Banking & Economy PDF

Banking & Economy PDF
Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2021 @ AffairsCloud.Com 1

This is Paid PDF provided by AffairsCloud.com, Our team is working hard

in back end to provide quality PDF. If you not buy this paid PDF
subscription plan, we kindly request you to buy pdf to avail this service.
Help Us to Grow & Provide Quality Service
AffairsCloud launched a new long awaited mobile app.

App name:“CareersCloud”
All Current Affairs content, quizzes and pdfs will be available in the above-
mentioned app in Google Play store.
Courses offered:
Paid Course Name:Crack Current Affairs 2021(English & Hindi)
Get Extra 10%Discount code: PDF10
Free CourseNames: i. Learn Current Affairs in English
ii. Learn Current Affairs in Hindi
Click here to Download the CareersCloud APP
Suggestions & Feedback are welcomed
Support@affairscloud.com

Banking,Finance & Economy PDF 2021 - November
Table of Contents
Banking, Finance & Economy News: November 2021 ................................................................................................. 4
Banking, Finance & Economy Q&A: November 2021 ................................................................................................. 54

Banking, Finance & Economy News: November 2021

RBI IN NEWS
RBI Eased Current Account Rules for Bank Exposures Less than Rs 5 crore
On account of the feedback received from the Indian Banks’ Association (IBA), the Reserve Bank of India (RBI) has
eased the Current Account (CA) rules for bank exposures less than Rs 5 crore and allowed borrowers to open
CAs, Cash Credit (CC) and OverDraft (OD) from the banking system under certain provisions.
• Background: Earlier in August 2020, RBI revised the directions on opening and operating CAs by banks
and restricted the banks from opening CAs for customers who have availed CC/OD.
Key Provisions for Opening CA:
i.Bank Exposure less than Rs 5 Crore:
• RBI has issued no restriction on opening of CAs or on provision of CC/OD facility by banks for borrowers
with less than Rs 5 crore exposure to the banking system.
• Condition: Those borrowers should inform the bank(s), as and when the credit facilities availed by them
from the banking system reaches Rs 5 crore or more.
ii.Bank Exposure of Rs 5 Crore/more:
• RBI has allowed borrowers with exposure of the banking system to Rs 5 crore or more to maintain CAs with
any one of the banks with which it has a CC/OD facility.
• Condition: Only if the bank has at least 10 percent of the exposure of the banking system to that borrower.
Other Regulations:
i.RBI allowed other lending banks to open only collection accounts on the condition that funds deposited in such
accounts are remitted within 2 working days of receiving these to the CC/OD account.
ii.The bank that are having the highest exposure is enabled to open CAs when no lender has at least 10 percent
exposure to the borrower.
iii.Non-lending banks are not permitted to open CAs.
iv.RBI has also permitted banks to open and maintain inter-bank accounts, all accounts with institutions like
EXIM Bank, NABARD (National Bank for Agriculture and Rural Development), NHB (National Housing Bank), and
SIDBI (Small Industries Development Bank of India), accounts attached by orders of central or state government
and investigative agencies without any restrictions.
v.RBI permitted banks that are maintaining collection accounts to debit fees/charges from such accounts before
transferring the funds to the escrow account/CC/OD account of the borrower.
vi.Banks were directed by RBI to monitor all accounts regularly (at least on a half-yearly basis) with respect to the
exposure of the banking system to the borrower, and the bank’s share in that exposure, to ensure compliance with
these instructions.
Note – Borrowers who are not availing of CC/OD facilities are allowed to continue maintaining CAs in line with
current rules.
About OverDraft(OD):
i.It is a credit facility that will be provided by banks to allow customers to use or withdraw money from their
savings or current account even when there is no balance or minimum balance up to the approved limit.
ii.OD will work like an approved loan but the banks will charge interest only on the utilized amount for the time
when it is used.
RBI extends validity of Directions for Kapol Co-operative Bank

The Reserve Bank of India (RBI) has extended the validity of its Directions under Section 35 A read with Section
56 of the Banking Regulation Act, 1949 (AACS) for Mumbai-based Kapol Co-operative Bank by six months up to
April 30, 2022.
• The direction was first issued for the bank in March 2017.
• The validity of the directions was extended from time-to-time, the last being up to October 31, 2021.

About Kapol Co-operative Bank
Established – 1939
Chairman – Kirti Dahyalal Shah
Headquarters – Mumbai, Maharashtra
RBI Issues Revised PCA framework for Banks

On November 02, 2021, the Reserve Bank of India (RBI) reviewed and revised the existing PCA (Prompt
Corrective Action) framework for all Scheduled Commercial Banks (SCBs) excluding Small Finance Banks,
Payment Banks and Regional Rural Banks.
• Under the revised framework, Capital, Asset Quality and Leverage will act as the key areas for monitoring.
(Capital, Asset quality and Profitability were the key areas for monitoring in 2017’s framework).
• The provisions of the revised PCA Framework will be effective from January 1, 2022.
Revised PCA Framework:
Risk
Parameter Indicator Risk Threshold 1 Threshold 2 Risk Threshold 3
CRAR – Minimum
regulatory prescription for Up to 250 bps More than 250 bps but
CRAR + applicable CCB (basis points) not exceeding 400 bps In excess of 400
below the below the prescribed bps below the
and/or prescribed Indicator prescribed
Indicator Indicator
Capital
Regulatory Pre-Specified Up to 162.50 bps
More than 162.50 bps In excess of
(Breach of either Trigger of Common Equity below the below but not exceeding 312.50 bps below
CRAR or Common Tier 1 Ratio (CET 1 PST) + prescribed 312.50 bps below the the prescribed
Equity Tier 1 ratio) applicable CCB Indicator prescribed Indicator Indicator
Net Non-Performing
Asset Quality Advances (NNPA) ratio >=6.0% but <9.0% >=9.0% but < 12.0% >=12.0%
More than 100 bps
Upto 50 bps below More than 50 bps but not below the
Regulatory minimum Tier 1 the regulatory exceeding 100 bps below regulatory
Leverage Leverage Ratio minimum the regulatory minimum minimum
CARA – Capital to Risk (Weighted) Assets Ratio; CCB – Capital Conservation Buffer
Mandatory actions for breaching the threshold:
Specifications Mandatory actions
Restriction on dividend distribution/remittance of profits.
Risk Threshold
1 Promoters/Owners/Parent (in the case of foreign banks) to bring in capital
Risk Threshold Mandatory actions of Threshold 1 and
2 Restriction on branch expansion; domestic and/or overseas
Risk Threshold Mandatory actions of Threshold 1 & 2 and Restrictions on capital expenditure, other than for
3 technological upgradation within Board approved limits
About PCA Framework:
What is PCA?
i.PCA is a framework under which banks with weak financial metrics are put under watch by the RBI. Under the
Framework, the supervised Entity will be required to initiate and implement remedial measures in a timely
manner to restore its financial health.
ii.The RBI introduced the PCA framework in December 2002 as a structured early-intervention mechanism to
supervise and regulate the banks that become undercapitalised due to poor asset quality, or vulnerable due to
loss of profitability.
iii.The regulations were later revised in April 2017.

Features of PCA Framework:
i.The PCA Framework will also act as a tool for effective market discipline and it does not prevent the RBI from
taking any other action as it deems fit at any time, in addition to the corrective actions prescribed in the
Framework.
ii.A bank will be placed under PCA framework based on the Audited Annual Financial Results and the ongoing
Supervisory Assessment made by RBI.
Note – Following Indian Overseas Bank’s exit from PCA in September 2021, Central Bank of India was the only
bank that was remaining under PCA.
Bandhan Bank appointed as “Agency Bank” of RBI to Conduct Govt. Business

In November 2021, the Reserve Bank of India (RBI) appointed Bandhan Bank, a scheduled private bank, as an
“Agency Bank” for undertaking government business.
• Bandhan Bank will now be authorised to handle transactions related to GST (Goods & Services Tax), VAT
(Value Added Tax) & other functions on behalf of Central & State governments.
Note – In May 2021, RBI issued guidelines to authorise scheduled private sector banks as ‘agency banks’ to
conduct government business.
Key points
i.It will also undertake collection of stamp duty and pension payments on behalf of central and state
governments.
ii.The bank will provide its products, services and digital banking capabilities to facilitate its new role,
especially in rural and semi-urban areas,
About Bandhan Bank:
Bandhan Bank was established in 2015, prior to which it functioned as a NGO since 2001.
MD & CEO- Chandra Shekhar Ghosh
Headquarters – Kolkata, West Bengal
RBI Issued Directions on Babaji Date Mahila Sahakari Bank

On November 08, 2021, the Reserve Bank of India (RBI) issued certain Directions to Babaji Date Mahila
Sahakari Bank Ltd., Yavatmal, Mumbai, Maharashtra and capped the withdrawal for customers at Rs 5000.
• RBI has issued the directions in the exercise of powers vested in it under subsection (1) of Section 35 A of
the Banking Regulation Act, 1949 read with Section 56 of the Banking Regulation Act, 1949.
Key Points:
i.The bank was not allowed to write, grant or renew any loans and advances, make any investment, incur any
liability including borrowal of funds and acceptance of fresh deposits without prior approval of RBI.
ii.Withdrawal was not allowed for a sum exceeding Rs 5,000 from the total balance across all savings bank or
current accounts or any other account of a depositor but they are allowed to set off loans against deposits (with
certain directions).
iii.Without RBI’s approval the bank also couldn’t disburse or agree to disburse any payment whether in the
discharge of its liabilities and obligations or otherwise, enter into any compromise or arrangement and sell,
transfer or otherwise dispose of any of its properties or assets.
iv.The bank was allowed to continue its banking business with restrictions till its financial position improves.
v.The restrictions under the Banking Regulation Act, 1949 will remain in force for the bank for 6 months from
the close of business on November 8, 2021.
-RBI Extended Restrictions on Millath Co-operative Bank
RBI has extended the restrictions imposed on Millath Co-operative Bank Limited, Davangere, Karnataka, for
another 3 months till February 7, 2022.
At first the restrictions were imposed on April 26, 2019, and have been modified from time to time. Last time,
the restrictions were extended till November 7, 2021.

Launched 2 New Paid Courses !!!!!!
New Course names :- 1.Crack High level Puzzle & Seating arrangement and 2.Crack High level Data
interpretation
We are pleased to serve with part of your preparation so we have activated the above mentioned 2 paid courses
will be added to our subscribers who have already purchased the “Crack Current Affairs 2021” plan from
January 2021.
To check the 2 additional free paid courses in your plan – Go to ‘My Course’ under Bank & Insurance preference
in CareersCloud App.

About Reserve Bank of India(RBI):
i.Key Appointments in RBI – Appointments Committee of the Cabinet (ACC) headed by the Prime Minister
appoints the governor and deputy governors of RBI.
ii.Section 7 in The RBI Act, 1934, empowers the government to issue directions to the RBI governor.
iii.Shaktikanta Das – The 25th governor of RBI from 11 December 2018
RBI Launches its First Global Hackathon – HARBINGER 2021

Reserve Bank of India (RBI) organises its 1st global hackathon named ‘HARBINGER 2021 – Innovation for
Transformation’ with the theme ‘Smarter Digital Payments’.
• The hackathon was launched to encourage innovation in the payments system and it includes 4 problem
statements to shape the future of the payment systems in India.
What is Hackathon?
A hackathon is an event organised to bring together people and entities for the development of innovative
solutions for the existing challenges in specified areas through problem statements.
Key Points:
i.Objective: The Hackathon invites participants to identify and enable solutions and/or business models that
have the potential to make digital payments accessible to the underprivileged section, enhancing the ease of
payments, enriching the user experience while strengthening the security of digital payments and promoting
customer protection.
ii.Problem Statements:
HARBINGER 2021 invites innovative ideas for the following problem statements in the payment and settlement
systems landscape:
• Innovative, easy-to-use, non-mobile digital payment solutions for converting small-ticket cash transactions
to digital mode.
• Context-based retail payments to remove the physical act of payment.
• The alternate authentication mechanism for digital payments.
• Social Media Analysis Monitoring tool for detection of digital payment fraud and disruption.
iii.The hackathon is owned and sponsored by RBI and is hosted on Application Programming Interface Exchange
(APIX) platform.
iv.The participants of HARBINGER 2021 will get an opportunity to get mentored by industry experts and exhibit
their innovative solutions and win prizes in each category.
v.Winners in each category of problem statements will get prize money of Rs 40 lakh and Runner-up will get Rs
20 lakh.
Note – Registration for the hackathon was scheduled to start on November 15, 2021.
RBI Lifts Restrictions on Diners Club International Limited

On 9th November 2021, The Reserve Bank of India (RBI) lifted restrictions imposed on 23rd April,2021 with
immediate effect on credit card issuer Diners Club International Ltd to onboard new customers.
• RBI restricted Diners Club International Ltd. from on-boarding new domestic customers onto its card
network from May 1, 2021 due to non-compliance with RBI on storage of Payment System Data
• Earlier, RBI has banned – American Express, the 7th largest credit card issuer in India (on 23rd April 2021)
and Mastercard, the 2nd largest credit card issuer in India (in July 2021) from enrolling new customers. RBI
has not yet lifted their ban.
Note – Diners Club International Ltd is a payment system operator authorised to operate card networks in the
country under the Payment and Settlement Systems Act, 2007 (PSS Act).
Background
In April 2018, RBI has directed all the system providers to ensure that all the information (transaction details,
payment instruction, information collected and shared as part of messages) related to payment systems collected
should be stored in the system only in India.
• Data can be stored in the foreign country for foreign transactions.

About Diners Club International Ltd
Headquarters – Riverwoods, Illinois, United States.
Founders – Alfred S. Bloomingdale, Matty Simmons.
PM Modi Launches RBI Retail Direct Scheme and RB-IOS

On November 12, 2021, Prime Minister Narendra Modi virtually launched 2 customer-centric initiatives of the
Reserve Bank of India (RBI) such as the RBI Retail Direct (RBI-RD) scheme & Reserve Bank – Integrated
Ombudsman Scheme (RB-IOS).
• The two schemes would expand the scope of investment in the country and make access to capital markets
easier, more secure for investors.
• Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das also participated in the launch.
• The new schemes will unlock India’s $1.1 trillion bond market to retail buyers in the government bond
sector.
RBI Retail Direct (RBI-RD) Scheme:
i.The scheme will act as a medium for small investors such as the middle class, employees, small businessmen and
senior citizens to have their small savings directly and securely in government securities issued by both Centre
and state governments.
• As Government securities have the provision of guaranteed settlement, it will give assurance of safety to the
small investor.
ii.Through which, investors could easily open and maintain their government securities account online with the
RBI, at free of cost.
iii.Under the Scheme, retail individual investors will be able to open a Retail Direct Gilt (RDG) Account with the
Reserve Bank of India, using an online portal (https://rbiretaildirect.org.in).Payments for transactions can be
done conveniently using saving bank account through internet-banking or Unified Payments Interface
(UPI).Investments can be made using the following routes:
a. Primary issuance of government securities: Investors can place bid as per the non-competitive scheme
for participation in primary auction of government securities and procedural guidelines for SGB
issuance.
b. Secondary market: Investors can buy and sell government securities on NDS-OM (‘Odd Lot’ and ‘Request
for Quotes’ segments).
Reserve Bank – Integrated Ombudsman Scheme (RB-IOS):
i.RB-IOS was aimed at further improving the grievance redress mechanism for resolving customer complaints
against entities regulated by the RBI. The PM stated the scheme is based on ‘One Nation-One Ombudsman’.
ii.Through RB-IOS, RBI will provide a single reference point for the customers to submit documents, track the
status of complaints filed and provide feedback.
iii.The Scheme, framed by the Reserve Bank in exercise of the powers conferred on it under Section 35A of the
Banking Regulation Act, 1949 (10 of 1949), Section 45L of the Reserve Bank of India Act, 1934 (2 of 1934), and
Section 18 of the Payment and Settlement Systems Act, 2007 (51 of 2007), will provide cost-free redress of
customer complaints involving deficiency in services rendered by entities regulated by RBI, if not resolved to the
satisfaction of the customers or not replied within a period of 30 days by the regulated entity.
Integration of 3 Ombudsman scheme:
i.The RBI after review decided to integrate the current 3 ombudsman schemes such as – the Banking Ombudsman
Scheme (BOS), launched in 2006, the Ombudsman Scheme for Non-Banking Financial Companies (OS-NBFC),
2018 and the Ombudsman Scheme for Digital Transactions (OSDT), 2019 into one RB-IOS.
ii.The schemes are administered through 22 offices of RBI Ombudsman (ORBIOs) and 30 regional offices of
Customer Education and Protection Cells (CEPCs), which will attend to the complaints that are not covered under
the ombudsman scheme.
iii.The scheme was also simplified by covering all complaints involving deficiency in service by centralising the
receipt and initial processing of complaints to enhance process efficiency.

iv.In addition to integrating the three existing schemes, the Scheme also includes under its ambit Non-Scheduled
Primary Co-operative Banks with a deposit size of ₹50 crore and above.
Some of the salient features of the Scheme are:
i. It will no longer be necessary for a complainant to identify under which scheme he/she should file complaint
with the Ombudsman.
ii. The Scheme defines ‘deficiency in service’ as the ground for filing a complaint, with a specified list of exclusions.
Therefore, the complaints would no longer be rejected simply on account of “not covered under the grounds
listed in the scheme”.
iii. The Scheme has done away with the jurisdiction of each ombudsman office.
iv. A Centralised Receipt and Processing Centre has been set up at RBI, Chandigarh for receipt and initial processing
of physical and email complaints in any language.
v. The responsibility of representing the Regulated Entity and furnishing information in respect of complaints filed
by customers against the Regulated Entity would be that of the Principal Nodal Officer in the rank of a General
Manager in a Public Sector Bank or equivalent.
vi. The Regulated Entity will not have the right to appeal in cases where an Award is issued by the ombudsman
against it for not furnishing satisfactory and timely information/documents.
Note – As per RBI data, the number of complaints against various regulated entities increased from 1.64 lakh in
2017-18 to 3.30 lakh complaints in 2019-20 due to increased awareness, digital penetration and financial
inclusion.
What is the Banking Ombudsman Scheme?
i.It is a forum for bank customers for the resolution of complaints relating to certain services rendered by banks.
The scheme is introduced under Section 35 A of the Banking Regulation Act, 1949 by RBI with effect from 1995.
ii.The Banking Ombudsman is a senior official appointed by the Reserve Bank of India to redress customer
complaints against deficiency in certain banking services covered under the grounds of complaint.
RBI Issued Directions on Laxmi Cooperative Bank with Withdrawal Cap of Rs 1000
On November 12, 2021, the Reserve Bank of India (RBI) issued certain Directions to The Laxmi Cooperative
Bank Limited, Solapur, Maharashtra, and capped the withdrawal for customers at Rs 1,000.
• RBI issued the directions in the exercise of powers vested in it under subsection (1) of Section 35 A of the
Banking Regulation Act, 1949 read with Section 56 of the Banking Regulation Act, 1949
Key Points:
i.The bank was not allowed to write, grant or renew any loans and advances, make any investment, incur any
liability including borrowal of funds and acceptance of fresh deposits without prior approval of RBI.
ii.Withdrawal was not allowed for a sum exceeding Rs 1,000 from the total balance across all savings bank or
current accounts or any other account of a depositor but they are allowed to set off loans against deposits (with
certain directions).
iii.Without RBI’s approval the bank also couldn’t disburse or agree to disburse any payment whether in the
discharge of its liabilities and obligations or otherwise, enter into any compromise or arrangement and sell,
transfer or otherwise dispose of any of its properties or assets.
iv.The bank was allowed to continue its banking business with restrictions till its financial position improves.
v.The restrictions under the Banking Regulation Act, 1949 will remain in force for the bank for 6 months from the
close of business on November 12, 2021.
About Laxmi Cooperative Bank Limited:
Establishment – 6th June 1929
Headquarters – Solapur, Maharashtra
Chairman – B. V. Nerlekar
RBI Introduced Internal Ombudsman Mechanism for NBFCs

On November 15, 2021, the Reserve Bank of India (RBI) introduced an Internal Ombudsman (IO) mechanism for
certain categories of Non-Banking Financial Companies (NBFCs) that have a higher customer interface.

• In October 2021, RBI had mentioned its decision to introduce the IOS for NBFCs in the Statement on
Developmental and Regulatory Policies as part of the Monetary Policy Statement.
Key Facts about NBFCs IO Mechanism:
a.Eligibility Criteria for NBFCs:
RBI has directed Deposit-taking NBFCs (NBFCs-D) with 10 or more branches and Non-Deposit taking NBFCs
(NBFCs-ND) with asset size of Rs 5,000 crore and above to appoint an IO at the apex of their internal grievance
redress mechanism within 6 months from the issuance of direction.
b.Exclusion:
i.NBFCs that are excluded from the applicability of the IO direction include – Stand-alone Primary Dealer, NBFC-
Infrastructure Finance Company (NBFC-IFC), Core Investment Company (CIC); Infrastructure Debt Fund – NBFC
(IDF-NBFC), NBFC – Account Aggregator (NBFC-AA), NBFC under Corporate Insolvency Resolution Process, NBFC
in liquidation, and NBFC having only captive customers.
ii.The NBFC that are covered by this direction will continue to have an IO for a period of 3 years after the
company falls below the thresholds (i.e. NBFCs with 10 or more branches/with asset size of Rs 5000 crore or
more).
c.Appointment of the IO:
RBI directs NBFCs registered with RBI under Section 45-IA of the RBI Act, 1934, fulfilling the eligible criteria for
NBFCs, to appoint an IO.
i.Eligible Criteria for Appointment:
• The person should be either a retired or a serving officer (not below the rank of Deputy General Manager or
equivalent) in any financial sector regulatory body/any other NBFC/bank with a minimum of 7 years of
working experience.
• The person should not have worked/be working in the NBFC in which he/she is being appointed as IO.
• Age: The person appointed as IO should not be above the age of 70 years during the tenure as IO.
ii.The NBFC may appoint more than one IO depending on the number of complaints received/branch network.
iii.Tenure: The IO could be appointed for a fixed term of not less than 3 years, but not exceeding 5 years. The IO
was not eligible for reappointment or for extension of tenure in the same NBFC.
d.Role and responsibilities of the IO: The IO could deal only with the complaints that have already been
examined by the NBFC but have been partly or wholly rejected by the NBFC i.e. the IO will not handle complaints
received directly from the customers or members of the public.
RBI issued the directions in exercise of the powers conferred by Section 45 (L) read with 45 (M) of the RBI Act,
1934.
Note – The implementation of the IO mechanism will be monitored by the NBFC’s internal audit system apart
from regulatory oversight by RBI.
-RBI Introduced SBR Framework for NBFCs
On October 22, 2021, RBI introduced a revised regulatory framework for NBFCs named ‘Scale Based Regulation’
(SBR) to regulate the NBFCs based on their size, activity, complexity, and interconnectedness within the financial
sector.
• Prior to this framework, the NBFCs were governed and regulated under RBI Act (1934) Companies Act,
NBFC Prudential Norms (Reserve Bank) Directions (2007), Prevention of Money Laundering Act, Know Your
Customer (KYC) Guidelines, and Guidelines on Fair Practices Code.
• Additionally, SEBI (Securities and Exchange Board of India) Act (1992), National Housing Bank Act, Chit
Funds Act, Insurance Act etc. also apply, subject to the nature of the business carried out by the NBFC.
Note – NBFCs are the largest net borrowers of funds from the financial system and banks provide a substantial
part of the funding to NBFCs.
RBI Released Report of WG on Digital Lending; RBI Withdraws over 100 Redundant Circulars
The Working Group (WG) on Digital Lending including Lending through Online Platforms and Mobile Apps,
which was constituted by the Reserve Bank of India (RBI), has submitted its report in November 2021.

• Background: On January 13, 2021, the RBI had set a WG on Digital Lending with Jayant Kumar Dash,
Executive Director, RBI, as the Chairman to study all aspects of digital lending activities in the regulated
financial sector as well as by unregulated players.
• The report is aimed at enhancing customer protection and making the digital lending ecosystem safe while
encouraging innovation.
Key Findings of the Report:
i.Density of DLAs and illegal players:
As per the findings of the WG, there were ~1,100 lending apps available for Indian Android users across ~81
application stores (from January 01 to February 28, 2021).
• Note- Out of 1100 lending apps ~600 loan apps are found to be illegal in nature.
ii.Complaints against DLAs – Sachet, a portal established by RBI under State Level Coordination Committee
(SLCC) mechanism for registering complaints by the public against digital lending apps has received around 2562
complaints from January 2020 to March 2021.
Key Recommendations of the WG:
The WG suggested measures on a near to medium term basis, which can be implemented in a period of up to one
year to over one year.
a.Legal & Regulatory Recommendations:
i.In the near term, the WG suggested setting up a nodal agency in consultation with stakeholders to verify the
technological credentials of the Digital Lending Apps ( DLAs) of the balance sheet lenders and Lending Service
Providers(LSPs) operating in the digital lending ecosystem.
ii.The nodal agency should also maintain a public register of the verified apps on its website.
iii.Recommended to set up a Self-Regulatory Organisation (SRO) covering the participants in the digital lending
ecosystem to maintain a ‘negative list’ of lending service providers.
iv.In the medium term, the WG suggested the Central Government bring in legislation to prevent illegal lending
activities by introducing the ‘Banning of Unregulated Lending Activities Act’.
b.Recommendations related to Technology:
i.Suggested development of certain baseline technology standards and compliance with those standards as a pre-
condition for offering digital lending solutions.
ii.Data should be stored in servers located in India.
c.Other recommendations:
i.Recommended restricting balance sheet lending through DLAs to entities regulated and authorised by RBI or
entities registered under any other law for specifically undertaking lending business.
ii.Direct Execution: For loan servicing, suggested repayments be executed directly in a bank account of the
balance sheet lender and disbursements to be made into the bank account of the borrower.
iii.Algorithmic features used in digital lending to be documented to ensure necessary transparency.
iv.Each digital lender provides a key fact statement in a standardised format including the Annual Percentage
Rate.
v.Data collection with the prior and explicit consent of borrowers with verifiable audit trails.
vi.To form a standardised code of conduct (for recovery) to be framed by the proposed SRO in consultation with
RBI.
vii.Use of unsolicited commercial communications for digital loans to be governed by a Code of Conduct to be put
in place by the proposed SRO. Click here to know more
-RBI Withdraws over 100 Redundant Circulars
As per the recommendations of the second Regulations Review Authority (RRA 2.0), the Reserve Bank of India
(RBI) withdrew more than 100 redundant circulars relate to certain norms concerning Foreign Investment in
India by Foreign Portfolio Investors, RTGS (Real-Time Gross Settlement), Know Your Customer (KYC), and Anti-
Money Laundering (AML)/Combating of Financing of Terrorism (CFT) – Standards.

