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Banking, Finance & Economy PDF 2021 - October
Table of Contents
Banking, Finance & Economy News: October 2021...................................................................................................... 4
Banking, Finance & Economy Q&A: October 2021 ..................................................................................................... 64

Banking, Finance & Economy News: October 2021

RBI IN NEWS
RBI takes Indian Overseas Bank out of Prompt Corrective Action framework
On September 29, 2021, the Reserve Bank of India (RBI) removed Indian Overseas Bank (IOB) from the Prompt
Corrective Action Framework (PCAF) as the performance of bank is compliant with the PCA parameters.
• This decision has been taken during the performance review of Indian Overseas Bank by the Board for
Financial Supervision.
• With this, IOB committed to comply with the norms of Minimum Regulatory Capital, Net NPA (non-
performing assets) and leverage ratio on an ongoing basis.
Background:
The RBI had put IOB under the PCAF in October 2015 due to high NPAs and negative Return on Assets (RoA). IOB
was barred from increasing risk-weighted assets.
About PCAF:
The PCAF was introduced in 200 under which RBI imposes certain business restrictions on banks with weak
financial metrics due to poor asset quality, or vulnerable due to loss of profitability.
Points to be noted:
i.Currently, Central Bank of India is the only lender under the RBI’s PCA framework.
ii.Recently, RBI also took UCO Bank out from the PCA framework.
About Reserve Bank of India (RBI):
Establishment– 1st April 1935
Headquarters– Mumbai, Maharashtra
Governor– Shaktikanta Das
Deputy Governors – Mahesh Kumar Jain, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar
RBI Superseded Boards of Srei Firms to Start Bankruptcy Proceedings

On October 04, 2021, the Reserve Bank of India (RBI) superseded (replaced) the Board of Directors of two Non-
Banking Finance Companies (NBFCs) viz, Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance
Limited (SEFL), due to governance issues and defaults in meeting their various payment obligations.
• RBI has appointed the former chief general manager of Bank of Baroda (BoB), Rajneesh Sharma as an
administrator of SIFL and SEFL.
• The superseding of the board of directors was done by RBI through the exercise of powers conferred under
Section 45-IE (1) of the RBI Act, 1934.
Key Points:
i.To assist Sharma, RBI has appointed a 3-member advisory committee of R. Subramaniakumar, Former MD &
CEO, Indian Overseas Bank, T.T. Srinivasaraghavan, Former MD, Sundaram Finance Ltd, and Farokh N. Subedar,
Former Chief Operating Officer and Company Secretary, Tata Sons Ltd.
• Subramaniakumar was an earlier administrator for Dewan Housing and Finance Corp. Ltd (DHFL), the only
non-bank lender so far referred to insolvency court.
ii.RBI also intends to shortly start the process of resolution of the two NBFCs under the Insolvency and
Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to
Adjudicating Authority) Rules, 2019.
iii.RBI would also apply the NBFCs to the National Company Law Tribunal (NCLT) for appointing the
administrator as the insolvency resolution professional.
iv.Srei Group owes about Rs 35,000 crore in loans to about 15 banks, including State Bank of India (SBI), Axis
Bank and UCO Bank, in which UCO Bank is the lead lender.
v.Srei Infrastructure had reported a net loss of Rs 971.05 crore for the Q1 FY22 against a net profit of Rs 23.01
crore in Q1 FY21.

i.RBI was established in 1935 on the recommendation of the Hilton Young Commission
ii.It was nationalised in 1949
iii.The 1st headquarters of RBI was located in Kolkata and in 1937 the headquarter moved on to Mumbai,
Maharashtra.
RBI Granted licence to NARCL; Permitted Emirates NBD Bank to Open Branches in India
On October 04, 2021, the Reserve Bank of India (RBI), gave a licence to the Rs 6,000 crore National Asset
Reconstruction Company Ltd (NARCL) to start operations as the bad bank.
• The licence was granted under Section 3 of the Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest (SARFAESI) Act, 2002.
Background:
i.In July 2021, the Ministry of Corporate Affairs (MCA) has incorporated the NARCL also known as Bad
Bank /Asset Reconstruction Company (ARC) after its registration with the Registrar of Companies (RoC). Click
here to know more
ii.In August 2021, IBA applied to RBI seeking a licence to set up a Rs 6,000 crore NARCL.
iii.NARCL was created in collaboration with both Public and Private Sector Banks, and Indian Banks’ Association
(IBA) to aggregate and consolidate stressed assets for their subsequent resolution.
iv.51 percent of NARCL will be owned by PSBs and the remaining by private-sector lenders. The NARCL will
acquire assets by making an offer to the lead bank. Once NARCL’s offer is accepted, then, IDRCL will be engaged
for management and value addition.
Board of NARCL:
• Padmakumar Madhavan Nair, a stressed assets expert from the State Bank of India (SBI) was hired as the
Managing Director (MD) of NARCL.
• Other Directors are Sunil Mehta, IBA’s Chief Executive, Salee Sukumaran Nair, Deputy MD of SBI, and Ajit
Krishnan Nair, Canara Bank’s representative.
Key Points:
i.NARCL will pay up to 15 percent of the agreed value for the bad loans in cash and the remaining 85 percent
would be government-guaranteed SRs.
ii.In September 2021, the Union Cabinet approved a government guarantee of up to Rs 30600 crore to back
Security Receipts (SRs) for 5 years that will be issued by NARCL. Click here to know more.
iii.Recently, in September 2021, SBI, Union Bank of India, Indian Bank picked up 13.27 percent stake each in the
NARCL, while Punjab National Bank acquired about 12 percent stake.
iv.The lead bank with an offer in the hand of NARCL will go for a ‘Swiss Challenge’.
Note – A Swiss Challenge is a method of bidding, often used in public projects, in which an interested party
initiates a proposal for a contract or the bid for a non-performing asset project.
RBI Permitted Emirates NBD Bank to Open Branches in India
RBI has granted permission to Emirates NBD Bank, Dubai, the government-owned bank of UAE (United Arab
Emirates), to open two more branches in India
• Emirates NBD has maintained a Representative Office in India since March 2000.
• The representative office was closed in March 2017 and has been upgraded to a bank with a first branch in
Mumbai, Maharashtra.
• Among other countries, the group has operations in UAE, Egypt, Turkey, Saudi Arabia, Singapore, Austria,
Germany.
About Emirates NBD Bank:
Establishment – 2007
Headquarters (Global) – Dubai, United Arab Emirates
Headquarters (India) – Mumbai, Maharashtra
Vice Chairman and Managing Director – Hesham Abdulla Qassim Al Qassim

Bank Credit Growth Reached 5.8% in Q1 FY22: RBI Data
The Reserve Bank of India (RBI) released the report titled ‘Quarterly Basic Statistical Returns (BSR)-1:
Outstanding Credit of Scheduled Commercial Banks (SCBs), June 2021’.
• As per the report, the bank credit has registered a 5.8 percent growth in the first quarter of the financial
year 2021-22 (Q1 FY22) compared to 5.1 percent in Q4 of FY21.
Key Points:
i.Personal loans growth increased to 14.8 percent on y-o-y (year-on-year) and its share in bank credit
increased to 26.6 percent in June 2021 (from 24.5 percent in June 2020 and 18.9 percent 5 years ago).
ii.Credit to the industrial sector declined in Q1 FY22 and its share in total credit fell to 28.6 percent.
iii.Credit to Individuals in the household sector in Q1 FY22 increased and its share in total credit increased to 43.3
percent
• Female borrowers had nearly 22 percent share in the amount of credit to individuals.
iv.Bank branches in metropolitan branches which accounted for nearly 63 percent of total credit have recorded
growth of 2.7 percent.
v.Private sector banks’ share in total credit increased to 36.6 percent from 25.7 percent (5 years ago), whereas
the public sector banks’ share declined from 69.0 percent to 58.1 percent (5 years ago).
vi.Weighted average lending rate (WALR) on outstanding credit stood at 9.25 percent in Q1 FY22.
Establishment – 1st April 1935
RBI Approved BSE Tech to Set up, Operate TReDS

BSE Technologies Private Limited (BSE Tech), the wholly-owned subsidiary of BSE, has received an in-principle
approval from the Reserve Bank of India (RBI) for setting up and operating Trade Receivables Discounting
System (TReDS) under the Payments and Settlement Systems Act, 2007.
About TReDS:
i.It is an electronic platform for facilitating the financing/invoice discounting of trade receivables of Micro, Small
and Medium Enterprises (MSMEs) through multiple financiers from corporates and other buyers, including
Government Departments and Public Sector Undertakings (PSUs).
• The TReDS platform will bring all the participants together for facilitating uploading, accepting, discounting,
trading, and settlement of the invoices/bills of MSMEs.
ii.Participants: 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.
iii.Eligibility: Entities that wish to set up and operate the TReDS need to have a minimum paid-up equity capital
of Rs 25 crore.
iv.By obtaining the approval, the BSE Tech will have the capability to provide an option to MSME to manage their
working capital more efficiently through the TReDS platform.
Note – Ordnance Factory Board (OFB), an industrial organisation, functioning under the Department of Defence
Production of Ministry of Defence, Government of India (GoI), is the 1st government entity to adopt TreDS.
About Bombay Stock Exchange (BSE):
Headquarters – Mumbai, Maharashtra
Chairman – Justice Vikramajit Sen
MD & CEO – Ashishkumar Chauhan

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Federal Bank Authorised by RBI for Collection of Direct and Indirect Taxes; Upgraded its Mobile Banking
App ‘FedMobile’
The Federal Bank has been authorised by the Reserve Bank of India (RBI), based on the recommendation of
Controller General of Accounts, Ministry of Finance, for collection of Direct and Indirect Taxes, on behalf of
CBDT (Central Board of Direct Taxes) and CBIC (Central Board of Indirect Taxes and Customs).
• Through the authorisation would make it convenient for the customers to pay their Direct and Indirect taxes
through the Bank’s various digital platforms such as FedMobile (Mobile Banking app), FedNet (Net Banking),
Fedebiz (Corporate Digital Banking) and through a wide branch network.
Federal Bank Upgraded its Mobile Banking App ‘FedMobile’
Federal Bank has upgraded its mobile banking app ‘FedMobile‘ with an investment platform equipped with
superior wealth management capability for the convenience of its users. The upgraded module was launched in
association with Equirus Wealth.
• The app allows a user to open an investment account in less than 2 minutes and start executing transactions
instantly.
• The module offers an entire range of MFs across different categories such as equity, debt, hybrid and
solution-oriented funds from all the leading asset management firms in the country.
• It enables customers to set up a Systematic Investment Plan (SIP), a tool to invest money at regular intervals
and accumulate wealth over the long term.
About Federal Bank:
Establishment – April 23, 1931 (as Travancore Federal Bank Limited), changed to The Federal Bank Limited on
December 2, 1949
Headquarters – Aluva, Kerala
Managing Director & CEO – Shyam Srinivasan
Tagline – Your Perfect Banking Partner
Highlights of the Fourth Bi-Monthly Monetary Policy of FY21-22

The Reserve Bank of India’s (RBI) 6-members Monetary Policy Committee (MPC) had met on 6th, 7th and
8th October 2021 and released its fourth bi-monthly monetary policy statement for FY22 (April 2021 – March
2022).
Policy Rates:
RBI kept the rates unchanged (maintains status quo) for the 8th consecutive time i.e it decided to continue with
the accommodative stance to mitigate the impact of COVID-19 on the economy and to revive and sustain growth
on a durable basis while ensuring that inflation remains within the target going forward.
The unchanged Policy rates are as follows:
Category Rates
Policy Rates
Policy Repo Rate 4.00%
Reverse Repo Rate 3.35%
Marginal Standing Facility (MSF) Rate 4.25%
Bank Rate 4.25%
Reserve Ratios
Cash Reserve Ratio (CRR) 4.00%
Statutory Liquidity Ratio (SLR) 18.00%
About Monetary Policy Stances:
Monetary Policy Stances of RBI are classified into Dovish, Hawkish, Accommodative, and Neutral.
Hawkish stance: This monetary policy stance supports high interest rates to keep inflation in check. Because of
the high interest rates, borrowing i.e. taking loans from banks and other sources will be reduced.

Dovish: It is a stance opposite to the Hawkish stance and this monetary policy stance involves low-interest
rates. Low-Interest Rates would induce the consumers to take loans from Banks.
Accommodative: This stance will be used to allow the money supply to rise in line with national income and the
demand for money.
• RBI will use the accommodative stance to expand the overall money supply to boost the economy when the
economic growth is slowing down.
Neutral: In this stance, the Key Policy Rates are neither increased nor decreased.
a.MPC’s Assessments on growth and inflation:
-Growth
The MPC has retained India’s real gross domestic product (GDP) growth projection for FY22 at 9.5 percent with
7.9 percent in Q2; 6.8 percent in Q3; and 6.1 percent in Q4 of 2021-22.
• Real GDP growth for Q1 FY23 is projected at 17.2 per cent.
-Inflation
i.Consumer Price Index (CPI) inflation was projected at 5.3 percent in FY22, with 5.1 percent in Q2; 4.5 percent
in Q3; and 5.8 percent in Q4.
ii.CPI inflation for Q1 FY23 was projected at 5.2 percent.
iiI.The government retained the inflation target at 4 percent with the lower and upper tolerance levels of 2
percent and 6 percent, i.e. within a band of +/- 2 percent.
Member of MPC:
The MPC meeting was headed by RBI Governor Shaktikanta Das the other 5 members of the committee include,
• Shashanka Bhide, Ashima Goyal, Prof. Jayanth R. Varma, Mridul K. Saggar, and Michael Debabrata Patra
b.MPC’ Liquidity Measures:
-RBI extended the deadline of on tap SLTRO for SFBs till December 31, 2021
Reserve Bank of India (RBI) decided to extend the on tap Special Long-Term Repo Operations (SLTRO) facility for
small finance banks (SFBs) till December 31, 2021.
i.RBI conducted a special three-year SLTRO of Rs 10,000 crore at repo rate for the SFBs, to make fresh lending of
up to Rs 10 lakh per borrower. The facility will be made available till October 31, 2021.
ii.All SFBs that are eligible under the Liquidity Adjustment Facility (LAF) are allowed to participate in the SLTRO
scheme.
-RBI Plans to Introduce Digital Payment Solutions in Offline Mode
RBI proposed to introduce a framework for carrying out retail digital payments using mobile phones, cards,
wallets, etc. in offline mode across India, especially in remote areas.
i.Background: In August 2020 at Statement on Development and Regulatory Policies, RBI announced a scheme to
conduct pilot tests of innovative technology that enables retail digital payments using even in situations where
internet connectivity is low / not available (offline mode) till March 31, 2021.
ii.So far 3 pilot schemes were successfully conducted in different parts of India from September 2020 to June
2021 involving small-value transactions using cards and wallets covering a volume of 2.41 lakh for a value of Rs
1.16 crore through offline mode.
iii.Guidelines of Pilot Schemes:
• Under the pilot scheme, payment system operators (PSO) – banks and non-banks were enabled to offer
digital payments offline.
• The upper limit of a payment transaction should be Rs 200 and the total limit for offline transactions on an
instrument should be Rs 2,000, at any point of time.
• Payment transactions were allowed to be offered without any Additional Factor of Authentication (AFA).
-RBI Enhanced Transaction Limit in IMPS from Rs 2 lakh to Rs 5 lakh
RBI proposed to increase the per-transaction limit in Immediate Payment Service (IMPS) from Rs 2
lakh (effective from January 2014) to Rs 5 lakh for channels other than SMS (short message service) and
Interactive Voice Response System (IVRS).
• With RTGS (Real-Time Gross Settlement) now being operational round the clock, there has been a
corresponding increase in settlement cycles of IMPS, the transaction limit was increased to improve the

digital payments and provide an additional facility to customers for making digital payments beyond Rs 2
lakh.
• The per-transaction limit for SMS and IVRS channels is Rs 5000.
About IMPS:
i.IMPS, which is offered by the National Payments Corporation of India (NPCI) from 22nd November 2010, is a
real-time payment service that empowers customers to transfer money round the clock (24X7) instantly through
banks and RBI authorized Prepaid Payment Instrument Issuers (PPIs) across India.
ii.It is accessible through various channels like internet banking, mobile banking apps, bank branches, ATMs, SMS
and IVRS.
-RBI Proposed Geo-tagging of Payment System Touch Points
i.RBI proposed setting up of a framework for geo-tagging (capturing geographical coordinates – viz., latitude and
longitude) of physical payment acceptance infrastructure such as Point of Sale (PoS) terminals, Quick Response
(QR) codes, etc., used by merchants to find out location information of existing payment acceptance
infrastructure.
ii.The geo-tagging technology will provide location information on an ongoing basis and can be used in targeting
areas that lag behind in payments acceptance infrastructure to ensure a balanced spread of acceptance
infrastructure across the length and breadth of India.
iii.The setting up of the Payments Infrastructure Development Fund (PIDF) to encourage the deployment of
acceptance infrastructure and create additional touch points is a step in this direction.
About Geo-tagging:
i.Geo tagging is a process of assigning a ‘geo-tag’ or adding some ‘geographical information’ in various ‘media’
forms such as a digital photograph, video, SMS, QR Codes, etc.
ii.The Geo-tag will generally contain latitude and longitude coordinates, they could also include altitude, distance,
accuracy data, and place names.
Note – The 1st scheme that experimented with geo-tagging was the Mahatma Gandhi National Rural Employment
Guarantee Act (MGNREGA), the rural jobs scheme that provides 100 days of employment every year to each
village household.
RBI Announced 4th Sandbox Cohort on ‘Prevention and Mitigation of Financial Frauds’
RBI has announced the 4th sandbox cohort with the theme of ‘prevention and mitigation of financial
frauds’ to provide a further boost to the fintech ecosystem.
i.Focus: Using technology to reduce the lag between the occurrence and detection of frauds, strengthening the
fraud governance structure and minimising response time to frauds.
ii.RBI’s Regulatory Sandbox (RS) has so far introduced 3 cohorts on Retail Payments; Cross Border Payments; and
MSME Lending.
• 6 entities have successfully exited the 1st Cohort on ‘Retail Payments’ while under the 2nd Cohort 8 entities
are undertaking Tests, whereas, the application window for the Third Cohort is currently open.
iii.RBI also proposed to facilitate the ‘On Tap’ application for themes of cohorts that were closed earlier.
What is a Regulatory sandbox?
i.It usually refers to live testing of new products or services in a controlled regulatory environment for which
regulators may (or may not) permit certain relaxations for the limited purpose of the testing.
ii.The objective of the regulatory sandbox is to foster responsible innovation in financial services, promote
efficiency and bring benefit to consumers.
iii.It also allows the regulator, innovators, financial service providers and customers to conduct field tests
regarding the benefits and risks of new financial innovations.
-RBI Extend the WMA for states till March 31, 2022
RBI has extended the interim enhancement of Ways and Means Advance (WMA) limits of Rs 51,560 Crore up to
March 31, 2022.
i.Background: As per the recommendations of the Advisory Committee (Chairman: Shri Sudhir Shrivastava) to
review the WMA limits for State Governments/Union Territories (UTs), in April 2021, due to the prevalence of the
COVID-19, RBI has extended the interim WMA limit of Rs 51,560 crore for all states and UTs for 6 months i.e. up to
September 30, 2021. Click here to know more

ii.RBI decided to extend the relaxations provided for the Overdraft facility (OD) for 6 months, i.e. up to March 31,
2022, to provide greater flexibility to States to manage their mismatches in cash flows.
iii.The number of consecutive days on which a State Government/UTs could avail was increased from 14 days to
21 days and the maximum number of days in a quarter on which the State Government/UTs can be in OD was
increased from 36 days to 50 days.
Increased Regulations over NBFCs
-RBI Decided to Introduce IOS for NBFCs
RBI decided to introduce the Internal Ombudsman Scheme (IOS) for certain categories of NBFCs (Non-Banking
Finance Companies) that have higher customer interface to strengthen the internal grievance redress mechanism
of NBFCs.
i.The IOS for NBFCs will require NBFCs to appoint an Internal Ombudsman (IO) at the top of their internal
grievance redress mechanism to examine customer complaints that are in the nature of deficiency in service and
are partly or wholly rejected by the NBFCs.
ii.The IOS for NBFCs will be on the lines of IOS for banks and non-bank payment system participants.
-RBI Extended PSL by Banks to NBFCs up to March 31, 2021
RBI decided to extend lending of Banks to NBFCs for on-lending under the Priority Sector Lending (PSL) facility
till March 31, 2022.
Background:
i.To boost credit among small and needy borrowers, on August 13, 2019 RBI allowed banks to classify their
lending to registered NBFCs (other than MFIs) as PSL which was about 5% of a bank’s total PSL (for on-lending to
Agriculture/MSME/Housing) till March 31, 2020, and later the facility was extended up to March 31, 2021.
ii.On April 7, 2021, the RBI extended the classified lending of Banks to NBFCs for on-lending under the Priority
Sector Lending (PSL) up to September 30, 2021.
Key Points:
i.RBI has injected Rs 2.37 Lakh Crore liquidity into the financial system through Open Market Operations, in the
first 6 months (first half-yearly (H1)) of FY22 against Rs 3.1 lakh crore injected during FY21.
ii.As per the RBI Act, 1934, the central bank is required to organise at least four meetings of the MPC in a year.
• RBI meets every 2 months in a financial year to take key decisions on the Monetary Policy of the Country
About the Reserve Bank of India (RBI):
Establishment – April 1, 1935
Governor – Shaktikanta Das
RBI Granted Licence to Centrum-BharatPe’s Unity SFB; become 12th SFB of India
The Reserve Bank of India (RBI) issued the ‘Small Finance Bank’ (SFB) licence to Centrum-BharatPe’s ‘Unity
Small Finance Bank Ltd (USFBL)’ to carry on an SFB business in India.
• USFBL is a consortium that was established jointly by Centrum Financial Services Ltd (CFSL), a subsidiary of
Centrum Capital Limited (CCL), and Resilient Innovations Private Limited (BharatPe).
• They are aspiring to make USFBL as ‘India’s 1st‘ digital SFB.
• With the establishment of USFBL, the number of SFBs in India was increased to 12.
Background:
i.An Expression of Interest (EOI) was floated by Punjab and Maharashtra Co-operative (PMC) Bank for its
reconstruction in November 2020.
ii.By analysing the EOI, RBI has accepted the proposal from CFSL along with Resilient Innovation and granted ‘in-
principle’ approval to CFSL, to set up an SFB under general ‘Guidelines for ‘on tap’ Licensing of SFBs in the Private
Sector’ dated December 5, 2019, to take over crisis-hit PMC Bank as a separate process.
iii.The new bank licence has been issued after a gap of 6 years.
Key Points:
i.Centrum’s MSME (Micro Small and Medium Enterprises) and Microfinance businesses will be merged into
USFBL. Centrum Capital will be the promoter of USFBL.

ii.It is the 1st time ever that both CFSL and BharatPe are uniting equally to build a Bank. The SFB, joint venture,
will start with a loan book of Rs 1,500 crore and it will infuse Rs 1,800 crore capital into PMC.
Note – Former State Bank of India (SBI) chairman Rajnish Kumar was appointed as the chairman of the BharatPe
board.
About Small Finance Bank (SFB):
i.SFBs are the financial institutions that will provide financial services to the unserved and unbanked region of the
country.
ii.They will be established as public limited companies in the private sector under the Companies Act, 2013 and
governed by the provisions of RBI Act, 1934 and Banking Regulation Act, 1949.
ii.Eligibility: Resident individuals/professionals with 10 years of experience in banking and finance will be
eligible as promoters to set up SFBs.
iii.Capital Requirement: The minimum paid-up equity capital for SFB should be Rs 200 crores (US$28 million).
iv.Capital Small Finance Bank followed by Equitas Small Finance Bank were the first two SFBs formed in India.
-RBI Imposed Rs 30 lakh Penalty on Janata Sahakari Bank Ltd
RBI Imposed Monetary Penalty of Rs 30 lakh on Janata Sahakari Bank Ltd, Pune, Maharashtra for non-compliance
with certain directions issued by RBI under the Supervisory Action Framework (SAF) and RBI directions on
‘Frauds in Urban Co-operative Banks: Changes in Monitoring and Reporting mechanism’.
RBI Withdrew all Restrictions Imposed on Hindu Cooperative Bank; Authorised KVB to Collect Direct
Taxes
In October 2021, the Reserve Bank of India (RBI) in the exercise of power under sub-section (2) of Section 35 A
read with Section 56 of the Banking Regulation Act, 1949, RBI withdrew all restrictions imposed on Hindu
Cooperative Bank Limited, Pathankot, Punjab.
Background:
• On March 13, 2019, RBI had issued ‘Directions to stipulate certain restrictions on Hindu Cooperative Bank
Ltd’ in the exercise of powers vested under sub-section (1) Section 35 A read with Section 56 of the Banking
Regulation Act, 1949.
• The directions were modified from time to time and were last extended up to October 24, 2021.
-RBI Authorised KVB to collect Direct taxes
The Reserve Bank of India has authorisedKarurVysya Bank (KVB) to collect direct taxes on behalf of the Central
Board of Direct Taxes (CBDT).
• After obtaining the approval, KVB has started the integration process with the CBDT to collect direct taxes.
• The integration would enable the bank to allow its customers to remit the direct taxes through any
branch/net banking/ mobile banking services (DLite Mobile application).
Note – RBI imposed a monetary penalty of Rs 1 lakh on KurlaNagarikSahakari (KNS) Bank Ltd., Mumbai,
Maharashtra, for contravention of certain norms related to the Depositor Education and Awareness Fund Scheme,
2014.
About KarurVysya Bank (KVB):
Headquarters – Karur, Tamil Nadu
MD & CEO – B. Ramesh Babu
Tagline – Smart Way to Bank
RBI: Govt’s Interest Burden Rise due to Unchanged Interest Rate on Small Savings Scheme
In its October 2021 Bulletin, the Reserve Bank of India (RBI) has pointed out the increasing interest burden on
the government due to unchanged interest rates on various small savings instruments such as Public
Provident Fund (PPF), National Savings Certificate (NSC), term deposits in post offices, etc from Q2 FY21 (around
6 quarters)
• Interest rates on small saving schemes are generally administered by the Government of India and are fixed
on a quarterly basis at a spread of 0-100 basis points (bps) over and above G-sec (Government Security)
yields of comparable maturities.

• The Government has left the interest rates unchanged (since Q2 FY21), thus the current interest rates
are 47-178 bps higher than the formula-based rates for Q3 FY22.
Interest Rates on Small Savings Instruments for Q3 FY22:
Small Savings Scheme Maturity Formula based Government Difference
(years) Rate of Interest Announced Rate (bps)
(%) of Interest (%)
(applicable in
for Q3 FY22) Q3:2021-22
Savings Deposit – – 4 –
PPF 15 6.63 7.1 47
Term 1 Year 1 3.72 5.5 178
Deposits 2 Year 2 4.23 5.5 127
3 Year 3 4.74 5.5 76
5 Year 5 6.01 6.7 69
Recurring Deposit Account 5 4.74 5.8 106
Monthly Income Scheme 5 5.98 6.6 62
Kisan Vikas Patra (KVP) 124 6.38 6.9 52
Months
NSC VIII issue 5 6.14 6.8 66
Senior Citizens Saving Scheme (SCSS) 5 6.76 7.4 64
Sukanya Samriddhi Account (SSA) 21 7.13 7.6 47
Scheme
Key Points:
i.Small savings have become more attractive to depositors than bank deposits due to the moderation in interest
rates on bank deposits and unchanged interest rates on small savings.
ii.In between March 2020 and September 2021, the deposit rates have declined by up to 180 basis points across
shorter maturities (up to 1 year) and the foreign banks have deposit reduced rates by up to 195 basis points
iii.The weighted average domestic term deposit rate was reduced by 135 basis points (March 2020 to August
2021).
Who can revise the Interest Rates?
The Ministry of Finance can revise the Interest Rates of Small Savings Scheme, in exercise of the power conferred
by Rule 9(1) of the Government Savings Promotion General Rules, 2018.
IIFCL got RBI’s Approval to Finance InVITs

Government-owned India Infrastructure Finance Co. Ltd. (IIFCL) has received approval from the Reserve Bank of
India (RBI) to finance through Infrastructure Investment Trusts (InvITs) instruments. IIFCL is planning to spend
about Rs 4,000 crore in the InVITs segment in FY22.
• IIFCL has sanctioned about Rs 1.5 trillion to 620 projects under direct lending, takeout finance and refinance,
disbursing about Rs 75,000 crore till 31 December 2020.
• InVITs are also playing an important role in the government’s asset monetization plan.
About InvITs:
i.InvITs are instruments (similar to Mutual Funds) that will enable direct investment of small amounts of money
from a number of individual and institutional investors in infrastructure projects to earn a small portion of the
income as a return.
ii.InvITs are governed by Securities and Exchange Board of India (SEBI) (Infrastructure Investment Trusts)
(Amendment) Regulations, 2016.
iii.In 2019, the minimum subscription limit for InvITs was reduced from Rs 10 lakh to Rs 1 lakh.
iv.The infrastructure projects in which InVITs invest could be such as transport (road, bridges, railways), energy
(electricity generation, transmission, distribution), communication, etc.

Additional Info: In April 2021, the Insurance Regulatory and Development Authority of India (IRDAI) allowed
insurers to invest in debt instruments that are issued by Infrastructure Investment Trusts (InvITs) and Real
Estate Investment Trusts (REITs).
About India Infrastructure Finance Co. Ltd. (IIFCL):
It was formed to provide long-term financial assistance to viable infrastructure projects.
Headquarters – New Delhi, Delhi
MD – Padmanabhan Raja Jaishankar
RBI Issued Draft Directions to Implement Basel III framework for AIFIs
In October 2021, the Reserve Bank of India (RBI) issued draft directions for implementing the Basel III capital
adequacy norms for All India Financial Institutions (AIFIs) that are regulated by RBI viz, Exim
Bank, NABARD (National Bank for Agriculture and Rural Development), National Housing Bank (NHB),
and SIDBI (Small Industries Development Bank of India).
• The draft directions have consolidated the existing guidelines on exposure norms, classification, valuation
and operation of an investment portfolio and resource raising norms issued to the AIFIs.
• RBI has issued the directions in the exercise of the powers conferred by Section 45 L of the RBI Act, 1934.
Key Points:
i.The draft includes Prudential Regulations on Basel III Capital Framework, Exposure Norms, Significant
Investments, Classification, Valuation and Operation of Investment Portfolio Norms and Resource Raising Norms
for AIFIs.
ii.Basel III strengthens the institution-level i.e. micro-prudential regulation, with the intention to raise the
resilience of individual financial institutions in periods of stress.
iii.Draft Basel III Capital Regulations for AIFIs
Minimum capital ratios April 1, 2022
Minimum Common Equity Tier
1 (CET1) 5.50%
Capital conservation buffer
(CCB) 2.50%
Minimum CET1+ CCB 8%
Minimum Tier 1 capital 7%
Minimum Total Capital 9%
Minimum Total Capital + CCB 11.50%
Note – Since the accounting year for NHB is July-June, the implementation will start from July 1, 2022.
iv.Limits on an AIFI’s Investments: An AIFI’s investments in the capital instruments issued by banking, financial
and insurance entities should not exceed 10 percent of its capital funds.
v.AIFIs are required to maintain a minimum Pillar 1 Capital to Risk-weighted Assets Ratio (CRAR) of 9 percent on
an ongoing basis.
vi.The insurance and non-financial subsidiaries / joint ventures/associates etc. of an AIFI should not be
consolidated for the purpose of capital adequacy.
About Basel III Norms:
i.Basel Accord/Basel norms are the international banking regulations issued by the Basel Committee on Banking
Supervision.
ii.The Basel Committee has issued 3 sets of regulations known as Basel-I, II, and III to improve the quality of
banking supervision.
iii.The BCBS issued a comprehensive reform package entitled “Basel III: A global regulatory framework for more
resilient banks and banking systems” in December 2010 and later revised in June 2011 to improve the banking
sector’s ability to absorb shocks arising from financial and economic stress. (in response to the financial crisis of
2008).

