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Banking and Economy PDF February 2022
Banking and Economy PDF February 2022
This PDF Capsule contains all Banking and Economy Related news and events for the month of February 2022
along with questions. This will be useful for all upcoming Banking and Insurance sector exams.
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Banking and Economy Awareness PDF – February 2022
2. Patanjali and PNB launches co-branded contactless credit cards in partnership with
RuPay
Patanjali Ayurved Ltd and Punjab National Bank (PNB) have 1. Patanjali Ayurved Ltd has
launched a co-branded contactless credit card in partnership launched its co-branded credit
with National Payments Corporation of India (NPCI). card with which bank?
The cards will be offered on the RuPay Platform of NPCI. 2. The co-branded credit card of
The co-branded Rupay contactless credit cards are available Patanjali and PNB is based on
in two variants which includes PNB RuPay Platinum and PNB which platform? NPCI Rupay
RuPay Select.
Both the co-branded cards will offer attractive benefits and
spend-based waivers for the customers to purchase day-to-
day Patanjali products, along with cash backs, loyalty points,
insurance cover, etc.
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As on January 27, 2022, DICGC has disbursed ₹2.36 crore of of Rupees Five Lakh only)
the total insured deposits under the provisions of Section within a period not exceeding
18A of the DICGC Act,1961 based on the willingness received 90 days.
from the concerned depositors of the bank.
5. SBI inks MoU with Ministry of Culture for Development of Atmanirbhar Bharat
Centre for Design (ABCD) at Red Fort
The State Bank of India (SBI) has signed a tripartite 1. Which ministry is setting up the
Memorandum of Understanding (MoU) with the Indira Atmanirbhar Bharat Centre for
Gandhi Centre for the Arts (IGNCA) and National Culture Design (ABCD)? Ministry of
Fund (NCF) of the Ministry of Culture, for Development of Culture
Atmanirbhar Bharat Centre for Design (ABCD) at L1 Barrack, 2. Atmanirbhar Bharat Centre for
Red Fort, in Delhi. Design (ABCD)is being set up at
The main objective of Project ABCD is to highlight, promote which place? Red Fort/Delhi
and celebrate the products that have the Geographical 3. Which bank has inked MoU
Indication sign to give a boost to Economic Value Addition with the govt to set up
to GI products from India. Atmanirbhar Bharat Centre for
The ABCD project will be implemented by IGNCA, an Design (ABCD)? SBI
autonomous organization under Ministry of Culture through 4. How much amount will be
ministry’s NCF fund. granted by SBI under the
SBI will sponsor the project under CSR with a contribution of project? Rs 10 cr
Rs. 10 crore for the implementation of ABCD Project.
6. Centre appoints Ravi Mittal as new Chairman of Insolvency and Bankruptcy Board
of India
Ravi Mittal, the former secretary, Department of Sports, has 1. Who has been appointed as
been appointed as the Chairman of Insolvency and the new Chairman of the
Bankruptcy Board of India (IBBI), as per the notification Insolvency and Bankruptcy
issued by Ministry of Corporate Affairs on February 02, Board of India (IBBI)?
2022. 2. Ravi Mittal is the new
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Ravi Mittal is a 1986 batch IAS officer from Bihar cadre. Chairman of which
He will serve as the Chairman of IBBI for a term of five years organisation?
or till he attains 65 years of age, whichever is early. 3. Insolvency and Bankruptcy
The post was lying vacant since September 30, 2021, after M Board of India (IBBI)
S Sahoo retired on completing his five-year tenure. headquarter- New Delhi
Navrang Saini, a whole-time member of IBBI, was serving as 4. Parent Ministry of IBBI-
interim chairman on an additional charge since then. Ministry of Law and Justice
7. Karnataka Bank wins digital transformation award, ‘DX 2021 Awards’ of CII
Karnataka Bank has won the digital transformation award, 1. Which bank has won the digital
‘DX 2021 Awards’ by the Confederation of Indian Industry transformation award, ‘DX
(CII) for Best Practice in Digital Transformation. 2021 Awards’ by the
Karnataka Bank has won this award in recognition of the Confederation of Indian
“innovative” best practice ‘KBL VIKAAS’, which was Industry (CII)?- Karnataka Bank
launched by the bank in 2017.
