bank (EIB) announced the investment of up to
USD _______________ in the private equity fund Amicus Capital Partners Fund II managed by
Amicus India Capital Partners.
1) 40 million
2) 80 million
3) 50 million
4) 70 million
5) 60 million
Explanation:
European Investment Bank (EIB) announced the investment of up to USD 40 million (EUR 37
million) in the private equity fund Amicus Capital Partners Fund II managed by Amicus India Capital
Partners.
• It is a closed-ended fund which supports investments in Indian small and medium-sized
enterprises (SMEs) to strengthen their existing technology infrastructure.
• The fund will prioritise investments in digital-first business models.
• This investment promotes crowding-in and the diversification of the investor base.

78. Name the bank that has recently (in Dec ‘23) partnered with the National E-Governance
Services Limited (NeSL) to issue its electronic Bank Guarantee (e-BG) products.
1) YES Bank
2) HDFC Bank
3) RBL Bank
4) IndusInd Bank
5) ICICI Bank
Answer- 3) RBL Bank
Explanation:
RBL Bank Limited has entered into a partnership with National E-Governance Services Limited
(NeSL) to issue its electronic Bank Guarantee (e-BG) products built on the framework enabled by
NeSL.
i. The partnership incorporates NeSL’s expertise in e-stamping and e-sign with an aim to make the
transition secure.
ii. This collaboration will also reduce the turnaround time(TAT) and offer an enhanced value
proposition to the customers.
• e-BG is a digital equivalent of a traditional paper-based Bank Guarantee.
iii. It is a guarantee issued by a bank to a beneficiary on behalf of an applicant, promising to pay the
beneficiary a specific amount of money if the applicant fails to fulfil a certain obligation.
79. According to the report ‘The AIdea of India: Generative AI’s potential to accelerate India’s
digital transformation’ released by the Ernst & Young (EY) India in December 2023, Generative
Artificial Intelligence (AI) could boost India’s Gross Domestic Product (GDP) cumulatively by
USD __________ by 2029-2030.
1) 1.5-1.8 trillion
2) 1.2-1.5 trillion
3) 1.4-1.7 trillion
4) 1.3-1.6 trillion
5) 1.1-1.4 trillion
Answer- 2) 1.2-1.5 trillion
Explanation:
According to the Ernst & Young (EY) India’s report titled ‘The AIdea of India: Generative AI’s
potential to accelerate India’s digital transformation”, Generative Artificial Intelligence (AI)/GenAI
adoption could boost India’s Gross Domestic Product (GDP) by USD 359 billion to USD 438 billion by
2029-2030, reflecting a 5.9-7.2% increase over baseline GDP.
i. Over 7 years (2023-24 to 2029-30), this impact could cumulatively reach USD 1.2-1.5 trillion,
contributing an additional 0.9% to 1.1% in annual CAGR (Compound Annual Growth Rate)
• The report shows that 60% of organizations recognize Gen AI’s significant impact, but 75%
indicate low to moderate readiness to harness its benefits.
• The main challenges are a skills gap (52%) and unclear use cases (47%), with only 36% seeing
data privacy as a Gen AI risk.

80. Which of the following companies does not receive the Reserve Bank of India (RBI)
approval to operate as a Payment Aggregator (PA) in December 2023?
1) Easebuzz Private Limited
2) Razorpay Software Private Limited
3) Cashfree Payments India Private Limited
4) Open Financial Technologies Private Limited
5) Nehat Tech Solutions Private Limited
Answer- 1) Easebuzz Private Limited
Explanation:
The Reserve Bank of India (RBI) has lifted the ban on Razorpay Software Private Limited and
Cashfree Payments India Private Limited to act as a payment aggregators (PAs) and gave final
authorization to them along with 4 other firms to onboard new merchants onto their platform for
processing online payments.
• In December 2022, RBI imposed curbs on RazorPay and Cashfree Payments for on-boarding
new merchants till they get the final Payment Aggregator (PA) licence.
i. Neobank ‘Open Financial Technologies Private Limited’ was also granted final approval to function
as a PA.
ii. Nehat Tech Solutions Private Limited (EnKash) has secured regulatory approval from the RBI to
operate as a payment aggregator under the brand name Olympus.
iii. Few other firms like Google India Digital Services Private Limited (Google Pay) and Paymate India
Private Limited also received approval from RBI.
World Bank to strengthen multilateral development banks (MDBs) in December 2023?
A) The World Bank has set up a task force to study the recommendations to strengthen
multilateral development banks (MDBs) made by an Independent Experts Group (IEG)
constituted during India’s G20 (Group 20) chairmanship.
B) The IEG was appointed under the India G20 Presidency to provide recommendations for
strengthening MDBs and has two co-convenors: Professor Emeritus of Harvard University
Lawrence Summers & former Chairperson of the 15th Finance Commission NK Singh.
C) IEG has recommended a triple agenda to reform and harness the potential of MDBs in its
report.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Explanation:
The World Bank has set up a task force to study the recommendations to strengthen multilateral
development banks (MDBs) made by an Independent Experts Group (IEG) constituted during India’s
G20 (Group 20) chairmanship. This was revealed by World Bank President Ajay Banga during a
meeting with Indian Finance Minister Nirmala Sitharaman on December 20, 2023, in New Delhi, Delhi.
• The decision to set up a task force comes after the World Bank signed an agreement with nine
MDBs to strengthen its collaboration with them in October 2023.

i. The Independent Expert Group (IEG) was appointed under the India G20 Presidency to provide
recommendations for strengthening MDBs and has two co-convenors: Professor Emeritus of
Harvard University Lawrence Summers and former Chairperson of the 15th Finance Commission NK
Singh.
ii. IEG has recommended a triple agenda to reform and harness the potential of MDBs in its report.
• Triple annual sustainable lending levels to USD 390 billion per year by 2030.
• Adopt a triple mandate of eliminating extreme poverty, boosting shared prosperity, and
contributing to global public goods (GPGs).
• Creating a third funding mechanism that would permit flexible and innovative arrangements
for purposefully engaging with investors willing to support elements of the MDB agenda.
82. Which bank has recently (in Dec ‘23) received authorisation to collect revenue on
electronic-Government Receipt Accounting System (e-GRAS) from the Government of Assam?
2) Bandhan Bank
3) IndusInd Bank
4) Bank of Baroda
5) IDFC FIRST Bank
Explanation:
Bandhan Bank Limited has gained authorisation to collect revenue on electronic-Government
Receipt Accounting System (e-GRAS) from the Government of Assam.
• This will enable the citizens of Assam to make tax and non-tax payments through GRAS.
i. Through Assam e-GRAS portal, people can pay to 70 departments for their services.
• House tax, Vehicle Registration Tax, Local body tax, Water Bill, Examination fees conducted by
Assam Government, Trade License renewal, amongst others, can be paid using this portal.
ii. This will also make transactions easier, paperless, and accessible for the people of Assam
83. Which bank has recently (in Dec ‘23) sold its entire 2.86% of paid-up share capital in
Nippon Life India Asset Management Limited (NAM-INDIA) for Rs 795.27 crore?
1) HDFC Bank
2) IndusInd Bank
3) Axis Bank
4) ICICI Bank
5) YES Bank
Explanation:
IndusInd Bank Limited has sold its entire 2.86% of paid-up share capital in Nippon Life India Asset
Management Limited (NAM-INDIA) (Formerly Reliance Life Asset Management Limited) for Rs
795.27 crore through open market transactions.
• IndusInd Bank exits NAM-India by offloading 1,78,57,355 shares at an average price of Rs
445.35 per share.
i. SBI Funds Management Limited, ICICI Prudential Asset Management Company Limited, Bajaj Allianz
Life Insurance Company Limited, Société Générale S.A. and Morgan Stanley Asia (Singapore) Pte were
among the buyers.

84. In December 2023, the Japan International Cooperation Agency (JICA) signed loan
agreements with GoI to offer Japanese Official Development Assistance (ODA) loans totalling
_________ yen for construction of Mumbai -Ahmedabad High-Speed Rail (V) and Sustainable
Development Goals (SDGs) in India.
1) 603,578 million
2) 415,301 million
3) 527,290 million
4) 321,569 million
5) 249,309 million
Answer- 2) 415,301 million
Explanation:
The Japan International Cooperation Agency (JICA) signed loan agreements with the Government of
India (GoI) in Delhi to offer Japanese Official Development Assistance (ODA) loans totalling 415,301
million yen for the following two projects:
i. Project for the Construction of Mumbai -Ahmedabad High-Speed Rail (V) (loan amount: 400,000
million yen) [approximately 500-km section],
ii. Program for Japan-India Cooperative Actions towards Sustainable Development Goals (SDGs) in
India (Phase 2) (loan amount: 15,301 million yen).
85. Which bank has recently (in Dec ‘23) partnered with the American Express to launch
Privilege Credit Card?
1) IndusInd Bank
2) Federal Bank
3) ICICI Bank
4) HDFC Bank
5) Axis Bank
Answer- 5) Axis Bank
Explanation:
Axis Bank Limited has partnered with the American Express Company and launched the “Axis
Bank Privilege Credit Card” on the American Express network.
• Under this partnership, Axis bank customers will benefit with the local and global benefits of
the American Express network.
• Eligibility: The applicant should be a resident of India aged between 18 to 70 with a net annual
income of Rs 6 lakhs or more.
86. Name the Insurance Company that has recently (in Dec ‘23) launched T.U.L.I.P”, a new term
insurance policy with benefits of a unit-linked insurance plan.
2) Kotak Mahindra Life Insurance
4) Bharti AXA General Insurance
Answer- 2) Kotak Mahindra Life Insurance

Explanation:
On 20th December 2023, Kotak Mahindra Life Insurance Company Limited launched “Kotak
T.U.L.I.P”, a new term insurance policy with benefits of a unit-linked insurance plan (Ulip).
i. T.U.L.I.P, stands for term and Ulip, offers comprehensive protection like a term plan and also the
opportunity to grow their wealth like a ULIP.
ii. This offers a refund of 2 times the premium allocation charges in the 10th, 11th, 12th, and 13th
years.
iii. The policy also offers loyalty addition up to 30% of the fund value as part of the maturity benefits,
87. In December 2023, the Department of Economic Affairs (DEA) granted a one-time
exemption (in the public interest) to Life Insurance Corporation of India (LIC) to achieve
__________ Minimum Public Shareholding (MPS) within 10 years.
1) 40%
2) 30%
3) 15%
4) 25%
5) 35%
Answer- 4) 25%
Explanation:
The Department of Economic Affairs (DEA), Ministry of Finance (MoF), granted a one-time
exemption (in the public interest) to Life Insurance Corporation of India (LIC) to achieve 25%
Minimum Public Shareholding (MPS) within 10 years from the date of listing, till May 2032.
i. In January 2023, Securities and Exchange Board of India (SEBI) has amended the Securities
Contracts (Regulation) Act, 1956 which will exempt Indian state-run companies from the MPS norm
that requires listed companies to maintain a 25% public shareholding even after their privatisation, if
the government decides so “in public interest”.
ii. The exemption to the MPS rule was earlier available only to government-controlled companies.
88. Which bank/organisation has recently (in Dec ‘23) approved a loan of USD 300 million to
the Ministry of Finance(MoF), GoI, for the project ‘Tamil Nadu Climate Resilient Urban
Development Program (TNCRUDP)’?
4) World Bank
5) International Labour Organization
Explanation:
The World Bank(WB) has approved a loan of USD 300 million to the Ministry of Finance(MoF),
Government of India(GoI), for the project ‘Tamil Nadu Climate Resilient Urban Development Program
(TNCRUDP)’.
• The Project Development Objective (PDO) is to strengthen urban management and improve
access to efficient and climate-resilient urban water and sewerage services in 21 Urban Local
Bodies (ULBs) in Tamil Nadu (TN).

