Monthly Government

Current Affairs MonthlySchemes

Capsule I
Capsule|February 2021
September 2020

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 Banking Current Affairs | August 2021

Banking Current Affairs & General Knowledge

The National Payments Corporation of India (NPCI) has launched e-RUPI, a digital
payment solution.
 In collaboration with the Department of Financial Services (DFS), the National Health
Authority (NHA), the Ministry of Health and Family Welfare (MoHFW), and partner banks, the
National Payments Corporation of India (NPCI) has launched an innovative digital solution
called e-RUPI.
 e-RUPI is a one-time payment mechanism for payment vouchers. It's based on the UPI
protocol.
 Government or corporate entities would create e-RUPI vouchers through their partner banks
and distribute them to beneficiaries via SMS or QR code for a specific purpose or activity.
The recipients will be identified by their mobile phone numbers.
 At merchants that accept e-RUPI, users will be able to redeem the voucher without a card,
digital payments app, or internet banking access.
 It should be noted that the e-RUPI voucher recipient does not need a bank account to use
the voucher.
The National Payments Corporation of India (NPCI) has launched e-RUPI, a digital
payment solution.
 In collaboration with the Department of Financial Services (DFS), the National Health
Authority (NHA), the Ministry of Health and Family Welfare (MoHFW), and partner banks, the
National Payments Corporation of India (NPCI) has launched an innovative digital solution
called e-RUPI.
 e-RUPI is a one-time payment mechanism for payment vouchers. It's based on the UPI
protocol.
 Government or corporate entities would create e-RUPI vouchers through their partner banks
and distribute them to beneficiaries via SMS or QR code for a specific purpose or activity.
The recipients will be identified by their mobile phone numbers.
 At merchants that accept e-RUPI, users will be able to redeem the voucher without a card,
digital payments app, or internet banking access.
 It should be noted that the e-RUPI voucher recipient does not need a bank account to use
the voucher.
18 Indian banks have invested in a new blockchain company. IBBIC
 18 Indian banks have joined forces to form the ‘IBBIC Pvt Ltd (IBBIC)' fintech firm, which will
use blockchain technology in the financial services sector.
 IBBIC was founded in May 2021 as a financial technology company with the goal of

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providing a platform for exploring, developing, and implementing Distributed Ledger

Technology (DLT) solutions for the Indian financial services sector, including the
development of DLT platforms, applications, and ventures. The Infosys Finacle Connect
platform will be used by IBBIC to digitize and automate inter-organization trade finance
processes, such as processing inland letters of credit (LCs).
 RBL Bank, ICICI Bank, HDFC Bank, Kotak Mahindra Bank, Axis Bank, IndusInd Bank, Yes
Bank, South Indian Bank, Federal Bank, IDFC First Bank, State Bank of India (SBI), Bank of
Baroda (BoB), Indian Bank, Canara Bank, IDBI Bank, Punjab National Bank, Union Bank of
India, Standard Chartered and Standard Chartered Bank are among the banks.
 Almost every bank has invested Rs 5 lakh in IBBIC, giving them a 5.55 percent stake in the
company.
 Each bank will make a Rs 5 crore investment in the company, bringing the total capital to Rs
75 crores.
For YONO and YONO Lite, SBI introduces the ‘SIM Binding' feature.
 State Bank of India (SBI), India's largest lender, has introduced a new and improved security
feature called "SIM Binding" for its YONO and YONO Lite apps to protect customers from
various digital frauds.
 The YONO and YONO Lite apps will only work on devices with SIMs of mobile numbers
registered with the Bank under the new SIM Binding feature.
 The new platform's primary goal is to provide customers with increased security and a more
convenient and secure online banking experience.
For small retailers, HDFC Bank has launched the ‘Dukandar Overdraft Scheme.'
 HDFC Bank, India's largest private lender, has launched the 'Dukandar Overdraft Scheme,'
an overdraft facility for small retailers to help them deal with cash flow problems.
 The program was launched in collaboration with the CSC SPV, the government's e-
governance services delivery arm that allows government schemes and services to be
delivered through common service centers (CSCs).
 Who is eligible to participate: The scheme is open to retailers who have been in business for
at least three years.
 To use the service, follow these steps: Beneficiaries must submit a bank statement from any
bank for the previous six months.
 HDFC Bank will approve the overdraft limit based on the bank statements as under:
o Minimum overdraft limit: Rs 50,000
o Maximum overdraft limit: Rs 10 lakh
 Bank will not seek any collateral security, business financials, and income tax returns from
the retailers, applying for the scheme.