Headquarters of Karnataka Bank- Mangaluru, Karnataka
8. ICICI lombard partners with Airtel Payments Bank for Cyber Insurance
ICICI Lombard General Insurance has partnered with Airtel 1. Which company has partnered
Payments Bank to offer cyber insurance to customers of with Airtel Payments Bank to
Airtel Payments Bank. offer cyber security insurance?-
This Cyber Insurance policy provides financial protection to ICICI Lombard
customers against potential financial fraud relating to
banking, credit or debit card; identity theft; phishing or
email spoofing etc.
The policy will provide a 90-day discovery period followed
by a seven-day reporting period.
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the country.
11. RBI emerged as the second largest buyer of Gold among the world’s Central Banks
in 2021
Reserve Bank of India (RBI) has emerged as the second- 1. Rank of RBI in terms of buying
largest buyer of Gold among the world’s Central Banks in gold in 2021 as per World Gold
2021. RBI bought 77.5 metric tonnes in 2021 taking its total Council?- 2nd
gold reserve to 754.1 tonnes at the end of December 2021. 2. Top central bank in buying gold
Central Bank of Thailand (Bank of Thailand) was the highest in 2021?- Thailand
buyer of Gold in 2021 and bought 90 metric tonnes of gold.
As per Goldhub, India’s official gold reserves is ninth-largest
in the world. Goldhub is the official website of World Gold
Council that maintains all the data regarding precious metal.
12. Razorpay buys majority stake in Malaysian startup “Curlec” at over $19 mn
valuation
Bengaluru-based, Razorpay has acquired a majority stake in 1. Which firm has acquired the
a Malaysian payments start-up named “Curlec” for a majority stake in “Curlec”?-
valuation of more than $19 million. Further Razorpay will Razorpay
acquire the full stake in the coming years. 2. Who is the CEO of Razorpay?-
Overall this is the fourth acquisition of Razorpay and the Harshil Mathur
first acquisition in a foreign country. Prior to this, Razorpay 3. Where is the headquarters of
has acquired TERA Finlabs in 2021, Opfin in 2019 and Razorpay located?- Bengaluru
Thirdwatch in 2018.
With this, Razorpay aims to expand in the South East Asia
region.
13. SEBI directs AMCs to set up audit committee with minimum three directors
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Securities and Exchange Board of India (SEBI) has directed 1. How many minimum directors
the mutual fund (MF) industry to set up an audit committee are required in the audit
at the asset management company (AMC) level. committee to be set up for
The audit committee will require a minimum of three asset management company
directors and at least two-third of them shall be (AMC) as directed by SEBI?- 3
independent directors of the AMC. 2. SEBI MF regulations 1996”
Currently, such a committee is set up by the trustee of a designate that a mutual fund
fund house. must be a three-tired structure
consisting of: (1) A Sponsor (2)
A Trustee (3) An asset
management company (AMC)
16. RBI keeps Repo Rate unchanged at 4.0 per cent; GDP growth for 2022-23- 7.8 per
cent.
Reserve Bank of India conducted the 6th and the last 1. Remember all the rates
Monetary Policy Committee (MPC) meeting for 2021-22 2. Stance of RBI?- Accomodative
between February 8-10, 2022. 3. GDP projection for 2022-23?
Reserve Bank of India has kept the policy repo rate under
the liquidity adjustment facility (LAF) unchanged at 4.0
percent. Various rates are as under:
o Policy Repo Rate : 4.00%
o Reverse Repo Rate : 3.35%
o Marginal Standing Facility Rate : 4.25%
o Bank Rate : 4.25%
o CRR : 4.00%
o SLR : 18.00%
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17. RBI reopens Voluntary Retention Route (VRR) with investment limit of ₹2,50,000
crore
The Reserve Bank of India had introduced the Voluntary 1. What is the revised investment
Retention Route (VRR) for investments by Foreign Portfolio limit for Voluntary Retention
Investors (FPIs) in debts in 2019 with an investment limit of Route (VRR) for investments by
₹1,50,000 crore. Out of this, around ₹1,49,995 crore have Foreign Portfolio Investors
been availed so far in three tranches. (FPIs)?- Rs 2.5 lakh crore
Now RBI has increased this investment limit in VRR from Rs. 2. Minimum retention period
1,50,000 crore to Rs. 2,50,000 crore. The increased under the Voluntary Retention
investment limits shall be open for allotment from April 01, Route (VRR) for investments by
2022. Foreign Portfolio Investors
Minimum retention period: 3 years (FPIs)?- 3 years
The investment limit available for fresh allotment shall 3. What is the limit for fresh
accordingly be ₹1,04,800 crore (net of extant allotments and allotment under the Voluntary
adjustments). Retention Route (VRR) for
investments by Foreign
Portfolio Investors (FPIs)
available from April 01, 2022?-
₹1,04,800 crore
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19. RBL Bank partners with Creditas Solutions for ‘Neo Collections’ platform.