About the funding of TNCRUDP Project:

• The total finance of the program is USD 450 million.
• The program is jointly funded by WB’s arm International Bank of Reconstruction and
Development (IBRD) contributing USD 300 million and GOI offering USD 150 million.
About the program:
• The program is implemented by Tamil Nadu Urban Infrastructure Financial Services Limited
(TNUIFSL) & Tamil Nadu Municipal Administration & Water Supply Department
(TNMA&WSD).
• The project implementation period is for six years starting from Financial Year(FY) 2023-24
to FY 2028-29.
89. In December 2023, the World Bank approved USD __________for the project ‘Sikkim:
Integrated Service Provision and Innovation for Reviving Economies (INSPIRES)’ Operation to
train, upskill, and provide jobs for 300,500 women and youth in high-growth and priority
sectors.
1) 200 million
2) 100 million
3) 400 million
4) 300 million
5) 500 million
Explanation:
The World Bank approved USD 100 million for the project ‘Sikkim: Integrated Service Provision and
Innovation for Reviving Economies (INSPIRES)’ Operation to support Sikkim’s efforts to train,
upskill, and provide jobs for 300,500 women and youth in high-growth and priority sectors.
i. The program aims to establish an Employment and Entrepreneurship Promotion Facility to promote
partnerships with private-sector firms, central agencies, and business associations.
ii. The program will also provide staff training along with building public procurement capacity across
priority state departments.
90. Which of the following points is/are “correct” with respect to the State Finances: A Study of
Budgets of 2023-2024 released by the Reserve Bank of India (RBI) in December 2023?
A) The Gross Fiscal Deficit (GFD) of states fell from 4.1% of GDP (Gross Domestic Product)
(2020-21) to 2.8 %( 2022-23).
B) RBI has allowed card-on-file tokenistation (CoFT) through issuer banks or institutions, card
networks.
C) RBI developed the Dynamic Stochastic General Equilibrium(DSGE) model and projected GDP
growth for India at 6.0% for FY25(2024-25).
1) All A, B & C
2) Only A & B
3) Only B & C
4) Only A & C
5) Only A

Explanation:
The Reserve Bank of India (RBI) has released the report titled “State Finances: A Study of Budgets of
2023-2024”.
• As per the report, the Gross Fiscal Deficit (GFD) of states fell from 4.1% of GDP (Gross
Domestic Product) (2020-21) to 2.8 %( 2022-23). This is below the State Budget Estimates for
the 2nd consecutive year.
• The debt-GDP ratio of states declined from 31% at the end-March (2021) to 27.5% by end-
March (2023).
• RBI has allowed card-on-file tokenistation (CoFT) through issuer banks or institutions, card
networks.
• It will provide cardholders a facility to tokenize their cards for multiple merchant sites (e-
commerce sites) through a single process.
• The RBI developed Dynamic Stochastic General Equilibrium(DSGE) model has projected GDP
growth for India at 6.0% for FY25(2024-25).
• This projection is 50 basis points lower than RBI’s Monetary Policy (October,2023), which has
forecasted India’s GDP at 6.5% for FY25.
• RBI’s Dynamic Stochastic General Equilibrium(DSGE) model has projected retail inflation for
India will be moderated at 4.8% for FY2025.
• RBI has introduced new norms in order to curb “evergreening” of loans by lenders through
Alternate Investment Funds(AIFs).
91. Which Life Insurance Company has recently (in Dec ‘23) entered into a Corporate Agency
tie-up with the NKGSB Co-operative bank Limited?
2) Kotak Mahindra Life Insurance
4) Bharti AXA General Insurance
Answer- 3) HDFC Life Insurance
Explanation:
HDFC Life Insurance Company Limited (HDFC life) and NKGSB Co-operative bank Limited, a
leading multi-state scheduled co-operative bank, have entered into a Corporate Agency tie-up to
enable the customers of the bank to avail the products of HDFC Life.
i. Under this partnership, customers of NKGSB Bank will get access to life insurance products like
solutions for protection, pension, savings, investment and annuity.
ii. This is in line with the bank’s commitment to ensure the well being and financial security of its
customers.
iii. Under this partnership, HDFC life will leverage its bancassurance expertise and product
propositions.
92. In December 2023, American Economist ____________, who won the 1987 Nobel Prize in
economics passed away.
1) Alan Greenspan
2) Arthur Laffer
3) Paul Samuelson

4) Irving Fisher
5) Robert Merton Solow
Answer- 5) Robert Merton Solow
Explanation:
American Economist Robert Merton Solow, who won the 1987 Nobel Prize in economics has
passed away at the age of 99. He was born on 23 August 1924 in Brooklyn, New York, USA.
• Robert M Solow joined the Department of Economics at Massachusetts Institute of
Technology(MIT) Cambridge, Massachusetts, the United States of America (USA) in 1949.
• From 1961 to 1962, Solow served on the Council of Economic Advisors in the administration
led by then President of USA John F. Kennedy.
• He has served as member and chairman of the Board of Directors of the Federal Reserve Bank
of Boston from 1975 to 1980.
i. In 1987, he won the Nobel Prize in Economic Sciences for his contributions to the theory of
economic growth.
93. Which bank/organisation has recently (in Dec ‘23) signed a loan of USD 100 million with
the Government of India (GoI) for ‘India : Tripura Urban and Tourism Development Project’?
4) World Bank
5) New Development Bank
Answer- 3) Asian Development Bank
Explanation:
Asian Development Bank (ADB) and The Government of India (GoI) signed a loan agreement of USD
100 million for the project “India : Tripura Urban and Tourism Development Project” which aims
to improve urban services and tourism facilities in the northeastern state of Tripura.
i.This is the first urban project in India that has been prepared with Project Readiness
Financing(PRF).
ii.It is a ADB Administered Cofinancing project which is of total value USD 125 million(ADB financing
USD 100 million & Non-ADB Financing USD 25 million).
iii.The program is implemented by Tripura Tourism Development Corporation Limited and Tripura
Urban Planning & Development Authority.
94.Name the Ministry/Organisation that has recently (in Dec ‘23) collaborated with the Asian
Development Bank(ADB) to launch an initiative that facilitates climate action in India’s
Agriculture, Natural Resources, and Rural Development (ANR) sector.
1) Ministry of Environment, Forest and Climate Change
2) Reserve Bank of India
3) Indian Agricultural Research Institute
4) Ministry of Agriculture & Farmers Welfare
5) National Bank For Agriculture And Rural Development
Answer-5) National Bank For Agriculture And Rural Development

Explanation:
National Bank for Agriculture and Rural Development (NABARD) and Asian Development Bank
(ADB) have launched an initiative to facilitate climate action in India’s Agriculture, Natural Resources,
and Rural Development (ANR) sector.
i.Under this initiative, NABARD collaborates with the Bill and Melinda Gates Foundation to establish a
Technical Support Unit (TSU) to address climate change challenges, focusing on agriculture and rural
livelihood sectors in India. The TSU will be managed by Intellecap Advisory Services Private Limited.
ii.The ADB-NABARD collaboration will help the farming sector to tackle the adverse impact of climate
change.
iii.This will also identify and support food security and climate financing in India’s ANR sector.
95. Which organisation has recently (in Dec '23) launched the Public-Private Partnership
(PPP) Beginner’s e-course along with the Department of Economic Affairs (DEA), Ministry of
Finance?
1) World Bank
2) Organisation for Economic Co-operation and Development
4) World Trade Organization
5) UN Women
Explanation:
The World Bank (WB) and the Department of Economic Affairs (DEA), Ministry of Finance(MoF)
launched the Public-Private Partnership (PPP) Beginner’s e-course to help people understand and
contribute to PPPs in India.
i.It is a step towards fostering collaboration between the public and private sectors in infrastructure
capacity-building.
ii.The PPP e-course is an infra-focused capacity-building programme jointly undertaken by the
Infrastructure Finance Secretariat, DEA and the World Bank.
96.In December 2023, ICICI Prudential Asset Management Company(AMC) Limited changed its
exchange-traded fund (ETF) product symbols to _________.
1) ETICI
2) ETFICI
3) IETF
4) IPAMC
5) ICIETF
Answer-3) IETF
Explanation:
ICICI Prudential Asset Management Company (AMC) Limited has changed its exchange-traded fund
(ETF) product symbols to ‘IETF‘ (which stands for ICICI Prudential ETF) to simplify the identification
of ETF Schemes for passive investment purposes.
i.The move is in line with Securities Exchange Board of India (SEBI)’s master circular which dictates
that the scheme name should mirror the scheme category.
ii.The symbol of 28 ETF was changed in BSE (formerly Bombay Stock Exchange) Limited and National
Stock Exchange (NSE) of India Limited.

97.The Small Industries Development Bank of India (SIDBI) has recently (in Dec’ 23) granted
Rs. ________ crores to ETO Motors Private Limited to deploy 300 Electric 3-Wheelers (E3W)
under Mission 50K-EV4ECO.
1) 16.66
2) 12.45
3) 14.28
4) 27.81
5) 30.15
Answer-2) 12.45
Explanation:
Small Industries Development Bank of India (SIDBI) has granted Rs. 12.45 crores to ETO Motors
Private Limited to deploy 300 Electric 3-Wheelers (E3W) in Hyderabad(Telangana) and New Delhi
(Delhi), under Mission 50K-EV4ECO.
i.All E3Ws will be manufactured in ETO Motors’ state-of-art manufacturing capacity in Jadcherla,
Telangana.
ii.Under this mission, SIDBI will provide loans to eligible small and medium enterprises (SMEs) for the
purchase of EVs and developing charging infrastructure, including battery swapping.
98. In December 2023, the Insurance Regulatory and Development Authority of India (IRDAI)
is all set to launch the first of its kind affordable insurance product covering risks against life,
health, and property namely _________ in the first quarter of 2024-2025 (Q1FY25).
1) Bima Anand
2) Bima Stambh
3) Bima Sanchay
4) Bima Vistaar
5) Bima Vriddhi
Answer- 4) Bima Vistaar
Explanation:
The Insurance Regulatory and Development Authority of India (IRDAI) is all set to launch the first of
its kind affordable insurance product covering risks against life, health, and property namely ‘Bima
Vistaar’ in the first quarter of 2024-2025 i.e. Q1FY25.
• Bima Vistaar is a part of Insurance Trinity which also includes Bima Sugam, a one-stop digital
platform; and Bima Vahak, a women-led field distribution force.
• These efforts are integral to IRDAI’s vision for universal insurance by 2047 by addressing gaps
in product design, pricing, distribution, and more.
i. Bima Vistaar’s design is almost done, and the Life and General Insurance Councils are hunting for
the technology platform for its launch.
ii. Its launch will introduce Bima Vahak, and their implementation will take effect simultaneously.
iii. Bima Sugam, drawing interest globally, is initiating smaller platforms for the effective launch of
Bima Vistaar and Vahak, with eventual integration into the larger Bima Sugam platform.
99. In December 2023, Reserve Bank of India (RBI) granted a 1-year extension for the co-
branded credit card partnership between Bajaj Finance Limited(BFL) and ______________ (Bank).
1) IndusInd Bank
2) RBL Bank

