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Banking, Finance & Economy PDF 2022 – December
Table of Contents
Banking, Finance & Economy News: December 2022 ...................................................................................................... 6
Banking, Finance & Economy Q&A: December 2022 ..................................................................................................... 66

Banking, Finance & Economy News: December 2022
RBI IN NEWS
RBI: Authorises TMBL to Undertake Government Business; Modifies Digital Lending Norms
Effective from 1st December
On 30th November 2022 Reserve Bank of India (RBI) authorised Tamilnad Mercantile Bank Limited (TMBL) to
undertake government business on behalf of RBI.
• An agreement appointing TMBL as an ‘agency bank’ of RBI to undertake government agency
business was signed by the bank and RBI in Mumbai, Maharashtra.
RBI’s Modifies Digital Lending Norms Effective from 1st December
The Reserve Bank of India (RBI) modified guidelines on digital lending that was issued in September 2022 to
protect customers from exorbitant interest rates by certain entities and also check unethical loan recovery
practices, effective from 1st December 2022.
• Under the new norms, all loan disbursals and repayments are required to be executed only between
the bank accounts of borrower and the regulated entities such as banks and Non-banking Financial
Companies (NBFCs) without any pass-through/ pool account of the Lending Service Providers
(LSPs).
Click here to know more
RBI adopted Four-Tiered Regulatory Framework for UCBs; Signs Letters of Cooperation with
FSA, Japan
The Reserve Bank of India (RBI) revises Framework of Categorization of Urban Co-operative Banks (UCBs) for
Regulatory Purposes. This revision will be applicable to all Primary (Urban) Co-operative Banks w.e.f
December 1, 2022.
What are the Revisions?
RBI has adopted the following four-tiered regulatory framework from the existing two-tiered framework, for
categorization of UCBs in order to strengthen the financial soundness of the UCBs.
i.Tier 1 – All unit UCBs and salary earners’ UCBs (irrespective of deposit size), and all other UCBs having
deposits up to Rs 100 crore
ii.Tier 2– UCBs with deposits more than Rs 100 crore and up to Rs 1000 crore
iii.Tier 3 – UCBs with deposits more than Rs 1000 crore and up to Rs 10,000 crore
iv.Tier 4 – UCBs with deposits more than Rs 10,000 crore
Minimum Net Worth for UCBs
i.RBI prescribed a minimum net worth of Rs 2 crore for Tier-1 UCBs operating in single districts, and Rs 5 crore
for all other UCBs.
ii.UCBs, which currently do not meet the minimum net worth requirement, can achieve the minimum net
worth of Rs 2 crore or Rs 5 crore in a phased manner.
• Such UCBs will have to achieve at least 50% of the applicable minimum net worth on or
before March 31, 2026, and the entire stipulated minimum net worth on or before March 31,
2028.
iii.If a UCB wants to switch to a higher Tier on account of increase in deposits in any year, it will be provided a
glide path of upto a maximum of three years, to comply with higher regulatory requirements.
Minimum CRAR Requirement
i.Tier-1 UCBs will continue to maintain a minimum CRAR (Capital to Risk Weighted Assets) of 9% on an
ongoing basis.
ii.Tier- 2,3,4 UCBs will maintain a minimum CRAR of 12% on an ongoing basis.

iii.UCBs in Tier-2,3,4, which do not currently meet the revised CRAR of 12% can achieve the same in a phased
manner.
• Such UCBs will have to achieve the CRAR of at least 10% by March 31, 2024, 11% by March 31,
2025, and 12% by March 31, 2026.
Other Key Revisions:
i.An automatic route will be introduced for branch expansion of the UCBs which meet the revised Financially
Sound and Well Managed (FSWM) criteria, and permit them to open new branches up to 10% of the number of
branches as at the end of the previous financial year.
ii.To examine the issues concerning recommendation for capital augmentation under the provisions of Section
12 of the Banking Regulation Act, 1949 (as amended) (as applicable to co-operative societies), a Working
Group comprising the representatives from RBI, SEBI (Securities and Exchange Board of India) and Ministry of
Co-operation, Government of India has been constituted.
RBI permits overseas Indian banks to deal in Financial Products not permitted in domestic markets
RBI also eases rules for foreign branches or subsidiaries of banks or All India Financial Institutions (AIFIs) to
deal in financial products that are not permitted in India w.e.f. December 1, 2022.
• This permit is applicable to all banks regulated by the RBI (excluding co-operative banks, Regional
Rural Banks and Local Area Banks), and AIFIs operating in foreign jurisdictions and in International
Financial Services Centers (IFSCs) in India including Gujarat International Finance Tec-City (GIFT
City).
However, this permit of dealing in such products carries some conditions which need to be adhered by the
entities. These include the following:
i.It should be done with the prior approval from their Board and, if required, the appropriate authority in the
concerned jurisdictions.
ii.These entities must have adequate knowledge, understanding, and risk management capability for handling
such products and
iii.Their exposure and mark-to-market (MTM) on these products should be appropriately reported in the
returns furnished to the RBI.
iv.They should provide information about dealing in such financial products in the manner and format and
within the time frame as prescribed by the RBI.
v.They should not deal in products linked to Indian Rupee unless specifically permitted by RBI and do not
accept structured deposits from any Indian resident.
RBI, Financial Services Agency of Japan exchange Letters of Cooperation
A letters of cooperation was exchanged between the RBI and Financial Services Agency (FSA), Japan in the field
of Central Counter Parties (CCPs) to improve mutual cooperation.
• Under this both entities agreed to hold a dialogue or exchange views about matters of common
interest.
• Both sides will enhance cooperation in line with their respective laws and regulations.
About Reserve Bank of India (RBI):
Governor– Shaktikanta Das
Deputy Governors– Mahesh Kumar Jain, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar
Headquarters– Mumbai, Maharashtra
Establishment– 1st April 1935
RBI Grants Conditional Approval to Carlyle Group, Verventa Holdings to Buy 10% Stake in YES
Bank
The Reserve Bank of India (RBI) has granted a conditional approval to the Carlyle Group
and Verventa Holdings to acquire 9.99 percent of paid up share capital each in YES Bank through
subscription to equity shares and share warrants of the Bank.

• The proposed investment is by CA Basque investments, which is a part of the Carlyle Group and
Verventa Holdings, an affiliate of funds managed by Advent.
Key highlights:
i.Background – In July 2022 ,YES Bank raised Rs.8,900 crore from private equity investors, Carlyle Group and
Advent International, where-in Rs.5,100 crore was proposed to be raised through shares and Rs.3,800 crore
through share warrants.
• The bank now plans to issue 3,700 million shares on a preferential basis at Rs.13.78 per
share and 2,570 million warrants at Rs 14.82 a share.
ii.The fundraising would be conducted through a combination of USD 640 million (Rs 5,100 crore) in equity
shares and USD 475 million (Rs 3,800 crore) through equity share warrants.
iii.Both the entities will initially acquire 5.9 percent stake each on shares and eventually rises to 10 percent
after the conversion of share warrants into shares.
iv.As of September 30 2022, foreign portfolio investors hold a 12.15% stake in the bank. State Bank of India
(SBI) is the largest public shareholder in the YES bank, holding a 30% stake.
• ICICI Bank, Axis Bank, IDFC First Bank and Bandhan Bank together hold an 8.22% stake in the
lender.Life Insurance Corporation of India (LIC) holds 4.98% shares.
About YES Bank:
Managing Director (MD) & Chief Executive Officer (CEO) – Prashant Kumar
Establishment – 2004
Headquarters – Mumbai, Maharashtra
Tagline – Experience Our Expertise
RBI launches ‘Digital Rupee – Retail segment (e₹-R)‘ in Four Cities; Issues Rs 1.71cr
On December 1, 2022, the Reserve bank of India (RBI) launched its pilot on retail digital currency/ rupee called
‘Digital Rupee – Retail segment (e₹-R)’, a Central Bank Digital Currency (CBDC) which is an electronic form of
sovereign currency.
• In this regard, RBI issued Rs 1.71 crore to four participating banks based on their indents.
Pilot Coverage & Participating Banks:
i.In the retail pilot of the digital rupee, 8 banks have been identified for phase-wise participation in four cities
of Mumbai (Maharashtra), New Delhi (Delhi), Bengaluru (Karnataka), and Bhubaneswar (Odisha).
• It will cover select locations in closed user groups (CUG) which will include both the customers and
merchants.
ii.In the first phase, four banks including State Bank of India (SBI), ICICI Bank, YES Bank, and IDFC First
Bank will take part.
• Four more banks viz. Bank of Baroda, Union Bank of India, HDFC Bank, and Kotak Mahindra Bank
will join this pilot subsequently.
iii.The pilot will later extended to Ahmedabad (Gujarat), Gangtok (Sikkim), Guwahati (Assam), Hyderabad
(Telangana), Indore (Madhya Pradesh), Kochi (Kerala), Lucknow (Uttar Pradesh), Patna (Bihar), and Shimla
(Himachal Pradesh).
What is e₹-R?
Retail digital rupee can provide access to safe money for payment and settlement as it is a direct liability of the
RBI. It can be converted to other forms of money, like deposits with banks. The retail digital rupee will not earn
any interest.
e₹-R Model:
i.RBI proposed a token-based two-tiered architecture model for e₹-R. In this, the person receiving a token will
verify that his ownership of the token is genuine.
ii.RBI will issue and redeem e₹-R while the distribution and payment services will be delegated to the banks.
iii.The model is similar to the current physical currency management system wherein banks manage activities
like distribution of notes to the public, account-keeping, adherence to requirements related to know-your-

customer (KYC) and anti-money laundering and countering the terrorism of financing (AML/CFT) checks,
transaction verification, etc.
iv.The e₹-R will be issued in the same denominations that paper currency and coins are currently issued.
• Users will be able to transact with e₹-R through a digital wallet offered by the participating banks
and stored on mobile phones or devices.
v.e₹-R for can be used for both person-to-person (P2P) and person-to-merchant (P2M) transactions.
Background:
The Central Government announced the launch of the digital rupee FY2022-23 onwards in the Union Budget
2022. CBDC is aimed to complement rather than replace current forms of money.
Recent Related News:
i.On 2nd September 2022, RBI launched the pilot for end-to-end digitalization of Kisan Credit Card (KCC)
lending. The project was developed by the Reserve Bank Innovation Hub (RBIH) in association with RBI.
ii.RBI decided to allow foreign inward remittances received under the Rupee Drawing Arrangement (RDA), to
be transferred to the KYC (Know Your Customer) compliant bank account of the biller (beneficiary) through
Bharat Bill Payment System (BBPS), subject to the conditions. Thus, it has allowed BBPS to process Cross-
Border Inbound Remittances.
Established– 1st April 1935
Governor– Shaktikanta Das
Deputy Governors– Mahesh Kumar Jain, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar
Highlights of RBI’s Bi-monthly Monetary Policy of 2022-23; Repo Rate raised to 6.25% in
December 2022
The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) met on December 5-7, 2022 , and released
the Monetary Policy Statement, 2022-23 Resolution of the MPC which declined India’s real Gross Domestic
Product (GDP) growth to 6.8% for FY23 from 7% (projected in September 2022) with FY23’s Q3 at 4.4%; and
Q4 at 4.2%.
• The stance is to focus on withdrawal of accommodation.
• Real GDP growth for Q1FY24 is projected at 7.1% and at 5.9% for Q2.
Inflation:
i.Inflation is projected at 6.7% in FY23, with Q3 at 6.6% and Q4 at 5.9%, and risks evenly balanced.
ii.CPI inflation for Q1FY24 is projected at 5% and for Q2 at 5.4%, on the assumption of a normal monsoon.
iii.Headline inflation is expected to remain above or close to the upper threshold in Q3FY23 and Q4FY23.
• It is likely to moderate in H1FY24 but will still remain well above the target.
RBI’s Policy Rates:
The MPC raised the repo rate by 35 basis points to 6.25% from 5.90%. Consequently, the Standing Deposit
Facility (SDF) Rate adjusted to 6% and Marginal Standing Facility (MSF) rate and Bank Rate to 6.50%.
Click here for previous policy rates which revised in September 2022.
Domestic Economy:
i.India’s real GDP grew by 6.3% year-on-year (y-o-y) in Q2FY23 after an increase of 13.5% in Q1.
ii.In October 2022, CPI (Consumer Price Index) inflation moderated to 6.8% y-o-y from 7.4% in September
2022.
• Core CPI (i.e., CPI excluding food and fuel) inflation persisted at elevated levels at 6%.
iii.The overall liquidity remains in surplus, with average daily absorption under the Liquidity Adjustment
Facility(LAF) at Rs 1.4 lakh crore during October-November 2022 as compared with Rs 2.2 lakh crore in
August-September 2022.
iv.As on November 18, 2022, on a y-o-y basis, money supply (M3) expanded by 8.9% while bank credit rose by
17.2%.

Category Rate
Policy Repo Rate 6.25%
Reverse Repo Rate 3.35%
Standing Deposit Facility (SDF) Rate 6%
Marginal Standing Facility (MSF) Rate 6.50%
Bank Rate 6.50%
Cash Reserve Ratio (CRR) 4.50%
Statutory Liquidity Ratio (SLR) 18%
v.As on December 2, 2022, India’s foreign exchange reserves were placed at US$ 561.2 billion.
vi.Net Foreign Direct Investment (FDI) flows rose to US $ 22.7 billion during April-October 2022 from US$ 21.3
billion in April-October 2021.
vii.During April-November 2022, non-food bank credit rose by Rs 10.6 lakh crore as compared with an increase
of Rs 1.9 lakh crore in 2021.
viii.During April-November 2022, the total flow of resources to the commercial sector expanded by Rs 14.7
lakh crore as compared with Rs 6.8 lakh crore in April-November 2021.
ix.Merchandise imports expanded by 10% in October 2022.
x.The agricultural sector remains resilient.
• As on December 2, 2022, the Rabi sowing area is 6.8% higher than the normal sown area
xi.The manufacturing PMI (Purchasing Managers’ Index) rose from 55.3 in October 2022 to 55.7 in November
2022. The PMI for the services sector also expanded from 55.1 in October 2022 to 56.4 in November 2022.
• Notably, the manufacturing and services PMIs for India in November 2022are among the highest in
the world.
Other Measures:
RBI extended the dispensation of enhanced HTM limit of 23% to March 31, 2024
MPC extended the dispensation of enhanced Held to Maturity (HTM) limit of 23% of deposits in respect of
statutory liquidity ratio (SLR) securities up to March 31, 2024 in order to provide further flexibility to banks in
managing their investment portfolios,
Key Points:
i.This will enable banks to include SLR securities (Government Securities and State Development Loans)
acquired between September 1, 2020 and March 31, 2024 in the enhanced HTM limit.
ii.The HTM limits would be restored from 23% to 19.5% in a phased manner starting from the quarter ending
June 30, 2024.
iii.HTM securities are debt securities that companies purchase with the intent to keep them until maturity.
Background:
RBI had increased the limits under the HTM category from 19.5% to 23% of net demand and time liabilities
(NDTL) in respect of SLR eligible securities acquired on or after September 1, 2020, up to March 31, 2023.
RBI introduced single-block-and-multiple-debits functionality in UPI
RBI has enhanced the scope of Unified Payments Interface (UPI) by equipping it with single-block-and-
multiple-debits functionality. It will be introduced by National Payments Corporation of India (NPCI).
• This facility will enable a customer to create a payment mandate against a merchant by blocking
funds in his/her bank account for specific purposes which can be debited, whenever needed.

• UPI is a popular retail payments system for Person to Person (P2P) and Person to Merchant (P2M)
transactions.
RBI has decided to expand the scope of BBPS
RBI also extended the scope of Bharat Bill Payment System (BBPS) by including all categories of payments and
collections, both recurring and non-recurring, and for all category of billers (businesses and individuals).
• This means now BBPs will also cater to bill payments or collections such as payment of fees for
professional services, education fees, tax payments, rent collections, etc.
RBI allows resident entities to hedge gold price risks at IFSC
RBI has given its nod to Indian residents to hedge their exposure to gold on recognized exchanges in the
International Financial Services Centre (IFSC).
Key Points:
i.Resident entities in India are currently not permitted to hedge their exposure to gold price risk in overseas
markets.
ii.Now, this measure will benefit importers/exporters of gold such as jewellers and industries which use gold
as an intermediate or raw material.
iii.The detailed instructions on the same will be issued separately by the central bank
Banks should not ask for verification at branch level if e-KYC done
RBI also mandates banks to not ask for verifications/updates at the branch level in case a customer has done e-
KYC or those who have completed the KYC (know-your-customer) process on the central-KYC (C-KYC) portal.
Key Points:
i.Bank customers who’ve completed their KYC verifications online can do the annual updates or changes, if any,
in their personal details online.
ii.Customers who have uploaded their KYC details on the C-KYC portal should not be asked for verification by
any bank.
• In such cases, the customer can just mail or message from the registered email ID or mobile to the
bank to access the KYC details from the C-KYC portal.

RBI restores market trading hours to pre-pandemic timing
RBI has restored the pre-pandemic trading hours for some segments of money markets and rupee interest rate
derivatives w.e.f. December 12, 2022 which are as follows:
• The timing for Call/notice/term money market, Commercial paper and Certificates of Deposit, Repo
in Corporate Bonds, and Rupee Interest Rate Derivatives will be 9:00 AM to 5:00 PM
• The timing for Government Securities (Central Government Securities, State Development Loans and
Treasury Bills), Foreign Currency (FCY)/Indian Rupee (INR) Trades including Forex Derivatives will
be 9:00 AM to 3:30 PM
• The timing for Market repo in government securities is Market repo in government securities.
• The timing for Tri-party repo in government securities is 9:00 AM to 3:00 PM.
Background:
RBI had during the pandemic reduced the market trading hours with effect from April 7, 2020, in view of the
operational dislocations and elevated levels of health risks posed by the COVID-19 pandemic.
The next meeting of the MPC is scheduled during February 6-8, 2023.
Members of MPC:
Dr. Shashanka Bhide; Dr. Ashima Goyal; Prof. Jayanth R. Varma; Dr. Rajiv Ranjan; Dr. Michael Debabrata Patra;
and headed by Shaktikanta Das (RBI Governor).
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 imposes curbs on RazorPay, Cashfree Payments for on-boarding New Merchants
The Reserve Bank of India (RBI) has imposed curbs on RazorPay and Cashfree Payments for on-boarding new
merchants till they get the final Payment Aggregator (PA) licence.
Reason behind this decision:
Both entities need to complete the migration of existing merchants to the new platform and submit a progress
report with RBI. They also require making some systematic upgrades which involve migrations to an escrow
account from a nodal account, integrating RBI’s reporting system so that periodic reports can be submitted on
transactions undertaken and merchants brought into the formal system, among others.
• Following this, RBI will do its evaluation and grant the final licence.
Key Points:
i.RazorPay was one of the first three firms to receive the RBI’s in-principal approval licence along with Pine
Labs and US-based Stripe.
• Cashfree Payments received its in-principal approval in September 2022.
ii.As part of the payment aggregator framework formed by the RBI in March 2022, only entities approved by
RBI can facilitate payments for merchants and other e-commerce sites.
RBI revised Bank Locker Rules rules w.e.f. January 1, 2023

The Reserve Bank of India (RBI) has amended the bank locker rules w.e.f. January 1, 2023. In this regard, all the
existing locker depositors are required to furnish proof of eligibility for a renewed locker arrangement. They
are required to sign a renewal agreement before the specified date.
• The agreement must follow the model drafted by the Indian Bank Association (IBA) in line with the
Supreme Court’s (SC) orders and guidelines.
Key Points:
i.Banks should ensure that any unfair terms or conditions are not incorporated in their locker agreements.

ii.RBI advises banks to install CCTV (closed-circuit television) camera at entry and exit points of the strong
room and the common areas of operation. It mandates to preserve its recording for a period of not less than
180 days.
iii.If any customer has complained to the bank that his/her locker is opened without his/her knowledge and
authority, or any theft or security breach is noticed/observed, the bank should preserve the CCTV recording till
the police investigation is completed and the dispute is settled.
iv.Depositors can now get up to 100 times the bank charges if the valuables stored in the vaults are lost due to
fire or building collapse. However, the bank is not liable for any damage caused by natural calamities or ‘Acts of
God’.
Indian Bank’s GNPA declines to 5% in Sept 2022: RBI’s Report on Trends and Progress of
Banking in India 2021-22
According to the Report on Trend and Progress of Banking in India 2021-22 published by the Reserve Bank of
India(RBI) on 27th December 2022, the Gross Non-Performing Assets (GNPA) ratio of Scheduled Commercial
Banks (SCBs) declined to 5% in September 2022 from 9% in 2017-18.
• This is an annual report, a statutory publication in compliance with Section 36 (2) of the Banking
Regulation Act, 1949.
• This decrease was led by lower slippages and a reduction in outstanding GNPAs through recoveries,
upgradations and write-offs.
• The report presents the performance of the banking sector, including cooperative banks and non-
banking financial institutions, during 2021-22 and 2022-23 so far.
Highlights:
i.The consolidated balance sheet of Scheduled Commercial Banks (SCBs) showed double digit growth in 2021-
22, after a gap of seven years, led by credit growth, which accelerated to a ten-year high in the first half of this
financial year ending March 2023 (H1:2022-23).
ii.The capital to risk weighted assets ratio (CRAR) of SCBs strengthened from 16.3% at end-March 2021
to 16.8% at end-March 2022.
• All banks met the regulatory minimum capital requirement of 11.5%, and common equity tier-1 (CET-1)
ratio requirement of 8%.
iii.The financial performance of Urban Co-Operative Banks (UCBs) improved in 2021-22, due to augmented
capital buffers, a decline in GNPA ratio and improved profitability indicators.
iv.The NBFC (Non-Banking Financial Company) sector also maintained liquidity buffers, adequate provisioning,
and a strong capital position during 2021-22.
Key Points:
i.In the case of PSBs (Public Sector Banks), the reduction in NPAs was mainly contributed by written-off loans.
For PVBs (private banks), the upgradation of loans was the key reason for their asset quality improvement.
ii.As of March 2022, gross NPAs were at 5.8%, lower than 7.3% in March 2021.
iii.As of March 2022, the net NPA ratio improved to 1.7% from 2.4%.
iv.The share of large borrowers accounts, those with a total exposure of Rs 5 crore and above, comprised
47.8% of the total advances in 2021-22 compared with 48.4% in 2020-21.
• Correspondingly, their share in total NPAs also declined to 63.4% from 66.4%.
v.The share of Special Mention Accounts-0 (SMA-0), loans that are overdue for 0-30 days, increased for both
PSU and PVBs as of March 2022.
Banks may need to lift deposit rates as credit demand surges
As per the report, the banks may need to raise deposit rates more to meet a surge in credit demand. This is due
to an increase in the credit growth during 2021-22, the incremental credit-deposit (C-D) ratio reached a four-
year high,
• Loans of Indian banks also rose 17.5% in the two weeks to December 2, 2022 from December 2021,
while deposits rose 9.9%.