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 Banking Current Affairs | August 2021

The Reserve Bank of India has given IndusInd Bank permission to act as an ‘Agency
Bank.'
 The Reserve Bank of India (RBI) has authorized IndusInd Bank to act as an "Agency Bank."
 As an Agency Bank, IndusInd will be able to conduct transactions involving all types of
government-run businesses.
 This decision is based on an RBI policy that designates scheduled private sector banks as
the regulator's agency banks for conducting government business.
 Apart from offering its customers the convenience of conducting routine financial
transactions through its banking platform, IndusInd Bank has joined a select group of
private banks in the country that has been designated as RBI Agency Banks to carry out
general banking business on behalf of the central and state governments.
In FY22, the Centre has reduced the Mudra loan target to Rs 3 trillion.
 The government has set a target of Rs 3 trillion for loan disbursement under the PM Mudra
Yojana (PMMY) for 2021-22. (FY22).
 This year's goal is lower than last year's. The target for FY21 was set at Rs 3.21 trillion.
In its August 2021 MPC meeting, the RBI kept the repo rate unchanged at 4%.
 In the Monetary Policy Committee (MPC) meeting held between August 04 and August 06,
2021, the Reserve Bank of India decided to keep the Repo Rate unchanged.
 The RBI has maintained its accommodative stance.
 In 2021-22, the RBI has kept India's real GDP growth rate at 9.5 percent.
 Repo Rate- 4%
 Reverse Repo Rate- 3.35%
 Marginal Standing Facility Rate- 4.25%
 Bank Rate- 4.25%
 CRR- 4%
 SLR-18%
The ‘Health and Wellness Savings Account' has been launched by Suryoday Small
Finance Bank.
 Suryoday Small Finance Bank (SSFB) has introduced a new product, the Suryoday Health
and Wellness Savings Account, with the dual goal of protecting customers' health and
wealth.
 Customers must have an average monthly balance of Rs 3 lakh and be eligible according to
the key health declaration form in order to open a savings account.
 Who qualifies: Minimum age is 18 years old, and the maximum age is 65 years old.

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 Banking Current Affairs | August 2021

‘The Banker' named DBS Bank as the ‘Most Innovative in Digital Banking' in the
world.
 The DBS Bank has been named ‘Most Innovative in Digital Banking' in the Financial Times
publication ‘The Banker’s Innovation in Digital Banking Awards 2021.
 DBS Bank also won in the Asia-Pacific region for its Secure Access and Remote Working
Solution in the Cyber Security category.
 The Banker's Innovation in Digital Banking Awards honors the most forward-thinking banks
around the world for their digital banking initiatives, strategies, and overall commitment to
digital transformation.
The RBI has increased the limit for SHG collateral-free loans to Rs 20 lakhs.
 The Reserve Bank of India has increased the limit for DAY-NRLM (Deendayal Antyodaya
Yojana – National Rural Livelihoods Mission) collateral-free loans to Self-Help Groups (SHG)
from Rs. 10 lakhs to Rs. 20 lakhs.
 SHGs are able to borrow money from commercial banks. The following are the new RBI
guidelines for this type of loan to commercial banks:
 No collateral and no margin will be charged for loans to SHGs up to Rs 10.00 lakh. No liens
should be placed on SHGs' savings bank accounts, and no deposits should be required when
approving loans.
 For loans to SHGs of more than Rs 10 lakh but less than Rs 20 lakh, no collateral should be
required, and no lien should be placed on the SHGs' savings bank account. However, the
entire loan (regardless of the amount owed, even if it is later reduced to less than Rs 10 lakh)
would be covered by the Credit Guarantee Fund for Micro Units (CGFMU).”
From October 1, the RBI will levy monetary penalties on banks if ATMs run out of
cash.
 The Reserve Bank of India (RBI) has announced the launch of the ‘Scheme of Penalty for
Non-Replenishment of ATMs,' under which it will penalize ATMs/WLAs that run out of cash.
 From October 1, 2021, the scheme will be implemented.
 The Penalty Quantum
 A penalty of Rs. 10,000 per ATM will be imposed if any ATM is used for more than 10 hours in
a month.
 The penalty for white label ATMs would be levied against the bank that meets the white
label ATM's cash requirements.
 To avoid cash-outs and the monetary penalty, the RBI has directed all banks/White Label
ATM Operators (WLAOs) to strengthen their systems/ mechanisms for monitoring the
availability of cash in ATMs and ensuring timely replenishment.