Key Points:
i.Background: On April 15, 2021, RBI formed the RRA 2.0 to review the regulatory instructions, removing
redundant and duplicate instructions, and reducing the compliance burden on Regulated Entities (REs) by
streamlining its Regulations.
• M. Rajeshwar Rao, Deputy Governor was appointed as the head of RRA 2.0.
ii.The RRA has also constituted an Advisory Group representing the regulated entities under the chairmanship of
Swaminathan J, Managing Director of State Bank of India.
iii.The RRA has been engaging in extensive consultations with both internal as well as external stakeholders, for
simplification and easy implementation of the regulatory and supervisory instructions.
iv.RRA has recommended withdrawal of 150 circulars in the first tranche of recommendations.
RBI Authorised RBL Bank to Collect Direct Taxes

Reserve Bank of India (RBI) authorised RBL Bank to collect direct taxes on behalf of the Central Board of Direct
Taxes (CBDT) based on recommendation from the Controller General of Accounts, Ministry of Finance and
Government of India (GoI).
• Now, the customers of RBL Bank could pay their direct taxes through RBL Bank’s mobile banking or net
banking platforms or through branch banking networks.
About Reserve Bank of India (RBI)
Established – 1st April, 1935
Headquarters – Mumba, Maharashtra
Governor – Shaktikanta Das
Deputy Governors – Mahesh Kumar Jain, Michael Debabrata Patra, and M.Rajeshwar Rao, T.Rabi Sankar
About RBL Bank Ltd
Incorporated In – 1943
CEO & MD – Vishwavir Ahuja
Tagline – Apno Ka Bank
RBI floats Draft Scheme for amalgamation of PMC Bank with Unity Small Finance Bank
On November 22, 2021, the Reserve Bank of India (RBI) revealed a draft scheme for amalgamating the Punjab
and Maharashtra Cooperative (PMC) Bank with the Delhi-based Unity Small Finance Bank Ltd. (USFB).
• The suggestions and objections to the draft scheme are open till December 10, 2021.
Background:
PMC Bank Limited based in Mumbai, Maharashtra, a Multi-State Urban Cooperative Bank, was placed under All-
Inclusive Directions under Sub-section (1) of Section 35-A read with Section 56 of the Banking Regulation (BR)
Act, 1949 on September 23, 2019 on account of fraud which led to a steep deterioration in its net worth.
Key Points:
i.The draft scheme envisages takeover of the assets and liabilities of PMC Bank, including deposits by USFB.
ii.The merger is required because of the PMC Bank’s financial condition.
iii.Equity warrants of Rs 1,900 crore have been issued by USFB on November 1, 2021 to the promoters to bring
further capital. These can be exercised anytime within a total period of 8 years.
PMC Customer’s Amount Arrangement:
Under the scheme, the depositors will get their full amount back over a period of 10 years. In the initial phase, the
bank will pay an amount insured under DICGC (Deposit Insurance and Credit Guarantee Corporation) of up
to Rs 5 lakhs to depositors.
• Later, at the end of two years, the Bank will pay up to Rs 50,000, and up to Rs 1 lakh at the end of three years,
Rs 3 lakhs at the end of four years, Rs 5.5 lakhs at the end five years and the full amount will be paid after ten
years.
• The interest on any of the interest bearing deposits with the Bank will not accrue after March 31, 2021.

About Unity Small Finance Bank Ltd. (USFB):
USFB has commenced operations as a small finance bank with effect from November 1, 2021. It is being set up
with capital of about Rs 1,100 crore as against regulatory requirement of Rs 200 crore for setting up of a Small
Finance bank
• It is a joint venture between Centrum Group and Bharatpe.
• Its registered office is in New Delhi.
About Reserve Bank of India (RBI):
Subsidiaries of RBI:
i.Deposit Insurance and Credit Guarantee Corporation of India (DICGC),
ii.Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL),
iii.Reserve Bank Information Technology Private Limited (ReBIT),
iv.Indian Financial Technology and Allied Services (IFTAS),
v.Reserve Bank Innovation Hub (RBIH).
RBI Accepted 21 out of 33 Recommendations of the IWG on Private Banks

The Reserve Bank of India (RBI) has accepted 21 out of 33 recommendations of the Internal Working Group
(IWG) that was set up by RBI to review extant ownership guidelines and corporate structure of Indian private
sector banks.
• RBI has accepted the IWG’s suggestion to increase the limit on promoters’ paid-up voting equity share
capital of the bank to 26 percent from the current 15 percent.
Background:
i.On June 12, 2020, RBI has set up a 5-member IWG headed by Central Board Director of RBI, Prasanna Kumar
(PK) Mohanty.
ii.The IWG had made a total of 33 recommendations. The report of the IWG was placed on the RBI website on
November 20, 2020, inviting comments of stakeholders and members of the public by January 15, 2021.
iii.After examining the comments and suggestions received from the stakeholders and members of the public, RBI
has accepted 21 recommendations and the remaining recommendations are under examination.
Key Recommendations accepted by RBI:
i.No changes are made in the initial lock-in requirements, which may continue as a minimum of 40 percent of the
paid-up voting equity share capital of the bank for the first 5 years.
ii.There is no need to fix any cap on the promoters’ holding in the initial 5 years.
iii.The promoters are allowed to choose to bring down the holding to below 26 percent, any time after the 5 year
lock-in period.
iv.Recommendations on Enhanced minimum initial capital requirement for licensing new banks:
• The initial paid-up voting equity share capital/ net worth required to set up a new universal bank, may be
increased to ₹1000 crore (from present ₹500 crore).For SFBs: The initial paid-up voting equity share
capital/ net worth required to set up a new SFB, may be increased to ₹300 crore (from present ₹200
crore).For UCBs transiting to SFBs: The initial paid-up voting equity share capital/ net worth should be ₹150
crore (from present ₹100 crore) which has to be increased to ₹300 crore in five years (from present ₹200
crore).
v.Banks that are currently under the Non-operative Financial Holding Company (NOHFC) structure will be now
allowed to exit if they do not have other group entities in their fold.
vi.Non-promoter shareholding was capped at 10 percent in the case of non-financial institutions and at 15
percent in the case of financial institutions or government entities. Earlier, a uniform cap of 10 percent was
allowed through the norms.
vii.RBI has discarded the recommendation of allowing Payments Bank (PB) that are intending to convert into a
SFBs, to track a record of 3 years of experience as PB. RBI continues to retain the 5-year conversion cap for
payments banks wishing to be an SFB.
• The minimum requirement on the track record of experience for converting an NBFC (Non-Banking Finance
Company) continues at 10 years for Universal Banks and 5 years for SFBs.

viii.RBI stated the SFBs should be listed within 8 years from the date of commencement of operations, as against
10 years suggested by the IWG.
• Universal banks are allowed to continue to be listed within 6 years of commencement of operations. Click
here to know more
RBI Approved LIC to Increase its Stake in Kotak Mahindra Bank up to 9.99%
Reserve Bank of India (RBI) granted its approval to the Life Insurance Corporation of India (LIC) to increase its
holding in Kotak Mahindra Bank up to 9.99%. The approval is valid for a period of 1 year.
• As of September 2021, LIC holds a 4.96% stake in Kotak Mahindra Bank. LIC is the 5th largest shareholder in
Kotak Mahindra Bank.
• Uday Kotak and family, promoters of the bank, hold a 26% stake in Kotak Mahindra Bank while Canada
Pension Plan Investment Board holds 6.37%.
About the approval:
This approval is subjected to compliance with the provisions issued by the Securities and Exchange Board of India
(SEBI), provisions of the Foreign Exchange Management Act, 1999 and any other guidelines/regulations and
statutes.
Additional info:
i.The RBI has also stated that the promoter can choose to bring down its holding to even below 26%, any time
after the lock-in period of 5 years.
ii.On 26th November 2021, RBI accepted a working group’s recommendation to increase promoter stake in
private banks till 26% and non-promoter stake to 10%.
About Life Insurance Corporation of India (LIC):
Chairperson– M R Kumar
Headquarters– Mumbai, Maharashtra
Establishment– 1956
About Kotak Mahindra Bank:
Kotak Mahindra Bank was India’s 1st non-banking finance company which was later converted into a bank.
Kotak Mahindra Finance Ltd was established in 1985, converted into Kotak Mahindra Bank in 2003.
MD & CEO– Uday Kotak
Tagline– Let’s Make Money Simple
APPOINTMENTS & RESIGNATIONS

Government Appoints Vivek Johri as CBIC Chairman
Appointments Committee of the cabinet headed by the Prime Minister of India, Narendra Modi has appointed,
a senior bureaucrat Vivek Johri as the Chairman of the Central Board of Indirect Taxes and Customs (CBIC) by
succeeding M Ajit Kumar
• Vivek Johri is a senior civil servant and currently a member of the CBIC handling GST and tax policy.
• He is a 1985-batch Indian Revenue Service (Customs and Indirect Taxes) officer.
About Central Board of Indirect Taxes and Customs (CBIC)
i.CBIC is a part of the Department of Revenue under the Ministry of Finance, headed by a chairperson and
comprises six members.
ii.It forms policy concerning levy and collection of Customs, Central Excise duties, Central Goods & Services Tax
and IGST, prevention of smuggling and administration of matters relating to Customs, Central Excise, Central
Goods & Services Tax, IGST and Narcotics to the extent under CBIC ‘s purview.
About Ministry of Finance
Union Minister – Nirmala Sitharaman (Constituency – Karnataka)
Minister of state – Bhagwat Krishnarao Karad (Constituency – Maharashtra) Pankaj Choudhary (Constituency –
Maharajganj, Uttar Pradesh)

Bandhan Bank Names Zubeen Grag as Brand Ambassador for Assam
Bandhan bank has announced a renowned singer, actor and composer Zubeen Garg as the brand ambassador
for the bank in Assam.
• It is the first time Bandhan Bank has associated with a brand ambassador since its inception (2015).
• Zubeen has released a song and music video titled ‘Axom amaar mone prane, milicho akei shuror bandhane
(Assam is in my mind and soul, and bound together by the bond of music)’.
Launched by – Bandhan Bank.
Composed by – Shekhar Jyoti Goswami
Written by – Sasanka Samir, an Asamese lyricist.
• The song is a blend of Bihu folk music, folk songs from the tea gardens, Goalparia Gaan or Hostir
Gaan of Assam.
About Bandhan Bank:
It became the 1st microfinance company in India to get a universal banking licence in 2015.
Managing Director (MD) & Chief Executive Officer (CEO) – Chandra Shekar Gosh
About Assam
Capital – Dispur
Chief Minister – Himanta Biswa Sarma
Dance – Folk Dance- Farkanti Dance, Kushan; Classical Dance – Satriya Nritya,Bhor Tal Nritya
OTHER NEWS
ADB Approved USD 250 Million Loan to Support India’s NICDP
The Asian Development Bank (ADB) approved the 250 million USD (~Rs 1873 crore) loan to support the
National Industrial Corridor Development Program (NICDP) of India.
This is the first subprogram of the programmatic USD 500 million loan to develop 11 industrial corridors across
17 states.
• This loan is in line with India’s reform agenda to strengthen industrial infrastructure and support to enhance
the competitiveness of India’s manufacturing sector, increase the share of manufacturing in the Gross
Domestic Products(GDP) and generate a high level of formal employment.
Features of the loan:
This first subprogram loan will create opportunities for domestic and foreign investors by providing support to
the government initiatives to strengthen the institutional framework and capacity development for industrial
corridor planning, improve project readiness, and facilitate ease of doing business.
About National Industrial Corridor Development Program (NICDP):
i.NICDP aims to develop world-class industrial nodes, supported by urban agglomerations and multimodal
connectivity, international gateways like ports and airports and inclusive, climate-resilient, and sustainable
infrastructure.
ii.The NICDP also desires to achieve strong institutional and regulatory frameworks.
Industrial Park Rating System (IPRS):
i.The Industrial Park Rating System (IPRS) has been upgraded to boost the industrial infrastructure
competitiveness and support policies to enable industrialisation across India.
ii.As a part of NICDP, it is also developing guidelines for green corridor framework and climate-resilient
infrastructure with a focus on enhancing skills of the female labour.
About Asian Development Bank (ADB):
President– Masatsugu Asakawa
Managing Director General– Woochong Um
Establishment in 1966
Members– 68 members(49 are from within Asia & the Pacific and 19 outside)
Headquarters– Metro Manila, Philippines

Ujjivan Financial Services’ Board approved its amalgamation with USFB
The board of Ujjivan Financial Services has approved the amalgamation of the company with its
subsidiary, Ujjivan Small Finance Bank (USFB). This decision has been taken to meet the public shareholding
norms of SEBI (Securities and Exchange Board of India).
• Under this amalgamation Ujjivan Financial Services will be a transferor company and Ujjivan SFB is a
transferee company.
Current Scenario:
Ujjivan Financial Services is the holding company and promoter of Ujjivan SFB. It currently holds 83.32% of the
equity shareholding and 100% of preference shareholding of Ujjivan SFB.
• After this amalgamation, shareholding of public shareholders of Ujjivan SFB will increase from 68% to
100%. It is subject to approvals from Reserve Bank of India (RBI), SEBI, NCLT (National Company Law
Tribunal) and public shareholders of the company.
What are the shareholding norms?
As per the minimum shareholding norms, the promoter’s minimum initial contribution in the SFB arm should
be at least 40%. If the promoter’s initial shareholding in the SFB is in excess of 40%, then it is to be brought
down to 40% within a period of five years from the date of commencement of operations of SFB.
• Now, this period of five years is expiring on January 31, 2022 for Ujjivan SFB. It was established in 2017.
Aftermath of Amalgamation:
Once the scheme comes to effect, Ujjivan SFB would issue and allot to the shareholders of Ujjivan Financial
Services 115 equity shares of the bank for every 10 equity shares of Ujjivan.
• The amalgamation will create a larger and stronger entity with better administration and reduced cost.
About Ujjivan Small Finance Bank (SFB):
Chief Executive Officer (CEO)– Sanjeev Barnwal
Tagline– Build a Better Life
Headquarter– Bengaluru, Karnataka
ADB, AIIB processing $2 billion loan for India to buy COVID-19 vaccines
China-based Asian Infrastructure Investment Bank (AIIB) along with the Asian Development Bank (ADB) are
currently processing a USD 2 billion loan for India to purchase COVID-19 vaccines under ADB’s Asia Pacific
Vaccine Access Facility (APVAX).
• AIIB provides USD 500 million and the Manila-based ADB is expected to finance USD 1.5 billion.
• The multilateral financing institutions boost the immunization rate of the country’s eligible population.
Key points
i.About 667 million doses of COVID-19 vaccines were expected to be procured through the loan.
ii.India is the second-largest shareholder after China in AIIB, has approved 147 projects amounting to USD 28.9
billion.
iii.Sustaining Global Value Chains is AIIB’s latest Asian Infrastructure Finance (AIF) report is also released to
point out the need for greater international cooperation that ensures supply chain infrastructure to be greener,
more digital and more resilient.
Other Projects Funded by AIIB:
i.AIIB formally granted USD 356.67 million loans for the expansion of the Chennai metro rail system.
ii.The USD 400-million Chennai Metro Corridor-5 is at an advanced stage of project approval process.
iii.The transport projects like Outer Ring Road Project worth USD 300 million are also undertaken by AIIB.
iv.By 2025, the bank’s climate finance will be 50 percent of the total loan which will be aligned with the Paris
Climate Agreement.
v.AIIB has financed seven infrastructure projects worth USD 1.5 billion to Pakistan.
About Asian Infrastructure Investment Bank (AIIB)
Operation started – January 2016
President – Jin Liqun
Headquarters – Beijing, China

Axis Bank signs MoU ‘Power Salute’ with Indian Navy; ICICI Bank renews MoU with Indian Army
Axis Bank signed a Memorandum of Understanding (MoU) with the Indian Navy to offer a defence service salary
package under ‘’Power Salute’’ at New Delhi. Through the agreement the bank will provide several benefits to
all ranks of Indian Navy veterans and cadets.
Benefits under “Power Salute”
• Major benefits include- accidental cover up to INR 56 lakh.
• Children education grants up to INR 8 lakh.
• Total permanent disability cover up to INR 46 lakh, partial permanent disability cover of up to INR 46 lakh
and air accidental cover of INR 1 crore.
• Zero processing fee and 12 EMI (Equated Monthly Installment) waivers on home loan.
• Universal account number across India allowing all Axis Bank branches to serve as home branch.
ICICI Bank renews MoU with the Indian Army
ICICI Bank renewed its Memorandum of Understanding (MoU) with the Indian Army to offer enhanced benefits
and new features through its ‘Defence Salary Account’ (DSA) to all serving as well as retired Army personnel.
About Axis Bank
MD&CEO: Amitabh Chaudhry
Headquarters: Mumbai, Maharashtra
Founded: 3 December 1993
Tagline : Badhti Ka Naam Zindagi
About ICICI Bank
Managing Director & CEO: Sandeep Bakhshi
Headquarters: Vadodara, Gujarat
Founded: June 1994
Tagline: Khayal Apka
SEBI Formed IT-PAC Headed by Dr Abhay Karandikar; Reconstituted Technical Advisory

Committee Headed by Deepak B Phatak
Securities and Exchange Board of India(SEBI) has formed the 7-member IT Projects Advisory Committee (IT-
PAC) headed by Dr Abhay Karandikar, a director at the Indian Institute of Technology(IIT) Kanpur, to provide
guidance to upgrade the existing IT systems of SEBI and the solutions with the latest IT practices, techniques,
tools and technologies.
Note:
The members of the IT-PAC may also be nominated to the expert committee for dispute resolution in IT projects
at SEBI.
Functions of the committee:
i.To advise SEBI projects aimed to utilise advanced technologies like artificial intelligence, machine learning, data
analytics and cloud computing.
ii.As members of the Tender Evaluation Committee(TEC), this committee will provide technical expertise to Sebi
in various stages of IT solution procurement and it will also provide technical insights on the implementation of
the project, including user acceptance, final acceptance, and warranty initiation.
Members of the Panel:
• S Ganesh Kumar former ED at RBI
• Dr Sanjay Bahl, Director General at Indian Computer Emergency Response Team (ICERT)
• Dr G Sivakumar, Professor at IIT Bombay
• Dr Ankur Kulkarni, Associate Professor at IIT Bombay
• Professor Joy Kuri, Department of Electronic System Engineering, Indian Institute of Science(IISc) Bangalore
• Manindra Agarwal, Padma Shri Professor, IIT Kanpur
SEBI reconstituted its Technical Advisory Committee:
SEBI has reconstituted its Technical Advisory Committee which will recommend measures for changes and
improvements in the market structure given the technological changes.

• The reconstituted 7-member committee will be chaired by Deepak B Phatak, a former professor of IIT
Bombay. Earlier the panel had only 5 members.
Functions of the committee:
i.The panel will assist SEBI in framing appropriate policies arising out of technological advancements in areas like
wireless trading, algorithmic trading and smart order routing.
ii.The panel is also responsible for setting standards for a disaster recovery plan, business continuity plan, and
system audit conducted by SEBI.
Other members:
• Abhay Karandikar director at IIT Kanpur;
• Padma Shri Manindra Agrawal, professor of IIT Kanpur;
• D Janakiram, director at Institute for Development and Research in Banking Technology (IDRBT);
• Timothy Gonsalves – Professor Emeritus (Hon) IIT Mandi;
• Rajesh Doshi former Executive Director at National Securities Depositories Ltd (NSDL).
• Debabrata Das, Director, International Institute of Information Technology Bangalore (IIIT Bangalore)
About The Securities and Exchange Board of India(SEBI):
Chairman– Ajay Tyagi
Established on 12th April 1992
World Thrift Day 2021 – October 31

World Thrift Day, also known as World Savings Day, is annually observed across the globe on 31st October to
create awareness about the importance of savings and financial security of individuals and the nation as a whole.
India celebrates World Thrift Day on 30th October to ensure that the celebration of the day does not coincide
with the death anniversary of former Prime Minister Indira Gandhi who was assassinated by her bodyguards on
31st October 1984.
Background:
During the first International Savings Bank Congress (World Society of Savings Banks) held in Milan, Italy, in
1924, the 31st October of every year was established as World Thrift Day.
The Italian Professor Filippo Ravizza declared the 31st October as the ‘International Saving Day’ on the last day of
the congress.
Aim:
To change our behaviour towards saving and remind the importance of wealth among the people.
About World Savings and Retail Banking Institute(WSBI):
The WSBI is one of the largest international banking associations and the only global representative of savings
and retail banking.It was earlier named as International Savings Banks Institute.
President– Isidro Fainé
Founded in 1924
Headquarters– Brussels, Belgium
NITI Aayog, World Bank to set up Risk Sharing Instrument for Financing EVs
NITI (National Institution for Transforming India) Aayog and the World Bank (WB) are working together to
facilitate a program for faster and easier financing of electric vehicles (EVs).
• NITI Aayog and World Bank are setting up a $300-million ‘first loss risk sharing instrument’, with the
State Bank of India (SBI) as its program manager.
• The current rate of interest for electric two-wheelers & electric 3 Wheelers, which is in the range of 20-25
percent is expected to be reduced to 10-12 percent.
Key Facts:
i.The risk-sharing instrument will be institutionalised with SBI, and the funds would be made available for all
financial institutions to access as a first-loss instrument.

ii.The instrument could act as a hedging mechanism, for banks to access in case of defaults of loans on purchase of
EVs, and is expected to reduce the cost of financing for EVs by 10-12 percent.
• This facility sought to accumulate around $1.5 billion in financing for EVs.
iii.The current requirement for EVs would be charging infrastructure and management of battery lifecycle.
iv.During H1 (first half) of FY22, EV sales have increased by three times at 1.18 lakh units.
Note – Currently, banks seem uninterested in financing EVs due to a small resale market, higher default
probabilities, and significant upfront costs.
About World Bank:
Headquarters – Washington DC, USA
President – David R. Malpass (13th President)
Govt Opened 7th Tranche of SGB Scheme with Issue Price

The Government of India (GoI) in consultation with the Reserve Bank of India (RBI), has announced the Sovereign
Gold Bond (SGB) Scheme 2021-22. The SGBs will be issued in 4 tranches of Series VII, VIII, IX and X from
October 2021 to March 2022.
• Under the SGB scheme, there will be a distinct series for every tranche.
SGB Scheme 2021-22 Series VII – Issue Price:
i.The Ministry of Finance has fixed the nominal value for SGB at Rs 4,761 per gram of gold.
ii.Discount: GoI has decided to offer a discount of Rs 50 per gram on the nominal value to those investors who
are applying online and making payments through digital mode.
iii.Thus after discount the issue price of Gold Bond will be Rs 4,711 per gram of gold.
At what price the Gold bonds are sold?
The Gold bonds will be sold at the nominal value, which will be fixed on the basis of a simple average of the
closing price of gold of 999 purity, published by the India Bullion and Jewelers Association Limited, for the last 3
business days of the week preceding the subscription period. Click here to know more
-R-GMS: Govt Reduced Deposit Amount to 10 gram of Gold
In February 2021, the Union government made certain amendments to the Gold Monetisation Scheme (GMS) and
announced a Revamped GMS (R-GMS). The minimum deposit amount under R-GMS was reduced to just 10
gram of raw gold (bars, coins, jewellery excluding stones and other metals) from 30 gram.
• Objective: To unlock an estimated 22,000 tonnes of idle gold lying in Indian households.
Key Points about R-GMS:
i.Dematerialisation of MTGD and LTGD Deposit certificates: In the 1st stage, the issue of Medium-Term Gold
Deposit (MTGD) and Long-Term Gold Deposit (LTGD) certificates by banks were moved to a secure digital
platform, to be developed by the State Bank of India (SBI) on behalf of the Government.
ii.Banks will also dematerialise Short-Term Gold Deposit (STGD) certificates issued by them and SBI was set to
designate a regulated securities depository to hold the certificates in a digital Demat format.
iii.Inclusion: Jewellers were included under R-GMS and were encouraged to set up BIS-approved collection and
purity testing centres (CPTCs) under the scheme.
iv.There is no maximum limit set for deposits under R-GMS and the GMS security will be tradable in the market.
About Sovereign Gold Bond (SGB):
i.They are the government securities denominated in grams of gold and they are issued by the RBI on behalf of the
government.
ii.To reduce the demand for physical gold, the sovereign gold bond scheme was launched in November 2015.
iii.To buy the gold bonds, the investors have to pay the issue price in cash and the bonds will be redeemed in cash
on maturity.
SBI Launched 2-Wheeler Scheme under YONO – ‘SBI Easy Ride’

State Bank of India (SBI) launched a pre-approved 2-wheeler loan scheme ‘SBI Easy Ride’ through
its YONO platform.

