Banking & Economy PDF

Banking & Economy PDF
Banking & Economy PDF 2019 - April
Table of Contents
Banking, Finance & Economy News: April 2019 .................................................................................................. 2

Banking, Finance & Economy Q&A: April 2019 ................................................................................................ 48
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Banking, Finance & Economy News: April 2019

Bank of Baroda becomes the 3rd largest bank after its merger with Dena Bank & Vijaya Bank
On April 1, 2019, the merger of Dena Bank and Vijaya Bank into Bank of Baroda has come into effect.
With this amalgamation, Bank of Baroda becomes the India’s second largest public sector
bank and third largest commercial bank after State Bank of India (SBI) and HDFC Bank.
i. India’s first ever three-way merger of banks has started its operation over Rs 15 lakh cr as of
balance sheet, with deposits and advances of 8.75 lakh crore and 6.25 lakh crore rupees, respectively.
ii. Government has also infused Rs 5,042 crore into Bank of Baroda by way of preferential allotment of
equity shares.
iii. Centre’s shareholding in the merged entity is 65.7%.
iv. BoB now has over 9,500 branches, 13,400 ATMs and 85,000 employees.
Points to be noted:
i. Now the number of public sector banks (PSBs) has reduced to 18.
ii. The merger also reduced the number of banks kept under the Prompt Corrective Action (PCA)
framework by RBI to four as Dena Bank was among the five PSU banks kept under PCA.
Related Points
♦ CEO – P S Jayakumar,
♦ Headquarters – Alkapuri, Vadodara
♦ Tagline – India’s International Bank
Reliance Mutual Fund partnering with Google, becomes the first Indian company to launch voice-
based financial transactions
Reliance Nippon Life Asset Management (RNAM) has joined hands with Google to enable the
customers of Reliance Mutual Fund to carry out voice-based financial transactions.
i. With this, RNAM becomes the first company in India, to provide conversational interface that would
help customers regarding funds transactions.
ii. In the first phase, the functionality would be launched in Reliance Simply Save app for the
customers.
About RNAM
♦ It is a joint venture between Anil Ambani-led Reliance Capital and Japan’s Nippon Life Insurance Co Ltd.
♦ CEO Sundeep Sikka
♦ Founded: 1995
Anti-Dumping Duty has been imposed on the import of Solar Components from four nations
In order to safeguard domestic players against cheap shipments, Department of Revenue, Government
of India has imposed anti-dumping duty up to USD 1559(Rs 1,07,844) per tonne on the import of
certain solar cell components (Ethylene Vinyl Acetate Sheet for Solar Module) from China, Malaysia,
Saudia Arabia and Thailand for a period of 5 years.
i. This move is taken on the recommendation of Directorate General of Trade Remedies (DGTR), which is
the Investigation Arm of Ministry of Commerce.
Consulting arm of Infosys will buy 75% stake in Dutch Bank Subsidiary
Consulting arm of Global IT Services major, Infosys will buy 75% stake in Starter NV which is a
subsidiary of Dutch based ABN AMRO Bank for $144 million (approx. Rs 999 crore) in an all-cash
deal.
i. This move is aimed at strategic partnership in Netherlands. ABN Amro which is the third largest
bank of Netherland will hold the remaining 25 per cent stake in Starter NV
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GST Revenue collection for March, 2019 recorded Highest Collection in the FY 2018-19
Total Gross GST revenue collected in the month of March, 2019 has crossed the Rupees One Lakh Crore
mark as it has recorded the collection of Rs.1,06,577 crore of which CGST is Rs. 20,353
crore, SGST is Rs.27,520 crore, IGST is Rs.50,418 crore (including Rs. 23,521crore collected on
imports) and Cess is Rs. 8,286 crore (including Rs. 891crore collected on imports).
i. Since the launch GST, the collection during March, 2019 has been the highest.
ii. The revenue of March 2019 has shown the growth of 15.6% as compared to March, 2018, when it
was Rs. 92,167crore.
iii. The revenue for the last quarter in the year 2018-19 was 14.3% higher than the revenue collected
during the same period last year.
iv. Also, the monthly average of GST revenue during 2018-19 was 9.2% higher than FY 2017-18.
BNP Paribas Cardif sold 5 crore shares in SBI Life Insurance for 2,889 crore
The foreign partner of SBI Life Insurance, BNP Paribas Cardif has sold 5 crore shares of the company
for Rs 2,889 crore to increase its public shareholding to 25% of its paid-up equity share capital on or
before October 2, 2020. This sale has not undertaken as per the methods prescribed by SEBI for
achieving the minimum public shareholding (MPS) Threshold.
i. The average price of equity share during the sale was Rs 577.93 per equity share.
ii. On the other hand, Canada Pension Plan Investment Board has bought 2 crore shares at an
average price of Rs 577.50 per shares.
iii. Both transactions were carried out as bulk deal from one investor to another
Google India Head Rajan Anandan resigns

Vice president for Google India and South East Asia, Rajan Anandan is quitting from the company
after an 8 year stint. He was responsible for driving growth at Google India. He will stay until the end
of this month.
Key points
i. He will join Silicon Valley’s marquee venture fund Sequoia Capital,where he will serve as an
investment advisor and mentor to Surge founders.
ii. In 2018, he was conferred with “IMPACT Person of the Year award in 2018” for starting initiatives
like everal initiatives including “Navlekha” and “Internet Saathi”.
iii. Vikas Agnihotri, who is currently Google’s country director for sales, will take on the interim
responsibility until the company finds a new managing director.
Related Point:
Surge is a scale-up programme for startups in India and South East Asia.
For setting up India-Africa Institute of Agriculture and Rural Development (IAIARD)

in Malawi, India signed an agreement with a development bank
On 3rd April 2019, India has signed an agreement with National Bank for Agriculture and Rural
Development Consultancy Service (NABCONS) for setting up India-Africa Institute of Agriculture
and Rural Development (IAIARD) in Malawi to enhance capacity in the areas of agro-financing and
entrepreneurship development for African countries.
Key Points:
i. In this Institute, the trainees from Malawi and other African countries will be trained in the areas
of micro-financing and agro-financing.
ii. This agreement will strengthen the bilateral relations between India and Malawi with the African
Union.
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Kotak Mahindra Bank Becomes The First Lender To Impose Charges On UPI Transactions,
Namely, Paytm, Google Pay, PhonePe
• Starting from 1st May, 2019, India’s private sector bank, Kotak Mahindra Bank would become the
first lender to levy charges on peer-to-peer (P2P) UPI transactions available across all platforms,
namely, Paytm, Google Pay, PhonePe, Trucaller Pay among others.
• For Kotak Mahindra Bank’s account holders, the first 30 peer-to-peer UPI fund transfer would
be free of cost.
• Once a person exceeds 30 UPI transactions, he will be charged Rs. 2.50 per transaction for of Rs.
1000 or less. For transfers exceeding Rs. 1000, the bank will charge Rs. 5 plus 18%
GST…………………………………………Click here to Read more
One97 Communications-owned Paytm Money Gets SEBI Approval for Stock Broking
On 2nd April 2019, One97 Communications-owned Paytm Money, the wealth management arm of Paytm,
has got approval from the Securities and Exchange Board of India (SEBI) to start offering a stock
broking service such as the ability to trade in equities and cash segments, derivatives, and exchange-
traded funds (ETFs) among other exchange-traded products.
Key Points:
i. Apart from this approval from SEBI, Paytm Money also got approval for its membership from Bombay
Stock Exchange (BSE) & National Stock Exchange (NSE) to buy share through the Paytm Money app.
ii. The aim of this app, to be a full stack wealth management platform, is going to fulfill with this
approval.
iii. Bengaluru-based Paytm Money was launched in 2018, as a mutual funds platform.
About Paytm
♦ Founded – 2010
♦ Headquarters – Noida, Uttar Pradesh
♦ Founder – Vijay Shekhar Sharma
♦ Products – Paytm Mall, Paytm Payments Bank, Paytm Money, Paytm Gamepind
♦ Parent – One97 Communications Ltd
Government infused Rs 205 crore into Bank of Maharashtra

On 30th March 2019, Government infused a capital of Rs. 205 crore into the state owned Bank of
Maharashtra in lieu of preferential allotment of shares.
After the Capital infusion, the shareholding of government in Bank of Maharashtra has increased
to 87.74 % from 87.01%.
i.In this regard, the bank has issued and allotted its 15,47,16,981 equity shares at an issue price of Rs
13.25 per share to the govt.
Bank of Maharashtra
♦ Headquarters: Pune, Maharashtra
♦ MD & CEO: A.S. Rajeev
♦ Tagline: One Family One Bank
ADB cuts India’s growth rate from 7.6% 7.2% in 2019-20, as global risks to Brexit surge
As global risks from trade tensions to Brexit surge, the ADB (Asia Development Bank) in its
publication Asian Development Outlook 2019 has demoted growth forecasts for India and Southeast
Asia for 2019. For India, it has been downgraded by 40 basis points to 7.2% for fiscal year 2019-20
while Southeast Asia’s growth estimate was lowered to 4.9% by 0.2 percentage point.
i.Given strong corporate fundamentals, India will maintain its position as one of the fastest growing
economies in the world.
ii. UK’s exit from the European Union, financial market volatility and the constantly worsening trade
conflict between China and the US could hamper the investment scenario.
iii. The growth rate in fiscal year 2020-21 would approximately be 7.3%.
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iv. As the price of food commodities increase, the consumer price inflation is expected to go up to 4.3%
in FY 2019 and 4.6% in 2020.
Tata Power joined hands with Indraprastha Gas ink pact for rooftop solar projects
On 2nd April 2019, Tata Power has signed an agreement with Indraprastha Gas
Limited (IGL) for green energy solutions including rooftop solar projects, setting up of commercial-
scale EV charging/battery swapping stations.
Key Point:
i.The agreement was signed between India’s largest CNG distribution company with Indraprastha Gas
Limited’s (IGL) Managing Director E S Ranganathan and India’s largest integrated power utility firm
Tata Power’s CEO & Managing Director Praveer Sinha, in the presence of B C Tripathi, who is the
Chairman & Managing Director, GAIL.
About Tata Power
♦ CEO: Praveer Sinha
♦ Headquarters: Mumbai
About Indraprastha Gas Limited (IGL)
♦ Headquarters: New Delhi
♦ CEO: Narendra Kumar
RBI sets WMA Limit for Government at Rs 75000 crore for the first half of the FY 2019-20
• The Reserve Bank of India has set the limits for Ways and Means Advances (WMA) to Rs. 75000
crore for the first half of the financial year 2019-20 (April 2019 to September 2019).
• As and when the government of India utilises 75% of the WMA limit, the central bank would
activate fresh floatation of market loans.
• The rate of interest issued on the Ways and Means Advances (WMA) will be Repo Rate while the
overdraft will exceed the Repo Rate by flat 2%. The WMA needs to be vacated after 90 days.
• What is Ways and Means advances (WMA)?
Ways and Means advances, guided under Section 17(5) of the RBI Act, 1934 are temporary loan
facilities or overdrafts that are extended to the government (both central and the state) by the
central bank of India………………………………………Click here to Read more
First Bi-monthly Monetary Policy Statement for 2019-20-RBI cuts repo rate by 25 basis points
On 6th April 2019, Reserve Bank of India (RBI)’s six-member monetary policy committee chaired by RBI
Governor Shaktikanta Das released its 1st Bi-Monthly Monetary Policy for 2019-20.
KeyPoints:
i. RBI has reduced 0.25 basis points in the Policy Rates under liquidity adjustment facility (LAF) with
immediate effect.The Change in Policy rates are as follows:
Policy Rates 1st Bi-Monthly Monetary Policy 6th Bi-Monthly
2019-2020(Apr-2019) Monetary Policy(Feb
2019)
Repo Rate 6.00 % 6.25%
Reverse Repo Rate 5.75 % 6.00%
Marginal Standing Facility Rate 6.25 % 6.50%
Bank Rate 6.25 % 6.50%
Reserve Ratios 1st Bi-Monthly Monetary Policy 6th Bi-Monthly
2019-2020(Apr 2019) Monetary Policy(Feb
2019)
Cash Reserve Ratio(CRR) 4% 4%
Statutory Liquidity Ratio(SLR) 19.25% 19.25%
ii. RBI projected the GDP growth forecast of India for the current fiscal to 7.2% from the earlier
estimate of 7.4 per cent.
iii. RBI has estimated the retail inflation forecast between 3.2% and 3.4% for the H1FY20.
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iv. The objective of the amendment is to achieve the medium-term target for the inflation of the CPI
(Consumer Price Index) by 4% (within a band of ‘+2’ or ‘-2’ i.e. 2% and 6%). The expectation for the CPI
inflation for first half of FY 20 is between 2.9% and 3% while for the second half, it is estimated
from 3.5% to 3.8%. For the last quarter of FY19 (January to March) CPI inflation revised at 2.4%.
v. The Monetary Policy Committee points out the grave fact that domestic economy is facing a decline
and the output gap remains negative. To improve upon this, the domestic growth impulses should be
strengthened by encouraging private investments.
vi. The inflation path in the 2019-20 is shaped by multitude of factors. They are as follows:
– The low food inflation during January-February will have an impact on the near-term inflation
overview.
– A reduction in the fuel group inflation during February will have a bearing.
– The CPI inflation including food and fuel in February was lower than approximated, which again
impacts the near-term inflation outlook.
– The price of international crude oil has surged by around 10% since the last policy.
About Reserve Bank of India:
♦ Governor-Shaktikanta Das
♦ Headquarter-Mumbai.
RBI makes NPA divergence rule easier for banks

Reserve Bank of India (RBI) has altered the bad loan divergence rule for banks which aims at improving
transparency in asset classification and preventing under-reporting of bad loans.
Key Points
i. The RBI brought leniency in its rule on 1st April, 2019 by asking banks to disclose bad loan divergences
in their financial statements.
• Condition: Additional provisioning if divergence exceeds 10% of profit prior to provision and
contingencies.
ii. Earlier banks were able to make suitable disclosures only when:
• Mandated provisioning by the RBI exceeded 15% of the net profits after taxfor the reference
period.
• RBI thus improved upon the additional provisioning requirements.
iii. As per RBI, disclosures have to be made:
• Condition: Additional gross NPAs if material divergence exceeds 15% of the reported gross
NPAs for the reference period.
Fitch kept India’s rating unchanged at BBB- with Stable outlook

On 4th April 2019, Fitch Rating affirms India’s sovereign rating at the lowest investment grade of BBB-
with a stable outlook. The growth rate of India forecasted by Fitch is 6.8% in financial year 2019-20
and 7.1% in FY 2020-21.
Key Points
i. According to Fitch, Foreign Direct Investment (FDI) regulations has been eased and there is reduction
in red tape but still there are some difficulties in doing business in India due to which India’s rating is not
upgraded.
ii. Since 2006, this is the 13th year in a row that India is getting “BBB” ranking from Fitch. On August 1,
2006, Fitch had upgraded the India’s rating from “BB+” to “BBB”.
About Fitch Rating
♦ Fitch Ratings is a subsidiary of Hearst Corporation.
♦ Headquarters: New York, USA
♦ CEO: Paul Taylor
♦ President: Ian Linnell
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US has consented the sale of 24 “MH-60R Seahawk” helicopters to India for $2.6 bn
At an estimated cost of $2.6 billion, the United States has approved the sale of 24 multi-mission
Lockheed Martin-built MH-60 “Romeo'”Seahawk helicopters to India. These choppers designed for
targeting ships, hunting submarines and conducting search-and-rescue operations at sea, would
replenish the age-old fleet of British-made Sea King helicopters, used by India.
i. This particular sale proposal would help in strengthening the US-India strategic relationship by aiding
the foreign policy and the national security of the US.
ii. The sale approval by the US will not only provide India’s defence forces the ability to carry out anti-
surface and anti-submarine warfare missions but also the capability to perform secondary missions. The
secondary missions is inclusive of vertical replenishment.
iii. The choppers are currently deployed with the US navy and are reviewed as the world’s most
capable maritime helicopter constructed to operate from aircraft carriers, cruisers, destroyers and
frigates.
v. The whooping cost of $2.6 billion includes other supporting equipment and ammunition, namely, 10
Hellfire missiles, 30 MK 54 torpedoes and 38 Advanced Precision Kill Weapon System rockets.
vi.The main contractor of the deal is Lockheed Martin’s “Lockheed Martin Rotary and Mission
Systems”.
vii. Defence trade between India and the US has risen extravagantly in the last 10 years and is estimated
to reach $18 billion in 2019.
Vipin Anand has been appointed as the new Managing Director of LIC
Vipin Anand has assumed the charge of Managing Director of the Life Insurance Corporation of India
(LIC). In March 2019, he was appointed by Centre as the LIC MD. He will succeed interim
chairman, Hemant Bhargava.
i. In the tenure of more than 35 years, he served as the head of LIC’s western zone, comprising of 23
divisions. He has also headed LIC’s east-central zone headquartered at Patna.
Related Points LIC:
♦ Establishment – 1956
♦ Headquarters – Mumbai
♦ Tagline – Zindagi ke Saath bhi, zindagi ke baad bhi.
Vinod Dasari was appointed as Royal Enfield CEO

Vinod K. Dasari has been appointed as Chief Executive Officer (CEO) of Royal Enfield and also became
an executive director in the board of Eicher Motors, parent organization of Royal Enfield.
i. Vinod K. Dasari will replace Siddhartha Lal for CEO post. But Mr. Siddhartha Lal will continue as MD of
Eicher Motors Ltd.
ii. Priorly, he was serving as the MD and CEO at Ashok Leyland since 2011.
Former Bollywood Actress, Mayoori kango has appointed the Industry Head of Google India
Ex-Bollywood actress and Managing Director of Performics (A Performance Marketing
Agency), Mayoori Kango has been appointed as the Industry head of Google India. She will lead Google
engagement with Publicis (Parent Company of Performics) and DAN.
i. Mayoori Kango started her career at the age of 15 and featured in Saeed Akhtar Mirza’s National Award
winning film, Naseem. Her other movies includes “Papa Kehte Hai (1996)”, Betaabi (1997), Hogi Pyaar
ki Jeet (1999) and Badal (2000).
ii. She quit her acting career and moved to USA after her marriage with NRI Aditya Dhillon.
Chatbot Making Startup Haptik was acquired by Reliance Jio Digital for Rs.700 Crore
Reliance Jio Digital, a subsidiary of Reliance Industries has acquired a chatbot making startup
firm Haptik forRs.700 Crore.
KeyPoints:
i. In this Rs.700 Crore deal, Rs.230 Crore will be used for business transaction and Rs.470 Crore will
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be used for business expansion.

ii. After this acquisition, Reliance Jio Digital now hold 87% stake in Haptik, while Existing investor
Times Internet which held 70% stake will exit the company.
iii. Haptik Co-founders Aakrit Vaish and Swapan Rajdev will have a minority stake of 13% in Haptik.
About Reliance:
♦ CEO: Mukesh Ambani
♦ Founder: Dhirubhai Ambani
♦ Founded: 8 May 1973, Maharashtra
♦ Haptik is the 6th company to be acquired by Reliance Industries in the last 2 months.
Karnataka Bank Signs agreement With Bharti AXA For Insurance Products
Karnataka Bank has signed a pact with Bharti Axa Life Insurance Company Ltd to distribute the latter’s
life insurance products to provide insurance solutions to the customers of Karnataka Bank.
Key points
i. The pact was signed at the head office of the Karnataka Bank by Bharti representatives of the
Karnataka Bank and the Bharti Axa Life Insurance Company.
ii. This collaboration will facilitate wide choices of life insurance products to its customers across all its
836 branches of bank supported by the customer centric products of the insurance company.
About Karnataka Bank
♦ Headquarters: Mangalore
♦ CEO: Shri Mahabaleshwara M.S.
BSE, India INX- the first ever Indian exchanges to sign MoU with MOEX on 3rd April, 2019
BSE (earlier called Bombay Stock Exchange) and INX (India International Exchange) are the first
Indian exchanges to sign MoU (Memorandum of Understanding) with MOEX (Moscow Exchange) in
order to allow capital formation platform and connect investor community and companies in both India
and Russia.
i. BSE, INX and MOEX have accorded with the secondment of senior workforce to strengthen
understanding of activities in each other’s market and to enhance the development of the communication
channels. They will administer joint research in the areas of cross-listing of fixed income product
cooperation, derivative products, dual listing and Exchange Traded Fund (ETF).
ii. On Wednesday, 3rd April 2019, the Mou was signed with MOEX CEO Alexander
Afanasiev by Ashishkumar Chauhan , the Managing Director and CEO of BSE.
iii. The 3 exchange companies will use the India-Russia initiative to enlarge the client network and
enhance professional intermediaries in both the home market and through cross-border.
Bombay Stock Exchange (BSE)
♦ It is an Indian stock exchange located at Dalal Street, Mumbai.
♦ Founded by Premchand Roychand, BSE is Asia’s first stock exchange and was established in 1875.
♦ As on April 2018, BSE is the world’s 10th largest stock exchange with an overall market
capitalization of more than $4.9 trillion and has more than 5000 companies listed under it.
India International Exchange (India INX)
♦ Located at the Gujarat International Finance-Tec City (GIFT City), India International Exchange (IFSC)
Limited (India INX) is India’s first international exchange in International Financial Services Centre
(IFSC).
♦ India INX is a wholly owned subsidiary of BSE Limited.
♦ India INX initiated its operations from Jan 16, 2017 and was inaugurated by Prime Minister Narendra
Modi, on Jan 09, 2017.
♦ It trades in commodity derivatives, equity derivatives, currency derivatives and index and stocks.
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Indian APA regime steps forward as CBDT signs 18 APAs in March 2019
The Central Board of Direct Taxes (CBDT) has entered into 18 APAs (Advance Pricing
Agreements) inclusive of 03 Bilateral APAs (BAPAs) during the month of March 2019.
i. The total number of APAs entered into by the CBDT in 2018-19 is 52, which is inclusive of 11 BAPAs.
As of now, the number of APAs entered into by the CBDT is 271, which includes 31 BAPAs.
ii. In March 2019, the BAPAs entered into with following treaty partners:-
• Australia – 1
• Netherlands – 1
• USA – 1
iii. The Unilateral APAs (UAPAs) and BAPAs which entered into March 2019 concern very many sectors
and sub-sectors of the economy, namely, risk management solutions platforms, BPO, IT/ITeS, ATMs,
industrial and institutional cleaning and hygiene products, anti-friction bearings.
What is APA (Advance Pricing Agreement)?
♦ It is an ahead-of-time agreement between a taxpayer and a tax authority on an
appropriate Transfer Pricing Methodology (TPM). This agreement is issued for a set of transactions at
issue over a fixed time period.
♦ There are 3 types of APAs, namely, unilateral, bilateral and multilateral APAs.
♦ The progress of the APA scheme enhances the government’s resolve of encouraging a non-conflict
oriented tax regime.
BSNL has received the In-Flight Connectivity License from the Department of
Telecommunications (DoT)
On 4th April 2019, Bharat Sanchar Nigam Limited (BSNL) has received the In-Flight Connectivity
license from the Department of Telecommunications (DoT) for enabling in-flight and maritime
connectivity (IFMC) within Indian airspace.
Key Points:
i. BSNL and Inmarsat, which is the satellite partner of BSNL, also operates the GX Aviation service will
be able to offer in-flight connectivity to airlines.
ii. With this facility users can send messages, surf the internet and/or tweet, when a flight is at a
minimum height of 3,000m in Indian airspace. Presently any form of internet connectivity for both
domestic and international flights is not available on Indian flights.
iii. After, this facility enabled, users will still have restricted amounts of data available for their uses,
applicable for all airlines.
About Bharat Sanchar Nigam Limited
♦ CEO: Shri Anupam Shrivastava
♦ Founded: 15th September 2000
Micromax Co-founder unveils India’s first AI-enabled e-motorcycle brand

Micromax co-founder Rahul Sharma has announced his incursion into smart mobility with the launching
of an AI (Artificial intelligence) enabled electric motorcycle. This launch is expected to hit the roads by
June this year.
Key points
i. He has set up Revolt Intellicorp Pvt Ltd, headquartered at Gurugram, to make personal mobility
practical, affordable and sustainable, earmarking around Rs 500 crore of investment.
ii. He has claimed that Revolt Intellicorp is going to be a game changer in the automobile industry.
CS Rajan to be designated as Managing Director of IL&FS

On 3rd April 2019, the non-executive director of IL&FS (Infrastructure Leasing & Financial
Services), Chandra Shekhar Rajan has been appointed as managing director of IL&FS. He will
succeed Vineet Nayyar, who will be the executive vice chairman.
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Key Points:
i. This decision was taken under the chairmanship of Uday Kotak at the board meeting.
ii. Bijay Kumar was appointed as deputy managing director.
iii. The total outstanding debt of IL&FS is Rs 94,216 crore, and out of this Rs 48,470 crore is in the
four holding companies IL&FS, IL&FS Financial Services, IL&FS Energy Development Company Ltd and
IL&FS Transportation Networks Ltd.
About Infrastructure Leasing & Financial Services
♦ Founded: 1987
Project75I, the Indian Navy’s Rs. 50,000-crore venture to build 6 lethal submarines
Under the ambitious Project75-India, the Indian Navy desires to build 6 standard diesel-electric
submarines. These submarines would be 50% massive in size than the Scorpene class submarines
which are under-construction at the Mazagon Dockyards Limited. This would incur an overall cost of
Rs. 50,000 crore.
i. Since the maritime force needs the boats to have minimum 12 Land Attack Cruise Missiles
(LACM) and Anti-Ship cruise missiles (ASCM), it wants the diesel-electric submarines to be
furnished with heavy-duty firepower.
ii. The firepower required for these diesel-electric submarines is multiple times higher as compared to
that of Scorpene.
iii. The main weapons of the Scorpene are: the heavyweight torpedoes and the Exocet surface to
surface missiles.
iv. The submarines should have the ability to carry and launch 18 heavyweight torpedoes in the sea.
v. The navy has commenced the tender process by issuing the draft to the foreign vendors and the
probable Indian partners by first issuing the Expression of Interest (EoI) to the foreign vendors, then
continuing the stance with the Indian partners.
vi. In order to smoothly manage its area of responsibility extending from the Malacca Straits to the
Indian Ocean Region (IOR), the Indian Navy wants to equip itself with a fleet of both conventional and
nuclear submarines.
vii. Currently the Navy has more than 100 submarines and surface warships and 14 conventional
submarines inclusive of Scorpene. The Navy also possesses 2 nuclear-powered submarines, namely
INS Arihant (83-megawatt’s ballistic missile submarine) and INS Chakra (leased from Russia).
viii. Nirmala Sitharaman, the Defence Minister of India has selected a Navy officer as the in-charge
of Project-75. The head of this project is the Controller of Warship Production and Acquisition of the
Indian Navy, while the project panel members consists of other Joint Secretaries.
vii. For the Indian Navy, the Project 75I-class submarine is a follow-on of the Project 75 Kalvari-
class submarines.
RBI alters LCR norms to enhance cash position of banks

RBI has altered the LCR (Liquidity Coverage Ratio) norms to offer an additional 2% window to lenders.
The central bank has brought in this alteration in order to improve the cash position of banks by
harmonising liquidity requirements and giving away extra money to lenders.
i. For computing the liquidity coverage ratio systematically, banks are allowed to consider an extra 2%
of government securities within the compulsory SLR requirement as the Facility to Avail Liquidity for
Liquidity Coverage Ratio (FALLCR).
ii. For ensuring the bank’s ability to meet short-term contract, the amount of highly liquid assets
acquired by banks is termed as LCR.
10 | P a g e
iii. The Central Bank has lengthened the deadline for joining the floating interest rates on home,
personal, auto and MSEs (Micro and Small Enterprises) loans to external benchmarks.
iv. As the growth of credit is taking a faster pace than deposit growth, banks are facing a resource crunch.
So much so that at the sector level, banks have been unshipping extra government bonds to fund for the
loan demands.
v. Since mid-September, banks have sold 2 percentage points of their additional bond holdings.
Currently the investment to deposit ratio in government bonds is 27.5%, while the compulsory
requirement is 19.25%.
vi. In order to improve the process of undertaking foreign-exchange transactions, the non-banking
financial companies and non-deposit holding companies (NBFCs-NDSI) in the category of Investment and
Credit Companies (ICCs) will be eligible to apply for Authorised Dealer Category II licence.
NIIF and ROADIS on a joint venture to invest $2 billion in Road Projects

The National Investment and Infrastructure Fund (NIIF) and global private infrastructure operator
ROADIS (owned by Public Sector Pension Investment board abbreviated as PSP investment) have jointly
set up a platform for investing up to $2 billion in road projects in India.
i. The platform will target 3 things, namely,
• The TOT (Toll-Operator-Transfer model)
• Acquisition of existing road concessions
• prospective investment opportunities in the India’s road-sector, with the sole objective of creating
large roads platform in the nation.
ii. For the monetisation of publicly-funded highways, the TOT model was introduced by the government
of India in 2016. Supported by a sound tolling system, under the TOT model, the investors make a one-
time payment in return for long-term toll collection rights.
iii. ROADIS is by far the largest European highway concession manager in India with 710 km of
highways within its ownership and management. ROADIS presently manages 1,892 kilometres of
highways which are divided among 10 concessions among the countries, namely, Mexico, Brazil, Spain,
Portugal and India.
iv. NIIF, harboured by the Indian government, is a fund manager that invests in infrastructure and
related sectors in India. NIIF presently manages capital invested through three funds, namely,
• NIIF Master Fund, which majorly focuses on core infrastructure and operating assets.
• NIIF Fund of Funds, which focuses on investing in funds managed by third-party managers in
infrastructure and associated sectors.
• NIIF Strategic Fund which focuses on an expanded investment strategy inclusive of debt platforms
and green-field projects.
Additional Information:
i. Compared to the previous times, the national highways are numbered differently now. All of the
North-South highways are numbered with even numbers(i.e. 2,4, 6, 8 etc) starting in the East and
increasing in number towards the West.
ii. The Crisil report states that India has 75 operational stretches summing up to 4,500 km which would
be taken up by the TOT model.
David Malpass has been elected as World bank President

On 5th April, 2019,Davis Malpass senior Treasury official and staunch supporter of President Donald
Trump, was unanimously chosen as the next president of the World bank. He will succeed Jim Yong-
Kim.
Key Points:
i. He was born on 8th march 1956 in Michigan.
ii. Kristalina Georgieva,chief executive officer of the bank, has been acting as the interim
President. Malpass is nominated by Donald Trump.
iii. He is currently serves as Under Secretary of the Treasury for International Affairs and Previously
held a senior role in the US State Department for Latin American Affairs.
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About World Bank

♦ Headquarters : Washington, D.C.,United States
♦ Founded : 1944
♦ Founders : John Maynard Keynes, Harry Dexter White
Keshav Murugesh takes over as Nasscom Chairman