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 Introduced Revised Regulatory Framework for NBFCs – ‘SBR’

On October 22, 2021, the Reserve Bank of India (RBI) has introduced a revised regulatory framework for Non-
Banking Finance Companies (NBFCs) named ‘Scale Based Regulation’ (SBR) to regulate the NBFCs based on
their size, activity, complexity, and interconnectedness within the financial sector.
• All the guidelines over SBR would come into effect from October 01, 2022, whereas the instructions related
to the ceiling on IPO (Initial Public Offer) funding would come into effect from April 01, 2022.
About SBR Regulatory framework in Brief:
a.Regulatory Structure for NBFCs:
Structure of NBFCs: Under the SBR framework, NBFCs are categorised into 4 layers as Base Layer (NBFC-BL),
Middle Layer (NBFC-ML), Upper Layer (NBFC-UL), and a possible Top Layer (NBFC-TL) based on the size, activity,
etc.
About the layers:
1.Base Layer: It includes,
i.Non-deposit taking NBFCs below the asset size of Rs 1000 crore.
ii.NBFCs that are undertaking the following activities
• NBFC-Peer to Peer Lending Platform (NBFC-P2P),
• NBFC-Account Aggregator (NBFC-AA),
• Non-Operative Financial Holding Company (NOFHC), and
• NBFCs that are not availing public funds and do not have any customer interface.
2.Middle Layer: It includes,
i.All deposit-taking NBFCs (NBFC-Ds) irrespective of asset size.
ii.Non-deposit taking NBFCs with asset size of Rs 1000 crore and above.
iii.NBFCs undertaking the following activities
• Standalone Primary Dealers (SPDs),
• Infrastructure Debt Fund – NBFCs (IDF-NBFCs),
• Core Investment Companies (CICs),
• Housing Finance Companies (HFCs) and
• NBFC- Infrastructure Finance Companies (NBFC-IFCs)
3.Upper Layer:
i.It includes the NBFCs that are identified by the RBI as warranting enhanced regulatory requirements (based on a
set of parameters and scoring methodology).
ii.The top 10 eligible NBFCs in terms of their asset size will always be in the upper layer, irrespective of any other
factor.
4.Top Layer: The Top Layer will ideally remain empty. In future, it may be filled with NBFCs (from the Upper
layer) that are having substantial increases in the potential systemic risk (as per RBI’s opinion).
5.Other categorization:
i.It includes NBFCs such as, Investment and Credit Companies (NBFC-ICC), Micro Finance Institution (NBFC-MFI),
NBFC-Factors and NBFC-Mortgage Guarantee Companies (NBFC-MGC) will lie in any of the layers of the
regulatory structure depending on the parameters of the SBR framework.
ii.Government-owned NBFCs will be placed in the Base Layer/Middle Layer (as the case may be) but they will not
be placed in the Upper Layer.

b.Regulatory Changes under SBR:
1.Net Owned Fund (NoF) Requirement:
i.The minimum NOF for NBFC-ICC, NBFC-MFI, and NBFC-Factors, was increased to Rs 10 crore.
Glide path for Existing NBFCs to achieve NOF of Rs 10 crore:
NOF by March 31,
NBFCs Current NOF NOF by March 31, 2025 2027
NBFC-ICC Rs 2 crore Rs 5 crore Rs 10 crore
Rs 5 crore (Rs 2 crore in NE(North Eastern) Rs 7 crore (Rs 5 crore in NE
NBFC-MFI Region) Region) Rs 10 crore
NBFC-
Factors Rs 5 crore Rs 7 crore Rs 10 crore
ii.For NBFC-P2P, NBFC-AA, and NBFCs with no public funds and no customer interface, the NOF was not changed
and continued to be Rs 2 crore.
iii.The existing minimum NOF for NBFCs – IDF, IFC, MGCs, HFC, and SPD are also not modified.
• The existing NOF are – IDF and IFC – Rs 300 crore, MGC- Rs 100 crore, HFCs- Rs 20 crore, SPDs which
undertake only the core activities – Rs 150 crore, SPDs which also undertake non-core activities – Rs 250
crore.
2.Non-Performing Assets (NPA) Classification:
For all categories of NBFCs, the current NPA classification norm was changed to the ‘overdue period of more
than 90 days’ i.e. debt is classified as non-performing when loan payments have not been made for a period of 90
days.
Glide path to NBFCs in Base Layer to follow the 90 days NPA norm:
NPA Norms Timeline
>150 days overdue By March 31, 2024
>120 days overdue By March 31, 2025
> 90 days By March 31, 2026
3.Experience of the Board – At least one of the directors of the NBFCs need to have relevant experience of
having worked in a bank/ NBFC.
4.Ceiling on IPO Funding – For NBFCs, RBI has set a limit of Rs 1 crore/per borrower for financing
subscription to Initial Public Offer (IPO). NBFCs were also allowed to fix more conservative limits.
5.Concentration of Credit/ Investment:
The current credit concentration limits prescribed for NBFCs under lending and investments were merged into
a single exposure limit of 25 percent of Tier-1 capital for a single borrower/ party and 40 percent of Tier-1
capital for a single group of borrowers/ parties.
Click here to know more about the SBR Framework
Key Facts about NBFCs:
i.In India there are 9,651 NBFCs across 12 different categories focussed on a diverse set of products, customer
segments, and geographies.
ii.As on March 31, 2021, NBFC sector (including HFCs) has assets worth more than Rs 54 lakh crore, equivalent to
about 25 percent of the asset size of the banking sector.
iii.Over the last 5 years, the NBFC sector assets have grown at a cumulative average growth rate of 17.91 percent.
iv.NBFCs are the largest net borrowers of funds from the financial system and banks provide a substantial part of
the funding to NBFCs and HFCs.
RBI’s holding of Gold in Forex Reserves increased 11% y-o-y to 743.84 metric tonnes
On October 27, 2021, the Reserve Bank of India (RBI) released its 37th half yearly report namely ‘Management of
Foreign Exchange Reserves: April-September 2021’ stating an increase in apex bank’s holding of gold in
foreign exchange reserves by about 11% (year-on-year) to 743.84 metric tonnes as on September-end 2021. It

was 668.25 metric tonnes in September 2020.
Key Points:
i.The share of gold in the reserves (in value terms) rose marginally at 5.88 percent, in September 2021 as
compared to 5.87 percent in March 2021.
ii.451.54 metric tonnes of gold is held overseas in safe custody with the Bank of England and the Bank for
International Settlements (BIS), while 292.30 metric tonnes of gold is held domestically.
iii.At the end of June 2021, the foreign exchange reserves cover of imports decreased to 15.8 months from 17.4
months at March-end 2021.
iv.The ratio of short-term debt to reserves, which was 17.5% at end-March 2021, declined to 16.8% at June-end
2021.
Total foreign currency assets (FCA):
i.As on September-end 2021, of the total foreign currency assets (FCA) comprising multi-currency assets that are
held in multi-asset portfolios of $573.60 billion; $383.74 billion was invested in securities, $147.86 billion was
deposited with other central banks and the BIS and the balance $42 billion ($7.44 billion) is with commercial
banks overseas.
ii.Foreign exchange reserves in nominal terms increased by $34.1 billion during April-June 2021 as compared
with $27.9 billion in the corresponding period of 2020-21.
APPOINTMENTS & RESIGNATIONS
Centre appoints BC Patnaik MD of LIC

The Union government appoints BC Patnaik Managing Director of Life Insurance Corporation of India (LIC) on
October 1, 2021, by notification dated July 5, 2021.Currently, LIC has one chairman and four Managing Directors.
• Earlier, he was working as the secretary general, Council for Insurance Ombudsman (CIO), Mumbai.
• Prior to which he was the Director of Zonal Training Centre of the North Central Zone of LIC at Agra
• He joined LIC of India in March 1986 as a Direct Recruit Officer.
About LIC
It stands for Life Insurance Corporation of India.
It is an Indian statutory insurance and investment corporation.
Chairperson: M R Kumar
Headquarters: Mumbai
World Bank’s arm IFC appoints Wendy Werner as India Country Head
The International Finance Corporation (IFC) has appointed Wendy Werner as the new Country Head for India.
She will succeed Jun Zhang, who retired recently.Her main focus will be on growth and diversification of IFC’s
portfolio in India.
About Wendy Werner:
Before this appointment, she was IFC trade & competitiveness manager for East Asia and the Pacific.
Key points
i.IFC has invested more than USD 24 billion (including mobilization) in more than 500 companies in India.
ii.India is one of the largest client countries of IFC, which has commitment of USD 1.7 billion investment by 2021.
iii.IFC has also committed to support a green, inclusive and resilient recovery in India.
About International Finance Corporation (IFC)-
It is an international financial institution that offers investment, advisory, and asset management services to
encourage private sector development in developing countries.
• It is a member of the World Bank Group
Founded– 20 July 1956
Headquarters- Washington DC, United States
Managing Director- Makhtar Diop

CCI chief Ashok Kumar Gupta gets Additional Charge as the Chairperson of NFRA
The chairperson of the Competition Commission of India (CCI), Ashok Kumar Gupta was given additional charge
as the chairperson of the National Financial Reporting Authority (NFRA)
He will succeed Rangachari Sridharan, who served as the chairperson for 3 years.
Highlights
i.Ashok Kumar Gupta will serve the office only for 3 months as an additional charge or till the appointment of a
regular officer or till further orders.
ii.The decision was approved by the Minister of Corporate Affairs (MCA) Nirmala Sitharaman.
About Competition Commission of India (CCI)
Founded- 14 October 2003
Headquarters– New Delhi, Delhi
About National Financial Reporting Authority (NFRA)
Former SBI Chairman Rajnish Kumar Appointed as Chairman of the Board of BharatPe
Rajnish Kumar, former chairman of the State Bank of India(SBI) has been appointed as the Chairman of the
board of BharatPe, an ‘Indian’ leading fintech company.
• He will mentor the BharatPe team during its transition into a small finance bank.
• He will also take part in defining the short term and long term strategies of BharatPe.
About Rajnish Kumar:
i.Rajnish Kumar has served as the chairman of SBI from 2017 to 2020.
ii.He has also served as the managing director of SBI and the managing director of compliance and risk at SBI.
iii.At present he is serving as an independent non-executive director at HSBC Bank, Asia and Additional Director
in the capacity of an Independent Director of the L&T Infotech.
iv.Previously he was appointed as the senior advisor by Baring Private Equity Asia and an advisor to Kotak
Investment Advisors.
About BharatPe:
Bharatpe has emerged as the largest B2B (business-to-business) lender in the financial services industry and has
become a unicorn startup (a company with a valuation of over 1 billion USD).
CEO– Ashneer Grover
Group President- Suhail Sameer
Head office– New Delhi,Delhi
Founded in 2018
Navrang Saini gets additional charge as IBBI Chairperson

On October 13, 2021, the Central Government gave Navrang Saini, Whole Time Member, Insolvency and
Bankruptcy Board of India (IBBI), an additional charge as the Chairperson of IBBI.
• He has been appointed for a period of three months or till the joining of a new incumbent to the post or
until further orders, whichever is earlier
• He will succeed S. Sahoo who retired on September 30, 2021 after a five-year tenure on.
About IBBI:
Established in 2016, it is a key institution in implementing the Insolvency and Bankruptcy Code (IBC),
Headquarter– New Delhi
RBI Approves Reappointment of Amitabh Chaudhry as MD & CEO of Axis Bank

The Reserve Bank of India(RBI) has approved the reappointment of Amitabh Chaudhry as the Managing
Director(MD) and Chief Executive officer(CEO) of Axis Bank for a period of three years with effect from 1st
January 2022 till December 31, 2024.

• In April 2021, The Board of Axis Bank approved the extension of Amitabh Chaudhry tenure as MD & CEO
for a period of3 years subject to regulatory clearance.
About Amitabh Chaudhry:
i.Amitabh Chaudhry started his career in corporate banking with the Bank of America in 1987,
ii.In 2018 he was appointed as the MD & CEO of Axis Bank for a period of 3 years (1 January 2019 up to 31
December 2021).
iii.Prior to this appointment he has served as the MD & CEO of HDFC Standard Life.
iv.He has also worked with Infosys BPO between 2003 and 2006.
Note:
• The MD & CEO of private banks are appointed by their respective boards, subject to approval by the RBI.
• The post of MD & CEO of a private bank cannot be held by the same individual for more than 15 years and no
person can continue on such positions beyond the age of 70 years.
About Axis Bank:
Axis Bank is the 3rd Largest Private Sector Bank in India.
MD & CEO– Amitabh Chaudhry
Incorporated in 1993
Begun operations in 1994
A K Goel MD & CEO of UCO Bank Elected as Chairman of IBA; Replaces Rajkiran Rai
Atul Kumar Goel (A K Goel), Managing Director and Chief Executive officer (MD & CEO) of UCO Bank has been
elected as the Chairman of the Indian Banks’ Association (IBA) for 2021-22 at the election held during the
Managing committee meeting on 14th October. He replaces Rajkiran Rai G, MD & CEO of Union Bank.
About Atul Kumar Goel:
i.Atul Kumar Goel(A K Goel) is set to take over as the CEO of Punjab National Bank (PNB) with effect from January
2022.
ii.The Banks Board Bureau (BBB) recommended him for the post of MD & CEO of PNB.
iii.Previously AK Goel has served as the Executive Director in Union Bank of India.
iv.He has also served as a General Manager and Chief Financial Officer (CFO) of Allahabad Bank.
v.He is a member of the Institute of Chartered Accountants of India(ICAI) and a Certified Associate of Indian
Institute of Bankers(CAIIB).
Other appointments:
The IBA has also elected the other office bearers of 2021-2022.
Deputy Chairman:
• Dinesh Kumar Khara, Chairman of State Bank of India,
• L V Prabhakar, MD of Canara Bank,
• Rakesh Sharma MD of IDBI Bank
Honorary Secretary:
• Madhav Nair, Country Head & CEO, Mashreqbank PSC
About Indian Banks’ Association (IBA):
Chief Executive– Sunil Mehta
Formed on September 26, 1946
Members– 244
RBI Approves Appointment of Pradeep Kumar Panja as Part-Time Non-Executive Chairman of

Karnataka Bank
The Reserve Bank of India (RBI) approved the appointment of Pradeep Kumar Panja as the part-time non-
executive Chairman of the Karnataka Bank Limited for a period of 3 years. The appointment will come into effect
from 14th November 2021. He has been serving as a board member of Karnataka Bank since 19th August 2020.

• He will succeed P Jayarama Bhat, whose tenure as Part Time (Non-Executive) Chairman of Karnataka Bank
ends on 13th November 2021.
• RBI has approved the appointment under Section 10B(1A)(i) of the Banking Regulation Act, 1949.
Note:As a non-executive Chairman, he will take a salary of Rs 15 lakhs per annum, which is subjected to the
approval of the shareholders at their annual general meeting to be held in 2022-2023.
About Pradeep Kumar Panja:
i.Pradeep Kumar Panja, a career banker, hails from the Panja Village, Dakshina Kannada, Karnataka.
ii.Pradeep Kumar Panja is the former Managing Director(Corporate Banking) of the State Bank of India(SBI).
iii.He has also served as the MD of the State Bank of Travancore.
iv.At present, he is a member of the Banks Board Bureau(BBB) and serves as a director on the board of 7
companies, engaged in the business of asset reconstruction, cement, real estate, Non-Banking Financial Company
(NBFC), Alliance for Financial Inclusion(AFI), etc.
v.The 7 companies include 3 listed companies including the Karnataka Bank.
About Karnataka Bank:
MD & CEO– Mahabaleshwara M.S
Tagline– Your Family Bank across India
Headquarters– Mangaluru, Dakshina Kannada, Karnataka.
Incorporated on February 18th, 1924
A.Balasubramanian Elected as the Chairman of AMFI

Balasubramanian, Chief Executive Officer (CEO) of Aditya Birla Sun Life Asset Management, was elected as the
Chairman of Association of Mutual Funds in India (AMFI), by the board members of AMFI. Earlier he served as
the Chairman of AMFI from 2017 to 2019.Balasubramanian has succeeded Nilesh Shah, Managing Director of
Kotak Mutual Fund. He will also hold the office of ex-officio Chairman of the AMFI Financial Literacy
Committee.
Key points:
i.Nilesh Shah, Group President and Managing Director, Kotak Mutual Fund, has been elected to be the Chairman
of the AMFI Valuation Committee.
ii.Radhika Gupta, C EO of Edelweiss Asset Management has been elected as the Vice-Chairperson of AMFI. She
has also been re-elected as Chairperson of AMFI ETF (Exchange Traded Fund) Committee. She has replaced
Invesco Asset Management (India) Private Limited CEO Saurabh Nanavati.
iii.Sanjay Sapre, the President of Franklin Templeton Asset Management (India) was re-elected as the Chairman
of AMFI Operations and Compliance Committee (O&CC).
iv.Vishal Kapoor the CEO of IDFC Asset Management has been elected as the Chairman of AMFI Standing
Committee of Certified Distributors (ARN Committee).
Association of Mutual Funds in India (AMFI):
i.It is the association of all the Asset Management Companies of SEBI-registered mutual funds in India.
ii.Members: So far, the 45 Asset Management Companies that are registered with SEBI are members of AMFI.
Chief Executive Officer- N. S. Venkatesh
Headquarters- Mumbai, Maharashtra
Founded- 1995
SMB Neobank FloBiz announces Manoj Bajpayee as Brand Ambassador for myBillBook
FloBiz, a neobank for Indian Small to Medium sized Businesses(SMBs), announced Padma Shri Awardee
actor Manoj Bajpayee as the brand ambassador for its flagship product myBillBook.
Objective : To accelerate its outreach to the SMB sector and promote the adoption of myBillBook – a simple to
use GST(Good & Services Tax) billing and accounting software.
Highlights:
i.He will promote the ‘’Business Ko Le Seriously’’ campaign to mark the importance of digital solutions.FloBiz
will release advertisement films featuring Manoj Bajpayee as a businessman.

ii.The campaign is credited by Tilt Brand Solutions.
About myBillBook:
i.It is a software for GST registered businesses where invoicing is one of the core business activities.
ii.It provides a secure platform for SMB business owners to record transactions & track business performance
and will support them to run their operations from anywhere & anytime on both mobile & desktop.
iii.It supports bill creation (GST & non-GST), record purchases & expenses, maintain stock and manage
payables/receivables. It is currently available in English, Hindi, Gujarati & Tamil.
About FloBiz:
Headquarters- Bangalore, Karnataka
Co-founder and CEO – Rahul Raj
Government Appoints Banker K V Kamath as Chairperson of NaBFID

The government appointed K V Kamath, as chairperson of the newly set up Rs 20,000 crore National Bank for
Financing Infrastructure and Development (NaBFID), a newly set up Development Financial Institution (DFI)
in India, Department of Financial Services (DFS), under the finance ministry.
K V Kamath began his career at ICICI in 1971and retired as managing director and CEO in April 2009 and became
its non-executive chairman.
• The institution has been set up to support the development of long-term non-recourse infrastructure financing.
• National Bank for Financing Infrastructure and Development (NaBFID) Bill 2021 supports the development of
long-term non-recourse infrastructure financing in India, including the development of the bonds and derivatives
markets necessary for infrastructure financing.
About Financial Institutions
i.In India, the first DFI was operationalised in 1948 with the setting up of the Industrial Finance Corporation of
India (IFCI).
ii.Subsequently, the Industrial Credit and Investment Corporation of India (ICICI) was set up with the backing of
the World Bank in 1955.
iii.The Industrial Development Bank of India (IDBI) came into existence in 1964 to promote long-term financing
for infrastructure projects and industry.
RBI Approves Appointment of Baldev Prakash as J&K Bank MD & CEO

The Reserve Bank of India (RBI) has approved the appointment of Baldev Prakash as the next Managing
Director and Chief Executive Officer (CEO) of Jammu & Kashmir (J&K) Bank for 3 years from April 10, 2022.
Presently, RK Chhibber is the Chairman and Managing Director of J&K Bank.
About Baldev Prakash
i.Baldev Prakash was working with State Bank of India (SBI) in various capacities including as Chief General
Manager (Digital and Transaction Banking Marketing). ii.Prakash has over 30 years of experience in banking in
various roles at small and large size branches at SBI. He had joined SBI as a probationary officer in 1991
iii.Prakash has worked for over four years at Muscat (Sultanate of Oman) responsible for handling remittances
business including treasury operations.
About Jammu & Kashmir Bank
Headquarters: Srinagar
Founded: 1 October 1938
Tagline: ‘’Serving to Empower’’
Subhash Chandra Khuntia Appointed as Part-Time Chairman of Jana SFB

Subhash Chandra Khuntia, a 1981 batch IAS officer has been appointed as the part-time Chairman of the Jana
Small Finance Bank(SFB). He has served as the Chairman of the Insurance Regulatory and Development
Authority of India(IRDAI) from 2018 to May 2021.

Shaktikanta Das got 3-year Extension as RBI Governor till 2024
The Appointment Committee of the Cabinet (ACC) chaired by Prime Minister Narendra Modi has approved
the extension of the term of Shaktikanta Das, the current Governor of Reserve Bank of India (RBI) by another 3
years i.e. up to December 2024.
About Shaktikanta Das:
i.He was appointed as the 25th Governor of RBI (succeeding Urjit R. Patel) for 3 years from December 12, 2018.
The current extension will be his 2nd term as RBI Governor.
ii.He was a 1980 batch IAS officer from the Tamil Nadu cadre and before assuming charge as the governor, he
served as the Secretary, Department of Revenue and Department of Economic Affairs, Ministry of Finance,
Government of India (till May 2017), and Member of 15th Finance Commission and G20 Sherpa of India.
iii.He has also served as India’s Alternate Governor in the World Bank, Asian Development Bank (ADB), New
Development Bank (NDB) and Asian Infrastructure Investment Bank (AIIB) and he has represented India in
international fora like the IMF (International Monetary Fund), G20, BRICS (Brazil, Russia, India, China, and South
Africa), SAARC (South Asian Association for Regional Cooperation), etc.
iv.5th Governor to get Long Tenure:
• Generally, RBI governors are given a 5-year term and Shaktikanta Das is the 5th governor (out of 25) to get a 6
years long tenure.
• Other governors who have served long tenure include – Bimal Jalan (1997-2003), CD Deshmukh (1943-1949),
James Taylor (1937-1943), and Benegal Rama Rau (1949-1957) (the only governor who have served for 8 years).
About the Central Board of Directors of RBI:
i.The RBI’s affairs are governed by a central board of directors. The board will be appointed/nominated by the
Government under the provisions of the Reserve Bank of India Act, 1934 for a period of 4 years.
ii.Classification of the directors:
Official Directors: It includes the Governor and Deputy Governors (not more than 4) of RBI.
Non-official Directors: Government will nominate the directors on the Central Board in which 10 directors
represent different sectors of the economy, such as, agriculture, industry, trade, and two secretaries from the
finance ministry along with 4 directors from four Local Boards (one Director from each) of RBI.
OBITUARY
Management Guru, Padma Shri Bala V Balachandran Passed Away

Padma Shri Professor Bala V Balachandran, the management guru and the founder of Great Lakes Institute of
Management (GLIM), who is fondly known as “Uncle Bala” passed away in Chicago, United States of
America(USA). He was born in Pudukkottai, Tamil Nadu.
About Bala V Balachandran:
i.Bala V Balachandran started his career as a professor, consultant, mentor, author, entrepreneur and life coach.
ii.He served as the director of the Accounting Research Center at Kellogg in 1985.
iii.He played a major role in designing MBA programmes at the Indian School of Business, Hyderabad and has
chaired the committee to select the Dean and faculty members and the curriculum committees.
iv.He established the GLIM, a private business school in India in 2004.
v.The Government of India honoured him with the Padma Shri in 2001 in the field of literature and education.
vi.He has authored around 100 research articles and several books on Corporate Maharajahs and Leadership.
OTHER NEWS
India Hosted World’s Largest Virtual Fintech Festival GFF 2021

India hosted the 2 edition of Global FinTech Festival (GFF) 2021, the World’s largest virtual fintech festival
nd
from September 28 to 30, 2021.

Theme: ‘FinTech: Empowering a Global Digital Economy’.

• GFF 2021 is organised by National Payments Corporation of India (NPCI) and Fintech Convergence Council
(FCC) and Internet and Mobile Association of India (IAMAI) along with Payments Council of India (PCI).
• Minister of Finance and Corporate Affairs, Nirmala Sitharaman was the Chief Guest of the event which was
presented by the Ministry of Electronics and Information Technology.
Key Points:
i.Objective: To sustain India’s leadership in digital payments and financial technologies, attract investors to the
Indian startup ecosystem and explore the possibilities of globalisation of Indian fintech infrastructure and
services.
ii.At the GFF 2021 Nirmala Sitharaman released the ‘UN (United Nation) Report on Responsible Digital
Payments’ that provides good practices for financial consumer protection.
iii.She specified India as a prime destination for digital payments and activities as it has the highest Fintech
adoption rate of 87 percent compared to the global average rate of 64 percent.
Digital payment transactions have grown from Rs 2 trillion in 2019 to Rs 4 trillion in 2020.
iv.The festival is supported by NITI Aayog, Startup India and Invest India. The World Bank and United Nations
Capital Development Fund (UNCDF) are the institutional partners of the summit.
v.About 75 partners have collaborated for the summit, including Razorpay, Amazon Web Services (AWS) and
Cashfree and over 115 countries have participated at the Summit.
vi.At the GFF 2021, NPCI has partnered with YES BANK and launched first-of-its-kind ‘RuPay On-the-
Go’ contactless payments solutions, in association with fintech infrastructure partner-Neokred and
manufacturing partner- Seshaasai.
Tap, Pay, go: RuPay On-the-Go will enable the users to pay up to Rs 5000 without the need to input the PINs
through RuPay contactless-enabled PoS from the accessories they wear.
For payments above Rs 5000, the customers need to tap, followed by their PIN.
About National Payments Corporation of India (NPCI):
MD & CEO – Dilip Asbe
I-Sprint’21: IFSCA’s Global FinTech Hackathon Series ‘Sprint01: BankTech’ Launched

On October 7, 2021, the International Financial Services Centres Authority (IFSCA) and GIFT (Gujarat
International Finance Tec) City launched I-Sprint’21. It is a global FinTech Hackathon Series of IFSCA to be
conducted virtually.
• The first Sprint of the series is ‘Sprint01: BankTech’ which is focused on FinTechs for the Banking sector. It will
be co-hosted by IFSCA and GIFT city in collaboration with NITI (National Institution for Transforming
India) Aayog.
• This hackathon is first under the I-Sprint series focusing on the Banking Sector.
Partners:
The Partners to the Hackathon are ICICI (Formerly Industrial Credit and Investment Corporation of India) Bank,
HSBC (Hongkong and Shanghai Banking Corporation Limited) Bank, iCreate (International Centre for
Entrepreneurship and Technology), Zone Startups and Invest-India.
Key Points:
i.The aim of the Hackathon is to connect IFSCA and GIFT IFSC with FinTech Ecosystem to solve business problems
and to promote retail business for the Banking Units at GIFT IFSC.
ii.The finalists of this Hackathon shall be allowed direct entry into IFSCA Regulatory/Innovation Sandbox.
The Regulatory Sandbox was introduced by IFSCA in October 2020 on the lines of the Union Budget FY21
announcement on supporting a World Class FinTech Hub at GIFT IFSC.
iii.FinTechs of this hackathon will also get an opportunity to show-case during the Flagship FinTech Forum of
IFSCA in December 2021.
iv.iCreate sponsored Price money of Rs 24 lakh for the same while Zone Startups India’s network will provide
Business Support Solution Partner benefits of upto $25,000 per startup.

About International Financial Services Centres Authority (IFSCA):
It is a unified authority vested with the powers of all four financial sector regulators in India viz. Securities &
Exchange Board of India (SEBI), Reserve Bank of India (RBI), Insurance Regulatory and Development Authority of
India (IRDAI) and Pension Fund Regulatory and Development Authority (PFRDA).
• It encourages the promotion of financial technologies across banking, insurance, securities and fund
management in Indian IFSC.
Chairperson– Injeti Srinivas
Headquarter– Gandhi Nagar, Gujarat
Indian Bank Onboarded as Partner Bank for Offline-Online Collection of Treasury of IFHRMS
The Indian Bank has announced that it has become the official partner bank of the Integrated Financial and
Human Resource Management System (IFHRMS) for the collection of offline and online treasury.
The IFHRMS was developed by the Tamil Nadu government to integrate human resources and finance related
services providing a comprehensive management system.
Key points
i.It will provide benefits to the public that can avail government services related to Tamil Nadu treasuries and
accounts, chief auditor of statutory boards departments, small savings, pension, co-operative audit and
government data centre.
ii.It also has the e-challan facility which can collect funds for IFHRMS.
About Indian Bank
Chief Executive Officer: Shanti Lal Jain
Headquarters: Chennai
Founded: 15 August 1907
Stellapps, Airtel Payments Bank partner for Cashless Fund Transfer to Small Dairy Farmers
Dairy-tech startup Stellapps and Airtel Payments Bank have joined hands to enable cashless payment transfers to
small dairy farmers.
Need behind this partnership:
Farmers have been facing a challenge of long travel to the nearest ATM (Automatic Teller Machine) or bank
branch for withdrawing cash. Now under this partnership, stellapps milk collection centers will act as banking
points which will enable farmers to open a bank account, withdraw and deposit cash, earn interest on savings,
access Aadhaar enabled payments, get government pension schemes, and make bill payments.
• This project will be initiated in Uttar Pradesh (Varanasi & Kanpur) and Madhya Pradesh (Gwalior).
• These centres will be powered by mooPay (Stellapps fintech platform) with access to ecosystem
partnerships to assist in farm improvement, animal healthcare, and nutrition services.
About Stellapps:
It has been closely working with dairies and their milk collection centers to facilitate direct payments to the bank
account of the dairy farmers through mooPay.
About Airtel Payments Bank:
Managing Director & CEO– Anubrata Biswas
Headquarter– New Delhi, Delhi
IFSCA set up 10-member expert panel to develop sustainable finance hub

The International Financial Services Centres Authority (IFSCA) set up an expert panel headed by former
Environment and Forest Secretary C K Mishra to suggest a framework to develop a world-class sustainable
finance hub at IFSC.
• The committee consists of leaders across the sustainable finance spectrum, including international agencies,
standard setting bodies, funds, academia, and consultancies.
• IFSCA has constituted a 10-member Expert Committee to recommend approach towards development of
Sustainable Finance Hub.

Objective of the panel
To identify existing and emerging opportunities in Sustainable Finance for GIFT-IFSC to act as a gateway to meet
India’s requirements and recommend a short, medium, and long-term vision/road map on sustainable finance.
• GIFT-IFSC is a global hub and helps to create a path for foreign capital flows in India.
Note:The committee will submit its report along with recommendations within three months from the date of
holding its first meeting.
About IFSCA
i.It stands for International Financial Services Centres Authority.It is to develop a strong global connect and focus
on the needs of the Indian economy as well as to serve as an international financial platform.
ii.It is a unified authority for the development and regulation of financial products, financial services and financial
institutions in the International Financial Services Centre (IFSC) in India.
Executive Director: Manoj Kumar
Established: April 2020, under the IFSCA Act, 2019.
Headquarters: GIFT City, Gandhinagar, Gujarat.
SEBI Board Approved List of Key Amendments, Initiatives

On September 28, 2021, the board of Securities and Exchange Board of India (SEBI) under its board meeting
issued frameworks for Gold Exchange, social stock exchange, delisting framework, and superior voting rights
shares and approved some amendments.
List of Approved Amendments and frameworks:
• Approved the framework for Gold Exchange
• Approved Framework for social stock exchange
• Eased the Delisting framework to boost the M&A Activity
• Issued framework for the issuance of superior voting rights shares
• Amended norms on Related Party Transactions (RPTs)
• Amended SEBI (Mutual Funds) Regulations
a.SEBI Approved the framework for Gold Exchange and SEBI (Vault Managers) Regulations, 2021:
What is Gold Exchange?
i.Gold Exchange includes the entire ecosystem of trading Electronic Gold Receipt (EGR) and the physical
delivery of gold and it would be a national platform for buying and selling EGRs with underlying standardized
gold in India.
Objective: Gold exchange i.e trading of EGR is intended to create ‘one nation one price’ of gold.
ii.Benefits: Efficient and transparent price discovery, investment liquidity, assurance in the quality of gold,
increased gold recycling in India, etc.
iii.EGR: The instrument representing gold will be called ‘EGR’ and it will be notified as ‘securities’ under the
Securities Contracts (Regulation) Act, 1956.
Who is the Vault Manager?
Vault managers, who are accredited by SEBI, will accept gold deposits, create EGRs, handle gold withdrawal, and
periodically reconcile physical gold with the depository records.
Features of the Gold Exchange and Vault Manager Framework:
i.Eligibility: Any recognized stock exchange, existing as well as new, can launch trading in EGRs in a separate
segment.The recognized stock exchanges will trade EGR and convert EGR into gold with the approval of SEBI.
ii.The Clearing Corporation (CC) will settle the trades, executed on the stock exchange, by transferring EGRs and
funds to the buyer and seller.
iii.The Vault Manager will be registered and regulated as a SEBI intermediary, for providing vaulting services
meant for gold deposited to create EGRs.
Eligibility: The Vault Manager should be a body corporate incorporated in India and he should have a net worth
of at least Rs 50 crores.
iv.Validity: The EGR will have perpetual (endless) validity, hence the holder could hold the EGR as long as they
wish.

v.Withdrawal: The EGR holder, at his discretion, could withdraw the gold from the vaults, by surrendering the
EGRs.
To lower the costs associated with the withdrawal of gold from the vaults, EGRs are made ‘fungible’ (i.e.
replaceable) and allow ‘interoperability between Vault Managers’.
b.SEBI Approved Framework for Social Stock Exchange:
The Board approved the creation of the Social Stock Exchange (SSE) for fund raising by Social Enterprises
(SE).Social Enterprises eligible to participate in SSE, shall be entities (Non-Profit Organization -NPO and For-
Profit Social Enterprise -FPE) having social intent and impact as their primary goals.
• Eligibility: SE will have to engage in a social activity out of the list of 15 broad eligible social activities
approved by the Board.
• Eligible NPOs may raise funds through equity, Zero Coupon Zero Principal (ZCZP) bonds, Mutual Funds,
Social Impact Funds, and Development Impact Bonds.
• Social Venture Funds under SEBI (Alternative Investment Funds) Regulations will be rechristened as Social
Impact Funds (SIFs). The corpus requirements for such funds shall be reduced from Rs.20 Crores to Rs.5
Crores. Further, the reference to “muted returns” shall be removed.
• SEBI shall engage with NABARD, SIDBI and stock exchanges towards institution of a capacity building fund,
with a corpus of Rs.100 Crores.
c.SEBI eased the Delisting framework to boost the M&A Activity:
The board approved amending the existing regulatory framework for delisting of equity shares pursuant to open
offer as provided under the extant Regulation 5A of the SEBI (Substantial Acquisition of Shares and Takeovers)
Regulations, 2011 (Takeover Regulations).
Objective: To make merger and acquisition (M&A) transactions more convenient.
What is an Open offer?
An open offer is an offer made by the acquirer to the shareholders of the target company (a company whose
equity shares are listed in a stock Exchange) inviting them to tender their shares in the target company at a
particular price.
Existing framework:
i.Under the existing framework, an entity acquiring control in a target (listed) company has to make a mandatory
open offer to buy a minimum of 26 percent stake share capital of the company.
ii.Following the open offer, if the promoter shareholding increases beyond 75 percent, the acquirer has to bring it
down to below the 75 percent threshold before attempting a delisting bid, which again requires the acquirer to
increase its stake to 90 percent.
Updated Framework:
i.SEBI has allowed an acquirer to launch both the open offer and delisting bid simultaneously.
ii.The acquirer needs to disclose the purpose to delist upfront at the time of making an open offer and also the
acquirers are mandated to disclose two separate offer prices, one for the open offer and one for delisting.
iii.If the response to the open offer leads to the delisting threshold of 90 percent being met, all shareholders who
tender their shares should be paid the same delisting price.
iv.If the delisting threshold of 90 percent is not being met, all shareholders should be paid the same takeover
price.
d.SEBI Amended norms on Related Party Transactions (RPTs)
The board has approved the amendments to SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, in relation to regulatory provisions on RPTs.
Key Amendments:
i.Definition of RPTs: It includes any person/entity holding equity shares in the listed entity, to the extent of 10
percent or more in the company (with effect from April 1, 2023).
ii.Prior approval of the shareholders of the listed entity should be required for material RPTs having a threshold
of lower than Rs 1000 crore/ 10 percent of the consolidated annual turnover of the listed entity.

e.SEBI Issued a framework for the issuance of superior voting rights shares:
i.SEBI has relaxed the eligibility requirements related to the Superior Voting Rights (SR) Shares framework to
allow the founders of unlisted technology companies more freedom to retain the control of their firms by raising
capital.
ii.Background: In 2019, SEBI had introduced the SR framework for issuer companies that are intensive in the use
of technology.
iiiCurrent Amendments:
• Earlier the SR shareholder should not be part of the promoter group having a net worth more than Rs 500
crore. Now, the threshold has been changed to not more than Rs 1000 crore.
• The minimum gap between the issuance of SR shares and the filing of Red Herring Prospectus is reduced
from 6 months to 3 months.
f.Other Initiative:
i.The Board approved an amendment to SEBI (Mutual Funds) Regulations, 1996 for the introduction of Silver
Exchange Traded Funds with certain regulations.
ii.Silver became the 2nd commodity after the gold that investors will be able to buy through the MF route as
exchange-traded funds.
About Securities and Exchange Board of India (SEBI):
Establishment – On April 12, 1992, in accordance with the SEBI Act, 1992.
Chairman – Ajay Tyagi
Suryoday SFB to Shut Down its ATMs

