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Banking, Finance & Economy PDF 2022 -

MARCH
Table of Contents
Banking, Finance & Economy News: MARCH 2022 ....................................................................... 5
Banking, Finance & Economy Q&A: MARCH 2022 ...................................................................... 72
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Banking, Finance & Economy News: MARCH

2022
RBI IN NEWS
RBI invited RFP to Assess Impact of its Financial Literacy Campaigns
The Reserve Bank of India (RBI) has proposed to assess the impact of its multi-media awareness
campaigns that promote financial literacy and safe banking practices. In this regard, it has invited
the Request for Proposal (RFP) from certain shortlisted entities, which will be required to undertake
outcome and impact assessment of its multilingual, pan-India public awareness campaigns.
• RBI runs the ‘RBI Kehta Hai’ campaign to educate and empower the public about banking
regulations.
Key Points:
i.The RBI campaigns are in 14 languages viz. Assamese, Bengali, English, Gujarati, Hindi, Kannada,
Malayalam, Marathi, Odia, Punjabi, Sindhi, Tamil, Telugu and Urdu with more focus on regional languages.
ii.These are multi-lingual campaign using SMSes, print, television channels, radio, hoardings, websites and
social media.
iii.Campaigns conducted during the year preceding the assessment and during the term of the assessment
will be a part of the scope.
What will selected entities do?
As per RBI, the selected entity will be required to customise the tools for study, pre-testing of the tools and
incorporate changes if required, to modify a questionnaire, focussed group discussion (FGDs) guideline,
depth interview schedules when needed, to conduct training of data collectors/surveyors, to carry out
survey and share monthly progress report, to analyse results and prepare draft and final report.
• Key areas that need to be in the questionnaire include the ‘ability to recall the campaigns’, media
on which the campaigns were viewed, ‘whether the campaigns added information that was not
known earlier’, and ‘whether any action was taken based on the information from the campaigns’.
About Reserve Bank of India (RBI):
i.The Reserve Bank of India was established on April 1, 1935, in accordance with the provisions of the
Reserve Bank of India Act, 1934.
ii.The Central Office of the Reserve Bank was initially established in Calcutta but was permanently moved
to Mumbai in 1937.
iii.Though originally privately owned, since nationalization in 1949, the Reserve Bank is fully owned by the
Government of India.
RBI updates Payment and Settlement Systems Regulations, 2008;RBI Cautions Against
sRide App
In exercise of the powers conferred by sub-section (1) read with clauses (b) to (f) of subsection (2)
of Section 38 of the Payment and Settlement Systems Act, 2007 (51 of 2007), the Reserve Bank of India
(RBI) updated the Payment and Settlement Systems Regulations, 2008.
• These allow companies to run payment businesses to seek licenses from the regulator.
This Regulation specifies the following:
i.Authorisation of Payment Systems
• Submission of application for authorisation for commencing or carrying on a payment system
• Grant of authorisation certificate
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ii.Payment Instructions and Determination of Standards

iii.Furnishing of Returns, Documents and Other Information
• Submission of returns, documents etc
• Furnishing of accounts and balance sheets
Key Points:
i.Every person desirous of commencing or carrying on a payment system will submit an application under
sub-section (1) of Section 5 of the Act to the Bank for grant of authorisation under sub-section (1) of
section 7 of the Act.
ii.The licensing application should include process flow of the operator, technology platform to be used,
security features and inter-operability with other payment system operators.
iii.The operators are required to furnish all information and documents desired from the RBI from time to
time.
• They also have to submit its annual accounts to the regulator three months after account closing
along with a copy of its audited balance sheet.
Click here for Official notification
RBI cautions against car pooling app sRide
RBI cautioned public against car pooling app sRide, which is operating a semi-closed pre-paid instrument
without authorization from the central bank under the provisions of the Payment and Settlement Systems
Act, 2007.
• The app is operated by sRide Tech Private Limited which has its registered office at Gurugram,
Haryana.
• RBI stated that Persons dealing with sRide Tech are at their own risk.
About sRide:
sRide is a carpooling mobile application to connect people within the community to share rides. This will
help users share the cost of travel, reduce travel time, increase mobility and build communities.
RBI cancels the license of Sarjeraodada Naik Shirala Sahakari Bank Limited, Maharashtra
On 2 March 2022, the Reserve Bank of India (RBI) canceled the license of Sarjeraodada Naik Shirala
Sahakari Bank Ltd of Shirala, Sangli (Maharashtra) due to compliance failure with the regulation under
Section 11(1) ,Section 22 (3) (d) and Section 56 Banking Regulation Act 1949.
• The bank is found to lack adequate capital and earning prospects under section 11(1) and section
22(3) (d) read with section 56 of the Banking Regulation Act, 1949.
Highlights:
i.The Bank is debarred to carry its banking business and operation with effect from 2 March 2022.
ii.The bank is unable to carry acceptance of deposits and repayment of deposits as defined in Section 5(b)
and Section 56 of the Banking Regulation Act, 1949.
iii.The order for winding up the entity and appointment of a liquidator will be passed by the Registrar of
Cooperative Societies of Maharashtra.
iv.According to the provision of Deposit Insurance and Credit Guarantee Corporation (DICGC) Act 1961,
every depositor entitled to receive deposit insurance claims an amount of deposits up to a monetary
ceiling of Rs. 5,00,000 on liquidation.
• More than 99 % of the depositors of Sarjeraodada Naik Shirala Sahakari Bank are entitled to
receive the full amount of their deposits from DICGC.
Related information:
In February 2022, the RBI also canceled the license of Independence Co-operative Bank, Nashik
(Maharashtra) as it does not have adequate capital and earning prospects. The bank failed to comply with
the requirements of the Banking Regulation Act, 1949.
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About Deposit Insurance and Credit Guarantee Corporation (DICGC):

i.DICGC is one of the wholly owned subsidiaries of the Reserve bank of India (RBI).
ii.It was established under Deposit Insurance and Credit Guarantee Corporation Act, 1961.
Founded- 15 July 1978
Chairman– Dr M D Patra
RBI exempts UCBs’ investment in Umbrella Organisation from non-SLR holding limits
On March 3, 2022, the Reserve Bank of India (RBI) has exempted the investments made in Umbrella
Organization (UO) by Primary (Urban) Co-operative Banks (UCBs) from non-Statutory Liquidity Ratio
(non-SLR) holding limits prescribed in Paragraphs 2(i) and 2(iii)(b) of the RBI’s circular ‘Investments in
Non-SLR securities by Primary (Urban) Co-operative Banks‘ dated 30th January, 2009.
What are the limits?
i.Paragraph 2(i)- Non-SLR investments should be limited to 10% of a bank’s total deposits as on March 31
of the previous year.
ii.Paragraph 2(iii)(b)- Investments in unlisted securities should not exceed 10% of the total non-SLR
investments at any time.
Now with the latest revision in the above-mentioned circular by RBI, these limits will not be imposed on
the investments in Non-SLR securities by primary UCBs.
Key Points:
i.The move is expected to encourage UCBs to subscribe to the capital of UO and acquire its membership.
• The UO is a non-banking finance company (NBFC) with strong financial parameters.
• It provides cross liquidity and capital support to the UCBs when needed.
ii.Non-SLR securities include debentures/bonds, preference shares, equity shares, mutual fund units,
commercial paper, and investment in securities issued by a securitisation/reconstruction company.
iii.RBI had accorded regulatory approval to the National Federation of Urban Co-operative Banks and
Credit Societies Ltd. (NAFCUB) in June 2019 for the formation of a UO for the UCB sector.
• The approval permits UCBs to subscribe to the capital of the UO on a voluntary basis.
• As at March-end 2021, there were 1,534 UCBs in the country, according to the RBI.
Recent Related News:
On 3rd January 2022, RBI issued a framework for facilitating small-value digital payments in offline mode
using cards, wallets, mobile devices, etc, to push digital transactions in rural and semi-urban areas. The
upper limit of an offline payment transaction was fixed at Rs 200, with a total limit on a payment
instrument being at Rs 2,000 at any point in time.
Establishment– April 1, 1935
Headquarters– Mumbai, Maharashtra
Governor– Shaktikanta Das
Deputy Governors– Mahesh Kumar Jain, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar
RBI selects Intellect Design Arena for Cloud Native Intellect Quantum Core Banking
solution
Reserve Bank of India (RBI) has chosen Intellect Design Arena Limited, a fintech firm to implement the
upgraded version of the ‘Cloud-Native Intellect Quantum Core Banking solution’ to power the next
stage of their digital transformation agenda.
• Intellect continues to be the trusted partner for the Central Banking Transformation at RBI.
Highlights:
The entire central banking operation of RBI is currently being supported by Intellect’s Quantum Central
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Banking Solution, popularly known as e-Kuber in RBI, Government of India & in the Indian Financial
Systems.
• It supports over 100 million transactions, over 250 commercial banks, 35 state government and
union territories along with a number of Central Government ministries.
About Intellect Quantum solution:
The next generation Intellect Quantum solution is built on cutting edge API first, cloud-native and cloud-
agnostic microservices architecture supported by a rich set of packaged business components.
About Intellect Design Arena Limited:
Intellect Design Arena, a specialist in applying true digital technologies, is a full spectrum banking and
insurance technology products company, across global consumer banking, central banking, global
transaction banking (iGTB), risk, treasury and markets, and insurance.
Headquarters – Chennai, Tamil Nadu
Chairman & Managing Director (MD) – Arun Jain
RBI Launches UPI for feature phones ‘UPI123Pay’ and 24*7 helpline ‘DigiSaathi’
On 8th march 2022 the Reserve Bank of India (RBI) and the National Payment Corporation of
India (NPCI) launched two landmark initiatives UPI123Pay and DigiSaathi.
• With the new facility, both smartphone and feature phone holders can now easily transact
digitally.
Key points:
i.UPI123PAY for feature phones will have all of the necessary smartphone features. This initiative will
improve digital payments to a higher level, paving the way for a cashless economy.
ii.DigiSaathi will help customers address queries in the digital payments umbrella including cards in two
languages – english and hindi and also working towards all vernacular languages.
About UPI123PAY:
UPI123Pay includes four distinct options as below:
App-based Functionality: An app would be installed on the feature phone through which several UPI
functions, available on smartphones, will also be available on feature phones.
Missed Call: This will allow feature phone users to access their bank account and perform routine
transactions such as receiving, transferring funds, regular purchases, bill payments, etc., by giving a missed
call on the number displayed at the merchant outlet. The customer will receive an incoming call to
authenticate the transaction by entering UPI PIN.
Interactive Voice Response (IVR): UPI payment through pre-defined IVR numbers would require users to
initiate a secured call from their feature phones to a predetermined number and complete UPI on-boarding
formalities to be able to start making financial transactions without internet connection.
Proximity Sound-based Payments: This uses sound waves to enable contactless, offline, and proximity data
communication on any device.
Need for UPI123Pay:
Earlier UPI can be accessed through NUUP (National Unified USSD Platform) using the short code of
*99#.But this option is cumbersome and not popular. Considering that there are more than 40 crore
feature phone mobile subscribers in the country, UPI123pay will materially improve the options for such
users to access UPI.
About DigiSaathi:
i.DigiSaathi is a 24/7 information Helpline for providing information on digital payment products and
services available in 2 languages – English and Hindi that is managed, and maintained by NPCI on behalf
of few payment system operators and members (banks and non-banks) with a purpose to assist the Indian
funds trade flourish.
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ii.Various payment trade members (banks and non-banks) have joined to create the
www.digisaathi.information website, chatbot, IVR, or any cell and/or internet software (collectively, the
“Platform”) for finish clients to acquire details about digital payment services.
• The backend of the platform is managed by a man-made intelligence (AI) bot to enhance accuracy,
in line with Digisaathi website.
Features:
i.The buyer can submit questions on digital payment services, and probably the most related and
acceptable info shall be delivered to the User as quickly as possible.
ii.The queries/questions requested shall be examined regularly with Frequently Asked Questions (FAQs),
in line with the Digisaathi website.
DigiSaathi contact particulars:
Toll-Free Number (IVR): 14431 or 1800 891 3333
Website: digisaathi.info + Chatbot.
RBI releases booklet ‘BE(A)WARE’ on modus operandi of Financial Frauds

The Reserve Bank of India (RBI) released a booklet titled “BE(A)WARE”. It provides information on the
common modus operandi used by fraudsters and precautions to be taken while carrying out various
financial transactions.
i.The booklet will enhance public awareness about financial frauds perpetrated on innocent customers.
ii.It also provides safeguards against commonly used fraudulent techniques like SIM swaps,
vishing/phishing links, lottery, fake loan websites and digital apps etc.
iii.According to the Ombudsman Offices & Consumer Education and Protection Cells (CEPCs) of
RBI, sharing of confidential information by the customers, knowingly or unknowingly is one of the major
causes leading to the financial frauds in India.
Headquarters- Mumbai, Maharashtra
Founded- 1 April 1935
Governor-Shaktikanta Das
RBI issues Guidelines for Extended Interest Equalisation Scheme for Export Credit
On March 8, 2022, the Reserve Bank of India (RBI) issued modified norms on ‘Interest Equalisation
Scheme (IES) on Pre and Post Shipment Rupee Export Credit-Extension’ after the extension of the
scheme till March 31, 2024 by the Central Government w.e.f. October 1, 2021.
• The extended scheme will not be applicable to the ones availing benefit under any Production Linked
Incentive (PLI) scheme of the Central Government.
Key Modifications:
i.The telecom instrument sector having six HS (Harmonised System) lines will not be included, except
for MSME (Ministry of Micro, Small & Medium Enterprises) manufacturer exporters.
ii.Revised interest equalisation rates under the scheme will now be 3% for MSME manufacturer exporters
exporting under any HS lines and 2% for manufacturer exporters and merchant exporters exporting under
410 HS lines (after excluding 6 HS lines of the telecom sector).
iii.To ensure transparency, banks while issuing approval to the exporter will furnish the prevailing interest
rate. The interest subvention is being provided and the net rate being charged to each exporter.
iv.From October 1, 2021, to March 31, 2022, banks will identify the eligible exporters as per the scheme,
credit their accounts with the eligible amount of interest equalisation and submit a sector-wise
consolidated reimbursement claim to the RBI by April 30, 2022.
v.With effect from April 1, 2022, banks will reduce the interest rate charged to the eligible exporters as per
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the guidelines and submit the claims in original within 15 days from the end of the respective month, with
the bank’s seal, and signed by the authorised person, in the prescribed format.
What is Interest Equalisation Scheme (IES)?
Implemented on April 1, 2015, IES (earlier called Interest Subvention Scheme) provides pre and post-
shipment export credit to exporters in rupees. Exporters were facing increasing credit costs in their export
cycles due to the stagnation of global demand and extended credit periods. Now this scheme enables
exporters to correct their pricing and improve the competitiveness of their products.
• Under the IES, the government identifies eligible exporters and passes on the interest equalisation
amount they are entitled to directly to them.
• It was originally implemented for five years.
RBI bars Paytm Payments Bank from Onboarding New Customers

On March 11, 2022, the Reserve Bank of India (RBI) in exercise of its powers under section 35A of the
Banking Regulation (BR) Act, 1949 bars Paytm Payments Bank Limited (PPBL) from onboarding new
customers with immediate effect due to material supervisory concerns.
• PPBL was also directed by the apex bank to appoint an IT audit firm to conduct a comprehensive
audit of its IT (Information Technology) system.
Key Points:
i.PPBL will be allowed to make new customers subject to specific permission from the RBI after reviewing
the IT auditor’s report.
ii.In 2021, PPBL received RBI’s approval to function as a scheduled payments bank.
About Paytm Payments Bank Limited (PPBL):
Establishment- 2017
Chairman- Vijay Shekhar Sharma
Headquarters- Noida, Uttar Pradesh (UP)
IIT-M Incubation Cell & RBI Innovation Hub Inks MoU On Fintech Startups
India’s prominent deep-tech startup hub pioneered by Indian Institute of Technology Madras
Incubation Cell (IITMIC) and RBI Innovation Hub (RBIH), a wholly owned subsidiary of Reserve Bank of
India, have signed a Memorandum of Understanding (MoU) to contribute and work together in developing
the necessary ecosystem to support and scale FinTech (Financial Technology) Startups in India.
Aim: To empower the startup ecosystem in India, which makes a significant contribution to the economic
prosperity of the nation with swift improvement and hence deploy technological innovations to transform
India’s FinTech outlook.
Highlights:
i.This strategic collaboration enables the two organizations to provide incubation support, nurture early-
stage startups with innovative and disruptive solutions and accelerate their scale-up journey.
ii.The IITMIC incubates selected startups which are considered timely for co-incubation by RBIH to receive
strategic and operational guidance, training, and mentoring sessions. The RBI leadership also provides
them with domain experts, market access, and connects them to a larger ecosystem of startups, vendors,
investors, and other key resources.
iii. IITM Incubation Cell and RBIH may also indulge in projects including policy whitepapers, research
papers under this partnership.
About Indian Institute of Technology Madras Incubation Cell (IITMIC):
A not-for-profit umbrella body for nurturing and overseeing innovation and entrepreneurship at IIT
Madras.
Chairman – Dr. Bhaskar Ramamurthi, Professor of Electrical Engineering & Director of IIT Madras
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Establishment – 2013
Situated – Chennai, Tamil Nadu
About RBI Innovation Hub (RBIH):
A wholly owned subsidiary of Reserve Bank of India (RBI) set up to promote and facilitate an environment
that accelerates innovation across the financial sector.
Chief Executive Officer (CEO) – Rajesh Bansal
Headquarters – Bengaluru, Karnataka
RBI revokes license of People’s Co-operative Bank Ltd, Kanpur, UP

The Reserve Bank of India (RBI) has cancelled the license of People’s Co-operative Bank Limited,
Kanpur (Uttar Pradesh) as the bank failed to adhere to the requirements of Sections 22(3) (a), 22 (3) (b),
22(3)(c), 22(3) (d) and 22(3)(e) – under Section 56 of the Banking Regulation Act, 1949.
The bank is found to lack adequate capital and earning prospects under the provisions of Section 11(1) and
Section 22 (3) (d) – under Section 56 of the Banking Regulation Act, 1949 – ‘Act to apply to co-operative
societies subject to modifications’.
Key points:
i.The bank is prohibited from continuing its ‘banking’ business such as acceptance of deposits and
repayment of deposits as defined in Section 5(b) as mentioned in Section 56 of the Banking Regulation Act,
1949 with effect from the close of business on March 21, 2022.
ii.The RBI has requested the Commissioner for Cooperation and Registrar of Cooperative Societies, Uttar
Pradesh to issue an order for winding up the bank and appoint a liquidator for the lender.
iii. Upon liquidation, every depositor would be entitled to a deposit insurance claim amount of his or her
deposits from the Deposit Insurance and Credit Guarantee Corporation (DICGC), subject to a monetary
ceiling of Rs 5 lakh.
iv.As per the data submitted by the bank, more than 99 per cent of the depositors are entitled to receive
the full amount of their deposits from DICGC.
v.The DICGC has sanctioned Rs. 6.97 crore of the total insured deposits under the provisions of Section 18A
of the DICGC Act,1961 based on the willingness received from the concerned depositors of the bank as on
February 14, 2022.
A wholly-owned subsidiary of Reserve Bank of India (RBI), established under an act of Parliament, The
Deposit Insurance and Credit Guarantee Corporation Act, 1961 (DICGC Act).
Chairman – Dr. Michael Debabrata Patra, Deputy Governor of RBI
Establishment – 15 July 1978
Headquarters – Mumbai, Maharashtra
RBI Lifted all Curbs on HDFC Bank’s New Digital Launches

The Reserve Bank of India(RBI) has lifted all the restrictions placed on HDFC Bank regarding its business-
generating activities under the HDFC Bank’s Digital 2.0 programme.
• In December 2020, the RBI had restricted HDFC Bank from launching any new digital products or
services and issuing new credit cards till the lender resolved recurring tech issues.
• In September 2021, RBI had lifted restrictions on HDFC Bank on issuing new credit cards.
11
Regulatory Framework for (Microfinance Loans) Directions, 2022: RBI unveils Framework
for Microfinance Lenders
On March 14, 2022, the Reserve Bank of India (RBI) issued ‘RBI (Regulatory Framework for Microfinance
Loans) Directions, 2022’ which will be effective from April 01, 2022. These directions are issued by the
apex bank by exercising its powers conferred by Section 21, Section 35A and Section 56 of the Banking
Regulation (BR) Act, 1949; Chapter IIIB of the RBI Act, 1934; and Sections 30A and Section 32 of the
National Housing Bank (NHB) Act, 1987.
• RBI asked the Regulated Entities (REs) to ensure that loans are collateral-free and not linked with a
lien on the borrower’s deposit account, repayment obligations are capped, interest rates are not
usurious, and there is no pre-payment penalty.
REs under the ambit of Provisions of these Directions:
i.All Commercial Banks (including Small Finance Banks, Local Area Banks, and Regional Rural Banks)
excluding Payments Banks
ii.All Primary (Urban) Co-operative Banks/ State Co-operative Banks/ District Central Co-operative Banks
iii.All Non-Banking Financial Companies (including Microfinance Institutions and Housing Finance
Companies)
What is Microfinance Loan?
It is defined as a collateral-free loan given to a household having annual household income up to Rs
3,00,000, where household means an individual family unit, i.e., husband, wife and their unmarried
children.
Key Provisions under directions:
i.All collateral-free loans, irrespective of end use and mode of application/ processing/ disbursal (either
through physical or digital channels), provided to households having annual income up to Rs 3 lakh is to be
considered microfinance loans.
ii.Limit on Loan Repayment Obligations of a Household: Each RE should have a board-approved policy
regarding the limit on the outflows on account of repayment of monthly loan obligations of a household.
• This is subject to a limit of maximum 50% of the monthly household income.
iii.The margin caps (not exceeding 10% for large MFIs (Microfinance institutions) with loan portfolios
exceeding Rs 100 crore and 12% for the others) are no longer applicable to NBFC (Non-Banking Financial
Company)-MFIs.
• The maximum limit on microfinance loans for such NBFCs (i.e., NBFCs other than NBFC-MFIs) now
stands revised to 25 per cent of the total assets.
• Under the earlier qualifying assets criteria1, a Non-banking Financial Company -Microfinance
Institution (NBFC-MFI) is required to have minimum 85 per cent of its net assets2 as ‘qualifying
assets’.The minimum requirement of microfinance loans for NBFC-MFIs also stands revised to 75
per cent of the total assets.
iv.Each RE should disclose pricing related information to a prospective borrower in a standardised
simplified factsheet, and should prominently display the minimum, maximum and average interest rates
charged on microfinance loans in all its offices, in the literature (information booklets/ pamphlets) and
details on its website.
v.Cap on loan repayment: The guidelines prescribe a limit on loan repayment obligations of a household.
The outflows, capped at 50% of the monthly household income, should include repayments (including both
principal as well as interest component).
vi.Each RE has to provide a loan card to the borrower incorporating all relevant information, regarding
loan.
vii.Loan recovery: The recovery should be made at a designated/ centrally designated place decided
mutually by the borrower and the RE.
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• However, field staff can make recovery at the place of residence or work of the borrower if the
borrower fails to appear at the designated place.
• The computation of loan repayment obligations shall take into account all outstanding loans
(collateral-free microfinance loans as well as any other type of collateralized loans) of the
household. The outflows capped at 50 per cent of the monthly household income shall include
repayments (including both principal as well as interest component) towards all existing loans as
well as the loan under consideration.
Click Here for Official Notification
In December 2021, RBI has mandated the companies to quote the 20-digit Legal Entity Identifier (LEI) for
cross-border transactions for capital or current account transactions of Rs 50 crore and above, from
October 1 2022.
i.The Reserve Bank of India was established on April 1, 1935, in accordance with the provisions of the
Reserve Bank of India Act, 1934.
ii.The Central Office of the Reserve Bank was initially established in Calcutta but was permanently moved
to Mumbai in 1937.
iii.Though originally privately owned, since nationalization in 1949, the Reserve Bank is fully owned by the
Government of India.
RBIH launched in Bengaluru, Karnataka; Kris Gopalakrishnan is 1st Chairman of RBIH

On March 24, 2022, the Governor of Reserve Bank of India (RBI), Shaktikanta Das, inaugurated the Reserve
Bank Innovation Hub (RBIH) in Bengaluru, Karnataka. It has been set up as a Section 8 company under
Companies Act, 2013, with an initial capital contribution of Rs 100 crore; and wholly owned subsidiary of
the RBI.
• Senapathy (Kris) Gopalakrishnan, co-founder and former co-Chairman, Infosys, was earlier
appointed as RBIH 1st Chairman.
• It will encourage financial innovation through an institutional set-up.The hub aims to promote
innovation across the financial sector by leveraging technology
Key Points:
i.The RBIH will be guided and managed by a Governing Council (GC) led by a Chairman. There will be 9
other eminent persons from industry and academia as its members. Click Here to Read
ii.It promotes access to financial services and products for the low-income population in the country.
RBI releases framework for Geotagging Payment System Touchpoints

On March 25, 2022, the Reserve Bank of India (RBI) issued a framework for Geo-tagging of Payment
System Touch Points/acceptance infrastructure under Section 10 (2) read with Section 18 of Payment and
Settlement Systems Act, 2007 (Act 51 of 2007).
• This system will be deployed by banks / non-bank Payment System Operators (PSOs) to ensure
proper monitoring of the availability of payment acceptance infrastructure.
• The framework was issued on the lines of the Monetary Policy Statement 2020-21 of October 08,
2021.
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Need behind this Framework:

To capture the accurate location of existing payment system touch points in order to make them accessible
at all times.
RBI’s Key Definitions:
i.Geo-tagging: It captures the geographical coordinates (latitude and longitude) of payment touchpoints
deployed by merchants to receive payments from their customers.
ii.Infrastructure: It is digital payment transactions carried out by customers using payment touch points.
It uses two broad categories of physical infrastructure:
• Banking infrastructure: It comprises bank branches, offices, extension counters, Automated Teller
Machines (ATMs) / Cash Deposit Machines (CDMs), Cash Recycler Machines (CRMs), micro-ATMs
used by Business Correspondents (BCs), etc.
• Payment acceptance infrastructure: It comprises Points of Sale (PoS) terminals, Quick Response
(QR) codes deployed by banks / non-bank Payment System Operators (PSOs), etc.
Key Features of Framework:
i.All banks / Non-bank PSOs will maintain a registry with accurate location of all payment touch points
across the country, including Merchant-related information and Payment acceptance infrastructure
details.
ii.Geo-tagging information in respect to PoS terminals and Paper-based/Soft QR (Quick Response) Codes
should be submitted to the Reserve Bank.
iii.All banks / Non-bank PSOs should report information on payment touch points to the RBI through its’
Centralised Information Management System (CIMS) in .txt / CSV file format.
Click here for official notification
Governor– Shaktikanta Das
APPOINTMENTS & RESIGNATIONS

Madhabi Puri Buch Becomes 1st Women To Be Appointed as SEBI Chairman; Succeeds Ajay
Tyagi
The Appointments Committee of the Cabinet (ACC) has approved the appointment of Madhabi Puri
Buch as the Securities and Exchange Board of India (SEBI) chairman for an initial period of three
years from 1st March 2022. She will be the 1st woman to head the SEBI, securities market regulator and
she is also the 1st person from the private sector to head SEBI and also 1st non-IAS to be appointed as the
SEBI chairman.
• She will be the 10th chair of the board.
• She succeeds Ajay Tyagi, who served as a chairman for 5 years. His tenure ends on 28th February
2022.
• Her tenure as a whole-time member of SEBI ended in October 2021.
About Madhabi Puri Buch:
i.Madhabi Puri Buch has handled key portfolios such as surveillance, collective investment schemes and
investment management.
ii.She joined ICICI Bank in 1989 and served as the managing director (MD) and chief executive officer
(CEO) at ICICI Securities Limited and also as executive director on the board of ICICI Bank.
iii.She has also worked in corporate finance, branding, treasury and loans, before moving to ICICI
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Securities and as a consultant to the New Development Bank, set up by the BRICS (Brazil, Russia, India,
China, South Africa).
iv.In Later 2021, she was also appointed as a head of SEBI’s seven-member committee on technology – the
Advisory Committee for Leveraging Regulatory and Technology Solutions.
About Securities and Exchange Board of India (SEBI):
Establishment – 12th April 1992 (In accordance with SEBI Act, 1992)
World Bank’s India head is appointed as Vice President of MIGA’s Operations

The World Bank’s India head and a Bangladeshi economist, Junaid Kamal Ahmad was appointed as a Vice
President of the operation side of the Multilateral Investment Guarantee Agency (MIGA), which offers
political risk insurance, credit enhancement guarantees to help developing countries.
• He would assume the new charge from April 16, 2022.
• He is the current World Bank country director for India.
i.With this appointment he became the only second Bangladeshi national to be appointed to such a high
position in the World Bank.
• Faisal Chaudhary was the first Bangladeshi national who became the vice president on the
operational side.
ii.Junaid Ahmad will work with MIGA’s brand partnering across the World Bank Group and with financial
institutions, private investors and other authorities.
The World Bank Group consists of five development institutions:
• Multilateral Investment Guarantee Agency (MIGA)
• International Bank for Reconstruction and Development (IBRD)
• International Development Association (IDA)
• International Finance Corporation (IFC)
• International Centre for the Settlement of Investment Disputes (ICSID)
About Multilateral Investment Guarantee Agency (MIGA):
Headquarters- Washington, D.C., United States
Established- 1988
About World Bank:
HeadQuarters- Washington, DC, United States
President- David Malpass
Founded- 1944
Member Countries- 189(including India)
Ashneer Grover Resigned as MD & Director of the board of BharatPe

Ashneer Grover, co-founder and Managing Director (MD) of BharatPe, a leading Indian fintech company,
has resigned as the MD and director of the board of BharatPe.
i.Ashneer Grover, who owns a 9.5% stake worth Rs 1915 crore in BharatPe, will continue as the single
largest individual shareholder of the company.
• BharatPe became the 19th Indian startup to become a unicorn in 2021.
ii.Shashvat Nakrani, the co-founder of BharatPe, owns 7.8% and Sequoia Capital India, a venture capital
(VC) investor and the largest shareholder of BharatPe, holds 19.6%, followed by Coatue at 12.4% and
Ribbit Capital at 11%. As of August 2021, Tiger Global, Steadview Capital, and Beenext together hold a
60.4% stake in BharatPe.
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LIC MF appoints TS Ramakrishnan as its MD & CEO

LIC (Life Insurance Corporation) Mutual Fund Asset Management Limited appointed TS Ramakrishnan as
its Managing Director (MD) and Chief Executive Officer.
He will succeed Dinesh Pangtey, its former Whole time Director and CEO.
i.TS Ramakrishnan joined LIC Mutual Fund AMC in April 2021. He has the experience of around 34 years
at LIC and its subsidiaries/associate companies.
ii.He also served as the Regional Manager, Western Region at LIC Housing Finance Ltd. (LICHFL) and later
promoted as the General Manager.
LIC Initial Public Offering (IPO):
In 2021,The government of India plans to initiate the process to launch the Initial Public Offer (IPO) of Life
Insurance Corporation (LIC).
• The Government owns 100% stakes in LIC and it will offload 5% of its stake through the IPO.
About LIC (Life Insurance Corporation) Mutual Fund Asset Management Limited :
Nominee Director-Bishnu Charan Patnaik
Indian Actress Vidya Balan became Brand Ambassador of Bharti AXA Life Insurance
Bharti AXA Life Insurance, appointed National Award winning actress Vidya Balan as its Brand
Ambassador.
• Bharti AXA Life Insurance is a joint venture of Bharti, India’s leading business groups and AXA, one
of the world’s leading organizations in financial protection and wealth management.
Key points:
i.Vidya Balan as the brand ambassador will help in promoting the #DoTheSmartThing of Bharti AXA Life
Insurance.
ii.She got the National Award for her movie “The Dirty Picture’’ and she is also a recipient of Padma Shri in
Arts.
About Bharti AXA Life Insurance:
MD & CEO-Parag Raja
Commenced operation– 2006
Nitin Chugh to head SBI’s Digital Banking as DMD

SBI has appointed Nitin Chugh as its Group Head of Digital Banking at the level of Deputy Managing
Director (DMD) for a period of 3 years initially.
Key Points:
i.He was formerly the Group Head of Digital Banking at HDFC (2001-2019) and MD & CEO of Ujjivan Small
Finance Bank (2019-2021) from where he resigned citing personal reasons in September 2021.
ii.His new position in SBI would be responsible for envisioning, developing and in execution of the bank’s
digital banking strategy and business plan for imparting digital knowledge/skills in a constructive,
empowering and collaborative way.
iii. The induction of Nitin Chugh took effect, when SBI – India’s largest lender targeted an increase in digital
lending and vigorously promoted its app ‘YONO’.
Note: Charanjit Surinder Singh Attra was appointed as Chief Financial Officer (CFO) of SBI in 2020 from a
private sector – which is a high- level lateral recruitment, prior to appointing Nitin Chugh as DMD of Digital
Banking.
About SBI:
Chairperson: Dinesh Kumar Khara
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Tagline: “Pure Banking, Nothing Else”

HQ: Mumbai, Maharashtra
Establishment: July 1, 1955 as SBI
YONO: YONO (You Only Need One) – an integrated app for financial services launched by SBI on 24
November 2017.
Former Finance & Revenue Secretary AB Pandey appointed as NFRA Chairperson

The Government of India (GoI) has appointed Ajay Bhushan Pandey, former Finance & Revenue
secretary of India, Ministry of Finance, as new Chairperson of the National Financial Reporting
Authority (NFRA).
i.The Appointments Committee of the Cabinet (ACC) has approved his appointment for a period of three
years from the date of assumption of charge or till he attains the age of 65 years.
ii.The ACC has also appointed 2 full-time members for NFRA,
• Praveen Kumar Tiwari, former Deputy Comptroller and Auditor General, a retired Indian Audit and
Accounts Service official.
• Smita Jhingran, Principal Director General at Central Board of Direct Taxes, an Indian Revenue
Service officer.
About Ajay Bhushan Pandey:
i.He was the Finance Secretary, Ministry of Finance, Government of India from March 2020 – February
2021.
ii.He was the Revenue Secretary, Ministry of Finance, Government of India from November 2018 –
February 2021.
iii. Prior to becoming the Finance & Revenue Secretary of India, he was acting as the Chief Executive
Officer (CEO) of Unique Identification Authority of India (UIDAI) from September 2015 – October 2019.
iv.As Finance Secretary of India and CEO of UIDAI, he was credited with executing three major reforms in
India – Aadhaar, GST, and Direct Tax reforms.
v.After retirement he headed a three-member committee constituted by the Ministry of Social Justice and
Empowerment (MoSJ&E) to review the criteria for Economically Weaker Section (EWS) reservations.
About the National Financial Reporting Authority (NFRA):
An independent regulatory body set up by the Government of India as envisaged under the provisions
of Section 132, Companies Act, 2013 to oversee the quality of accounting and auditing standards in India.
• Establishment – 01st October, 2018
• Present Chairperson – Ashok Kumar Gupta, Chairperson of Competition Commission of India
(CCI) – given additional charge as Chairperson to NFRA in October 2021, till a new appointment to
the post is made.
T Raja Kumar Became 1st Singaporean To Be Appointed as President of the FATF

The Financial Action Task Force (FATF) appointed T. Raja Kumar of Singapore as the President. He
was appointed for the term of 2 years, which starts from 1 July 2022 to 2024. He succeeded Dr Marcus
Pleyer of Germany.The decision regarding his appointment was taken during the FATF Plenary meeting
that was held from March 1 to 4, 2022. This is the first time Singapore is taking charge of the FATF
presidency.
About T. Raja Kumar:
i.T. Raja Kumar is a Singaporean administrator who serves as a senior advisor (international) at the
Ministry of Home Affairs (MHA).
ii.He also served as the co-chairman of the National Interagency Committee on Anti-Money Laundering and
Countering Financing of Terrorism, Singapore’s FATF mission since 2015.
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• Singapore became a member of the FATF in 1992

iii.In July 2018 he became a member of the steering group, which advises the FATF president.
About Financial Action Task Force (FATF):
The FATF is an intergovernmental organisation established by the G7 (Canada, France, Germany, Italy,
Japan, United Kingdom, United States and European Union) to prevent and combat money laundering,
terrorism, and proliferation finance.
Founded- 1989
Headquarters- Paris, France
Tapan Singhel, MD & CEO of Bajaj Allianz General Insurance gets 5-year Extension
Tapan Singhel, the Managing Director and Chief Executive Officer (MD & CEO) of Bajaj Allianz General
Insurance Company Limited gets a 5-year extension in his term with effect from 1st April 2022.
• Tapan Singhel is the 1st MD and CEO to receive 2 consecutive extensions at the Bajaj Allianz General
Insurance.
• He has been serving as the MD & CEO of Bajaj Allianz General Insurance for 10 years since 2012.
About Tapan Singhel:
i.Tapan Singhel started his career as a direct officer in New India Assurance Company in 1991.
ii.He holds the responsibility of Convenor of the Working Group on Non-Life Insurance of Confederation of
Indian Industry (CII).
iii.He is the Chairman of the Insurance Regulatory and Development Authority of India (IRDAI)’s panel to
promote e-commerce in insurance, a Member of IRDAI’s Advisory Committee on Reinsurance and IRDAI’s
Insurance Advisory Committee.
iv.He served as the President of the Indo-German Chamber of Commerce from 2014-15 and he has also
served as its Vice-President in 2013-14.
v.He was a member of the Board of Directors for Berkshire India Limited and Berkshire Hathaway Services
India Private Limited during 2011-12.
About Bajaj Allianz General Insurance Company Limited:
Bajaj Allianz General Insurance Company Limited is a joint venture between Allianz SE, the world’s leading
insurer, and Bajaj Finserv Limited.
The Company received the certificate of registration from Insurance Regulatory and Development
Authority (IRDA) on 2nd May 2001to conduct general insurance business in India.
MD & CEO– Tapan Singhel
Headquarters– Pune, Maharashtra
Ashwani Bhatia MD of SBI appointed as a whole-time member SEBI for 3 years

The Appointments Committee of Cabinet(ACC) has approved the appointment of Ashwani Bhatia,
Managing Director(MD) (Corporate Banking & Global Markets) of State Bank of India (SBI), as the whole-
time member (WTM) of the Securities and Exchange Board of India (SEBI) for a period of 3 years from the
date of assumption of charge of the post, or until further orders, whichever is earlier.
• In August 2020 he was appointed as the MD of SBI till the date of his superannuation (31st May
2022).
• He has also served as the MD and Chief Executive Officer(CEO) of SBI Mutual Fund.
• The other two whole time members on the board of SEBI are SK Mohanty and Ananta Barua.
Banks Board Bureau Recommended Names for Chief’s of Union Bank, IOB, PSB & SBI
The Banks Board Bureau (BBB) has recommended the names for the position of managing
director (MD) and chief executive officers (CEO) at Public sector undertakings Banks(PSU Banks): the
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Union Bank of India(UBI), Indian Overseas Bank (IOB), Punjab and Sind Bank (PSB) and State Bank of
India(SBI).
The final appointment will be notified by the Government of India based on these recommendations.
Recommended Appointments:
i.Union Bank of India(UBI):
A Manimekhalai, Executive Director of the Canara Bank, has been recommended for the post of MD & CEO
of UBI.
• A Manimekhalai will succeed Rajkiran Rai G whose term as MD &CEO of UBI will complete on 31st
May 2022.
ii.Indian Overseas Bank (IOB):
Ajay Kumar Srivastava, Executive Director of IOB has been recommended for the post of MD & CEO of IOB.
• Ajay Kumar Srivastava, will succeed Partha Pratim Sengupta whose term will end in December
2022.
iii.Punjab and Sind Bank (PSB):
Swaroop Kumar Saha, Executive Director of Punjab National Bank(PNB) has been recommended for the
position of MD & CEO of the PSB.
• Swaroop Kumar Saha will succeed S Krishnan whose term as MD & CEO of PSB will end on 31st May
2022
iv.State Bank of India(SBI):
BBB has also shortlisted Alok Kumar Choudhary, the Deputy Managing Director(Finance) of SBI, for the
post of Managing Director at SBI.
• He was selected as the replacement for Ashwani Bhatia, MD of SBI who appointed as the Whole
time Member of the Securities and Exchange Board of India(SEBI) for a period of 3 years.
Atul Kumar Goel was appointed as the Managing Director (MD) & Chief Executive Officer (CEO) of Punjab
National Bank (PNB). The appointment comes after the approval from the Appointments Committee of the
Cabinet (ACC).
About Indian Overseas Bank (IOB):
MD & CEO– Partha Pratim Sengupta
Tagline– Good People to Grow with
Headquarters– Chennai, Tamil Nadu
About Punjab and Sind Bank (PSB):
MD & CEO– S Krishnan
Tagline– Where Service is a way of life
Headquarters– New Delhi, Delhi
RBI approved Extension of Rajeev Ahuja as RBL Bank’s Interim CEO & MD for 3 Months
On March 17, 2022, The Reserve Bank of India (RBI) has approved the extension of Rajeev Ahuja‘s term
as interim Managing Director (MD) and Chief Executive Officer (CEO) of RBL Bank for another three
months w.e.f from 25 March, 2022 or till the appointment of a regular MD & CEO, whichever is earlier.
Key Points:
i.Rajeev Ahuja was previously appointed as an interim MD & CEO of the bank for a period of three months
w.e.f from 25th December 2021, after the previous MD & CEO, Vishwavir Ahuja.
ii.Vishwavir Ahuja went on leave on the next day of RBI’s appointment of one of its chief general managers,
Yogesh K Dayal as an additional director for two years w.e.f 24 December 2021(2021-2023).
iii.A search committee has been set up by the RBI to identify candidates for the post of MD and CEO from
within and outside the RBL bank.
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About RBL Bank:

Headquarters-Mumbai, Maharashtra
Founded- 1943
Tagline – ‘‘Apno Ka Bank’’
Pralay Mondal Appointed as Interim MD and CEO of CSB Bank

The Reserve Bank of India (RBI) has approved the appointment of Pralay Mondal as interim Managing
Director (MD) and CEO of CSB Bank Limited for a period of 3 months.
• The appointment is for three month period which effective from April 1, 2022 or till the
appointment of a regular MD & CEO is made.
• He is currently serving as the Deputy Managing Director of CSB Bank since his appointment in June
2021.
• This action is in response to Rajendran Chinna Veerappan, the bank’s current MD and CEO,
announcing his decision to retire early due to health concerns. He will be holding the office till the
close of office hours on March 31, 2022.
About Pralay Mondal:
He is an expert banker with 30 years of experience with Axis Bank, HDFC Bank and Yes Bank.
i.Mondal had been with CSB since September 23, 2020 as President (Retail, Small and Medium Enterprise
(SME), Operations, and IT).
ii.Prior to joining CSB Bank, he worked for Axis Bank, where he held the posts of Executive Director and
Head of Retail Banking between 2019 and 2020.
iii.Prior to it, he served as the CEO of HDFC Bank for 12 years.
About CSB Bank Limited:
It was formerly known as The Catholic Syrian Bank and is one of the oldest private sector banks in India.
MD & CEO – Rajendran Chinna Veerappan
Establishment – 1920 (celebrated its centenary year in 2020)
Headquarters – Thrissur, Kerala
Vishwas Patel Has Been Re-elected As the Chairman Of Payments Council of India
Vishwas Patel has been re-elected as the Chairman of Payments Council of India (PCI) for the second time
in 2022, previously he was elected as a Chairman of PCI in the year 2018. In 2013, he served as Co-
Chairman of PCI. PCI is a payments ecosystem industry body, and is a part of the Internet and Mobile
Association of India (IAMAI). PCI aims to promote cashless transaction society and visions to grow digital
payment in India.
OTHER NEWS
Union Cabinet Approves FDI of up to 20% in LIC under Automatic Route
The Union Cabinet chaired by Prime Minister Narendra Modi approved Foreign Direct Investment (FDI) of
up to 20 percent under the ‘automatic route’ in Life Insurance Corporation (LIC) of India, ahead of the
mega initial public offering (IPO) of the LIC of India, the largest insurer in India is expected to be held in
March 2022.
• It is aimed at attracting long-term foreign investors to the issue and facilitating disinvestment.
• IPO – An IPO is the selling of securities (shares of the company) to the public in the primary market
(usually to institutional investors and retail investors).
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FDI Policy:
i.The current FDI policy which permits 74 percent foreign investment under the automatic route in
the insurance sector does not apply for the LIC, as it is established and governed under the LIC Act, 1956,
and the law did not have any specific provision for foreign investment in the insurer.
Note – The current FDI policy allows FDI in the insurance sector but as LIC being a statutory corporation,
is not covered under either “Insurance Company” or “Intermediaries or Insurance Intermediaries”.
ii.Thus the cabinet has made an amendment to the FDI Policy in facilitating investment in LIC upto 20
percent through automatic route which already permits 20 percent of FDI inflows for public sector banks
in government approval route.
Stake Mobilisation:
i.LIC filed the draft red herring prospectus (DRHP) in which the government offered to sell a 5 percent
stake in LIC that could fetch it around Rs 70,000-80,000 crore.
ii.As per industry estimates, the government expects to mobilise Rs 63,000-66,000 crore from the
proposed share sale to meet its disinvestment target of Rs 78,000 crore for FY22.
Share Reservation by LIC:
i.According to the Securities and Exchange Board of India (SEBI), LIC has reserved 50 percent of the net
offer (after excluding the reservation for policyholders and employees) for qualified institutional buyers
(QIB), 15 percent for non-institutional bidders and 35 percent for retail individual bidders.
• Foreign institutional investors (FII) fall under the QIB category that includes domestic institutional
investors from which foreign investors could later buy LIC shares from the secondary market.
Note – FDI inflows into India stood at USD 45.15 billion in 2014-2015 and have increased to USD 81.97
billion in 2020-21, from USD 74.39 billion in 2019-20.
Additional Info:
i.The LIC public issue is expected to be the biggest IPO of the Indian stock market.
ii.So far, the amount mobilised from the IPO of Paytm in 2021 was the largest ever at Rs 18,300 crore,
followed by Coal India (2010) at nearly Rs 15,500 crore and Reliance Power (2008) at Rs 11,700 crore.
About Life Insurance Corporation (LIC) of India:
Chairperson – M R Kumar
Japan and India Renews Bilateral Swap Arrangement of up to USD 75 billion

Japan and India have renewed the Bilateral Swap Arrangement (BSA) under which the 2 countries can
swap their local currencies in exchange for the US Dollar of up to USD 75 billion with effect from 28th
february 2022.
Signatories – The Bank of Japan which is acting as agent for the Minister of Finance of Japan, and the
Reserve Bank of India (RBI) on behalf of Government of India (GoI) signed the Amendment and
Restatement Agreement of the BSA.
About BSA:
i.Aim – To strengthen financial safety nets and further deepen financial cooperation between the two
countries including contribution to regional and global financial stability.
ii.BSA is a two-way arrangement where both sides can swap their local currencies in exchange for the US
Dollar which means India can acquire dollars from Japan in exchange for rupees and vice versa.
Benefits – With BSA, the repayment will be done at the exchange rate which will be fixed at the time of
borrowing that eliminates the risk caused due to fluctuations in the foreign exchange rate (also known as
FOREX).
iii.Background – The BSA was negotiated between India and Japan in 2018 and the swap arrangement
was signed to the tune of USD 75 billion in October 2020.
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About Japan:
Capital – Tokyo
Currency – Japanese Yen
Prime Minister – Fumio Kishida
Union Bank of India Partners with Ambit Finvest for Co-lending to MSMEs
On 1st March 2022 Ambit Finvest private limited signed a co-lending agreement with Union Bank of
India (UBI) for lending to Micro, Small and Medium Enterprise (MSME) customers which enables
creditworthiness of MSMEs in 11 states that are currently covered by Ambit Finvest.
Aim – To facilitate fast disbursal of credit across different geographies.
About the Partnership:
i.Through this partnership, MSMEs that face higher interest rates or those that are excluded from other
banking services, will enjoy lower interest rates and translating into lower cost of funds which would
help MSMEs with increased capital deployment in business.
ii.This initiative is also part of UBI’s commitment to support the MSMEs by providing tailor-made
financial solutions and accelerating the growth of MSMEs to contribute to the economic development.
iii.This alliance will ensure underwriting for originations, positively impacting the creditworthiness of
MSMEs, in 11 states.
About Ambit Finvest private limited:
Ambit Finvest is the non-deposit taking Non-Banking Financial Company (NBFC) of the Ambit Group.
CEO – Sanjay Agarwal
About Union Bank of India (UBI):
Establishment – 11 November 1919
Managing Director (MD) & CEO – Rajkiran Rai G.
Mahagram Tie Up With Bank of Maharashtra To Launch ‘Bank Sakhi Project’ in Odisha
Bank of Maharashtra (BoM) has tied up with Mahagram to power up the ‘Bank Sakhi’ project in Odisha.
Mahagram provides financial technology and infrastructure support to augment rural financial inclusion.
Aim-This partnership will provide access to the doorstep and hassle-free banking services to the people of
Odisha.
Highlights:
i.Mahagram has boarded more than 11,000 bank sakhis (women) on the BharatATM platform for availing
basic banking services to rural citizens at their doorstep or the next door Kirana stores.
ii.At present, it services 15,000 PIN Codes and provides basic banking, e-governance and other BFSI
services through over 7 lakh retail partners.
About Mahagram:
Establishment – June 2015
Founder & CEO – Ram Shriram
About Bank of Maharashtra (BoM):
Establishment – 16 September 1935
Headquarters – Pune,Maharashtra
Managing Director (MD) & CEO – A S Rajeev
Tagline – Ek Parivaar, Ek Bank (One Family One Bank)
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India Q3 GDP by NSO: Growth momentum slows to 5.4% in Q3FY22

In accordance with the Second Advance Estimates (SAE) of National Income, 2021-22 & Quarterly
Estimates of GDP for the 3rd quarter(Q3) (October-December), 2021-22 by the National Statistical Office
(NSO), Ministry of Statistics and Programme Implementation (MoSPI), the Indian economy grew by
5.4% year-on-year in the Q3FY22.
• This is the 5th consecutive positive growth. However, this is slower than the Q2FY22 and Q1FY22
amid rising risks from higher prices of crude oil and commodities due to Russia’s invasion of
Ukraine.
• In absolute terms, India’s Gross Domestic Product (GDP) increased to Rs 38,22,159 crore whereas it
was Rs 36,26,220 crore in the Q3FY21.
• NSO’s second advance estimate projected India’s FY22 expansion at 8.9% over a contraction of
6.6%(-6.6%) in 2020-21.
• NSO‘s second advance estimate for national income projected the nominal GDP growth for 2021-22
at 19.4 per cent.
Key Points:
i.India’s GDP had grown by 8.4% in the Q2FY22.
ii.Gross Value Added (GVA) grew by 4.7% year-on-year (YoY). In the Q2FY22 previous quarter, it had
increased by 19.3%.
iii.Across most sectors, including manufacturing, construction and services, Q3FY22 was statistically
dismal compared to the previous quarter.
iv.Economists in a Reuters poll had forecasted India’s GDP to grow 6% YoY in the Q3FY22, compared with
an upwardly revised 20.3% in the Q1FY22 and 8.5% in Q2FY22.
16th Edition of The Wealth Report 2022: India ranks 3rd in billionaire population globally;
US Tops
According to Knight Frank’s 16th edition of The Wealth Report 2022, the number of ultra-high-net-
worth-individuals (UHNWIs) globally increased by 9.3 percent in 2021 to 6,10,569, from 5,58,828 in
2020. India ranked 3rd in billionaire population globally. United States (US) Tops with most billionaire.
• In India, the number of UHNWIs (net assets with US$ 30m or more) has grown by 11% year-on-year
(YoY) in 2021, the highest percentage growth in Asia-Pacific (APAC).
• Objective of World Wealth Report 2022 – To provide an annual assessment of how wealth
creation is shaping investment markets, and to highlight opportunities and risks.
The Wealth Report 2022:
i.India – India ranked 3rd in billionaire population globally in 2021with equity markets and digital
adoption as the key factors driving the growth in India.
• Around 69 percent of the super wealthy individuals in India are expected to witness an increase of
over 10 percent in their net worth in 2022.
• Amongst the Indian cities, Bengaluru witnessed the highest growth in the number of UHNWIs
with 17.1 percent to 352 followed by Delhi with 12.4 percent to 210 and Mumbai with 9
percent to 1596 in 2021.
ii.Globally – Every region across the world saw an increase in the number of UHNWIs between 2020 and
2021 – Americas (+12.2%), Russia & CIS (+11.2%), Australasia (+9.8%), Middle East (+8.8%), Latin
America (+7.6%), Europe (+7.4%) and Asia (+7.2%) – except for Africa, where the UHNWI population
declined by 0.8%.
Asia continues to be ahead of other regions of the world, the billionaires’ club contributing to 36
percent of the total billionaires in the world in 2021.
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From the Report:

Countries with most number of billionaires:
Countries 2021 (actual numbers) 2020-2021 (percentage)
United States (US) 748 15%
Chinese Mainland 554 32%
India 145 24%
Germany 136 14%
Russia 121 20 %
Growth & Decline in UHNWI population:
(Growth):
Country 2020-2021 (percentage Growth)
United States 12.6 %
United Kingdom 11.30%
France 9.90%
Japan 8.40%
Chinese Mainland 6.20%
(Decline):
Country 2020-2021 (percentage decline)
Malaysia -0.40%
Vietnam -1.00%
Tanzania -1.60%
Kenya -2.00%
South Africa -7.10%
Top 3 Indian Cities With Highest UNHWIs:
Indian Cities No.of UNHWIs in 2021
Mumbai 1596
Hyderabad 467
Pune 360
New category of The Wealth Report 2022:
i.For the 1st time, Knight Frank has examined the size of the ‘next generation’ of the world’s UHNWI
population which is estimated that 135,192 UHNWIs are self-made and under the age of 40, accounting for
around a fifth of the total UHNWI population.
ii.With the increase in population over the next 5 years, the global UHNWIs population will grow by 28 %,
with Asia and Australasia (+33% each) North America (+28%) and Latin America (+26%).
• India has ranked 6th in percentage growth of the UHNWI population that is self-made and under the
age of 40 years.
Size of next generation in India:
i.In India, the UHNWI population is expected to grow by 39 percent between 2021 and 2026, with 19,006
people expecting to have net assets of USD 30 million or more by 2026.
• Bengaluru is projected to witness an increase of 89 percent of the UHNWI population and become
home to 665 ultra-wealthy individuals by 2026.
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ii.Previous estimates – In the last 5 years, Delhi has witnessed an increase of 101.2% followed by Mumbai
(+42.6%) and Bengaluru (+22.7%).
Recent related news:
According to the Interim Edition of Global Wealth Report 2020 released by Credit Suisse – the overall
wealth of India’s super-rich decreased by 4.4% to USD 12.83 trillion in 2020 due to the fall in Rupee value.
About Knight Frank:
Senior Partner & Group Chairman- Alistair Elliott
Managing Director (MD), Asia Pacific – Kevin Coppel
Headquarters- London, United Kingdom.
Religare Broking Launches ‘Pre Apply LIC IPO’ App for Demat Account Opening
Religare Broking Limited (RBL), a full service broking house and securities firm has launched ‘Religare
Pre Apply LIC IPO App’, which will be a one-stop solution for investors to open a demat account and share
intent to pre-apply for the Life Insurance Corporation of India (LIC) Initial Public Offering (IPO).
Key Highlights:
i.All types of investors, including existing LIC policy holders and first-time investors can register their
interest by filling up their name, email ID and mobile number.
• All users will receive instant mobile notification, SMS, and email communication as soon as the IPO
opens for the public subscription.
ii.Religare also offers exclusive welcome benefits for its app users, such as free brokerage for the first 30
days, 1 paisa brokerage across all segments, discount vouchers worth Rs 10,000 from retail partner
websites and free AMC along with full-service broking benefits like research ideas and reports.
• Users can also opt for the ‘Elite’ plan for premium brokerage services.
About Demat account:
Demat account or a dematerialised account is an account that should be started by the investor in which
the shares and securities are held in dematerialized form i.e. electronically without any physical papers.
• For opening a demat account, the investor must approach the Depository Participants (DPs)
which could be banks, brokers or financial institutions that have been allowed to provide this
service.
IDBI Bank launches C-LMS & G-LMS for institutional clients

IDBI Bank launched Corporate Liquidity Management Solution (C-LMS) and Government Liquidity
Management Solution (G-LMS) to meet the liquidity management needs of institutional customers.
• LMS helps in consolidating funds and managing the liquidity seamlessly within the organisation.
Highlights:
i.LMS and G-LMS provide real-time, web-based and formula driven liquidity management solutions to the
customers of the bank.
ii.The solutions provide tools such as forecasts of cash position in the bank, automate the transfer of funds,
online formula based liquidity management solution and others.
iii.They will also help the corporate customers in efficient management of liquidity and also provide a
boost to working capital management in the economy.
About IDBI Bank:
MD & CEO- Rakesh Sharma
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UCO Bank Partners with Fisdom to Offer Fintech services to Customers

UCO Bank Partners with Fisdom to offer fintech services including demat account, stockbroking services,
pension funds and tax filing to its customers. UCO Bank will now offer its customers a robust 3-in-1
personal banking experience with the extended product & service suite.
• The extension suite will be offered through UCO Bank’s mobile banking application UCO mBanking
Plus and will gradually be accessible through its internet banking platform as well.
Highlights:
i.This new initiative helps UCO bank to provide new age digital wealth products to customers online and
also helps in any financial needs.
ii.After this partnership, the customers of UCO Bank will now be able to learn about, invest in, track the
performance of and redeem from a variety of instruments.
About UCO Bank:
Headquarters – Kolkata, West Bengal
Managing Director (MD) & CEO – Soma Sankara Prasad
Tagline – Honours your Trust
About Fisdom:
Co-founder and CEO – Subramanya SV
Edelweiss Housing Finance & StanChart will offer loan against Property at low Interest
rates
Edelweiss Housing Finance Limited (EHFL) and Standard Chartered Bank signed a strategic co-lending
agreement for extending property loans to Micro Small Medium Enterprises (MSMEs).
i.Under the partnership, EHFL will originate, process, service the loans and retain 20% of the loan on its
books and remaining 80 % will be on the books of Standard Chartered Bank.
ii.The customers will get the benefit of cost-effective interest rates property loans and seamless credit
assurance will be provided under the extended portfolio.
About Standard Chartered Bank:
It is an indirect subsidiary of Standard Chartered PLC
Headquarters- London, United Kingdom(UK)
Chief Executive- Bill Winters, CBE(Group Chief Executive of Standard Chartered PLC)
Edelweiss Housing Finance Limited (EHFL):
MD & CEO-Rajat Avasthi
Paytm Partners with IRCTC to Offer Digital Ticketing Services Through ATVM
Paytm owned by One97 Communications Limited (OCL) expanded its partnership with Indian Railway
Catering and Tourism Corporation (IRCTC) to offer digital ticketing services to consumers through
Automatic Ticket Vending Machines (ATVM) installed at railway stations across India.
• This is the first time that Indian Railways is offering the option to pay for ticketing services digitally
via Unified Payments Interface (UPI) on ATVMs to promote cashless commuting among railway
passengers.
• This is in line with Paytm’s efforts to promote cashless transactions and digital payments across
India.
Key Points:
i.Under this partnership between Paytm and IRCTC, the Paytm Quick Response(QR) solution at ATVM, will
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allow the passengers to enable complete cashless commutes.

ii.With the use of New QR code-based digital payment solutions has been implemented across all ATVMs at
the railway stations in India.
iii.Paytm also offers the passengers the flexibility of paying various payment options like Paytm UPI, Paytm
Wallet, Paytm Postpaid (Buy Now, Pay Later), Net Banking, Credit Card and Debit Card.
ATVMs:
i.The ATVMs are touch-screen based ticketing kiosks that allow the railway passengers to pay digitally and
enable them to purchase unreserved train journey tickets, platform tickets, renew their seasonal tickets
and recharge smart cards by scanning QR codes generated on the screens.
ii.Paytm’s latest digital payment solution for ATVM is in addition to its other railway-related services such
as e-catering payments and reserved train ticket booking through its app.
About Paytm:
MD & CEO– Vijay Shekhar Sharma
Headquarters– Noida, Uttar Pradesh.
NPCI partners with Yatra.com, & SBI Card to launch Co-branded ‘Yatra SBI Card’
On 2nd march 2022 National Payments Corporation of India (NPCI) partnered with Yatra.com and SBI
Cards and Payment Services Private Limited (SBICPSL) to launch a co-branded ‘Yatra SBI Card’ on the
RuPay network, especially for travel enthusiasts.
• This card is a holiday-cum-shopping credit card which also comes with travel benefits on booking
flights and hotels that are applicable for 6 times a year.
Benefits:
i.As a welcome onboarding gift, users of this card are entitled to Yatra.com vouchers worth Rs
8,250 which can be used to book flight tickets, hotel reservations and others from Yatra.com.
• The travellers will also get 6 reward points per Rs 100 spent on departmental stores, grocery,
dining, movies, entertainment, and international travel.
ii.The card comes with a complimentary air accident cover of Rs 50 lakh.
iii.There is also an additional feature of an annual fee waiver for spending over Rs 1 lakh in a year by the
customers using this card and also offers 1 percent fuel surcharge waiver to the customers.
Note – In February 2022 NPCI International Payments Limited (NIPL), the international arm of NPCI,
joined hands with Gateway Payments Service (GPS) and Manam Infotech to provide the services
in Nepal by which it became the 1st country to adopt India’s UPI system.
About SBI Cards and Payment Services Private Limited (SBICPSL):
SBI Card was launched by the State Bank of India (SBI) and GE Capital which was incorporated as SBI
Cards and Payment Services Private Limited (SBICPSL).
Establishment – October 1998
Headquarters – Gurugram, Haryana
Managing Director (MD) & CEO – Rama Mohan Rao Amara
About yatra.com:
Co-Founder & CEO – Dhruv Shringi
46th Civil Accounts Day – 2nd March 2022

The Civil Accounts Day is annually celebrated across India by the Indian Civil Accounts Service (ICAS), one
of the Civil Services of India under the Department of Expenditure.
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• Union Finance Minister Nirmala Sitharaman (Chief Guest) addressed the 46th Civil Accounts Day
celebration held at the Dr Ambedkar International Centre, Janpath, New Delhi, Delhi.
• Along with ICAS, the Controller General of Accounts (CGA), under the Department of Expenditure,
Ministry of Finance, the Government of India celebrated the 46th Civil Accounts Day on 2nd March
2022.
Note: 45th Civil Accounts Day was celebrated on 1 March 2021.
Highlights of the event:
Amitabh Kant, chief executive officer (CEO), NITI Aayog (National Institution for Transforming India)
addressed the technical session on “Reforms in Public Financial Management” and Sanjay Aggarwal,
Advisor, Procurement Policy Division, Ministry of Finance made a presentation on “General Guidelines on
Procurement and Project Management”.
Launch of E-Bill Processing System:
On the occasion of the 46th Civil Accounts Day (2nd March 2022), Union Finance Minister Nirmala
Sitharaman launched a major e-governance initiative ‘the Electronic Bill (e-Bill) processing system’ as
part of the ‘Ease of Doing Business (EoDB) and Digital India eco-system’
• The system was developed by the Public Financial Management System (PFMS) Division in the
office of the CGA.
• The bills will be processed by First-In-First-Out (FIFO) method.
Key Points:
i.According to the 2022-2023 Budget announcement, the e- Bill system will be implemented across all
Central Ministries and Departments.
ii.This system will enhance transparency, efficiency and a faceless- paperless payment system.
iii.Under this system, Suppliers and contractors will be able to submit their claims online which can be
tracked on a real-time basis.
Objective of the System:
• Provide convenience to all vendors/suppliers of the government to submit their bills/claims at
anytime, from anywhere.
• Eliminate physical interface between suppliers and government officers.
• Enhance efficiency in processing of bills/claims.
• Reduce discretion in processing of bills through FIFO method.
Additional info:
i.Initially, the system will be rolled out in the 9 Pay and Accounting Units of 9 Ministries/Departments
which includes, Ministry of Food Processing Industry, New and Renewable Energy, Home Affairs, Steel and
Electronics and Information Technology.
ii.The e-Bill system will be rolled out in other Ministries/Departments in a phased manner in 2022-23
Short Film:
A short film on the CGA organisation showcasing the citizen-centric initiatives of the Civil Accounts
Organisation like various payment modes initiated in Government, reforms initiated recently and use of
the latest technology in the development and management of PFMS (Public Financial Management System)
was screened.
• PFMS is a unified IT platform through which Government Payments including all (Direct Benefit
Transfer) DBTs, non-tax receipts and accounting functions are performed.
Indian Civil Accounts Service (ICAS):
Indian Civil Accounts Service (ICAS) is a professional accounting organization that aims to strengthen
governance through excellence in public financial management.
The Departmentalisation of Union Accounts (Transfer of Personnel) Act, 1976 was enacted on 8th April
1976 and the act came into force with effect from 1st March 1976.
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About Ministry of Finance:

Union Minister– Nirmala Sitharaman (RajyaSabha- Karnataka)
Minister of State– Dr Bhagwat Kishanrao Karad (Rajya sabha- Maharashtra); Pankaj Chaudhary
(Constituency- Maharajganj, Uttar Pradesh)
Controller General of Accounts– Deepak Das
Office of CGA– New Delhi, Delhi
Head of Organization of CGA- Sonali Singh
LoanTap Partners with Arka and MAS Financial Services for New Digital Lending Models
LoanTap, a leading fintech digital lending platform, aims to close Financial Year 2022 by announcing
business collaborations with Non-Banking Financial Company (NBFC) – Arka Fincap Limited (Arka) and
Reserve Bank of India (RBI) registered NBFC MAS Financial Services Limited. (MAS) in a co-lending
model for the salaried and MSME segment.
• The collaboration will allow LoanTap to utilise its technology and quick processes to tap into a
larger customer base and enable loan disbursals through these partnerships.
• Through the collaboration, LoanTap will have 6 co-lending partnerships along with its own NBFC
platform.
Key highlights:
i.LoanTap’s technology platform ‘LT-Flow’ will help entities to start digital Know Your Customer (KYC),
National Automated Clearing House (NACH) and agreement, along with Artificial Intelligence (AI) powered
credit decision making, to easily operate end to end digital lending.
• It also enables lenders to source, share risk (co-lend), underwrite, plug-in capital, and manage
loans.
ii.LoanTap recently launched the Limitless Credit Card and also caters to loans for millennials and young
working professionals.
About LoanTap:
Headquarters – Pune, Maharashtra
Co-founder & CEO – Satyam Kumar
About Arka Fincap Limited:
Executive Vice Chairman & CEO – Vimal Bhandari
About MAS Financial Services Limited:
Headquarters – Ahmedabad, Gujarat
Chairman & Managing director (MD) – Kamlesh Gandhi
LICHFL Partners with CSC to Provide Loans through over 4 Lakh VLEs
LIC Housing Finance Limited (LICHFL) and Common Service Centre e-Governance Services India
Limited (CSC) have entered into a strategic partnership to provide loans to citizens through CSC’s
network of over 4 lakh Village Level Entrepreneurs (VLEs).
About the partnership:
i.Through the partnership, VLEs can avail home loans; loans for serving or retired employees who are
entitled to pension; residential plot loan; Griha Suvidha for private sector workers or self-employed; and
loan against property and top-up loan.
ii.CSC will help LIC Housing to overcome last mile connectivity issues and build structured financial
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information for various loan products in rural areas.

Documents required to avail loans:
To avail these loans, customers can approach their nearest CSC office with Know Your Customer (KYC)
documents like Permanent Account Number (PAN) card, Aadhaar or driving licence, passport, and proof of
residence; income documents like salary slip, IT returns and bank statements; and property documents
like proof of ownership, tax receipts.
About LIC Housing Finance Limited (LICHFL):
Managing Director (MD) & CEO – Y Viswanatha Gowd
IIFL Finance Partners with NIRA to Offer Personal Loans

On 3rd March 2022 IIFL Finance Limited, non-banking financial company collaborated with fintech NIRA
to strengthen its digital footprint by providing personal loans.
Aim – To provide credit to largely unbanked and underbanked borrowers and small entrepreneurs.
i.Through this partnership, salaried customers can avail a personal loan of up to Rs. 1 lakh from IIFL
Finance by downloading the NIRA app from Google’s Play store.
ii.This will enable NIRA to continue scaling up its business and help IIFL build its unsecured lending book.
• It will also boast a small-ticket short-term digital lending portfolio.
About NIRA:
NIRA is a consumer finance business platform operating pan-India offers loans to borrowers starting at
incomes as low as Rs. 10,000 per month.
Co-founder & CEO – Rohit sen
About IIFL Finance Limited:
Chairman – Nirmal Jain
Axis Bank Commits USD 150 million Loan Towards Healthcare Sector; Signed MoU With IPE
Global
On 3rd March 2022 Axis Bank signed a Memorandum of Understanding (MoU) with IPE Global limited
for the SAMRIDH Healthcare Blended Finance Facility with finance of up to USD 150
million (approximately Rs 1,140 crore) to support health enterprises and innovators.
Note: ‘SAMRIDH – Sustainable Access to Markets and Resources for Innovative Delivery of Healthcare’
• Under this partnership, Axis Bank will provide affordable finance of up to $150 million through
SAMRIDH, to support health enterprises and innovators who would otherwise not have access to
affordable debt financing.
• With COVID- 19 variants developing, the loan access will help in providing advanced health
solutions to address COVID-19, especially across the vulnerable communities of India from tier 2
and 3 cities.
About SAMRIDH:
i.SAMRIDH is supported by the United States Agency for International Development (USAID) and Indian
Institute of Technology-Delhi (IIT-D), in technical collaboration with Principal Scientific Advisor to the
Government of India, the National Health Authority and NATHEALTH.
• SAMRIDH can thereby scale up market solutions and innovations in the healthcare value chain.
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ii.It will also help the manufacturing and distribution of pharmaceuticals, facility expansion of public and
private hospitals, nursing homes, small clinics, laboratories, and warehouses.
About IPE Global Limited:
IPE Global Limited is an international development consultancy group providing expert technical
assistance in developing countries.
Headquarters – New Delhi, Delhi
Founder & Managing Director (MD) – Ashwajit Singh
PayU and VTEX Partners to Offer Merchants Multiple Local Payment Methods
PayU has collaborated with VTEX, one of the largest global digital commerce platforms, to offer multiple
payment solutions to VTEX merchants.
• Through this collaboration, PayU platform will be available for VTEX’s merchants that includes
global players operating in different industries in India and provides seamless access to PayU’s
payment solutions.
• Aim – To simplify payment methods for the merchants using VTEX platform.
About the collaboration:
i.Using PayU, VTEX merchants can offer customised bank-based offers on debit & credit cards to
consumers, making purchases more affordable and improving business.
• The integration will give direct access to multiple local payment methods in India including credit
cards, debit cards, UPI, wallets, net banking, etc.,.
ii.Additionally, merchants can monitor business performance, initiate refunds, access transaction data,
view trends and reports of transactions from the VTEX dashboard, without switching applications.
iii.This allows international brands to enter the Indian market and reduces the go-live time because of
quicker payment methods.
About VTEX:
Headquarters – London, United Kingdom
Co-founder & Co-CEO – Mariano Gomide de Faria, Geraldo Thomaz
Future Generali India Insurance Launches ‘FG Dog Health Cover’ Insurance; unveils ‘Oh My
Dog!’ Campaign
Future Generali India Insurance Company (FGII) Limited launched FG Dog Health Cover, a
comprehensive health insurance for pet dogs, along with industry-first ‘Emergency Pet Minding’
cover as an add-on if parents are hospitalised.
• The FGII also focuses on a digital campaign named ‘Oh My Dog!’ with an aim to create awareness on
purchasing dog health insurance cover and also targets on social media like Instagram and twitter.
About FG Dog Health Cover:
i.With FG Dog Health Cover, pet parents will be able to choose their veterinarian, budget their pet care
costs, and avoid the dip into emergency funds with easy documentation.
• This comprehensive cover will cover dogs’ surgery and hospitalisation, terminal illness, mortality,
and funeral expenses.
Eligibility of insurance cover:
i.The FG dog health covers pet dogs aged between 6 months and 4 years for giant breeds and 7 years for
small, medium, and large breeds.
ii.The exit age is 10 years for small, medium, and large breeds and 6 years for giant breeds.
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Payment for the cover:

i.Policy costs start at Rs. 323 per month that includes terminal illness, surgery and hospitalisation, and
mortality
ii.Pet Minding Rider covers Daily allowance towards engaging a pet minder/caretaker in case of
hospitalisation of parent or other family members
Key Benefits:
Cover Policy: Funeral Cost Cover; Terminal Illness Cover; Surgery and Hospitalisation Cover; Death Cover.
Riders Policy: Third party liability Cover; Lost and stolen Cover; Emergency pet minding Cover;
Veterinary consultant and doctor on call Cover
About Future Generali India Insurance Company Limited:
Future Generali India Insurance Company Limited is a joint venture between Future Group and Generali.
Incorporated – September 2007
Managing Director (MD) & CEO – Anup Rau
BCCI Announces RuPay as official partner for Tata IPL 2022

On 3rd March 2022 the Board of Control for Cricket in India (BCCI)’s Indian Premier League (IPL)
Governing Council announced National Payments Corporation of India (NPCI)‘s flagship
product RuPay as an official partner for the Tata IPL 2022. This will be a multi-year partnership.
• RuPay offers tech-led, innovative, and customised offerings to people across India, being accepted in
India and internationally.
• Tata IPL 2022 will be co-presented by Dream11 and co-powered by Tata and CRED. Swiggy, Prystin Care,
Zepto, Livspace, L’Oreal and Spinny have been signed-on as associate sponsors.
About RuPay:
RuPay is a first-of-its-kind Global Card payment network from India that is accepted at Automated Teller
Machines (ATMs), Point of Sale (POS) devices, and e-commerce websites which provides an exceptional
self-reliant card payments network with innovative features.
Tata IPL 2022
i.The 15th edition of Tata IPL 2022 will start on 26th March 2022.
ii.A total of 70 league matches will be played across four international venues in Mumbai and Pune. The
venue for the playoff matches will be decided later.
About National Payments Corporation of India (NPCI):
Managing Director (MD) & CEO – Dilip Asbe
Indian Oil Partners with Kotak Mahindra Bank for Co-branded Credit Card
On 4th March 2022 Kotak Mahindra Bank Limited (KMBL) and Indian Oil Corporation (IOC) Limited
launched the Indian Oil Kotak co-branded fuel credit card that will offer more value to customers in the
form of an enhanced rewards programme.
• The program gives customers value on fuel spends and on special non-fuel & frequent-spend
categories, such as fuel, dining and groceries.
This partnership will help IOC and KMBL to further strengthen their brand reach and deepen customer
engagement.
• More than 98% of the Indian Oil’s over 33,000 fuel stations accept credit card, debit card and wallet
payments.
About Kotak Mahindra Bank Limited (KMBL):
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Managing Director (MD) & CEO – Uday Kotak
Tagline – Let’s Make Money Simple
About Indian Oil Corporation (IOC) Limited:
Chairman – Shrikant Madhav Vaidya
IOB extends Rs 1,000cr Loan to JKIDFC

The Indian Overseas Bank (IOB) has sanctioned a loan of Rs 1,000 crore to Jammu and Kashmir
Infrastructure Development Finance Corporation Ltd (JKIDFC) under an agreement signed by both
entities. Rs 500 crore has already been disbursed by the bank.
• This funding by the bank is a part of its business plan to widen credit growth and funding
infrastructure development across the nation.
Key Points:
i.IOB is one of the first public sector banks to lend to JKIDFC.
ii.Through this funding, implementing departments now speed up the pace of projects which are under
execution at various levels of completion.
iii.Formed in 2018, JKIDFC speeds-up the pending, unfunded or languishing infrastructure development
projects in Jammu and Kashmir (J&K). It can raise loans upto Rs 8000 crore.
• It is incorporated to complete various projects belonging to the various departments like
Agriculture Production, Animal Husbandry, Housing & Urban Development, Industries & Commerce
Department, Jal Shakti Department, Public Works Department, School Education Department, etc.
About Indian Overseas Bank (IOB):
MD & CEO– Partha Pratim Sengupta
Headquarter– Chennai, Tamil Nadu
Tagline– Good people to grow with
IBBI Signs MoU with IBA for Collaborating Capacity Building

Insolvency and Bankruptcy Board of India (IBBI), an insolvency regulator signed a Memorandum of
Understanding (MoU) with Indian Banks Association (IBA) to collaborate on capacity building for
financial creditors on topics related to insolvency, bankruptcy and related subjects.
• The MoU was signed during the workshop on ‘Committee of Creditors: An Institution of Public
Faith’ organised jointly by IBBI, SBI(State Bank of India) and IBA at New Delhi.
• The timely resolution of insolvency cases can be undertaken by the Committee of Creditors (CoC)
and Resolution Professionals / Interim Resolution Professionals (IRPs).
• Signatories – The MOU was signed by Mr. Amit Pradhan (Executive Director, IBBI) and Mr. Sunil
Mehta (Chief Executive, IBA).
About CoC:
i.The CoC, formed under the regulation 21 of the Insolvency and Bankruptcy Code (IBC),2016 is the
supreme decision-making body in the Corporate Insolvency Resolution Process (CIRP), that affects the
resolution of insolvency of the corporate debtor.
Resolution Professional / IRP:
The resolution professional is appointed by the COC on the commencement date of insolvency and is
responsible to conduct the proceedings of CIRP.
• Interim Resolution Professional (IRP) is a person who is temporarily appointed until a resolution
professional is appointed.
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About Insolvency and Bankruptcy Code (IBC):

Insolvency and Bankruptcy Code (IBC),2016 came into force on 28th may 2016, which is also known
as “Code” with an objective to maximise the value of assets of a corporate person and to minimise the
financial risk of the company which thereby increases ease of doing business.
About Insolvency and Bankruptcy Board of India (IBBI):
Establishment – 1st October, 2016 (under the Insolvency and Bankruptcy Code, 2016)
Chairperson – Ravi Mital
Bharti Airtel Partners with Axis Bank to Issue Co-branded Credit Card
Bharti Airtel partnered with Axis Bank Limited to launch ‘Airtel Axis Bank Credit Card’, a co-branded
credit card that will offer benefits such as cashbacks, special discounts, digital vouchers and
complimentary services to Airtel’s more than 34 crore customers.
• This partnership will also cover future collaboration on cyber security, data and cloud centres.
About the Partnership:
i.The partnership helps in penetrating into tier-2 and tier-3 markets by enabling higher adoption of
digitised payments for financial offerings..
• Financial offerings will include co-branded credit cards, pre-approved instant loans and buy now
pay later offerings among others.
ii.Through this telco-bank partnership, Airtel customers will get access to Axis Bank’s financial services
while Axis Bank will benefit from Airtel’s strong digital capabilities and deep distribution reach.
About Airtel Axis Bank Credit Card:
i.The credit card will be available for eligible Airtel customers via the Airtel Thanks app.
ii.The rewards will be provided for the users of Airtel Axis Bank Credit Card which includes 25 percent
cashback on Airtel Mobile/DTH recharges, Airtel Black and Airtel Xstream Fibre payments, 10 percent
cashback on electricity/gas/water bill payments via Airtel Thanks app and 10 percent cashback on spends
with preferred merchants like BigBasket, Swiggy, Zomato, etc.
About Axis Bank Limited:
Establishment – 1993(Commenced Operation- 1994)
Managing Director (MD) & CEO – Amitabh Chaudhry
Tagline – Badhti Ka Naam Zindagi
Axis Bank Rolls out ‘HouseWorkIsWork’ Initiative to Bring Educated Women to Workforce
Axis Bank Limited has started the ‘HouseWorkIsWork’ initiative that provides opportunities to those
women who want to rejoin the professional space as the urban educated women’s participation in the
workforce is still not at desired levels.
• Aim – To give confidence to women about their employment and also about the skills they possess that
could fit in various job roles in a bank.
Key Highlights:
i.There are many women who are willing to extend to all formats of work not only GIG-A, including women
who want to come and work in branches.
• GIG-A-Opportunities is Axis Bank’s new platform for alternative work models to attract the finest talent,
with a promise of growth with flexibility, diversity and inclusivity.
ii.Axis Bank pays a suitable salary package as per their suitability to the job, skill-set and experience.
Establishment – 1993(Commenced Operation-1994)
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Star Health Introduces Women-Centric Medical Insurance Policy

On 8th March 2022 Star Health and Allied Insurance Company Limited, a health insurance company
launched ‘Star Women Care Insurance Policy’, a woman-centric comprehensive health cover specially
designed to protect the health-care needs of women at every stage of their lives.
• Policy can be purchased through premiums that can be paid in quarterly or half-yearly instalments, and
this policy can also be taken for 1 year, 2 year or 3-year terms.
Key features:
i.The Star Women Care Insurance Policy is available as both an individual policy and a floater policy
• Individual Sum – Insured only for females aged between18 years and 75 years.
• Floater Sum Insured – Adult 18 years to 75 years with at least one female in the family along with the
spouse and dependent children.
• Dependent Children: 91 days to 25 years for all children.Daughter Can Continue as a dependent child if
Un-married and/or Un-employed beyond 25 yrs and max up to 30 yrs, and beyond 30 yrs she will be
treated as an Adult.
ii.It covers in-patient hospitalisation, Delivery, Day Care treatment, Road Ambulance, Air Ambulance,
Organ Donor Expenses, and Pre & Post hospitalisation expenses.
Additional benefits include AYUSH Treatment, Rehabilitation and pain management , Ante-Natal Care
(Pregnancy Care), In Utero Fetal Surgery/Repair, Bariatric Surgery, Optional Cover (Lump sum on
diagnosis of Cancer), Coverage for modern treatments, Medical and Tele-Health consultations.
iii.The policy also provides health cover for new-born child / children of up to 25% of the sum insured
from day 1 and 100% of sum insured from the next subsequent year onward.
• It includes room rent of the insured mother if the insured child is less than 12 years old and is
hospitalised in the ICU.
iv.Insured can avail 5% discount while buying the policy online at www.starhealth.in. This discount is
available for the first purchase and on subsequent online renewals of the policy, as per the press release.
About Star Health and Allied Insurance Company Limited:
Wholetime Director & CEO – V. Jagannathan
HDFC MF launches LaxmiForLaxmi financial empowerment initiative for women.