RBL Bank has partnered with Creditas Solutions for its ‘Neo 1. In August 2021, Kotak
Collections’ platform. Mahindra Bank had also
The Neo Collections Platform is a Do It Yourself (DIY) debt partnered with Creditas
management platform that will help the customers of the Solutions for the launch of the
bank to monitor, manage and pay their dues/loans. Neo Collections platform.
About RBL Bank 2. Which bank has partnered with
Creditas Solutions for its ‘Neo
RBL Bank Headquarters- Mumbai Collections’ platform?-
Old Name of RBL Bank– Ratnakar Bank remember both banks- RBL
Its CEO and MD Vishwavir Ahuja went on medical leave and Bank and Kotak Mahindra Bank
Mr Rajeev Ahuja has been appointed as the Interim MD &
CEO of RBL Bank.
20. Sebi reconstitutes its 8-member advisory committee on Investor Protection and
Education Fund; Head-G Mahalingam
The Securities and Exchange Board of India (Sebi) has 1. Who is the head of the
restructured its advisory committee on Investor Protection restructured advisory
and Education Fund (IPEF). committee of SEBI Investor
G Mahalingam, the former Whole Time Member of Sebi, is Protection and Education
the new Chair of the eight-member committee. Fund? (IPEF).
Earlier the panel was headed by Abraham Koshy, former 2. How many members are there
professor of IIM-Ahmedabad. in the committee?
The objective of the advisory committee is to find out ways
and means to best utilise the investor protection and
education fund of Sebi.
21. CBI finds India’s biggest bank fraud of Rs 22,842 cr, books ABG Shipyard and its
directors
Central Bureau of Investigation (CBI) has booked ABG 1. Recently CBI has unveiled the
Shipyard for an alleged Rs 22,842-crore financial fraud. ABG largest bank fraud by which
Shipyard is the flagship entity of ABG Group. company?- ABG Shipyard
It has cheated a consortium of 28 banks and financial 2. The ABG Shipyard fraud case
institutions of Rs. 22,842 crore. This consortium was led by involved a consortium of how
ICICI Bank. Of this, ABG Shipyard owes Rs. 7,089 crore to many banks?- 28 banks of
ICICI Bank, Rs. 3,639 crore to IDBI Bank, Rs. 2,925 crore to which ICICI bank has the
State Bank, Rs. 1,614 crore to Bank of Baroda, and Rs. 1,244 highest loan amount.
crore to Punjab National Bank, among others. 3. Then CMD of ABG Shipyard
This is the biggest bank fraud case ever registered by the during 2012-17?- Rishi Agarwal
CBI. The case pertained to funds gotten and misused during
the 2012-17 period. Rishi Agarwal, the then CMD of ABG
Shipyard has been named in the FIR.
The Funds given by these banks were used by the executives
of ABG Shipyard for purposes other than for which they
were given and they were engaged in diversion of funds,
misappropriation and criminal breach of trust. The same has
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22. Sandeep Bakhshi named Business Standard Banker of the Year 2020-21
Sandeep Bakhshi has been named the Business Standard 1. Who has been named as the
Banker of the Year 2020-21. He is the managing director Business Standard Banker of
(MD) and chief executive officer (CEO) of ICICI Bank. the Year 2020-21?- Sandeep
The winner was chosen by a jury of 5 members chaired by Bakshi of ICICI Bank
former Reserve Bank of India deputy governor S S Mundra.
For 2020-21, ICICI Bank reported a net profit of Rs 16,193
crore against Rs 7,931 crore during the previous financial
year.
23. Paisabazaar.com launches ‘Paisa on Demand’ credit card in partnership with RBL
bank
Paisabazaar.com has partnered with RBL Bank to launch 1. Paisabazaar has launched
‘Paisa on Demand’ (PoD) credit card, under its neo-lending ‘Paisa on Demand’ (PoD) credit
strategy. card in partnership with which
The PoD credit card will be exclusively available on the bank?