On 5th April, 2019, NASSCOM (National Association of Software and services companies), an IT
industry body has appointed Keshav Murugesh, CEO of WNS Global Services Group as its Chairman for
2019-20. Nasscom also designated Pravin Rao, Infosys COO UB as its Vice Chairman for 2019-20.
Key points
i. Currently, he was on the positioned as Vice Chairman of Nasscom, and has succeeded Rishad Premji.
ii. These appointments have been done through an election process by the Executive Council.
About NASSCOM:
♦ Headquarters: Noida, Uttar Pradesh
Lakshmi Vilas Bank got merge with Indiabulls Housing Finance

On 5th April, 2019, The board of Lakshmi Vilas Bank (LVB), has approved the merger of private sector
lender with Indiabulls Housing Finance Ltd, mortgage financier in an all-stock deal.
Key points
i. The merged entity will be known as ‘Indiabulls Lakshmi Vilas Bank’.
ii. This merged bank will be among the top 8 private banks in India by size and profitability.
iii. As per the share swap ratio, for every 100 shares of Lakshmi Vilas Bank shareholders will get 14
shares of Indiabulls Housing Finance.
About Laxmi Vilas Bank:
♦ Headquarters: Chennai
♦ CEO: Parthasarathi Mukherjee
To build disaster-resilient infrastructure in Asia, around $1.7 trillion needed per year: ADB
On 6th April 2019, According to a recent Asian Development Bank’s (ADB) report titled ‘Asian
Development Outlook 2019: Strengthening Disaster Resilience’, around 26 trillion dollars from
2016 to 2030, or 1.7 trillion dollars investment needed per year to build disaster-resilient
infrastructure in Asia.
Key Points:
i. This is because Developing economies across Asia are among the most vulnerable to natural disasters
and have suffered damages of around 644 billion dollars since 2000.
ii. Of these, approx 507 billion dollars wasted for weather-related hazards while the remaining 137
billion dollars wasted for geophysical hazards.
iii. Economic damage from tropical cyclones in not so wealthy countries which are the members of
the Organization for Economic Cooperation and Development (OECD) was forecast to be doubled or
trebled by 2100.
About Asian Development Bank (ADB)
♦ Headquarters: Mandaluyong, Philippines
♦ President: Takehiko Nakao
♦ Founded:19 December 1966
♦ Membership: 68 countries
UPI transaction charges have been reduced by NPCI for promoting the uses
On 2nd April 2019, for promoting the adoption of Unified Payments Interface (UPI), the National
Payments Corporation of India (NPCI) has reduced the transaction fees up to Rs 1,000 by 60%.
Key Points:
i. For UPI transactions up to Rs.1,000, the charge has been cut to 10 paise from 25 paise, and for
transactions above Rs.1,000 has been retained at 50 paise.
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ii. This will help the service providers like banks and third-party applications to boost UPI and at the
same time will also help the consumers in the long run as more cash backs and incentives can get offered.
iii.At present Google Pay, Paytm and PhonePe are aggressively promoting UPI by offering case back
and other benefits.
About National Payments Corporation of India (NPCI)
♦ Founded: 2008
♦ COO: Praveena Rai
♦ Headquarter: Mumbai
For the first time, SEBI agrees to create ‘Airport Specific Fund’ worth Rs. 10,000 crore
Under “Category II Alternate Investment Fund” (AIF), for the first time SEBI (Securities and Exchange
Board of India) has approved an “airport’ specific fund“. The name of the fund is “Taking Off To the
Future Airport Fund“. It can raise a capital amounting to 1.5$bn (Rs. 10,000 crore).
i. The Sponsor and Investment Manager of the fund is based in Chennai and is termed as ‘Taking Off To
The Future Investment Management LLP’.
ii. Gigi George leads the management and operation of ‘Sponsor/Investment Manager’.
iii. A minimum capital contribution of Rs. 3500 crore and a maximum of Rs. 7000 crore is targeted by
the fund.
iv. India is presently the third largest aviation market in the world.
On SEBI:
The regulator for the securities market in India is the Securities and Exchange Board of India (SEBI)
(established in 1988). On 12th May 1992, it became an autonomous body by the Government of India.
Through the SEBI Act, 1992, it was given statutory powers on 30 January 1992.
On 10th January 2017, Ajay Tyagi was appointed as the chairman of SEBI by replacing U.K. Sinha.
A new seller-funding programme named “Amazon Wings” was launched by Amazon India
On 5th April 2019, a new seller-funding programme named “Amazon Wings” has been launched
by Amazon Indiain partnership with Mumbai based Ketto, a crowd-funding platform to help the small
businesses and entrepreneurs to raise funds through latter.
Key Points:
i. With this initiative, the small businesses and entrepreneurs of this platform can raise the funds for
their business expansion, product development, and foster innovation or community development.
ii. Amazon India sellers can use the Ketto’s platform for a subsidized fee which is around 50 percent to
initiate fundraisers.
iii. Also, it launches a dedicated microsite to feature fundraisers initiated by sellers by which they can
raise small ticket funds starting from as little as Rs 50,000 by means of crowd-funding through multiple
individuals.
iv. Presently, Amazon India runs a programme called “Launchpad” that helps product start-ups get a
wider reach on the platform.
About Amazon:
♦ Founded: 5th July, 1994
♦ Founder: Jeff Bezos
♦ Headquarters: Seattle, Washington, U.S
L&T’s Proposal to Acquire Majority Stake in Mindtree approved by Competition Commission of

India
On 6th April 2019, Larsen and Toubro (L&T) has received the approval to acquire up to 66.15 percent
stake in the Bengaluru-based IT services firm Mindtree from Competition Commission of India (CCI).
Key Points:
i. Around Rs 10,800 crore is the estimated total deal value.
ii. After the announcement, Mindtree board constituted a committee of four independent directors
headed by Apurva Purohit to review the open offer and advise stakeholders whether to go for open offer
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or not.
About Larsen & Toubro
♦ Founders: Henning Holck-Larsen, Soren Kristian Toubro
♦ Founded: 7th February 1946
NTPC Inked Term-Loan Agreement of Rs.2,000 crore with Canara Bank

On 5th April 2019, National Thermal Power Corporation(NPTC) has signed a term- loan Pact
of Rs.2,000 crore with Canara Bank. The Loan facility prolonged at an interest rate linked to 3-Month
MCLR of Bank. The lent amount would be utilized to part finance company’s capital expenditure.
Key Points:
i. The tenure for the loan is 15 years .
ii. For part financing company’s capital expenditure, NPTC had inked a term-loan agreement
for Rs.5,000 crorewith State Bank of India in February, 2019.
About NPTC:
♦ It is a State run power giant of Electricity included under the Companies Act 1956.
♦ The headquarters is located at New Delhi.
♦ NPTC founded in November 1975
♦ Gurdeep Singh is the Chairman and Managing Director of NTPC Limited.
About Canara Bank:
♦ It is an Indian Government owned public sector bank established by Ammembal Subba Rao in 1906 at
Mangalore.
♦ The Headquarters is situated at Bengaluru.
World Bank estimates India’s GDP grow to 7.5% in Fiscal Year 2019-20
The World Bank notified that India’s consistent hold in investment sector, mainly private-improved
exportperformance and resilient consumption, has led its GDP growth forecast to mount to 7.5 per
cent for fiscal year 2019-20.
i. The real GDP growth is estimated at 7.2 per cent in FY18/19. According to the latest World
Bank’s report onSouth Asia, data for the first 3 quarters show that growth has been broad-based.
ii. Industrial growth sped up to 7.9 per cent which means the services growth will
decelerate. Agriculture growthremains at 4%.
iii. The primary growth enhancer is the domestic consumption whereas gross fixed capital formation and
exports contributed to growth.
iv. With sturdy growth food prices are said to recover whereas inflation is approximated to come down
to 4%.
v. The consolidated fiscal deficit is expected to decline (to 6.2 and 6.0 percent of GDP in FY19/20 and
FY20/21 respectively).
Usha Padhee became the first woman CMD of Pawan Hans Ltd.
On 7th April, 2019, Odisha cadre IAS officer, Usha Padhee, has been given additional charge as
the Chairman & Managing Director of Pawan Hans Ltd, helicopter services providing company.
Currently , she is serving as the Joint Secretary of Department of Civil Aviation.
Key Points
i. With this appointment, she becomes the first woman CMD of the mini ratna-I category PSU (Public
sector undertakings). She also served as the Director of the Pawan Hans Ltd and Additional Director at
Delhi International Airport Limited.
ii. The post was vacant since the superannuation of then incumbent B P Sharma.
Reserve Bank of India gave some guidelines for banks to set up new currency chests
On 8th April 2019, The Reserve Bank of India gave some guidelines for banks to set up new currency
chests, including a minimum area of 1,500 square feet for strong room and should have a
processing capacity of 6.6 lakh pieces of banknotes per day.
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Key Points:
i. The guidelines are based upon the recommendations of the “Committee on Currency Movement”
(CCM) chaired by DK Mohanty, which was constituted by RBI in 2016.
ii. In this guideline, those who situated in the hilly areas should have a processing capacity of 2.1 lakh
pieces of banknotes per day.
iii. The new chests shall maintain Chest Balance Limit (CBL) of Rs 10 billion or Rs 1,000 crore.
About Reserve Bank of India
♦ Governor: Shaktikanta Das
♦ Subsidiary: National Housing Bank
To strengthen the Startups platform, BSE signed an agreement with HDFC Bank
On 8th April 2019, Bombay Stock Exchange (BSE), Asia’s oldest exchange has signed an agreement
with HDFC Bank to spread more awareness about the benefits of listing startups as well as to strengthen
BSE startup platform.
Key Points:
i. On 22nd December 2018, BSE had launched the startup platform to encourage entrepreneurs to get
listed and raise equity capital for their growth, expansion, and for trading in equities of small and
medium enterprises (SMEs).
ii. HDFC Bank is India’s largest private sector bank with 43 million customers, 5,000 branches and
13,160 ATMs across 2,727 Indian towns and cities.
About Bombay Stock Exchange
♦ Founded: 9th July 1875
♦ Location:Mumbai, Maharashtra
♦ Chairman: S Ravi
About HDFC Bank
♦ CEO: Aditya Puri
♦ Founded: August 1994
India retains top spot with largest remittances globally, amounting to $79 in 2018: World Bank
i. According to World Bank’s Migration and Development Brief; with the Indian diaspora sending 79$
billion back to their home country, India retained its position as the world’s top recipient of remittances
in 2018.
ii. India was followed by remittances of:
• China: 67$ billion
• Mexico: 36$ billion
• Philippines: 34$ billion
• Egypt: 29$ billion……………………………….Click here to Read more
Centre meets Fiscal Deficit of 3.4% in 2018-2019

India has met the revised fiscal deficit target of 3.4% of gross domestic product in fiscal year 2018-
2019. Target has been achieved by cuts in state spending and higher borrowings from small savings
funds.
Key points
i. Centre has missed the tax collections target by over 1 trillion rupees which includes around 500 billion
rupees shortfall in income tax receipts.
ii. GST collections has touched Rs 1.06 lakh crore in March and the gross GST revenues has achieved the
target of Rs 11.47 lakh crore.
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PFS in a joint venture with USICEF finances solar projects in India

PTC India Financial Services (PFS) an Infrastructure finance company has partnered with the US-India
Clean Energy Finance (USICEF) to leverage funds for solar projects in India.
i. PFS Managing Director and CEO Pawan Singh stated that this innovative venture can contribute to
achieve India’s distributed energy target of 40 GW (gigawatt) by 2022.
ii. PFS has sanctioned 3 distributed solar power projects with a total debt of Rs 242 crore.
iii. Climate Policy Initiative (CPI) manages USICEF that was founded in partnership with the Indian
Ministry of New and Renewable Energy, OPIC (Overseas Private Investment
Corporation), IREDA (Indian Renewable Energy Development Agency Ltd.) and leading U.S. Foundations
in 2017.
India’s growth rate to increase from 7.3% in 2019 to 7.5% in 2020

According to the World Economic Outlook (WEO) report released by International Monetary
Fund (IMF), India’s growth rate is estimated to rise from 7.3% in 2019 to 7.5% in 2020 provided it
receives impetus from the fiscal policy and is backed by the ongoing recovery of investment and
consumption within expanded approach of monetary policy.
i. As per the report, India’s growth rate was 7.1% in 2018 against China’s 6.6%. India will remain
the fastest growing major economy in the world.
ii. According to the report, India’s growth is approximated to stabilise at just under 7¾ over the
medium term. This will be possible when structural reforms will continuously be implemented and
infrastructure gridlocks would be eased.
Emirates Islamic, a bank in Dubai, becomes the world’s first Islamic bank to launch banking via
WhatsApp
On 7th April 2019, Emirates Islamic bank launched a chat banking facility for its customer
via Whatsapp and become the world’s 1st bank in the Islamic banking sector to give such facility.
Key Points:
i. It was supported by Infobip.
ii. This chat banking solution allows customers to check account balances, temporarily
blocking or unblocking of an existing card.
About Emirates Islamic
♦ CEO: Salah Amin
♦ Chairperson: Hesham Abdulla Al Qassim
♦ Launched: 2004
♦ Head office: Dubai
HDFC AMC claims first position in terms of Assets

According to data released by the AMFI (Association of Mutual Funds in India), India’s asset
management companies have owned assets under management worth Rs. 24.46 trillion.
Key points
i. HDFC Asset Management Co. Ltd has achieved the top position with an average AUM of Rs. 3.42
trillion.
ii. ICICI Prudential Asset Management Co. Ltd has claimed the second position with an average AUM of at
Rs.3.20 trillion.
About HDFC Bank
♦ Headquarters: Mumbai, Maharashtra
♦ MD: Aditya Puri
India’s steel demand to grow by over 7% in FY19, FY20

On 10th April 2019, as per the Indian Steel Association, India’s steel demand is grown by over 7
percent in 2019 and 2020, due to the sectors like construction, capital goods, and railways.
Key points:
i. The forecast for steel demand growth is 7.1 percent in 2019 and by 7.2 percent in 2020.
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ii. The consumption of steel in India is likely to cross 100 million tonnes (MT) mark in 2019.
iii. This growth is also due to some infrastructure programmes such as Bharatmala, Sagarmala,
railway track electrification, dedicated freight corridors, metro rails, etc.
Karnam Sekar to be appointed as MD, CEO of Indian Overseas Bank

On 9th April, 2019, Centre made important management appointments to several public sector banks.
According to the Department of Personnel and Training, Appointments Committee of the Cabinet (ACC)
approved the appointment of Karnam Sekar as MD and CEO in Indian Overseas Bank.
Key points
i. The new designation will be effective from July 1, 2019.
ii. Karnam Sekar is currently the CEO and MD of Dena bank. He will further work as officer on special
duty and whole-time director with IOB till the end of June, 2019.
Other Appointments:
i. R A Sankara Narayanan, former MD and CEO of Vijaya Bank, moved to Canara Bank in the same
position.
ii. R K Yaduvanshi, executive director at Dena Bank, named as executive director of Punjab National
Bank.
iii. Nageshwara Rao, executive director at Vijaya Bank, appointed to Syndicate Bank as officer on special
duty and full-time director.
iv. Murali Ramaswami, another executive director at Vijay Bank, moved to Bank of Baroda.
About Indian Overseas Bank
♦ Headquarters: Chennai
Govt keeps interest rate unchanged for General Provident Fund at 8% for April-June, 2019-20
For the first quarter of current financial year, the government has stuck to the previous (January-March
quarter of 2018-2019) interest rate for (GPF) General Provident Fund, Contributory Provident Fund
(CPF) and other schemes at 8%.
i. The Department of Economic Affairs notified that the mentioned interest rate of 8% will be applicable
on provident funds of Contributory Provident Fund (India), the All India Services Provident Fund, the
State Railway Provident Fund, the General Provident Fund (Defence Services), the Indian Ordnance
Department Provident Fund, the Indian Ordnance Factories Workmen’s Provident Fund, the Indian Naval
Dockyard Workmen’s Provident Fund, the Defence Services Officers Provident Fund, and the Armed
Forces Personnel Provident Fund.
ii. In March 2019, the government had kept interest rates unchanged on small savings which was
inclusive of National Savings Certificate (NSC) and Public Provident Fund (PPF) for the first quarter
of the current fiscal year.
iii. According to the new rule, only after the completion of 10 years of service (as against 15 years of
service previously), employees can withdraw the fund for selected purposes.
What is GPF?
GPF is a provident fund account where only central government employees are entitled to be a member
and those specific government employees are allowed to contribute a part of their salary and are entitled
to the lump sum fund at the time of retirement.
Applicability of candidates:
The GPF rules are applicable to the government employees who’ve been appointed on or before
December 31, 2003. At the time of opening their account, the employees can also nominate someone.
Eligibility: Temporary government employees after continuous service of 1 year and permanent
government servants are compulsorily allowed to subscribe to GPF.
Subscription amount: The amount that the subscriber fixes which is subject to a minimum of 6% of
salary and not more than his total salary.
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RBL Bank partners with CreditVidya to leverage customer experience

RBL Bank has partnered with CreditVidya to enhance the lender’s customer experience (by offering
them relevant credit products) and construct customised offerings for over 15 lakh customers.
i. RBL bank had first partnered with CreditVidya in 2018 for instant and automated verification of
employment details of salaried card applicants.
ii. RBL Bank will leverage CreditVidya’s big data underwriting platform across its credit
card and mobile banking apps.
iii. CreditVidya helps lenders, wallets assess risk of customers, leverages alternative data, artificial
intelligence (AI) and machine learning for credit scoring for the facilitation of institutional credit for the
underserved.
Indian Government clears procurement of 464 Russian tanks under the T-90 Project
The Cabinet Committee of Security has cleared the procurement of 464 Russian tanks from
Russia under T-90 project in a deal worth over Rs 13,500 crore.
Details of the procurement deal:
i. The tanks would be given to the Armoured Corps of the force which will be furthered used by them
for deployment along the India-Pakistan border.
ii. The new deal would increase the number of T-90s in the Army to 2,000 along with the remaining
T-72 and T-55s.
iii. The acquisition also includes a Make-in-India element for integration at the Heavy Vehicles
Factory in Avadi (near Chennai).
iv. The T-90 tanks are built with thermal imaging night sights which will be advantageous to the tank
commander during night battles.
v. T-90 would be replacing the older variants of T-72 and T-55 tanks in the force.
vi.The Indian Army also operates two regiments of the Arjun Mark 1 tanks. These tanks are majorly
used in the desert terrain due to their weight. Under the Futuristic Main Battle Tank project, the
Indian Army would develop new tanks.
RailWire Wi-Fi is live at 1600 railway stations in India

Railtel, neutral telecom infrastructure providers in India, turned 1600 railway stations in India into
RailWire WiFi zone. Santacruz railway station in Mumbai is the 1600th station to become a RailWire
Wi-Fi zone.
i. RailTel Corporation, a Mini Ratna (category-I) PSU, is owning a pan-India optic fibre network on
exclusive Right of Way (ROW) along Railway track.
ii. RailWire is a retail Broadband initiative of the RailTel.
Shiv Das Meena named as the Chairman cum Managing Director (CMD) of National Buildings
Construction Corporation (NBCC)
On 9th April 2019, Additional Secretary of the Ministry of Housing and Urban Affairs (MoHUA), Shiv Das
Meena has been appointed as the Chairman cum Managing Director (CMD) of National Buildings
Construction Corporation (NBCC).
Key Points:
i. Shiv Das Meena, an Indian Administrative Service officer of Tamil Nadu cadre of 1989-Batch, will
succeed Dr. Anoop Kumar Mittal.
ii. He takes charge as the 17th CMD of NBCC.
Banks close FY19 with 13.24% credit growth, deposits up 10.03%

According to the data of Reserve Bank of India, which was released on 11th April, 2019, bank credit
rose 13.24% to Rs 97.67 lakh crore for the fortnight to March 29.
Key points
i.This is the second consecutive robust credit growth after the same had declined to 4.54 percent in FY17
at Rs 78.41 lakh crore, which was the lowest since 5 decades.
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ii.Deposits have grown by 10.03 percent to Rs 125.72 lakh crore during the same period.
About RBI:
♦ Headquarters: Mumbai (Maharashtra)
HDFC Bank ranked No. 1 in India by the survey of Forbes

On 12th April 2019, as per the first edition of Forbes World’s Best Bank survey, HDFC Bank has been
recognized as number 1 bank by customers in India.
Key Points:
i. The research was done with the help of market research firm ‘Statista’. Forbes partnered with this
firm to measure the best banks in 23 countries.
ii. The survey was based on the customer’s satisfaction as well as 5 key attributes of trust, terms and
conditions, customer service, digital service, and financial advice.
iii. ICICI Bank took the second spot and DBS bank grabbed the third position, followed by Kotak
Mahindra Bank and IDFC Bank which are at the fourth and fifth spot. Also, the public sector banks like
Syndicate Bank, PNB, Allahabad Bank, Vijaya Bank, and Axis Bank were in the top 10.
About HDFC Bank
♦ CEO: Aditya Puri
♦ Founded: August 1994, India
SBI signs its first ever co-origination loan agreement with PAISALO Digital Limited
With the profound vision of empowering the ‘Agri’, ‘MSME segment’ and small
businesses, PAISALO Digital Limited signed the first co-origination loan agreement (designed
at Rs.10,000 to 2 lakh) with State Bank of India (SBI). The company expects to pay out 200,000 loan
applications in FY20.
Co-origination loan agreement:
i. The objective of this framework is to bring the 2 sectors, namely, banks and Micro-Finance
Institutions (MFIs)/Non-Banking Finance Companies (NBFCs) together.
ii .Under this framework, with all other structures put in place, both a bank and an MFI/NBFC will join at
each underwriting and loan level and share the loan amount at a mutually agreed percentage.
iii. This in turn would increase the flow of credit to MSMEs (Micro, Small and Medium Enterprises) and
also, substantially bring down the cost of credit for the sector.
iv. PAISALO Digital Limited is a leading systemically important non-deposit taking NBFC, registered
with the Reserve Bank of India and is in operations since 1992.
• Founded by Sunil Agarwal, PAISALO’s main objective is on small finances to ensure rural
development, self-employment, and women-empowerment.
• PAISALO Digital has AUM (Assets Under Management) of over 2000 crore and a net worth of Rs.
671.9 crore. Its business operations are in Uttar Pradesh, Maharashtra, Himachal Pradesh, Delhi,
Rajasthan, Haryana, Punjab, Uttarakhand, Bihar.
IMO launches new rules on electronic information exchange

IMO (International Maritime Organisation) has mandated a new rule for national governments to launch
electronic information exchange between ships and ports. This mandatory requirement came into effect
from April 8, 2019 is part of a package of amendments under the revised Annex to the FAL Convention,
adopted in 2016.
Key points
i. The main motive of the rule is to make cross-border trade simpler and to make efficient logistics chain
for more than ten billion tonnes of goods traded globally every year.
ii. The new Facilitation of International Maritime Traffic (FAL Convention) is set to establish systems
for the electronic exchange of information related to maritime transport.
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Hong Kong surpasses Japan to be world’s 3rd biggest Stock Market

Stock market of Hong Kong has surpassed Japan to become the world’s third most valuable market. Now
Hong Kong’s stock market is behind the US and China.
Key points
i. Hong Kong’s market value stood at $5.78 trillion, surpassing Japan’s market value at $5.76 trillion tally
for the first time since 2015.
ii. Hong Kong’s Hang Seng Index has increased by 17 percent this year. Topix Index of Japan advanced at
8.3 percent in this period.
TCS Paired with Google to build industry-specific cloud solutions

On 10th April 2019, Indian IT consulting company, Tata Consultancy Services collaborated with Google
Cloud to build industry-specific cloud solutions. These Cloud solutions will support organisations speed
up their digital transformation and leverage data-driven insights.
i. TCS’ solutions on Google Cloud Platform (GCP) will support enterprises build secure, cloud-native
analytics platforms that facilitate high levels of personalization, easy to maintain, and are cost effective.
ii. Currently, Data and Analytics Estate Modernization solutions of TCS are available on GCP.
iii. TCS is a partner of Google Anthos, which is a cloud platform that allows the users to run applications
on the public cloud or on existing on-premise hardware investments.
About Tata Consultancy Services:
♦ Founded: 1968
♦ Headquarters : Mumbai
♦ Founders: Faquir Chand Kohli, J.R.D. Tata, Tata Sons
♦ CEO: Rajesh Gopinathan
Chief of the General Insurance Corporation of India (GIC), Alice G. Vaidyan, honoured with the
Freedom of the City of London
On 11th April 2019, The Chairman and Managing Director of the General Insurance Corporation of
India (GIC), Alice G. Vaidyan has been honoured with the Freedom of the City of London for the
recognition of her work to promote insurance ties between India and the UK.
Key Points:
i. On the event of first India-UK Insurance Summit in London, she was nominated for the traditional
honour by the Lord Mayor of London, Peter Estlin, and City of London Corporation Policy
Chair Catherine McGuinness.
ii. The event was the precursor of the Global InsurTech Summitin Mumbai, which will be held later in
the year.
iii.The Freedom of the City of London is an honour bestowed by City of London Corporation to the
individuals who make an impact in the financial hub of London, referred to as the City or the Square Mile.
About General Insurance Corporation of India (GIC)
♦ Founded: 22nd November 1972
ISRO partners with CMFRI and signs MoU to conserve smaller wetlands to combat effects of
climate change
For the very 1st time, Indian Space Research Organisation (ISRO) has partnered with the Central
Marine Fisheries Research Institute (CMFRI) to map, validate and protect smaller wetlands in the
coastal region and preserve them through coastal livelihood programmes. This has been done to build a
strong foundation against the effects of climate change.
i. The collaborative move of the 2 institutes was part of a national framework for fisheries and wetlands
that was recently developed by the National Innovations in Climate Resilient Agriculture
(NICRA) project of CMFRI.
ii. A release from CMFRI notified that these premier institutes would develop a mobile app and a
centralised web portal (that would include a complete database of Indian wetlands smaller than 2.25
hectares).
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iii. Smaller wetlands in India cover a total area of more than 5 lakh hectares, with Kerala alone
having 2,592 smaller wetlands.
iv. Between the CMFRI and the Space Applications Centre of ISRO, a Memorandum of Understanding
(MoU) was signed.
v. According to the MoU, the main aim of CMFRI and ISRO is to identify and separate the various
wetlands and perform the act of conservation of the degraded wetlands through suitable livelihood
options eg. coastal aquaculture of shrimp and crab farming.
vi. The app will be used for real-time dynamic monitoring of the wetlands. It will also give advisories to
stakeholders and coastal people.
vii. The objective of the NICRA project is to find ways and means to diminish the impact of climate
change in coastal region and marine fisheries.
Google Pay partners with MMTC-PAMP to introduce buying and selling of Gold
Google Pay has partnered with Bullion refiner MMTC-PAMP India to initiate buying and selling of gold
through the app to make Google Pay more useful for Indian customers. MMTC-PAMP is India’s only
London Bullion Market Association (LBMA)-accredited gold refinery.
Key points
i. Through this pact, Google Pay users will be able to buy 99.99 per cent 24-karat gold for any value,
which will be stored on behalf of the user in secure vaults by MMTC-PAMP.
ii. Google pay users can now buy and sell gold any time at the latest price.
PayU acquires Wibmo for USD 70 million

On 12th April, 2019, PayU, Digital payments security and payment facilitator has acquired Wibmo, a US-
based financial technology for USD 70 million (Rs 484 crore) to assist the company scale-up its
business.
Key points
i. Under the agreement, Wibmo will continue to serve all of its clients as a wholly-owned subsidiary of
PayU.
ii. The accession integrates PayU’s strong merchant network and  Wibmo’s  leadership for digital
transaction security solutions to offer payments solutions in India for growth markets.
Telecom Department sanctions merger of TTSL and Bharti Airtel

The Telecom Department has sanctioned the merger of TTSL (Tata Teleservices Limited) consumer
mobility business with Bharti Airtel, subject to the condition that Sunil Mittal led firm provides bank
guarantees of about Rs. 7,200 crore.
Key points
i. The contract is mostly associated with one-time spectrum charges (OTSC) and some deferred airwave
charges.
ii. Manoj Sinha, telecom minster has conditionally approved the merger and that letters mentioning the
guarantees were sent to Tata Teleservices Limited and its listed unit Tata Teleservices Maharashtra
(TTML).
G-20 Finance Ministers and Central Bank Governors’ meet during 2019 annual Spring Meeting
G-20 conducted the joint World Bank-IMF Development Committee and the IMF’s International
Monetary and Financial Committee meeting during the 2019 Annual Spring Meeting in Washington, DC.
Key points
i. The meeting was held to discuss progress on the work of the World Bank and International Monetary
Fund and to explain Structural Reform Steps package and the economic policies of the new period.
RBI grants 12 years to LIC for reducing stake in IDBI Bank

Life Insurance Corporation(LIC), the largest insurance company in India, got 12 years from RBI for cut
down stake in IDBI Bank.LIC is the lender’s major shareholder, and it has a 51 per cent stake in the
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Bank. It means that no obligation to sell its stake in the following years or would probably spend higher
money to keep its stake in any future fund raising by the bank.
i. Insurance Regulatory and Development Authority (IRDAI) claimed that LIC can take up to 15
percent stake in any bank,which can stretch up to 30 percent as per the board approval.But the
insurance regulator has authorised LIC to hold up to 51 percent in IDBI Bank in 2018.
ii. After 12 years LIC has to decrease stake in IDBI Bank by 10 per cent to 40 per cent.
About Life Insurance Corporation :
♦ Owner: Government of India
♦ Founder: Government of India
♦ Founded: 1 September 1956
About Reserve Bank of India:
♦ Founder: British Raj
♦ Founded: 1 April 1935, Kolkata
About IDBI Bank :
♦ Founded: 1 July 1964
RBI Permitted Reinsurance Brokers to Open Foreign Currency Accounts