• The scheme will enable eligible SBI customers to avail themselves of end-to-end digital two-wheeler loans
through the YONO app.
• The customers could get Easy Ride loans for an amount up to Rs 3 lakh at an interest rate of 10.5
percent per annum onwards for a maximum tenure of 4 years.
• The minimum loan amount has been fixed at Rs 20,000.
• Loans for up to 85 percent of the on-road price of the vehicle could be availed under the scheme.
Note – YONO is an integrated digital banking platform offered by the SBI to enable users to access a variety of
financial and other services.
About State Bank of India (SBI):
Establishment – 1st July 1955
Chairman – Dinesh Kumar Khara
ICICI Lombard Partnered with Vega Helmets to Promote Road Safety Awareness
ICICI Lombard General Insurance Co Ltd(ICICI Lombard) has partnered with Vega Helmets to increase road
safety awareness and to promote the habit of protection. Under this partnership, ICICI Lombard will provide a
personal accident policy on every online purchase of Vega Helmet.
Features of the partnership:
i.This partnership between ICICI Lombard and Vega helmet aims to provide the customers dual safety and
protection, through the helmet and the personal accident insurance cover.
ii.The personal accident cover will offer the benefits of accidental death with an insured amount of Rs 1 lakh. This
is applicable on a worldwide basis.
Background:
According to the YouGov International Automotive Report 2021, The intent to use public transport is among
the lowest in urban Indians across the globe, around 49% are stating that they will use public transport less in the
future.
Ride to safety initiative:
i.Under its ‘Ride to Safety’ initiative, ICICI Lombard has undertaken various activities to create awareness about
safety rules.
ii.This partnership with vega helmets is in line with the efforts of ICICI Lombard to ensure the personal security of
individuals.
About ICICI Lombard:
MD & CEO– Bhargav Dasgupta
BoB signs MoU with NCDEX e-Markets to Support Agro e-Commerce Businesses
On 2nd November 2021, the Bank of Baroda (BoB) signed a Memorandum of Understanding (MoU) with NCDEX
eMarkets Limited (NeML). Through this agreement BoB will work as a ‘Clearing Bank’ and It will handle
financial transactions in the NeML marketplace and auction platform.
• NeML, India’s leading web-based commodities spot market, will work with BoB to give banking access to
agriculture marketing federations and to support commodities traders.
Signatories – Jagdish Tungaria, Deputy General Manager – BoB & Mrugank Paranjape, MD & CEO NeML.
Key points
i.The BoB will tie up with various agriculture marketing federations and procurement agencies in the country.
ii.The agreement will help NeML in expanding agri e-commerce business across India.
About Bank of Baroda (BoB)
Founded: 20 July 1908
Managing Director & CEO: Sanjiv Chadha
Tagline : India’s International Bank

About NeML (NCDEX eMarkets Limited)
Managing Director & CEO : Mrugank Paranjape
ADB Approved $61 Million Loan for Urban Development in Agartala

The Asian Development Bank (ADB) has approved a $61 million(~INR 453 Crore) loan under ‘Agartala City
Urban Development Project’ to improve livability, harness technology, and promote new developments to
accommodate the expanding population in the city of Agartala, Tripura.
Key Points:
i.The Agartala City Urban Development Project will build and upgrade 48 kilometers (km) of new or existing
stormwater drainage and construct 23 km of climate-resilient urban roads.
ii.The ADB’s support is aligned with the Government of India’s national Smart Cities Mission program, which aims
to drive economic growth through local area development.
iii.ADB will also provide a $1 million technical assistance (TA) grant from its Technical Assistance Special Fund to
support the project’s capacity building and awareness-raising activities.
iv.The project has a built-in component to increase the capacity of the Agartala Municipal Corporation, and other
relevant agencies, on project management and operation and maintenance of urban infrastructure.
About Agartala:
i.Agartala, the capital and largest city in Tripura was represented as one of the fastest-developing cities in India
by ADB.
ii.Strategic Location: Agartala is located near the Bangladesh–Bhutan–India–Nepal economic corridor hence it
has the potential to become an economic–commercial hub for northeast India.
iii.The city is also Tripura’s gateway for tourism.
President – Masatsugu Asakawa
Headquarters –Mandaluyong, Metro Manila, Philippines
Members – 68 (49 from the Region)
BSE Join Hands with HDFC to Promote Start-up’s and SMEs

Bombay stock exchange (BSE) collaborated with HDFC Bank and signed a Memorandum of Understanding (MoU)
to promote and encourage the Small and Medium Enterprises (SME) and also listing of Start-ups.
• The collaboration helps the SMEs and Startups to get-in touch with accountants, Lawyers and Bankers in the
list of BSE.
• The collaboration resolves financial constraints for the startups and SMEs and creates sustainability.
• Through this MoU, HDFC and BSE shall evaluate banking and lending solutions for startups and SMEs.
Note
i.HDFC is committed to develop, focus and encourage startups as they are reshaping the future world at present.
ii.BSE is the first stock exchange to get approval from The Securities and Exchange board of India (SEBI) to launch
the SME platform on 13th March 2012.
iii.So far, BSE has listed about 353 companies and raised 3731.81 crores from the market as capitalization.
About Bombay stock exchange (BSE):
Establishment – 1875
Managing Director (MD) & Chief Executive Director (CEO) – Ashishkumar Chauhan
Headquarter – Mumbai, Maharashtra
About HDFC Bank:
Establishment -1994
MD & CEO – Sashidhar Jagdishan

Tagline– We understand your world
Chatbot – Eva
CCI Approves HDFC Life’s 100% Acquisition of Exide Life

The Competition Commission of India (CCI) gave the approval to HDFC Life Insurance Company for
acquiring 100% shareholding of Exide Life Insurance Limited under Article 31 (1) of the Competition Law of
2002.
• After the completion of the share acquisition, Exide Life (which will become a wholly owned subsidiary of
HDFC Life) is proposed to merge with HDFC Life.
Note– India has raised foreign direct investment (FDI) limit in insurance to 74% from 49%
Key points:
i.The Deal was signed for INR 6,687 crore. In which, HDFC Life is to pay INR 725.98 crore in cash and left money
will pay by issuing 87 million shares at INR 685 apiece to Exide Industries.
ii.With this acquisition, HDFC Life will focus on deepening its presence in south India. The main focus will be on
smaller towns.
About HDFC Life
HDFC Life has two wholly owned subsidiaries, HDFC Pension Management Company Ltd and HDFC
International Life and Re Company Ltd.
Managing Director & CEO: Vibha Padalkar
Founded: 2000
About Exide Life Insurance Limited
Headquarters: Bangalore, Karnataka
Founded: 2001
Managing Director & CEO : Kshitij Jain
Finance Ministry approves 8.5% return on PF deposits for FY21

The Ministry of Finance approved an 8.5% interest rate on Provident Fund (PF) deposits for 2020-21 (FY21).
Now, the Employees’ Provident Fund Organisation (EPFO) will credit this interest in accounts of active 60 million
beneficiaries.
Key Points:
i.With this move, EPFO will have a surplus of Rs 300 crore as compared to the preceding financial year when it
had a surplus of Rs 1000 crore.
ii.The Central Board of Trustees (CBT) of EPFO, headed by the Union Minister Bhupender Yadav, Ministry of
Labour and Employment.
iii.Every year EPFO invests 15% of its annual accruals in equity and rest in debt instruments.
ESAF Bank Partnered with NABARD for Local Economic Development

ESAF Small Finance Bank made a partnership with NABARD (National Bank for Agriculture and Rural
Development) for local economic development. Under the partnership, along with NABARD, the bank has
organized a state-level Local Sustainable Economic Development Training Program to build financial literacy at
basic levels.
• Objective: To bring financial empowerment and economic independence at the local level through training
and enabling the elected representatives of the Panchayati Raj Institutions to meaningfully intervene and
build the well-being of the people in the constituencies they represent.
Key Points:
i.The programme was inaugurated by K. Rajan, the State Revenue Minister. Initially, the project will benefit 300
panchayats across Kerala.
ii.Chief General Manager, NABARD, P Balachandran had released a handbook to enable the elected Panchayati Raj
representatives to provide the citizens with knowledge and skills for their long-term financial needs, in turn

improving local sustainable economic development.
iii.3 videos on Intelligent Borrowing, Credit Discipline, and Debt Distress Management were also released at the
launch.
About ESAF Small Finance Bank:
Establishment – 10 March 2017
Headquarters – Thrissur, Kerala
MD & CEO – Kadambelil Paul Thomas
PhonePe & Liberty General Insurance Partners to Offer Motor Insurance

Liberty General Insurance Limited has collaborated with PhonePe to provide motor insurance services
digitally.Under this, Liberty General Insurance will provide a variety of Motor Insurance policies to the
customers, digitally through PhonePe app.
• In 2020, PhonePe ventured into distribution of insurance and has become one of India’s fastest growing
digital distributors with sale of over 5 lakh policies in 5 months.
Key points:
i.The users of PhonePe can choose from multiple motor insurance products on the platform. It will work as a one
stop destination for all insurance needs.
ii.Apart from insurance services, the PhonePe also provided tax savings funds, liquidity funds, international travel
insurance etc.
About PhonePe:
Founder & CEO– Sameer Nigam
Headquarters– Bangalore, Karnataka
Founded– 2015
About Liberty General Insurance Ltd:
CEO– Roopam Asthana
Assam Signed MoU with World Bank for Rs 770 crore Loan to Promote River Transportation
Assam Chief Minister (CM) Himanta Biswa Sarma has stated about the Memorandum of Understanding (MoU)
signed between Assam’s Inland Water Transport (IWT) department and World Bank for a Rs 770 crore loan to
promote river transportation of the state.
• The central government would return 80 percent of the loan amount and the state government would refund
the remaining 20 percent.
• The CM has launched 4 steel Catamaran vessels at Pandu Port of the state as part of a World Bank-funded
effort to integrate high-quality passenger and vehicle ferry services into the state’s larger transportation
network system.
• Out of the 4 vessels, 2 will ply over the river Brahmaputra at Majuli (island), Assam, and one each in between
Guwahati – North Guwahati and Uzanbazar – Umananda ferry ghats.
• The newly released vessels can accommodate 100 passengers and 50 two-wheelers and are powered by 180
HP twin engines that can move at a forward speed of 10 knots.
• The CM also launched an e-ticketing system for the Umananda ferry service to allow tourists to pre-book
tickets and assist in boat operations management.
About Assam:
Governor – Jagadish Mukhi
Dance – Bisuyo Jama Dance, Muchaglangnai Dance, Langkhon Fuja Mishawa
Rivers – Kopili river, Piyain river
FPIs can invest in debt securities issued by InvITs, REITS

As per the Reserve Bank of India (RBI) circular, Foreign Portfolio Investors (FPIs) are permitted to invest in
debt securities issued by Infrastructure Investment Trusts (InvITs) and Real Estate Investment Trusts (REITs).

• In this regard, FPIs can acquire debt securities issued by InvITs and REITs under the Medium-Term
Framework (MTF) or the Voluntary Retention Route (VRR).
• The directions contained in this circular are issued under Sections 10(4) and 11(1) of the Foreign Exchange
Management Act, 1999 (42 of 1999).
It should be noted that these investments are subject to the terms and conditions for investments by FPIs in
debt securities under the respective regulations.
Background:
In the Union Budget 2021-22 it was announced that debt financing of InvITs and REITs by FPI will be enabled
by making suitable amendments in the relevant legislations. Following in October 2021, necessary
amendments to Foreign Exchange Management (Debt Instruments) Regulations, 2019, had been notified.
• Accordingly, it has been decided to permit FPIs to invest in debt securities issued by InvITs and REITs.
Points to be noted:
i. REIT comprises a portfolio of commercial real assets, a major portion of which is already leased out.
ii.InvITs comprise a portfolio of infrastructure assets such as highways and power transmission assets.
UCO Bank signed Co-Lending Agreement with Aadhar Housing Finance

On November 10, 2021, the UCO Bank signed a co-lending agreement with Aadhar Housing Finance to provide
convenient home finance solutions or home loans to customers from the economically weaker sections, lower and
middle-income groups. Under this partnership, home loans will be offered at competitive rates.
Reason behind this partnership:
This partnership is premised upon the co-lending framework of the Reserve Bank of India (RBI) that provides a
tool for banks and non-banks to collaborate for providing affordable solutions to the unserved and underserved
sections.
• The collaboration will help UCO bank to use Aadhar Housing Finance’s network of over 300 branches
covering more than 12,000 locations to improve credit flow to relevant societies.
Points to be noted:
i.Home loan penetration in India at around 10% which is one of the lowest globally.
ii.Central and state governments initiatives such as Pradhan Mantri Awas Yojana, reduction in GST (Goods &
Service Tax) on affordable housing, and stamp duty cuts is enhancing affordable housing sector especially in Tier-
2 and smaller centres
About UCO Bank:
Establishment- 1943 (Incorporated as United Commercial Bank Limited)
Managing Director and CEO (Chief Executive Officer)- Atul Kumar Goel
Headquarter- Kolkata, West Bengal
About Aadhar Housing Finance:
Managing Director and CEO- Deo Shankar Tripathi
Headquarter- Mumbai, Maharashtra
National Internet Exchange of India (NIXI) launches ‘Digital Payment Gateway’

On November 10, 2021, National Internet Exchange of India (NIXI), a not-for-profit organization launched ‘Digital
Payment Gateway’ in partnership with PayU and National Securities Depositories Limited (NSDL). This will
enable digital payments across NIXI’s three business units by integrating payment gateways on all its websites.
• The Digital Payment Gateway was launched during a ceremony which was presided over by NIXI Chief
Executive Officer (CEO) Anil Kumar Jain as the Chief Guest.
Key Points:
i.This integration will offer real-time payments, providing uninterrupted services to NIXI’s customers and also
ensure seamless experience to all stakeholders.
ii.The Department of Telecom (DoT) has set December 2022 as the deadline for Internet service providers (ISPs)
to make changes to their network, including upgrading modem and routers for customers as required by the
latest IPv6 (Internet Protocol version 6).

iii.June 30, 2022 is the last date for government organisations to complete the transition to IPv6 which will aid
Internet usage especially for work-from-home regime, the Internet-of-Things (IoT) ecosystem, and upcoming 5G
services.
• IPv6 is the most recent version of the Internet Protocol communications system, which provides
identification and location information for devices and networks connecting to the Internet.
Activities of NIXI:
National Internet Exchange of India (NIXI) aims to make the internet accessible to everyone through the following
activities:
i.Internet Exchanges through which the internet data is exchanged amongst ISPs and between ISPs and CDNs.
ii.Selling, managing and operation of .IN country code domain and . भारत IDN domain for India.
iii.Selling, managing and operating Internet protocol (IPv4/IPv6) as authorized by APNIC (Asia Pacific Network
Information Centre), Australia.
Additional Info:
• PayU is India’s leading payment gateways which provides payment gateway solutions to online businesses
and serves more than 4,50,000+ merchants with over 100+ payment methods.
• NSDL is one of the largest Depositories in the World and has established a state-of-the-art infrastructure that
handles most of the securities held and settled in dematerialized form in the Indian capital market. They also
provide secure and seamless payment gateway services to businesses.
About National Internet Exchange of India (NIXI):
Chairman– Ajay Prakash Sawhney
Parent Ministry– Ministry of Electronics and Information Technology (MeitY)
Headquarter– New Delhi, Delhi
Axis Bank signs MoU with Army Insurance Group for retail mortgage loans
On 10th November 2021, Axis Bank signed an MoU with the Army Insurance Group (AGI) to offer retail
mortgage loans to the Indian Army personnels.
Key Points
i.Through this agreement the bank will offer higher loan amounts and also provide facilities to transfer the
balance of customers’ loans from AGI to Axis Bank.
ii.The defence personnel can also extend the limit of repayment of loans beyond their retirement from service.
iii.Axis Bank will provide its products and services to fulfill home loan requirements of the defence personnel.
About Axis Bank:
MD & CEO– Amitabh Chaudhry
Headquarters- Mumbai, Maharashtra
Founded- 1994
PGIM India MF Launches India’s First Global Real Estate Securities Fund
PGIM India Mutual Fund (formerly Prudential Investment Management) has announced the launch of PGIM
India Global Select Real Estate Securities Fund of Fund, an open-ended equity fund of fund scheme investing in
PGIM Global Select Real Estate Securities Fund.
• The New Fund Offer (NFO) opens from 15th November 2021 to 29th November 2021.
• The Benchmark Index of the fund is FTSE EPRA NAREIT Developed Index
Objective – To generate long-term capital investments through fund-of-funds (FoF), where the primary
investments would be in equity related securities of real estate companies located throughout the world and in
Real Estate Investment Trust (REITs).
Features
i.The minimum amount required to invest in this NFO is Rs 5000 and after that in multiples of Re 1.
ii.The fund-of-fund will be managed by Ravi Adukia, an Equity Analyst and dedicated Fund Manager for overseas
investments.

About PGIM India MF
Set up – May 2010
MD & CEO – Ajit Menon
Chairman – John Pravee
Geojit Launches 1st Online Trading Services for NRI accounts

Geojit Financial has announced India’s first online platform to open online trading and demat accounts
through Central Depository Services Ltd (CDSL) for Non-Resident External (NRE) and Non-Resident
Ordinary (NRO).
• Currently, the opening of trading and demat accounts is offered only to Non Resident Indians (NRI’s) single
or savings account which is not linked to an NRE or NRO account.
• Aadhaar linked mobile number and a permanent account number (PAN) is required to open the account
online.
• The online account opening platform was developed by Geojit Financial’s subsidiary, Geojit Technologies.
Non-Resident External (NRE) Account
The NRE account is an Indian rupee-denominated account, offering complete security which can be in the form of
savings, current, recurring or fixed deposits.
Non-Resident Ordinary (NRO) Account
An NRO account is a savings or current account held by NRIs in India to manage their income earned in India. The
Account-Holders can deposit and manage accumulated funds without any hassle. The account allows the holders
to receive funds in Indian or Foreign currency.
Difference between NRO and NRE
NRO NRE
NRO is applicable for any Indian source of
income NRE is ideal for people who have only Foreign account
It is used to manage the income earned in Amount can be deposited in any currency and withdrawn in
India indian rupee
The interest earned on deposits is taxable The interest earned on deposit is non-taxable
Open NRO joint account with resident indian Open NRE joint account with another NRI
Cheque book and ATM card facilities
available Loan facilities available on deposit
About Geojit Financial Services:
Chairman – Ramanathan Bupathy
Headquarters – Kochi, Kerala
KGB introduces Vaccine-linked Deposit scheme for customers- ’KGB Kavacham’

The Kerala Gramin Bank (KGB), a Regional Rural Bank introduced a 1st of its kind initiative named- KGB
Kavacham. It is a deposit scheme that offers additional interest rate to customers who have received the COVID-
19 vaccine doses.
• It is for the first time in India a Rural Bank has supported the government vaccination campaign.
Objective – To motivate people for the vaccination and remove vaccine hesitancy.
Key points:
i.The scheme was launched on July 1, 2021 & gained over INR 500 crore of deposits. The interest rate for the
same period for normal deposits opened for 15 months by 0.25 per cent.
ii.The cumulative deposits opened under the scheme will fetch an interest rate of 5.55 per cent, which is higher
than the prevalent rate.
iii.KGB also introduced a special term-deposit scheme named – KGB Platinum. It is offering a higher interest rate
of 5.60 per cent for deposits made for 775 days.

About Kerala Gramin Bank (KGB):
Chairman – C Jayaprakash
Headquarters– Malappuram, Kerala
Founded- 2013
NPCI Bharat BillPay partners ICICI prudential to provide ClickPay

On 11th November 2021, NPCI Bharat BillPay Ltd., the wholly-owned subsidiary of National Payments
Corporation of India (NPCI) tied up with ICICI Prudential Life Insurance to provide ClickPay facilities which
offer easy payments.
• ClickPay enables customers to make renewal premium payments and also other utility bills, EMIs etc.
• This is the first insurance company to provide hassle free, two-step premium payment options for
customers.
About National Payments Corporation of India (NPCI) Bharat BillPay
CEO – Nupur Chaturvedi
Lovlina Borgohain appointed as Ambassador of ICICI Prudential’s new digital campaign
i.ICICI Prudential Life Insurance will launch its new digital campaign ‘Agar taiyaari sahi ho, toh jeet pakki
hai’ (a victory is assured if you have the correct preparation), featuring Olympic medallist Lovlina Borgohain. The
campaign talks about being prepared for challenges in life by setting up a microsite narrating the story of Lovlina
winning a medal for India.
ii.The microsite allows the users to click augmented reality selfies with Lovlina Borgohain.
Note – Lovlina Borgohain won bronze medal in the women’s boxing (69kg) in Tokyo Olympics 2020 and also
received the Arjuna Award.
About ICICI Prudential Life Insurance
Chief Executive Officer (CEO) & Managing Director – Narayanan Srinivasa Kannan
IPPB, DoP partnered with Bajaj Allianz Life Insurance offering Term and Annuity Products to
Customers
On November 11, 2021, a strategic tripartite partnership was inked between the India Post Payments Bank
(IPPB), Department of Posts (DoP) and Bajaj Allianz Life Insurance Company (BALIC) for launching two products
viz. term and annuity, to prioritize rural customers.
• Through this alliance, BALIC has become the first private life insurer in the country to enter into a tie up with
the Department of Posts for sale of PoS products & will utilize IPPB’s vast network of 650 branches and over
136,000 banking access points for offering products to customers.
• The announcement was made during a media meet in New Delhi which was attended by Venkatram
Jayanthy, MD (Managing Director) & CEO (Chief Executive Officer), IPPB; and Tarun Chugh, MD & CEO,
BALIC; and other senior officials.
Key Points:
i.The entities will reach customers, particularly from weaker sections, living in unbanked and underserved areas
in order to make them financially secure and empowered
ii.This partnership will also caters to the IPPB’s objective of offering value added products and services to its
customers.
iii.These products are 100% digital buy journey to ensure reach to the last mile and contribution to the digital
literacy vision of Government of India.
Products to be offered:
Bajaj Allianz Life Smart Protect Goal– It is a term insurance product to give immediate financial support to a
family in the event of an untimely death of the breadwinner. It has the option of return of premium on maturity.

Bajaj Allianz Life Guaranteed Pension Goal– It is an annuity plan, aims to meet post retirement expenses as it
offers guaranteed and fixed regular income till the person is alive. It also offers return of purchase price as legacy
upon death of annuitant.
Both these products will be available to customers in addition to DoP’s existing PLI (Postal Life Insurance) & RPLI
(Rural Postal Life Insurance) products. These will also be offered digitally.
About India Post Payments Bank (IPPB):
Parent Department– Department of Posts, Ministry of Communication with 100% equity owned by Government
of India
Tagline– Aapka Bank, aapke dwaar
Headquarter– New Delhi, Delhi
SEBI amends Mutual Fund Norms to launch ETFs on Silver

On November 9, 2021, the Securities and Exchange Board of India (SEBI) notified SEBI (Mutual Funds) (Third
Amendment) Regulations, 2021 amending the SEBI (Mutual Funds) Regulations, 1996 to allow the launch of
exchange traded funds (ETFs) on silver .
• This notification will enable the asset management companies (AMCs) to include silver or silver-related
instruments in the investment schemes or initiate ‘silver ETF schemes’.
What is a silver ETF scheme?
It is a mutual fund (MF) scheme which invests primarily in silver or silver-related instruments having silver as the
underlying product. It passes on the benefits of price efficiency, liquidity and convenience to retail investors.
• Under this scheme, silver held by the ETF scheme will be valued at the AM fixing price of London Bullion
Market Association (LBMA) in the US (United States) dollars per troy ounce for silver having a fineness of
999.0 parts per thousand.
Factors affecting value of silver ETFs:
i.Adjustment for conversion to metric measure as per standard conversion rates
ii.Adjustment for conversion of US dollars into Indian rupees as per the RBI reference rate declared by the
Foreign Exchange Dealers Association of India (FEDAI)
iii.Transportation charges, notional customs duty and other applicable taxes and levies incurred in bringing silver
from London to the place where it is actually stored on behalf of the MF.
Key Norms by SEBI for Silver ETFs:
i.MFs must appoint a custodian to preserve custody of silver or silver-related instrument securities and offer
custodial services.
ii.The money raised through the silver ETF will be invested solely in silver or silver-related securities in
accordance with sub-regulation (6) of regulation 44 of the amendment.
iii.While funds are being deployed, the mutual fund may invest them in scheduled commercial banks’ short-term
deposits.
Key Points:
i.Prior to the above notification, Indian MFs are allowed to launch ETFs tracking gold.
ii.In September 2021, SEBI proposed to allow MF companies to introduce silver ETFs in the Indian market.
iii.Currently, Indians invest in silver through traditional routes such as silver bars, silver coins, and silver
jewellery, or through paper forms of silver like futures.
iv.Globally, there are at least four silver ETFs with AUM (Assets under management) of more than $ 1 billion.
• iShares Silver Trust is the world’s biggest silver ETF with AUM of over $12 billion.
About Securities and Exchange Board of India (SEBI):
Headquarter– Mumbai, Maharashtra

Jana SFB Tie-up with 3 TReDS Platforms to Support MSMEs
Jana Small Finance Bank (SFB) has made tie-up with all the 3 existing Trade Receivables Discounting System
(TReDS) platforms, namely M1xchange, RXIL(Receivables Exchange of India Ltd), and A.TReDS to ease the
flow of liquidity to its MSMEs (Micro, Small and Medium Enterprises) customers.
• The partnership will enable the buyers and suppliers registered on all the TReDS platforms with different
options to secure funds by discounting invoices after the sale & AIMA MSME will assist BSE in evaluating
MSMEs.
• For MSME suppliers, TReDS offers the benefits of easy and quick availability of finance by discounting
receivables at competitive rates, minimum and simple documentation, and overall better working capital
management.
About TReDS:
i.It is an electronic platform that has been set by the Reserve Bank of India (RBI) for facilitating the
financing/invoice discounting of trade receivables of MSMEs through multiple financiers from corporates and
other buyers, including Government Departments and the Public Sector Undertakings (PSUs).
ii.TReDS platform involves three participants viz, Sellers – Only MSMEs; Buyers – Corporates, Government
Departments, PSUs and any other entity; Financiers– Banks, NBFCs (Non-Banking Finance Companies), and other
financial institutions as permitted by RBI.
Note – MSMEs contribute 30 percent of India’s GDP.
About Jana Small Finance Bank (Jana SFB):
Establishment – 2008 (as Janalakshmi Financial Services) & Received Small Finance Bank license from RBI in
2017.
Headquarters – Bengaluru, Karnataka
MD & CEO – Ajay Kanwal
Mobikwik launched MobiKwik RuPay Card in partnership with NPCI & Axis Bank
Mobikwik has launched ‘MobiKwik RuPay Card’ in collaboration with National Payments Corporation of India
(NPCI) and Axis Bank which is free of charge and purely digital.
• This card is integrated with the MobiKwik wallet allowing MobiKwik customers to get up to Rs 2 lakh of
their MobiKwik wallet balance.
• The customer can use the card and wallet balance at over 41 million merchants across 190 countries along
with MobiKwik merchant network.
About Mobikwik:
MD & CEO– Bipin Preet Singh
Headquarters– Gurugram, Haryana
BharatPe launches World’s 1st Merchant Shareholding Programme

BharatPe launches the World’s 1st Merchant Shareholding Program (MSP) for its merchant partners. It is a $100
million worth program, under which the company offers its merchant customers an opportunity to buy
BharatPe’s equity shares and become a partner.
• The company Plans a public listing by 2024, and targets a public listing value of $1 billion
Objectives
i.To provide an opportunity for offline merchants partners to become part equity owners of BharatPe.
ii.The equity pool structure will be upto $100 million for eligible merchant partners in the next 4 years.
Note – In July 2021, ‘Unacademy’ became the 1st Edutech company to offer stock options to its teachers.
Highlights
i.The MSP is an initiative that creates wealth for loyal merchant partners.
ii.The key areas of equity are merchant payments business, financing and financial services offerings to merchant
partners.
iii.The MSP offers Initial Public Offerings (IPO) along with equity.

iv.BharatPe tripled its valuation to $2.85 billion after a $370 million fundraise in a primary and secondary mix led
by new investor New York-based Tiger Global Management.
About BharatPe
Chief Executive Officer (CEO) – Ashneer Grover
Headquarters – New Delhi, Delhi
Niyo partners SBM Bank & VISA to Offer Digital Savings Account
On 12th November 2021, Fintech company ‘Niyo’, in association with SBM Bank India and Visa offers a digital
savings account for the customers of Niyo Global
• Indian passport holders can avail the benefits of the Niyo Global card during international travels, for easier
foreign exchange.
Highlights
i.Features of Niyo Global card – zero forex markup on car rentals, hotels and flight bookings, live currency
conversion on ATM locator.
ii.The account holders can also avail 100% digital onboarding, attractive interest p.a. on balances with monthly
interest payouts, complimentary airport lounge access, UPI features, cheque book and all other premium banking
offerings, including domestic and international offers.
Note – Niyo account is a digital account with a unique account number and bank IFSC code. You can fund this
account in INR via NEFT/IMPS/UPI.
About SBM Bank India
MD & CEO – Sidharth Rath
About Niyo:
CEO – Vinay Bagri
Headquarters – Bangalore, Karnataka
BSE Tie-up with All India MSME Association to Promote MSMEs Listing
In November 2021, the BSE (formerly Bombay Stock Exchange) signed an MoU with the All India MSME (Micro,
Small and Medium Enterprises) Association (AIMA MSME), to encourage and promote the listing of MSMEs and
start-ups.
• Under the partnership, both the entities will raise awareness among MSMEs for listing on the exchange’s
SME segment by hosting roadshows and events across India.
• BSE became the 1st stock exchange to get approval from SEBI (Securities and Exchange Board of India) to
launch its SME platform in March 2012.
• So far, 353 companies listed on the BSE SME Platform have raised ~ Rs 3,732 crore from the market, and the
total market capitalisation of such firms stood at ~ Rs 40,716 crore.
Note – The Government of India has introduced MSME in agreement with the MSME Development (MSMED) Act
of 2006. The MSME enterprises primarily engaged in the production, manufacturing, processing, or preservation
of goods and commodities.
About BSE (formerly Bombay Stock Exchange):
It is Asia’s 1st and the Fastest Stock Exchange in the world.
Chairman – Justice Vikramajit Sen
MD & CEO – Ashishkumar Chauhan