3) IDFC FIRST Bank

4) HDFC Bank
5) Axis Bank
Answer- 2) RBL Bank
Explanation:
Reserve Bank of India (RBI) has granted a 1-year extension, until 21st December 2024, for Bajaj
Finance Limited(BFL)’s co-branded credit card partnership with Mumbai(Maharashtra) based RBL
Bank Limited.
• Note: RBI granted 1 year extension against the 2 years sought by Bajaj Finance.
i. RBI sited serious deficiencies in the Bajaj Finance’s adherence to RBI’s guidelines and stated that
further extension from the current 1-year period would be subject to review
ii. RBI Guidelines: At present, RBI allows the NBFCs registered with RBI to issue co-branded credit
cards with scheduled commercial banks, with prior approval of RBI for an initial period of two years
and a review thereafter.
100. Name the bank that has recently (in Dec ‘23) received a penalty of Rs. 5 crore by the
Reserve Bank of India (RBI) over shortage in the soiled note remittances as per RBI’s Clean
Note Policy.
2) Canara Bank
3) Bank of India
4) Bank of Baroda
Explanation:
Reserve Bank of India (RBI) has imposed a penalty of Rs. 5 crore on the Bank of Baroda (BoB) after
detecting a shortage in the soiled note remittances as per RBI’s Clean Note Policy.
• The RBI also imposed an additional penalty of Rs 2,750 on the BoB after it detected “fake and
mutilated” notes in the soiled note remittances.
Clean Note Policy:
i. The clean note policy was adopted by the RBI in 2002 to ensure the availability of good quality
banknotes to the public.
ii. Under the policy damaged, counterfeit, or soiled notes are removed from circulation by banks and
financial institutions.
iii. The RBI regularly monitors the quality of currency notes in circulation and sets standards for their
acceptability.
101. Who has been recently (in Dec ‘23) appointed as the interim Managing Director (MD) and
Chief Executive Officer (CEO) of the Slice-backed North East Small Finance Bank (NESFB)?
1) Smriti Chandra
2) Ram Krishna Garg
3) Satish Kumar Kalra
4) Rajan Bajaj
5) Gautam Barua
Answer- 3) Satish Kumar Kalra

Explanation:
The Reserve Bank of India (RBI) has approved the appointment of Satish Kumar Kalra, as interim
Managing Director (MD) and Chief Executive Officer (CEO) of the Fintech startup Slice-backed North
East Small Finance Bank (NESFB).
i. Kalra served as the MD & CEO, and Executive Director of Andhra Bank from 2012 to 2017. Later he
served as the independent director at Lakshmi Vilas Bank from 2019 to 2021. At present, he is serving
as an independent director at Can Fin Homes Limited.
ii. He has also served as a member of the Experience Advisory Board for Banking and Financial Frauds
from 2020 to 2021.
Note- In October 2023, RBI approved the merger of Guwahati(Assam) based NESFB with Slice. Slice
shareholders will own a 95-97% stake in the merged entity; the remaining is owned by NESFB
shareholders.
102. Which bank has recently (in Dec ‘23) launched India’s first Corporate Credit Card ‘The
eSvarna Card’ on RuPay network?
1) HDFC Bank
2) ICICI Bank
3) Axis Bank
4) IndusInd Bank
5) YES Bank
Explanation:
IndusInd Bank Limited has launched India’s first Corporate Credit Card ‘The eSvarna Card’ on
RuPay network as part of a Corporate Liability program.
• With this launch, IndusInd Bank became the first entity in India to integrate Unified Payments
Interface (UPI) functionality with a Corporate Credit Card.
i. The eSvarna Card is a Europay, Mastercard and Visa (EMV) chip based contactless Commercial
Credit Card which can be used at all RuPay accepting merchant establishments across the globe.
ii. The card is in alignment with National Payments Corporation of India (NPCI)‘s vision for a digitally
inclusive society.
iii. The card simplifies expense management for the company with the exclusive rewards program.
iv. It also eases reconciliation and reimbursement claim processing for the corporates.
103. Name the bank that has recently (in Dec ‘23) announced a new suite of products and
services to improve the banking experience.
1) Bank of India
3) Bank of Baroda
4) Indian Bank
Answer-2) Bank of Maharashtra
Explanation:
Bank of Maharashtra (BoM) announced a new suite of products and services during Maha Parivartan
Diwas on December 19, 2023 to improve the banking experience.
• This showcases the bank’s dedication to digital innovations for customer needs.

• The products and services were launched across diverse platforms like Mobile Banking,
Internet Banking, WhatsApp Banking, Credit Card Services, and a spectrum of Digital Products.
i. The bank launched STP (Straight Through Process) in PMSVANidhi (Prime Minister Street Vendor’s
AtmaNirbharNidhi) and Digital Mudra schemes and an Automated renewal of Working Capital Limits
for MSME (Micro, Small & Medium Enterprise) borrowers up to Rs. 10 lakhs to ease the credit renewal
process for continuous financial support.
ii. BoM launched a virtual debit card, opening of e-FD (e-Fixed Deposits) and e-RD (e-Recurring
Deposits) and Positive Pay System (PPS) on its mobile banking platform to enhance customer
convenience.
104. Which of the following points is/are “correct” with respect to the draft ‘Licensing
Framework for Authorised Persons (APs)‘ released by the Reserve Bank of India (RBI) in
December 2023?
A) The Reserve Bank of India (RBI) released a draft ‘Licensing Framework for Authorised
Persons (APs)‘ under Foreign Exchange Management Act (FEMA), 1999.
B) In this framework, RBI proposed to introduce a scheme, i.e FCS, based on a principal-agency
model, where AD Category-I or AD Category-II acts as the principal for Forex Correspondents
(FxCs), entering into agency agreements under the FCS.
C) It is proposed to allow AD Category-II entities to additionally facilitate trade-related
transactions up to a value of Rs 15 lakh (per transaction).
1) All A, B & C
2) Only A & B
3) Only B & C
4) Only A & C
5) Only A
Explanation:
On December 26, 2023, the Reserve Bank of India (RBI) released a draft ‘Licensing Framework for
Authorised Persons (APs)‘ under Foreign Exchange Management Act (FEMA), 1999.
i. Key Points:
• In this framework, RBI proposed to introduce a scheme, i.e., FCS, based on a principal-agency
model, where AD Category-I or AD Category-II acts as the principal for Forex Correspondents
(FxCs), entering into agency agreements under the FCS.
• It also proposed to renew an existing authorisation as an AD Category-II on a perpetual basis,
subject to conditions.
• It is proposed to allow AD Category-II entities to additionally facilitate trade-related
transactions up to a value of Rs 15 lakh (per transaction).
ii. Focus of the draft norms:
• Rationalize the authorization framework for money changers in view of the widespread
availability of banking services.
• Improve the scope of services being offered by AD (Authorized Dealers)-Category II entities
and review the regulatory framework for APs.
• Comments/feedback on the draft framework are invited from all stakeholders by January 31,
2024.
Note: The licensing Framework for APs issued under FEMA, 1999, was last reviewed in March 2006.

105. Which bank has recently (in Dec ‘23) signed a USD 165 million Line of Credit (LoC) with
the World Bank (WB) to finance, grid-connected rooftop Solar Photovoltaic projects in
residential and institutional sectors?
1) Bank of Baroda
2) Indian Bank
4) Bank of India
Answer- 5) State Bank of India
Explanation:
In December 2023, the State Bank of India (SBI) signed a USD 165 million Line of Credit (LoC)
with the World Bank (WB) to finance, grid-connected rooftop Solar Photovoltaic projects in
residential and institutional sectors.
• On December 21, 2023, SBI signed a 200 million euro (~Rs 1,800 crore) LoC with the European
Investment Bank (EIB) to support climate action projects in India.
• The loan document will become operational once the necessary approvals are secured.
106. Which of the following points is/are “correct” with respect to the recent step made by the
A) The Reserve Bank of India (RBI) gave its nod for the reverse merger of IDFC Limited and
IDFC Financial Holding Company (IDFC FHCL) with its banking subsidiary IDFC First Bank
Limited.
B) RBI has notified RBI (Government Securities Lending/GSL) Directions, 2023 which states
that Central Government-issued G-Secs (excluding Treasury Bills/T-Bills) qualify for
lending/borrowing in GSL transactions.
C) Central and State Government-issued G-Secs (including Treasury Bills) qualify as collateral
in GSL transactions.
1) All A, B & C
2) Only A & B
3) Only B & C
4) Only A & C
5) Only A
Explanation:
On December 26, 2023, the Reserve Bank of India (RBI) gave its nod for the reverse merger of IDFC
Limited and IDFC Financial Holding Company (IDFC FHCL) with its banking subsidiary IDFC First
Bank Limited.
• As part of the composite scheme of amalgamation, IDFC FHCL would first merge with IDFC and
then IDFC into IDFC First Bank Ltd.
• As a part of amalgamation, an IDFC shareholder will get 155 shares for every 100 shares
she/he holds in the bank.
i. RBI has notified RBI (Government Securities Lending/GSL) Directions, 2023 in exercise of the
powers conferred under section 45W of the RBI Act, 1934 read with section 45U of the Act and of all
the powers enabling it in this behalf w.e.f. December 27, 2023. This decision has been taken to deepen
the bond market.

• These directions will enable Lending and borrowing of Government Securities (G-Secs) in all
GSL transactions., undertaken in Over-the-Counter (OTC) markets.
ii. Central Government-issued G-Secs (excluding Treasury Bills/T-Bills) qualify for lending/borrowing
in GSL transactions.
Adjustment Facility or borrowed in another GSL transaction are also eligible for lending in GSL
transactions.
iii. Central and State Government-issued G-Secs (including Treasury Bills) qualify as collateral in GSL
transactions.
Adjustment Facility or borrowed in another GSL transaction are also eligible for placement as
collateral in GSL transactions.
iv. Securities borrowed under a GSL transaction can be counted for SLR by the borrower, but not by
the lender. Collateral received under GSL is eligible for SLR by the lender, while the borrower cannot
count it for SLR.
107. In December, 2023, the Securities and Exchange Board of India (SEBI) extended the
deadline to add nominees for Demat Accounts (Dematerialisation Account) and mutual fund
portfolios to __________.
1) 31st March 2024
2) 30th June 2024
3) 31st May 2024
4) 30th April 2024
5) 31st July 2024
Answer- 2) 30th June 2024
Explanation:
On December 27, 2023, the Securities and Exchange Board of India (SEBI) extended the deadline to
add nominees for Demat Accounts (Dematerialisation Account) and mutual fund portfolios to June
30, 2024. Earlier the deadline was December 31, 2023.
• This aims to help the investors to secure their assets and pass them on to their legal heirs.
i. This information by SEBI was provided in exercise of powers conferred by Section 11(1) of the
SEBI Act, 1992, read with Section 19 of the Depositories Act, 1996 and Regulation 77 of SEBI (Mutual
Funds) Regulations, 1996 to protect the interests of investors in securities and to promote the
development of securities market.
108. Which bank has recently (in Dec ‘23) re-appointment Atanu Chakraborty as the Part-Time
Non-Executive Chairman and Independent Director for a second term of 3 years?
1) YES Bank
2) ICICI Bank
3) Axis Bank
4) HDFC Bank
5) IndusInd Bank

Explanation:
The Board of Directors of HDFC Bank Limited has recommended the re-appointment of Atanu
Chakraborty as the Part-Time Non-Executive Chairman and Independent Director of the Bank to
the Reserve Bank of India (RBI) for a second term of 3 years with effect from 5th May 2024 to 4th
May 2027.
i. He was appointed to the post in May 2021 and his first tenure of 3 years is set to end on 4th May,
2024.
ii. In 2019, he served on the board of the World Bank(WB) as Alternate Governor as well as on the
Central Board of Directors of the RBI.
109. In December 2023, Reserve Bank of India (RBI) approved the appointment of Chandra
Shekhar Rajan as the Part-time Chairman of ____________(Bank).
2) Axis Bank
3) ICICI Bank
4) HDFC Bank
5) YES Bank
Explanation:
Reserve Bank of India (RBI) has approved the appointment of Chandra Shekhar Rajan (C S Rajan) as
the Part-time Chairman of Kotak Mahindra Bank Limited (KMBL) for two years with effect from
1st January 2024.
i. C S Rajan is serving as an Additional and Independent Director on KMBL’s Board (since 2022).
ii. He will be replacing incumbent Non-Executive Independent Part-time Chairman, Prakash Apte who
is set to retire on 31st December 2023.
Securities and Exchange Board of India (SEBI) in December 2023?
A) SEBI notified a procedure for public issuance of Zero Coupon Zero Principal (ZCZP)
Instruments by a Not for Profit Organization (NPO) and listing of such instruments on the
Social Stock Exchange (SSE).
B) The NPO, via lead manager(s), submits the draft fundraising document to the registered SSE
with specified fees and an application for in-principle approval & the draft document is posted
on both SSE and the organization’s website for a minimum of 21 days for public comments.
C) SEBI has also allowed stock brokers to settle Client’s Funds lying with Trading Member
(TM) on Saturdays i.e. one more day is provided.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C