Only 8.2% of 463 million Jan Dhan accounts are zero balance
Pradhan Mantri Jan Dhan Yojana (PM-JDY) accounts in India saw an increase in the deposit base during the past
eight years. By August 2022, out of a total of 462.5 million PMJDY accounts, 81.2% were operative, up from
76% in 2017. Only 8.2% of PMJDY accounts were zero balance accounts.
• A PMJDY account is regarded as inoperative if there are no customer-induced transactions in it for two
years.
• At end-August 2022, about 56% of account holders were women and 67% PMJDY accounts were in rural
and semi urban areas.
Number of Banking Frauds increased in FY22; substantially down by value
In FY21-22, the banking frauds increased in number terms but the amount involved more than halved.
• In FY22, banks reported 9,102 frauds of Rs 60,389 crore against 7,358 frauds with an amount involved
of Rs 1.37 lakh crore in FY21.
Key Points:
i.The number of frauds which are related to advances or lending activities has been on a declining trend, with
FY22 reporting 1,112 frauds of Rs 6,042 crore, which is lower than 1,477 frauds of Rs 14,973 crore in FY21 and
1,947 frauds of Rs 32,386 crore in FY20.
ii.The number of fraud cases reported by private banks are more than PSBs for the second consecutive year in
FY22.
iii.In H1FY23, banks reported 5,406 frauds involving Rs 19,485 crore, as compared to 4,069 frauds involving Rs
36,316 crore for H1FY21.
iv.There were 3.04 lakh complaints registered by customers at RBI Ombudsman offices, as against 3.41 lakh in
FY21 and 3.06 lakh in FY20.
• Nearly three-fourths of the complaints came from urban and metropolitan areas.
v.98.2% of the complaints by pensioners were filed against PSBs, while private banks led with a 46% share in
levy of charges without prior notice.
Private banks lead in credit growth in Q2FY23 as demand grows
PVBs surpassed PSBs in September 2022 by increasing their share in total credit to 38.4% from 37.5% a year
ago due to increase in demand.
Key Points:
i.According to CARE Ratings assessment, the loan portfolio of private sector banks grew 20.6% year-on-year
(Y-o-Y) at end of September 2022. For PSBs, it grew 18.7% in the same period.
ii.Bank credit growth (y-o-y) accelerated further to 18% in September 2022, compared with 14% a quarter ago
and 5.8% a year ago.
Realization through IBC 201% of liquidation value as of Sept
In cases where corporate insolvency resolution processes (CIRPs) were initiated under the Insolvency and
Bankruptcy Code by financial creditors (FCs), realisations until September 2022 were close to 201 per cent of
the liquidation value.
• SARFAESI (Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest)
and Debt Recovery Tribunals have yielded recovery rates comparable to the IBC mechanism.
• The recovery rate under the IBC stood at 23.8%, while the rates under SARFAESI Act and DRTs stood at
25.7% and 22.5%, respectively.
RBI releases web publication ‘Statistical Tables relating to Banks in India: 2021-22’ covering
activities of Banking Sector
On December 27, 2022, the Reserve Bank of India (RBI) released its web publication entitled ‘Statistical Tables
relating to Banks in India: 2021-22’ covering the activities of the Indian banking sector.
• It presented entity-wise information on major items of liabilities and assets along with their
maturity profile; income and expenses; select financial ratios, number of employees and details of

priority sector advances for Scheduled Commercial Banks (excluding regional rural banks), capital
to risk weighted asset ratios (CRARs), non-performing assets (NPAs), among others.
APPOINTMENTS & RESIGNATIONS

RBI Approves Re-appointment of Baskar Babu Ramachandran as MD & CEO of Suryoday SFB
On 26th December 2022 the Reserve Bank of India (RBI) approved the re-appointment
of Baskar Babu Ramachandran as Managing Director (MD) and Chief Executive Officer (CEO)
of Suryoday Small Finance Bank (SFB) Limited for a further period of three years with effect from 23rd
January 2023.
• RBI has approved the appointment under terms of the provisions of Section 35B of the Banking
About Baskar Babu Ramachandran:
i.Baskar Babu Ramachandran was the MD and CEO of the Bank since 23rd January 2017
ii.He co-founded Suryoday Micro Finance Private Limited along with Ganesh Rao and V. L. Ramakrishnan in
2008. It was later transformed into a small finance bank and commenced operations as SFB in January 2017.
iii.Prior to co-founding Suryoday Micro Finance Private Limited, he was associated with various companies
including GE Capital Transportation Financial Services Limited as the Vice-President- Quality and Operations
and HDFC Bank Limited as Assistant Vice President.
About Suryoday Small Finance Bank Limited:
Managing Director (MD) & Chief Executive Officer (CEO) – Baskar Babu Ramachandran
Establishment – 23 January 2017
SBI Funds Management Appoints Shamsher Singh as its New MD & CEO
On 22nd December 2022, SBI Funds Management Limited (SBIFML), a joint venture between State Bank of
India (SBI) and Amundi, Europe’s largest asset manager, appointed Shamsher Singh as its Managing Director
(MD) and Chief Executive Officer (CEO).
• He will take over the charge as MD & CEO of SBIFML from Vinay M Tonse following his repatriation
to the SBI.
• Previously he was serving as the deputy MD at SBI.
About Shamsher Singh:
i.Shamsher Singh has more than 32 years of experience with SBI in various verticals, including investment
banking, treasury, corporate banking and branch banking.
ii.He joined SBI as probationary officer in June 1990 and has also served in international locations such as the
United States (US), Bahrain and the United Arab Emirates (UAE).
iii.Earlier, he was heading the Ahmedabad Circle of SBI as Chief General Manager from November 2020 and
also spearheaded SBI’s retail business operations across the state of Gujarat and Union Territory (UT) of Dadra
and Nagar Haveli & Daman and Diu.
MCA Secretary Manoj Govil nominated as SEBI Board Member

Manoj Govil, a 1991 batch IAS officer of the Madhya Pradesh cadre and Secretary of the Ministry of Corporate
Affairs (MCA), has been nominated to the Board of the Securities and Exchange Board of India (SEBI).
• Manoj Govil replaces erstwhile MCA Secretary Rajesh Vermaa, a 1987 batch IAS officer of Odisha
Cadre, on the SEBI Board.
• The SEBI Board comprises 9 members, including the Chairperson Madhabi Puri Buch.

• There are 2 Government nominees (DEA Secretary Ajay Seth and now MCA Secretary Manoj Govil);
1 RBI nominee (Deputy Governor M Rajeshwar Rao); and 4 Wholetime Members (S K Mohanty,
Ananta Barua, Ashwani Bhatia, and Ananth Narayan G).
Note: Rajesh Vermaa was appointed as the Secretary to the President of India Droupadi Murmu in August
2022.
Shaji K V Assumes Charge as Chairman of NABARD

Shaji K V has taken the charge as Chairman of the National Bank for Agriculture and Rural
Development (NABARD) with effect from 7th December 2022.
• He succeeded Suchindra Misra, Additional Secretary, Department of Financial Services, Ministry of
Finance (MoF), who was holding additional charge.
• Prior to this, Shaji K V has been serving as the Deputy Managing Director of NABARD since 21st May
2020.
About Shaji K V:
i.He is a certified associate of the Indian Institute of Banking & Finance and a NSE Certified Market Professional
(NCMP) and has worked in Canara Bank in various capacities for almost 26 years.
• He conceptualised the ambitious scheme of computerising Primary Agriculture Cooperative
Societies (PACS).
Other positions:
i.He serves as the Chairman of expert Committees like , Committee on Recruitment, Promotion and
Outsourcing in RRBs, appointment of other Chairman and Officers of Sponsor Banks on deputation to RRBs;
Working Group for bifurcation of assets and liabilities of Andhra Pradesh Grameena Vikas bank (APGVB)
between Andhra Pradesh and Telangana; Committee for study on relevance, applicability and retention of three
-tier Short Term Cooperative Credit Structure.
Experience:
i.He has also worked with National Payments Corporation of India (NPCI), Canara HSBC Life Insurance
Company Limited and Canara Bank Securities Limited.
ii.He served as the Chairman of Kerala Gramin Bank, the then largest Regional Rural Bank (RRB) and
NABKISAN Finance Limited, a subsidiary of NABARD.
iii.He also served as a member of National Level Expert Committees/working groups like Working Group on
Agriculture Value Chain Finance, Expert Committee to suggest future roadmap for RRBs, Technical Group on
Social Stock Exchange, Committee for drafting guidelines for IPO by RRBs and Committee on Cost sharing of
ATMs.
About National Bank for Agriculture and Rural Development (NABARD):
P N Vasudevan to Continue as MD & CEO of Equitas Small Finance Bank

On 23rd December 2022, the Board of Equitas Small Finance Bank (SFB) has decided to extended the term of
PN Vasudevan as Managing Director (MD) and Chief Executive Officer (CEO) for a period of 3 years of with
effect from 23rd July 2022, subject to approval from the Reserve Bank of India (RBI).
• PN Vasudevan is the founder of Equitas SFB and his current term as MD & CEO expires on 22nd July
2023.
About P N Vasudevan:
i.Vasudevan holds a bachelor’s degree in science (physics) from University of Madras and is a qualified
company secretary from the Institute of Company Secretaries of India.

• He has extensive experience in the financial services sector and has served as the executive vice
president and head of consumer banking group in Development Credit Bank Limited, for more than
one and half years.
ii.He has worked in Cholamandalam Investment and Finance Company Limited, part of the Murugappa
Group for about two decades. He joined as a management trainee and resigned as the vice president and head
of vehicle finance.
iii.He was also the chairman of the managing committee of the South India Hire Purchase Association for 2006
and joined Equitas SFB in 2016, prior to which he was the Managing Director of EHL.
OTHER NEWS
India Extends Financial Assistance Worth USD 100 million to Maldives

India has provided financial assistance of USD 100 million in the form of Budgetary support to
the Maldives government to ease its difficult economic challenges.
• A symbolic cheque was handed over by the High Commissioner of India, Munu Mahawar to the
Maldives’ Minister of Foreign Affairs Abdulla Shahid during the ceremony held at the Ministry of
Foreign Affairs in Maldives.
Participants:
• The ceremony was attended by Maldives Minister of Finance Ibrahim Ameer and India’s
External Affairs Minister S. Jaishankar participated via videoconferencing.
• Members of Parliament, High Commissioners, senior officials from the Ministry of Finance, High
Commission of India in Maldives and the State Bank of India (SBI) also attended the ceremony.
Key highlights:
i.The financial support of USD 100 million to the Maldives government will be provided through
subscription in Maldives’ Government Domestic Treasury bonds by SBI, Malé, Maldives.
• The partnership between the Maldives and India will provide crucial assistance in the progress
and development of the Maldives.
ii.This financial assistance is being extended without any conditions and Maldives is free to use it in its
economic recovery as it deems fit.
iii.India will continue to stand by the government and people of Maldives and also India’s Neighbourhood
first and Maldives’ India first policies work in tandem to safeguard the well-being of the people of both
countries.
SEBI hikes debt funds’ limit to 12% in Single Issuer Securities

The Securities and Exchange Board of India (SEBI) has increased the investment limit of mutual funds
(MFs) in debt instruments issued by a single issuer to 12% of the Net Asset Value (NAV) from 10% w.e.f.
November 29, 2022 on all new schemes.
• Existing schemes will be exempt until the maturity of the underlying debt and money market
securities.
This circular by SEBI is issued in exercise of its powers conferred under Section 11 (1) of the SEBI Act,
1992, read with the provisions of Regulation 77 of SEBI (Mutual Funds) Regulations, 1996, to protect the
interests of investors and to promote the development of the securities market.
Key Points:
i.The single-issuer instruments include money market securities and non-money market securities re-
rated investment grade by a credit rating agency.
ii.MFs require prior approval of the boards of Trustees and Directors of the Asset Management Company

(AMC) for the enhanced limit.
iii.MF schemes cannot invest more than 10% of its NAV in debt and money market securities rated AAA,
and 8% of a scheme’s NAV in securities rated AA.
• Similarly, it can invest only 6% of NAV in debt rated A and below.
iv.The investment limits can be extended by 2% of the scheme’s NAV with prior approval of the Board of
Trustees and AMC board, subject to compliance with the overall 12% limit specified in clause 1 of Seventh
Schedule of SEBI (Mutual Funds) Regulations, 1996
v.Exposure to government money market instruments will be treated as exposure to government
securities
About Securities and Exchange Board of India (SEBI):
Chairperson– Madhabi Puri Buch
Establishment– 1992
SBM Bank & OPEN Partners to Launch Asia’s first end-to-end Embedded Finance Platform
On 30th November 2022, SBM Bank India partnered with Open Financial Technologies Private
Limited announced a strategic partnership to launch Asia’s first end-to-end Embedded Finance
platform, ‘Zwitch’.
Zwitch will offer a no-code, low-code and full-stack Application Programming Interface (API) solution that
enables fintechs to build their own financial products using Zwitch’s technology stack, which comprises
drag-drop dashboard, low-code plugins along with 300+ APIs.
• Zwitch is built and operated by OPEN Financial Technologies Private Limited.
Note – Non-fintechs like, Software as a service (SaaS) platforms, health techs and others can also use this
platform to embed financial features into their product or service.
Key highlights:
i.With Zwitch, businesses can embed financial features like savings accounts, credit & debit cards, lending
and others in a few weeks and at 10x lesser cost using no-code drag and drop widgets or full stack APIs for
developers, and also without compliances.
ii.Zwitch significantly reduces the go-to-market timelines for these businesses, increases revenue streams,
creates newer avenues to engage with existing and new users.
iii.Until now, Zwitch platform was available only to select clients in limited beta and over 50 plus
businesses have built their fintech features using the platform. With this partnership, Zwitch’s technology
and services will be available to the larger business community.
Note – Earlier, Zwitch powered Fedo.ai, a health tech company to launch India’s first health savings
account.
About OPEN Financial Technologies Private Limited:
OPEN Financial Technologies Private Limited is a digital banking fintech enterprise that runs Open
Money, a Small & Medium Enterprises (SME) neobanking platform; Zwitch, an embedded finance
platform and BankingStack, an enterprise digital banking platform for banks.
Co-founder & Chief Executive Officer (CEO) – Anish Achuthan
Headquarters – Bangalore, Karnataka

YES Bank Partners with Turtlefin to Launch First Comprehensive Technology
Platform, ‘EasyNsure’
YES BANK partnered with TurtleFin, India’s leading insurtech platform, to launch ‘EasyNsure’, a first-of-
its-kind comprehensive technology platform, that will bring multiple insurance partners onto a common
platform.
Key Highlights:
i.This technology platform will allow business tracking across bank hierarchy, simplifying revenue
reconciliation.
ii.Benefits – EasyNsure provides benefits including seamless single-point online insurance service, the
ability to compare and select a suitable insurance cover based on the customer’s need and also provides
facility to compare costs for rationalising purchase decisions.
iii.Presently, the EasyNsure platform consists of around 40 Life and General Insurance plans and has
created over 30,000 insurance quotes with more than 6,500 proposals and 5,200 policies being punched.
• Until now, the platform has recorded a total premium of Rs. 6,050 lakh.
About YES Bank:
Managing Director (MD) & Chief Executive Officer (CEO) – Prashant Kumar
Tagline – Experience Our Expertise
India to receive over record $100 bn in Remittances in 2022: World Bank Brief
The World Bank in its 37 Migration and Development Brief 2022 titled ‘Remittances Brave Global
th
Headwinds , Special Focus: Climate Migration’ stated that India is all set to receive more than USD 100
billion (bn) in yearly remittances in 2022.
• This means migrant workers from India will send a record USD 100 bn in 2022 to their home
country (India), despite global headwinds like rising prices.
• This is for the first time a single country will receive more than USD 100 bn in yearly remittances.
Highlights from the Brief:
i.India remains the world’s top recipient of remittances.
ii.The growth of global remittance flows is expected to be 4.9% in 2022.
iii.Remittance flows to India will rise 12% which is ahead of China, Mexico and the Philippines.
iv.Remittances to South Asia grew an estimated 3.5% to USD 163 billion in 2022.
• However, there is a large disparity across countries. For India, it is projected to rise at 12% but for
Nepal it is 4% increase.
• For the region’s remaining countries, there is an aggregate decline of 10%.
v.Remittance flows to Europe and Central Asia are estimated to have increased by 10.3% to $72 billion in 2022.
vi.Growth in remittance flows is estimated at 9.3% for Latin America and the Caribbean, 2.5% in the Middle
East and North Africa, and 0.7% in East Asia and the Pacific.
vii.Remittances to low- and middle-income countries (LMICs) are increased by an estimated 5% to USD 626
billion which is lower than the 10.2% increase in 2021.
viii.The World Bank’s Groundswell report estimated that internal climate migration may reach up to 216
million people by 2050 due to slow-onset climate impacts.
Reason behind the enhanced Remittances to India
i.Remittances to India were enhanced by wage hikes and a strong labour market in the United States (US) and
other Organisation for Economic Co-operation and Development (OECD) countries
ii.In the Gulf Cooperation Council destination countries, governments ensured low inflation through direct
support measures which resulted in migrants’ ability to remit.

Remittance Costs:
i.According to the World Bank’s Remittance Prices Worldwide Database, the global average cost of sending
$200 to LMICs was 6% in the Q2 of 2022.
ii.Among developing country regions, the cost was lowest in South Asia, at about 4.1%, while Sub Saharan
Africa continued to have the highest average cost, about 7.8%.
iii.The cost is cheapest to send via mobile operators (3.5%), but digital channels account for less than 1% of
total transaction volume due to the burden of compliance with Anti-Money Laundering/Combating the
Financing of Terrorism regulations.
The Migration and Development Brief analyzes trends in migration-related SDG (Sustainable Development
Goal) indicators: increasing the volume of remittances as a percentage of GDP, reducing remittance costs, and
reducing recruitment costs.
Click Here for full report
About World Bank (WB):
President – David Malpass
Headquarters – Washington D.C, United States (US)
Members – 189 member countries
SEBI Reduces Timeline for Listing Debt Securities Issued On Private Placement Basis
In an attempt to enhance the availability of securities for trading by investors, the Securities and Exchange
Board of India (SEBI) reduced the timeline for the listing of debt securities issued through private placement
to T+3 days from the current timeline of T+4 days. (T refers to issue closure date).
• The new guidelines will take effect on January 1, 2023.
Click here for official notification.
Key Points:
i.To give further clarity and standardisation in the process of issuing and listing such securities on a private
placement basis, SEBI has specified the steps involved in pre-listing and post-listing, as well as relevant
deadlines, both through the Electronic Book Provider (EBP) platform and otherwise.
• The time required for the listing of such securities following the closure of the issuance has been
lowered from 4 working days to 3 working days.
ii.The EBP mechanism requires that an issuer who intends to list non-convertible securities or municipal debt
securities obtain in-principle approval from the stock exchange prior to the date on which the placement
memorandum and term sheet are presented to the EBP.
• For such approval, it has set a timeline of T-2 or T-5 days under the EBP platform, but the same
would be done before T day under the non-EBP platform.
iii.The issuer would have to announce the start and close times of EBP platform on or before T-1, and then the
bidding would take place on T day.
iv.Following that, the issuer must obtain the International Securities Identification Number (ISIN) from a
depository prior to pay-in and apply to another depository for admission of such proposed debt issuance by
T+1.
v.The depositories will send the issuer a credit confirmation letter on or before T+1 or T+2, and the issuer must
apply for debt securities listing by T+3.
India & South Korea Signs Agreement for EDCF Loan worth 1500 Crore
On 30th November 2022 India and South Korea signed an agreement for an Economic Development
Cooperation Fund (EDCF) loan of Korean Won 245.081 billion (approx. Rs. 1,495.68 crores) for the
establishment of an Intelligent Transport System on the Nagpur-Mumbai Super Communication Expressway
Project with a goal to improve traffic management efficiency.

• This is the first project that is funded by an EDCF loan by the Government of the Republic of Korea.
Objectives:
i.To enhance the efficiency in traffic management through establishment of the Intelligent Traffic Management
System (ITMS) including traffic centre, for improving the efficiency in toll management through the
establishment of the Toll Collection System (TCS).
ii.To establish a sustainable model of ITS and its O&M through transfer of technology from the Republic of
Korea.
Key highlights:
i.The bilateral relationship between India and South Korea was upgraded to ‘Special Strategic Partnership’ in
2015, which further consolidates and strengthens the Special Strategic Partnership between India and Republic
of Korea.
ii.In October 2016 Republic of Korea was designated as India’s Official Development Assistance (ODA) partner
for development cooperation.
About Economic Development Co-operation Fund (EDCF):
The EDCF is South Korea’s development aid which was established in 1987. It supports partner countries in
providing loans for their economic development and the loans are administered by the Export-Import (EX-IM)
Bank of Korea under the supervision of the Ministry of Strategy and Finance.
About South Korea:
President – Yoon Suk-yeol
Capital – Seoul
Currency – South Korean Won
Fino Payments Bank & Protean Partners to Expand PAN card Issuance services in India
Fino Payments Bank partnered with Protean eGov Technologies (formerly NSDL e-Governance
Infrastructure Limited) to expand Permanent Account number (PAN) card issuance services in India, especially
in rural areas.
• Protean eGov Technologies accepts and processes PAN applications on behalf of the Income tax
department.
Key highlights:
i.Under the partnership, Fino payments bank will act as PAN Service Agency (PSA) of Protean and facilitate
paperless PAN issuance services.
ii.Applicants can apply for a PAN card through Aadhaar based authentication, without the need to submit or
upload any documents at Fino Bank points and can also choose PAN card either in digital or physical form.
iii.The digital version or e-PAN will be sent within a few hours of applying to the applicant’s email id and are
accepted as actual PAN card whereas the physical PAN card will be delivered at applicants Aadhaar mentioned
address within 4-5 working days.
Fact – As per Ministry of Finance (MoF), more than 43.34 crore PANs have been linked with Aadhaar till
January 2022.
About Fino Payments Bank Limited:
MD & CEO – Rishi Gupta
Headquarters – Navi Mumbai, Maharashtra
Germany Announces 1 billion EURO for Energy Transition Projects in India

On 30th November 2022 Germany launched a proposal to grant 1 billion EURO (8440 crore) for energy
transition projects across India under a bilateral partnership for green and sustainable development.
• The announcement was made ahead of German Foreign Minister Annalena Baerbock’s visit to India
in December 2022.