On 7 March 2022, HDFC Mutual Fund (HDFC MF) launched an exclusive women led financial
empowerment initiative #LaxmiForLaxmi. It will connect women investors to a woman financial expert
through a unique missed call service.
Objective:
To support women investors in the journey to become financially independent while making mutual fund
investments accessible to them.
Key points:
i.The woman financial expert will provide guidance and resolve queries to women investors.
ii.It is an extension of HDFC Mutual Fund’s Investor Education campaign #BarniSeAzadi which was
launched in 2021.
iii.The initiative will financially empower and provide support to women, by women.
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About HDFC Mutual Fund:

MD & CEO-Navneet Munot
SEBI raises Public Debt Investment limit via UPI to Rs 5 lakh from Rs 2 Lakh
On March 9, 2022, the Securities and Exchange Board of India (SEBI) increased the limit for investment
through Unified Payments Interface (UPI) mechanism to Rs 5 lakh from Rs 2 Lakh for the investors
applying in public issues of debt securities, which will open on or after May 1, 2022.
• The move comes following NPCI’s (National Payments Corporation of India) decision in December 2021,
to enhance the per transaction limit in UPI from Rs 2 lakh to Rs 5 lakh for UPI-based Application Supported
by Blocked Amount (ASBA) Initial Public Offer (IPO).
Key Points:
i.The new guidelines enables the investor to utilize the UPI mechanism to block the funds for application
value up to Rs 5 lakh per application.
• Investors can also block their limit on App-based/ web interface applications with UPI mode.
ii.The increased limit will be applicable on issue and listing of Non-convertible Securities, Securitised Debt
Instruments, Security Receipts, Municipal Debt Securities and Commercial Paper.
iii.A Sponsor Bank of a respective issue registered with SEBI will modify the said changes.
• A sponsor bank or a banker is appointed by the Issuer to act as a conduit between the stock exchanges
and the NPCI to push the mandate collect requests or payment instructions of the investors into the UPI.
iv.UPI is an instant payment system developed by NPCI.
Chairperson– Madhabi Puri Buch
Zeta partner Mastercard to Power Next-Gen Credit Processing for Banks, Fintechs
Zeta, a banking tech unicorn and provider of next-gen credit card processing to banks and fintechs, and
Mastercard announced a 5-year global partnership. In addition, MasterCard has invested $30 million in the
banking tech unicorn Zeta, along with other investors, at a valuation of $1.5 billion. This funding is a
follow-on round to the company’s Series C funding led by Tokyo, Japan based SoftBank in May 2021.
• As part of the agreement, the firms will jointly launch credit cards with issuers worldwide on Zeta’s
modern, cloud-native, and fully API (Application Programming Interface)-ready credit processing
stack.
Key Points:
i.With Mastercard’s support and the integration of its capabilities in digital issuance, fraud and risk, loyalty
solutions and more, Zeta aims to make the credit card processing industry at par with new systems and
standards for banks and fintechs.
ii.This partnership will fast forward the card launches, provide flexibility in design, along with highly
customizable card programs.
iii.The two companies’ collaboration began in 2018 in Asia Pacific when Zeta joined Start Path,
Mastercard’s global start-up engagement program.
• It also recently joined the Mastercard Developers Partner Network — Engage.
• Through Engage, Zeta will gain access to the Mastercard network to pre-integrate or bundle products and
services, including Mastercard’s Digital 2 First and Fintech Express programs.
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About Zeta:
Co-founder & CEO– Bhavin Turakhia
Co-Founder– Ramki Gaddipati
Headquarter– Bengaluru, Karnataka
ToneTag Partners with NSDL to Introduce VoiceSe UPI Digital Payment Solutions for
Feature Phones
ToneTag, a sound-based proximity communication and payments service provider in partnership
with NSDL Payments Bank and National Payments Corporation of India (NPCI) has recently introduced
its VoiceSe UPI digital payments for feature phone users.
• ToneTag has launched its Interactive voice response (IVR) 6366 200 200 (toll-free number) to bridge
the gap in accessibility of digital payments, especially in rural India and without internet connectivity
Key highlights:
i.Users can call a toll-free number 6366 200 200 where an IVR guides the desired financial transaction
with UPI PIN without internet connectivity or a smartphone for any digital payments.
ii.This payment service will not only allow fund transfer but also helps in utility bills, balance enquiry,
recharging their DTH, pre-paid mobile network service, or FASTag – by the power of their voice.
Note – The announcement comes in-line with the Reserve Bank of India’s (RBIs) UPI 123Pay facility that
enables UPI payments for feature phone users.
About ToneTag:
Founder & CEO – Kumar Abhishek
About NSDL Payments Bank:
Managing Director (MD) & CEO – Abhijit Kamalapurkar
Aditya Birla Sun Life Insurance & Bharat Co-operative Bank (Mumbai) signs a
Bancassurance Agreement
Aim combining synergies to enhance the reach of life insurance products
Aditya Birla Sun Life Insurance (ABSLI), the life insurance subsidiary of Aditya Birla Capital Limited
(ABCL), and Bharat Co-operative Bank (Mumbai) Ltd. signed a bancassurance partnership agreement.
i.The agreement will provide life insurance support to more than 5 lakh customers of the bank.
Under the partnership, ABSLI can directly reach out to customers through Bharat Co-operative Bank’s
(Mumbai) 103 branches and fulfill their life insurance and investment planning needs.
• It will provide benefits to customers across the urban and semi-urban areas of Maharashtra, Karnataka,
and Gujarat.
About Aditya Birla Sun Life Insurance (ABSLI):
MD and CEO-Kamlesh Rao
About Bharat Co-operative Bank (Mumbai) Ltd. :
MD&CEO – Vidyanand S. Karkera
Founded- 21st August 1978
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India Ranks 2nd for Global Investment in Digital Shopping in 2021, US Tops: Bengaluru
Tops Among Cities
According to the London & Partners (the Mayor of London’s international trade and investment
agency) analysis of Dealroom.co investment data, India secured the 2nd largest global venture capital
investment hub for digital shopping companies, growing up to 175 percent from USD 8 billion in 2020
to USD 22 billion in 2021.
• The analysis relating to investment into digital shopping companies is based on Dealroom.Co’s definition
of online marketplaces, which supplied the Venture Capital investment data as of 15th February 2022.
• Within India, Bengaluru, Karnataka topped with USD 14 billion worth of Venture Capital (VC)
investments in digital shopping in 2021
Highlights:
i.Bengaluru almost tripled its investments from USD 5 billion in 2020 to attain the top position, ahead of
other leading cities in the world – New York City (2nd), San Francisco (3rd), London (4th) and Berlin (5th).
ii.Within India Gurugram, Haryana placed at seventh position with USD 4 billion and Mumbai,
Maharashtra at tenth position with USD 3 billion.
iii.The data also shows that Bengaluru ranked number 5 among cities with the potential for future
unicorns, just behind London.
• Out of 15 global cities, three with the highest count of current unicorns are in India — Bengaluru at No. 6
with 19 unicorns in 2021, Gurugram at No. 7 with 13 unicorns and Mumbai at No. 14 with 7 unicorns.
iv.Overall, global VC investment into digital shopping more than doubled in 2021 following a significant
consumer shift to e-commerce platforms during the pandemic.
Ranking:
Position Country</th Investment
1 United States (US) USD 51 billion
2 India USD 22 billion
3 China USD 14 billion
4 United Kingdom USD 7 billion
Global analysis:
i.According to the data, the United Kingdom (UK) and India are two of the world’s leading hubs for digital
shopping companies with high levels of global investment and unicorns.
ii.London is the leading European hub for digital shopping investment, with a record USD 5 billion raised
by digital shopping companies based in the capital in 2021.
Note – The total global VC investment for 2021 stood at a record USD 140 billion, which is up from USD
68 billion in 2020.
About London & Partners:
Headquarters – London, United Kingdom (UK)
CEO – Laura Citron
NaBFID to be Regulated as All India Financial Institution under RBI Act

The Reserve Bank of India (RBI) announced that National Bank for Financing Infrastructure and
Development (NaBFID) will be regulated and supervised as an All India Financial Institution (AIFI) by it
under the Sections 45L and 45N of Reserve Bank of India (RBI) Act, 1934.
• NaBFID has been set up as a Development Financial Institution (DFI) to support the development of long-
term infrastructure financing in India
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• It shall be the 5th AIFI after Export Import (EXIM) Bank, National Bank for Agriculture and Rural
Development (NABARD), National Housing Bank (NHB) and Small Industries Development Bank of India
(SIDBI).
• Note – Veteran Banker KV Kamath is the chairman of NaBFID.
Background:
The National Bank for Financing Infrastructure and Development (NaBFID) Act, 2021, received the assent
of the President on March 28, 2021 and came into force with effect from April 19, 2021.
Key points:
i.The Bill seeks to establish NaBFID as the principal development financial institution (DFIs) for
infrastructure financing.
• DFIs are set up for providing long-term finance for commercial banks that are beyond the acceptable
limits of commercial banks and other ordinary financial institutions.
ii.Unlike banks, DFIs do not accept deposits from people and source funds from the market, government,
as well as multilateral institutions, and are often supported through government guarantees.
About NaBFID:
i.NaBFID is being set up as a corporate body with authorised share capital of one lakh crore rupees.
ii.Shares of NaBFID is held by central government, multilateral institutions, sovereign wealth funds,
pension funds, insurers, financial institutions, banks, and any other institution prescribed by the central
government.
• Initially, the central government will own 100% shares of the institution which may subsequently be
reduced up to 26%.
Objectives of NaBFID:
i.Financial objectives – This will directly or indirectly lend, invest, or attract investments for
infrastructure projects located entirely or partly in India.
ii.Developmental objectives – This includes the development of the market for bonds, loans, and
derivatives for infrastructure financing.
Functions:
NaBFID extends loans and advances for infrastructure projects, refinances existing loans, attracts
investment from private sector investors and institutional investors for infrastructure projects, organises
and facilitates foreign participation in infrastructure projects, facilitates negotiations with various
government authorities for dispute resolution in the field of infrastructure financing, and provides
consultancy services in infrastructure financing.
Governance:
NaBFID will be governed by a Board of Directors and members that includes,
i.Chairperson appointed by the central government in consultation with RBI(Present Chairman – KV
Kamath)
ii.Managing Director (MD) along with 3 Deputy Managing Directors.
• A body constituted by the central government will recommend candidates for the post of the Managing
Director and Deputy Managing Directors.
iii.Two directors nominated by the central government with up to three directors elected by shareholders
and also few independent directors (as specified).
• The Board will appoint independent directors based on the recommendation of an internal committee.
Note – RBI may grant a licence for DFI in consultation with the central government and will also prescribe
regulations.
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Recent related news:

In August 2021, the Reserve Bank of India (RBI) introduced the ‘Financial Inclusion Index’ (FI-Index) to
measure the extent of financial inclusion across India that will be published annually in July month (for
the financial year (FY) ending previous March). The annual FI-Index for the FY21 (period ending March
2021) is 53.9 as against 43.4 of FY17.
BSE inks pact with BSS & JJA to Promote Commodity Derivatives, EGRs
The BSE (formerly Bombay Stock Exchange) has signed a Memorandum of Understanding (MoU) with the
Bhartiya Swarnkar Sangh (BSS) and Jamshedpur Jewellers Association (JJA) for the strengthening
of commodities derivatives trade and proposed Electronic Gold Receipt (EGR) markets in India.
• EGRs are issued on the basis of a deposit of physical gold. They are regarded as ‘securities’ under
the Securities Contracts (Regulation) Act 1956.
Key Points:
i.This pact with BSE will help members of both entities to mitigate price risks of gold in both domestic
and international zones.
• This will further help members to procure gold of highest quality thus making the industry more
competitive in the local markets.
ii.The troika of this MoU will educate the community about the benefits of commodity and derivatives
markets through seminars and various other programs.
iii.They will also work together in order to design newer products on commodity contracts.
iv.This pact will also encourage commodity stakeholders to hedge on exchanges.
• Through gold hedging the interests of small jewellers and gold traders can be safeguarded as There
will be no negative effect of fluctuations in the price of gold on the stakeholders.
v.These partnerships will focus on growing and developing value chain participants to face competition
and manage price risk better.
BFSL Partners with CreditAI to Launch Unnati Co-Branded Credit Card for Farmers
Bank of Baroda(BoB) Financial Solutions Limited (BFSL), a wholly owned subsidiary of Bank of
Baroda (BoB) partnered with CreditAI Fintech Pvt Ltd (CAI), a Singapore and Bengaluru based farmer
digitisation and credit scoring company to launch Unnati- contactless co-branded credit card on the Visa
network platform exclusively for farmers.
• The Unnati Credit Card, which was 1st launched in Karnataka and later scaled across Maharashtra,
Andhra Pradesh, Telangana, Tamil Nadu and other states in India.
About Unnati Credit Card:
i.CreditAI’s proprietary mobile app and inputs shop management system will ensure that the end use of
credit is primarily for purchase of inputs at FPO owned input sales shops.
ii.The Card will empower Farmers to avail agricultural inputs at any-time on rotation basis during the
cultivation cycle that will work in a ‘closed-loop system’ with an ‘end-use monitoring’ feature.
• Initially, a base credit limit will be provided and later improves once the farmer’s credit profile
improves with more transactions and repayments.
About CreditAI Fintech Pvt Ltd (CAI):
Location – Bangalore, Karnataka & Singapore
Founder & CEO – Sangram Nayaka
About Bank of Baroda(BoB) Financial Solutions Limited (BFSL):
MD & CEO – Shailendra Singh
Headquarter – Mumbai, Maharashtra
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CCI approves 100% Acquisition of L&T AMC by HSBC AMC

CCI has approved the acquisition of 100% share capital of (Larsen & Toubro) L&T Investment Management
Limited (L&T AMC) by HSBC Asset Management (India) Private Limited (HSBC AMC).
• The proposed transaction relates to the acquisition of 100% share capital of L&T AMC by HSBC AMC
from L&T Finance Holdings Limited.
• The Proposed Transaction is in the nature of an acquisition of shares under Section 5(a)(i)(A) of the
Competition Act, 2002.
Features of the acquisition:
i.Following this acquisition, the sponsorship, trusteeship, management and administration of L&T MF
schemes managed by L&T AMC will be changed, whereby the L&T MF schemes will be managed and
operated by HSBC AMC.
ii.The HSBC Trustee shall be appointed as the trustee of the L&T MF.
iii.In accordance with the proposed transaction, the L&T MF will comprise part of
and be considered to form an integral part of the HSBC MF schemes.
Karnataka Bank Signs MoU with SELCO Solar to Provide Energy Access
Karnataka Bank Limited has signed a memorandum of understanding (MoU) with SELCO Solar Light
Private Limited to provide energy access to the underserved population.
About the MoU:
i.Karnataka Bank will provide financial support through loans with a competitive interest rate for
installing SELCO Solar energy products for both household and commercial use.It provides financial
support to individuals/Hindu Undivided Family (HUF)/Farmers, Traders, Businessmen, Proprietorship
concerns, Professionals, Salaried Persons, Institutions etc,. to purchase the solar energy products of SELCO
Solar Light in India.
ii.The partnership also promotes the use of renewable energy (RE) products which in turn increases the
usage of solar energy by reducing carbon emissions.
About Karnataka Bank Limited:
Headquarters – Mangalore, Karnataka
Managing Director (MD) & CEO – Mahabaleshwara MS
About SELCO Solar Light Private =\-imited:
SELCO Solar Light has been engaged in the business of designing, assembling, selling and servicing of solar
energy products for the last 27 years with the main objective of providing energy access to the
underserved population.
Headquarters – Bangalore, Karnataka
CEO – Mohan Bhaskar Hegde
CRISIL Retains India’s GDP Growth at 7.8% in FY23

CRISIL Ratings Limited, a domestic rating agency and a subsidiary of CRISIL Limited has reiterated its
december 2021 forecast of India’s Gross Domestic Product (GDP) at 7.8% for FY23 despite the Russia-
Ukraine war.
Highlights:
i.The war is pushing the oil and commodity prices upwards which affects global growth and also India’s
growth. The Brent crude has been traded as high as USD 139 per barrel and as low as USD 105 per barrel
recently.
ii.CRISIL also highlighted that the average Consumer Price Index (CPI) based inflation will be at 5.4% in
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FY23 if the price of crude oil averages USD 85-90per barrel.

iii.The higher price of crude oil will widen India’s Current Account Deficit (CAD) to 2.2 % in FY23 (i.e.) $10
increase in prices of crude oil increases the CAD to GDP ratio by about 40 basis points.
Additional Info- Morgan Stanley has lowered its GDP growth forecast for India by 50 basis points to 7.9
per cent for FY23 and has raised the CPI inflation forecast to 6 per cent.
About CRISIL ratings Limited:
Managing Director (MD) – Gurpreet Chhatwal
MoRD Honoured J&K Bank with National Award for SHG Bank Linkage
Giriraj Singh, Union Minister of Rural Development, honoured the Jammu and Kashmir Bank (J&K
Bank) with the“National Award for Outstanding Performance for FY 2020-21” in recognition of its
best performance in Self-Help Group Bank Linkage.
• Kirti Sharma, Zonal Head, Delhi, J & K Bank, accepted the award on the bank’s behalf from Union Minister
Giriraj Singh.
• The award was presented during the event organised as a part of International Women’s Day (8th March
2022) at Vigyan Bhavan, New Delhi, Delhi.
J&K bank Commissions 4 Business Units:
In line with the Bank’s commitment to extend banking facilities and financial services into the under-
banked areas of Jammu and Kashmir, J&K Bank has commissioned 4 Business Units (BUs) in the region.
• Baldev Prakash, Managing Director(MD) and Chief Execuitve Officer(CEO) of J&K Bank, inaugurated
Business Unit Pattan Village in Baramulla.
• He also virtually inaugurated the business units Model Town Sopore, Bakura Ganderbal, and Narakara
Budgam.
These BUs will be resourced and equipped to provide the best financial services and state-of-the-art
banking facilities to the people.
About Jammu and Kashmir Bank (J&K Bank):
J&K Bank is a Scheduled Commercial Bank and one of the oldest private sector Bank in India, incorporated
in 1938.
MD&CEO- Baldev Prakash
Headquarters– Srinagar, Jammu & Kashmir(J&K)
Tagline– Serving to Empower
UCO Bank becomes a stakeholder of IDRCL

On March 9, 2022 – the UCO Bank became one of the stakeholders of India Debt Resolution Company
Limited (IDRCL) by acquiring 3% of stake.According to the bank, its holding of 3% in IDRCL amounts
to Rs.1.50 crores, requires no approval and the agreement is in accordance with Regulation 30 of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015.
• The acquisition will be completed within 10 working days from the date of agreement.
• Post investment, UCO Bank will hold up to 3% of equity shares in IDRCL.
About UCO Bank
MD & CEO – Shri Soma Sankara Prasad
Founded in – 1943
About India Debt Resolution Company Limited (IDRCL):
IDRCL is a service company/operational entity which will manage the asset and engage market
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professionals and turnaround experts.Public Sector Banks (PSBs) and Public FIs will hold a maximum of
49% stake and the rest will be with private sector lenders.
Background:
i.The Government of India (GoI) suggested setting up a Public Sector Asset Rehabilitation Agency (PARA)
in the Economic Survey 2016-17 in view of rising Non-Performing Assets (NPAs) in banks and declining
credit growth.
ii.The Public Sector Enterprises can transfer their stressed assets to the agency clearing up their
books.Following this, the Finance Minister of India, Nirmala Sitharaman proposed for the formation of Bad
Bank in her Budget Speech on 1 February 2021.
st
iii.In compliance with that, the debt management companies – National Asset Reconstruction Company
Limited (NARCL) was incorporated on 07 July 2021 and India Debt Resolution Company Limited (IDRCL)
was incorporated on 03 September 2021.
Note: A ‘Bad Bank’ is a bank that buys the bad loans of other lenders and financial institutions to help clear
their balance sheets.
LivQuik becomes 1st PPI issuer to Achieve RBI’s PPI Interoperability Guidelines
LivQuik becomes the first Prepaid Payment Instrument (PPI) issuer to have achieved full interoperability
as mandated by the Reserve Bank of India (RBI) for their PPIs.
• RBI, in exercise of the powers conferred under Section 18 read with Section 10(2) of the Payment and
Settlement Systems Act, 2007 (PSS Act) mandated all PPI Issuers to facilitate interoperability for full-KYC
(Know Your Customers) wallets by March 31, 2022.
Key Points:
i.The interoperability provides choice to customers for optimizing their payments and spending across
wallets by attaching a card on Visa and RuPay networks and can also enable UPI (Unified Payments
Interface).
ii.PPIs are instruments that facilitate purchase of goods and services, conduct of financial services, enable
remittance facilities, etc., against the value stored therein. These are of two types- Small PPIs, and Full-KYC
PPIs
iii.LivQuik has partnered with Chennai (Tamil Nadu) headquartered M2P Fintech to enable UPI on PPI.
About LivQuik:
Founded in 2012, LivQuik is a RBI authorised Prepaid Payment Instrument Issuer and Full-Fledged Money
Changer (FFMC).
Co-Founder & CEO– Mohit Lalvani (Other Co-Founder- Yudhajit Nag Sen)
EPFO Sets Its Interest Rates on PF for 2021-22 At The Lowest Level
The Employees’ Provident Fund Organization (EPFO) has set the interest rate on Provident Fund
Deposits for 2021-22 at 8.1%, up from 8.5% in the previous fiscal year 2020-21.
This decision was taken by the Central Board of Trustees (CBT), the apex decision-making body of the
EPFO, and will be sent to the Ministry of Finance for consensus.
The EPFO provides the rate of interest only after it has been ratified by the government through the
Finance Ministry.
• The EPF interest rate stood at 8 per cent in 1977-78, and this 8.1% is the lowest it has been in more than
four decades. This interest rate was set by the retirement fund body for its approximately 50 million
subscribers for the current fiscal year ending March 31.
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• The possible reason behind this decision is the low earnings of EPFO due to the COVID-19 pandemic. It
delayed its payments for 2019–20 and paid the interest in two instalments, deriving from two sources of
its investments—8.15% from debt investments and 0.35% from the equity portfolio.
Note:
• In March 2020, EPFO had lowered the interest rate on provident fund deposits to a seven-year low of 8.5
per cent for 2019-20, from 8.65 per cent provided for 2018-19.
• The EPF rate for 2017–18 was 8.55%.
• Provident fund savings are mandatory under the Employees Provident Funds and Miscellaneous
Provisions Act, 1952.
• Central Board of Trustees (CBT) is a tripartite body involving government, workers and employers’
representatives and its decision is binding on EPFO.
About Employees’ Provident Fund Organization (EPFO):
It is India’s largest social security organization, mainly encouraging people to save for retirement, among
others. EPFO comes under the purview of the Ministry of Labour and Employment.
• The Central Provident Fund Commissioner (CPFC) is the Chief Executive Officer of EPFO and is the ex-
officio Member Secretary of the Central Board.
CEO of EPFO – Ms. Neelam Shami Rao
Head Office – New Delhi
IIFL Securities launches India’s 1st Primary Markets Investment Platform, OneUp
On March 11, 2022, the IIFL Securities Limited (Formerly India Infoline Limited) launched India’s first
primary markets investment platform, ‘OneUp’ for investing in initial public offerings (IPOs), non-
convertible debentures (NCDs) and sovereign gold bonds (SGBs), among others.
• It enables buyers to analyse, transact and handle new investment alternatives, all on one single platform.
• The benefits of the platforms can be utilized by IIFL Securities and non-IIFL Securities clients with none
signup necessities.
What is in the platform?
i.The IPO functions are accepted 24×7 and as much as three days earlier than the IPO bidding opens.
ii.It permits buyers to position bids for others like associates or members of the family, enhance
possibilities of allotment.
iii.The online orders are not limited to Rs 2 lakh only.
iv.Real-time online IPO bidding for an amount greater than Rs 2 lakh can be executed. v.Users can view live
subscription of IPO, application status and payment status of bidding.
IIFCL raises Rs 1500 cr via debt to fund infra projects
India Infrastructure Finance Company Ltd (IIFCL) has raised Rs 1,500 crore in debt to promote long term
infrastructure finance in India. It raised the funds through private placement of Non-Convertible Debt
Securities for Rs 500 crore and it has a greenshoe option of Rs 1,000 crore. The issue was
oversubscribed 6 times (i.e. IIFCL raises Rs 6,000 crore via debt to fund infra projects).
• The 10-year bond has a coupon of 7.17 per cent.
• The funds from the same will be utilized to provide long term debt to infrastructure projects, both
greenfield and brownfield, developed under various initiatives of the government viz., National
Infrastructure Pipeline (NIP), National Monetisation Pipeline (NMP) and Gati Shakti.
Odisha govt. & Nabard signed a pact to increase fish production

The government of Odisha and the National Bank for Agriculture and Rural Development (NABARD)
signed an agreement for the creation of fisheries infrastructure to boost fish production.
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Signatories:
The agreement was signed between Principal Secretary, Finance, Vishal Dev and NABARD chief general
manager C Udayabhaskar.
Key points:
i.The Fisheries and Aquaculture Infrastructure Development Fund (FIDF) will help in creation of
infrastructure facilities in marine and inland sectors of Odisha. For the development in the sector around
Rs 119.8 crore initially approved.
ii.The FIDF has the targets to achieve a sustainable growth of 8-9 % to boost the fish production capacity
of India to around 20 million tonnes by 2022-23.
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
ICICI Bank to Acquire 5% Stake in NARCL

ICICI Bank is set to acquire a 5% stake in National Asset Reconstruction Company Limited(NARCL) for a
total cash consideration of up to Rs 137.5 crore in tranches. The equity investment will be in tranches with
the 1st tranche of equity investment of Rs 70.45 crore. This is expected to be completed by 31st March
2022.
• On 10th March 2022, ICICI Bank has signed an agreement for the investment in NARCL.
• NARCL or bad bank is an asset reconstruction company, which was incorporated on July 7, 2021.
About NARCL:
NARCL has received all approvals to commence operations. Public sector banks (PSBs) will maintain about
51% ownership in NARCL.
A total of 38 Non-Performing Asset (NPA) accounts worth Rs 82,845 crore have been identified to be
transferred to it initially.
The transfer of 38 stressed accounts will happen in a phased manner, with banks agreeing to transfer 15
NPA accounts worth Rs 50,000 crore in the first phase by March 2022.
• India Debt Resolution Company Ltd. (IDRCL) will manage the stressed assets and engage market
professionals and turnaround experts have also received all the requisite regulatory approvals.
Additional info:
During the Budget 2021-22, Finance Minister Nirmala Sitharaman stated that the government intends to
set up a bad bank as part of the resolution of bad loans worth about Rs 2 lakh crore in the banking system.
IDBI Bank became stakeholders in NARCL:
On 11th March 2022, IDBI Bank became one of the stakeholders in NARCL by executing an investment
agreement to participate in the equity share capital and NCDs (non-convertible debentures) proposed to
be issued by NARCL.
• It will invest over Rs 272 crore to acquire equity stake and subscribe to its bonds.
• The bank will invest cash of Rs 137.50 crore to acquire 5% equity stake and Rs 135 crore to invest in the
NCDs of NARCL.
• It will also invest Rs 4.50 crore in tranches to acquire 9% equity capital of IDRCL.
About ICICI Bank:
MD & CEO– Sandeep Bakhshi,
Tagline– Khayaal Aapka
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NSE, IBJA partner to set up 1st Domestic Bullion Spot Exchange under SEBI
National Stock Exchange of India Ltd (NSE) and India Bullion and Jewellers Association Ltd (IBJA) have
joined hands to launch the Domestic Bullion Spot Exchange in line with SEBI (Securities and Exchange
Board of India) guidelines. This will be for the first time that a domestic bullion spot exchange is being set
up under the aegis of SEBI.
• The shareholders will include NSE, IBJA and industry participants (including refiners, bullion dealers,
jewellers, banks and overseas suppliers).
• This exchange is conceptualized taking into consideration the industry requirements and shall integrate
transactions of bullion dealers, jewelers, retailers and consumers on one single platform.
• Note – India is the second-largest consumer of gold.
Key Points:
i.It will offer industry players to conduct spot market bullion transactions by ensuring transparency, and
also cater to B2B (Business to Business segments) of the industry.
ii.It will also provide an opportunity to investors and consumers to directly participate on the exchange.
About National Stock Exchange of India Ltd (NSE):
Establishment– 1992
Managing Director & CEO– Vikram Limaye
Ujjivan SFB launches Industry’s first Digital based Onboarding

On 14 March 2022 the Ujjivan Small Finance Bank (USFB) launched Industry’s first digital onboarding
facility for its micro banking customers through its ‘Ujjivan SFB Assisted’ app.
Highlights:
i.The Ujjivan SFB Assisted app provides the facility to update mobile numbers for individual banking
transactions through paperless and secured manner.
ii.It is an OTP and biometric authentication based process.
iii.Customers can update their mobile number once every six months through the platform and at any
point in time by visiting any branch of the small finance bank.
Related information:
In 2021, the board of Ujjivan Financial Services approved the amalgamation of the company with its
subsidiary, Ujjivan Small Finance Bank (USFB).
• This decision was taken to meet the public shareholding norms of SEBI (Securities and Exchange Board of
India).
About Ujjivan Small Finance Bank (USFB):
Chief Executive Officer (CEO) & MD- Ittira Davis
Tagline- Build a Better Life
Headquarter-Bengaluru, Karnataka
ICICI Bank Launches Co-Branded Credit Cards with Emirates Skywards

ICICI Bank has announced a tie-up with Emirates Skywards, a loyalty programme of Emirates and flydubai,
to launch a range of co-branded credit cards named “Emirates Skywards ICICI Bank Credit Card”, an
exclusive card for avid travellers that gives them access to unmatched luxury and comfort.
• The cards will enable customers to earn reward points, called Skywards Miles, on travel, lifestyle and
everyday spending. For every Rs. 100 spent, it awards up to 2.5 Skywards Miles.
• ICICI bank is the first Indian bank to partner with Emirates Skywards, to offer an exclusive range of credit
cards in India.
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About Emirates Skywards ICICI Bank Credit Card:

The co-branded credit cards are powered by Visa as the network partner and available in three
variants:
i.Emirates Skywards ICICI Bank Emeralde Credit Card
ii.Emirates Skywards ICICI Bank Sapphiro Credit Card and
iii.Emirates Skywards ICICI Bank Rubyx Credit Card’.
• Depending upon the card variant, numerous benefits are provided, which include bonus Skywards Miles,
complimentary Emirates Skywards Silver status, dining offers through ICICI Bank Culinary Treats
Programme, as well as entertainment offers through BookMyShow.
• Customers can spend Skywards Miles on rewards, including flight tickets on partner airlines, flight
upgrades, hospitality at sporting and cultural events, and much more.
Note:
India is home to the fifth largest membership base of the Emirates Skywards loyalty programme with more
than 2 million members.
About Emirates:
It is a subsidiary of The Emirates Group which is owned by the government of Dubai’s Investment
Corporation of Dubai.
Chairman and Chief Executive, Emirates Airline & Group – Sheikh Ahmed bin Saeed Al Maktoum
First Flight Operation – 25 October 1985
About ICICI Bank:
It is formerly known as Industrial Credit and Investment Corporation of India.
MD & CEO – Sandeep Bakhshi
Tagline – Khayaal Aapka
Bob and BNP Paribas Asset Management Asia (BNPP AM) To Form Mutual Fund JV
Baroda Asset Management India, a wholly-owned subsidiary of Bank of Baroda (BoB) and BNP Paribas
Asset Management India, a subsidiary of BNP Paribas Asset Management Asia (BNPP AM), have entered
into a strategic partnership by merging their mutual fund businesses to form a joint venture (JV)
called “Baroda BNP Paribas Mutual Fund”.
• This merger involves no cash consideration and post-merger BoB will hold 50.1% stake in the merged
Asset Management Company (AMC) and the rest will be held by BNPP AM.
• Suresh Soni has been appointed as the CEO of Baroda BNP Paribas Mutual Fund.
About Baroda BNP Paribas Mutual Fund:
i.Baroda BNP Paribas Mutual Fund will offer 28 schemes across equity, hybrid, debt and overseas fund of
fund categories. The AMC concentrates on specifically designed products for retail and institutional clients
and aims to cater to the fast-evolving needs of Indian investors.
ii.The joint venture (JV) AMC will also provide offshore advisory services and has combined Assets Under
Management (AUM) and advisory of Rs. 22,522 crores.
iii. It is expected to serve over 1 million investor folios and more than 10,000 distributors as it has touch
points in 90 towns and cities across India.
About BNP Paribas Asset Management (BNPP AM)
BNP Paribas Asset Management is the investment management arm of BNP Paribas, one of the world’s
major financial institutions, based in Europe.
Chief Executive Officer (CEO) – Sandro Pierri
Headquarters – Paris, France.
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About Bank of Baroda (BoB):

MD & CEO – Sanjiv Chadha
Headquarters – Vadodara, Gujarat
Tagline – India’s International Bank
India Ranks 5th in Terms of Market Cap, Enters World’s Top 5 Club for the 1st Time
As per Bloomberg’s recent data on Market capitalization, for the 1st time, India‘s equities market has
entered the world’s top 5 in terms of market capitalization. India is ranked 5th with an overall market
capitalization of USD 3.21 trillion.
The US tops the ranking with an overall market cap of USD 47.32 trillion, followed by China (USD 11.52
trillion), Japan (USD 6 trillion) and Hong Kong (USD 5.55 trillion). The total world market cap stands at
USD 109.22 trillion.
• India has climbed two positions, despite a 7.4% drop in its market cap.
• India’s market cap has surpassed the United Kingdom (UK) ranked 6th with M-Cap of USD 3.19 trillion,
Saudi Arabia ranked 7th with M-Cap of USD 3.18 trillion, Canada ranked 8th with M-Cap of USD 3.18
trillion, France ranked 9th with M-Cap of USD 2.89 trillion and Germany ranked 10th with M-Cap of USD
2.29 trillion.
IFR Asia Awards 2021: Axis Bank bags Asian Bank of the Year and India Bond House
Axis Bank, India’s third-largest private sector bank, was adjudged as the Asian Bank of The Year
2021 and India Bond House at the IFR Asia Awards 2021. The awards are organised by IFR Asia, a Hong
Kong based provider of capital markets intelligence.
Axis bank has been honoured with the Asian Bank of The Year 2021 for its breadth of coverage and depth
of expertise in the Asian investment banking space.
• The Asian Bank of The Year award acknowledges the bank’s performance in equity and debt issuance,
across all major products and segments.
Other Awardees:
Morgan Stanley has been honoured with the Bank of the year award at the IFR Asia Award 2021 and the
JSW Group has been awarded with the Issuer of the year award.
Click here for the complete list of winners of the IFR Asia Awards 2021
Key Points:
i.Axis Bank was the only local house to serve as a global coordinator for the record Rs. 183 billion(Bn)
Paytm Initial Public Offering (IPO), and was also the global coordinator for Macrotech Developers’ Rs. 25
Bn IPO.
ii.Axis Bank’s performance in DCM was encapsulated by its market share in India, which at 17.1% was
double that of its nearest challenger.
iii.Axis Bank has also sold India’s first sustainable Additional Tier 1 bonds issue, a USD 600 million
perpetual non-call five issues priced at 4.1%, while acting as a joint global coordinator.
About Axis Bank:
MD & CEO– Amitabh Chaudhry
Tagline– Badhti ka naam Zindagi
CCI approves acquisition of Micro Life Sciences Private Limited & Future Generali India Insurance
Company Limited
The Competition Commission of India (CCI) approves acquisition of equity stake in Future Generali India
Insurance Company (FGIIC) Limited by Generali Participations Netherlands N.V (GPN). CCI approves
acquisition of Micro Life Sciences Private Limited by South Elm Investments B.V
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CCI approves acquisition of equity stake in FGIIC by Generali Participations Netherlands N.V
• Under this, there will be acquisition of shares of FGIIC by GPN. GPN proposes to acquire approx. 25% of
the equity share capital of FGIIC held by Future Enterprises Limited, pursuant to which GPN’s aggregate
(direct and indirect) shareholding in FGIIC will be increased from 49% to approx. 74%.
• Acquirer-Generali Participations Netherlands N.V. (GPN); Target –Future Generali India Insurance
Company Limited (FGIIC).
Key Points:
i.GPN N.V. is a wholly-owned subsidiary of Assicurazioni Generali S.p.A (“Generali Group”), the ultimate
parent entity of the Generali group of companies.
ii.The Generali Group is a global insurance provider and is present in the general insurance industry in
India through FGIIC.
iii.FGIIC is a general insurance company engaged in the provision of non-life or general insurance services
in India.
CCI approves acquisition of Micro Life Sciences Private Limited by South Elm Investments B.V
CCI also approves acquisition of Micro Life Sciences Private Limited by South Elm Investments (SEI) B.V.
Target-Micro Life Sciences Private Limited (Micro Life); Acquirer-South Elm Investments B.V. (SEI).
Key Points:
i.SEI is an investment holding company incorporated under the laws of Netherlands.
ii.The shareholders of SEI are certain private equity funds managed by Warburg Pincus LLC.
iii.Micro Life Sciences Private Limited incorporated in India, which is primarily engaged in the following
business activities in India along with subsidiaries: manufacture and sale of (a) medical devices in various
categories (b) in-vitro diagnostics analyzers and reagents; and (c) over the counter (OTC) products like
products COVID self-test kits and pregnancy test kits, in India.
SGX selected TCS to power NSE IFSC-SGX Connect in GIFT City