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 Banking Current Affairs | August 2021

SIDBI has launched an app-based lending platform for small businesses called
Digital Prayaas.
 The Small Industries Development Bank of India (SIDBI) has launched ‘Digital Prayaas,' an
app-based digital lending platform that will provide loans to low-income entrepreneurs.
 By the end of the day, the loan will be approved. Aside from that, SIDBI has partnered with
BigBasket to meet the needs of aspiring urban youth. SIDBI will onboard BigBasket's delivery
partners across the country and provide loans for the purchase of environmentally friendly
e-Bikes and e-Vans at a low-interest rate.
RBL Bank has chosen Amazon Web Services (AWS) as its preferred cloud provider.
 RBL Bank, based in Mumbai, has chosen Amazon Web Services (AWS) as its preferred cloud
provider.
 RBL Bank will be able to strengthen its AI-powered banking solutions and accelerate its
digital transformation as a result of the partnership.
 AWS is an Amazon.com subsidiary that offers metered pay-as-you-go cloud computing
platforms and APIs to individuals, businesses, and governments.
Noopur Chaturvedi has been named CEO of NPCI Bharat BillPay Ltd by NPCI.
 Noopur Chaturvedi has been named Chief Executive Officer (CEO) of NPCI Bharat BillPay
Ltd by the National Payments Corporation of India (NPCI) (NBBL).
 Chaturvedi will work to achieve the Reserve Bank of India's (RBI) goal of scaling up the
Bharat Bill Pay System (BBPS) platform and making it the most preferred method of bill
payment.
 NPCI Bharat BillPay Ltd. (NBBL) is an NPCI wholly-owned subsidiary that began operations
on April 1, 2021.
The Financial Inclusion Index is introduced by the Reserve Bank of India.
 The Financial Inclusion Index (FI-Index) was introduced by the Reserve Bank of India as a
measure of the extent of financial inclusion in India. The FI-Index includes information on
India's banking, investment, insurance, postal, and pension sectors.
 The FI-Index will have a value of 0 to 100. Where 0 represents total financial exclusion and
100 represents complete financial inclusion.
 FI-Index parameters: The FI-Index is made up of three parameters: Access (35 percent),
Usage (45 percent), and Quality (20 percent), each of which has multiple dimensions that are
calculated using a variety of indicators. There are a total of 97 indicators.
 For the period ending March 2021, the annual FI-Index is 53.9, while for the period ending
March 2017, it is 43.4. Every year in July, the RBI will release the FI-Index.
 This Index does not have a base year.