Explanation:
On December 28, 2023, the Securities and Exchange Board of India (SEBI) notified a procedure for
public issuance of Zero Coupon Zero Principal (ZCZP) Instruments by a Not for Profit Organization
(NPO) and listing of such instruments on the Social Stock Exchange (SSE).
• This procedure is added in the Framework on SSE issued in September 2022.
• It should be noted that SSE framework resulted in the amendment of (Issue of Capital and
Disclosure Requirements) Regulations, 2018 (ICDR Regulations) and (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (LODR Regulations).
i. Procedure for Public Issuance of ZCZP Instruments by NPO
• The NPO, via lead manager(s), submits the draft fundraising document to the registered SSE
with specified fees and an application for in-principle approval.
• The draft document is posted on both SSE and the organization’s website for a minimum of 21
days for public comments.
• The SSE provides observations within 30 days of filing or receiving clarifications from the
organization.
• The organization incorporates SSEs observations into the draft fundraising document and
submits the final version before initiating the issuance.
ii. SEBI has also allowed stock brokers to settle Client’s Funds lying with Trading Member (TM) on
Saturdays i.e. one more day is provided. Now, stock brokers can settle the running account of clients’
funds on the first Friday or Saturday of the quarter or month at the choice of the clients.
• The new framework will be applicable from the quarterly settlement of January-March 2024
and monthly settlement of January 2024.
• This information by SEBI is issued in exercise of powers conferred under Section 11(1) of the
SEBI Act, 1992.
111. According to the Reserve Bank of India (RBI)’s list of Domestic Systemically Important
Banks (D-SIBs) released in December 2023, which of the following banks will need to maintain
higher capital from 1st April, 2025?
2) HDFC Bank
3) Axis Bank
4) Both 1 & 2
5) Both 2 & 3
Answer- 4) Both 1 & 2
Explanation:
On December 28, 2023, the Reserve Bank of India (RBI) released the list of Domestic Systemically
Important Banks (D-SIBs) in which State Bank of India (SBI), HDFC Bank and ICICI Bank continued
to be identified as D-SIBS. However, SBI and HDFC Bank will need to maintain higher capital from
April 1, 2025.
i. The additional common equity Tier 1 (CET-1) as a percentage of Risk Weighted Assets (RWAs)
requirement for SBI will be 0.80%, and for HDFC Bank, it will be 0.40%.
Note: The RBI has moved SBI from bucket 3 to bucket 4 and HDFC Bank from bucket 1 to bucket 2.
This means they will have to meet the above mentioned higher additional CET 1 requirements. Upto
March 31, 2025, the D-SIB surcharge applicable to SBI and HDFC Bank is 0.60% and 0.20%,
respectively.

• ICICI Bank continues to be in the same bucketing structure i.e. bucket 1 with 0.20% addition
CET-1 requirement.
112. Which of the following Subsidiaries of ICICI Bank has recently (in Dec ‘23) received
Reserve Bank of India (RBI) approval to acquire aggregate holding of up to 9.95% stake in RBL
Bank Limited, IDFC FIRST Bank Limited, Equitas Small Finance Bank (SFB), Federal Bank, and
IndusInd Bank Limited?
1) ICICI Prudential Life Insurance Company Limited
2) ICICI Prudential Asset Management Company Limited
3) ICICI Prudential Trust Limited
4) Both 1 & 2
5) Both 1 & 3
Answer- 4) Both 1 & 2
Explanation:
The Reserve Bank of India (RBI) has given its approval to ICICI Prudential Asset Management
Company Limited (I-Pru AMC) and ICICI Prudential Life Insurance Company Limited (I-Pru Life) to
acquire aggregate holding of up to 9.95% of the paid-up share capital or voting rights in RBL Bank
Limited, IDFC FIRST Bank Limited, Equitas Small Finance Bank (SFB), Federal Bank, and IndusInd
Bank Limited.
• The companies must complete the acquisition within 1 year, by December 26, 2024. The
approval will be cancelled if the companies fail to acquire the stake within the mentioned year.
• The approval has been granted concerning an application submitted by I-Pru AMC and I-Pru
Life to RBI.
• I-Pru AMC and I-Pru Life hold 2.08% of the equity share capital of RBL Bank Limited as of
December 22, 2023.
• The approval granted by the RBI is subject to compliance with the relevant provisions of the
Banking Regulation Act of 1949.
Note- The aggregate holding should not exceed 9.95% of the paid-up share capital or voting rights of
the banks at all times.
• If the aggregate holding falls below 5%, prior approval from the RBI is required to increase it to
5% or more of the share capital or voting rights of the banks.
113. According to the recent data (as of Dec ‘23) from the National Stock Exchange (NSE), which
state tops the list of states with the highest number of registered investors?
1) West Bengal
2) Gujarat
3) Maharashtra
4) Uttar Pradesh
5) Karnataka
Answer- 3) Maharashtra
Explanation:
According to recent data from the National Stock Exchange (NSE), Maharashtra tops the list of states
with the highest number of registered investors. Maharashtra registered a growth of 16.9% with
over 1.48 crore registered investors.

• Uttar Pradesh (UP), with 89.47 lakh investors, has surpassed Gujarat (76.68 lakh) and secured
the 2nd position on the list.
• As of December 25, 2023, the total count of investors across India was 8.49 crore, which is a
hike of 22.4% from last year. The count stood at 6.94 crore on 31st December 2022.
• The total count of investors in India increased from around 7 crore to 8 crore in the past 8
months.
i. For the first time, the market capitalization of listed companies on the NSE has surpassed the USD 4
trillion (Rs 334.72 trillion) mark, as of December 29, 2023, it stood at USD 4.32 trillion .
• At present, India is ranked 4th in the world in terms of market capitalisation, following the
United States of America(USA), China and Japan.
• Reliance Industries Limited (RIL) is India’s most valued firm with a market valuation of Rs
17,63,001.81 crore
114. In December 2023, the Department of Economic Affairs, Ministry of Finance, increased the
interest rate on on the Sukanya Samriddhi Account Scheme (SSAS) to _________ from 8% for the
4th quarter (January-March 2024) of 2023-2024 (Q4FY24).
1) 8.1%
2) 8.4%
3) 8.2%
4) 8.3%
5) 8.5%
Answer- 3) 8.2%
Explanation:
On December 29, 2023, the Department of Economic Affairs-DEA (Budget Division), Ministry of
Finance released the interest rates for Small Savings Schemes applicable in the January-March 2024
quarter (Q4FY24) i.e. from January 1, 2024 to March 31, 2024.
• As per it, the interest rate on the Sukanya Samriddhi Account Scheme (SSAS) increased by
20 basis points from 8% to 8.2% for Q424.
• The interest rate on three-year time deposits also increased by 10 basis points from 7% to
7.1%.
• The interest rates for all other small savings schemes will remain unchanged from the rates
offered in Q3FY24 (October-December 2023).
115. In December 2023, the Reserve Bank of India (RBI) revised the Payments Infrastructure
Development Fund (PIDF) scheme and extended the deadline until _________.
1) 31st January 2025
2) 30th April 2024
3) 31st December 2024
4) 30th April 2025
5) 31st December 2025
Answer- 5) 31st December 2025
Explanation:
The Reserve Bank of India (RBI) has revised the Payments Infrastructure Development Fund (PIDF)
scheme and extended the deadline by two years, i.e., upto December 31, 2025.

• The PIDF scheme has been enhanced to increase the scope of beneficiaries and acceptance
infrastructure. The enhancements includes,
i. Included Beneficiaries of PM Vishwakarma Scheme as merchants under the PIDF Scheme.
• All installations since 17th September 2023(inception of PM Vishwakarma Scheme) may prefer
claims under the PIDF scheme.
ii. Sound Box devices and Aadhaar-enabled biometric devices are now eligible to claim subsidy under
the scheme.
iii. Irrespective of the device type, the subsidy for devices deployed in special focus areas(North
Eastern states; Jammu & Kashmir and Ladakh) has been increased to 90% from 75% of the cost of the
device.
• Installations made from 1st October 2023 are eligible for subsidy.
116. Which of the following points is/are “correct” with respect to the Annual Report 2022-23
released by the Insurance Regulatory and Development Authority of India (IRDAI) in
December 2023?
A) The overall insurance penetration in India reduced from 4.5% in 2021-22 to 4.1% in 2022-
23.
B) Life insurance penetration has reduced marginally from 3.2% in 2021-22 to 3% in 2022-23
while non-insurance penetration for both the years remained unchanged at 1%.
C) During FY23, public sector insurers issued 204.29 lakh policies (71.75%) while private life
insurers issued 80.42 lakh policies (28.25%).
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:
According to the Insurance Regulatory and Development Authority of India (IRDAI)’s Annual Report
2022-23, the overall insurance penetration in India reduced from 4.2% in 2021-22 to 4% in 2022-
23.
• Life insurance penetration has reduced marginally from 3.2% in 2021-22 to 3% in 2022-23
while non-insurance penetration for both the years remained unchanged at 1%.
i. During FY23, public sector insurers issued 204.29 lakh policies (71.75%) while private life insurers
issued 80.42 lakh policies (28.25%).
• Public sector: 35.81% policies were sold to women and the remaining 64.19% were sold to
men.
• Private sector: 30.13% were sold to women and 69.85% were sold to men.
ii. A total of 2.84 crore policies were sold during the fiscal year 2022-2023 (FY23). Of this, 97.38 lakh
were sold to women which is 34.20% of 2.84 crore total policies as against a share of 34.7% in 2021-
22.
iii. Karnataka(44.23%), Kerala(43.96%) and Mizoram (42.97%) have recorded the highest number of
life insurance policies sold to women while Ladakh(23.10%), Haryana (27.16%) and Jammu &
Kashmir (J&K) (28.07%) recorded the lowest.

iv. In terms of the number of life insurance policies, the claim settlement ratio decreased to 98.45% in
2022-23 from 98.64% in 2021-22.
A) RBI cancelled the banking licence of the Botad Peoples Co-operative Bank Ltd., Botad,
Gujarat but granted the non-banking institution licence.
B) RBI has cancelled its licence to carry on banking business of the Botad Peoples Co-operative
Bank in India which was granted in 1998 under Section 22 read with Section 56 of the Banking
Regulation (BR) Act, 1949.
C) RBI has cancelled the licence of Adarsh Mahila Nagari Sahakari Bank Maryadit, Aurangabad,
Maharashtra, as the bank does not have adequate capital and earning prospects.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Explanation:
On December 29, 2023, the Reserve Bank of India (RBI) cancelled the banking license of The Botad
Peoples Co-operative Bank Ltd., Botad, Gujarat but granted the non-banking institution licence.
• RBI has cancelled its licence to carry on banking business of the Botad Peoples Co-operative
Bank in India which was granted in 1998 under Section 22 read with Section 56 of the
Banking Regulation (BR) Act, 1949. However, RBI allows it to function as a non-banking
institution under Section 36A (2) read with Section 56 of the BR Act.
i. RBI has cancelled the licence of Adarsh Mahila Nagari Sahakari Bank Maryadit, Aurangabad,
Maharashtra. Consequently, the bank ceases to carry on banking business i.e. acceptance of deposits
and repayment of deposits as defined in Section 5 (b) read with Section 56 of the Banking Regulation
Act, 1949 with immediate effect.
• The Commissioner and Registrar of Cooperative Societies, Maharashtra has also been
requested to issue an order for winding up the bank and appoint a liquidator for the bank.
ii. Reason behind Cancellation:
• Inadequate capital and earning prospects, violating Section 11(1) and Section 22 (3) (d) with
Section 56 of BR Act, 1949.
• Non-compliance with Sections 22(3)(a), 22 (3)(b), 22(3)(c), 22(3)(d), and 22(3)(e) read with
Section 56 of the Banking Regulation Act, 1949.
• The bank’s persistence poses a threat to the depositor interests as it is financially incapable of
full repayment, negatively impacting public interest.
118. Name the bank that has recently (in Dec ‘23) entered into a Co-Lending Partnership with
the Kisetsu Saison Finance (India) Private Limited, to offer Micro, Small & Medium Enterprise
(MSME) Loans.
1) Bank of India
3) Central Bank of India