Suryoday Small Finance Bank(SFB) is set to shut down its Automated Teller Machines (ATMs) and discontinue its
ATM services from 1st October 2021. The customers can use their ATM or Debit card at other Banks’ ATMs to
withdraw cash and for other services, the customers can use internet banking and mobile banking.
• Suryoday SFB has become the first lender to discontinue its ATM services.
About Suryoday Small Finance Bank:
Suryoday started its operations as an SFB in 2017
MD & CEO– Baskar Babu Ramachandran
Headquarters– Navi Mumbai, Maharashtra
Tagline– A bank of smiles
Indel Money ties up with IndusInd Bank for 1 Gold Loan co-lending Partnership
st
A first-of-its-kind conventional gold loan co-lending partnership has been generated between a Non-Banking
Financial Company (NBFC), Indel Money, and a commercial bank i.e. IndusInd Bank.
• Under this tie-up, IndusInd Bank will offer gold loans at competitive rates to its customers, which will be
processed by Indel Money on mutually formulated credit parameters and eligibility criteria.
• 80% of gold loans will be funded by IndusInd Bank while the remaining 20% will be funded by Indel Money.
Key Points:
i.Indel Money will provide customer service through the entire lifecycle of the loans including sourcing,
documentation, collection and loan servicing.
ii.The partnership will be initiated on a pilot basis before pan-India expansion.
iii.Indel money is known for long-term loans against gold as it is the only gold loan company offering two-year
gold loans. Usually, the gold loan tenor is only upto 3 months.
About Indel Money:
Executive Director & CEO– Umesh Mohanan
Headquarter– Mumbai, Maharashtra

About IndusInd Bank:
Managing Director & CEO– Sumant Kathpalia
Headquarter– Pune, Maharashtra
Tagline– We Make You Feel Richer
NTPC REL signs 1 Green Term Loan Pact of Rs 500 cr with Bank of India
st
On September 29, 2021, the NTPC Renewable Energy Ltd. (REL) signed its first Green Term Loan (GTL)
agreement of Rs 500 crores with Bank of India (BoI) for a period of 15 years.
• The loan will be used for the development of 470 MW (Mega Watt) solar project in Rajasthan and 200 MW
solar project in Gujarat.
• A green loan is a type of loan instrument enabling borrowers to finance environmental projects.
Signatories:
It was signed in the presence of NTPC Director (Finance) Anil Kumar Gautam, Chandan Kumar Mondal,
Chairman of NTPC REL; and Mohit Bhargava, Chief Executive Officer (CEO), NTPC REL and senior officials from
Bank of India.
Key Points:
i.NTPC REL, a 100% subsidiary of NTPC (formerly known as National Thermal Power Corporation Limited) Ltd
was incorporated in 2020.
• It currently has a renewable project portfolio of 3,450 MW of which 820 MW projects are under construction
and 2,630 MW projects have been won.
• Notably it will construct India’s largest single local solar power park of 4.75 GW in Kutch, Gujarat.
ii.NTPC plans to have 60GW capacity through renewable energy sources by 2032 constituting nearly 45% of its
overall power generation capacity.
About Bank of India (BoI):
Managing Director & CEO– Atanu Kumar Das
Tagline– Relationship beyond banking
SBI inks agreement with 3 NBFC-MFIs for co-lending to Joint Liability Groups
State Bank of India (SBI) has signed a Master Agreement with three non-banking finance company-microfinance
institutions (NBFC-MFIs) for co-lending to Joint Liability Groups (JLGs). The entities are Vedika Credit Capital
Ltd (VCCL), Save Microfinance Pvt Ltd (SMPL) and Paisalo Digital Ltd (PDL).
• JLGs will use these funds to undertake agriculture and allied activities, including other income generation
activities.
• These partnerships will also enable SBI to increase its reach in the rural and semi-urban areas.
Background:
The Reserve Bank of India (RBI) had issued guidelines on co-lending schemes for banks and NBFCs / NBFC-MFIs
for priority sector lending to make funds available to unserved and underserved sectors at an affordable cost.
• On these lines SBI is actively looking at co-lending opportunities with multiple NBFCs / NBFC-MFIs for
financing farm mechanization in order to double the farmers’ income.
About State Bank of India (SBI):
Established– 1st July 1955
Chairman– Dinesh Kumar Khara
Tagline– The Banker to Every Indian
BharatPe acquired Payback India launches PAY Feature on its App

Payback India, a BharaPe company, has launched the ‘PAY feature’ on its mobile app that provides the
integrated facility of QR (Quick Response) code based payment and loyalty points in a single app.This initiative

is a 1st of its Kind in Industry that integrates QR-based UPI (Unified Payment Interface) payments and loyalty
in a single app.
Highlights
i.The new feature will enable 100 million members of Payback India to make online payments by scanning the
UPI QR code at any store by using the Payback app. The customers will also earn loyalty points in each online
transaction.
ii.Member of Payback will earn 50 bonus points on the first UPI transaction via Payback Pay and five Payback
points thereafter, on every transaction.
iii.All redemption and earning of points through Payback will occur at BharatPe QRs. The Payback points will be
considered as a currency with universal acceptance.
iv.The customers will earn 2X points on transactions done at BharatPe QRs. The points will be credited in the
customer’s account on a real-time basis.
About Payback India
Parent organization– BharatPe
Chief Executive officer (CEO)-Rijish Raghavan
About BharatPe
Co-Founder and Managing Director– Ashneer Grover
AIIB Grants USD 356.67 mn Loans for Chennai Metro; India Becomes Largest Beneficiary of AIIB
The Asian Infrastructure Investment Bank (AIIB) will provide loan assistance of USD 356.67 million(~Rs.2.65
lakh Crore) for the expansion of Chennai Metro Rail system, Tamil Nadu (TN), India. With this Investment, AIIB
has invested a total of USD 6.7 billion making India its largest beneficiary.
Chennai Metro Rail Project:
i.AIIB will invest in the phase 2 of the project that involves construction of a new corridor in Chennai’s Metro
Network.The project is aligned with AIIB’s mandate to support high-quality and sustainable infrastructure.
ii.It will promote integrated economic and transport sector growth in Chennai. It will also reduce greenhouse
gas (GHG) emissions which further led to reducing carbon footprint
iii.The metro project will span from Lighthouse in the east to Poonamallee Bypass in the west to ensure
seamless multimodal transport across Chennai by providing integrated access to suburban rail, bus stations and
the city’s main airport.
iv.The station will be equipped with rooftop solar panels, which promotes green economic growth in the
city. The project also integrates climate change resilience features to reduce its vulnerability to climate-related
events.
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 its largest beneficiary in terms of getting approval for many projects.
ii.The energy and transport sectors received the highest amount of financing from AIIB
iii.The bank has approved loan assistance to 28 projects in India of USD 6.7 billion. AIIB has granted USD 1.75
billion as an aid assistance during the time of COVID-19 crises.
iv.Various projects-AIIB major Infra projects for India included USD 335 million for Bangalore metro, USD 400
million for Andhra Pradesh Urban Water project, USD 105 million for Kerala Solid Waste Management, USD 125
million for Resilient Kerala, USD 500 million for Mumbai Urban Transport Project-3 and USD 500 million for Delhi
Meerut Rapid Transport system.
About Asian Infrastructure Investment Bank (AIIB)
Headquarters- Beijing, China
Member – 103 members ( 2021)
Commenced Operation- 2016
President- Jin Liqun

AU SFB, NABARD collaborates to boost rural development in Rajasthan
Private sector AU Small Finance Bank (SFB) signed a pact with the National Bank for Agriculture and Rural
Development (NABARD) to boost ongoing rural development initiatives in Rajasthan.
Objective
i.The initiatives will benefit farmers, Farmer Producer Organisations (FPOs), Self Help Groups (SHGs), rural
artisans, agri-entrepreneurs, and agri-startups in the State.
ii.The partnership helps to improve the rural prosperity of the state by various ongoing initiatives and lending
facilities.
iii.This lending facilities would enhance the agriculture and rural development in the state.
About NABARD
It stands for National Bank for Agriculture and Rural Development
Chairman: Dr G R Chintala
Founded In – 1982
Headquarters: Mumbai, Maharashtra
About AU Small Finance Bank
Managing director & CEO: Sanjay Agarwal
Headquarters: Jaipur, Rajasthan
IDBI Bank signs Co-Lending Agreement with U GRO Capital

U GRO Capital has signed a co-lending agreement with the IDBI (Industrial Development Bank of India) Bank to
provide credit support to MSMEs (Micro Small Medium Enterprises) at affordable interest rates.
The agreement will provide digital support of U GRO Capital’s platform driven by a Data Tripod– which consist of
GST(Good and Services tax), banking and bureau.
Key points
i.U GRO Capital is developing its GRO – Xstream platform, which combines banks on one side and with fintechs,
payments platforms, NBFCs (Non Banking Financial Companies), NeoBanks, market places and other digital
platforms on the other.
ii.The IDBI Bank would be co-lending through this platform with the loans originated by U GRO Capital’s
distribution network in the initial stage. Later it will give access to multiple other fintechs and NBFCs who
through this Integrated get access to capital.
About IDBI Bank (Industrial Development Bank of India )
MD & CEO– Rakesh Sharma
Established– 1964
About U GRO Capital
Established– 1993
Executive Chairman and Managing Director- Shachindra Nath
Acuite Ratings Became 1st Indian CRA to Join UN Supported ESG Initiative
Acuite Ratings & Research associated with the Principles for Responsible Investment (PRI), a United Nations
(UN)- backed initiative that deals with ESG (Environmental Social Governance) credit risk.
• Acuite became the 1st Indian credit rating agency (CRA) to sign an UN-supported initiative for the
integration of ESG factors with credit risk and rating criteria.
• ESG is supported by over 170 investors (with nearly US$ 40 trillion in collective assets under management)
and 27 CRAs over the world.
• Fitch, Moody’s, S&P Global, and Kroll Bond are among others, which are existing signatories of PRI.
• In January 2021, Acuite set up subsidiary ‘ESG Risk Assessments & Insights’ to make assessments for
investors and corporates.

About Acuité Ratings & Research:
It is a service credit rating agency with registration from SEBI (Securities And Exchange Board of India) and the
accreditation from Reserve bank of India (RBI).
Group CEO & Executive Director – Sankar Chakraborti
Adani Group Signed $700 Million Agreement with SLPA to Develop Srilanka’s Port
On September 30, 2021, the Adani group signed a more than $700-million build-operate-transfer agreement
with the Sri Lankan government-owned Sri Lanka Ports Authority (SLPA) and John Keells Holdings (from Sri
Lanka) for 35 years to jointly develop a Colombo Western Container Terminal (WCT).
• It is the 1st largest foreign investment in the port sector of Sri Lanka. Adani Group has become the largest
foreign investor under its port sector.
• The Adani group holds the 51 percent controlling stake of the investment in the Colombo WCT, whereas the
John Keels and the SLPA will hold the remaining 34 percent and 15 percent stake in WCT.
Key Points:
i.WCT is located near the USD 500 Million Chinese container Jetty at the Colombo International Container
Terminal (CICT).
ii.The new container jetty will be 1.4 kilometres long with a depth of 20 metres and an annual handling capacity
of 3.2 million containers.
iii.Phase 1 of the project with a 600-metre terminal is scheduled to be completed in 2 years and the overall
terminal will be handed to Sri Lanka in 35 years.
iv.The WCT proposal came after Sri Lanka decided to withdraw the prior Memorandum of Understanding (MoU)
signed in 2019 with India and Japan on the Eastern Container Terminal (ECT).
Note – Adani Ports and Special Economic Zone (APSEZ) Limited is the largest developer and operator company in
India which holds 24 percent of the overall port capacity in India.
About Sri Lanka:
Capital – Colombo, Sri Jayawardenepura Kotte
President – Gotabaya Rajapaksa
Currency – Sri Lankan Rupee
World Bank Approved – US$150 Million Program for Tamil Nadu, US$40 Million Project for
Meghalaya
The World Bank (WB) Board of Executive Directors has approved a US$ 150 million (~ Rs 1,112 crore) program
titled ‘Chennai City Partnership: Sustainable Urban Services Program’ to support Tamil Nadu‘s vision of
making Chennai into a world-class city that is more green, livable, and resilient to climate change.
• The program will improve the quality of 4 key urban services such as water supply and sewerage, mobility,
health, and solid waste management.
• The Chennai Metropolitan city, which is being India’s 4th most populous metropolitan area is home to
around 10.9 million people.
WB Approved US$ 40 million Project for Meghalaya
WB also approved a US$ 40 million (around Rs 296 crore) project titled ‘Meghalaya Health Systems
Strengthening Project’ to improve the quality of health services in Meghalaya and strengthen the state’s capacity
to handle health emergencies, including the COVID-19.
• All 11 districts of the state will benefit from the project and it will enable women to better utilize healthcare
services at the community level.
• The Under-5 mortality in Meghalaya in FY20 was about 40 deaths per 1,000 live births and Stunting among
under-5 was about 47 percent.
• Non-communicable diseases (including hypertension, diabetes, heart disease, and cancer) account for more
than half of the disease burden in the state.

About Tamil Nadu:
Governor – R.N. Ravi
Wildlife Sanctuary – Vallanadu Black Buck Sanctuary, Grizzled Giant Squirrel Wildlife Sanctuary, Kanyakumari
Wildlife Sanctuary
Zoological Park – Madras Crocodile Bank Trust/Centre for Herpetology
About World Bank:
Establishment – 1944 as The International Bank for Reconstruction and Development
Headquarters – Washington D.C., USA
President – David Malpass
Members – 189
SBI and Indian Navy Launched NAV-eCash Card

Indian Navy and State Bank of India (SBI) launched SBI’s NAV-eCash Card onboard India’s largest Naval Aircraft
Carrier INS (Indian Naval Ship) Vikramaditya.
• C S Setty, Managing Director (Retail & Digital Banking), SBI and Vice Admiral R Harikumar, Flag Officer
Commanding-in-Chief, Western Naval Command have participated in the launch.
• Difficulty: The infrastructure at naval ships inhibits traditional payment solutions as there will be no
connection in the high seas.
• The NAV-eCash card has dual-chip technology that will facilitate both online and offline transactions.
• It will overcome the difficulties faced by navy personnel onboard in handling physical cash during
deployment of the ship at high seas.
• SBI also plans to introduce the same card in other naval ships and various defence establishments for
creating a secured, convenient and sustainable payment ecosystem.
Establishment – 1st July 1955
Chairman – Dinesh Kumar Khara
Tagline – The Banker to Every Indian
ESAF SFB Launched Current account ‘Supreme’ for NRIs

ESAF Small Finance Bank (SFB) has launched ‘Supreme’, a Current account for Non-Resident Indians (NRIs).
• The service for NRI’s will be available at 277 branches across Kerala out of the total 550 branches pan India.
• The bank provides an enhanced ATM cash withdrawal limit of Rs 50,000/day, a Point of Sale (POS)
transaction limit of Rs 80,000/day and an e-commerce transaction limit of Rs 20,000/day in India.
• It has over 17,940 Non-Resident Savings Bank accounts from 121 countries globally and began offering NRIs
savings bank in June 2018 and current accounts in May 2021.
• As of March 31, 2021, the bank’s deposits from NRIs was about Rs 2019.15 crore representing 22.44 percent
of the bank’s total deposits.
About Small Finance Bank:
i.They are established as public limited companies in the private sector under the Companies Act, 2013 and
governed by the provisions of RBI Act, 1934 and Banking Regulation Act, 1949
ii.There are totally 11 SFBs in India. Shivalik SFB Limited is the recently added SFB, it became the 1st urban
cooperative bank (UCB) to be converted into SFB in 2020.
About ESAF Small Finance Bank:
Commenced Operation -2017
Headquarters – Thrissur, Kerala
MD & CEO – Kadambelil Paul Thomas

Seychelles’ Tax Inspectors Without Borders (TIWB) programme launched in Partnership with
India
On October 4, 2021, Tax Inspectors Without Borders (TIWB) launched its programme in Seychelles where India
was chosen as the Partner Administration and has also provided Tax Expert for the same.
• The launch event was virtually attended by Jagannath Bidyadhar Mohapatra, Chairman of the Central
Board of Direct Taxes (CBDT), and Rusudan Kemularia, Head of the TIWB Secretariat (Paris, France) along
with other senior officials.
• TIWB is a joint initiative of the United Nations Development Programme (UNDP) and the Organisation
for Economic Cooperation and Development (OECD) launched in 2015.
Key Points:
i.Duration of program– Around 12 months
ii.Focus of program– Transfer Pricing cases of tourism and financial services sectors.
Role of India in TIWB program:
This programme is the 6 TIWB programme where India has provided its Tax Expert. India will lend its support
th
for strengthening the tax administration of Seychelles by sharing technical know-how and skills with its tax
auditors. This will be done in collaboration with the TIWB Secretariat and support of the UNDP Country Office in
Mauritius and Seychelles.
Static Info about India-Seychelles Relations:
i.Seychelles is a country in East Africa and its capital is Victoria.
ii.In April 2021, Government of India (GoI) funded fast patrol vessel, PS Zoroaster, handed over to Seychelles.
iii.The Indian Army and Seychelles People’s Defence Forces conducts joint military
exercise ‘LAMITYE’ biennially.
WTO raised 2021 Global Trade Volume Forecast to 10.8% from 8%

On October 4, 2021, the World Trade Organization (WTO) upgraded its global merchandise trade volume growth
to 10.8% in 2021 which is an upward revision from 8% forecasted in March 2021.
• For 2022, this growth will slow to 4.7% which is still an increase from the previous forecast of 4%.
Forecast for 2021:
i.Quarterly trade growth was up 22% year-on-year in Q2FY21 but it is expected to slow to 10.9% in Q3 and 6.6%
by Q4.
ii.Global GDP (Gross Domestic Product) will grow 5.3%, up from 5.1% forecasted in March 2021.
iii.Market-weighted GDP growth of 5.3% in 2021 and 4.1% in 2022.
iv.There will be predominance in downside risks including strained global supply chains and COVID-19
outbreaks.
v.Services trade is likely to lag behind goods trade, particularly in travel and leisure.
Export-Import Forecast 2021:
i.Export volume growth will be at 8.7% in North America, 7.2% in South America, 9.7% in Europe, 0.6% in the
Commonwealth of Independent States (CIS), 7% in Africa, 5% in West Asia, and 14.4% in Asia.
ii.Imports are set to grow by 12.6% in North America, 19.9% in South America, 9.1% in Europe, 13.1% in the CIS,
11.3% in Africa, 9.3% in West Asia, and 10.7% in Asia.
iii.Exports and imports of least developed countries (LDCs) are estimated to increase by 5.3% and 5.5%,
respectively, in 2021.
Forecast for 2022:
i.Global GDP growth is estimated to 4.1% in 2022, up from 3.8% previously.
ii.Imports will have risen by 14.2% in Asia (compared to 2019) , 11.9% in North America, 10.8% in South and
Central America, 9.4% in Europe, 8.2% in Africa, 5.7% in CIS and 5.4% in the Middle East.
iii.Exports will also grow in Asia (18.8%), North America (8.0%), Europe (7.8%), CIS (6.2%), South America
(4.8%), the Middle East (2.9%) and Africa (1.9%).

About World Trade Organization (WTO):
Director-General– Ngozi Okonjo-Iweala
Members– 164 (including India)
Headquarters– Geneva, Switzerland
SEBI Introduces Swing Pricing for Mutual Fund Schemes

The Securities and Exchange Board of India (SEBI) has decided to introduce swing pricing for open-ended debt
mutual fund (MF) schemes (except overnight funds, Gilt funds and Gilt with 10-year maturity funds).
Objective: To protect large investors from sudden redemption and ensure fairness of treatment of entering,
exiting and existing investors in open-ended debt mutual fund schemes.
What is Swing Pricing?
i.Swing pricing allows a fund house (i.e. Asset Management Company (AMC)) to adjust the net asset
value (NAV) of any Mutual Fund (MF) scheme, that is facing redemption pressure.
ii.After enabling the Swing pricing, investors exiting or entering the MF scheme have to transact only at the
adjusted NAV (which is lower than the usual NAV).
Framework for Swing Pricing:
i.Initially the swing pricing framework was made applicable only for net outflows (outflows exceeding inflows)
from the MF schemes.
ii.The framework will be a hybrid framework with a partial swing during normal times and a mandatory full
swing during market dislocation times for high-risk open-ended debt schemes.
a.Swing pricing for normal times:
i.Association of Mutual Funds in India (AMFI) parameters for determination of thresholds for triggering swing
pricing which shall be followed by the AMCs.
ii.AMFI will prescribe an indicative range of swing threshold to the industry for normal times.
b.Swing Pricing for market dislocation:
i.AMFI will develop a set of guidelines/parameters/model for recommending the swing pricing for market
dislocation to SEBI.
ii.SEBI will determine ‘market dislocation’ either based on AMFI’s recommendation or by itself.
iii.Minimum swing factor for open-ended debt schemes:
Max Credit Risk of scheme
Class A (CRV Class B (CRV Class C (CRV
>=12) >=10) <10)
Class I: (MD<=1 year) Optional Optional 1.50%
Class II: (MD<=3 years) Optional 1.25% 1.75%
Max Interest
Rate Risk of the Class III: Any Macaulay
scheme duration 1% 1.50% 2%
Note – CRV – Credit Risk Value; MD – Macaulay Duration
Key Points:
i.Swing pricing will not be applicable for redemptions up to Rs 2 lakh for each scheme both in normal and market
dislocation times (it will safeguard small investors).
ii.The above frameworks are issued in exercise of the powers conferred under Section 11 (1) of the SEBI Act
1992, read with the provision of Regulation 77 of SEBI (MF) Regulation, 1996.
iii.The frameworks will be enforced from March 2022 onwards. Click here to know more
SEBI Imposed Rs 1.02 crore Penalty on Aditya Birla Money Ltd
SEBI imposed a Rs 1.02 crore penalty on Aditya Birla Money Ltd for the violation of provisions of Portfolio
Managers (PM) regulations, Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) regulations, code of
conduct under SEBI (Stock-Broker) Regulations,1992 and SEBI circulars.

About Securities Exchange Board of India (SEBI):
Federal Bank Tie-up with CredAvenue for Securitisation platform

Federal Bank has partnered with CredAvenue for Portfolio management of their Securitization Book and
implemented CredPool, an institutional debt platform of CredAvenue.
• Through the technology platform of CredAvenue, Federal bank could digitally monitor their asset-backed
securities (ABS) and mortgage-backed securities (MBS) pool assets efficiently.
• Through the partnership, the bank has automated the end-to-end processes for direct assignments of retail
portfolios.
• The platform helps banks and Non-Banking Financial Companies (NBFC’s) to meet existing and new
regulatory guidelines pertaining to securitisation and direct assignment.
• CredAvenue provides customized solutions based on each bank/lender’s requirements for their portfolio
management.
About Federal Bank:
Establishment – April 23, 1931 (as Travancore Federal Bank Limited), changed to The Federal Bank Limited on
December 2, 1949
MD & CEO – Shyam Srinivasan
Tagline – Your Perfect Banking Partner
SEBI Revised – Norms of MFs on RFQ; REITs, InvITs Regulations on Exit Option
As per the recommendation of the Mutual Fund Advisory Committee (MFAC), the Securities and Exchange Board
of India (SEBI) has revised the norms pertaining to minimum percentages of monthly trades to be carried out by
mutual funds (MFs) on the Request For Quote (RFQ) platform of stock exchanges.
Objective: To further increase the liquidity on exchange platforms.
What is RFQ?
i.It is a platform that allows interaction amongst the market participants who wish to negotiate
transactions amongst themselves.
ii.It is a participant to participant model where an initiator may request other participants for a quote in
corporate bonds, Commercial papers, securitized debt instruments, municipal debt securities, Government
securities, etc.
iii.It provides an electronic form of transacting in over the counter deals.
Key Points:
Existing Norms: In July 2020, SEBI has mandated MFs to undertake at least 10 percent of their total secondary
market trades in Corporate Bonds through the RFQ platform of stock exchanges.
Revised Norms:
i.SEBI has directed MF to undertake (on monthly basis) at least 25 percent of their total secondary market trades
by value in Corporate bonds and 10 percent of their total secondary market trades by value in Commercial
papers by placing/seeking quotes through one-to-many mode on the RFQ platform of stock exchanges.
ii.The percentages will be calculated on the average of secondary trades by value in the immediate preceding 3
months on a rolling basis.
iii.MFs have been permitted to accept the Contract Note from the brokers for transactions carried out in One to
One (OTO) and One to Many (OTM) modes of the RFQ platform.
iv.The revised norms will come into force with effect from December 1, 2021.
Note – The norms are issued in exercise of the powers conferred under Section 11 (1) of the SEBI Act 1992, read
with the provision of Regulation 77 of SEBI (MF) Regulation, 1996

SEBI Modified REITs, InvITs Regulations on Exit Options
SEBI has also modified REITs (Real Estate Investment Trusts) and InvITs (Infrastructure Investment Trusts)
regulations with respect to exit options for dissenting unit holders in various scenarios, including acquisition and
change in sponsors.
Key Points:
i.Different cases of Exit option: The exit option for dissenting unitholders would be available in case of an
acquisition, change in sponsor, inducted sponsor or change in control of sponsor or inducted sponsor is triggered
pursuant to an open offer.
ii.During those cases, the exit option price would be enhanced by an amount equal to a sum determined at the
rate of 10 per cent per annum for the period between the first notice date and the second notice date.
iii.SEBI has also included the definition of ‘Relevant date’, the date of public announcement made for the
acquisition in terms of Substantial Acquisition of Shares and Takeover Regulations, 2011
iv.Relevant date is the last day of voting for resolution under Regulation 22(5C) or Regulation 22(7) of the SEBI
(InvIT) Regulations.
Establishment – On April 12, 1992, in accordance with the SEBI Act, 1992.
NABARD Sanctioned Rs 303 Crore to Odisha for 24 Bridge Construction

In October 2021, the National Bank for Agriculture and Rural Development (NABARD) sanctioned assistance
of Rs 303 crore under the Rural Infrastructure Development Fund (RIDF) to the Government of Odisha for the
construction of 24 bridges in the state.
• The rural infrastructure projects will improve connectivity for 24.13 lakh people in 823 villages across 13
districts of the state.
• The assistance was provided based on the priority fixed by Odisha for developing rural infrastructure for
drinking water supply, irrigation, and connectivity.
• The bridge construction will support the rural economy by improving the livelihoods of people.
• So far, NABARD has sanctioned around Rs 1,796 crore under the RIDF 2021-22.
About RIDF:
It was set up by the Government of India in 1995-96 for providing low-cost finance support to State Governments
and State-owned Corporations for developing critical infrastructure in the agriculture & allied sector, the social
sector and rural connectivity. It is maintained by NABARD.
About National Bank for Agriculture and Rural Development (NABARD):
NABARD was established on the recommendations of the B.Sivaraman Committee (by Act 61, 1981 of Parliament)
to implement the NABARD Act 1981.
Establishment – 12 July 1982
Chairman – Govinda Rajulu Chintala
Visa Launched India’s 1st CoF Tokenization Service for Merchants

Global payments technology firm, Visa in partnership with Juspay launched India’s 1st Card-on-File
tokenization (CoFT) services for e-commerce players such as Grofers, BigBasket, and MakeMyTrip.
• The CoFT service will provide a safe, secure and seamless environment for digital payments. It was launched
in line with Reserve Bank of India’s (RBI) recently issued CoFT guidelines which mandated replacing actual
card data with encrypted digital tokens.
What is Tokenization?
Tokenization refers to the process of replacing the card’s actual sensitive information like card number,
expiration date, security code with a unique alternate code called the ‘token’ to improve the safety and security of
the payment system.

Background:
i.In September 2021, RBI extended the scope of tokenization from device-based tokenization to card-on-file
tokenization (CoFT) services.
ii.It permitted card issuers also to act as token service providers (TSP) (Earlier card networks were only allowed
to act as TSPs).
What is TSP? – It is an entity that tokenizes the actual card details and de-tokenizes them whenever required.
iii.The facility of tokenization could be offered by the TSPs only for the cards issued by / affiliated to them.
Key Points:
i.Visa has enabled all its banking partners for tokenization and it is working with merchants, payment aggregators
and gateways to create an ecosystem for implementing CoFT service.
ii.CoFT service provides two key benefits of consumer & ecosystem security and an enhanced checkout
experience.
About Visa:
Headquarters – California, United States
Chairman and CEO – Alfred F. Kelly, Jr.
World Bank Retained India’s GDP Growth Forecast for FY22 at 8.3%
World Bank released its report on South Asia Economic Focus titled ‘Shifting Gears: Digitization and Services-
Led Development’ and has unchanged India’s GDP growth forecast for FY22 to 8.3 percent from its earlier
estimate in June 2021.
• As per the report, the Indian economy is South Asia’s largest economy, and its growth in FY22 is expected to
be aided by an increase in public investment and incentives to boost manufacturing.
Key Points of the Report:
i.The report includes Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka.
ii.The Indian economy has contracted by 7.3 percent in FY21 as both private consumption and investment
contracted by 9.1 and 10.8 percent.
iii.As per the report, India is expected to grow by 7.1 percent in 2021 and 2022.
iv.The report has prescribed a real GDP growth range of 7.5 percent to 12.5 percent in FY22 and the Growth is
projected to stabilize around 7 percent FY23 onwards.
v.Headline inflation averaged 6.2 percent in FY21 (exceeding RBI’s target range) and the general government
fiscal deficit in FY21 increased to above 13 percent of GDP (from 7.0 percent of GDP in FY20) due to lower
revenues and higher expenditures.
vi.The current account is expected to turn into a deficit in FY22.
About World Bank:
The World Bank Group consists of 5 organizations:
i.The International Bank for Reconstruction and Development (IBRD)
ii.The International Development Association (IDA) (Together, IBRD and IDA make up the World Bank)
iii.The International Finance Corporation (IFC)
iv.The Multilateral Investment Guarantee Agency (MIGA)
v.The International Centre for Settlement of Investment Disputes (ICSID)
Metlife to Acquire 15.27% Stake in PNB Metlife India for Rs 1,906 crore; Total Holding Increases
to 47.325%
Metlife International Holdings is set to acquire a 15.27% stake in PNB MetLife India Insurance Company
Limited for a cash consideration of Rs 1906 crore. Metlife International Holdings will acquire the stakes owned
by IGE (India) Private Limited and Elpro International Limited.
• This acquisition marks the first instance where the foreign partner increases its stake in a joint venture
insurance company in India.