Paisabazaar platform
Along with features of a credit card, PoD will provide the
option of availing personal loans from RBL Bank.
24. The NITI Aayog Fintech month commenced on February 7, 2022; Theme- “OPEN”
NITI Aayog has started the Fintech Open Month from 1. Fintech Open Month was
February 07, 2022 in coordination with PhonePe. It is a first- celebrated by?- NITI Aayog
of-its-kind initiative where fintech professionals can 2. Theme of FIntech Open Month
collaborate, exchange ideas, and innovate. It will continue by NITI Aayog?- OPEN
till Feb 28, 2022.
The overarching theme of Fintech Month of NITI Aayog is
‘OPEN’. It aims to achieve three key objectives –
o encourage an OPEN ecosystem across the FinTech
industry;
o Foster co-innovation and growth;
o Ensure financial inclusion and leverage new models
like Account Aggregator to unleash the next wave of
fintech innovation.
It will bring together regulators, Fintech professionals and
enthusiasts, industry leaders, the start-up community, and
developers on a common platform to exchange ideas for
fintech.
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25. Sebi changes its provision of separation of chairperson & MD/CEO roles from
mandatory to voluntary
Securities and Exchange Board of India (Sebi) has announced 1. Who was the head of the
to make provision for separation of the roles of chairperson committee formed by SEBI in
and MD/CEO as ‘voluntary’ against ‘mandatory’ earlier. 2017 “Committee on Corporate
In 2017 SEBI had formed a Committee on Corporate Governance”?- Uday Kotak
Governance under the chairmanship of Shri Uday Kotak.
One of the recommendations of this committee was:
o Listed entities with more than 40% public
shareholding should separate the roles of
Chairperson and MD/CEO with effect from April 1,
2020. After 2020, SEBI may examine extending the
requirement to all listed entities with effect from
April 1, 2022.
o i.e. companies that are listed on the stock exchange
should have a separate Chairperson and separate
MD/CEO.
As per the latest decision from SEBI, the top 500 listed
companies had to keep a separate Chairperson and MD/CEO
role with effect from April 01, 2022. Now with less than 2
months for this deadline, SEBI has revised its guidelines and
changed this instruction from mandatory to voluntary.
i.e If a company wants it can keep the role of Chairperson
and MD/CEO separate. i.e. now it is their voluntary decision.
Earlier this was to be followed mandatorily.
26. Yes Bank launches ‘Agri Infinity’ programme to develop digital financial solutions
for the food and agriculture ecosystem
Yes Bank has launched a programme named ‘Yes Bank Agri 1. Which bank has launched a
Infinity’ through which the bank aims to co-develop digital Agri Infinity to develop digital
financial solutions for the food and agriculture ecosystem by financial solutions for the food
mentoring entrepreneurial ventures in this field. and agriculture ecosystem?
Agri-fintech start-ups working on financial innovations 2. Who is the MD and CEO of Yes
across the food and agriculture value chain are eligible to Bank?- Prashant Kumar
apply under this programme and can work with Yes Bank for
digital solutions.
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28. NPCI International partners with Gateway Payment Service and Manam Infotech
to deploy UPI solution in Nepal
NPCI International Payments Limited (NIPL) has partnered 1. NPCI/NIPL has partnered with
with Gateway Payments Service Pvt Ltd and Manam which company for launch of
Infotech Private Limited to deploy Unified Payments UPI in Nepal?- Gateway
Interface(UPI) in Nepal. Payments Service Pvt Ltd and
Gateway Payments Service Pvt Ltd is an authorized Payment Manam Infotech Private
System Operators in Nepal. Limited
The partnership aims to support interoperable real-time 2. Gateway Payments Service Pvt
Person to person (P2P) and Merchant payment transactions Ltd is a PSO based in which
(P2M) in Nepal. country?- Nepal
Nepal shall be the first country outside of India to adopt UPI 3. Central Bank of Nepal?- Nepal
as the payments platform driving the digitalization of cash Rastra Bank
transactions. 4. Manam Infotech Private
Limited- is a Fintech company
based out of Bangalore, India
29. Twitter partners with Paytm to boost its ‘Tips’ feature in India
Twitter Inc has partnered with Paytm’s payment gateway to 1. Twitter has partnered with
improve the support for its ‘Tips’ feature in India. which payments app for its
What is Tips feature of Twitter?: using the Tips feature, ‘Tips’ feature in India?- Paytm
users can send payments to their favourite content creators 2. Tips feature of Twitter is
on twitter. available for users with age
Tips is available since November to all Twitter users above above ___ in India?- 18
18 years of age in India. It is available in Indian languages
including Bengali, Gujarati, Hindi, Kannada, Marathi and
Tamil.