• Germany will assist India in making its energy supply technically, economically, and
environmentally sustainable in the area of renewable energy.
• India and Germany entered into an agreement on the funding for more than 20 development
projects in FY23.
Key highlights:
i.The fund will support India’s initiatives in the areas of renewable energy, sustainable urban development in
smart cities, and sustainable resource use.
ii.The funding comprises 10% in grants and the remaining 90% will be in the form of lines of credit.
• The lines of credit will be provided by KfW Development Bank with ‘very cheap interest’ ranging
from 2.7% to 3.2% for development projects in states including Tamil Nadu and Meghalaya.
Note – Germany will support India with 10 billion EURO by 2030 under the umbrella of the new Indo-German
partnership for green and sustainable development. This financial support will also include the funding of 1
billion EURO for the projects in India.
About Germany:
President – Frank-Walter Steinmeier
Capital – Berlin
Currency – EURO
India’s Economic Growth slows to 6.3% in Q2FY23: NSO Data

On November 30, 2022, the National Statistical Office (NSO), Ministry of Statistics and Programme
Implementation, (MoSPI) released the Estimates of Gross Domestic Product (GDP) for the Second Quarter (July-
September) 2022-23 or Q2FY23.
• As per it, India’s gross domestic product (GDP) for the Q2FY23 slowed to 6.3% as compared to the
expansion of 8.4% in Q2FY22. It was 13.5% in the April-June quarter of FY23 (Q1FY23).
• However, Indian economy is on track to achieve a 8-7% GDP growth in FY23.
Highlights:
i.Real GDP or GDP at Constant (2011-12) Prices in Q2FY23 is estimated at Rs 38.17 lakh crore, as against Rs
35.89 lakh crore in Q2FY22.
ii.Nominal GDP or GDP at Current Prices in Q2FY23 is estimated at Rs 65.31 lakh crore, as against Rs 56.20
lakh crore in Q2FY22.
• This shows a growth of 16.2% in Q2FY23 as compared to 19% in Q2FY22.
iii. Real GDP in April-September FY23 (H1FY23) is estimated at Rs 75.02 lakh crore as against Rs 68.36 lakh
crores during H1FY22.
• This shows a growth of 9.7% in H1FY23 as against 13.7% in H1FY22.
iv.Nominal GDP in H1FY23 is estimated at Rs 130.26 lakh crore as against Rs 107.47 lakh crores in H1FY22.
• This shows a growth of 21.2% in H1FY23 as against 25% in H1FY22.
Gross Value Added (GVA)
i.The GVA at basic price at constant terms during the Q2FY23 increased by 5.6% as compared to 8.3% in
Q2FY22.
• It stood at Rs 3,505,599 crore in Q2FY23 as compared to Rs 3,319,248 crore in Q2FY22.
ii.The GVA at basic price at current prices rose 16.2% in Q2 2022-23 as compared to the growth of 17.9% in
Q2FY22.
• It stood at Rs 5,859,890 crore in Q2FY23 as compared to Rs 5,043,357 crore in Q2FY22.
iii.The GVA of trade, hotels, transport, communication & services related to broadcasting witnessed a rise of
14.7% while that of financial, real estate & professional services climbed 7.2%.
iv.The construction segment grew 6.6% while public administration, defence and other services rose 6.5%.
v.Electricity, gas, water supply & other utility services climbed 5.6% and agriculture, forestry & fishing segment
witnessed a 4.6% rise in GVA.
vi.The GVA in the manufacturing sector contracted 4.3% in Q2FY23.

• GVA in mining also declined by 2.8%.
The next release of quarterly GDP estimates for the quarter October-December, 2022 (Q3 FY23) will be
on February 28, 2023.
Click Here for Official Notification
About Ministry of Statistics and Programme Implementation (MoSPI):
MoSPI is the nodal agency for the planned and organized development of the statistical system in India.
Ministers of State (Independent Charge)– Rao Inderjit Singh (Gurugram Constituency – Haryana)
BoB’s Launches Foreign Currency Loan against INR Deposits

Bank of Baroda (BoB) has launched Foreign Currency Loan against INR Deposits of Indian Companies for
their Overseas Subsidiaries/Joint Ventures (VS) in Gujarat International Finance Tec-City (GIFT City) branch in
Gandhinagar, Gujarat.
• It provides an alternative facility for the Indian companies to raise funds for their international
businesses.
• BoB is the first bank to offer this facility at GIFT City.
Key highlights:
i.Under the new loan scheme, BoB’s International Financial Services Centre (IFSC) Banking Unit (IBU) in GIFT
City will provide financial support to Overseas Subsidiaries/JVs of Indian corporates by leveraging their INR
deposits.
ii.This helps Indian companies to meet the cash flow requirements for their international operations.
Note – BoB is already offering Loan against NRE/FCNR Deposits and Loan against Deposits at the IBU.
About IBU:
i.BoB’s IBU is the first and only bank to provide transaction-based Internet Banking facility in 3 major foreign
currencies including United States (US) Dollar, Euro and British Pound Sterling to cater to the needs of its retail
and corporate customers.
ii.The IBU provides customers with a range of global solutions, including Foreign Currency Accounts for
Individuals and Companies; Fixed Deposit (FD) in Foreign Currency; External Commercial Borrowing (ECB)
Loans; Trade Finance Facilities; Loans in Foreign Currency/ Syndication Loans; Transaction-based Internet
Banking facility.
About Bank of Baroda (BoB):
Managing Director (MD) & chief Executive Officer (CEO) – Sanjiv Chadha
Headquarters – Vadodara, Gujarat
ICICI Bank Launches STACK for Companies in Real Estate Sector

On 1st December 2022, ICICI Bank Limited launched a STACK for companies in the real estate sector to offer
solutions to their banking requirements on one platform.
• ICICI Bank is the first bank in the industry to offer real estate specific STACK to provide
unparalleled convenience to the companies in the real estate sector.
About STACK:
i.The STACK is a combination of digital and physical solutions that enables participants of the real estate sector
including builders, Real Estate Investment Trusts (REITs) and Alternate Investment Funds (AIFs) to undertake
banking transactions efficiently.
• This is an extension of the ‘ICICI STACK for Corporates’ which was launched in 2021 to provide a
customised set of banking solutions for corporates and their entire ecosystem.
ii.This offers banking solutions including digital opening of bank accounts, instant generation of account
number for Real Estate Regulatory Authority (RERA) registration, construction finance, inventory funding, and
lease rental discounting to cater to their financial needs, depending on the life cycle stage of a project.

• In addition, it also supports in managing their payment obligations to vendors, employees, utility
providers and statutory payments efficiently
Features:
iThese accounts are equipped with a convenient one-view access to all accounts with a single login on the
Bank’s Corporate Internet Banking (CIB) platform.
ii.It offers various options of loans to the builders throughout their project lifecycle including construction
finance, inventory funding and Lease Rental Discounting (LRD) facility.
• In addition, the Bank also provides facilities such as overdraft (OD), letter of credit and bank
guarantee to enhance financial and operational efficiencies.
About ICICI Bank Limited:
Managing Director (MD) & Chief Executive Officer (CEO) – Sandeep Bakhshi
IIFL Mutual Fund Launches India’s First Passive Tax-Saver Fund – IN50
IIFL Mutual Fund has launched India’s first passive tax saver fund, IIFL Equity-Linked Savings Scheme
(ELSS) Nifty 50 Tax Saver Index Fund (IN50), which will be on sale through New Fund Offering (NFO).
• Parijat Garg is the dedicated Fund Manager for the IIFL ELSS Nifty 50 Tax Saver Index Fund.
• The scheme was launched after the capital market regulator, Securities and Exchange Board of India
(SEBI), allowed fund houses to launch passive funds in May 2022.
Offering:
i.The NFO will begin on 1st December 2022 and ends on 21st December 2022.
ii.The scheme will again re-open for subscription and redemption on an ongoing basis from 2nd January 2022.
Key highlights:
i.IIFL ELSS IN50 is an open-ended passive equity-linked savings scheme that replicates or tracks the Nifty 50
index and has a statutory lock-in period of three years.
ii.The new scheme will provide the dual advantage of tax saving under Section 80C of the Income Tax Act,
1961 and the potential to benefit from a diversified exposure to the equity markets.
iii.This is a passive fund which is of low cost, compared to actively managed schemes that have a higher
expense ratio.
BookMyForex launches “Interbank Rate Forex Card”, India’s first true Zero Markup Travel Card
Online foreign exchange marketplace BookMyForex.com launched Interbank Rate Multi-Currency Forex
Card which is India’s first true zero markup travel card. It is co-branded multi-currency card developed in
association with Yes Bank, and M2P Fintech. It is powered by Visa.
• BookMyForex.com, a MakeMyTrip Group Company is India’s very first tech initiative in the
foreign exchange domain and the market leader in the online retail forex space.
Key Points:
i.During regular banking hours, International travellers will be able to buy Forex Cards at Interbank Rates with
zero added markup i.e. the live & actual rates as seen on search engines at which banks deal with each other for
major currencies.
ii.The card is accepted globally at over 35 million stores, 1 million e-commerce websites, and over 2 million
ATMs
iii.Earlier, BookMyForex charged a markup of about 0.25 paise per dollar, which has now been waived with the
introduction of interbank rate multi-currency forex card
iv.The card can be loaded with 14 different currencies, and the exchange rates on forex cards remain fixed,
v.BookMyForex will also provide a FREE international SIM with unlimited incoming calls and WhatsApp chats
for 30 days post activation along with the Interbank rate Forex Card

About BookMyForex.com:
Founder and CEO– Sudarshan Motwani
Headquarters– Gurugram, Haryana
City Union Bank authorised to enable GST Payments

The Goods and Services Tax (GST) Network, under the auspices of the GST Council, has listed City Union Bank
(CUB), an old private-sector institution, as one of the banks that can pay GST.
• CUB’s digital solutions include digital signatures, QR codes, Video KYC, and digital payment solutions
such as UPI 123pay, payment on the go using wearables, increased payment limit for online
transactions, and soft launch of voice biometric verification for mobile banking.
Tata Play becomes 1st firm to file confidential DRHP with SEBI for IPO
Tata Play (formerly Tata Sky), has become the 1st company to file a confidential Draft Red Herring Prospectus
(DRHP) with the Securities and Exchange Board of India (SEBI) for its Initial Public Offering (IPO).
It will be the Tata group’s 1st IPO in 2 decades. The group last entered the primary market through TCS in
2004.
• On 29th November 2022, Tata group filed DRHP with SEBI, BSE (formerly Bombay Stock Exchange)
and National Stock Exchange of India Ltd (NSE).
• On November 29, the direct-to-home (DTH) platform confidentially submitted the DRHP with the
SEBI.
• The Tata Group direct-to-home (DTH) platform is looking to raise Rs 2,000-2,500 crore to give part
or full exit to partners such as the Walt Disney Company.
IDFC AMC to be renamed as Bandhan Mutual Fund as Regulators approve Change in Ownership
On 30th November 2022, the Securities and Exchange Board of India (SEBI) approved the Bandhan-led
consortium’s proposed acquisition of IDFC Asset Management Company.
• Bandhan Financial Holdings GIC and ChrysCapital formed a consortium to purchase IDFC AMC and
IDFC AMC Trustee Company from parent IDFC for Rs 4,500 crore. After the transaction, BFHL will
own around 60% of IDFC AMC, while GIC and ChrysCapital will each possess 20%.
• The Competition Commission of India (CCI) approved the deal in August 2022 and the Reserve Bank
of India (RBI) approved it in November 2022
• After the acquisition, IDFC AMC will be renamed Bandhan AMC and IDFC Mutual Fund is proposed
to be renamed Bandhan Mutual Fund.
India’s Unemployment rate rises to three-month high at 8% in November 2022: CMIE

As per the data by the Centre for Monitoring Indian Economy (CMIE) Private Limited, India’s unemployment
rate increased to a three-month high at 8% during November 2022.
• The unemployment rate in urban India was higher at 8.96% as compared to 7.21% in October 2022.
• On the other hand, rural unemployment rate slipped to 7.55% from 8.04% in October 2022.
• India’s unemployment rate in October 2022 was at 7.77% while in September 2022, it was at a low
of 6.43%.
Key Points:
i.Among the states, Haryana continued to have the highest unemployment rate in November at 30.6%. It is
followed by Rajasthan at 24.5%, Jammu and Kashmir at 23.9%, Bihar at 17.3% and Tripura at 14.5%.
ii.The states that witnessed the least unemployment rate in November 2022 are Chhattisgarh at 0.1%,
Uttarakhand 1.2%, Odisha at 1.6%, Karnataka 1.8%, and Meghalaya at 2.1%.

About Centre for Monitoring Indian Economy (CMIE):
CMIE is a leading business information company. It was established in 1976, as an independent think tank.
Managing Director– Mahesh Vyas
NPCI extends deadline to Levy 30% Cap on Digital Payment Transactions till Dec 31, 2024
The National Payments Corporation of India (NPCI) has extended the deadline for limiting volume cap to 30%
for Third Party Payment Application Providers (TPAP) in Unified Payments Interface (UPI) by two years till
December 31, 2024.
• At present, there is no volume cap.
• The cap will avoid concentration risk, and protect the UPI ecosystem.
Key Points:
i.This extension will provide relief to the UPI players like Google Pay and PhonePe, which account for a market
share of about 80%.
ii.UPI facilitates peer-to-peer money transfer online through mobile apps.
iii.TPAP is to be calculated on the basis of the volume of transactions processed during the preceding three
months.
iv.As per latest NPCI data, PhonePe processed over 47.26% of the transactions done through UPI in October
2022, whereas Google Pay had 34% share and Paytm around 15%. Google Pay and PhonePe have a combined
market share of over 81% in volume terms of total transactions processed on UPI.
v.A cap is the highest level to which something can go.
ADB & ABIS Signs USD 16 Million Agreement to Support Fish Farming in India
The Asian Development Bank (ADB) and ABIS Exports India Private Limited (ABIS) entered into an agreement
on sustainability-linked and blue-debt facility, a non-convertible debenture worth USD 16 million(in
equivalent Indian rupee).
• This is to enhance food security in India by supporting the construction of a micro fish feed plant
and by training up to 6,000 farmers in climate-resilient fish farming practices as well as financial
literacy.
Key points:
i.This is ADB’s first private sector sustainability-linked financing, with adjustments in pricing when pre-defined
sustainability targets are met.
• Targets include emissions reductions, water conservation, and farmer training. The sustainability-
linked financing received an independent second-party opinion, consistent with industry principles.
ii.Through the partnership, both ADB and ABIS commits towards climate change mitigation and adaptation,
water conservation, ocean health, and the promotion of farmers’ capacity building.
About the facility:
i.The Specialised micro fish feed is a new product in the Indian market and is smaller in size than standard fish
feed and it is also suitable for more species of fish.
• It floats on the water surface for longer, enabling the feed to be completely consumed by the fish
rather than sink and get wasted, which inturn increases feed efficiency and reduces water pollution.
ii.It includes training in climate-smart fish farming practices and financial literacy through a grant of USD
500000 technical assistance (TA) which will enhance the climate resilience of fish farmers.
• The TA will also address gaps in access of women farmers to aquacultural information and training.
Note – Recently, ADB provided at around USD 14 billion for 2022–2025 to ease a worsening food crisis in Asia
and the Pacific and for improving long-term food security.

About ABIS Exports India Private Limited (ABIS):
ABIS is the flagship operating company of the Indian Broiler group, which also has operations in poultry,
poultry-feed, dairy, edible oil and hospitality.
• It is committed towards reducing carbon emissions, improving water conservation, and providing
increased farmer extension services.
About Asian Development Bank (ADB):
President – Masatsugu Asakawa
Headquarters – Mandaluyong City, Metro Manila, Philippines
Members – 68 members (49 from Asian and the Pacific and 19 outside)
Canara Bank Wins Banker’s Bank of the Year Award 2022 for India at Global Banking Summit
Canara Bank received the Banker’s Bank of the Year Award 2022 for the India segment (Under Asia Pacific
Region) at the Global Banking Summit, held in London, United Kingdom (UK) from 29th November 2022 to 1st
December 2022.
• The bank has been adjudged as the ‘Best Bank in India for 2022’.
• The award was received by the Managing Director (MD) and Chief Executive Officer (CEO) of Canara
Bank, L V Prabhakar.
About the award:
i.The Bankers’ Bank of the year awards are considered to be on par with Oscar awards for the banking sector.
ii.The winners of the award are judged on their ability to deliver returns, strategy, innovation, technology and
product and services in their respective geographies in the last 12 months.
Note – The Banker’s magazine, a British based global financial daily newspaper from the Financial Times (FT)
group, is a premier global banking and finance resource for more than 180 countries across the world.
• It was established in 1888 and is the leading business/financial newspaper in the world.
Other Winners:
Global – BBVA has been awarded the Global Bank of the Year 2022.
Asia-Pacific – Standard Chartered Bangladesh (SC Bangladesh) bagged the 2022 Bank of the Year award
Click here for the complete list of 2022 winners
About Canara Bank:
Managing Director (MD) & Chief Executive Officer(CEO) – L V Prabhakar
Headquarters – Bengaluru, Karnataka
EPFO Data Shows 35% Jump in Formal Job Creation in H1 FY23

According to an analysis of the data released by the Employees’ Provident Fund Organization (EPFO), 87.1
lakh new formal jobs were generated in India during the first half of the current financial year (H1 FY23), a 35
% rise from H1 FY22.
• There were 24.6 lakh and 64.72 lakh formal jobs generated in India in the first halves of FY21 and
FY22, respectively.
EPFO payroll data covers the organised sector’s workforce for enterprises with more than 20 employees and
provident fund accounts.
Significance
i.In Q2 FY23, formal job creation increased slightly to 47.4 lakh, up from 39.3 lakh in Q1 FY 23.
• In September 2022, 16.82 lakh jobs were added, which was the largest in FY23.
ii.Around 25,330 new companies began adhering with the Employees’ Provident Funds and Miscellaneous
Provisions Act, 1952 in H1, assuring social security coverage for their employees.

Key Points:
i.According to the disaggregated statistics released by EPFO, the sector providing expert services saw a
significant increase in job creation.
• The category, which also includes small contractors, private security firms, and manpower agencies,
contains almost 36 lakh jobs.
• It is subsequently followed by trading-commercial establishments and engineering.
ii.Additionally, data demonstrates that states with higher contributions from the service sector, like
Maharashtra, Karnataka, and Tamil Nadu, created the most formal jobs.
iii.While Maharashtra saw an increase in formal employment of 18.29 lakh during H1, Karnataka and Tamil
Nadu saw increases of 9.87 lakh and 9.18 lakh, respectively.
iv.Himachal Pradesh (0.67 lakh new jobs), Jharkhand (0.8 lakh), and Chhattisgarh (0.84 lakh) lag behind among
the bigger states.
Worldline India Report: Digital Payments Worth Rs. 38.32 Trillion Carried Out in Q3 2022
According to the “India Digital Payments Report Q3 2022” released by financial services company Worldline
India, more than 23 billion digital payment transactions worth Rs. 38.32 trillion were made in July-September
(Q3) 2022.
• These payments were made through prepaid payment options such mobile wallets, debit and credit
cards, and the Unified Payments Interface (UPI).
• The segment was dominated by UPI-based transactions in terms of both volume and value.
Key Takeaways from the Report:
i.UPI recorded more than 19.65 billion transactions worth Rs. 32.5 trillion in Q3 2022.
• It registered an 88% increase in volume and a 71% gain in value in Q3 2022 compared to Q3 2021,
nearly doubling its transaction volume and value since 2021.
ii.The top 3 UPI apps in terms of volume and value as of Q3 2022 were PhonePe, Google Pay, and Paytm
Payments Bank App.
iii.The average transaction amount for credit card transactions was Rs 4,833, while the average transaction size
for mobile wallet transactions was Rs 382.
iv.Top 10 states with the highest transactions at physical touch points in Q3 2022: Maharashtra, Karnataka,
Kerala, Tamil Nadu, Andhra Pradesh, Delhi, Uttar Pradesh, Gujarat, Telangana and West Bengal.
v.Top 12 cities in Q3 2022 in terms of physical touch point transactions: Bengaluru, Hyderabad, Chennai,
Mumbai, Pune, Delhi, Kolkata, Thiruvananthapuram, Coimbatore, Thrissur, Thane, and Ahmedabad.
vi.In Q3 2022, credit card volume and value was 725 million and Rs. 3.5 trillion, with 386.83 million
transactions at the point of sales (POS) and 338.80 million e-commerce transactions.
• In Q3 2022, the volume and value of debit card transactions were 907 million and Rs. 1.88 trillion,
respectively.
vii.POS transactions accounted for 595.4 million of total debit card volume, while e-commerce transactions
accounted for 311.60 million.
• In terms of value, debit transactions on e-commerce sites totaled Rs. 681.7 billion, while POS
terminals processed Rs. 1.19 trillion.
Razorpay Enables Merchants to Accept Credit Card Payments on UPI

On 5th December 2022, Fintech platform Razorpay announced a first-of-its-kind move, in partnership with Axis
Bank, to enable merchants to accept credit card transactions via Unified Payments Interface (UPI) with minimal
changes to the existing setup.
• This facility has been enabled for the customers of HDFC Bank, Punjab National Bank (PNB), Union
Bank and Indian Bank.
• At present, UPI enables customers to make transactions through their bank accounts.