HDFC Bank integrates with E-NAM to Facilitate Agri Commodity Trading
On 12th November 2021, HDFC Bank integrated with the Central Government’s National Agriculture
Market (eNAM) to enable digital collections and settlement of funds to various agricultural transactions carried
out through eNAM by farmers, traders, Farmer Producer Organisation (FPOs).
• HDFC Bank has partnered with Small Farmers Agri-Business Consortium (SFAC) to further improve the
ease of doing business on e-NAM platform by offering the Multi-Netbanking, Debit card, NEFT/RTGS and
UPI/IMPS collection modes.
Features:
i.The bank provides details of around 50 % of branches in Semi-Urban and Rural areas to support trading
activities of farmers and traders on the eNAM platform.
ii.The integration helps farmers, traders, Farmer Producer Organisation (FPOs), commission agents, institutional
buyers and other Mandi level service providers for easy settlement mechanisms.
Note – In 2001, HDFC Bank became the first agency bank to digitize tax collections for the Central Board of Direct
Taxes (CBDT).
About National Agriculture Market (eNAM):
i.eNAM was launched in 2016 with SFAC as the nodal implementing agency under the Ministry of Agriculture
and Farmers Welfare.
ii.Currently e-NAM is integrated with over 1,000 Mandis across the country and the total value of agri-produce
traded on eNAM is around Rs. 1.3 lakh crore till Financial Year (FY) 2020-21.
About Small Farmers Agri-Business Consortium (SFAC)
Managing Director – NeelKamal Darbari
About HDFC Bank:
Tagline – We Understand Your World
NSO Projected CPI Based Inflation Rate for October 2021 at 4.48%; RBI Projected CPI Inflation
for FY22 at 5.3%
National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) has released the
All India Consumer Price Index (CPI) (with Base 2012=100) and corresponding Consumer Food Price Index
(CFPI) for Rural (R), Urban (U) and Combined (C) for the month of October 2021.
• As per the release, India’s retail inflation rate, measured by the CPI increased in October 2021 to 4.48
percent year-on-year from 4.35 percent in September 2021 due to a rise in food prices.
• Note – In October 2021, the Reserve Bank of India (RBI) has projected the CPI inflation for the financial year
2022 at 5.3 percent.
All India Inflation rates (%) based on CPI (General) and CFPI:
October 2021 (Provisional) September 2021 (Final) October 2020
Indices R U C R U C R U C
CPI General 4.07 5.04 4.48 4.13 4.57 4.35 7.75 7.33 7.61
CFPI 0.31 1.72 0.85 0.69 0.67 0.68 11.12 10.86 11
Inflation rate in October 2021:
i.The inflation rate for Consumer Food Price Index increased to 0.85 percent in October from 0.68 percent in
September 2021.
• Food inflation contributed nearly 48 percent to the monthly increase in headline retail inflation.
ii.The inflation rate for Oils and Fats was recorded at 33.5 percent from 34.2 percent in September 2021 and
pulses recorded 5.42 percent of inflation rate against 8.8 percent in September 2021.
iii.The inflation rate of Clothing and footwear was about 7.53 percent and the rate for Fuel and light was about

14.3 percent.Click here to read more about the rates.
About Ministry of Statistics and Programme Implementation (MoSPI):
Minister of State (Independent Charge) – Rao Inderjit Singh (Gurugram, Haryana)
WB and ADB launches ‘WePOWER India Partnership Forum’ to increase women participation in
energy sector
The WePOWER India Partnership Forum was held through a virtual platform on November 9, 2021 to boost South
Asia Women in Power Sector Professional Network (WePOWER) in India.
• The event was organized by the World Bank (WB) and Asian Development Bank (ADB) in association with
the India Smart Grid Forum (ISGF).
• It was attended by 168 energy sector stakeholders.
• The event saw a panel discussion on expanding job opportunities for women in India’s Clean Energy
Transition’.
About WePOWER:
Initiated in 2019, WB in collaboration with ADB launched the WePOWER to promote gender equality in the Indian
electricity sector. It is a network of 28 energy sector utilities and organizations. It also promotes normative
change for women and girls in Science Technology, Engineering, and Math (STEM) education.
Participants:
The launch ceremony was preceded over by the Vishal Kapoor, Joint Secretary – Distribution, Ministry of Power,
Govt of India; Junaid Kamal Ahmad, Country Director, World Bank; and Reji Kumar Pillai, President, India Smart
Grid Forum (ISGF); Among other dignitaries were Guangzhe Chen, Regional Director for Infrastructure, South
Asia, World Bank; Takeo Konishi, Country Director, ADB; and Reena Suri, Executive Director, ISGF.
About World Bank:
The World Bank was created at the 1944 Bretton Woods Conference, along with the International Monetary Fund
(IMF).
President– David Robert Malpass (13th President)
Headquarters– Washington DC, United States of America
Sidbi launches 2nd window of Swavalamban Challenge Fund with ‘Green Bharat’ as Prioritised
Theme
On November 15, 2021, Small Industries Development Bank of India (SIDBI) launched the second window of
Swavalamban Challenge Fund (SCF) which aims to provide financial support to non-profit organizations,
educational institutions for addressing developmental gaps.
• This edition themes are aligned with attaining net zero emissions by 2070, as per the commitments made
by India at 26th UN (United Nations) Climate Change Conference of the Parties (COP 26). Therefore, ‘Green
Bharat’ is the prioritised theme for the same.
• In this regard, this 2nd SCF focuses on green, clean and efficient climate change.
Key Points:
i.Green initiatives under the SCF including climate change mitigation and adaptation measures, eco-friendly
practices through recycling and offering solutions to reduce carbon footprint.
• Other themes curated under SCF include financial inclusion, promoting healthy living and innovative
enterprise solutions and access to financial services and promoting the culture of entrepreneurship.
ii.This fund is a part of Swavalamban Resource Facility (SRF) being implemented by SIDBI in partnership with
Foreign, Commonwealth and Development Office (FCDO), United Kingdom (UK).
• The first window of SCF was launched in August 2021 to promote entrepreneurship culture in India.
• SIDBI is the sole facilitator for SCF. The proposals can be submitted for undertaking Pilot (Upper Cap of Rs.
20 lakh) and Scale-Up (up to Rs. 35 lakh) initiatives.
About Small Industries Development Bank of India (SIDBI):
Chairman and Managing Director (CMD)– Sivasubramanian Ramann
Headquarter– Lucknow, Uttar Pradesh (UP)

Paytm Money launches AI-powered ‘Voice Trading’
On November 15, 2021, Paytm Money, the wholly-owned subsidiary of Paytm launched AI (Artificial Intelligence)
powered ‘Voice Trading’ which will enable users to do trade or get information about stocks via single voice
command.
• This voice command feature uses neural networks and natural language processing (NLP) to allow instant
processing.
• This launch is on the lines of Paytm Money efforts to offer next-gen and AI-driven technology to enhance
user experience.
Key Points:
i.This newly launched feature will surpass the usual five to six-step process of trading.
ii.The Paytm Money platform is rolling out the voice trading feature in beta to select users. It will be available to
all users over the coming weeks.
iii.It should be noted that Paytm Money, a group company of Paytm, recently concluded its initial public offering
(IPO).
About Paytm Money:
It is a SEBI (Securities and Exchange Board of India) registered Investment Adviser (IA).
Chief Executive Officer (CEO)– Varun Sridhar
Operations Head office-Bengaluru, Karnataka
Blockchain Feeder Fund gets nod from SEBI

The Securities and Exchange Board of India (SEBI) has given nod to the scheme named ‘Invesco India – Invesco
CoinShares Global Blockchain Exchange Traded Fund (ETF) Fund of Fund’ (FoF), which will be India’s first
scheme that offers exposure to global companies participating in the blockchain ecosystem.
• Type: It is an open ended Scheme that invests in Ireland-domiciled Invesco CoinShares Global Blockchain
UCITS ETF.
• The feeder fund holds investments such as Canadian bitcoin miner Bitfarms Ltd, US crypto exchange
Coinbase Global Inc., and the world’s biggest corporate crypto holder MicroStrategy Inc.
• The new fund offer will open to Indian investors from 24 November to 8 December, 2021.
About Blockchain Technology:
i.It is a distributed digital database(ledger) that maintains a continuous list of ordered records, called blocks,
those blocks are linked using cryptography and forms a ‘block chain’, those blocks/records could not be altered
without the alteration of all subsequent blocks (data protection).
ii.It facilitates the process of recording transactions and tracking assets/value (virtually) in a network, from
medical records to food supply chain transactions.
iii.The government has regulations on cryptocurrencies such as bitcoin and ethereum after which the blockchain
fund was approved by SEBI.
Note – Invesco CoinShares Global Blockchain UCITS ETF has delivered a return of 94% in the past one year and
53% since its inception in March 2019.
About Securities and Exchange Board of India (SEBI)
Chairman – Ajay Tyagi
Kotak Mahindra Bank, PVR Launches Co-Branded Movie Debit Card

On 16th November 2021 Private lender Kotak Mahindra Bank and Multichain operator PVR Ltd. launched
India’s 1st Co-branded movie Debit card named ‘Kotak PVR Movie Debit Card’
• The cardholders will receive joining vouchers and earn points on every transaction on the debit card (at PVR
and outside PVR as well), with no upper limit on the points earned
Features:
i.The users will get automatically enrolled to the PVR Privilege Plus programme with enhanced benefits.

ii.The spending on e-commerce as a percentage of total spends has increased by 5-10 per cent.
iii.The customers will earn reward points on all spends on the co-branded debit cards, including 10 reward
points for every Rs 100 spent at PVR Cinemas and 0.50 reward points for every Rs 100 spent on all other
transactions, with 1 reward points equivalent to Re 1.
Kotak-PVR co-branded Credit card:
i.The Bank and PVR launched co-branded credit cards 10 years ago and now again joined hands to increase the
usage of debit cards and reopen cinemas across India.
ii.Kotak-PVR co-branded credit cards have around 3 lakh customers and the core audience is between 14 years
and 35 years.
About Kotak Mahindra Bank
CEO – Uday Kotak
Established – February 2003
Tagline – Lets make money simple
About PVR Ltd.
Chairman and Managing Director – Ajay Bijli
Established – June 1997
Headquarters – Gurugram, Haryana.
Karnataka Bank Launched CASA Campaign and KBL Current Account–Premium Scheme
Karnataka Bank has launched a nationwide CASA (Current Account/Savings Account) campaign and a new
value-added current account scheme named ‘KBL Current Account–Premium’ for small and medium
entrepreneurs.
• The campaign was started on November 15, 2021, and the bank intends to mobilize more than 4,15,000
CASA accounts across India through the campaign within February 28, 2022.
• The scheme enables the bank’s customers to have a new current account by maintaining a monthly average
balance of Rs 25,000 and avail a host of premium facilities.
• With the campaign, the bank aims to introduce its digitally powered savings account products to its
customers.
• During the 2020’s campaign, the bank met about 90 percent of the target it kept for current and savings
accounts.
About Karnataka Bank:
Establishment – February 18th, 1924
Headquarters – Mangalore, Karnataka
MD & CEO – Mahabaleshwara M.S
Tagline – Your Family Bank Across India
‘Karnataka Vikas Grameena Bank’ gets ASSOCHAM award for Best Digital Financial Services
The Karnataka Vikas Grameena Bank (KVGB) got the award for the best ‘Digital Financial Services’, in line with
India’s vision of ‘Atmanirbhar Bharat’, under the ‘Regional Rural Banks’ (RRBs) category by Associated
Chambers of Commerce and Industry of India (ASSOCHAM).
Key points:
i.The award was handed over by Reserve Bank of India (RBI) regional director R. Gurumurthy to KVGB Bank
Chairman P. Gopi Krishna in Bengaluru, Karnataka.
ii.Around 40 villages in Karnataka are converted into 100% digital villages by the KVGB bank. These efforts are
encouraging villagers to use digital mode for transactions.
About Associated Chambers of Commerce and Industry of India (ASSOCHAM):
Founded- 1920
President– Vineet Agarwal
Headquarters- New Delhi, Delhi

About Karnataka Vikas Grameena Bank (KVGB):
Chairman – P. Gopikrishna
Headquarters – Dharwad, Karnataka
CCI Approved Acquisition of 71.25% Shareholding of ASKIM Ltd by BCP TopCo XII Pte Ltd
The Competition Commission of India (CCI) has approved the acquisition of 71.25% shareholding of ASK
Investment Managers (ASKIM) Limited by BCP TopCo XII Private Limited(BCP TopCo), an affiliate of funds
advised or managed by the affiliates of the Blackstone Group Inc.
Key Points:
i.BCP TopCo XII Pte Limited is involved in investment holding and related activities.
ii.ASKIM Limited is a leading asset and wealth management company, that caters to the high net worth individual
(HNI) and ultra HNI (UHNI) market in India.
iii.ASKIM ltd is involved in business providing financial services. The services include
• providing portfolio management services to individuals, groups of individuals, family offices and other
entities.
• offering investment solutions, investment advisory services, and wealth. management and wealth planning
services (including digital services) for individuals, family offices and corporates.
• sponsoring and managing alternate investment funds.
• sponsoring, setting up or advising funds.
• providing credit facilities.
• distribution of financial products (including insurance products and mutual funds).
SBI & Tata Steel signs Agreement to Jamshedpur Football Club

The State Bank of India (SBI) signed a strategic agreement with Jamshedpur Football Club (JFB), a fully owned
subsidiary of Tata Steel, to promote and support football in India.
• This is the first of its kind of agreement by SBI in the game of football.
Key points
i.Through this agreement, the SBI will become one of the principal sponsors of the JFC, thereby having the SBI
logo on the Jersey.
ii.Tata Football Academy, owned by Tata Steel has been promoting football for 30 years. While JFC is the
extension in the same line.
• The ‘JRD Tata Sports Complex was set up in Jharkhand by Tata Steels, to conduct ISL(Indian Super League)
and promote the sport of Football in India.
iii.JFC provides training to the young football players and also educates football coaches.
Chairperson- Dinesh Kumar Khara
Founded– 1 July 1955
About Tata Steels:
Tata Steels is known for developing India’s first industrial city at Jamshedpur, Jharkhand.
CEO- T. V. Narendran
Founded- 25 August 1907
SBI signs Co-lending Agreement with U Gro Capital to finance MSMEs

In November 2021, the State Bank of India (SBI) signed a Co-lending agreement in line with RBI (Reserve Bank
of India) guidelines with the U GRO Capital, the Non-Banking Financial Company (NBFC).
• Through this collaboration, SBI and U GRO Capital will disburse up to Rs 500 crore loans to MSME sector
by March 2022.

Objective:
It aims to offer strategic financing solutions to the unserved and underserved (Micro Small and Medium
Enterprises) MSMEs of the country.
Key points
i.The SBI assigned U GRO Capital as its first co-lending partner for its ‘Sanjeevani programme’ to finance
MSMEs. It will offer loans up to INR 3 crore at a competitive rate of interest.
• The Sanjeevani programme was launched by U GRO in 2020 to provide credit to the pandemic impacted
MSME sector.
ii.The agreement has been signed in accordance with the alternative option of the RBIs revised co-lending
guidelines, which involve post-disbursal takeover of the bank’s share in the loan on a back-to-back basis.
iii.Previously, U GRO has entered into similar co-lending partnerships with Bank of Baroda and IDBI Bank.
Motto – Pure Banking Nothing Else
About U GRO Capital
Chairman and Managing Director- Shachindra Nath
IndusInd Bank Launches Mobile App for Merchants – ‘Indus Merchant Solutions’
IndusInd Bank has launched a comprehensive mobile application (app), named the ‘Indus Merchant
Solutions’ to enable merchants, retailers, and professionals to carry out banking transactions digitally, on a single
platform.
• The Indus Merchant Solutions app currently has English as its default language and very soon the app will
be available in multiple languages including Hindi, Marathi, Bengali, Gujarati, Telugu, Tamil, Kannada,
Malayalam, Punjabi and more.
Who can avail:
Any current account holder of IndusInd Bank can instantly download the ‘Indus Merchant Solutions’ app and even
a non-customer can open a current account with the Bank through a fully digitised process to get themselves
registered as a merchant.
Features:
i.Tracking Payments: The app will enable merchants or retailers to view, collect and reconcile payments on a
single platform
ii.Payments at ease: Merchants can accept digital payments through multiple modes at any time, from anywhere.
iii.Exclusive Point-of-Sale (Pos): Merchants can collect payment from the buyer during home deliveries, as well
as payment-on-delivery instances where the seller and buyer may not be physically present at the same location.
iv.Paperless Transactions: Merchants can also apply as well as avail small ticket business loans and also
provides a consolidated view of all banking relationships across deposits and loans held by the merchant
v.Banking Services Online: Merchants can even place service requests including, cheque book requests, reset
debit card pins, report discrepancies among others.
About IndusInd Bank
MD & CEO – Sumant Kathpalia
Tagline – We Make You Feel Richer
India Becomes World’s Largest Recipient of Remittances; Received USD 87 bn in 2021:WB Report
In accordance with the latest report by the World Bank (WB) titled ‘World Bank’s Remittance Prices
Worldwide Database’, India became the world’s largest recipient of remittances by receiving USD 87bn in 2021.
The United States (US) was its biggest source, accounting for over 20% of these funds.

• India is followed by China, Mexico, the Philippines, and Egypt.
• In India, remittances are projected to grow 3% in 2022 to USD 89.6 billion.
Key Points:
i.Remittances to low and middle income countries are projected to have grown a strong 7.3% to reach USD 589
billion in 2021.
• This is for the second consecutive year, remittance flows to low- and middle-income countries (excluding
China) are expected to surpass the sum of foreign direct investment (FDI) and overseas development
assistance (ODA).
ii.In line with global macroeconomic forecasts, remittances are projected to continue to grow by 2.6% in 2022.
iii.Remittances registered strong growth in most regions. Flows increased by 21.6% in Latin America and the
Caribbean, 9.7% in Middle East and North Africa, 8% in South Asia, 6.2% in Sub-Saharan Africa, and 5.3% in
Europe and Central Asia.
iv.In East Asia and the Pacific, remittances fell by 4% though excluding China.
About World Bank:
The World Bank was created at the 1944 Bretton Woods Conference, along with the International Monetary Fund
(IMF).
NSDL e-Governance Received RBI’s Approval to Operate as AA

NSDL e-Governance Infrastructure Ltd, IT (Information Technology)-enabled services provider, has received in-
principle approval from the Reserve Bank of India (RBI) to set up an Account Aggregator (AA) business under
its wholly-owned subsidiary, NSDL e-Governance AA Ltd.
• AA is a first-of-its-kind consent framework that empowers an individual with control over their data, and the
ability to securely and digitally access and share the same.
• Over the last two decades, NSDL e-Governance has created strong interventions impacting multiple sectors,
such as modernising the direct tax infrastructure, promoting financial inclusion and enabling the Banking,
financial services and insurance (BFSI) sector by providing Aadhaar-based identity authentication and e-Sign
services.
What is an AA?
i.AA are data access fiduciary. It will be used for the exchange of financial information from Financial Information
Providers (FIP) to Financial Information Users (FIUs) in a safe manner with due customer consent.
ii.AA network will not store/read the customers data in turn it will act as a pipeline between FIPs and FIUs. Click
here to know more
About NSDL e-Governance Infrastructure Ltd:
MD & CEO – Suresh Sethi
SIDBI and Google Collaborates to Support MSMEs

On 18 November 2021, Small Industries Development Bank of India (SIDBI) collaborated with Google India Pvt
th
Ltd (GIPL) for piloting a social impact lending programme with financial assistance up to Rs 1 crore at
subsidised interest rates to MSMEs.
• The collaboration brings a corpus of $15 million (about Rs.110 crore) to MSMEs as a crisis response
related to Covid-19 for reinvigoration.
Key Highlights:
i.Under the partnership, MSMEs having turnover up to Rs.5 crore will get the loan ranging between 25 lakh to
1 crore which is being implemented by SIDBI.
ii.All India Financial Institution (AIFI) is engaged in the promotion, financing and development of Micro, Small
and Medium Enterprises (MSMEs)

iii.The major focus will be on women entrepreneurs, with suitable interest rate concessions.
Note – Under COVID-19, SIDBI has launched various programs such as SAFE (SIDBI Assistance to Facilitate
Emergency Response Against CoronaVirus), SAFE plus scheme, AROG (Assistance to Msmes For Recovery &
Organic Growth During Covid19 Pandemic), and SHWAS (SIDBI Assistance to Healthcare Sector in War Against
Second Wave of COVID19).
About Small Industries Development Bank of India (SIDBI)
Chairman & Managing Director – Sivasubramanian Ramann
Headquarters – Lucknow, Uttar Pradesh
About Google
CEO – Sundar Pichai
Headquarters – Mountain View, California, United States
HDFC Launches Micro-Credit Facility for Street Vendors

On 17 November 2021 HDFC Bank launched a micro-credit facility for the street vendors under PM Street
th
vendor’s Atma Nirbhar Nidhi (PM SVANidhi), with common service centers (CSC).
• PM SVANidhi provides a collateral-free affordable loan of Rs 10,000 along with an interest subsidy of 7
percent.
Features:
i.HDFC Bank facilitates the PM SVANidhi for its Village-Level Entrepreneurs (VLEs) on the digital Sewa portal
where vendors can complete the entire process via online method.
ii.The facility provides a special micro-credit facility to all the small street vendors through CSC VLEs for their
holistic development & economic upliftment.
iii.HDFC Bank capitalizes for facilitating small ticket loans of Rs 10,000 for vendors along with VLEs to identify
the opportunities for other products & maximize their incentives.
About PM SVANidhi Scheme
i.It was launched by the Ministry of Housing and Urban Affairs ( MoHUA) on June 01, 2020 to provide
affordable working capital loans to street vendors to continue their livelihoods that have been affected due to
lockdown.
ii.The scheme is a Central Sector Scheme (i.e. fully funded by MoHUA) will (i)facilitate working capital loan up
to Rs 10,000; (ii) To incentivize regular repayment; and (iii) To reward digital transactions.
iii.The Scheme is available for beneficiaries belonging to only those States/UTs which have notified Rules and
Scheme under Street Vendors (Protection of Livelihood and Regulation of Street Vending) Act, 2014.
About HDFC Bank
CEO & MD – Sashidhar Jagdishan
Mswipe ties with OneCard to Offer No-Cost EMIs at POS

On November 16, 2021 Mswipe announced the partnership agreement with OneCard, a mobile-first credit card
company. It will provide no-cost or low-cost EMIs (Equated Monthly Installments) to its retail customers while
purchasing at Mswipe POS (Point of Sale) terminals
About the Partnership:
i.Through this partnership, the users of OneCloud are now able to access no or low interest EMIs while availing
mid and high value purchases at retail outlets of Mswipe terminals.
ii.Mswipe is empowering OneCard to increase sales by providing attractive offers to their customers.
• The ‘Pay Later offering’ is provided by Mswipe. It will reduce the check out process by reducing the time
taken to complete the process.

iii.OneCard through its ‘OneCard App’ is providing its card users both offline and online transactions, other
services such as paying the bill, locking the card, domestic and international transactions etc.
About Mswipe
Founder & Managing Director– Manish Patel
Founded– 2011
About OneCard
CEO- Anurag Sinha
Headquarters- Pune, Maharashtra
Mahindra Finance launches Quiklyz, a car leasing and subscription business

On November 17, 2021, Mahindra and Mahindra Financial Services Ltd (Mahindra Finance), non-banking
financial company (NBFC) launched its vehicle leasing and subscription business Quiklyz with which the
customer can access a brand-new car without all the hassles of car ownership.
• It is the first-of-its-kind digital process on vehicle usership aimed at catering to both the retail customers
and corporates.
• It is a digital platform which aims to provide convenience, flexibility and choice to customers across cities.
Key Points:
i.In the initial phase, Quiklyz will launch its services in metro cities like Bengaluru, Chennai, Delhi, Gurugram,
Hyderabad, Mumbai, Noida, Pune, and will further expand it to other cities across India, including tier-II cities,
covering 30 locations over the next one year.
ii.Under Quiklyz the company will offer multi-brand for vehicle leasing and subscription.
iii.Quiklyz will make partnerships with original equipment manufacturers (OEM) for vehicle leasing and
subscription.
iv.The company aims to achieve a book size of Rs10,000 crore in a span of 3-5 years.
v.Quiklyz will take care of registration, insurance, scheduled and unscheduled maintenance, and roadside
assistance, among others.
About Mahindra & Mahindra Financial Services Limited:
Managing Director– Ramesh Iyer
BFSL Partnered with NPCI to Launch BoB Credit Cards on Rupay Platform
BOB Financial Solutions Limited (BFSL), a Non-Banking Financial Company, a wholly-owned subsidiary of Bank
of Baroda (BoB), has partnered with National Payments Corporation of India (NPCI) to launch BoB Credit Cards
(in two variants of Easy and Premier) on the RuPay platform.
• Both variants of Credit Cards were launched on the JCB International network to support global acceptance.
Key Points:
i.Benefits: The cards had various benefits such as 5X Reward Points on select merchant categories, fuel surcharge
waiver, pre and post-purchase EMI (Equated Monthly Instalment) offers up to 3 complimentary add-on credit
cards for family members enabled by both BFSL and NPCI.
• The Premier Credit Card offers a personal accidental death insurance cover of up to Rs 50 lakhs.
ii.BFSL and NPCI have utilized FirstVisionTM from Fiserv, a core card processing platform for cards and
transaction management, with a set of APIs (Application Programming Interfaces) and microservices for seamless
digital enablement.
iii.Both Easy and Premier could be used for grocery purchases, shopping at departmental stores, and movie
tickets with reward points.
iv.They have low joining and annual fees and spend-based waivers.

About BOB Financial Solutions Limited (BFSL):
MD & CEO – Shailendra Singh
NPCI & Network International sign MoU for UPI payments in UAE
The Network International, a digital commerce company based in Dubai, signed a Memorandum of
Understanding (MoU) with NPCI International Payments Ltd (NIPL), the international arm of National
Payment Corporation of India(NPCI) to facilitate UPI transactions in the UAE.
Objective:
To provide impetus to ongoing acceptance of NIPL’s mobile-based real-time payment system, Unified Payments
Interface (UPI), in the UAE.
Note – In 2021, Network International also announced its acceptance of India’s payment scheme ‘RuPay’ – to
enhance the range of payment schemes acceptance and business for merchants in UAE (United Arab Emirates).
Key points
i.The agreement will benefit Indians, who are visiting UAE by allowing seamless payments through UPI app.
Note– In 2020, UPI facilitated transactions in India accounts around USD 457 billion, which is equivalent to
approximately 15% of India’s GDP.
ii.The proposed implementation of UPI mobile payment solutions on Network International’s merchant network
in the UAE is expected to commence in the first quarter of 2022.
What is Unified Payments Interface (UPI)?
• UPI is a real-time payment system developed by NPCI, to facilitate inter-bank transactions.
• UPI is currently the biggest among the NPCI operated systems including National Automated Clearing
House (NACH), Immediate Payment Service (IMPS), Aadhaar enabled Payment System (AePS), Bharat Bill
Payment System (BBPS), RuPay
About National Payments Corporation of India (NPCI)
• NPCI was established in 2008, as an umbrella organisation for operating retail payments and settlement
systems in India.
• It is an initiative of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the
provisions of the Payment and Settlement Systems Act, 2007.
About NPCI International Payments Ltd (NIPL):
CEO- Ritesh Shukla
Founded– April 3, 2020
AIIB approves USD 150 Million loan for implementing SUSP in Chennai Metropolitan Area
The Asian Infrastructure Investment Bank (AIIB) has approved a USD 150 million loan to the Government of
India. The loan amount will be used for the implementation of the Sustainable Urban Services Program
(SUSP) for the Chennai Metropolitan Area (CMA).
• The Chennai Metropolitan Area (CMA) includes the core urban services, such as water resource
management, water supply and sewerage, urban mobility, solid waste management, and public health.
Key points
i.The AIIB has approved around 29 projects for India worth USD 6.8 billion till 2021. Now, India has become one
of the largest beneficiaries of AIIB.
ii.Major infrastructure projects include Haryana Orbital Railway project which will be a circular railway to
national capital Delhi, multi corridor transport project in Mumbai and digital education project in Gujarat.
iii.AIIB is also planning to approve a USD 500 million project for COVID-19 vaccination in India.
AIIB investments & projects in India:
i.India is the second largest shareholder with 7.5 % of voting rights after China with 26.06 % voting rights
and also the largest beneficiary in terms of getting approval from AIIB.
ii.The energy and transport sectors received the highest amount of financing from AIIB.