With this partnership, Twitter users will be able to use the
payments facility of Paytm, including its Paytm digital
wallet, Paytm Postpaid (buy-now-pay-later service), debit
and credit cards, and net banking.
30. Edelweiss Asset Management launches mobile app eInvest for investors
The Edelweiss Asset Management has launched a mutual 1. eInvest mobile app has been
fund mobile app named eInvest. launched by which asset
eInvest is an easy-to-use app for investors to give them a management company?
smooth investing experience where they can perform all 2. CEO of Edelweiss Asset
financial transactions and access their investment from Management – Radhika Gupta
anywhere at any time with speed and ease.
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31. Kotak Mahindra Bank ties up with Ezetap for integrated PoS solutions
Kotak Mahindra Bank has partnered with Ezetap to provide 1. Kotak Mahindra Bank has
integrated Point of Sale (PoS) solutions to merchants across partnered with which company
4,000 locations in India. to provide integrated Point of
The integrated solution provided by Ezetap will enable the Sale (PoS) solutions to its
merchants availing PoS facility of Kotak Mahindra Bank to avail merchant?- Ezetap
various value-added services through the PoS product like
payment digitally through their apps over cash.
32. Global trade rises 25% in 2021 to hit record high of $28.5 trillion : UNCTAD
The UN Conference on Trade and Development (UNCTAD) 1. As per the Global Trade Update
released its annual Global Trade Update 2022 on 17 report of UNCTAD, what was
February 2022, which shows that the value of global trade, the global trade value recorded
both in goods and services, reached a record level of $28.5 in the year 2021?
trillion in 2021. 2. The global trade value
This is an increase of 25% compared to 2020 and 13% higher recorded in 2021 was what
compared to 2019. percent higher than in 2020 as
The main factors behind the positive trend for trade in 2021 per Global Trade Update 2022
was increase in commodity prices, subsiding pandemic report of UNCTAD
restrictions and a strong recovery in demand due to 3. Global Trade Update report is
economic stimulus packages released by which
However, the UNCTAD report indicates that trade growth organisation?
will slow during the first quarter of 2022. 4. UN Conference on Trade and
The factors responsible for slowdown may include slower Development (UNCTAD)
than expected economic growth, continued supply chain headquarter- Geneva,
disruptions, rising concerns about debt sustainability, Switzerland
transition towards a greener global economy, trade
agreements and trade regionalisation.
33. Equitas Small Finance Bank raises Rs 550 crore from Central Bank of Singapore,
Government of Singapore, others
Equitas Small Finance Bank has raised Rs 550 crore in total 1. Equitas Small Finance Bank has
from the government of Singapore, Singapore’s central bank raised what amount from
(Monetary Authority of Singapore) and a host of local Government of Singapore?- Rs
mutual funds in the qualified institutional placement of 155 crore
equities. 2. Equitas Small Finance Bank has
The amount of investments from these entities is bifurcated raised what amount from
below: Monetary Authoruty of
o Government of Singapore-about Rs 155 crore Singapore?- Rs 36 crore
o Monetary Authority of Singapore -Rs 36 crore. 3. Which bank has recently raised
o Mutual funds (Nippon Life India Trustee, SBI Mutual Rs 500 crore from Central Bank
Fund, ICICI Prudential, HDFC Mutual Fund and HDFC of Singapore, Government of
Trustee Company)- Rs 359 crore. Singapore and others mutal
fund companies?- Equitas
Small Finance Bank
4. Equitas Small Finance Bank
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headquarters?- Chennai
35. TransUnion CIBIL Partners with FICCI for a Nation-wide MSME Consumer Education
Program
TransUnion CIBIL has partnered with the Federation of 1. TransUnion CIBIL has partnered
Indian Chambers of Commerce & Industry (FICCI) to launch a with whom to for a Nation-
unique nationwide MSME consumer education program to wide MSME Consumer
support MSME. Education Program?- FICCI
Objective: The program will help MSMEs in gaining 2. Chief Operating Officer of
awareness of credit management, CIBIL Rank and TransUnion CIBIL- Ms. Harshala
commercial credit information. It will teach them on how to Chandorkar
build a good credit history and CIBIL Rank to avail easier and
faster loans.