On March 16, 2022, Tata Consultancy Services Ltd’s (TCS) BaNCS, a financial solution, grabbed a 5-year
contract from Singapore Exchange (SGX) to power the NSE IFSC-SGX Connect (Gift Connect) in special
economic zone Gujarat International Finance Tec-City (GIFT City). NSE IFSC, an acronym for National Stock
Exchange International Financial Service Centre, is a fully owned subsidiary of NSE.
What is NSE IFSC-SGX Connect (GIFT Connect)?
It aims to bring together the trading of Nifty products in the Gujarat International Finance Tec-City (GIFT)
in Gandhinagar, Gujarat on behalf of its members in Singapore and globally.
• It allows the SGX members to place orders on NSE IFSC through the TCS BaNCS dealing terminal.
• NSE IFSC-SGX Phase 1 will be operationalized in April 2022. The full program will go live in about 3-4
months.
What will TCS BaNCS offer in contract?
i.TCS BaNCS will facilitate Nifty trading between India and Singapore along with offering end-to-end
solutions regarding trading, clearing, settlement and risk management operations.
ii.It will also offer a risk management module, which SGX and SGX brokers can use to define risk rules and
profiles, monitor and control trading activities.
iii.There will also be a learning and settlement module to interact with the clearing arms of NSE IFSC and
SGX for position and limits management.
Point to be noted:
SGX has set up SGX India Connect IFSC Private Limited, a special purpose vehicle at GIFT City to enable
international access to Indian capital markets and create a larger liquidity pool of international and
domestic participants.
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About National Stock Exchange (NSE):

SBI to set up Innovation, Incubation and Acceleration Centre at Hyderabad, Telangana

The State Bank of India (SBI) will set up an Innovation, Incubation and Acceleration Centre (IIAC) at
Hyderabad, Telangana which will be operational in six to nine months of on-boarding a consultant.
• This Centre will be the bank’s in-house capability to enhance its current performance and drive higher
top-line growth through innovation.
Features of IIAC:
i.It will help the bank to develop a set of technologies, knowledge, and skills for the introduction of new
products and services.
ii.It will act as a central body to govern and drive fin-tech partnerships and implement change across the
bank.
iii.It will explore emerging innovations, market shifts or technologies that could impact the bank’s status
quo; pursue large-scale initiatives, will redefine the existing business or create a new business unit or
division for the bank; and transfer innovation from prototype to project/product that can be monetised by
the bank.
About State Bank of India (SBI):
Chairman – Dinesh Kumar Khara
Establishment – 1st July 1955
Mahila Money, Visa and Transcorp Jointly Launch Prepaid Card for Women Entrepreneurs
The digital payments networks Mahila Money, Visa and Transcorp Prepaid Payment Instruments (PPI)
have partnered in launching Mahila Money Prepaid Card, an exclusive product to help women
entrepreneurs use digital payments more effectively.
Significance: The prepaid card is designed in such a way that it caters to the needs of digital
entrepreneurs, small business owners, and women. It serves those community members who prefer a bank
account with combined features of flexibility, safety, and convenience.
Salient features and benefits of the Mahila Money Prepaid Card:
i.The card makes it simple for women entrepreneurs to accept payments for their enterprises digitally and
helps them enhance their working capital as loans can be transferred directly into the card.
ii.The Mahila Money ecosystem of partners provides offers to its users with incentives, rewards, and
cashback.
iii. Women entrepreneurs can use this card for their business digital transactions, even if they do not
actively operate their bank accounts.
NOTE:
i.Despite the fact that 80.7% of women in rural areas and 81% in urban areas have bank accounts, the
latest survey by the All-India Debt and Investment Survey (AIDIS) indicates that 55% of women still don’t
actively use their bank accounts.
ii.Visa has been supporting women entrepreneurs through the iFundWomen.
About Transcorp International Limited:
It is a 27-year-old RBI (Reserve Bank of India) regulated entity and is also India’s first non-bank entity to
offer co-branded prepaid cards on the Visa network and holds a Prepaid Payment Instruments (PPI)
license issued by the Reserve Bank of India (RBI).
Managing Director – Mr. Gopal Sharma
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Established – 1994
About Mahila Money:
Mahila Money is a full-stack financial products and services platform for women in India, offering loans,
community, and learning resources to women.
Founder – Sairee Chahal
Smart Guaranteed Pension Plan Launched by Max Life Insurance

The Max Life Insurance Company Limited has announced the launch of the “Max Life Smart Guaranteed
Pension Plan”, a non-linked, non-participating single premium individual or group general annuity plan,
guaranteeing a regular income and ensuring the future financial security of the annuitant.
Highlights:
i.Corporates and public-sector enterprises can purchase this plan directly as a group annuity product to
meet the retirement needs of their employees.
It offers attractive annuity rates and unique benefits, which enable National Pension
System (NPS) subscribers to be eligible buyers of this product.
iii. Additionally, the product will be available through the direct channel of the company to direct
customers in the business-to-consumer (B2C) segment.
iv.It ensures lifelong financial protection through an additional income stream by integrating financial
protection, assured pension, and reliability into a single solution, allowing customers to realize their life
goals post-retirement.
v.Its key features include Guaranteed Annuity, Death Benefit, Surrender Option, Top-up Option, Advance
Annuity Option and Tax benefits.
About Max Life Insurance Company Limited:
i.A life insurance company in India engaged in securing the financial future of its customers.
ii.It is a Joint Venture (JV) of Max Financial Services Limited and Axis Bank Limited.
iii. It was recently authorized by the Pension Fund Regulatory and Development Authority (PFRDA) to set
up a subsidiary for Pension Fund Management.
Managing Director & Chief Executive Officer – Prashant Tripathy
NPCI to launch ‘On-Device Wallet-UPI Lite for Small Value Transactions’ in Offline Mode
The National Payments Corporation of India (NPCI) will launch On-Device Wallet i.e. ‘UPI Lite’ for UPI
users which will enable small value transactions in an offline mode. UPI stands for (Unified Payments
Interface).
• This functionality enables transactions without additional factor authentication (AFA) or a UPI PIN
(Personal Identification Number).
• Designed by NPCI, it will be launched as a pilot with multiple banks and app providers in the next 10
days.
Limits in UPI Lite:
Upper Limit of payment transaction- Rs 200
Total limit of balance for an On-Device Wallet- Rs 2,000 at any point of time
Reasons behind this launch:
As per various studies, about half the UPI transactions have a transaction value of up to Rs 200, and about
75% of the total volume of retail transactions (including cash) in India are below Rs 100. Also, in January
2022, Reserve Bank of India’s (RBI) notified a framework for facilitating small value digital payments in
offline mode. So, catering to both scenarios, this development has been made.
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Key Points:
i.In the first phase, UPI Lite will process transactions in near offline mode that is debit offline and credit
online and after that both transactions will be processed offline.
ii.When all parameters in the pilots will be successfully achieved then its full-scale commercial launch will
be declared.
iii.It should be noted that the replenishment of funds i.e. funds allocation from user’s bank account to UPI
Lite, will be allowed only in online mode with AFA or using UPI AutoPay.
• NPCI has set a target of 1 billion UPI transactions daily in the next 3-5 years.
Click Here for Official Notification by NPCI
On January 27, 2022, the NPCI International Payments Limited (NIPL), international arm of NPCI, signed a
Memorandum of Understanding (MoU) with TerraPay, the Netherlands- based global payments
infrastructure company. This partnership will allow Indians with an active UPI (Unified Payments
Interface) ID to receive real-time, international payments into their bank accounts via TerraPay’s fully
regulated, secure, scalable and efficient channel.
CEO & MD– Dilip Asbe
Products– RuPay, Immediate Payment Service (IMPS), National Automated Clearing House (NACH),
Aadhaar Payment Bridge (APB) System, Aadhaar enabled Payment System (AePS), National Financial
Switch (NFS), UPI, Bharat Bill Payment System (BBPS), and National Electronic Toll Collection (NETC)
SBI to Grant USD 1 Billion Credit Line to Sri Lanka to Recover from Economic Crisis
In light of the country’s deteriorating economic circumstances, India announced a USD 1 billion Line of
Credit (LOC) to Sri Lanka as part of its financial assistance to deal with its economic crisis.
• An agreement extending the LOC was signed between SBI and Government of Sri Lanka for the
procurement of food, medicine, and other essential items.
• Previously, the Export-Import Bank of India (EXIM Bank) had extended an LOC of USD 500 million to Sri
Lanka, which is in the midst of a financial crisis, to finance the purchase of petroleum goods.
Background:
Hambantota Port Development Project was a combined initiative of the previous government of Sri Lanka
led by Mahinda Rajapaksa and China, which eventually turned out to be a failure and Sri Lanka struggled to
make payments on the debt and under heavy pressure and after months of negotiations with the Chinese,
Sri Lanka handed over the port and 15,000 acres of land around it for 99 years to China.
Highlights:
i.The timely help of India to Sri Lanka also laid foundations for improving relationships with its immediate
neighbours within the SAARC community.
ii.In addition to the USD 1 billion LOC, India has also offered a series of economic package announcements
like a currency swap arrangement of USD 400 million and a debt deferral of USD 515 million for two
months to Sri Lanka to wipe away its immediate problems.
Note: Sri Lanka has invited the Indian Prime Minister to the Bay of Bengal Initiative for Multi-Sectoral
Technical and Economic Cooperation (BIMSTEC) summit, which is to be held in Colombo (Sri Lanka), to
engage in substantive bilateral talks.
About Sri Lanka:
President – Gotabaya Rajapaksa
Administrative Capital – Sri Jayewardenepura Kotte
Commercial Capital – Colombo
Official Languages – Sinhala, Tamil and English
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BPCL Launches Voice-Based LPG Booking, 1st To Offer Digital Payment to Non-Internet
Users
Bharat Petroleum Corporation Limited (BPCL) has partnered with UltraCash Technologies Private
Limited to become the first Indian company to offer digital payment to non-internet users for its
BharatGas consumers to book their LPG (Liquefied Petroleum Gas) cylinders.
• This facility will enable its customers who do not have smartphones or the internet to book their
cylinders and make the payment through “UPI 123PAY”. Around 4 crore consumers of BharatGas in rural
India will benefit from this feature.
• It allows customers to use feature phones for almost all transactions except scanning and paying, and it
doesn’t need an internet connection for transactions. Customers have to link their bank accounts with
feature phones to use this facility.
How It Works:
i.The tie-up of BPCL’s BharatGas with UltraCash Technologies Pvt. Ltd.’s UltraCash enables consumers to
call a common number, 080 4516 3554, from a non-internet phone.
ii.UltraCash is a mobile payment application developed by UltraCash Technologies Pvt. Ltd. and is also
authorized by the National Payment Corporation of India (NPCI).
iii. With the Indian government encouraging the use of LPG through programmes like the Ujjwala Yojana,
this facility will aid in the penetration of rural markets.
About Bharat Petroleum Corporation Limited (BPCL):
A Public Sector Undertaking (PSU) of the Indian Government, holding Maharatna status, BPCL is the
second-largest Indian oil marketing company and one of India’s leading integrated energy corporations,
engaged in crude oil refining and petroleum product marketing.
Chairman & Managing Director – Arun Kumar Singh
SEBI amends Rules for Category III Alternative Investment Funds

The Securities and Exchange Board of India (SEBI) has amended the rules regarding investment aspects of
Category III of alternative investment funds (AIFs). The new norms will be called as ‘SEBI’s AIF
Regulations, 2022’ w.e.f. March 16, 2022.
• Category III AIFs* trade with a view to make short term returns. These are open ended, and no specific
incentives are given by the government or any other Regulator. These include hedge funds, PIPE (private
investment in public equity) Funds, etc.
What are the amendments?
i.Category III AIFs cannot invest more than 10% of the investable funds in an investee company, directly or
through investment in units of other AIFs.
ii.The large value funds for accredited investors of Category III AIFs can invest up to 20% of the
investable funds in an investee company, directly or through investment in units of other AIFs.
• This investment limit can be calculated of either the investable funds or the net asset value of the scheme.
iii.For investment in listed equity of an investee company, Category III AIFs may calculate the investment
limit of 10% of either the investable funds or the net asset value of the scheme.
What are AIFs?
AIFs are defined in Regulation 2(1) (b) of SEBI (Alternative Investment Funds) Regulations, 2012.
These are privately pooled investment vehicles which collect funds from investors whether Indian or
foreign for investing these funds in India.
These are of 3 types:
Category I: Mainly invests in startups, SME’s (Small and Medium Enterprises) or any other sector which
Govt. considers economically and socially viable.
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Category II: These include AIFs such as private equity funds or debt funds for which no specific incentives
or concessions are given by the government or any other Regulator
Category III : Mentioned above*
Chairperson – Madhabi Puri Buch
Kotak Mahindra Bank becomes 1st Indian Bank to sign MoU with Business France
On 16 March, Kotak Mahindra Bank Ltd (KMBL) signed a memorandum of understanding (MoU)
with Business France, a French National agency involved in exports and international investments in
France, to provide support to companies in the Indo-French corridor.
• The KMBL became the first Indian bank to sign a MoU with Business France.
• The agreement ceremony held in France was chaired by Eric Fajole, Regional Director, French Embassy in
India and Sudha Balakrishnan, Business Head, MNC Banking Group, Kotak Mahindra Bank.
Key Points:
i.The MoU will promote business and start-up ecosystems in India and France.
ii.It will also identify the business and investment opportunities in both the countries.
ii.KMBL will be amongst Business France’s privileged Indian banking partners for French companies.
iii.Business France will accompany KMBL’s Indian clients in their entry in France to boost investment.
iv.This tie-up will also boost relationships between India and France by interconnecting the ecosystems of
both countries and increase business opportunities.
v.The MoU collaborates for knowledge roundtables organised by Business France and also provides sector
expertise through speaker representation and/or knowledge publications such as whitepapers,
presentations etc.
CEO– Uday Kotak
Established:2003
USAID & Mastercard Partners to Promote Digital Empowerment of Women under Project
Kirana
The US Agency for International Development (USAID) and Mastercard have partnered to promote digital
empowerment of women in India through ‘Project Kirana’, a digital financial literacy programme for
women entrepreneurs in India.
Objective:
To increase the revenue of the women-owned-and-operated kirana shops and also expand their financial
inclusion and enable them to adopt digital tools like digital payments etc.
About Project Kirana:
i.Project Kirana is a two year programme implemented by DAI and ACCESS Development Services started
in November 2020.
ii.It is working in some selected cities like Kanpur, Lucknow and Varanasi of Uttar Pradesh.
iii.It provides assistance to women to prepare basic business management skills such as sales, accounting,
budget management, and insurance to become successful kirana entrepreneurs.
• It witnessed the participation of more than 2,100 women in the project.
Key points:
i.USAID and Mastercard will support women participants to build financial and digital literacy skills.
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ii.The customized training on business and financial management,and leadership development will be
provided to the beneficiaries.
iii.Mastercard and USAID will also address the gender gaps that limit the ability for women-owned
businesses to flourish.
About United States Agency for International Development (USAID):
Established- 3 November 1961
Founder- John F. Kennedy
Headquarters- Washington, DC, United States
Administrator– Samantha Power
About Mastercard:
CEO- Michael Miebach
Headquarters- New York, United States
Founded- 1966
Moody’s Lowers India’s Growth Projection for 2022 to 9.1%, 2023 to 5.4%
As per the Global Macro Outlook 2022-23 report of Moody’s Investors Service, it has lowered India’s GDP
(Gross Domestic Product) growth forecast for 2022 by 0.4 percent to 9.1 percent from its earlier
projection of 9.5 percent.
• The growth forecast for 2023 was also lowered to 5.4 percent from the prior estimation of 5.5 percent.
Key Points:
i.The year-end inflation for India has been projected at 6.6 percent in 2022.
ii.The Indian economy grew 8.2 percent in 2021, after a contraction of 6.7 percent in 2020.
iii.G20 Economies’ Growth: Moody’s has also lowered G20 economies’ growth forecast to 3.6 percent in
2022 compared to an earlier estimation of 4.3 percent (in February) and the growth forecast for 2023 is
projected at 3 percent.
iv.Moody’s ratings for India is currently Baa3 Stable.
Cause for lowering the growth projection:
i.Due to increased fuel and fertiliser imports, which could limit the Indian government’s capital
expenditure.
ii.Russia’s invasion of Ukraine, which has modified the global economic backdrop, creates risks of
damagingly high input costs and consumer inflation over a period due to increasing commodity prices
driven by existing and expected supply shortages.
iii.The financial and business disruptions and rise in economic costs due to increased security and
geopolitical risks.
About Moody’s Corporation:
Headquarters – New York, United States
President & CEO – Rob Fauber
Karnataka Bank bags ASSOCHAM Award’s ‘Best MSME Bank of the Year’
Karnataka Bank Limited (Karnataka Bank) has been honoured with ASSOCHAM Award’s Best MSME
Bank of the Year (Private Category) award among the Private Sector Banks at the 8th (Micro, Small &
Medium Enterprises) MSMEs Excellence Awards Ceremony and Summit, instituted by The Associated
Chambers of Commerce and Industry of India (ASSOCHAM) – the apex trade body, at New Delhi, Delhi on
9th March 2022.
• B Gopalakrishna Samaga, Deputy General Manager of Karnataka Bank received the award in the Presence
of Narayan T Rane, Union Minister of MSMEs.
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Note: The Summit was organised under the theme “Enabling Indian MSMEs to Go Global”.
Key Points:
i.Karnataka Bank, which has been focusing on the MSME sector with various digital products, has ensured
the swift disposal of MSME credit proposals duly adhering to all quality standards.
ii.The bank has also actively participated in various public and private initiatives to promote the cause of
MSME.
Other Major Award winners:
Category Winners
Best MSME Bank of the Year (PSU Category) Punjab National Bank
Best Technology Enabler of the Year Karur Vysya Bank Ltd
Excellent Services of the Year Satya MicroCapital Ltd
• DCB Bank has been honoured with the “Excellent Services of the Year” – runner up award by
ASSOCHAM at the event.
Click here for a complete list of awardees
Karnataka Bank Limited is a leading ‘A’-Class Scheduled Commercial Bank in India.
Incorporated on 18th February 1924 at Mangaluru, Karnataka.
MD & CEO– Mahabaleshwara M.S
Headquarters– Mangaluru, Dakshina Kannada, Karnataka.
Tagline– Your Family Bank Across India
About Associated Chambers of Commerce & Industry of India (ASSOCHAM):
ASSOCHAM is India’s oldest apex chamber. It has more than 400 associations, federations and regional
chambers.
President– Vineet Agarwal
Secretary General– Deepak Sood
Headquarters– New Delhi, Delhi
ICICI Bank, Punjab & Sind to pick up stakes in bad bank NARCL
ICICI Bank and Punjab & Sind Bank have signed agreements to pick up stakes in National Asset
Reconstruction Company Limited (NARCL).
• ICICI Bank will be investing Rs 137.5 crore to acquire a 5% stake,and
o Punjab & Sind Bank will put in Rs 55 crore for a 2% stake.
• The equity investment will be done in tranches, and the 1st investment of Rs 28.18 crore is expected to
be completed by 31st March 2022 and the final investment will be done to ensure prompt resolution,
including recovery of NPA (non-performing assets) accounts.
PPSL launches ‘Payment Analytic‘ for Paytm Merchants to make Data Driven Decisions
The Paytm Payments Services Limited (PPSL), a wholly-owned subsidiary of One97 Communications has
launched first-of-its-kind ‘Payment Analytics’ which is designed by Paytm Payment Gateway.
• It is a data analysis feature available to all Paytm merchants i.e. online and offline, at no extra cost. This
will be helpful for the merchants of Small and Medium Enterprises (SMEs).
Key Points:
i.This launch is on the lines of PPSL’s vision of helping merchant partners and entrepreneurs by simplifying
their businesses.
ii.It offers three services viz. Payment source analytics, Customer Analytics, and Payment flow analytics.
iii.It will also provide ready-made reports about payment sources, payment flows, user retention,
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customer behaviour, payment success rates and reasons for payment failures.
iv.This will enable merchants to ascertain their Gross Merchandise Value and find out the total number of
transactions on a day-to-day or monthly basis.
About Paytm Payments Services Limited (PPSL):
CEO– Praveen Sharma
NABARD Allocates Rs. 4,013 Crore Financial Assistance to Odisha

The National Bank for Agriculture and Rural Development (NABARD) has sanctioned a financial
assistance of Rs. 4,013 crores to Odisha under the Rural Infrastructure Development Fund (RIDF) for
the financial year 2021-2022, and Odisha has got a major share of NABARD’s infrastructure funds, the
highest in India.
• With this the total sanction has crossed Rs 32,100 crore for Odisha since the inception of the RIDF.
• The RIDF is classified under three broad categories: Agriculture and related sector; Social sector; and
Rural connectivity.
Highlights:
i.Out of the total fund allocated under the RIDF, about Rs 2,568 crore is allotted for construction of rural
roads and bridges.
• It involves the creation or upgrading of roads for 2000 km and bridges for a length of 17.13 km, which
would benefit around 10 lakh people.
ii.The implementation of nine mega piped water supply projects worth Rs. 840 crores will bring clean,
treated, and safe drinking water to almost 17 lakh rural inhabitants in Odisha.
iii. A total of Rs 605 crore has been allocated for the development of infrastructure in the agriculture,
related, and irrigation sectors. It includes the Kusumi irrigation project; livestock vaccine production
unit, cluster lift irrigation and flood protection projects.
About National Bank for Agriculture and Rural Development (NABARD):
It was established under the National Bank for Agriculture and Rural Development Act (NABARD Act),
1981 and is fully owned by the Government of India (GoI).
Chairman – Govinda Rajulu Chintala
Establishment – 12 July 1982
Rupeek, NAPS Partners to Launch of ‘Rupeek Academy’ to Build Gold Appraisers

Rupeek (Rupeek Fintech Pvt Ltd.), India’s leading asset-backed digital lending platform announced the
launch of ‘Rupeek Academy’ in collaboration with the National Apprenticeship Promotion Scheme
(NAPS), an initiative by National Skill Development Corporation (NSDC). This aims to attract young talent
who are looking for a career opportunity in the gold loan industry of India.
• The Rupeek Academy programme developed with NSDC is a first of its kind upskilling programme in the
industry.
• 1-year comprehensive programme aims to create a centre for excellence in developing and managing
talent for gold appraisers, to balance the demand against the availability of talent issues.
• India has USD 2 trillion worth of gold assets and the programme aims to monetize them by employing
gold appraisers.
DBS Bank India Launches Green Deposits Programme

DBS Bank India has announced the launch of Green Deposit Programme for corporate clients which will
provide a simple way for the companies to support environmentally friendly projects or avenues. This is in
line with the focus on DBS Bank India on responsible banking.
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• Under the bank’s sustainability programme, Green Deposits will fund green industries and initiatives
such as green building sustainable water initiatives that include wastewater management, renewable
energy and clean transportation.
Fitch declines India’s Growth Forecast for FY23 to 8.5% from 10.3%
On March 22, 2022, Rating agency Fitch in its ‘Global economic Outlook-March 2022’ declined India’s
growth forecast for FY23 (2022-2023) by 1.8 percentage points (pp) to 8.5% from 10.3% due to high
energy prices amid Russia-Ukraine war.
• On the other hand, for FY22, the agency has increased the Gross Domestic Product (GDP) growth by 0.6
pp to 8.7% from 8.1%.
• For 2023-24, it is estimated at 7 per cent.
Global Scenario:
i.For FY22, the agency declined the world GDP growth forecast by 0.7 pp to 3.5% from 4.2%.
ii.For FY23, it also revised down world growth by 0.2pp to 2.8% from 3%.
Key Points:
i.Russia supplies around 10% of the world’s energy, including 17% of its natural gas and 12% of oil.
Therefore, the rise in oil and gas prices will add to industry costs and reduce consumers’ real incomes.
ii.Inflation will rise further peaking above 7% in the December quarter of 2022 (Q3FY23), before gradually
easing. It is expected to remain elevated at 6.1% annual average in 2021 and 5% in 2022.
Flipkart’s PhonePe Acquired 100 percent stake in GigIndia

PhonePe, a digital payment company backed by Flipkart announced the acquisition of 100 % stake in
GigIndia, which is a network for freelance micro-entrepreneurs.
Objective-To strengthen its offerings to corporate and enterprise partners.
Highlights:
i.Under the acquisition, PhonePe will get the leverage of GigIndia’s network of 1.5 million freelance micro-
entrepreneurs to help corporates and promote development.
• GigIndia’s customer base includes companies like Amazon, Paytm, Tata Group, Reliance Industries,
Swiggy, PayU, among others.
ii.PhonePe has a network of over 27 million merchant outlets across India and 365 million registered
users.
About PhonePe:
Founded- 2015
CEO-Sameer Nigam
Headquarters– Bengaluru, Karnataka
SBI Card & Nature’s Basket jointly launch the International Gourmet Card
SBI Card, India’s pure-play credit card issuer and second largest credit card provider, has teamed up
with Nature’s Basket, India’s premier multi-channel gourmet retailer, to launch the ‘Nature’s Basket SBI
Card’, a first-of-its-kind credit card.
This credit card will be a welcome addition to SBI Card’s existing impressive premium portfolio, as it will
cater to the cardholder’s specific lifestyle spending demands, such as groceries and gourmet foods.
• The card is to be introduced in two variants: ‘Nature’s Basket SBI Card’ and ‘Nature’s Basket SBI Card
Elite’ and will be available from the first fortnight of April 2022.
• Significance: This will allow cardholders to get the most out of their money spent at Nature’s Basket as
well as other essential spending categories like international travel, dining, and entertainment.
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• The annual membership fee of Nature’s Basket SBI Card and its Elite version will be Rs 1499 and Rs 4,999
respectively. It will be launched on Visa platform.
About SBI Cards and Payment Services Limited:
Managing Director & CEO – Rama Mohan Rao Amara
SBI Invests Rs 10 Crore to Pick Up 7.84% Stake in ONDC

State Bank of India (SBI) has invested Rs 10 crores to pick up 7.84% stake in Open Network for Digital
Commerce (ONDC), an open-source e-commerce platform engaged in creating an open public digital
infrastructure.
• The transaction does not require any regulatory approval as the acquisition of shareholding was below
10%.
• SBI is the 2nd public sector bank to buy the stake in ONDC, after Punjab National Bank(PNB).
Note:
i.In November 2021, PNB has proposed to invest as a promoter in ONDC by acquiring a 9.5% stake in
ONDC.
ii.PNB stated that it would invest Rs 25crore or acquire 9.5% equity capital, whichever would be lower.
Kotak, Axis Acquire 7.84 stake Each in ONDC:
Kotak Mahindra Bank and Axis Bank has invested Rs 10 crore each and acquired 7.84% stake each in
ONDC.
• Kotak Mahindra Bank has subscribed to 10,00,000 equity shares of ONDC for a consideration of Rs 10
crore, translating into an equity shareholding of a 7.84% stake in ONDC.
• ONDC has allotted 10,00,000 equity shares of the face value of Rs 100 each for a consideration of Rs 10
crore to Axis Bank. At present, the bank holds a 7.84% stake in ONDC.
About ONDC:
i.ONDC, incorporated on 30th December 2021, is an initiative of the Department for Promotion of Industry
and Internal Trade (DPIIT) under the Ministry of Commerce and Industry(MoCI).
ii.It is a globally first-of-its-kind initiative that aims to democratise Digital Commerce, moving it from a
platform-centric model to an open network
iii.As UPI is to the digital payment domain, ONDC is to e-commerce in India.
• ONDC will be compliant with the Information Technology Act, 2000 and designed for compliance with the
emerging Personal Data Protection Bill.
Airtel Payments Bank Partners with ICICI Lombard For Smartphone Insurance
Airtel Payments Bank signed an agreement with ICICI Lombard General Insurance Company(ICICI
Lombard) to provide smartphone insurance which offers financial protection against damages. It will
boost the mobile insurance industry in India.
About the Agreement:
i.Under the agreement, the mobile insurance amount equal to the purchase price of the smartphones will
be provided. The smartphone price under the range of Rs 10,000 to Rs 1,00,000 will be considered.
ii.The customers have to pay a monthly premium of Rs 1,299 through the Airtel Thanks App and they will
get the insurance on their own within 10 days of making the purchase.
iii.There is a provision for making two claims during the policy period, and it also includes free pickup &
delivery, making it a unique offering in the market.
Smartphones industry in India-
According to a report published by RedSeer in 2020, the Indian smartphone insurance segment could
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potentially become a $500 million market by 2025, with an expected Compound Annual Growth Rate
(CAGR) of 29% per annum.
About Airtel Payments Bank:
Managing Director & CEO-Anubrata Biswas
Headquarters- New Delhi, Delhi
ICICI Bank collaborates with CSK & launches co-branded credit card: “Chennai Super Kings
ICICI Bank Credit Card”
ICCI Bank has teamed up with the Chennai Super Kings (CSK), an Indian Premier League (IPL) franchise,
to develop a co-branded credit card called the “Chennai Super Kings ICICI Bank Credit Card”, which is
designed with a range of exclusive privileges for millions of cricket fans of the iconic team and distinct
banking benefits from ICICI Bank.
• Customers can apply for the ‘Chennai Super Kings ICICI Bank Credit Card’ by sending an SMS ‘KING’ to
5676766.
• The launch of this credit card adds another addition to an exclusive set of co-branded credit cards offered
by ICICI Bank, as it had earlier launched a co-branded credit card in 2018 with Manchester United,
a professional football club in England.
• These exclusive credit cards enable sports enthusiasts to connect with their favourite teams as well as
avail the benefits of a credit card.
About Chennai Super Kings (CSK):
A cricket franchise in India run by Chennai Super Kings Cricket Limited.
CEO – K. S. Viswanathan
Founded – 2008
Parent Organization – India Cements
About ICICI Bank:
It is formerly known as Industrial Credit and Investment Corporation of India.
MD & CEO – Sandeep Bakhshi
Tagline – Hum Hai Na Khaayal Aapka
EbixCash Partners with Axis Securities to Provide End-To-End Trading Services

EbixCash Limited, a technology-based provider of digital products and services in the B2C (Business to
Consumer), B2B (Business to Business) and financial technology arenas, announced a strategic agreement
with Axis Securities, a wholly-owned subsidiary of Axis Bank.
• The partnership will provide end-to-end trading services to customers of EbixCash through an
integrated business model.
• As a result, customers of EbixCash will be able to access a 3-in-1 account that combines their savings,
demat, and trading accounts.
Highlights:
i.With this tie-up, EbixCash customers will have access to the seamless online platform of Axis Securities
and favours them to buy and sell stocks and other investment products.
ii.Customers can also choose from a variety of investment options such as mutual funds, Systematic
Investment Plans (SIPs), investment advisory, and portfolio management services, as well as open a
trading or demat account.
iii. With a “phygital” strategy that combines over 650,000 physical agent distribution outlets throughout
India and Southeast Asia, EbixCash holds dominant positions in key businesses in which it operates.
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About EbixCash Limited:

A leading financial services provider in India.
Chairman – Robin Raina
About Axis Securities:
A subsidiary of Axis Bank which is India’s 3rd largest private sector bank.
MD & CEO – B Gopkumar
HDFC to Boost Small Business with Digital Loans

HDFC Bank has announced a dedicated app for small, family-owned, or independent businesses (mom-
and-pop stores) to push merchant loans.
• The bank also has the application “AutoFirst” in the pipeline, which exclusively offers fully
automated auto loans.
• It is also working on the SmartHub Vyapar programme for merchants. It is an application
that combines all payment platforms such as cards, UPI, QR code, tap pay, and SMS-based payments.
• HDFC Bank is providing a minimum of at least Rs. 1,000 crores in loans to merchants every
month and is now looking forward to tripling the run rate.
Highlights:
i.The small business loan digital application will have access to the quantum of loan eligibility.
The merchant can avail of working capital or short-term loans, a business card or loan on the business
card.
ii.The bank also will launch a dedicated platform for vehicle loan customers.
iii. In order to provide customized services and responses to customer queries and complaints, the bank
has also set up a digital customer hub that aims at giving an omnichannel experience.
iv.Among the newly enlisted merchants more than half of them operate solely through the app platform.
v.The bank also has its own mobile and other apps like Payzapp and Smartbuy platforms and will soon
launch a digital credit card.
Note: The Reserve Bank of India (RBI) has recently lifted all the restrictions on HDFC Bank’s digital
business, which was prohibited from issuing new cards until it had sorted out its tech problems in
December 2020.
About HDFC Bank:
MD & CEO – Sashidhar Jagdishan
Tagline – We Understand Your World
OECD retains India’s FY24 GDP growth at 5.5%

On March 23, 2022, the Organization for Economic Cooperation and Development (OECD) in its ‘Economic
Outlook for Southeast Asia, China and India (Volume 2022 Issue I)‘ retained India’s real Gross Domestic
Product (GDP) at 5.5% in FY24, lower than 8.1% in 2022-23.The key obstacle to bond-market
development in India is limited investor base; and insufficient liquidity in the secondary market.
Key Points:
i.China’s economy will grow 5.1% in both 2022 and 2023.
ii.The GDP of emerging Asia – China, India and the 10 members of the Association of Southeast Asian
Nations (ASEAN) is projected to grow 5.8% in 2022, following a 7.4% expansion in 2021 and a 0.8%
contraction in 2020.
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iii.There are inflationary and supply chain risks amid the Ukraine-Russia war.
Click Here for Official Publication
About Economic Outlook for Southeast Asia, China and India:
It is a regular publication on regional economic growth and development in Emerging Asia. It focuses on
the economic conditions of ASEAN members: Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia,
Myanmar, the Philippines, Singapore, Thailand and Viet Nam, as well as China and India.
About Organization for Economic Cooperation and Development (OECD):
Secretary General– Mathias Cormann
Headquarters– Paris, France
Central Govt extends Timeline for Converting Debt into Equity Shares for Startups to 10
years
The Central Government has extended the timeline for startups to 10 years from 5 years to convert debt
investment in a company into equity shares, from the day when initial convertible note was issued.
• This amendment was made during the review of the extent of FDI policy in India by the Department for
Promotion of Industry and Internal Trade (DPIIT) where the entity announced various amendments.
• DPIIT works under the aegis of the Ministry of Commerce and Industry.
What conversion of debt investment into equity shares in startups?
An investor can invest in a startup using convertible notes viz. debt or loan instruments. These are
repayable by the startup at the option of the investor or can be converted into equity shares after the
company has achieved some milestone. Now, the period for this conversion is set for 10 years.
• This extension will secure the startups till further fundings, and from the impact of COVID-19 and
liquidity issues.
Central Govt sets Rs 1-trillion Infrastructure Lending Target for NaBFID

The Central Government has set a target of Rs 1-trillion for the new Development Finance Institution (DFI)
namely ‘National Bank for Financial Infrastructure and Development (NaBFID)’ for sanctioning loans
to the infrastructure sector in FY23. It will start its operations in Q1FY23.
• The information for the same was provided by the officials from Department of Financial Services
(DFS), Ministry of Finance to the Parliamentary Standing Committee on Finance.
Key Points:
i.NaBFID will get a 10-year tax concession so that it can provide long-term funds at an affordable cost to
the infrastructure sector.
ii.It will also get government guarantees at a concessional rate of up to 0.1% for borrowing from
multilateral institutions, sovereign wealth funds, and other such foreign institutions.
About NaBFID:
The setting up of NaBFID was announced in the FY22 Union Budget and it came into force on April 19,
2021. The Central government has infused Rs 20,000 crore in NaBFID, and an additional Rs 5,000
crore has been given as grants. Government had sought an additional outgo of Rs 13,050 crore for
transferring Rs 20,000 crore in the supplementary demand for grants.
• In October 2021, the government had appointed Kundapur Vaman Kamath as the chairman of
NaBFID.
• Along with investing in infrastructure projects, it will issue debt securities and
promote securitization of loan portfolios of companies engaged in development and financing of
infrastructure.
• Click Here to Read More about NaBFID
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About Ministry of Finance:

Union Minister– Nirmala Sitharaman (Constituency – RajyaSabha, Karnataka)
Ministers of State– Pankaj Chaudhary (Constituency – Maharajganj, Uttar Pradesh); Dr. Bhagwat
Kishanrao Karad (Constituency – Rajya sabha Maharashtra)
SBI Signs Co-Lending Pact with 5 HFCs for Affordable Housing

State Bank of India (SBI), India’s largest lender, has entered into a co-lending partnership
with five Housing Finance Companies (HFCs) to provide affordable housing loans to the underserved and
unserved sections of society as per Reserve Bank of India (RBI) guidelines.
• The five HFCs are: PNB Housing Finance, IIFL Home Finance, Shriram Housing Finance, Edelweiss
Housing Finance, and Capri Global Housing Finance.
This tie-up will help to accelerate effective and affordable credit to economically weaker
sections (EWS) and the informal sector & contribute to the Government of India’s vision of ‘Housing for
All by 2024’.
Key Points:
i.This partnership will assist SBI in expanding its distribution network in order to reach more working-
class, unserved, and underserved consumers for house loans and make funds available to borrowers at an
affordable cost.
ii.The bank’s overall home loan portfolio is estimated to be around Rs. 5.5 trillion, with a goal of reaching
Rs. 7 trillion by 2024.
iii. Shriram Housing Finance and SBI will jointly service housing loan customers as per the 20:80 co-
lending model (CLM) of the RBI.
Co-Lending Model (CLM)
CLM is built on mutual understanding between banks and NBFCs. It is expected to benefit borrowers by
utilizing the reduced funding costs of banks and the wider reach of the NBFCs. It also lowers the cost of
financing for last-mile borrowers and is the future of priority sector lending (PSL).
• CLM requires HFCs and Non-Banking Financial Companies (NBFCs) to keep a minimum of 20% of
individual loans on their books, with the remainder held by banks.
• PSL accounts for around 40% of the loan portfolio.
It is an Indian Multinational, Public Sector Banking and Financial services statutory body.
Headquarters – Mumbai, Maharashtra.
Federal Bank, Bank of Baroda, Avanti Finance & Axis Bank partnered with RBIH to Advance
Digital Financial Inclusion for Women
The Federal Bank, Bank of Baroda & Axis Bank, Avanti Finance teamed up with Reserve Bank
Innovation Hub (RBIH), a subsidiary of the Reserve Bank of India (RBI) to promote financial inclusion of
women through technology. They will work as scale up partners for the 2nd phase of Swanari TechSprint
programme.
• Swanari is ‘Swanirbhar Nari’ meaning ‘Self Reliant Lady’.
Objective:
The programme aimed at advancing digital financial inclusion for women and to create digital solutions for
bridging the gender gap in India.
About Swanari TechSprint programme:
i.RBIH will host the ‘Swanari TechSprint’ programme for women.
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from 18 -22 April 2022 along with core program partners AIR – the Alliance for Innovative Regulation,
CIIE.CO, and MSC (MicroSave Consulting) .
ii.It will provide smart, creative, and sustainable solutions supporting women’s advancement in financial
growth and independence for women-owned enterprises.
iii.The programme will specifically connect fintechs, financial service providers, innovators, and subject
matter experts to collaborate at one place.
• The programme will impact the lives of more than 331 million adult women, including 13 million
women-led enterprises and 7.45 million self-help groups (SFGs) in India.
SIDBI Inks MoU with Meghalaya to Develop MSME Ecosystem; Also Acquires Stake in ONDC
The Small Industries Development Bank of India (SIDBI) has signed a Memorandum of Understanding
(MoU) with Meghalaya Infrastructure Development and Finance Corporation Limited (MiDFC),
Government of Meghalaya.
Under the MoU, SIDBI and the Government of Meghalaya will work in tandem to facilitate the development
of the Micro Small and Medium Enterprises (MSME) ecosystem in Meghalaya.
Objectives under the MoU:
i.SIDBI will assist Meghalaya in advancing its entrepreneurial development.
ii.It will contribute to the expansion of MSME clusters.
iii. It will assist Non-Government Organizations (NGOs), development organizations, and MSMEs in
developing their capabilities.
• MSMEs’ capacity will be built through online platforms such as PSB 59, Mitra portals, GeMS, and
TReDS, as well as the establishment of business information and counselling centres for micro
enterprises.
iv.The MoU also calls for boosting digital solutions for MSMEs in the state, as well as mapping state-specific
livelihood potential through professional consultants and extending SIDBI’s promotion and development
programmes in the state.
v.SIDBI also encourages the Government of Meghalaya to make use of the low-cost financing available for
the development of the MSME infrastructure in the state under the SIDBI Cluster Development
Fund (SCDF).
SIDBI acquires stake in ONDC
SIDBI has acquired 7.84% stake in Open Network for Digital Commerce (ONDC), an open public digital
infrastructure framework entity, through an investment of Rs.10 crore.
• The investment in ONDC will help in developing digital infrastructure that works with the aim of
democratizing digital commerce in India.
About Open Network for Digital Commerce (ONDC):
i.The ONDC is a first-of-its-kind initiative of the Department for Promotion of Industry and Internal Trade
(DPIIT) under the Ministry of Commerce and Industry in 2021.
ii.It is launched with the objective of creating an open public digital infrastructure to develop and
transform the Indian digital commerce ecosystem for both goods and services.
About Small Industries Development Bank of India (SIDBI):
It is the principal financial institution for the promotion, financing, and development of MSMEs in India.
Chairman & Managing Director – Sivasubramanian Ramann
Establishment – 2nd April 1990
Headquarters – Lucknow, Uttar Pradesh
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Max Life Insurance Co. Ltd Partners with PhonePe To launch ‘Max Life Smart Secure Plus
Plan’ for Consumers
Max Life Insurance Co. Ltd Partners with PhonePe to launch its ‘Max Life Smart Secure Plus Plan’ for its
customers. It is a non-linked non-participating individual pure risk premium life insurance plan on the
PhonePe app to enhance financial protection for digitally-savvy customers.
• The license for direct broking was granted to PhonePe by Insurance Regulatory and Development
Authority of India (IRDAI). It allows the selling of insurance on the respective apps.
Highlights:
i.The customers of PhonePe can avail comprehensive financial coverage for their families with premiums
starting from ₹4,426 annually. The term plan can be purchased on the PhonePe app in a seamless manner.
• Customers can also choose a sum assured up to ₹10 crore and facility to policies renewal on the
PhonePe app.
ii.Under the life insurance category, Max Life will provide PhonePe customers several helpful options such
as inbuilt terminal illness benefit, special exit etc.
About Max Life Insurance Co. Ltd:
Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis
Bank Limited.
CEO & MD– Prashant Tripathy
Founded-2001
Headquarters- Gurugram, Haryana
HDFC Mutual Fund to launch HDFC Defence Fund, India’s first Defence Fund
HDFC Mutual Fund has filed a scheme information document (SID) with the Securities and Exchange Board
of India(SEBI) to launch HDFC Defence Fund, India’s first Defence Fund.
This open-ended equity scheme will be investing in defence & allied sector companies (aerospace,
explosives, shipbuilding, industries /stocks present on the SIDM (Society of Indian Defence Manufacturers)
list).
• This will offer Units for Sale / Switch-in and Redemption / Switch-out on every Business Day at NAV
based prices when the Scheme re-opens for ongoing transactions (after the NFO).
• This fund will be benchmarked to the recently introduced Nifty India Defence Index TRI (Total
Returns Index).
Bank of India invests Rs 108.81 crore in NARCL

The Bank of India(BoI) has invested around Rs 108.81 crore in National Asset Reconstruction Company
Limited(NARCL), under the preferential share issue. Following this, BoI’s shareholding in NARCL is set to
become 9% as of 21st March 2022.
• NARCL is an asset reconstruction company backed by the government, Incorporated in July 2021.
SIDBI Accredits Odisha with Rs. 837 Crore for MSME Clusters
The Small Industries Development Bank of India (SIDBI) has approved a Rs. 837 crore grant to
the Government of Odisha under its SIDBI Cluster Development Fund (SCDF) to promote and develop 18
micro, small, and medium enterprises (MSME) infrastructure projects in Odisha.
• The projects include the development of five new MSME parks, the construction of 11 worker’s hostels
and two projects to support MSME infrastructure and will be implemented by the Odisha Industrial
Infrastructure Development Corporation (IDCO).
It has also inked an agreement with the state to set up Project Management Unit (PMU) to design
schemes and programmes that strengthens the MSME ecosystem. So far, SIDBI has signed Memorandum of
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Understandings (MoUs) with around 15 states to set up PMUs.