About Asian Infrastructure Investment Bank (AIIB)
President– Jin Liqun
Headquarters– Beijing, China
Membership- 104 Members
Commenced Operation- 2016
HPCL partners IDFC FIRST Bank for fuel payments using FASTags
On November 18, 2021, IDFC (Infrastructure Development Finance Company) FIRST Bank partnered Hindustan
Petroleum Corporation Ltd (HPCL) enabling bank’s FASTag customers to facilitate fuel payments of passenger
vehicles at HPCL’s retail outlets using the bank’s FASTags via HP PAY app.
• Also, IDFC FIRST Bank’s FASTags can be bought, recharged and replaced by passenger vehicle users at select
HPCL retail outlets.
• This tie-up will benefit about five million customers by making transit-related payments simpler.
• The agreement for the same was signed in Mumbai (Maharashtra) at an event attended by the senior
management of HPCL and IDFC FIRST Bank.
Key Points:
i.In 2020, IDFC FIRST Bank was the first to introduce fuel payments using FASTag balances for commercial
vehicles users under its ‘DriveTrack Plus’ program at HPCL retail outlets. Now, it is being extended to personal
vehicle users as well.
ii.The FASTag program was jointly launched by the National Highway Authority of India (NHAI), Indian Highways
Management Company Ltd (IHMCL) and National Payments Corporation of India (NPCI) as a medium to accept
toll fare across all National Highway plazas.
• In this process, banks act as issuers and acquirers by processing about seven million transactions a day.
About IDFC FIRST Bank:
Establishment– In 2018, by merging erstwhile IDFC Bank and former Capital First.
Managing Director (MD) & CEO (Chief Executive Officer)– V. Vaidyanathan
About Hindustan Petroleum Corporation Ltd (HPCL):
It is a Maharatna Company.
Chairman & Managing Director (CMD)– Mukesh Kumar Surana
HDFC Bank Launched 2nd Edition “Mooh Band Rakho” Campaign

HDFC Bank has launched the 2nd edition of its campaign “Mooh Band Rakho” to increase awareness of all types
of frauds and the importance of being close-mouthed to ensure fraud prevention.
• The campaign was launched as a part of the International Fraud Awareness Week 2021, held from 14th
to 20th November 2021, an annual observance of the Association of Certified Fraud Examiners(ACFE).
• HDFC bank will conduct around 2000 workshops in the next 4 months to educate the customers on how to
prevent financial frauds.
India’s GDP to grow 7%-7.5% in FY23: Economic Advisory Council to PM Projections

On November 18, 2021, the meeting of the Economic Advisory Council to the Prime Minister (EAC-PM) members
was held in New Delhi to examine the Indian economic growth in 2022-23 (FY23) and further.
• There, EAC-PM members projected India’s real Gross Domestic Product (GDP) to 7-7.5% and a nominal rate
of growth of more than 11% in FY23.
• They also projected a growth of 5% in the current fiscal year (FY22) from record contraction of 7.3% (-
7.3%) in FY21.
Key Points:
i.The contact intensive sectors and construction will recover in FY23.

• Indicators such as tax collection, export growth, retail sales and power demand will also have better than
expected recovery.
ii.EAC-PM members recommend to carry forward the kind of reform measures taken in Union Budget FY22 to
FY23 Union Budget. The applauded reform measures of the previous budgets are transparency and realism in the
numbers.
• They also recommended a clear road-map for privatization, and should also plan to spend any extra revenue
to build assets.
iii.The Central Government is likely to announce next year’s budget on Feb. 1, 2022.
About Economic Advisory Council to the Prime Minister (EAC-PM):
It is a council of 7 members who advise the Prime Minister (Currently Narendra Modi) on India’s economy.
Chairman– Bibek Debroy
Part-Time Members– Rakesh Mohan, Poonam Gupta, T.T. Ram Mohan, Sajid Chenoy, Neelkanth Mishra, and
Nilesh Shah.
SBI, PONLAIT Signed MoU to Offer Loan to Dairy Farmers

The State bank of India (SBI) has signed a Memorandum of Understanding (MoU) with Pondicherry Co-op. Milk
Producers’ Union Ltd (PONLAIT) for financing individual dairy farmers up to Rs 3 Lakh.
• The Loan will be made available through YONO application of the SBI Bank.
• SBI has introduced a technology product, named ‘SAFAL- Simple And Fast Agriculture Loan’ for financing
individual Dairy farmers, who are supplying milk to commercial dairies on a regular basis.
• Around 3500 farmers, who are supplying milk to 98 primary Milk societies of PONLAIT will be benefited
under the agreement.
Key Points:
i.The MoU was signed by Dairy Development Officer- cum-Joint Director of Animal Husbandry, Coumaravelu and
the deputy general manager of the bank, Salem Prasanna Kumar.
ii.Chief Minister of Pondicherry, N Rangasamy, and Managing Director of the bank, Challa Sreenivasulu Setty were
also present on the signing of MoU.
iii.This was the first of its kind MoU signed in the Chennai circle of the bank (which includes Tamil Nadu and
Puducherry).
iv.The bank plans to enter into such agreements with commercial dairies throughout the country to finance
farmers supplying milk to the dairies.
v.The MoU will support Puducherry to meet the daily requirement of milk by increasing milk production with
the help of bank loans.
About Pondicherry Co-op. Milk Producers’ Union Ltd (PONLAIT):
Establishment – 1955 (as Pondicherry Co-operative Milk Supply Society)
Headquarters – Kurumampet, Pondicherry
ICICI Bank Launches Online Platform for Exporters and Importers – ‘Trade Emerge’
On 23 November 2021, the Private sector lender ICICI Bank launched an online platform named ‘Trade
rd
Emerge’ to offer digital banking and value-added services to exporters and importers across India.
• Aim – To increase the efficiency and productivity of exporters and importers decongesting the time-taking
physical procedures.
Key Highlights:
i.Trade Emerge is set up to obtain key registrations and licenses such as trade license, Importer Exporter Code
(IEC), GST registration and Registration Cum Membership Certificate issued by export promotion organisations or
Commodity Boards of India.
ii.The banking services under the platform include current, saving account offerings, trade services, digital
solutions, foreign exchange solutions, payment, collection solutions and credit cards.
iii.The value-added services include

• Incorporation of trade business, access to global trade database of nearly 15 million buyers and sellers
across 181 countries
• Verification reports of potential customers through reputed credit bureaus
• Logistics solutions for shipment booking and last-mile tracking
• Online insurance services through a single-window
iv.This digital facility is associated with ‘India Filings’, an online business and tax compliance platform which
helps traders to avail export benefits under the country’s Foreign Trade Policy.
Significance:
i.India has emerged as a key player in the global export-import space with a consistent growth history.
ii.Overall exports (merchandise and services combined) and imports of India are estimated to be nearly $780
billion from April to October 2021.
About ICICI Bank:
Establishment – 1955 (Incorporated in 1994)
Chairman & MD – Sandeep Bakhshi
Tagline – Hum hai na, Khayal Apka
SBI Research Increased India GDP projection for FY22 to 9.3-9.6%; Q2FY22 at 8.1%
The State Bank of India (SBI) Research has revised India’s GDP (Gross Domestic Product) growth projection
for FY22 to a range of 9.3 – 9.6 percent from the earlier estimation of 8.5-9.0 percent.
• The GDP growth in Q2 FY22 was estimated at 8.1 percent, which is the highest growth across all economies.
• India’s GDP had grown 20.1 percent in the Q1 FY22, compared to a 24.4 percent contraction in the Q1 FY20.
Key Points:
i.As per the SBI estimation, the real GDP will be around Rs 2.4 lakh crore more than the FY20 Real GDP of Rs
145.69 lakh crore. Q2 FY22 GVA (Gross Value Added) is estimated at 7.1 percent.
ii.India’s real GDP growth would now be 1.5 -1.7 percent higher than the pre-pandemic level of FY20.
iii.Based on the SBI Nowcasting model, the GDP growth projection was increased due to India recording only 11
percent increase in COVID -19 cases in Q3 2021, second lowest among top 15 most affected countries. The
increase in cases declined to 2.3 percent in November 2021 over September 2021.
Agricultural Reforms:
i.On 19 November 2021, the Prime Minister (PM) Narendra Modi announced to repeal all the 3 agriculture laws
and stated to complete the constitutional process in the upcoming winter session of Parliament.
• The PM has also announced to form a committee to decide, among others, making the system of MSP
(Minimum support price) more effective and transparent.
ii.In the backdrop of that incident, SBI suggested 5 key agricultural reforms that could act as enablers even
without these bills.
iii.First – Instead of MSP as a price guarantee that farmers are demanding, the Government was suggested to
insert a quantity guarantee clause for a minimum period of 5 years
• This would make it mandatory for procurement to production percentage of crops (being currently
procured) at least equal to last year’s percentage (with safeguards in exceptional events like droughts, floods
etc).
iv.Second – To explore converting the MSP to Floor Price of Auction on the National Agriculture Market (eNAM).
v.Third – To strengthen APMC (Agricultural Produce Market Committee) market infrastructure.
• Based on a Government report, the monetary loss for cereals is around Rs 27,000 crore due to harvest and
post-harvest losses. The losses for oilseeds and pulses are Rs 10,000 crore and Rs 5,000 crore, respectively.
vi.Fourth – To establish a contract farming institution in India which will have the exclusive right to oversee price
discovery.
vii.Fifth – To ensure a symmetric procurement across states.

• Status of Current Asymmetric procurement – Top paddy producing states like West Bengal (First) and Uttar
Pradesh (Second) witnessing very low procurement, even as states like Punjab and Haryana that are not
largest producers witnessing much larger procurement.
Establishment – 1 July, 1955
World Bank signs $250 Million Loan to improve Educational Quality in Schools of Andhra
Pradesh
The Government of India, the Government of Andhra Pradesh, and the World Bank signed a loan agreement
worth $250 million, for a project aimed at improving education quality for nearly 50 lakh students in the state
of Andhra Pradesh.
Benefits:
• The project will benefit around 40 lakh students (between the age of 6 and 14) in over 45,000 Government
schools.
• 10 lakh children (between the age of 3 and 6) enrolled in Anganwadis (Integrated Child Development
Centers)
• 1,90,000 teachers along with more than 50,000 Anganwadi workers will be trained to adopt a new
competency-based teaching-learning approach.
Focus – The loan amount will be used for Andhra Pradesh’s newly launched Learning Transformation Project
(LTP), that targets to improve the standard of Students & Teachers by implementing new pedagogy for Schools &
Anganwadi.
Significance:
The Learning project aims to improve foundational learning through short-term in-service training courses for
Anganwadi workers and early grade (Grade 1 and 2) teachers and a one-year preschool-level course in 3,500
schools in the tribal blocks.
Signatories:
Government of India – Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs, Ministry of
Finance
Government of Andhra Pradesh – Mr Budithi Rajsekhar, Principal Secretary, Department School Education
World Bank – Mr Junaid Ahmad, Country Director, India.
About Learning Transformation Project:
The Project will transform Andhra Pradesh government schools into vibrant institutions by encouraging,
• Professional development of teachers
• Remedial learning courses for children impacted by the COVID-19 pandemic
• Special attention to students from marginalized groups, including children with special needs, scheduled
tribes, and girls.
About World Bank
President – David R. Malpass (13th President)
Headquarters – Washington DC , USA
Director (India) – Junaid Ahmad
ADB Funds $300 Million to Improve Primary Health Care in India

The Government of India and Asian Development Bank (ADB) have signed a $300 million loan pact to
improve primary health care in urban areas.
• The project will benefit over 256 million across 13 states, including 51 million people from slum areas.
• Rajat Kumar Mishra, Additional Secretary in Department of Economic Affairs, and Takeo Konishi, Country
Director of ADB’s India Resident Mission, signed the agreement

Significance:
i.The programme will be implemented in urban areas across 13 states: Andhra Pradesh, Assam, Chhattisgarh,
Gujarat, Haryana, Jharkhand, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan, Tamil Nadu, Telangana, and
West Bengal.
ii.The programme is supported by a $2 million technical assistance grant from ADB’s Japan Fund for Poverty
Reduction for program implementation, capacity building, innovation, knowledge sharing across the healthcare
system.
iii.Delivery and health information systems for primary health care will be upgraded through digital tools, quality
assurance mechanisms, and engagement and partnership with the private sector.
Schemes that are benefitted:
i.The programme supports the Government of India’s key health initiatives like, Ayushman Bharat Health and
Wellness Centres (AB-HWC) and Pradhan Mantri Atmanirbhar Swasth Bharat Yojana (PM-ASBY) which has
been renamed as Pradhan Mantri Ayushman Bharat Health Infrastructure Mission (PM-ABHIM) by expanding
availability and access to quality primary health care services particularly for vulnerable populations in urban
areas.
ii.Ayushman Bharat programme, launched in 2018, aims to improve access to comprehensive primary health
which inturn achieves universal health coverage in India.
About Asian Development Bank (ADB)
Established – 19th December 1966
Headquarters – Manila, Philippines
Member – 68 Countries
NPCI Bharat BillPay onboards Tata Power on ClickPay to facilitate Automated Electricity Bill
Payments
NPCI Bharat BillPay has on-boarded Tata Power on its platform through which customers of Tata Power to pay
their electricity bills through ClickPay payment link in a hasslefree and seamless manner.
• Tata Power is the first power company which will provide services on the NBBL ClickPay platform.
What is in the agreement?
i.Through this agreement, ClickPay will enable Tata Power customers to make monthly electricity bill
payments.
• Tata Power will generate the ClickPay link and share it with customers, which will redirect them to the
payment page comprising payment details.
ii.It is a two- step process, where customers will be able to pay bills without putting the bill amounts.
iii.NPCI Bharat BillPay is the one-stop solution to Billers for low-cost collections and offers 20,000+ billers across
multiple banks and non-bank channels.
About Tata Power :
CEO-Praveer Sinha
Equitas SFB ties up with HDFC Bank to offer Co-Branded Credit Cards
On November 23, 2021, Equitas Small Finance Bank (SFB) partnered with HDFC (Housing Development Finance
Corporation Limited) Bank to launch its new co-branded credit cards.
• Through this partnership, Equitas SFB will utilize the HDFC bank’s reach in the credit card market and also
to provide its customers a better banking ecosystem.
• HDFC Bank also has over 21 lakh acceptance points, making it among the largest facilitators of cashless
payments in the country.
About Credit Cards:
The credit card can be availed in two categories. The first category is the ‘Excite Credit Card’ which offers a

credit limit from Rs 25,000 to Rs 2 lakh and the second category is the ‘Elegance Credit Card’ which offers credit
of over Rs 2 lakh.
• Both the categories offer valuable rewards programs for all customers.
Key Points:
i.This is a first-of-its-kind partnership for HDFC Bank enabling it to extend its offerings in the cards segment to
Equitas SFB customers.
ii.Notably, with over 5.1 crore credit cards, debit cards and prepaid cards, every third rupee spent on cards in
India happens on HDFC Bank cards.
About Equitas Small Finance Bank Ltd:
MD & CEO– Vasudevan Pathangi Narasimhan
Headquarter– Chennai, Tamil Nadu
India’s 112 Most Under-Developed Districts became Credit-Worthy: Equifax-Sidbi Report

The Indian Government’s ‘Aspirational District Programme’ has increased the access to microfinance loans in
India’s 112 most under-developed districts, with an increase of access to credit to 2.6 times since January 2018,
according to the findings of the 10th edition of “Microfinance Pulse” report.
• This is the 10th edition of the report jointly prepared by Small Industries Development Bank of India (SIDBI)
and Equifax.
Key Highlights:
i.Microfinance outstanding in 112 Under-developed districts is Rs 28,737 crore at the end of June compared to
Rs 11,175 crore before the launch of the Aspirational district programme in January 2018.
ii.The number of active micro borrowers doubled to 8.1 million by the end of June from 4.2 million before the
government intervention.
About Aspirational District Programme:
i.National Institution for Transforming India (NITI) Aayog had identified 112 most under-developed districts
across the country for the aspirational district programme launched in January 2018
Aim – To improve the standard of living of the districts, through sustainable development under socio-economic
themes.
Themes – Health & nutrition; Education; Agriculture & water resources; Financial inclusion and Skill
development and infrastructure.
ii.Nearly 43% of the loans were given by banks along with 13% of loans by Small finance banks and Non-
Banking Financial Company – Micro-Finance Institutions (NBFC-MFIs) accounted for 37% of the loans.
About SIDBI
About Equifax
CEO – Mark W.Begor
Headquarters – Atlanta, Georgia, United States
Goldman Sachs Projected India’s GDP Growth to Increase to 9.8% in FY23

Goldman Sachs has fixed India’s GDP (Gross Domestic Product) growth in financial year 2021- 22 (FY22) at 8.5
percent, and increased the rate of GDP growth in FY23 to 9.8 percent.
• The GDP had contracted by 7.3 percent (-7.3%) in FY21, whereas the Reserve Bank of India (RBI) expects a
9.5 percent growth in FY22.
• Goldman Sachs expects the headline consumer price inflation to rise to 5.8 percent in 2022 from 5.2 percent
in 2021.
• As per Goldman Sachs forecasted, the RBI to begin its policy normalisation, and expected cumulative rate
hikes of 0.75 percent in 2022.

• Fitch Rating forecast GDP growth of 8.7 percent in the financial year 2021- 22 (FY22) and 10 percent in
FY23.
• Brickwork credit rating has revised the GDP growth forecast for FY22 to a range of 10 to 10.5 percent from
its earlier forecast of 9 percent.
About Goldman Sachs:
Chairman and CEO – David M. Solomon
Headquarters – New York, United States
JPMorgan Chase named world’s most systemically important bank; topped the FSB’s 2021 list of
G-SIB
JPMorgan Chase topped the 2021 List of Global Systemically Important Banks (G-SIBs) and has been named
the world’s most systemically important bank for the 3rd time.
The 2021 list of G-SIBs was identified by the Financial Stability Board (FSB), in consultation with Basel Committee
on Banking Supervision (BCBS) and national authorities.
• The list is made based on the end-2020 data and the updated assessment methodology published by the
BCBS in July 2013.
• Previously, JPMorgan Chase had been named the world’s most systemic bank in 2019 and in 2020, it shared
the title with HSBC and Citigroup.
• The number of banks identified as G-SIBs is 30.
Highlights of 2021 list of G-SIB:
i.The 30 banks are divided into 4 buckets in order of how systemic, international, interconnected and complex
they are. Bucket 5 is empty.
ii.Compared to the 2020 list of G-SIB, the JP Morgan Chase has moved from bucket 3 to bucket 4, which was
empty in 2020.
iii.BNP Paribas has moved from bucket 2 to bucket 3 and shares the bucket with Citigroup and HSBC.
iv.Goldman Sachs has also moved up one bucket up (from bucket 1 to bucket 2)
Click here to know more
List of G-SIB:
i.In November 2011 the FSB published an integrated set of policy measures to address the systemic and moral
hazard risks associated with Systemically Important Financial Institutions (SIFIs).
ii.In this FSB identified global SIFIs, an initial group of G-SIBs using the methodology developed by the BCBS.
iii.In near term, BCBS will review the implications of developments related to the European
Banking Union for the G-SIB methodology and will also include a targeted review of the
treatment of cross-border exposures within the Banking Union on the G-SIB methodology.
Requirements:
• Higher capital buffer
• Total Loss-Absorbing Capacity (TLAC)
• Resolvability
• Higher supervisory expectations
Allocation into buckets:
The banks are allocated to buckets corresponding to required levels of additional capital buffers.
• Bucket 5, Additional loss absorbency: 3.5%
CCI Approves FedEx India to Acquire a Minority Stake in Delhivery

Competition Commission of India (CCI) has approved the acquisition of a minority stake in Delhivery
Limited, India’s largest B2B & C2C Logistics Courier Service Provider, by FedEx Express Transportation and

Supply Chain Services (India) Private Limited (FedEx India), logistics solutions in India under the American
transportation giant FedEx Corp.
Key Points of the acquisition:
i.FedEx India will acquire a minority stake in Delhivery on a fully diluted basis along with certain minority
investor rights.
ii.As a part of this acquisition, FedEx will invest USD 100 million in Delhivery.
iii.Some of the customers and employees of FedEx India will be transferred to Delhivery, subjected to obtaining
their consent.
iv.FedEx Express will also enter into a long-term commercial pact with Delhivery.
Proposed combination:
i.CCI has also approved the acquisition of certain operating assets to the domestic business of FedEx India and
TNT India Private Limited (TNT India) by Delhivery.
ii.TNT India is a part of the FedEx group that provides logistics services in the form of express parcel deliveries,
special services, and freight services.
• Delhivery, FedEx India and TNT have also proposed to enter into an interconnected and ancillary
transaction.
Delhivery Ltd:
i.Delhivery Limited is a logistics firm backed by SoftBank, Tiger Global Management, Times Internet, The Carlyle
Group, Steadview Capital and Addition. It has cumulatively raised around USD 1.37 billion in funding.
• Delhivery has been backed by SoftBank, Tiger Global, Times Internet, Carlyle Group, Steadview Capital, and
Addition. It has cumulatively raised around $1.37 billion in funding.
ii.The logistics startup which turned unicorn in 2019, has filed for an initial public offering (IPO) to raise to Rs
7,400 crore.
Union Bank of India, CGCL Announced a Co-lending Partnership to Finance MSMEs

Union Bank of India has entered into a co-lending partnership with Capri Global Capital Ltd (CGCL), a NBFC
(Non Banking Finance Company) focused on MSMEs (Micro, Small and Medium Enterprises), to enhance last-mile
finance and drive financial inclusion to MSMEs by offering loans between Rs 10 lakh to Rs 1 crore.
• The partnership with CGCL is part of the bank’s strategy to support the MSMEs by providing tailor-made
financial solutions and accelerating the growth of MSMEs in tier II and III markets.
• The loan disbursement under this arrangement would start from December 2021.
• The partnership agreement was signed under the co-lending guidelines issued by the Reserve Bank of India
(RBI) in November 2020 for co-lending to the priority sector.
About RBI’s Framework over Co-lending:
i.On November 5, 2020, the RBI issued the the Co-lending framework under which banks will be permitted to co-
lend with all registered NBFCs (including Housing Finance Companies) based on a prior agreement.
ii.Objective: To improve the flow of credit to the unserved and underserved sector of the economy and make
available funds at an affordable cost.
About Union Bank of India:
Establishment – 11 November 1919
MD & CEO – Rajkiran Rai G.
Tagline – Good People to Bank with
Bajaj Allianz General Insurance Partners with TropoGo for Drone Insurance
On 25th November 2021 Bajaj Allianz General Insurance announced its partnership with deep-tech
startup TropoGo for the distribution of a drone Insurance product.With this Bajaj Allianz General Insurance
becomes the 4th insurer to offer drone cover.
• HDFC Ergo was the first insurer to launch a drone insurance cover in June 2020, followed by ICICI Lombard
in August 2021, and Tata AIG in October 2021.

Insurance Coverage:
The drone insurance product will cover,
i.Damage to the Drone and Payload it carries
ii.Third Party Liability
iii.BVLOS (Beyond Visual Line of Sight) Endorsement and Night Flying Endorsement
Eligible Insurers:
i.Drone owners and drone manufacturing companies can avail an annual third-party and comprehensive coverage
for accidental damage, theft, and disappearance
ii.Companies can also avail customised insurance coverage for fleet requirements.
Note – The civil aviation ministry foresees an investment of over Rs 5,000 crore in the drone manufacturing
industry over the next three years leading to annual turnover of over Rs 900 crore by FY24.
About TropoGo
TropoGo is India’s First Drone Marketplace and an Insurtech startup that provides on-demand Micro Drone
Insurance
Founder – Sandipan Sen
About Bajaj Allianz General Insurance
CEO & MD – Tapan Singhel
Headquarters – Pune, Maharashtra
BFSL and OneCard Launches Co-branded Credit Card powered by mobile app
BOB Financial Solutions Ltd (BFSL), a wholly owned subsidiary of Bank of Baroda (BoB), has partnered
with OneCard, to launch a co-branded mobile-first credit card.
• The internationally valid credit card will be issued by BFSL and managed by OneCard on VISA’s Signature
platform.
• The virtual credit card which is powered by a mobile app will be delivered in under three minutes and
the metal card will be delivered in three to five days.
Key Highlights:
i.OneCard has been launched by FPL Technologies, a fintech start-up which allows users to control all aspects of
the card like locking the card, enabling offline and online tractions, enabling domestic and international
transactions, and paying the bill from an app.
ii.BFSL ensures to offer best-in-class credit cards to our customers under the Bank of Baroda brand
iii.The benefits of the card are ,Lifetime validity, zero joining and annual fee, instant virtual card issuance, instant
issuance of reward points, and easy redemption.
About BOB Financial Solutions Ltd (BFSL):
MD & CEO -Shailendra Singh
Moody’s Projected India’s GDP Growth in FY22 at 9.3% and FY23 at 7.9%
Moody’s Investors Service has fixed India’s GDP (Gross Domestic Product) growth projection for financial year
2021-22 (FY22) at 9.3 percent and for FY23 at 7.9 percent.
• It has expected a growth in Indian economy due to increasing rate of vaccination against the COVID-19 in
India, which supports a sustained recovery in economic activity.
• Consumer demand, spending and manufacturing activity is recovering.
• If a new wave of the COVID-19 occurs in India, it will lead to subdued Earnings Before Interest, Taxes,
Depreciation, and Amortisation (EBITDA) growth of less than 15-20 percent for Indian companies over the
next 12-18 months.