• This also marks the 2nd merger and acquisition activity in the life insurance sector following the 100% stake
acquisition of Exide Life Insurance by HDFC Life for Rs 6687 crore.
About the acquisition:
i.Following the completion of this deal, with total holdings of 47.325%, Metlife will become the largest
shareholder of PNB Metlife India.
ii.The deal is set to be completed on 30th November 2021.
Note:
Punjab National Bank Limited (PNB), M. Pallonji and Company Private Limited, Jammu & Kashmir Bank Limited
(JKB), are among the other shareholders of PNB Metlife.
About PNB MetLife India Insurance Company Limited:
PNB MetLife has been present in India since 2001.
MD & CEO– Ashish Kumar Srivastava
Tagline– Milkar Life Aage Badhayein
SBI Extends Partnership with TCS for another 5 years

On October 6, 2021, State Bank of India (SBI) extended its partnership with Tata Consultancy Services (TCS) for
another five years. Under this partnership, SBI uses TCS BaNCS for which TCS maintain and enhance SBI’s
application for core banking, trade finance, financial reporting, and financial inclusion. TCS BaNCS was launched
in 2001.
Other SBI-TCS collaborations:
i.TCS is helping build Bharat Craft– an omnichannel, online B2B (Business to Business) e-commerce platform
which would serve as a marketplace for MSMEs (Micro, Small & Medium Enterprises), jointly driven by SBI and
the Government of India.
ii.Prior to that, TCS collaborated with SBI to plan and execute the merger of SBI’s five associate banks and
Bharatiya Mahila Bank.
About Tata Consultancy Services (TCS):
Chief Executive Officer and Managing Director (CMD)– Rajesh Gopinathan
PNB Launched ‘6S Campaign’ Under Customer Outreach Programme

Punjab National Bank (PNB) launched the “6S Campaign” under customer outreach programme to offer financial
services at a concessional rate during festival season.
The campaign encapsulates various schemes such as Swabhiman, Samruddhi, Sampark and Shikhar, Sankalp and
Swagat.
Objective:
• To create awareness about the development of Financial services in India.
• To accelerate the credit growth
• To improve the penetration of social security schemes and drive digital banking.
Features of “6S Campaign”:
i.Under the Swabhimaan, the bank aims to promote the financial inclusion agenda through deepening the
penetration of 3 social security schemes pertaining to the insurance and pension sector. The 3 schemes are
Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Yojana, and Atal Pension Yojana.
ii.Through the Samruddhi scheme, PNB aims to drive credit outreach for the agricultural sector. This will cover
all the agricultural credit products like KCC, gold loans and investment credit.
iii.Under Shikhar, Sankalp and Swagat schemes, the bank has planned special rates of interest to drive credit
offtake in the retail and MSME Sector.
iv.The bank has also identified focused products and customer segments for targeted outreach in line with the
strategic agenda of PNB.
v.To ensure access to affordable credit for MSMEs in India, PNB has also deepened the concessions for various

selected products in line with the “One District- One Product policy”.
About Punjab National Bank (PNB):
MD & CEO– S. S. Mallikarjuna Rao
Tagline– the name you can bank upon
Founded on– 19th May 1894
Nationalized on– 19th July, 1969
Fitch Ratings Revised India’s FY22 GDP growth Estimate to 8.7% from 10%; FICCI Raised India’s GDP
Growth in FY22 to 9.1% from 9%
Fitch Ratings, an American credit rating agency, in its latest ‘APAC (Asia-Pacific) Sovereign Credit Overview
4Q21’ has reduced India’s GDP (Gross Domestic Product) growth forecast for FY22 to 8.7 percent from 10
percent.
• It has increased the growth forecast for FY23 to 10 percent from an earlier estimation of 8.5 percent.
• It expects the APAC growth to recover to 6.3 percent in 2021 and 5.3 percent in 2022 from 0.8 percent
contraction in 2020.
• It has also retained the India’s BBB-/Negative sovereign rating due to a sharp drop in public finances due to
the COVID-19 pandemic.
FICCI Raised India’s GDP Growth in FY22 to 9.1% from 9%
Industry body FICCI (Federation of Indian Chambers of Commerce and Industry), in its latest economic outlook
survey, has revised India’s GDP growth forecast for FY22 to 9.1 percent from its earlier estimation of 9 percent.
• The industry and services sectors are projected to grow 12.9 percent and 8.6 percent.
About Fitch Ratings:
President – Ian Linnell
Headquarters – New York, United States
About Federation of Indian Chambers of Commerce and Industry (FICCI):
Headquarters– New Delhi
President – Uday Shankar
IIFL Finance: 1 Indian NBFC to launch Instant Business Loan on WhatsApp

st
On October 11, 2021, IIFL (India Infoline Limited) Finance became the first NBFC Indian NBFC (non-banking
financial company) that has launched instant business loans on WhatsApp up to Rs 10 lakh (Rs 1 million).
• This facility will enable the Whatsapp users to avail loan with minimum documentation and get approval in
five minutes.
• The technological services for the same will be provided by Setu, IIFL Finance’s technology service provider.
Key Points:
i.It will benefit WhatsApp’s 45 crore-plus users across India who can avail this 24×7 loan facility.
ii.Powered by AI (Artificial Intelligence) Bot, it matches the users’ inputs to the loan offer, and facilitates the
application through KYC, Bank Account Verification (BAV) and mandate setup.
iii.Borrower has to send a text to 9019702184 on the instant messaging app and share basic details and loan
requirement, which will be matched to loan offerings by an artificial intelligence (AI) powered bot.
About IIFL Finance:
Managing Director– Venkataraman Rajamani
About Setu:
Co-founder and CEO– Sahil Kini
Headquarter– Bengaluru, Karnataka

Bharti AXA Life Launches New Savings Product ‘Bharti AXA Life Unnati’
Bharti AXA Life Insurance, a joint venture between Bharti Enterprises and AXA, one of the world’s largest
insurance companies, launched a new participating savings product named ‘Bharti AXA Life Unnati’.
• Objective: To provide long term financial stability to individuals with the dual benefits of savings and
protection in a single product.
• It offers 4 plan options along with flexible premium payment terms and multiple add-ons and enables the
customers to customize the product as per their needs and life goals. It offers immediate assured income
options and protection up to the age of 100.
4 Plan Options:
i.Whole Life Income option: It is a ‘4G’ plan option, which provides guaranteed income (from the 2nd year
onwards) with cash bonuses till age 100 years.
ii.Endowment option: This option will provide a lump-sum benefit to meet long term goals. It has two variants,
waiving off premiums in case of death of the life insured and providing an option for a higher life cover.
iii.Moneyback Option: Through this option, a guaranteed money back equal to 1 annualized premium could be
obtained every 4th year during the policy term along with a lump sum amount at the end of the policy term.
iv.Immediate Income Option: It provides regular income in form of cash bonuses (if declared), from the 2nd
policy year and provides a lump sum amount at maturity.
About Bharti AXA Life Insurance:
MD & CEO – Parag Raja
Ezetap Partners with Axis Bank to Bring ‘My Vyappar’ for the Retail Segment
Ezetap has collaborated with Axis Bank to offer a new service app ‘My Vyappar’ to retail businesses in India. The
app also aims at motivating the merchants to increase the use of digital payments, by incentivizing them with
rewards, upon achieving bank goals.
Highlights
i.Through this service, the Axis Bank will provide digital payment management for the merchants.
ii.Around 50,000 smart Point of Sales (POS) devices have been deployed with My Vyappar across more than 1600
cities in India.
My Vyappar app-
i.My Vyappar app provides businesses with a single view of all credit transactions that can be accessed anytime
anywhere
ii.It offers a full suite of Buy Now Pay Later (BNPL) options that can boost revenue.
iii.EMI facilities would be available for ticket sizes as small as even INR 3000.
iv.The app provides multilingual capability by adding Hindi as an additional language to help retailers better
understand their digital payments.
About Axis Bank
Chief Executive Officer– Amitabh Chaudhry
Founded– 3 December 1993
Tagline: Badhti ka Naam Zindagi
Saraswat Bank partners with Axis Securities to Integrate Banking with Investments
Saraswat Cooperative Bank Ltd.(Saraswat Bank) has partnered with Axis Securities to offer its customers
investing services through a 3-in-1 account.The facility will integrate savings bank account maintained by the co-
operative bank with the demat and trading account offered by Axis Securities, which is a subsidiary of Axis Bank.
Objective-
To make investments simple and accessible to all.This facility will make it easier for customers to transfer funds
quickly, reduce paperwork and most importantly, provide a comprehensive platform to invest in various

investment instruments like equities, derivatives, currency, commodities, MF, IPO, etc.,
Features and Benefits
i.The Savings and Demat Account of the customer will be maintained by Saraswat Bank, while the Trading
account will be maintained by Axis Securities Limited.
ii.The concerned Saving/Current Account must be powered with Internet banking facility to use the Online
Trading service.
iii.The client availing this facility must be the 1st holder of the three accounts, i.e, Saving, Demat and Trading
Account.
iv.The customer will be allowed to transact in the Equity and/or Derivatives segment of the market.
v.The customer will not be required to visit the branch for any transaction.
About Saraswat Bank:
Saraswat Bank is the largest Urban Co-operative Bank in India.
Founded– 14 September 1918
Chairman– Gautam E Thakur
About Axis Securities Limited
Chief Executive Officer and Managing Director– B. Gopkumar
Postal department unveils digital policy bonds –ePLI bond

The Department of Posts launched a digital version of the postal life insurance policy – ePLI bond, which can be
accessed through Digilocker.
• The Postal Life Insurance (PLI) and Rural Postal Life Insurance (RPLI) policy bonds which are available
in electronic form will be treated as a valid policy document for all transactions.
• The ePLI bond was developed by the National eGovernance Division (NeGD) of the Ministry of Electronics &
IT (Meity) and made available in collaboration with Digilocker.
• The facility is available for all new and old policyholders.
Objective
i.The PLI bond is the department’s first digital integration with Digilocker, it facilitates ease of access and quick
claim settlements.
ii.Allows the users to download all the policies they are holding after the issue of the policy bond by the
Department of Posts.
iii.ePLI bond can be used as proof for effecting any changes that are required in the policy document like address
change, nomination etc without the hassle of carrying the physical copy.
About Department of Posts
It is also known as India Post
Director General – Alok Sharma
Secretary, Department of Posts & Chairperson, Postal Services Board –Shri Vineet Pandey
Headquarters – New Delhi
Founded –1854
Shivalik SFB Tie-up with Go Digit General Insurance to Offer Insurance Products
Shivalik Small Finance Bank (SFB) partnered with Go Digit General Insurance to offer instant, easy-to-
understand insurance products through the bank’s network of branches across India digitally.
• The insurance products include health insurance plans, motor insurance, home and shop insurance.
• The Shivalik bank’s current customers are generally classified into different segments such as retail,
manufacturing and services, housing and real estate, and microfinance.
• Go Digit General Insurance will support the bank in making the process of buying cover, submitting and
receiving claims easier for its customers.

About Shivalik Small Finance Bank:
Shivalik became the first Small Finance Bank in India’s history to transition from an Urban Co-operative Bank.
Headquarters – Noida, Uttar Pradesh
MD & CEO – Suveer Kumar Gupta
IMF Retained India’s 2021 GDP Growth Forecast to 9.5%

In its October 2021 World Economic Outlook (WEO) titled ‘Recovery During a Pandemic Health Concerns, Supply
Disruptions, and Price Pressures’, the International Monetary Fund (IMF) has retained India’s Gross Domestic
Product (GDP) growth forecast for 2021 unchanged at 9.5 percent (July 2021 forecast).
• India’s GDP growth forecast for 2022 was also unchanged at 8.5 percent.
Key Points:
i.The IMF has reduced the global economy growth in 2021 by 0.1 percent to 5.9 percent (from 6 percent of July
2021 projection) and the growth was projected at 4.9 percent in 2022.
• Beyond 2022 global growth is projected to moderate to about 3.3 percent
ii.Global Trade volumes are expected to grow by around 10 percent in 2021 and moderating to about 7 percent in
2022.
iii.India’s consumer price index-based inflation is expected to be at 5.6 percent in 2021(reduced from 6.2 percent
in 2020) and expected inflation to be at 4.9 percent in 2022.
iv.Other growth projections:
• Global rating agency S&P expects India to grow by 9.5 percent in FY22, while Moody’s has projected a GDP
growth of 9.3 percent.
• The World Bank retained its India growth projection for FY22 at 8.3 percent (same as its June 2021 forecast).
About International Monetary Fund (IMF):
Headquarters – Washington, D.C., United States
Member Countries – 190
MD – Kristalina Georgieva
SBI, UBI, PNB & Indian Bank picked up stakes in NARCL

The State bank of India(SBI), Union Bank of India(UBI), Punjab National Bank(PNB) and Indian Bank has picked
up more than 12% stake each in the proposed bad bank National Asset Reconstruction Company Ltd (NARCL).
Details of acquisition:
i.The SBI and UBI have picked up a 13.27% stake each which represents a cumulative 3.88 crore shares in
NARCL.
ii.The PNB has picked up a 12.06% stake which is around 1.8 crore shares in NARCL.
iii.The Indian Bank has picked up around a 13.27% stake, subscribing 1.98 crore equity shares for a cash
consideration of Rs 19.80 crore.
Note:
The lenders have subscribed to the equity shares of NARCL at Rs 10 per share.
The acquisition is expected to be completed by March 2022.
Key points:
i.Indian bank, UBI and SBI are set to bring down their stake of 13.27 per cent to 9.90 per cent by December 2021
on subscription by other public sector banks (PSBs)/ financial institutions.
ii.PNB said it will bring down its stake from 12.06 per cent to 9 per cent by December 31, 2021.
About NARCL:
i.NARCL will take over the bad assets of banks in its own account for a speedy resolution of troubled loans.
ii.51% stakes of NARCL will be owned by the PSBs and the rest will be owned by private-sector lenders.
iii.Canara Bank is determined to become the lead sponsor of NARCL with a 12% stake.
Click here to know more

World Investor Week 2021 – 4 to 10 October
The World Investor Week(WIW), a week-long global campaign, is annually observed across the globe under the
aegis of the International Organization of Securities Commissions (IOSCO) to create awareness on the importance
of education and protection of investors and highlight the related initiatives of the securities regulators.
The 5th Edition of the World Investor Week, WIW 2021, was observed from the 4th October through 10th
October 2021.
• The WIW 2020 was observed from 5 October through November 2020.
WIW 2021 was organised by the IOSCO with the support of the Italian G20 Presidency.
WIW observance is supported by the securities regulators and the IOSCO stakeholders across the globe.
WIW campaign 2021:
i.As a part of the WIW campaign 2021, securities regulators, stock exchanges, global and regional financial
organizations and others organised a series of educational activities.
ii.Primary objectives:
• To disseminate key messages that support investor education, investor protection and financial literacy
• To foster learning opportunities for investors.
iii.Key messages of the 2021 campaign are based on two themes,
• Sustainable Finance
• Frauds and Scams Prevention
WIW in India:
The Securities And Exchange Board Of India (SEBI) led the observance of the World Investor Week in India.
About International Organization of Securities Commissions (IOSCO):
Chairman– Ashley Ian Alder(CEO of Securities and Futures Commission, Hong Kong)
Headquarters– Madrid, Spain
Established in 1983
PayPal signs MoU with IIFT to launch India Digital Trade Facilitation Forum
On October 13, 2021, digital payments firm PayPal signed a Memorandum of Understanding (MoU) with the
Indian Institute of Foreign Trade (IIFT) to increase the knowledge base of Indian micro, small & medium
enterprises (MSMEs).
• It will be done through the launch of India Digital Trade Facilitation Forum (IDTFF) for MSMEs.
What will IDTFF do?
i.IDTFF will educate, guide, and raise awareness amongst MSMEs about marketing, scaling, digitalization and
exports through masterclasses.
• This will help them to expand their consumer base and reach a global audience.
ii.Virtual webinars will also be hosted with industry experts, traders and policymakers on ongoing challenges.
About PayPal:
President and CEO– Dan Schulman
Headquarters– California, United States
PhonePe Tie-up with NBBL Launched Recurring Payment Link – ClickPay

The digital payment platform PhonePe has partnered with National Payments Corporation of India’s (NPCI)
Bharat BillPay Ltd (NBBL) and launched a unique payment link named ‘ClickPay’ to enable customers to make
recurring online bill payments.
Features of ClickPay:
i.Two-step process: The recurring payment link which will be sent by the biller (on clicking the link) will lead the
customer directly to the payment page for paying the bill amount instantly.
ii.This feature will facilitate the customers as it will overcome the need for remembering the unique identifiers
and account details associated with making bill payments.
iii.It will also reduce the errors that are occurring due to manual inputs during bill payments.
iv.Using PhonePe the users could send and receive money, recharge mobile, data cards, pay at stores, make utility

payments, make investments, buy gold, etc.
Note – In April 2021, the National Payments Corporation of India (NPCI) formed its wholly-owned subsidiary
NBBL to offer recurring payment services and transferred all its Bharat Bill Payment System (BBPS) transaction
mandates to it. Click here to know more
About PhonePe:
It was acquired by Flipkart acquires in 2016
Headquarters – Bengaluru, Karnataka
CEO – Sameer Nigam
U GRO Capital, Kirana Capital Partnered to Lend MSMEs

U GRO Capital and Kinara Capital have made a strategic co-origination partnership to offer collateral-free
business loans to small business entrepreneurs in India.
• As per the partnership statement, both organisations were planning to disburse Rs 100 crores by the end
of FY22 to Micro Small and Medium Enterprises (MSMEs) in the manufacturing, trading, and service sectors.
• They plan to provide finance for MSMEs in the range of Rs 1 lakh to Rs 30 lakh with tenure ranging
from 12–60 months.
Key Points:
i.Kirana Capital will complete the process of loan application to loan disbursement within 24-hours.
ii.Financing could be availed for working capital and asset purchase directly from Kinara Capital.
iii.The women entrepreneurs could avail business loans with upfront discounts through the HerVikas program of
Kinara Capital.
iv.The collaboration lead to U GRO’s analytical data-driven decisions and integration through APIs (Application
Programming Interfaces) with the smart technology platform of Kinara Capital
v.The partnership was mainly supported by U GRO Capital’s Gro X-stream platform which is API-driven and a
customizable technology platform for fintech, payment platforms, Neobank, etc.
About Kirana Capital:
Founder & CEO – Hardika Shah
Indian Bank and Fisdom Joined Hands for Digital Wealth Management Products
Indian Bank made a tie up with a fintech company Fisdom for its mobile banking app to manage the new digital
wealth management products.
• Fisdom offers financial products, such as mutual funds, insurance and National Pension Scheme (NPS) on its
platform.
• Indian Bank is the seventh-largest public sector bank in India, following the merger with Allahabad
Bank.This partnership makes the customers to invest in pension funds and digital gold and even file income
tax returns online.
IOB Joined with TN Govt’s IFHRMS

Indian Overseas Bank is now integrated with TN Govt’s IFHRMS (Integrated Finance Human Resource
Management System) portal designed for collection of all treasury receipts.With this ,Indian Overseas Bank is
now authorized to collect all the receipts of Tamil Nadu Government under IFHRMS portal through both offline
and online.
• IFHRMS portal is developed to improve operational efficiency by integrating Human Resources and Financial
services.
• Indian Overseas Bank has also joined Pension Fund Regulatory and Development Authority (PFRDA) in
promoting pension and retirement planning.

IMF releases ‘Global Financial Stability Report 2021’ – analyses ‘Cryptoization’
The International Monetary Fund (IMF) released the ‘Global Financial Stability Report-2021’, that discusses
the adaptation of cryptocurrencies in emerging markets, the report mainly discusses ‘Cryptoization’. The IMF
names the potential of macro-financial risks due to asset and currency substitution as ‘cryptoization’.
Report Findings:
• Crypto-adaptation leads to serious challenges to the financial stability of a country.
• Returns from non-stable crypto assets are highly volatile.
• Bitcoin is the most dominant Crypto-currency, while its market share fell sharply in 2021 from 70% to less
than 45%.
• Crypto-ecosystem is free of intermediary platforms & links borrowers and lenders without any credit-risk
evaluation.
Challenges in Crypto-ecosystem:
• No reliable method for estimating flow of crypto assets across countries.
• Inefficient Payment systems & Unethical macroeconomic policies leading to Cryptoization.
• Risk of Investor protection for crypto-assets.
Note – India ranks 2nd in the ‘Global Crypto Adoption Index 2021’, which was topped by Vietnam
India’s daily Crypto trading volume peaks between $300 -$500 million, with establishment of over 300 new
blockchain companies in 2021
Steps for Better Adaptation:
• Framing effective legal and regulatory measures & establishment of central bank digital currencies.
• Adoption of Global standards & deeper regulations in complex areas.
Headquarters – Washington, D.C., USA
IMF Report: Global Debt Increased to $226 trillion in 2020; India’s Debt in 2021 Projected at
90.6%
As per the October 2021 Fiscal Monitor Report of International Monetary Fund (IMF) titled, ‘Fiscal Monitor:
Strengthening the Credibility of Public Finances’, the global debt (issued by governments, nonfinancial
corporations, and households) in 2020 was increased by $27 trillion (from 2019) to a new high of USD 226
trillion.
• India’s debt in 2021 was projected to rise at 90.6 percent.
• Global debt in 2020 was reported at 97.8 percent whereas the 2021 debt was projected to be 96.9 percent.
India’s Fiscal Balance and Debt Comparison (2016-2026):
Government Fiscal Overall Balance
Government Debt
Year (% of GDP) (% of GDP)
2016 -7.1 68.9
2020 -12.8 89.6
2021(Projection) -11.3 90.6
2022(Projection) -9.7 88.8
2026(Projection) -7.8 85.2
Key Points of the Report:
i.Advanced economies and China contributed to more than 90 percent of worldwide debt in 2020 whereas the
remaining emerging economies and low-income developing countries contributed for around 7 percent.
ii.Global deficits are expected to decrease further by almost 3 percent in 2022 and return to their pre-pandemic
levels by 2026.

iii.Global government debt is expected to decline in 2021 and 2022 by about 1 percentage point of GDP per year.
iv.The debt crisis might include more people in poverty in 2021, which is estimated to be around 65 to 75
million higher than pre-pandemic levels.
Note: The IMF notified the risk of a sharp decline in global equity prices and home values as the central banks
might withdraw the support they have provided during COVID-19.
ADB Expanded 2019–2030 Climate Finance Ambition to $100 Billion

Asian Development Bank (ADB) increased its ambition to deliver climate financing to its Developing Member
Countries (DMCs) from 2019–2030 by $20 billion to $100 billion.
Objective: To support DMCs that are facing challenges under COVID-19 and the climate crisis.
• Background: In 2018, ADB committed to making its own climate financing of around $80 billion by 2030
and also to ensure at least 75 percent of the total number of its operations support climate action. The
current announcement increased this financing commitment.
• ADB forecasts the overall climate financing from its own resources in 2019–2021 to reach about $17 billion.
Support through additional $20 billion:
The additional $20 billion will provide support for the climate agenda in 5 main areas.
i.Climate mitigation: At first the additional support will include new avenues of energy storage, energy
efficiency, and low-carbon transport under climate mitigation.
• ADB expects its aggregate climate mitigation finance to reach $66 billion.
ii.Climate adaptation: Projects in climate-sensitive sectors, such as urban, agriculture, and water, will be
designed with the primary purpose of effective climate adaptation and enhanced resilience.
• ADB expects its cumulative adaptation finance to reach $34 billion.
iii.Intends to increase the climate financing of private sector operations and initiatives with $12 billion from its
own resources and anticipated crowding in of an additional $18 billion to $30 billion.
iv.To support a green, resilient, and inclusive recovery from COVID-19, through innovative financing platforms
such as the ASEAN (Association of Southeast Asian Nations) Catalytic Green Finance Facility and Green Recovery
Platform.
v.To support advance reforms in DMCs to unlock actions through policy-based lending to support policies and
institutions.
About Asian Development Bank (ADB):
Establishment– 1966
Headquarters– Manila, Philippines
President – Masatsugu Asakawa
Managing Director General– Woochong Um
Members– 68 members (49 – Asia & Pacific, 19 – outside)
Vested Finance Partnered with SBM Bank to Facilitate Forex Transfer

Vested Finance, a platform for investing in foreign stocks for Indians has partnered with SBM Bank, the Indian
subsidiary of State Bank of Mauritius and launched a new solution named ‘Vested Direct’ for facilitating forex
transfers at low costs.
• Using Vested Direct Investors could open a free-of-cost, no-minimum-balance savings account with SBM
Bank funds.
Features of Vested Direct:
i.Process: Once the account is opened, the investors could send their funds in Indian rupees to their SBM bank
account and place a request to move it to their US brokerage account.

• Further, the amount will be converted into dollars and transferred into their Vested account at low costs.
ii.Benefit:
• Earlier the Indian investors, who invest in US funds (like Apple, Amazon, Facebook & Microsoft), will use
their existing bank accounts to transfer funds. The transfer would take up to 5 days along with multiple
steps, high foreign exchange markups, and fixed transfer charges.
• Now with Vested Direct, the process could be completed in simple steps at lower charges (only a forex mark-
up of 1.2 percent), and a faster deposit timeline (within one day).
• The users could track the entire transaction on the app or website of Vested Finance. Currently, people who
have CKYC (Central Know your Customer) only could access Vested Direct.
iii.RBI’s Regulations:
• As per the Reserve Bank of India (RBI) regulation, a 12-month bank account statement of Income Tax Return
need to be provided to make the first transfer.
• RBI introduced Liberalised Remittance Scheme (LRS) scheme to facilitate Resident Individuals (RI) to freely
remit funds (transfer money to abroad) up to USD 2,50,000 outside India in a financial year (April to
March).
iv.Vested Finance is registered as an investment advisor with the US Securities and Exchange Commission (SEC).
About Vested Finance:
Headquarters – San Francisco, California, USA
CEO – Viram Shah
SEBI Formed 4-Member Advisory Committee on Settlement Orders Chaired by Vijay C Daga
In October 2021, the Securities and Exchange Board of India (SEBI) constituted a 4-member advisory
committee on settlement orders and compounding of offences.
• The advisory committee will be chaired by Vijay C Daga, retired judge of the High Court of Bombay.
• Other members: The other members of the panel include PK Malhotra, the former law secretary in the
Ministry of Law & Justice, PR Ramesh, ex-Chairman of Deloitte Haskins & Sells LLP and DN Raval, Partner at
Raval&Raval Associates.
• The committee will work as per the SEBI (Settlement Proceedings) Regulations, 2018.
Key Points:
i.A person against whom any ‘specified proceedings’ that have been initiated and pending/may be initiated, could
make an application to SEBI.
• ‘Specified proceedings’ – It means the proceedings that might be initiated before any forum for the violation
of securities laws.
ii.Through the application, under the Settlement Proceedings regulation, an alleged offender could settle a
pending case with the SEBI without admission or denial of guilt by paying a settlement fee.
iii.Reduced Timeline:
• As the entities are currently provided with a window of 180 daysto apply for settlement after receipt of the
show-cause notice, the applicants mostly apply for settlement at the end of that 180 days.
• To overcome such delays, the time limit for filing settlement applications was recommended to be reduced
from 180 to 60 days.
Note – The provisions of the Settlement Proceedings regulation will not apply in the case of proceedings pending
before the Tribunal or any court.
Chairman– Ajay Tyagi
BSE Signs MoU With Business Leadership League To Help SMEs

The BSE (Formerly Bombay Stock Exchange) signed a Memorandum of Understanding (MoU) with the Business
Leadership League (BLL). This will help the aspiring SMEs (Small Medium Enterprises) to align and strategize

about their innovative solutions and to get prepared for listing on BSE SME Platform.
Objective
To provide benefit to SMEs by education and knowledge to function efficiently.
Key points
i.BSE had launched its SME Platform in 2012 and the Startup Platform 2018.
ii.BLL & BSE SME will help in spreading awareness about listing benefits in the stock market.
iii.BSE SME & Business Leadership League will reach out to potential companies through various sessions
including online & offline programs.
About Business Leadership League (BLL):
Founder & Chief Executive Officer-Swetapadma Mohanty
Headquarters- Navi Mumbai, Maharashtra
About BSE SME and Startups:
Head- Ajay Thakur
Deputy General Manager– Anand Chari
NSE Tie-up with Chainflux and Launched Blockchain Platform ‘NOSE-Shine’ for Gold Bullion
National Stock Exchange of India (NSE) in collaboration with Chainflux has launched a blockchain platform
for gold bullion named ‘NSE-Shine’.
• The platform was inaugurated by the Securities and Exchange Board of India (SEBI)’s Executive Director, VS
Sundaresan.
• The platform will provide a data framework for bullion bar integrity for settlement of Gold derivatives
contracts.
• Indian Bullion and Jewellers’ Association (IBJA) and the India Gold Policy Centre (IGPC) at the Indian
Institute of Management – Ahmedabad (IIM-A) have worked along with the NSE and Chainflux to develop
NSE-Shine.
What is Bullion?
Bullion refers to the pure form of physical gold and silver which is often kept in the form of bars, coins, etc.
Key Points:
i.The platform would facilitate the creation of a bullion repository for all bullion bars produced by NSE-approved
refiners as per the NSE Refiner Standards (NRS).
ii.The instance of the platform on the NSE software environment was scheduled to be launched in November
2021. It will enable the NSE-approved refiners to use the platform to record details of their produced bullion.
iii.NSE onboarded refiners of Kundan refinery, Augmont refinery, MD Overseas, and Gujarat Gold Centre also
supported the launch of NSE-Shine.
Note – In August 2021, Injeti Srinivas, the Chairperson of International Financial Services Centres Authority
(IFSCA), launched the pilot run/soft of ‘International Bullion Exchange’.
About National Stock Exchange of India (NSE):
MD & CEO – Vikram Limaye
IndiaFirst Life Introduces ‘Saral Bachat Bima’ Insurance Plan

IndiaFirst Life Insurance Company Limited (IndiaFirst Life) ,a joint venture of Bank of Baroda and Union
Bank of India introduced ‘’IndiaFirst Life Saral Bachat Bima Plan’’. It is a savings and protection cover plan for
the entire family.
Highlights
i.This plan is a non-linked, non-participating, individual, limited premium policy offers a low salary commitment
of five or seven years and it will cover the entire family for 12-15 years.
ii.Tax benefits can be availed as per the existing income tax laws.

iii.Rural/RRB (Regional Rural Bank) customers can buy the product through a simple OTC (Other-Than-Collision)
coverage process.
Specifications of the plan
i.Pay for short term and enjoy long term benefits and it will provide consistent protection through insurance
cover.
ii.An amount equal to the Sum Assured on Death (SAD) will be paid in case of accidental death during the first
policy year. In case of death of the life insured, an advanced payment by way of funeral cover. Flexibility to receive
death benefit as a lump sum or regular income for 5 years.
iii.Boost savings with guaranteed additional benefits of 4.75% to 6% per annum. Option to opt for Waiver of
Premium Rider.
iv.No medical test and short application form.
About IndiaFirst Life Insurance Company Limited (IndiaFirst Life)
MD & Chief Executive Officer(CEO): R. M. Vishakha
Founded: 16 November 2009
Tata AIG launches ‘RPAS Insurance’ & appoints ‘TropoGo’ as its Distribution partner
On 18th October 2021, Tata AIG General Insurance Co. Ltd. launched a ‘Remotely Piloted Aircraft System (RPAS)’
Insurance for drone owners & operators. It also announced TropoGo, a deep tech startup on the drone ecosystem,
as its distribution partner for the RPAS insurance scheme.
RPAS Insurance:
i.Tata AIG has launched the RPAS Insurance after satisfying the recommendations made by IRDAI’s Working
Group on RPAS Insurance, and other valuable inputs from the Drone Federation of India (DFI).
ii.RPAS Insurance Products cover both Hull and Third-Party Liability risks on Drones, optional coverage for
Beyond Visual Line of Sight (BVLOS)operations, night flying, data loss liability, etc.
iii.India’s Ministry of Civil Aviation targets over Rs 5,000 crore investments in the drone manufacturing industry
and an annual sales turnover of over Rs 900 crore by FY24. It also targets to make India a drone hub by 2030.
Note – India has made relaxations to the rules for owning and operating drones along with inclusion of drones in
Production Linked Incentive (PLI) Scheme
About TropoGo:
Founder – Sandipan Sen
Headquarter – Bangalore, Karnataka
About Tata AIG General Insurance Company:
MD & CEO – Neelesh Garg
Founded – 2001
NABSanrakshan signs Trust Deed for Rs 1000cr Credit Guarantee Fund Trust for FPOs
NABSanrakshan Trustee Private Limited (NTPL), a subsidiary of NABARD (National Bank for Agriculture and
Rural Development) signed a trust deed for Credit Guarantee Fund Trust for Farmer Producer Organisations
(CGFTFPO). This led to the setting up of a dedicated credit guarantee fund of Rs 1, 000 crore for 10,000 FPOs.
• The trust is registered at Mumbai (Maharashtra) and signed by officials of the Minister of Agriculture &
Farmers Welfare (MoA&FW) and NTPL.
Key Points:
i.The CGFTFPO is only the second such trust formed in the agriculture and allied sector for providing credit
guarantee.
ii.This will enhance the credit worthiness of FPOs along with facilitating cost effective production and
productivity improving net incomes to the farmers who are members of FPOs.
iii.The CEO of NTPL is Pankaj Kumar. It is headquartered in Mumbai.

Background:
The initiation of CGFTFPO is on the lines of the Central Government scheme launched in February 2021 titled
‘Formation and promotion of 10,000 FPOs’ to promote 10,000 new FPOs with budgetary provision of Rs 6,865
crore.
Dvara E-Dairy & Jana SFB tie-up to Finance Small and Medium Dairy Farmers
Agri-fintech firm Dvara E-Dairy Solutions Private Limited has entered into a collaboration with Jana Small
Finance Bank (Jana SFB) to service small dairy farmers by empowering small and medium dairy farmers with
financial and cattle management solutions using digital technologies.
Highlights:
i.Through Jana SFB’s extensive branch network in rural and agricultural regions across India, Dvara E-Dairy
intends to expand the credit and underwriting process for cattle loans.
ii.The Dvara E-Dairy’s digital identity (ID) tag Surabhi e-Tag will provide accurate cattle identification based on
the muzzle identity. Click here to know more
iii.The Surabhi Score based on digital assessment, complements the underwriting of cattle loans based on dairy
activities and customised cattle management recommendations.
• This helps dairy farmers to improve their livelihood and achieve household financial goals.
About Jana Small Finance Bank (Jana SFB)
Headquarters– Bengaluru, Karnataka
Founded– 2008
Chief Executive Officer and Managing Director– Ajay Kanwal
About Dvara E-Dairy Solutions
Headquarters – Chennai, Tamil Nadu
Founder and CEO-Ravi KA
IMF Reduced India’s Potential GDP Forecast by 25 bps to 6%

In its ‘2021 Article IV consultations with India’ report, International Monetary Fund (IMF) has reduced
India’s potential GDP (Gross Domestic Product) growth forecast in the medium term by 25 basis points (bps)
to 6 percent from 6.25 percent due to the impact of COVID-19 on investments and labour markets.
What is Potential Growth?
Potential growth is the rate of growth that an economy can sustain over the medium term without generating
excess inflation.
Key Points:
i.FDI inflows into India rose 168 percent to $17.6 billion in Q1 FY22 compared to $6.4 billion of Q1 FY21.
ii.India’s GDP accounts for around 7 percent of the world and 80 percent of the South Asia in terms of total
purchasing-power party (PPP).
iii.Alfred Schipke, mission chief for India, Asia and Pacific department, IMF, had forecasted high level of foreign
exchange reserves in India with strong FDI (foreign direct investment).
iv.Other Facts:
• Following the 1st wave of COVID-19, India’s GDP contracted an unprecedented 7.3 percent in FY21.
• In the baseline scenario, India’s GDP growth is projected at 9.5 percent in FY22 and 8.5 percent in FY23.
Headline inflation is projected at 5.6 percent in FY22.
About IMF’s Article IV Consultation:
i.Every year IMF will hold bilateral discussions with members under Article IV of the IMF’s Articles of Agreement.
ii.A team will visit the country and collects economic and financial information, and discusses with officials the
country’s economic developments and policies. This year’s discussions were virtual.