Key highlights:
i.This offering is in line with the National Payments Corporation of India (NPCI) and the Reserve Bank of India
(RBI)’s innovation in digital space. In October 2022, the NPCI allowed the linking of RuPay credit cards with the
BHIM UPI app.
ii.Around 250 million Indians use UPI for their day-to-day transactions, and nearly 50 million users have one or
more credit cards.
About Razorpay:
Managing Director (MD) & Co-founder – Shashank Kumar
Headquarters – Bengaluru, Karnataka
ICICI Lombard, AU Small Finance Bank tied-up for Bancassurance

On December 5, 2022, the AU Small Finance Bank, and ICICI Lombard General Insurance tied-up for
Bancassurance. Under this, the insurer will utilize the bank’s diverse customer’s access, and enhance
penetration across India.
• On the other hand, the bank will enhance its general insurance offering with agile, digital &
paperless solutions offered by ICICI Lombard.
Key Points:
i.The entire suite of insurance products will be offered across 980+ banking touchpoints covering over 20
states & 2 union territories (UTs).
ii.The offered products are customer centric, and will provide long term financial security to customers and
their families.
iii.Bancassurance is a tie-up between the bank and the insurance company to sell the latter’s insurance
products to the bank’s customers.
About ICICI Lombard:
Managing Director & CEO– Bhargav Dasgupta
About AU Small Finance Bank:
Managing Director & CEO– Sanjay Agarwal
Headquarters– Jaipur, Rajasthan
Tagline– Badlaav Humse Hai
Spice Money & Axis Bank Partners for Financial Inclusion in Rural India
Spice Money Limited, a Rural fintech player, has partnered with Axis Bank, to facilitate the opening of instant,
zero balance savings or current accounts for rural citizens through its Adhikari network.
• Through this partnership, Spice Money aims to bridge the rural-urban divide and bring financial
inclusivity by providing access to banking products at doorstep.
Key Points:
i.Spice Money empowers merchants, known as Spice Money Adhikaris through its technology to cater to the
digital and financial needs of rural citizens in India.
It delivers various financial services including cash deposit and withdrawal, insurance premium, bill payments
and loans to the rural masses.
ii.Recently, the company has come on board the government-promoted e-commerce platform, Open Network
Digital Commerce (ONDC), to facilitate smaller merchants in rural locations.
• By onboarding ONDC, Adhikaris of Spice Money will act as facilitators to other smaller merchants in
their localities, who do not have access to e-commerce platforms to sell their products.

About Spice Money Limited:
Spice Money, a regulated entity under the Reserve Bank of India (RBI), is a 100% subsidiary
of DiGiSPICE Technologies.
Founder-Dilip Modi
Co-founder & Chief Executive Officer (CEO) – Sanjeev Kumar
Headquarters – Noida, Uttar Pradesh
Federal Bank unveils ‘Football Fiesta’ Campaign

Federal Bank Limited, a leading private sector bank, has launched the ‘Football Fiesta’ campaign with many
prizes lined up to celebrate the FIFA World Cup 2022.
• As part of the campaign, the bank has also released an augmented reality (AR) filter for Instagram.
Moreover, it has announced its public social media contest.
• The contest is to take a selfie saying ‘goal’ with the AR filter from an Instagram profile to win prizes.
Global Trade Growth to slowdown in 2023: WTO Barometer

According to the recent World Trade Organisation Goods Trade Barometer, global trade growth is expected to
slow down in the last quarter of 2022 and in 2023 as countries experience significant challenges to their
economies amid Ukraine-Russia war, high energy prices, and monetary tightening.
• The current goods trade Barometer index value is 96.2.
Key Points:
i.The barometer index is projected to decline due to the negative readings in sub-indices representing exports
(91.7), air freight (93.3) and electronic components (91.0).
ii.he main exception is the automotive products index (103.8), which rose above trend due to stronger vehicle
sales in the United States (US) and increased exports from Japan as supply conditions improved and as the yen
continued to depreciate.
iii.The Goods Trade Barometer is a composite leading indicator for world trade, providing real-time
information on the trajectory of merchandise trade relative to recent trends. Values greater than 100 signal
above-trend expansion while values less than 100 indicate below-trend growth.
ADB Partners with GoI to Provide USD 3 Million PRF Facility

The Asian Development Bank (ADB) and the Government of India (GoI) inked a USD 3 million Project Readiness
Financing (PRF) agreement to assist preparatory operations for designing the “Agartala Municipal
Infrastructure Development Project,” which aims to strengthen municipal infrastructure in priority areas of
Agartala, Tripura.
• The agreement was signed by Rajat Kumar Mishra, Additional Secretary, Department of Economic
Affairs (DEA), Ministry of Finance (MoF), and Takeo Konishi, Country Director of ADB’s India
Resident Mission.
• This partnership aims to support the Tripura Government in the development of municipal
infrastructure, strengthen future investment-ready projects and improvising resource mobilization
of the Agartala municipal Corporation.
Key Points:
i.The proposed project is consistent with the findings of the North East Economic Corridor (NEEC) study by the
ADB.
• The study acknowledges Agartala’s crucial position as a key growth and border centre in fostering
affluence and economic growth in the northeastern region.
ii.The ADB’s recent collaboration with Tripura to build urban infrastructure has shown significant
infrastructure shortfalls in the city of Agartala.
iii.During the implementation of the PRF, measures for climate change adaptation and mitigation would be

incorporated into the project design to guarantee compliance with India’s climate commitments.
About the Asian Development Bank (ADB):
Headquarters – Manila, Philippines
Members – 68 members (49 from the region)
AFLI Launches Ageas Federal Life Insurance Criti Care Plan for 30 Critical Illness
On 6th December 2022 Ageas Federal Life Insurance (AFLI) launched ‘Ageas Federal Life Insurance Criti
Care Plan’, a comprehensive health insurance plan covering 30 critical illnesses and major diseases.
• This new policy provides a lump sum payment on the first diagnosis of the listed 30
critical illnesses, regardless of the actual amount spent on treatment.
Key highlights:
i.The policy will benefit the insured people with bearing the costs of expensive treatment, recuperation and
possible loss of income.
• The plan may also provide tax benefits under Section 80D of the Income Tax Act, 1961.
ii.Eligibility – People with a minimum age of 18 years and a maximum of 65 years can take up the policy. The
policy covers up to the age of 70 years.
iii.The term of the policy can be minimum of 5 years to a maximum of 10 years with 3 premium payment
options including single pay, limited pay and regular pay.
About Ageas Federal Life Insurance (AFLI):
Managing Director (MD) & Chief Executive Officer (CEO) – Vighnesh Shahane
World Bank upgrades India’s GDP Growth Forecast for FY23 to 6.9%; Fitch retains it at 7%
The World Bank (WB) in its latest ‘India Development Update- Navigating the Storm’ raised its Gross
Domestic Product (GDP) growth forecast for India during FY23 to 6.9% from 6.5% in its October 2022 update.
WB declined India’s FY23 forecast to 6.5% from 7.5% amid Russia-Ukraine War, rising global interest rates and
high inflation.
• This is the first upgrade of India’s growth forecast by any international agency amid the global
turmoil.
• However, India’s real GDP growth at constant market prices will be slower at 6.6% in the FY2023-
24 as compared to 7% projected earlier.
• India’s real GDP growth at constant factor prices will be 4% in FY2023-24.
Notably, India needs to grow at the rate of 8% and above to achieve its aim to become a developed country by
2047.
Highlights:
i.India’s economy has been remarkably resilient to the global challenges due to strong policy reforms and
prudent regulatory measures. These have placed it in good position compared to other Emerging Market
Economies (EMEs) viz. China, Mexico, Brazil which decelerated in Q2FY23.
ii.It will remain one of the fastest growing major economies in the world, due to robust domestic demand.
iii.Exports performed better than expected despite a slowing growth in major trade partners viz. the United
States (US), United Kingdom (UK) and China; Russia-Ukraine war; and persistent global supply disruptions
caused by global shortage of shipping containers and supply bottlenecks.
iv.Private consumption and investment continued to grow strongly in October 2022.
v.Electricity generation and freight traffic remained firmly above pre-pandemic levels.

Key Figures:
i.India’s economy grew at 6.3% in Q2FY23 as compared to 13.5% in Q1FY23.
ii.The services sector expanded 9.3% year-on-year as compared to 10.5% in Q2FY23 amid growth in business
services, contact-intensive segments of retail trade, transport, hotels and restaurants, and public
administration.
iii.Agriculture sector growth accelerated to 4.6% in despite erratic monsoon season and export restrictions on
wheat and rice products.
iv.On the other hand, manufacturing sector continued to be adversely impacted by slowing external demand,
global supply chain disruptions and higher input costs which resulted in 4.3% contraction in output.
v. It expected an inflation rate of 7.1 per cent in FY23, Inflation decelerated in October 2022 to 6.7%, but it is
still above RBI’s tolerance band of 2-6%.
vi.Wholesale price index (WPI) has been in double digits since April 2021 and averaged 14.2% in the H1FY23.
• WPI tracks prices at which businesses sell to each other.
vii.The central government is on track to meet its fiscal deficit target of 6.4 % of the GDP for FY23 due to
strong growth in revenue collections which increased by 9.5% and spending by 12.2%.
viii.The Government deficit is projected to decline to 9.6% in FY23 from 10.3% in FY22 and 13.3% in FY221.
ix.Public debt is also projected to decline to 84.3% of GDP in FY23, from a peak of 87.6% in FY21.
x.At over $500 billion, India has one of the largest holdings of international reserves in the world. Though they
have declined by about 13% in 2022, they still provide close to eight months of import cover.
Fitch retains India’s growth forecast at 7%
The Fitch Rating retained India’s growth forecast to 7% in FY23 amid stronger-than-expected outturn in its
December edition of the Global Economic Outlook 2022.
• However, it will slow to 6.2% in 2023-24 and 6.9% in 2024-25.
• The Fitch estimated global growth expected to slip to just 1.4% in 2023 from its earlier projection of
1.7 percent in September 2022.
India’s Growth Forecast by Other Agencies:
i.In October 2022, the International Monetary Fund (IMF) in its World Economic Outlook had slashed India’s
economic growth forecast to 6.8% for FY23 and 6.1% for FY24.
ii.In November 2022, Moody’s Investors Service lowered India’s GDP growth forecast to 7% from 7.7% for
2022. It expects growth to decelerate to 4. 8% in 2023 and then to rise to around 6.4% in 2024.
iii.Goldman Sachs projected Indian economy to expand by 5.9% in calender year 2023.
President– David Robert Malpass
Headquarters– Washington D.C, United States (US)
SIDBI & Saudi Arabia’s Monsha’at signs MoU to develop MSMEs

A Memorandum of Understanding (MoU) has been signed between the Small Industries Development Bank of
India (SIDBI) and Small and Medium Enterprises General Authority of the Kingdom of Saudi Arabia (also
known as Monsha’at) to develop Micro, Small and Medium enterprises (MSMEs) and their ecosystem, in both
the countries.
Signatories:
It was signed by V Satya Venkata Rao, Deputy Managing Director, SIDBI; and Mazin Bin Ahmed Al-Ghunaim,
CEO, SME Bank, during the launch of SME Bank, in Riyadh, Saudi Arabia.
What is in the MoU?
i.It is part of the bilateral initiative to improve diplomatic relations between India and Saudi Arabia.
ii.Under this MoU, both sides will explore and collaborate on matters of common interest.
• Collaboration will also be done between the MSME institutions of the both countries.
iii.SIDBI will also offer its expertise to the newly launched SME Bank of Saudi Arabia.

About Small Industries Development Bank of India (SIDBI):
It is the principal financial institution for the development of MSMEs in India
Chairman & Managing Director– Sivasubramanian Ramann
Headquarter– Lucknow, Uttar Pradesh
IDFC First Bank & NASSCOM COE Partners to Promote Startup Ecosystem
On 7th December 2022, the IDFC First Bank and National Association of Software and Service Companies
(NASSCOM) Centre of Excellence (CoE) partnered to grow the innovation ecosystem and guide startups
through a range of banking solutions.
• IDFC First Bank and NASSCOM COE signed a Memorandum of Understanding (MoU) for appointing
the IDFC First bank as a preferred banking partner for startups, at an event held in Bengaluru,
Karnataka.
Key highlights:
i.Through the partnership, the Bank will offer its products and solutions for startups, including zero balance
startup current account, working capital solutions for pre-profit startups, and also business credit cards.
• It will also offer tailored financial products to support innovation and entrepreneurship.
ii.NASSCOM CoE shall support the partnership with its technology along with domain expertise.
iii.NASSCOM COE and IDFC FIRST Bank will collaborate across a range of initiatives such as Investor Connect,
Knowledge Sharing sessions and Tech Conclaves to engage with the Startup community extensively.
About IDFC FIRST Bank:
IDFC FIRST Bank was formed by the merger of erstwhile IDFC Bank and Capital First, a Non Banking financial
Company (NBFC) on 18th December 2018.
MD & CEO – V. Vaidyanathan
ADB: Approves USD 780 million Loan to Expand Chennai’s Metro Rail Network; Approves USD
300 Million Loan to Improve India’s Road and Regional Trade
The Asian Development Bank (ADB) approved a loan of USD 780 million multi-tranche financing facility
(MFF) to build new lines for Chennai metro rail and improve its network connectivity with bus and feeder
services.
Highlights:
ADB will provide an additional USD 1 million technical assistance (TA) grant to help the Chennai Metro Rail
with the planning and management of the metro system’s multimodal integration.
• The TA will support by identifying the needs in first and last-mile connectivity and explore
opportunities for transit-oriented development to increase revenues through land value capture.
About the project:
i.Under the project, 10.1 km of an elevated section between Sholinganallur to State Industries Promotion
Corporation will be constructed, including 9 metro stations and system components; 10 km of the underground
section between Lighthouse and Meenakshi College with 9 stations.
• It also includes 31 km of system components comprising electrical, mechanical, power, and
telecommunication infrastructure between Chennai Mofussil Bus Terminus to Okkiyam
Thoraipakkam.
Other investments:
i.In 2021 Government of India (GoI) and ADB had signed a deal for a USD 500 million loan to expand
Bengaluru metro rail network by constructing two new lines of 56 km length.
ii.ADB has also committed USD 57.75 billion to 826 projects in India, out of which 18.85 billion is for 188
transportation projects.

iii.In 2021, ADB committed USD 4.6 billion in Sovereign loans to India and also USD 36.51 million in TA and
USD 3 million in grants under the Sovereign portfolio.
ADB Approves USD 300 Million Loan to Improve Road and Regional Trade in India
The Asian Development Bank (ADB) approved a USD 300 million loan to upgrade more than 300 kilometres of
state highways and major district roads in Assam, including six road sections in the state’s western, central, and
southern regions.
Key highlights:
i.The project will expand state highways and major district roads from single lane to two lanes and introduce
new disaster and climate resilient structures.
• It will also establish pedestrian and public transport facilities, elevate highways in flood-prone areas
and also include landslide prevention structures in hilly and mountainous areas.
ii.This will reduce travel time and costs which thereby improves mobility and accessibility of people in the less
developed areas of Assam. They also provide a vital link to markets, jobs, social services, education, and health
facilities.
About the project:
i.The project will strengthen the capacity of the Assam Public Works (Roads) Department in managing road
assets, integrating climate and disaster resilience in road projects, and ensuring safeguards of environment,
resettlement and concerns of indigenous peoples.
ii.Under the project, roads to be upgraded are connected to South Asia Subregional Economic
Cooperation (SASEC) corridors and borders with Bhutan and Bangladesh, and are expected to boost cross-
border trade and transport.
iii.The project will complement the multimodal logistics park that is being built in Jogighopa and Silchar to
serve road, rail, inland waterway, and air transport facilities.
iv.Viaduct structures will be constructed for protecting wildlife and its habitats in project areas and to avoid
human – elephant conflict in the elephant habitats.
NIIF Partners with GAL to Invest Rs. 631 crore in Three Airports
GMR Airports Limited (GAL), a subsidiary of GMR Infrastructure Limited partnered with National Investment
and Infrastructure Fund (NIIF) to invest in the equity capital of three airport projects including the Greenfield
international airports at Mopa in Goa and Bhogapuram in Andhra Pradesh.Note: GAL has not shared the
details about the total investment by NIIF and the third airport.
Primary Investment by NIIF:
i.NIIF will make a primary investment of Rs. 631 crore (Rs. 6.31 billion) in the form of Compulsory Convertible
Debentures (CCD) at the GMR Goa International Airport (GGIAL), a special purpose vehicle (SPV) for operating
the new Goa airport.
ii.This is NIIF’s first investment in an domestic airport asset and also its first direct investment in the state of
Goa.
About GMR Goa International Airport (GGIAL):
i.Goa’s Mopa International Airport is a Greenfield airport. The airport has already received aerodrome licence
and upon commissioning, It will be the first dual-airport system in India alongside the Dabolim airport.
• Mopa International Airport is expected to be inaugurated on 11th December 2022.
ii.In the first phase, the airport shall have a design capacity of handling up to 4.4 million passengers per annum,
with an ultimate capacity of up to 40 million passengers per annum.

About GMR Airports Limited (GAL):
i.GAL is a partnership between India’s GMR group and Groupe ADP (majority equity held by the French
government).
ii.GAL has developed and operated airports in over nine countries and presently operates five airports
including Delhi, Hyderabad and Bidar airports in India, Kualanamu Airport in Medan, Indonesia and Mactan
Cebu Airport in Philippines.
• In 2016, was awarded the concession to develop and operate a second airport in Goa on a Design-
Build Finance-Operate-and-Transfer (DBFOT) basis.
About GMR Group:
Founder & Chairman – Grandhi Mallikarjuna Rao
MD & CEO- Grandhi Kiran Kumar
Headquarters –New Delhi, Delhi
ADB and IIFL Home Finance Ltd organised ‘Kutumb’ Event in Delhi
Asian Development Bank (ADB) and India Infoline Limited- Home Finance Ltd. (IIFL HFL) organised ‘Kutumb‘
event in Delhi discussing scope around green affordable housing in India. The ‘Kutumb’ was launched on 2nd
December 2022 with an event titled ‘Green Affordable Housing Ecosystem’ in Delhi.
• Kutumb actively collaborates and consults with developers, architects, and rating agencies to
promote green, sustainable, future-ready, and affordable housing.
• The event focuses on mainstreaming green and affordable housing in India.
• In February 2022, IIFL HFL signed a USD 68 million financing agreement with ADB to expand
financial access to affordable green housing for India’s economically disadvantaged and lower-
income populations.
IndusInd Bank enters into Rs 500-crore co-lending pact with SV Creditline

IndusInd Bank signed a co-lending agreement with Non-Banking Financial Company
(NBFC), SV Creditline Limited (SVCL) for Rs 500 crore loan exclusively to women borrowers.
• Under this pact, rural women will get access to affordable loans to be utilized towards the
economic activities such as agriculture, animal husbandry, trading and local manufacturing,
among others.
About SVCL:
i.It should be noted that SVCL only lends to women customers in the low-income segment with an annual
household income of Rs. 125,000 in rural areas and Rs. 200,000 in urban areas. It is providing services
to 130 districts in 10 states through its 227 branches.
ii.It is registered as NBFC-MFI (Micro Finance Institution) under Section 451A of Reserve Bank of India
Act, 1934, and promoted by Vans Pte. Ltd. and SV Corporation Pvt. Ltd.
iii.SVCL’s Business correspondents (BC) partners are IndusInd Bank, Edelweiss Housing Finance Limited,
Jana Small Finance Bank Limited, MAS Financial Services Limited, DCB Bank and IDBI Bank.
RBL Bank & Paisabazaar.com Partners to Launch New Co-Credit Card – ‘Duet’
On 8th December 2022 Paisabazaar.com and RBL Bank launched a new co-created credit card
‘Duet’, which offers two credit offerings including cashback on purchases made through the card and a
line-of-credit from RBL bank enabling instant transfer of money to bank account.
About Duet credit card:
i.The Duet credit card is a unique Credit Line product by RBL Bank. It will be a part of Paisabazaar’s neo-
lending product suite and will replace Paisa On Demand (PoD) credit card on Paisabazaar.
ii.Duet is a lifetime free credit card from RBL Bank with no joining fee or annual fee and also offers direct

cashback benefits.
Benefits:
i.Cardholders can earn a flat 1% cashback for all online and offline purchases done through the card.
There is no upper limit on the cashback earned.
• Cashback is not offered on wallet loading, EMI transactions, fuel purchase and rent payment
done through the card.
ii.Cardholders can avail loans easily by simply logging in to their account on Paisabazaar.com and select
from the Credit Line option and complete the required loan transaction by authorising it with an OTP
received on registered mobile number.
iii.A line-of-credit above Rs.3,000 and up to the cardholder’s credit limit will also be available for the
card holders.
About RBL Bank:
Managing Director (MD) and Chief Executive Officer (CEO) – R Subramaniakumar
Tagline –Apno Ka Bank
ASK Indian Entrepreneur Fund: ASK Capital gets Central Bank of Ireland nod to launch India-
based fund
ASK Capital Management Pte. Ltd. (ASK Capital) has received an approval from the Central Bank of Ireland
to launch an India-based fund namely ‘ASK Indian Entrepreneur Fund’ through the UCITS route. This fund
will be ASK Capital’s first UCITS vehicle.
• UCITS stands for Undertakings for the Collective Investment in Transferable
Securities which is a regulatory framework of the European Commission for management and
sale of mutual funds.
• With this fund, ASK Capital aims to raise US$ 500 million over the next 3 years from global
investors.
About UCITS Funds:
UCITS funds can be registered in Europe and sold to investors worldwide using unified regulatory and
investor protection requirements. It serves as a stamp of quality and reliability for overseas investors
Key Points:
i.ASK Indian Entrepreneur Fund will be modeled on ASK’s flagship portfolio management services (PMS),
ASK Indian Entrepreneur Portfolio (IEP).
• IEP is one of the most consistent alpha-generating strategies since its launch in 2010. It invests
in companies led by Indian entrepreneurs.
ii.It provides global investors with a familiar, tax efficient, and convenient access to the high-growth
Indian equity markets.
iii.This approval will enable ASK Capital to reach out to institutional investors, endowments, pension
funds, family offices, and investors via private banks across Europe, Middle East, Latin America, and parts
of Asia.
About ASK Capital:
CEO & Managing Director– Sameer Dev
Headquarters– Singapore

HDFC ERGO & NIIT Partners to Create a Pool of Future Ready IT Professionals
HDFC ERGO General Insurance Company Limited has partnered with NIIT, a global talent development
corporation, to launch HDFC ERGO Technocrat – Advance Dot Net Developer Program to build a large
pool of developers.
• This will create future-ready Information Technology (IT) Professionals for HDFC ERGO, who
can play a pivotal role in offering technology-powered insurance solutions.
• The program will be delivered through live, instructor-led sessions and also offers a stipend to
the participants.
Key highlights:
i.The program is an initiative of HDFC ERGO and NIIT Institute of Finance, Banking and Insurance (NIIT-
IFBI), that aims to equip the participants with the knowledge and confidence of being immediately
productive at work and also provide training to handle critical projects and assignments.
ii.Eligibility – The Applicants should be between 21 and 28 years of age at the time of admission
and should have completed X, XII, and Graduation in regular mode (only up to 2 years of academic gap is
allowed after the 10th).
• Applicants must be familiar with basic coding skills in C++, C# and Java.
iii.Process – The applicants will have to clear a two-level assessment test, after which they will receive a
provisional offer letter from HDFC ERGO.
About HDFC ERGO General Insurance Company Limited:
HDFC ERGO General Insurance Company Limited is a joint venture between HDFC Limited, India’s
premier Housing Finance Institution and ERGO International AG, the primary insurance entity of Munich
Re Group.
Chairman – Keki M Mistry
PayMate receives In-Principle authorization to operate as a Payment Aggregrator from RBI