On 11th April 2019, The Reserve Bank of India sanctioned reinsurance brokers to initiate non-interest
bearing foreign currency accounts with banks for undertaking transactions. The Insurance Regulatory
and Development Authority of India (IRDA) had issued notification and following this the RBI declared
Foreign Exchange Management (Foreign Currency Accounts by a resident person in India) Regulations,
2015 – Opening of Foreign Currency Accounts by Re-insurance and Composite Insurance brokers.
i. For undertaking transactions in the ordinary course of their business, reinsurance and composite
insurance brokers enrolled with IRDAI may start and manage non-interest bearing foreign currency
accounts with a bank in India.
ii. Foreign currency account refers to a bank account operated in currency other than the currency of
India or Bhutan or Nepal.
About Insurance Regulatory and Development Authority of India (IRDA):
♦ Founded: 1999
♦ Sector: Insurance
♦ Headquarters: Hyderabad
♦ Type: Statutory corporation
MoU signed by Tata Trusts and Microsoft India for jointly collaborating handloom clusters in
India’s eastern and north-eastern parts
A Memorandum of Understanding (MoU) has been signed by Tata Trusts and Microsoft
India forjointly rejuvenating the handloom clusters in the eastern and north-eastern parts of India in
order to build a digitally-inclusive society.
Project ‘ReWeave’:
Microsoft’s Project ‘ReWeave’ will help to preserve traditional weaving forms by upskilling workers,
designing and marketing products, and creating sustainable livelihood options.
i. Project ReWeave already implemented new e-commerce platforms, digital empowerment centres and
the new design curriculum to Telangana weaving clusters of Rajouli, Chottuppal and a few other clusters.
ii. Microsoft will also enable digital training through a Microsoft Azure-based Learning Management
Systemtermed as ‘Project Sangam’, which provides necessary training and tools to weaving
communities for them to adopt and deploy digital tools for the betterment of their craftwork.
Antaran initiative:
Tata Trusts’ initiative, Antaran’s main objective is to rejuvenate ailing handloom clusters through an
end-to-end programme that would help artisans to become designers and entrepreneurs.
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Extensive work by the Trust has already been started at Odisha, Assam and Nagaland.
i.The programme will benefit 3,000 artisans who are directly involved in pre-loom, on-loom and post
loom processes, thus impacting the livelihood of weavers in 6 weaving clusters in the aforementioned 3
States.
ii.With the employment of over 7 million families in India, the craft sector is the nation’s largest source of
employment after agriculture. This sector also has major economic importance in terms of foreign
exchange earnings.
A unique proposition to pay electricity bill on EMIs launched by Bajaj Finserv

On 15th April 2019, a unique proposition to pay electricity bill on EMIs has been launched by Bajaj
Finserv through its lending arm Bajaj Finance Ltd. through the campaign of #BijliOnEMI.
Key Points:
i. Customers can avail an Insta Credit loan in their Bajaj Finserv Wallet to pay their electricity bills on
EMI.
ii. In the year 2018, Bajaj Finance Ltd. financed the purchase of over 12 lakh air conditioners in the
country. Observing the purchase trend, Bajaj Finance Ltd launched this campaign.
iii. Customers buying air conditioners of Rs 20,000 and above will be eligible for Rs 5000 Insta Credit
loan and for the air conditioners above Rs 40,000 will receive Rs 7000 Insta Credit loan to their Wallet.
iv. The Wallet facilitates the customer to access the EMI network card digitally, like tracking loan-related
details online, transacting securely with EMIs on purchases, etc. Also, customer can pay bills, book tickets
and transfer funds easily and seamlessly.
About Bajaj Finserv Ltd.
♦ Headquarters: Pune
♦ Founder: Jamnalal Bajaj
5G Lab for banking, financial sector launched by the Institute for Development and Research in
Banking Technology (IDRBT)
On 12th April 2019, a 5G Use Cases Lab for banking and financial sector along with blockchain
technology has been launched by The Institute for Development and Research in Banking Technology
(IDRBT), which is an arm of Reserve Bank of India.
Key Points:
i. Shri Amit Yadav, who is the Joint Secretary in Department of Telecommunications, launched the 5G
Use Cases Lab, and the White Paper on 5G Applications was released by Ms. Anjana Dube, who is the
Deputy Director General in Department of Financial Services.
ii. It will change the technologies and applications, including point of sale (PoS) machines in the banking
sector, which right now is 2G-enabled.
iii. 5G can play an important role in financial inclusion, it will enable integration and leveraging of
various new technologies like cognitive computing, artificial intelligence, big data, etc.
IDBI Bank launches NRI-Insta Online, A paperless account opening facility for NRIs
IDBI Bank has launched ‘NRI-Insta Online’ account opening process for NRIs residing in Financial Action
Task Force (FATF)member countries to open an account in the Bank without visiting the branch or
submitting paper documents such as physical documents as well as KYC proofs. This online facility is
available in IDBI Bank’s website.
About Financial Action Task Force (FATF):
i. FATF is an inter-governmental body founded in 1989, which devices policy and sets standards to
promote successful implementation of legal, regulatory and operational measures to combat money
laundering, terrorist financing and other similarthreats to the integrity of the international financial
system.
ii. The body accommodates 38 member countries, including India, China,US, UK, Japan and France,
among others.
About IDBI Bank:
♦ Full Name : Industrial Development Bank of India
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♦ Founded: 1 July 1964
♦ Parent organization: Life Insurance Corporation
ADB agreed to grant highest-ever USD 3 billion in sovereign loans to India

On 16th April 2019, Asian Development Bank (ADB) agreed to provide a total of USD 3.88 billion in
sovereign loans to India in 2018, which is the highest ever loan amount since sovereign operations began
in the country in 1986.
Key Points:
i. With this total USD 21.6 billion in loans, granted from ADB’s own resources, which exceeded the
target of USD 19.71 billion and up 10 percent from 2017.
ii. ADB committed several projects like a USD 100-million loan to Ostro Kutch Wind, which is a
renewable energy company for constructing and operating a 250-megawatt wind power project in
Gujarat, also provided USD 30 million in equity and USD 20 millionin debt security to Annapurna
Finance, a microfinance company.
iii. In 2018, ADB signed an arrangement with the International Solar Alliance for promoting solar
energy deployment across Asia, the Pacific, and South Asia.
iv. ADB continued to deliver climate financing to USD 3.6 billion in 2018 and has a target to double its
annual climate financing to USD 6 billion in approvals by 2020.
About Asian Development Bank (ADB)
♦ Headquarters: Manila, Philippines
♦ Membership: 68 countries
♦ President: Takehiko Nakao
UN owes India USD 38 million for peacekeeping operations: UNSG report

United Nation Secretary General (UNSG) Antonio Guterres voiced concern that the UN owes India USD
38 million, the highest amount which has to be paid by any country for peacekeeping operations as of
March 2019.
Key Points
i. Till now, the total amount which has to be paid to troops and police-contributing countries
(TCCs/PCCs) with respect to active peacekeeping missions was USD 265 million. Out of this, the UN owes
USD 38 million to India, followed by Rwanda (USD 31 million), Pakistan (USD 28 million), Bangladesh
(USD 25 million) and Nepal (USD 23 million).
ii. This dues to troops and police-contributing countries could increase to USD 588 million by June 2019
in the worst case scenario.
iii. At the end of 2010, UN had a positive cash balance of USD 412 million but in 2018 it finished with a
negative cash balance of USD 323 million – a decline of USD 735 million in last 8 years.
iv. 73 member states had paid their full contributions by the end of the first quarter in 2017 and 2018, as
compared to 62 members in 2016 and 67 in 2015. In 2019, 74 member states have paid their full
contributions.
v. Some member states neither pay full nor on time. At the end of 2018, the due was USD 529 million
which was equivalent to more than 21 percent of that year’s assessment and nearly 150 percent of the
liquidity reserves.
vi.The United States has an obligation for 22 percent of the USD 5.4 billion budget for 2018 and 2019 and
more than 28 percent of the USD 6.7 billion peacekeeping budget for the year to June 30.
vii. By the end of 2017/18 peacekeeping fiscal year, outstanding contributions to peacekeeping
operation amounted to almost USD 2 billion which is well above the USD 1.3 billion unpaid as on June 30,
2017.
viii. The UN Chief ask the General Assembly to increase the Working Capital Fund to USD 350 million
effective July 1, 2019, and to create a Peacekeeping Working Capital Fund of USD 250 million and
authorize its use to address the liquidity challenges of active peacekeeping operations. This will help in
improving the financial health of the world body and deal with the timely payment of dues to troop and
police contributing countries.
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About UNSG
♦ Headquarter : New York City, United States
♦ Secretary General : Antonio Guterres
India turns to net steel importer in Fiscal year 2018-2019

India has became a net importer of steel in the fiscal year 2018-2019 that ended on 31 March for the
first time in 3 years, as the 25% import duty on steel products imposed by the US diverted
supplementary supplies to India.
Key points
i. India’s steel imports increased by 4.7% to 7.84 million tonnes in 2018-19 from 7.48 million tonnes a
year earlier.
ii. Exports fell by 34% to 6.36 million tonnes from 9.62 million tonnes over.
Google opens its 1st African Lab in Ghana

Google has launched its first African artificial Intelligence (AI) laboratory in Accra, capital city of Ghana,
to tackle Africa’s challenges. The lab will collaborate with researchers in Ghana and across Africa to
create the need impact in the country.
Key points
i. The technology would address economic, political and environmental issues.
ii. The new laboratory will use Artificial Intelligence technique to develop solutions in healthcare,
education and agriculture.
About Ghana
♦ Capital: Accra
♦ Currency: Ghanaian cedi
♦ President: Nana Akufo-Addo
Fincare Small Finance Bank won the Celent Model Bank 2019 Award
On 12th April 2019, Fincare Small Finance Bank (SFB) has been honoured with the prestigious Celent
Model Bank 2019 Award in Financial Inclusion category, for ‘Redesigning Lending to Reach Small
Businesses’.
Key Points:
i. The award recognizes LAP (Loans against Property) D.Lite, which is a tab-based solution designed
and developed in-house by Fincare SFB for instant underwriting of loans against property targeted at
micro and small enterprises.
ii. The Award was announced at the Innovation & Insight Day organized by Celent in New York.
iii. LAP D.Lite is one of the 22 initiatives from all over the world to receive this award, which featured
140 nominations from 80 institutions from 30 countries.
iv. The other banks to receive the award in other categories were Bank of America, CIBC, Fidor Bank,
HSBC, Rabobank, and Santander.
v. The award is for best practices of technology usage in different areas critical to success in banking.
Celent is a research, advisory and consulting firm and is a part of the Oliver Wyman Group, a wholly
owned subsidiary of Marsh & McLennan Companies.
PwC India names Padmaja Alaganandan as chief people officer, Jagjit Singh steps down
PwC (PricewaterhouseCoopers) India announced the appointment of Padmaja Alaganandan as the firm’s
new Chief People Officer (CPO). She takes over the role from Jagjit Singh.
Key Points
i. Padmaja has been associated with PwC for the last eight years. Earlier, she was the Technology sector
lead for PwC’s Advisory Line of Service. Before that, she was the leader of the firm’s People and
Organisation Consulting practice.
ii. Before joining PwC in 2011, Padmaja had worked in leadership roles in different organisations such as
Mercer Consulting and AF Ferguson. She has also been a member of CII’s National HR Committee and the
Committee on Skill Development.
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Rajesh Yaduvanshi is appointed as Executive Director of Punjab National Bank

Punjab National Bank (PNB) has appointed Rajesh Kumar Yaduvanshi as the Executive Director of the
bank.
i. Rajesh Kumar Yaduvanshi had joined PNB as a management trainee in 1985.
ii. Currently, he is equipped with an experience of 34 years in the banking career and is a certified
associate member of lndian lnstitute of Bankers. In the past, he had worked with Dena Bank in capacity
of the Executive Director.
iii. Yaduvanshi holds a doctorate in science from lndian Agricultural Research Institute, (IARI) New
Delhi.
iv. Currently PNB now has three Executive Directors, namely, Yaduvanshi, L V Prabhakar and A K Azad.
Canara Bank: India’s First Public Sector Bank To Meet RBI’s EMV Mandate
Global provider of real-time electronic payment and banking solutions, ACI Worldwide, notified that
India’s public sector bank, Canara Bank has successfully rolled out new functionality that
supports EMV (Europay, MasterCard and Visa) card acquiring across its ATM (Automated Teller
Machine) network and Aadhaar Authentication, thus becoming the 1st in the market to leverage ACI’s UP
Retail Payments solution and the 1st public sector bank to shift to EMV chip and PIN for card based
transactions across the country’s vast ATM network.
i. The functionality developed by ACI and Canara Bank also fastens the process of Aadhaar number
linking, which in turn eases KYC(Know Your Customer) compliance at the bank’s branches.
ii. The prime objective of the EMV shift is to reduce fraud of lost and stolen card and make forging of
card fraud more difficult.
iii. For Canara Bank, this is a notable achievement as it offers its customers improved authentication for
card-based transactions at the ATM, thus ensuring greater security and risk mitigation.
iv. Canara Bank has around 6,300 branches and more than 10,000 ATMs.
The RBI issued Rs. 50 denomination bank notes in Mahatma Gandhi (New) Series bearing the
Governor’s signature
On 16th April 2019, The Reserve Bank of India (RBI) issued Rs. 50 denomination banknotes in Mahatma
Gandhi (New) Series that bore Shri Shaktikanta Das’ (Governor of RBI) signature.
i.The design of these notes is exactly similar to the ‘Rs 50 banknotes’ in Mahatma Gandhi (New) Series.
ii.The RBI notified that all bank notes in the denomination of Rs. 50 issued by the Central Bank in the
past will continue to be legal tender.
About the Rs. 50 currency note:
i.The dimension of the Rs. 50 banknote is 66 mm x 135 mm.
ii .On the frontal side, the numeral ’50’ is written in the Devanagari script along with Mahatma Gandhi’s
portrait in the centre.
iii. A small design of the denominational numeral ’50’ is printed on the front and back sides of the note,
in the middle of the vertical band next to the watermark. It has a correct back-to-back registration and,
according to the RBI, the design appears as one when seen against the light.
iv. The windowed demetalised security thread with inscriptions of Bharat and RBI, is mentioned on the
front side of the note. The emblem of Ashoka Pillar is also printed on the front-right side of the note.
v. The year of printing is mentioned on the back-left side of the note.
vi. On the reverse side, the note has a ‘Swachh Bharat‘ logo printed on it with its slogan.
A quasi-cryptocurrency called as “Learning Coin,” launched by The World Bank and the
International Monetary Fund (IMF)
On 13th April 2019, Two international financial institutions the World Bank and the International
Monetary Fund (IMF) have launched a private blockchain and quasi-crypto currency called
as “Learning Coin” for better understanding of blockchain technology and the function of crypto assets.
Key Points:
i. This news was published via a Financial Times report.
ii. The asset will only be available for use within the IMF and the World Bank. It has no monetary value,
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means it is not a true cryptocurrency.

iii. After the testing period, the IMF and the World Bank may use blockchain technology to create smart
contracts, fight money laundering, and improve transparency
Bank of Maharashtra and M1Xchange join hands for MSME bill discounting
State-owned Bank of Maharashtra (BoM) has partnered with M1Xchange TReDSplatform for Micro,Small
and Medium Enterprises(MSMEs) bill discounting.Trade Receivables Discounting System (TreDS) is a
digital platform to assist MSMEs to get their bills financed at a competitive rate through a vendue where
multiple registered financiers can participate.
i. TreDS platform is run by Mynd Solutions, a technology management firm. BoM is now on-boarded as
financier on Mynd Solutions.
ii.TReDS platform will facilitate shortening of payment cycle and the smooth flow of liquidity and ensure
that MSMEs do not miss out on business opportunities due to shortage of funds.
iii.The cost of funds will be decreased for MSMEs as banks will be bidding based on the risk rating of a
corporate.
About Bank of Maharashtra:
♦ Founded: 1935
♦ Headquarters: Pune
♦ Owner: Government of India
♦ CEO: A. S. Rajeev
ETMONEY becomes India’s first comprehensive financial services app to integrate with Unified
Payment Interface (UPI)
ETMONEY India’s largest app for financial services has integrated with UPI as a payment method. The
reason for this is to double its monthly user base by the end of 2019. This integration will simplify the
mutual fund payment for millions of ETMONEY users.
Key Highlights
i. Now ETMONEY users can make payment easily by using UPI option on the payment page. They can
select different UPI-enabled apps like Google Pay, BHIM UPI, PhonePe among others.
ii. They only have to enter valid UPI ID and can make the payment instantly within a few seconds. In
addition to this, ETMONEY users can use Netbanking and Debit Card for payments.
iii. Recently ETMONEY app crossed the landmark of Rs. 2000 crores of money invested in Mutual Funds
via their platforms. By using ETMONEY app, investors from across 1,200 cities are adding more than Rs.
150 crores in new investment transaction value every month.
About UPI
It is an instant real-time payment system developed by National Payments Corporation of India (NPCI)
which facilitates inter-bank transactions.
About ETMONEY
♦ Headquarter: Gurugram, Haryana
♦ CEO: Mukesh P Kalra
Bandhan Bank got the approval from CCI to acquire Gruh Finance
On 16th April 2019, Kolkata-based Bandhan Bank has received the approval of the Competition
Commission of India (CCI) for the acquisition of Gruh Finance which is the affordable housing finance
arm of HDFC Ltd in a share-swap deal. The approval has been given under the sub-section (1) of Section
31 of the Competition Act, 2002.
Key Points:
i. Bandhan Bank has transferred 14.9 percent stake to HDFC for this acquisition.
ii. For this merger, the shareholding of Bandhan Financial Holdings came down to about 61 percent from
about 82 percent, and HDFC held around 15 percent in the merged entity from about 57 percent in Gruh
Finance.
iii. The swap ratio would be 568 shares of Bandhan Bank for every 1,000 shares of Gruh Finance.
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About Bandhan Bank

♦ Founded: 23 August 2015; 3 years ago
♦ Founder: Chandra Shekhar Ghosh
♦ Headquarters: Kolkata, West Bengal
♦ Chairperson: Harun Rasid Khan
SEFL and Bank of Baroda to co-lend through iQuippo

Bank of Baroda and city-based Srei Equipment Finance Ltd will collaborate to offer joint loans for
infrastructure equipment under a new agreement.
Key points
i. This collaboration will allow both Srei and Bank of Baroda to cooperate and widen their respective
markets and customer base.
ii. Sourcing of loans will be facilitated through iQuippo, which is a Kanoria Foundation initiative.
About Bank of Baroda
♦ CEO: P S Jayakumar
♦ Headquarters: Vadodara
Non-Core assets needed to be sold by CPSEs in a notice period of 12 months

The Department of Investment and Public Asset Management (DIPAM) stated guidelines for
monetisation of non-core assets of Central Public Sector Enterprises (CPSEs) and immovable enemy
properties.
The guidelines for monetisation of non-core assets are as follows:
i. An Inter Ministerial Group (IMG) headed by the secretary of DIPAM will identify the non-core assets of
the CPSEs. It could identify the assets on the basis of recommendations of the Niti Aayog. The final
decision would be taken by the panel chaired by the Finance minister.
ii. After the final approval of the assets, the monetisation should be strictly completed within 12 months.
iii. In case the time limitation of 12 months is not followed, the finance ministry may put forth budgetary
allocations to the CPSEs.
iv. CPSEs however can seek relaxation from the time-limit of 12 months for the sale of non-core assets.
v. For immovable enemy properties, the non-core assets would be identified for disposal only after
consultation with the stakeholders which is inclusive of the state governments.
vi. The Custodian of Enemy Property for India (CEPI) or the Ministry of Home Affairs will select the
disposable properties and would also certify if the property is free of any encroachment.
vii.The amount of credit gained from the sale of non-core assets would form a part of the disinvestment
proceeds. In the current financial year, the central government has set a target of Rs 90,000 crore to be
raised through CPSE disinvestment.
Sanjay Manohar appointed as a next Managing Director of McAfee India

McAfee, an American global computer security software company has appointed Sanjay Manohar as its
next MD for India operations. Before joining McAfee, Sanjay Manohar worked at Akamai Technologies as
regional vice president – Asia Pacific & Japan Carrier Business and MD of the Greater China region. He
will succeed Venkat Krishnapur.
Key highlights
i. Sanjay Manohar has given a responsibility of building and leading groups to drive product revenues,
increase appropriation of cloud-based products, enhance and strengthen customer relationships and
fulfil McAfee’s mission of keeping the whole world safe from growing cyber threats.
ii. He will directly report to Craig Nielsen, Vice President, APAC (Asia-Pacific), McAfee.
Exim Bank gives loans worth 267$ million for projects in Rwanda
The Reserve Bank of India (RBI) notified that Exim Bank has proffered soft loans worth 266.6$
million to Rwanda for various projects.
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i. The funding for the projects has been done in 3 distinct tranches. The names of the projects are as
follows:
• for supporting agricultural projects
• for the development of Special Economic Zones (SEZs)
• for financing road projects in Rwanda.
ii. Amount of funds for the separate tranches are listed as under:
• Exim Bank, according to the agreement will provide $100 million to finance the development
of 2 SEZs, as well as for the expansion of the Kigali SEZ in Rwanda.
• $100 million to finance 3 agricultural project schemes, namely, Warufu Multipurpose Project,
Mugesera Irrigation Project and Nyamukana Irrigation Project.
• $66.60 million for the Base-Butaro-Kidaho Road Project.
iii. RBI notified that the aforementioned 3 funding project agreements between Exim Bank and the
Government of Rawanda have put to effect from April 2, 2019.
About Rwanda
♦ Capital: Kigali
♦ Currency: Rwandan franc
Fintech Start-Ups Allowed to Test Regulatory Sandbox: RBI

Recently, Reserve Bank of India (RBI) released a 14 page draft document named “Enabling Framework
for Regulatory Sandbox” in which RBI proposes that Fintech start-ups can set up regulatory sandbox
or live-testing of innovative products and services in segments such as digital KYC, retail
payments and data analytics among others in the financial sector. The concept of Regulatory Sandbox
(RS) was proposed by a committee headed by RBI Executive Director Sudarshan Sen.
Key Highlights
i. According to bank regulator RBI, a Regulatory Sandbox (RS) refers to live-testing of new products or
services in a secure and test regulatory environment for which regulators may or may not allow certain
regulatory relaxations for the limited purpose of the testing.
ii. The Regulatory Sandbox (RS) permits the innovators, regulators, financial providers and the
customers to carry out field tests so that they can verify the benefits and risks of new financial
innovations.
iii. The objective of RS is to provide a formal regulatory programme for testing new products and
services with a customers in a live environment.
iv. After 10-12 entities were selected through a comprehensive selection process, the RS will begin the
testing process. The entities were selected under ‘Fit and Proper criteria’ for participants in RS.
About Reserve Bank of India (RBI)
♦ Headquarter: Mumbai, Maharashtra
♦ Deputy Governor: Viral Acharya
Cholamandalam MS General Insurance receives ISO 31000:2018 Certification

An insurance giant Cholamandalam MS General Insurance Company Limited has received ISO
31000:2018 certification by TUV India. Chola MS has received certification for applying risk
management system which conforms to the prescribed standards.
Key highlights
i. ISO 31000:2018 is an international risk management standard developed by International
Organisation for Standardization (ISO). This standard issues guidelines, framework, principles and a
process for risk management.
ii. Any organisation or firm can use this standard in managing risk irrespective of its size, activity or
sector. This ISO certification is valid only for 3 years from April 07, 2019 to April 06, 2022.
About ISO
♦ It is an international standard setting body which consists of representatives from various national
standards organizations. It was founded on 23 February 1947 in London, United Kingdom.
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♦ Headquarter: Geneva, Switzerland

♦ President: John Walter
Life and Non-life insurers witness 11% and 13% rise in premium respectively
According to the Insurance Regulatory and Development Authority of India (IRDAI) data, after a very
low growth phase, life and non-life premium income of insurance companies have registered substantial
growth in financial year 2019.
Life insurer’s premium income grew 11% in FY19 over 2018 and non-life insurance firms witnessed
a 13% rise in their total premium income to Rs 1.70 lakh crore in the financial year ended March 2019.
i. The 34 non-life insurers had a total premium of Rs 1.51 lakh crore in 2017-18.
ii. The Insurance Regulatory and Development Authority of India (IRDAI) data showed that among the
total insurers:
• 25 are general insurers: whose collective gross premium in 2018-19 was Rs 1.50 lakh crore, up
by around 13% from Rs 1.33 lakh crore in 2018.
• 7 are standalone private sector insurers: they had a rise of 37% in their combined premium to
Rs 11,368.82 crore in the financial year ended March 2019, against Rs 8,314.27 crore in 2018.
• 2 are government-owned specialised insurers: among them, Agricultural Insurance Company
of India and ECGC Ltd registered a dip of 7.75% in premium at Rs 8,425.75 crore during the fiscal
ended March 2019, as against Rs 9,133.78 crore in 2018.
Airtel Payments Bank joined hands with Bharti AXA General Insurance for two-wheeler
insurance
On 19th April 2019, Airtel Payments Bank joined hands with Bharti AXA General Insurance for a two-
wheeler insurance product offering which is available on MyAirtel App and at over 40,000 Airtel
Payments Bank points across India.
Key Points:
i. This offers various benefits like 70 percent savings on an annual premium, personal accident cover,
protection against third-party liabilities and inspection-free renewal through a paperless process. Also,
Customers can avail towing services at no extra cost on claim intimation, at the time of insured vehicle
breaks down.
ii. Customers without an Airtel Payments Bank account can also avail this policy and can renew their
two-wheeler insurance at Airtel Payments Bank banking point
iii. In India, approximately 75 percent two-wheelers are uninsured, despite being mandatory by the
Supreme Court order in 2018 which is mandatory for individuals to buy five-year motor third party
insurance while buying a new two-wheeler.
About Airtel Payments Bank
♦ Founded: 2016
♦ CEO: Anubrata Biswas
Indiabulls General gets preliminary nod to foray into non-life business

On 17th April 2019, Indiabulls General Insurance has received R1 approval to its proposed general
insurance business and preliminary to approval foray into the non-life business from the Insurance
Regulatory and Development Authority of India (IRDAI) respectively.
i. Another subsidiary Indiabulls Life Insurance Company had obtained R1 approval from IRDAI in
January 2019.
About Indiabulls:
♦ Headquarters: Gurugram
♦ Founder: Sameer Gehlaut
♦ Founded: January 2000
♦ Divisions: Indiabulls Housing Finance Ltd, Indiabulls Ventures Ltd Indiabulls Real Estate Ltd
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Income Tax Department Proposes New Rules To Tax MNCs And Digital Firms In India
• The income tax department has altered the method for taxing multinational companies (MNCs)
and digital firms with a permanent establishment in India by taking into account various factors
like domestic sales, employee (manpower and wages) strength, assets and user base.
• In ‘Profit Attribution to Permanent Establishment (PE) in India’ report, the CBDT (Central Board
of Direct Taxes) Committee stated that MNCs that are suffering global losses or a global profit
margin of less than 2% and have their operations in India will be considered to have made a
profit of 2% of Indian revenue and will be taxed accordingly…………………………………Click here to
Read more
CRISIL board gives nod for transfer of rating business to a new subsidiary
On 17th April 2019, a diversified global analytics company, CRISIL, will transfer its ratings business to its
proposed new wholly owned subsidiary.
i. In 2018, SEBI had modified its regulations for credit rating agencies and mandated the segregation of
rating and non-ratings businesses of credit-rating agencies.
ii. CRISIL makes the transfer of rating business through the scheme of arrangement in terms of section
230 to 232 of the Companies Act, 2013, that to be approved by the stock exchanges and the National
Company Law Tribunal.
About Securities and Exchange Board of India :
Founded: 12 April 1992
Sector: Securities market
Headquarters: Mumbai
Chairperson: Ajay Tyagi
Asian Tea Alliance launched in China

On 19th April 2019, To boost tea trade, cultural and technical exchanges as well as the global promotion
of tea, the Asian Tea Alliance (ATA), a union of five tea-growing and consuming countries, was opened in
Guizhou, China.
i. The alliance was constituted with Indian Tea Association, Indonesian tea Marketing Association, China
tea marketing Association, Sri Lanka Tea Board and Tea Association.
ii. This Alliance was formed based on the Memorandum of Understanding signed between Indian tea
Association and China tea Marketing Association in December 2018 to promote tea consumption in India,
China, U.S., Russia, Europe, and West Asia.
About China:
♦ Capital: Beijing
♦ Currency: Renminbi
♦ President: Xi Jinping
Kaushik Shaparia named as CEO of Deutsche Bank for India operations

On 18th April 2019, Kaushik Shaparia has been appointed as chief executive officer of Deutsche
Bank as India’s head with effect from May 2019. He will succeed Ravneet Gill who is the MD & CEO
of YES BANK.
Key Points:
i. He has an experience as head of Asia Pacific Corporate Banking Coverage within Institutional and
Treasury Coverage, Global Head of subsidiary Coverage and has a 30-year experience at Deutsche Bank.
ii. Now he took over the position from Khurshed Dordi, as Chief Operating Officer for India, who was
serving as Deutsche Bank’s interim Chief Country Officer after Ravneet Gill’s exit.
About Deutsche Bank
♦ Founded: 10 March 1870
♦ Headquarters: Deutsche Bank Twin Towers, Frankfurt, Germany
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Entrepreneur Sairee Chahal appointed to board of directors in Paytm Payments Bank

Sairee Chahal having extensive experience of customer service ecosystem has been appointed to Board of
Directors in Paytm Payments Bank (PPB).
i. Sairee Chahal is the founder and CEO of Sheroes which is a community platform for women.
ii. PPB was incorporated in August 2016 and formally began its operations in 2017.
iii. The founder of Paytm, Vijay Shekhar Sharma holds 51% stake in PPB and One97 Communications
holds the rest of the stakes.
iv. PPB currently has Rs.4.4 crore savings bank accounts with deposits of over Rs.400 crore and Rs.26
crore wallet accounts.
D&B report cited Business Sentiments down by 7.7% for Q2 in 2019

According to Dun & Bradstreet (D&B) report, business sentiments on the country’s financial and
macroeconomic conditions continue to decline in the second quarter of 2019 as compared to the second
quarter in 2018. D&B Composite Business Optimism Index conclude 78.4 scores during Q2 2019 as
compared to 85.0 during Q2 2018, a decline of 7.7%.
Key Highlights
i. According to D&B report, the business sentiments were improved by 6.3% compared to the first
quarter of 2019.
ii. The Q1 decline in the business sentiments was because of the unfolding of bank frauds and the
tightening norms of Letter of Comfort (LoC) and Letter of undertaking (LOU) which result in the liquidity
reduction.
iii. The marginal improvement in the business sentiment in Q2 as compared to Q1 was mainly due to
monetary and liquidity easing, a steady inflow of foreign investments, increased forex reserves among
others.
About Dun & Bradstreet (D&B)
♦ Headquarter: New Jersey, United States
♦ CEO: Anthony Jabbour
SBI General launched cyber defence insurance

On 22nd April 2019, SBI General Insurance has launched its new product – cyber defence
insurance to protect businesses from financial and reputational losses due to cyber attacks.
Key Points:
i. At first, it will focus on SMEs and mid-market businesses, but later it can cater to larger businesses.
ii. This offers protection against the growing threat of cyber breaches like hacking attacks, identity theft,
disclosure of sensitive information and business interruption. Also, provides IT forensic investigations,
legal advice, reputational and PR management.
iii. SBI General Insurance’s (SBIG) Cyber Defense comes with CyRUSS (Cyber Risk Underwriting &
Solution Suite)which is a cloud-based tool for Commercial Cyber polices including risk assessment,
ongoing risk management, and claim management.
Bajaj Allianz General Insurance in a partnership with Bajaj Allianz Life Insurance launched their
1st product: ‘Total Health Secure Goal’
Bajaj Allianz General Insurance collaborated with Bajaj Allianz Life Insurance to launch their 1st product
titled ‘Total Health Secure Goal’.
i. The product is a combination of 2 existing plans, namely, Health Guard policy
by Bajaj Allianz General Insurance and iSecure policy by Bajaj Allianz Life Insurance.
ii. This combined plan offers customers a 5% extra discount on the total premium and also provides the
flexibility of availing service or communication on the product.
iii. The product provides an overall insurance solution and ensures that health and security needs of the
customer are taken care of without compromising on their savings.
iv. Under Health Guard policy, a customer can choose the option between a Silver or a Gold Plan with an
insured sum ranging from Rs 1.5 lakh to Rs 50 Lakh. This sum is inclusive of the hospitalisation
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expenses incurred by the customer.