Rupifi Tie-up with Muthoot Finance to Support 15 Million SMEs

Rupifi, the Digital business-to-business (B2b) payment startup for small and medium enterprises (SMEs) made a
partnership with Muthoot Finance to facilitate 15 million SMEs to access instant credit over the next few years.
• Rupifi allows SMEs to flexibly repay their dues as and when required with a per-day interest pricing without
any monthly EMIs (Equated monthly installments).
• Rupifi has SME customers in more than 230 small towns and cities across India and it has built strong B2B
embedded infrastructure and a ‘Buy Now Pay Later’ (BNPL) feature for Indian SMEs.
Additional info:
i.As per RBI(the Reserve Bank of India) data, banks’ lending to micro and small businesses has increased by 1.1
percent in August 2021 to Rs 11.10 lakh crore from Rs 10.98 lakh crore in August 2020.
ii.As per the CRIF High Mark Credit Information Services report, in FY21, the MSME loans’ value increased by 52
percent from 16.2 percent in FY17, the MSME loan value in commercial loans also increased to 24.6 percent in
FY21.
About Rupifi:
Headquarters- Bangalore, Karnataka
Co-Founder and CEO– Anubhav Jain
About Muthoot Finance:
Headquarter– Kochi, Kerala
Managing Director (MD)– George Alexander Muthoot
NPCI launched NTS platform for Tokenization of RuPay Cards

On October 20, 2021, the National Payments Corporation of India (NPCI) launched the NPCI Tokenization system
(NTS) to support tokenization of RuPay cards to secure the financial data of cardholders. Under this system, NPCI
will provide Token Reference On File (TROF) service securing card details at the RuPay Network Secure vault.
• This system is an alternative to storing card details with merchants by prioritizing consumer’s safety and to
provide them a seamless shopping experience i.e. faster checkout.
• Merchants are required to meet the tokenization by January 1, 2022.
Reason behind this launch:
As Reserve Bank of India (RBI) mandated to store customer’s card information in the form of an encrypted form
i.e. ‘token’ to secure transactions. These tokens then allow payments to be processed without disclosing any
customer details.
• On the lines of this NTS was launched.
Key Points:
i.With NTS, acquiring banks, aggregators, merchants and others can get themselves certified with NPCI and can
play the role of Token Requestor to save the token reference number (TROF) against all card numbers saved.
ii.Earlier, digital payments provider, Visa has launched its Card-on-File (CoF) tokenization services in India in
partnership with Juspay, India’s first CoF tokenization service.
It is an umbrella organization for operating retail payments and settlement systems in India.
MD & CEO– Dilip Asbe

NABARD Sanctioned Rs 608 Crore to GoI for Assam’s Infrastructure Projects
In October 2021, the National Bank for Agriculture and Rural Development (NABARD) sanctioned Rs 608
crore to the Government of India (GoI) for different infrastructure projects in rural areas of Assam.
• The infrastructure projects include 52 rural roads, 21 rural bridges, 19 flood protection projects and 32 soil
conservation projects across Assam under Rural Infrastructure Development Fund (RIDF) – XXVII.
• 17 lakhs rural population in 900 villages were estimated to get benefitted through the projects.
• Recently, NABARD has entered into an MOU with the government of Assam, and the Assam Infrastructure
Financing Authority (AIFA) for facilitation of Rs 13,200 crore infrastructure projects in the state over a
period of 3 years.
About RIDF:
It was set up by the Government of India in 1995-96 for providing low-cost finance support to State Governments
and State-owned Corporations for developing critical infrastructure in the agriculture & allied sector, the social
sector and rural connectivity. It is maintained by NABARD.
About Assam:
Chief Minister – Himanta Biswa Sarma
Wildlife Sanctuary – Deepor Beel Wildlife Sanctuary, Marat Longri Wildlife Sanctuary
Dance – Deodhani, Bordoishikla, Domahi Kikang
NABARD was established on the recommendations of the B.Sivaraman Committee (by Act 61, 1981 of Parliament)
to implement the NABARD Act 1981.
REC Limited raised US$75million SOFR linked Term Loan; 1 Indian NBFC to do so
st
REC Limited (formerly Rural Electrification Corporation Limited) has successfully raised a USD 75 million, 5-year
Secured Overnight Financing Rate (“SOFR”) linked Syndicated Term Loan. With this REC Limited became the first
NBFC (Non-Banking Financial Company) to raise SOFR linked Term Loan.
• Sumitomo Mitsui Banking Corporation (SMBC), Singapore Branch appointed as the sole Mandated Lead
Arranger and Bookrunner.
Key Points:
i.REC also entered into interest rate swap referencing SOFR to hedge the interest rate risk on this facility. This is
also the first such deal by any Corporate in India.
ii.The loan amount will be utilized to fund infrastructure power sector projects as permitted under the ECB
guidelines of the Reserve Bank of India.
iii.SOFR is a secured interbank overnight interest rate as is a replacement for USD LIBOR (London Inter-bank
Offered Rate) that may be phased out end-2021.
About REC Limited (formerly Rural Electrification Corporation Limited):
It is a Navratna NBFC focusing on Power Sector Financing and Development across India.
Chairman and Managing Director (CMD)– Sanjay Malhotra
Headquarter– Gurugram, Haryana
Flipkart Wholesale & Rupifi Tie-up to Offer Embedded BNPL to MSMEs

Fintech firm Rupifi and Flipkart Wholesale, the e-commerce firm of the Flipkart Group, partnered to
provide Embedded Buy Now, Pay Later (BNPL) offering to the MSMEs (Micro Small Medium Enterprises).
Highlights:
i.The partnership will ensure the availability of instant and digital credit with flexible repayment terms and
transparent pricing to around 1.5 lakh Kiranas and MSMEs members on Flipkart Wholesale.
ii.Rupifi will ease the process of digitization to boost the B2B (Business to Business) retail ecosystem.

iii.Rupifi is empowering MSMEs with a purchase credit line with flexible repayment options usage-based interest
and zero fees.
iv.BNPL products are offered to their MSME customers for as low as Rs 5,000 in both In-App as well as In-
Store manners.
About Rupifi:
Headquarters– Bangalore, Karnataka
Co-Founder and CEO– Anubhav Jain
About Flipkart
Founded– 2007
Chief Executive Officer– Kalyan Krishnamurthy
HDFC Bank, Mastercard, DFC, USAID Launched $100 Million Credit Facility for Indian MSMEs
In October 2021, HDFC Bank, Mastercard, United States International Development Finance Corporation (DFC),
and US Agency for International Development (USAID) launched a $100 million credit facility for MSMEs (Micro
Small and Medium Enterprises) in India.
• Objective: To promote and support small businesses in India for digitisation needs and to recover from the
economic impacts of the COVID-19.
Key Points:
i.The credit facility is part of USAID’s global Women Economic Empowerment Fund initiative and its COVID-19
response in India.
ii.HDFC Bank will ensure the credit facility to be available for new-to-credit small businesses owners including at
least 50 percent of women entrepreneurs through its branch network across India.
iii.Mastercard will collaborate with the Confederation of Indian Industry (CII) and the Confederation of All Indian
Traders (CAIT) to provide skills training and education to small business owners on their digitisation options.
• As a part of Mastercard’s Rs 250 crores (~$33 million) commitment to enable small businesses in India to
recover from COVID-19, the Mastercard Center for Inclusive Growth will support businesses through
different philanthropic training programs.
iv.DFC and USAID extended the credit facility by de-risking HDFC Bank’s lending to small business owners.
About HDFC Bank:
MD & CEO – Sashidhar Jagdishan
Tagline – We understand your world
Bharti AXA Life Insurance Entered into Bancassurance Partnership with Utkarsh Small Finance
Bank
Bharti AXA Life Insurance Company Limited (Bharti AXA Life), a joint venture of Bharti Enterprises and AXA, one
of the world largest insurance companies, has entered into a bancassurance partnership with Utkarsh Small
Finance Bank to ensure distribution of life insurance products through the bank’s network across India.
• This partnership will enable the Bharti AXA life to reach Tier II and Tier III markets with insurance solutions
and increase the reach of insurance in India.
Features of the partnership:
i.Under this partnership, the Bharti AXA Life’s insurance comprehensive suite of life insurance plans including the
protection, health, savings and investment plans will be made available for the customers of the bank across 202
districts of 19 states and 2 Union territories.
ii.This will benefit the customers of the bank with a range of new-age products of Bharti AXA Life, which will
ensure a financially secure future for their loved ones and assist them to meet the key financial goals such as
college education, wealth building, retirement planning and others.

About Bharti AXA Life Insurance Company Limited:
MD & CEO– Parag Raja
Formed in 2006
About Utkarsh Small Finance Bank:
Utkarsh Small finance bank was started as the Micro Finance Institution (MFI).
In 2017, it commenced its banking operations as Small Finance Bank.
MD & CEO– Govind Singh
Headquarters– Varanasi, Uttar Pradesh
KMBL Ties-up with Pine Labs to Expand Point-of-Sale Services

Kotak Mahindra Bank Limited (KMBL) partnered with Pine Labs to expand its merchant acquiring and Point of
Sale (PoS) services to more merchants and retailers.
Key points:
i.Through the tie-up, merchants in India will be able to get the advantage of KMBL’s PoS payment solutions along
with Pine Labs’ technology stack to help grow their business.
ii.Due to increased demand for cashless payments, the PoS terminals in India have increased to around 4.7 million
in August 2021 (before demonetisation PoS terminals were about 13 lakh).
iii.Pine Labs is a merchant commerce platform that provides B2C (Business to Customers) facilities such as
innovative payment products, Pay Later offering, loyalty programmes, stored value solutions, and other value-
added services.
iv.The network of Pine Labs is spread over 245,000 merchants across Asia and the Middle East.
About Kotak Mahindra Bank Limited (KMBL):
Kotak Mahindra Finance Ltd (KMFL), has become the 1st finance company in India to be converted into a
commercial bank.
MD & CEO – Uday Kotak
Founded– February 2003
ITILITE partners with ICICI to offer Commercial Credit Card for Travel Expenses to Businesses
ITILITE has joined hands with ICICI (Industrial Credit and Investment Corporation of India) Bank to issue
commercial credit cards for travel expenses to businesses in India.
• ITILITE is an all-in-one business travel and expense management platform.
• This partnership will enable the companies to get an ‘ICICI Bank Central Travel Account Card (CTA
card)’ and make travel bookings for employees at a discounted rate on the ITILITE platform.
What is in the partnership?
ICICI bank will issue the CTA card to businesses and offer them a credit period of upto 50 days. On the other hand,
ITILITE will offer a digital, automated, and cost-effective travel and expense management platform.
• Businesses can use the CTA card to recharge their ITILITE wallet. Employees can make the booking
themselves using the wallet.
• ITILITE platform also allows businesses to synchronize their travel policies with their account to set a
customized travel approval matrix.
About ITILITE:
Co-Founders– Mayank Kukreja, and Anish Khadiya
Headquarter– Bengaluru, Karnataka
AU Small Finance Bank launches QR Sound box for payment alerts

India’s Largest Small Finance Bank AU Small Finance Bank has launched QR (Quick Response) Code Sound Box
to boost its digital payments, while making it the first bank to launch such a product. The QR Sound Box will help
small merchants to run their operations smoothly without the hassle of reading SMS every time when a customer

makes a payment.
Features :
i.QR Sound box will provide instant voice-based payment alerts to merchant partners that provide hassle free
transactions and services to customers.
ii.The sound box has a portable speaker, equipped with a SIM slot for data connectivity, which also gives voice
notification.
iii.It will be made available in five languages – Hindi, English, Punjabi, Guajarati and Marathi.
About AU small finance bank
i.AU Small Finance Bank provides paperless services including opening savings accounts through WhatsApp,
offers deposit account variants, such as current account and fixed deposit, on tablets, and end-to-end loan process
on two-wheeler loans.
ii.It is the first and only small finance bank to have launched credit cards.
Headquarters : Jaipur, Rajasthan
Managing Director & CEO : Mr. Sanjay Agarwal
‘Razorpay TokenHQ’: Razorpay launches Tokenization Solution

On the lines of the guidelines issued by Reserve Bank of India (RBI) in September 2021, on October 22, 2021,
Fintech firm Razorpay launched a tokenization solution namely ‘Razorpay TokenHQ’. It will work across all major
card networks including Mastercard, RuPay and Visa.
• This tokenization solution for businesses will allow their customers to have the convenience of saved card
transactions with added security.
What are RBI Guidelines for tokenization?
RBI mandated to store customer’s card information in the form of an encrypted form i.e. Card-On-File (COF)
tokenization to secure transactions. COF turns sensitive cardholder data into randomly generated numbers called
“token” with no meaningful value, if breached. These tokens then allow payments to be processed without
disclosing any customer details.
• Therefore this mandate disallows businesses, payment aggregators, and acquiring banks from storing
customers’ credit/debit/prepaid card information.
• All stakeholders are required to ensure full compliance with the tokenization framework by December 31,
2021.
About Razorpay:
CEO & Co-Founder– Harshil Mathur
Union Bank partners with CDAC to launch 1st of its kind initiative on Cyber Security Awareness
In October 2021, the Union Bank of India (UBI) signed a Memorandum of Understanding (MoU) with Centre for
Development of Advanced Computing (C-DAC), Hyderabad to launch a 1st of its kind initiative on Cyber
Security awareness.
Aim – CDAC will assist UBI in educating its employees & customers with awareness on Cyber Security & tips to
protect themselves from Cyber fraud.
Signatories – The MoU was virtually signed by Rajkiran Rai G, MD & CEO of UBI, and P.R.Lakshmi Eswari,
Director of CDAC – Hyderabad.
i.Under this initiative, Online/Offline sessions on Cyber Security Awareness, along with mass Social Media
campaigns they will also prepare materials on information security in Audio/Video & Booklet forms.
ii.The Bank has previously launched an e-book & an online game ‘Spin-N-Learn’, as a part of National Cyber
Security Awareness month(October).
About Union Bank of India:
Tagline – Good People to Bank with
MD & CEO – Rajkiran Rai G

About Centre for Development of Advanced Computing (C-DAC):
Director General– Rajat Moona
Headquarters– Pune, Maharashtra
FGII Entered Into Bancassurance Partnership With Bank of India

Future Generali India Insurance(FGII) Company Limited, a private sector general insurer, has entered into a
bancassurance partnership with the Bank of India(BoI) to increase the reach of its insurance products.
• Under this partnership, FGII will offer its wide range of best in class and innovative insurance solutions to
the customers of 5084 Branches of BoI across 28 states and 8 Union Territories.
Note:
To date, the FGII has partnered with around 15 public and private banks to enhance its distribution across India.
What is Bancassurance?
Bancassurance is an arrangement between a bank and an insurance company that allows the insurance company
to sell its products through the bank’s infrastructure to the customers of the bank.
This partnership arrangement can be profitable for both companies.
About Future Generali India Insurance Company Limited:
FGII is a joint venture of Future Group and Generali Group which are involved in retail and insurance business,
respectively.
MD & CEO– Anup Rau
Incorporated in September 2007
About Bank of India(BoI):
MD & CEO– Atanu Kumar Das
Founded on 7th September 1906
Nationalised in July 1969
IndiGo Tie-up with KMB to Launch Co-Branded Credit Card ‘Ka-ching’

IndiGo and Kotak Mahindra Bank (KMB) entered into a strategic partnership for the launch of a co-branded
credit card named ‘Ka-ching’.
Features of Ka-ching:
i.The credit card was launched under IndiGo’s 6E Rewards programme and linked with it to enable the
members to earn rewards by using the card on IndiGo and other merchants.
ii.The co-branded card will be available in 2 variants such as 6E Rewards and 6E Rewards XL by offering exclusive
travel benefits for domestic and international travel.
iii.The card was scheduled to be launched in November 2021 and with the card, the customers could access some
special benefits on IndiGo.
iv.As the card is linked with the 6E Rewards Programme, the cardholders could earn additional 6E Rewards on
shopping, transport, medical bill spending, utilities, fuel, etc.
About Kotak Mahindra Bank (KMB):
Tagline – Let’s make money simple

About IndiGo:
As of August 2021, IndiGo is India’s largest passenger airline with a market share of 57 percent.
Headquarters – Gurugram, Haryana
Whole Time Director and CEO – Ronojoy Dutta
ICICI Lombard launches BeFit – Cashless OPD & Wellness Services to Customers
ICICI Lombard General Insurance has launched a solution named ‘BeFit’ to provide benefits of OPD (Outpatient
Department ) services to its customers in a cashless manner.
• The OPD services include doctor consultation, pharmacy and diagnostics services, and physiotherapy
sessions.
• BeFit was serviced by ICICI Lombard’s ILTakeCare app.
Key Features of BeFit:
i.Under the BeFit solution, medicine will be delivered to home within 60 minutes and lab tests both at home and
centre visit. It also offers 24×7 consultations (tele and virtual) by a panel of doctors.
ii.Its offering covers pharmacy and diagnostics services related expenses for minor procedures that do not
need hospitalization.
iii.It provides cashless and contactless solutions to customers wanting to stay fit and address their medical
problems.
iv.It will join with standard health insurance policy to support the customers and empower policyholders to
benefit from a host of wellness services.
v.Currently it is launched in 20 locations such as, Mumbai, Delhi NCR, Hyderabad, Kolkata, Pune, chennai, etc.
About ICICI Lombard General Insurance:
Chief Executive Officer: Bhargav Dasgupta
Founded: 2001
HDFC Ltd, IPPB Partnered to Offer Home Loans

HDFC Ltd and India Post Payments Bank (IPPB) made a strategic partnership to offer HDFC Ltd’s home loans to
~4.7 crore customers of IPPB through its wide network of 650 branches and over 1.36 lakh banking access points.
• Objective: To promote affordable housing in the remotest locations of India.
• Under the partnership, IPPB will offer home loans for customers in unbanked and underserved areas
through nearly 1,90,000 banking service providers including postmen and Gramin Dak Sevaks.
Key Points:
i.HDFC Ltd will handle the credit, technical and legal appraisals, processing, and disbursement for all home loans
whereas IPPB will be responsible for sourcing of loans.
ii.The low-interest rates, subsidies under Pradhan Mantri Awas Yojana (PMAY) and the tax benefits have helped
to make housing affordable.
iii.Under PMAY, HDFC has the highest number of beneficiaries at over 250,000, with cumulative disbursements of
43,000 crores and a subsidy amount of Rs 5,800 crores (as of June 30, 2021).
About India Post Payments Bank (IPPB):
Establishment – 2018, under the Department of Posts, Ministry of Communication
MD & CEO – J Venkatramu
Tag line – Aapka Bank, Aapke Dwaar
ICICI Bank Overtook HUL in M-cap to Become 5th Most Valued Company of India; RIL Tops
ICICI Bank has overtaken Hindustan Unilever Limited(HUL) to become the 5th most valued company in
India following the 10.8% increase in the share price boosted by the September quarter result. ICICI bank has

become the 2nd bank, after HDFC Bank, among the top 5 companies. Reliance Industries Limited (RIL) was
leading the chart followed by Tata Consultancy Services(TCS).
• ICICI Banks market capitalisation(m-cap) stood at Rs 5.83 lakh crore where the m-cap of HUL was Rs 5.76
lakh crore.
• This is the first time since May 2015 that a private lender has overtaken HUL in m-cap.
• Shares of ICICI Bank closed at Rs 841.05 after scaling a record high of Rs 859.70
India, ADB sign $4.5mn Loan Pact to Support Urban Mobility in Aizawl, Mizoram
On October 26, 2021, Government of India (GoI) and the Asian Development Bank (ADB) signed a $4.5 million
Project Readiness Financing (PRF) loan agreement to support Aizawl Sustainable Urban Transport Project.
• The PRF will be utilized towards preparation and designing activities relevant to project for improving urban
mobility in Aizawl, the capital of Mizoram.
Signatories:
From India– Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs, in the Ministry of
Finance
From ADB– Takeo Konishi, Country Director of ADB’s India Resident Mission
Key Points:
i.The PRF supports the development of long-term solutions for urban mobility in Aizawl by identifying high-
priority urban transport investments.
ii.The PRF will develop a Comprehensive Mobility Plan (CMP) outlining the urban transport development
strategy, and promote climate and disaster resilience
Need behind this project:
Aizawl is the center of Mizoram’s administrative and service industry. Here mobility is severely constrained due
to rapid and unplanned urbanization. This results in traffic congestion on narrow road widths, and adversely
impacts road safety, efficiency in movement of people and goods, and environmental sustainability.
• Now, the Aizawl Sustainable Urban Transport Project envisages resolving these transport problems by
adopting sustainable urban mobility solutions.
President– Masatsugu Asakawa
Members Countries– 68
SBI General Insurance, Google Pay Partnered to Offer Health Insurance

SBI General Insurance made a technological partnership with Google Pay to enable the users to buy SBI
General’s health insurance on the Google Pay app.
• This collaboration marks Google Pay’s 1st partnership with an insurer in India to offer health insurance.
• The users were enabled to buy both individual and family plans under SBI General’s Arogya Sanjeevani
policy through Google Pay Spot.
• The partnership was also made to achieve the SBI General’s vision of expanding its general insurance
solutions distribution through digital channels.
About SBI General Insurance:
MD & CEO – Prakash Chandra Kandpal
About Google:
CEO – Sundar Pichai

YES Bank Launched New Family Savings Account – ‘YES Family’
YES Bank has launched a new category of value-added family savings accounts named YES Family proposition to
enable customers of varying income levels to collaborate and coordinate their spending together with their
families.
• The Yes Family accounts include 3 programmes such as, Yes Prosperity, Yes Premia, and Yes First to cater
for different customer segments.
• It will create the opportunity for all family members to learn smart spending and fiscal responsibility.
Eligibility:
i.Yes Prosperity – This Family account is available to customers who maintain a combined Average Monthly
Balance (AMB) of Rs 50,000 or a Fixed Deposit of Rs 5 lakh and above at a family level.
ii.Yes Premia – It requires an AMB of Rs 2 lakh or a net relationship value (NRV) of Rs 10 lakh at a family level.
iii.Yes First – It requires an AMB of Rs 8 lakh or an NRV of Rs 30 lakh at a family level.
Benefits:
i.Benefits under the proposition include – the family healthcare benefits, flexibility to maintain minimum balance
across family accounts, free domestic ATM withdrawals, fee waivers on digital transactions and YES Reward
points on banking transactions.
ii.Other benefits: Discounted locker rentals, competitive interest rates on fixed deposits, recurring deposits,
home loans, etc.
Note – Through this proposition, YES bank envisages increasing its monthly retail customer acquisition by 15
percent till December 2021.
About YES Bank:
MD & CEO – Prashant Kumar
Tagline – Experience our Expertise
Govt, ADB sign US$100mn Loan Pact to Promote Agribusiness in Maharashtra

In October 27, 2021, the Government of India (GoI) and Asian Development Bank (ADB) inked US$100 million
loan agreement for Maharashtra Agribusiness Network (MAGNET) Project. The project envisages promoting
agribusiness network to boost farm incomes and reduce food losses in the State of Maharashtra.
• ADB will provide a $500,000 technical assistance (TA) grant from its Technical Assistance Special Fund
and $2 million from the Japan Fund for Poverty Reduction on a grant basis to improve market linkages for FPOs
(Farmer Producer Organizations).
Signatories:
India– Rajat Kumar Mishra, additional Secretary in the Ministry of Finance
ADB– Takeo Konishi, Country Director of ADB’s India Resident Mission
Key Points:
i.The project will support the on-farm improvement in productivity, up-gradation of post-harvest facilities, and
establishing efficient marketing structures.
ii.The project will upgrade 16 existing post-harvest facilities and construct 3 new ones to provide individual
farmers and FPOs clean, accessible, and sustainable crop storage and processing facilities.
iii.The project is expected to benefit 200,000 farmers.
How will this loan be helpful?
The ADB loan will provide financing opportunities for FPOs and value chain operators (VCOs) through grants. It
also provides financial intermediation loans to support 300 subprojects.
• The TA will establish crop-based centers of excellence networks, promote innovative technologies in
agribusiness, and support capacity building of the MAGNET Society and the Maharashtra State Agriculture
Marketing Board (MSAMB).

SAIPL and SBI together Provides Financial Support to Dairy farmers in Maharashtra
Sunfresh Agro Industries Private Limited (SAIPL) in Maharashtra operating under Global dairy major Lactalis
partnered with State Bank of India (SBI) to extend financial support to the dairy farmers in the state.
• The loan from SBI helps the farmers to buy cattle that would produce higher quality milk, improve storage
and supply-chain.
• The company is in the market with brand Parbhat for milk and indegenous products
About State Bank of India
Founded – July 1, 1955
Chairperson – Dinesh Kumar Khara
Headquarters – Mumbai
About Maharashtra
Chief Minister – Uddhav Thackery
Governor – Bhagat Singh Koshyari
Tiger Reserves – Bor Tiger Reserve, Tadoba-Andhari, Navegaon – Nagzira
Karnataka Bank gets Award for Innovative HR practices

Karnataka Bank has been awarded for being the ‘Top Organization with Innovative HR (Human Resource)
Practices‘ award at the 19th edition of the Asian Pacific HRM Congress.
Key points
i.The award is presented to the Bank for effectively implementing innovative HR practices for Human Resource
Development and Talent Management.
ii.The award is also a recognition for the efforts put in by the 8,400-plus staff of the bank and efficiency
implement programmes to emerge as the ‘digital bank of future.
About Karnataka Bank
Headquarters: Mangalore, Karnataka
CEO: Mahabaleshwara M. S
Founded: 18 February 1924
Tagline: “Your Family Bank Across India”
CCI Approved Acquisition of 4.99% Stake of HDFC ERGO by HDFC Bank;

Competition Commission of India(CCI) has approved the acquisition of 4.99% of the outstanding equity share
capital of HDFC ERGO General Insurance Company by HDFC Bank.
• The acquisition will enable the HDFC Bank to participate in the growth opportunities of HDFC ERGO and
create a long term value for the shareholders.
Background:
In June 2021, the board of HDFC Bank approved to acquire around 3.55 crore shares in HDFC ERGO General
Insurance Company for over Rs 1906 crore from Housing Development Finance Corporation(HDFC), the parent
company.
Swiss Re takes 23 % Stake in Paytm Insuretech for INR 920 crore

Paytm Insuretech Limited ( PIT), an associate of Paytm, entered into a strategic partnership with Swiss Re.
The Swiss Re will invest approximately INR 920 crore to buy 23% stake in Paytm Insuretech. Through an
investment in PIT, Swiss Re and Paytm will work towards closing the insurance protection gap in the market.
Key points
i.In the scheme of arrangement, INR 397 crore will be paid upfront, and the remaining in tranches.
ii.Swiss Re is investing alongside Paytm. The investment by Swiss Re and the acquisition of Raheja QBE by Paytm
Insuretech are subject to regulatory approvals.
iii.According to RedSeer data, the Gross written premium for non-life insurance is expected to increase from USD
27 billion as of financial year (FY) 2021 to USD 50-60 billion FY 2026.

About Swiss Re
Chairman : Sergio P. Ermotti
Headquarters: Zurich, Switzerland
Founded: 19 December 1863
AboutPaytm
CEO: Vijay Shekhar Sharma
Headquarters: Noida, Uttar Pradesh
KMB, NPCI Partnered to Launch Rupay Credit Cards ‘Veer’ for Armed Forces
Kotak Mahindra Bank (KMB) has partnered with the National Payments Corporation of India (NPCI) to launch
Kotak credit cards on the RuPay network named ‘Veer’ for Indian armed forces i.e the Army, Navy, and Air Force
personnel.
• The launch of Veer credit card for the armed forces marks Kotak’s 1st credit card under the RuPay network.
• 2 Variants: The credit card is available in two variants such as – Kotak RuPay Veer Platinum and Kotak
RuPay Veer Select.
• The credit cards are designed to fulfil the needs of the armed forces, who have dedicated themselves to the
service of the nation.
• The contactless cards have a zero joining fee and provide multiple benefits such as fuel, and railway
surcharge waivers, including a safe, rewarding, and contactless shopping experience for the armed forces
personnel and their families.
Establishment – 2003 (Kotak Mahindra Finance Ltd. became India’s 1st non-banking finance company to be
converted into a commercial bank KMB.
It is an 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 for creating a robust Payment & Settlement Infrastructure in
India.
MD & CEO -Dilip Asbe
Max Life Insurance became 1st Life Insurer to Join AA System

Max Life Insurance Co. Ltd became the 1st life insurer to join the Account Aggregator (AA) framework, which
was introduced by the Reserve Bank of India (RBI) in September 2021.
• Max Life is joining the AA network as a Financial Information User (FIU), for which it has collaborated with a
Non-Banking Finance Company (NBFC) FinVu, which is also an AA, and Finarkein, a data analytics
company.
• Objective: To access the customer’s financial information in a seamless and secure manner from the AA
ecosystem and reduce the timelines for policy issuance.
Key Points:
i.In the 1st phase, Max Life plans to run a pilot project under the AA network with a selected group of customers
to examine the quickness of data flow, technological requirements, and embracement of the AA ecosystem by the
customer.
ii.Based on the result, it is planning to release the commercial scale-up plan in FY23.
iii.Under the collaboration, Finarkein will provide its machine learning capabilities to Max Life for creating a
model to provide summaries on the customer’s financial health.

What is Account Aggregator (AA)?
i.AA is a data access fiduciary, which will be used for the exchange of financial information from FIPs 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.
Note – In September 2021, 8 banks have joined the AA Network as financial information providers (FIPs) Click
here to know more
About Max Life Insurance Co. Ltd:
MD & CEO – Prashant Tripathy
PayU launches ‘PayU Token Hub’ – a Unique Tokenization Solution

Pay U, India’s leading online payments solutions provider, launched a unique tokenization solution service
called ‘PayU Token Hub’.
• Pay U launched this service with the compliance of RBI’s latest guidelines on online card data storage and
also allows issuing banks to generate their own tokens (original data will be in string of
characters/symbols).
Key Points: –
i.‘PayU Token Hub’ is jointly created by PayU and Wibmo ,a PayU owned full-stack global payments company, in
partnership with Visa, Mastercard and other banks.
ii.PayU Token Hub is an interoperable plug-and-play solution.This service allows Card-On-File (COF) and device
tokenization for all merchants from one integration point using a two-terminal solution.
iii.This service will soon also allow businesses to store and create tokens across other payment platforms,
including UPI and net banking, as well as contactless device payments.
• Card-On-File(COF) is the process of collecting initial card data to store it and use it for recurring payments.
For example, during the card-on-file process, tokens are requested and stored instead of original credit card
data. At each renewal period, the system will automatically send the tokens to the token gateway and charge
the right account via de-tokenization.
• Tokenization is the process of protecting original format of data into a random string of characters called a
token.
iv.It ensures seamless payments of use cases like EMI,subscriptions, instant refunds and offers payment engines
on card payments.
RBI’s New Guidelines on Online Card Data Storage
• RBI has recently issued a set of guidelines that restrict the businesses, payment aggregators, and acquiring
banks from storing customers’ credit/debit/prepaid card information.
• The new guidelines allow only card networks and card issuers to store customer card information, and
sanctions businesses to use tokens for offering saved card experience during online payments.
• RBI mandated that only banks and networks will be allowed to store customer card data after Jan. 1, 2022,
meaning businesses can’t store their customers’ card information.
About PayU
CEO of PayU India – Anirban Mukherjee
CEO, PayU Global – Laurent Le Moal .
Mastercard, LEAF Launched a Digital Platform ‘LFN’ for Farmers

Mastercard has partnered with Lawrencedale Agro Processing India (LEAF) and launched a digital platform
LEAF Farmer Network (LFN) to improve financial access and inclusion among the farmers in India.
• LFN will include benefits such as digitisation of harvest data, providing enhanced access to markets and
expertise on better crops, and bringing in transparency by connecting the farmers directly with buyers.
• Farmers across Andhra Pradesh, Karnataka, and Tamil Nadu will be benefited from the LFN.
Key Features of LFN:
i.Digitisation: Through LFN, the farmers could negotiate for price with complete transparency and manage end-

to-end logistics with quality control. The network will also provide access to good quality produce at scale.
ii.LFN is a model developed through a secure phone-driven and internet agnostic technology provided by
Mastercard. It digitises the farmers’ produce buying process.
iii.The entire process under LFN could be managed alone by farmers, with support from LFN agents.
iv.The network will connect the buyers, farming inputs, suppliers, agriculture-techs, and banks with FPOs
(Farmer Producer Organisations)/farmers and digitise the marketplaces, payments, workflows, and farmer
transaction histories.
v.It will improve the farmers’ income by supporting them through comprehensive training and capacity building
in the entire lifecycle of the harvest, including post-harvest management
vi.The launch of LFN is an extension of Mastercard Farm Pass, a pilot programme, which was introduced in 2018
in Andhra Pradesh.
About MasterCard:
Headquarters (Global) – New York, U.S.
Headquarters (India) – Mumbai, Maharashtra
CEO – Michael Miebach
Federal Bank & Aditya Birla Health Insurance Announce Bancassurance Partnership
The Federal Bank and Aditya Birla Health Insurance Co. Limited (ABHICL) entered into a Bancassurance
Partnership. As a part of this alliance, Federal Bank will provide to its customers innovative health insurance
solutions offered by ABHICL.
Major benefits
i.Customers of Federal Bank will have facilities like Day 1 cover for asthma, high blood pressure, high cholesterol,
diabetes, coaching on nutrition etc and these facilities will be provided by ABHICL’s industry-first innovative
solutions.
ii.The partnership will expand the range of health insurance offerings to around more than 1250 branches and
8.9 million customers of the Federal Bank
About Aditya Birla Health Insurance Co. Limited (ABHICL)
Chairman : Kumar Mangalam Birla
CEO : Mayank Bathwal
Founded : 2015
About Federal Bank
Founded: 23 April 1931
Headquarters: Aluva, Kerala
Managing Director & Chief Executive Officer: Shyam Srinivasan
Tagline: Your Perfect Banking Partner
Yes Bank Launches ‘FinBooster’ Credit Card with BankBazaar.com

Yes Bank and BankBazaar.com together launched a Co-Branded credit card named FinBooster to measure the
Creditworthiness of the customers.
• FinBooster is built around a credit fitness tracker.
Features
i.FinBooster uses CreditStrong app Subscription (credit fitness report) which helps customers to track
creditworthiness that improves the Credit score.
• Credit Score – This is an indicator of customers creditworthiness or customers ability to repay loans. It is
expressed as numbers based on the repayment history towards different loan types.
ii.No Maximum credit limit
iii.Customers can earn reward points on online dining, grocery and apparel purchases and can easily redeem
them for over 250 catalog products.
iv.The customers can share reward points with family and friends.

About Yes Bank
Founded – 2004
Headquarters – Mumbai,Maharashtra
Chief Executive Officer (CEO) – Prashant Kumar
Tagline – Experience Our Expertise
About BankBazaar.com
Founded – 2008
Headquarters – Chennai, Tamil Nadu
Chief Executive Officer (CEO) – Adhil Shetty
Banking, Finance & Economy Q&A: October 2021

1. Which Payment Bank recently (in Sept’ 21) joined hands with Dairy-tech startup ‘Stellapps’ to enable
cashless payment transfers to small dairy farmers?
1) Paytm Payment Bank
2) Airtel Payment Bank
3) NSDL Payments Bank
4) Jio Payments Bank
5) Fino Payment Bank
Answer- 2) Airtel Payment Bank
Explanation:
Dairy-tech startup Stellapps and Airtel Payments Bank joined hands to enable cashless payment transfers to
small dairy farmers. This project will be initiated in Uttar Pradesh (Varanasi & Kanpur) and Madhya Pradesh
(Gwalior).
About Airtel Payments Bank:
MD & CEO– Anubrata Biswas
Headquarter– New Delhi, Delhi
2. Which of the following Option is NOT correct with respect to the Frameworks issued by the board of
Securities and Exchange Board of India (SEBI) in September 2021?
1) SEBI Approved the framework for Gold Exchange and SEBI (Vault Managers) Regulations, 2021 to create ‘One
Nation One Price’ of gold.
2) The Board approved the creation of the ‘Smart Crypto Exchange’ for fund raising by Entrepreneurs.
3) ‘SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011’ was amended to make merger and
acquisition (M&A) transactions more convenient.
4) ‘SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015’ was amended in relation to
regulatory provisions on Related Party Transactions (RPTs).
5) It relaxed the eligibility requirements related to the Superior Voting Rights (SR) Shares framework to retain
the control of their firms by raising capital.
Answer- 2) The Board approved the creation of the ‘Smart Crypto Exchange’ for fund raising by
Entrepreneurs.
Explanation:
Securities and Exchange Board of India (SEBI) under its board meeting issued following frameworks-
• SEBI Approved the framework for Gold Exchange and SEBI (Vault Managers) Regulations, 2021 to
create ‘One Nation One Price’ of gold.
• The Board approved the creation of the ‘Social Stock Exchange’ for fund raising by Social Enterprises.
• ‘SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011’ was amended to make
merger and acquisition (M&A) transactions more convenient.