PayMate India Limited, a leading business-to-business (B2B) payments and services provider, has
received ‘in-principle’ approval from the Reserve Bank of India (RBI) to operate as a Payment Aggregator
(PA), subject to the RBI Guidelines on Regulation of PAs and Payment Gateways (PG), dated 17th March
2022 as updated from time to time.
• PayMate digitizes, automates and streamlines B2B payments in supply chains.
• Payment aggregators are entities that help merchants and businesses to make and receive
payments, pool and transfer them to the merchants within the time frame specified by the RBI
Guidelines.
StocX.in Launches India’s First Private Market Index to Monitor Values

StocX.in, an internet unlisted securities portal, has launched StocX Private Market Index (SPMI), India’s
first private market index by utilising ‘Change Percentage’ technique, to monitor the value actions of
privately traded securities, those that are traded within the unlisted market. The index is computed
utilising 1000 as the bottom worth as on 1st January 2022.
SEBI issues Framework for AIFs to Raise Money from FPIs

On December 9, 2022, the Securities and Exchange Board of India (SEBI) has issued a framework in terms
of Regulation 10(a) of SEBI (Alternative Investment Funds) Regulations, 2012, enabling Alternative
Investment Funds (AIFs) in India to raise money from Foreign Portfolio Investors (FPIs) by issuing units, with
immediate effect, by ensuring the following:
i.The FPIs are residents of a country, the securities market regulator of which is a signatory to

the International Organisation of Securities Commission’s (IOSCO) Multilateral Memorandum of
Understanding (MoU), or a signatory to a bilateral MoU with SEBI.
ii.Investors contributing 25% or more in the funds should not belongs to the following:
• Named in the Sanctions List notified by the United Nations Security Council (UNSC)
• Resident in a country identified in the public statement of the Financial Action Task Force (FATF).
• Resident country that has not made sufficient progress in addressing the deficiencies, or has not
committed to an action plan developed with FATF to address such deficiencies.
What if an investor, who has been onboarded already, does not meet the specified conditions?
In this case, AIF will bare any further capital contribution from such investors, until the investor again meets
the conditions.
The information for the same is provided by
SEBI in exercise of powers conferred under Section 11(1) of the
Securities and Exchange Board of India Act, 1992 to protect the interests of
investors in securities and to promote the development of, and to regulate the securities market.
PNB HFC launched Home Loan Scheme Roshni for Tier 1 & Tier 2 cities
The PNB Housing Finance Limited (PNB Housing), a Housing Finance Company(HFC) introduced a low-cost
home loan programme namely ‘Roshni’ enabling individuals from Tier 1 & Tier 2 cities to apply for loan ranging
from Rs 5 lakh to Rs 30 lakh.
• Through this scheme PNB HFC is committed towards the ‘Housing for All’ mission of the Central
Government.
Key Points:
i.This launch is in line with PNB HFC’s long-term goal of enabling and assisting an individual to purchase a
home.
ii.Recently, the Company opened branch offices focused on Roshni in the following cities:
• Chennai, Coimbatore in Tamil Nadu, Ghaziabad, Lucknow, Varanasi in Uttar Pradesh, Hyderabad
(Telangana), Indore/Ujjain (Madhya Pradesh), Rajkot (Gujarat), and Mumbai, Nagpur, Pune in
Maharashtra.
iii.The program offers a variety of loans for self-building, home expansions and renovations, plot purchases
combined with construction, loans against property, and the purchase of property investment.
iv.Loan applicants eligible for this are first-time credit borrowers, self-employed without a professional role
and salaried from a low-income group with a family income as low as Rs. 10,000 to middle-income group
category.
About PNB Housing Finance (HFC):
It is a registered housing finance company with the National Housing Bank (NHB)
MD and CEO– Girish Kousgi
ADB approves USD 250 mn policy-based loan to Strengthen Logistics Sector in India
On December 8, 2022, the Asian Development Bank (ADB) approved a USD 250 million policy-based loan to
strengthen the Logistics Sector in India. This funding will support the Indian Government’s reforms to
strengthen and modernize it’s logistics infrastructure, improve efficiency, reduce Greenhouse Gas (GHG)
emission, and lowering cost in the logistics sector.

Key Points:
i.The loan will finance the first subprogram of the Strengthening Multimodal and Integrated Logistics
Ecosystem (SMILE), which supports the Indian government’s efforts to create a comprehensive policy,
planning, and institutional framework at the federal, state, and city levels for multimodal logistics projects
(MMLPs).
ii.It will also strengthen supply chains by simplifying external trade logistics and domestic cargo movements,
modernizing warehouses, improving business processes with integrated digital platforms, and private
investments.
iii.The subprogram also supports the India’s Ministry of Commerce and Industry’s initiatives to issue standards
for warehousing, which would encourage operational efficiency and private sector investment
President– Masatsugu Asakawa
Headquarters– Manila, Philippines
Tamilnad Mercantile Bank signs pact with Bajaj Allianz Life Insurance
Tamilnad Mercantile Bank (TMB) signed a pact with Bajaj Allianz Life Insurance to form a strategic alliance to
sell the private life insurer’s term, annuity, and other value-packed products across its 500 branches.
• An agreement to that effect was signed on December 9, 2022, by the bank’s Managing Director (MD)
& Chief Executive Officer (CEO) Krishnan and Bajaj Allianz Life Insurance MD & CEO Tarun Chugh.
• TMB’s new and existing customers can now choose from Bajaj Allianz Life’s retail products, which
include term, savings, retirement, and investment products, as a result of this partnership.
Nomura: India’s GDP Expected to Grow At 5.1% In FY24

According to Nomura, a global financial services firm, India’s Gross Domestic Product (GDP) growth could drop
to 5.1 % in fiscal year 2023-24 (FY24), forcing the Reserve Bank of India (RBI) to decrease the key repo rate by
75 basis points (bps) in the second half (H2) of 2023.
• The RBI forecasts 6.5% growth in FY24, which is higher than Nomura’s growth projection for FY24.
Key Points:
i.According to Nomura, the RBI’s Monetary Policy Committee (MPC) will implement a “shallow easing cycle” by
decreasing the policy rate by 25 bps in August, October, and December 2023, resulting in a repo rate of 5.75%
at the end of 2023.
• Nomura’s projection comes as the RBI hiked the repo rate to 6.25 %, up from 5.9% on December 7,
2022, for the fifth time in eight months.
ii.Additionally, the RBI lowered its estimate of GDP growth for 2022–2023 (FY23) by 20 bps to 6.8% from 7%,
which is 20 bps higher than Nomura’s prediction of 6.6 %.
CPI Inflation
i.Nomura forecasts that India’s headline Consumer Price Index (CPI)-based inflation, also known as retail
inflation, will decline from 6.8% in FY23 to 5% in FY24, and 4.9% in the fiscal year 2024–2025 (FY25).
ii.The RBI retained its CPI inflation projection of 6.7% for FY23, but increased average inflation by 10 bps
for the second half of fiscal year 2022-23 (H2FY23).
iii.According to the RBI, CPI inflation will be on average 6.6 % in October-December 2022, 5.9 % in January-
March 2023, 5.0 % in April-June 2023, and 5.4 % in July-September 2023.
Note: The change in the value of all goods in the basket is referred to as headline inflation, whereas core
inflation excludes food and fuel from headline inflation.

HDFC Bank Partners with Startup India to Launch Sixth Parivartan SmartUp Grants
HDFC Bank in partnership with the Government of India (GoI)’s flagship initiative ‘Startup India’, launched the
6th ‘Parivartan SmartUp Grants’, the annual grants program for social startups.
• This program aims to identify startups that are working towards social impact and to support them
through monetary grants to their incubators.
• The grants have been offered under the aegis of Parivartan, the umbrella name for the HDFC Bank’s
social initiatives.
About the program:
i.The bank has been enabling startups through its state-of-the-art SmartUp program, by providing specialised
banking and value-added services to entrepreneurs.
ii.The Bank is offering grants under the aegis of Parivartan, the umbrella name for the HDFC bank’s social
initiatives.
• Until now, the HDFC bank has disbursed over Rs. 30 crore to more than 45 incubators which
supported around 165 startups working in the areas of environment, agri-business, ed-tech, waste
management, healthcare, and skill development sectors.
iii.In 2022, the HDFC bank will also focus on building capacities of incubators and startups working in tier-
II and III cities.
• It will fund social impact startups developing solutions in the field of environmental conservation,
affordable healthcare, sustainable rural economy, technologies for better governance, economic
growth of Small, Medium Enterprises (SMEs), gender diversity and inclusion space.
About HDFC Bank:
Managing Director (MD) & Chief Executive Officer (CEO) – Sashidhar Jagdishan
Canara HSBC Life Insurance Launches Non-Participating ‘Guaranteed Fortune Plan’

On 12th December 2022, Canara HSBC Life Insurance launched a new ‘Guaranteed Fortune Plan’, a non-
linked, non-participating individual savings life insurance plan that offers life cover and a lump sum amount
after the policy term.
• The product offers two plan options including Guaranteed Savings Option and Guaranteed Cash
Back Option.
About Guaranteed Fortune Plan:
i.The Guaranteed Savings Option provides a lump sum on outliving the policy term and the Guaranteed Cash
Back Option offers customers with guaranteed cash back at the end of every 5th policy year, with an
opportunity to defer the amount till maturity or withdraw it earlier.
ii.In addition to cashback, the Guaranteed Cash Back Option also provides policyholders a lump sum payment
at the end of the policy term.
iii.The product provides a unique feature called CARE (Claims Accelerated for Relief & Ease) Pay Benefit with
in-built benefit which pays 100 percent of total premiums paid (excluding underwriting extra premiums and
taxes) on intimation of death immediately.
iv.Additionally, it also provides guaranteed yearly additions to boost maturity benefit payout, flexible premium
payment terms, and policy term options.
About Canara HSBC Life Insurance:
Managing Director (MD) and Chief Executive Officer (CEO) – Anuj Mathur
Headquarters – Gurugram, Haryana

Universal Sompo Partners with Zooper to Roll-out Special Integrated Offering
Universal Sompo General Insurance Company Limited partnered with Zooper, India’s largest insurance
infrastructure Application Programming Interface (API) platform to launch a special integrated offering for
customers.
Key highlights:
i.Through this partnership, Universal Sompo General Insurance will provide tailor-made and affordable
insurance cover to its customers.
ii.The customers will have access to buy insurance along with an option to purchase a protection plan.
iii.It covers 1 million assets by offering users with personalised insurance solutions and good customer
experience starting from policy generation to claim management.
About Universal Sompo General Insurance Company Limited:
Universal Sompo General Insurance Company Limited is a joint venture (JV) of Indian Bank and Indian
Overseas Bank, Karnataka Bank and Dabur Investment Corporation and Japanese general insurer Sompo Japan
Insurance Inc,,
Managing Director (MD) & Chief Executive Officer (CEO) – Sharad Mathur
Global trade to surge USD 32 trillion in 2022: UNCTAD Global Trade Update December 2022
The United Nations Conference on Trade and Development (UNCTAD) in its ‘Global Trade Update (December
2022)‘ report projected an increase in the value of global trade by about 12% to an estimated USD 32 trillion in
2022.
• However, global trade will decline in 2023 due to geopolitical frictions, lower economic growth,
higher prices for goods and record levels of global debt.
Key Points:
i.The growth of global trade has turned negative in the 2nd half of 2022.
ii.Geopolitical frictions, persisting inflation, and lower global demand are expected to negatively affect global
trade during 2023.
iii.Demand for foreign goods proved resilient throughout 2022, with trade volumes increasing by 3%.
Key Highlights:
i.Trade in merchandise goods is expected to soared USD 25 trillion in 2022, an increase of about 10% as
compared to 2021.
ii.Trade in services will grow 15% year-over-year (y-o-y) to nearly USD 7 trillion.
iii.The reason behind an increase in the trade of 2022 is resilient global demand, and improvements in the
logistics of global trade, and fruitful trade agreements.
• But it should be noted that this increase is due to the robust growth in the first half of the year as the
growth has turned negative during the second half of 2022.
iv.The report indicates that the value of global trade will decrease in Q4 2022 both for goods and for services.
Indian scenario:
i.India recorded a trade growth in Q32022 with 26% y-o-y import growth, and 3% y-o-y export growth.
ii.In the case of services, it has 49% y-o-y growth for imports and 35% for exports.
About United Nations Conference on Trade and Development (UNCTAD):
Secretary-General– Rebeca Grynspan (first woman and Central American to serve as UNCTAD’s secretary-
general)
Member States– 195
Headquarters– Geneva, Switzerland

CBDT exempts NR taxpayers from mandatory Form 10F e-filing till March 31, 2023
The Central Board of Direct Taxes (CBDT) has exempted the Non-Resident (NR) taxpayers from mandatory
electronic filing of Form 10F until March 31, 2023. This will be applicable to those NR taxpayers who are not
having a Permanent Account Number (PAN) and not required to have a PAN as per relevant provisions of the
Income-tax Act, 1961 read with Income-tax Rules, 1962.
• These taxpayers can file Form 10F till March 31, 2023 in manual form.
What is Form 10F and why is it required?
NR taxpayers are required to provide a Tax Residency Certificate (TRC) to avail the benefits of the Double
Taxation Avoidance Agreement (DTAA) between their country of residence and India in respect of any income
earned in India.
However, in case any relevant information is not mentioned in TRC, Form 10F is required to be furnished along
with TRC as per Section 90(5) of the Income Tax Act, 1961 read with Rule 21AB of the Income Tax Rules,
1962. Form 10F is like a self-declaration which is signed physically by the NR, and furnished along with TRC to
resident payers.
In July 2022, CBDT mandated the NR to submit Form 10F electronically on the web portal of the ITD, using the
Digital Signature Certificate (DSC) of NR, along with the attached copy of TRC but this online submission
requires PAN by the NR. Those who don’t have PAN are facing challenges in submission.
Now, to overcome this problem, this exemption has been made by the CBDT.
HDFC Bank Acquires 7.75% Stake in Mintoak for ~Rs 31 Crore

HDFC Bank has acquired 7.75 % of the total share capital of Mintoak Innovations (Mintoak), a fintech
startup, on a fully diluted basis for a total cash consideration of Rs 31.14 crore.
Note: Mintoak offers a payments-led platform offering value-added services to merchants to engage with their
customers and for acquirers to enhance their engagement with merchants through digital engagement and
value-added solutions.
About the transaction:
i.According to the regulatory filing, HDFC Bank has signed agreements to subscribe 21,471 fully paid-up
Compulsory Convertible Preference Shares (CCPS) of the face value of Rs 20 each at a premium of Rs 9,711. The
total cash consideration will be Rs 9,731 per CCPS issued by Mintoak.
• The bank will also purchase 10,538 fully paid-up equity shares of Mintoak for a consideration of Rs
9,731 per share from certain existing shareholders of Mintoak.
ii.This deal will be completed by 31st January 2023, subject to conditions precedent. Since the overall stake of
the bank will be less than 10 percent post transaction, the regulatory approval will not be required.
LEAF Partners with HDFC Bank to Provide Financial Aid to Marginalised Farmers
Lawrencedale Agro Processing (LEAF) headquartered in Ooty, Tamil Nadu, has entered into a strategic
partnership with HDFC Bank to offer customised financial products and services to marginalised farmers.
• The product improves and provides financial access and inclusion to the entire rural ecosystem and
brings an impact to more than 5 million marginalised farmers.
Key highlights:
i.LEAF has structured a model for efficient use of organised and cost-effective financial support, through which
the agricultural inputs such as seeds, crop nutrition and protection products, are provided to marginalised
farmers through a controlled dispensing process.
ii.With the help of active on-ground LEAF Farmer Support Centres, farmers can now grow the best of their
produce with organised financial services and sell the harvest through LEAF centres, easily with true value for
their harvest.

ADB trims Economic Growth Forecast for Developing Asia to 4.2% in 2022; retains India FY23
GDP growth at 7%
According to the Asian Development Bank (ADB)’s ‘Asian Development Outlook (ADO) Supplement,
December 2022- Global Gloom Dims Asian Prospects‘, the Growth forecasts for Asia have been revised
down from 4.3%(forecasted in September 2022) to 4.2% for 2022 and from 4.9% to 4.6% for 2023.
• The growth forecast of India for the FY2022 is retained at 7 % and the growth projection for FY2023
is unchanged at 7.2%
• India’s inflation rates are forecasted at 6.7% in 2022 and 5.8% in 2023.
Inflation:
i.ADB lowered its forecast for inflation in the developing Asia and the Pacific to 4.4% from 4.5% in 2022.
ii.For 2023, it will be at 4.2% from 4% due to inflationary pressures from energy and food.
Highlights:
i.The growth prospects in the Caucasus and Central Asia is increased to 4.8% from 3.9% in 2022.
ii.The East Asia’s growth forecasts are revised down to 2.9% in 2022 and to 4% in 2023.
iii.The South Asian forecast for 2022 is maintained at 6.5% but revised down for 2023 to 6.3% from 6.5%.
iv.The 2022 forecast for Southeast Asia is upgraded from 5.1% to 5.5%.
v.The growth forecast for the Pacific in 2022 is also revised up, from 4.7% to 5.3%.
vi.South Asia is on track to meet the Update growth forecast of 6.5% in 2022, but the forecast for 2023 is
downgraded from
6.5% to 6.3%.
Key Points:
i.The reason behind the slow recovery of developing Asia from the Covid-19 pandemic is tightening by central
banks globally and in the region, Russian Ukraine war, recurring lockdowns in China, geopolitical risks and
climate change.
ii.The largest economy in Asia, i.e. China is expected to slow in 2022 to 3% against a 3.3% expansion predicted
in a September report.
• For 2023, it will grow at 4.3% from 4.5 per cent, due to the global slowdown.
iii.ADO analyzes economic and development issues in developing countries in Asia including forecasting the
inflation and GDP growth rates.
GoI Repays IL&FS Loans to ADB & KfW to Fulfil Commitment

The Government of India (GoI) has repaid the sum of Rs. 1109 crore to Asian Development
Bank (ADB) and Rs. 29 crore to German state-owned lender KfW to fulfil guarantees offered to Infrastructure
Leasing & Financial Services (IL&FS).
• The Government provided loan guarantees becoming a lender and entered into the list of IL&FS
creditors.
Key Points::
i.According to IL&FS’ recent status report, a loan of USD 50.4 million was availed by IL&FS from ADB
in August 2002. and was ensured by the Department of Economic Affairs, Government of India (GoI).
ii.In November 2005, a loan from KfW Frankfurt for 54 million euros was obtained and GOI provided security
for the loan.
iii.According to the report, the debt resolved till 30th September 2022 is Rs 56,943 crore(this includes debt
being serviced in green companies). This is higher than the Rs. 55,000 crore resolution achieved in March 2022.
About the loan:
i.The government-guaranteed loans were used to fund initiatives undertaken by the IL&FS companies.
• The Government dues and creditor dues are handled separately under the bankruptcy waterfall
mechanism, which establishes the order of priority for various claims.

ii.On 30th June 2022, in order to meet its commitments as guarantors, GoI made payments totalling Rs 1,109
crore to ADB and Rs 29 crore to KfW.
NSE & BSE Gives in-Principle Approval to HDFC Ltd to Transfer NCDs to HDFC Bank
On 13th December 2022, the stock exchanges BSE Limited (formerly known as Bombay Stock Exchange)
and NSE Limited granted an in-principle approval for the transfer of non-convertible
debentures (NCD) issued by Housing Development Finance Corporation (HDFC) Limited to its
subsidiary HDFC Bank.
• The approval was provided in terms of Regulation 59 of Securities and Exchange Board of India
(SEBI) ( Listing Obligations and Disclosure Requirements) Regulations 2015, subject to sanctioning
of the Scheme by the National Company Law Tribunal (NCLT).
• This is part of the plan to facilitate the merger of HDFC Limited with HDFC Bank.
• The Scheme remains subject to various statutory and regulatory approvals, as may be required.
Background:
In April 2022, HDFC Bank agreed to take over HDFC limited, the biggest domestic mortgage lender, at a deal
value of about USD 40 billion.
• The proposed entity will have a combined asset base of around Rs 18 lakh crore.
• This merger is expected to be completed by the second or third quarter of FY24, subject to other
regulatory approvals.
Key Points:
i.Post-merger HDFC Bank will be twice the size of ICICI Bank, the third-largest lender presently.
• HDFC Bank will be 100 percent owned by public shareholders, and the existing shareholders will
own 41 percent shares of the bank.
• Also, each HDFC shareholder will get 42 shares of HDFC Bank for every 25 shares held.
As per the Ministry of Commerce and Industry, the Wholesale Price Index (WPI) based inflation declined to a
21-month low of 5.85% in November 2022 due to easing prices of food, fuel and manufactured items.
• It declined to 8.39% in October 2022. The inflation was 14.87% in November 2021.
• The reason behind this is fall in prices of food articles, basic metals, textiles, chemicals & chemical
products and paper & paper products as compared to November 2021.
Key Points:
i.The WPI rate on manufactured products was 3.59% from 4.42% in November 2022
ii.Food inflation in November 2022 was 2.17% against 6.48% in October 2022.
iii.Inflation in vegetables was (-) 20.08% during November 2022, compared to 17.61% in October 2022.
iv.In the energy sector, inflation was 17.35% from 23.17% while in manufactured products, it was 3.59% from
4.42% in November 2022.
v.Inflation based on the consumer price index (CPI) dropped below the 6%, the upper limit of the central bank’s
medium-term target, for the first time in November.
Additional info:
According to the data released by the government of India, retail inflation based on the consumer price index
(CPI) eased to an 11-month low of 5.88% in November.
IREDA Signs Rs 4444.71 cr Loan Agreement with SGEL for 1000 MW Solar Project
On 15th December 2022, Indian Renewable Energy Development Agency (IREDA) Limited signed a loan
agreement worth Rs. 4,444.71 crore with SJVN Green Energy Limited (SGEL), a subsidiary of SJVN
Limited (formerly Satluj Jal Vidyut Nigam Ltd) for 1,000 MegaWatt (MW) Solar power project at Bikaner,
Rajasthan.
• The loan agreement was signed by S.L. Sharma, Chief Executive Officer (CEO) of SGEL and Pradipta
Kumar Roy, Deputy General Manager(DGM) of IREDA in the presence of Pradip Kumar Das,
Chairman and Managing Director (CMD) of IREDA and Nand Lal Sharma, CMD of SJVN.