v. Under Bajaj Allianz’s iSecure policy, customers are offered the advantage of a level term cover at a low
cost. Some extra features provided include special premium rates for non-smokers and high sum
assurance.
vi. Both of the companies have common promoters Bajaj Finserv and Allianz of Germany.
Network Intelligence inks MoU with BSE to provide Cyber Security Services
Bombay Stock Exchange (BSE), Asia’s first and India’s largest stock exchange and Network Intelligence, a
global cybersecurity services provider & CERT-IN empanelled vendor inks Memorandum of
Understanding (MoU) to provide cybersecurity services to its members according to the cybersecurity
framework set by SEBI. Last year, SEBI had released its guidelines on cybersecurity
titled “Cybersecurity & cyber Resilience Framework for Stock Brokers/Depository Participants.”
Key Highlights
i. BlueScope, a platform developed by Network Intelligence, will offer 24×7 monitoring to the members.
ii. To offer services like VAPT, Asset Management, Endpoint Security, Network Security, etc, Network
Intelligence will use modern technology solutions. Network Intelligence will use its state-of-the-art Next-
Gen Cyber Security Operations Centre (CSOC) which is based in Mumbai, to provide various cyber
security services.
About BSE
♦ Established: in 1875
♦ MD & CEO: Ashish Kumar Chauhan
About Network Intelligence
♦ Founded: in 2001
♦ CEO: KK Mookhey
Ministry of Ayush inked MoU with CSIR to cooperate in the field of research and education
Ayush Ministry has signed Memorandum of Understanding (MoU) with Council of Scientific and
Industrial Research (CSIR), New Delhi for cooperation in the field of research and education of
traditional system of medicines and its integration with modern science.
Key Highlights
i. Earlier, CSIR and Ayush Ministry jointly developed the Traditional Knowledge Digital Library (TKDL)
which prevents bio-piracy and misappropriation of traditional knowledge.
ii. Under the agreement, both CSIR and Ayush Ministry jointly endeavor to proceed in the activities like
R&D covering fundamental research; gene expression and Prakriti; exploring modern scientific methods
for integration with traditional Indian Systems of Medicine, etc.
About CSIR
♦ Headquarter: New Delhi
♦ Director General: Shekhar C. Mande
About Ayush Ministry
♦ Founded: 9 Novemeber, 2014
♦ Minister: Shripad Naik (MOS independent charge)
FAME II scheme has made compulsory for electric vehicles to feature 50% localisation for
receiving subsidies
Under the FAME II scheme, the Central Government has made compulsory for Electric Vehicle (EV)
manufactures in India to locally source at least 50% components for the provision of receiving subsidies.
This step has been taken to encourage local manufacturing and relying less on imports. The conditions
under FAME II scheme were decided by the Inter-Ministerial Steering Committee of National Mission for
Transformative Mobility headed by Amitabh Kant, (Chief executive Officer) CEO of NITI Aayog.
Key Points:
i. Only the companies that meet the 50% localisation threshold will be eligible for incentives and
subsidies under Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME-II)
scheme for enhancing electric mobility.
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ii. The government will adopt a challenging route to choose states and entrepreneurs to set up major
factories for large scale manufacturing of cells and batteries in India.
FAME II Scheme:
The scheme administered by Union Ministry of Heavy Industries aims to promote eco-friendly electric
and hybrid vehicles in India. It also seeks to address the issue of environmental pollution and fuel
security.
The Authorised capital of Allahabad Bank raised to Rs. 8000 crore by the government
The central government has increased the authorized capital of state-owned Allahabad Bank from Rs.
3,000 crore to Rs. 8,000 crore after consultation with the Reserve Bank of India.
i. This move by the central government has enabled Allahabad bank to raise further fund up to a
maximum ceiling of Rs. 8,000 crore.
About Allahabad Bank
♦ Founded – 24 April, 1865
♦ Headquarter – Kolkata
♦ Tag Line – A tradition of Trust
Deposits in Jan Dhan accounts are set to cross Rs 1 lakh crore mark
On 21st April 2019, the total deposits in Jan Dhan Account are set to cross Rs 1 lakh crore soon. The
scheme was launched on 28th August 2014 by the Modi-government with an aim to provide universal
access to banking facilities to all households.
Key Points:
i. On 3rd April, the total balance in the Jan Dhan accounts was at Rs 97,665.66 cr and the total number of
Jan Dhan accounts crossed 35.39 crores. Also, more than 27.89 crores account holders have been issued
the Rupay debit cards.
ii. Recently, the government increased the accident insurance cover to Rs 2 lakh from Rs 1 lakh for new
accounts opened after 28th August 2018 and the overdraft limit was also doubled to Rs 10,000.
iii. Through this account, all government benefits are given to the beneficiary accounts and also it pushes
the Direct Benefit Transfer (DBT) scheme of the Central government.
BofAML in report notifies that RBI has Rs.3 lakh crore (43$ million) in excess reserves
According to the report by Bank of America Merrill Lynch (BofAML), the excess reserves that RBI holds
could be up to Rs.3 lakh crore ($43 billion) or 1.5% of the GDP (Gross Domestic Product). This also
includes the excess capital in contingency reserves and revaluation reserves.
i. The Bimal Jalan committee on the appropriate capital reserves for RBI was likely to identify this
excess buffer. The committee was set up in December-end with a 6-member panel headed by former RBI
governor Jalan.
ii. Indranil Sen Gupta, chief India economist at BofAML notified that RBI maintains higher contingency
reserves as a percentage of its total book compared to its peers in Brazil, Russia and South Africa, thus a
lower cap will bring in more funds.
iii. The BofAML report stated that capping overall reserves at 20% from 25.5% will release Rs. 1.96 lakh
crore.
iv. As of September 2018, the excess capital with RBI was Rs.9.6 lakh crore. If the cap is halved to 3.25%
from present 6.5%, it will release Rs. 1.282( around Rs. 1.3 lakh crore) lakh crore.
v. Along with revaluation gains ranging from Rs. 300 crore to Rs. 1.8 lakh crore, RBI would be able to
transfer the excess reserves to the government which can be used to recapitalize the country’s struggling
state-run banks.
vi. RBI books revaluation gains on the foreign currency assets and gold holdings are just above $400
billion. Moreover.
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BEML joined hands with Syndicate Bank for financing Earth Moving and Construction Equipment
On 22nd April 2019, Syndicate Bank and BEML Limited (Bharat Earth Movers Limited) have signed an
agreement for financing Earth Moving and Construction Equipment which is manufactured by BEML.
Also, it will facilitate the availability of loans and address the growing demand for higher capacity
equipment in the Mining Industry.
Key Points:
i. Under this agreement, the customers will be provided loans in the range of Rs 20 Lakh to Rs 300
Lakh and preferential pricing by Syndicate Bank.
ii. Also, Syndicate Bank and BEML expect to book business worth Rs.100 crore by March 2020.
iii. The agreement was signed in the presence of Ajay Vipin Nanavati who is the Chairman of Syndicate
Bank, Mrutyunjay Mahapatra, MD & CEO of Syndicate Bank and Deepak Kumar Hota who is the CMD
of BEML Limited.
Stanford study revealed that Global warming shrank Indian Economy by 31 percent
As per the Stanford study, changes in the earth’s temperature have increased inequalities which resulted
in the shrinking of the Indian economy by 31 percent due to global warming. The study published in the
journal titled ‘Proceedings of the National Academy of Sciences’.
Key Highlights
i. The study revealed that since the 1960s the concentrations of greenhouse gases have increased earth’s
atmosphere which has benefited cooler countries like Norway and Sweden but harmed the economic
growth of warmer countries like India and Nigeria.
ii. The study also shows that from 1961 to 2010, global warming has decreased the wealth per person of
the world’s poorest countries by 17-30 percent.
Country Capital Currency
Norway Oslo Norwegian Krona
Sweden Stockholm Swedish krona
Nigeria Abuja Nigerian Naira
FIEO joins hands with Welingkar Institute of Management to support startups in exports
Exporters’ body, the Federation of Indian Export Organisations (FIEO) has inked an agreement with
Mumbai-based Prin. L N Welingkar Institute of Management Development and Research in order to
support startups engaged in the export sector.
i. Under the memorandum of understanding (MoU), FIEO has launched a postgraduate programme in
foreign trade management (PGP-FTM) at Mumbai.
ii. The aim of this industry-academia partnership is to attract new entrepreneurs in exports to bridge the
gap of availability of qualified skilled manpower in Exim trade.
iii. The programme would consist of general management principles, export-import procedures, and
international marketing concepts and the duration of the programme will be 11 months.
iv. The programme will be offered in 2 batches. Graduates from a recognized university who qualify the
requirements can apply for direct admission to the course and the first batch will begin from August of
2019.
India Post collaborates with TCS to digitalize 1.5 lakh post offices & creating world’s largest
EPostal network by deploying largest SAP implementation
India Post has collaborated with India’s leading tech giant, Tata Consultancy Services (TCS) for the
digitizing of 1.5 lakh post offices in India, thus creating World’s Biggest EPostal Network and
the largest SAP implementations worldwide.Both the companies had struck a deal of over Rs. 1,100
crore in 2013 for an end-to-end IT modernization program.
i. The prime objective of the deal was to digitize the Indian post offices with the modern technologies and
systems for providing efficient services to the consumers, thus driving financial inclusion by providing
advantage for accessibility to citizens in remote areas.
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ii. The Core System Integration (CSI) program that’s been designed and deployed by TCS supports
more than 5 lakh employees and 40,000 users. Furthermore, it processes 3 million postal transactions
per day.
iii. TCS has also built a web-based consignment tracking system, set-up multi-lingual call centre and
implemented Point of Sale (PoS) solution with over 80,000 terminals in 24,000 post offices.
iv. For accomplishing this objective, TCS has over 1.3 lakh DARPAN 1 for remote villages. DARPAN 1 is a
hand-held device that the Gramin Dak Sevaks can use to give postal services, insurance, and cash
management services in remote villages, even without any Internet or network connectivity.
Uday Kumar Varma resigns from Assocham Secretary General post

Uday Kumar Varma, a former bureaucrat retired from the post of Secretary, Ministry of Information and
Broadcasting, resigned from the post of The Associated Chambers of Commerce and Industry
(Assocham) Secretary-General. Currently, Assocham’s Deputy Secretary-General Saurabh Sanyal is
discharging the duties of secretary general.
Key Highlights
Last year U K Varma took over Assocham’s General Secretary. He had succeeded D S Rawat.
About Assocham
♦ Founded: 1921
♦ President: Balkrishan Goenka
Kotak Mahindra Bank becomes the first Destination Bank to launch debit card based e-mandates
On NPCI’s E-Mandate API Platform
Kotak Mahindra Bank (Kotak) has launched the first debit card-based authentication solution
on NPCI’s (National Payments Corporation of India) e-Mandate (electronic mandate) API (Application
Program Interface) platform, thus being the first ever Destination Bank to go live with both Net Banking
and Debit Card-based e-mandate authentication.
i. The objective of this initiative is to enable Kotak customers to create electronic mandates (similar to
the former eNACH with Aadhaar + OTP) (eNACH- Electronic National Automated Clearing House; OTP-
One Time Password) via both debit card and net banking provision.
ii. As API based e-mandates are customer-friendly, fast, frictionless and paperless, the initiative would
help in making its customers’ lives hassle free for handling recurring payments.
iii. E-Mandates are quite advantageous over physical mandates because of their security benefit, pricing,
operational efficiency and turnaround time.
RBI gives HDFC’s proposal for holding 9.9% stake in Bandhan Bank
The RBI (Reserve Bank of India) has granted approval to HDFC Ltd for holding up to 9.9% stake in
Bandhan Bank following the Gruh Finance deal.
i. Gruh Finance is the housing finance arm of HDFC Ltd and was taken over in January by Bandhan Bank
in a share-swap deal.
ii. The scheme is yet to get approvals from the National Company Law Tribunal (NCLT) and the
shareholders of Gruh Finance and Bandhan Bank.
iii. The Gruh Finance deal will decrease stake of Bandhan Financial Holdings Ltd in Bandhan Bank
from 82% to 61%.
iv. The share swap ratio for the merger will be 568:1000, that is 568 shares of Bandhan Bank for every
1,000 shares of Gruh Finance.
RBI becomes the first APAC (Asia-Pacific) central bank to begin interest rate easing cycle
The Fitch ratings notified that the Reserve Bank of India (RBI) becomes the first central bank in the Asia-
Pacific region (APAC) to begin an interest rate easing cycle floated by benign food inflation and easier
global financial condition.
i. The Monetary Policy Committee (MPC) chaired by Shaktikanta Das, RBI Govenor, had cut rates in
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February and April by citing prospects of benign inflation.

ii. In the 4 months of 2019, the RBI has cut policy interest rates 2 times by 0.25% each to one-year low of
6%.This is the 1st back-to-back rate cut since the MPC was formed in 2016.
iii. Inflation at 2.9% has stayed within the RBI’s comfort zone of 4% (with +/- 2%). Fitch reports stated
that the fiscal slippage relative to RBI’s targets has brought about stalling of fiscal consolidation.
iv. Fitch has also estimated India to grow at 6.8% in current fiscal and 7.1% in the next year.
Food regulator FSSAI has extended ban on import milk products from China, until all labs at ports
are upgraded to test the toxic chemical Melamine
The government has extended the ban on import of milk and milk products from China (including
chocolates, chocolate products, candies, confectionary, food preparations with milk or milk solids as an
ingredient).
i. The ban on milk products was 1st imposed in September 2008 and it had been extended continuously
from time to time. The recent ban imposed by the government ended on April 23, 2019.
ii. Food regulator FSSAI (Food Safety and Standards Authority of India) has recommended that the ban
should be extended till laboratories at ports are modernized to test the presence of the toxic chemical
melamine. Melamine is an extremely toxic chemical that is used for making plastics and fertilisers.
iii. Though India doesn’t import milk or milk products from China, it has imposed the ban purely due to
preventive measures.
Facts about India’s Milk Production:
♦ India is the world’s largest producer and consumer of milk.
♦ India produces around 150 million tonne of milk every year.
♦ Uttar Pradesh is the leading state in milk production and it is followed by Rajasthan and Gujarat.
First Indian Platform for Wholesale Cryptocurrency Trading has introduced by BuyUcoin
BuyUcoin, second oldest Cryptocurrency Exchange in India, has introduced a new and unique platform
for wholesale cryptocurrency trading. This platform works on ‘free trading model’ which means it
charges zero fee on any trade. This wholesale platform also known as OTC (Over-the-counter)
Desk allows users to trade on a large scale with low price fluctuations.
i. This new platform will help to improve the problem of liquidity of cryptocurrency in Indian market.
This will also help in quicker transactions, better prices and market stability.
India’s Pharmaceuticals export increases 11% to USD 19.2 billion

According to Commerce Ministry, India’s pharmaceuticals export has increased 11% to USD 19.2 billion
in 2018-19. This is mainly due to increase demand in regions such as North America and Europe. The
pharmaceuticals export in 2017-18 was USD 17.3 billion.
Key Highlights
i. India is the largest provider of generic medicines globally as 20 percent (in terms of volume) of generic
medicines requirement was supplied by India globally.
ii. The other important destinations for Indian pharmaceutical exports are South Africa, Russia, Nigeria,
Brazil and Germany. The pharmaceutical sector accounted for about 6 percent of country’s total exports
of USD 331 billion in 2018-19.
iii. The regions like North America which constitutes about 30 per cent of Indian pharmaceuticals
exports, followed by Africa with 19 percent share and European Union with 16 percent share.
Minimum subscription requirement for REITs and InvITs has reduced by SEBI
Recently, SEBI in his guidelines titled “Guidelines for Determination of Allotment and Trading Lot
Size for Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs)” has
reduced the minimum subscription requirement as well as defined trading lots for REITs and InvITs.
Key Higlights
i. For determining the allotment in an initial offer and follow on public offers, REITs have to offer their
units in lots worth at least Rs 50,000 and in case of InvITs, the minimum value of a single lot should be Rs
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1 lakh. The allotment to any investor shall be made in the multiples of a lot.
ii. For initial listing in case of REITs and InvITs, a trading lot should be of 100 units and for follow on
public offers, each lot shall consists of such number of units in its trading lot as it had at the time of initial
offer. Moreover, SEBI has also increased leverage limit for InvITs from 49 percent to 70 percent.
iii. Currently, the minimum subscription from any investor in an initial offer and public offer is not less
than Rs 2 lakh in case of REITs and in case of InvITs the same is Rs 10 lakh.
About SEBI
♦ Founded: 12 April, 1992
♦ Headquarter: Mumbai, Maharashtra
♦ Chairperson: Ajay Tyagi
Uber Asia Pacific head Amit Jain resigns; Pierre-Dimitri Gore-Coty to take over
Amit Jain, Uber’s Asia-Pacific region (APAC) Head, announced his resignation at the end of May 2019
after four-year service to spend time with his family. Uber’s head of Europe, Middle East and
Africa, Pierre-Dimitri Gore-Coty will take over the additional charge of APAC.
Key Points:
In June 2015, he had joined Uber as India head and become APAC chief in May 2018.
About Uber:
♦ Founded: March 2009, San Francisco, California, United States
♦ Founders: Travis Kalanick, Garrett Camp
♦ Headquarters: San Francisco, California, United States
Karnam Sekar has been appointed as Indian Overseas Bank’s new MD & CEO
Karnam Sekar, Dena Bank’s former Managing Director has been newly appointed as the new Managing
Director (MD) and Chief Executive Officer (CEO) of Indian Overseas Bank. He would take up the position
from July 1, 2019.
i. He has been working as an officer on special duty and Whole Time Director in IOB (Indian Overseas
Bank) from April 1 till the time of taking over charge from R Subramaniakumar who was the erstwhile
CEO and MD.
ii. R Subramaniakumar had initiated measures to uplift IOB from loses due to high Non-Performing
Assets.
iii. Earlier his stint in Dena Bank, Sekar was the Deputy Managing Director and Chief Credit Officer
at State Bank of India (SBI).
Wipro BFSI president Shaji Farooq resigned

On 23rd April 2019, the president of Wipro’s banking financial services and insurance (BFSI) business
unit, Shaji Farooq has resigned from the company after 5 years due to health reasons. He will
precede Angan Guha, who will take over as senior VP and global head of the BFSI unit from 1st July.
Key Points:
i. He was inducted into Wipro’s core decision-making frame – the Group Executive Council which made
up of a core workforce of Wipro leaders who power the long-term imaginative and prescient of the $8
billion IT corporate.
ii. He also played a key position in Wipro being an empanelled IT dealer to compete other IT companies
like Infosys and Accenture.
About Wipro
♦ Founded: 29 December 1945
♦ Founder: Mohammed Hashim Premji
♦ Headquarters: Bangalore
IndusInd Bank receives NCLT approval for merger with Bharat Financial Inclusion
Recently, National Company Law Tribunal (NCLT) approved merger of private sector lender IndusInd
Bank with Bharat Financial Inclusion (BFIL), a microfinance company. Now, BFIL become the subsidiary
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of IndusInd Bank. Last year, IndusInd Bank had received ‘No Objection’ from Reserve Bank of India,
National Stock Exchange and Bombay Stock Exchange.
About IndusInd Bank
♦ CEO: Romesh Sobti
♦ Tagline: We Make You Feel Richer
About National Company Law Tribunal (NCLT)
♦ NCLT is a quasi judicial body established under the Companies Act, 2013. This body was established by
the recommendations of Eradi Committee. NCLT adjudicates issues related to Indian companies.
RBI divests entire stake in NHB and NABARD to the central government
Recently, Reserve Bank of India (RBI) has divested its entire stake in National Housing Bank (NHB) and
National Bank for Agriculture and Rural Development (NABARD) to the central government for Rs 1,450
crore and Rs 20 crore respectively. Now the central government holds a 100 percent stake in both these
financial institutions. This step has taken based on the recommendations of the second Narasimham
Committee report and the discussion paper prepared by RBI titled “Harmonizing the Role and
Operations of Development Financial Institutions and Banks.”
Key Highlights
i. Earlier RBI had 100 percent stake in NHB, which was recently divested for Rs 1,450 crores on March 19
this year.
ii. RBI has divested its stake in NABARD in two phases. Originally RBI held only 72.5 percent stake in
NABARD amounting to Rs 1,450 crore and remaining 27.5 percent stake held by central government. In
October 2010, RBI had divested 71.5 percent stake worth Rs 1,430 crore and remaining 1 percent stake
was divested on February 26 this year for Rs 20 crore.
About RBI
About NABARD
♦Chairman: Dr. Harsh Kumar Bhanwala
About NHB
♦ MD & CEO: Dakshita Das
Wirecard joined hands with RBL Bank to drive financial inclusion

On 25th April 2019, Germany-based global provider of digital payments and commerce
solutions Wirecardentered into a partnership with RBL Bank to promote financial inclusion in India.
Key Points:
i. The move will make digital payment and banking transactions easily accessible to all Indian citizens.
ii. With this partnership with RBL, Wirecard’s customer service representatives will be able to access
basic payment and banking services which include cash withdrawals and deposits as well as balance
inquiries. They also can offer an even broader range of digital financial services.
iii. Also, SoftBank invested EUR 900 million in Wirecard. Under this agreement, Wirecard will issue
convertible bonds to SoftBank with terms of five years and it is convertible for about 5.6 percent of
Wirecard stock at EUR 130 per Wirecard share.
Aegon Life Insurance has collaborated with MobiKwik to launch a smart digital insurance product
to enhance financial inclusion
Mobikwik, digital financial services company collaborated with pioneer of digital insurance in India,
Aegon Life Insurance to launch a Rs 20 smart digital insurance product in order to protect its wallet
users from death and accident related disability cover for up to Rs 2 lakh.
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i. The main objective for this initiative is to improve the insurance penetration in India (this is currently
at 3.7%) , that is to drive financial inclusion for the masses.
ii. The company has created 3 variants of the amount assured between Rs. 1 lakh, Rs.1.5 lakh and Rs. 2
lakh at no extra cost and the policy can be availed at a premium of Rs 20, Rs 30 and Rs 40 respectively
depending on the protection amount and this is issued instantly.
*iii. The insurance product launched is termed as the Aegon Life Group Term Plus Plan. It is available
on MobiKwik App.
State Bank of India (SBI) launched India’s first ‘Green Car Loan’ (Electric Vehicle) to encourage
customers to buy electric vehicles
On World Earth Day- April 22, 2019 the State Bank of India (SBI) has launched India’s first ‘Green Car
Loan’ (Electric Vehicle) to encourage customers to buy electric vehicles. The new scheme ‘Green Car
Loan’ will offer loan at 20 basis points lower than the interest rate on the existing car loan schemes.
i. The scheme comes with the longest repayment period of up to 8 years. It is thus a strategic inclusion to
SBI’s auto loan segment that is offered with zero processing fee for the first 6 months of the launch.
ii. SBI has already notified 100% migration to EVs (Electric Vehicles) by 2030 in order to decrease
carbon footprints, thus being in line with the government’s pledge of ensuring 30% EVs on road by 2030.
iii. SBI along with Wipro joined the Climate Group’s EV100 initiative for enhancing the launch of electric
vehicles worldwide.
DPIIT proposes Startup India Vision 2024 tax sops for new ventures by planning to set up 50,000
new start-ups in India by 2024 and create 20 lakh job opportunities
The Commerce and Industry Ministry has proposed measures such as tax incentives to promote
entrepreneurs as part of the ‘Startup India Vision 2024’. The aim of the vision document is to facilitate
setting up of 50,000 new start-ups in the country by 2024 and creating 20 lakh direct and indirect
employment opportunities.
i. The vision document has been prepared by the Department for Promotion of Industry and Internal
Trade (DPIIT) which is under the Commerce and Industry Ministry.
ii. The DPITT has notified:
• setting up of 500 new incubators and accelerators by 2024
• 100 innovation zonesin urban local bodies
• deployment of entire amount of Rs 10,000 crore Fund of Funds (FOF)
• expanding CSR (Corporate Social Responsibility) funding to incubators
• setting up of Rs 1,000 crore ‘India startup fund’ to support high technology start-ups
• providing Rs 1,000 crore of seed funding
• by 2024, bringing the 7 research parks into operation
• reduce compliance burden and set up regulatory sandbox for testing of financial products
• tax incentives for investments in start-ups; reduce Goods and Services Tax (GST) rates; exempt
tax for ESOPs (Employee stock ownership plan); and exempt angel tax on all investments by
Alternate Investment Funds.
About Startup India:
i. Startup India launched in January 2016, is the flagship initiative of the Indian government
ii. It aims to build a strong ecosystem for the growth of start-up businesses and to drive sustainable
economic growth by generating employment opportunities.
iii. The Startup India action plan provides tax and other incentives. Till date, around 17,984 start-ups
have been recognised by the department.
CPWD constitutes 8-member committee to chart out design policy for buildings and
infrastructure development
The largest construction agency of the central government, Central Public Works Department (CPWD)
has set up an expert 8-member committee under M K Sharma, CPWD’s Additional Director General,
Chairman for developing a design scheme to construct buildings and develop infrastructure. The report
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has to be submitted to Director General Prabhakar Singh within 30 days.

i. The prime objective of this policy is to revive all levels of building construction and infrastructure
development in CPWD, under the Housing and Urban Affairs Ministry.
ii. CPWD builds a maximum of the government’s buildings, erects fences on India’s international borders
and carries out projects in foreign countries with collaborations with India.
RBI (Reserve Bank of India) gives approval for e-mandates to facilitate Internet Banking, Debit
Cards to NPCI
The National Payments Corporation of India (NPCI) has received approval from the Reserve Bank of
India (RBI) to implement e-mandates (electronic mandates) for internet banking and debit cards, which
will allow the users to automatically deal with their recurring payments.
i. By June 30th, NPCI has to inform all the member banks to take immediate measure and implement
both the variants.
ii. The limit for each mandate is set at Rs 1 Lakh, and depending on the usage, the organisation will
review the limit from time to time.
iii. The circular notified that the NACH (National Automated Clearing House) mandates can be used for
business to business (B2B) collections, investments, insurance products, utility payments, government
payments, trades receivables, loan repayments, asset rentals and collection of education/society charges.
iv. Both e-NACH and e-mandates are 2 different services. The e-NACH services are controlled by NPCI
and is available at over 40 banks, while the e-mandates are provided by individual banks.
v. Presently, private sector banks, namely, Yes Bank, Kotak Mahindra Bank, Axis Bank and IndusInd Bank
have launched their e-Mandates. The public sector banks that offer the services are Central Bank of India,
Bank of Baroda and Punjab National Bank.
Microsoft becomes world’s third company to be worth $1 trillion

Seattle-based tech giant Microsoft has reached a valuation of $1 trillion for the first time after a jump in
stock valuation that followed a qualitative-laden third fiscal quarter and has again taken over Apple as
the world’s most valuable company.
i. Microsoft has become the third company to cross that once-unimaginable line following Apple,earned
in August 2018 and Amazon,earned in september 2018.
ii. According to Q3 fiscal earnings,Office, LinkedIn, and Dynamics gained $10.2 billion USD,Azure Cloud,
server products, and enterprise services gained $9.7 billion USD and Windows, Xbox, and Surface earned
$10.7 billion USD.
IEPF Authority recovers Rs 1514 Cr of Depositors Money from Kolkata-based Peerless General
Finance and Investment Company
The Investor Education and Protection Fund (IEPF) Authority has recovered deposits worth
Rs 1,514 crore that was pending with the company for the last 15 years, from Kolkata-based Peerless
General Finance and Investment Company.
About the Investor Education and Protection Fund (IEPF) Authority:
i. Investor Education and Protection Fund (IEPF) is a statutory body under the Ministry of Corporate
Affairs and was established by the central government under Section 125 of Companies Act 2013.
ii. The objective of the authority is to administer the Investor Education and Protection Fund by
promoting Investor’s Education, Awareness and Protection.
iii. The authority can undertake initiatives to fulfil its prime objectives through Investor Awareness
Programmes and mediums, namely, ‘Print, Electronic, Social Media and Community Radio’.
HCL Technologies sets up cybersecurity centre in Texas to enhance business growth

IT services HCL Technologies has set up a CyberSecurity Fusion Centre (CSFC) in Frisco, Texas, US.
i. The main objective of the setting up of the CSFC by HCL Technologies’ is to boost business growth by
providing customers with a single point of contact for the business security lifecycle – from detection to
repairment.
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ii. HCL would also enhance university-to-industry collaboration under which the firm will conduct on-
campus hackathons. The top participants in the hackathons from the winning teams from each individual
school will be offered full-time jobs and advanced training at HCL Technologies.
Siddhartha Mohanty designated as COO of LIC Housing Finance

On 25th April 2019, former executive director of LIC of India, Siddhartha Mohanty has been appointed
as Chief Operating Officer (COO) of LIC Housing Finance.
Key Points:
i. He started his career with LIC of India in 1985.
ii. He also served as Chief of Investments (Monitoring), Regional Head of marketing channel in Western
Zone spanning the States of Maharashtra, Gujarat, and Goa and was the Senior Divisional Manager in-
charge of Raipur and Cuttack divisions of LIC.
Quikr acquired secondhand Goods Marketplace Zefo