• ‘SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015’ was amended in relation to
regulatory provisions on Related Party Transactions (RPTs).
• It relaxed the eligibility requirements related to the Superior Voting Rights (SR) Shares framework to
retain the control of their firms by raising capital.
3. Which bank was removed by RBI (in Sept' 21) from its Prompt Corrective Action (PCA) framework?
1) Punjab National Bank
2) Central Bank of India
3) YES Bank
4) Indian Overseas Bank
5) State Bank of India
Answer- 4) Indian Overseas Bank
Explanation:
RBI removed Indian Overseas Bank (IOB) from the Prompt Corrective Action Framework (PCAF) as the
performance of the bank is compliant with the PCA parameters.
i. Currently, the Central Bank of India is the only lender under the RBI’s PCA framework.
4. Which Small Finance Bank (SFB) announced (in Sept’ 21) to shut down its Automated Teller Machines
(ATMs) from 1st October 2021?
1) Suryoday SFB
2) AU SFB
3) Equitas SFB
4) Ujjivan SFB
5) Jana SFB
Answer- 1) Suryoday SFB
Explanation:
Suryoday Small Finance Bank (SFB) is set to shut down its Automated Teller Machines (ATMs) and
discontinue its ATM services from 1st October 2021. Suryoday SFB has become the first lender to discontinue its
ATM services.
About Suryoday Small Finance Bank:
MD & CEO– Baskar Babu Ramachandran
Headquarters– Navi Mumbai, Maharashtra
5. In September 2021, Bala V Balachandran passed away. He was the founder of which Institute?
1) Goa Institute of Management
2) SP Jain Institute of Management and Research
3) International Management Institute
4) XLRI – Xavier School of Management
5) Great Lakes Institute of Management
Answer- 5) Great Lakes Institute of Management (GLIM)
Explanation:
Padma Shri Professor Bala V Balachandran, the management guru and the founder of Great Lakes Institute of
Management (GLIM), who is fondly known as “Uncle Bala” passed away in Chicago, USA. He was born in
Pudukkottai, Tamil Nadu.
6. Which Bank recently (in Sept’ 21) announced to become the official partner of the Tamil Nadu
government’s ‘Integrated Financial & Human Resource Management System’ (IFHRMS)?
1) Indian Bank
2) Canara Bank
3) Bank of Baroda
4) Syndicate Bank

Answer- 1) Indian Bank
Explanation:
Indian Bank announced that it became the official partner bank of the Tamil Nadu government’s Integrated
Financial and Human Resource Management System (IFHRMS) for the collection of offline and online treasury.
About Indian Bank:
CEO: Shanti Lal Jain
Headquarters: Chennai
7. Which Bank recently (in Oct’ 21) signed a co-lending partnership with ‘Indel Money’ to offer gold loans
at competitive rates?
2) Kotak Mahindra Bank
3) Federal Bank
4) Dhanlaxmi Bank
5) IndusInd Bank
Answer- 5) IndusInd Bank
Explanation:
IndusInd Bank signed a co-lending partnership with a Non-Banking Financial Company (NBFC), ‘Indel Money’
to offer gold loans at competitive rates to its customers, which will be processed by Indel Money on mutually
formulated credit parameters and eligibility criteria.
About IndusInd Bank:
MD & CEO– Sumant Kathpalia
8. Name the organization that signed its 1st Green Term Loan agreement (in Sept’ 21) with ‘Bank of India’
to develop a 470 MW solar project in Rajasthan and 200 MW solar project in Gujarat.
1) Solar Energy Corporation of India
2) ReNew Power
3) NTPC Renewable Energy
4) Tata Power Solar
5) Azure Power
Answer- 3) NTPC Renewable Energy
Explanation:
NTPC Renewable Energy Ltd. signed its first Green Term Loan (GTL) agreement of Rs 500 crores with Bank of
India for a period of 15 years. The loan will be used for the development of 470 MW (Mega Watt) solar project in
Rajasthan and 200 MW solar project in Gujarat.
i. NTPC Renewable Energy will construct India’s largest single local solar power park of 4.75 GW in Kutch,
Gujarat.
9. Which Bank recently (in Oct’ 21) signed a Master Agreement with 3 NBFC-microfinance institutions
(NBFC-MFIs) for co-lending to Joint Liability Groups?
1) ICICI Bank
2) Bank of Baroda
3) HDFC Bank
5) Canara Bank
Answer- 4) State Bank of India
Explanation:
State Bank of India (SBI) signed a Master Agreement with three non-banking finance company-microfinance
institutions (NBFC-MFIs) for co-lending to Joint Liability Groups (JLGs).

i. The entities are Vedika Credit Capital Ltd (VCCL), Save Microfinance Pvt Ltd (SMPL) and Paisalo Digital Ltd
(PDL).
10. Which organization recently (in Oct’ 21) launched ‘PAY feature’ on its mobile app to provide the
integrated facility of QR code based payment & loyalty points?
1) PhonePe
2) PayTm
3) Google Pay
4) Payback India
5) MobiKwik
Answer- 4) Payback India
Explanation:
Payback India, a BharaPe company, launched the 1st of its kind initiative called ‘PAY feature’ that provides the
integrated facility of QR (Quick Response) code based payment & loyalty points in a single app.
About Payback India:
Parent organization– BharatPe
CEO-Rijish Raghavan
11. Which Financial Institute granted loan assistance of USD 356.67 million (in Oct’ 21) to Tamil Nadu for
the expansion of ‘Chennai Metro Rail system’?
1) World Bank
2) Asian Development Bank
3) New Development Bank
4) Asian Infrastructure Investment Bank
5) International Monetary Fund
Answer- 4) Asian Infrastructure Investment Bank
Explanation:
The Asian Infrastructure Investment Bank (AIIB) will provide loan assistance of USD 356.67 million(~Rs.2.65
lakh Crore) for the expansion of Chennai Metro Rail system, Tamil Nadu (TN), India.
i. With this Investment, AIIB has invested a total of USD 6.7 billion making India its largest beneficiary.
About Asian Infrastructure Investment Bank (AIIB):
Headquarters- Beijing, China
President- Jin Liqun
12. Which Small Finance Bank signed a pact (in Oct’ 21) with the ‘NABARD’ to boost rural development in
Rajasthan?
1) AU Small Finance Bank
2) Ujjivan Small Finance Bank
3) Equitas Small Finance Bank
4) Jana Small Finance Bank
5) Fincare Small Finance Bank
Answer- 1) AU Small Finance Bank
Explanation:
AU Small Finance Bank signed a pact with the National Bank for Rural and Development (NABARD) to boost
ongoing rural development initiatives in Rajasthan.
About AU Small Finance Bank:
MD & CEO: Sanjay Agarwal
Headquarters: Jaipur, Rajasthan

13. Who was recently (in Sept’ 21) appointed as the new MD & CEO of the National Securities Depository
Limited (NSDL)?
1) GV Nageswara Rao
2) Partha Pratim Sengupta
3) L V Prabhakar
4) Shanti Lal Jain
5) Padmaja Chunduru
Answer- 5) Padmaja Chunduru
Explanation:
Padmaja Chunduru was appointed as the new Managing Director (MD) & Chief Executive Officer (CEO) of the
National Securities Depository Limited (NSDL). Padmaja Chunduru served as the MD and CEO of Indian Bank
for 3-year before her term ended in August 2021.
About National Securities Depository Limited (NSDL):
Established – 1996
Headquarter – Mumbai, Maharashtra
14. Which Bank recently (in Oct’ 21) signed a co-lending agreement with ‘U GRO Capital’ to provide credit
support to MSMEs?
1) IDFC Bank
4) DBS Bank
5) IDBI Bank
Answer- 5) IDBI Bank
Explanation:
U GRO Capital signed a co-lending agreement with the IDBI (Industrial Development Bank of India) Bank to
provide credit support to MSMEs at affordable interest rates.
15. Which became the 1st Indian credit rating agency to Join UN Supported Environmental Social
Governance credit risk named ‘Principles for Responsible Investment’?
1) CARE Ratings
2) India Ratings & Research
3) CRISIL
4) ICRA Limited
5) Acuite Ratings & Research
Answer- 5) Acuite Ratings & Research
Explanation:
Acuite Ratings & Research became the 1st Indian credit rating agency to Join UN Supported Environmental
Social Governance (ESG) credit risk named ‘Principles for Responsible Investment’ (PRI).
About Acuité Ratings & Research:
Group CEO & Executive Director – Sankar Chakraborti
16. In September 2021, ________ signed a $700-million build-operate-transfer agreement with Sri Lanka to
jointly develop a Colombo Western Container Terminal for _________ .
1) Tata Group; 35 Years
2) Tata Group; 25 Years
3) Adani group; 35 Years
4) Adani group; 25 Years
5) Aditya Birla Group; 35 Years
Answer- 3) Adani group; 35 Years

Explanation:
Adani Group signed a $700-million build-operate-transfer agreement with Sri Lankan government-owned Sri
Lanka Ports Authority (SLPA) and John Keells Holdings to jointly develop a Colombo Western Container
Terminal (WCT) for 35 Years.
About Sri Lanka:
Capital – Colombo, Sri Jayawardenepura Kotte
President – Gotabaya Rajapaksa
17. Who was appointed (in Oct’ 21) as the Managing Director of ‘Life Insurance Corporation of India’
(LIC)?
1) Sandeep Aggarwal
2) BC Patnaik
3) Vishwavir Ahuja
4) Rajiv Lochan
5) SN Subrahmanyan
Answer- 2) BC Patnaik
Explanation:
The Union government appointed BC Patnaik Managing Director(MD) of Life Insurance Corporation of India
(LIC).
About LIC:
Chairperson: M R Kumar
18. Which of the following Statement(s) are Correct with respect to the 2nd edition of ‘Global FinTech
Festival (GFF) 2021’.
A) GFF 2021, World’s largest virtual fintech festival was hosted by India under the theme ‘FinTech:
Empowering a Global Digital Economy’.
B) NPCI partnered with HDFC Bank & launched first-of-its-kind ‘RuPay On-the-Go’ to enable the users to
pay up to Rs 20000 without the need to input the PINs.
C) Nirmala Sitharaman released the ‘UN Report on Responsible Digital Payments’ that provides good
practices for financial consumer protection.
1) Only A
2) Only A & C
3) Only A & B
4) Only B & C
5) All A, B & C
Answer- 2) Only A & C
Explanation:
i. ‘Global FinTech Festival (GFF) 2021’, World’s largest virtual fintech festival was hosted by India under the
theme ‘FinTech: Empowering a Global Digital Economy’.
ii. National Payments Corporation of India (NPCI) partnered with YES BANK & launched first-of-its-kind ‘RuPay
On-the-Go’ to enable the users to pay up to Rs 5000 without the need to input the personal identification number
(PINs).
iii. Nirmala Sitharaman released the ‘UN (United Nation) Report on Responsible Digital Payments’ that
provides good practices for financial consumer protection.
19. Which Organization recently (in Oct’ 21) approved a US$ 150 million loan for ‘Chennai City
Partnership: Sustainable Urban Services Program’ ?
2) World Bank
3) European Investment Bank

4) Bank for International Settlements
Answer- 2) World Bank
Explanation:
The World Bank (WB) Board of Executive Directors approved a US$ 150 million program titled ‘Chennai City
Partnership: Sustainable Urban Services Program’ to support Tamil Nadu‘s vision of making Chennai into a
world-class city that is more green, livable, and resilient to climate change.
About Tamil Nadu:
Governor – R.N. Ravi
Wildlife Sanctuary – Vallanadu Black Buck Sanctuary, Kanyakumari Wildlife Sanctuary
20. Which State got an approval of a US$ 40 million from ‘World Bank’ (in Oct'21) for the Health
Infrastructure Project?
1) Meghalaya
2) Sikkim
3) Mizoram
4) Assam
5) Nagaland
Answer- 1) Meghalaya
Explanation:
The World Bank approved a US$ 40 million project titled ‘Meghalaya Health Systems Strengthening Project’
to improve the quality of health services in Meghalaya and strengthen the state’s capacity to handle health
emergencies, including the COVID-19.
About World Bank:
Headquarters – Washington D.C., USA
President – David Malpass
21. Which Bank recently (in Sept’ 21) launched ‘NAV-eCash Card’ in partnership with the Indian Navy?
1) Canara Bank
3) Union Bank of India
5) Indian Bank
Explanation:
Indian Navy and State Bank of India (SBI) launched SBI’s NAV-eCash Card onboard India’s largest Naval
Aircraft Carrier INS (Indian Naval Ship) Vikramaditya. It will overcome the difficulties faced by navy personnel
onboard in handling physical cash during deployment of the ship at high seas.
Chairman – Dinesh Kumar Khara
Tagline – The Banker to Every Indian
22. Who was recently (in Sept’ 21) appointed as the brand ambassador of India’s first crypto unicorn
‘Coindcx’?
1) Sharukh Khan
2) Amir Khan
3) Ranveer Singh
4) Amitabh Bachchan
5) Ajay Devgan
Answer- 4) Amitabh Bachchan

Explanation:
India’s first crypto unicorn CoinDCX appointed Amitabh Bachchan as its first Brand Ambassador to increase
crypto awareness and to make crypto an emerging asset class.
About CoinDCX:
CEO & Co-founder– Sumit Gupta
Headquarter – Mumbai, Maharashtra
23. Name the person who was recently (in Oct’ 21) appointed as an administrator of two NBFCs viz, Srei
Infrastructure Finance Limited (SIFL) & Srei Equipment Finance Limited (SEFL) by the RBI due to
governance issues.
1) Shyamal Ghosh
2) Sandeep Aggarwal
3) Pravin Kumar Purwar
4) Rajneesh Sharma
5) PD Vaghela
Answer- 4) Rajneesh Sharma
Explanation:
RBI superseded the Board of Directors of two Non-Banking Finance Companies (NBFCs) viz, Srei Infrastructure
Finance Limited (SIFL) & Srei Equipment Finance Limited (SEFL), due to governance issues and defaults in
meeting their various payment obligations.
i. Rajneesh Sharma, former chief general manager of Bank of Baroda, was appointed as an administrator of
SIFL & SEFL.
24. Which Small Finance Bank (SFB) recently (in Oct’ 21) launched a Current Account named ‘Supreme’
for Non-Resident Indians (NRIs)?
1) Equitas SFB
2) ESAF SFB
3) Suryoday SFB
4) Capital SFB
5) Ujjivan SFB
Answer- 2) ESAF SFB
Explanation:
ESAF Small Finance Bank (SFB) has launched ‘Supreme’, a Current account for Non-Resident Indians (NRIs).
• There are 11 SFBs in India. Shivalik SFB Limited is the recently added SFB, it became the 1st urban
cooperative bank (UCB) to be converted into SFB in 2020.
About ESAF Small Finance Bank:
Headquarters – Thrissur, Kerala
MD & CEO – Kadambelil Paul Thomas
25. Which country will receive Tax Expertise from India (as of Oct’ 21) under the Tax Inspectors Without
Borders (TIWB) programme?
1) Sri Lanka
2) Italy
3) Sierra Leone
4) Myanmar
5) Seychelles
Answer- 5) Seychelles
Explanation:
Tax Inspectors Without Borders (TIWB) launched its programme in Seychelles where India was chosen as the
Partner Administration and has also provided Tax Expert for the same.
i. The Indian Army and Seychelles People’s Defence Forces conducts joint military exercise ‘LAMITYE’ biennially.

26. In October 2021, RBI gave approval for the operation of ‘National Asset Reconstruction Company Ltd’
(NARCL).
What are the points that are correctly related to NARCL?
A) NARCL was set up with a corpus of Rs. 6000 crores, under Section 3 of SARFAESI Act, 2002.
B) 74% of NARCL will be owned by PSBs & it will pay up to 20% of the agreed value for the bad loans in
cash and the remaining 80% would be government-guaranteed Security Receipts.
C) Ajit Krishnan Nair was hired as the MD of NARCL.
1) Only A
2) Only B
3) Only C
4) Both A & B
5) Both A & C
Answer- 1) Only A
Explanation:
i. RBI gave the license to the National Asset Reconstruction Company Ltd (NARCL) to start operations as the bad
bank under Section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security
Interest (SARFAESI) Act, 2002 with a corpus of Rs. 6000 crores.
ii. 51% of NARCL will be owned by Public sector Banks (PSBs) & it will pay up to 15% of the agreed value for the
bad loans in cash and the remaining 85% would be government-guaranteed Security Receipts.
iii. Padmakumar Madhavan Nair was hired as the Managing Director (MD) of NARCL.
27. Which Foreign Bank was permitted by the RBI (in Oct’ 21) to open two more branches in India?
1) Barclays Bank
2) DBS Bank
3) Royal Bank of Scotland
4) Emirates NBD Bank
5) Bank Of Bahrain & Kuwait
Answer- 4) Emirates NBD Bank
Explanation:
RBI granted permission to Emirates NBD Bank, Dubai, the government-owned bank of UAE (United Arab
Emirates), to open two more branches in India.
About Emirates NBD Bank:
Headquarters (Global) – Dubai, United Arab Emirates
Vice Chairman and Managing Director – Hesham Abdulla Qassim Al Qassim.
28. What was ‘Global Merchandise Trade Volume Growth Rate’ projected by the WTO for 2021 (as of Oct’
21)?
1) 8%
2) 10.8%
3) 9.4%
4) 11.1%
5) 12.7%
Answer- 2) 10.8%
Explanation:
The World Trade Organization (WTO) upgraded its global merchandise trade volume growth to 10.8% in
2021 which is an upward revision from 8% forecasted in March 2021.
i. Global GDP growth is estimated to 4.1% in 2022, up from 3.8% previously.

29. Who was recently (in Oct’ 21) appointed as India Country Head by The International Finance
Corporation (IFC)?
1) Wendy Werner
2) Jun Zhang
3) Makhtar Diop
4) Abhishek Yadav
5) A P Maheshwari
Answer- 1) Wendy Werner
Explanation:
The International Finance Corporation (IFC) appointed Wendy Werner as the new Country Head for India. She
was IFC trade & competitiveness manager for East Asia and the Pacific.
About International Finance Corporation (IFC):
Headquarters- Washington DC, United States
MD- Makhtar Diop
30. Which of the following point(s) are correct with respect to the ‘Swing Pricing’ introduced by SEBI in
October 2021?
A) Swing pricing allows an Asset Management Company to adjust the net asset value (NAV) of any Mutual
Fund scheme that is facing redemption pressure.
B) Swing pricing will not be applicable for redemptions up to Rs 2 lakh for each scheme for safeguarding
small investors.
C) It will be a hybrid framework with a ‘partial swing’ during normal times & ‘full swing’ during market
dislocation times.
1) All A, B & C
2) Only A & B
3) Only A
4) Only B
5) Only C
Answer- 1) All A, B & C
Explanation:
The Securities and Exchange Board of India (SEBI) decided to introduce swing pricing for open-ended debt
mutual fund (MF) schemes.
i. Swing pricing allows an Asset Management Company (AMC) to adjust the net asset value (NAV) of any Mutual
Fund scheme that is facing redemption pressure.
ii. Swing pricing will not be applicable for redemptions up to Rs 2 lakh for each scheme for safeguarding small
investors.
iii. It will be a hybrid framework with a ‘partial swing’ during normal times & ‘full swing’ market dislocation
times for high-risk open-ended debt schemes.
31. Which organization recently (in Oct’ 21) was imposed with a penalty of Rs 1.02 crore by SEBI for
making Fraudulent and Unfair Trade Practices?
1) Shriram Transport Finance Limited
2) Aditya Birla Money Limited
3) Muthoot Finance Limited
4) AU Small Finance Limited
5) Angel Broking Stock Limited
Answer- 2) Aditya Birla Money Limited
Explanation:
The Securities and Exchange Board of India (SEBI) imposed a Rs 1.02 crore penalty on Aditya Birla Money Ltd
for Fraudulent and Unfair Trade Practices (PFUTP) regulations, code of conduct under SEBI (Stock-Broker)
Regulations,1992 and SEBI circulars.

About Securities Exchange Board of India (SEBI):
32. What was India’s Bank Credit Growth in Q1 of FY22 in the ‘Quarterly Basic Statistical Returns-1:
Outstanding Credit of Scheduled Commercial Banks’ report released by RBI?
1) 5.8%
2) 4.3%
3) 5.1%
4) 4.7%
5) 3.6%
Answer- 1) 5.8%
Explanation:
The RBI released the report titled ‘Quarterly Basic Statistical Returns (BSR)-1: Outstanding Credit of
Scheduled Commercial Banks (SCBs), June 2021’. The bank credit registered a 5.8% growth in the 1st quarter of
the financial year 2021-22 (Q1 FY22) compared to 5.1% in Q4 of FY21.
Establishment – 1st April 1935
33. Which Bank recently (in Oct’21) tied up with ‘CredAvenue’ for Portfolio Management of their
Securitization Book?
1) Axis Bank
2) Federal Bank
3) RBL Bank
4) IndusInd Bank
5) ICICI Bank
Answer- 2) Federal Bank
Explanation:
Federal Bank partnered with CredAvenue for Portfolio management of their Securitization Book and
implemented CredPool, an institutional debt platform of CredAvenue.
About Federal Bank:
MD & CEO – Shyam Srinivasan
34. In October 2021, On the recommendation of the Mutual Fund Advisory Committee (MFAC), SEBI
revised some norms.
Which of the following Statement(s) are correct with respect to these norms?
A) SEBI directed mutual funds (MFs) to undertake at least 25% of their total secondary market trades by
value in Corporate bonds and that of 10% in Commercial papers.
B) SEBI modified REITs and InvITs regulations with respect to exit options in various scenarios, including
acquisition and change in sponsors.
C) The exit option price would be enhanced by an amount equal to a sum determined at the rate of 10%
per annum.
1) All A, B & C
2) Only B & C
3) Only A & C
4) Only A & B
5) Only A
Answer- 1) All A, B & C

Explanation:
SEBI revised some norms to further increase the liquidity on exchange platforms as per the recommendation of
the Mutual Fund Advisory Committee (MFAC).
i. SEBI directed mutual funds (MFs) to undertake at least 25% of their total secondary market trades by value in
Corporate bonds and that of 10% in Commercial papers.
ii. SEBI modified REITs (Real Estate Investment Trusts) & InvITs (Infrastructure Investment Trusts) regulations
with respect to exit options in various scenarios, including acquisition and change in sponsors.
iii. The exit option price would be enhanced by an amount equal to a sum determined at the rate of 10% per
annum.
35. Which Organization recently (in Oct’ 21) sanctioned Rs 303 Crore to Odisha for the construction of 24
bridges?
1) SEBI
2) EXIM Bank
3) NABARD
4) IRDAI
5) SIDBI
Answer- 3) NABARD
Explanation:
National Bank for Agriculture and Rural Development (NABARD) sanctioned assistance of Rs 303 crore under
the Rural Infrastructure Development Fund (RIDF) to the Government of Odisha for the construction of 24
bridges in the state.
About NABARD:
36. Which organization recently (in Oct’ 21) launched India’s 1st Card-on-File tokenization (CoFT)
services in partnership with ‘Juspay’?
1) PayPal
2) Mastercard
3) American Express
4) Capital One
5) Visa
Answer- 5) Visa
Explanation:
Global payments technology firm, Visa in partnership with Juspay launched India’s 1st Card-on-File tokenization
(CoFT) services for e-commerce players such as Grofers, BigBasket, and MakeMyTrip.
i.Tokenization refers to the process of replacing the card’s actual sensitive information with a unique alternate
code called the ‘token’ to improve security.
37. Name the organization that recently (in Oct’ 21) received an in-principle approval from the RBI to set-
up and operate Trade Receivables Discounting System (TReDS).
1) NSE Technologies Private Limited
2) BSE Technologies Private Limited
3) Marketplace Technologies Private Limited
4) Zerodha Technologies Private Limited
5) Angel Broking Private Limited
Answer- 2) BSE Technologies Private Limited

Explanation:
BSE Technologies Private Limited (BSE Tech), the wholly-owned subsidiary of BSE, received an in-principle
approval from the RBI for setting up and operating Trade Receivables Discounting System (TReDS) under the
Payments and Settlement Systems Act, 2007.
i. Entities that wish to set up and operate the TReDS need to have a minimum paid-up equity capital of Rs 25
crore.
38. What was India's GDP rate projected for FY22, in the World Bank’s report titled ‘Shifting Gears:
Digitization and Services-Led Development’ released in October 2021?
1) 7.9%
2) 9.2%
3) 8.3%
4) 7.1%
5) 10.4%
Answer- 3) 8.3%
Explanation:
The World Bank released its report on South Asia Economic Focus titled ‘Shifting Gears: Digitization and
Services-Led Development’ and unchanged India’s GDP growth forecast for FY22 to 8.3% from its earlier
estimate in June 2021.
39. Name the person who got additional charge (in Oct’ 21) as the Chairperson of National Financial
Reporting Authority (NFRA).
1) Pravin Kumar Purwar
2) Rangachari Sridharan
3) P D Vaghela
4) Ashok Kumar Gupta
5) Sivasubramanian Ramann
Answer- 4) Ashok Kumar Gupta
Explanation:
The chairperson of the Competition Commission of India (CCI), Ashok Kumar Gupta was given additional
charge as the chairperson of the National Financial Reporting Authority (NFRA). He will succeed Rangachari
Sridharan.
About National Financial Reporting Authority (NFRA):
40. Which organization recently (in Oct’ 21) announced to acquire a 15.27% stake of ‘PNB MetLife India
Insurance Company Limited’ for Rs 1906 crore?
1) Berkshire Hathaway
2) Liberty Mutual Holding
3) Zurich Insurance Group
4) Japan Post Holdings
5) Metlife International Holdings
Answer- 5) Metlife International Holdings
Explanation:
Metlife International Holdings is set to acquire a 15.27% stake in PNB MetLife India Insurance Company
Limited for a cash consideration of Rs 1906 crore. Metlife International Holdings will acquire the stakes owned
by IGE (India) Private Limited and Elpro International Limited.
About PNB MetLife India Insurance Company Limited:
MD & CEO– Ashish Kumar Srivastava
Tagline– Milkar Life Aage Badhayein

41. Which Bank recently (in Oct’ 21) extended its partnership with ‘Tata Consultancy Services’ to use the
core banking software named ‘TCS BaNCS’ for another five years?
2) Canara Bank
3) HDFC Bank
5) Bank of Baroda
Explanation:
State Bank of India (SBI) extended its partnership with Tata Consultancy Services (TCS) for another five years.
Under this partnership, SBI uses TCS BaNCS for which TCS maintain and enhance SBI’s application for core
banking, trade finance, financial reporting, and financial inclusion.
42. Name the campaign that was recently (in Oct’ 21) launched by ‘Punjab National Bank’ under its
customer outreach programme.
1) Digi Samvad
2) 6S Campaign
3) Switch to PNB
4) Swavalamban Campaign
5) Go Digital Campaign
Answer- 2) 6S Campaign
Explanation:
Punjab National Bank (PNB) launched the “6S Campaign” under customer outreach programme to offer
financial services at a concessional rate during festival season. The campaign encapsulates various schemes such
as Swabhiman, Samruddhi, Sampark & Shikhar, Sankalp and Swagat.
• Swabhimaan- to promote the financial inclusion agenda.
• Samruddhi- credit outreach for the agricultural sector.
• Shikhar, Sankalp and Swagat schemes- special rates of interest in the retail and MSME Sector.
43. In October 2021, Fitch Ratings in its latest ‘APAC (Asia-Pacific) Sovereign Credit Overview 4Q21’
reduced India’s GDP growth forecast for FY22 to ________ from 10%.
1) 8.7%
2) 9.2%
3) 6.7%
4) 7.1%
5) 8%
Answer- 1) 8.7%
Explanation:
Fitch Ratings, an American credit rating agency, in its latest ‘APAC (Asia-Pacific) Sovereign Credit Overview
4Q21’ reduced India’s GDP (Gross Domestic Product) growth forecast for FY22 to 8.7% from 10%
About Fitch Ratings:
President – Ian Linnell
Headquarters – New York, United States
44. What was India’s GDP growth rate projected by ‘FICCI’ for FY FY22, as of Oct’ 21?
1) 9.8%
2) 9.1%
3) 8.3%
4) 7.9%
5) 7.1%
Answer- 2) 9.1%

Explanation:
Industry body FICCI (Federation of Indian Chambers of Commerce and Industry), in its latest economic outlook
survey, revised India’s GDP growth forecast for FY22 to 9.1% from its earlier estimation of 9%.
About Federation of Indian Chambers of Commerce and Industry (FICCI):
President – Uday Shankar
45. Name the organization that recently (in Oct’ 21) launched a global FinTech Hackathon Series called
‘Sprint01: BankTech’ for the Banking sector.
1) Federation of Indian Chambers of Commerce and Industry(FICCI)
2) International Financial Services Centres Authority (IFSCA)
3) Reserve Bank of India (RBI)
4) Financial Services and Markets Authority (FSMA)
5) Small Industries Development Bank of India (SIDBI)
Answer- 2) International Financial Services Centres Authority (IFSCA)
Explanation:
The International Financial Services Centres Authority (IFSCA) and GIFT (Gujarat International Finance Tec) City
launched ‘Sprint01: BankTech’ which is focused on FinTechs for the Banking sector. The finalists of this
Hackathon shall be allowed direct entry into IFSCA Regulatory/Innovation Sandbox.
46. Which bank was recently (in Oct’ 21) authorised by RBI to collect Direct and Indirect Taxes, on behalf
of CBDT & CBIC?
1) HDFC Bank
2) Axis Bank
4) Federal Bank
5) DBS Bank
Explanation:
The Federal Bank was authorised by the RBI, based on the recommendation of Controller General of Accounts,
Ministry of Finance, for collection of Direct and Indirect Taxes, on behalf of CBDT (Central Board of Direct
Taxes) and CBIC (Central Board of Indirect Taxes and Customs).
i. Federal Bank also upgraded its Mobile Banking App named ‘FedMobile’.
47. In October 2021, RBI’s 6-members Monetary Policy Committee (MPC) released its fourth bi-monthly
monetary policy statement.
Which of the following point(s) are correct with respect to these announcements?
A) RBI kept the rates unchanged and continued with the accommodative stance perpetuating the Policy
Repo Rate at 3.35% and MSF Rate at 4%.
B) The MPC retained India’s real GDP growth projection for FY22 at 8.8% & CPI inflation at 4.9% in FY22.
C) RBI decided to extend the on tap ‘Special Long-Term Repo Operations’ (SLTRO) facility for small
finance banks (SFBs) till December 31, 2021.
1) All A, B & C
2) Only A & B
3) Only B & C
4) Only A & C
5) Only C
Answer- 5) Only C

Explanation:
i. RBI kept the rates unchanged for the 8th consecutive time & continued with the accommodative stance
perpetuating the rates as follows- Policy Repo Rate- 4%, Reverse Repo Rate- 3.35%, Marginal Standing Facility
(MSF) Rate- 4.25%, Bank Rate- 4.25%, Cash Reserve Ratio (CRR)- 4% and Statutory Liquidity Ratio (SLR)-18%.
ii. The Monetary Policy Committee (MPC) retained India’s real GDP growth projection for FY22 at 9.5% &
Consumer Price Index (CPI) inflation at 5.3% in FY22.
iii. RBI decided to extend the on tap ‘Special Long-Term Repo Operations’ (SLTRO) facility for small finance
banks (SFBs) till December 31, 2021.
48. Which of the following points is NOT correct with respect to the key initiatives taken by the RBI in
October 2021?
1) RBI proposed to increase the per-transaction limit in IMPS from Rs 2 lakh to Rs 5 lakh.
2) RBI proposed to introduce a framework for carrying out retail digital payments in offline mode with the total
limit being Rs 2,000.
3) Geo-Tagging of physical payment acceptance infrastructure will be set up to find out location information of
existing payment acceptance infrastructure.
4) RBI announced the 4th sandbox cohort with the theme of ‘MSME Lending’.
5) Internal Ombudsman Scheme (IOS) was introduced by RBI for NBFCs and PSL facility by Banks to NBFCs was
extended till March 31, 2022.
Answer- 4) RBI announced the 4th sandbox cohort with the theme of ‘MSME Lending’.
Explanation:
In October 2021, RBI had taken following key initiatives-
• RBI proposed to increase the per-transaction limit in Immediate Payment Service (IMPS) from Rs 2 lakh to
Rs 5 lakh.
• RBI proposed to introduce a framework for carrying out retail digital payments in offline mode with the
total limit being Rs 2,000.
• Geo-Tagging of physical payment acceptance infrastructure will be set up to find out location information of
existing payment acceptance infrastructure.
• RBI announced the 4th sandbox cohort with the theme of ‘prevention and mitigation of financial
frauds’.
• Internal Ombudsman Scheme (IOS) was introduced by RBI for NBFCs and Priority Sector Lending (PSL)
facility by Banks to NBFCs was extended till March 31, 2022.
49. The report titled ‘International Debt Statistics 2022’ was released by ___________ , which states that low-
income Countries’ debt rose __________ to $860 billion in 2020 due to the COVID-19 pandemic.
1) International Monetary Fund; 12%
3) World Bank; 12%
4) World Bank; 18%
5) World Economic Forum; 12%
Answer- 3) World Bank; 12%
Explanation:
The World Bank (WB) in its report titled ‘International Debt Statistics 2022’ warned against a 12% debt rise
of the world’s low-income countries to $860 billion in 2020 due to the COVID-19 pandemic.
About World Bank (WB):
President– David R. Malpass (13th President)
Headquarters– Washington DC, United State
50. Which became the first Indian NBFC to launch instant Business Loan on ‘WhatsApp’?
1) Tata Capital Financial Services
2) India Infoline Finance Limited

3) Shriram Transport Finance Limited
4) Bajaj Finance Limited
5) HDB Finance Services Limited
Answer- 2) India Infoline Finance Limited
Explanation:
IIFL (India Infoline Limited) Finance became the first Indian NBFC (non-banking financial company) that
launched instant business loans on WhatsApp up to Rs 10 lakh (Rs 1 million). The technological services for the
same will be provided by Setu, IIFL Finance’s technology service provider.
About IIFL Finance:
MD– Venkataraman Rajamani
51. In October 2021, Bharti AXA Life Insurance launched a new participating savings product named-
‘____________’ to provide long term financial stability to individuals.
1) Bharti AXA SEHAT
2) Bharti AXA Guaranteed Income
3) Bharti AXA Life Unnati
4) Bharti AXA REWARD
5) Bharti AXA Futura
Answer- 3) Bharti AXA Life Unnati
Explanation:
Bharti AXA Life Insurance launched a new participating savings product named ‘Bharti AXA Life Unnati’. It will
provide long term financial stability to individuals with the dual benefits of savings and protection in a single
product with 4 pay options.
About Bharti AXA Life Insurance:
MD & CEO – Parag Raja
52. Which bank recently (in Oct’ 21) partnered with ‘Ezetap’ to offer a new service app named ‘My
Vyappar’ to Indian retail sector businesses?
1) Axis Bank
2) Bandhan Bank
3) HDFC Bank
5) Canara Bank
Answer- 1) Axis Bank
Explanation:
Ezetap collaborated with Axis Bank to offer a new service app ‘My Vyappar’ to retail businesses in India. The
app also aims at motivating the merchants to increase the use of digital payments, by incentivizing them with
rewards, upon achieving bank goals.
About Axis Bank:
CEO– Amitabh Chaudhry
Tagline: Badhti ka Naam Zindagi
53. Who was recently (in Oct’ 21) appointed as Chairman to the Board of ‘BharatPe’?
1) Dinesh Kumar Khara
2) Rajnish Kumar
3) Sanjiv Puri
4) Arundhati Bhattacharya
5) Chanda Kochhar
Answer- 2) Rajnish Kumar