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 Banking Current Affairs | August 2021

For retail clients, HDFC has launched a ‘green and sustainable' deposit program.
 HDFC Bank, India's largest private sector bank, has launched a green and sustainable
deposits program for retail customers, with the goal of preventing climate change.
 These fixed-income funds will be used to fund green and sustainable housing credit solutions
and services.
 Rates of Interest: 6.55 percentage point
 Period of maturation: 3 to 10 years
 Senior citizens will receive an additional 0.25 percent per annum interest rate on deposits up
to Rs 2 crore.
 Furthermore, if these deposits are made through the bank's online platform, an additional
interest rate of 0.1 percent per annum will be applied.
India's GDP growth is expected to be 9.4% in FY22, according to Ind-Ra.
 India's GDP growth rate is expected to be 9.4% in FY22, according to India Ratings (Ind-Ra).
 Indi-Ra had previously estimated the rate to be between 9.1 and 9.6%.
The RBI will launch the PRISM platform to help supervised entities improve their
compliance.
 The Reserve Bank of India will launch a web-based platform called "Platform for Regulated
Entities for Integrated Supervision and Monitoring (PRISM)" through which entities
supervised by the RBI can submit various compliances to the RBI.
 The Reserve Bank of India (RBI) regulates and supervises a variety of entities in India. The
PRISM platform will assist RBI in implementing a "continuous supervision" approach for early
risk detection and supervisory actions.
 Inspection, compliance, incident functionality for cybersecurity, complaints, and returns
functionality will all be included in PRISM, along with built-in remediation workflows, time
tracking, notifications and alerts, and management information system (MIS) reports and
dashboards.
Nitin Chugh, the MD, and CEO of Ujjivan Small Finance Bank, has resigned.
 Nitin Chugh, the managing director and chief executive officer (MD & CEO) of Ujjivan Small
Finance Bank, has announced his retirement effective September 30, 2021.
 He stated that he was retiring due to personal reasons. He will also step down from the
board of directors of Ujjivan Small Finance Bank on September 30, 2021.
Indian Bank's new MD and CEO is Shanti Lal Jain.
 For the next three years, Shanti Lal Jain will serve as the Managing Director and Chief
Executive Officer of Indian Bank. Ms. Padmaja Chunduru, the current MD and CEO of Indian
Bank, will be replaced by him.
 Shanti Lal Jain is the Executive Director (ED) of Bank of Baroda at the moment. After

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September 1, 2021, he will assume command.

In order to launch UPI in the UAE, NPCI has partnered with Mashreq Bank.
 In the UAE, NPCI International Payments Ltd (NIPL) has partnered with Mashreq Bank to
launch the Unified Payments Interface (UPI) payment system.
 Mashreq Bank is the United Arab Emirates' oldest privately-owned bank.
 This step will allow Indian tourists visiting the UAE for business or pleasure to pay for
purchases using UPI-based mobile applications in shops and merchant stores throughout
the UAE.
The DIY Digital Repayment platform ‘Neo Collections' has been launched by Kotak
Mahindra Bank.
 For missed loan repayments, Kotak Mahindra Bank has launched a platform called ‘Neo
Collections,' which is a Do It Yourself Digital Repayment Platform.
 In collaboration with Creditas Solutions, Kotak Mahindra Bank has launched the Neo
Collections platform.
 The main goal of this DIY digital repayment platform is to make it easier for customers to
repay outstanding loans.
The World Bank has announced the creation of a new multi-donor trust fund for
cyber security.
 The World Bank has established a new ‘Cybersecurity Multi-Donor Trust Fund' in order to
more effectively implement the cybersecurity development agenda.
 The new fund was created as an associated trust fund under the umbrella programme of the
Digital Development Partnership (DDP).
 The World Bank has partnered with four countries to launch the fund: Estonia, Japan,
Germany, and the Netherlands.
 With the development of global knowledge, country assessments, technical assistance,
capacity building, and training, as well as necessary investments in infrastructure and
technology, the main goal of this new fund is to improve cyber and digital security capability
and capacity in the World Bank member countries.
HDFC Bank and Paytm have partnered to develop comprehensive payment
gateway solutions.
 HDFC Bank and Paytm have teamed up to create comprehensive payment gateway, point-
of-sale, and credit product solutions. Paytm Postpaid, for example, is a Buy Now Pay Later
(BNPL) solution, as well as Eazy EMI and Flexi Pay.
 The partnership will primarily focus on two types of point-of-sale (PoS) services. First, Paytm
will offer its existing range of Android POS devices to merchants across India, thanks to a
partnership with HDFC Bank. The payment partner will be HDFC Bank, and the distribution

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and software partner will be Paytm.