On 25th April 2019, Quikr has acquired Bengaluru-based secondhand goods marketplace Zefo, for INR
200 Crore to strengthen the sales of its pre-owned goods business.
Key Points:
i. With this pre-owned product’s market in India will reach USD 12-15 billion in the year 2020. Normally
a pre-owned product’s price can be as low as 30-60 percent of a new one.
ii. Zefo is an online marketplace for selling refurbished TVs, mobile phones and furniture.
iii. Quikr had launched its Quikr assured products, and franchised stores in Karnataka and Telangana to
offer a touch-and-feel experience to consumers.
IRDAI set up Suresh Mathur Committee comprising of 13 members to review regulatory

framework on micro-insurance
The Insurance Regulatory and Development Authority of India (IRDAI) set up a 13-member
committee in order to review regulatory framework on micro insurance, and suggest the steps to be
taken to raise demand for such products in India by recommending product designs with customer-
friendly underwriting, example, easy premium payment methods and simple claims settlement
procedures.
Key points:
i. The committee is headed by Suresh Mathur, IRDAI’s Executive Director. It constitutes of officials from
IRDAI, life, general and health insurance companies in public and private sectors, as well as NGOs (Non-
Government Organizations).
ii. The committee was formed because of less than desired offtake of microinsurance products in spite of
their immense benefits in India.
iii. It will also give recommendations about an alteration in distribution structure, that is, creating
effective awareness programmes and making web-based technology-driven solutions.
iv. Their suggestions have to be submitted within a three month time frame, that is within 90 days.
About IRDAI:
i. The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous, statutory
body beholding the task of regulation, promotion and lowering of premium of the insurance (to ensure
financial security of the insurance sector) and re-insurance industries in India.
ii. It was created by IRDA (Insurance Regulatory and Development Authority) Act,1999 passed by
the Indian Government with its headquarters in Hyderabad, Telangana.
About micro-insurance:
i. The micro-insurance is defined and enabled by IRDAI Micro-insurance Regulations, 2005.
ii. IRDAI created micro-insurance policies, which comprises of a General or Life Insurance policy with an
assured sum of Rs 50,000 or less in order to promote insurance coverage among low-income sections of
the society.
iii. General Micro-Insurance product is a Health insurance contract that is on an individual or group basis
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and is inclusive of personal belongings like home, cattle, tools, instruments or any personal accident
contract. This business if mostly carried out by (NGOs) and Self-Help Groups (SHGs).
HDFC Bank and Max Bupa launch AnyTimeHealth machines to distribute health insurance
products
Max Bupa, India’s health insurance company collaborated with HDFC Bank, India’s leading private
sector banks, and launched ‘AnyTimeHealth (ATH) machines. The machine is an automated, web-
based model that permits customers to avail health assessment, namely, Body Mass Index’, ‘Blood
Pressure’, ‘Body Type & Fat percentage’, ‘Muscle percentage’, ‘Bone Mass’, ‘Body Temperature’ and buy
health policy dynamically without incorporation of any kind of conventional manual efforts.
i. Max Bupa offers customisable products to HDFC bank’s customers, through digital touch points, that is,
Max Bupa’s plans, namely, ‘heartbeat, health companion, Goactive and health recharge’.
ii. Max Bupa partnered with HDFC Bank to design an end-to-end ‘digital journey’ for the bank’s
customers, which is designed to support HDFC Bank’s assisted and non-assisted mode of selling
insurance digitally, thus empowering the HDFC’s customers to avail health insurance
solutions proficiently.
iii. The collaborative effort of HDFC Bank and Max Bupa to make quality healthcare available through
digital medium will help fulfil the health insurance needs of HDFC bank’s 40+ million customers across
India.
RBI extends the previous ombudsman scheme to non-deposit taking NBFCs having asset size of
Rs.100 crore or higher
The Reserve Bank of India (RBI) extended the ombudsman scheme coverage to non-deposit
taking (NBFCs) Non-banking Financial Companies having an asset size of Rs.100 crore or higher.
This was notified in the Statement of Developmental and Regulatory Policies under the Monetary Policy
Statement.
Key Points:
i. The objective of this was to provide a cost-free and swift complaint-redressal mechanism relating to
shortage in the services, concerning loan and other issues by NBFCs under the scheme.
ii. The scheme before the extension to some categories of NBFCs was effective for deposit-accepting
NBFCs.
iii. The sectors excluded from the range of the scheme are:
The non banking financial company-infrastructure finance company (NBFC-IFC), core investment
company (CIC), infrastructure debt fund-non-banking financial company (IDF-NBFC) and an NBFC under
liquidation.
iv. The scheme contains an Appellate mechanism under which the NBFC has the option to appeal before
the appellate authority against any of the decision of the Ombudsman.
v. There are 4 offices of the NBFC ombudsmen functional at: Chennai, Kolkata, Mumbai and New Delhi.
These handle customer-complaints in the respective zones.
RBI notified that banking ombudsman saw 25% rise in customer complaints in FY18 over FY17
The Reserve Bank of India (RBI) notified that the banking ombudsman received 24.9% more customer
complaints in FY18 over FY17, with 21 offices of the banking ombudsman receiving 1,63,590 complaints
in 2017-18, thus marking a hike of 24.9% over 2016-2017. Overall, the complaint disposal rate was
96.5% in FY18 and 92% in FY17.
i. The (BO Scheme) banking ombudsman scheme was introduced in 1995. It was a cost-free and swift
grievance redressal mechanism for customers of banks.
ii. The BO Scheme was later revised to boost the powers of BOs by removing the limit of₹10 lakh on the
award that BOs can pass and doubling the amount of compensation for loss to ₹20 lakh.
iii. The report notified that majorly complaints were received for non-observance of fair practices code
(22.1% complaint), ATM and debit card issues (15.1% complaint), credit card issues (7.7% complaint),
failure to meet commitments (6.8% complaint), mobile and electronic banking (5.2% complaint).
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Nationalised banks and State Bank of India (SBI) taken together accounted for 63% of complaints.
iv. The average cost of handling a complaint decreased from Rs 3,626 in 2016-17 to Rs 3,504 in 2017-18.
RBI is going to issue new Rs 20 denomination banknote with greenish-yellow colour

The Reserve Bank of India (RBI) will issue new Rs 20 denomination banknotes having a base colour of
greenish -yellow with size of 63 X 129 mm. The first Rs 20 notes were issued in the Mahatma Gandhi
Series in August 2001.
i. The new note will have a motif of Ellora caves on the dorsal side.
ii. The notes will have a geometric pattern in the front and back side, matching with the overall color
scheme.
iii. The front side will have a transparent register with denominational numeral 20, a latent image with a
numeral and also a Devanagari version of ’20’.
iv. In the centre of the new note there will be a portrait of Mahatma Gandhi and towards the right of the
portrait would be written in micro letters, RBI, Bharat, India and 20, the guarantee clause, Governor’s
Shaktikanta Das’ signature, the promise clause and RBI emblem, Ashok Pillar emblem and electrotype
(20) watermark would be on the top left and bottom side.
Finance Ministry approves EPF interest rate hike to 8.65% for 2018-19
The Department of Financial Services, a wing of the Ministry of Finance, has approved an Employee’s
Provident Fund (EPF) interest rate hike of 10 basis point to 8.65 percent for 2018-19, as decided by the
retirement fund body Employee’s Provident Fund Organisation (EPFO). This move will benefit more than
6 crores formal sector workers. Earlier in 2017-18, the interest rate on EPF was 8.55 percent.
i. In February 2019, the EPFO’s apex decision-making body, the Central Board of Trustees headed by
Labour Minister Santosh Gangwar, had decided to hike the interest rate on EPF. This hike was the first
increase in the last three years.
About EPFO
♦ Founded: 4 March, 1952
SC gave ultimatum to RBI to disclose information under RTI Act

Recently, Supreme Court bench headed by Justice L Nageswara Rao has directed the Reserve Bank of
India (RBI) to disclose information related to its annual inspection report of banks under the Right to
Information (RTI) Act until and unless they are exempted under law. The bench has also directed the RBI
to review its policy to disclose information relating to banks under RTI.
Key Highlights
i. The bench was hearing a contempt petition filed by RTI activists Subhash Chandra
Agarwal and Girish Mittalagainst the Reserve Bank of India.
ii. According to the petitioners, they had asked copies of RBI’s inspection reports of ICICI Bank, Axis
Bank, HDFC Bank, and SBI between April 2011 and December 2015 but the central bank rejected to
provide this information by stating that it is exempted under section 8(1)(e) of the RTI Act and section
45NB of the Reserve Bank of India Act, 1934.
About RBI
♦ Slogan of RBI: Developing Banking
Canara Bank and its life insurance partner Canara HSBC OBC Life launched ’Webassurance’
On 27th April 2019, Canara Bank and its life insurance partner Canara HSBC Oriental Bank of
Commerce Life Insurance launched ’Webassurance’ to enable its customers to purchase life insurance
in a convenient and hassle-free way.
Key Points:
i. Total Four life insurance products of Canara HSBC OBC Life would be made available to its customers
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with various facilities like key needs of child future, savings, and investments, retirement planning and
protection.
ii. Through this Webassurance, the bank will be able to service the protection needs of its younger and
net-savvy customers.
iii. This Life Insurance is jointly owned by Canara Bank (51 percent) and Oriental Bank of Commerce
(23 percent) and HSBC Insurance Holdings (26 percent), the Asian insurance arm of HSBC.
About Canara Bank
♦ Headquarters: Bangalore, Karnataka
♦ Chairman: Shri. T.N. Manoharan
♦ Tagline: Together we can
Real-Time Voice Banking Platform Launched named FSS Voice Commerce

On 16th April 2019, Financial Software Services (FSS) has launched FSS Voice Commerce which is a
real-time voice banking platform to provide customers with personalized banking interactions.
Key Points:
i. It uses machine-learning language processing techniques for analysis and synthesis of language and
speech to deliver the service.
ii. This platform interfaces with any retail banking system to provide real-time information of accounts
and balances.
iii. It also enables seamless 24/7 secure access to a broad range of financial banking services such as
fund transfers, bill payments, card block and non-financial transactions such as service requests, like
ordering for a cheque book, new credit / debit card, loan request, check rate of interest for personal loan,
real-time account information etc.
Economist Intelligence Unit set to bring down India’s growth outlook for 2019-20
Economist Intelligence Unit (EIU) in its report said that in 2019-20 India’s economy will grow below its
potential due to a generally weaker global economy and structural challenges such as high
unemployment. EIU will make a downward revision to its current forecast of 7.2 percent.
Key Highlights
i. Recently, the Asian Development Bank (ADB) and RBI have downgraded India’s growth forecast for
2019-20 to 7.2 percent from 7.4 percent.
ii. IMF in its report “World Economic Outlook” downgraded India’s growth forecast for 2019-20 to 7.3
percent.
About EIU
♦ Headquarter: London, United Kingdom
Fitch Solutions Report: India to install 54.7 GW wind capacity by 2022

According to Fitch Solutions Macro Research report, India is probably going to install 54.7GW of wind
capacity by 2022 against the 60 GW target set by the government. This wind capacity installation is a
part of India’s ambitious target of installing 175 GW of renewable energy capacity by the year 2022
which includes 100 GW from solar, 60 GW from wind, 10GW from bio-power and 5 GW from small
hydro-power.
Central Government hikes customs duty on wheat to 40 percent

The Central Board of Indirect Taxes and Customs (CBIC) hiked the basic customs duty (BCD) on wheat
to 40% from 30%. The objective is to restrict imports so that domestic prices of wheat do not come
under pressure as the country’s wheat production in this season might cross 100 million tonnes. Last
year in May, the government hiked the basic customs duty on wheat to 30% from 20%.
About Central Board of Indirect Taxes and Customs (CBIC)
♦ Headquarter: Ministry of Finance, North Block, New Delhi
♦ Chairperson: Pranab Kumar Das
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Govt. forms committee to examine the introduction of e-invoices under GST

On 28th April 2019, the government of India has formed a 13-member committee having
representatives from GST Network (GSTN), central and state governments to examine the electronic tax
invoice system of various countries like South Korea, Latin America and suggest a model for India.
Key Points:
i. The introduction of electronic invoices (e-invoices) through the Goods and Services Tax (GST) portal
which will help the indirect tax system and keep a check on tax evasion.
ii. For the e-invoices system, the committee will examine and suggest the target taxpayers and the
threshold limit.
iii. The committee will look at a centralized system of e-invoices, which will give automatic access to
authorities to invoices
iv. It will also discuss whether a system of e-invoices would help in dispensing the requirement of e-way
bill or modification of the e-way bill or even combine both the options of e-invoice and e-way bill.
v. The e-invoice system will replace the requirement of the generation of e-way bill for movement of
goods. At present, the e-way bill is required for moving goods exceeding Rs. 50,000.
The Reserve Bank of India (RBI) has proposed strict rules on opening and running of current
accounts of corporate borrowers in order to tackle fund diversion.
India’s Central Bank, the Reserve Bank of India (RBI) would tighten rules on opening and operating
current accounts of corporate borrowers to prevent the diversion of funds.
RBI had notified that the banks with collection accounts will have to transfer funds to the current
account and the current accounts could be opened only with the lead bank of a lending association.
Key points:
i. The rules would be applicable to corporates who have borrowed and used credit facilities of more
than Rs 50 crore from the banking system.
ii. Customers using credit facility of Rs 5 to Rs 50 crore can also open current accounts with any bank,
even if it is not the consortium’s leading bank (which is not a consortium leader). But only collection
accounts can be run with non-lending banks.
iii. The debits into accounts will be restricted to transfers to the current account with the lead bank.
iv. The Reserve Bank of India notified that the existing current accounts with banks not leading a
consortium must be converted into collection accounts. In case they are not converted, the accounts are
closed within a 3-month notice period.
By SIPRI report, India’s military expenditure rises by 3.1% to reach $66.5 billion and Pakistan’s
by 11% to reach $11.4 billion in 2018
According to the report from the Stockholm International Peace Research Institute (SIPRI), a think-tank,
the world’s military expenditure has risen by 2.6% to reach 1.82 $ trillion in 2018. This shows that
military expenditure has increased for the 2nd consecutive year to the highest level since 1988 and is
76% higher than it was in 1998. In this total share, India, United States, China, Saudi Arabia and France
altogether contributed to 60% per cent of the amount, with US and China being the 2 biggest spenders.
i. The world’s military expenditure is 2.1% of its GDP.
Key Points:
i. By the SIPRI report, India’s military expenditure had hiked by 3.1% to reach 66.5 $ billion and
Pakistan’s expenditure grew by 11% to reach 11.4 $ billion.
ii. The US’ military spending increased for the 1st time since 2010, by hiking by 4.6% to reach 649 $
billion in 2018. The report also notified that the US’ expenditure comprises 36% of global military
spending and is almost equal to the combined expenditure of the next 8 largest spending countries
together.
iii. China’s expenditure has risen for the 24th consecutive year to hike by 5% more to reach $250
billion, thus representing 14% of the world’s military expenditure. This amount is 10 times higher than
the amount spent by Beijing in 1994.
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Paytm Launches Recurring Payment Options for startups

On 29th April 2019, Noida-based e-commerce payment system and digital wallet
company, Paytm launched a new option of recurring payments for its merchants.
Key Points:
i. Recently it also started its own subscription business at an annual fee of Rs 750 where consumers pay
at regular intervals.
ii. Consumers can opt for recurring payments from Paytm wallet, also from their bank accounts, debit
cards, credit cards, net banking and more.
iii. So, if the Paytm customer doesn’t have money in their wallet, the recurring payment can be deducted
directly from the bank account or credit card.
Bharti AXA General Insurance, the 1st company to sell 2-wheeler policies via WhatsApp, by
partnering with Wishfin
Bharti AXA General Insurance, the first company in the domestic non-life insurance industry has
collaborated with web aggregator, Wishfin Insurance to sell 2-wheeler policies via social media
messaging platform, WhatsApp.
i. Bharti AXA General Insurance is a joint partnership between Bharti Enterprises and AXA, global
insurance firm. It will sell the policies on Wishfin’s insurance arm, Wishpolicy’s website.
ii. Wishfin has launched ‘Buy Two-Wheeler Insurance on WhatsApp’ (that is available on Wishpolicy’s
website) through Wishfin Insurance. This policy is an instant, effortless and additional customer service
option avaiable for the policyholders.
iii. No manual intervention is required to buy the 2-wheeler insurance. Customers and policyholders can
buy the 2-wheeler insurance on WhatsApp by giving a missed call to 8527844822.
iv. The customer then has to provide his/her registration number and certain details before making the
payment after which he/she gets instant policy through WhatsApp.
India’s GDP growth projection lowered to 7.3 percent by India Ratings

India’s GDP growth projection for 2019-20 lowered to 7.3 percent by India Ratings and Research, a Fitch
Group company, due to below normal monsoon prediction, continued agrarian distress and loss of
momentum in industrial output. The earlier projected GDP growth was 7.5 percent.
Key Highlights
i. Other reason for lowered growth projection is slow progress on cases referred to the National
Company Law Tribunal under Insolvency and Bankruptcy Code, 2016.
ii. Investment Expenditure Growth which is measured by gross fixed capital formation (GFCF) has also
been downgraded to 9.2 percent from the earlier forecast of 10.3 percent for the year 2019-20, is
another reason cited for lowering the growth forecast.
About National Company Law Tribunal (NCLT)
♦ NCLT is a quasi judicial body established under the Companies Act, 2013. This body was established by
the recommendations of Eradi Committee. NCLT adjudicates issues related to Indian companies.
Indian cyber insurance market grows 40% with 350 cyber insurance policies bought in 2018
against 250 in 2017
A report titled ‘Cyber Insurance in India- Mitigating Risks amid Changing Regulations and
Uncertainties‘ by Data Security Council of India (DSCI) stated that cyber insurance market is gradually
gaining momentum in India as cyber-theft has increased substantially to become one of the most
prominent threats to the corporates’ operations.
The report broadly offers market insights on the stances in cyber insurance with its prime objective to
increase awareness and help evaluate a cyber insurance policy effectively.
i. Data from the report showed that between 2016 and 2018, India ranked as the 2nd most affected
country from cyber-threats. 350 cyber insurance policies were bought by Indian corporates in 2018 as
compared to 250 in 2017, which marks a 40% hike in the sale of these policies.
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ii. During the period of 2017-2018, the average cost of a data breach in India hiked by 7.9% amounting
to Rs.12 crore.
iii. The report notified that companies, namely, ICICI, HDFC Ergo, Bajaj Allianz were the major sellers of
cyber insurance policies.
iv. As per a report, the insured amounts lies between 1$ million and 200$ million.
v. Cyber insurance is basically designed to cover all expenses including the fees, legal costs associated
with cyber breaches that generally occurs after an organisation has been hacked or from theft or loss of
client/employee information.
Banking, Finance & Economy Q&A: April 2019

Which of the following bank becomes the 3rd largest bank after it merged with Dena Bank &
Vijaya Bank?
Answer – Bank of Baroda
Explanation:
On April 1, 2019, the merger of Dena Bank and Vijaya Bank into Bank of Baroda has come into effect.
With this amalgamation, Bank of Baroda becomes the India’s second largest public sector bank and third
largest commercial bank after State Bank of India (SBI) and HDFC Bank. India’s first ever three-way
merger of banks has started its operation over Rs 15 lakh cr as of balance sheet, with deposits and
advances of 8.75 lakh crore and 6.25 lakh crore rupees, respectively.Government has also infused Rs
5,042 crore into Bank of Baroda by way of preferential allotment of equity shares.Centre’s shareholding
in the merged entity is 65.7%.BoB now has over 9,500 branches, 13,400 ATMs and 85,000 employees.
How many Public Sector Banks (PSBs) are in India after Bank of Baroda merged with Vijaya Bank
and Dena Bank?
Answer – 18
Explanation:
Dena Bank and Vijaya Bank merged with Bank of Baroda.Now the number of public sector banks (PSBs)
has reduced to 18.The merger also reduced the number of banks kept under the Prompt Corrective
Action (PCA) framework by RBI to four as Dena Bank was among the five PSU banks kept under PCA.
Which first Indian Asset Management company tied up with google to launch voice-based
financial transactions?
Answer – Reliance Nippon Life Asset Management (RNAM)
Explanation:
Reliance Nippon Life Asset Management (RNAM) has joined hands with Google to enable the customers
of Reliance Mutual Fund to carry out voice-based financial transactions. With this, RNAM becomes the
first company in India, to provide conversational interface that would help customers regarding funds
transactions.In the first phase, the functionality would be launched in Reliance Simply Save app for the
customers.
Which of the following nations are imposed with Anti Dumping Duty on the import of Solar
Components?
i. China
ii.Malaysia
iii.Saudia Arabia
iv.Thailand
v.Pakistan
Answer – All the Options excluding v
Explanation:
In order to safeguard domestic players against cheap shipments, Department of Revenue, Government of
India has imposed anti-dumping duty up to USD 1559(Rs 1,07,844) per tonne on the import of certain
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solar cell components (Ethylene Vinyl Acetate Sheet for Solar Module) from China, Malaysia, Saudia
Arabia and Thailand for a period of 5 years.This move is taken on the recommendation of Directorate
General of Trade Remedies (DGTR), which is the Investigation Arm of Ministry of Commerce.
Which global IT Service company has acquired 75% stake in Starter NV,a subsidiary of Dutch
based ABN AMRO Bank for $144 million (approx. Rs 999 crore)?
Answer – Infosys
Explanation:
Consulting arm of Global IT Services major, Infosys will buy 75% stake in Starter NV which is a
subsidiary of Dutch based ABN AMRO Bank for $144 million (approx. Rs 999 crore) in an all-cash
deal.This move is aimed at strategic partnership in Netherlands. ABN Amro which is the third largest
bank of Netherland will hold the remaining 25 per cent stake in Starter NV.
Reserve Bank of India celebrates its _______ Foundation Day on April 1,2019?
Answer – 84th
Explanation:
Reserve Bank of India celebrates its 84th Foundation Day on April1,2019.RBI is India’s central banking
institution, which controls the issuance and supply of the Indian rupee. It commenced its operations on 1
April 1935 in accordance with the Reserve Bank of India Act, 1934.Until the Monetary Policy Committee
was established in 2016, it also controlled monetary policy in India. Initially, RBI’s headquarters was in
Calcutta. It was moved to Mumbai in the year 1937. RBI controls the issuance and supply of the Indian
rupee.The original share capital was divided into shares of 100 each fully paid, which were initially
owned entirely by private shareholders.Following India’s independence on 15 August 1947, the RBI was
nationalised on 1 January 1949.
BNP Paribas Cardif has sold 5 crore shares of which life insurance company for Rs 2,889 crore?
Answer – SBI Life Insurance
Explanation:
The foreign partner of SBI Life Insurance, BNP Paribas Cardif has sold 5 crore shares of the company for
Rs 2,889 crore to increase its public shareholding to 25% of its paid-up equity share capital on or before
October 2, 2020. This sale has not undertaken as per the methods prescribed by SEBI for achieving the
minimum public shareholding (MPS) Threshold.The average price of equity share during the sale was Rs
577.93 per equity share.On the other hand, Canada Pension Plan Investment Board has bought 2 crore
shares at an average price of Rs 577.50 per shares.Both transactions were carried out as bulk deal from
one investor to another.
Name the vice president of Google India and South East Asia,who resigned recently and joined
Sequoia Capital India.
Answer – Rajan Anandan
Explanation:
Vice president for Google India and South East Asia, Rajan Anandan is quitting from the company after an
8 year stint. He was responsible for driving growth at Google India. He will stay until the end of this
month.He will join Silicon Valley’s marquee venture fund Sequoia Capital,where he will serve as an
investment advisor and mentor to Surge founders.In 2018, he was conferred with “IMPACT Person of the
Year award in 2018” for starting initiatives like everal initiatives including “Navlekha” and “Internet
Saathi”.Vikas Agnihotri, who is currently Google’s country director for sales, will take on the interim
responsibility until the company finds a new managing director.Surge is a scale-up programme for
startups in India and South East Asia.
Find the name of African country ,which was opted by India to set up India-Africa Institute of
Agriculture and Rural Development (IAIARD).
Answer – Malawi
Explanation:
On 3rd April 2019, India has signed an agreement with National Bank for Agriculture and Rural
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Development Consultancy Service (NABCONS) for setting up India-Africa Institute of Agriculture and
Rural Development (IAIARD) in Malawi to enhance capacity in the areas of agro-financing and
entrepreneurship development for African countries.In this Institute, the trainees from Malawi and other
African countries will be trained in the areas of micro-financing and agro-financing.This agreement will
strengthen the bilateral relations between India and Malawi with the African Union.
Which bank becomes the first lender to impose charges On UPI transactions, namely, Paytm,
Google Pay, PhonePe?
Answer – Kotak Mahindra Bank
Explanation:
Starting from 1st May, 2019, India’s private sector bank, Kotak Mahindra Bank would become the first
lender to levy charges on peer-to-peer (P2P) UPI transactions available across all platforms, namely,
Paytm, Google Pay, PhonePe, Trucaller Pay among others. For Kotak Mahindra Bank’s account holders,
the first 30 peer-to-peer UPI fund transfer would be free of cost. Once a person exceeds 30 UPI
transactions, he will be charged Rs. 2.50 per transaction for of Rs. 1000 or less. For transfers exceeding
Rs. 1000, the bank will charge Rs. 5 plus 18% GST. No additional charges have been imposed upon
reception of money via UPI for merchant transactions or bill payments. Since more than 90% of Kotak
Mahindra Bank’s customers do an average of 5-10 transactions every month, and the charges would be
levied only when a customer exceeds 30 transactions, this step has been taken to curb abuse of the UPI
system. There has been a reduction in charges on merchant transactions through UPI . Instead of the 25
paise charge on transactions up to Rs. 1000 and 50 paise charge on exceeding Rs. 1000, NPCI (National
Payments Corporation of India) has brought it down to a flat rate of 10 paise for all transactions (along
with an ad valoreum charge of 0.04% divided between the issuing bank and the acquiring bank).
Name the investment and wealth management platform of the mobile payments company, which
received SEBI approval for Stock Broking recently.
Answer – Paytm Money
Explanation:
On 2nd April 2019, One97 Communications-owned Paytm Money, the wealth management arm of Paytm,
has got approval from the Securities and Exchange Board of India (SEBI) to start offering a stock broking
service such as the ability to trade in equities and cash segments, derivatives, and exchange-traded funds
(ETFs) among other exchange-traded products Apart from this approval from SEBI, Paytm Money also
got approval for its membership from Bombay Stock Exchange (BSE) & National Stock Exchange (NSE) to
buy share through the Paytm Money app.
Which bank has received a capital of Rs. 205 crore by the government in lieu of preferential
allotment of shares ?
Answer – Bank of Maharashtra
Explanation:
On 30th March 2019, Government infused a capital of Rs. 205 crore into the state owned Bank of
Maharashtra in lieu of preferential allotment of shares. After the Capital infusion, the shareholding of
government in Bank of Maharashtra has increased to 87.74 % from 87.01%.In this regard, the bank has
issued and allotted its 15,47,16,981 equity shares at an issue price of Rs 13.25 per share to the govt.
Asian Development Bank has projected India’s GDP as ______ per cent for the year 2019-20?
Answer – 7.2%
Explanation:
As global risks from trade tensions to Brexit surge, the ADB (Asia Development Bank) in its publication
Asian Development Outlook 2019 has demoted growth forecasts for India and Southeast Asia for 2019.
For India, it has been downgraded by 40 basis points to 7.2% for fiscal year 2019-20 while Southeast
Asia’s growth estimate was lowered to 4.9% by 0.2 percentage point. Given strong corporate
fundamentals, India will maintain its position as one of the fastest growing economies in the world.UK’s
exit from the European Union, financial market volatility and the constantly worsening trade conflict
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between China and the US could hamper the investment scenario.The growth rate in fiscal year 2020-21
would approximately be 7.3%. As the price of food commodities increase, the consumer price inflation is
expected to go up to 4.3% in FY 2019 and 4.6% in 2020.
What is the limit of Ways and Means Advances (WMA) set up by Reserve Bank of India(RBI) for
the first half of the financial year 2019-20?
Answer – Rs.75000 crore
Explanation:
The Reserve Bank of India has set the limits for Ways and Means Advances (WMA) to Rs. 75000 crore for
the first half of the financial year 2019-20 (April 2019 to September 2019). As and when the government
of India utilises 75% of the WMA limit, the central bank would activate fresh floatation of market loans.
The rate of interest issued on the Ways and Means Advances (WMA) will be Repo Rate while the
overdraft will exceed the Repo Rate by flat 2%. The WMA needs to be vacated after 90 days.
Reserve Bank of India has reduced its key policy rate by _________ basis point in order to enhance
the growth and private investment?
Answer – 0.25 basis point
Explanation:
RBI has reduced 0.25 basis points in the Policy Rates under liquidity adjustment facility (LAF) with
immediate effect. Reserve Bank of India (RBI)’s six-member monetary policy committee chaired by RBI
Governor Shaktikanta Das released its 1st Bi-Monthly Monetary Policy for 2019-20.
What is the new Repo Rate revised by the six-member monetary policy committee chaired by RBI
Governor Shaktikanta Das?
Answer – 6.00 %
Explanation:
RBI has reduced 0.25 basis points in the Policy Rates under liquidity adjustment facility (LAF) with
immediate effect.The Change in Policy rates are as follows:
Policy Rates 1st Bi-Monthly Monetary 6th Bi-Monthly Monetary

Policy 2019-2020(Apr- Policy(Feb 2019)
2019)
Repo Rate 6.00 % 6.25%
Reverse Repo Rate 5.75 % 6.00%
Marginal Standing 6.25 % 6.50%
Facility Rate
Bank Rate 6.25 % 6.50%
According to the 1st Bi-monthly Monetary Policy Statement for 2019-20, GDP growth of India is
projected to _____ per cent by Reserve Bank of India(RBI)?
Answer – 7.2%
Explanation:
RBI projected the GDP growth forecast of India for the current fiscal to 7.2% from the earlier estimate of
7.4 per cent.RBI has estimated the retail inflation forecast between 3.2% and 3.4% for the H1FY20.The
objective of the amendment is to achieve the medium-term target for the inflation of the CPI (Consumer
Price Index) by 4% (within a band of ‘+2’ or ‘-2’ i.e. 2% and 6%). The expectation for the CPI inflation for
first half of FY 20 is between 2.9% and 3% while for the second half, it is estimated from 3.5% to 3.8%.
For the last quarter of FY19 (January to March) CPI inflation revised at 2.4%.
What is the sovereign rating of India as per the credit rating agency Fitch?
Answer – BBB-
Explanation:
On 4th April 2019, Fitch Rating affirms India’s sovereign rating at the lowest investment grade of BBB-
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with a stable outlook. The growth rate of India forecasted by Fitch is 6.8% in financial year 2019-20 and
7.1% in FY 2020-21.According to Fitch, Foreign Direct Investment (FDI) regulations has been eased and
there is reduction in red tape but still there are some difficulties in doing business in India due to which
India’s rating is not upgraded. Since 2006, this is the 13th year in a row that India is getting “BBB”
ranking from Fitch. On August 1, 2006, Fitch had upgraded the India’s rating from “BB+” to “BBB”.
Where was the 2 day, 4th Annual Meeting of the New Development Bank(NDB) Board of
Governors (BoG) and the 18th Meeting of the NDB Board of Directors (BoD) held?
Answer – Cape Town, South Africa
Explanation:
4th Annual Meeting of the NDB Board of Governors (BoG) and the 18th Meeting of the NDB Board of
Directors (BoD) were held in Cape Town, South Africa on 31 March and 1 April 2019 respectively. At the
meetings, members of the Boards noted the achievements of the Bank, including expansion of its
business, significant growth of loan portfolio as well as the ramp-up of the NDB’s borrowings. The Board
of Governors also provided guidance for the Bank’s future work. 4th Annual Meeting of the NDB BoG was
chaired by Mr. Tito Titus Mboweni, Governor of the NDB, and Minister of Finance of the Republic of
South Africa. Mr. Paulo Guedes, Governor of NDB, Minister of Economy of Brazil was elected as the next
Chairman of the BoG, and will serve in this position until the end of the next BoG Annual Meeting. The
next Annual Meeting of the Bank’s BoG will be held in Brazil in 2020.
According to the new norms of Reserve Bank of India (RBI), banks require to disclose their
provision if divergence of assessed NPA exceeds ______ per cent of profit prior to provision and
contingencies?
Answer – 10 %
Explanation:
Reserve Bank of India (RBI) has altered the bad loan divergence rule for banks which aims at improving
transparency in asset classification and preventing under-reporting of bad loans.The RBI brought
leniency in its rule on 1st April, 2019 by asking banks to disclose bad loan divergences in their financial
statements. Condition: Additional provisioning if divergence exceeds 10% of profit prior to provision and
contingencies.Earlier banks were able to make suitable disclosures only when: Mandated provisioning by
the RBI exceeded 15% of the net profits after taxfor the reference period. RBI thus improved upon the
additional provisioning requirements.As per RBI, disclosures have to be made: Condition: Additional
gross NPAs if material divergence exceeds 15% of the reported gross NPAs for the reference period.
Which country has approved to supply the 24 multi-mission Lockheed Martin-built MH-60
‘Romeo’ Seahawk helicopters to India around $2.6 billion worth?
Answer – US
Explanation:
At an estimated cost of $2.6 billion, the United States has approved the sale of 24 multi-mission Lockheed
Martin-built MH-60 “Romeo’”Seahawk helicopters to India. These choppers designed for targeting ships,
hunting submarines and conducting search-and-rescue operations at sea, would replenish the age-old
fleet of British-made Sea King helicopters, used by India. This particular sale proposal would help in
strengthening the US-India strategic relationship by aiding the foreign policy and the national security of
the US.The sale approval by the US will not only provide India’s defence forces the ability to carry out
anti-surface and anti-submarine warfare missions but also the capability to perform secondary missions.
The secondary missions is inclusive of vertical replenishment.The choppers are currently deployed with
the US navy and are reviewed as the world’s most capable maritime helicopter constructed to operate
from aircraft carriers, cruisers, destroyers and frigates.The whooping cost of $2.6 billion includes other
supporting equipment and ammunition, namely, 10 Hellfire missiles, 30 MK 54 torpedoes and 38
Advanced Precision Kill Weapon System rockets.The main contractor of the deal is Lockheed Martin’s
“Lockheed Martin Rotary and Mission Systems”.Defence trade between India and the US has risen
extravagantly in the last 10 years and is estimated to reach $18 billion in 2019.
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Who has been appointed as the new Managing Director of Life Insurance Corporation of India
(LIC)?
Answer – Vipin Anand
Explanation:
Vipin Anand has assumed the charge of Managing Director of the Life Insurance Corporation of India
(LIC). In March 2019, he was appointed by Centre as the LIC MD. He will succeed interim chairman,
Hemant Bhargava. Vipin Anandi. In the tenure of more than 35 years, he served as the head of LIC’s
western zone, comprising of 23 divisions. He has also headed LIC’s east-central zone headquartered at
Patna.
Name the subsidiary of Eicher Motors,which has appointed Vinod K. Dasari as its Chief Executive
Officer (CEO).
Answer – Royal Enfield
Explanation:
Vinod K. Dasari has been appointed as Chief Executive Officer (CEO) of Royal Enfield and also became an
executive director in the board of Eicher Motors, parent organization of Royal Enfield.Vinod K. Dasari
will replace Siddhartha Lal for CEO post. But Mr. Siddhartha Lal will continue as MD of Eicher Motors
Ltd.Priorly, he was serving as the MD and CEO at Ashok Leyland since 2011.
Who was appointed as the Industry head of Google India recently?