This program will kick off with MSME clusters in
Maharashtra, Assam and Tripura and aims to reach
thousands of MSMEs across key MSME clusters in India.
36. Bank of Baroda signs MoU with Assam Rifles to provide Central Forces Salary
Package
Bank of Baroda has signed a Memorandum of 1. Which bank has partnered with
Understanding (MoU) with Assam Rifles, the oldest Assam Rifles to provide Central
paramilitary force, to provide the Baroda Central Forces Forces Salary Package?- Bank
Salary Package to all personnel of the Assam Rifles. of Baroda
Bank of Baroda will also provide special benefits, including 2. The Assam Rifles is the oldest
Personal Accident Insurance and a co-branded credit card to paramilitary force of the
the personnel of Assam Rifles. Indian Army, dating back to
1835
37. Govt of India, Karnataka and Odisha signs loan agreement of $115 million with
World Bank for implementation of REWARD Project
The Government of India, the State Governments of 1. Amount of loan for REWARD
Karnataka and Odisha have signed a loan agreement with program with each govt
the World Bank of total worth of $115 million (INR 869 2. Which arm of World Bank has
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crore) for Rejuvenating Watersheds for Agricultural provided loan to GoI, Govt of
Resilience through Innovative Development (REWARD) Karnataka and Odisha for
Programme. REWARD Program?- IBRD
The bifurcation of the loan amount of $115 million is given
below:
o Government of Karnataka- $60 million (INR 453.5
crore)
o Government of Odisha- $49 million (INR 370 crore)
o Central Government- $6 million (INR 45.5 crore)
Terms of Loan: The loan has been provided by the
International Bank for Reconstruction and Development
(IBRD) arm of World Bank and has a maturity of 15 years,
including a grace period of 4.5 years.
Objective of the loan: to help national and state institutions
adopt improved watershed management practices to help
increase farmers’ resilience to climate change, promote
higher productivity and better incomes.
40. RBI directs NBFCs to implement ‘Core Financial Services Solution’ by September
30, 2025
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The Reserve Bank of India has mandated NBFC – Middle and 1. Deadline for NBFC – Middle
Upper Layers with 10 or more ‘Fixed point service delivery and Upper Layers to implement
units’ (as on October 1, 2022) to implement ‘Core Financial ‘Core Financial Services
Services Solution (CFSS)’ latest by September 30, 2025 Solution (CFSS)’?- September
Core Financial Services Solution (CFSS) for NBFC is similar to 30, 2025
what Core Banking Solution (CBS) is for banks. 2. Full form of CFSS?- Core
NBFC-Upper Layers (UL) have to also ensure that the CFSS is Financial Services Solution
implemented at least in 70 per cent of ‘Fixed point service 3. RBI has mandated CFSS for
delivery units’ on or before September 30, 2024. which type of NBFC?- NBFC –
For other NBFCs i.e NBFC – Base Layer and NBFC – Middle Middle and Upper Layers with
and Upper Layers with less than 10 ’Fixed point service 10 or more ‘Fixed point service
delivery units, implementation of CFSS is not mandatory delivery units’
however they may consider the implementation of a Core 4. NBFC-Upper Layers (UL) have
Financial Services Solution for their own benefit. to also ensure that the CFSS is
implemented at least in ______
of ‘Fixed point service delivery
units’ on or before September
30, 2024?= 70 per cent
41. Rakesh Sharma re-appointed as MD & CEO of IDBI Bank for 3 years
The Reserve Bank of India (RBI) has approved the re- 1. Rakesh Sharma has been re-
appointment of Rakesh Sharma as Managing Director and appointed as the MD & CEO of
Chief Executive Officer of IDBI Bank. which bank?
Sharma has been appointed for a period of three years with 2. Who has been re-appointed as
effect from March 19, 2022. the MD & CEO of IDBI Bank?