Note:
• The SCDF scheme offers the state governments low-interest loans to upgrade existing MSME clusters and
build new industrial infrastructure.
• The UK Sinha committee on MSME was constituted by the Reserve Bank of India in 2019. Based on its
report, SIDBI offers support to various state governments.
Highlights:
i.The bank has also launched a pilot programme in the Bargarh-Handloom Cluster through its grant
support.
ii.SIDBI has trained 342 artisans and bankers, and 229 units have been grounded as part of the ongoing EU
Switch Asia Bamboo project in the five districts of Odisha: Balangir, Bargarh, Sambalpur, Sonepur, and
Angul, which aims to generate an alternative source of livelihood and promote an alternative to timber.
iii. It has also launched the “Village Adoption” initiative to facilitate enterprise development in Odisha and
set up the Swavalamban Connect Kendras, the handholding and counselling centres for extending guidance
and support to the young aspirants of the State.
iv.Recently, SIDBI’s wholly-owned subsidiary MUDRA has approved a Rs 200 crore loan to Annapurna
Microfinance, an Odisha-based Non-Banking Financial Company-Microfinance Institution (NBFC-MFI).
Similar Initiatives by SIDBI:
i.It had collaborated with state governments of Tamil Nadu and Assam to provide financial support under
SCDF for cluster development in 2021.
ii.It runs the EU Switch Asia programme in nine states, including Assam, Arunachal Pradesh, Meghalaya,
Mizoram, Odisha, Chhattisgarh, etc., aimed at promoting bamboo-based enterprises and generating green
jobs.
About Odisha:
Chief Minister – Naveen Patnaik
Governor – Ganeshi Lal
Tiger reserves – Similipal Tiger Reserve; Satkosia Tiger Reserve
India’s 2022 GDP Growth Downgraded to 4.6% amid Ukraine-Russia War: UNCTAD Report
The United Nations Conference on Trade and Development (UNCTAD) in an update to its Trade and
Development report published March 24, 2022 titled ‘Tapering in a time of conflict’ has downgraded
India’s Gross Domestic Product (GDP) growth for 2022 by -2.1% to 4.6% from 6.7% amid ongoing Ukraine-
Russia War.
• On the global front, it also declined the economic growth projection for 2022 by -1% to 2.6% from
3.6% .
Key Points:
i.As a war affects, India is expected to face restraints on energy access and prices, reflexes from trade
sanctions, food inflation, tightening policies and financial instability. Other developing countries are also at
risk.
ii.Significant slowdowns in growth are expected in parts of Western Europe and Central, South and South-
East Asia.
iii.A number of developing country central banks are engaged in quantitative easing, and active purchasing
of bonds in the open market, mainly public bond buying including central banks of India, Thailand,
Colombia and South Africa, among others.
iv.The currencies of Brazil, Russia, India and China account for no more than 3.5% of the $6.6 trillion daily
turnover in the forex markets, a ratio barely one-tenth of the United States (US) dollar’s 44%
v.The report has downgraded the GDP growths of the US from 3% to 2.4%; China to 4.8% from 5.7%; and
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Russia’s to -7.3% from 2.3%.

Click here for Official report
DBS Bank India & EaseMyTrip Partnered to Launch Green Debit Card
DBS Bank India signed a partnership agreement with EaseMyTrip to launch an environment-friendly
international debit card or green debit card, made up of 99% recycled polyvinyl chloride (PVC) material.
This is the first-ever 99% recycled PVC debit card.
Objective- Through this collaboration, EaseMyTrip aims to promote sustainability and incentivise
sustainable tourism.
Highlights:
i.The digibank (digital bank) EaseMyTrip Green Debit Card provides exclusive travel-related offers to
customers and rewards them for adopting eco-friendly practices. This move will reduce carbon footprint.
ii.The green card will offer attractive deals on bookings made through the EaseMyTrip website and mobile
app.
• It will offer a 10% discount up to Rs.2000 on flight ticket bookings and up to 17% discount on stays
at selected eco-friendly hotels.
iii.The card allows withdrawal up to Rs.1,50,000 per day from any bank’s ATM in India and overseas and
allows purchases worth up to Rs.1,50,000 in India and up to Rs.1,00,000 across merchant outlets globally.
What is polyvinyl chloride (PVC) material?
It is a strong synthetic plastic polymer. It is prefered for being lightweight, sturdy and abrasion-resistant
material.It offers great tensile strength and is rigid by nature.
About DBS Bank India Limited:
MD & CEO- Surojit Shome
First Wildlife Bond Issued by World Bank to Save Africa’s Black Rhino
The World Bank (International Bank for Reconstruction and Development, IBRD) has created the world’s
first kind of Wildlife Conservation Bond (WCB), also known as the “Rhino Bond,” in support of South
Africa’s efforts to protect the endangered species.
• It is a five-year, USD 150 million Sustainable Development Bond, matures in 2027, that includes a
potential performance payment from the Global Environment Facility (GEF).
• It will contribute to protecting and increasing black rhino populations in two protected areas in
South Africa: The Addo Elephant National Park (AENP), managed by the South African National
Parks (SANParks) and The Great Fish River Nature Reserve (GFRNR), managed by Eastern Cape
Parks and Tourism Agency (ECPTA).
The WCB is a first-of-its-kind, outcome-based financial instrument that directs investments toward
conservation goals. Based on the success of this program,this could be expanded to protect black rhino
populations in Kenya as well as other wildlife species such as lions, tigers, gorillas, and orangutans.
Why Rhinos?
i.Rhinos are considered an umbrella species that plays a crucial role in shaping entire ecosystems on which
countless other species depend.
ii.The International Union for Conservation of Nature (IUCN) lists the Black Rhino (Diceros bicornis) as
Critically Endangered on the IUCN Red List of Threatened Species.
iii. Through the WCB, investors support and finance the activities that help to protect and grow a critically
endangered species with clear conservation targets.
About Wildlife Conservation Bond (WCB) or the Rhino Bond:
i.It was issued by the International Bank for Reconstruction and Development (IBRD) at 94.84 percent of
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the nominal aggregate amount, with a maximum Conservation Success Payment of US $13.76 million.
ii.Credit Suisse Group AG structured the bond and acted as joint bookrunner with Citibank.
iii. Conservation Alpha has been tasked with determining the success of the programme and its payments.
The verification agent is the Zoological Society of London(ZSL).
Equitas SFB Launches Limited Edition ‘Equitas Bank CSK Debit Card’
Equitas Small Finance Bank (SFB) Limited has announced the launch of a limited edition Chennai Super
Kings (CSK) branded debit card that can be availed along with an experience at ‘Equiverse’ virtual world.
• It is the first bank to introduce the Equitas Bank CSK Debit Card in the Equiverse, a special edition
debit card for Chennai Super King (CSK) fans who shared space with the team’s avatars in this
virtual experience at www.equiverse.in.
Equitas has partnered with CSK and other teams in the Indian Premier League (IPL) for the fourth time in
2022. The bank had their logo with the CSK team in IPL 2021, portraying themselves as the
“BankBehindEveryChampion.”
Key Points:
i.The bank has concentrated on advertising its savings account, which pays up to 7% interest to retail
customers.
ii.Any new account applicant can choose the CSK debit card and open an account online from anywhere.
iii. With the recent rate modifications for savings and RTDs, the bank hopes to empower its customers by
offering better interest rates on their savings accounts, fixed deposits, and recurring deposits.
About Equitas Small Finance Bank Limited:
MD & CEO – Vasudevan Pathangi Narasimhan
Establishment – September 5, 2016
Central Govt’s total liabilities rise to Rs 128.41 lakh cr in Q3FY22

In accordance with the latest public debt management report by the Ministry of Finance, the Central
Government’s total liabilities rose to Rs 128.41 lakh crore in December quarter (Q3FY22) from Rs 125.71
lakh crore in Q2FY22.
• This increase reflects a quarter-on-quarter increase of 2.15%.
Key Points:
i.In absolute terms, the total liabilities, including liabilities under the ‘Public Account’ of the government,
jumped to Rs 1,28,41,996 crore in Q3FY22 as compared to Rs 1,25,71,747 crore in Q2FY22.
ii.Public debt accounted for 91.60% of the total outstanding liabilities in Q3FY22.
iii.Nearly 25% of the outstanding dated securities had a residual maturity of less than 5 years.
iv.The yields on the 10-year benchmark security increased from 6.22% in Q2FY22 to 6.45% in Q3FY22.
v.The ownership pattern of the central government securities indicates that the share of commercial banks
stood at 35.40% in Q3FY22, lower than 37.82% in Q2FY22.
ICICI & HDFC Bank To Acquire up to 15% Stake in IDRCL

On 28 March, 2022 the ICICI Bank Ltd (ICICI Bank) & HDFC Bank signed an investment agreement for
a 15% stake in India Debt Resolution Company Ltd (IDRCL). The IDRCL was established to manage
stressed assets in India.
• The approval for the deal was given by the Reserve Bank of India (RBI) and the Department of
Economic Affairs, Ministry of Finance.
• IDRCL works in tandem with the National Asset Reconstruction Company Ltd (NARCL) to clean up
bad loans.
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ICICI Bank Acquisition:

The investment would consist of a total cash consideration of upto Rs.7.5 crore in multiple equity
tranches.
Note- In March 2022, the ICICI bank also signed an agreement to acquire a 5%stake in National Asset
About Stressed assets:
It is a broader term and comprises NPAs (Non-performing Assets), Restructured loans and Written off
assets.
Stressed assets = NPAs + Restructured loans + Written off assets
• NPAs– A loan whose interest/installments has not been paid for more than 90 days.
• Restructured Loans – Loans which have been restructured by giving a longer duration for repayment,
lowering interest or by converting them to equity.
• Written off Assets – loans which aren’t counted as dues. They are compensated through some other way.
HDFC Bank Acquisition:
HDFC Bank will also acquire a 15% equity stake in IDRCL for Rs. 7.50 crore. The first tranche of equity
investment for Rs 3 crore is expected to be complete by 31 March 2022. The investment will be in multiple
tranches.
About ICICI Bank Ltd (ICICI Bank):
It was formed in 1955 at the initiative of the World Bank, the Government of India and representatives of
Indian industry & Incorporated in 1994.
CEO & MD- Sandeep Bakhshi
Headquarters-Mumbai, Maharashtra.
Central Bank of India Ties up with Kwik.ID to Digitize Customer Onboarding

Central Bank of India (CBI) partnered with Kwik.ID to implement digital Know Your Customer (KYC),
video KYC and eKYC for its network across India.
Objective:
To bring seamless onboarding and provide efficient digital facilities to the customers across India.
Highlights:
i.The partnership will support the implementation of its digital transformation agenda and also help in
digital finance initiatives.
ii.Kwik.ID is India’s fastest and first ever AI-based fully compliant Video KYC solution and a flagship
product by Think360.ai. It has the target to digitize 10 million customers’ onboarding annually and
streamline their end-to-end processes.
• Earlier, it collaborated with Bank of Baroda, RBL Bank, Bajaj Finserv and Spice Money, among
others.
What is the Know Your Customer (KYC) process in banks?
It is the process of verifying the identity of customer. The objective of KYC guidelines is to prevent banks
from being used by criminal elements for money laundering activities.
About Central Bank of India (CBI):
Founded-1911
MD & CEO- M. V. Rao
HDFC ERGO Launches VAULT, an Industry’s First Digitally-enabled Rewards based Program
HDFC ERGO General Insurance Company launched its VAULT program. It is India’s first industry
based digital customer engagement and rewards program.
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• This program is an experiment to test a new idea under the Regulatory Sandbox of IRDAI
(Insurance Regulatory and Development Authority of India )
• The testing period will be till 14th May 2022 and further continuance of the product beyond the
testing period will be subject to IRDAI approval.
What is the VAULT program?
i.It is a customer engagement-based membership program.
ii.Under the program, eligible customers will be incentivized by way of reward points on meeting the
specified criteria or actions
• Various criteria such as staying insured under the policy for more than two years, holding two
active HDFC ERGO retail policies etc.
iii.The reward points will be equivalent to cash and can be redeemed against wellness offers such
as pharmacy vouchers, doctor consultations, etc.
• No new customers will be enrolled after 14th May 2022. More points can be earned and
redeemed by enrolled customers up to14th May 2023.
iv.Maximum customer enrolments under this program will be 10,000. This reward program will
cover Optima Restore health insurance customers.
About Regulatory Sandbox:
It is created by the IRDAI that allows the insurance company to conduct field tests to collect evidence on
the benefits and risks of new products and services.
Google Pay & Pine Labs collaborates to launch Tap to Pay for UPI
Google Pay, payment platform of Google, has partnered with Pine Labs to launch Tap to Pay for
UPI (Unified Payments Interface) – a functionality that aims to bring the seamless convenience of Tap to
Pay to UPI.
• With this new feature, users can just tap their phones on the Point of Sales (POS) terminal and
authenticate transactions on their phones using their UPI PIN.
Pine Labs is a merchant commerce platform that offers merchants payment solutions, and the Tap to Pay
for UPI feature will only be available when transacting with a merchant that uses a Pine Labs Android POS
terminal.
Key Points:
i.Reliance Retail was the first to test this new feature, and it is now available at other significant retailers
such as Future Retail and Starbucks.
ii.Until now, the Tap to Pay facility was only available for cards. With the invention of Tap to Pay for UPI,
users can authenticate payments from their phone using their UPI PIN, making the process virtually
instantaneous as compared to scanning a QR code or entering the UPI-linked mobile number.
About Pine Labs:
Pine Labs offers a merchant platform that includes technology and financial solutions for merchants.
CEO – Amrish Rau
Headquarters – Noida, Uttar Pradesh
Founded – 1998
ICRA cuts India’s FY23 GDP growth forecast to 7.2%

On March 29, 2022, the rating agency ICRA Limited (formerly Investment Information and Credit Rating
Agency of India Limited) reduced its forecast of the year-on-year (YoY) growth of the India’s Gross
Domestic Product (GDP at constant 2011-12 prices) by 0.8% in FY23 to 7.2% from 8%. The K-shaped
recovery is likely to continue.
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• The GDP expansion in FY22 is projected at 8.5% which is lower than the National Statistical
Office’s (NSO’s) second advance estimate of 8.9%.
• The Reserve Bank of India (RBI) expects FY23 GDP growth rate at 7.8%.
Key Points:
i.The decrease in GDP is due to the elevated commodity prices and also fresh supply chain issues arising
from the Ukraine-Russia war. This will constrain the demand revival in FY23.
ii.Real GDP growth is likely to moderate to 3-4% in Q4FY22 from 5.4% in Q3FY22.
iii.ICRA expects gradual rise in capacity utilization to ~74-75% in Q3FY23 from ~71-72% in Q4FY22.
What is K- Shaped recovery?
A K-shaped recovery is when different communities experience different rates of recovery after a
recession. It is named so because, when plotted on a graph, the performance of different parts of the
economy diverges like the arms of the letter “K.”
India’s economic recovery is two-speed, also called K-shaped by many economists.
Central Bank of Chile Governor Mario Marcel won Governor of the year Award 2022: 9th
Central Banking Awards 2022
Mario Marcel Cullell (Mario Marcel), the Governor of Banco Central de Chile(BCCh – Central Bank of
Chile) has won the Governor of the year Award 2022 at the 9th edition of the Central Banking Awards
2022. The award recognises all-around achievements in the job.
• The annual Central Banking Awards 2022 is made up of 17 central bank categories and 14
partner and service provider categories.
About Mario Marcel:
i.Mario Marcel served as the Governor of the BCCh from 2016 to January 2022.
ii.He resigned his post as governor in January 2022, and become finance minister under the new
administration of Gabriel Boric, President of Chile.
iii.He has also served as a consultant for international organizations and governments of different
countries such as Mexico, Colombia, Peru and Vietnam
iv.He has also served as a researcher for the Corporation for Latin American Studies (Cieplan).
Central Banking Awards:
The inaugural Central Banking Awards were presented in 2014.
The annual award recognises
• Extraordinary examples of public service
• Pioneering activities in the central banking community
• Best practice in policy, governance, economics, digitalisation, infrastructure and management
• Innovative and best practice in the provision of operational, technological, financial and advisory
services
Central Banking Publications:
Central Banking is firmly established as the industry’s leading information resource. It is a financial
publisher owned by Infopro Digital specialising in public policy and financial markets.
Editor-in-chief– Christopher Jeffery
About Banco Central de Chile (Central Bank of Chile):
Governor– Rosanna Costa (first female governor)
Headquarters– Santiago, Chile
Founded in August 1925
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IDBI Bank to Sell 25% Stake in Ageas Federal Life Insurance Company
Industrial Development Bank of India (IDBI Bank) announced to offload its 25% stake in Ageas Federal
Life Insurance Company (AFLI) to Ageas Insurance International NV.
• The board of directors of the IDBI Bank approved to sell its 200 million equity shares in AFLI to
Ageas pursuant to exercise of Call Option by Ageas.
Highlights:
i.In December 2020, IDBI Bank also sold a 23% stake in an insurance joint venture (JV) to Ageas Insurance
International for Rs 507.10 crore, following this the insurer’s name was changed from IDBI Federal Life
Insurance to Ageas Federal Life Insurance company limited.
• This raised Ageas stake to 49% in the insurance company.
ii.The approval was also given for divestment of the bank’s stake up to 11.10% of paid-up share capital of
the National Securities Depository (NSD) through market-driven process.
About Industrial Development Bank of India (IDBI):
CEO & MD– Rakesh Sharma
Tagline– Bank Aisa Dost Jaisa
Banking, Finance & Economy Q&A: MARCH 2022

1. In February 2022, the Union Cabinet approved the Foreign Direct Investment (FDI) of up to _______
under the "automatic route" in the Life Insurance Corporation (LIC) of India, ahead of a mega initial
public offering (IPO).
1) 25%
2) 10%
3) 30%
4) 20%
5) 40%
Answer- 4) 20%
Explanation:
The Union Cabinet chaired by Prime Minister Narendra Modi approved Foreign Direct Investment (FDI) of
up to 20 per cent under the ‘automatic route’ in Life Insurance Corporation (LIC) of India, ahead of the
mega initial public offering (IPO) of the LIC of India, the largest insurer in India is expected to be held in
March 2022.
i. The current FDI policy which permits 74 per cent foreign investment under the automatic route in the
insurance sector does not apply for the LIC, as it is established and governed under the LIC Act, 1956.
ii. According to the Securities and Exchange Board of India (SEBI), LIC has reserved 50 per cent of the net
offer (after excluding the reservation for policyholders and employees) for qualified institutional buyers
(QIB), 15 per cent for non-institutional bidders and 35 per cent for retail individual bidders.
2. Which organization recently (in Feb’22) invited the Request for Proposal (RFP) to assess the
impact of its multi-media awareness campaigns named Kehta Hai to promote financial literacy?
1) IRDAI
2) RBI
3) SBI
4) SIDBI
5) SEBI
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Answer- 2) RBI
Explanation:
The Reserve Bank of India (RBI) has proposed to assess the impact of its multi-media awareness
campaigns that promote financial literacy and safe banking practices. In this regard, it has invited the
Request for Proposal (RFP) from certain shortlisted entities, which will be required to undertake outcome
and impact assessment of its multilingual, pan-India public awareness campaigns.
i. RBI runs the ‘RBI Kehta Hai’ campaign to educate and empower the public about banking regulations.
3. RBI recently (in Feb’22) updated the Payment and Settlement Systems Regulations, 2008 under
the ______ section of Payment and Settlement Systems Act, 2007 (51 of 2007).
1) Section 15
2) Section 38
3) Section 29
4) Section 44
5) Section 25
Answer- 2) Section 38
Explanation:
In exercise of the powers conferred by sub-section (1) read with clauses (b) to (f) of subsection (2) of
Section 38 of the Payment and Settlement Systems Act, 2007 (51 of 2007), the Reserve Bank of India
(RBI) updated the Payment and Settlement Systems Regulations, 2008.
These allow companies to run payment businesses to seek licenses from the regulator.
This Regulation specifies the following:
i. Authorisation of Payment Systems Submission of application for authorisation for commencing or
carrying on a payment system Grant of the authorisation certificate
ii. Payment Instructions and Determination of Standards
iii. Furnishing of Returns, Documents and Other Information
• Submission of returns, documents etc
• Furnishing of accounts and balance sheets
4. In February 2022, RBI cautioned ___________ app which was operating a semi-closed pre-paid
instrument & without receiving authorization from the central bank, under Payment and
Settlement Systems Act, 2007.
1) BlaBlaCar
2) sRide
3) UberPool
4) ToGo
5) Ridely
Answer- 2) sRide
Explanation:
RBI cautioned public against carpooling app sRide, which is operating a semi-closed prepaid instrument
without authorization from the central bank under the provisions of the Payment and Settlement
Systems Act, 2007.
i. The app is operated by sRide Tech Private Limited which has its registered office at Gurugram, Haryana.
About sRide:
sRide is a carpooling mobile application to connect people within the community to share rides. This will
help users share the cost of travel, reduce travel time, increase mobility and build communities.
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5. In February 2022, _________ became the 1st Woman to be appointed as the chairman of the
Securities and Exchange Board of India (SEBI) for the period of 3years.
1) Sharmistha Dubey
2) Sonia Syngal
3) Madhabi Puri Buch
4) Rekha Sharma
5) V. Mohini Giri
Answer- 3) Madhabi Puri Buch
Explanation:
The Appointments Committee of the Cabinet (ACC) has approved the appointment of Madhabi Puri Buch
as the Securities and Exchange Board of India (SEBI) chairman for an initial period of three years from 1st
March 2022.
i. She will be the 1st woman to head the SEBI, securities market regulator and she is also the 1st person
from the private sector to head SEBI and also 1st non-IAS to be appointed as the SEBI chairman.
ii. She will be the 10th chair of the board. She succeeds Ajay Tyagi, who served as a chairman for 5 years.
His tenure ends on 28th February 2022.
6. In February 2022, Japan and India extended their bilateral swap agreements up to ____________.
1) USD 80 Million
2) USD 65 Billion
3) USD 50 Million
4) USD 75 Billion
5) USD 85 Billion
Answer- 4) USD 75 Billion
Explanation:
Japan and India have renewed the Bilateral Swap Arrangement (BSA) under which the 2 countries can
swap their local currencies in exchange for the US Dollar of up to USD 75 billion with effect from 28th
February 2022.
Signatories – The Bank of Japan which is acting as agent for the Minister of Finance of Japan, and the
Reserve Bank of India (RBI) on behalf of the Government of India (GoI) signed the Amendment and
Restatement Agreement of the BSA.
About Japan:
Capital – Tokyo
Currency – Japanese Yen
Prime Minister – Fumio Kishida
7. Which bank recently (in March’22) partnered with Ambit Finvest private Ltd to offer co-lending
to MSMEs?
1) Union Bank of India
2) Bank of Maharashtra
3) Canara Bank
4) Indian Bank
5) Bank of Baroda
Answer- 1) Union Bank of India
Explanation:
Ambit Finvest private limited signed a co-lending agreement with Union Bank of India (UBI) for
lending to Micro, Small and Medium Enterprise (MSME) customers which enables creditworthiness of
MSMEs in 11 states that are currently covered by Ambit Finvest.
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i. Through this partnership, MSMEs that face higher interest rates or those that are excluded from other
banking services, will enjoy lower interest rates and translate into lower cost of funds which would help
MSMEs with increased capital deployment in business.
About Union Bank of India (UBI):
Establishment – 11 November 1919
Managing Director (MD) & CEO – Rajkiran Rai G.
8. Name the bank that recently (in March’22) collaborated with Mahagram to launch the ‘Bank
Sakhi’ project in Odisha.
1) Bank of Baroda
3) Bank of India
4) Punjab National Bank
5) Indian Bank
Answer- 2) Bank of Maharashtra
Explanation:
Bank of Maharashtra (BoM) has tied up with Mahagram to power up the ‘Bank Sakhi’ project in Odisha.
Mahagram provides financial technology and infrastructure support to augment rural financial inclusion.
Aim- This partnership will provide access to the doorstep and hassle-free banking services to the people of
Odisha.
About Bank of Maharashtra (BoM):
Establishment – 16 September 1935
Headquarters – Pune,Maharashtra
Managing Director (MD) & CEO – A S Rajeev
Tagline – Ek Parivaar, Ek Bank (One Family One Bank)
9. As per the Quarterly Estimates of GDP released by the National Statistical Office (NSO), India’s
economy grew by _____ year-on-year in the Q3FY22 (October-December).
1) 6.4%
2) 5.2%
3) 4.7%
4) 5.4%
5) 3.8%
Answer- 4) 5.4%
Explanation:
In accordance with the Second Advance Estimates (SAE) of National Income, 2021-22 & Quarterly
Estimates of GDP for the 3rd quarter(Q3) (October-December), 2021-22 by the National Statistical Office
(NSO), Ministry of Statistics and Programme Implementation (MoSPI), the Indian economy grew by 5.4%
year-on-year in the Q3FY22.
i. This is the 5th consecutive positive growth. However, this is slower than the Q2FY22 and Q1FY22 amid
rising risks from higher prices of crude oil and commodities due to Russia’s invasion of Ukraine. In
absolute terms, I
10. Who recently (in Feb’22) got appointed as the Vice President of the operation side of the
Multilateral Investment Guarantee Agency (MIGA)?
1) Faisal Chaudhary
2) Pradip Shah
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3) Junaid Kamal Ahmad

4) Fakhruddin Ahmed
5) Khorshed Alam
Answer- 3) Junaid Kamal Ahmad
Explanation:
The World Bank’s India head and a Bangladeshi economist, Junaid Kamal Ahmad was appointed as a Vice
President of the operation side of the Multilateral Investment Guarantee Agency (MIGA), which offers
political risk insurance, credit enhancement guarantees to help developing countries.
i. He would assume the new charge from April 16, 2022.
ii. He is the current World Bank country director for India.
11. In February 2022, Ashneer Grover resigned as the MD and director of the board of which of the
following Company?
1) PhonePe
2) Cashfree
3) Razorpay
4) BharatPe
5) Paytm
Answer- 4) BharatPe
Explanation:
Ashneer Grover, co-founder and Managing Director (MD) of BharatPe, a leading Indian fintech company,
has resigned as the MD and director of the board of BharatPe.
i. Ashneer Grover, who owns a 9.5% stake worth Rs 1915 crore in BharatPe, will continue as the single
largest individual shareholder of the company.
Note- BharatPe became the 19th Indian startup to become a unicorn in 2021.
12. Which company recently (in March’22) launched ‘Pre Apply LIC IPO’ App to open a demat
account?
1) Edelweiss Broking Ltd
2) Karvy Stock Broking Ltd
3) Angel Broking Ltd
4) Religare Broking Ltd
5) Zerodha Broking Ltd
Answer- 4) Religare Broking Ltd
Explanation:
Religare Broking Limited (RBL), a full service broking house and securities firm has launched ‘Religare
Pre Apply LIC IPO App’, which will be a one-stop solution for investors to open a demat account and share
intent to pre-apply for the Life Insurance Corporation of India (LIC) Initial Public Offering (IPO).
i. All types of investors, including existing LIC policy holders and first-time investors can register their
interest by filling up their name, email ID and mobile number.
13. Name the bank that recently (in March’22) launched Corporate Liquidity Management Solution
(C-LMS) & Government Liquidity Management Solution (G-LMS) for institutional customers.
1) IDBI Bank
2) ICICI Bank
3) HDFC Bank
4) YES Bank
5) Axis Bank
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Answer- 1) IDBI Bank

Explanation:
IDBI Bank launched Corporate Liquidity Management Solution (C-LMS) and Government Liquidity
Management Solution (G-LMS) to meet the liquidity management needs of institutional customers.
i. LMS helps in consolidating funds and managing the liquidity seamlessly within the organisation.
ii. C-LMS and G-LMS provide real-time, web-based and formula driven liquidity management solutions to
the customers of the bank.
About IDBI Bank:
MD & CEO- Rakesh Sharma
14. Which bank recently (in March’22) partnered with Fisdom to offer fintech services to its
customers?
1) Bank of Baroda
2) Union Bank of India
4) UCO Bank
5) Indian Bank
Answer- 4) UCO Bank
Explanation:
UCO Bank Partners with Fisdom to offer fintech services including demat account, stockbroking services,
pension funds and tax filing to its customers. UCO Bank will now offer its customers a robust 3-in-1
personal banking experience with the extended product & service suite.
i. The extension suite will be offered through UCO Bank’s mobile banking application UCO mBanking Plus
and will gradually be accessible through its internet banking platform as well.
15. Which Bank recently (in March’22) signed a co-lending agreement with Edelweiss Housing
Finance Limited (EHFL) to offer property loan to MSME?
1) Standard Chartered Bank
2) ICICI Bank
3) Citibank
4) DBS Bank
5) HDFC Bank
Answer- 1) Standard Chartered Bank
Explanation:
Edelweiss Housing Finance Limited (EHFL) and Standard Chartered Bank signed a strategic co-lending
agreement for extending property loans to Micro Small Medium Enterprises (MSMEs).
i. Under the partnership, EHFL will originate, process, service the loans and retain 20% of the loan on its
books and remaining 80 % will be on the books of Standard Chartered Bank.
Edelweiss Housing Finance Limited (EHFL):
MD & CEO-Rajat Avasthi
16. Name the company that recently (in March’22) partnered with IRCTC to offer digital ticketing
services to customers through Automatic Ticket Vending Machines (ATVM).
1) BHIM
2) MobiKwik
3) BharatPe
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4) Paytm
5) PhonePe
Answer- 4) Paytm
Explanation:
Paytm owned by One97 Communications Limited (OCL) expanded its partnership with Indian Railway
Catering and Tourism Corporation (IRCTC) to offer digital ticketing services to consumers through
Automatic Ticket Vending Machines (ATVM) installed at railway stations across India.
i. This is the first time that Indian Railways is offering the option to pay for ticketing services digitally via
Unified Payments Interface (UPI) on ATVMs to promote cashless commuting among railway passengers.
ii. Under this partnership between Paytm and IRCTC, the Paytm Quick Response(QR) solution at ATVM,
will allow the passengers to enable complete cashless commutes.
17. Which company recently (in March’22) partnered with NPCI and SBI Cards and Payment
Services Private Limited (SBICPSL) to launch a co-branded contactless credit card to offer travel
benefits?
1) Tripadvisor
2) Yatra.com
3) EaseMyTrip
4) Cleartrip
5) MakeMyTrip
Answer- 2) Yatra.com
Explanation:
National Payments Corporation of India (NPCI) partnered with Yatra.com and SBI Cards and Payment
Services Private Limited (SBICPSL) to launch a co-branded ‘Yatra SBI Card’ on the RuPay network,
especially for travel enthusiasts.
i. This card is a holiday-cum-shopping credit card which also comes with travel benefits on booking flights
and hotels that are applicable for 6 times a year.
About SBI Cards and Payment Services Private Limited (SBICPSL):
Managing Director (MD) & CEO – Rama Mohan Rao Amara
18. Who recently (in March’22) got appointed as the Managing Director (MD) and Chief Executive
Officer (CEO) of LIC Mutual Fund Asset Management?
1) Amit Pandit
2) Ashok Paranjpe
3) Dinesh Pangtey
4) Thomas Panamthanath
5) TS Ramakrishnan
Answer- 5) TS Ramakrishnan
Explanation:
LIC (Life Insurance Corporation) Mutual Fund Asset Management Limited appointed TS Ramakrishnan
as its Managing Director (MD) and Chief Executive Officer.
i. He will succeed Dinesh Pangtey, its former Whole time Director and CEO.
About LIC (Life Insurance Corporation) Mutual Fund Asset Management Limited : Nominee
Director- Bishnu Charan Patnaik
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19. The 46th Civil Accounts Day was celebrated across India by the Indian Civil Accounts Service
(ICAS) on __________.
1) 3rd March 2022
2) 1st March 2022
3) 27th February 2022
4) 2nd March 2022
Answer- 4) 2nd March 2022
Explanation:
The Civil Accounts Day is annually celebrated across India by the Indian Civil Accounts Service (ICAS), one
of the Civil Services of India under the Department of Expenditure.
i. Along with ICAS, the Controller General of Accounts (CGA), under the Department of Expenditure,
Ministry of Finance, the Government of India celebrated the 46th Civil Accounts Day on 2nd March
2022.
ii. Union Finance Minister Nirmala Sitharaman (Chief Guest) addressed the 46th Civil Accounts Day
celebration held at the Dr Ambedkar International Centre, Janpath, New Delhi, Delhi.
iii. On the occasion of the 46th Civil Accounts Day, Union Finance Minister Nirmala Sitharaman launched a
major e-governance initiative ‘the Electronic Bill (e-Bill) processing system’ as part of the ‘Ease of Doing
Business (EoDB) and Digital India eco-system’ which was developed by the Public Financial Management
System (PFMS) Division in the office of the CGA.
20. Name the company that recently (in March’22) partnered with Arka Fincap & MAS Financial
Services for new digital lending models.
1) CASHe
2) Lendingkart
3) GalaxyCard
4) LoanTap
5) RupeeRedee
Answer- 4) LoanTap
Explanation:
LoanTap, a leading fintech digital lending platform, aims to close Financial Year 2022 by announcing
business collaborations with Non-Banking Financial Company (NBFC) – Arka Fincap Limited (Arka) and
Reserve Bank of India (RBI) registered NBFC MAS Financial Services Limited. (MAS) in a co-lending
model for the salaried and MSME segment.
i. The collaboration will allow LoanTap to utilize its technology and quick processes to tap into a larger
customer base and enable loan disbursals through these partnerships.
About MAS Financial Services Limited:
Headquarters – Ahmedabad, Gujarat
Chairman & Managing director (MD) – Kamlesh Gandhi
21. RBI recently (in Feb’22) cancelled the licence of ___________ due to its inadequacy in earning
prospects to Pay the customers.
1) Nainital Bank
2) Tamilnad Mercantile Bank
3) Sarjeraodada Naik Shirala Sahakari Bank
4) Baroda Gujarat Gramin Bank
5) Shivalik Small Finance Bank
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Answer- 3) Sarjeraodada Naik Shirala Sahakari Bank

Explanation:
The Reserve Bank of India (RBI) canceled the license of Sarjeraodada Naik Shirala Sahakari Bank Ltd of
Shirala, Sangli (Maharashtra) due to compliance failure with the regulation under Section 11(1) ,Section 22
(3) (d) and Section 56 Banking Regulation Act 1949.
i. The bank is found to lack adequate capital and earning prospects under section 11(1) and section 22(3)
(d) read with section 56 of the Banking Regulation Act, 1949.
ii. The Bank is debarred to carry its banking business and operation with effect from 2 March 2022.
iii. The bank is unable to carry acceptance of deposits and repayment of deposits as defined in Section 5(b)
and Section 56 of the Banking Regulation Act, 1949.
22. Which company recently (in March’22) partnered with Common Service Centre e-Governance
Services India Limited to provide loans through the network of over 4 lakh Village Level
Entrepreneurs (VLEs)?
1) Aditya Birla Finance Ltd
2) LIC Housing Finance Ltd
3) IIFL Finance Ltd
4) Muthoot Finance Ltd
5) Bajaj Finance Ltd
Answer- 2) LIC Housing Finance Ltd
Explanation:
LIC Housing Finance Limited (LICHFL) and Common Service Centre e-Governance Services India Limited
(CSC) have entered into a strategic partnership to provide loans to citizens through CSC’s network of over
4 lakh Village Level Entrepreneurs (VLEs).
i. Through the partnership, VLEs can avail home loans; loans for serving or retired employees who are
entitled to pension; residential plot loan; Griha Suvidha for private sector workers or self-employed; and
loan against property and top-up loan.
About LIC Housing Finance Limited (LICHFL):
Managing Director (MD) & CEO – Y Viswanatha Gowd
23. Name the NBFC company that recently (in March’22) partnered with NIRA to provide personal
loans.
1) Aditya Birla Finance Ltd
2) Tata Capital Financial Service Ltd
3) Muthoot Finance Ltd
4) Bajaj Finance Ltd
5) IIFL Finance Ltd
Answer- 5) IIFL Finance Ltd
Explanation:
IIFL Finance Limited, a non-banking financial company collaborated with fintech NIRA to strengthen its
digital footprint by providing personal loans.
Aim – To provide credit to largely unbanked and underbanked borrowers and small entrepreneurs.
i. Through this partnership, salaried customers can avail a personal loan of up to Rs. 1 lakh from IIFL
Finance by downloading the NIRA app from Google’s Play store.
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About IIFL Finance Limited:

Chairman – Nirmal Jain
24. Who recently (in March’22) got appointed as the “brand ambassador”of Bharti AXA Life
Insurance?
1) Vidya Balan
2) Katrina Kaif
3) Deepika Padukone
4) Alia Bhatt
5) Kareena Kapoor
Answer- 1) Vidya Balan
Explanation:
Bharti AXA Life Insurance, appointed National Award winning actress Vidya Balan as its Brand
Ambassador.
i. Bharti AXA Life Insurance is a joint venture of Bharti, India’s leading business groups and AXA, one of the
world’s leading organizations in financial protection and wealth management.
About Bharti AXA Life Insurance:
MD & CEO- Parag Raja
Commenced operation– 2006
25. Which bank recently (in March’22) signed an MoU with IPE Global limited to provide USD 150
million for the SAMRIDH Healthcare Blended Finance Facility?
1) IndusInd Bank
2) Axis Bank
3) YES Bank
4) HDFC Bank
5) ICICI Bank
Answer- 2) Axis Bank
Explanation:
Axis Bank signed an MoU with IPE Global limited for the SAMRIDH Healthcare Blended Finance
Facility with finance of up to USD 150 million (approximately Rs 1,140 crore) to support health
enterprises and innovators.
Note: ‘SAMRIDH – Sustainable Access to Markets and Resources for Innovative Delivery of Healthcare’.
i. SAMRIDH is supported by the United States Agency for International Development (USAID) and Indian
Institute of Technology-Delhi (IIT-D), in technical collaboration with the Principal Scientific Advisor to the
Government of India, the National Health Authority and NATHEALTH.
26. Which company recently (in March’22) partnered with VTEX to offer Multiple Local Payment
Methods for merchants?
1) Citrus Pay
2) Razorpay
3) Instamojo
4) Cashfree
5) PayU
Answer- 5) PayU
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Explanation:
PayU has collaborated with VTEX, one of the largest global digital commerce platforms, to offer multiple
payment solutions to VTEX merchants.
i. Through this collaboration, PayU platform will be available for VTEX’s merchants that includes global
players operating in different industries in India and provides seamless access to PayU’s payment
solutions.
Aim – To simplify payment methods for the merchants using VTEX platform.
27. Which insurance company recently (in March’22) launched “FG Dog Health Cover”,
comprehensive health insurance for pet dogs?
1) Star Health Insurance
2) Future Generali India Insurance
3) Bajaj Allianz Health Insurance
4) Bharti AXA Insurance
5) Edelweiss Health Insurance
Answer- 2) Future Generali India Insurance
Explanation:
Future Generali India Insurance Company (FGII) Limited launched FG Dog Health Cover, a comprehensive
health insurance for pet dogs, along with industry-first ‘Emergency Pet Minding’ cover as an add-on if
parents are hospitalized.
i. The FGII also focuses on a digital campaign named ‘Oh My Dog!’ with an aim to create awareness on
purchasing dog health insurance cover and also targets on social media like instagram and twitter.
About Future Generali India Insurance Company Limited:
Incorporated – September 2007
Managing Director (MD) & CEO – Anup Rau
28. Which country recently (in March’22) retained in the grey list of Financial Action Task Force
(FATF) for failing to check money laundering & terror financing since June 2018?
1) Iraq
2) Iran
3) Afghanistan
4) Pakistan
5) UAE
Answer- 4) Pakistan
Explanation:
The global money laundering and terrorist financing watchdog, Financial Action Task Force (FATF),
retained Pakistan in the grey list and asked the country to work on money laundering investigations and
prosecutions.
i. The decision has been taken after the conclusion of the four-day FATF Plenary from March 1-4, 2022.
ii. The event took place in hybrid mode from Paris, France. FATF also added the United Arab Emirates
(UAE) to its grey watchlist.
iii. Pakistan has been on the grey list of FATF since June 2018 for failing to check money laundering, and
terror financing. It was given a plan of action to complete it by October 2019 but it fails to comply with the
FATF mandates.
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29. Which of the following points is correct with respect to the recent (in March’22) exemption of
the investments made in the umbrella organisation by RBI?
A) RBI has exempted the investments made in Umbrella Organization by Primary (Urban) Co-
operative Banks (UCBs) from non-Statutory Liquidity Ratio holding limits.
B) The limits are Non-SLR investments should be limited to 10% of a bank’s total deposits as on
March 31 of the previous year & Investments in unlisted securities should not exceed 10% of the
total non-SLR investments at any time.
C) RBI had accorded regulatory approval to the NAFCUB June 2019 for the formation of a UO for the
UCB sector.
1) All A, B & C
2) Only A & B
3) Only B & C
4) Only A
5) Only B
Answer- 1) All A, B & C
Explanation:
RBI has exempted the investments made in Umbrella Organization by Primary (Urban) Co-operative Banks
(UCBs) from non-Statutory Liquidity Ratio holding limits.
i. The limits are Non-SLR investments should be limited to 10% of a bank’s total deposits as on March 31 of
the previous year & Investments in unlisted securities should not exceed 10% of the total non-SLR
investments at any time.
ii. RBI had accorded regulatory approval to the NAFCUB June 2019 for the formation of a UO for the UCB
sector.
30. Which company recently (in March’22) partnered with Kotak Mahindra Bank to launch a co-
branded fuel credit card?
1) Oil and Natural Gas Corporation
2) Coal India Ltd
3) Indian Oil Corporation
4) Hindustan Petroleum Corporation
5) Bharat Petroleum Corporation
Answer- 3) Indian Oil Corporation
Explanation:
Kotak Mahindra Bank Limited (KMBL) and Indian Oil Corporation (IOC) Limited launched the Indian Oil
Kotak co-branded fuel credit card that will offer more value to customers in the form of an enhanced
rewards programme.
i. The program gives customers value on fuel spends and on special non-fuel & frequent-spend categories,
such as fuel, dining and groceries.
ii. This partnership will help IOC and KMBL to further strengthen their brand reach and deepen customer
engagement.
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31. In March 2022, ___________ bank sanctioned a loan of _________ to Jammu and Kashmir
Infrastructure Development Finance Corporation Ltd (JKIDFC) to provide funding for
infrastructure development.
1) Indian Overseas Bank; Rs 3,000 crore
2) Bank of India; Rs 4,000 crore
3) Bank of Baroda; Rs 2,000 crore
4) Indian Overseas Bank; Rs 1,000 crore
5) Bank of India; Rs 5,000 crore
Answer- 4) Indian Overseas Bank; Rs 1,000 crore
Explanation:
The Indian Overseas Bank (IOB) has sanctioned a loan of Rs 1,000 crore to Jammu and Kashmir
Infrastructure Development Finance Corporation Ltd (JKIDFC) under an agreement signed by both
entities. Rs 500 crore has already been disbursed by the bank.
i. This funding by the bank is a part of its business plan to widen credit growth and funding infrastructure
development across the nation.
ii. IOB is one of the first public sector banks to lend to JKIDFC and through this funding, implementing
departments now speed up the pace of projects which are under execution at various levels of completion.
32. Which company recently (in March’22) got selected by RBI to implement the upgraded version
of the ‘Cloud-Native Intellect Quantum Core Banking solution’?
1) HCL Technologies
2) Intellect Design Arena Ltd
3) Newgen Software
4) Subex Ltd
5) Infosys
Answer- 2) Intellect Design Arena Ltd
Explanation:
Reserve Bank of India (RBI) has chosen Intellect Design Arena Limited, a fintech firm to implement the
upgraded version of the ‘Cloud-Native Intellect Quantum Core Banking solution’ to power the next
stage of their digital transformation agenda. Intellect continues to be the trusted partner for the Central
Banking Transformation at RBI.
i. The entire central banking operation of RBI is currently being supported by Intellect’s Quantum Central
Banking Solution, popularly known as e-Kuber in RBI, Government of India & in the Indian Financial
Systems.
About Intellect Design Arena Limited:
Chairman & Managing Director (MD) – Arun Jain
33. Which organization recently (in March’22) signed an MoU with Indian Banks Association (IBA)
to improve creditors handling of bankruptcy cases?
1) Insolvency and Bankruptcy Board of India
2) Small Industries Development Bank of India
3) Telecom Regulatory Authority of India
4) Insurance Regulatory and Development Authority
5) Securities and Exchange Board of India
Answer- 1) Insolvency and Bankruptcy Board of India
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Explanation:
Insolvency and Bankruptcy Board of India (IBBI), an insolvency regulator signed an MoU with Indian
Banks Association (IBA) to collaborate on capacity building for financial creditors on topics related to
insolvency, bankruptcy and related subjects.
i. The MoU was signed during the workshop on ‘Committee of Creditors: An Institution of Public Faith’
organised jointly by IBBI, SBI(State Bank of India) and IBA at New Delhi.
Establishment – 1st October, 2016 (under the Insolvency and Bankruptcy Code, 2016) Headquarters –
New Delhi, Delhi
34. Which company recently (in March’22) partnered with Axis Bank to launch a Co-branded Credit
Card?
1) MTNL
2) Vodafone Idea
3) BSNL
4) Reliance Jio
5) Bharti Airtel
Answer- 5) Bharti Airtel
Explanation:
Bharti Airtel partnered with Axis Bank Limited to launch ‘Airtel Axis Bank Credit Card’ that will offer
benefits such as cashbacks, special discounts, digital vouchers and complimentary services to Airtel’s more
than 34 crore customers.
i. This partnership will also cover future collaboration on cyber security, data and cloud centres.
Establishment – 1993(Commenced Operation- 1994)
35. Who recently (in March’22) got appointed as the Deputy Managing Director (DMD) of digital
banking of SBI for 3years?
1) Sanjay Agarwal
2) Govind Singh
3) Ittira Davis
4) Nitin Chugh
5) Prabodh Parikh
Answer- 4) Nitin Chugh
Explanation:
State Bank of India (SBI) has appointed Nitin Chugh as its Group Head of Digital Banking at the level of
Deputy Managing Director (DMD) for a period of 3 years initially.
i. He was formerly the Group Head of Digital Banking at HDFC (2001-2019) and MD & CEO of Ujjivan Small
Finance Bank (2019-2021) from where he resigned citing personal reasons in September 2021.
About SBI:
Chairperson: Dinesh Kumar Khara
Tagline: “Pure Banking, Nothing Else”
Headquarters: Mumbai, Maharashtra
Establishment: July 1, 1955 as SBI
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36. Which of the following points are correct with respect to the UPI123Pay & DigiSaathi initiatives
launched in March 2022?
A) RBI and the National Payment Corporation of India (NPCI) launched two landmark initiatives
UPI123Pay and DigiSaathi.
B) DigiSaathi is a 24/7 information Helpline for providing information on digital payment products
which are available in English & Hindi that has been set up by NPCI.
C) UPI123PAY for feature phones to improve digital payments to a higher level, paving the way for a
cashless economy.
1) All A, B & C
2) Only A & B
3) Only B & C
4) Only B
5) Only A
Explanation:
RBI and the National Payment Corporation of India (NPCI) launched two landmark initiatives UPI123Pay
and DigiSaathi.
i. DigiSaathi is a 24/7 information Helpline for providing information on digital payment products which
are available in English & Hindi that has been set up by NPCI.
ii. UPI123PAY for feature phones to improve digital payments to a higher level, paving the way for a
cashless economy.
iii. Need for UPI123Pay: Earlier UPI can be accessed through NUUP (National Unified USSD Platform)
using the short code of *99#.But this option is cumbersome and not popular. Considering that there are
more than 40 crore feature phone mobile subscribers in the country, UPI123pay will materially improve
the options for such users to access UPI.
37. Which Bank recently (in March’22) started the ‘HouseWorkIsWork’ initiative to bring educated
women to the workforce?
1) State Bank of India
2) YES Bank
3) HDFC Bank
4) Axis Bank
5) ICICI Bank
Explanation:
Axis Bank Limited has started the ‘HouseWorkIsWork’ initiative that provides opportunities to those
women who want to rejoin the professional space as the urban educated women’s participation in the
workforce is still not at desired levels.
Aim – To give confidence to women about their employment and also about the skills they possess that
could fit in various job roles in a bank.
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38. Name the organisation that recently (in March’22) released a booklet titled "BE (A) WARE", a
modus operandi used by financial fraudsters.
1) SIDBI
2) SBI
3) IRDAI
4) SEBI
5) RBI
Answer- 5) RBI
Explanation:
The Reserve Bank of India (RBI) released a booklet titled “BE(A)WARE”. It provides information on the
common modus operandi used by fraudsters and precautions to be taken while carrying out various
financial transactions.
i. The booklet will enhance public awareness about financial frauds perpetrated on innocent customers.
ii. According to the Ombudsman Offices & Consumer Education and Protection Cells (CEPCs) of RBI,
sharing of confidential information by the customers, knowingly or unknowingly is one of the major causes
leading to the financial frauds in India.
Governor- Shaktikanta Das
39. Name the health insurance company that recently (in March’22) launched a woman-centric
comprehensive health cover named ‘Star Women Care Insurance Policy.
1) Star Health and Allied Insurance
2) Bharti AXA General Insurance
3) HDFC ERGO General Insurance
4) Kotak Mahindra General Insurance
5) Bajaj Allianz General Insurance
Answer- 1) Star Health and Allied Insurance
Explanation:
Star Health and Allied Insurance Company Limited, a health insurance company launched ‘Star Women
Care Insurance Policy’, a woman-centric comprehensive health cover specially designed to protect the
health-
care needs of women at every stage of their lives.
i. Policy can be purchased through premiums that can be paid in quarterly or half-yearly instalments, and
this policy can also be taken for 1 year, 2 year or 3-year terms.
About Star Health and Allied Insurance Company Limited:
Wholetime Director & CEO – V. Jagannathan
40. Which Mutual Fund company recently (in March’22) launched financial empowerment initiative
named “#LaxmiForLaxmi”?
1) Axis Mutual Fund
2) HDFC Mutual Fund
3) Kotak Mahindra Mutual Fund
4) HSBC Mutual Fund
5) Edelweiss Mutual Fund
Answer- 2) HDFC Mutual Fund
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Explanation:
HDFC Mutual Fund launched an exclusive women led financial empowerment initiative
#LaxmiForLaxmi. It will connect women investors to a woman financial expert through a unique missed
call service.
Objective: To support women investors in the journey to become financially independent while making
mutual fund investments accessible to them.
About HDFC Mutual Fund:
MD & CEO- Navneet Munot
41. Which of the following points are correct with respect to the RBI’s Guidelines for Extended
Interest Equalisation Scheme (IES) on Pre and Post Shipment Rupee Export Credit issued in March
2022?
A) Revised interest equalisation rates under the scheme will now be 3% for MSME manufacturers
under any HS lines and 2% for manufacturer exporters under 410 HS lines.
B) The telecom instrument sector having six Harmonised System lines will not be included in the
scheme, except for MSME manufacturer exporters.
C) The extended scheme will not be applicable to the ones availing benefit under any Production
Linked Incentive (PLI) scheme of the Central Government.
1) Only A
2) Only B
3) Only A & B
4) Only B & C
5) All A, B & C
Explanation:
Revised interest equalisation rates under the scheme will now be 3% for MSME manufacturers under any
HS lines and 2% for manufacturer exporters under 410 HS lines.
i. The telecom instrument sector having six Harmonised System lines will not be included in the scheme,
except for MSME manufacturer exporters.
ii. The extended scheme will not be applicable to the ones availing benefit under any Production Linked
Incentive (PLI) scheme of the Central Government.
iii. RBI issued modified norms on ‘Interest Equalisation Scheme (IES) on Pre and Post Shipment Rupee
Export Credit-Extension’ after the extension of the scheme till March 31, 2024 by the Central Government
w.e.f. October 1, 2021.
42. SEBI recently (in March’22) increased the limit for Public debt investment through Unified
Payments Interface (UPI) from Rs 2 Lakh to ________ with the effect from 1st May, 2022.
1) Rs 5 lakh
2) Rs 3 lakh
3) Rs 6 lakh
4) Rs 4 lakh
5) Rs 7 lakh
Answer- 1) Rs 5 lakh
Explanation:
The Securities and Exchange Board of India (SEBI) increased the limit for investment through Unified
Payments Interface (UPI) mechanism to Rs 5 lakh from Rs 2 Lakh for the investors applying in public
issues of debt securities, which will open on or after May 1, 2022.
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i. The move comes following NPCI’s decision in December 2021, to enhance the per transaction limit in UPI
from Rs 2 lakh to Rs 5 lakh for UPI-based Application Supported by Blocked Amount (ASBA) Initial Public
Offer (IPO).
43. Name the company that recently (in March’22) partnered with Zeta to power next-gen credit
processing for banks and financial technology.
1) Capital One
2) Mastercard
3) Visa
4) American Express
5) Maestro
Answer- 2) Mastercard
Explanation:
Zeta, a banking tech unicorn and provider of next-gen credit card processing to banks and fintechs, and
Mastercard announced a 5-year global partnership.
i. In addition, MasterCard also made a financial investment in Zeta worth $30 million along with other
investors, at a valuation of $1.5 billion. This funding is a follow-on round to the company’s Series C funding
led by Tokyo, Japan based SoftBank in May 2021.
ii. As part of the agreement, the firms will jointly launch credit cards with issuers worldwide on Zeta’s
modern, cloud-native, and fully API (Application Programming Interface)-ready credit processing stack.
44. Which payment bank recently (in March’22) partnered with ToneTag & NPCI to Introduce
VoiceSe UPI Digital Payment Solutions for Feature Phones?
1) NSDL Payments Bank
2) Airtel Payment Bank
3) India Post Payment Bank
4) Fino Payment Bank
5) Paytm Payment Bank
Answer- 1) NSDL Payments Bank
Explanation:
ToneTag, a sound-based proximity communication and payments service provider in partnership with
NSDL Payments Bank and National Payments Corporation of India (NPCI) has recently introduced its
VoiceSe UPI digital payments for feature phone users.
i. ToneTag has launched its Interactive voice response (IVR) 6366 200 200 (toll-free number) to bridge the
gap in accessibility of digital payments, especially in rural India and without internet connectivity
45. Name the insurance company that recently (in March’22) signed a bancassurance partnership
agreement with Bharat Co-operative Bank.
1) Exide Life Insurance
2) Edelweiss Tokio Life Insurance
3) Aditya Birla Sun Life Insurance
4) Bharti AXA Life Insurance
5) Bajaj Allianz Life Insurance
Answer- 3) Aditya Birla Sun Life Insurance
Explanation:
Aim combining synergies to enhance the reach of life insurance products Aditya Birla Sun Life Insurance
(ABSLI), the life insurance subsidiary of Aditya Birla Capital Limited (ABCL), and Bharat Co-operative
Bank (Mumbai) Ltd. signed a bancassurance partnership agreement.
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i. Under the partnership, ABSLI can directly reach out to customers through Bharat Co-operative Bank’s
(Mumbai) 103 branches and fulfill their life insurance and investment planning needs.
About Aditya Birla Sun Life Insurance (ABSLI):
MD and CEO- Kamlesh Rao
46. Which of the following financial institutes recently (in March’22) became 5th All India Financial
Institution (AIFI) under the Sections 45L and 45N of RBI Act, 1934?
1) National Bank for Agriculture and Rural Development
2) Export Import (EXIM) Bank
3) National Bank for Financing Infrastructure and Development
4) Small Industries Development Bank of India
Answer- 3) National Bank for Financing Infrastructure and Development
Explanation:
The RBI announced that National Bank for Financing Infrastructure and Development (NaBFID) will be
regulated and supervised as an All India Financial Institution (AIFI) by it under the Sections 45L and 45N
of Reserve Bank of India (RBI) Act, 1934.
i. NaBFID has been set up as a Development Financial Institution (DFI) to support the development of long-
term infrastructure financing in India.
ii. It shall be the 5th AIFI after Export Import (EXIM) Bank, National Bank for Agriculture and Rural
Development (NABARD), National Housing Bank (NHB) and Small Industries Development Bank of India
(SIDBI).
47. Which organization recently (in March’22) signed an MoU with the Bhartiya Swarnkar Sangh
(BSS) and Jamshedpur Jewellers Association (JJA) to promote commodities derivatives trade and
EGR markets?
1) Bombay Stock Exchange
2) National Stock Exchange
3) India International Exchange
4) Gold Stock Exchange
5) Central Depository Services
Answer- 1) Bombay Stock Exchange
Explanation:
The BSE (formerly Bombay Stock Exchange) has signed an MoU with the Bhartiya Swarnkar Sangh (BSS)
and Jamshedpur Jewellers Association (JJA) for the strengthening of commodities derivatives trade and
proposed Electronic Gold Receipt (EGR) markets in India.
i. This pact with BSE will help members of both entities to mitigate price risks of gold in both domestic and
international zones.
48. Which company recently (in March’22) partnered with CreditAI Fintech to launch Co-Branded
Credit Card for Farmers?
1) ICICI Financial Solutions Ltd
2) Bank of Baroda Financial Solutions Ltd
3) Kotak Mahindra Finance Ltd
4) Axis Finance Ltd
5) HDB Financial Solutions Ltd
Answer- 2) Bank of Baroda Financial Solutions Ltd
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Explanation:
Bank of Baroda (BoB) Financial Solutions Limited (BFSL), a wholly owned subsidiary of Bank of Baroda
(BoB) partnered with CreditAI Fintech Pvt Ltd (CAI), a Singapore and Bengaluru based farmer
digitisation and credit scoring company to launch Unnati- contactless co-branded credit card on the
Visa network platform exclusively for farmers.
i. The Unnati Credit Card, which was 1st launched in Karnataka and later scaled across Maharashtra,
Andhra Pradesh, Telangana, Tamil Nadu and other states in India.
ii. The Card will empower Farmers to avail agricultural inputs at any-time on rotation basis during the
cultivation cycle that will work in a ‘closed-loop system’ with an ‘end-use monitoring’ feature.
49. In March 2022, CCI approved the acquisition of ________ share capital of L&T Investment
Management Limited (L&T AMC) by HSBC Asset Management (India) Private Limited (HSBC AMC).
1) 90%
2) 50%
3) 80%
4) 100%
5) 75%
Answer- 4) 100%
Explanation:
CCI has approved the acquisition of 100% share capital of (Larsen & Toubro) L&T Investment Management
Limited (L&T AMC) by HSBC Asset Management (India) Private Limited (HSBC AMC).
i. The proposed transaction relates to the acquisition of 100% share capital of L&T AMC by HSBC AMC
from L&T Finance Holdings Limited.
ii. The Proposed Transaction is in the nature of an acquisition of shares under Section 5(a)(i)(A) of the
Competition Act, 2002.
50. Which bank recently (in March’22) signed an MoU with SELCO Solar Light Pvt Ltd. to provide
energy access?
1) Karnataka Bank
2) Axis Bank
3) ICICI Bank
4) HDFC Bank
5) South Indian Bank
Answer- 1) Karnataka Bank
Explanation:
Karnataka Bank Limited has signed an MoU with SELCO Solar Light Private Limited to provide energy
access to the underserved population.
i. Karnataka Bank will provide financial support through loans with a competitive interest rate for
installing SELCO Solar energy products for both household and commercial use.
Headquarters – Mangalore, Karnataka
Managing Director (MD) & CEO – Mahabaleshwara MS
51. At what percent does CRISIL Ratings retain India’s GDP growth for FY23?
1) 6.3%
2) 6.8%
3) 7.6%
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4) 8.2%
5) 7.8%
Answer- 5) 7.8%
Explanation:
CRISIL Ratings Limited, a domestic rating agency and a subsidiary of CRISIL Limited has reiterated its
december 2021 forecast of India’s Gross Domestic Product (GDP) at 7.8% for FY23 despite the Russia-
Ukraine war.
i. CRISIL also highlighted that the average CPI based inflation will be at 5.4% in FY23 if the price of crude
oil averages USD 85-90per barrel.
ii. The higher price of crude oil will widen India’s Current Account Deficit (CAD) to 2.2 % in FY23 (i.e.) $10
increase in prices of crude oil increases the CAD to GDP ratio by about 40 basis points.
52. Name the bank that was recently (in March ’22) honoured with the “national award for
outstanding performance for FY 2020–21” for its best performance in Self Help Group Bank
Linkage.
1) ICICI Bank
2) HDFC Bank
3) Jammu and Kashmir Bank
5) Karnataka Bank
Answer- 3) Jammu and Kashmir Bank
Explanation:
Giriraj Singh, Union Minister of Rural Development, honoured the Jammu and Kashmir Bank (J&K Bank)
with the “National Award for Outstanding Performance for FY 2020-21” in recognition of its best
performance in Self-Help Group Bank Linkage.
i. Kirti Sharma, Zonal Head, Delhi, J & K Bank, accepted the award on the bank’s behalf from Union Minister
Giriraj Singh.
ii. The award was presented during the event organized as a part of International Women’s Day (8th
March 2022) at Vigyan Bhavan, New Delhi, Delhi.
About Jammu and Kashmir Bank (J&K Bank):
MD&CEO- Baldev Prakash
Headquarters– Srinagar, Jammu & Kashmir(J&K)
Tagline– Serving to Empower
53. Who recently (in March’22) got appointed as the Chairperson of the National Financial
Reporting Authority (NFRA) for a period of three years?
1) Jai Krishan Singh
2) Amit Kumar Jain
3) Ashok Kumar Gupta
4) Ajay Bhushan Pandey
5) Rakesh Bhanot
Answer- 4) Ajay Bhushan Pandey
Explanation:
The Government of India has appointed Ajay Bhushan Pandey, former Finance & Revenue secretary of
India, Ministry of Finance, as new Chairperson of the National Financial Reporting Authority (NFRA) for a
period of three years from the date of assumption of charge or till he attains the age of 65 years.
The ACC has also appointed 2 full-time members for NFRA,
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• Praveen Kumar Tiwari, former Deputy Comptroller and Auditor General, a retired Indian Audit
and Accounts Service official.
• Smita Jhingran, Principal Director General at Central Board of Direct Taxes, an Indian Revenue
Service officer.
54. In March 2022, _______ became one of the stakeholders of India Debt Resolution Company
Limited (IDRCL) by acquiring ________ of stake.
1) UCO Bank; 3%
2) Union Bank of India; 6%
3) Bank of India; 5%
4) Union Bank of India; 4%
5) Bank of India; 3%
Answer- 1) UCO Bank; 3%
Explanation:
The UCO Bank became one of the stakeholders of India Debt Resolution Company Limited (IDRCL) by
acquiring 3% of stake.
i. According to the bank, its holding of 3% in IDRCL amounts to Rs.1.50 crores, requires no approval and
the agreement is in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015.
About UCO Bank:
Founded in – 1943
55. Which company recently (in March’22) became the 1st Prepaid Payment Instrument (PPI)
issuer to Achieve RBI’s PPI Interoperability Guidelines?
1) Appnit Technologies
2) LivQuik
3) E-Meditek
4) Card Pro Solutions
5) Kedia Infotech
Answer- 2) LivQuik
Explanation:
LivQuik becomes the first Prepaid Payment Instrument (PPI) issuer to have achieved full interoperability
as mandated by the Reserve Bank of India (RBI) for their PPIs.
i. RBI, in exercise of the powers conferred under Section 18 read with Section 10(2) of the Payment and
Settlement Systems Act, 2007 (PSS Act) mandated all PPI Issuers to facilitate interoperability for full-KYC
wallets by March 31, 2022.
About LivQuik:
Founded in 2012, LivQuik is a RBI authorized Prepaid Payment Instrument Issuer and Full-Fledged Money
Changer (FFMC).
Co-Founder & CEO– Mohit Lalvani (Other Co-Founder- Yudhajit Nag Sen)
56. Which of the following payments bank was recently (in March’22) barred by RBI for onboarding
new Customer?
1) India Post Payments Bank
2) Airtel Payments Bank
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3) Fino Payments Bank

4) Paytm Payments Bank
5) Jio Payments Bank
Answer- 4) Paytm Payments Bank
Explanation:
RBI in exercise of its powers under section 35A of the Banking Regulation (BR) Act, 1949 bars Paytm
Payments Bank Limited (PPBL) from onboarding new customers with immediate effect due to material
supervisory concerns.
i. PPBL was also directed by the apex bank to appoint an audit firm to conduct a comprehensive audit of its
IT (Information Technology) system.
About Paytm Payments Bank Limited (PPBL):
Establishment- 2017
Chairman- Vijay Shekhar Sharma
Headquarters- Noida, Uttar Pradesh (UP)
57. At what percent the Employees’ Provident Fund Organization (EPFO) has recently (in March’22)
set the interest rate on Provident Fund Deposits for 2021-22?
1) 8.4%
2) 8.1%
3) 8.3%
4) 8.5%
5) 8.2%
Answer- 2) 8.1%
Explanation:
The Employees’ Provident Fund Organization (EPFO) has set the interest rate on Provident Fund
Deposits for 2021-22 at 8.1%, up from 8.5% in the previous fiscal year 2020-21.
i. This decision was taken by the Central Board of Trustees (CBT), the apex decision-making body of the
EPFO, and will be sent to the Ministry of Finance for consensus.
ii. The EPF interest rate stood at 8 per cent in 1977-78, and this 8.1% is the lowest it has been in more than
four decades.
iii. This interest rate was set by the retirement fund body for its approximately 50 million subscribers for
the current fiscal year ending March 31.
58. Which organization recently (in March’22) launched India’s first primary markets investment
platform named ‘OneUp’?
1) National Securities Depository Ltd
2) Reserve Bank of India
3) Insurance Regulatory and Development Authority
5) IIFL Securities Ltd
Answer- 5) IIFL Securities Ltd
Explanation:
IIFL Securities Limited (Formerly India Infoline Limited) launched India’s first primary markets
investment platform, ‘OneUp’ for investing in initial public offerings (IPOs), non-convertible debentures
(NCDs) and sovereign gold bonds (SGBs), among others.
i. The IPO functions are accepted 24×7 and as much as three days earlier than the IPO bidding opens. The
online orders are not limited to Rs 2 lakh only.
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59. In March 2022, India Infrastructure Finance Company Ltd (IIFCL) raised _______ in debt to
provide funds to the infrastructure project in India.
1) Rs 100 crore
2) Rs 1500 crore
3) Rs 2000 crore
4) Rs 900 crore
5) Rs 5000 crore
Answer- 2) Rs 1500 crore
Explanation:
India Infrastructure Finance Company Ltd (IIFCL) has raised Rs 1,500 crore in debt to promote long term
infrastructure finance in India.
i. It raised the funds through private placement of Non-Convertible Debt Securities for Rs 500 crore and it
has a greenshoe option of Rs 1,000 crore. The issue was oversubscribed 6 times.
60. Name the organisation that recently (in March ’22) signed an agreement with the Odisha
government to boost fish production.
1) Central Institute Of Freshwater Aquaculture
2) National Bureau of Fish Genetic Resources
3) NABARD
4) Central Institute of Fisheries Education
5) Department of Animal Husbandry and Dairying
Answer- 3) NABARD
Explanation:
The government of Odisha and the National Bank for Agriculture and Rural Development (NABARD)
signed an agreement for the creation of fisheries infrastructure to boost fish production.
i. The Fisheries and Aquaculture Infrastructure Development Fund (FIDF) will help in creation of
infrastructure facilities in marine and inland sectors of Odisha for the development in the sector around Rs
119.8 crore initially approved.
ii. The FIDF has the targets to achieve a sustainable growth of 8-9 % to boost the fish production capacity
of India to around 20 million tonnes by 2022-23.
61. Who was recently (in March’22) appointed as the Chairman of Insurance Regulatory
Development Authority of India (IRDAI) for 3years?
1) Debasish Panda
2) Siddharth Singh
3) Subhash Chandra Khuntia
4) V S Narendra Chandra
5) Bhaskar Roy
Answer- 1) Debasish Panda
Explanation:
The government appointed Debasish Panda as the Chairman of Insurance Regulatory Development
Authority of India (IRDAI). He will serve for the tenure for three years (2022-2025). Debasish Panda will
succeed Subhash Chandra Khuntia, who completed his term in May 2021.
i. The appointment was approved by the Appointments Committee of the Cabinet (ACC).
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About Insurance Regulatory Development Authority of India (IRDAI):