Answer – Mayoori kango
Explanation:
Ex-Bollywood actress and Managing Director of Performics (A Performance Marketing Agency), Mayoori
Kango has been appointed as the Industry head of Google India. She will lead Google engagement with
Publicis (Parent Company of Performics) and DAN. Mayoori kango.Mayoori Kango started her career at
the age of 15 and featured in Saeed Akhtar Mirza’s National Award winning film, Naseem. Her other
movies includes “Papa Kehte Hai (1996)”, Betaabi (1997), Hogi Pyaar ki Jeet (1999) and Badal
(2000).She quit her acting career and moved to USA after her marriage with NRI Aditya Dhillon.
Which company acquired the chatbot making startup firm Haptik for Rs.700 Crore?
Answer – Reliance Jio Digital
Explanation:
Reliance Jio Digital, a subsidiary of Reliance Industries has acquired a chatbot making startup firm Haptik
for Rs.700 Crore. In this Rs.700 Crore deal, Rs.230 Crore will be used for business transaction and Rs.470
Crore will be used for business expansion.After this acquisition, Reliance Jio Digital now hold 87% stake
in Haptik, while Existing investor Times Internet which held 70% stake will exit the company.Haptik Co-
founders Aakrit Vaish and Swapan Rajdev will have a minority stake of 13% in Haptik.
Which Bank has signed agreement with Bharti Axa Life Insurance Company Ltd to sell its life
insurance products?
Answer – Karnataka Bank
Explanation:
Karnataka Bank has signed a pact with Bharti Axa Life Insurance Company Ltd to distribute the latter’s
life insurance products to provide insurance solutions to the customers of Karnataka Bank. The pact was
signed at the head office of the Karnataka Bank by Bharti representatives of the Karnataka Bank and the
Bharti Axa Life Insurance Company.This collaboration will facilitate wide choices of life insurance
products to its customers across all its 836 branches of bank supported by the customer centric products
of the insurance company.
Which of the following became the first Indian stock exchanges to sign MoU with Moscow
exchange(MOEX) to connect investor community and companies?
i. Bombay Stock Exchange (BSE)
ii. National Stock Exchange of India (NSE)
iii. NSE International Exchange
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iv. India International Exchange (INX)

v. Magadh Stock Exchange
Answer – Option i & iv
Explanation:
BSE (earlier called Bombay Stock Exchange) and INX (India International Exchange) are the first Indian
exchanges to sign MoU (Memorandum of Understanding) with MOEX (Moscow Exchange) in order to
allow capital formation platform and connect investor community and companies in both India and
Russia. BSE, INX and MOEX have accorded with the secondment of senior workforce to strengthen
understanding of activities in each other’s market and to enhance the development of the communication
channels. They will administer joint research in the areas of cross-listing of fixed income product
cooperation, derivative products, dual listing and Exchange Traded Fund (ETF).On Wednesday, 3rd April
2019, the Mou was signed with MOEX CEO Alexander Afanasiev by Ashishkumar Chauhan , the Managing
Director and CEO of BSE.The 3 exchange companies will use the India-Russia initiative to enlarge the
client network and enhance professional intermediaries in both the home market and through cross-
border.
Which telecom company has granted with In-Flight Connectivity license from the Department of
Telecommunications (DoT)?
Answer – Bharat Sanchar Nigam Limited
Explanation:
On 4th April 2019, Bharat Sanchar Nigam Limited (BSNL) has received the In-Flight Connectivity license
from the Department of Telecommunications (DoT) for enabling in-flight and maritime connectivity
(IFMC) within Indian airspace. BSNL and Inmarsat, which is the satellite partner of BSNL, also operates
the GX Aviation service will be able to offer in-flight connectivity to airlines.With this facility users can
send messages, surf the internet and/or tweet, when a flight is at a minimum height of 3,000m in Indian
airspace. Presently any form of internet connectivity for both domestic and international flights is not
available on Indian flights.After, this facility enabled, users will still have restricted amounts of data
available for their uses, applicable for all airlines.
Recently Central Board of Direct Taxes (CBDT) has signed 18 APAs,APA stands for?
Answer – Advance Pricing Agreement (APA)
Explanation:
The Central Board of Direct Taxes (CBDT) has entered into 18 APAs (Advance Pricing Agreements)
inclusive of 03 Bilateral APAs (BAPAs) during the month of March 2019.The total number of APAs
entered into by the CBDT in 2018-19 is 52, which is inclusive of 11 BAPAs. As of now, the number of
APAs entered into by the CBDT is 271, which includes 31 BAPAs.In March 2019, the BAPAs entered into
with following treaty partners:- Australia – 1 Netherlands – 1 USA – 1.The Unilateral APAs (UAPAs) and
BAPAs which entered into March 2019 concern very many sectors and sub-sectors of the economy,
namely, risk management solutions platforms, BPO, IT/ITeS, ATMs, industrial and institutional cleaning
and hygiene products, anti-friction bearings.
Which company will launch India’s first AI-enabled electric motorcycle?

Answer – Revolt Intellicorp Pvt. Ltd.
Explanation:
Micromax co-founder Rahul Sharma has announced his incursion into smart mobility with the launching
of an AI (Artificial intelligence) enabled electric motorcycle. This launch is expected to hit the roads by
June this year.He has set up Revolt Intellicorp Pvt Ltd, headquartered at Gurugram, to make personal
mobility practical, affordable and sustainable, earmarking around Rs 500 crore of investment.He has
claimed that Revolt Intellicorp is going to be a game changer in the automobile industry.
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Who was appointed as the managing director of Infrastructure Leasing & Financial Services
Limited (IL&FS)?
Answer – Chandra Shekhar Rajan
Explanation:
On 3rd April 2019, the non-executive director of IL&FS (Infrastructure Leasing & Financial Services),
Chandra Shekhar Rajan has been appointed as managing director of IL&FS. He will succeed Vineet
Nayyar, who will be the executive vice chairman.This decision was taken under the chairmanship of Uday
Kotak at the board meeting.Bijay Kumar was appointed as deputy managing director.The total
outstanding debt of IL&FS is Rs 94,216 crore, and out of this Rs 48,470 crore is in the four holding
companies IL&FS, IL&FS Financial Services, IL&FS Energy Development Company Ltd and IL&FS
Transportation Networks Ltd.
RBI has altered the LCR norms to offer an additional 2% window to lenders.What does C stands
for in LCR?
Answer – C-Coverage – Liquidity Coverage Ratio
Explanation:
RBI has altered the LCR (Liquidity Coverage Ratio) norms to offer an additional 2% window to lenders.
The central bank has brought in this alteration in order to improve the cash position of banks by
harmonising liquidity requirements and giving away extra money to lenders.The Central Bank has
lengthened the deadline for joining the floating interest rates on home, personal, auto and MSEs (Micro
and Small Enterprises) loans to external benchmarks.As the growth of credit is taking a faster pace than
deposit growth, banks are facing a resource crunch.Currently the investment to deposit ratio in
government bonds is 27.5%, while the compulsory requirement is 19.25%.In order to improve the
process of undertaking foreign-exchange transactions, the non-banking financial companies and non-
deposit holding companies (NBFCs-NDSI) in the category of Investment and Credit Companies (ICCs) will
be eligible to apply for Authorised Dealer Category II licence.
How much will be invested by National Investment and Infrastructure Fund (NIIF) and global
private infrastructure operator ROADIS in road projects in India?
Answer – $2 billion
Explanation:
The National Investment and Infrastructure Fund (NIIF) and global private infrastructure operator
ROADIS (owned by Public Sector Pension Investment board abbreviated as PSP investment) have jointly
set up a platform for investing up to $2 billion in road projects in India. The platform will target 3 things,
namely, The TOT (Toll-Operator-Transfer model) Acquisition of existing road concessions prospective
investment opportunities in the India’s road-sector, with the sole objective of creating large roads
platform in the nation. ii. For the monetisation of publicly-funded highways, the TOT model was
introduced by the government of India in 2016. Supported by a sound tolling system, under the TOT
model, the investors make a one-time payment in return for long-term toll collection rights iii. ROADIS is
by far the largest European highway concession manager in India with 710 km of highways within its
ownership and management.
In which entity was Keshav Murugesh appointed as its chairman?

Answer – NASSCOM (National Association of Software and services companies)
Explanation:
On 5th April, 2019, NASSCOM (National Association of Software and services companies), an IT industry
body has appointed Keshav Murugesh, CEO of WNS Global Services Group as its Chairman for 2019-20.
This appointment of the Nasscom Chairman and Vice Chairman is done by the Executive Council.
Currently, he was on the positioned as Vice Chairman of Nasscom, and has succeeded Rishad
Premji.Nasscom also designated Pravin Rao, Infosys COO UB as its Vice Chairman for 2019-20.
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Name the bank recently approved the merger of the private sector lender with Indiabulls Housing
Finance (IBH).
Answer – Lakshmi Vilas Bank
Explanation:
On 5th April, 2019, Lakshmi Vilas Bank, Private sector lender announced to approved a merger with
Indiabulls Housing Finance Ltd, mortgage financier in an all-stock deal. The merged entity will be known
as ‘Indiabulls Lakshmi Vilas Bank’.This merged bank will be among the top 8 private banks in India by
size and profitability.As per the share swap ratio, for every 100 shares of Lakshmi Vilas Bank
shareholders will get 14 shares of Indiabulls Housing Finance.
Which international development finance institution, has predicted 1.7 trillion dollars is required
to build disaster-resilient infrastructure in Asia?
Answer – Asian Development Bank’s (ADB)
Explanation:
On 6th April 2019, According to a recent Asian Development Bank’s (ADB) report titled ‘Asian
Development Outlook 2019: Strengthening Disaster Resilience’, around 26 trillion dollars from 2016 to
2030, or 1.7 trillion dollars investment needed per year to build disaster-resilient infrastructure in Asia.
Asian Development Outlook 2019.This is because Developing economies across Asia are among the most
vulnerable to natural disasters and have suffered damages of around 644 billion dollars since 2000.Of
these, approx 507 billion dollars wasted for weather-related hazards while the remaining 137 billion
dollars wasted for geophysical hazards.
How much has been revised from 25 paise by NPCI for payment transaction up to Rs.1000 using
Unified Payments Interface (UPI)?
Answer – 10 paise
Explanation:
On 2nd April 2019, for promoting the adoption of Unified Payments Interface (UPI), the National
Payments Corporation of India (NPCI) has reduced the transaction fees up to Rs 1,000 by 60%.For UPI
transactions up to Rs.1,000, the charge has been cut to 10 paise from 25 paise, and for transactions above
Rs.1,000 has been retained at 50 paise.This will help the service providers like banks and third-party
applications to boost UPI and at the same time will also help the consumers in the long run as more cash
backs and incentives can get offered. At present Google Pay, Paytm and PhonePe are aggressively
promoting UPI by offering case back and other benefits.
Which Indian regulatory body has approved ‘Airport Specific Fund’ titled “Taking off to the future
airport fund” worth Rs. 10,000 crore for the first time?
Answer – Securities and Exchange Board of India
Explanation:
Under “Category II Alternate Investment Fund” (AIF), for the first time SEBI (Securities and Exchange
Board of India) has approved an “airport’ specific fund“. The name of the fund is “Taking Off To the
Future Airport Fund“. It can raise a capital amounting to 1.5$bn (Rs. 10,000 crore).The Sponsor and
Investment Manager of the fund is based in Chennai and is termed as ‘Taking Off To The Future
Investment Management LLP’. Gigi George leads the management and operation of ‘Sponsor/Investment
Manager’.A minimum capital contribution of Rs. 3500 crore and a maximum of Rs. 7000 crore is targeted
by the fund. iv. India is presently the third largest aviation market in the world.
Which organisation has received the approval from Competition Commission of India (CCI) to
acquire Bengaluru-based IT services firm Mindtree?
Answer – Larsen and Toubro(L&T)
Explanation:
On 6th April 2019, Larsen and Toubro (L&T) has received the approval to acquire up to 66.15 percent
stake in the Bengaluru-based IT services firm Mindtree from Competition Commission of India
(CCI).Around Rs 10,800 crore is the estimated total deal value.After the announcement, Mindtree board
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constituted a committee of four independent directors headed by Apurva Purohit to review the open
offer and advise stakeholders whether to go for open offer or not.
Which bank has signed a term loan Pact of Rs. 2,000 crore for part financing of National Thermal
Power Corporation(NTPC) recently?
Answer – Canara Bank
Explanation:
On 5th April 2019, National Thermal Power Corporation(NPTC) has signed a term- loan Pact of Rs.2,000
crore with Canara Bank. The Loan facility prolonged at an interest rate linked to 3-Month MCLR of Bank.
The lent amount would be utilized to part finance company’s capital expenditure.The tenure for the loan
is 15 years .For part financing company’s capital expenditure, NPTC had inked a term-loan agreement for
Rs.5,000 crore with State Bank of India in February, 2019.
What is the revised GDP growth of India for the fiscal year 2019-20, as projected by World Bank
in its recent report on South Asia?
Answer – 7.5%
Explanation:
The World Bank notified that India’s consistent hold in investment sector, mainly private-improved
export performance and resilient consumption, has led its GDP growth forecast to mount to 7.5 per cent
for fiscal year 2019-20.The real GDP growth is estimated at 7.2 per cent in FY18/19. According to the
latest World Bank’s report South Asia, data for the first 3 quarters show that growth has been broad-
based.Industrial growth sped up to 7.9 per cent which means the services growth will decelerate.
Agriculture growth remains at 4%.
Who has become the first woman Chairman and Managing Director of the mini ratna-I category
PSU, after appointing as the interim CMD of Pawan Hans Limited?
Answer – Usha Padhee
Explanation:
On 7th April, 2019, Odisha cadre IAS officer, Usha Padhee, has been given additional charge as the
Chairman & Managing Director of Pawan Hans Ltd, helicopter services providing company. Currently ,
she is serving as the Joint Secretary of Department of Civil Aviation.Usha Padhee became the first woman
CMD of Pawan Hans Ltd.With this appointment, she becomes the first woman CMD of the mini ratna-I
category PSU (Public sector undertakings). She also served as the Director of the Pawan Hans Ltd and
Additional Director at Delhi International Airport Limited.The post was vacant since the superannuation
of then incumbent B P Sharma.
On 8th April 2019, Reserve Bank of India gave some guidelines which based upon the
recommendations of the “Committee on Currency Movement” (CCM) for banks to set up new
currency chests. Who is the chairman of CCM?
Answer – DK Mohanty
Explanation:
Reserve Bank of India gave some guidelines for banks to set up new currency chests
On 8th April 2019, The Reserve Bank of India gave some guidelines for banks to set up new currency
chests, including a minimum area of 1,500 square feet for strong room and should have a processing
capacity of 6.6 lakh pieces of banknotes per day. The guidelines are based upon the recommendations of
the “Committee on Currency Movement” (CCM) chaired by DK Mohanty, which was constituted by RBI in
2016.
Which of the below private bank has signed an agreement to strengthen the Bombay Stock
Exchange (BSE) startup platform?
Answer – HDFC Bank
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Explanation:
On 8th April 2019, Bombay Stock Exchange (BSE), Asia’s oldest exchange has signed an agreement with
HDFC Bank to spread more awareness about the benefits of listing startups as well as to strengthen BSE
startup platform.
India has met the revised fiscal deficit target of ________of gross domestic product in fiscal year
2018-2019.
Answer –3.4%
Explanation:
India has met the revised fiscal deficit target of 3.4% of gross domestic product in fiscal year 2018-2019.
Target has been achieved by cuts in state spending and higher borrowings from small savings
funds.Centre has missed the tax collections target by over 1 trillion rupees which includes around 500
billion rupees shortfall in income tax receipts.
Which of the following report of the World Bank stated that India retained its position as the
world’s top recipient in 2018?
Answer – Migration and Development Brief
Explanation:
According to World Bank’s Migration and Development Brief; with the Indian diaspora sending 79$
billionback to their home country, India retained its position as the world’s top recipient of remittance in
2018. India was followed by remittances of:China: 67$ billion and Mexico: 36$ billion in top 3.
What is the growth rate of India for the year 2019 as per the World Economic Outlook (WEO)
report released by International Monetary Fund (IMF)?
Answer – 7.3 %
Explanation:
According to the World Economic Outlook (WEO) report released by International Monetary Fund (IMF),
India’s growth rate is estimated to rise from 7.3% in 2019 to 7.5% in 2020 provided it receives impetus
from the fiscal policy and is backed by the ongoing recovery of investment and consumption within
expanded approach of monetary policy. As per the report, India’s growth rate was 7.1% in 2018 against
China’s 6.6%. India will remain the fastest growing major economy in the world.According to the report,
India’s growth is approximated to stabilise at just under 7¾ over the medium term. This will be possible
when structural reforms will continuously be implemented and infrastructure gridlocks would be eased.
Which is first Islamic bank in the world to launch chat banking facility for its customer via
Whatsapp?
Answer – Emirates Islamic bank
Explanation:
On 7th April 2019, Emirates Islamic bank launched a chat banking facility for its customer via Whatsapp
and become the world’s 1st bank in the Islamic banking sector to give such facility. It was supported by
Infobip. ii. This chat banking solution allows customers to check account balances, temporarily blocking
or unblocking of an existing card.
Name the Asset Management Co., that has topped in terms of average Assets Under Management
(AUM) as per the AMFI (Association of Mutual Funds in India).
Answer – HDFC Asset Management Co. Ltd
Explanation:
According to data released by the AMFI (Association of Mutual Funds in India), India’s asset management
companies have owned assets under management worth Rs. 24.46 trillion. HDFC AMC.HDFC Asset
Management Co. Ltd has achieved the top position with an average AUM of Rs. 3.42 trillion.ICICI
Prudential Asset Management Co. Ltd has claimed the second position with an average AUM of at Rs.3.20
trillion.
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What is the estimated growth of steel demand as per the Indian Steel Association for the year
2019?
Answer – 7.1%
Explanation:
On 10th April 2019, as per the Indian Steel Association, India’s steel demand is grown by over 7 percent
in 2019 and 2020, due to the sectors like construction, capital goods, and railways.The forecast for steel
demand growth is 7.1 percent in 2019 and by 7.2 percent in 2020.The consumption of steel in India is
likely to cross 100 million tonnes (MT) mark in 2019.This growth is also due to some infrastructure
programmes such as Bharatmala, Sagarmala, railway track electrification, dedicated freight corridors,
metro rails, etc.
Who was appointed as MD & CEO of Indian Overseas Bank?

Answer – Karnam Sekar
Explanation:
On 9th April, 2019, Centre made important management appointments to several public sector banks.
According to the Department of Personnel and Training, Appointments Committee of the Cabinet (ACC)
approved the appointment of Karnam Sekar as MD and CEO in Indian Overseas Bank.The new
designation will be effective from July 1, 2019.Karnam Sekar is currently the CEO and MD of Dena bank.
He will further work as officer on special duty and whole-time director with IOB till the end of June,
2019.
What is the revised interest rate of General Provident Fund(GPF), Contributory Provident Fund
(CPF) and other schemes for April-June, 2019-20?
Answer – 8%
Explanation:
For the first quarter of current financial year, the government has stuck to the previous (January-March
quarter of 2018-2019) interest rate for (GPF) General Provident Fund, Contributory Provident Fund
(CPF) and other schemes at 8%.The Department of Economic Affairs notified that the mentioned interest
rate of 8% will be applicable on provident funds of Contributory Provident Fund (India), the All India
Services Provident Fund, the State Railway Provident Fund, the General Provident Fund (Defence
Services), the Indian Ordnance Department Provident Fund, the Indian Ordnance Factories Workmen’s
Provident Fund, the Indian Naval Dockyard Workmen’s Provident Fund, the Defence Services Officers
Provident Fund, and the Armed Forces Personnel Provident Fund.
Which private sector bank has associated with AI-based credit underwriting platform CreditVidya
to enhance the customer experience?
Answer – RBL Bank
Explanation:
RBL Bank has partnered with CreditVidya to enhance the lender’s customer experience (by offering them
relevant credit products) and construct customised offerings for over 15 lakh customers. RBL bank had
first partnered with CreditVidya in 2018 for instant and automated verification of employment details of
salaried card applicants.RBL Bank will leverage CreditVidya’s big data underwriting platform across its
credit card and mobile banking apps.CreditVidya helps lenders, wallets assess risk of customers,
leverages alternative data, artificial intelligence (AI) and machine learning for credit scoring for the
facilitation of institutional credit for the underserved.
Cabinet Committee of Security has cleared the proposal for the procurement of the 464 T-90
tanks from which country?
Answer – Russia
Explanation:
The Cabinet Committee of Security has cleared the procurement of 464 Russian tanks from Russia under
T-90 project in a deal worth over Rs 13,500 crore. The tanks would be given to the Armoured Corps of
the force which will be furthered used by them for deployment along the India-Pakistan border.The new
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deal would increase the number of T-90s in the Army to 2,000 along with the remaining T-72 and T-
55s.The acquisition also includes a Make-in-India element for integration at the Heavy Vehicles Factory
in Avadi (near Chennai).
In which entity was Shiv Das Meena appointed as its Chairman cum Managing Director (CMD)?
Answer – National Buildings Construction Corporation (NBCC)
Explanation:
On 9th April 2019, Additional Secretary of the Ministry of Housing and Urban Affairs (MoHUA), Shiv Das
Meena has been appointed as the Chairman cum Managing Director (CMD) of National Buildings
Construction Corporation (NBCC).Shiv Das Meena, an Indian Administrative Service officer of Tamil
Nadu cadre of 1989-Batch, will succeed Dr. Anoop Kumar Mittal.He takes charge as the 17th CMD of
NBCC.
According to Reserve Bank of India, bank credit rose to __________ percent for the fortnight to March
29?
Answer – 13.24%
Explanation:
According to the data of Reserve Bank of India, which was released on 11th April, 2019, bank credit rose
13.24% to Rs 97.67 lakh crore for the fortnight to March 29.This is the second consecutive robust credit
growth after the same had declined to 4.54 percent in FY17 at Rs 78.41 lakh crore, which was the lowest
since 5 decades.Deposits have grown by 10.03 percent to Rs 125.72 lakh crore during the same period.
Which bank has recognised as the number 1 bank by customers in India as per the first Forbes
World’s Best Bank survey?
Explanation:
On 12th April 2019, as per the first edition of Forbes World’s Best Bank survey, HDFC Bank has been
recognized as number 1 bank by customers in India. HDFC Bank. The research was done with the help of
market research firm ‘Statista’. Forbes partnered with this firm to measure the best banks in 23
countries.The survey was based on the customer’s satisfaction as well as 5 key attributes of trust, terms
and conditions, customer service, digital service, and financial advice.ICICI Bank took the second spot
and DBS bank grabbed the third position, followed by Kotak Mahindra Bank and IDFC Bank which are at
the fourth and fifth spot. Also, the public sector banks like Syndicate Bank, PNB, Allahabad Bank, Vijaya
Bank, and Axis Bank were in the top 10.
SBI has signed its first Co-Origination Loan Agreement with which banking entity for enhancing
‘Agri’, ‘MSME segment’ and small businesses?
Answer – PAISALO Digital Limited
Explanation:
With the profound vision of empowering the ‘Agri’, ‘MSME segment’ and small businesses, PAISALO
Digital Limited signed the first co-origination loan agreement (designed at Rs.10,000 to 2 lakh) with
State Bank of India (SBI). The company expects to pay out 200,000 loan applications in FY20. The
objective of this framework is to bring the 2 sectors, namely, banks and Micro-Finance Institutions
(MFIs)/Non-Banking Finance Companies (NBFCs) together.
Name the organisation which has framed a new rule to launch electronic information exchange
between ships and ports.
Answer – International Maritime Organisation
Explanation:
IMO (International Maritime Organisation) has mandated a new rule for national governments to launch
electronic information exchange between ships and ports. This mandatory requirement came into effect
from April 8, 2019 is part of a package of amendments under the revised Annex to the FAL Convention,
adopted in 2016.The main motive of the rule is to make cross-border trade simpler and to make efficient
logistics chain for more than ten billion tonnes of goods traded globally every year.The new Facilitation
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of International Maritime Traffic (FAL Convention) is set to establish systems for the electronic exchange
of information related to maritime transport.
Which is the biggest stock market in the world?