Key highlights:
i.The project will connect to 400/220 KV substation Bikaner-II (near Bikaner).
ii.The project was bagged by SGEL through a tender floated by IREDA under the CPSU Phase-II (Tranche III)
Scheme for development of Grid connected Solar PV Power Project through competitive Bidding Process based
on Viability Gap Funding (VGF) support.
iii.Through this cooperation, IREDA will support the Government of India (GoI) to achieve its targets of 50%
share of energy from non-fossil fuels by 2030 and also encourages green investment along with direct and
indirect employment opportunities.
About SJVN Green Energy Limited (SGEL):
Chief Executive Officer (CEO) – S.L. Sharma
Headquarters – Shimla, Himachal Pradesh
Establishment – April 2022
SIDBI Collaborates with M1xchange as A Financier to Boost Liquidity for MSMEs

The Small Industries Development Bank of India (SIDBI) has teamed with M1xchange as the financier to
provide liquidity to Micro, Small and Medium Enterprises (MSMEs) at low interest rates.
• SIDBI is the apex financial institution dedicated to the promotion, funding, and development of
MSMEs.
M1xchange, India’s leading Trade Receivables Discounting System (TReDS) platform, provides MSMEs with
early financing within 24 hours via its online bidding platform and an end-to-end digital process.
• M1xchange is one of three TReDS platforms; the other two are RXIL and InvoiceMart.
Key Points:
i.With this exclusive offering from M1xchange TReDS, MSMEs will be able to use TReDS to discount receivables
from corporate buyers.
• The discounting of bills of MSMEs is facilitated through TReDS, which is governed by the RBI. This
enhances cash flow, liquidity, and the overall efficiency of MSMEs.
ii.This partnership is regarded as a highly effective and efficient option for solving the problem of delayed
payment for MSMEs.
iii.The MSME sector accounts for the majority of enterprises in India and is regarded as the second largest
employer after agriculture.
Facilitation of MSMEs via M1xchange TReDS
i.M1xchange has facilitated bill discounting of over Rs 37,000 crores to over 14,000 MSME suppliers spanning
across 1,400 towns in India at a competitive interest rate.
ii.TReDS facilitates large-scale, digital financial inclusion of MSMEs with a positive social impact.
• This finance comes with no collateral and no recourse for MSMEs.
iii.In the current fiscal year 2022-23 (FY23), TReDS platform intends to extend its digital factoring footprint by
25% to 30%.
Note: Mr. Sundeep Mohindru is the MD & CEO of M1xchnage.
About the Small Industries Development Bank of India (SIDBI):
Chairman & Managing Director (CMD) – Sivasubramanian Ramann
Headquarters – Lucknow, Uttar Pradesh
RGICL Introduces First-Of-Its-Kind “Reliance Health Infinity Policy”

Reliance General Insurance Company Ltd. (RGICL) has launched a premium health insurance policy, the
“Reliance Health Infinity Policy,” a first of its kind that promises to offer customers endless benefits to
maximize their protection.

• RGICL claims to be India’s first health insurance plan to provide policyholders discounts depending
on their financial credit score.
The base plan covers critical expenses such as organ donation, pre- and post-hospitalization, day-care
procedures, emergency ambulances, and special treatments.
Reliance Health Infinity Policy
i.Eligibility: The policy is offered in the family floater and individual floater categories (up to 8 members).
• It has sum insured options ranging from Rs 5 lakh to Rs 5 crore.
ii.The policy is offered to children above the age of 90 days and individuals between the ages of 18 and 65.
• In addition, the Mother and Child Care benefit covers newborn babies.
iii.It can be bought for 1-year, 2-year or 3-years policy tenure.
Key Features:
i.The policy includes Moreglobal Cover, Maternity Cover, Outpatient Department (OPD) Cover, unlimited
restoration of the sum insured, and 15 other essential add-on features.
• It also offers the credit score-based discount (first in India), as well as a Body Mass Index (BMI) -
based premium discount to reward clients for being fit both financially and physically.
ii.The MoreGlobal plan offers emergency and pre-planned medical treatment abroad along with air ambulance
and OPD services.
• The add-on benefits include maternity coverage of up to Rs. 2 lakh.
iii.The policy provides a 12-month waiting period and unlimited restoration of the base sum insured amount
for both related and unrelated illnesses during the policy year.
• OPD coverage includes prescribed drugs, dental and surgical treatments, diagnostic tests, and
consultations with Doctors.
iv.Double coverage begins on the first day of coverage and gives an additional 100% of the sum-insured to be
utilized during the same claim.
About Reliance General Insurance Company Ltd. (RGICL):
Executive Director & CEO – Rakesh Jain
Incorporated – 2000
Tata AIA Life Insurance Launches Emerging Opportunities Fund

On 15th December 2022 Tata AIA Life Insurance Company Limited launched the Emerging Opportunities
Fund. The new fund offering (NFO) will open from 15th December to 30th December 2022, at Rs. 10 per unit,
which is applicable only during the NFO period.
• The investment objective of the fund is to generate capital appreciation in the long-term by investing
in a portfolio of stocks that offer opportunities in the mid-cap space.
• This new fund will invest in a portfolio of stocks in mid-cap companies and emerging market leaders
with the potential to generate growth in future.
Key highlights:
i.This is an equity fund that benefits consumers from long-term equity growth along with the protection of a life
insurance cover.
ii.Investments in the fund can be made through Tata AIA’s unit-linked insurance plans (Ulips), such as Fortune
Pro, Wealth Pro, Fortune Maxima and Wealth Maxima.
• The fund will also be attached to Tata AIA’s Param Rakshak Solutions.
iii.Up to 30 percent of the portfolio could be allocated by the fund to equity and equity-related instruments,
outside the mid-cap range.

About Tata AIA Life Insurance Company Limited :
Tata AIA Life Insurance Company Limited is a joint venture company, formed by Tata Sons Private
Limited and AIA Group Limited (AIA).
Managing Director (MD) & Chief Executive Officer (CEO) – Naveen Tahilyani
Chairman – Saurabh Agrawal
SEBI issues Performance Benchmarking Guidelines for PMS industry; Issues Guidelines for
Winding Down of CCs
The Securities and Exchange Board of India (SEBI) has introduced performance benchmarking and
categorization for the Portfolio Management Services (PMS) industry w.e.f. April 1, 2023.
• These norms are similar to the current norms in mutual funds.
• It will help investors assess and compare the performance of service providers.
SEBI has provided this information in exercise of its power conferred under Section 11 (1) of SEBI Act, 1992,
read with the provisions of Regulation 43of SEBI (Portfolio Managers) Regulations, 2020, to protect the interest
of investors and to promote the development of securities market.
Key Highlights of Norms:
i.The portfolio managers should adopt an additional layer of broadly defined investment strategies while
managing clients’ funds.
• These broad strategies will be Equity, Debt, Hybrid, and Multi Asset.
ii.Each Investment approach (IA) will be tagged to only one strategy from the specified strategies.
• IA is the documented investment philosophy that is adopted by portfolio managers while managing
the client funds in order to achieve investment objectives.
iii.The Association of Portfolio Managers in India (APMI) will prescribe a maximum of three benchmarks for
each strategy.
iv.The valuation of the portfolio debt and money market securities by portfolio managers would be carried out
in accordance with the standardised valuation norms prescribed by APMI.
v.APMI will empanel valuation agencies for the purpose of providing security level prices to portfolio
managers.
vi.Portfolio managers will submit the monthly reports to APMI within 7 working days from the end of each
month. APMI would make available the monthly reports of the portfolio managers on its website in a user-
friendly manner.
Click Here for official circular
SEBI issues Guidelines for Winding Down of CCs
SEBI also laid down guidelines for orderly winding down of critical operations and services offered by clearing
corporations (CCs).
• To enable the framework, SEBI had amended the Securities Contracts (Regulation) (Stock Exchanges
and Clearing Corporations) Regulations (SECC Regulations 2018) through a notification issued on
November 15, 2022.
Key Points:
i.Under the framework, CCs will have to draw up a Standard Operating Procedure (SOP) stating the manner in
which their critical services would be carried out so as to not cause any disruption to the financial system.
ii.CCs will be allowed to wind down operations if they have taken a strategic decision to do so or if there are
losses due to defaults on the part of clearing members, or other factors. They will also be allowed to wind down
in case of regulatory action.
iii.The reasons for winding down of CC can be voluntary or involuntary.
• Involuntary winding down would depend on factors such as regulatory action, losses due to default
by clearing member and losses due to other factors like some large operational expenses, legal
expense or investment losses.

• Notably, CC would be required to continuously meet the annual clearing turnover of atleast Rs 1,000
crore per annum.
This circular for the same is issued by SEBI
in exercise of the powers conferred under Section 11(1) of the
SEBI Act 1992, read with Section 10 of the Securities Contracts (Regulation) Act, 1956 .
Equitas Small Finance Bank inks MoU with Controller General of Defence Accounts
Equitas Small Finance Bank (Equitas SFB) has signed a Memorandum of Understanding (MoU) with
the Controller General of Defence Accounts (CGDA), Ministry of Defense (MOD), Government of India (GoI).
• With this, Equitas will be able to act as a SPARSH (System for Pension Administration (Raksha))
service centre and provide data verification for pensioners.
• Equitas is the first small finance bank (SFB) to be inducted into the SPARSH scheme by the GoI.
The MOD also signed the MoU with five other banks viz. Indian Postal Payment Bank, Union Bank of India, Axis
Bank Ltd., ICICI Bank Ltd. and Bandhan Bank.
Key Points:
i.In accordance with the MoU, defence pensioners and their family can access a few pension account services
from Equitas SFB branches across India.
ii.The essential services include: the annual issuance of life certificates (digital or manual), the change of bank
details for a pension account, and the information about pensioners and their accounts.
iii.It also has the best interest rates for senior citizens, as well as a number of other value-added services such
as insurance benefits (IHO) and reward points program.
iv.Service requests from defence personnel can be made without incurring fees.
About Equitas Small Finance Bank Ltd:
MD & CEO – Vasudevan Pathangi Narasimhan
Established – 2016
Headquarters – Chennai, Tamil Nadu
AU Small Finance Bank Enters into Bancassurance Partnership with HDFC Life
AU Small Finance Bank (AU SFB) entered into a corporate agency arrangement with HDFC Life Insurance
Company Limited (“HDFC Life”), one of India’s leading life insurers through the bancassurance business
model.
Key highlights:
i.Under the partnership, customers of AU SFB will be able to access the entire range of life insurance products
offered by HDFC Life, thus fulfilling their need for financial protection.
• In addition, it also enables its customers to access the digital platform and the touch points of HDFC
Life for servicing.
ii.Through a bancassurance partnership, the bank staff and tellers become the point of sale (PoS) of insurance
products of HDFC Life to the AU SFB’s customers.
About AU Small Finance Bank (AU SFB):
AU Small Finance Bank Limited (AU SFB) is a scheduled commercial bank, a Fortune India 500 Company and
the largest Small Finance Bank (SFB) in India.
Managing Director (MD) & Chief Executive Officer (CEO) – Sanjay Agarwal
Headquarters – Jaipur, Rajasthan

HDFC Securities Launches Google Search-Driven Education Platform – Roots
HDFC Securities Limited, a stock brokerage firm, has launched “Roots”, a dedicated search-driven Education
platform that provides comprehensive investor education and market analysis.
Key highlights:
i.The Unique Selling Point (USP) of the platform is that it produces content which is being searched
on Google by current and prospective investors and traders.
ii.The portal offers multiple forms of valuable information, including articles, bite-sized tips, podcasts by
experts, video tutorials and explainers, and live social media feed on the Indian financial markets.
• It also includes an User Generated Content (UGC) section where investors and traders can suggest
topics they want to learn and can also explore exclusive live webinars by registering themselves
through the portal.
Sections in the site:
i.The Blog section in the site is updated with articles which addresses all aspects of investing in the Indian
financial markets, from intraday trading to Exchange Traded Funds (ETFs), and much more market related
information.
ii.The Bytes section offers crisp content, including fun facts, stock information and share price performance in
specific sectors.
iii.The Video segment offers easy-to-consume video tutorials on a wide range of financial instruments,
including Initial Public Offerings (IPOs), ETFs, stocks, Equity Linked Savings Schemes (ELSS), global investing
and mutual funds.
• The segment also contains explainers on how to use HDFC Securities’ proprietary trading
platforms, including the mobile app and Proterminal, the revolutionary portal for traders.
iv.The podcasts segment consists of regular market news and analysis, including a morning market update, a
midday update and a weekly market summary of the stock and currency markets.
v.The Live Feed segment in the site brings together all the opinions and recommendations of the experts at
HDFC Securities regarding market moves and potential investment opportunities.
About HDFC Securities Limited:
Managing Director (MD) & Chief Executive Officer (CEO) – Dhiraj Relli
Parent Organisation- HDFC Bank Limited
IDFC First Bank Introduces Zero-fee Banking on savings accounts

On 18th December 2022, On the occasion of its foundation day, IDFC First Bank has introduced zero-fee
banking for savings accounts, as it waives off charges for a range of 25 frequently used customer-focused
banking services that are connected to savings accounts.
Zero Fee services offered by IDFC First Bank:
i.The services include cash deposits, withdrawals, demand drafts, Immediate Payment Service (IMSP), SMS
alerts, third-party cash transactions, demand drafts, National Electronic Funds Transfer (NEFT), Real Time
Gross Settlement (RTGS), cheque books, interest certificates, insufficient balance for ATM transactions and
international ATM usage.
• It also includes issue of Duplicate Statements, Passbook Charges, Interest Certificate (Charges per
Certificate), Account Closure, ECS Return Charges, Stop Payment Charges, Standing Instruction
Charges, Address confirmation charges, Photo Attestation Charges, Signature Attestation Charges,
Old records/ copy of paid cheques charges and any deliverable returned by courier due to negative
reasons.
Key Points:
i.This service is provided to customers, who maintain Average Monthly Balance (AMB) between 10,000 and
25,000 in their savings accounts.
ii.The customers with basic financial literacy will benefit from the zero-fee banking.

About IDFC FIRST Bank:
IDFC FIRST Bank was formed by the merger of erstwhile IDFC Bank and Capital First, a Non Banking financial
Company (NBFC) on 18th December 2018.
MD & CEO – V. Vaidyanathan
DBS Bank India Partners with Gofrugal Tech to Empower SMEs towards ONDC
DBS Bank India Limited (DBIL) partnered with Gofrugal Technologies Pvt. Ltd., a seller-centric platform
offering Omnichannel ERP solutions to empower enterprise customers, including micro, small and medium
enterprises (MSME) and retail merchants, to adopt Open Network for Digital Commerce (ONDC) and also
enables them to expand their digital commerce footprint.
Key highlights:
i.The partnership furthers DBIL’s commitment to reimagining Small and Medium Enterprises (SME) banking
through innovation and providing digital solutions beyond traditional banking.
ii.Through this partnership, DBIL will integrate its digital solutions with Gofrugal Technologies to help MSMEs
and other small businesses to introduce and expand their products quickly via ONDC.
About Open Network for Digital Commerce (ONDC):
i.Open Network for Digital Commerce (ONDC), an initiative by the Government of India (GoI), was launched in
April 2022, as an alternative to global e-commerce giants.
ii.It is a platform based on an open protocol that will enable local commerce across mobility, grocery, food
order and delivery, hotel booking and travel.
Trucknetic & DBS Bank India Collaborates to Offer Trucking Solutions
Trucknetic, India’s version of Uber for trucks, has collaborated with DBS Bank India Limited (DBIL) as a
logistics partner on its Business Class platform to offer complete digital banking, logistics, value-added services,
and discounts to SMEs throughout India.
• Trucknetic is the first digital platform in India to book all types of trucks, including electric.
Key highlights:
i.The main objective is to modernise operations across the supply chain, increase the ease of doing business in
India, and bring transparency and efficiency to the logistics industry.
ii.The collaboration also provides effective and affordable logistics solutions by utilising cutting-edge
technologies like Artificial Intelligence (AI), Machine Learning (ML), and data analytics.
About DBS Bank India Limited (DBIL):
DBIL was among the 1st foreign banks in India to start operating as a wholly owned, locally incorporated
subsidiary.
Managing Director & CEO – Surojit Shome
Indian Bank Launches Special Fixed Deposit of 555 Days with Returns Up to 7.15%
Indian Bank, a public sector lender, has announced a new Special Retail Term Deposit Product, “IND SHAKTI
555 DAYS,” effective December 19, 2022.
• The minimum amount for the “IND SHAKTI 555 DAYS” product is Rs. 5000, and it has a 555-day
term with an interest rate of 7.00% for the general public and 7.15% for senior citizens.
The Indian Bank has also revised its interest rates on fixed deposits (FDs) of less than Rs. 2 crore for 555 days
in the form of FDs or Money multiplier deposits (MMDs) with callable options, effective December 19,
2022. Click here for official notification.

Revision of Interest Rates on Retail Domestic Term Deposits with effect from 19-12-2022
Less than Rs. 2 crore
Period Existing (% p.a) Revised (% p.a)
7 days to 14 days 2.8 2.8
15 days to 29 days 2.8 2.8
30 days to 45 days 3 3
46 days to 90 days 3.25 3.25
91 days to 120 days 3.5 3.5
121 days to 180 days 3.85 3.85
181 days to less than 9 months 4.5 4.5
9 months to less than 1 year 4.75 4.75
1 year 6.1 6.1
Above 1 year to less than 2 years 6.3 6.3
2 years to less than 3 years 6.5 6.5
3 years to less than 5 years 6.4 6.25
5 year 6.4 6.25
Above 5 years 6.3 6.1
IND SHAKTI 555 DAYS – RATE OF INTEREST
Public 7.00%
Senior Citizen 7.15%
About Indian Bank:
MD & CEO – Shanti Lal Jain
Headquarters – Chennai, Tamil Nadu
LIC Raises Stake in IRCTC to Over 7%, Buys 1.81 Crore Shares
India’s largest insurer Life Insurance Corporation of India (LIC India) has hiked its shareholding in the e-ticket
booking platform Indian Railway Catering and Tourism Corporation (IRCTC).
• According to the most recent report made to the stock markets National Stock Exchange (NSE) and
BSE, LIC has added 1,81,80,323 equity shares of IRCTC, raising its total holdings in the state-owned
firm to 5,82,22,948 shares, up from 4,00,42,625 earlier.
• LIC increased its ownership stake in IRCTC from 5.005% to 7.278% by purchasing approximately
1.8 crore equity shares.
• On 19th December 2022, LIC shares increased 7.7%, ending the session 6.69% higher at Rs 734.6
per share, while IRCTC shares increased 0.69% to Rs 676.8 apiece.
Note: On 15th December 2022, an Investing.com report stated that the government would sell up to 5% of
IRCTC through an offer-for-sale mechanism, with the goal of raising approximately Rs 2,720 crore. The event’s
floor price was fixed at Rs. 680 apiece.
Union Finance Minister Nirmala Sitharaman Chairs 48th Meeting of The GST Council
The 48th Goods and Services Tax (GST) Council Meeting was conducted virtually on December 17, 2022, in
New Delhi, Delhi, and was presided over by Union Minister Nirmala Sitharaman, Ministry of Finance (MoF).