• To boost India’s economic growth, Moody’s suggested increased government spending on infrastructure to
support demand for cement and steel.
About Moody’s:
President & CEO – Rob Fauber
Exim Bank commits $100 million loan for Covid vaccines in FY22
The Export-Import Bank of India (Exim Bank) committed loans of $100 million for domestic manufacturers of
Covid-19 vaccines or related products in FY22 to seven companies, of which two are from Hyderabad
(Telangana).
• The bank is also targeting financing of $7 billion of project exports over the next five years through the funds
received from the central government in the National Export Insurance Account (NEIA).
Key Points:
i.Two Hyderabad-based companies, Bharat Biotech and Biological E Ltd, are involved in the development of
Covid-19 vaccines.
• While Bharat Biotech has developed Covaxin, Biological E has developed Corbevax that is currently
undergoing Phase-3 trials.
ii.India is on track to achieve its exports target of $400 billion of merchandise goods in FY22 where the pharma
sector is expected to be a major contributor.
iii.EXIM bank has a borrowing of $2.25 billion through International bonds in 144A – Reg S format.
EXIM Bank $250-million credit line for Africa
The bank is extending a $250-million credit line for Africa. Out of this, $150 million is for the African Exim Bank
and $100 million to Africa Finance Corporation. They can use it for any imports from India including procurement
of vaccines.
Fedo Launches Health Savings Account in Partnership with Asia’s Neo Bank Open
Fedo, an Artificial Intelligence (AI) driven Health – tech company in collaboration with Open Financial
Technologies Pvt Ltd, an Asia’s first neobanking platform for Small and Medium Enterprises (SMEs) has
launched India’s first-of-its kind ‘Health Savings Account (HSA)’ named Fedo HSA .
• The Fedo HSA offers a combined savings account with a combination of smart savings, insurance, line of
credit along with a health Credit or Debit card that carries health benefit features and rewards.
Aim – To provide a systematic way of planning for health needs based on predictable health risks and solve the
financial crisis which impacts millions of families each year due to medical emergencies
Key Highlights:
i.The Fedo HSA will address the needs of consumers, with empathy and also simplifies the financing gap
between insurance policy coverage and hospitalization expenses.
ii.This is the mixture of data and machine intelligence
iii.Fedo HSA is an end-to-end solution that addresses healthcare access and affordability
iv.They also transform the experience on the front-end for the customers and streamline operation in the back
end.
About Open Financial Technologies Pvt Ltd.
Co-Founder & CEO – Anish Achuthan
About Fedo
CEO & Co-founder – Prasanth Madavana

SBI and CGCL signs MoU to boost MSME Lending
Capri Global Capital Limited (CGCL), a leading Non-Banking Financial Corporation (NBFC) which focused on
lending to MSMEs, and affordable housing finance segment has entered into a Co-Lending agreement with the
State Bank of India (SBI) to offer MSME loans.
• The agreement is signed under the co-lending guidelines issued by RBI in November 2020.
• Under the MoU, SBI will provide low-cost funds and the operations taken care by the CGCL.
Aim – To disburse MSME loans initially across 100 touchpoints pan-India commencing from December 2021.
Key Points:
i.The agreement provides customized lending solutions at a competitive rate of interest with a reduction in
turn-around time.
ii.They also enhance last-mile financial solutions to MSMEs by offering secured loans between Rs 10 lakh to Rs
100 lakh.
iii.It ensures joint contribution of credit to MSME customers in Tier II and Tier III markets.
Significance:
The agreement was exchanged in the presence of Shri Dinesh Khara (Chairman – SBI), Shri C.S. Setty, (MD-Retail
and Digital Banking-SBI), Shri S. Salee (DMD-Agri, SME & FI-SBI) and Shri Rajesh Sharma, Managing Director-
Capri Global.
About Capri Global Capital Limited (CGCL)
Managing Director (MD) – Rajesh Sharma
About State Bank of India (SBI)
Managing Director (MD) – C S Shetty
PPBL Launched Paytm Transit Card Linked to a User’s Paytm Wallet

Paytm Payments Bank Limited (PPBL) launched a physical prepaid card, ‘Paytm Transit card’, which is directly
linked to a user’s Paytm wallet to enable the users to handle one single card to take care of all their daily needs of
transportation as well as banking needs.
• Users could just top up the wallet to use the card and do not need to create a separate account. The cards
could also be used in ATMs to withdraw money.
Key Points:
i.The first phase of the card rollout is being launched in collaboration with Hyderabad Metro Rail, Ahmedabad
Metro and the Delhi Airport Express Line. The card is already live in Delhi and Ahmedabad, Gujarat.
ii.The card could be used for travel in metro stations across India, railways, State-owned bus services, toll &
parking charges, for payments at offline merchant stores, online shopping, etc.
iii.Benefit: The cards could be created and the recharge and track of all transactions of the card could be done
completely digital through the Paytm App itself. The physical card will be delivered to the user or can be
purchased at designated sales points.
About Paytm Payments Bank Limited (PPBL):
One97 Communications, the parent company of Paytm, owns a 49 percent stake in the PPBL.
PPBL reported revenues of Rs 130 crore in Q1FY22. According to RedSeer, PPBL was the largest UPI beneficiary
bank with a market share of 17.1 percent in transaction volume (for the Q4FY21).
Headquarters – Noida, Uttar Pradesh
MD & CEO – Satish Kumar Gupta

Open Financial Technologies Pvt Ltd Launches No Code DIY Embedded Finance Platform – Zwitch
Neobanking startup, Open Financial Technologies Pvt Ltd, has launched an industry-first no-code embedded
finance platform named Zwitch, to enable fintechs, brands and enterprises to launch innovative fintech services
using a Do-It-Yourself (DIY) drag and drop interface.
Note- Open Financial Technologies Pvt Ltd. is the Asia’s first neobanking platform for SMEs and startups.
Key Points:
i.Zwitch empowers anyone to embed financial services without any technical knowledge. Apart from the no-code
platform, Zwitch also offers low-code and full stack API (Application Programming Interface) competencies.
ii.Embedded finance will support fintechs and non-fintech companies to launch or embed financial services like
banking, payments, cards, lending etc into their existing product or service thereby increasing sales, customer
engagement, or additional revenues channels.
iii.Open Financial Technologies Pvt Ltd has already supported 10 startups embed financial services, the latest
being the collaboration with Insurtech startup Fedo for support launching India’s 1st Health Savings Account
(HSA) Fedo HSA.
iv.Open Financial Technologies Pvt Ltd offers business banking, payments and expense management services to
more than a million small and medium enterprises (SMEs). The startup claims to have onboarded over 2 Million
SMEs and processes over $24 billion annually.
About Open Financial Technologies Pvt Ltd:
Co-founder and CEO – Anish Achuthan
Bajaj Finserv Launched 2nd Phase of “Savdhaan Rahein. Safe Rahein” Campaign
Bajaj Finserv, one of the largest financial conglomerates in India, has launched the 2nd phase of “Savdhaan
Rahein. Safe Rahein”, a public awareness campaign on Life Insurance fraud.
• Aim: To educate its customers and the general public on how to stay safe from life insurance fraud.
• The campaign has a jingle ‘Na Ji Na Ji’ with a character named ‘Gupta Ji’ who spreads awareness messages.
UK launches 1st Commemorative Coin featuring Mahatma Gandhi

On 4th November, the Government of the United Kingdom (UK) unveiled a £5 coin to commemorate Mahatma
Gandhi on the occasion of Diwali. This is the 1st time the UK government is releasing a coin on Mahatma Gandhi.
Rishi Sunak, Chancellor of UK, chose the final design for the coin. It is the first time Mahatma Gandhi has been
commemorated on an official UK coin.
Features of Coin:
• Coin Designer – Heena Glover
• Image in Coin – Lotus Flower
• Quote in Coin – ‘My Life is my message’
• The coin is available both in Gold and Silver.
Note – Annually, 2nd October is observed as the International Non-Violence day by the United Nation, marking
the birthday of Mahatma Gandhi.
Main features:
i.The design of the coin builds on enhancing the relationship and cultural connection between the UK and India.
ii.It is a part of the Royal Mint Advisory Committee’s wider Diwali collection. Which includes 1gram and 5gram
gold bars in henna-style packaging.
• This is the first gold bar from the UK, which depicts Goddess Lakshmi.
• The 20gram Lakshmi Gold bar was designed in partnership with the Hindu community in South Wales
About United Kingdom:
Prime Minister- Borris Johnson
Capital – London
Currency – Pound sterling

India’s New Green Deal can create over 50 million jobs: WEF White Paper
In accordance with the World Economic Forum’s (WEF) latest research report i.e. white paper namely ‘Mission
2070: A Green New Deal for a Net Zero India’ , a Green New Deal for India can add $1 trillion to GDP by 2030,
and $15 trillion by 2070 along with a potential of creating more than 50 million new jobs.
• The report has been prepared by collaboration with Kearney India, and Observer Research Foundation.
Key Points:
i.Green buildings, infrastructure and cities pillar are the next largest source of employment creation.
ii.In India, the population is projected to surpass China’s in 2025 which will result in greater emissions in the
future.
iii.As per some projections, India’s GDP may grow above the world average between 2013 and 2040, at about
6.5% per annum. If this growth is powered by an increased manufacturing base then again there will be more
emissions.
iv.The five sectors that contribute to almost all its GHG (GreenHouse Gas) emissions are Low Carbon Energy,
Green Mobility, Decarbonization of energy Intrnsive Industries, Green Buildings, Infrastructures and Cities,
Sustainable Agriculture.
• So as per green deal, there should be Low-carbon Energy, Green Mobility, Decarbonization of Energy-
Intensive Industries, Green Buildings, Infrastructure and Cities, and Sustainable Agriculture.
Opportunity for India:
As per the paper, India has a once-in-a-generation chance to emerge as a global green innovation hub. This may
be achieved via incentives and R&D (Research & Development) subsidies for the private sector, development of
green tech business incubators and R&D centres, and attracting innovative foreign businesses.
• This lead to the creation of jobs in high-growth sectors, and support the emergence of a domestic market for
low-carbon, high-value added products, and services.
Additional Info:
• The report was released after Prime Minister Narendra Modi’s announcement to achieve net-zero emissions
by 2070 at the COP26 summit in Glasgow.
• PM Modi also pledged to reduce India’s non-fossil energy capacity to 500 GW, carbon intensity to 45%, lower
1 billion tonnes of carbon emissions from total projected emissions, and fulfill 50% of energy requirement
through renewable waste by 2030.
• India’s commitments are critical to achieving the 1.5-degree Celsius global warming goal.
Click here for Official Report
About World Economic Forum (WEF):
Founder and Executive Chairman– Professor Klaus Schwab
Headquarter– Geneva, Switzerland
Banking, Finance & Economy Q&A: November 2021

1. Identify the bank that recently (in Oct’21) approved a USD 250 million loan to support
India’s National Industrial Corridor Development Program (NICDP).
1) Asian Development Bank
2) World Bank
3) International Monetary Fund
4) New Development Bank
5) European Development Bank
Answer- 1) Asian Development Bank

Explanation:
Asian Development Bank (ADB) approved the 250 million USD (~Rs 1873 crore) loan to support the
National Industrial Corridor Development Program (NICDP) of India. This is the first subprogram of
the programmatic USD 500 million loan to develop 11 industrial corridors across 17 states.
2. Identify the points that are correctly related to the Current Account (CA) rules for bank
exposures that was recently (in Oct’21) revised by RBI.
A) RBI has issued “No restriction” on opening of CAs or on provision of CC/OD facility by banks
for borrowers with less than Rs 5 crore exposure
B) For Bank Exposure of Rs 5 Crore/more, the condition is that, the bank has at least 10% of
the exposure of the banking system to that borrower.
C) Non-lending banks are not permitted to open CAs.
1) Only A & C
2) Only C
3) All A, B & C
4) Only B & C
5) Only A
Answer- 3) All A, B & C
Explanation:
RBI eased the Current Account (CA) rules for bank exposures less than Rs 5 crore and allowed
borrowers to open CAs, Cash Credit (CC) and OverDraft (OD) from the banking system under certain
provisions.
i.RBI has issued no restriction on opening of CAs or on provision of CC/OD facility by banks for
borrowers with less than Rs 5 crore exposure to the banking system
ii.For Bank Exposure of Rs 5 Crore/more, the condition is that, the bank has at least 10% of the
exposure of the banking system to that borrower.
iii.Non-lending banks are not permitted to open CAs.
3. In October 2021, Ujjivan Financial Services approved to increase its share in Ujjivan Small
Finance Bank to _______ for meeting SEBI’s public shareholding norms.
1) 68%
2) 40%
3) 75%
4) 51%
5) 100%
Answer- 5) 100%
Explanation:
The board of Ujjivan Financial Services has approved the amalgamation of the company with its
subsidiary, Ujjivan Small Finance Bank (USFB). This decision has been taken to meet the public
shareholding norms of SEBI.
i.After this amalgamation, shareholding of public shareholders of Ujjivan SFB will increase from 68%
to 100%.
ii.As per the minimum shareholding norms, the promoter’s minimum initial contribution in the SFB
arm should be at least 40%.

4. What is the total loan amount approved under Asia Pacific Vaccine Access Facility (APVAX)
by Asian Infrastructure Investment Bank (AIIB) & Asian Development Bank (ADB) to India for
procuring COVID-19 vaccines?
1) USD 5 Trillion
2) USD 5 Billion
3) USD 2 Billion
4) USD 2 Trillion
5) USD 1 Billion
Answer- 3) USD 2 Billion
Explanation:
Asian Infrastructure Investment Bank (AIIB) along with the Asian Development Bank (ADB) are
currently processing a USD 2 billion loan for India to purchase COVID-19 vaccines under ADB’s Asia
Pacific Vaccine Access Facility (APVAX). AIIB provides USD 500 million and the Manila-based ADB is
expected to finance USD 1.5 billion.
5. Identify the bank that recently (in Oct’21) signed an MoU with Indian Navy to offer an offer a
defence service salary package under “Power Salute”
1) ICICI Bank
2) Canara Bank
3) Axis Bank
4) Union Bank of India
5) HDFC Bank
Answer- 3) Axis Bank
Explanation:
Axis Bank signed an MoU with the Indian Navy to offer a defence service salary package under
“Power Salute” at New Delhi. Major benefits under the scheme include an accidental cover up to INR
56 lakh.ICICI Bank renewed its MoU with the Indian Army to offer enhanced benefits and new
features through its ‘Defence Salary Account’.
6. In October 2021, RBI extended the validity of Directions on Kapol Co-operative bank by 6-
months. Where is the co-operative bank headquartered?
1) Mumbai, Maharashtra
2) Gurugram, Haryana
3) Hyderabad, Telangana
4) Jaipur, Rajasthan
5) Chennai, Tamil Nadu
Answer- 1) Mumbai, Maharashtra
Explanation:
RBI extended the validity of its Directions under Section 35 A read with Section 56 of the Banking
Regulation Act, 1949 (AACS) for Mumbai-based Kapol Co-operative Bank by six months up to April
30, 2022. The bank is headquartered at Mumbai, Maharashtra
7. Who heads the 7-member IT Projects Advisory Committee (IT-PAC) of SEBI to provide
guidelines on upgrading SEBI’s existing IT systems?
1) Ajay Tyagi
2) Abhay Karandikar

3) Manindra Agarwal
4) Deepak B Phatak
5) Debabrata Das
Answer- 2) Abhay Karandikar
Explanation:
SEBI formed a 7-member IT Projects Advisory Committee (IT-PAC) headed by Dr Abhay Karandikar,
Director of IIT Kanpur, to provide guidance to upgrade the existing IT systems of SEBI and the
solutions with the latest IT practices, techniques, tools and technologies.
8. In October 2021, SEBI reconstituted its Technical Advisory Committee consisting of _____
members, to recommend improvements in the technological changes, under the Chairship of
___________.
1) 9; Deepak B Phatak
2) 7; Abhay Karandikar
4) 5; Abhay Karandikar
Answer- 3) 7; Deepak B Phatak
Explanation:
SEBI reconstituted its Technical Advisory Committee which will recommend measures for changes
and improvements in the market structure given the technological changes.
The reconstituted 7-member committee will be chaired by Deepak B Phatak, a former professor of
IIT Bombay
9. When is World Thrift Day or World Savings Day annually observed across the globe?
1) 2nd November
2) 29th October
3) 31st October
4) 1st November
5) 28th October
Answer- 3) 31st October
Explanation:
World Thrift Day, also known as World Savings Day, is annually observed across the globe on 31st
October to create awareness about the importance of savings and financial security of individuals and
the nation as a whole. While India celebrates World Thrift Day on 30th October
10. Which bank was selected as the Program Manager for the $300-million ‘first loss risk
sharing instrument’ launched by World Bank & NITI Aayog to finance e-Vehicles?
1) Federal Bank
2) Canara Bank
3) IDBI Bank
4) Indian Bank
5) State Bank of India
Answer- 5) State Bank of India

Explanation:
NITI Aayog and the World Bank are working together to facilitate a program for faster and easier
financing of electric vehicles (EVs). NITI Aayog and World Bank are setting up a $300-million ‘first
loss risk sharing instrument’, with the State Bank of India (SBI) as its program manager.
11. What is the discount offered by the Indian Government (as of Nov’21) on purchase of
Sovereign Gold Bonds through Digital Mode?
1) Rs 100 per gram
2) Rs 500 per gram
3) Rs 250 per gram
4) Rs 25 per gram
5) Rs 50 per gram
Answer- 5) Rs 50 per gram
Explanation:
Govt. of India (GoI) decided to issue Sovereign Gold Bond (SGB) for 2021-22 in 4 tranches of Series
VII, VIII, IX and X from October 2021 to March 2022.
i.The Ministry of Finance has fixed the nominal value for SGB at Rs 4,761 per gram of gold.
ii.GoI offers a discount of Rs 50 per gram on the nominal value to those investors who are applying
online and making payments through digital mode.
12. What is the minimum raw gold deposit limit set by the Central Govt. in the Revamped Gold
Monetisation Scheme (R-GMS)?
1) 10 grams
2) 20 grams
3) 1 gram
4) 5 grams
5) 8 grams
Answer- 1) 10 grams
Explanation:
The Union government made certain amendments to the Gold Monetisation Scheme (GMS) and
announced a Revamped GMS (R-GMS). The minimum deposit amount under R-GMS was reduced to
just 10 gram of raw gold (bars, coins, jewellery excluding stones and other metals) from 30
gram.There is no maximum limit set for deposits under R-GMS
13. What is the maximum loan amount provided through ‘SBI Easy Ride’ - a 2 wheeler loan
scheme provided by SBI?
1) Rs 2 lakhs
2) Rs 1 lakhs
3) Rs 2.5 lakhs
4) Rs 5 lakhs
5) Rs 3 lakhs
Answer- 5) Rs 3 lakhs
Explanation:
State Bank of India (SBI) launched a pre-approved 2-wheeler loan scheme ‘SBI Easy Ride’ through its
YONO platform. The customers could get Easy Ride loans for an amount up to Rs 3 lakh at an interest
rate of 10.5 percent per annum onwards for a maximum tenure of 4 years.

14. Name the insurance company that partnered (in Nov’21) with Vega Helmets to provide a
personal accident policy.
1) Acko General Insurance
2) HDFC ERGO General Insurance
3) ICICI Lombard General Insurance
4) Life Insurance Corporation of India
5) Reliance General Insurance
Answer- 3) ICICI Lombard General Insurance
Explanation:
ICICI Lombard General Insurance Co Ltd partnered with Vega Helmets to increase road safety
awareness and to promote the habit of protection. Under this partnership, ICICI Lombard will provide
a personal accident policy on every online purchase of Vega Helmet.
15. Identify the bank that recently (in Nov’21) signed an MoU with NCDEX eMarkets Limited
(NeML) to act as a ‘Clearing Bank’ for its Agro e-marketplace.
1) Axis Bank
2) Bank of Baroda
3) ICICI Bank
4) IDBI Bank
5) IndusInd Bank
Answer- 2) Bank of Baroda
Explanation:
Bank of Baroda signed an MoU with NCDEX eMarkets Limited (NeML). Through this agreement BoB
will work as a ‘Clearing Bank’ and It will handle financial transactions in the NeML marketplace and
auction platform.
16. What are the points that are correctly related to the Revised PCA framework issued by RBI
(in Nov’21)?
A) PCA, introduced by RBI in 2002, is a framework under which banks with weak financial
metrics are put under RBI’s Watch list.
B) The Central Bank of India was the only bank that was remaining under PCA.
C) Capital, Asset Quality and Leverage will act as the key areas for listing under PCA, where
each parameter are set under 3 levels of Risk Thresholds
1) All A, B & C
2) Only B & C
3) Only A & C
4) Only A
5) Only C
Answer- 1) All A, B & C
Explanation:
Under the revised framework, Capital, Asset Quality and Leverage will act as the key areas for
monitoring, where Asset Quality indicator a Net Performing Advances Ratio with threshold 3 is
greater than equal to 12%.

17. In November 2021, Asian Development Bank approved a $61 Million loan for the Urban
Development Project benefiting which city?
1) Gandhinagar, Gujarat
2) Jaipur, Rajasthan
3) Patna, Bihar
4) Dispur, Assam
5) Agartala, Tripura
Answer- 5) Agartala, Tripura
Explanation:
Asian Development Bank (ADB) has approved a $61 Million Loan for Urban Development Project to
improve livability, harness technology, and promote new developments related to the expanding
population in the city of Agartala, Tripura.
18. Which Bank signed an MoU (in Nov’21) with Bombay Stock Exchange (BSE) to encourage
listing of Small & Medium Enterprises (SME) & Start-ups?
1) HDFC Bank
2) State bank of India
3) Punjab National Bank
4) Indian Bank
Answer- 1) HDFC Bank
Explanation:
Bombay stock exchange (BSE) collaborated with HDFC Bank and signed a Memorandum of
Understanding (MoU) to promote the Small and Medium Enterprises (SME) and also Start-ups.
Through this MoU, HDFC and BSE shall evaluate banking and lending solutions for startups and SMEs.
19. Which State’s Industrial Investment Corporation Limited signed an MoU (in Nov’21) with
the Society of Indian Defence Manufacturers (SIDM) & Confederation of Indian Industries (CII)
to support MSME defence manufacturers?
1) Andhra Pradesh
2) Kerala
3) Tamil Nadu
4) Telangana
5) Gujarat
Answer- 3) Tamil Nadu
Explanation:
On November 2, 2021, a Memorandum of Understanding (MoU) was signed between the Tamil Nadu
Industrial Investment Corporation Limited (TIIC) Limited, the Society of Indian Defence
Manufacturers (SIDM) and the Confederation of Indian Industries (CII) to facilitate defence
manufacturing in the MSME (Micro, Small & Medium Enterprises) sector.
20. As per the digitisation drive and pandemic situation of the gig economy - SBI Report 2021,
the share of the informal sector shrunk from 52.4% to’____’ when compared to 2018.
1) 10-15
2) 15-20
3) 20-25

4) 25-30
5) 30-35
Answer- 2) 15-20
Explanation:
As per the report released by SBI digitisation drive and pandemic situation of the gig economy have
been a faster formalisation of the economy. Compared to 2018 the share of the informal sector shrunk
from 52.4 per cent to just 15-20 per cent.
21. Name the Life Insurance company that has got approved by the CCI for acquiring 100%
shareholding of Exide Life Insurance Limited under Article 31 (1) of the Competition Law of
2002.
1) Aegon Life Insurance
2) Reliance Life Insurance
3) Max Life Insurance
4) SBI Life Insurance
5) HDFC Life Insurance
Answer- 5) HDFC Life Insurance
Explanation:
The Competition Commission of India (CCI) gave the approval to HDFC Life Insurance Company for
acquiring 100% shareholding of Exide Life Insurance Limited under Article 31 (1) of the Competition
Law of 2002. India has raised foreign direct investment (FDI) limit in insurance to 74% from 49%.
22. In November 2021, the Government of the United Kingdom launched its 1st
commemorative coin on Mahatma Gandhi (a £5 coin). What is the Quote used in the Coin?
1) My Experiment with Non-Voilence
2) My Life is my message
3) My Experiment with Truth
4) My Life is experiment with truth
5) Non-Voilence is my life
Answer- 2) My Life is my message
Explanation:
The Government of the United Kingdom (UK) revealed a £5 coin to commemorate Mahatma Gandhi
on Diwali. This is the 1st time the UK government is releasing a coin on Mahatma Gandhi. Rishi Sunak,
Chancellor of UK, chose the final design for the coin. Quote in Coin – ‘My Life is my message’.
23. Identify the private sector bank, which was recently (in Nov'21) appointed as the 'Agency
Bank' by RBI.
2) Axis Bank
3) Bandhan Bank
4) Federal Bank
5) Kotak Mahinder Bank
Answer- 3) Bandhan Bank

Explanation:
Bandhan Bank undertakes collection of stamp duty and pension payments on behalf of central and
state governments. It will provide its products, services and digital banking capabilities to facilitate its
new role, especially in rural and semi-urban areas.
24. What was the interest rate fixed by the Ministry of Finance on Provident Fund (PF) deposits
for 2021?
1) 6.5%
2) 7.5%
3) 8.5%
4) 9.5%
5) 10.5%
Answer- 3) 8.5%
Explanation:
The Ministry of Finance approved an 8.5% interest rate on PF deposits for 2020-21. Now, the
Employees’ Provident Fund Organisation will credit this interest in accounts of active 60 million
beneficiaries.
25. The NCLT approved (in Nov’21) the acquisition of the 26% stake of bankrupt Infrastructure
Leasing and Financial Services(ILFS) in ‘____________’ ONGC Power Company.
1) New Delhi
2) West Bengal
3) Kerala
4) Tamil Nadu
5) Tripura
Answer- 5) Tripura
Explanation:
The National Company Law Tribunal has approved the acquisition of the 26% stake of bankrupt
Infrastructure Leasing and Financial Services(ILFS) in ONGC Tripura Power Company (OTPC) by
GAIL (India) Ltd.
26. Which Small Finance Bank (SFB) recently (in Nov’21) partnered with NABARD to provide
Panchayati level training for local economic development?
1) ESAF SFB
2) Ujjivan SFB
3) Janalakshmi SFB
4) Equitas SFB
5) Utkarsh SFB
Answer- 1) ESAF SFB
Explanation:
ESAF Small Finance Bank made a partnership with NABARD (National Bank for Agriculture and Rural
Development) for local economic development.
About ESAF Small Finance Bank:
Headquarters – Thrissur, Kerala
MD & CEO – Kadambelil Paul Thomas

27. Which company collaborated (in Nov’21) with Liberty General Insurance Limited to
provide motor insurance policies digitally?
1) Google Pay
2) Paytm
3) Amazon Pay
4) BHIM App
5) PhonPe
Answer- 5) PhonPe
Explanation:
Liberty General Insurance Limited has collaborated with PhonePe to provide motor insurance
policies to the customers, digitally through PhonePe app.
About PhonePe:
Founder & CEO– Sameer Nigam
Headquarters– Bangalore, Karnataka
Founded– 2015
28. Which Organisation (in Nov’21) released “Mission 2070: A Green New Deal for a Net Zero
India” report that predicts India’s potential to create 50 million new jobs?
1) World Bank
3) World Economic Forum
5) International Labour Organization
Answer- 3) World Economic Forum
Explanation:
World Economic Forum’s (WEF) latest research report i.e. white paper namely ‘Mission 2070: A
Green New Deal for a Net Zero India’ , a Green New Deal for India can add $1 trillion to GDP by 2030,
and $15 trillion by 2070 along with a potential of creating more than 50 million new jobs.
29. Which state government signed an MoU (in Nov’21) with the World Bank for a Rs 770 crore
loan to promote river transportation?
1) West Bengal
2) Gujarat
3) Odisha
4) Assam
5) Telangana
Answer- 4) Assam
Explanation:
An MoU signed between Assam’s Inland Water Transport (IWT) department and World Bank for a Rs
770 crore loan to promote river transportation of the state.
About Assam:
Governor – Jagadish Mukhi
Chief Minister - Himanta Biswa Sarma