5) Bank of Baroda
Answer- 3) Central Bank of India
Explanation:
The Central Bank of India Limited (CBI) has entered into a Co-Lending Partnership with Bengaluru
(Karnataka) based Kisetsu Saison Finance (India) Private Limited, to offer Micro, Small & Medium
Enterprise (MSME) Loans.
i. Under this partnership, CBI will be acquiring 80% of the MSME loans which originated and
processed by Kisetsu Saison Finance.
ii. The partnership aims to expand the portfolio by the CBI and Kisetsu
119. In December 2023, Life Insurance Corporation of India (LIC) reduced its shareholding in
Bharat Heavy Electricals Limited (BHEL) from 11.701% to ___________ through open market
operation(OMO).
1) 10.785%
2) 9.617%
3) 7.367%
4) 8.438%
5) 6.980%
Answer- 2) 9.617%
Explanation:
Life Insurance Corporation of India (LIC) reduced its shareholding in Bharat Heavy Electricals
Limited (BHEL) from 11.701% to 9.617% through open market operation (OMO).
• LIC sold its BHEL shares at an average price of Rs 79.58 through secondary market between
June 2019 and December 2023.
• LIC’s shareholding decreased from 40,74,40,614 to 33,48,62,025 Equity Shares.
STATIC BANKING QUESTIONS
1. What is the Tagline of Karur Vysya Bank?

1) We understand your world
2) The Banker To Every Indian
3) Smart Way to Bank
4) Where service is a way of life
5) Good People to Grow With
Answer- 3) Smart Way to Bank
Explanation:
About Karur Vysya Bank (KVB):
Managing Director (MD) & Chief Executive Officer (CEO)– B Ramesh Babu
Headquarters– Karur, Tamil Nadu
Tagline– Smart Way to Bank
Started in– 1916

2. Who is the current (as of Dec ‘23) Managing Director (MD) & Chief executive officer (CEO) of
IDFC FIRST Bank?
1) Sanjiv Chadha
2) Atanu Kumar Das
3) Rakesh Sharma
4) Shanti Lal Jain
5) V. Vaidyanathan
Answer- 5) V. Vaidyanathan
Explanation:
Managing Director(MD) & Chief Executive Officer(CEO) – V. Vaidyanathan
Tagline – Always You First
3. Who is the present (as of Dec ‘23) Managing Director(MD) & Chief Executive Officer (CEO) of
Ujjivan Small Finance Bank?
1) Samit Ghosh
2) V. Vaidyanathan
3) Ajay Kanwal
4) Ittira Davis
5) Sanjay Agarwal
Answer- 4) Ittira Davis
Explanation:
About Ujjivan Small Finance Bank Limited:
Managing Director(MD) & Chief Executive Officer(CEO) – Ittira Davis
Headquarters – Bengaluru, Karnataka
4. In November 2023, the World Bank announced a plan to increase the amount it spends
annually on climate-related projects to ______ from 35% of its financing over 2024 to 2025.
1) 60%
2) 50%
3) 40%
4) 45%
5) 55%
Answer- 4) 45%
Explanation:
The World Bank said it will increase the amount it spends annually on climate-related projects to
45% of its financing over 2024 to 2025, up from 35% now, as part of a policy overhaul to better
respond to climate change.
i. The Washington-based development bank, whose new president Ajay Banga is leading reforms, said
it will spend $40 billion, $9 billion more than was previously programmed.

5. The gross Goods and Services Tax (GST) revenue collected in the month of November, 2023
is Rs. __________.
1) 1,34,789 crore
2) 2,87,989 crore
3) 1,89,234 crore
4) 1,67,929 crore
5) 1,50,290 crore
Answer- 4) 1,67,929 crore
Explanation:
The gross Goods and Services Tax (GST) revenue collected in the month of November, 2023 is
Rs.1,67,929 crore out of which CGST is Rs.30,420 crore, SGST is Rs.38,226 crore, IGST is Rs.87,009
crore (including Rs.39,198 crore collected on import of goods) and cess is Rs. 12,274 crore (including
Rs. 1,036 crore collected on import of goods).
• The government has settled Rs. 37,878 crore to CGST and Rs. 31,557 crore to SGST from IGST.
The total revenue of Centre and the States in the month of November, 2023 after regular
settlement is Rs. 68,297 crore for CGST and Rs. 69,783 crore for the SGST.
6. Which bank has recently (in Dec ‘23) integrated RuPay Credit Cards with Unified Payments
Interface (UPI) transactions?
1) ICICI Bank
2) Axis Bank
3) RBL Bank
4) Karnataka Bank
5) IDBI Bank
Explanation:
ICICI Bank announced that it has integrated its RuPay Credit Cards with Unified Payments Interface
(UPI) transactions.
i. With this integration, ICICI Bank customers can link their RuPay Credit Cards to UPI to carry out
Person-to-Merchant (P2M) transactions online- such as shopping, payment of utility bills—and
offline- such as payments at a POS (point of sale) machine.
7. Which of the following banks is ‘Not’ a Promoter of Clearing Corporation of India Limited
(CCIL)?
2) Bank of India
3) HDFC Bank
4) Bank of Baroda
5) IDBI Bank
Answer- 2) Bank of India
Explanation:
Clearing Corporation of India Limited (CCIL) was set up in April, 2001 to provide guaranteed clearing
and settlement functions for transactions in Money, G-Secs, Foreign Exchange, and Derivative
markets.

• CCIL also provides non-guaranteed settlement for Rupee interest rate derivatives and cross-
currency transactions through the CLS Bank.
• Promoters: State Bank of India, IDBI Bank Ltd, ICICI Bank Ltd, Life Insurance Corporation of
India (LIC), Bank of Baroda and HDFC Bank Ltd.
• The Company was incorporated with an authorized equity share capital of Rs. 50 Crores.
8. Who is the current (as of Dec ‘23) President of Asian Development Bank (ADB)?
1) Masatsugu Asakawa
2) Kristalina Georgieva
3) Ilene Cohn
4) David Robert Malpass
5) Achim Steiner
Answer- 1) Masatsugu Asakawa
Explanation:
President– Masatsugu Asakawa
Headquarters– Mandaluyong City, Metro Manila, Philippines
Members– 68 members (49 from Asian and the Pacific and 19 outside)
9. Which company has recently (in Dec ‘23) launched Securitised Debt Instrument (SDI)
through its debut opportunity - Navratna SDI?
1) Zerodha
2) Upstox
3) Grip Invest
4) WiseX
5) Paisa Invest
Answer- 4) WiseX
Explanation:
WiseX, India’s leading neo-realty alternative investment platform has launched Securitised Debt
Instrument (SDI) through its debut opportunity - Navratna SDI.
i. The SDI securities have received an ‘A’ rating from Acuité Ratings & Research Limited and have been
listed in the BSE Stock Exchange.
ii. The company aims to raise ₹15 crore which will be used to meet the funding requirements of a
leading Engineering, Procurement and Construction (EPC) and Operations and Maintenance (O&M)
provider, Svaryu Energy.
10. Who is the present (as of Dec ‘23) Managing Director (MD) & Chief Executive Officer (CEO)
of SBI Card?
1) Shriniwas Yeshwant Joshi
2) Abhijit Chakravorty
3) Tejendra Mohan Bhasin
4) Anuradha Shripad Nadkarni
5) Rajendra Kumar Saraf
Answer- 2) Abhijit Chakravorty

Explanation:
Abhijit Chakravorty is present Managing Director (MD) & Chief Executive Officer (CEO) of SBI Card.
NPCI Bharat BillPay (NBBL), a wholly-owned subsidiary of the National Payments Corporation of
India (NPCI), has successfully integrated SBI Card, one of India’s leading credit card issuers, into the
credit card category of Bharat BillPay.
• Noteworthy credit card issuers already present in this category include Kotak Mahindra
Bank, BoB Financial, Federal Bank, AU Small Finance Bank, IndusInd Bank, and Canara Bank.
• The Bharat Bill payment system is a Reserve Bank of India (RBI) conceptualised system driven
by National Payments Corporation of India (NPCI). It has multiple modes of payment and
provides instant confirmation of payment via an SMS or receipt.
• It offers myriad Bill collection categories like electricity, telecom, DTH, gas, water bills, etc. and
also other repetitive payments like insurance premium, mutual funds, school fees, institution
fees, credit cards, fastag recharge, local taxes, housing society payments, etc. at one single
window.
• Bharat BillPay facilitates myriad payment modes enabling Bill payments. The payment modes
options facilitated under the ecosystem are Cards (Credit, Debit and Prepaid), NEFT Internet
Banking, UPI, Wallets, Aadhar based Payments and Cash.
11. Who is the current (as of Dec ‘23) Managing Director (MD) & Chief Executive Officer (CEO)
of Indian Bank?
1) Atanu Kumar Das
2) Shanti Lal Jain
3) K Satyanarayana Raju
4) Matam Venkata Rao
5) A. S. Rajeev
Answer- 2) Shanti Lal Jain
Explanation:
About Indian Bank:
Incorporated on– March 5, 1907
Started business on– August 15, 1907
Managing Director (MD) & Chief Executive Officer (CEO)– Shanti Lal Jain
Headquarters– Chennai, Tamil Nadu
12. Which company has recently (in Dec ‘23) tied up with Visa to issue credit cards to small
business owners in India?
1) Paytm
2) IppoPay
3) Razorpay
4) PhonePe
5) Freecharge
Answer- 2) IppoPay
Explanation:
IppoPay, a payment infrastructure provider has tied up with Visa to issue credit cards to small
business owners in India.

• This alliance with Visa marks a significant milestone in our journey. With our network of over
5,00,000 merchants, this partnership will usher in a new era of financial possibilities.
13. Name the bank that has recently (in Dec ‘23) appointed Harsh Kumar Bhanwala as the
Additional Independent Director for 3-years.
1) Axis Bank
2) HDFC Bank
3) ICICI Bank
4) YES Bank
5) IndusInd Bank
Explanation:
HDFC Bank’s Board of Directors approved the nomination of Harsh Kumar Bhanwala as the
Additional Independent Director of the bank for 3-years beginning January 25, 2024.
i. Harsh was the Executive Chairman of Capital India Finance, a Non-Banking Finance Company
(NBFC). Prior to that, from 2013 to 2020, he also served as Chairman of the National Bank for
Agriculture and Rural Development (NABARD).
14. According to the Reserve Bank of India (RBI), the rate of interest on Government of India
Floating Rate Bond 2031 (FRB 2031) applicable for the half year (7th December 2023 to 6th
June 06 2024) shall be ________ per annum.
1) 5.29%
2) 9.20%
3) 8.12%
4) 7.30%
5) 6.95%
Answer- 3) 8.12%
Explanation:
According to the Reserve Bank of India (RBI), The rate of interest on Government of India Floating
Rate Bond 2031 (FRB 2031) applicable for the half year December 07, 2023 to June 06, 2024 shall be
8.12 percent per annum.
• It may be recalled that FRB 2031 carries a coupon, which has a base rate equivalent to the
average of the Weighted Average Yield of last three auctions (from the rate fixing day i.e.
December 07, 2023) of 182 Day T-Bills, plus a fixed spread of one percent.
15. Name the Bank that has recently (in Dec ‘23) recognised as "Bank of the Year (India)" by
Financial Times.
1) YES Bank
2) Federal Bank
3) RBL Bank
4) IndusInd Bank
5) IDFC FIRST Bank

Explanation:
Federal Bank, a leading financial institution, has been recognised as "Bank of the Year (India)" by
Financial Times owned The Banker, one of the only three global awards that considers the work of
banks spanning 120 countries.
i. This prestigious recognition is a testament to the Bank's unwavering commitment to innovation,
customer-centric services, and its outstanding contributions to the banking industry over the past
year.
16. According to the State Bank of India (SBI) data, the electoral bonds worth Rs 1,006.03 crore
were sold and encashed in the most recent (29th) tranche of sales, held in November 2023.
Which city secured the highest sales in the tranche sale under the electoral bond scheme?
1) New Delhi, Delhi
2) Mumbai, Maharashtra
3) Jaipur, Rajasthan
4) Bhopal, Madhya Pradesh
5) Hyderabad, Telangana
Answer- 5) Hyderabad, Telangana
Explanation:
State Bank of India (SBI) data, the electoral bonds worth Rs 1,006.03 crore were sold and encashed in
the most recent (29th) tranche of sales that was held from November 6 to November 20.
• As much as 99 per cent of the total amount was raised through the sale of Rs 1 crore
denomination bonds.
• The latest sales (29th tranche) under the electoral bond scheme saw the highest sales in
Telangana’s capital of Hyderabad (Rs 359 crore), followed by Mumbai (Rs 259.30 crore), and
Delhi (Rs 182.75 crore).
• Among the other states where elections were held, poll bonds adding up to Rs 31.50 crore
were sold in Jaipur (Rajasthan), Rs 5.75 crore in Raipur (Chhattisgarh), and Rs 1 crore in
Bhopal (Madhya Pradesh).
• However, none of these three states recorded any encashment. No sales were recorded in
Mizoram.
17. How many Payments Banks are there in India?