Explanation:
Rajnish Kumar, former chairman of the State Bank of India(SBI) was appointed as the Chairman of the board of
BharatPe, an ‘Indian’ leading fintech company.
About BharatPe:
CEO– Ashneer Grover
Head office– New Delhi, Delhi
54. Name the Cooperative Bank that recently (in Oct’ 21) partnered with ‘Axis Securities’ to offer investing
services through a 3-in-1 account.
1) Urban Cooperative Bank
2) J&K State Cooperative Bank
3) Seva Vikas Cooperative Bank
4) Punjab & Maharashtra Cooperative Bank
5) Saraswat Cooperative Bank
Answer- 5) Saraswat Cooperative Bank
Explanation:
Saraswat Cooperative Bank Ltd. partnered with Axis Securities to offer its customers investing services
through a 3-in-1 account. The facility will integrate savings bank accounts maintained by the co-operative bank
with the demat & trading account offered by Axis Securities.
55.Which Small Finance Bank (SFB) got license from RBI (in Oct'21) to become India's 12th SFB?
1) Paytm Small Finance Bank
2) Jana Small Finance Bank
3) Asirvad Small Finance Bank
4) Unity Small Finance Bank
5) Fusion Small Finance Bank
Answer- 4) Unity Small Finance Bank
Explanation:
The RBI issued the ‘Small Finance Bank’ (SFB) licence to Centrum-BharatPe’s ‘Unity Small Finance Bank Ltd
(USFBL)’ to carry on an SFB business in India. They are aspiring to make USFBL as India's 1st ‘digital SFB’.
i. With the establishment of USFBL, the number of SFBs in India was increased to 12.
56. Which bank was issued a penalty of Rs 30 lakh by RBI (in Oct’ 21) for non-compliance with certain
directions on fraud monitoring?
1) Karnala Nagari Sahakari Bank
2) Saraswat Bank
3) Abhyudaya Cooperative Bank
4) Bharat Cooperative Bank
5) Janata Sahakari Bank
Answer- 5) Janata Sahakari Bank
Explanation:
RBI Imposed Monetary Penalty of Rs 30 lakh on Janata Sahakari Bank Ltd, Pune, Maharashtra for non-
compliance with certain directions issued by RBI under the Supervisory Action Framework (SAF) and RBI
directions on ‘Frauds in Urban Co-operative Banks: Changes in Monitoring and Reporting mechanism’.
57. In October 2021, The Department of Posts launched a digital version of the postal life insurance policy
named- ‘_________’ that can be accessed through Digilocker app.
1) zBond
2) ePLI bond
3) eLife Bond
4) eCAT Bond

5) AT-1 Bond
Answer- 2) ePLI bond
Explanation:
The Department of Posts launched a digital version of the postal life insurance policy – ePLI bond, which can
be accessed through Digilocker. The ePLI bond was developed by the National eGovernance Division (NeGD) of
the Ministry of Electronics & IT (Meity).
About Department of Posts:
Director General – Alok Sharma
Headquarters – New Delhi
58. Name the Small Finance Bank (SBF) that recently (in Oct’ 21) partnered with Go Digit General
Insurance to Offer Insurance Products.
1) AU SFB
2) ESAF SFB
3) Shivalik SFB
4) Suryoday SFB
5) Jana Lakshmi SFB
Answer- 3) Shivalik SFB
Explanation:
Shivalik Small Finance Bank (SFB) partnered with Go Digit General Insurance to offer instant, easy-to-
understand insurance products through the bank’s network of branches across India digitally.
About Shivalik Small Finance Bank:
Headquarters – Noida, Uttar Pradesh
MD & CEO – Suveer Kumar Gupta
59. What was India’s GDP forecast for 2021 as per the 'World Economic Outlook' released by the
International Monetary Fund (IMF) in October, 2021?
1) 9.5%
2) 8.9%
3) 8.3%
4) 7.7%
5) 7%
Answer- 1) 9.5%
Explanation:
World Economic Outlook (WEO) titled ‘Recovery During a Pandemic Health Concerns, Supply Disruptions,
and Price Pressures’, the International Monetary Fund (IMF) retained India’s Gross Domestic Product (GDP)
growth forecast for 2021 unchanged at 9.5% (July 2021 forecast).
60. In October 2021, SBI, UBI, PNB & Indian Bank picked up their stakes in the proposed bad bank named-
‘__________’.
1) Pegasus Assets Reconstruction Private Ltd
2) India Debt Resolution Company Ltd
3) Phoenix ARC Private Limited
4) India SME Asset Reconstruction Company Ltd
5) National Asset Reconstruction Company Ltd
Answer- 5) National Asset Reconstruction Company Ltd

Explanation:
The State Bank of India(SBI), Union Bank of India(UBI), Punjab National Bank(PNB) and Indian Bank picked up
more than 12% stake each in the proposed bad bank National Asset Reconstruction Company Ltd (NARCL).
i. 51% stakes of NARCL will be owned by the PSBs and the rest will be owned by private-sector lenders.
61. When was the 2021’s ‘World Investor Week’, under the aegis of the International Organization of
Securities Commissions (IOSCO), observed by the UN?
1) 2-8 October
2) 1-6 October
3) 4-10 October
4) 7-13 October
5) 9-15 October
Answer- 3) 4-10 October
Explanation:
The World Investor Week(WIW) is annually observed across the globe under the aegis of the International
Organization of Securities Commissions (IOSCO) to create awareness on the importance of education and
protection of investors. Securities and Exchange Board of India (SEBI) led the observance of the World Investor
Week in India.
i. The 5th Edition of the World Investor Week, WIW 2021, was observed from the 4th October through 10th
October 2021.
62. Name the Organisation that partnered with Indian Institute of Foreign Trade (IIFT) to launch India
Digital Trade Facilitation Forum (IDTFF) to support MSME Exporters.
1) PhonePe
2) Amazon
3) Stripe
4) PayPal
5) Paytm
Answer- 4) PayPal
Explanation:
PayPal signed an MoU with the Indian Institute of Foreign Trade (IIFT) to increase the knowledge base of Indian
micro, small & medium enterprises (MSMEs).
It will be done through the launch of India Digital Trade Facilitation Forum (IDTFF) for MSMEs.
63. Identify the Organisation that (in Oct’21) launched the Unique payment mode ‘ClickPay’ in
partnership with NPCI Bharat BillPay Ltd.
1) PhonePe
2) Amazon
3) MobiKwik
4) PayPal
5) Paytm
Answer- 1) PhonePe
Explanation:
PhonePe has partnered with NPCI Bharat BillPay Ltd (NBBL) and launched a unique payment link named
‘ClickPay’ to enable customers to make recurring online bill payments.
About PhonePe:
It was acquired by Flipkart acquires in 2016
CEO – Sameer Nigam

64. Identify the Organisation that partnered with Kinara Capital (in Oct’21) with targets of disbursing Rs
100 crores loan to MSMEs by FY22
1) Paisalo Digital
2) U GRO Capital
3) Reliance Capital
4) Shriram City Union Finance
5) Muthoot Finance
Answer- 2) U GRO Capital
Explanation:
U GRO Capital & Kinara Capital have made a strategic co-origination partnership to offer collateral-free
business loans to small business entrepreneurs in India.
Both organisations were planning to disburse Rs 100 crores to MSMEs by FY22, with loans ranging from Rs 1
lakh to Rs 30 lakh with tenure ranging from 12–60 months.
65. Name the fintech company that partnered with Indian Bank (in Oct’21) to provide Digital Wealth
Management Products through Indian Bank’s mobile app.
1) Billdesk
2) Pine Labs
3) Fisdom
4) Paytm
5) Instamojo
Answer- 3) Fisdom
Explanation:
Indian Bank made a tie up with a fintech company Fisdom for Indian Bank’s ‘IndOASIS’ mobile app to manage
the new digital wealth management products.
66. Name the bank that got integrated (in Oct’21) with TN Govt’s IFHRMS (Integrated Finance Human
Resource Management System) portal for collecting all treasury receipts
1) HDFC Bank
2) Federal Bank
4) Canara Bank
Answer- 3) Indian Overseas Bank
Explanation:
Indian Overseas Bank (IOB) is now integrated with TN Govt’s IFHRMS (Integrated Finance Human Resource
Management System) portal designed for collection of all treasury receipts.
i.Now IOB is authorized to collect all the receipts of Tamil Nadu Government under IFHRMS portal through both
offline and online.
ii.IOB also joined Pension Fund Regulatory and Development Authority (PFRDA) for promoting pension &
retirement planning.
67. Which Organization recently (in Oct’ 21) released the ‘Global Financial Stability Report-2021’, which
mainly discusses ‘Cryptoization’?
2) European Investment Bank
4) World Bank
Answer- 5) International Monetary Fund

Explanation:
The International Monetary Fund (IMF) released the ‘Global Financial Stability Report-2021’, that discusses
the adaptation of cryptocurrencies in emerging markets, the report mainly discusses ‘Cryptoization’. It stated
‘Bitcoin’ is the most dominant Crypto-currency, while its market share fell sharply in 2021 from 70% to less than
45%.
i. India ranked 2nd in the ‘Global Crypto Adoption Index 2021’, which was topped by Vietnam.
68. As per the report by __________ titled ‘Fiscal Monitor: Strengthening the Credibility of Public Finances’,
India’s debt in 2021 was projected to rise to __________.
1) Asian Development Bank; 85.2%
2) World Bank; 90.6%
3) World Bank; 85.2%
4) International Monetary Fund; 90.6%
Answer- 4) International Monetary Fund; 90.6%
Explanation:
As per the 2021’s Fiscal Monitor Report of the International Monetary Fund (IMF) titled, ‘Fiscal Monitor:
Strengthening the Credibility of Public Finances’, the global debt in 2020 was increased by $27 trillion (from
2019) to a new high of USD 226 trillion.
i. India’s debt in 2021 was projected to rise at 90.6%.
69. Name the Organization that recently (in Oct’ 21) increased its ambition to deliver climate financing to
its ‘Developing Member Countries’ to $100 billion by 2030.
1) World Bank
2) World Economic Forum
3) United Nations Development Programme
5) World Health Organization
Answer- 4) Asian Development Bank
Explanation:
Asian Development Bank (ADB) increased its ambition to deliver climate financing to its Developing Member
Countries (DMCs) from 2019–2030 by $20 billion to $100 billion. The additional $20 billion will provide support
for the climate agenda in 5 main areas viz. Climate mitigation, Climate adaptation, private sector operations etc.
President – Masatsugu Asakawa
70. Which Bank recently (in Oct’ 21) partnered with ‘Vested Finance’ under its new solution named
‘Vested Direct’ to facilitate forex transfers?
1) CSB Bank
2) DCB Bank
3) SBM Bank
4) IDFC FIRST Bank
5) RBL Bank
Answer- 3) SBM Bank
Explanation:
Vested Finance, a platform for investing in foreign stocks for Indians partnered with SBM Bank, the Indian
subsidiary of State Bank of Mauritius and launched a new solution named ‘Vested Direct’ for facilitating forex
transfers at low costs.

i. RBI introduced the Liberalised Remittance Scheme (LRS) scheme to facilitate Resident Individuals (RI) to
freely remit funds (transfer money to abroad) up to USD 2,50,000 outside India in a financial year (April to
March).
71. Who recently (in Oct’ 21) got additional charge as the Chairperson of Insolvency and Bankruptcy
Board of India (IBBI)?
1) Bansi Lal Bha
2) Ashok Kumar Tandon
3) Navrang Saini
4) S. Sahoo
5) Rekha Sharma
Answer- 3) Navrang Saini
Explanation:
The Central Government gave Navrang Saini, Whole Time Member, Insolvency and Bankruptcy Board of India
(IBBI), an additional charge as the Chairperson of IBBI. He will succeed S. Sahoo who retired on September 30,
2021 after a five-year tenure on.
72. RBI recently (in Oct’ 21) approved the reappointment of Amitabh Chaudhry as the MD & CEO of which
bank?
1) IndusInd Bank
2) ICICI Bank
3) HDFC Bank
5) Axis Bank
Answer- 5) Axis Bank
Explanation:
RBI approved the reappointment of Amitabh Chaudhry as the Managing Director(MD) and Chief Executive
officer(CEO) of Axis Bank for a period of three years with effect from 1st January 2022 till December 31, 2024.
73. Who was recently (in Oct’ 21) elected as the Chairman of the Indian Banks’ Association (IBA)?
2) R.K Malhotra
3) Vijay Shekhar Sharma
4) Rajkiran Rai G
5) Atul Kumar Goel
Answer- 5) Atul Kumar Goel
Explanation:
Atul Kumar Goel (A K Goel), MD & CEO of UCO Bank. was elected as the Chairman of the Indian Banks’
Association (IBA) for 2021-22. He replaces Rajkiran Rai G, MD & CEO of Union Bank. He is set to take over as the
CEO of Punjab National Bank (PNB) with effect from January 2022.
About Indian Banks’ Association (IBA):
Chief Executive– Sunil Mehta
74. In October 2021, _______ was appointed to chair the 4-member advisory committee on settlement
orders and compounding of offences that was constituted by ________.
1) PR Ramesh; Securities and Exchange Board of India
2) PK Malhotra; Reserve Bank of India
3) PK Malhotra; Securities and Exchange Board of India
4) Vijay C Daga; Reserve Bank of India
5) Vijay C Daga; Securities and Exchange Board of India

Answer- 5) Vijay C Daga; Securities and Exchange Board of India
Explanation:
The Securities and Exchange Board of India (SEBI) constituted a 4-member advisory committee on settlement
orders and compounding of offences. The advisory committee will be chaired by Vijay C Daga. The committee
will work as per the SEBI (Settlement Proceedings) Regulations, 2018.
i. The time limit for filing settlement applications was recommended to be reduced from 180 to 60 days.
75. Which Organization recently (in Oct’ 21) signed an MoU with ‘Business Leadership League’ (BLL) to
help Small and Medium Enterprises (SMEs)?
1) Reserve Bank of India (RBI)
2) Bombay Stock Exchange (BSE)
3) National Stock Exchange (NSE)
4) Insurance Regulatory and Development Authority (IRDA)
5) Securities and Exchange Board of India (SEBI)
Answer- 2) Bombay Stock Exchange (BSE)
Explanation:
The BSE (Formerly Bombay Stock Exchange) signed an MoU with the Business Leadership League (BLL). It will
help the aspiring SMEs (Small Medium Enterprises) to align and strategize about their innovative solutions and to
get prepared for listing on BSE SME Platform.
76. In October 2021 RBI under the Banking Regulation Act, 1949 withdrew all restrictions imposed on
‘Hindu Cooperative Bank’. Where is the Headquarters of the ‘Hindu Cooperative Bank’ located?
1) Chandigarh, Haryana
2) Mumbai, Maharashtra
3) Dehradun, Uttarakhand
4) Pathankot, Punjab
5) Jaipur, Rajasthan
Answer- 4) Pathankot, Punjab
Explanation:
The RBI in the exercise of power under sub-section (2) of Section 35 A read with Section 56 of the Banking
Regulation Act, 1949, RBI withdrew all restrictions imposed on Hindu Cooperative Bank Limited, Pathankot,
Punjab.
77. Which organization recently (in oct’ 21) authorised ‘Karur Vysya Bank’ to collect direct taxes on behalf
of the Central Board of Direct Taxes (CBDT)?
1) Income Tax Department
2) Securities and Exchange Board of India
3) Reserve Bank of India
4) Ministry of Corporate Affairs
5) Small Industries Development Bank of India
Answer- 3) Reserve Bank of India
Explanation:
The Reserve Bank of India authorised KarurVysya Bank (KVB) to collect direct taxes on behalf of the Central
Board of Direct Taxes (CBDT). The integration would enable the bank to allow its customers to remit the direct
taxes through any branch/net banking/ mobile banking services (DLite Mobile application).
About Karur Vysya Bank (KVB):
Headquarters – Karur, Tamil Nadu
MD & CEO – B. Ramesh Babu

78. In October 2021, The Central Government kept the interest rates on ‘Small Savings Schemes’ (SSS)
unchanged for Q3-FY22. What is the interest rate allocated for the ‘Sukanya Samriddhi Yojana account’?
1) 7.6%
2) 7.1%
3) 6.8%
4) 7.4%
5) 8.1%
Answer- 1) 7.6%
Explanation:
The Central Government has kept the interest rates on ‘Small Savings Schemes’ (SSS) unchanged for the third
quarter of Financial Year 2022.
• Public Provident Fund (PPF) – 7.1%
• National Savings Certificate (NSC) – 6.8%
• Senior Citizens Savings Scheme – 7.4% (5-year scheme, where interest is paid quarterly)
• Sukanya Samriddhi Yojana account – 7.6%
79. Which of the following point(s) are correct with respect to the 4th G20 Finance Ministers and Central
Bank Governors (FMCBG) meetings held in Washington, USA?
A) Union Minister of Commerce & Industry, Piyush Goyal participated in the 4th G20 FMCG Meeting that
was held under Indonesian Presidency.
B) Tax challenges related to digitalisation of the economy were discussed & a two-pillar solution
approach was finalized by the OECD/G20 Inclusive Framework.
C) Under the Two-Pillar Strategy, a global minimum corporate tax rate of 15% was set for companies with
revenue above EUR 750 million.
1) All A, B & C
2) Only A & B
3) Only B & C
4) Only A & C
5) Only B
Answer- 3) Only B & C
Explanation:
i. Finance Minister Nirmala Sitharaman participated in the 4th G20 FMCG Meeting that was held under the
Italian Presidency. She also participated in the 2021's Annual Meeting of the World Bank Group and IMF
held in Washington D.C, which was Chaired by Magdalena Andersson.
ii. Tax challenges that are arising from the digitalisation of the economy were discussed & a two-pillar
solution approach was finalized by the OECD/G20 Inclusive Framework.
iii. Under the Two-Pillar Strategy, a global minimum corporate tax rate of 15% was set for companies with
revenue above EUR 750 million.
80. In October 2021, National Stock Exchange of India (NSE) in collaboration with ‘Chainflux’ launched a
blockchain platform named- ‘________’ for gold bullion.
1) Garuda
2) Stellar Chain
3) NSE-Insta
4) NSE-Shine
5) Primechain
Answer- 4) NSE-Shine
Explanation:
National Stock Exchange of India (NSE) in collaboration with Chainflux launched a blockchain platform for gold
bullion named ‘NSE-Shine’. Bullion refers to the pure form of physical gold and silver which is often kept in the
form of bars, coins, etc.

About National Stock Exchange of India (NSE):
MD & CEO – Vikram Limaye
81. Which insurance company recently (in Oct’21) introduced the “Saral Bachat Bima Plan”?
1) Life Insurance Corporation of India
2) Birla Sun Life Insurance
3) IndiaFirst Life Insurance
4) Canara HSBC Oriental Bank of Commerce Life Insurance
5) Edelweiss Tokio Life Insurance
Answer- 3) IndiaFirst Life Insurance
Explanation:
IndiaFirst Life Insurance Company Limited (IndiaFirst Life) ,a joint venture of Bank of Baroda and Union Bank
of India introduced “IndiaFirst Life Saral Bachat Bima Plan’’. It is a savings and protection cover plan for the
entire family.
i. Rural/RRB (Regional Rural Bank) customers can buy the product through a simple OTC (Other-Than-
Collision) coverage process.
82. In October 2021, ‘Remotely Piloted Aircraft System (RPAS)’ Insurance for drone owners was launched
by _________, which also announced _________ as its distribution partner for the RPAS insurance scheme.
1) Tata AIG General Insurance; TropoGo
2) Tata AIG General Insurance; Rsmart
3) HDFC ERGO General Insurance; TropoGo
4) HDFC ERGO General Insurance; Rsmart
5) ICICI Lombard General Insurance; TropoGo
Answer- 1) Tata AIG General Insurance; TropoGo
Explanation:
Tata AIG General Insurance Co. Ltd. launched a ‘Remotely Piloted Aircraft System (RPAS)’ Insurance for drone
owners & operators. It also announced TropoGo, a deep tech startup on the drone ecosystem, as its distribution
partner for the RPAS insurance scheme.
About Tata AIG General Insurance Company:
MD & CEO – Neelesh Garg
83. RBI recently (in Oct’ 21) approved the appointment of Pradeep Kumar Panja as the part-time non-
executive Chairman of which Bank?
1) Lakshmi Vilas Bank
2) Karur Vysya Bank
3) Karnataka Bank
5) Bank of Maharashtra
Answer- 3) Karnataka Bank
Explanation:
The RBI approved the appointment of Pradeep Kumar Panja as the part-time non-executive Chairman of the
Karnataka Bank Limited for a period of 3 years. RBI approved the appointments under Section 10B(1A)(i) of the
Banking Regulation Act, 1949.
MD & CEO– Mahabaleshwara M.S
Tagline– Your Family Bank across India

84. Name the Organization that recently (in Oct’21) signed a ‘Trust Deed’ for Rs 1000cr credit guarantee
fund trust for Farmer Producer Organisations (FPOs).
1) CDSL Ventures Ltd
2) SIDBI Trustee Company Ltd
3) Mudra Bank
4) NABSanrakshan Trustee Private Limited
5) India Infrastructure Finance Company Ltd
Answer- 4) NABSanrakshan Trustee Private Limited
Explanation:
NABSanrakshan Trustee Private Limited (NTPL), a subsidiary of NABARD (National Bank for Agriculture and
Rural Development) signed a trust deed for Credit Guarantee Fund Trust for Farmer Producer Organisations
(CGFTFPO). This led to the setting up of a dedicated credit guarantee fund of Rs 1,000 crore for 10,000 FPOs.
85. Identify the Small Finance Bank (SFB) which recently (in Oct’21) tied-up with ‘Dvara E-Dairy Solutions’
to finance small and medium dairy farmers.
1) Suryoday SFB
2) AU SFB
3) Equitas SFB
4) Ujjivan SFB
5) Jana SFB
Answer- 5) Jana SFB
Explanation:
Agri-fintech firm Dvara E-Dairy Solutions Private Limited entered into a collaboration with Jana Small Finance
Bank (Jana SFB) to service small dairy farmers by empowering small and medium dairy farmers with financial
and cattle management solutions using digital technologies.
About Jana Small Finance Bank (Jana SFB):
CEO and MD– Ajay Kanwal
86. As per the report titled ‘2021 Article IV consultations with India’, released by __________, India’s
potential GDP growth forecast for FY22 in the medium term will be reduced to ________ due to the impact of
COVID-19 on the market.
1) Asian Development Bank; 6%
Answer- 2) International Monetary Fund; 6%
Explanation:
As per the report titled ‘2021 Article IV consultations with India’, released by International Monetary Fund
(IMF), India’s potential GDP (Gross Domestic Product) growth forecast for FY22 in the medium term will be
reduced to 6% from 6.25% due to the impact of COVID-19 on investments and labour markets.
i. India’s GDP accounts for around 7% of the world and 80% of South Asia in terms of total purchasing-power
party (PPP).
87. In October 2021, RBI announced that the Unchanged Interest Rates in ‘Small Savings Schemes’ has
increased the burden on the Central government.
Which of the following points is Wrong with respect to Small Saving Schemes (SSS) & their interest rates
as of October 2021?
1) The maturity period of Sukanya Samriddhi Account (SSA) Scheme is 21 years with an interest rate of 7.60%
2) Senior Citizens Saving Scheme (SCSS) has the highest interest rate among all the SSS with 8.5% interest rate

3) Kisan Vikas Patra (KVP) has a maturity period of 124 months at 6.90% interest rate
4) Public Provident Fund (PPF) attracts an interest rate of 7.10% interest rate with a maturity period of 15 years
5) 6.60% is the interest rate fixed for Monthly Income Scheme which has a maturity period of 5 years
Answer- 2) Senior Citizens Saving Scheme (SCSS) has the highest interest rate among all the SSS with 8.5%
interest rate
Explanation:
Senior Citizens Saving Scheme (SCSS) has an interest rate of 7.40% with a maturity period of 5-years.
88. Which company recently (in Oct’21) partnered with Muthoot Finance to provide instant credit access
to over 15 million Small & Medium enterprises?
1) Fundbox
2) Lendio
3) Rupifi
4) Biz2Credit
5) Kabbage
Answer- 3) Rupifi
Explanation:
Rupifi, the Digital business-to-business (B2b) payment startup for small and medium enterprises (SMEs) made a
partnership with Muthoot Finance to facilitate 15 million SMEs to access instant credit over the next few years.
• Rupifi allows SMEs to flexibly repay their dues as and when required with a per-day interest pricing without
any monthly EMIs (Equated monthly installments).
About Muthoot Finance:
Headquarter– Kochi, Kerala
MD– George Alexander Muthoot
89. Who succeeded Nilesh Shah to become the new Chairman of Association of Mutual Funds in India?
1) Alok Mishra
2) A. Balasubramanian
3) Nirmal Jain
4) N. S. Venkatesh
5) Uday Kotak
Answer- 2) A. Balasubramanian
Explanation:
A. Balasubramanian, Chief Executive Officer (CEO) of Aditya Birla Sun Life Asset Management, was elected as the
Chairman of Association of Mutual Funds in India (AMFI), by the board members of AMFI. Earlier he served as
the Chairman of AMFI between 2017 & 2019.
• Balasubramanian succeeds Nilesh Shah, Managing Director of Kotak Mutual Fund
90. In October 2021, NPCI launched the NPCI Tokenization system (NTS) under which it will provide TROF
service for securing card details at the RuPay Network Secure vault. In the acronym ‘TROF’, R stands for
________ .
1) Regulation
2) Risk Analysis
3) Robust
4) Reference
5) Receipt
Answer- 4) Reference
Explanation:
National Payments Corporation of India (NPCI) launched the NPCI Tokenization system (NTS) to support
tokenization of RuPay cards to secure the financial data of cardholders. Under this system, NPCI will provide
Token Reference On File (TROF) service securing card details at the RuPay Network Secure vault.

MD & CEO– Dilip Asbe
91. In October 2021, NABARD sanctioned Rs 608 crore financial assistance for different infrastructure
projects in rural areas of which state?
1) Punjab
2) Assam
3) Gujarat
4) West Bengal
5) Rajasthan
Answer- 2) Assam
Explanation:
The National Bank for Agriculture and Rural Development (NABARD) sanctioned Rs 608 crore to the
Government of India (GoI) for different infrastructure projects in rural areas of Assam.
About Assam:
CM – Himanta Biswa Sarma
Wildlife Sanctuary (WS) – Deepor Beel WS, Marat Longri WS
92. Which became the 1st NBFC to raise $75 million Secured Overnight Financing Rate (SOFR) linked term
loan to fund infrastructure projects in Power sector?
1) HDB Finance Services
2) Mahindra & Mahindra Financial Services
3) Power Finance Corporation Limited
4) Rural Electrification Corporation Limited
5) Tata Capital Financial Services Limited
Answer- 4) Rural Electrification Corporation Limited
Explanation:
REC Limited (formerly Rural Electrification Corporation Limited) became the 1st NBFC (Non-Banking
Financial Company) to successfully raise a USD 75 million, 5-year Secured Overnight Financing Rate (“SOFR”)
linked Syndicated Term Loan.
i. Sumitomo Mitsui Banking Corporation (SMBC), Singapore Branch appointed as the sole Mandated Lead
Arranger and Bookrunner.
93. Which Organization recently (in Oct’21) tied-up with the fintech firm ‘Rupifi’ to offer embedded Buy
Now, Pay Later (BNPL) to MSMEs?
1) BigBasket India
2) Amazon Fresh
3) Grofers
4) Flipkart Wholesale
5) Dunzo
Answer- 4) Flipkart Wholesale
Explanation:
Fintech firm Rupifi and Flipkart Wholesale, the e-commerce firm of the Flipkart Group, partnered to provide
Embedded Buy Now, Pay Later (BNPL) offering to the MSMEs (Micro Small Medium Enterprises).
About Flipkart:
CEO– Kalyan Krishnamurthy

94. In October 2021, __________ along with Mastercard, US International Development Finance Corporation
& USAID, launched a __________ credit facility for MSMEs in India.
1) HDFC Bank; $100 million
2) HDFC Bank; $250 million
3) Axis Bank; $100 million
4) ICICI Bank; $250 million
5) ICICI Bank; $100 million
Answer- 1) HDFC Bank; $100 million
Explanation:
HDFC Bank, Mastercard, United States International Development Finance Corporation (DFC), and US Agency
for International Development (USAID) launched a $100 million credit facility for MSMEs (Micro Small and
Medium Enterprises) in India.
About HDFC Bank:
MD & CEO – Sashidhar Jagdishan
Tagline – We understand your world
95. Which Insurance company recently (in Oct’21) entered into a bancassurance partnership with
‘Utkarsh Small Finance Bank’ to distribute life insurance products?
1) HDFC Life Insurance
2) Bharti AXA Life Insurance
3) Max Life Insurance
4) Aditya Birla Sun Life Insurance
5) SBI Life Insurance
Answer- 2) Bharti AXA Life Insurance
Explanation:
Bharti AXA Life Insurance Company Limited (Bharti AXA Life) entered into a bancassurance partnership with
Utkarsh Small Finance Bank to ensure distribution of life insurance products through the bank’s network across
India.
About Bharti AXA Life Insurance Company Limited:
MD & CEO– Parag Raja
96. Which company recently (in Oct’21) got the approval from the RBI to finance ‘Infrastructure Projects’
through Infrastructure Investment Trusts (InvITs) instruments?
1) SIDBI Trustee Company Ltd
2) NABSanrakshan Trustee Pvt Ltd
3) India Infrastructure Finance Company Ltd
4) Mudra Bank
5) CDSL Ventures Ltd
Answer- 3) India Infrastructure Finance Company Ltd
Explanation:
Government-owned India Infrastructure Finance Co. Ltd. (IIFCL) received approval from the RBI to finance
through Infrastructure Investment Trusts (InvITs) instruments. IIFCL is planning to spend about Rs 4,000 crore
in the InVITs segment in FY22.
About India Infrastructure Finance Co. Ltd. (IIFCL):
MD – Padmanabhan Raja Jaishankar
97. Which Bank recently (in Oct’21) partnered with ‘Pine Labs’ to expand its Point-of-Sale (PoS) Services?
1) IndusInd Bank
2) Axis Bank

3) HDFC Bank
5) ICICI Bank
Answer- 4) Kotak Mahindra Bank
Explanation:
Kotak Mahindra Bank Limited (KMBL) partnered with Pine Labs to expand its merchant acquiring and Point of
Sale (PoS) services to more merchants and retailers. KMBL is the 1st finance company in India to be converted
into a commercial bank.
About Kotak Mahindra Bank Limited (KMBL):
98. Name the Bank that recently (in Oct’21) partnered with ‘ITILITE’ to offer commercial Credit Cards for
travel expenses to businesses.
1) IndusInd Bank
2) Axis Bank
3) HDFC Bank
5) ICICI Bank
Answer- 5) ICICI Bank
Explanation:
ITILITE joined hands with ICICI (Industrial Credit and Investment Corporation of India) Bank to issue
commercial credit cards for travel expenses to businesses in India. This partnership enabled the companies to get
an ‘ICICI Bank Central Travel Account Card (CTA card)’.
99. Which Small Finance Bank (SFB) recently (in Oct’21) launched ‘QR (Quick Response) Code Sound Box’
for payment alerts?
1) Janalakshmi SFB
2) AU SFB
3) Equitas SFB
4) Ujjivan SFB
5) Suryoday SFB
Answer- 2) AU SFB
Explanation:
India’s Largest Small Finance Bank, AU Small Finance Bank launched QR (Quick Response) Code Sound Box to
boost its digital payments, while making it the first bank to launch such a product.
About AU small finance bank:
Headquarters : Jaipur, Rajasthan
MD & CEO : Mr. Sanjay Agarwal
100. In October 2021, Fintech firm ‘Razorpay’ launched a tokenization solution named- ‘_________’ for the
customers to have the convenience of saved card transactions with added security.
1) Razorpay X
2) Razorpay TokenHQ
3) Razorpay.io
4) Cloud X
5) Razorpay ConQR
Answer- 2) Razorpay TokenHQ
Explanation:
Fintech firm Razorpay launched a tokenization solution namely ‘Razorpay TokenHQ’. This tokenization solution
for businesses will allow their customers to have the convenience of saved card transactions with added security.

About Razorpay:
CEO & Co-Founder– Harshil Mathur
101. Which of the following Statement(s) are Correct with respect to the draft directions for implementing
the ‘Basel III capital adequacy norms’ issued by RBI in October 2021?
A) Minimum capital ratio for Minimum Common Equity Tier 1 (CET1) is set to be 5.5% by July 1, 2022.
B) An AIFI’s investments in the capital instruments issued by banking, financial and insurance entities
should not exceed 25% of its capital funds.
C) The Basel Committee has issued 4 sets of regulations known as Basel-I, II, III and IV to improve the
quality of banking functioning.
1) Only A
2) Only B
3) Only C
4) Only A & B
5) Only B & C
Answer- 1) Only A
Explanation:
RBI issued draft directions for implementing the Basel III capital adequacy norms for All India Financial
Institutions (AIFIs).
i. Following Minimum capital ratios are to be set by July 1, 2022.
• Minimum Common Equity Tier 1 (CET1)- 5.5%
• Capital conservation buffer (CCB)- 2.5%
• Minimum CET1+ CCB- 8%
• Minimum Tier 1 capital- 7%
• Minimum Total Capital- 9%
• Minimum Total Capital + CCB- 11.5%
ii. An AIFI’s investments in the capital instruments issued by banking, financial and insurance entities should not
exceed 10% of its capital funds.
iii. The Basel Committee has issued 3 sets of regulations known as Basel-I, II, and III to improve the quality of
banking supervision.
102. Which of the following Options is INCORRECT with respect to the revised regulatory frameworks
introduced by RBI for NBFCs named ‘Scale Based Regulation’ (SBR)?
1) For NBFCs, RBI set a limit of Rs 1 crore/per borrower for financing subscription to Initial Public Offer (IPO).
2) NBFCs are mainly categorised into 3 layers viz. Base Layer, Middle Layer & Upper Layer based on their size,
activity.
3) The minimum Net Owned Fund (NoF) for NBFC-ICC, NBFC-MFI, and NBFC-Factors, was increased to Rs 10
crore.
4) Middle Layer includes NBFCs with asset size of Rs 1000 crore and above.
5) The current credit concentration limits under lending and investments were merged into a single exposure
limit of 25% of Tier-1 capital for a single borrower/ party.
Answer- 2) NBFCs are mainly categorised into 3 layers viz. Base Layer, Middle Layer & Upper Layer based
on their size, activity.
Explanation:
NBFCs are mainly categorised into 4 layers viz. Base Layer, Middle Layer, Upper Layer, Top Layer based on their
size, activity.