He was previously appointed as the MD & CEO of the bank 3. Headquarter of IDBI Bank-
in October 2018. Mumbai
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44. NSE, BSE starts T+1 Stock Settlement From February 25, 2022
From February 25, 2022, India has become the second 1. SEBI has introduced what
country after China to implement T+1 stock settlement settlement period of stocks
mechanism in a phased manner. The system will be starting from February 25, 2022?- T+1
with select stocks and then gradually adding others to the 2. India is the ___ country to
fold. implement the T+1 settlement
Instruction regarding this was issued by SEBI on January 01, of Stock.- Second
2022. Before this, the settlement period of stocks in India 3. FIrst country to implement the
was T+2, i.e. two days after the actual buy/selling of stock. T+1 settlement of stock?- China
T means the trade/transaction day i.e. the day on which
stock is brought/sold. and here T+1 means that the actual
stock settlement will happen on next day i.e +1 day. Ex: You
buy a stock on Monday, you will get it in your Demat
account Tuesday.
Extra Info:
46. e-invoice mandatory for firms with turnover of ₹20 Cr or more from April 01, 2022
Central Board of Indirect Taxes & Custom (CBIC) has lowered 1. What is the turnover threshold
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the threshold for mandatory issuance of e- invoice announced by CBIC for firms
(electronic invoice) under Goods & Services Tax (GST) to Rs. for the generation of e-
20 crore from the earlier prescribed limit of Rs. 50 crore. invoice?- Rs 20 crore
This will come into effect from April 01, 2022.
This means that business with turnover of more than Rs 20
crore will have to issue e-invoice through their internal
systems or billing software and then report them online to
the invoice registration portal. This is required to avail of
input tax credit (ITC).
47. Standard Chartered tie-up with IATA to roll out IATA Pay for airline industry in
India
UK-based Standard Chartered has partnered with the 1. Which bank has collaborated
International Air Transport Association (IATA) to launch a with IATA to launch IATA Pay in
payment platform ‘ IATA Pay’ for airline industry in India. India?
The rollout of IATA Pay will enable participating airlines to 2. Straight2Bank Pay is a payment
offer instant payment options such as UPI Scan and Pay and platform of which bank?
UPI Collect (Request to Pay). 3. Headquarter of IATA –
The service leverages the Unified Payment Interface (UPI), Montreal, Canada
enabling consumers to instantly pay for airline tickets from 4. Headquarter of Standard
their bank accounts. Chartered – London, United
IATA Pay in India is powered by Standard Chartered’s Kingdom
payment platform ‘Straight2Bank Pay’.
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About IBA
SBI, BoB, PNB, UBI, Canara Bank and BoM acquires stake in IDRCL
State Bank of India (SBI), Bank of Baroda (BoB), Punjab National Bank (PNB), Union Bank of
India (UBI), Canara Bank, and Bank of Maharashtra (BoM) have announced their subscription to
the shares of India Debt Resolution Company Ltd (IDRCL).
The stakes acquired by these banks is given in the table below. The Banks will further reduce
their stake in IDRCL that is also given in the tavle below:
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Public Sector Banks (PSBs) and Public FIs will hold a maximum of 49% in stake of IDRCL while
the remaining stake will be with private sector lenders.
The NARCL has been incorporated under the Companies Act, and public sector banks will hold
51 percent in NARCL.
Objective of IDRCL: India Debt Resolution Company Ltd (IDRCL) and National Asset
Reconstruction Company Ltd (NARCL) have been setup by banks and financial institutions to
consolidate and take over the existing stressed debt in the banking/ financial system and then
manage and dispose the assets to Alternate Investment Funds.
Points to remember:
3. Which bank has recently acquired the highest stake in IRDCL?= Canara Bank= 14.90%
One Liners
As per the data released by the Asian Development Bank (ADB) on February 06, 2022,
it provided a record USD 4.6 billion in sovereign lending to India in 2021. The USD 4.6
billion was committed by ADB for 17 loans.
India-UAE inks free trade agreement (FTA) to raise bilateral trade to $100 billion in 5
years
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Banking Awareness
Banking Awareness Quiz
Daily Current Affairs
Current Affairs Quiz
Static GK
Static GK Quiz
Government Schemes
Quiz on Government Schemes
Insurance Awareness
Insurance Awareness Quiz
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