1) 9
2) 8
3) 4
4) 10
5) 6
Answer- 5) 6
Explanation:
According to the Reserve Bank of India (RBI), There are 6 Payment Banks are in India
List of Payment Banks:
· Airtel Payments Bank Limited
· Fino Payments Bank Limited
· India Post Payments Bank Limited
· Paytm Payments Bank Limited

· NSDL payment bank

· Jio payment bank
The main objective of the payment bank is providing small savings accounts and payments or
remittance services to low income households,small businesses,other unorganized sector entities and
other users.
18. In SWIFT code, the 1st four alphabetic characters represent _______.
1) User Name
2) Branch Code
3) Location Code
4) Country Name
5) Bank Name
Answer- 5) Bank Name
Explanation:
SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a 8 to 11 Alphabetic
code that is a combination of various kinds of letters and are used to identify the branch codes of the
banks.
· It is approved by the International Organization for Standardization (ISO).
The components of SWIFT code are:
· The first four alphabetic characters representing the bank name,
· The next two alphabetic characters represent the country name
· The next two letters or digits represent the location code, and
· The last 3 letters or digits represent the branch code.
Example: SWIFT Code of a branch of Punjab National Bank in Delhi is PUNBINBBDRG
19. In which year was the World Bank established?

1) 1942
2) 1946
3) 1944
4) 1947
5) 1950
Answer- 3) 1944
Explanation:
President (WB Group)– Ajay Banga
Headquarters – Washington D.C, United States of America (USA)
Members – 189 member states
20. In which city the headquarters of the KfW Development Bank Located?
1) Lausanne, Switzerland
2) London, United Kingdom
3) Paris, France
4) Frankfurt, Germany
5) Moscow, Russia

Answer- 4) Frankfurt, Germany

Explanation:
About KfW Development Bank:
Established - 1948
21. In November 2023, State Bank of India (SBI) reported an ______ year-on-year (YoY) growth
in its Q2FY24 standalone net profit at Rs. 14,330 crore.
1) 7%
2) 9%
3) 5%
4) 8%
5) 6%
Answer- 4) 8%
Explanation:
State Bank of India (SBI), India's largest lender, announced its September quarter results on 4th
November 2023. SBI reported an 8% year-on-year (YoY) growth in its Q2FY24 standalone net profit
at Rs. 14,330 crore.
• The lender’s net interest income during the quarter ended September 2023 increased 12.3%
YoY to Rs. 39,500 crore.
• SBI’s domestic net interest margin (NIM) for Q2FY24 decreased by 12 bps YoY to 3.43%. Asset
quality improved sequentially.
22. On 19th November 2023, India reportedly reached its GDP surpassing the USD _________
trillion mark for the first time.
1) 2
2) 3
3) 4
4) 5
5) 1
Answer- 3) 4
Explanation:
India reportedly reached a historic milestone on 19th November 2023, when its GDP surpassed the
USD 4-trillion mark for the first time. Though there is no official word on this.
• The milestone was hailed by billionaire and Adani Group Chairman Gautam Adani, two union
ministers and Maharashtra Deputy Chief Minister Devendra Fadnavis.
• An unverified screengrab from the live tracking GDP feed for all countries based on
International Monetary Fund (IMF) data is being widely shared on social media.
23. Who has recently (in Dec ‘23) appointed as the new head of the fintech department of
Reserve Bank of India (RBI)?
1) Rajeev Yadav
2) Sanjay Aggarwal
3) Govind Singh

4) Paul Thomas
5) P Vasudevan
Answer- 5) P Vasudevan
Explanation:
Recently, the Reserve Bank of India underwent a shuffle, appointing P Vasudevan, an executive
director, as the new head of the fintech department.
• Ajay Kumar Choudhary, the former executive director in charge of the fintech department, has
retired.
• Choudhary has now taken on a role on the board of RBI Innovation Hub. Choudhary, who
became the inaugural head of the fintech department in January 2022, along with the creation
of the department, handed over charge to P Vasudevan following his retirement.
24. Who is the present (as of Dec ‘23) chairman of the International Financial Services Centres
Authority (IFSCA)?
1) Shubham Goyal
2) K Rajaraman
3) Arjun Prasad
4) Injeti Srinivas
5) Saurabh Kumar
Answer- 2) K Rajaraman
Explanation:
About International Financial Services Centres Authority (IFSCA):
IFSCA is a statutory authority established by the Government of India on April 27, 2020, under the
International Financial Services Centres Authority Act, 2019
Chairperson–K Rajaraman
Headquarters– GIFT City, Gandhinagar, Gujarat
25. The Tagline of Karur Vysya Bank Limited is ____________.

Answer- 3) Smart Way to Bank
Explanation:
26. In which year ‘Airtel Payments Banks’ is established?

1) 2021
2) 2014
3) 2017

4) 2010
5) 2015
Answer- 3) 2017
Explanation:
About Airtel Payments Banks Limited:
It was founded by Bharti Airtel, India’s largest telecom operator, and is regarded as India’s first
payments bank.
MD & CEO – Anubrata Biswas
Launched – 2017
27. In November 2023, Reserve Bank of India (RBI) issued a notification allowing qualified
jewellers to import silver through India International Bullion Exchange IFSC Ltd (IIBX) in the
same manner as gold imports.
The banks dealing with imports have been directed to permit jewellers importing silver to
remit advance payment for _________ days as is the case with gold.
1) 15
2) 11
3) 12
4) 9
5) 6
Answer- 2) 11
Explanation:
Reserve Bank of India (RBI) issued a notification allowing qualified jewellers to import silver through
India International Bullion Exchange IFSC Ltd (IIBX) in the same manner as gold imports.
• The banks dealing with imports have been directed to permit jewellers importing silver to
remit advance payment for 11 days as is the case with gold.
• Qualified Jewellers as notified by International Financial Services Centres Authority (IFSCA)
have been permitted to import silver under specific ITC(HS) Codes through IIBX.
• AD Category-I banks have also been told to bring the contents of this circular to the notice of
their customers concerned.
28. Which Small Finance Bank (SFB) has recently (in Dec ‘23) signed a corporate agency
agreement with Care Health Insurance?
1) Ujjivan SFB
2) AU SFB
3) Capital SFB
4) Equitas SFB
5) ESAF SFB
Answer- 4) Equitas SFB
Explanation:
Equitas Small Finance Bank and Care Health Insurance have entered into a corporate agency
agreement. With this association, Equitas Small Finance Bank will offer Care Health’s health insurance
solutions to its customer base.

• Products will be offered in the retail and group segments to Equitas Small Finance bank’s
customers, who in addition to the company’s existing portfolio can now have their health
insurance needs addressed under one umbrella.
29. In December 2023, the Reserve Bank of India (RBI) approved an 'Offline Retail Payments'
product developed by __________ (Bank), in partnership with Crunchfish AB, for adoption by
banks and other financial institutions.
1) Axis Bank
2) HDFC Bank
3) ICICI Bank
4) YES Bank
5) IndusInd Bank
Explanation:
The Reserve Bank of India (RBI) has approved an 'Offline Retail Payments' product developed by
HDFC Bank, in partnership with Crunchfish AB, for adoption by banks and other financial institutions.
• Under the 'On Tap' application facility for the theme 'Retail Payments' of the Regulatory
Sandbox (RS), HDFC Bank (in partnership with Crunchfish AB) was selected for the Test Phase,
• An ‘Offline Retail Payments’ product outlined below completed the ‘Test Phase’ and was
evaluated based on mutually agreed test scenarios and expected outcomes.
• The product ‘Offline Retail Payments’ provides capability for customers and merchants to be
able to transact in offline mode. It is implemented as a trusted application that uses certified
virtual secure elements as well as Public Key Infrastructure (PKI). The solution aims to boost
adoption of digital payments in areas of no or low network by enabling transactions without
the need to have a network connection.
• The product of the aforesaid entity has now exited the RS and may be considered for adoption
by Regulated Entities subject to compliance with applicable regulatory requirements.
30. As of December 2023, the growth rate of gross value added (GVA) in agriculture and allied
sectors in India has increased from 2.10% in 2018-19 to ________ in 2022-23.
1) 4.01%
2) 2.59%
3) 3.96%
4) 3.01%
5) 2.89%
Answer- 3) 3.96%
Explanation:
The growth rate of gross value added (GVA) in agriculture and allied sectors in India has increased
from 2.10% in 2018-19 to 3.96% in 2022-23.
• In a written reply in the Rajya Sabha, Arjun Munda, Union Agriculture and Farmers’ Welfare
stated that the government has implemented various policies, reforms, and schemes since
2014 to improve agricultural growth and farmers' incomes, resulting in an average annual
growth rate of 4% over the past five years.