It is a statutory organization established by the Insurance Regulatory and Development Authority Act,
1999.
Founded- 1999
Headquarters– Hyderabad
62. In March 2022, _________ acquired a ______ stake in National Asset Reconstruction Company
Limited (NARCL) for a total cash consideration of Rs 137.5 crore in tranches.
1) Indian Bank; 5%
2) ICICI Bank; 6%
3) IDBI Bank; 4%
4) ICICI Bank; 5%
5) IDBI Bank; 3%
Answer- 4) ICICI Bank; 5%
Explanation:
ICICI Bank is set to acquire a 5% stake in National Asset Reconstruction Company Limited (NARCL) for a
total cash consideration of up to Rs 137.5 crore in tranches.
i. The equity investment will be in tranches with the 1st tranche of equity investment of Rs 70.45 crore.
This is expected to be completed by 31st March 2022.
About ICICI Bank:
MD & CEO– Sandeep Bakhshi
63. Which organisation recently (in March’22) partnered with India Bullion and Jewellers
Association Ltd. (IBJA) to launch the Domestic Bullion Spot Exchange under SEBI guidelines?
1) Bombay Stock Exchange
2) Gold Stock Exchange
3) India International Exchange
4) National Stock Exchange
5) Central Depository Services
Answer- 4) National Stock Exchange
Explanation:
National Stock Exchange of India Ltd (NSE) and India Bullion and Jewellers Association Ltd (IBJA) have
joined hands to launch the Domestic Bullion Spot Exchange in line with SEBI (Securities and Exchange
Board of India) guidelines.
i. This will be for the first time that a domestic bullion spot exchange is being set up under the aegis of
SEBI.
ii. It will offer industry players to conduct spot market bullion transactions by ensuring transparency, and
also cater to B2B (Business to Business segments) of the industry.
About National Stock Exchange of India Ltd (NSE):
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64. Who became the first Singaporean to be appointed as the President of the Financial Action Task
Force (FATF) for 2 years?
1) N. Ravi Rajan
2) Nandan Nilekani
3) T. Raja Kumar
4) Ajay Bhushan Pandey
5) James Sassoon
Answer- 3) T. Raja Kumar
Explanation:
The Financial Action Task Force (FATF) appointed T. Raja Kumar of Singapore as the President. He was
appointed for the term of 2 years, which starts from 1 July 2022 to 2024. He succeeded Dr Marcus Pleyer of
Germany. This is the first time Singapore is taking charge of the FATF presidency.
i. The decision regarding his appointment was taken during the FATF Plenary meeting that was held from
March 1 to 4, 2022.
ii. T. Raja Kumar is a Singaporean administrator who serves as a senior advisor (international) at the
Ministry of Home Affairs (MHA).
65. Tapan Singhel gets a _________ year extension as the Managing Director and Chief Executive
Officer (MD & CEO) of Bajaj Allianz General Insurance with effect from 1st April 2022.
1) 6 years
2) 3 years
3) 2 years
4) 5 years
5) 7 years
Answer- 4) 5 years
Explanation:
Tapan Singhel, the Managing Director and Chief Executive Officer (MD & CEO) of Bajaj Allianz General
Insurance Company Limited gets a 5-year extension in his term with effect from 1st April 2022.
i. Tapan Singhel is the 1st MD and CEO to receive 2 consecutive extensions at the Bajaj Allianz General
Insurance.
ii. He has been serving as the MD & CEO of Bajaj Allianz General Insurance for 10 years since 2012.
66. Which of the following points are correct with respect to the RBI’ Regulatory Framework for
Microfinance Loans Directions 2022 which will be effective from April 01, 2022?
A) All collateral-free loans provided to households having annual income up to Rs 3 lakh is to be
considered microfinance loans.
B) The maximum limit on microfinance loans for such NBFCs now stands revised to 25 per cent of
the total assets.
C) The guidelines prescribe a limit on loan repayment obligations that is capped at 50% of the
monthly household income.
1) All A, B & C
2) Only A & B
3) Only B & C
4) Only A
5) Only B
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Explanation:
All collateral-free loans provided to households having annual income up to Rs 3 lakh are to be considered
microfinance loans.
i. The maximum limit on microfinance loans for such NBFCs now stands revised to 25 per cent of the total
assets.
ii. The guidelines prescribe a limit on loan repayment obligations that is capped at 50% of the monthly
household income.
67. Which small finance bank (SFB) recently (in March’22) launched the industry’s first digital
onboarding facility for its micro banking customers?
1) Ujjivan SFB
2) Equitas SFB
3) A U SFB
4) Capital SFB
5) Utkarsh SFB
Answer- 1) Ujjivan SFB
Explanation:
The Ujjivan Small Finance Bank (SFB) launched Industry’s first digital onboarding facility for its micro
banking customers through its ‘Ujjivan SFB Assisted’ app.
i. The Ujjivan SFB Assisted app provides the facility to update mobile numbers for individual banking
transactions through paperless and secured manner.
About Ujjivan Small Finance Bank:
68. Name the bank that recently (in March ’22) launched co-branded credit cards with Emirates
Skywards.
1) IndusInd Bank
2) Axis Bank
3) YES Bank
4) ICICI Bank
5) HDFC Bank
Answer- 4) ICICI Bank
Explanation:
ICICI Bank has announced a tie-up with Emirates Skywards, a loyalty programme of Emirates and
flydubai, to launch a range of co-branded credit cards named “Emirates Skywards ICICI Bank Credit
Card”, an exclusive card for avid travellers that gives them access to unmatched luxury and comfort.
i. ICICI bank is the first Indian bank to partner with Emirates Skywards, to offer an exclusive range of credit
cards in India.
ii. The co-branded credit cards are powered by Visa as the network partner and available in three
variants:
• Emirates Skywards ICICI Bank Emeralde Credit Card
• Emirates Skywards ICICI Bank Sapphiro Credit Card
• Emirates Skywards ICICI Bank Rubyx Credit Card’.
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69. Which of the following asset management companies recently (in March ’22) entered into a
partnership with BNP Paribas Asset Management India to form a joint venture (JV) mutual fund?
1) Aditya Birla Sun Life Asset Management Ltd
2) Baroda Asset Management India Ltd
3) HDFC Asset Management Ltd
4) Kotak Mahindra Asset Management Ltd
5) IDFC Asset Management Ltd
Answer- 2) Baroda Asset Management India Ltd
Explanation:
Baroda Asset Management India, a wholly-owned subsidiary of Bank of Baroda (BoB) and BNP Paribas
Asset Management India, a subsidiary of BNP Paribas Asset Management Asia (BNPP AM), has entered into
a strategic partnership by merging their mutual fund businesses to form a joint venture (JV) called “Baroda
BNP Paribas Mutual Fund”.
i. This merger involves no cash consideration and post-merger BoB will hold 50.1% stake in the merged
Asset Management Company (AMC) and the rest (49.9%) will be held by BNPP AM.
ii. Suresh Soni has been appointed as the CEO of Baroda BNP Paribas Mutual Fund.
70. Name the bank that recently (in March ’22) won the Asian Bank of the Year 2021 & India Bond
House at the IFR Asia Awards 2021.
1) HDFC Bank
2) RBL Bank
4) Axis Bank
5) ICICI Bank
Explanation:
Axis Bank, India’s third-largest private sector bank, was adjudged as the Asian Bank of The Year 2021 and
India Bond House at the IFR Asia Awards 2021. The awards are organised by IFR Asia, a Hong Kong-based
provider of capital markets intelligence.
i. Axis Bank has been honoured with the Asian Bank of The Year 2021 for its breadth of coverage and depth
of expertise in the Asian investment banking space.
ii. Other Awardees: Morgan Stanley has been honoured with the Bank of the year award at the IFR Asia
Award 2021 and the JSW Group has been awarded with the Issuer of the year award.
71. Ashwani Bhatia was recently (in March ’22) appointed as a whole-time member of the Securities
and Exchange Board of India (SEBI) for 3 years.
Ashwani Bhatia is the Managing Director (MD) of __________ Bank.
3) Bank of India
4) Bank of Baroda
Answer- 1) State Bank of India
Explanation:
The Appointments Committee of Cabinet (ACC) has approved the appointment of Ashwani Bhatia,
Managing Director (MD) (Corporate Banking & Global Markets) of State Bank of India (SBI), as the whole-
time member (WTM) of the Securities and Exchange Board of India (SEBI) for a period of 3 years from the
date of assumption of charge of the post, or until further orders, whichever is earlier.
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i. The other two whole time members on the board of SEBI are SK Mohanty and Ananta Barua.
72. CCI recently (in March’22) approved the acquisition of equity stake in __________________ by
Generali Participations Netherlands N.V. (GPN).
1) Bharti AXA Life Insurance Company Ltd
2) Aegon Life Insurance Company Ltd
3) Future Generali India Insurance Company Ltd
4) Bajaj Allianz General Insurance Company Ltd
5) Edelweiss Tokio Life Insurance Company Ltd
Answer- 3) Future Generali India Insurance Company Ltd
Explanation:
The Competition Commission of India (CCI) approves acquisition of equity stake in Future Generali India
Insurance Company Limited (FGIIC) by Generali Participations Netherlands N.V. (GPN).
i. GPN proposes to acquire approx. 25% of the equity share capital of FGIIC held by Future Enterprises
Limited, pursuant to which GPN’s aggregate (direct and indirect) shareholding in FGIIC will be increased
from 49% to approx. 74%.
Acquirer- Generali Participations Netherlands N.V. (GPN); Target –Future Generali India Insurance
Company Limited (FGIIC).
73. NPCI is set to launch ‘On-Device Wallet-UPI Lite for Small Value Transactions’ in Offline Mode.
What is the Upper Limit of payment transactions in UPI Lite?
1) Rs 100
2) Rs 400
3) Rs 500
4) Rs 300
5) Rs 200
Answer- 5) Rs 200
Explanation:
The National Payments Corporation of India (NPCI) will launch On-Device Wallet i.e. ‘UPI Lite’ for UPI
users which will enable small value transactions in an offline mode. UPI stands for (Unified Payments
Interface).
This functionality enables transactions without additional factor authentication (AFA) or a UPI PIN
(Personal Identification Number). Designed by NPCI.
Limits in UPI Lite:
• Upper Limit of payment transaction- Rs 200
• Total limit of balance for an On-Device Wallet- Rs 2,000 at any point of time
74. Name the bank that recently (in March’22) signed an LOC to provide USD 1 Billion to Sri Lanka
to Recover from the Economic Crisis.
2) Bank of Baroda
3) Indian Bank
Explanation:
India announced a USD 1 billion Line of Credit (LOC) to Sri Lanka as part of its financial assistance to deal
with its economic crisis.
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i. An agreement extending the LOC was signed between SBI and Government of Sri Lanka for the
procurement of food, medicine, and other essential items.
ii. In addition to the USD 1 billion LOC, India has also offered a series of economic package announcements
like a currency swap arrangement of USD 400 million and a debt deferral of USD 515 million for two
months to Sri Lanka to wipe away its immediate problems.
75. Which company recently (in March’22) partnered with UltraCash Technologies to offer a digital
payment facility for consumers to book their LPG cylinders?
1) Oil India Ltd
2) Oil and Natural Gas Corporation
3) Hindustan Petroleum
4) Indian Oil Corporation
5) Bharat Petroleum Corporation Ltd
Answer- 5) Bharat Petroleum Corporation Ltd
Explanation:
Bharat Petroleum Corporation Limited (BPCL) has partnered with UltraCash Technologies Private
Limited to become the first Indian company to offer digital payment to non-internet users for its
BharatGas consumers to book their LPG (Liquefied Petroleum Gas) cylinders.
i. This facility will enable its customers who do not have smartphones or the internet to book their
cylinders and make the payment through “UPI 123PAY”.
ii. The tie-up of BPCL’s BharatGas with UltraCash Technologies Pvt. Ltd. 's UltraCash enables consumers to
call a common number, 080 4516 3554, from a non-internet phone.
76. Which of the following points are correct with respect to the SEBI’S amended rule for Category
III Alternative Investment Funds (as of March’22)?
A) Category III AIFs cannot invest in a company investing more than 10% of the investible funds,
either directly or by way of investment in units of other AIFs.
B) Large Value Funds for accredited investors of Category III AIFs can invest up to 20% of the
investible funds in the investing company either directly or through investments.
C) Category III AIFs can calculate an investment limit of 10% of the net asset value of the investible
fund or scheme.
1) Only A
2) Only B
3) Only A & C
4) Only B & C
5) All A, B & C
Explanation:
The Securities and Exchange Board of India (SEBI) has amended the rules regarding investment aspects of
Category III of alternative investment funds (AIFs). The new norms will be called as ‘SEBI’s AIF
Regulations, 2022’ w.e.f. March 16, 2022.
i. Under the rules, Category III AIFs cannot invest in a company investing more than 10% of the
investible funds, either directly or by way of investment in units of other AIFs.
ii. In addition, Large Value Funds for accredited investors of Category III AIFs can invest up to 20% of the
investible funds in the investing company, either directly or through investments in units of other AIFs.
iii. Category III AIFs can calculate an investment limit of 10% of the net asset value of the investible fund or
scheme, Whereas for accredited investors of Category III AIF, large value funds can calculate an investment
limit of 20 percent of the net asset value of the investible fund or scheme.
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77. In March 2022, ________ became the 1st Indian Bank to sign an MoU with Business France to
provide support to companies in the Indo-French corridor.
2) Kotak Mahindra Bank
3) YES Bank
4) Axis Bank
5) ICICI Bank
Answer- 2) Kotak Mahindra Bank
Explanation:
Kotak Mahindra Bank Ltd (KMBL) signed an MoU with Business France, a French National agency
involved in exports and international investments in France, to provide support to companies in the Indo-
French corridor.
i. The KMBL became the first Indian bank to sign a MoU with Business France.
ii. The MoU will promote business and start-up ecosystems in India and France.
CEO– Uday Kotak
Established- 2003
78. Which company recently (in March’22) partnered with the US Agency for International
Development to promote the digital empowerment of women in India through "Project Kirana"?
1) Capital One
2) Mastercard
3) Visa
4) American Express
5) Maestro
Answer- 2) Mastercard
Explanation:
The US Agency for International Development (USAID) and Mastercard have partnered to promote digital
empowerment of women in India through ‘Project Kirana’, a digital financial literacy programme for
women entrepreneurs in India.
Project Kirana is a two year programme implemented by DAI and ACCESS Development Services started
in November 2020.
• It is working in some selected cities like Kanpur, Lucknow and Varanasi of Uttar Pradesh.
• It provides assistance to women to prepare basic business management skills such as sales,
accounting, budget management, and insurance to become successful kirana entrepreneurs.
79. In March 2022, RBI approved the extension of Rajeev Ahuja, interim MD and CEO of RBL Bank,
for _______________.
1) 3 Months
2) 1 Year
3) 6 Months
4) 8 Months
5) 2 Years
Answer- 1) 3 Months
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Explanation:
The Reserve Bank of India (RBI) has approved the extension of Rajeev Ahuja’s term as interim Managing
Director (MD) and Chief Executive Officer (CEO) of RBL Bank for another three months w.e.f from 25
March, 2022 or till the appointment of a regular MD & CEO, whichever is earlier.
About RBL Bank:
Founded- 1943
Tagline – ‘‘Apno Ka Bank’’
80. Which company recently (in March’22) got selected by Singapore Exchange (SGX) to power the
NSE IFSC-SGX Connect (Gift Connect)?
1) Infosys BaNCS
2) Intel
3) TCS BaNCS
4) HCL
5) IBM
Answer- 3) TCS BaNCS
Explanation:
Tata Consultancy Services Ltd’s (TCS) BaNCS, a financial solution, grabbed a 5-year contract from
Singapore Exchange (SGX) to power the National Stock Exchange International Financial Service Centre
(NSE IFSC)-SGX Connect (Gift Connect) in special economic zone Gujarat International Finance Tec-City
(GIFT City).
i. TCS BaNCS will facilitate Nifty trading between India and Singapore along with offering end-to-end
solutions regarding trading, clearing, settlement and risk management operations.
81. Which bank recently (in March’22) set up an Innovation, Incubation, and Acceleration Centre
(IIAC) at Hyderabad, Telangana to drive higher top-line growth through innovation?
1) ICICI Bank
2) Axis Bank
3) HDFC Bank
5) YES Bank
Explanation:
The State Bank of India (SBI) will set up an Innovation, Incubation and Acceleration Centre (IIAC) at
Hyderabad, Telangana which will be operational in six to nine months of on-boarding a consultant.
i. This Centre will be the bank’s in-house capability to enhance its current performance and drive higher
top-line growth through innovation.
Establishment – 1st July 1955
82. Name the company that recently (in March’22) Mahila Money Prepaid Card for Women
Entrepreneurs along with Mahila Money and Transcorp PPI.
1) Capital One
2) Mastercard
3) Visa
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4) American Express
5) Maestro
Answer- 3) Visa
Explanation:
The digital payments networks Mahila Money, Visa and Transcorp Prepaid Payment Instruments (PPI)
have partnered in launching Mahila Money Prepaid Card, an exclusive product to help women
entrepreneurs use digital payments more effectively.
i. The prepaid card is designed in such a way that it caters to the needs of digital entrepreneurs, small
business owners, and women. It serves those community members who prefer a bank account with
combined features of flexibility, safety, and convenience.
83. Which institute’s Incubation Cell recently (in March’22) signed an MoU with RBI Innovation Hub
(RBIH) for FinTech Startups in India?
1) IIT-Kanpur
2) IIT-Delhi
3) IIT-Bombay
4) IIT-Kharagpur
5) IIT-Madras
Answer- 5) IIT-Madras
Explanation:
India’s prominent deep-tech startup hub pioneered by the Indian Institute of Technology Madras
Incubation Cell (IITMIC) and RBI Innovation Hub (RBIH), a wholly-owned subsidiary of Reserve Bank of
India, have signed an MoU to contribute and work together in developing the necessary ecosystem to
support and scale FinTech Startups in India.
Aim: To empower the startup ecosystem in India, which makes a significant contribution to the economic
prosperity of the nation with swift improvement and hence deploy technological innovations to transform
India’s FinTech outlook.
84. Name the insurance company that recently (in March’22) launched the “Smart Guaranteed
Pension Plan”.
1) Max Life Insurance
2) HDFC Standard Life Insurance
3) Kotak Mahindra Life Insurance
4) Aditya Birla Sun Life Insurance
5) Bajaj Allianz Life Insurance
Answer- 1) Max Life Insurance
Explanation:
The Max Life Insurance Company Limited has announced the launch of the “Max Life Smart Guaranteed
Pension Plan”, a non-linked, non-participating single premium individual or group general annuity plan,
guaranteeing a regular income and ensuring the future financial security of the annuitant.
About Max Life Insurance Company Limited:
i. It is a Joint Venture (JV) of Max Financial Services Limited and Axis Bank Limited.
Managing Director & Chief Executive Officer – Prashant Tripathy
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85. Match the following MD & CEO of certain Public sector undertakings Banks that was
recommended by Banks Board Bureau (BBB) in March 2022.
i. Union Bank of India a. Swaroop Kumar Saha
ii. Indian Overseas Bank b. Alok Kumar Choudhary
iii. Punjab and Sind Bank c. A Manimekhalai
iv. State Bank of India (MD only) d. Ajay Kumar Srivastava
1) i-c, ii-d, iii-a, iv-b
2) i-b, ii-d, iii-a, iv-c
3) i-a, ii-b, iii-c, iv-d
4) i-b, ii-d, iii-c, iv-a
5) i-a, ii-d, iii-c, iv-b
Answer- 1) i-c, ii-d, iii-a, iv-b
Explanation:
i. A Manimekhalai, Executive Director of the Canara Bank, has been recommended for the post of MD &
CEO of UBI.
ii. Ajay Kumar Srivastava, Executive Director of IOB has been recommended for the post of MD & CEO of
IOB.
iii. Swaroop Kumar Saha, Executive Director of Punjab National Bank(PNB) has been recommended for
the position of MD & CEO of the Punjab and Sind Bank (PSB).
iv. Alok Kumar Choudhary, the Deputy Managing Director(Finance) of SBI has been recommended for
the position of Managing Director at SBI.
86. In March 2022, Moody’s Investors Service’s Global Macro Outlook 2022-23 report decreased
India’s GDP growth forecast to______ from an earlier projection of 9.5% for FY 22.
1) 9.2%
2) 8.9%
3) 9.1%
4) 8.8%
5) 9.0%
Answer- 3) 9.1%
Explanation:
As per the Global Macro Outlook 2022-23 report of Moody’s Investors Service, it has lowered India’s
GDP (Gross Domestic Product) growth forecast for 2022 by 0.4 percent to 9.1% from its earlier projection
of 9.5%.
The growth forecast for 2023 was also lowered to 5.4% from the prior estimation of 5.5%.
87. Name the bank that recently (in March’22) won the ASSOCHAM Award for Best MSME Bank of
the Year in the Private Sector Banks Category at the 8th MSMEs Excellence Awards Ceremony and
Summit.
1) RBL Bank
2) Karnataka Bank
4) Karur Vysya Bank
5) ICICI Bank
Answer- 2) Karnataka Bank
Explanation:
Karnataka Bank has been honoured with ASSOCHAM Award Best MSME Bank of the Year (Private
Category) award among the Private Sector Banks at the 8th MSMEs Excellence Awards Ceremony and
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Summit, instituted by The Associated Chambers of Commerce and Industry of India (ASSOCHAM) – the
apex trade body, at New Delhi, Delhi.
Other Major Award winners:
Category Winners
Best MSME Bank of the Year (PSU Category) Punjab National Bank
Best Technology Enabler of the Year Karur Vysya Bank Ltd
Excellent Services of the Year Satya MicroCapital Ltd
88. In March 2022, ________ acquired a 5% stake and Punjab & Sind Bank acquired a ______ stake in
National Asset Reconstruction Company Limited (NARCL).
1) Axis Bank; 6%
2) HDFC Bank; 2%
3) ICICI Bank; 4%
4) HDFC Bank; 6%
5) ICICI Bank; 2%
Answer- 5) ICICI Bank; 2%
Explanation:
ICICI Bank and Punjab & Sind Bank have signed agreements to pick up stakes in National Asset
i. ICICI Bank will be investing Rs 137.5 crore to acquire a 5% stake,and Punjab & Sind Bank will put in
Rs 55 crore for a 2% stake.
ii. The equity investment will be done in tranches, and the 1st investment of Rs 28.18 crore is expected to
be completed by 31st March 2022
89. Name the company that recently (in March’22) launched first of its kind ‘Payment Analytics’ to
help SMEs make data-driven decisions.
1) Visa
2) Paytm Payments Services Limited
3) BharatPe
4) PhonePe
5) Mastercard
Answer- 2) Paytm Payments Services Limited
Explanation:
The Paytm Payments Services Limited (PPSL), a wholly-owned subsidiary of One97 Communications has
launched first-of-its-kind ‘Payment Analytics’ which is designed by Paytm Payment Gateway.
i. It is a data analysis feature available to all Paytm merchants i.e. online and offline, at no extra cost. This
will be helpful for the merchants of Small and Medium Enterprises (SMEs).
ii. It offers three services viz. Payment source analytics, Customer Analytics, and Payment flow analytics.
90. RBI recently (in Mar’22) cancelled the licence of ___________ due to its inadequacy in earning
prospects to Pay the customers.
1) Abhyudaya Cooperative Bank
2) Kalol Urban Co-operative Bank
3) People’s Co-operative Bank
4) Mantha Urban Cooperative Bank
5) Alavi Co-operative Bank
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Answer- 3) People’s Co-operative Bank

Explanation:
The Reserve Bank of India (RBI) has cancelled the license of People’s Co-operative Bank Limited, Kanpur
(Uttar Pradesh) as the bank failed to adhere to the requirements of Sections 22(3) (a), 22 (3) (b), 22(3)(c),
22(3) (d) and 22(3)(e) – under Section 56 of the Banking Regulation Act, 1949.
i. The bank is found to lack adequate capital and earning prospects under the provisions of Section 11(1)
and Section 22 (3) (d) – under Section 56 of the Banking Regulation Act, 1949 – ‘Act to apply to co-
operative societies subject to modifications’
91. Which organisation recently (in March’22) sanctioned a financial assistance of Rs. 4,013 crores
to Odisha under the Rural Infrastructure Development Fund (RIDF) for the financial year 2021-
2022?
1) IRDAI
2) SIDBI
3) SEBI
4) NABARD
Answer- 4) NABARD
Explanation:
The National Bank for Agriculture and Rural Development (NABARD) has sanctioned a financial assistance
of Rs. 4,013 crores to Odisha under the Rural Infrastructure Development Fund (RIDF) for the financial
year 2021-2022, and Odisha has got a major share of NABARD’s infrastructure funds, the highest in India.
i. With this the total sanction has crossed Rs 32,100 crore for Odisha since the inception of the RIDF.
92. Name the company that recently (in March’22) launched an Academy in collaboration with the
National Apprenticeship Promotion Scheme (NAPS) to build gold appraisers.
1) GalaxyCard
2) LendingKart
3) Rupeek
4) CASHe
5) LoanTap
Answer- 3) Rupeek
Explanation:
Rupeek (Rupeek Fintech Pvt Ltd.), India’s leading asset-backed digital lending platform announced the
launch of ‘Rupeek Academy’ in collaboration with the National Apprenticeship Promotion Scheme (NAPS),
an initiative by National Skill Development Corporation (NSDC). This aims to attract young talent who are
looking for a career opportunity in the gold loan industry of India.
The Rupeek Academy programme developed with NSDC is a first of its kind upskilling programme in the
industry.
93. Which bank recently (in March’22) launched the Green Deposit Programme for corporate
clients to support sustainable projects?
1) HDFC Bank
2) DBS Bank India
3) Axis Bank
5) ICICI Bank
Answer- 2) DBS Bank India
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Explanation:
DBS Bank India has announced the launch of Green Deposit Programme for corporate clients which will
provide a simple way for the companies to support environmentally friendly projects or avenues. This is in
line with the focus of DBS Bank India on responsible banking.
i. Under the bank’s sustainability programme, Green Deposits will fund green industries and initiatives.
94. In March 2022, Fitch declined its projection of India’s GDP in the "Global Economic Outlook-
March 2022" to _______ from 10.3% for FY23.
1) 8.5%
2) 7.9%
3) 9.6%
4) 8.9%
5) 9.9%
Answer- 1) 8.5%
Explanation:
Rating agency Fitch in its ‘Global economic Outlook-March 2022’ declined India’s growth forecast for FY23
(2022-2023) by 1.8 percentage points (pp) to 8.5% from 10.3% due to high energy prices amid Russia-
Ukraine war.
On the other hand, for FY22, the agency has increased the Gross Domestic Product (GDP) growth by 0.6 pp
to 8.7% from 8.1%. For 2023-24, it is estimated at 7 per cent.
95. Which digital payment company recently (in March’22) announced its acquisition of a 100%
stake in GigIndia?
1) Freecharge
2) BharatPe
3) PhonePe
4) MobiKwik
5) Paytm
Answer- 3) PhonePe
Explanation:
PhonePe, a digital payment company backed by Flipkart announced the acquisition of 100 % stake in
GigIndia, which is a network for freelance micro-entrepreneurs. Objective-To strengthen its offerings to
corporate and enterprise partners.
i. Under the acquisition, PhonePe will get the leverage of GigIndia’s network of 1.5 million freelance micro-
entrepreneurs to help corporates and promote development.
ii. GigIndia’s customer base includes companies like Amazon, Paytm, Tata Group, Reliance Industries,
Swiggy, PayU, among others.
96. Name the card service company that recently (in March ’22) launched the International
Gourmet Card along with Nature’s Basket.
1) Visa
2) Mastercard
3) SBI Card
4) ICICI Card
5) HDFC Card
Answer- 3) SBI Card
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Explanation:
SBI Card, India’s pure-play credit card issuer and second largest credit card provider, has teamed up with
Nature’s Basket, India’s premier multi-channel gourmet retailer, to launch the ‘Nature’s Basket SBI Card’,
a first-of-its-kind credit card.
i. The card is to be introduced in two variants: ‘Nature’s Basket SBI Card’ and ‘Nature’s Basket SBI Card
Elite’ and will be available from the first fortnight of April 2022.
About SBI Cards and Payment Services Limited:
Managing Director & CEO – Rama Mohan Rao Amara
97. In March’22, the Reserve Bank of India (RBI) lifted all the restrictions placed on _________ under
its Digital 2.0 programme.
1) IndusInd Bank
2) Axis Bank
3) YES Bank
4) HDFC Bank
5) ICICI Bank
Answer- 4) HDFC Bank
Explanation:
The Reserve Bank of India (RBI) has lifted all the restrictions placed on HDFC Bank regarding its
business-generating activities under the HDFC Bank’s Digital 2.0 programme.
i. In September 2021, RBI had lifted restrictions on HDFC Bank on issuing new credit cards.
98. In March 2022, State Bank of India, Kotak Mahindra Bank and Axis Bank acquired a ________ stake
each in Open Network for Digital Commerce (ONDC).
1) 9.65%
2) 5.60%
3) 7.84%
4) 8.00%
5) 6.59%
Answer- 3) 7.84%
Explanation:
State Bank of India (SBI), Kotak Mahindra Bank and Axis Bank have invested Rs 10 crore each and
acquired 7.84% stake each in Open Network for Digital Commerce (ONDC), an open-source e-commerce
platform engaged in creating an open public digital infrastructure.
About ONDC:
i. ONDC, incorporated on 30th December 2021, is an initiative of the Department for Promotion of Industry
and Internal Trade (DPIIT) under the Ministry of Commerce and Industry(MoCI).
ii. It is a globally first-of-its-kind initiative that aims to democratise Digital Commerce, moving it from a
platform-centric model to an open network
iii. As UPI is to the digital payment domain, ONDC is to e-commerce in India.
99. Which payments bank recently (in March’22) signed an agreement with ICICI Lombard General
Insurance Company to provide smartphone insurance?
1) India Post Payments Bank
3) Paytm Payments Bank
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4) Jio Payments Bank

5) Fino Payments Bank
Answer-2) Airtel Payments Bank
Explanation:
Airtel Payments Bank signed an agreement with ICICI Lombard General Insurance Company (ICICI
Lombard) to provide smartphone insurance that offers financial protection against damages. It will boost
the mobile insurance industry in India.
i. Under the agreement, the mobile insurance amount equal to the purchase price of the smartphones will
be provided. The smartphone price under the range of Rs 10,000 to Rs 1,00,000 will be considered.
ii. The customers have to pay a monthly premium of Rs 1,299 through the Airtel Thanks App and they will
get the insurance on their own within 10 days of making the purchase.
100. Name the bank that recently (in March’22) collaborated with Chennai Super Kings (CSK) to
launch a co-branded credit card.
1) IndusInd Bank
2) ICICI Bank
3) Axis Bank
4) HDFC Bank
5) Yes Bank
Explanation:
ICICI Bank has teamed up with the Chennai Super Kings (CSK), an Indian Premier League (IPL)
franchise, to develop a co-branded credit card called the "Chennai Super Kings ICICI Bank Credit Card”,
which is designed with a range of exclusive privileges for millions of cricket fans of the iconic team and
distinct banking benefits from ICICI Bank.
i. Customers can apply for the ‘Chennai Super Kings ICICI Bank Credit Card’ by sending an SMS ‘KING’ to
5676766.
About Chennai Super Kings (CSK):
A cricket franchise in India run by Chennai Super Kings Cricket Limited.
CEO – K. S. Viswanathan
Founded - 2008
Parent Organization – India Cements
101. Which banks' Securities recently (in March’22) signed an agreement with EbixCash Limited to
provide end-to-end trading services to customers through an integrated business model?
1) IDBI
2) YES
3) ICICI
4) Axis
5) HDFC
Answer- 4) Axis
Explanation:
EbixCash Limited, a technology-based provider of digital products and services in the B2C (Business to
Consumer), B2B (Business to Business) and financial technology arenas, announced a strategic
agreement with Axis Securities, a wholly-owned subsidiary of Axis Bank.
i. The partnership will provide end-to-end trading services to customers of EbixCash through an integrated
business model.
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ii. With this tie-up, EbixCash customers will have access to the seamless online platform of Axis Securities
and favors them to buy and sell stocks and other investment products.
About EbixCash Limited:
A leading financial services provider in India.
Chairman - Robin Raina
102. Which bank has recently (in March’22) announced a dedicated app "Autofirst'' for an auto loan
and is also working on a smarthub Vyapar programme for merchants?
1) Axis Bank
2) HDFC Bank
3) IndusInd Bank
4) YES Bank
5) ICICI Bank
Answer- 2) HDFC Bank
Explanation:
HDFC Bank has announced a dedicated app for small, family-owned, or independent businesses (mom-
and-pop stores) to push merchant loans.
i. The bank also has the application “AutoFirst” in the pipeline, which exclusively offers fully automated
auto loans.
ii. It is also working on the SmartHub Vyapar programme for merchants and it is an application that
combines all payment platforms such as cards, UPI, QR code, tap pay, and SMS-based payments.
103. As per the OECD’s ‘Economic Outlook for Southeast Asia, China and India (as of March 2022)
retained India’s real GDP at _______ in FY24.
1) 9.2%
2) 7.2%
3) 8.1%
4) 5.5%
5) 6.9%
Answer- 4) 5.5%
Explanation:
The Organization for Economic Cooperation and Development (OECD) in its ‘Economic Outlook for
Southeast Asia, China and India (Volume 2022 Issue I)‘ retained India’s real Gross Domestic Product (GDP)
at 5.5% in FY24, lower than 8.1% in 2022-23.
About Organization for Economic Cooperation and Development (OECD):
Secretary General– Mathias Cormann
Headquarters– Paris, France
104. In March 2022, RBI Gives Approval to SBI Group of Entities to Pick Up 9.99% stake in which
Bank for 1 Year?
1) IndusInd Bank
2) ICICI Bank
3) Axis Bank
4) HDFC Bank
5) Yes Bank
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Explanation:
The Reserve Bank of India (RBI) approved SBIFML (State Bank of India Mutual Fund Limited)/SBI Mutual
Fund, along with other SBI group companies, to acquire up to 9.99% equity capital in the ICICI Bank. The
approval to SBI Mutual Fund is valid for a period of one year that is up to 22 March, 2023.
i. RBI instructed SBIFML to ensure that the SBI groups shareholding remains below 10% at all times. The
approval is subject to compliance with the provisions of Banking Regulation Act 1949.
Governor- Shaktikanta Das
105. In March 2022, the central government extended the timeline to ________ from 5 years for
startups to convert debt investment into equity.
1) 7 years
2) 9 years
3) 6 years
4) 10 years
5) 8 years
Answer- 4) 10 years
Explanation:
The Central Government has extended the timeline for startups to 10 years from 5 years to convert debt
investment in a company into equity shares, from the day when initial convertible note was issued.
i. This amendment was made during the review of the extent of FDI policy in India by the Department for
Promotion of Industry and Internal Trade (DPIIT) where the entity announced various amendments.
106. In March 2022, the Central Government has set a target of ________ for the ‘National Bank for
Financial Infrastructure and Development (NaBFID)’ for sanctioning loans to the infrastructure
sector in FY23.
1) Rs 1 billion
2) Rs 4 million
3) Rs 3 billion
4) Rs 1 trillion
5) Rs 4 billion
Answer- 4) Rs 1 trillion
Explanation:
The Central Government has set a target of Rs 1 trillion for the new Development Finance Institution
(DFI) namely ‘National Bank for Financial Infrastructure and Development (NaBFID)’ for sanctioning loans
to the infrastructure sector in FY23. It will start its operations in Q1FY23.
i. The setting up of NaBFID was announced in the FY22 Union Budget and it came into force on April 19,
2021.
ii. The Central government has infused Rs 20,000 crore in NaBFID, and an additional Rs 5,000 crore has
been given as grants. Government had sought an additional outgo of Rs 13,050 crore for transferring Rs
20,000 crore in the supplementary demand for grants.
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107. In March 2022, Governor of RBI Shaktikanta Das, inaugurated the Reserve Bank Innovation
Hub (RBIH) in Bengaluru, Karnataka.
Who was appointed as the 1st chairman of RBIH?
1) Vishal Sikka
2) Narayana Murthy
3) Kris Gopalakrishnan
4) Nandan Nilekani
5) S. D. Shibulal
Answer- 3) Kris Gopalakrishnan
Explanation:
The Governor of Reserve Bank of India (RBI), Shaktikanta Das, inaugurated the Reserve Bank Innovation
Hub (RBIH) in Bengaluru, Karnataka. It has been set up as a Section 8 company under Companies Act,
2013, with an initial capital contribution of Rs 100 crore; and wholly owned subsidiary of the RBI.
i. Senapathy (Kris) Gopalakrishnan, co-founder and former co-Chairman, Infosys, was earlier appointed
as RBIH 1st Chairman.
108. Name the bank that recently (in March’22) signed a co-lending partnership with five Housing
Finance Companies (HFCs) to provide affordable housing loans.
3) Bank of Baroda
4) ICICI Bank
5) HDFC Bank
Explanation:
State Bank of India (SBI), India’s largest lender, has entered into a co-lending partnership with five
Housing Finance Companies (HFCs) to provide affordable housing loans to the underserved and
unserved sections of society as per Reserve Bank of India (RBI) guidelines.
i. The five HFCs are: PNB Housing Finance, IIFL Home Finance, Shriram Housing Finance, Edelweiss
Housing Finance, and Capri Global Housing Finance.
ii. This tie-up will help to accelerate effective and affordable credit to economically weaker sections (EWS)
and the informal sector & contribute to the Government of India’s vision of ‘Housing for All by 2024’.
109. Which of the following banks/organizations are “Not” recently (in March’22) partnered with
Reserve Bank Innovation Hub (RBIH) to promote financial inclusion of women through technology?
1) Federal Bank
2) Bank of Baroda
3) Axis Bank
4) ICICI Bank
5) Avanti Finance
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Explanation:
The Federal Bank, Bank of Baroda & Axis Bank, Avanti Finance teamed up with Reserve Bank Innovation
Hub (RBIH), a subsidiary of the Reserve Bank of India (RBI) to promote financial inclusion of women
through technology.
i. They will work as scale up partners for the 2nd phase of Swanari TechSprint programme. Swanari is
‘Swanirbhar Nari’ meaning ‘Self Reliant Lady’.
110. Who was recently (in March’22) appointed as the interim Managing Director (MD) and CEO of
CSB Bank for 3 months?
1) B K Divakara
2) Bhama Krishnamurthy
3) Sumit Maheshwari
4) Pralay Mondal
5) Madhavan Menon
Answer- 4) Pralay Mondal
Explanation:
The Reserve Bank of India (RBI) has approved the appointment of Pralay Mondal as interim Managing
Director (MD) and CEO of CSB Bank for a period of 3 months.
i. The appointment is for a three month period which is effective from April 1, 2022 or till the appointment
of a regular MD & CEO is made.
ii. He is currently serving as the Deputy Managing Director of CSB Bank since his appointment in June
2021.
About CSB Bank Limited:
MD & CEO – Rajendran Chinna Veerappan
Establishment – 1920 (celebrated its centenary year in 2020)
Headquarters – Thrissur, Kerala
111. Which organisation recently (in March’22) signed an MoU with Meghalaya Infrastructure
Development and Finance Corporation Ltd to develop the MSME ecosystem?
1) ASSOCHAM
2) National Securities Depository Limited
3) National Small Industries Corporation
4) SIDBI
5) NABARD
Answer- 4) SIDBI
Explanation:
The Small Industries Development Bank of India (SIDBI) has signed an MoU with Meghalaya
Infrastructure Development and Finance Corporation Limited (MiDFC), Government of Meghalaya.
i. Under the MoU, SIDBI and the Government of Meghalaya will work in tandem to facilitate the
development of the Micro Small and Medium Enterprises (MSME) ecosystem in Meghalaya.
ii. SIDBI has acquired 7.84% stake in Open Network for Digital Commerce (ONDC), an open public digital
infrastructure framework entity, through an investment of Rs.10 crore.
About Small Industries Development Bank of India (SIDBI):
Chairman & Managing Director – Sivasubramanian Ramann
Establishment – 2nd April 1990
Headquarters – Lucknow, Uttar Pradesh
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112. Name the company that recently partnered with Max Life Insurance to launch the "Max Life
Smart Secure Plus Plan" to provide financial protection for digitally-savvy customers.
1) PhonePe
2) BharatPe
3) Paytm
4) Freecharge
5) MobiKwik
Answer- 1) PhonePe
Explanation:
Max Life Insurance Co. Ltd Partners with PhonePe to launch its ‘Max Life Smart Secure Plus Plan’ for its
customers. It is a non-linked non-participating individual pure risk premium life insurance plan on the
PhonePe app to enhance financial protection for digitally-savvy customers.
i. The license for direct broking was granted to PhonePe by Insurance Regulatory and Development
Authority of India (IRDAI). It allows the selling of insurance on the respective apps.
ii. The customers of PhonePe can avail comprehensive financial coverage for their families with premiums
starting from ₹4,426 annually.
113. Which mutual fund company recently (in March’22) launched India’s 1st Defence Fund?
1) Axis Mutual Fund
2) Edelweiss Mutual Fund
3) HDFC Mutual Fund
4) IDBI Mutual Fund
5) HSBC Mutual Fund
Answer- 3) HDFC Mutual Fund
Explanation:
HDFC Mutual Fund has filed a scheme information document (SID) with the Securities and Exchange
Board of India (SEBI) to launch HDFC Defence Fund, India’s first Defence Fund.
i. This open-ended equity scheme will be investing in defence & allied sector companies ( aerospace,
explosives, shipbuilding, industries /stocks present on the SIDM (Society of Indian Defence
Manufacturers).
ii. This fund will be benchmarked to the recently introduced Nifty India Defence Index TRI (Total Returns
Index).
114. Bank of India (BoI) has recently (in March’22) invested ______ in National Asset Reconstruction
Company Limited (NARCL).
1) Rs 467.43 crore
2) Rs 523.21 crore
3) Rs 307.67 crore
4) Rs 208.21 crore
5) Rs 108.81 crore
Answer- 5) Rs 108.81 crore
Explanation:
The Bank of India (BoI) has invested around Rs 108.81 crore in National Asset Reconstruction Company
Limited (NARCL), under the preferential share issue.
i. Following this, BoI’s shareholding in NARCL is set to become 9% as of 21st March 2022.
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115. In March 2022, RBI issued a framework for Geo-tagging of Payment System Touch
Points/acceptance infrastructure under Section 10 (2) read with __________ of Payment and
Settlement Systems Act, 2007.
1) Section 12
2) Section 18
3) Section 15
4) Section 16
5) Section 25
Answer- 2) Section 18
Explanation:
The Reserve Bank of India (RBI) issued a framework for Geo-tagging of Payment System Touch
Points/acceptance infrastructure under Section 10 (2) read with Section 18 of Payment and Settlement
Systems Act, 2007 (Act 51 of 2007).
i. This system will be deployed by banks / non-bank Payment System Operators (PSOs) to ensure proper
monitoring of the availability of payment acceptance infrastructure and the framework was issued on the
lines of the Monetary Policy Statement 2020-21 of October 08, 2021.
ii. Need for Framework to capture the accurate location of existing payment system touch points in order
to make them accessible at all times.
116. Which organisation recently (in March’22) approved a Rs. 837 crore grant to the Government
of Odisha to develop MSME infrastructure projects in Odisha?
1) NABARD
2) National Securities Depository Limited
3) SIDBI
4) National Small Industries Corporation
5) ASSOCHAM
Answer- 3) SIDBI
Explanation:
The Small Industries Development Bank of India (SIDBI) has approved a Rs. 837 crore grant to the
Government of Odisha under its SIDBI Cluster Development Fund (SCDF) to promote and develop 18
micro, small, and medium enterprises (MSME) infrastructure projects in Odisha.
i. The projects include the development of five new MSME parks, the construction of 11 worker’s hostels
and two projects to support MSME infrastructure and will be implemented by the Odisha Industrial
Infrastructure Development Corporation (IDCO).
ii. It has also inked an agreement with the state to set up Project Management Unit (PMU) to design
schemes and programmes that strengthens the MSME ecosystem.
117. As per the United Nations Conference on Trade and Development (UNCTAD)’s' Tapering in a
Time of Conflict Report, India’s GDP growth projected downward to _________ from 6.7% in 2022.
1) 6.2%
2) 5.5%
3) 4.6%
4) 5.2%
5) 3.7%
Answer- 3) 4.6%
Explanation:
The United Nations Conference on Trade and Development (UNCTAD) in an update to its Trade and
Development report published March 24, 2022 titled ‘Tapering in a time of conflict’ has downgraded
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India’s Gross Domestic Product (GDP) growth for 2022 by -2.1% to 4.6% from 6.7% amid ongoing
Ukraine-Russia War.
On the global front, it also declined the economic growth projection for 2022 by -1% to 2.6% from 3.6% .
118. Which bank recently (in March’22) partnered with EaseMyTrip to launch green debit cards
made using polyvinyl chloride (PVC) material to promote sustainable tourism?
1) IDFC FIRST Bank
2) CSB Bank
4) DBS Bank India
5) RBL Bank
Answer- 4) DBS Bank India
Explanation:
DBS Bank India signed a partnership agreement with EaseMyTrip to launch an environment-friendly
international debit card or green debit card, made up of 99% recycled polyvinyl chloride (PVC) material.
Objective- Through this collaboration, EaseMyTrip aims to promote sustainability and incentivise
sustainable tourism.
About DBS Bank India Limited:
MD & CEO- Surojit Shome
119. Which organisation recently (in March’22) issued world 1st Wildlife Conservation Bond (WCB)
to protect Africa’s Black Rhino?
1) Intergovernmental Panel on Climate Change
2) World Wide Fund for Nature
3) United Nations Environment Programme
4) African Development Bank
5) World Bank
Answer- 5) World Bank
Explanation:
The World Bank (International Bank for Reconstruction and Development, IBRD) has created the world’s
first kind of Wildlife Conservation Bond (WCB), also known as the “RhinoBond,” in support of South
Africa’s efforts to protect the endangered species.
i. It is a five-year, USD 150 million Sustainable Development Bond, matures in 2027, that includes a
potential performance payment from the Global Environment Facility (GEF).
About Wildlife Conservation Bond (WCB) or the Rhino Bond:
i. It was issued by the International Bank for Reconstruction and Development (IBRD) at 94.84 percent of
the nominal aggregate amount, with a maximum Conservation Success Payment of US $13.76 million.
120. Name the Small Finance Bank (SFB) that recently (in March’22) launched a limited edition of
Chennai Super Kings (CSK) branded debit card in the Equiverse virtual world.
1) Ujjivan SFB
2) Equitas SFB
3) ESAF SFB
4) Capital SFB
5) Utkarsh SFB
Answer- 2) Equitas SFB
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Explanation:
Equitas Small Finance Bank (SFB) Limited has announced the launch of a limited edition Chennai Super
Kings (CSK) branded debit card that can be availed along with an experience at ‘Equiverse’ virtual world.
i. It is the first bank to introduce the Equitas Bank CSK Debit Card in the Equiverse, a special edition debit
card for Chennai Super King (CSK) fans who shared space with the team’s avatars in this virtual experience
at www.equiverse.in.
About Equitas Small Finance Bank Limited:
MD & CEO – Vasudevan Pathangi Narasimhan
Establishment – September 5, 2016
Headquarters – Chennai, Tamilnadu
121. In March 2022, ICICI Bank & HDFC Bank signed an investment agreement for a ________ stake in
India Debt Resolution Company Ltd (IDRCL).
1) 30%
2) 25%
3) 15%
4) 10%
5) 20%
Answer- 3) 15%
Explanation:
The ICICI Bank & HDFC Bank signed an investment agreement for a 15% stake in India Debt Resolution
Company Ltd (IDRCL). The IDRCL was established to manage stressed assets in India.
i. The approval for the deal was given by the Reserve Bank of India (RBI) and the Department of Economic
Affairs, Ministry of Finance.
ii. IDRCL works in tandem with the National Asset Reconstruction Company Ltd (NARCL) to clean up bad
loans.
iii. HDFC Bank will also acquire a 15% equity stake in IDRCL for Rs. 7.50 crore. The first tranche of equity
investment for Rs 3 crore is expected to be complete by 31 March 2022.
122. Name the bank that recently (in March’22) partnered with Kwik.ID to implement digital KYC,
Video KYC & e KYC for its network in India.
2) Bank of India
3) Bank of Canada
4) Central Bank of India
Answer- 4) Central Bank of India
Explanation:
Central Bank of India (CBI) partnered with Kwik.ID to implement digital Know Your Customer (KYC),
video KYC and eKYC for its network across India.
Objective: To bring seamless onboarding and provide efficient digital facilities to the customers across
India.
i. The partnership will support the implementation of its digital transformation agenda and also help in
digital finance initiatives.
About Central Bank of India (CBI):
Founded- 1911
MD & CEO- M. V. Rao
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123. Which insurance company recently (in March’22) launched India’s first industry-based digital
customer engagement and rewards programme named "VAULT program"?
1) Bajaj Allianz General Insurance
2) Cholamandalam MS General Insurance
3) Edelweiss General Insurance
4) HDFC ERGO General Insurance
5) Kotak Mahindra General Insurance
Answer- 4) HDFC ERGO General Insurance
Explanation:
HDFC ERGO General Insurance Company launched its VAULT program. It is India’s first industry based
digital customer engagement and rewards program.
This program is an experiment to test a new idea under the Regulatory Sandbox of IRDAI (Insurance
Regulatory and Development Authority of India ).
About VAULT program:
i. It is a customer engagement-based membership program. ii.Under the program, eligible customers will
be incentivized by way of reward points on meeting the various criteria such as staying insured under the
policy for more than two years, holding two active HDFC ERGO retail policies etc.
ii. Maximum customer enrolments under this program will be 10,000. This reward program will cover
Optima Restore health insurance customers.
124. Which company that recently (in March’22) partnered with Pine Labs to launch Tap to Pay for
UPI?
1) MobiKwik
2) Google Pay
3) Paytm
4) BharatPe
5) PhonePe
Answer- 2) Google Pay
Explanation:
Google Pay, payment platform of Google, has partnered with Pine Labs to launch Tap to Pay for UPI
(Unified Payments Interface) – a functionality that aims to bring the seamless convenience of Tap to Pay to
UPI.
i. With this new feature, users can just tap their phones on the Point of Sales (POS) terminal and
authenticate transactions on their phones using their UPI PIN.
About Pine Labs:
CEO – Amrish Rau
Headquarters – Noida, Uttar Pradesh
Founded – 1998
125. In March 2022, ICRA decreased the forecast of India's GDP growth for FY23 to _______ from 8%.
1) 7.2%
2) 7.8%
3) 6.9%
4) 7.5%
5) 7.0%
Answer- 1) 7.2%
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Explanation:
The rating agency 1) 7.2%(formerly Investment Information and Credit Rating Agency of India Limited)
reduced its forecast of the year-on-year (YoY) growth of India's Gross Domestic Product (GDP at constant
2011-12 prices) by 0.8% in FY23 to 7.2% from 8%. The K-shaped recovery is likely to continue.
i. The GDP expansion in FY22 is projected at 8.5% which is lower than the National Statistical Office’s
(NSO’s) second advance estimate of 8.9%.
126. Who recently (in March’22) re-elected as the Chairman of Payments Council of India (PCI) for
the 2nd time?
1) Vishwas Patel
2) Ajay Kumar Kapoor
3) Umesh Bellur
4) Biswamohan Mahapatra
5) Loney Antony
Answer- 1) Vishwas Patel
Explanation:
Vishwas Patel has been re-elected as the Chairman of Payments Council of India (PCI) for the second time,
previously he was elected as a Chairman of PCI in the year 2018.
i. In 2013, he served as Co-Chairman of PCI. PCI is a payments ecosystem industry body, and is a part of the
Internet and Mobile Association of India (IAMAI).
127. In March 2022, IDBI Bank sold its _______ stake in Ageas Federal Life Insurance Company (AFLI)
to Ageas Insurance International NV.
1) 30%
2) 25%
3) 10%
4) 35%
5) 40%
Answer- 2) 25%
Explanation:
Industrial Development Bank of India (IDBI Bank) announced to offload its 25% stake in Ageas Federal
Life Insurance Company (AFLI) to Ageas Insurance International NV.
i. The board of directors of the IDBI Bank approved to sell its 200 million equity shares in AFLI to Ageas
pursuant to exercise of Call Option by Ageas.
ii. In December 2020, IDBI Bank also sold a 23% stake in an insurance joint venture (JV) to Ageas
Insurance International for Rs 507.10 crore, following this the insurer’s name was changed from IDBI
Federal Life Insurance to Ageas Federal Life Insurance company limited by this raised Ageas stake to 49%
in the insurance company.
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Static Banking Questions

1. Who is the current (as of Feb’22) Chairperson of LIC?
1) Pankaj Jain
2) Raj Kumar
3) M R Kumar
4) Siddhartha Mohanty
5) Ranjan Sharma
Answer- 3) M R Kumar
Explanation:
About Life Insurance Corporation (LIC) of India:
Chairperson – M R Kumar
2. How many member countries are in the World Bank Organization?