103. Which Bank recently (in Oct’21) signed an MoU with Centre for Development of Advanced Computing
(C-DAC) to launch an initiative on Cyber Security awareness?
1) Axis Bank
2) Citibank
3) Union Bank of India
5) HDFC Bank
Answer- 3) Union Bank of India
Explanation:
The Union Bank of India (UBI) signed an MoU with Centre for Development of Advanced Computing (C-DAC),
Hyderabad to launch a 1st of its kind initiative on Cyber Security awareness. UBI previously launched an e-
book & an online game ‘Spin-N-Learn’, as a part of National Cyber Security Awareness month.
About Union Bank of India:
Tagline – Good People to Bank with
MD & CEO – Rajkiran Rai G
104. Which Insurance Company recently (in Oct’21) entered into a bancassurance partnership with the
Bank of India to increase the reach of its insurance products?
1) Alliance Insurance
2) Future Generali India Insurance Company
3) National Insurance Company
4) Cholamandalam MS General Insurance
5) ICICI Lombard
Answer- 2) Future Generali India Insurance Company
Explanation:
Future Generali India Insurance(FGII) Company Limited, a private sector general insurer, entered into a
bancassurance partnership with the Bank of India(BoI) to increase the reach of its insurance products.
i. Bancassurance is an arrangement between a bank and an insurance company that allows the insurance
company to sell its products through the bank’s infrastructure to the customers of the bank.
105. Identify the bank that partnered with IndiGo to launch a Co-branded Credit Card called - ‘Ka-ching’.
2) Industrial Bank of Korea
3) Federal Bank
4) Karur Vysya Bank
5) Karnataka Bank
Explanation:
IndiGo and Kotak Mahindra Bank entered into a strategic partnership for the launch of a co-branded credit card
named ‘Ka-ching’.
106. Name the insurance company that launched ‘BeFit’ - a scheme to provide cashless OPD Medical
services to its customers.
1) IFFCO Tokio General Insurance
2) Niva Bupa Health Insurance Company
3) ICICI Lombard General Insurance
4) Reliance General Insurance

5) Star Health and Allied Insurance
Answer- 3) ICICI Lombard General Insurance
Explanation:
ICICI Lombard General Insurance has launched a solution named ‘BeFit’ to provide benefits of OPD (Outpatient
Department) services to its customers in a cashless manner.
• The OPD services include doctor consultation, pharmacy and diagnostics services, and physiotherapy
sessions.
About ICICI Lombard General Insurance:
CEO: Bhargav Dasgupta
107. Which Payment Bank recently (in Oct’21) made a strategic partnership with HDFC ltd to provide
home loans to its customers?
1) Paytm Payments Bank
2) Fino Payments Bank
3) NSDL Payments Bank
4) India Post Payments Bank
5) Airtel Payments Bank
Answer- 4) India Post Payments Bank
Explanation:
HDFC Ltd and India Post Payments Bank (IPPB) made a strategic partnership to offer HDFC Ltd home loans to
~4.7 crore customers of IPPB.
Establishment – 2018, under the Department of Posts, Ministry of Communication
108. In October 2021, ____________ became India’s 5th most valued company, while the top spot was retained
by ________________.
1) HDFC Bank; Hindustan Unilever Ltd
2) ICICI Bank; Reliance Industries Ltd
3) HDFC Bank; Reliance Industries Ltd
4) ICICI Bank; TCS
5) HDFC Bank; TCS
Answer- 2) ICICI Bank; Reliance Industries Ltd
Explanation:
ICICI Bank has overtaken Hindustan Unilever Limited(HUL) to become the 5th most valued company in India.
ICICI bank has become the 2nd bank, after HDFC Bank, among the top 5 companies.
Reliance Industries Limited (RIL) was leading the chart followed by Tata Consultancy Services(TCS).
109. Which bank got approval (in Oct’21) from CCI for acquiring 4.99% shares of HDFC ERGO General
Insurance?
1) HDFC Bank
4) ICICI Bank
5) Axis Bank
Answer- 1) HDFC Bank
Explanation:
Competition Commission of India(CCI) has approved the acquisition of 4.99% of the outstanding equity share
capital of HDFC ERGO General Insurance Company by HDFC Bank.

110. Which Organization recently (in oct’21) signed a $4.5 million Project Readiness Financing (PRF) loan
agreement to support urban mobility in Aizawl, Mizoram?
1) Asia-Pacific Economic Cooperation
3) Association of Southeast Asian Nations
5) World Bank
Explanation:
Government of India and the Asian Development Bank (ADB) signed a $4.5 million Project Readiness Financing
(PRF) loan agreement to support Aizawl Sustainable Urban Transport Project. The PRF will develop a
Comprehensive Mobility Plan (CMP) outlining the urban transport development strategy.
President– Masatsugu Asakawa
111. Which Insurance Company recently (in Oct’21) partnered with ‘Google Pay’ to enable the users to buy
its health insurance on the Google Pay app?
1) SBI General Insurance
2) New India Assurance
3) Life Insurance Corporation
4) HDFC ERGO General insurance
5) The Oriental Insurance Company
Answer- 1) SBI General Insurance
Explanation:
SBI General Insurance made a technological partnership with Google Pay to enable the users to buy SBI
General’s health insurance on the Google Pay app. This collaboration marks Google Pay’s 1st partnership with
an insurer in India to offer health insurance.
About SBI General Insurance:
MD & CEO – Prakash Chandra Kandpal
112. In October 2021, YES Bank launched a new category of value-added family savings accounts named-
‘_________’ to manage the income of varying income families.
1) YES Family
2) Mange ‘N’ Save
3) Millennium Savings
4) YES Shield
5) YES Savings
Answer- 1) YES Family
Explanation:
YES Bank launched a new category of value-added family savings accounts named YES Family proposition to
enable customers of varying income levels to collaborate & coordinate their spending together with their families.
i. The Yes Family accounts include 3 programmes such as, Yes Prosperity, Yes Premia, and Yes First.
113. As per the ‘Management of Foreign Exchange Reserves: April-September 2021’ released by ________,
Gold reserves in foreign exchange rose about ________ to 743.84 metric tonnes as on September-end 2021.
1) Reserve Bank of India; 8%
2) Reserve Bank of India; 11%
3) SEBI; 11%
4) SEBI; 8%

5) SEBI; 6%
Answer- 2) Reserve Bank of India; 11%
Explanation:
Reserve Bank of India (RBI) released its 37th half yearly report namely ‘Management of Foreign Exchange
Reserves: April-September 2021’ stating an increase in apex bank’s holding of gold in foreign exchange
reserves by about 11% (year-on-year) to 743.84 metric tonnes.
114. Which Organization recently (in Oct’21) inked a US$100 million loan agreement for Maharashtra
Agribusiness Network (MAGNET) to promote agribusiness?
2) International Fund for Agricultural Development
3) United Nations Development Programme
5) World Bank
Explanation:
Government of India & Asian Development Bank (ADB) inked US$100 million loan agreement for Maharashtra
Agribusiness Network (MAGNET) Project to promote agribusiness.
i. ADB will provide a $500,000 technical assistance (TA) grant from its Technical Assistance Special Fund and $2
million from the Japan Fund for Poverty Reduction.
115. In October 2021, Sunfresh Agro Industries Private Limited (SAIPL) partnered with ‘SBI’ for providing
financial support to Dairy farmers of which state?
1) Maharashtra
2) West Bengal
3) Tamil Nadu
4) Andhra Pradesh
5) Kerala
Answer- 1) Maharashtra
Explanation:
Sunfresh Agro Industries Private Limited (SAIPL) operating under Global dairy major Lactalis partnered with
State Bank of India (SBI) to extend financial support to the dairy farmers in Maharashtra.
About State Bank of India:
Founded – July 1, 1955
Chairperson – Dinesh Kumar Khara
116. Which bank was awarded (in Oct’21) for being the ‘Top Organization with Innovative HR Practices‘ at
the 19th edition of the Asian Pacific HRM Congress?
1) Kotak Mahindra bank
2) HDFC Bank
4) Karnataka Bank
5) Bank of Maharashtra
Answer- 4) Karnataka Bank
Explanation:
Karnataka Bank was awarded for being the ‘Top Organization with Innovative HR (Human Resource)
Practices‘ award at the 19th edition of the Asian Pacific HRM Congress.
Headquarters: Mangalore, Karnataka
CEO: Mahabaleshwara M. S

117. Who was recently (in Oct’21) appointed as the Chairman of the newly set up Rs 20,000 crore worth
‘National Bank for Financing Infrastructure and Development’ (NaBFID)?
1) N Narayana Murthy
2) Chanda Kochhar
3) K V Kamath
4) S. D. Shibulal
5) Vishal Sikka
Answer- 3) K V Kamath
Explanation:
The government appointed K V Kamath, as chairperson of the newly set up Rs 20,000 crore National Bank for
Financing Infrastructure and Development (NaBFID). It was set up as a Development Financial Institution (DFI)
in India under the finance ministry.
118. Name the Person who was recently (in Oct’21) appointed as the MD & CEO of ‘Jammu & Kashmir
Bank’ by the RBI.
1) RK Chhibber
2) S. S. Mallikarjuna Rao
3) Dinesh Pant
4) Mahabaleshwara M. S
5) Baldev Prakash
Answer- 5) Baldev Prakash
Explanation:
RBI approved the appointment of Baldev Prakash as the next Managing Director (MD) and Chief Executive
Officer (CEO) of Jammu & Kashmir (J&K) Bank. Presently, RK Chhibber is the Chairman and Managing Director of
J&K Bank.
About Jammu & Kashmir Bank:
Headquarters: Srinagar, J&K
Tagline: ‘’Serving to Empower’’
119. In October 2021, Subhash Chandra Khuntia was appointed as part-time Chairman of which Small
Finance Bank (SFB)?
1) AU SFB
2) Ujjivan SFB
3) Equitas SFB
4) Jana SFB
5) Fincare SFB
Answer- 4) Jana SFB
Explanation:
Subhash Chandra Khuntia was appointed as the part-time Chairman of the Jana Small Finance Bank. He has
served as the Chairman of the Insurance Regulatory and Development Authority of India(IRDAI) from 2018 to
May 2021.
120. Which Reinsurance Company recently (in Oct’21) decided to invest approximately INR 920 crore to
buy 23% stake in ‘Paytm Insurtech Limited’?
1) GIC Re
2) Munich Re
3) Swiss Re
4) Berkshire Hathaway
5) Canada Life Re
Answer- 3) Swiss Re

Explanation:
Paytm Insuretech Limited (PIT), an associate of Paytm, entered into a strategic partnership with Swiss Re. The
Swiss Re will invest approximately INR 920 crore to buy a 23% stake in PIT.
About Swiss Re:
Chairman : Sergio P. Ermotti
Headquarters: Zurich, Switzerland
121. Which Bank recently (in Oct '21) partnered with ‘NPCI’ to launch its cards on the RuPay network
named ‘Veer’ for Indian armed forces?
2) IDFC First Bank
3) IndusInd Bank
4) Equitas Small Finance Bank
5) HDFC Bank
Explanation:
Kotak Mahindra Bank (KMB) partnered with the National Payments Corporation of India (NPCI) to launch
Kotak credit cards on the RuPay network named ‘Veer’ for Indian armed forces i.e the Army, Navy, and Air Force
personnel. It is Kotak’s 1st credit card under the RuPay network.
122. Which Insurance Company recently (in October 2021) became the 1st life insurer to join the Account
Aggregator (AA) framework?
1) Tata AIA Life Insurance
2) Max Life Insurance
3) Aegon Life Insurance
4) SBI Life Insurance
5) Kotak Mahindra Life Insurance
Answer- 2) Max Life Insurance
Explanation:
Max Life Insurance Co. Ltd became the 1st life insurer to join the Account Aggregator (AA) framework, which
was introduced by the RBI in September 2021. It collaborated with a Non-Banking Finance Company (NBFC)
FinVu, which is also an AA, & Finarkein, a data analytics company.
About Max Life Insurance Co. Ltd:
MD & CEO – Prashant Tripathy
123. In October 2021, ‘Pay U’ launched a unique tokenization solution service called ‘PayU Token Hub’,
which allows ___________, a process of collecting initial card data to store it and use it for recurring
payments.
1) File-Notes
2) Token-System-Protocol
3) Card-Portfolio
4) Portable Document Format
5) Card-On-File
Answer- 5) Card-On-File

Explanation:
Pay U, India’s leading online payments solutions provider, launched a unique tokenization solution service called
‘PayU Token Hub’. This service allows Card-On-File (COF) and device tokenization for all merchants from one
integration point using a two-terminal solution.
i. Card-On-File (COF) is the process of collecting initial card data to store it and use it for recurring payments.
124. In October 2021, Shaktikanta Das, the ________ Governor of RBI, got a _______ tenure extension from the
appointment Committee of the Cabinet (ACC).
1) 25th; 5-year
2) 24th; 5-year
3) 26th; 3-year
4) 25th; 3-year
5) 26th; 5-year
Answer- 4) 25th; 3-year
Explanation:
The Appointment Committee of the Cabinet (ACC) chaired by PM Narendra Modi approved the extension of the
term of Shaktikanta Das, the current Governor of Reserve Bank of India (RBI) by another 3 years i.e. up to
December 2024.
i. He was appointed as the 25th Governor of RBI (succeeding Urjit R. Patel).
125. Identify the company that partnered with Lawrencedale Agro Processing India (LEAF) to launch the
digital platform “LEAF Farmer Network”
1) Mastercard
2) Bharat Pay
3) HSBC India
4) PayPal
5) Standard Chartered
Answer- 1) Mastercard
Explanation:
Mastercard has partnered with Lawrencedale Agro Processing India (LEAF) and launched a digital platform
LEAF Farmer Network (LFN) to improve financial access and inclusion among the farmers in India.Through LFN,
the farmers could negotiate for price with complete transparency and manage end-to-end logistics with quality
control.
126. Which Insurance company recently (in Oct’21) entered into a Bancassurance partnership with
Federal Bank?
1) Aditya Birla Health Insurance
2) Reliance General Insurance
3) Care Health Insurance
4) Bajaj Allianz General Insurance
5) Bharti AXA General Insurance
Answer- 1) Aditya Birla Health Insurance
Explanation:
The Federal Bank and Aditya Birla Health Insurance Co. Limited (ABHICL) entered into a Bancassurance
Partnership. As a part of this alliance, Federal Bank will provide to its customer’s innovative health insurance
solutions offered by ABHICL.
127. Name the bank that partnered with BankBazaar.com to launch a Co-Branded credit card named
FinBooster to measure customer’s creditworthiness.
1) ICICI Bank
2) Federal Bank

3) Canara Bank
5) Yes Bank
Answer- 5) Yes Bank
Explanation:
Yes Bank and BankBazaar.com together launched a Co-Branded credit card named FinBooster to measure the
Creditworthiness of the customers. FinBooster is built around a credit fitness tracker.
STATIC BANKING QUESTIONS

1. Who is the current (as of Oct’ 21) MD & CEO of Bank of India?
1) Sanjiv Chadha
2) Atanu Kumar Das
3) L V Prabhakar
4) Shanti Lal Jain
5) Amitabh Chaudhry
Answer- 2) Atanu Kumar Das
Explanation:
About Bank of India:
MD & CEO – Atanu Kumar Das
Tagline – Relationship Beyond Banking
2. Who is the current CEO of ‘IDBI Bank’, as of October, 2021?

1) Tapan Singhel
2) Subhash C. Khuntia
3) Rakesh Sharma
4) Shyam Srinivasan
5) Sanjiv Bajaj
Answer- 3) Rakesh Sharma
Explanation:
About IDBI Bank (Industrial Development Bank of India):
MD & CEO– Rakesh Sharma
Established– 1964
3. Which Country is the largest source of FDI in India for the past three consecutive financial years (as of
Oct’ 21)?
1) UAE
2) USA
3) Singapore
4) Mauritius
5) UK
Answer- 3) Singapore
Explanation:
Singapore remained the top source of foreign direct investment (FDI) into the country for the third
consecutive time. During 2020-21, It was at $17.41 billion.

4. The ‘General Insurance Business Act’ was passed in which year?
1) 1965
2) 1972
3) 1978
4) 1982
5) 1992
Answer- 2) 1972
Explanation:
‘General Insurance Business Act’ was passed in 1972 to carry on the general insurance business other than life,
such as accident, fire etc. & to aid and achieve the subsidiaries to conduct the insurance business.
5. Who is the current (as of Oct’ 21) MD & CEO of National Payment Corporation Ltd (NPCI)?
1) David Rasquinha
2) Dilip Asbe
3) Mohammad Mustafa
4) PR Jaishankar
5) Dakshita Das
Answer- 2) Dilip Asbe
Explanation:
6. When was the State Bank of India (SBI) formed?

1) 1st July 1935
2) 1st April 1935
3) 1st April 1955
4) 1st July 1955
5) 1st January 1955
Answer- 4) 1st July 1955
Explanation:
The Bank of Madras merged into the other two presidency banks in British India, the Bank of Calcutta and the
Bank of Bombay, to form the Imperial Bank of India, which in turn became the State Bank of India on 1st July
1955.
7. Where is RBI’s Bank Note Press located?

2) Dewas, Madhya Pradesh
3) Rajkot, Gujarat
4) Bikaner, Rajasthan
5) Kottayam, Kerala
Answer- 2) Dewas, Madhya Pradesh
Explanation:
The government owned presses are at Nasik (Western India) and Dewas (Central India). The other two presses
are at Mysore (Southern India) and Salboni (Eastern India).
i. Coins are minted in four mints owned by the Government of India - Mumbai, Hyderabad, Calcutta and Noida.

8. Match the following International Organisations with their Heads:
i. World Economic Forum a. Klaus Schwab
ii. World Bank b. Ngozi Okonjo-Iweala
iii. International Monetary Fund c. Kristalina Georgieva
iv. World Trade Organization d. David Malpass
1) i-b, ii-d, iii-c, iv-a
2) i-a, ii-d, iii-c, iv-b
3) i-d, ii-a, iii-c, iv-b
4) i-a, ii-b, iii-c, iv-d
5) i-d, ii-b, iii-c, iv-a
Answer- 2) i-a, ii-d, iii-c, iv-b
Explanation:
International Organisation Head
World Economic Forum Klaus Schwab
World Bank David Malpass
International Monetary Fund Kristalina Georgieva
World Trade Organization Ngozi Okonjo-Iweala
9. Who is the present (as of Oct’ 21) Chairperson of ‘Pension Fund Regulatory and Development
Authority’(PFRDA)?
1) Mahesh Kumar Sharma
2) M R Kumar
3) Subhash Chandra Khuntia
4) Supratim Bandyopadhyay
5) Vibha Padalkar
Answer- 4) Supratim Bandyopadhyay
Explanation:
About Pension Fund Regulatory and Development Authority(PFRDA):
Established on 10th October 2003.
Chairperson- Supratim Bandyopadhyay
10. Who is the Chairman of the Economic Advisory Council to the Prime Minister (EAC-PM) as of October
2021?
1) Amitabh kant
2) Vikram Sampath
3) Bibek Debroy
4) Hindol Sengupta
5) K. S. Sudarshan
Answer- 3) Bibek Debroy
Explanation:
Economic Advisory Council to the Prime Minister (EAC-PM) is an independent body constituted to give advice on
economic and related issues to the Government of India, specifically to the Prime Minister.
• Bibek Debroy is the Chairman of the Economic Advisory Council to the Prime Minister (EAC-PM)
11. In September 2021, The Government of India extended ‘Foreign Trade Policy’ till March next year. The
‘Foreign Trade policy’ was first introduced in which year?
1) 1947
2) 1955

3) 1977
4) 1992
5) 2008
Answer- 4) 1992
Explanation:
Liberalizing imports and boosting exports, the Government of India for the first time introduced the ‘Indian Exim
Policy’ or ‘Foreign Trade policy’ on April I, 1992. In order to bring stability and continuity, the Export Import
Policy was made for the duration of 5 years.
12. NABARD was established on the recommendations of ________ Committee.

1) Narasimham Committee
2) Srikrishna Committee
3) Raja Chelliah Committee
4) BB Tandon Committee
5) B. Sivaraman Committee
Answer- 5) B. Sivaraman Committee
Explanation:
National Bank for Agriculture and Rural Development (NABARD) was established on the recommendations of the
B.Sivaraman Committee (by Act 61, 1981 of Parliament) to implement the NABARD Act 1981.
13. Where is the headquarters of ‘Visa’ located?

1) Paris, France
2) California, United States
3) London, United Kingdom
4) New York, United States
5) Lyon, France
Answer- 2) California, United States
Explanation:
About Visa:
Chairman and CEO – Alfred F Kelly Jr
14. Who is the current (as of Oct’ 21) MD & CEO of ‘Punjab National Bank’?
1) Matam Venkata Rao
2) S. S. Mallikarjuna Rao
3) Lingam Venkat Prabhakar
4) Murali Natrajan
5) Ashwani Bhatia
Answer- 2) S. S. Mallikarjuna Rao
Explanation:
About Punjab National Bank (PNB):
MD & CEO– S. S. Mallikarjuna Rao
Tagline– the name you can bank upon
15. What is the share (in %) of State Governments in Regional Rural Banks?
1) 85%
2) 50%
3) 30%
4) 15%

5) 100%
Answer- 4) 15%
Explanation:
The Government of India, the concerned State Government & the sponsor bank contribute to the share capital
of RRBs in the proportion of 50%, 15% & 35%, respectively.
16. Which among the following best describe the concept of ‘Special Mention Accounts’ (SMAs) introduced
by the RBI?
1) NPA more than Rs. 500 crores
2) NPA more than Rs. 750 crores
3) Loans that have defaulted for a period of less than 90 Days
4) NPAs that have gone for restructuring
5) NPAs that have gone in Agriculture Sector
Answer- 3) Loans that have defaulted for a period of less than 90 Days
Explanation:
Special Mention Accounts are those assets/accounts that show symptoms of bad asset quality in the first 90
days itself or before it being identified as NPA.
17. When was 2021’s ‘Banking Day’ observed by the Department of Posts?
1) 11th October
2) 12th October
3) 13th October
4) 14th October
5) 15th October
Answer- 1) 11th October
Explanation:
2021’s ‘Banking Day’ was observed by the Department of Posts on 11th October.
18. What is the minimum paid-up equity capital required to operate as a Small Finance Bank in India?
1) Rs 100 crores
2) Rs 200 crores
3) Rs 250 crores
4) Rs 500 crores
5) Rs 1000 crores
Answer- 2) Rs 200 crores
Explanation:
About Small Finance Bank (SFB):
• Resident individuals/professionals with 10 years of experience in banking and finance will be eligible as
promoters to set up SFBs.
• Capital Requirement: The minimum paid-up equity capital for SFB should be Rs 200 crores (US$28
million).
19. In October 2021, Kotak Mahindra Bank launched Micro ATM facilities across India. What is the Tagline
of Kotak Mahindra Bank?
1) Together We Can
2) Prosperity for All
3) We Understand Your World
4) Let’s Make Money Simple
5) Smart Way to Bank
Answer- 4) Let’s Make Money Simple

Explanation:
About Kotak Mahindra Bank:
Headquarters -Mumbai, Maharashtra
Tagline – Let’s Make Money Simple
20. What is the per day Cash withdrawal limit in Micro ATMs?
1) Rs. 50,000
2) Rs. 10,000
3) Rs. 1 lakh
4) Rs. 25,000
5) Rs. 5,000
Answer- 1) Rs. 50,000
Explanation:
Micro ATM is a small, portable, card swiping device, through which one can withdraw, deposit or transfer cash. At
present, the per day cash withdrawal limit is set at Rs. 50,000 for Micro ATMs.
21. In October 2021, EXIM Bank announced a target of USD 7 billion on Exports projects in the next 5-
years. Who is the present CEO of EXIM Bank?
1) David Rasquinha
2) R.C. Shah
3) Harsha Bangari
4) Yaduvendra Mathur
5) Ajay Tyagi
Answer- 3) Harsha Bangari
Explanation:
Export-Import Bank of India (EXIM Bank) announced a target of achieving USD 7 billion of project exports over
the next 5-years, along with the government’s fund infusion of Rs 1,650 crore in the National Export Insurance
Account (NEIA) to boost project on exports.
In September 2021, Harsha Bangari became the CEO of EXIM Bank.
22. How many total member countries are there in the ‘International Monetary Fund’ (IMF) as of October
2021?
1) 182
2) 210
3) 190
4) 157
5) 121
Answer- 3) 190
Explanation:
23. Where is the headquarters of Insurance Regulatory and Development Authority of India (IRDAI)
located?
1) Chennai, Tamil Nadu
2) Bangalore, Karnataka
3) New Delhi
4) Hyderabad, Telangana
5) Kolkata, West Bengal

Answer- 4) Hyderabad, Telangana
Explanation:
The headquarters of Insurance Regulatory and Development Authority of India (IRDAI) located at Hyderabad,
Telangana.
24. Who is the current (as of Oct’ 21) chairman of the Securities and Exchange Board of India (SEBI)?
1) Vinod Kumar Yadav
2) Ajay Tyagi
3) Harsh Kumar Bhanwala
4) Suneet Sharma
5) Shaktikanta Das
Answer- 2) Ajay Tyagi
Explanation:
Chairman– Ajay Tyagi
25. In October 2021, Finance Minister Nirmala Sitharaman met Mastercard Executive Chairman Ajay
Banga to discuss India's National Infrastructure Master Plan – ‘Gati Shakti’. Where is the Headquarters of
‘Mastercard’ located?
1) Los Angeles, USA
2) Houston, USA
3) Chicago, USA
4) San Francisco, USA
5) New York, USA
Answer- 5) New York, USA
Explanation:
Union Finance Minister Nirmala Sitharaman met Mastercard Executive Chairman Ajay Banga and Mastercard
CEO Michael Miebach in New York, USA and discussed India’s recent launch of Rs 100-lakh-crore National
Infrastructure Master Plan – ‘Gati Shakti’.
About Mastercard:
Headquarters – New York, USA
26. Who is the present Managing Director (MD) of the ‘International Monetary Fund’ (IMF) as of October
2021?
1) Kristalina Georgieva
2) Klaus Schwab
3) Anshula Kant
4) David Malpass
5) Christine Lagarde
Answer- 1) Kristalina Georgieva
Explanation:
27. As per Economic Survey, In FY 2020-21 India’s GDP contracted by _________.

1) 6.4%
2) 8.1%

3) 7.1%
4) 9.8%
5) 7.7%
Answer- 5) 7.3%
Explanation:
As per Economic Survey, In FY 2020-21 India’s GDP contracted by 7.7%.
28. What is the highest denomination of currency notes ever printed by the RBI?
1) 1,00,000
2) 2,000
3) 5,000
4) 10,000
5) 50,000
Answer- 4) 10,000
Explanation:
The RBI has powers to print currency up to 10,000 rupee notes, it first printed Rs 10,000 notes in 1938.
29. The logo of RBI consists of which animal?

1) Tiger
2) Rhino
3) Lion
4) Bull
5) Elephant
Answer- 1) Tiger
Explanation:
The RBI Act of 1934 established it as the banker for the central government. The official logo of the apex bank
includes a palm tree & a tiger.
30. Who is the current (as of Oct’21) Chairman of ‘National Bank for Agriculture and Rural Development
(NABARD)’?
1) Ayaj Tyagi
2) Govinda Rajulu Chintala
4) Dilip Asbe
5) Sarada Kumar Hota
Answer- 2) Govinda Rajulu Chintala
Explanation:
NABARD was established on the recommendations of the B.Sivaraman Committee.
31. Where is the headquarters of ‘Utkarsh Small Finance Bank’ located?

1) Nagpur, Maharashtra
2) Jaipur, Rajasthan
3) Chandni Chowk, New Delhi
4) Morena, Madhya Pradesh
5) Varanasi, Uttar Pradesh
Answer- 5) Varanasi, Uttar Pradesh
Explanation:

About Utkarsh Small Finance Bank:
MD & CEO– Govind Singh
Headquarters– Varanasi, Uttar Pradesh
32. The logo of RBI consists of which Tree?

1) Palm
2) Eucalyptus
3) Coconut
4) Banana
5) Teak
Answer- 1) Palm
Explanation:
The RBI Act of 1934 established it as the banker for the central government. The official logo of the apex bank
includes a palm tree & a tiger.
33. What is the current (as of Oct’21) Interest rate under the ‘National Savings Certificates’ (NSC) scheme?
1) 6.2%
2) 6.8%
3) 7.3%
4) 7.9%
5) 8.8%
Answer- 2) 6.8%
Explanation:
National Savings Certificates (NSC) earn a fixed interest, which is currently at a rate of 6.8% per annum.
34. What is the minimum Capital Adequacy Ratio (CAR) that needs to be maintained to retain Small
Finance Bank (SFB) Status as of October 2021?
1) 10%
2) 15%
3) 25%
4) 30%
5) 50%
Answer- 2) 15%
Explanation:
Small Finance Banks are required to maintain a minimum capital adequacy ratio (CAR) of 15% of its risk
weighted assets (RWA) on a continuous basis.
35. What is the duration of RBI’s New Accounting Year?

1) January-December
2) July-June
3) April-March
4) Ectober-September
5) August-July
Answer- 3) April-March
Explanation:
After nearly eight decades, recently in 2020, RBI decided to change its accounting year from July-June to April-
March.
36. Which is the 1st state to implement the GST?

1) Gujarat
2) West Bengal

3) Sikkim
4) Assam
5) New Delhi
Answer- 4) Assam
Explanation:
Assam was the 1st state to implement the GST (Goods and Services Tax).
37. What is the minimum amount stipulation for RTGS transactions (as of Oct’21)?
1) Rs. 2,00,000
2) Rs. 1,00,000
3) Rs. 50,000
4) Rs. 5,00,000
5) Rs. 10,00,000
Answer- 1) Rs. 2,00,000
Explanation:
The RTGS (Real-Time Gross Settlement ) system is primarily meant for large value transactions. The minimum
amount to be remitted through RTGS is ₹ 2,00,000/- with no upper or maximum ceiling.
38. NEFT is an Indian system of electronic transfer of money from one bank or bank branch to another. In
the acronym ‘NEFT’, T stands for _______ .
1) Terms
2) Trade
3) Tax
4) Transfer
5) Time
Answer- 4) Transfer
Explanation:
National Electronic Funds Transfer (NEFT) is an Indian system of electronic transfer of money from one bank
or bank branch to another.
39. Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) is established by the RBI in which
year?
1) 2008
2) 2002
3) 1995
4) 1975
5) 1949
Answer- 3) 1995
Explanation:
Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) was established by Reserve Bank of India
(RBI) as its wholly owned subsidiary in 1995.
40. The RBI established under which act?

1) RBI Act of 1921
2) RBI Act of 1934
3) RBI Act of 1919
4) RBI Act of 1947
5) RBI Act of 1950
Answer- 2) RBI Act of 1934

Explanation:
The RBI was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act,
1934. The Central Office of the Reserve Bank was initially established in Kolkata but was permanently moved to
Mumbai in 1937.
41. The National Asset Reconstruction Company Ltd (NARCL) that was established by the Central Govt. is
set to deal with _________.
1) Foreign Exchange Reserves
2) Advance to Priority Sectors
3) Bad Loans
4) Repo Rate
5) Inflation
Answer- 3) Bad Loans
Explanation:
The National Asset Reconstruction Company Ltd (NARCL) that was established by the Central Govt. is set to deal
with Bad Loans or Non Performing Assets(NPA).
42. Identify the Tagline of Bank of India(BoI).

1) Your Own Bank
2) Good People to Bank With
3) Your Perfect Banking Partner
4) Together We Can
5) Relationship Beyond Banking
Answer- 5) Relationship Beyond Banking
Explanation:
About Bank of India(BoI):
MD & CEO– Atanu Kumar Das
43. Who is the present MD & CEO of India Post Payments Bank (IPPB)?
1) J Venkatramu
2) Suresh Sethi
3) Rishi Gupta
4) Satish Kumar Gupta
5) C.S. Setty
Answer- 1) J Venkatramu
Explanation:
MD & CEO – J Venkatramu
Tag line – Aapka Bank, Aapke Dwaar
44. Who is the current (as of Oct’21) President of ‘Asian Infrastructure Investment Bank (AIIB)’?
1) Vladimir Norov
2) Masatsugu Asakawa
3) K. V. Kamath
4) Jin Liqun
5) Jiang Jianqing
Answer- 4) Jin Liqun

Explanation:
About Asian Infrastructure Investment Bank (AIIB):
AIIB commenced its operation in 2016.
Headquarters – Beijing, China
President – Jin Liqun (China)
45. What is the tagline of ‘YES Bank’?

1) A Bank of the Common Man
2) Hum Hai Na, Khayal Apka
3) Banking Hatke
4) Experience our Expertise
5) Your Own Bank
Answer- 4) Experience our Expertise
Explanation:
About YES Bank:
MD & CEO – Prashant Kumar
Tagline – Experience our Expertise
46. Which of the following is one of the three 'Domestic Systemically Important Banks' in India as of
October 2021?
1) ICICI Bank
2) Axis Bank
4) Canara Bank
Answer- 1) ICICI Bank
Explanation:
So far, State Bank of India (SBI), ICICI Bank and HDFC Bank have been identified as Domestic Systemically
Important Banks (D-SIBs).
47. Who is the current (as of Oct’21) MD & CEO of ‘National Payments Corporation of India (NPCI)’?
1) Ritesh Shukla
2) Dilip Asbe
3) Subhash Chandra Khuntia
4) Supratim Bandyopadhyay
5) Nilesh Kumar Purey
Answer- 2) Dilip Asbe
Explanation:
48. Identify the bank that functions under the tagline “Your Perfect Banking Partner”.
1) Canara Bank
2) HDFC Bank
3) ICICI Bank
4) Axis Bank
5) Federal Bank

Explanation:
About Federal Bank:
Founded: 23 April 1931
Headquarters: Aluva, Kerala
MD & CEO: Shyam Srinivasan
Tagline: Your Perfect Banking Partner
49. In October 2021, RBI imposed a fine of Rs 1.95 crore on the Indian operations of Standard Chartered
Bank for non-compliance with multiple regulatory directions including Cyber Security. Where is the bank
headquartered?
2) Lyon, France
3) New York, USA
4) Berlin, Germany
5) London, UK
Answer- 5) London, UK
Explanation:
In October 2021, RBI imposed a fine of Rs 1.95 crore on the Indian operations of Standard Chartered Bank for
non-compliance with multiple regulatory directions including Cyber Security.
Standard Chartered Bank is headquartered at London, United Kingdom.
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Banking, Finance & Economy PDF 2021 - October

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Banking, Finance & Economy News: October 2021

RBI Superseded Boards of Srei Firms to Start Bankruptcy Proceedings

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RBI Approved BSE Tech to Set up, Operate TReDS

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Highlights of the Fourth Bi-Monthly Monetary Policy of FY21-22

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IIFCL got RBI’s Approval to Finance InVITs

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RBI Introduced Revised Regulatory Framework for NBFCs – ‘SBR’

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APPOINTMENTS & RESIGNATIONS

Centre appoints BC Patnaik MD of LIC

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Navrang Saini gets additional charge as IBBI Chairperson

RBI Approves Reappointment of Amitabh Chaudhry as MD & CEO of Axis Bank

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RBI Approves Appointment of Pradeep Kumar Panja as Part-Time Non-Executive Chairman of

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A.Balasubramanian Elected as the Chairman of AMFI

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Government Appoints Banker K V Kamath as Chairperson of NaBFID

RBI Approves Appointment of Baldev Prakash as J&K Bank MD & CEO

Subhash Chandra Khuntia Appointed as Part-Time Chairman of Jana SFB

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Management Guru, Padma Shri Bala V Balachandran Passed Away

India Hosted World’s Largest Virtual Fintech Festival GFF 2021

from September 28 to 30, 2021.

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I-Sprint’21: IFSCA’s Global FinTech Hackathon Series ‘Sprint01: BankTech’ Launched

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IFSCA set up 10-member expert panel to develop sustainable finance hub

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SEBI Board Approved List of Key Amendments, Initiatives

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Suryoday SFB to Shut Down its ATMs

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BharatPe acquired Payback India launches PAY Feature on its App

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IDBI Bank signs Co-Lending Agreement with U GRO Capital

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