31. The MCLR is the minimum interest rates below which banks cannot lend.
What does M stand for?
1) Macro
2) Marginal
3) Micro
4) Market
5) Money
Answer- 2) Marginal
Explanation:
Introduced on April 1, 2016, Marginal Cost of Funds based Lending Rate (MCLR) is the minimum
interest rates below which banks cannot lend. It reflects the trends in banks’ cost of borrowing.
• The State Bank of India (SBI) has increased its marginal cost of fund based lending rate (MCLR)
by 5-10 basis points (bps) across various tenors, effective in December 2023.
• The hikes in MCLR by the lender come even as the Reserve Bank of India (RBI) kept the repo
rate unchanged at 6.5 per cent in its monetary policy announced on December 8. This move is
likely to be followed by other lenders, resulting in costlier loans for borrowers.
• The interest rates on one – and – three-month MCLRs have been revised up by 5 bps to 8.2 per
cent from 8.15 percent earlier, as per the information on the bank’s website. One basis point
(bps) is one-hundredth of a percentage point.
• For six-to-three-year MCLRs, the rates have been revised up by 10 bps. The lender is offering
interest rates of 8.55 per cent and 8.65 per cent on six-month and one-year MCLRs,
respectively. The new rate on two-year MCLR is 8.75 per cent and on the three-year tenor is
8.85 per cent.
32. Which bank has recently (in Dec ‘23) announced a plan to raise up to Rs 2,500 crore by
issuing Basel III compliant bonds?
1) Canara Bank
2) Federal Bank
5) Bank of Baroda
Explanation:
Public sector lender Bank of Baroda announced a plan to raise up to Rs 2,500 crore by issuing Basel
III compliant bonds.
• The 'Capital Raising Committee' has approved a proposal to raise tranche I of Basel III
compliant Tier II bonds with a base issue size of Rs 1,000 crore with a green-shoe option to
retain oversubscription of up to Rs 1,500 crore.
• Under Basel-III capital regulations, banks globally need to improve and strengthen their capital
planning processes. The bank's shares were trading at Rs 219.20 apiece on BSE, down 0.36%
over the previous close.

of Punjab National Bank (PNB)?
1) A S Rajeev
2) Atanu Kumar Das
3) Chandra Shekhar Ghosh
4) Atul Kumar Goel
5) Sashidhar Jagdishan
Answer- 4) Atul Kumar Goel
Explanation:
Atul Kumar Goel is present Managing Director (MD) & Chief Executive Officer (CEO) of Punjab
National Bank (PNB).
i. Recently, Punjab National Bank (PNB) became the third public sector bank to achieve the Rs. 1
lakh crore milestone on December 15 2023, even as the stock price is yet to reach its all-time high.
• While the State Bank of India (SBI) tops the list with a market valuation of Rs. 5.8 lakh crore,
Bank of Baroda holds the second spot with a market capitalisation of Rs. 1.2 lakh crore.
• Shares of PNB added another 2%, closing the session at Rs. 91.25 on NSE. In fact, the stock of
PNB is trading at about 67% lower to its record high of Rs. 279.98, that it hit on November 09,
2010.
34. As of December 2023, how many Public Sector Banks (PSBs) are in India?
1) 15
2) 10
3) 8
4) 12
5) 9
Answer- 4) 12
Explanation:
Public Sector Banks (PSBs) are those banks where the government holds more than 50% ownership.
i. Further, the government regulates the financial guidelines, because of government ownership, most
depositors believe that their money is more secure in public sector banks. As a result, most public
sector banks have a large customer base.
ii. At present, India has 12 Public Sector Banks (PSBs),
• State Bank of India
• Punjab National Bank
• Bank of Baroda
• Canara Bank
• Union Bank of India
• Bank of India
• Indian Bank
• Central Bank of India
• Indian Overseas Bank
• UCO Bank
• Bank of Maharashtra
• Punjab & Sindh Bank

35. As of December 2023, how many Asset Management Companies are registered with
Securities and Exchange Board of India (SEBI)?
1) 32
2) 40
3) 39
4) 45
5) 42
Answer- 4) 45
Explanation:
The Association of Mutual Funds in India (AMFI) is dedicated to developing the Indian Mutual Fund
Industry on professional, healthy and ethical lines and to enhance and maintain standards in all areas
with a view to protecting and promoting the interests of mutual funds and their unit holders.
• AMFI, the association of all the Asset Management Companies of SEBI registered mutual funds
in India, was incorporated on August 22, 1995, as a non-profit organisation. As of now, 45
Asset Management Companies that are registered with SEBI, are its members.
36. Which of the following organisations are associated with the World Bank?
1) International Bank for Reconstruction and Development
2) International Development Association
4) Only 1 & 2
5) Only 2 & 3
Answer- 4) Only 1 & 2
Explanation:
The World Bank Group consists of five development institutions: International Bank for
Reconstruction and Development (IBRD), International Development Association (IDA) , International
Finance Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA) & International Centre
for Settlement of Investment Disputes (ICSID).
37. As of December 2023, the share of agriculture in India's GDP declined to __________ in
FY23 from 35% in 1990-91.
1) 17%
2) 20%
3) 25%
4) 15%
5) 30%
Answer- 4) 15%
Explanation:
Union agriculture minister Arjun Munda announced in a written reply to Lok Sabha that the share of
agriculture in India's GDP declined to 15 per cent in FY23 from 35 per cent in 1990-91 due to rapid
growth in the industrial and service sector.
• The share of agriculture in total Gross Value Added (GVA) of the economy has declined from
35% in 1990-91 to 15% in 2022-23.
• The decline is brought out not by the decline in agricultural GVA but a rapid expansion in
industrial and service sector GVA.

of Max Life Insurance Company?
1) Prashant Tripathy
2) Kamlesh Rao
3) Tapan Kumar Singhel
4) Anuj Mathur
5) Ritesh Kumar
Answer- 1) Prashant Tripathy
Explanation:
About Max Life Insurance Company Ltd. (Max Life):
Max life is a joint venture between Max Financial Services Limited, a part of the Max Group, and Axis
Bank Limited.
Managing Director & CEO– Prashant Tripathy
39. Who is the present (as of Dec ‘23) Managing Director(MD) & Chief Executive Officer(CEO) of
HDFC Life Insurance Company?
1) Anjali Bansal
2) Vibha Padalkar
3) Sanjay V. Bhandarkar
4) Praveer Sinha
5) Kesava Menon Chandrasekhar
Answer- 2) Vibha Padalkar
Explanation:
It is a joint venture between HDFC Ltd., and Standard Life Aberdeen.
40. In which year, the European Investment Bank (EIB) was established?
1) 1973
2) 1950
3) 1944
4) 1963
5) 1958
Answer- 5) 1958
Explanation:
About European Investment Bank (EIB):
President – Werner Hoyer
Headquarters – Kirchberg, Luxembourg
Established in 1958

41. In December 2023, Sandeep Batra was re-appointed as the Executive Director (ED) of
_________ (Bank).
1) YES Bank
2) HDFC Bank
3) Axis Bank
4) IndusInd Bank
5) ICICI Bank
Explanation:
Private sector lender ICICI Bank on December 20, 2023 received approval from the Reserve Bank of
India (RBI) to re-appoint Sandeep Batra as the executive director (ED).
• The shareholders of the bank on May 29 approved Batra's appointment as ED for five years
effective from the date of approval of RBI. The effective date of the same was from December
23.
• The board of directors recorded that the current tenure of Batra as ED of the Bank as per RBI
approval, which was for three years, ends on December 22, 2023. It unanimously approved the
reappointment of Batra for a further period of two years with effect from December 23, 2023,
to December 22, 2025.
42. Who is the present (as of Dec ‘23) Chief Executive Officer (CEO) of Bandhan Bank?
1) A S Rajeev
2) Atanu Kumar Das
3) Chandra Shekhar Ghosh
4) Atul Kumar Goel
5) Sashidhar Jagdishan
Answer- 3) Chandra Shekhar Ghosh
Explanation:
CEO– Chandra Shekhar Ghosh
Tagline– ‘Aapka Bhala. Sabki Bhalai’, (Your benefit. Everyone’s welfare)
43. What is the share of the State Government in the regional rural banks?
1) 15%
2) 35%
3) 20%
4) 50%
5) 25%
Answer- 1) 15%
Explanation:
National Bank for Agriculture & Rural Development (NABARD) is an apex Development Bank by the
Government of India. In Regional Rural Banks (RRBs), 15% share is held by the State
Government, 50% by the Central Government, and 35% by the Sponsor Bank.

44. Which of the following does not have a deadline by December 31, 2023?
1) SEBI mandated the demat account holders and mutual fund investors to add nominee by December
31, 2023
2) RBI mandated banks to renew their agreements with safe deposit locker holders by December 31,
2023.
3) NPCI directed the Third-Party Application Providers (TPAPs) and Payment Service Providers
including PhonePe, Google Pay, and Paytm to deactivate those UPI IDs and UPI-linked phone numbers
by December 31, 2023.
4) Taxpayers who haven't filed their Income Tax Return (ITR) for FY 2022-2023 must file by
December 31, 2023.
5) SEBI directed the compliance deadline for enhanced qualification and experience requirements for
investment advisers by December 31, 2023.
Answer- 5) SEBI directed the compliance deadline for enhanced qualification and experience
requirements for investment advisers by December 31, 2023.
Explanation:
Securities and Exchange Board of India (SEBI), in its circular dated September 26, 2023, once again
extended the deadline for demat account holders to either furnish nominee details or opt out of
nomination. The extended deadline stands at December 31, 2023.
• Similarly, mutual fund investors, who haven’t declared their nominees so far, are required to
provide the same before December 31, 2023.
• Failing this deadline — which has already been extended three times this year — will lead to
their accounts being frozen for debits and investors will not be able to redeem their
investments.
• At the onset of this year, the Reserve Bank of India (RBI) mandated banks to renew their
agreements with safe deposit locker holders by December 31, 2023.
• The National Payments Corporation of India (NPCI), in its circular dated November 7, 2023,
alerted the Third-Party Application Providers (TPAPs) and Payment Service Providers (PSP),
including PhonePe, Google Pay, and Paytm (combined market share of 97 per cent as of
September 2023), to deactivate those UPI IDs and UPI-linked phone numbers that have been
dormant for a year. NPCI has allotted time till December 31, 2023
• Individuals who have missed filing their income tax return (ITR) by July 31 this year, have a
final chance to file a belated ITR for the financial year 2022-23 (Assessment Year 2023-24) by
December 31, 2023.
45. Legal Entity Identifier (LEI) code is _______ digit alpha-numeric code used to identify parties
to financial transactions worldwide.
1) 20
2) 18
3) 6
4) 9
5) 10
Answer- 1) 20

Explanation:
Legal Entity Identifier (LEI) code is a 20-digit alpha-numeric code used to identify parties to
financial transactions worldwide. It improves the quality and accuracy of financial data systems for
better risk management
46. Who is the present (as of Dec ‘23) Managing Director(MD) & Chief Executive Officer(CEO) of
HDFC Life Insurance Company?
1) Praveer Sinha
2) Vibha Padalkar
3) Jayanth Kumar
4) Ajay Bansal
5) Atish Mathur
Answer- 2) Vibha Padalkar
Explanation:
• It is a joint venture between HDFC Ltd., and Standard Life Aberdeen.
• It is promoted by HDFC Bank Limited.
47. Which of the following banks in India, along with the government has recently (in Dec ‘23)
working for the fund framework for green hydrogen projects?
1) ICICI Bank
3) HDFC Bank
4) Both 1 & 2
5) All 1, 2 & 3
Answer- 5) All 1, 2 & 3
Explanation:
India's largest banks, State Bank of India, HDFC Bank, and ICICI Bank, along with the government,
are drawing up a financing framework for green hydrogen projects.
• The framework will lay down guidelines for credit appraisal, risk assessment, and
concessionary finance to make assessment of such projects easier for banks and aid credit flow
to the sector
48. As of December 2023, Who is the president of the Asian Development Bank?
1) Ilan Goldfajn
2) Odile Renaud-Basso
3) Masatsugu Asakawa
4) Akinwumi A. Adesina
5) Jin Liqun
Answer- 3) Masatsugu Asakawa

Explanation:
Members – 68 members(49 members are from Asia)
49. Which bank will no longer have the Reserve Bank of India (RBI)’s director on its board
after the end of Yogesh Dayal’s two-year term (till 23rd December 2023) as its additional
director?
1) YES Bank
2) Indian Overseas Bank
4) RBL Bank
5) IndusInd Bank
Answer- 4) RBL Bank
Explanation:
Reserve Bank of India(RBI) will no longer have a director on the board of RBL Bank following the end
of the term of additional director Yogesh Dayal on 23rd December 2023
• RBI appointed Yogesh Dayal in December 2021 for the two-year term.
• Yogesh Dayal is currently serving as Chief General Manager of the RBI’s Department of
Communication.
50. Who is the present (as of Dec ‘23) Managing Director & Chief Executive Officer (CEO) of
National Payments Corporation of India (NPCI)?
1) Rishikesha Krishnan
2) Dilip Asbe
3) Biswamohan Mahapatra
4) Shailendra Trivedi
5) Amitha Sehgal
Answer- 2) Dilip Asbe
Explanation:
About National Payments Corporation of India (NPCI):
NPCI is an initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA) under
the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment &
Settlement Infrastructure in India.
Managing Director(MD) & Chief Executive Officer (CEO) – Dilip Asbe
of Canara Bank ?
1) Atanu Kumar Das
2) Shanti Lal Jain
3) K Satyanarayana Raju