Answer – US Stock Market
Explanation:
Stock market of Hong Kong has surpassed Japan to become the world’s third most valuable market. Now
Hong Kong’s stock market is behind the US and China. Hong Kong’s market value stood at $5.78 trillion,
surpassing Japan’s market value at $5.76 trillion tally for the first time since 2015.Hong Kong’s Hang
Seng Index has increased by 17 percent this year. Topix Index of Japan advanced at 8.3 percent in this
period.
Who was honoured with the Freedom of the City of London in recognition of work to promote
insurance ties between India and the UK?
Answer – Alice G.Vaidyan
Explanation:
On 11th April 2019, The Chairman and Managing Director of the General Insurance Corporation of India
(GIC), Alice G. Vaidyan has been honoured with the Freedom of the City of London for the recognition of
her work to promote insurance ties between India and the UK. Alice G. Vaidyan. On the event of first
India-UK Insurance Summit in London, she was nominated for the traditional honour by the Lord Mayor
of London, Peter Estlin, and City of London Corporation Policy Chair Catherine McGuinness.
In which city G-20 Finance Ministers and Central Bank Governors 2019 annual spring meeting
was held?
Answer – Washington,DC, U.S
Explanation:
G-20 conducted the joint World Bank-IMF Development Committee and the IMF’s International
Monetary and Financial Committee meeting during the 2019 Annual Spring Meeting in Washington,
DC.The meeting was held to discuss progress on the work of the World Bank and International Monetary
Fund and to explain Structural Reform Steps package and the economic policies of the new period.
Name the space research organization, has partnered with Central Marine Fisheries Research
Institute (CMFRI) for the first timeto conserve smaller wetlands to combat effects of climate
change.
Answer – Indian Space Research Organisation (ISRO)
Explanation:
For the very 1st time, The Indian Space Research Organisation (ISRO) has partnered with the Central
Marine Fisheries Research Institute (CMFRI) to map, validate and protect smaller wetlands in the coastal
region and preserve them through coastal livelihood programmes. This has been done to build a strong
foundation against the effects of climate change. The collaborative move of the 2 institutes was part of a
national framework for fisheries and wetlands that was recently developed by the National Innovations
in Climate Resilient Agriculture (NICRA) project of CMFRI.
Which product can be procured using Google Pay after its partnership with Bullion refiner MMTC-
PAMP India?
Answer – Gold
Explanation:
Google Pay has partnered with Bullion refiner MMTC-PAMP India to initiate buying and selling of gold
through the app to make Google Pay more useful for Indian customers.Through this pact, Google Pay
users will be able to buy 99.99 per cent 24-karat gold for any value, which will be stored on behalf of the
user in secure vaults by MMTC-PAMP.Google pay users can now buy and sell gold any time at the latest
price.
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Name the digital payment entity that acquired a US-based financial technology, Wibmo for USD 70
million.
Answer – PayU
Explanation:
On 12th April, 2019, PayU, Digital payments security and payment facilitator has acquired Wibmo, a US-
based financial technology for USD 70 million to assist the company scale-up its business. Under the
agreement, Wibmo will continue to serve all of its clients as a wholly-owned subsidiary of PayU.The
accession integrates PayU’s strong merchant network and  Wibmo’s  leadership for digital transaction
security solutions to offer payments solutions in India for growth markets.
Which telecommunication company has received approval from the telecom department for
merger with Tata Teleservices Ltd.?
Answer – Bharti Airtel
Explanation:
The Telecom Department has sanctioned the merger of TTSL (Tata Teleservices Limited) consumer
mobility business with Bharti Airtel, subject to the condition that Sunil Mittalled firm provides bank
guarantees of about Rs. 7,200 crore. The contract is mostly associated with one-time spectrum charges
(OTSC) and some deferred airwave charges.Manoj Sinha, telecom minster has conditionally approved the
merger and that letters mentioning the guarantees were sent to Tata Teleservices Limited and its listed
unit Tata Teleservices Maharashtra (TTML).
Largest insurance company, Life Insurance Corporation(LIC), has received ________ years to reduce
10% of its stake in IDBI?
Answer – 12 Years
Explanation:
Life Insurance Corporation(LIC), the largest insurance company in India, got 12 years from RBI for cut
down stake in IDBI Bank.LIC is the lender’s major shareholder, and it has a 51 per cent stake in the Bank.
It means that no obligation to sell its stake in the following years or would probably spend higher money
to keep its stake in any future fund raising by the bank. IDBI Bank.Insurance Regulatory and
Development Authority (IRDAI) claimed that LIC can take up to 15 percent stake in any bank,which can
stretch up to 30 percent as per the board approval.But the insurance regulator has authorised LIC to hold
up to 51 percent in IDBI Bank in 2018.After 12 years LIC has to decrease stake in IDBI Bank by 10 per
cent to 40 per cent.
Reserve Bank of India has permitted Re-insurance and Composite Insurance brokers to open
which account for undertaking transactions?
Answer – Foreign Currency Accounts
Explanation:
On 11th April 2019, The Reserve Bank of India sanctioned reinsurance brokers to initiate non-interest
bearing foreign currency accounts with banks for undertaking transactions. The Insurance Regulatory
and Development Authority of India (IRDA) had issued notification and following this the RBI declared
Foreign Exchange Management (Foreign Currency Accounts by a resident person in India) Regulations,
2015 – Opening of Foreign Currency Accounts by Re-insurance and Composite Insurance brokers.
Foreign currency account refers to a bank account operated in currency other than the currency of India
or Bhutan or Nepal.
In which sector, an MoU has been signed between Tata Trusts and Microsoft India to rejuvenate?
Answer – Handloom Clusters
Explanation:
A Memorandum of Understanding (MoU) has been signed by Tata Trusts and Microsoft India for jointly
rejuvenating the handloom clusters in the eastern and north-eastern parts of India in order to build a
digitally-inclusive society. Microsoft will also enable digital training through a Microsoft Azure-based
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Learning Management System termed as ‘Project Sangam’, which provides necessary training and tools
to weaving communities for them to adopt and deploy digital tools for the betterment of their craftwork.
Name the initiative launched by Microsoft to preserve traditional weaving forms in India.
Answer – ReWeave
Explanation:
Microsoft’s Project ‘ReWeave’ will help to preserve traditional weaving forms by upskilling workers,
designing and marketing products, and creating sustainable livelihood options. Tata Trusts’ initiative,
Antaran’s main objective is to rejuvenate ailing handloom clusters through an end-to-end programme
that would help artisans to become designers and entrepreneurs.
Name the financial service company which has launched a unique proposition to pay electricity
bill on EMIs.
Answer – Bajaj Finserv
Explanation:
On 15th April 2019, a unique proposition to pay electricity bill on EMIs has been launched by Bajaj
Finserv through its lending arm Bajaj Finance Ltd. through the campaign of #BijliOnEMI.Customers can
avail an Insta Credit loan in their Bajaj Finserv Wallet to pay their electricity bills on EMI.In the year
2018, Bajaj Finance Ltd. financed the purchase of over 12 lakh air conditioners in the country. Observing
the purchase trend, Bajaj Finance Ltd launched this campaign.Customers buying air conditioners of Rs
20,000 and above will be eligible for Rs 5000 Insta Credit loan and for the air conditioners above Rs
40,000 will receive Rs 7000 Insta Credit loan to their Wallet.
Name the institute, that launched 5G use cases lab for altering the 2G-enabled technologies and
applications, including point of sale (PoS) machines in the banking sector.
Answer – Institute for Development and Research in Banking Technology (IDRBT)
Explanation:
On 12th April 2019, a 5G Use Cases Lab for banking and financial sector along with blockchain
technology has been launched by The Institute for Development and Research in Banking Technology
(IDRBT), which is an arm of Reserve Bank of India. Shri Amit Yadav, who is the Joint Secretary in
Department of Telecommunications, launched the 5G Use Cases Lab, and the White Paper on 5G
Applications was released by Ms. Anjana Dube, who is the Deputy Director General in Department of
Financial Services.
Which Private sector bank launched the paperless account opening facility for NRIs residing in
Financial Action Task Force (FATF) member countries?
Answer – IDBI Bank
Explanation:
IDBI Bank has launched ‘NRI-Insta Online’ account opening process for NRIs residing in Financial Action
Task Force (FATF)member countries to open an account in the Bank without visiting the branch or
submitting paper documents such as physical documents as well as KYC proofs. This online facility is
available in IDBI Bank’s website.
Which country received the highest ever sovereign loans worth USD 3 billion from Asian
Development Bank (ADB)?
Answer – India
Explanation:
On 16th April 2019, Asian Development Bank (ADB) agreed to provide a total of USD 3.88 billion in
sovereign loans to India in 2018, which is the highest ever loan amount since sovereign operations began
in the country in 1986. ADB.With this total USD 21.6 billion in loans, granted from ADB’s own resources,
which exceeded the target of USD 19.71 billion and up 10 percent from 2017.ADB committed several
projects like a USD 100-million loan to Ostro Kutch Wind, which is a renewable energy company for
constructing and operating a 250-megawatt wind power project in Gujarat, also provided USD 30 million
in equity and USD 20 million in debt security to Annapurna Finance, a microfinance company.
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Name the organization, which owed USD 38 million(highest amount)to India for peacekeeping
operations.
Answer – United Nation
Explanation:
United Nation Secretary General (UNSG) Antonio Guterres voiced concern that the UN owes India USD 38
million, the highest amount which has to be paid by any country for peacekeeping operations as of March
2019.Till now, the total amount which has to be paid to troops and police-contributing countries
(TCCs/PCCs) with respect to active peacekeeping missions was USD 265 million. Out of this, the UN owes
USD 38 million to India, followed by Rwanda (USD 31 million), Pakistan (USD 28 million), Bangladesh
(USD 25 million) and Nepal (USD 23 million).This dues to troops and police-contributing countries could
increase to USD 588 million by June 2019 in the worst case scenario.
In which city, the first African artificial Intelligence (AI) laboratory launched by tech giant
Google?
Answer – Accra, Ghana
Explanation:
Google has launched its first African artificial Intelligence (AI) laboratory in Accra, capital city of Ghana,
to tackle Africa’s challenges. The lab will collaborate with researchers in Ghana and across Africa to
create the need impact in the country.The technology would address economic, political and
environmental issues.The new laboratory will use Artificial Intelligence technique to develop solutions in
healthcare, education and agriculture.
In which public sector bank Rajesh Kumar Yaduvanshi was appointed as the Executive Director?
Answer – Punjab National Bank
Explanation:
Punjab National Bank (PNB) has appointed Rajesh Kumar Yaduvanshi as the Executive Director of the
bank. Rajesh Kumar Yaduvanshi had joined PNB as a management trainee in 1985.Currently, he is
equipped with an experience of 34 years in the banking career and is a certified associate member of
lndian lnstitute of Bankers. In the past, he had worked with Dena Bank in capacity of the Executive
Director.Yaduvanshi holds a doctorate in science from lndian Agricultural Research Institute, (IARI) New
Delhi.Currently PNB now has three Executive Directors, namely, Yaduvanshi, L V Prabhakar and A K
Azad.
Which is the first Public Sector Bank in India that has shifted to EMV chip and PIN for card based
transactions across the country’s vast ATM network?
Answer – Canara Bank
Explanation:
Global provider of real-time electronic payment and banking solutions, ACI Worldwide, notified that
India’s public sector bank, Canara Bank has successfully rolled out new functionality that supports EMV
(Europay, MasterCard and Visa) card acquiring across its ATM (Automated Teller Machine) network and
Aadhaar Authentication, thus becoming the 1st in the market to leverage ACI’s UP Retail Payments
solution and the 1st public sector bank to shift to EMV chip and PIN for card based transactions across
the country’s vast ATM network.The functionality developed by ACI and Canara Bank also fastens the
process of Aadhaar number linking, which in turn eases KYC (Know Your Customer) compliance at the
bank’s branches.
Name the quasi-cryptocurrency, launched by the World Bank and the International Monetary
Fund (IMF) for better understanding of blockchain technology and the function of crypto assets.
Answer – Learning Coin
Explanation:
On 13th April 2019, Two international financial institutions the World Bank and the International
Monetary Fund (IMF) have launched a private blockchain and quasi-crypto currency called as “Learning
Coin” for better understanding of blockchain technology and the function of crypto assets. This news was
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published via a Financial Times report.The asset will only be available for use within the IMF and the
World Bank. It has no monetary value, means it is not a true cryptocurrency.
Which denomination of note under Mahatma Gandhi (New) Series was issued by RBI recently
with Shaktikanta Das’s signature?
Answer – Rs.50
Explanation:
On 16th April 2019, The Reserve Bank of India (RBI) issued Rs. 50 denomination banknotes in Mahatma
Gandhi (New) Series that bore Shri Shaktikanta Das’ (Governor of RBI) signature. i.The design of these
notes is exactly similar to the ‘Rs 50 banknotes’ in Mahatma Gandhi (New) Series. ii.The RBI notified that
all bank notes in the denomination of Rs. 50 issued by the Central Bank in the past will continue to be
legal tender.The dimension of the Rs. 50 banknote is 66 mm x 135 mm.On the frontal side, the numeral
’50’ is written in the Devanagari script along with Mahatma Gandhi’s portrait in the centre.A small design
of the denominational numeral ’50’ is printed on the front and back sides of the note, in the middle of the
vertical band next to the watermark. It has a correct back-to-back registration and, according to the RBI,
the design appears as one when seen against the light.
Name the Public sector bank, which has partnered with M1Xchange TReDS platform for MSMEs
bill discounting.
Answer – Bank of Maharashtra
Explanation:
State-owned Bank of Maharashtra (BoM) has partnered with M1Xchange TReDSplatform for Micro,Small
and Medium Enterprises(MSMEs) bill discounting.Trade Receivables Discounting System (TreDS) is a
digital platform to assist MSMEs to get their bills financed at a competitive rate through a vendue where
multiple registered financiers can participate.TreDS platform is run by Mynd Solutions, a technology
management firm. BoM is now on-boarded as financier on Mynd Solutions.TReDS platform will facilitate
shortening of payment cycle and the smooth flow of liquidity and ensure that MSMEs do not miss out on
business opportunities due to shortage of funds.
Which financial services app has become first in India to integrate with Unified Payment
Interface(UPI)?
Answer – ETMONEY
Explanation:
ETMONEY India’s largest app for financial services has integrated with UPI as a payment method. The
reason for this is to double its monthly user base by the end of 2019. This integration will simplify the
mutual fund payment for millions of ETMONEY users.Now ETMONEY users can make payment easily by
using UPI option on the payment page. They can select different UPI-enabled apps like Google Pay, BHIM
UPI, PhonePe among others.They only have to enter valid UPI ID and can make the payment instantly
within a few seconds. In addition to this, ETMONEY users can use Netbanking and Debit Card for
payments.
Which bank has got the approval from Competition Commission of India (CCI) for the acquisition
of Gruh Finance, an arm of HDFC?
Answer – Bandhan Bank
Explanation:
On 16th April 2019, Kolkata-based Bandhan Bank has received the approval of the Competition
Commission of India (CCI) for the acquisition of Gruh Finance which is the affordable housing finance
arm of HDFC Ltd in a share-swap deal. The approval has been given under the sub-section (1) of Section
31 of the Competition Act, 2002. Bandhan Bank has transferred 14.9 percent stake to HDFC for this
acquisition.For this merger, the shareholding of Bandhan Financial Holdings came down to about 61
percent from about 82 percent, and HDFC held around 15 percent in the merged entity from about 57
percent in Gruh Finance.
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Which Public sector bank has tied up with city-based Srei Equipment Finance Ltd to offer joint
loans for infrastructure equipment through iQuippo?
Answer – Bank of Baroda
Explanation:
Bank of Baroda and city-based Srei Equipment Finance Ltd will collaborate to offer joint loans for
infrastructure equipment under a new agreement.This collaboration will allow both Srei and Bank of
Baroda to cooperate and widen their respective markets and customer base.Sourcing of loans will be
facilitated through iQuippo, which is a Kanoria Foundation initiative.
Which department has issued a notice period of 12 months to monetise non-core assets of Central
Public Sector Enterprises (CPSEs) and immovable enemy properties?
Answer – Department of Investment and Public Asset Management (DIPAM)
Explanation:
The Department of Investment and Public Asset Management (DIPAM) stated guidelines for
monetisation of non-core assets of Central Public Sector Enterprises (CPSEs) and immovable enemy
properties. The guidelines for monetisation of non-core assets are as follows: An Inter Ministerial Group
(IMG) headed by the secretary of DIPAM will identify the non-core assets of the CPSEs. It could identify
the assets on the basis of recommendations of the Niti Aayog. The final decision would be taken by the
panel chaired by the Finance minister. After the final approval of the assets, the monetisation should be
strictly completed within 12 months. In case the time limitation of 12 months is not followed, the finance
ministry may put forth budgetary allocations to the CPSEs.
Who was appointed as the chairman of India Electronics and Semiconductor Association (IESA)
for the year 2019-20?
Answer – Jitendra Chaddah
Explanation:
The premier Industry body India Electronics and Semiconductor Association (IESA) committed to the
development of a vibrant Indian Electronics System Design and Manufacturing (ESDM) ecosystem, has
appointed Jitendra Chaddah, Intel India senior director for operations and strategy, as its Chairman.
Jitendra Chaddahi. He succeeds Anil Kumar Muniswamy.IESA appointed Satya Gupta,CEO and Cofounder
of SezOpt Technologies India as Vice Chairman and Veerappan V, co founder and Director of Tessolve
Semiconductor as Treasurer of the new Executive Concil (EC) for the year 2019-20.
Which general insurance company is set to participate in 12th Astana Economic Forum 2019?
Answer – General Insurance Corporation
Explanation:
India’s General Insurance Corporation (GICNSE -0.96 %) could soon emerge as the key firm for re-
insurance issues for the vast and emerging Eurasian market. Astana International Finance Centre (AIFC),
Central Asia’s emerging financial hub, held negotiations with the management of the General Insurance
Corporation. The GIC management will participate in the 12th Astana Economic Forum and is ready to
continue negotiations on cooperation with AIFC and sign the Agreement during the visit of its delegation
to Kazakh capital.
Which country received loan worth 267$ million(appx.) from EXIM Bank of India to implement
various projects viz agriculture,road projects etc.,?
Answer – Rwanda
Explanation:
The Reserve Bank of India (RBI) notified that Exim Bank has proffered soft loans worth 266.6$ million to
Rwanda for various projects. The funding for the projects has been done in 3 distinct tranches. Thse
names of the projects are as follows: for supporting agricultural projects for the development of Special
Economic Zones (SEZs) for financing road projects in Rwanda.Amount of funds for the separate tranches
are listed as under: Exim Bank, according to the agreement will provide $100 million to finance the
development of 2 SEZs, as well as for the expansion of the Kigali SEZ in Rwanda. $100 million to finance 3
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agricultural project schemes, namely, Warufu Multipurpose Project, Mugesera Irrigation Project and
Nyamukana Irrigation Project. $66.60 million for the Base-Butaro-Kidaho Road Project.
Which type of startup was allowed to test the regulatory sandbox or live-testing of innovative
products and services in segments as per the draft named “Enabling Framework for Regulatory
Sandbox” ?
Answer – Fintech startups
Explanation:
Recently, Reserve Bank of India (RBI) released a 14 page draft document named “Enabling Framework
for Regulatory Sandbox” in which RBI proposes that Fintech start-ups can set up regulatory sandbox or
live-testing of innovative products and services in segments such as digital KYC, retail payments and data
analytics among others in the financial sector.
Name the head of the committee, who propose the concept of Regulatory Sandbox (RS) .
Answer – Sudarshan Sen
Explanation:
The concept of Regulatory Sandbox (RS) was proposed by a committee headed by RBI Executive Director
Sudarshan Sen. RBI issues guidelines to prevent market. According to bank regulator RBI, a Regulatory
Sandbox (RS) refers to live-testing of new products or services in a secure and test regulatory
environment for which regulators may or may not allow certain regulatory relaxations for the limited
purpose of the testing.
Which insurance company has received ISO 31000:2018 certification by TUV India?
Answer – Cholamandalam MS General Insurance Company Limited
Explanation:
An insurance giant Cholamandalam MS General Insurance Company Limited has received ISO
31000:2018 certification by TUV India. Chola MS has received certification for applying risk management
system which conforms to the prescribed standards. ISO 31000:2018 is an international risk
management standard developed by International Organisation for Standardization (ISO). This standard
issues guidelines, framework, principles and a process for risk management.
How much percent of life insurer’s premium income was grown for the year 2019, as per
Insurance Regulatory and Development Authority of India (IRDAI)?
Answer – 11%
Explanation:
According to the Insurance Regulatory and Development Authority of India (IRDAI) data, after a very low
growth phase, life and non-life premium income of insurance companies have registered substantial
growth in financial year 2019. Life insurer’s premium income grew 11% in FY19 over 2018 and non-life
insurance firms witnessed a 13% rise in their total premium income to Rs 1.70 lakh crore in the financial
year ended March 2019. 25 are general insurers: whose collective gross premium in 2018-19 was Rs
1.50 lakh crore, up by around 13% from Rs 1.33 lakh crore in 2018. 7 are standalone private sector
insurers: they had a rise of 37% in their combined premium to Rs 11,368.82 crore in the financial year
ended March 2019, against Rs 8,314.27 crore in 2018. 2 are government-owned specialised insurers:
among them, Agricultural Insurance Company of India and ECGC Ltd registered a dip of 7.75% in
premium at Rs 8,425.75 crore during the fiscal ended March 2019, as against Rs 9,133.78 crore in 2018.
Which Payment Bank has joined hands with Bharti AXA General Insurance for a two-wheeler
insurance product ?
Answer – Airtel Payments Bank
Explanation:
On 19th April 2019, Airtel Payments Bank joined hands with Bharti AXA General Insurance for a two-
wheeler insurance product offering which is available on MyAirtel App and at over 40,000 Airtel
Payments Bank points across India. This offers various benefits like 70 percent savings on an annual
premium, personal accident cover, protection against third-party liabilities and inspection-free renewal
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through a paperless process. Also, Customers can avail towing services at no extra cost on claim
intimation, at the time of insured vehicle breaks down. Customers without an Airtel Payments Bank
account can also avail this policy and can renew their two-wheeler insurance at Airtel Payments Bank
banking point.
Name the General Insurance company, which has received preliminary approval and R1 approval
from regulator IRDAI to foray into non-life business.
Answer – Indiabulls General Insurance
Explanation:
On 17th April 2019, Indiabulls General Insurance has receivedR1 approval to its proposed general
insurance businessand preliminary to approval foray into the non-life businessfrom the Insurance
Regulatory and Development Authority of India (IRDAI) respectively.Another subsidiary Indiabulls Life
Insurance Company had obtained R1 approval from IRDAI in January 2019.
Which department has proposed change in the methodology for taxing multinational companies,
including digital firms?
Answer – Income tax department
Explanation:
The income tax department has altered the method for taxing multinational companies (MNCs) and
digital firms with permanent establishment in India by taking into account various factors like domestic
sales, employee (manpower and wages) strength, assets and user base. In ‘Profit Attribution to
Permanent Establishment (PE) in India’ report, the CBDT (Central Board of Direct Taxes) Committee
stated that MNCs that are suffering global losses or a global profit margin of less than 2% and have their
operations in India will be considered to have made a profit of 2% of Indian revenue and will be taxed
accordingly.The committee has altered the system to protect India’s revenue interests.The CBDT invited
comments from stakeholders on the report within 30 days.
Under which act, does CRISIL board transfer its ratings business that is to be approved by the
stock exchanges and the national Company Law Tribunal?
Answer – Section 230 to 232 of the Companies Act, 2013
Explanation:
On 17th April 2019, a diversified global analytics company,will transfer its ratings business to its
proposed new wholly owned subsidiary.In 2018,SEBI had modified its regulations for credit rating
agencies and mandated the segregation of rating and non-ratings businesses of credit-rating
agencies.CRISIL makes the transfer of rating business through the scheme of arrangement in terms of
section 230 to 232 of the Companies Act, 2013, to be approved by the stock exchanges and the national
Company Law Tribunal.
Where was the Asian Tea Alliance(ATA), a union of five tea-growing and consuming countries
launched?
Answer – Guizhou, China
Explanation:
On 19th April 2019, To boost tea trade,cultural and technical exchanges as well as global promotion of
tea,the Asian Tea Alliance (ATA),a union of five tea-growing and consuming countries,was opened in
Guizhou,China.The alliance was constituted with Indian Tea Association,Indonesian tea Marketing
Association,China tea marketing Association,Sri Lanka Tea Board and tea Association.This Alliance was
formed based on the Memorandum of Understanding signed between Indian tea Association and China
tea Marketing Association in December 2018 to promote tea consumption in India, China, U.S., Russia,
Europe and West Asia.
Which entity has became India’s first retail company to cross Rs.1 lakh crore annual revenue
milestones?
Answer – Reliance Retail
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Explanation:
On 19th April 2019, the retail arm of the Mukesh Ambani-led Reliance Industries became India’s first
retail company to cross the Rs.1 lakh crore annual revenue.The revenue for 2018-19 is Rs. 1.3 lakh crore,
which is 89% more from the previous fiscal.The company added 2,829 stores during the financial year,
taking the total to 10,415 stores and the profit of pre-tax business jumped 77.1 percent to record Rs
1,923 crore.
Who was appointed as the chief executive officer of Deutsche Bank for India Operations?
Answer – Kaushik Shaparia
Explanation:
On 18th April 2019, Kaushik Shaparia has been appointed as chief executive officer of Deutsche Bank as
India’s head with effect from May 2019. He will succeed Ravneet Gill who is the MD & CEO of YES BANK.
He has an experience as head of Asia Pacific Corp¬orate Banking Coverage within Institu¬tio¬nal and
Treasury Coverage, Global Head of subsidiary Coverage and has a 30-year experience at Deutsche
bank.Now he took over the position from Khurshed Dordi, as Chief Operating Officer for India, who was
serving as Deutsche Bank’s interim Chief Country Officer after Ravneet Gill’s exit.
Who has been inducted to board of directors in Paytm Payments Bank?

Answer – Sairee Chahal
Explanation:
Sairee Chahal having extensive experience of customer service ecosystem has been appointed to Board of
Directors in Paytm Payments Bank (PPB). Sairee Chahali. Sairee Chahal is the founder and CEO of
Sheroes which is a community platform for women.PPB was incorporated in August 2016 and formally
began its operations in 2017.The founder of Paytm, Vijay Shekhar Sharma holds 51% stake in PPB and
One97 Communications holds the rest of the stakes.
Which entity has projected, India’s business sentiments declined by 7.7% for 2nd quarter in 2019
in its report titled “Composite Business Optimism Index”?
Answer – Dun & Bradstreet (D&B)
Explanation:
According to Dun & Bradstreet (D&B) report, business sentiments on the country’s financial and
macroeconomic conditions continue to decline in the second quarter of 2019 as compared to the second
quarter in 2018. D&B Composite Business Optimism Index conclude 78.4 scores during Q2 2019 as
compared to 85.0 during Q2 2018, a decline of 7.7%.
Which insurance company has launched a new product “cyber defence insurance”, to protect
businesses from financial and reputational losses due to cyber attacks?
Answer – SBI General Insurance
Explanation:
On 22nd April 2019, SBI General Insurance has launched its new product – cyber defence insurance to
protect businesses from financial and reputational losses due to cyber attacks.At first, it will focus on
SMEs and mid-market businesses, but later it can cater to larger businesses. This offers protection
against the growing threat of cyber breaches like hacking attacks, identity theft, disclosure of sensitive
information and business interruption. Also, provides IT forensic investigations, legal advice,
reputational and PR management.SBI General Insurance’s (SBIG) Cyber Defense comes with CyRUSS
(Cyber Risk Underwriting & Solution Suite) which is a cloud-based tool for Commercial Cyber polices
including risk assessment, ongoing risk management, and claim management.
Name the first product that is launched by the combination of “Health Guard policy” of Bajaj
Allianz General Insurance and “iSecure policy”of Bajaj Allianz Life Insurance.
Answer – Total Health Secure Goal
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Explanation:
Bajaj Allianz General Insurance collaborated with Bajaj Allianz Life Insurance to launch their 1st product
titled ‘Total Health Secure Goal’.The product is a combination of 2 existing plans, namely, Health Guard
policy by Bajaj Allianz General Insurance and iSecure policy by Bajaj Allianz Life Insurance.This
combined plan offers customers a 5% extra discount on the total premium and also provides the
flexibility of availing service or communication on the product.The product provides an overall insurance
solution and ensures that health and security needs of the customer are taken care of without
compromising on their savings.
Which stock exchange has signed MoU with Network Intelligence to provide cyber security
services to its members?
Answer – Bombay Stock Exchange (BSE)
Explanation:
Bombay Stock Exchange (BSE), Asia’s first and India’s largest stock exchange and Network Intelligence, a
global cybersecurity services provider & CERT-IN empanelled vendor inks Memorandum of
Understanding (MoU) to provide cybersecurity services to its members according to the cybersecurity
framework set by SEBI. Last year, SEBI had released its guidelines on cybersecurity titled “Cybersecurity
& cyber Resilience Framework for Stock Brokers/Depository Participants.” BlueScope, a platform
developed by Network Intelligence, will offer 24×7 monitoring to the members.
Ministry of Ayush and Council of Scientific and Industrial Research (CSIR) has signed MoU for
cooperation in which of the following sector?
Answer – Research and Education of traditional system of medicines
Explanation:
Ayush Ministry has signed Memorandum of Understanding (MoU) with Council of Scientific and
Industrial Research (CSIR), New Delhi for cooperation in the field of research and education of
traditional system of medicines and its integration with modern science. Earlier, CSIR and Ayush
Ministry jointly developed the Traditional Knowledge Digital Library (TKDL) which prevents bio-piracy
and misappropriation of traditional knowledge.Under the agreement, both CSIR and Ayush Ministry
jointly endeavor to proceed in the activities like R&D covering fundamental research; gene expression
and Prakriti; exploring modern scientific methods for integration with traditional Indian Systems of
Medicine, etc.
Under which scheme does,Central Government has made compulsory for Electric Vehicle (EV)
manufactures in India to locally source at least 50% components for receiving subsidies?
Answer – FAME II
Explanation:
Under the FAME II scheme, the Central Government has made compulsory for Electric Vehicle (EV)
manufactures in India to locally source at least 50% components for the provision of receiving subsidies.
This step has been taken to encourage local manufacturing and relying less on imports. The conditions
under FAME II scheme were decided by the Inter-Ministerial Steering Committee of National Mission for
Transformative Mobility headed by Amitabh Kant, (Chief executive Officer) CEO of NITI Aayog.Only the
companies that meet the 50% localisation threshold will be eligible for incentives and subsidies under
Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME-II) scheme for enhancing
electric mobility.
Which public sector bank’s authorized capital was increased by the central government in
consultation with RBI recently?
Answer – Allahabad Bank
Explanation:
The central government has increased the authorized capital of state-owned Allahabad Bank from Rs.
3,000 crore to Rs. 8,000 crore after consultation with the Reserve Bank of India.This move by the central
government has enabled Allahabad bank to raise further fund up to a maximum ceiling of Rs. 8,000 crore.
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Which financial inclusion program of India is set to cross Rs 1 lakh crore accounts?
Answer – Pradhan Mantri Jan Dhan Yojana
Explanation:
On 21st April 2019, the total deposits in Jan Dhan Account are set to cross Rs 1 lakh crore soon. The
scheme was launched on 28th August 2014 by the Modi-government with an aim to provide universal
access to banking facilities to all households. On 3rd April, the total balance in the Jan Dhan accounts was
at Rs 97,665.66 and the total number of Jan Dhan accounts crossed 35.39 crores. Also, more than 27.89
crores account holders have been issued the Rupay debit cards.Recently, the government increased the
accident insurance cover to Rs 2 lakh from Rs 1 lakh for new accounts opened after 28th August 2018
and the overdraft limit was also doubled to Rs 10,000.
Who is the head of the expert committee, that is formed to identify the excess reserves that RBI
holds?
Answer – Bimal Jalan
Explanation:
According to the report by Bank of America Merrill Lynch (BofAML), the excess reserves that RBI holds
could be up to Rs.3 lakh crore ($43 billion) or 1.5% of the GDP (Gross Domestic Product). This also
includes the excess capital in contingency reserves and revaluation reserves. RBI.The Bimal Jalan
committee on the appropriate capital reserves for RBI was likely to identify this excess buffer. The
committee was set up in December-end with a 6-member panel headed by former RBI governor
Jalan.Indranil Sen Gupta, chief India economist at BofAML notified that RBI maintains higher contingency
reserves as a percentage of its total book compared to its peers in Brazil, Russia and South Africa, thus a
lower cap will bring in more funds.
Name the public sector bank, which has signed BEML Limited (Bharat Earth Movers Limited) for
financing Earth Moving and Construction Equipment.
Answer – Syndicate Bank
Explanation:
On 22nd April 2019, Syndicate Bank and BEML Limited (Bharat Earth Movers Limited) have signed an
agreement for financing Earth Moving and Construction Equipment which is manufactured by BEML.
Also, it will facilitate the availability of loans and address the growing demand for higher capacity
equipment in the Mining Industry.Under this agreement, the customers will be provided loans in the
range of Rs 20 Lakh to Rs 300 Lakh and preferential pricing by Syndicate Bank. Also, Syndicate Bank and
BEML expect to book business worth Rs.100 crore by March 2020.
As per the Stanford study published in the journal “Proceedings of the National Academy of
Sciences”, Indian Economy shrunk by ______ percent due to global warming?
Answer – 31%
Explanation:
As per the Stanford study, changes in the earth’s temperature have increased inequalities which resulted
in the shrinking of the Indian economy by 31 percent due to global warming. The study published in the
journal titled ‘Proceedings of the National Academy of Sciences’. The study revealed that since the 1960s
the concentrations of greenhouse gases have increased earth’s atmosphere which has benefited cooler
countries like Norway and Sweden but harmed the economic growth of warmer countries like India and
Nigeria.The study also shows that from 1961 to 2010, global warming has decreased the wealth per
person of the world’s poorest countries by 17-30 percent.
Federation of Indian Export Organisations (FIEO) and Prin. L N Welingkar Institute of