• The meeting was also attended by Union Minister of State (MoS) Pankaj Choudhary, MoF, as well as
Finance Ministers of States & Union Territories (UTs) (with legislature) and senior officers of the
MoF & States/ UTs.
Key Highlights of The 48th GST Council Meeting:
Rate Revisions
i.The council has clarified the applicability of a 22 % cess on Sport Utility Vehicles (SUVs) provided four
requirements are fulfilled.
ii.The GST on pulse husks has been decreased from 5% to NIL.
iii.The GST on Ethyl alcohol supplied to refineries for blending with motor spirit (petrol) was decreased from
18% to 5%.
iv.Since the Group of Ministers (GoM) report on GST on online gaming and casinos was recently submitted, the
issue was not discussed. The GoM is chaired by Meghalaya Chief Minister Conrad Sangma. Click here for official
notification.
Measures for Facilitation of Trade
i.In accordance with Section 132 of the Central Goods and Services Tax (CGST) Act of 2017, the GST Council
suggested decriminalizing a number of offences.
• The GST law established strict penalties and guidelines that taxpayers must follow in order to
ensure smooth intrastate or interstate trade of products, eliminate corruption, and maintain an
effective tax collection system.
• The GST Law provides for two different types of penalties, which may be both concurrent and
simultaneous.
• For violations of statutory provisions, the department authorities have the authority to levy
monetary fines and seize goods.
ii.The CGST Act of 2017 has provisions pertaining to penalties in Sections 122 to 131 and to prosecution and
compounding in Sections 132 to 138.
• The length of the prison sentence is determined by the amount of tax evaded, the amount of Input
Tax Credit (ITC) improperly claimed or utilised, or the amount of refund improperly claimed.
iii.The recommendations for facilitating trade include lowering the compounding amount for GST and raising
the threshold for tax amounts subject to prosecution to Rs. 2 crore.
iv.Two major recommendations include refunding unregistered persons and facilitating e-commerce for
micro enterprises.
• There was no mechanism for claiming a refund of tax borne by unregistered buyers when a contract
/ agreement for the supply of services, such as the construction of a flat / house or a long-term
insurance policy, was terminated and the time period for the issuing of a credit note by the
concerned provider had elapsed.
• The Council proposed amending the CGST Rules, 2017, to specify the procedure for filing an
application for refund by unregistered buyers in such circumstances.
47th Goods and Services Tax (GST) Council Meeting
i.The 47th meeting of the GST Council was conducted in June 2022, in Chandigarh, following which the Goods
and Services Tax (GST) was rationalised for several commodities, including LED lamps and solar water heaters,
among others.
• The rate changes recommended by the GST Council took effect on July 18, 2022.
ii.The GST Council gave in-principle approval for unregistered suppliers and composition taxpayers to use E-
Commerce Operators (ECOs) to make intra-state goods during its 47th meeting, subject to certain conditions.
About Goods and Services Tax (GST) Council
i.On September 12, 2016, the Union Cabinet, chaired by Prime Minister (PM) Narendra Modi, approved the
establishment of the GST Council.
ii.The GST Council will be a joint forum of the Center and the States, in accordance with Article 279A of the
amended Constitution. It will be made up of the following members:

• Union Finance Minister – Chairperson
• The Union Minister of State, in-charge of Revenue of finance – Member
• The Minister In-charge of finance or taxation or any other Minister nominated by each State
Government – Members
SEBI board approves phasing out shares buyback through stock exchanges
On December 20, 2022, the Securities and Exchange Board of India (SEBI) approved amendments to the
existing buyback regulations. It phases out shares buyback by companies through the open market route/stock
exchanges in a gradual manner.
• This decision is followed the recommendations made in the Keki Mistry report, which suggested
that open market share buy backs are prone to misuse.
Key Points:
i.It also increased the minimum utilization of the amount earmarked for buyback through stock exchange route
from existing 50% to 75%.
ii.Buybacks will be undertaken through a separate window on stock exchanges till the time buyback is
permitted through stock exchange.
iii.It also reduced the timeline for the completion of buybacks through the tender offer route by 18 days.
TransUnion CIBIL & OPL launched FIT ranking for MSMEs under SIDBI Mentorship
On 20th December 2022, the credit bureau TransUnion CIBIL Limited in collaboration with Online PSB Loans
Limited (OPL), under the mentorship of the Small Industries Development Bank of India (SIDBI) launched FIT
Rank – a comprehensive ranking model for Micro Small and Medium Enterprises (MSMEs).
• It was launched with the intent to increase credit flow to small businesses and also helps lenders
avoid loan losses on such bets.
• This is the first time TransUnion CIBIL, in collaboration with OPL, has developed a credit default
predictor model based on financial, income and trade data which has been made possible due to the
improved digitization in the credit industry.
About FIT ranking:
i.FIT Rank will rate around 6 crore MSMEs by drawing inputs from their current accounts, Income Tax Returns
(ITR) and Goods and Service Tax (GST) returns, after taking consent to draw the relevant data, to arrive at a
score between 1-10 to rate a borrower
• The model uses Machine Learning (ML) algorithms to predict the probability of an MSME becoming
a non-performing asset (NPA) in the next 12 months.
ii.Each FIT rank corresponds to a Probability of Default (PD). The FIT Rank 1 will be the least risky MSME and
FIT Rank 10 will be the most at-risk MSME.
iii.Using FIT rankings, SIDBI has launched a new Express loan Product for MSMEs to provide loans up to Rs
50 lakh for the purchase of machinery and roof top solar through straight through processes.
Keynote:
i.Until now, the leading credit information company (CIC) had the Cibil MSME Rank model in the market which
drew inputs from the past loans and the new to credit customers were neglected.
ii.In FY 2021-22, 27 lakh MSME’s availed credit, out of which 11.6 lakh MSMEs were new-to-credit and
remaining 15.4 lakh MSMEs with an existing credit footprint, more than 9 lakh MSMEs (58%) falls under the
CIBIL MSME Rank (CMR) model’s, medium-risk segment (CMR-4 to CMR-6).
About TransUnion CIBIL Limited:
Managing Director (MD) & chief executive Officer (CEO) – Rajesh Kumar

RBL Bank & BUSINESSNEXT wins IBSi Global FinTech Innovation Award 2022
RBL Bank (formerly known as Ratnakar Bank), one of India’s leading private sector banks, along
with BUSINESSNEXT won IBS Intelligence (IBSi) Global FinTech Innovation Awards 2022 for Most
Impactful Project & Best Customer Relationship Management (CRM) System Implementation.
• The IBSi Global FinTech Innovation Awards identifies and honours technology companies and banks
for their outstanding work in implementing and innovating financial technology using emerging
technologies.
J&K Bank Signs MoU with Ladakh Administration; J&K Approves Rehabilitation Policy for CiSS
On 20th December 2022, Jammu and Kashmir (J&K) Bank signed a Memorandum of
Understanding (MoU) with the Administration of Ladakh Union Territory (UT), conferring preferential
status to each other.
• Under this MoU, the Administration of Ladakh UT will nominate J&K Bank as the ‘preferred banker’
for all its banking-related services, while as, J&K Bank would give the ‘most favoured client’ status to
Ladakh UT Administration and its active permanent employees who maintain a salary account with
J&K Bank.
Key highlights:
i.Lieutenant Governor (LG) Ladakh (UT) R K Mathur also handed over the keys of the e-rickshaws provided by
J&K Bank to the University of Ladakh, as the bank has committed to provide support to 50 tuberculosis (TB)
patients from Kargil as part of their Corporate Social Responsibility (CSR) activities.
ii.LG also announced to launch ‘public participatory programmes’ across Ladakh wherein the UT
administration in collaboration with councils and panchayats will work with the Bank to identify the
beneficiaries on a large scale for availing loans from the bank under different employment generation schemes
J&K Approves Rehabilitation Policy for Children in Street Situation
On 20th December 2022 the Jammu & Kashmir (J&K) Administrative Council, under the chairmanship of
Manoj Sinha, Lieutenant Governor (LG) of J&K, approved the Rehabilitation Policy for Children in Street
Situation (CiSS) in order to safeguard them from different hazards.
Key highlights:
i.According to the Juvenile Justice Act, CiSS falls under the category of “children in need of care and
protection”, which also empowers the government to frame a policy for the rehabilitation of those children in
distress.
• Earlier the Social Welfare Department through MD, ICPS (now Mission Vatsalya) took efforts to
identify CiSS and until now, around 687 such children have been identified.
ii.The departments of Health, School Education, H&UDD, RDD, Home, Labour and Employment have been
assigned to specific roles and responsibilities for ensuring proper implementation of the policy.
Implementation:
i.The policy implementation will be reviewed by a committee headed by the Chief Secretary in the UT.
ii.The Social welfare Department will be responsible for the regular monitoring of the implementation of the
policy to protect and safeguard the future of all such children in J&K.
About Jammu & Kashmir (J&K):
Lieutenant Governor (LG) – Manoj Sinha
Wildlife Sanctuary – Ramnagar Wildlife Sanctuary, Rajparian Wildlife Sanctuary
Airport – Srinagar International Airport (Sheikh ul-Alam International Airport), Jammu airport Satwari Airport
IFSCA introduced framework to Boost Distribution of Capital Market Products from Gift City
The International Financial Services Centres Authority (IFSCA) introduced a regulatory framework for
Distribution of Capital Market Products and Services under IFSCA (Capital Market Intermediaries) Regulations,
2021 from international financial services centres (IFSCs).

• Currently, there is only one IFSC in India i.e. GIFT (Gujarat International Finance Tec) City in
Gujarat.
• The Capital market products include securities as covered under Securities Contracts (Regulation)
Act, 1956.
• The Capital market services include portfolio management services and investment advisory
services.
Benefit:
With this, distributors of capital market products can register with the IFSCA, and undertake global distribution
from these IFSCs and offer their services to clients in various jurisdictions.
Key Points:
i.In Gift City, distributors are permitted to enter into arrangements with other distributors (called associated
distributors) from India, IFSC and foreign jurisdictions.
ii.In order to protect the interest of clients, the framework provides for various eligibility requirements, a
detailed code of conduct including an advertisement code, other obligations, various permissible activities,
responsibilities of issuers and service providers in IFSC, etc.
iii.The capital market services can be provided out of the IFSCs include portfolio management services and
investment advisory services.
iv.Distributors such as banking units, finance companies, broker-dealers and those with a net worth more
than $1,50,000 are permitted to invest in select countries where omnibus structure is allowed, subject to
adequate measures.
v.A comprehensive code of conduct has also been prescribed to ensure distributors maintain high standards of
integrity, and fairness in their dealings with clients.
IFSCA and CEEW sign MoU to cooperate on sustainable finance
IFSCA and Council on Energy, Environment and Water (CEEW) have signed a Memorandum of Understanding
(MoU) for mutual assistance and cooperation in the area of sustainable finance.
• This MoU will focus on broad areas of sustainable finance, and is a step towards achieving climate
goals and mobilizing global capital.
About International Financial Services Centres Authority (IFSCA):
Chairperson– Injeti Srinivas
Headquarters– Gandhinagar, Gujarat
IRDAI to Introduce ‘Bima Vahaks‘ to Expand Insurance Force

The Insurance Regulatory and Development Authority of India (IRDAI) will soon introduce “Bima Vahaks“ in
each Gram Panchayat in order to strengthen the insurance force in India.
• Rakesh Joshi, an IRDAI member, made the announcement during the Business Standard BFSI Insight
Summit 2022 in Mumbai, Maharashtra.
Key Points:
i.A “Bima Vahak” will be assigned to each Gram Panchayat, to sell and service the ‘Bima Vistar’ line of basic
parametric bundled insurance policies, which provide protection against health, property, life, and personal
accident.
• This bundled product could be purchased in units of the sum insured, and app-based infrastructure
will be made to ensure a seamless policyholder experience.
ii.Insurance companies are working with state governments to create state-level insurance policies that would
boost penetration in areas that do not receive much attention from the major players.
iii.This measure will address the vast protection gap, in which 50% of vehicles are uninsured, property
insurance coverage is miniscule, and Micro Small and Medium Enterprises (MSMEs) are uninsured.
• Additionally, it includes the “missing middle,” or the 30% of the eligible population that lacks access
to health insurance.

About the Insurance Regulatory and Development Authority of India (IRDAI):
Chairperson – Debasish Panda
Headquarters – Hyderabad, Telangana
Established – 2000
HDFC signs MoU with Kerala Startup Mission to provide Financial Services to Startups
Kerala Startup Mission (KSUM) has signed a Memorandum of Understanding (MoU) with HDFC Bank Limited
to facilitate an array of banking services to startups in the state through KSUM’s smart solution SmartUp. The
MoU has a time frame of 1 year.
• This MoU is a part of the bank’s ongoing effort to support startup culture in Kerala.
Signatories:
The MoU was signed by Saji Gopinath, CEO, KSUM; and Arun Mediratta; Branch Banking Head (South), HDFC
Bank.
Key Points:
i.Under this MoU, KSUM will refer startups to SmartUp which will provide smart financial tools, advisory
services and technology to aid in achieving their goals.
ii.Bank will provide opportunities for startups to pitch their offerings to capital firms, and also extend its
support incubation and acceleration of all startups enrolled in the SmartUp programme.
About KSUM:
The KSUM program is backed by the Kerala government. It promotes entrepreneurship at different levels viz.
from promoting entrepreneurship in schools to incubating and accelerating startups in the state.
i.At the school level, KSUM promotes entrepreneurship with schemes such as Atal Tinkering Laboratories,
Startup Box etc. targeting young entrepreneurs and school innovations.
ii.It also helps local startups onboard international clients, meet established investors, figure out market needs
and know the competition in the international market.
• It has tied up with international institutes, accelerators and tech conferences to take Indian startups
to international markets.
iii.Till July 2022, 130 startups from Kerala took their products or services to the international level through
KSUM.
About HDFC Bank Limited:
MD & CEO– Sashidhar Jagdishan
Tagline– We Understand Your World
Karnataka Bank goes live on ICEGATE

Karnataka Bank has enabled its clients to pay customs duty online by going live on the Indian Customs
Electronic Gateway (ICEGATE), the national gateway of Indian Customs of the Central Board of Indirect Taxes
and Customs.
• All of Karnataka Bank’s corporate and individual customers will be able to pay customs duty at their
convenience because of the bank’s integration on the ICEGATE platform.
• This digital initiative is dedicated to the clients under the KBL–Nxt Digital Transformation project of
the bank.
Worldline ePayments India gets RBI’s In-Principle nod to act as Payment Aggregator
Worldline ePayments India, a leader in digital payments, has received in-principle authorisation from the
Reserve Bank of India (RBI) to act as a Payment Aggregator (PA) under the provisions of Guidelines on
Regulation of Payment Aggregators and Payment Gateways dated March 17, 2020.
• WEIPL received this communication from the Reserve Bank of India (RBI) on December 20, 2022.

• The RBI has taken the initiative to establish guidelines and frameworks to help the entire digital
ecosystem.
• These initiatives enhance consumer trust and broaden the use of digital payments.
NSE receives SEBI’s in-principle approval to set up Social Stock Exchange as a Separate
Segment
Mumbai (Maharashtra) based National Stock Exchange of India (NSE) has received in-principle approval from
the Securities Exchange Board of India (SEBI) to set up Social Stock Exchange (SSE) as a separate segment of
the NSE.
• SSE was proposed in the Union Budget of 2019-20 to create a platform for listing social enterprises
and voluntary organizations.
• This exchange will enable social enterprises to raise capital through equity or debt instruments.
Key Points:
i.To enable fundraising through SSE for not-for-profit organizations (NPOs), the government introduced ‘zero
coupon zero principal’ under the Securities Contracts Regulations Act, 1956.
ii.This instrument can be publicly or privately issued by NPOs upon registering with SSE to raise funds.
iii.Currently, the minimum issue size is Rs 1 crore and minimum application size for subscription at Rs 2 lakh.
• Subscription to this instrument will be like a philanthropic donation.
iv.In October 2022, BSE had received in-principle approval for setting up an SSE
v.Countries like Brazil, Portugal, South Africa, the United Kingdom (UK), Canada and Singapore already have
established SSE.
Eligibility criteria:
i.Social enterprises eligible to participate in the SSE will be NPOs and for-profit social enterprises having social
intent and impact as their primary goal. The social enterprises will have to engage in a social activity out of 16
broad activities. These include the following:
• Eradicating hunger, poverty, malnutrition and inequality; promoting healthcare, supporting
education, employability and livelihoods; gender equality, empowerment of women and LGBTQIA+
(Lesbian, Gay, Bisexual, Transgender, Queer Or Questioning, Intersex, Asexual, and More)
communities; and supporting incubators of social enterprise.
ii.Corporate foundations, political or religious organizations or activities, professional or trade associations,
infrastructure and housing companies, except affordable housing will not be eligible to be identified as a social
enterprise.
Tata Power Receives Rs. 450 Crore Credit Facility from Japan’s MUFG Bank
Tata Power Company Limited (Tata Power) has acquired a Rs. 450 crore “sustainable trade finance facility”
from MUFG (Mitsubishi UFJ Financial Group) Bank of Japan to fund two solar projects under TP Kirnali
Limited (TPKL). The two solar power projects are:
• A 100 MW (megawatt) renewable energy project in Parthur, Maharashtra
• A 120 MW green energy project in Mesanka, Gujarat
TPKL, a clean energy platform founded in 2020 and a wholly owned subsidiary of Tata Power Renewable
Energy Limited (TPREL), will carry out both projects.
• TPREL is a wholly owned subsidiary of Tata Power.
Key Points:
i.It is MUFG’s first sustainable trade finance facility in India, and TPKL will use the funds to create renewable
energy capacity.
ii.As Tata Power expands its clean energy portfolio and contributes to India’s net-zero targets, the collaboration
will open up potential avenues for green financing.
• The credit facility will assist Tata Power in attaining net-zero emissions by 2045.

iii.This agreement further establishes MUFG as a prominent ESG (environmental, social, and governance)
financier in the Asia-Pacific region.
• With this agreement, MUFG and Tata Power are able to support their shared commitment to
renewable energy and give India a sustainable source of green energy.
iv.MUFG has committed to achieving net-zero emissions in its finance portfolio by 2050 and in its own
operations by the end 2030.
v.MUFG extended a USD 163 million syndicated finance credit for Azure Power’s 300 MW solar project in
Rajasthan.
vi.Previously, MUFG and Sumitomo Mitsui Banking Corporation acted as major lenders for an almost USD
205.31 million project loan facility for Adani Green Energy’s subsidiary to help refinance its debt.
About the Tata Power Company Limited (Tata Power):
Tata Power is the largest integrated power company in India.
CEO & Managing Director (MD) – Dr. Praveer Sinha
PhonePe Completes Separation from Walmart Owned, Flipkart

On 23rd December 2022, Walmart owned e-commerce platform, Flipkart and PhonePe completed their
separation and both entities will continue to operate under US-based retail giant Walmart.
• With this transaction, PhonePe becomes a fully India domiciled company.
Key highlights:
i.As part of this transaction, existing Flipkart Singapore and PhonePe Singapore shareholders, led by Walmart,
have purchased shares directly in PhonePe India.
• Now, Walmart will remain the majority shareholder of both Flipkart and PhonePe.
ii.Both Flipkart and PhonePe are Indian brands with a user base upwards of 400 million each. In 2022, PhonePe
changed its domicile from Singapore to India.
Note – PhonePe was acquired by Flipkart Group in 2016.
About PhonePe Private Limited, India:
Co-Founder & Chief Executive Officer (CEO) – Sameer Nigam
IFC Lends USD 400 million to HDFC to Boost Green Affordable Housing Finance
International Finance Corporation (IFC), a member of the World Bank Group, provided a loan of USD 400
million to Housing Development Finance Corporation (HDFC) Limited to boost green affordable housing
finance in India, which shall support India’s shift towards a more sustainable growth path, creating jobs and
ensuring long-term business growth.
Key highlights:
i.This new investment would help in bridging the urban housing gap and improve access to climate-smart
affordable homes in India.
• Additionally, the lending framework will set rigorous standards for green buildings that allows
HDFC in boosting the quality green housing pipeline while channelling funds to this segment.
ii.It also enables HDFC to on-lend to borrowers after ensuring one’s affordability to such green housing.
Note – Around 275 million people (22 percent of the population) in India do not have access to adequate
housing and also rural housing shortage is twice that of urban areas.
About International Finance Corporation (IFC):
Managing Director (MD) – Makhtar Diop
Headquarters – Washington D.C, New York (NY)
Parent Organisation – World Bank

IMF Projects 6.8 percent Growth in Current Fiscal for India
On 23rd December 2022 the International Monetary Fund (IMF) in its Article IV consultation report projected a
growth rate of 6.8 percent for India in the current fiscal year (FY23) and falling to 6.1 percent in the next fiscal
year (FY24).
• The IMF also called for further structural reforms, including addressing the adverse impact of
climate change and to secure strong and sustainable growth.
Key highlights:
i.The IMF board also suggested that the Monetary tightening must be communicated to balance inflation
objectives and growth needs.
• Upon tightening, financial conditions could weaken the asset quality and result in financial sector
stress, limit credit provision and negatively impact long-term growth.
ii.According to the IMF, reduced international cooperation can further disrupt trade and increase financial
markets volatility, over the medium term.
• The exchange rate will continue to act as a shock absorber with foreign exchange intervention
limited to addressing disorderly market conditions.
iii.The IMF’s Article IV consultation report also includes a Staff Report that provides a country assessment, an
executive board assessment based on the report, and a statement by the executive director for the country.
Solutions:
i.India’s estimated 5 % tax gap in GDP shall be narrowed by reversing the fuel excise tax cuts, further
broadening the corporate and personal income tax bases, simplifying the goods and services tax (GST) rate
structure, rationalising the items subject to preferential GST treatment, and continued improvements in tax
administration, in line with international good practices.
ii.Maintaining momentum in the asset monetization and privatisation agenda could generate additional
receipts and the improved efficiency through better targeting of subsidies can reduce leakages in the
expenditure side.
Bajaj Allianz General Insurance Launches ‘Respect Senior Care Rider’ for Senior Citizens
Bajaj Allianz General Insurance Limited launched the ‘Respect Senior Care Rider’, a unique and first-of-its-
kind health insurance riders, which will offer 360-degree assistance for senior citizens.
• The company has tied up with a wide network of service providers to assist the insured.
• The company collaborates with Strategic Partners to provide seamless services experience for
customers by providing them a 24×7 direct connection in under 30 seconds with the medical
support and emergency platform which activates rapid response within 10 minutes.
About Respect Senior Care Rider:
i.The main aim of the rider product is to minimise the worries of senior citizens and of their family members
who are living in different cities.
ii.The Respect Senior Care Rider is available in 3 plans:
• Plan 1 provides planned and emergency road ambulance service, home assistance/daily care, cyber
and travel legal assistance.
• Plan 2 offers home care services including physiotherapy & nursing care, concierge services,
psychological assistance and medical tele-consultation services.
• Plan 3 provides smart watches with fall detection technology, which tracks and records Oxygen
Saturation (SPO2), Body Temperature, Medicine Reminder, Heart Rate and SOS.
iii.The product cost starts from INR 700 and ranges up to INR 7,500 excluding Goods and Services Tax (GST).
iv.Any individual who is insured with Bajaj Allianz Health Insurance (base policy) can add this rider for
themselves or their family members with 50 years of age or above.
About Bajaj Allianz General Insurance Company Limited:
Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Finserv
Limited and Allianz SE.