4) Matam Venkata Rao

5) A. S. Rajeev
Answer- 3) K Satyanarayana Raju
Explanation:
K Satyanarayana Raju is the present Managing Director (MD) & Chief Executive Officer (CEO) of
Canara Bank.
• State-owned Canara Bank has, in-principle, approved to initiate the process of listing its
mutual fund subsidiary, Canara Robeco Asset Management Company Ltd, in the stock
exchanges.
• It will be the way of Initial Public Offer (IPO), subject to following the due diligence, laid down
procedures, opportune time, regulatory approvals and more. Further, the modalities of listing
will be decided in due course, according to the company.
• The bank will make further announcements of all material developments with regard to the
same, as and when required, as per applicable regulations.
52. Life Insurance Corp (LIC) is the anchor investor for the Rs. _________ Infrastructure bond sale
by the National Bank for Agricultural and Rural Development (NABARD) on 20th December
2023.
1) 4,000 crore
2) 2,000 crore
3) 1,000 crore
4) 5,000 crore
5) 3,000 crore
Answer- 4) 5,000 crore
Explanation:
Life Insurance Corp (LIC), the country's biggest institutional holder of marketable securities, is
officially an anchor investor for an upcoming bond sale by the National Bank for Agricultural and
Rural Development (NABARD), marking the first such occurrence in India's corporate debt market.
• LIC is the anchor investor for the Rs.5,000-crore infrastructure bond sale by NABARD on 20th
December 2023. Besides the base, the issuer also has a green shoe option of Rs. 5,000 crore. As
anchor investor, LIC will take up 30%, or Rs. 1,500 crore, of the base size of Nabard's bond
issue.
• At present, LIC holds around 22% share of the overall bond market and 4% of the total market
capitalisation in Indian equities.
• Nabard's bonds are rated AAA by rating agencies ICRA and India Ratings and will mature on
April 28, 2034.
53. What is the Tagline of IndusInd Bank?

1) One Family One Bank
2) Good people to bank with
3) The Name you can Bank Upon
4) Honors Your Trust
5) We Make You Feel Richer
Answer- 5) We Make You Feel Richer

Explanation:
About IndusInd Bank Limited:
Managing Director(MD) & Chief Executive Officer (CEO) – Sumant Kathpalia
Tagline – We Make You Feel Richer
of National Stock Exchange (NSE)?
1) K Narasimha Murthy
2) Girish Chandra Chaturvedi
3) Ashishkumar Chauhan
4) S Ravindran
5) Bishnu Charan Patnaik
Answer- 3) Ashishkumar Chauhan
Explanation:
Ashishkumar Chauhan is present Managing Director & CEO of National Stock Exchange of India
Limited (NSE India).
• The Indian stock market achieved a milestone, touching USD 4 trillion in market capitalisation
(m-cap) for the first time ever, closing in on the value of the Hong Kong stock exchange. Now,
India has joined the ranks of stock market superpowers across the world, a title which was
only held by the United States, China, and Japan.
• The Indian stock market has been up by around 25 percent this year, crossing the overall
market valuation of USD 4.16 trillion. Meanwhile, Hong Kong’s Hang Seng Index has plunged
nearly 19% this year, likely to fall behind India soon.
• India is the fifth largest economy in the world, and its stock market valuation is currently only
behind US, China, Japan and Hong Kong, joining the ranks of superpower in the financial world.
India's market growth in 2023 is the sharpest it has ever seen in the last three years.
• The stock exchanges currently having a higher valuation than the National Stock Exchange
(NSE) of India are New York Stock Exchange (US), Nasdaq (US), Shanghai Stock Exchange
(China), Euronext, Japan Stock Exchange, and Shenzhen Stock Exchange (China).
55. According to the Reserve Bank of India (RBI), Payments banks can apply for conversion
into small finance banks (SFBs) after __________ years of successful operation.
1) 5 years
2) 6 years
3) 4 years
4) 3 years
5) 7 years
Answer-1) 5 years
Explanation:
According to the latest guidelines of RBI, Payments banks can apply for conversion into small finance
banks (SFBs) after five years of successful operation.
Salient features of Small Finance Bank(SFB)
• No cap on deposit amount

• Focus is on Small borrowers -

• Can issue both Debit and credit cards
• Extend 75% of loans to priority sector
• Ensure that 50 % of loan portfolio constitutes advances of up to RS 25 lakh
• Can distribute financial products such as Mutual Funds , Insurance and Pension.
56. The Non-Banking Financial Companies (NBFCs) were regulated by ________________(regulatory

Body) in India.
1) Reserve Bank of India
2) Securities Exchange Board of India
3) National Financial Reporting Authority
4) Insurance Regulatory and Development Authority
5) Pension Fund Regulatory and Development Authority
Answer-1) Reserve Bank of India
Explanation:
Reserve Bank of India (RBI) is entrusted with the responsibility of regulating and supervising the
Non-Banking Financial Companies by virtue of powers vested in Chapter III B of the Reserve Bank of
India Act, 1934.
i. The regulatory and supervisory objective, is to:
• ensure healthy growth of the financial companies;
• ensure that these companies function as a part of the financial system within the policy
framework, in such a manner that their existence and functioning do not lead to systemic
aberrations; and that
• The quality of surveillance and supervision exercised by the Bank over the NBFCs is sustained
by keeping pace with the developments that take place in this sector of the financial system.
57. Who is the current (as of Dec ‘23) Managing Director(MD) & Chief Executive Officer(CEO) of
ICICI Prudential Life Insurance Company Limited?
1) Souvik Jash
2) Judhajit Das
3) Anup Bagchi
4) Manish Kumar
5) Amit Palta
Answer- 3) Anup Bagchi
Explanation:
About ICICI Prudential Life Insurance Company Limited (I-Pru Life):
I-Pru Life is promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited.
Managing Director (MD) and Chief Executive Officer (CEO)– Mr. Anup Bagchi
Incorporated in– 2000
Started Operations– 2001
58. The Tagline of State Bank of India (SBI) is ____________.



Answer- 2) The Banker To Every Indian
Explanation:
Tagline–The banker to Every Indian
59. How Many Small Finance Banks(SFBs) are in India as on December 31,2023 ?
1) 10
2) 12
3) 16
4) 18
5) 24
Answer-2) 12
Explanation:
Currently there are 12 Small Finance Banks(SFBs) in India.
• Small Finance Banks have emerged as a new category of banks in India that cater primarily to
the financially unserved and under-served sections of the society.
• These banks have been set up with a strategic objective of promoting financial inclusion by
offering basic banking services to the unbanked and under-banked population and making
formal credit available to this segment.
List of Small Finance Banks
• AU Small Finance Bank
• Capital Small Finance Bank
• Equitas Small Finance Bank
• ESAF Small Finance Bank
• Fincare Small Finance Bank
• Jana Small Finance Bank
• Northeast Small Finance Bank
• Shivalik Small Finance Bank
• Suryoday Small Finance Bank
• Utkarsh Small Finance Bank
• Unity Small Finance Bank
• Ujjivan Small Finance Bank
60. Which of the following is not operated by National Payments Corporation of India(NPCI)?
1) Unified Payments Interface (UPI)
2) Immediate Payment Service (IMPS)
3) National Electronic Fund Transfer (NEFT)
4) Aadhaar enabled Payment System(AePS)
5) NETC FASTag

Answer- 3) National Electronic Fund Transfer (NEFT)

Explanation:
NEFT is operated by the Reserve Bank of India(RBI).
• While Unified Payments Interface (UPI), Immediate Payment Service (IMPS), Aadhaar enabled
Payment System(AePS), NETC FASTag are operated by National Payments Corporation of
India(NPCI).
• National Electronic Fund Transfer (NEFT) is a popular electronic payment system used in
India that enables individuals and businesses to transfer funds between banks in a secure and
efficient manner. NEFT operates on a deferred settlement basis meaning that the transactions
are processed in batches at specified times throughout the day.
• NEFT facility is available 24 x 7, 365 days,
• The minimum Value of Transaction is Rs 2,00,000.
61. Insurance Regulatory and Development Authority of India (IRDAI) was constituted based
on the recommendations of _____________________.
1) Malhotra Committee
2) Narasimham Committee
3) N. K Singh Committee
4) Kumar Mangalam Birla Committee
5) Kelkar Committee
Answer1) Malhotra Committee
Explanation:
In 1993, Malhotra Committee report, headed by former RBI Governor RN Malhotra was formed to
evaluate the Indian Insurance industry and recommend its future direction.
• The Insurance Regulatory and Development Authority of India (IRDAI) was constituted as an
autonomous body to regulate and develop the insurance industry.
• IRDAI, is a statutory body formed under an Act of Parliament, i.e., Insurance Regulatory and
Development Authority Act, 1999 (IRDA Act, 1999) for overall supervision and development of
the Insurance sector in India.
• The IRDAI was incorporated as a statutory body in April, 2000. The key objectives of the
IRDAI include promotion of competition so as to enhance customer satisfaction through
increased consumer choice and lower premiums, while ensuring the financial security of the
insurance market.
62. As of December 2023, How many Public Sector Banks (PSB) are in India?
1) 13
2) 8
3) 10
4) 9
5) 12
Answer- 5) 12
Explanation:
India currently has 12 Public Sector Banks (PSB)- Bank of Baroda (BOB), Bank of India (BOI), Bank
of Maharashtra (BOM), Canara Bank, Central Bank of India, Indian Bank, Indian Overseas Bank(IOB),
Punjab & Sind Bank, PNB, State Bank of India (SBI), UCO Bank, and Union Bank of India (UBI)

63. Which of the following is not the fully owned Subsidiaries of Reserve Bank of India (RBI)?
1) Reserve Bank Information Technology Private Limited (ReBIT)
2) Small Industries Development Bank of India (SIDBI)
3) Deposit Insurance and Credit Guarantee Corporation of India (DICGC)
4) Indian Financial Technology and Allied Services (IFTAS)
5) Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL)
Answer- 2) Small Industries Development Bank of India (SIDBI)
Explanation:
Fully Owned Subsidiaries of Reserve Bank of India (RBI):
• Deposit Insurance and Credit Guarantee Corporation of India (DICGC)
• Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL)
• Reserve Bank Information Technology Private Limited (ReBIT)
• Indian Financial Technology and Allied Services (IFTAS)
• Reserve Bank Innovation Hub (RBIH)
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Banking & Economy PDF

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Banking, Finance & Economy PDF 2023 – December

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Banking, Finance & Economy News: December 2023

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Establishment – 1st April 1935

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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%

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ii.It was prepared in the Division of State

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What is Fiscal capacity?

RBI authorised Bandhan Bank to Disburse Pensions to Railway Employees

Indian Banks Global Presence Expanded: RBI ITBS Survey

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RBI’s model pegged India’s FY25 GDP growth at 6.0%

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About Alternative Investment Fund (AIF):

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RBI Extends Payments Infrastructure Development Fund Scheme Till 2025

RBI Releases Draft Licensing Framework for APs under FEMA

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APPOINTMENTS & RESIGNATIONS

RBI Approved the Appointment of C S Rajan as the Part-time Chairman of KMBL

HDFC Bank Recommends Re-appointment of Atanu Chakraborty as Chairman for 3 years

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SEBI approves Appointment of Pramod Agrawal as BSE Chairman

Satish Kumar Kalra Named Interim MD & CEO of Slice-backed NESFB

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Robert M Solow, Nobel-winning American Economist Passed Away

Urban Unemployment Rate Dropped to 6.6%: 20th Quarterly Bulletins of PLFS

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OECD: India’s GDP growth expected to slow to 6.3% in FY24

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• Provisions of the Banking Regulation Act, 1949;

Federal Bank, NeML tie-up to Streamline E-Procurement, E-Auction

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India GDP growth in Q2FY24 estimates at 7.6%: NSO

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SEBI Postpones Linking of SCORES with ODR Portal to April 2024

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