30. RBI issued Directions (in Nov’21) to Babaji Date Mahila Sahakari Bank and capped the
withdrawal limit for customers to Rs ‘_______’
1) 10,000
2) 25,000
3) 5000
4) 2000
5) 40,000
Answer- 3) 5000
Explanation:
RBI issued certain Directions to Babaji Date Mahila Sahakari Bank Ltd., Yavatmal, Mumbai,
Maharashtra and capped the withdrawal for customers at Rs 5000.
• RBI has extended the restrictions imposed on Millath Co-operative Bank Limited, Davangere,
Karnataka, for another 3 months till February 7, 2022.
31. RBI circular, Foreign Portfolio Investors are permitted to invest in debt securities issued by
‘_____’and ‘Real Estate Investment Trusts’.
1) Government Bonds
2) Small Finance Banks
3) Infrastructure Investment Trusts
4) Both 1 & 2
5) All 1, 2 & 3
Answer- 3) Infrastructure Investment Trusts
Explanation:
In RBI circular, FPIs are permitted to invest in debt securities issued by Infrastructure Investment
Trusts (InvITs) & Real Estate Investment Trusts (REITs).
32. In November 2021, Bandhan Bank appointed Zubeen Garg as its brand ambassador for
which state?
1) Gujarat
2) Assam
3) West Bengal
4) Bihar
5) Maharashtra
Answer- 2) Assam
Explanation:
Bandhan bank has announced a renowned singer, actor and composer Zubeen Garg as the brand
ambassador for the bank in Assam.
About Bandhan Bank:
It became the 1st microfinance company in India to get a universal banking licence in 2015.
Managing Director (MD) & Chief Executive Officer (CEO) – Chandra Shekar Gosh
33. Name the 1st Global Hackathon that was recently (in Nov’21) launched by RBI.
1) Smart India 2021- Digital Innovation
2) Harbinger 2021- Innovation for Transformation
3) Asean- India 2021- Safety Transformation

4) Manthan 2021- Education Innovation
5) HackerEarth 2021- Digital India
Answer- 2) Harbinger 2021- Innovation for Transformation
Explanation:
Reserve Bank of India (RBI) released its 1st global hackathon named ‘HARBINGER 2021 –
Innovation for Transformation’ with the theme ‘Smarter Digital Payments’.
Establishment– April 1, 1935
Governor– Shaktikanta Das
34. Which Financial Company received restrictions (in Nov’21) by the RBI to onboard new
customers?
1) Diners Club International Ltd.
2) Tata Capital
3) Credila Financial Ltd.
4) Muthoot Finance
5) Shriram Housing Finance
Answer- 1) Diners Club International Ltd.
Explanation:
The Reserve Bank of India (RBI) has restrictions with credit card issuer Diners Club International
Ltd to onboard new customers.
• RBI restricted Diners Club International Ltd. from on-boarding new domestic customers
onto its card network from May 1, 2021 due to non-compliance with RBI on storage of
Payment System Data.
35. With which Bank, Aadhar Housing Finance has entered into a co-lending agreement (in
Nov’21) to offer home loans?
1) HDFC Bank
2) UCO Bank
3) IndusInd Bank
4) SBI
5) ICICI Bank
Answer- 2) UCO Bank
Explanation:
The UCO Bank signed a co-lending agreement with Aadhar Housing Finance to provide home loans at
competitive rates to customers from the economically weaker sections, lower and middle-income
groups.
About Aadhar Housing Finance:
Managing Director and CEO- Deo Shankar Tripathi
36. Which not-for-profit organization launched ‘Digital Payment Gateway’ in partnership with
PayU and NSDL (in Nov’21)?
1) National Payments Corporation of India
2) National Institute for Smart Government

3) National Association of Software and Service Companies
4) National Internet Exchange of India
5) Data Security Council of India
Answer- 4) National Internet Exchange of India
Explanation:
National Internet Exchange of India, a not-for-profit organization launched ‘Digital Payment
Gateway’ in partnership with PayU and National Securities Depositories Limited (NSDL).
About National Internet Exchange of India (NIXI):
Chairman– Ajay Prakash Sawhney
Parent Ministry– Ministry of Electronics and Information Technology (MeitY)
Headquarters– New Delhi, Delhi
37. Which Bank signed an MoU with the Army Insurance Group (in NOV '21) to offer retail
mortgage loans to the Indian Army personnel?
1) Axis Bank
2) HDFC Bank
3) ICICI Bank
4) UCO Bank
Answer- 1) Axis Bank
Explanation:
Axis Bank signed an MoU with the Army Insurance Group (AGI) to offer retail mortgage loans &
provide facilities to transfer the balance of customers’ loans to the Indian Army personnel.
About Axis Bank:
MD & CEO– Amitabh Chaudhry
Founded- 1994
38. Which Organisation launched India 1st Global Real Estate Securities Fund for investing in
Real estate equity securities?
1) TATA Mutual Fund
2) Kotak Mutual Fund
3) HSBC Mutual Fund
4) PGIM India Mutual Fund
5) LIC Mutual Fund
Answer- 4) PGIM India Mutual Fund
Explanation:
PGIM India Mutual Fund Launched India’s 1st Global Real Estate Securities Fund to generate long-
term capital investments through fund-of-funds, where the primary investments would be in equity
related securities of real estate companies located throughout the world and in Real Estate
Investment Trust (REITs).

39. Geojit Financial announced India’s first online platform (in Nov’21) to open online trading
and demat accounts through Central Depository Services Ltd (CDSL) for Non-Resident External
(NRE) and ‘__________’.
1) NRO Account
2) FCNR Account
3) RD Account
4) FD Account
5) Salary Account
Answer- 1) NRO Account
Explanation:
Geojit Financial announced India’s first online platform to open online trading and demat accounts
through Central Depository Services Ltd (CDSL) for Non-Resident External (NRE) & Non-Resident
Ordinary (NRO).
40. Name the deposit scheme that was introduced by Kerala Gramin Bank (in Nov’21) to
encourage the people for the vaccination and reduce vaccine hesitancy.
1) KGB Vaccine
2) KGB Booster
3) KGB Kavacham
4) KGB Immunization
5) KGB Dose
Answer- 3) KGB Kavacham
Explanation:
The Kerala Gramin Bank (KGB), a Regional Rural Bank introduced an initiative named- KGB
Kavacham. It is a deposit scheme that offers additional interest rates to customers who have received
the COVID-19 vaccine doses.It is for the first time in India, a Rural Bank has supported the
government vaccination campaign.
41. Which Life Insurance Company tied up with NPCI Bharat BillPay (in Nov’21) to provide
ClickPay facilities offering easy payments?
1) Life Insurance Corporation
2) ICICI Prudential Life Insurance
4) Kotak Life Insurance
Answer- 2) ICICI Prudential Life Insurance
Explanation:
The NPCI along with its subsidiaries NPCI Bharat BillPay tied up with ICICI Prudential Life Insurance
to provide ClickPay facilities which offer easy payments.
About ICICI Prudential Life Insurance
Chief Executive Officer (CEO) & Managing Director – Narayanan Srinivasa Kannan

42. Which Life Insurance Company partnered with India Post Payments Bank & Department of
Posts (in Nov’21) to launch 2 insurance products for rural customers?
1) Bajaj Allianz Life Insurance
2) ICICI Prudential Life Insurance
4) Kotak Life Insurance
Answer- 1) Bajaj Allianz Life Insurance
Explanation:
A strategic tripartite partnership was inked between the India Post Payments Bank (IPPB),
Department of Posts (DoP) and Bajaj Allianz Life Insurance Company (BALIC) for launching two
products viz. term and annuity, to prioritize rural customers financially secure and empowered.
Products - Bajaj Allianz Life Smart Protect Goal & Bajaj Allianz Life Guaranteed Pension Goal
43. SEBI notified SEBI Mutual Funds (in Nov’21) to allow the launch of exchange traded funds
(ETFs) on ‘_________’.
1) Gold
2) Platinum
3) Diamond
4) Bronze
5) Silver
Answer- 5) Silver
Explanation:
SEBI notified SEBI (Mutual Funds) (Third Amendment) Regulations, 2021 amending the SEBI (Mutual
Funds) Regulations, 1996 to allow the launch of exchange traded funds (ETFs) on silver.
About Securities and Exchange Board of India (SEBI):
44. Which Small Finance Bank (SFB) Tied-up with 3 TReDS Platforms (in Nov’21) to Support
MSMEs?
1) Ujjivan SFB
2) Equitas SFB
3) Jana SFB
4) Utkarsh SFB
5) Capital SFB
Answer- 3) Jana SFB
Explanation:
Jana Small Finance Bank tied-up with all the 3 existing Trade Receivables Discounting System (TReDS)
platforms, namely M1xchange, RXIL(Receivables Exchange of India Ltd), and A.TReDS to ease the flow
of liquidity to its MSMEs customers.

About Jana Small Finance Bank (Jana SFB):
Establishment – 2008 (as Janalakshmi Financial Services) & Received Small Finance Bank license
from RBI in 2017.
MD & CEO – Ajay Kanwal
45. Mobikwik has launched ‘MobiKwik RuPay Card’ in collaboration with Axis Bank and
‘_____________’ organisation (in Nov’21) to get up to Rs 2 lakh of their MobiKwik wallet balance.
Answer- 4) National Payments Corporation of India
Explanation:
Mobikwik has launched ‘MobiKwik RuPay Card’ in collaboration with National Payments Corporation
of India (NPCI) and Axis Bank which is free of charge and purely digital.
• This card is integrated with the MobiKwik wallet allowing MobiKwik customers to get up to Rs
2 lakh of their MobiKwik wallet balance.
About Mobikwik:
MD & CEO– Bipin Preet Singh
Headquarters– Gurugram, Haryana
46. Which company launched the World’s 1st Merchant Shareholding Program (MSP) for its
merchant partners (in Nov’21)?
1) BharatPe
2) Paytm
3) Razorpay
4) Policybazaar
5) Instamojo
Answer- 1) BharatPe
Explanation:
BharatPe launches the World’s 1st Merchant Shareholding Program (MSP) for its merchant partners.
It is a $100 million worth program, under which the company offers its merchant customers an
opportunity to buy BharatPe’s equity shares and become a partner.
About BharatPe
Chief Executive Officer (CEO) – Ashneer Grover
47. Which Bank is associated with Visa & Niyo (in Nov’21) to offer a digital savings account for
the customers?
1) SBI Bank
2) ICICI Bank
3) HDFC Bank
4) Axis Bank

5) SBM Bank
Answer- 5) SBM Bank
Explanation:
Niyo, Fintech Company is association with SBM Bank India and Visa to offers a digital savings
account for the customers of Niyo Global
About SBM Bank India
MD & CEO – Sidharth Rath
About Niyo:
CEO – Vinay Bagri
48. Which Company signed a MoU with the All India MSME Association (AIMA MSME), to
encourage and promote the listing of MSMEs and start-ups (in Nov’21)?
1) HCL Technologies
2) MPHASIS
3) Bombay Stock Exchange
4) Infosys
5) Bajaj Finance
Answer- 3) Bombay Stock Exchange
Explanation:
Bombay Stock Exchange (BSE) signed a MoU with the All India MSME Association (AIMA MSME), to
encourage and promote the listing of MSMEs and start-ups.
49. Which Bank integrated with the eNAM (in Nov’21) to enable digital collections and
settlement of funds to various eNAM beneficiaries?
1) ICICI Bank
2) Axis Bank
3) HDFC Bank
4) IDBI Bank
5) IndusInd Bank
Explanation:
HDFC Bank integrated with the National Agriculture Market (eNAM) to enable digital collections and
settlement of funds to various agricultural transactions carried out through eNAM beneficiaries.
• HDFC Bank partnered with Small Farmers Agri-Business Consortium (SFAC) to further
improve the ease of doing business on e-NAM platform by offering the Multi-Netbanking, Debit
card, NEFT/RTGS and UPI/IMPS collection modes.

50. In November 2021, RBI issued directions for the Laxmi Cooperative Bank Limited & set the
maximum withdrawal limit for customers to Rs __________.
1) 5000
2) 10,000
3) 25,000
4) 40,000
5) 1000
Answer- 5) 1000
Explanation:
The Reserve Bank of India (RBI) issued certain Directions to The Laxmi Cooperative Bank
Limited, Solapur, Maharashtra, and capped the withdrawal for customers at Rs 1,000.
51. National Statistical Office (NSO) projected All India Consumer Price Index (CPI) based
Inflation Rate for October 2021 at ________ (in Nov’21).
1) 4.48 %
2) 3.25 %
3) 4.35 %
4) 3.47 %
5) 5.62 %
Answer- 1) 4.48 %
Explanation:
National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) has
released the All India Consumer Price Index (CPI) (with Base 2012) & Consumer Food Price Index
(CFPI) for Rural (R), Urban (U) and Combined (C) for the month of October 2021.
As per the release, India’s retail inflation rate, measured by the CPI increased in October 2021 to 4.48
percent year-on-year from 4.35 percent in September 2021 due to a rise in food prices.
Note – In October 2021, the Reserve Bank of India (RBI) projected the CPI inflation for the financial
year 2022 at 5.3 percent.
About Ministry of Statistics and Programme Implementation (MoSPI): Minister of State
(Independent Charge) – Rao Inderjit Singh (Gurugram, Haryana).
52. Which Organization launched ‘WePOWER India Partnership Forum’ along with Asian
Development Bank (ADB) to increase women participation in the energy sector (in Nov’21)?
2) Association of Southeast Asian Nations
3) World Trade Organization
4) World Bank
5) United Nations Development Programme
Answer- 4) World Bank

Explanation:
The World Bank (WB) and Asian Development Bank (ADB) launched ‘WePOWER India Partnership
Forum’ in association with the India Smart Grid Forum (ISGF) to boost South Asia Women in Power
Sector Professional Network (WePOWER) in India.
53. Which Bank got the Associated Chambers of Commerce and Industry of India (ASSOCHAM)
award (in Nov’21) for best Digital Financial Services?
1) Punjab Gramin Bank
2) Himachal Pradesh Gramin Bank
3) Assam Gramin Vikash Bank
4) Karnataka Vikas Grameena Bank
5) Andhra Pradesh Grameena Vikas Bank
Answer- 4) Karnataka Vikas Grameena Bank
Explanation:
The Karnataka Vikas Grameena Bank (KVGB) got the award for the best ‘Digital Financial Services’, in
line with India’s vision of ‘Atmanirbhar Bharat’, by Associated Chambers of Commerce and Industry of
India (ASSOCHAM).
• The award was handed over by Reserve Bank of India (RBI) regional director R. Gurumurthy.
• Around 40 villages in Karnataka are converted into 100% digital villages by the KVGB bank.
These efforts are encouraging villagers to use digital mode for transactions.
54. Which Bank signed an agreement with Jamshedpur Football Club (JFB), a fully owned
subsidiary of Tata Steel (in Nov’21) to promote and support football in India?
1) ICICI Bank
2) HDFC Bank
4) IDBI Bank
5) IndusInd Bank
Explanation:
The State Bank of India (SBI) signed a strategic agreement with Jamshedpur Football Club (JFB), a
fully owned subsidiary of Tata Steel, to promote and support football in India.
• The JRD Tata Sports Complex was set up in Jharkhand by Tata Steels, to conduct ISL (Indian
Super League) and promote the sport of Football in India.
Founded– 1 July 1955
55. Which company signed a Co-lending agreement with State Bank of India (in Nov’21) to offer
finance solutions to MSME?
1) Tata Capital Financial Services Ltd.
2) Cholamandalam Finance
3) Muthoot Finance Ltd
4) U GRO Capital
5) Power Finance Corporation Limited

Answer- 4) U GRO Capital
Explanation:
The State Bank of India (SBI) signed a Co-lending agreement in line with RBI guidelines with the U
GRO Capital, the Non-Banking Financial Company (NBFC)
• The SBI assigned U GRO Capital as its first co-lending partner for its ‘Sanjeevani programme’
to finance MSMEs. It will offer loans up to INR 3 crore at a competitive rate of interest.
56. Which Bank launched ‘Merchant Solutions’ App (in Nov’21) to Digital banking Transaction
for Merchants?
1) Axis Bank
2) IndusInd Bank
3) HDFC Bank
4) SBI
5) ICICI Bank
Answer- 2) IndusInd Bank
Explanation:
IndusInd Bank launched a comprehensive mobile application (app), named the ‘Indus Merchant
Solutions’ to enable merchants, retailers, and professionals to carry out banking transactions
digitally, on a single platform.
About IndusInd Bank:
MD & CEO – Sumant Kathpalia
Tagline – We Make You Feel Richer
57. Who was the 1st Governor of the Reserve Bank of India?
1) CD Deshmukh
2) C. Rajagopalachari
3) Benegal Rama Rau
4) Osborne Smith
5) IG Patel
Answer- 4) Osborne Smith
Explanation:
• The First Governor of RBI was Sir Osborne Smith (1935 – 1937).
• The First Indian Governor of RBI was CD Deshmukh (1943 – 1949).
58. Foreign Exchange (Forex) reserves in India are managed through the guidelines issued
under the Foreign Exchange Management Act (FEMA), when was FEMA 1st introduced?
1) 2005
2) 1987
3) 1991
4) 1999
5) 2008
Answer- 4) 1999

Explanation:
Foreign Exchange (Forex) reserves in India are managed through the guidelines issued under Foreign
Exchange Management Act (FEMA). FEMA was 1st introduced in 1999.
59. Which Country is the “world's largest recipient of remittances”, according to the World
Bank’s report title “Remittance Prices Worldwide Database”?
1) China
2) Mexico
3) Egypt
4) India
5) Philippines
Answer- 4) India
Explanation:
India is the world's largest recipient of remittances, receiving USD 87 billion in 2021 with the
United States being the biggest source, accounting for over 20 % of these funds, according to the
‘World Bank’s Remittance Prices Worldwide Report.
About World Bank:
The World Bank was created at the 1944 Bretton Woods Conference, along with the International
Monetary Fund (IMF).
Headquarters– Washington DC, United States of America.
60. Which Organisation got approval from the Reserve Bank of India to set up an Account
Aggregator (in Nov’21) to secure the digital access & Data of an individual?
1) SEBI
2) NABARD
3) IRDAI
4) SIDBI
5) NSDL
Answer- 5) NSDL
Explanation:
NSDL e-Governance Infrastructure Ltd, IT (Information Technology)-enabled services provider, has
received in-principle approval from the Reserve Bank of India (RBI) to set up an Account Aggregator
(AA) to empowers an individual with control over their data, & the ability to securely and digitally
access and share the same.
About NSDL e-Governance Infrastructure Ltd:
MD & CEO – Suresh Sethi
61. Which Company collaborated with Small Industries Development Bank of India (in Nov’21)
to provide financial assistance up to Rs 1 crore to MSMEs?
1) Google India
2) Amazon India
3) Infosys India
4) Microsoft India

5) Wipro India
Answer- 1) Google India
Explanation:
Small Industries Development Bank of India (SIDBI) collaborated with Google India Pvt Ltd (GIPL) for
piloting a social impact lending programme with financial assistance up to Rs 1 crore at subsidised
interest rates to MSMEs.
About Small Industries Development Bank of India (SIDBI):
62. Which Bank launched a Micro- Credit facility (in Nov’21) to the street vendors under PM
Street vendor’s Atma Nirbhar Nidhi scheme?
1) HDFC Bank
2) Axis Bank
3) ICICI Bank
4) IDBI Bank
5) IndusInd Bank
Explanation:
HDFC Bank launched a Micro-credit facility for the street vendors under PM Street vendor’s Atma
Nirbhar Nidhi (PM SVANidhi), with common service centers (CSC). PM SVANidhi provides a
collateral-free affordable loan of Rs 10,000 along with an interest subsidy of 7 percent.
63. Which Company signed a Partnership Agreement with Mswipe (in Nov’21) to provide low-
cost EMIs to retail customers?
1) Mastercard
2) OneCard
3) Visa
4) American Express
5) Capital One
Answer- 2) OneCard
Explanation:
Mswipe announced the partnership agreement with OneCard, a mobile-first credit card company.
• It will provide no-cost or low-cost EMIs (Equated Monthly Installments) to its retail customers
while purchasing at Mswipe POS (Point of Sale) terminals.
64. Which Company launched “Quiklyz” - a vehicle leasing & subscription business?
2) Cholamandalam Finance Co. Ltd
3) LIC Finance Ltd
4) Mahindra Financial Services Ltd
5) Bajaj Finance Ltd
Answer- 4) Mahindra Financial Services Ltd

Explanation:
Mahindra Financial Services Ltd, non-banking financial company (NBFC) launched its vehicle
leasing and subscription business Quiklyz with which the customer can access a brand-new car
without all the hassles of car ownership.
About Mahindra & Mahindra Financial Services Limited:
Managing Director– Ramesh Iyer
65. Which Organisation launched BoB Credit Cards on the RuPay platform along with BOB
Financial Solutions Limited (in Nov’21) to offer a personal accidental death insurance cover of
up to Rs 50 lakhs?
Answer- 4) National Payments Corporation of India
Explanation:
BOB Financial Solutions Limited (BFSL), a Non-Banking Financial Company, a wholly-owned
subsidiary of Bank of Baroda (BoB), has partnered with National Payments Corporation of India
(NPCI) to launch BoB Credit Cards (in two variants of Easy and Premier) on the RuPay platform.
• The Premier Credit Card offers a personal accidental death insurance cover of up to Rs 50
lakhs.
66. NPCI International Payments Ltd (NIPL) & Network International signed a MoU (in Nov’21)
for enabling UPI payments in ____________.
1) United States of America
2) China
3) United Kingdom
4) France
5) United Arab Emirates
Answer- 5) United Arab Emirates
Explanation:
The Network International, a digital commerce company based in Dubai, signed a MoU with NPCI
International Payments Ltd (NIPL), the international arm of National Payment Corporation of
India(NPCI) to facilitate UPI transactions in the UAE.
67. Which Bank released the report “Working Group (WG) on Digital Lending”, that listed
findings on Lending through Online Platforms and Mobile Apps in India?
1) SBI
2) RBI
3) NPCI
4) SEBI
5) SIDBI
Answer- 2) RBI

Explanation:
The Report “Working Group (WG) on Digital Lending” including Lending through Online Platforms
and Mobile Apps released by the Reserve Bank of India (RBI), headed by Jayant Kumar Dash,
Executive Director of the RBI.
• The Reserve Bank of India (RBI) withdrew more than 100 redundant circulars as per the
recommendations of the second Regulations Review Authority (RRA 2.0),
68. Which Organisation approved a USD 150 million loan (in Nov’21) to implement the
Sustainable Urban Services Program (SUSP) in the Chennai Metropolitan Area?
1) World Bank
3) Asian Infrastructure Investment Bank
5) European Investment Bank
Answer- 3) Asian Infrastructure Investment Bank
Explanation:
The Asian Infrastructure Investment Bank (AIIB) approved a USD 150 million loan to the
Government of India for the implementation of the Sustainable Urban Services Program (SUSP) in the
Chennai Metropolitan Area (CMA).
About Asian Infrastructure Investment Bank (AIIB):
President– Jin Liqun
Headquarters– Beijing, China
Membership- 104 Members
Commenced Operation- 2016
69. Which Bank signed an agreement with Hindustan Petroleum Corporation Ltd (in Nov’21) to
provide the fuel payment for their FASTag customers?
1) IndusInd Bank
2) IDFC FIRST Bank
3) Federal Bank
4) YES Bank
5) Axis Bank
Answer- 2) IDFC FIRST Bank
Explanation:
IDFC (Infrastructure Development Finance Company) FIRST Bank partnered with Hindustan
Petroleum Corporation Ltd (HPCL) enabled the bank’s FASTag customers to facilitate fuel payments
of passenger vehicles at HPCL’s retail outlets using the bank’s FASTags via HP PAY app.
70. In November 2021, Which Bank got authorised by Reserve Bank of India (RBI) to collect
direct taxes on behalf of the Central Board of Direct Taxes (CBDT)?
1) RBL Bank
2) Bandhan Bank
3) HDFC Bank
4) IndusInd Bank
5) Axis Bank
Answer- 1) RBL Bank

Explanation:
Reserve Bank of India (RBI) authorised RBL Bank to collect direct taxes on behalf of the Central
Board of Direct Taxes (CBDT) based on recommendation from the Controller General of Accounts,
Ministry of Finance and Government of India (GoI).
• Now, the customers of RBL Bank could pay their direct taxes through RBL Bank’s mobile
banking or net banking platforms or through branch banking networks.
71. Which Bank Launched the 2nd Edition of “Mooh Bandh Rakho” Campaign (in Nov’21) to
increase awareness on frauds?
1) ICICI Bank
2) Axis Bank
3) HDFC Bank
4) IndusInd Bank
5) Federal Bank
Explanation:
HDFC Bank launched the 2nd edition of its campaign “Mooh Bandh Rakho” to increase awareness of
all types of frauds & the importance of being close-mouthed to ensure fraud prevention.
The campaign was launched as a part of the International Fraud Awareness Week 2021, held from
14th to 20th November 2021, an annual observance of the Association of Certified Fraud
Examiners(ACFE).
72. In November 2021, The economic advisory Council to the Prime Minister projected India's
economy to grow at ___________ in the FY 2022-23.
1) 7-7.5%
2) 6.5-7%
3) 7.5-8%
4) 6-6.5%
5) 6.8-7.3%
Answer- 1) 7- 7.5%
Explanation:
The economic advisory Council to the Prime Minister has projected India's economy to grow 7-
7.5% and a nominal rate of growth of more than 11% in FY23. They also projected a growth of 5% in
the FY22.
About Economic Advisory Council to the Prime Minister (EAC-PM):
It is a council of 7 members who advise the Prime Minister (Currently Narendra Modi) on India’s
economy.
Chairman– Bibek Debroy
73. In November 2021, RBI revealed a draft scheme to amalgamate the Punjab and
Maharashtra Cooperative (PMC) Bank with Which Small Finance Bank (SFB)?
1) Equitas SFB
2) Capital SFB
3) Unity SFB
4) Ujjivan SFB
5) Utkarsh SFB

Answer- 3) Unity SFB
Explanation:
The Reserve Bank of India (RBI) revealed a draft scheme to amalgamate the Punjab and Maharashtra
Cooperative (PMC) Bank with the Unity Small Finance Bank Ltd. (USFB).
• The suggestions and objections to the draft scheme are open till December 10, 2021.
• Under the scheme, the depositors will get their full amount back over a period of 10 years. In
the initial phase, the bank will pay an amount insured under DICGC (Deposit Insurance and
Credit Guarantee Corporation) of up to Rs 5 lakhs to depositors.
74. Which Bank signed a MoU with PONLAIT to offer Simple And Fast Agriculture Loan (SAFAL)
to Dairy Farmers up to Rs 3 Lakh?
2) IndusInd Bank
3) HDFC Bank
4) Axis Bank
5) ICICI Bank
Explanation:
The State bank of India (SBI) signed a MoU with Pondicherry Co-op. Milk Producers’ Union Ltd
(PONLAIT) to Offer Loan to Dairy Farmers up to Rs 3 Lakh.
• SBI introduced a technology product, named ‘SAFAL- Simple And Fast Agriculture Loan’ for
financing individual Dairy farmers, who are supplying milk to commercial dairies on a regular
basis.
75. Which Bank launched an online platform, “Trade Emerge” (in Nov’21) to offer digital
banking & value-added services to exporters & importers in India?
1) Axis Bank
2) HDFC Bank
3) ICICI Bank
4) Federal Bank
5) IndusInd Bank
Answer- 3) ICICI Bank
Explanation:
The Private sector lender ICICI Bank launched an online platform named ‘Trade Emerge’ to offer
digital banking and value-added services to exporters and importers across India.
• Trade Emerge is set up to obtain key registrations and licenses such as trade license,
Importer Exporter Code (IEC), GST registration and Registration Cum Membership Certificate
issued by export promotion organisations or Commodity Boards of India.
76. In November 2021, The State Bank of India projected India's economy to grow at ___________
in FY 2022.
1) 8.5-9.0 %
2) 9.0-9.5%
3) 8.3-8.5%
4) 9.3- 9.6%
5) 9.2- 9.4%

Answer- 4) 9.3- 9.6 %
Explanation:
The State Bank of India (SBI) Research revised India’s GDP (Gross Domestic Product) growth
projection for FY22 to a range of 9.3 – 9.6 percent from the earlier estimation of 8.5-9.0 percent.
• The GDP growth in Q2 FY22 was estimated at 8.1 percent, which is the highest growth across
all economies.
77. Which Organisation signed a loan agreement worth $250 million (in Nov’21) to improve
the education Quality of Schools and anganwadi workers of Andhra Pradesh?
1) World Bank
2) International Bureau of Education
5) Asian Infrastructure Investment Bank
Answer- 1) World Bank
Explanation:
The Government of India, the Government of Andhra Pradesh, and the World Bank signed a loan
agreement worth $250 million for a Learning Transformation Project to improve education quality for
Schools & Anganwadi Worker of Andhra Pradesh.
78. Which organisation signed a $300 million loan agreement with India (in Nov’21) to
improve primary health care in urban areas?
1) United Nations Development Programme
3) World Bank
5) World Health Organization
Answer- 2) Asian Development Bank
Explanation:
India and Asian Development Bank (ADB) signed a $300 million loan pact to improve primary health
care in urban areas.
• This programme will be implemented in Urban areas across 13 states & It supports the
Government of India’s key health initiatives
79. In Nov’21, Which Company on-boarded by NPCI Bharat BillPay to pay the customers
electricity bills through ClickPay?
1) Adani Green Energy
2) JSW Energy
3) Torrent Power
4) Power Grid Corporation of India
5) Tata Power
Answer- 5) Tata Power
Explanation:
NPCI Bharat BillPay on-boarded Tata Power on its platform through which customers of Tata Power
pay their electricity bills through ClickPay payment link in a hasslefree and seamless manner.