 Second, in the retail segment, HDFC Bank and Paytm will jointly launch a co-branded PoS
product, which Paytm will have the option to offer to its own customer base.
 The collaboration will also bring improved SmartHub solutions to the market. SmartHub
solutions from HDFC Bank are an integrated platform that provides merchants with a one-
stop-shop for all of their payment needs.
The Finance Minister announces the establishment of the ‘Ubharte Sitaare Fund' for
export-oriented MSMEs.
 Smt. Nirmala Sitharaman, India's Finance Minister, launched the 'Ubharte Sitaare Fund
(USF)' with a corpus of Rs 250 crore for export-oriented small and mid-sized businesses.
 On August 21, 2021, the launch took place in Lucknow, Uttar Pradesh.
 India Exim Bank and SIDBI will manage the fund. The fund was established as part of the
Ubharte Sitaare Programme (USP), which was announced in the Budget Speech for the
years 2021-22.
 The USF's mission is to identify and invest in small and mid-sized businesses in
manufacturing and service industries that have strong export potential and could be future
export champions, as well as to guide them through the growth phase.
 The fund's corpus is Rs. 250 crores, with a greenshoe option of another Rs. 250 crores. SIDBI
and India Exim Bank have each contributed Rs 40 crore.
 How would the fund benefit exporters? The Fund would invest in export-oriented units (via
equity and equity-like products) across India, in both the manufacturing and services
sectors, to help companies in the export market reach new heights.
Sandeep Bakhshi's re-appointment as MD and CEO of ICICI Bank has been
approved by the RBI.
 The Reserve Bank of India (RBI) has approved Sandeep Bakhshi's re-appointment as ICICI
Bank's MD and CEO.
 From October 15, 2021, to October 3, 2023, this will be in effect.
For Rs 222.71 crore, HDFC Bank sells its 2% stake in CDSL.
 HDFC Bank sold more than a 2% stake in Central Depository Services (India) Ltd (CDSL) in
two tranches for Rs 222.71 crore between June and August 2021.
 Market participants can use CDSL's depository services. It provides three services:
depository, data entry and record-keeping for capital market investors' KYC documents, and
repository.
BharatPe has launched the ‘12 percent Club' peer-to-peer lending app.
 BharatPe has launched a “12% Club” app that allows users to invest and earn up to 12%
annual interest or borrow at the same rate.

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 For this app and lending arrangement, BharatPe has partnered with LenDenClub (an RBI-
approved NBFC).
 Consumers can invest their savings at any time by using the "12 percent Club" app to lend
money. Consumers can also use the 12 percent Club app to get collateral-free loans of up to
Rs 10 lakh for a three-month period.
The scope of permitted devices under Tokenisation has been expanded by the RBI –
Card Transactions
 In 2019, RBI allowed authorized card payment networks to provide card tokenization
services via mobile phones and tablets to any token requestor (i.e., third-party app provider).