Management Development and Research has signed MoU for cooperation in which sector?
Answer – To support startups in exports
Explanation:
Exporters’ body, the Federation of Indian Export Organisations (FIEO) has inked an agreement with
Mumbai-based Prin. L N Welingkar Institute of Management Development and Research in order to
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support startups engaged in the export sector.Under the memorandum of understanding (MoU), FIEO
has launched a postgraduate programme in foreign trade management (PGP-FTM) at Mumbai.The aim of
this industry-academia partnership is to attract new entrepreneurs in exports to bridge the gap of
availability of qualified skilled manpower in Exim trade.
Which entity has collaborated with India Post for digitizing 1.5 lakh post offices in India, for
creating World’s Biggest EPostal Network?
Answer – TCS
Explanation:
India Post has collaborated with India’s leading tech giant, Tata Consultancy Services (TCS) for the
digitizing of 1.5 lakh post offices in India, thus creating World’s Biggest EPostal Network and the largest
SAP implementations worldwide. Both the companies had struck a deal of over Rs. 1,100 crore in 2013
for an end-to-end IT modernization program.The prime objective of the deal was to digitize the Indian
post offices with the modern technologies and systems for providing efficient services to the consumers,
thus driving financial inclusion by providing advantage for accessibility to citizens in remote areas.The
Core System Integration (CSI) program that’s been designed and deployed by TCS supports more than 5
lakh employees and 40,000 users. Furthermore, it processes 3 million postal transactions per day.
Name the money lending platform, which has launched an application that offers loan to salaried
professionals within 5 minutes with flexible repayment options.
Answer – Money Loji
Explanation:
On 23rd April 2019, a modern money lending platform named Money Loji has launched an application
which offers loan to salaried professionals within 5 minutes with flexible repayment options starting
from 7 days to a maximum of 90 days.It follows a three-step process which is – application, approval, and
disbursement and the app requires the users to upload an identity proof, an address proof, last 3 months
bank statement alongside the salary slips.The eligibility criteria to avail this benefit is a minimum in-
hand salary of Rs 20,000 per month and a minimum age of 23 years.
Which country has recently set up Coordinating Council for attracting foreign investments,
mainly from India?
Answer – Kazakhstan
Explanation:
Kazakhstan under the chairmanship of it’s Prime Minister, Askar Mamin has set up Coordinating Council
for attracting foreign investments inclusive of investments from India. Under Askar Mamin, a decision
was taken to lay down the functions of Investment Ombudsman in order to venture for new approaches
to improve investment scenario in Kazakhstan by efficiently interacting with the investors and providing
solutions to current issues.The requirement for such task is to increase the volume of investment in fixed
assets in the medium term to 30% of (Gross Domestic Product) GDP of the nation and the primary driver
should be foreign direct investment (FDI).The meeting chose the Astana International Financial Centre
(AIFC) as a Unified Centre for the coordination of work on investment and promotion (Regional
Investment Hub).
As per RBI’s recent approval, HDFC Bank is permitted to hold ________ percent stake in Bandhan
bank following the Gruh Finance deal?
Answer – 9.9%
Explanation:
The RBI (Reserve Bank of India) has granted approval to HDFC Ltd for holding up to 9.9% stake in
Bandhan Bank following the Gruh Finance deal. HDFC Bank.Gruh Finance is the housing finance arm of
HDFC Ltd and was taken over in January by Bandhan Bank in a share-swap deal.The scheme is yet to get
approvals from the National Company Law Tribunal (NCLT) and the shareholders of Gruh Finance and
Bandhan Bank.The Gruh Finance deal will decrease stake of Bandhan Financial Holdings Ltd in Bandhan
Bank from 82% to 61%.
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Which private sector bank has launched the industry’s first debit card based authentication
solution on National Payments Corporation of India’s(NPCI’s) e-Mandate Application Program
Interface(API) platform?
Answer – Kotak Mahindra Bank
Explanation:
Kotak Mahindra Bank (Kotak) has launched the first debit card-based authentication solution on NPCI’s
(National Payments Corporation of India) e-Mandate (electronic mandate) API (Application Program
Interface) platform, thus being the first ever Destination Bank to go live with both Net Banking and Debit
Card-based e-mandate authentication.The objective of this initiative is to enable Kotak customers to
create electronic mandates (similar to the former eNACH with Aadhaar + OTP) (eNACH- Electronic
National Automated Clearing House; OTP- One Time Password) via both debit card and net banking
provision.
According to credit rating agency Fitch, which became the first central bank in the Asia-Pacific
region (APAC) to begin an interest rate easing cycle floated by benign food inflation and easier
global financial condition?
Answer – Reserve Bank of India
Explanation:
The Fitch ratings notified that the Reserve Bank of India (RBI) becomes the first central bank in the Asia-
Pacific region (APAC) to begin an interest rate easing cycle floated by benign food inflation and easier
global financial condition.The Monetary Policy Committee (MPC) chaired by Shaktikanta Das, RBI
Govenor, had cut rates in February and April by citing prospects of benign inflation.In the 4 months of
2019, the RBI has cut policy interest rates 2 times by 0.25% each to one-year low of 6%.This is the 1st
back-to-back rate cut since the MPC was formed in 2016.Inflation at 2.9% has stayed within the RBI’s
comfort zone of 4% (with +/- 2%). Fitch reports stated that the fiscal slippage relative to RBI’s targets
has brought about stalling of fiscal consolidation.
Name the Cryptocurrency Exchange in India, that has launched the first Indian Platform for
Wholesale Cryptocurrency Trading.
Answer – BuyUcoin
Explanation:
BuyUcoin, second oldest Cryptocurrency Exchange in India, has introduced a new and unique platform
for wholesale cryptocurrency trading. This platform works on ‘free trading model’ which means it
charges zero fee on any trade. This wholesale platform also known as OTC (Over-the-counter) Desk
allows users to trade on a large scale with low price fluctuations. This new platform will help to improve
the problem of liquidity of cryptocurrency in Indian market. This will also help in quicker transactions,
better prices and market stability
Food regulator of India, Food Safety and Standards Regulations(FSSAI) has banned import of milk
and milk products from which country?
Answer – China
Explanation:
The government has extended the ban on import of milk and milk products from China (including
chocolates, chocolate products, candies, confectionary, food preparations with milk or milk solids as an
ingredient).The ban on milk products was 1st imposed in September 2008 and it had been extended
continuously from time to time. The recent ban imposed by the government ended on April 23,
2019.Food regulator FSSAI (Food Safety and Standards Authority of India) has recommended that the
ban should be extended till laboratories at ports are modernized to test the presence of the toxic
chemical melamine. Melamine is an extremely toxic chemical that is used for making plastics and
fertilisers.
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Name the regulatory body, which has reduced the minimum subscription requirement for Real
Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs)?
Answer – Securities and Exchange Board of India(SEBI)
Explanation:
Recently, SEBI in his guidelines titled “Guidelines for Determination of Allotment and Trading Lot Size for
Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs)” has reduced the
minimum subscription requirement as well as defined trading lots for REITs and InvITs.For determining
the allotment in an initial offer and follow on public offers, REITs have to offer their units in lots worth at
least Rs 50,000 and in case of InvITs, the minimum value of a single lot should be Rs 1 lakh.The allotment
to any investor shall be made in the multiples of a lot.For initial listing in case of REITs and InvITs, a
trading lot should be of 100 units and for follow on public offers, each lot shall consists of such number of
units in its trading lot as it had at the time of initial offer. Moreover, SEBI has also increased leverage
limit for InvITs from 49 percent to 70 percent.
Who was appointed as the Managing Director (MD) and Chief Executive Officer (CEO) of Indian
Overseas Bank?
Answer – Karnam Sekar
Explanation:
Karnam Sekar, Dena Bank’s former Managing Director has been newly appointed as the new Managing
Director (MD) and Chief Executive Officer (CEO) of Indian Overseas Bank. He would take up the position
from July 1, 2019.He has been working as an officer on special duty and Whole Time Director in IOB
(Indian Overseas Bank) from April 1 till the time of taking over charge from R Subramaniakumar who
was the erstwhile CEO and MD.R Subramaniakumar had initiated measures to uplift IOB from loses due
to high Non-Performing Assets.
Name the private sector bank which has received National Company Law Tribunal (NCLT) nod to
merge with a microfinance company, Bharat Financial Inclusion (BFIL).
Answer – IndusInd Bank
Explanation:
Recently, National Company Law Tribunal (NCLT) approved merger of private sector lender IndusInd
Bank with Bharat Financial Inclusion (BFIL), a microfinance company. Now, BFIL become the subsidiary
of IndusInd Bank. Last year, IndusInd Bank had received ‘No Objection’ from Reserve Bank of India,
National Stock Exchange and Bombay Stock Exchange.
Which of the following financial institution are now fully owned by central government of India
after RBI divested its entire stake?
i.National Housing Bank (NHB)
ii.Small Industries Development Bank of India(SIDBI)
iii.National Bank for Agriculture and Rural Development (NABARD)
iv.Industrial Finance Corporation of India(IFCI)
Answer – Option i & iii
Explanation:
financial institutions.Earlier RBI had 100 percent stake in NHB, which was recently divested for Rs 1,450
crores on March 19 this year. RBI has divested its stake in NABARD in two phases. Originally RBI held
only 72.5 percent stake in NABARD amounting to Rs 1,450 crore and remaining 27.5 percent stake held
by central government.
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Name the private sector bank, which has partnered with Germany based global provider of digital
payments and commerce solutions Wirecard to promote financial inclusion in India.
Answer – RBL Bank
Explanation:
On 25th April 2019, Germany-based global provider of digital payments and commerce solutions
Wirecard entered into a partnership with RBL Bank to promote financial inclusion in India.The move will
make digital payment and banking transactions easily accessible to all Indian citizens.With this
partnership with RBL, Wirecard’s customer service representatives will be able to access basic payment
and banking services which include cash withdrawals and deposits as well as balance inquiries. They
also can offer an even broader range of digital financial services.
Under the recommendation of which committee’s report, RBI has divested its entire stake in
National Housing Bank (NHB) and National Bank for Agriculture and Rural Development
(NABARD) to the central government?
Answer – Second Narasimham committee report
Explanation:
financial institutions. This step has taken based on the recommendations of the second Narasimham
Committee report and the discussion paper prepared by RBI titled “Harmonizing the Role and
Operations of Development Financial Institutions and Banks.”
Name the digital financial services company that has collaborated with Aegon Life Insurance and
launched a insurance product “Aegon Life Group Term Plus Plan” for providing death and
accident related disability cover up to Rs 2 lakh?
Answer – Mobikwik
Explanation:
Mobikwik, digital financial services company collaborated with pioneer of digital insurance in India,
Aegon Life Insurance to launch a Rs 20 smart digital insurance product in order to protect its wallet
users from death and accident related disability cover for up to Rs 2 lakh. The insurance product
launched is termed as the Aegon Life Group Term Plus Plan. It is available on MobiKwik App. The main
objective for this initiative is to improve the insurance penetration in India (this is currently at 3.7%) ,
that is to drive financial inclusion for the masses.
Which public sector bank has launched India’s first ‘Green Car Loan’ (Electric Vehicle) to
encourage customers to buy electric vehicles?
Answer – State Bank of India (SBI)
Explanation:
On World Earth Day- April 22, 2019 the State Bank of India (SBI) has launched India’s first ‘Green Car
Loan’ (Electric Vehicle) to encourage customers to buy electric vehicles. The new scheme ‘Green Car
Loan’ will offer loan at 20 basis points lower than the interest rate on the existing car loan schemes. The
scheme comes with the longest repayment period of up to 8 years. It is thus a strategic inclusion to SBI’s
auto loan segment that is offered with zero processing fee for the first 6 months of the launch.SBI has
already notified 100% migration to EVs (Electric Vehicles) by 2030 in order to decrease carbon
footprints, thus being in line with the government’s pledge of ensuring 30% EVs on road by 2030.
Name the department, which has prepared the “Startup India Vision 2024” to promote
entrepreneurs and to facilitate setting up of 50,000 new start-ups in the country by 2024.
Answer – Department for Promotion of Industry and Internal Trade (DPIIT)
Explanation:
The Commerce and Industry Ministry has proposed measures such as tax incentives to promote
entrepreneurs as part of the ‘Startup India Vision 2024’. The aim of the vision document is to facilitate
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setting up of 50,000 new start-ups in the country by 2024 and creating 20 lakh direct and indirect
employment opportunities.The vision document has been prepared by the Department for Promotion of
Industry and Internal Trade (DPIIT) which is under the Commerce and Industry Ministry.
Who was appointed as the head of 8-member committee constituted by Central Public Works
Department (CPWD)to chart out a policy for buildings and infrastructure development?
Answer – M K Sharma
Explanation:
The largest construction agency of the central government, Central Public Works Department (CPWD)
has set up an expert 8-member committee under M K Sharma, CPWD’s Additional Director General,
Chairman for developing a design scheme to construct buildings and develop infrastructure. The report
has to be submitted to Director General Prabhakar Singh within 30 days.The prime objective of this
policy is to revive all levels of building construction and infrastructure development in CPWD, under the
Housing and Urban Affairs Ministry.CPWD builds a maximum of the government’s buildings, erects
fences on India’s international borders and carries out projects in foreign countries with collaborations
with India.
Which organization has received approval from the Reserve Bank of India (RBI) to implement e-
mandates (electronic mandates) for internet banking and debit cards to automatically deal with
their recurring payments?
Answer – National Payments Corporation of India
Explanation:
The National Payments Corporation of India (NPCI) has received approval from the Reserve Bank of
India (RBI) to implement e-mandates (electronic mandates) for internet banking and debit cards, which
will allow the users to automatically deal with their recurring payments.By June 30th, NPCI has to inform
all the member banks to take immediate measure and implement both the variants.The limit for each
mandate is set at Rs 1 Lakh, and depending on the usage, the organisation will review the limit from time
to time.The circular notified that the NACH (National Automated Clearing House) mandates can be used
for business to business (B2B) collections, investments, insurance products, utility payments,
government payments, trades receivables, loan repayments, asset rentals and collection of
education/society charges
Which tech giant has became the world’s third entity to cross worth $1 trillion?
Answer – Microsoft
Explanation:
Seattle-based tech giant Microsoft has reached a valuation of $1 trillion for the first time after a jump in
stock valuation that followed a qualitative-laden third fiscal quarter and has again taken over Apple as
the world’s most valuable company. Microsoft India most attractive employer brand: Randstadi.
Microsoft has become the third company to cross that once-unimaginable line following Apple,earned in
August 2018 and Amazon,earned in september 2018.According to Q3 fiscal earnings,Office, LinkedIn, and
Dynamics gained $10.2 billion USD,Azure Cloud, server products, and enterprise services gained $9.7
billion USD and Windows, Xbox, and Surface earned $10.7 billion USD.
Who has been appointed as Chief Operating Officer (COO) of LIC Housing Finance?
Answer – Siddhartha Mohanty
Explanation:
On 25th April 2019, former executive director of LIC of India, Siddhartha Mohanty has been appointed as
Chief Operating Officer (COO) of LIC Housing Finance.He started his career with LIC of India in 1985.He
also served as Chief of Investments (Monitoring), Regional Head of marketing channel in Western Zone
spanning the States of Maharashtra, Gujarat, and Goa and was the Senior Divisional Manager in-charge of
Raipur and Cuttack divisions of LIC.
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Who was appointed as head of 13 member committee formed by Insurance Regulatory and
Development Authority of India (IRDAI) to review regulatory framework on micro insurance?
Answer – Suresh Mathur
Explanation:
The Insurance Regulatory and Development Authority of India (IRDAI) set up a 13-member committee in
order to review regulatory framework on micro insurance, and suggest the steps to be taken to raise
demand for such products in India by recommending product designs with customer-friendly
underwriting, example, easy premium payment methods and simple claims settlement procedures. The
committee is headed by Suresh Mathur, IRDAI’s Executive Director. It constitutes of officials from IRDAI,
life, general and health insurance companies in public and private sectors, as well as NGOs (Non-
Government Organizations).The committee was formed because of less than desired offtake of micro
insurance products in spite of their immense benefits in India.
Which private sector bank has collaborated with India’s health insurance company, Max Bupa to
launch ‘AnyTimeHealth(ATH) machines’ for distributing health insurance products ?
Explanation:
Max Bupa, India’s health insurance company collaborated with HDFC Bank, India’s leading private sector
banks, and launched ‘AnyTimeHealth (ATH) machines. The machine is an automated, web-based model
that permits customers to avail health assessment, namely, Body Mass Index’, ‘Blood Pressure’, ‘Body
Type & Fat percentage’, ‘Muscle percentage’, ‘Bone Mass’, ‘Body Temperature’ and buy health policy
dynamically without incorporation of any kind of conventional manual efforts. Max Bupa partnered with
HDFC Bank to design an end-to-end ‘digital journey’ for the bank’s customers, which is designed to
support HDFC Bank’s assisted and non-assisted mode of selling insurance digitally, thus empowering the
HDFC’s customers to avail health insurance solutions proficiently.
Reserve Bank of India (RBI) has extended the ombudsman scheme coverage to non-deposit
taking Non-banking Financial Companies (NBFCs) having asset size of how much worth?
Answer – 100 crore
Explanation:
The Reserve Bank of India (RBI) extended the ombudsman scheme coverage to non-deposit taking
(NBFCs) Non-banking Financial Companies having asset size of Rs.100 crore or higher. This was notified
in the Statement of Developmental and Regulatory Policies under the Monetary Policy Statement.The
objective of this was to provide a cost-free and swift complaint-redressal mechanism relating to shortage
in the services, concerning loan and other issues by NBFCs under the scheme.The scheme before the
extension to some categories of NBFCs was effective for deposit-accepting NBFCs.
Which of the following denomination note is set to release by Reserve Bank of India (RBI)?
Answer – Rs.20
Explanation:
The Reserve Bank of India (RBI) will issue new Rs 20 denomination banknotes. The first Rs 20 notes
were issued in the Mahatma Gandhi Series in August 2001.
Which motif is depicted in the back side of the new Rs.20 denomination note?
Answer – Ellora caves
Explanation:
The Reserve Bank of India (RBI) will issue new Rs 20 denomination banknotes having a base colour of
greenish -yellow with size of 63 X 129 mm. The first Rs 20 notes were issued in the Mahatma Gandhi
Series in August 2001.The new note will have a motif of Ellora caves on the dorsal side.
77 | P a g e
What is the revised interest rate of Employee’s Provident Fund (EPF) for 2018-19?
Answer – 8.65%
Explanation:
The Department of Financial Services, a wing of the Ministry of Finance, has approved an Employee’s
Provident Fund (EPF) interest rate hike of 10 basis point to 8.65 percent for 2018-19, as decided by the
retirement fund body Employee’s Provident Fund Organisation (EPFO). This move will benefit more than
6 crores formal sector workers. Earlier in 2017-18, the interest rate on EPF was 8.55 percent.In February
2019, the EPFO’s apex decision making body, the Central Board of Trustees headed by Labour Minister
Santosh Gangwar, had decided to hike the interest rate on EPF to 8.65 percent for 2018-19 from 8.55
percent for 2017-18. This hike was the first increase in the last three years.
Name the Justice, who chairs the Supreme Court bench which has directed the Reserve Bank of
India (RBI) to disclose information under the Right to Information (RTI) Act recently.
Answer – Justice L Nageswara Rao
Explanation:
Recently, Supreme Court bench headed by Justice L Nageswara Rao has directed the Reserve Bank of
India (RBI) to disclose information related to its annual inspection report of banks under the Right to
Information (RTI) Act until and unless they are exempted under law. The bench has also directed the RBI
to review its policy to disclose information relating to banks under RTI. The bench was hearing a
contempt petition filed by RTI activists Subhash Chandra Agarwal and Girish Mittal against the Reserve
Bank of India.
Which IT service management company has launched the real-time voice banking platform to
provide customers with personalized banking interactions?
Answer – Financial Software Services (FSS)
Explanation:
On 16th April 2019, Financial Software Services (FSS) has launched FSS Voice Commerce which is a real-
time voice banking platform to provide customers with personalized banking interactions. It uses
machine-learning language processing techniques for analysis and synthesis of language and speech to
deliver the service.This platform interfaces with any retail banking system to provide real-time
information of accounts and balances.
Name the insurance product launched by Canara Bank in association with its life insurance
partner, Canara HSBC Oriental Bank to provide various facilities to its customers recently.
Answer – Webassurance
Explanation:
On 27th April 2019, Canara Bank and its life insurance partner Canara HSBC Oriental Bank of Commerce
Life Insurance launched ’Webassurance’ to enable its customers to purchase life insurance in a
convenient and hassle-free way. Total Four life insurance products of Canara HSBC OBC Life would be
made available to its customers with various facilities like key needs of child future, savings, and
investments, retirement planning and protection. ii. Through this Webassurance, the bank will be able to
service the protection needs of its younger and net-savvy customers.
Name the credit rating agency, which has released Macro Research report indicating India is set
to install 54.7 GW wind capacity by 2022.
Answer – Fitch Solutions
Explanation:
According to Fitch Solutions Macro Research report, India is probably going to install 54.7GW of wind
capacity by 2022 against the 60 GW target set by the government. This wind capacity installation is a
part of India’s ambitious target of installing 175 GW of renewable energy capacity by the year 2022
which includes 100 GW from solar, 60 GW from wind, 10GW from bio-power and 5 GW from small
hydro-power.
78 | P a g e
What is the custom duty of wheat, which is revised by Central Board of Indirect Taxes and
Customs (CBIC) recently?
Answer – 40%
Explanation:
The Central Board of Indirect Taxes and Customs (CBIC) hiked the basic customs duty (BCD) on wheat to
40% from 30%. The objective is to restrict imports so that domestic prices of wheat do not come under
pressure as the country’s wheat production in this season might cross 100 million tonnes. Last year in
May, the government hiked the basic customs duty on wheat to 30% from 20%.
Name the product, which is set to be launched by government of India to curb tax evasion.
Answer – Electronic invoices (e-invoices)
Explanation:
On 28th April 2019, the government of India has formed a 13-member committee having representatives
from GST Network (GSTN), central and state governments to examine the electronic tax invoice system
of various countries like South Korea, Latin America and suggest a model for India.The introduction of
electronic invoices (e-invoices) through the Goods and Services Tax (GST) portal which will help the
indirect tax system and keep a check on tax evasion.For the e-invoices system, the committee will
examine and suggest the target taxpayers and the threshold limit.
Reserve Bank of India(RBI) has recently proposed the rules on opening and processing which
account of corporate borrowers to prevent diversion of funds?
Answer – Current Account
Explanation:
India’s Central Bank, the Reserve Bank of India (RBI) would tighten rules on opening and operating
current accounts of corporate borrowers to prevent the diversion of funds. RBI had notified that the
banks with collection accounts will have to transfer funds to the current account and the current
accounts could be opened only with the lead bank of a lending association.The rules would be applicable
to corporates who have borrowed and used credit facilities of more than Rs 50 crore from the banking
system.Customers using credit facility of Rs 5 to Rs 50 crore can also open current accounts with any
bank, even if it is not the consortium’s leading bank (which is not a consortium leader). But only
collection accounts can be run with non-lending banks.
Which think tank has recently predicted that the Military Expenditure of India grew by 3.1% to
reach $66.5 billion?
Answer – Stockholm International Peace Research Institute (SIPRI)
Explanation:
shows that military expenditure has increased for the 2nd consecutive year to the highest level since
1988 and is 76% higher than it was in 1998. In this total share, India, United States, China, Saudi Arabia
and France altogether contributed to 60% per cent of the amount, with US and China being the 2 biggest
spenders.
According to Stockholm International Peace Research Institute (SIPRI) report, which country
became the world’s biggest Military Spender in 2018?
Answer – US
Explanation:
The United States which retains its title as the world’s biggest military spender — raised its spending for
the first time in seven years to $649 billion in 2018. The US spent almost as much on defense in 2018.
The US’ military spending increased for the 1st time since 2010, by hiking by 4.6% to reach 649 $ billion
in 2018. The report also notified that the US’ expenditure comprises 36% of global military spending and
is almost equal to the combined expenditure of the next 8 largest spending countries together.China’s
expenditure has risen for the 24th consecutive year to hike by 5% more to reach $250 billion, thus
79 | P a g e
representing 14% of the world’s military expenditure. This amount is 10 times higher than the amount
spent by Beijing in 1994.
Military expenditure of the world rise by what percent to reach 1.82 $ trillion in 2018, as per the
report from the Stockholm International Peace Research Institute (SIPRI)?
Answer – 2.6%
Explanation:
the world’s military expenditure has risen by 2.6% to reach 1.82 $ trillion in 2018. This shows that
military expenditure has increased for the 2nd consecutive year to the highest level since 1988 and is
76% higher than it was in 1998. In this total share, India, United States, China, Saudi Arabia and France
altogether contributed to 60% per cent of the amount, with US and China being the 2 biggest spenders.
Which Indian e-commerce payment system and digital wallet company has launched a new option
of recurring payments for its merchants?
Answer – Paytm
Explanation:
On 29th April 2019, Noida-based e-commerce payment system and digital wallet company, Paytm
launched a new option of recurring payments for its merchants.Recently it also started its own
subscription business at an annual fee of Rs 750 where consumers pay at regular intervals.Consumers
can opt for recurring payments from Paytm wallet, also from their bank accounts, debit cards, credit
cards, net banking and more.So, if the Paytm customer doesn’t have money in their wallet, the recurring
payment can be deducted directly from the bank account or credit card.
Name the General Insurance company which has collaborated with Wishfin insurance to become
the first company to sell 2-wheeler policies via WhatsApp.
Answer – Bharti AXA General Insurance
Explanation:
Bharti AXA General Insurance, the first company in the domestic non-life insurance industry has
collaborated with web aggregator, Wishfin Insurance to sell 2-wheeler policies via social media
messaging platform, WhatsApp. Bharti AXA General Insurance. Bharti AXA General Insurance is a joint
partnership between Bharti Enterprises and AXA, global insurance firm. It will sell the policies on
Wishfin’s insurance arm, Wishpolicy’s website.Wishfin has launched ‘Buy Two-Wheeler Insurance on
WhatsApp’ (that is available on Wishpolicy’s website) through Wishfin Insurance. This policy is an
instant, effortless and additional customer service option avaiable for the policyholders.
What is the revised GDP growth of India for the financial year 2019-20, as per India Ratings and
Research company ?
Answer – 7.3 %
Explanation:
India’s GDP growth projection for 2019-20 lowered to 7.3 percent by India Ratings and Research, a Fitch
Group company, due to below normal monsoon prediction, continued agrarian distress and loss of
momentum in industrial output. The earlier projected GDP growth was 7.5 percent.Other reason for
lowered growth projection is slow progress on cases referred to the National Company Law Tribunal
under Insolvency and Bankruptcy Code, 2016.Investment Expenditure Growth which is measured by
gross fixed capital formation (GFCF) has also been downgraded to 9.2 percent from the earlier forecast of
10.3 percent for the year 2019-20, is another reason cited for lowering the growth forecast.
Which industry body has released a report titled “Cyber Insurance in India- Mitigating Risks amid
Changing Regulations and Uncertainties” stating that the Indian cyber insurance market grew by
40% in the year 2018?
Answer – Data Security Council of India (DSCI)
80 | P a g e
Explanation:
A report titled ‘Cyber Insurance in India- Mitigating Risks amid Changing Regulations and Uncertainties‘
by Data Security Council of India (DSCI) stated that cyber insurance market is gradually gaining
momentum in India as cyber-theft has increased substantially to become one of the most prominent
threats to the corporates’ operations. The report broadly offers market insights on the stances in cyber
insurance with its prime objective to increase awareness and help evaluate a cyber insurance policy
effectively.Data from the report showed that between 2016 and 2018, India ranked as the 2nd most
affected country from cyber-threats. 350 cyber insurance policies were bought by Indian corporates in
2018 as compared to 250 in 2017, which marks a 40% hike in the sale of these policies
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Banking, Finance & Economy News: April 2019

Google India Head Rajan Anandan resigns

For setting up India-Africa Institute of Agriculture and Rural Development (IAIARD)

Government infused Rs 205 crore into Bank of Maharashtra

RBI makes NPA divergence rule easier for banks

Fitch kept India’s rating unchanged at BBB- with Stable outlook

Vinod Dasari was appointed as Royal Enfield CEO

be used for business expansion.

Micromax Co-founder unveils India’s first AI-enabled e-motorcycle brand

CS Rajan to be designated as Managing Director of IL&FS

RBI alters LCR norms to enhance cash position of banks

NIIF and ROADIS on a joint venture to invest $2 billion in Road Projects

David Malpass has been elected as World bank President

About World Bank

Keshav Murugesh takes over as Nasscom Chairman

Lakshmi Vilas Bank got merge with Indiabulls Housing Finance

L&T’s Proposal to Acquire Majority Stake in Mindtree approved by Competition Commission of

NTPC Inked Term-Loan Agreement of Rs.2,000 crore with Canara Bank

Centre meets Fiscal Deficit of 3.4% in 2018-2019

PFS in a joint venture with USICEF finances solar projects in India

India’s growth rate to increase from 7.3% in 2019 to 7.5% in 2020

HDFC AMC claims first position in terms of Assets

India’s steel demand to grow by over 7% in FY19, FY20

Karnam Sekar to be appointed as MD, CEO of Indian Overseas Bank

RBL Bank partners with CreditVidya to leverage customer experience

RailWire Wi-Fi is live at 1600 railway stations in India

Banks close FY19 with 13.24% credit growth, deposits up 10.03%

HDFC Bank ranked No. 1 in India by the survey of Forbes

IMO launches new rules on electronic information exchange

Hong Kong surpasses Japan to be world’s 3rd biggest Stock Market

TCS Paired with Google to build industry-specific cloud solutions

PayU acquires Wibmo for USD 70 million

Telecom Department sanctions merger of TTSL and Bharti Airtel

RBI grants 12 years to LIC for reducing stake in IDBI Bank

RBI Permitted Reinsurance Brokers to Open Foreign Currency Accounts

A unique proposition to pay electricity bill on EMIs launched by Bajaj Finserv

ADB agreed to grant highest-ever USD 3 billion in sovereign loans to India

UN owes India USD 38 million for peacekeeping operations: UNSG report

India turns to net steel importer in Fiscal year 2018-2019

Google opens its 1st African Lab in Ghana

Rajesh Yaduvanshi is appointed as Executive Director of Punjab National Bank

means it is not a true cryptocurrency.

About Bandhan Bank

SEFL and Bank of Baroda to co-lend through iQuippo

Non-Core assets needed to be sold by CPSEs in a notice period of 12 months

Sanjay Manohar appointed as a next Managing Director of McAfee India

Fintech Start-Ups Allowed to Test Regulatory Sandbox: RBI