80. Which Small Finance Bank partnered with HDFC Bank (in Nov’21) to offer Co-Branded
Credit Cards?
1) Fincare SFB
2) Utkarsh SFB
3) Capital SFB
4) Equitas SFB
5) Ujjivan SFB
Answer- 4) Equitas SFB
Explanation:
Equitas Small Finance Bank (SFB) partnered with HDFC Bank to launch its new co-branded credit
cards.
The credit card can be availed in two categories.
The first category is the ‘Excite Credit Card’ which offers a credit limit from Rs 25,000 to Rs 2 lakh
and the second category is the ‘Elegance Credit Card’ which offers credit of over Rs 2 lakh.
81. India has developed 112 most under-developed districts through microloans, as per the
findings of “Microfinance Pulse” Report that was released by Equifax & __________.
1) Reserve Bank of India
2) Industrial Investment Bank of India
3) Small Industries Development Bank of India
4) World Bank
5) National Bank for Agriculture and Rural Development
Answer- 3) Small Industries Development Bank of India
Explanation:
The 10th edition of the “Microfinance Pulse” Report published by Small Industries Development
Bank of India (SIDBI) and Equifax. According to the findings of the report,The Indian Government’s
‘Aspirational District Programme’ has increased the access to microfinance loans in India’s 112 most
under-developed districts.
82. In November 2021, The Goldman Sachs projected India's economy to grow at ___________ in FY
2022.
1) 7.8%
2) 8.5%
3) 9.0%
4) 8.7%
5) 9.2%
Answer- 2) 8.5%
Explanation:
Goldman Sachs has fixed India’s GDP (Gross Domestic Product) growth in financial year 2021- 22
(FY22) at 8.5 percent, and increased the rate of GDP growth in FY23 to 9.8 percent.
83. Which company topped the List of Global Systemically Important Banks (G-SIBs) 2021 &
named as the World’s Most Systemically Important Bank?
1) Citigroup
2) JPMorgan Chase
3) HSBC

4) Banorte
5) Banco Santander
Answer- 2) JPMorgan Chase
Explanation:
JPMorgan Chase topped the 2021 List of Global Systemically Important Banks (G-SIBs) & named the
world’s most systemically important bank for the 3rd time.
• The 2021 list of G-SIBs was identified by the Financial Stability Board (FSB), in consultation
with Basel Committee on Banking Supervision (BCBS) and national authorities.
84. Which bank entered into a co-lending partnership with Capri Global Capital Ltd (in Nov’21)
to offer loans between Rs 10 lakh to Rs 1 crore for MSME inclusion?
1) Canara Bank
2) Punjab National Bank
4) Bank of Baroda
Answer- 5) Union Bank of India
Explanation:
Union Bank of India has entered into a co-lending partnership with Capri Global Capital Ltd (CGCL),
a NBFC focused on MSMEs, to enhance last-mile finance and drive financial inclusion to MSMEs by
offering loans between Rs 10 lakh to Rs 1 crore.
85. Which company recently (in Nov’21) announced partnership with TropoGo to provide
Drone Insurance?
1) Kotak Mahindra General Insurance
2) ICICI Lombard General Insurance
3) Bajaj Allianz General Insurance
4) Cholamandalam MS General Insurance
5) Go Digit General Insurance
Answer- 3) Bajaj Allianz General Insurance
Explanation:
Bajaj Allianz General Insurance announced its partnership with deep-tech startup TropoGo for the
distribution of a drone Insurance product.
• Bajaj Allianz General Insurance becomes the 4th insurer to offer drone cover & HDFC Ergo
was the first insurer to launch a drone insurance cover in June 2020, followed by ICICI
Lombard in August 2021, and Tata AIG in October 2021.
86. Which Company launched a co-branded Mobile-first credit card along with OneCard (in
Nov’21) to provide best-in-class credit cards to customers?
2) LIC Housing Finance Ltd
3) BOB Financial Solutions Ltd
4) Bajaj Finance Ltd
5) Mahindra & Mahindra Financial Services Ltd
Answer- 3) BOB Financial Solutions Ltd

Explanation:
BOB Financial Solutions Ltd (BFSL), a wholly owned subsidiary of Bank of Baroda (BoB), has
partnered with OneCard, to launch a co-branded mobile-first credit card.
• The virtual credit card which is powered by a mobile app will be delivered in under three
minutes and the metal card will be delivered in three to five days.
87. In November 2021, Moody’s Investors Service projected India's economy to grow at
___________ in FY 2022.
1) 8.9%
2) 9.0%
3) 9.3%
4) 9.6%
5) 8.8%
Answer- 3) 9.3%
Explanation:
Moody’s Investors Service has fixed India’s GDP growth projection for financial year 2021-22 (FY22)
at 9.3 percent and for FY23 at 7.9 percent.
About Moody’s:
President & CEO – Rob Fauber
88. The Export-Import Bank of India committed loans worth of ___________ to 7 companies (in
Nov’21) for domestic manufacturers of Covid-19 vaccines in FY22 .
1) $20 million
2) $50 million
3) $100 million
4) $70 million
5) $200 million
Answer- 3) $100 million
Explanation:
The Export-Import Bank of India (Exim Bank) committed loans of $100 million for domestic
manufacturers of Covid-19 vaccines in FY22 to 7 companies, of which two are from Hyderabad
Telangana, India
• Two Hyderabad-based companies, Bharat Biotech and Biological E Ltd, are involved in the
development of Covid-19 vaccines.
89. Which of the following points are correct with respect to the RBI accepting the
recommendations of the Internal Working Group in November 2021?
A) 21 out of 33 recommendations of the Internal Working Group (IWG) was accepted by RBI to
review extant ownership guidelines & corporate structure of private sector banks.
B) Increased the limit on promoters’ paid-up voting equity share capital of the bank to 26
percent from the current 15 percent.
C) Non-promoter shareholding capped at 15 percent in the case of non-financial institutions.
1) Only A
2) Only b
3) Only A & B

4) Only A & C
5) All A, B & C
Answer- 3) Only A & B
Explanation:
21 out of 33 recommendations of the Internal Working Group (IWG) were accepted by RBI to review
extant ownership guidelines & corporate structure of private sector banks.
• Increased the limit on promoters’ paid-up voting equity share capital of the bank to 26
percent from the current 15 percent.
• Non-promoter shareholding was capped at 10 percent in the case of non-financial institutions.
90. Which company collaborated with Fedo (in Nov’21) to launch India’s 1st Health Savings
Account (HSA) called “Fedo HSA”?
1) InstantPay
2) Jupiter neobank
3) Open Financial Technologies
4) Fi Money
5) Digibank
Answer- 3) Open Financial Technologies
Explanation:
Fedo, an Artificial Intelligence (AI) driven Health – tech company collaborating with Open Financial
Technologies Pvt Ltd, has launched India’s 1st ‘Health Savings Account (HSA)’ named Fedo HSA .
91. Which Bank signed a Co-lending agreement with Capri Global Capital Limited (in Nov’21) to
provide a loan for MSME?
1) Axis Bank
2) IndusInd Bank
4) ICICI Bank
5) IDBI Bank
Explanation:
Capri Global Capital Limited (CGCL), a leading Non-Banking Financial Corporation (NBFC) signed a
MoU with the State Bank of India (SBI) to boost MSME lending.
• They enhance the financial solutions to MSMEs by offering secured loans between Rs 10 lakh
to Rs 100 lakh.
92. Which company launched “Transit Card” (in Nov’21) to enable the users to handle one
single card for all transactions?
1) Paytm Payments Bank
2) Jio Payments Bank
3) Airtel Payments Bank
4) NSDL Payments Bank
5) Fino Payments Bank
Answer- 1) Paytm Payments Bank Limited

Explanation:
Paytm Payments Bank Limited (PPBL) launched a physical prepaid card, ‘Paytm Transit card’, which
is directly linked to a user’s Paytm wallet to enable the users to handle one single card for all
transactions.
93. Which company launched the Industry 1st no-code Embedded finance platform “Zwitch” (in
Nov’21) that enables companies to launch innovative financial services products using a Do-It-
Yourself (DIY) interface?
1) Razorpay
2) OcareNeo
3) Digibank
4) Fi Money
5) Open Financial Technologies
Answer- 5) Open Financial Technologies
Explanation:
Neobanking startup, Open Financial Technologies Pvt Ltd, has launched an industry-first no-code
embedded finance platform named Zwitch, to enable fintechs, brands and enterprises to launch
innovative fintech services using a Do-It-Yourself (DIY) drag and drop interface.
94. Which company launched the 2nd phase of “Savdhaan Rahein. Safe Rahein” a public
awareness Campaign (in Nov’21) on Life Insurance frauds?
1) Mahindra Finance
2) Bajaj Finserv
4) Manappuram Finance Limited
5) India Infoline
Answer- 2) Bajaj Finserv
Explanation:
Bajaj Finserv, one of the largest financial conglomerates in India, has launched the 2nd phase of
“Savdhaan Rahein. Safe Rahein”, a public awareness campaign on Life Insurance fraud.
• Aim: To educate its customers and the general public on how to stay safe from life insurance
fraud.
95. Who was appointed as the Chairman of the Central Board of Indirect Taxes and Customs
(CBIC) in November 2021?
1) Najib Shah
2) Vivek Johri
3) Vanaja N. Sarana
4) S.K. Goel
5) M Ajit Kumar
Answer- 2) Vivek Johri
Explanation:
Vivek Johri was appointed as the Chairman of the Central Board of Indirect Taxes and Customs
(CBIC) & the appointment was announced by the Appointments Committee of the cabinet. Vivek Johri
appointed as chairman of CBIC by succeeding M Ajit Kumar.

96. In November 2021, RBI gave approval to Life Insurance Corporation of India (LIC) for
increasing its stake in ____________ by up to 9.99%.
1) Axis Bank
2) Kotak Mahindra Bank
3) IndusInd Bank
4) ICICI Bank
5) Federal Bank
Answer- 2) Kotak Mahindra Bank
Explanation:
Reserve Bank of India (RBI) granted its approval to the Life Insurance Corporation of India (LIC) to
increase its holding in Kotak Mahindra Bank up to 9.99% & the approval is valid for a period of 1
year.
• As of September 2021, LIC holds a 4.96% stake in Kotak Mahindra Bank. LIC is the 5th largest
shareholder in Kotak Mahindra Bank.
Static Banking Questions
1. In October 2021, the Central government started to issue Sovereign Gold Bonds, that are sold
in multiples of grams with 1 gram as minimum investment limit. Which of the following
institutions cannot sell Sovereign Gold Bonds?
1) Scheduled Commercial Banks
2) Clearing Corporation of India
3) Small Finance Banks
4) Post Offices
5) Stock Exchanges
Answer- 3) Small Finance Banks
Explanation:
The Central government started to issue Sovereign Gold Bonds for 2021 in four tranches, which will
be sold through scheduled commercial banks, Stock Holding Corporation of India Limited (SHCIL),
Clearing Corporation of India Limited (CCIL), designated post offices, and recognised stock exchanges.
i. Small finance banks and Payment banks will not sell these bonds.
ii. The bonds will be denominated in multiples of gram(s) with 1 gram of gold as the minimum
permissible investment. The investments have a fixed interest rate of 2.50% per annum payable
semi-annually
2. When was the ‘Sovereign Gold Bond’ scheme launched by the Government of India?
1) 2011
2) 2012
3) 2015
4) 2018
5) 2017
Answer- 3) 2015
Explanation:
The Sovereign Gold Bond Scheme was launched by the Government of India in November 2015.

3. Pick out the bank that functions under the tagline - ‘India’s International Bank’.
1) IDBI Bank
2) Citi Bank
3) HDFC Bank
4) Bank of Baroda
5) Kotak Mahindra Bank
Answer- 4) Bank of Baroda
Explanation:
About Bank of Baroda (BoB):
Founded: 20 July 1908
MD & CEO: Sanjiv Chadha
Tagline: India’s International Bank
4. Where is the headquarters of Asian Development Bank?

1) Tokyo, Japan
2) Jakarta, Indonesia
3) Manila, Philippines
4) Beijing, China
5) Hanoi, Vietnam
Answer- 3) Manila, Philippines
Explanation:
Headquarters – Manila, Philippines
5. Name the bank that functions under the tagline - ‘The Banker to Every Indian’.
3) HDFC Bank
4) Bank of India
5) Axis Bank
Explanation:
Establishment – 1st July, 1955
Tagline – The Banker to Every Indian
6. EVA or Electronic Virtual Assistant is India’s 1st & largest AI power chatbot launched by
which bank?
2) Canara Bank
3) HDFC Bank

4) ICICI Bank
5) Axis Bank
Explanation:
HDFC Bank's EVA (Electronic Virtual Assistant) is India's first and largest Artificial Intelligence
powered banking chatbot.
7. When was Bombay Stock Exchange (BSE) established?

1) 1949
2) 1881
3) 1909
4) 1935
5) 1875
Answer- 5) 1875
Explanation:
About Bombay Stock Exchange (BSE):
8. Shaktikanta Das is the _______ Governor of RBI.

1) 46th
2) 50th
3) 48th
4) 25th
5) 28th
Answer- 4) 25th
Explanation:
Governor - Shaktikanta Das (25th Governor)
Founded– 1 April 1935
9. Where is the headquarters of Bandhan Bank?

1) Ahmedabad, Gujarat
2) Chennai, Tamil Nadu
3) Kolkata, West Bengal
4) New Delhi
5) Mumbai, Maharashtra
Answer- 3) Kolkata, West Bengal
Explanation:
About Bandhan Bank:
Bandhan Bank was established in 2015, prior to which it functioned as a NGO since 2001.
MD & CEO- Chandra Shekhar Ghosh

10. Who is the 25th governor of RBI (as of Nov’21)?
1) Y. Venugopal Reddy
2) Urjit Patel
3) Shaktikanta Das
4) D. Subbarao
5) Raghuram Rajan
Answer- 3) Shaktikanta Das
Explanation:
About Reserve Bank of India(RBI):
i.Shaktikanta Das – The 25th governor of RBI from 11 December 2018
ii.Section 7 in The RBI Act, 1934, empowers the government to issue directions to the RBI governor.
iii.Key Appointments in RBI – Appointments Committee of the Cabinet (ACC) headed by the Prime
Minister appoints the governor and deputy governors of RBI.
11. Which one of the following Departments is responsible for the preparation and
presentation of the Union Budget to the Parliament?
1) Department of Revenue
2) Department of Economic Affairs
3) Department of Financial Services
4) Department of Expenditure
5) Department of Home Affairs
Answer- 2) Department of Economic Affairs
Explanation:
The Department of Economic Affairs is the nodal agency responsible for the preparation and
presentation of the Union Budget to the Parliament.
12. What is the Daily Money Transfer Limit for UPI transactions?
1) Rs. 10,000
2) Rs. 50,000
3) Rs. 2,00,000
4) Rs. 1,00,000
5) Rs. 5,00,000
Answer- 4) Rs. 1,00,000
Explanation:
Money Transfer limits on UPI:
Daily Money Transfer Limit ₹1,00,000
Hourly Money Transfer ₹20,000

Limit
No. of transactions per day 20
No. of transactions per hour 5

13. Bharat Financial Inclusion Ltd (BFIL) is a microfinance arm of ____________, which also owns
100% shares of the organisation.
1) Axis Bank
2) Canara Bank
3) Indian Bank
4) IndusInd Bank
5) UCO Bank
Answer- 4) IndusInd Bank
Explanation:
Bharat Financial Inclusion Ltd (BFIL) is a microfinance arm of IndusInd Bank, which also owns
100% shares of the organisation.
14. When was the Bombay Stock Exchange established?

1) 1875
2) 1950
3) 1978
4) 1880
5) 1926
Answer- 1) 1875
Explanation:
15. Who is the present (as of Nov’21) Chairman of Laxmi Cooperative Bank Limited?
1) V. Vaidyanathan
2) Atanu Kumar Das
3) B. V. Nerlekar
4) Sanjiv Chadha
5) S.S Mallikarjuna Rao
Answer- 3) B. V. Nerlekar
Explanation:
16. What is the tagline of HDFC Bank?

1) Together We Can
2) We Make You Feel Richer
3) We Understand Your World
4) Good People to Grow With
5) Honours Your Trust

Answer- 3) We Understand Your World
Explanation:
About HDFC Bank:
17. When was the World Bank established?

1) 1944
2) 1945
3) 1942
4) 1943
5) 1946
Answer- 1) 1944
Explanation:
About World Bank:
The World Bank was created at the 1944 Bretton Woods Conference, along with the International
Monetary Fund (IMF).
18. When was the EXIM Bank established by the Government of India?
1) 1978
2) 1982
3) 1988
4) 1992
5) 2002
Answer- 2) 1982
Explanation:
About Export and Import (EXIM) Bank of India:
Regulated by– Reserve Bank of India
19. What is the minimum transfer Limit under Real-time gross settlement (RTGS) in August
2021?
1) Rs.1 lakh
2) Rs.2 lakh
3) Rs. 50,000
4) Rs.5 lakh
5) Rs.10 lakh
Answer- 2) Rs.2 lakh
Explanation:
The minimum transfer limit under RTGS is Rs.2 Lakh as of August 2021.

20. RBI warned some Cooperative Banks for Violating the Bank Regulation Act by using Bank in
their names. Who is the Cooperative Minister of India?
1) Nirmala Sitharaman
2) Piyush Goyal
3) Mahendra Nath Pandey
4) Dharmendra Pradhan
5) Amit Shah
Answer- 5) Amit Shah
Explanation:
Amit Shah is the Union Minister of Cooperative Ministry.The Ministry of Cooperation is a ministry
under the Government of India which was formed in July 2021.
21. Who is the current (As of Nov’21) Chairman of SIDBI?

1) Shaktikanta Das
2) G.R. Chintala
3) Sivasubramanian Ramann
4) Ashwini Kumar Tewari
5) Rakesh Sharma
Answer- 3) Sivasubramanian Ramann
Explanation:
About SIDBI:
22. What is the Tagline of Union Bank of India?

1) The name you can bank upon
2) Good People to Bank with
3) We are changing for you
4) Honours yours trust
5) Relationship beyond banking
Answer- 2) Good People to Bank with
Explanation:
About Union Bank of India:
Establishment – 11 November 1919
MD & CEO – Rajkiran Rai G.
Tagline – Good People to Bank with
23. When was the Reserve Bank of India (RBI) established?

1) 1950
2) 1919
3) 1935
4) 1949
5) 1955
Answer- 3) 1935

Explanation:
Establishment – April 1, 1935
Governor – Shaktikanta Das
24. What is the accounting year of the Reserve Bank of India (as Per of 2020)?
1) April-March
2) July-June
3) October-September
4) January-December
5) February-November
Answer- 2) July-June
Explanation:
July-June is the accounting year of the Reserve Bank of India (as per of 2020).
Note: The accounting year of the Reserve Bank of India was changed to April to March in May 2021.
25. What is the accounting year of the Reserve Bank of India (as Per of 2020)?
1) April-March
2) July-June
3) October-September
4) January-December
5) February-November
Answer- 2) July-June
Explanation:
July-June is the accounting year of the Reserve Bank of India (as per of 2020).
Note: The accounting year of the Reserve Bank of India was changed to April to March in May 2021.
26. Who is the Managing Director of State Bank of India (as of Nov’21)?
1) C S Shetty
2) Sanjiv Chadha
3) Matam Venkata Rao
4) Rakesh Sharma
5) J. Packirisamy
Answer- 1) C S Shetty
Explanation:
Managing Director (MD) – C S Shetty

GA Questions Asked in Exams

• GA Questions asked RRB PO Mains Exam – Sept 25
• GA Questions asked IBPS Clerk Mains Exam – Feb 28
• GA Questions asked IBPS RRB Clerk Mains Exam – Feb 20
• GA Questions asked IBPS PO Mains Exam – Feb 4
• GA Questions asked in RRB PO Mains Exam 2021 – Jan 30
• GA Questions asked in SBI PO Mains 2021 – Jan 29
• SBI Clerk Mains 2020
• IBPS RRB Officer Scale II GBO Exam 2020
• RBI Assistant Mains 2020
• GA Questions Asked in IBPS Clerk Mains Exam 2020 – 90% Questions Covered by AC
• GA Questions asked in SBI PO 2019 Main Exam
• GA Questions asked in SBI Clerk Main Exam 2019
• GA Questions asked in IBPS PO Main Exam 2019
• GA Questions asked in RBI Grade B Prelims Exam 2019
• GA Questions asked in IBPS RRB Clerk Mains Exam 2019
• GA Questions asked in IBPS RRB PO Mains Exam 2019
All The Best for Your Exams!!!

Suggestions & Feedback are welcomed
Support@affairscloud.com

Banking & Economy PDF - November 2021 by AffairsCloud 1

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Banking & Economy PDF - November 2021 by AffairsCloud 1

Uploaded by

Copyright:

Available Formats

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2021 @ AffairsCloud.Com 1

This is Paid PDF provided by AffairsCloud.com, Our team is working hard

AffairsCloud launched a new long awaited mobile app.

Get Extra 10%Discount code: PDF10

Free CourseNames: i. Learn Current Affairs in English

ii. Learn Current Affairs in Hindi

Click here to Download the CareersCloud APP

Suggestions & Feedback are welcomed

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2021 @ AffairsCloud.Com 2

Banking,Finance & Economy PDF 2021 - November

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2021 @ AffairsCloud.Com 3

Banking, Finance & Economy News: November 2021

RBI extends validity of Directions for Kapol Co-operative Bank

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2021 @ AffairsCloud.Com 4

RBI Issues Revised PCA framework for Banks

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2021 @ AffairsCloud.Com 5

Bandhan Bank appointed as “Agency Bank” of RBI to Conduct Govt. Business

RBI Issued Directions on Babaji Date Mahila Sahakari Bank

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2021 @ AffairsCloud.Com 6

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2021 @ AffairsCloud.Com 7

RBI Launches its First Global Hackathon – HARBINGER 2021

RBI Lifts Restrictions on Diners Club International Limited

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2021 @ AffairsCloud.Com 8

PM Modi Launches RBI Retail Direct Scheme and RB-IOS

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2021 @ AffairsCloud.Com 9

RBI Introduced Internal Ombudsman Mechanism for NBFCs

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2021 @ AffairsCloud.Com 10

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2021 @ AffairsCloud.Com 11

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2021 @ AffairsCloud.Com 12

RBI Authorised RBL Bank to Collect Direct Taxes

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2021 @ AffairsCloud.Com 13

RBI Accepted 21 out of 33 Recommendations of the IWG on Private Banks

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2021 @ AffairsCloud.Com 14

APPOINTMENTS & RESIGNATIONS

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2021 @ AffairsCloud.Com 15

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2021 @ AffairsCloud.Com 16

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2021 @ AffairsCloud.Com 17

SEBI Formed IT-PAC Headed by Dr Abhay Karandikar; Reconstituted Technical Advisory

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2021 @ AffairsCloud.Com 18

World Thrift Day 2021 – October 31

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2021 @ AffairsCloud.Com 19

Govt Opened 7th Tranche of SGB Scheme with Issue Price

SBI Launched 2-Wheeler Scheme under YONO – ‘SBI Easy Ride’

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2021 @ AffairsCloud.Com 20

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2021 @ AffairsCloud.Com 21

ADB Approved $61 Million Loan for Urban Development in Agartala

BSE Join Hands with HDFC to Promote Start-up’s and SMEs

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2021 @ AffairsCloud.Com 22

CCI Approves HDFC Life’s 100% Acquisition of Exide Life

Finance Ministry approves 8.5% return on PF deposits for FY21

ESAF Bank Partnered with NABARD for Local Economic Development

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2021 @ AffairsCloud.Com 23

PhonePe & Liberty General Insurance Partners to Offer Motor Insurance

FPIs can invest in debt securities issued by InvITs, REITS

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2021 @ AffairsCloud.Com 24

UCO Bank signed Co-Lending Agreement with Aadhar Housing Finance

National Internet Exchange of India (NIXI) launches ‘Digital Payment Gateway’

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2021 @ AffairsCloud.Com 25

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2021 @ AffairsCloud.Com 26

Geojit Launches 1st Online Trading Services for NRI accounts

KGB introduces Vaccine-linked Deposit scheme for customers- ’KGB Kavacham’

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2021 @ AffairsCloud.Com 27