 The RBI has now broadened the scope of tokenization to include consumer devices such as
laptops, desktops, wearables (wristwatches, bands, and so on), Internet of Things (IoT)
devices, and so on.
 The permission to tokenize extends to various channels [e.g., contactless transactions based
on Near Field Communication (NFC) / Magnetic Secure Transmission (MST), in-app
payments, QR code-based payments, etc.] or token storage mechanisms (cloud, secure
element, trusted execution environment, etc.).
 The authorized card networks are ultimately responsible for the card tokenization services
they provide.
Finance Minister unveils 4th edition of Public Sector Bank Reforms Agenda (EASE
4.0)
 Smt. Nirmala Sitharaman, Union Minister of Finance and Corporate Affairs, has unveiled the
fourth edition of the Public Sector Bank Reforms Agenda ‘EASE 4.0' for 2021-22.
“Technology-enabled, simplified, and collaborative banking” is the main theme of EASE 4.0.
 Enhanced Access & Service Excellence (EASE) is an acronym that stands for "Enhanced
Access & Service Excellence" (EASE).
 Aim: EASE 4.0 aims to advance the customer-centric digital transformation agenda by
deeply embedding digital and data into PSBs' working practices. EASE 4.0 lays out a plan to
transform all PSBs into digital-attacker banks that collaborate with other key players in the
financial services ecosystem to provide industry-leading customer service.
 Key Initiatives under EASE 4.0:
o Smart Lending for Aspiring India
o New Age 24×7 banking with resilient technology
o Collaborative banking for synergistic outcomes
o Tech-enabled Ease of Banking
o Institutionalizing Prudent Banking

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o Governance and Outcome Centric HR

The government has approved a 30 percent increase in the Bank Employees Family
Pension.
 The Indian Banks' Association (IBA) proposed that the family pension be increased to 30%
of the last salary drawn, which was approved by the Central Government.
 Following this, the family pension for bank employees would increase from Rs 30,000 to Rs
35,000 per family.
 The government has also approved a proposal to raise the employer contribution to the
NPS from 10% to 14%.
Ujjivan Small Finance Bank's interim CEO is Carol Furtado.
 Carol Furtado has been named interim CEO of Ujjivan Small Finance Bank, following the
resignation of CEO Nitin Chugh.
 She has also been named as the bank's officer on special duty (OSD). Currently, Furtado is
the CEO of Ujjivan Financial Services, the bank's holding company.
 The appointment is contingent on the Reserve Bank of India's approval.
RBI clears appointment of Hitendra Dave as CEO of HSBC India
 The Reserve Bank of India (RBI) has approved Hitendra Dave's appointment as HSBC India's
Chief Executive Officer (CEO).
 With effect from August 24, 2021, the RBI has granted approval for a three-year period.
 Hitendra Dave was appointed Chief Executive Officer of HSBC India in June 2021, according
to HSBC.
Beneficiaries of the PM SVANidhi Scheme are included in the PIDF Scheme by the
RBI.
 The Reserve Bank of India has announced that street vendors in tier 1 and tier 2 cities who
have been identified as part of the PM Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi
Scheme) will be eligible to receive payments from the Payments Infrastructure Development
Fund (PIDF) Scheme. The RBI launched the Payments Infrastructure Development Fund
(PIDF) Scheme to encourage the deployment of point-of-sale infrastructure (both physical
and digital modes) in tier-3 to tier-6 cities and northeastern states.
 As a result, the RBI has now allowed street vendors in Tier-1 and Tier-2 centers to participate
in the PIDF Scheme. By default, street vendors in tier 3 to tier 6 cities will continue to be
covered by the Scheme.
 Currently, the PIDF has a corpus of Rs. 345 crore.