1) 150
2) 189
3) 190
4) 160
5) 172
Answer- 2) 189
Explanation:
About World Bank:
Headquarters- Washington, DC, United States
President- David Malpass
Founded- 1944
Member Countries- 189(including India)
3. In March 2022, ______ became the 1st depository to open 6 crore active Demat accounts.
1) Central Depository Services Ltd
2) National Stock Exchange of India Ltd
3) National Securities Depository Ltd
4) Bombay Stock Exchange Ltd
Answer- 1) Central Depository Services Ltd
Explanation:
Central Depository Services (India) Limited (CDSL), the only listed depository in India, has achieved the
milestone of opening 6 crore active Demat accounts.
4. In February 2022, The IFSC and MICR codes of all branches of erstwhile Lakshmi Vilas Bank have
changed after the amalgamation with DBS Bank India.
IFSC Code is 11 alphanumeric codes. What is the 5th character in IFCS Codes?
1) Four
2) One
3) Zero
4) Two
5) Five
Answer- 3) Zero
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Explanation:
The 11 alphanumeric code of IFSC is structured in a pattern where the first four characters represent the
name of the bank, while the last six characters represent the branch of the bank. The fifth character is
generally 0 (zero) reserved for future utilization.
The IFSC is an 11 digit alphanumeric code, with the first four digits identifying the bank, fifth is numeric
(kept 0) and the last six digits represent the bank branch.
5. Chalapathi Rao Committee was constituted for _________.

1) Restructuring of Payments Banks in India
2) Restructuring of Regional Rural Banks in India
3) Restructuring of Commercial Banks in India
4) Restructuring of Co-operative Banks in India
5) Restructuring of Small Finance Banks in India
Answer- 2) Restructuring of Regional Rural Banks in India
Explanation:
Chalapathi Rao Committee was constituted for the restructuring of Regional Rural Banks in India. Regional
Rural Banks have been in existence for around three decades in the Indian financial scene.
6. What is the Tagline of UCO Bank?

1) Relationship Beyond Banking
2) One Family One Bank
3) Together We Can
4) Build A Better Life Around Us
5) Honours your Trust
Answer- 5) Honours your Trust
Explanation:
About UCO Bank:
Managing Director (MD) & CEO – Soma Sankara Prasad
Tagline – Honours your Trust
7. Who is the current (as of March’22) Managing Directorand Chief Executive Officer of Paytm?
1) Vijay Shekhar Sharma
2) Suhail Sameer
3) Amit Lakhotia
4) Nitin Gupta
5) Sameer Nigam
Answer- 1) Vijay Shekhar Sharma
Explanation:
About Paytm:
MD & CEO– Vijay Shekhar Sharma
Headquarters– Noida, Uttar Pradesh.
8. A Demat or dematerialised account holds shares in digital/ electronic format. Which of the
following is the type of Demat account?
1) Regular Demat account
2) Repatriable Demat account
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3) Non-Repatriable Demat account

4) Only 1 & 2
5) Only 1, 2 & 3
Answer- 5) Only 1, 2 & 3
Explanation:
Demat account or a dematerialised account is an account that should be started by the investor in which
the shares and securities are held in dematerialized form i.e. electronically without any physical papers.
There are basically three different types of Demat accounts that cater to different investors:
• Regular Demat account: This type of account caters to traders who are Indian citizens and reside in
India.
• Repatriable Demat account: This account is useful to the Non-Resident Indians as it allows fund
transfers abroad. It requires an associated NRE( Non-Resident External Account) bank account.
• Non-Repatriable Demat account: This account, too, is for the Non-Resident Indians. However, in this
case, funds cannot be transferred abroad, and this account requires an associated NRO(Non Resident
Ordinary) bank account.
9. Who is the current (as of March’22) chairman of Deposit Insurance and Credit Guarantee
Corporation (DICGC)?
1) T V Narendran
2) Michael Debabrata Patra
3) Viral Acharya
4) Rakesh Mohan
5) Partha Ray
Answer- 2) Michael Debabrata Patra
Explanation:
i. DICGC is one of the wholly owned subsidiaries of the Reserve bank of India (RBI).
ii. It was established under Deposit Insurance and Credit Guarantee Corporation Act, 1961. Founded- 15
July 1978
Chairman– Dr Michael Debabrata Patra
10. Which of the following is not a type of Monetary Policy Stances according to RBI?
1) Hawkish Monetary Policy Stance
2) Dovish Monetary Policy Stance
3) Accommodative Monetary Policy Stance
4) Neutral Monetary Policy Stance
5) Recommadative Monetary Policy Stance
Answer- 5) Recommadative Monetary Policy Stance
Explanation:
The Monetary Policy Committee of the Reserve Bank of India meets every two months to take key
decisions on the Monetary Policy of the Country.
i. There are 4 types of Monetary Policy Stances: Hawkish Monetary Policy Stance, Dovish Monetary Policy
Stance, Accommodative Monetary Policy Stance & Neutral Monetary Policy Stance.
11. Who is the current (as of March’22) MD & CEO of National Payments Corporation of India
(NPCI)?
1) Dilip Asbe
2) Deepak Kumar
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3) Amitha Sehgal
4) Umesh Bellur
5) Nitesh Ranjan
Answer- 1) Dilip Asbe
Explanation:
Managing Director (MD) & CEO – Dilip Asbe
12. How many member countries are in the International Monetary Fund (IMF)?
1) 190
2) 100
3) 120
4) 168
5) 150
Answer- 1) 190
Explanation:
About International Monetary Fund (IMF):
Headquarters– Washington, D.C, United States (US)
Managing Director– Kristalina Georgieva
Members– 190 Countries (Including India)
13. What is the Tagline of Kotak Mahindra Bank?

2) Let’s Make Money Simple
4) Together We Can
Answer- 2) Let’s Make Money Simple
Explanation:
14. Which of the following is India's first Payment bank?

1) Fino Payment Bank
2) India Post Payment Bank
3) Jio Payment Bank
5) Paytm Payment Bank
Answer- 4) Airtel Payments Bank
Explanation:
Airtel Payments Bank became the first entity in India to receive a payments bank license from the Reserve
Bank of India (RBI). It intends to bring banking services to the doorstep of every citizen of the country.
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15. The Employees’ State Insurance Corporation (ESIC) celebrated its 70th Foundation Day on
_____________.
Answer- 2) 24th February 2022
Explanation:
The Employees’ State Insurance Corporation (ESIC) celebrated its 70th Foundation Day on 24th
February 2022 at its regional office in Lower Parel. To mark the day, a Special Suvidha Samagam and an
awareness camp-cum-workshop were conducted, wherein various employers, insured persons and ESIC
beneficiaries also participated.
i. Additional Commissioner and Regional Director Pranay Sinha and other senior officers like Deputy
Director Mahadev Meena, State Medical Officer Shri Datta Kamble, Ankita Bannerjee (DD), Alok Gupta
(DD), Asutosh Giri (DD), PK Barik (Assistant Director), and Gopesh Upadhyaya of ESIC Mumbai regional
office were present.
16. Which bank introduced the 1st ATM in India?

1) HDFC Bank
2) HSBC Bank
3) IndusInd Bank
4) Axis Bank
5) ICICI Bank
Answer- 2) HSBC Bank
Explanation:
HSBC banks introduced the first ATM in India. Hongkong and Shanghai Banking Corporation was the first
bank to introduce an ATM in India in the year of 1987.
17. Who is the current (as of March’22) chairperson of Insolvency and Bankruptcy Board of India
(IBBI)?
1) Sudhaker Shukla
2) Navrang Saini
3) M.S.Sahoo
4) G. S. Yadav
5) Ravi Mital
Answer- 5) Ravi Mital
Explanation:
Establishment – 1st October, 2016 (under the Insolvency and Bankruptcy Code, 2016)
18. NUUP stands for National _______ USSD Platform

1) Unilateral
2) Unified
3) Unique
4) Union
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5) Uniform
Answer- 2) Unified
Explanation:
National Unified USSD (Unstructured Supplementary Services Data) Platform
i. The NUUP service is a USSD based Mobile Banking service from NPCI using which financial and non-
financial transactions can be done using a mobile phone without a mobile internet connection.
19. What is the maximum number of digits that a UPI-PIN can have?
1) 5
2) 6
3) 4
4) 8
5) 3
Answer- 2) 6
Explanation:
UPI Pin is a unique 4-6 digit number that you enter while adding a new payment account or making a
transaction on mobile applications.
20. In National Unified USSD Platform, a customer can access banking services by just pressing
________ from mobile phones.
1) *9#
2) *99#
3) *990#
4) *099#
5) *999#
Answer- 2) *99#
Explanation:
In NUUP, a customer can access banking services by just pressing *99# from his/her mobile phone.
21. Who is the current (as of March’22) Managing Director (MD) & CEO of Axis Bank?
1) Amitabh Chaudhry
2) A S Rajeev
3) Sanjiv Chadha
4) Atanu Kumar Das
5) Rakesh Sharma
Answer- 1) Amitabh Chaudhry
Explanation:
22. Who is the current (as of March’22) Managing Director (MD) & CEO of NSDL Payments Bank?
1) Satish Kumar Gupta
2) Anubrata Vishwas
3) Rishi Gupta
4) H Srikrishnan
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5) Abhijit Kamalapurkar
Answer- 5) Abhijit Kamalapurkar
Explanation:
About NSDL Payments Bank:
Managing Director (MD) & CEO – Abhijit Kamalapurkar
23. In March 2022, RBI imposed a penalty of ₹14.83 lakh on Future Group Subsidiary LivQuik
Technology for non-compliance with rules around net worth requirement for pre-paid
instruments.
The penalty imposed with the exercise vested in RBI Under _____ section of the Payment and
Settlement Systems Act, _______.
1) 15; 2007
2) 30; 2006
3) 25; 2008
4) 30; 2007
5) 25; 2006
Answer- 4) 30; 2007
Explanation:
The Reserve Bank of India has imposed a penalty of ₹14.83 lakh on Future Group-backed payments
technology company LivQuik Technology for non-compliance with rules around the net worth requirement
for pre-paid instruments.
i. The penalty has been imposed in the exercise of powers vested in RBI under Section 30 of the Payment
and Settlement Systems Act, 2007.
ii. In 2018, Future group had picked up 55% stake in LivQuik, which operates the QuikWallet mobile app
24. Which bank launched ‘InstaBIZ’ interoperable app to all merchants and customers of banks?
1) Axis Bank
2) ICICI Bank
3) IndusInd Bank
4) YES Bank
5) HDFC Bank
Explanation:
ICICI Bank announced that it has made ‘InstaBIZ’ interoperable, making the benefits of its business
banking mobile app available to all merchants including customers of other banks.
i. The first-of-its-kind initiative enables merchants—owners of grocery shops, supermarkets, restaurants,
stationery stores and pharmacies-- and professionals like doctors and lawyers to instantly create digital
collection solutions like UPI ID and QR code, and start collecting money from their customers immediately.
25. Who is the current (as of March’22) Chairman of National Bank for Financing Infrastructure and
Development (NaBFID)?
1) KV Kamath
2) G.R. Chintala
3) Madhabi Puri Buch
4) Sivasubramanian Ramann
5) Subhash Chandra Khuntia
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Answer- 1) KV Kamath
Explanation:
Chairman of NaBFID is KV Kamath
About NaBFID:
National Bank for Financing Infrastructure and Development (NaBFID) is being set up as a corporate body
with authorized share capital of one lakh crore rupees.
Initially, the central government will own 100% shares of the institution which may subsequently be
reduced up to 26%.
Objectives of NaBFID:
i. Financial objectives – This will directly or indirectly lend, invest, or attract investments for infrastructure
projects located entirely or partly in India.
ii. Developmental objectives – This includes the development of the market for bonds, loans, and
derivatives for infrastructure financing.
26. Who is the current (as of March’22) MD & CEO of UCO Bank?
1) Atanu Kumar Das
2) Sanjiv Chadha
3) A.S Rajeev
4) Tapan Ray
5) Soma Sankara Prasad
Answer- 5) Soma Sankara Prasad
Explanation:
About UCO Bank:
Founded – 1943
27. When was the Bureau of Indian Standards founded?

1) 1982
2) 1986
3) 1970
4) 1988
5) 1876
Answer- 2) 1986
Explanation:
About Bureau of Indian Standards:
It is a statutory body established under the Bureau of Indian Standards Act, 2016. Director General-
Pramod Kumar Tiwari
Founded- 1986
Headquarter- New Delhi
28. What is the Tagline of Punjab National Bank?

1) Good People to Grow With
2) Together We Can
3) The Name You Can Bank Upon
4) Support All the Way
5) We understand your world
Answer- 3) The Name You Can Bank Upon
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Explanation:
About Punjab National Bank (PNB):
CEO & Managing Director (MD) – S S Mallikarjuna Rao
Tagline – The Name You Can Bank Upon
29. Which of the following is a type of Prepaid Payment Instrument (PPI)?

1) Closed System PPI
2) Open System PPI
3) Semi-open System
4) Both 1 & 2
5) Both 2 & 3
Answer- 4) Both 1 & 2
Explanation:
Prepaid Payment Instrument (PPI) are instruments that facilitate purchase of goods and services,
including financial services, remittance facilities, etc., against the value stored on such instruments.
PPIs that can be issued in the country are classified under three types
• Closed System PPIs: These PPIs are issued by an entity for facilitating the purchase of goods
and services from that entity only and do not permit cash withdrawal. The operation of such instruments
doesn’t require approval by the RBI.
• Semi-closed System PPIs: These PPIs are issued by banks (approved by RBI) and non-banks
(authorized by RBI) for purchase of goods and services at merchant locations which have a specific
contract with the issuer to accept the PPIs as payment instruments.
• Open System PPIs: These PPIs are issued only by banks (approved by RBI) and are used at
any merchant for purchase of goods and services. Cash withdrawal at ATMs / Points of Sale (PoS)
terminals / Business Correspondents (BCs) are also allowed through such PPIs.
30. Who is the current (as of March’22) MD & CEO of ICICI Bank?
1) Sandeep Bakhshi
2) V. Vaidyanathan
3) Shanti Lal Jain
4) Amitabh Chaudhry
5) Atul Kumar Goel
Answer- 1) Sandeep Bakhshi
Explanation:
About ICICI Bank:
MD & CEO– Sandeep Bakhshi
31. The Insurance Regulatory and Development Authority (IRDA) was formed on the
recommendation of which committee?
1) Tandon Committee
2) Banerjee Committee
3) Kutumbe Committee
4) Malhotra Committee
5) Gupta Committee
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Answer- 4) Malhotra Committee

Explanation:
In 1993, the Government set up a committee under the chairmanship of RN Malhotra, former Governor of
RBI, to propose recommendations for reforms in insurance.
i. Following the recommendations of the Malhotra Committee report, in 1999, the Insurance Regulatory
and Development Authority (IRDA) was constituted as an autonomous body to regulate and develop the
insurance industry.
32. Which of the following institutions cannot sell Sovereign Gold Bonds?
1) Scheduled Commercial Banks
2) Small Finance Banks
3) Clearing Corporation of India Ltd
4) Post Offices
5) Stock Exchanges
Answer- 2) Small Finance Banks
Explanation:
The Central government started to issue Sovereign Gold Bonds for 2021 in four tranches, which will be
sold through scheduled commercial banks, Stock Holding Corporation of India Limited (SHCIL), Clearing
Corporation of India Limited (CCIL), designated post offices, and recognised stock exchanges.
i. Small finance banks and Payment banks will not sell these bonds.
33. Statutory Liquidity Ratio is a minimum percentage of deposits that a commercial bank has to
maintain in the form of liquid cash, gold or other securities.
What does SLR stand for ______ Liquidity Ratio.
1) Sell
2) Saving
3) Safe
4) Statutory
5) Securities
Answer- 4) Statutory
Explanation:
Statutory Liquidity Ratio (SLR) is a minimum percentage of deposits that a commercial bank has to
maintain in the form of liquid cash, gold or other securities.
34. _____________ is the rate at which the RBI borrows money from commercial banks within the
country.
1) Statutory Liquidity Ratio
2) Cash Reserve Ratio
3) Bank Rate
4) Repo Rate
5) Reverse Repo rate
Answer- 5) Reverse Repo rate
Explanation:
Reverse Repo rate is the rate at which the RBI borrows money from commercial banks within the
country
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35. The Financial Action Task Force (FATF) was established by __________.
1) BRICS
2) G7
3) ASEM
4) G4
5) G20
Answer- 2) G7
Explanation:
About Financial Action Task Force (FATF):
The FATF is an intergovernmental organisation established by the G7 (Canada, France, Germany, Italy,
Japan, United Kingdom, United States and European Union) to prevent and combat money laundering,
terrorism, and proliferation finance.
Founded- 1989
Headquarters- Paris, France
36. The savings & current account that does not operate for more than 2years, then the account is
called?
1) Demand Deposit Account
2) Dormant account
3) Inactive amount
4) Demat account
5) Inoperative account
Answer- 2) Dormant account
Explanation:
If you have a current or a savings bank account and have not done any transactions through it for more
than 24 months (2years), then it will be classified as a Dormant account.
i. If you have a current or a savings bank account and have not done any transactions through it for more
than 12 months, then it will be classified as an inactive account.
37. Which of the following are the negotiable instruments as per the Negotiable Instrument Act,
1881?
1) Share Certificate
2) Money Order
3) Deposit Receipt
4) Postal Order
5) Bill of Exchange
Answer- 5) Bill of Exchange
Explanation:
A negotiable instrument is a piece of paper that entitles a person to a sum of money and which is
transferable from one person to another under the Negotiable Instrument Act 1881. A negotiable
instrument means a promissory note, bill of exchange, Cheque, Bank Note, Bank Draft, Circular Note,
Dividend Warrant.
38. The sponsorship between Central Government, Sponsor Bank and State Government is in the
ratio of _____ in respect of RRBs in the country.
1) 60; 25; 15
2) 60; 30; 10
3) 70; 20; 10
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4) 50; 15; 35
5) 50; 35; 15
Answer- 5) 50; 35; 15
Explanation:
Regional Rural Banks (RRBs) came into existence on Gandhi Jayanti in 1975 with the formation of a
Prathama Grameen Bank with a recommendation from The Narasimham Committee.
RRBs were owned by three entities with their respective shares as follows:
• Central Government: 50%
• Sponsor bank: 35%
• State government: 15%
39. Under section ______ of the Negotiable Instrument Act–1881 the cheque term is defined.
1) Section 25
2) Section 10
3) Section 4
4) Section 5
5) Section 6
Answer- 5) 6 Section
Explanation:
A cheque is a bill of exchange in which one party orders the bank to transfer the money to the bank account
of another party.
i. The term “Cheque” is defined under Section 6 of the Negotiable Instrument Act–1881
40. Who is the current (as of March’22) CEO & MD of Ujjivan Small Finance Bank?
1) Rajeev Yadav
2) PN Vasudevan
3) Govind Singh
4) Sunil Patel
5) Ittira Davis
Answer- 5) Ittira Davis
Explanation:
About Ujjivan Small Finance Bank :
41. What is the tagline of Bank of Baroda (BoB)?

1) Together We Can
3) India’s International Bank
Answer- 3) India’s International Bank
Explanation:
About Bank of Baroda (BoB):
MD & CEO – Sanjiv Chadha
Headquarters – Vadodara, Gujarat
Tagline – India’s International Bank
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42. India’s digital economy is expected to touch an exponential growth of $800 billion by ________.
1) 2028
2) 2026
3) 2024
4) 2030
5) 2025
Answer- 4) 2030
Explanation:
India's digital economy is expected to witness exponential growth to $800 billion by 2030 on the back of
rising internet penetration and increasing income announced by Finance Minister Nirmala Sitharaman
43. Who was the 1st Governor of the Reserve Bank of India?
1) CD Deshmukh
2) C. Rajagopalachari
3) Benegal Rama Rau
4) Osborne Smith
5) Sucheta Kripalani
Answer- 4) Osborne Smith
Explanation:
• The First Governor of RBI was Sir Osborne Smith. (1935 – 1937)
• The First Indian Governor of RBI was CD Deshmukh. (1943 – 1949)
44. When was the Export-Import Bank of India (EXIM Bank) established?
1) 1982
2) 1985
3) 1980
4) 1997
5) 1990
Answer- 1) 1982
Explanation:
About EXIM Bank:
Established– 1982
45. Public Sector Banks (PSB) Loans in 59 minutes disburses ₹39,580 crore credit to businesses
since inception between September 25, 2018, to February 28, 2022.
What is the Maximum amount an MSME can get business loan through psbloansin59minutes.com
portal?
1) 1 crore
2) 8 lakhs
3) 5 crore
4) 3 lakhs
5) 5 lakhs
Answer- 3) 5 crore
Explanation:
PSB Loans in 59 minutes disburses ₹39,580 crore credit to businesses since inception between September
25, 2018, to February 28, 2022.
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i. Through the psbloansin59minutes.com portal, an MSME can avail business loans from a minimum of ₹1
lakh to a maximum of ₹5 crore post-in-principle approval. 2,01,863 proposals have been made on the
portal amounting to ₹39,580 crore in the business category.
46. ‘CRAR’ stands for __________ .

1) Capacity to Return-Weighted Assets Ratio
2) Capital to Return-Weighted Assets Ratio
3) Credit to Return -Weighted Assets Ratio
4) Capital to Risk-Weighted Assets Ratio
5) Credit to Risk-Weighted Assets Ratio
Answer- 4) Capital to Risk-Weighted Assets Ratio
Explanation:
Capital to Risk Weighted Asset Ratio (CRAR) is the capital needed for a bank measured in terms of the
assets (mostly loans) disbursed by the banks.
47. A SWIFT code is used to identify a particular branch of a bank.

In ‘SWIFT’, T stands for _______.
1) Transportation
2) Target
3) Transformation
4) Transaction
5) Telecommunication
Answer- 5) Telecommunication
Explanation:
SWIFT (Society for Worldwide Interbank Financial Telecommunication) codes are a combination of
various kinds of letters and are used to identify the branch codes of the banks.
48. Which committee recommended the introduction of a Liquidity adjustment facility in India?
1) Narasimham Committee
2) Rangarajan Committee
3) Basel Committee
4) SS Tarapore Committee
5) A K Khandelwal Committee
Answer- 1) Narasimham Committee
Explanation:
Narasimham Committee was set up in 1998 on structural reforms, recommending merger of banks to
solve the problem of NPA.
i. It recommended the introduction of a Liquidity adjustment facility in India.
49. When was Kotak Mahindra Bank established?

1) 2005
2) 2001
3) 2003
4) 2004
5) 2002
Answer- 3) 2003
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Explanation:
CEO– Uday Kotak
Established-2003
50. Which of the following is the objective of Monetary Policy?

1) To maintain price stability
2) Arrangement of full employment
3) Exchange rate stability
4) Only 1 & 2
5) Only 1, 2 & 3
Answer- 5) Only 1, 2 & 3
Explanation:
The policy by which the desired level of money flow and its demand is regulated by the RBI is known as
monetary policy. Monetary policy is maintained through actions such as increasing the interest rate, or
changing the amount of money banks need to keep in the vault (bank reserves).
The main objectives of Monetary Policy are,
• To maintain price stability.
• To ensure adequate flow of credit to productive sectors so as to assist growth.
• Arrangement of full employment
• Expansion of credit facility
• Equality & Justice Stability in exchange rate
• Promotion of Fixed Deposit
• Equitable distribution of Credit
51. NABARD was established on the recommendations of ________ Committee.

1) BB Tandon Committee
2) Narasimham Committee
3) B. Sivaraman Committee
4) Raja Chelliah Committee
5) Srikrishna Committee
Answer- 3) B. Sivaraman Committee
Explanation:
National Bank for Agriculture and Rural Development (NABARD) was established on the
recommendations of the B.Sivaraman Committee to implement the NABARD Act 1981.
52. When was the State Bank of India (SBI) formed?

1) 1st May 1960
2) 1st July 1955
3) 1st June 1960
4) 1st April 1945
5) 1st January 1955
Answer- 2) 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.
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53. The logo of RBI consists of which of the following trees/animals?

1) A Palm Tree
2) Tiger
3) Lion
4) Both 1 & 2
5) Both 2 & 3
Answer- 4) Both 1 & 2
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.
54. CASA is a type of non-term deposit account.

What does CASA stand for?
1) Capital Asset Strategy Account
2) Current Account Savings Accounts
3) Capital Account Savings Accounts
4) Current Assets Saving Accounts
5) Capital Account Strategy Accounts
Answer- 2) Current Account Savings Accounts
Explanation:
Current Account Savings Accounts (CASA) are a type of non-term deposit account. A CASA has a lower
interest rate than term deposits, such as a certificate of deposit, and is thus a cheaper source of funds for
the financial institution.
55. What is the “tagline” of Karnataka Bank?

1) Together We Can
3) Good People to Bank With
4) Your Family Bank Across India
5) Your Perfect Banking Partner
Answer- 4) Your Family Bank Across India
Explanation:
Karnataka Bank Limited is a leading ‘A’-Class Scheduled Commercial Bank in India. Incorporated on 18th
February 1924 at Mangaluru, Karnataka.
MD & CEO– Mahabaleshwara M.S
Headquarters– Mangaluru, Dakshina Kannada, Karnataka.
Tagline– Your Family Bank Across India
56. The minimum paid up capital for a payments bank?

1) Rs. 20 crore
2) Rs. 100 crore
3) Rs. 150 crore
4) Rs. 10 crore
5) Rs. 200 crore
Answer- 2) Rs. 100 crore
Explanation:
The minimum paid-up equity capital of the payments bank shall be Rs. 100 crore
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57. For how many months is a cheque valid from the date of issue/ instrument?
1) 5 Months
2) 8 Months
3) 6 Months
4) 2 Months
5) 3 Months
Answer- 5) 3 Months
Explanation:
Accordingly, cheques, Drafts, Pay Orders and Banker’s Cheques are “valid for 3 months from the date of
instrument”, with effect from 01.04.2012
58. Which of the following points are correct with respect to the “Sovereign Green Bonds”?
A) Sovereign Green Bonds are government securities denominated in grams of gold.
B) the bonds are issued by the RBI on behalf of the Government of India.
C) The minimum initial investment is 1 gram of gold, and the upper limit is 4 Kg of gold per
investor.
1) Only A
2) Only B
3) Only A & B
4) Only B & C
5) All A, B & C
Explanation:
Sovereign Green Bonds are government securities denominated in grams of gold.
i. The bonds are issued by the RBI on behalf of the Government of India.
ii. The minimum initial investment is 1 gram of gold, and the upper limit is 4 Kg of gold per investor.
59. Non-scheduled banks by definition are those which are not listed in the 2nd schedule of the RBI
act, 1934.
The reserve capital of these banks is less than _____________.
1) Rs 5 lakhs
2) Rs 1 lakh
3) Rs 2 Lakhs
4) Rs 4 lakhs
5) Rs 3 lakhs
Answer- 1) Rs 5 lakh
Explanation:
Non-scheduled banks by definition are those which are not listed in the 2nd schedule of the RBI act, 1934.
Banks with a reserve capital of less than 5 lakh rupees qualify as non-scheduled banks.
60. In Which year Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) is established
by the RBI?
1) 1989
2) 1990
3) 1992
4) 1995
5) 1997
Answer- 4) 1995
137
Explanation:
Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) was established by Reserve Bank of
India (RBI) as its wholly owned subsidiary in 1995.
61. CFT guidelines to prevent banks from being used, intentionally or unintentionally, by criminal
elements for money laundering.
CFT stands for ________.
1) Complex of Financing of Terrorism
2) Combating of Financing of Terrorism
3) Complement of Field of Tariff
4) Counter of Financing of Term
5) Case of Financing of Terrorism
Answer- 2) Combating of Financing of Terrorism
Explanation:
CFT- Combating of Financing of Terrorism
Know your Customer (KYC) / Anti-Money Laundering (AML), Combating of Financing of Terrorism (CFT)
guidelines to prevent bank from being used, intentionally or unintentionally, by criminal elements for
money laundering or terrorist financing activities.
62. What is the minimum amount stipulation for RTGS transactions (as of March’22)?
1) Rs. 2,00,000
2) Rs. 50,000
3) Rs. 1,00,000
4) Rs. 10,00,000
5) Rs. 8,00,000
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 Rs. 2,00,000/- with no upper or maximum ceiling.
63. The Public sector bank will share _____________ ownership (as of March’22) in National Asset
Reconstruction Company Ltd (NARCL).
1) 15%
2) 25%
3) 35%
4) 51%
5) 49%
Answer- 4) 51%
Explanation:
The National Asset Reconstruction Company Ltd (NARCL) that was established by the Central Government
is set to deal with Bad Loans or Non Performing Assets(NPA).
• Public Sector Banks (PSBs) will maintain51% ownership in NARCL.
64. Who is the current (as of Jan’22) Managing Director & CEO of Airtel Payment Bank?
1) Anubrata Biswas
2) Satish Kumar Gupta
3) J. Venkataramu
4) Harikrishnan
138
5) Rishi Gupta
Answer- 1) Anubrata Biswas
Explanation:
About Airtel Payments Bank:
Managing Director & CEO-Anubrata Biswas
Headquarters- New Delhi, Delhi
65. In March 2022, India1 Payments received a perpetual licence to set-up White Label ATMs
(WLAs) in India from the RBI. Where is the Headquarters of India1 Payments Limited?
1) Patna
2) Mumbai
3) Kolkata
4) Bengaluru
5) Chennai
Answer- 4) Bengaluru
Explanation:
India1 Payments (formerly BTI Payments Private Ltd) has received a perpetual licence to set-up, own and
operate White Label ATMs (WLAs) in India from the RBI.
India1 Payments Limited:
Founded: 2006
Headquarters: Bengaluru
66. Who is the current (as of March’22) MD & CEO of IDBI Bank?
1) Amitabh Chaudhry
2) Rajiv Lall
3) Atanu Chakraborty
4) Rakesh Sharma
5) Ramesh Babu
Answer- 4) Rakesh Sharma
Explanation:
67. The Gross non-performing assets (NPAs) has increased to _______ in FY 2019-20 from 11.33% in
FY 2017/-18.
1) 18.56%
2) 17.23%
3) 15.98%
4) 14.69%
5) 13.52%
Answer- 4) 14.69%
Explanation:
As per Reserve Bank of India (RBI) data, recovery made by public sector banks (PSBs) during the financial
year as a percentage of gross non-performing assets (NPAs) as on beginning of the financial year (FY) has
improved from 11.33% in FY 2017-18, to 13.52% in FY 2018-19, to 14.69% in FY 2019-20.
139
i. This was stated by Union Minister of State for Finance Dr Bhagwat Kisanrao Karad in a written reply to a
question in Lok Sabha today.
GA Questions Asked in Exams
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• SBI Clerk Mains 2020
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• GA Questions Asked in IBPS Clerk Mains Exam 2020 – 90% Questions Covered by AC
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Banking, Finance & Economy PDF 2022 -

Banking, Finance & Economy News: MARCH

ii.Payment Instructions and Determination of Standards

About Deposit Insurance and Credit Guarantee Corporation (DICGC):

RBI releases booklet ‘BE(A)WARE’ on modus operandi of Financial Frauds

RBI bars Paytm Payments Bank from Onboarding New Customers

RBI revokes license of People’s Co-operative Bank Ltd, Kanpur, UP

RBI Lifted all Curbs on HDFC Bank’s New Digital Launches

RBIH launched in Bengaluru, Karnataka; Kris Gopalakrishnan is 1st Chairman of RBIH

RBI releases framework for Geotagging Payment System Touchpoints

Need behind this Framework:

APPOINTMENTS & RESIGNATIONS

World Bank’s India head is appointed as Vice President of MIGA’s Operations

Ashneer Grover Resigned as MD & Director of the board of BharatPe

LIC MF appoints TS Ramakrishnan as its MD & CEO

Nitin Chugh to head SBI’s Digital Banking as DMD

Tagline: “Pure Banking, Nothing Else”

Former Finance & Revenue Secretary AB Pandey appointed as NFRA Chairperson

T Raja Kumar Became 1st Singaporean To Be Appointed as President of the FATF

• Singapore became a member of the FATF in 1992

Ashwani Bhatia MD of SBI appointed as a whole-time member SEBI for 3 years

About RBL Bank:

Pralay Mondal Appointed as Interim MD and CEO of CSB Bank

Japan and India Renews Bilateral Swap Arrangement of up to USD 75 billion

India Q3 GDP by NSO: Growth momentum slows to 5.4% in Q3FY22

From the Report:

IDBI Bank launches C-LMS & G-LMS for institutional clients

UCO Bank Partners with Fisdom to Offer Fintech services to Customers

allow the passengers to enable complete cashless commutes.

46th Civil Accounts Day – 2nd March 2022

About Ministry of Finance:

information for various loan products in rural areas.

IIFL Finance Partners with NIRA to Offer Personal Loans

Payment for the cover:

BCCI Announces RuPay as official partner for Tata IPL 2022

Headquarters – Mumbai, Maharashtra

IOB extends Rs 1,000cr Loan to JKIDFC

IBBI Signs MoU with IBA for Collaborating Capacity Building

About Insolvency and Bankruptcy Code (IBC):

Headquarters – Mumbai, Maharashtra

Star Health Introduces Women-Centric Medical Insurance Policy

HDFC MF launches LaxmiForLaxmi financial empowerment initiative for women.

About HDFC Mutual Fund:

NaBFID to be Regulated as All India Financial Institution under RBI Act

Recent related news:

CCI approves 100% Acquisition of L&T AMC by HSBC AMC

CRISIL Retains India’s GDP Growth at 7.8% in FY23

FY23 if the price of crude oil averages USD 85-90per barrel.

UCO Bank becomes a stakeholder of IDRCL

Odisha govt. & Nabard signed a pact to increase fish production

ICICI Bank to Acquire 5% Stake in NARCL

Ujjivan SFB launches Industry’s first Digital based Onboarding

ICICI Bank Launches Co-Branded Credit Cards with Emirates Skywards

About Emirates Skywards ICICI Bank Credit Card:

About Bank of Baroda (BoB):

SGX selected TCS to power NSE IFSC-SGX Connect in GIFT City

About National Stock Exchange (NSE):

Banking & Economy PDF - March 2022 by AffairsCloud 1

Banking & Economy PDF - March 2022 by AffairsCloud 1