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The government has agreed to extend the terms of PNB, BOM, and UCO Bank's MD-
CEOs.
 Three managing directors and chief executive officers have had their terms extended by the
Appointments Committee of the Cabinet (ACC) (MDs and CEOs). These are:
o S S Mallikarjuna Rao– MD and CEO of Punjab National Bank
o A S Rajeev– MD and CEO of Bank of Maharashtra
o Atul Kumar Goel- MD and CEO of UCO Bank
 Aside from that, ten executive directors (EDs) of public sector banks have had their terms
extended.
The Reserve Bank of India has increased the limit under the Indo-Nepal Remittance
Facility to Rs 2 lakh.
 The Reserve Bank of India has increased the maximum amount of money that can be
transferred under the Indo-Nepal Remittance Facility Scheme from Rs 50,000 to Rs 2 lakh
per transaction.
 Previously, there was a 12-transaction limit per year.
 This restriction has now been lifted.
 The per transaction limit of Rs 50,000 will remain in place for cash-based transfers under
the Indo-Nepal Remittance Facility, with a maximum number of transfers per year of 12.
The government has extended the deadline for the ‘Vivad se Vishwas' scheme until
September 30, 2021.
 The government has announced a one-month extension of the payment deadline for the
Vivad Se Vishwas direct tax dispute settlement scheme until September 30, 2021.
 The deadline for making payments under the scheme was extended by the Ministry of
Finance until August 31 in June.
 The decision to extend the deadline was made due to the difficulties encountered in issuing
and amending Form No 3, which is required for declarant payment under the Vivad se
Vishwas Act.
 The deadline has been extended for the fifth time by the Ministry of Finance.
The RBI has increased the incentive for banks to distribute coins over the counter to
Rs 65.
 The Reserve Bank of India has increased the incentive it gives banks for over-the-counter
coin distribution from Rs 25 to Rs 65 per bag of coins. From September 1, 2021, this will be in
effect.
 Under the "Currency Distribution & Exchange Scheme (CDES)," the RBI offers banks and
currency chests incentives to distribute coins over the counter. This is done to encourage

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coin circulation.
 On submission of a CA/Auditor certificate, an additional incentive of Rs. 10/- per bag would
be paid for coin distribution in rural and semi-urban areas. (i.e. Rs 75 per bag).
PFRDA raises the age of eligibility for the National Pension System (NPS) to 70
years old.
 The National Pension System (NPS) entry age has been raised from 65 to 70 years by the
Pension Fund Regulatory and Development Authority (PFRDA).
 Previously, the age limit for investing in NPS was 18-65 years, but this has now been raised to
18-70 years. Any Indian citizen, resident or non-resident, and Overseas Citizen of India (OCI)
between the ages of 65 and 70 can join NPS and continue or defer their NPS account up to
the age of 75, according to the revised rules.
 If a person joins the NPS after the age of 65, the Normal Exit will be three years. Exiting
before the three-year mark is considered premature.
 In the event that the NPS remains open after 65 years, the amount that can be exposed to
equity is also limited. Under Auto and Active Choice, the maximum equity exposure is 15%
and 50%, respectively.
To promote and encourage contactless payments, RuPay has launched the
#FollowPaymentDistancing campaign.
 To promote and encourage contactless payments among customers, RuPay has launched a
strategic campaign called #FollowPaymentDistancing.
 Customers have followed several norms and measures to stay safe as a result of COVID-19,
including healthy habits, self-care routines, and social distancing.
 RuPay's #FollowPaymentDistancing campaign encourages customers to begin "payment
distancing" by switching to contactless digital payments with RuPay Contactless Cards,
which are both safe and time-saving.
IDBI Bank is selling all of its 19.18 percent stake in ARCIL.
 IDBI Bank's board of directors has approved the divestment of the bank's entire 19.18
percent stake in Asset Reconstruction Company (India) Limited (ARCIL).
 Asset Reconstruction Company India (ARCIL) is India's first ARC, having been established in
2002. Mumbai, Maharashtra is the company's headquarters.
 State Bank of India (SBI), IDBI Bank, ICICI Bank, and Punjab National Bank (PNB), as well as
other foreign investors, own ARCIL.
Rajnish Kumar, the former chairman of the State Bank of India, has been appointed
as an independent director of HSBC Asia.
 On August 30, 2021, Rajnish Kumar, the former chairman of the State Bank of India (SBI), was
appointed as an independent director of The Hong Kong and Shanghai Banking

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Corporation (HSBC) Asia entity.

 In addition, he has been appointed to the company's Audit Committee and Risk Committee.
 After a 40-year career at the SBI, Mr. Rajnish Kumar stepped down as Chairman in October
2020.

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