Managing Director (MD) & Chief Executive Officer (CEO) – Tapan Singhel
Headquarters – Pune, Maharashtra
Infibeam Avenues Receives RBI Nod for Bharat Bill Payment Licence
Infibeam Avenues Limited (IAL), India’s first listed payments infrastructure firm, has received Perpetual
Licence for its bill payments business, BillAvenue from the Reserve Bank of India (RBI), in accordance with its
circular on Perpetual validity for certificates of Authorization (CoA) issued to Payment System Operators
(PSOs) under Payment and Settlement Systems Act, 2007.
• After the issuance of licence, BillAvenue will now function as a Bharat Bill Payment Operating Unit
(BBPOU) under Bharat Bill Payment System (BBPS).
• As a BBPOU, BillAvenue will operate as both biller and customer operating unit onboarding billers
and also agent institutions to service customers.
About BillAvenue:
i.BillAvenue is a unified, interoperable online bill payment platform, built on the NPCI’s Bharat BillPay
infrastructure to provide ‘anytime, anywhere’ bill payment facilities to customers across India through a
network of small & medium agents to large agent Institutions
ii.This services amongst telecom, broadband companies, cable TV, DTH players, electricity distribution
companies, LPG & Gas distribution companies, FASTAG, health insurance, life insurance, NBFCs, and
municipalities.
About Infibeam Avenues Limited (IAL):
Managing Director (MD) – Vishal Mehta
Headquarters – Gandhinagar, Gujarat
SEBI expands Committees on Cyber Security and Information System

On December 26, 2022, the Securities and Exchange Board of India (SEBI) expanded its High Powered Steering
Committee on Cyber Security (HPSC-CS) and Information Systems Security Committee (ISSC) to strengthen
cyber security frameworks and cyber resilience requirements:
High Powered Steering Committee on Cyber Security (HPSC-CS)
This committee has been expanded to 8 members from 6 members. It will continue to be chaired
by Navin Kumar Singh, Director General (DG) at National Critical Information Infrastructure Protection Centre
(NCIIPC).
Note: The last rejig of the HPSC-CS panel was done in September 2022.
New Members:
i.G Padmanabhan, Ex-Executive Director, Reserve Bank of India (RBI)
ii.Sushil Kumar Nehra, Additional Director, Cyber Security Division, MeitY
Other Members:
iii.Sanjay Bahl, Director General, CERT-In (Indian Computer Emergency Response Team)
iv.Prof H Krishnamurthy, Chief Research Scientist (Retired), IISc (Indian Institute of Science), Bengaluru
(Karnataka)
v.Prof Sandeep Shukla, Professor, Department of Computer Science and Engineering, IIT (Indian Institute of
Technology), Kanpur (Uttar Pradesh)
vi.Prof Debdeep Mukhopadhyay, Professor, Department of Computer Science and Engineering, IIT Kharagpur
(West Bengal)
vii.Prof Sugata Gangopadhyay, Head of Department of Computer Science and Engineering, IIT Roorkee
(Uttarakhand)

Responsibility:
i.The committee will oversees and provides guidance on cyber security initiatives to SEBI at par with global
best practices, and in accordance with the need of Indian capital market structure.
ii.The panel will also review the mandate and functioning of security operations centres, provide
recommendations for cyber security audit, study major cyber-attack incidents, and identify gaps in the existing
framework.
iii.It also works on identifying measures to improve business continuity and disaster recovery process in the
Indian securities market.
Information Systems Security Committee (ISSC)
SEBI also expanded its panel on Information Systems Security Committee (ISSC) to 7 members which will
continue to be chaired by Prof H. Krishnamurthy, IISc, Bengaluru.
Members:
i.Dr. G. Sivakumar, Professor, IIT Bombay
ii.Manojan Karayi, CGM-IT, SEBI
iii.Avneesh Pandey, CISO(Chief Information Security Officer), SEBI
iv.Nandkumar Saravade, Ex-CEO, Reserve Bank Information Technology Private Limited (ReBIT)
v.Krishna Sastry Pendyala, Partner, Ernst & Young
vi.G. Padmanabhan, Ex-Executive Director, RBI
Responsibility:
This panel approves Information Security Policies, suggests amendments in the existing ones, and provides
inputs and suggestions to take urgent actions on cyber security incidents of SEBI regulated entities.
DeceEstablishment– 1992
ADB Approves USD 125 Million Loan to Improve Urban Services in TN

On 27th December 2022 Asian Development Bank (ADB) signed a USD 125 million (about Rs 1,025 crore)
loan agreement with Government of India (GoI) to develop climate-resilient sewage collection and treatment
along with the drainage and water supply systems in three cities, Coimbatore, Madurai and Thoothukudi of
Tamil Nadu (TN).
Signatories: The loan for the TN Urban Flagship Investment Programme was signed by Rajat Kumar Mishra,
Additional Secretary, Department of Economic Affairs, Ministry of Finance and Hoe Yun Jeong, Officer-in-
Charge of ADB’s India Resident Mission.
Key highlights:
i.This is the third and the last tranche (tranche 3 loan) of the USD 500 million multi-tranche financing facility
(MFF) for the Flagship Program approved by ADB in 2018 for building priority water supply, sewerage, and
drainage infrastructure in strategic industrial corridors across 10 cities in TN.
• The 3rd tranche of the loan covers projects in Coimbatore, Madurai and Thoothukudi.
Through these projects, the ADB will support the development and improve the urban services in Tamil Nadu
by developing new approaches like building and operating modality, automatic metres for bulk water users,
and real time monitoring through supervisory control and data acquisition systems.
About the Projects:
i.In Coimbatore, 2 sewage treatment plants with 529 kilometres (km) of sewage collection pipelines and also
supports in installing 14 pumps and lifting stations and building around 14 km of sewage pumping mains will
be developed.
• The loan will support the development of two sewage treatment plants in Coimbatore with 529
kilometres (km) of sewage collection pipelines and also support in installing 14 pumps and lifting
stations and building around 14 km of sewage pumping mains.

ii.In Thoothukudi, a climate-resilient stormwater drainage system will be developed.
iii.In Madurai, the project will support the commissioning of 813 km of new water supply distribution
pipelines, which connects almost 163,958 households to 115 newly established district-metered areas with
smart water features to reduce non-revenue water.
iv.In Coimbatore and Madurai, two all-female Self-Help Groups (SHG) will be trained on the benefits of
household connection to the sewage collection system, water conservation, sanitation, and health & hygiene.
ADB Ranks WAPCOS amongst Top Consulting Services Firm in Water and Other Infrastructure
Sectors
The Asian Development Bank (ADB), in its Annual Procurement Report 2022, ranked Water and Power
Consultancy Services (India) Limited (WAPCOS), a Government of India (GoI) enterprise under the Ministry of
Jal Shakti as the top consulting services firm in the water and other infrastructure sectors, with the highest
sanctioned financed amount.
• ADB, in another report on its Members’ Fact Sheet – 2022, figured WAPCOS amongst the ‘top 3
consultants from India’ involved in Consulting Services Contracts under ADB loan, grant and
technical assistance projects in energy, transport and water & other urban infrastructure sectors.
Note – WAPCOS is the only Indian Public Sector featuring in the categories.
About WAPCOS:
i.WAPCOS is a leading technology driven Consultancy and Engineering, Procurement and Construction (EPC)
organisation that was established in 1969 by the GoI.
ii.The main aim is to utilise India’s knowledge and expertise in the field of water resources by sharing and
exporting technology to friendly developing nations.
• Water and Power Development Consultancy Services (India) Limited was renamed “Water and
Power Consultancy Services (India) Limited (WAPCOS) in 1979.
iii.Apart from India, it has successfully completed / on-going consultancy assignments in more than 51
countries covering Asia, Africa, Pacific Islands, South America and Commonwealth of Independent States (CIS).
Note – Recently, WAPCOS and the Ministry of Jal Shakti signed a Memorandum of Understanding (MoU) for the
Financial Year 2022–2023 with the aim of expanding WAPCOS.
• The MoU was signed by Pankaj Kumar, Secretary, Department of WR, RD & GR, Ministry of Jal Shakti,
GoI, and R.K. Agrawal, CMD, WAPCOS and NPCC.
Max Healthcare partners with Anuva for Genomic-based Research

Max Healthcare Institute and Anuva, a UK-based genomics biotech company, formerly known as the Global
Gene Corp, have partnered to conduct genomic-based research on various communicable and non-
communicable diseases in India. They have signed a Memorandum of Understanding (MoU) for a 5-year
engagement.
• The research aims to discover new information for the application of precious medicine to diseases
including breast cancer, lung cancer, diabetes, cardiac disease, kidney disease, and others.

• Under this MoU, Max Healthcare will provide expertise in clinical research and act as a clinical centre
for data and/or sample collection from individuals who consent to share their data for the purpose of
research.
• Anuva is a translational research company that is creating a diverse genomic bio and data bank of Asian
populations.
IRDAI makes KYC mandatory from January 1, 2023

The Insurance Regulatory and Development Authority of India (IRDAI) has made Know Your Customer (KYC)
norms mandatory for the purchase of all new insurance policies, irrespective of their premiums, starting
January 1, 2023.
• This rule will apply to all types of insurance — life, general and health insurance.
Current Scenario:
i.At present, KYC documents are not mandatory for buying non-life or general insurance policies such as health
insurance, auto insurance, and travel insurance policies.
• Currently, only at the time of claim in health insurance policies, especially if the claim value is
greater than Rs 1 lakh, the customer is required to submit the PAN (Permanent Account Number) card
and Aadhar.
ii.Till now, sharing KYC documents is a voluntary choice by the customer while purchasing a new general
insurance product.
• Currently, a policyholder is required to provide PAN card or Form 60 if the aggregate insurance
premium is Rs 50,000 or more in a financial year.
Key Points:
i.For existing customers, the insurers will collect the KYC documents within a specified time frame.
• The time limit will be two years for ‘low-risk’ policyholders and one year for other customers
including ‘high-risk’ customers.
ii.The new rule will require customers to provide KYC documents when purchasing a new policy, rather than
waiting until a claim is made.
About Insurance Regulatory and Development Authority of India (IRDAI):
Chairperson – Debasish Panda
Headquarters – Hyderabad, Telangana
Establishment – 1999 (Incorporated on 1st April 2000)
MahaMetro to Raise Rs 3,586 crore for Nagpur Metro phase-II from ADB & EIB
The Mahametro Corporation has finalised its debt arrangement and raised a loan of Rs. 3,586 crore from
Asian Development Bank (ADB) and the European Investment Bank (EIB) for the second phase of its Metro
project in Nagpur.
• Around 630 million Euros was arranged during the first phase of the project and was funded by
France’s AFD and KFW, a German agency.
Key highlights:
i.ADB would be contributing USD 200 million whereas EIB would be contributing around 239 million Euros to
the project.
ii.Both, phase I and phase II will collectively lead to an investment of Rs 15,388 crore. The total cost of the
second phase of the project is around Rs. 6,700 crore, out of which Rs. 3,100 is in the form of equity from both
Central and State governments.
About Nagpur Metro Phase-II
i.The Phase II of the project will extend the existing 4 corridors of Phase-I covering a total distance of 43.8 km.
The second phase will be completed by 2026.
ii.The 43.8 km of the corridor will extend to Kanhan in North, Butibori MIDC in South, Transport Nagar (Kapsi)
in East and Hingna in West.

• MIHAN – MIDC ESR (18.6 km)
• Automotive Square – Kanhan River (13.0 km)
• Prajapati Nagar – Kapsi (5.5 km)
• Lokmanya Nagar – Hingna (6.7 km)
iii.It comprises 1.2 km at-grade with 2 stations and 42.6 km elevated with 30 stations and will also connect the
satellite cities like Transport Hub at Kapsi, Industrial areas of Hingna and Butibori and Mining areas at Kanhan,
with only one interchange at Sitabuldi.
President - Masatsugu Asakawa
Niva Bupa & Swara Fincare inks pact to pay debtors' EMIs when they are hospitalised for 5
years
Niva Bupa Health Insurance Company Limited (formerly Max Bupa Health Insurance) signed a pact with Swara
Fincare Limited, a non-banking-lender, to pay the debtors' 3 EMIs(equated monthly instalments) if they were
hospitalised for more than 5 days.
• According to Niva Bupa, less than 20% of the rural population currently has health insurance.
• Niva Bupa Health Insurance and Swara Fincare are collaborating to democratise health insurance in
India to close the gap when the debtor was hospitalised.
• According to Niva Bupa, India has a sizable rural-urban divide that is made even clearer when it comes
to access to high-quality healthcare in rural areas.

Banking, Finance & Economy Q&A: December 2022
1. To which country, India has provided financial assistance of USD 100 million to ease its
difficult economic challenges?
1) Maldives
2) Sri Lanka
3) Indonesia
4) Afghanistan
5) Bangladesh
Answer- 1) Maldives
Explanation:
India has provided financial assistance of USD 100 million in the form of Budgetary support to the
Maldives government to ease its difficult economic challenges.
i. A symbolic cheque was handed over by the High Commissioner of India, Munu Mahawar to the
Maldives’ Minister of Foreign Affairs Abdulla Shahid during the ceremony held at the Ministry of
Foreign Affairs in Maldives.
ii. The partnership between the Maldives and India will provide crucial assistance in the progress and
development of the Maldives.
2. In November 2022, the SEBI increased the investment limit of mutual funds (MFs) in debt
instruments issued by a single issuer to _______ of the Net Asset Value (NAV) from 10%.
1) 15%
2) 12%
3) 14%
4) 11%
5) 13%
Answer- 2) 12%
Explanation:
The Securities and Exchange Board of India (SEBI) has increased the investment limit of mutual funds
(MFs) in debt instruments issued by a single issuer to 12% of the Net Asset Value (NAV) from 10%
w.e.f. November 29, 2022 on all new schemes.
i. Existing schemes will be exempt until the maturity of the underlying debt and money market
securities.
ii. This circular by SEBI is issued in exercise of its powers conferred under Section 11 (1) of the SEBI
Act, 1992, read with the provisions of Regulation 77 of SEBI (Mutual Funds) Regulations, 1996,
to protect the interests of investors and to promote the development of the securities market.
3. Which bank has recently (in Nov ‘22) partnered with Open Financial Technologies Private
Limited to launch Asia’s first end-to-end Embedded Finance platform, ‘Zwitch’?
1) Bandhan Bank
2) MUFG Bank
3) DBS Bank
4) CSB Bank
5) SBM Bank India

Answer- 5) SBM Bank India
Explanation:
SBM Bank India partnered with Open Financial Technologies Private Limited announced a
strategic partnership to launch Asia’s first end-to-end Embedded Finance platform, ‘Zwitch’.
i. Zwitch will offer a no-code, low-code and full-stack Application Programming Interface (API)
solution that enables fintechs to build their own financial products using Zwitch’s technology stack,
which comprises drag-drop dashboard, low-code plugins along with 300+ APIs.
4. Name the bank that has recently (in Nov ‘22) partnered with TurtleFin to launch
"EasyNsure," its first comprehensive technology platform.
1) Axis Bank
2) ICICI Bank
3) YES Bank
4) HDFC Bank
5) IndusInd Bank
Answer- 3) YES Bank
Explanation:
YES BANK partnered with TurtleFin, India’s leading insurtech platform, to launch ‘EasyNsure’, a
first-of-its-kind comprehensive technology platform, that will bring multiple insurance partners onto
a common platform.
i. This technology platform will allow business tracking across bank hierarchy, simplifying revenue
reconciliation.
5. As per the World Bank’s 37th Migration and Development Brief 2022, India is all set to
receive more than __________ in remittances in 2022.
1) USD 200 billion
2) USD 300 billion
3) USD 500 billion
4) USD 400 billion
5) USD 100 billion
Answer- 5) USD 100 billion
Explanation:
The World Bank in its 37th Migration and Development Brief 2022 titled ‘Remittances Brave
Global Headwinds , Special Focus: Climate Migration’ stated that India is all set to receive more than
USD 100 billion (bn) in yearly remittances in 2022.
• This means migrant workers from India will send a record USD 100 bn in 2022 to their home
country (India), despite global headwinds like rising prices.
• This is for the first time a single country will receive more than USD 100 bn in yearly
remittances.
i. India remains the world’s top recipient of remittances.
ii. The growth of global remittance flows is expected to be 4.9% in 2022 and remittances to South Asia
grew an estimated 3.5% to USD 163 billion in 2022.

6. Name the Bank that has recently (in Nov ‘22) authorized by RBI to undertake government
business.
1) Yes Bank
2) Tamilnad Mercantile Bank
3) IndusInd Bank
4) Dhanlaxmi Bank
5) Kotak Mahindra Bank
Answer- 2) Tamilnad Mercantile Bank
Explanation:
Reserve Bank of India (RBI) authorised Tamilnad Mercantile Bank Limited (TMBL) to undertake
government business on behalf of RBI.
• An agreement appointing TMBL as an ‘agency bank’ of RBI to undertake government agency
business was signed by the bank and RBI in Mumbai, Maharashtra.
i. The Reserve Bank of India (RBI) modified guidelines on digital lending that was issued in September
2022 to protect customers from exorbitant interest rates by certain entities and also check unethical
loan recovery practices, effective from 1st December 2022.
7. In November 2022, the SEBI reduced the timeline for the listing of debt securities issued
through private placement to T+3 days from the current timeline of T+4 days, with effect from
___________.
1) 1st February 2023
2) 1st January 2023
3) 1st December 2022
4) 1st March 2023
5) 1st April 2023
Answer- 2) 1st January 2023
Explanation:
In an attempt to enhance the availability of securities for trading by investors, the Securities and
Exchange Board of India (SEBI) reduced the timeline for the listing of debt securities issued through
private placement to T+3 days from the current timeline of T+4 days. (T refers to issue closure date).
• The new guidelines will take effect on January 1, 2023.
i. To give further clarity and standardization in the process of issuing and listing such securities on a
private placement basis, SEBI has specified the steps involved in pre-listing and post-listing, as well as
relevant deadlines, both through the Electronic Book Provider (EBP) platform and otherwise.
8. Which country has recently (in Nov ‘22) signed an agreement with India for an Economic
Development Cooperation Fund (EDCF) loan worth Rs. 1,495.68 crores to develop Nagpur-
Mumbai Super Communication Expressway Project?
1) Russia
2) South Korea
3) Japan
4) Germany
5) Australia
Answer- 2) South Korea

Explanation:
India and South Korea signed an agreement for an Economic Development Cooperation Fund
(EDCF) loan worth 245.081 billion (approx. Rs. 1,495.68 crores) for the establishment of an
Intelligent Transport System on the Nagpur-Mumbai Super Communication Expressway Project with
a goal to improve traffic management efficiency.
i. This is the first project that is funded by an EDCF loan by the Government of the Republic of Korea.
9. Name the payment bank that has recently (in Nov ‘22) partnered with Protean eGov
Technologies to expand Permanent Account number (PAN) card issuance services in India.
1) Paytm Payment Bank
2) India Post Payment Bank
3) Fino Payments Bank
4) Airtel Payment Bank
5) NSDL Payment Bank
Answer- 3) Fino Payments Bank
Explanation:
Fino Payments Bank partnered with Protean eGov Technologies (formerly NSDL e-Governance
Infrastructure Limited) to expand Permanent Account number (PAN) card issuance services in India,
especially in rural areas.
i. Protean eGov Technologies accepts and processes PAN applications on behalf of the Income tax
department.
ii. Under the partnership, Fino payments bank will act as PAN Service Agency (PSA) of Protean and
facilitate paperless PAN issuance services.
10. Which country has recently (in Nov ‘22) announced 1 billion Euro (Rs. 8440 crore) for
energy transition projects across India?
1) Norway
2) United States of America
3) France
4) Russia
5) Germany
Answer- 5) Germany
Explanation:
Germany launched a proposal to grant 1 billion Euro (Rs. 8440 crore) for energy transition
projects across India under a bilateral partnership for green and sustainable development.
• The announcement was made ahead of German Foreign Minister Annalena Baerbock’s visit to
India in December 2022.
i. The funding comprises 10% in grants and the remaining 90% will be in the form of lines of credit.
ii. The lines of credit will be provided by KfW Development Bank with ‘very cheap interest’ ranging
from 2.7% to 3.2% for development projects in states including Tamil Nadu and Meghalaya.
11. As per the National Statistical Office (NSO) Data, India’s Gross Domestic Product (GDP)
decreased to ___________ for the Q2FY23 (July-September).
1) 6.9%
2) 7.5%

3) 5.2%
4) 6.3%
5) 8.4%
Answer- 4) 6.3%
Explanation:
The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation, (MoSPI)
released the Estimates of Gross Domestic Product (GDP) for the Second Quarter (July-September)
2022-23 or Q2FY23.
i. As per it, India’s gross domestic product (GDP) for the Q2FY23 slowed to 6.3% as compared to the
expansion of 8.4% in Q2FY22. It was 13.5% in the April-June quarter of FY23 (Q1FY23).
ii. However, the Indian economy is on track to achieve 8-7% GDP growth in FY23.
• The next release of quarterly GDP estimates for the quarter October-December, 2022 (Q3
FY23) will be on February 28, 2023.
12. Which of the following points are ‘correct’ with respect to the recent (in Dec ‘22) step taken
by the Reserve Bank of India (RBI)?
A) RBI revises Framework of Categorization of Urban Co-operative Banks (UCBs) for
Regulatory Purposes w.e.f December 1, 2022.
B) RBI also eases rules for foreign branches or subsidiaries of banks or All India Financial
Institutions (AIFIs) to deal in financial products that are not permitted in India w.e.f. December
1, 2022.
C) Letters of cooperation were exchanged between the RBI and Financial Services Agency
(FSA), Japan in the field of Central CounterParties (CCPs) to improve mutual cooperation.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Answer- 5) All A, B & C
Explanation:
The Reserve Bank of India (RBI) revises Framework of Categorization of Urban Co-operative Banks
(UCBs) for Regulatory Purposes. This revision will be applicable to all Primary (Urban) Co-operative
Banks w.e.f December 1, 2022.
• RBI has adopted the following four-tiered regulatory framework from the existing two-tiered
framework, for categorization of UCBs in order to strengthen the financial soundness of the
UCBs.
• RBI prescribed a minimum net worth of Rs 2 crore for Tier-1 UCBs operating in single districts,
and Rs 5 crore for all other UCBs.
i. RBI also eases rules for foreign branches or subsidiaries of banks or All India Financial Institutions
(AIFIs) to deal in financial products that are not permitted in India w.e.f. December 1, 2022.
ii. Letters of cooperation were exchanged between the RBI and Financial Services Agency (FSA),
Japan in the field of Central CounterParties (CCPs) to improve mutual cooperation.

13. Which bank has recently (in Dec ‘22) launched Foreign Currency Loan against INR Deposits
Indian Companies?
1) Bank of India
2) Union Bank of India
3) Indian Bank
4) Bank of Baroda
5) Canara Bank
Answer- 4) Bank of Baroda
Explanation:
Bank of Baroda (BoB) has launched Foreign Currency Loan against INR Deposits of Indian
Companies for their Overseas Subsidiaries/Joint Ventures in Gujarat International Finance Tec-City
(GIFT City) branch in Gandhinagar, Gujarat.
i. It provides an alternative facility for the Indian companies to raise funds for their international
businesses.
ii. BoB is the first bank to offer this facility at GIFT City.
14. Which bank has recently (in Dec ‘22) launched a STACK for companies in the real estate
sector?
1) ICICI Bank
2) HDFC Bank
3) Axis Bank
4) YES Bank
5) IndusInd Bank
Answer- 1) ICICI Bank
Explanation:
ICICI Bank Limited launched a STACK for companies in the real estate sector to offer solutions to
their banking requirements on one platform.
i. ICICI Bank is the first bank in the industry to offer real estate specific STACK to provide unparalleled
convenience to the companies in the real estate sector.
ii. The STACK is a combination of digital and physical solutions that enables participants of the real
estate sector including builders, Real Estate Investment Trusts (REITs) and Alternate Investment
Funds (AIFs) to undertake banking transactions efficiently.
15. Name the Mutual Fund that has recently (in Dec ‘22) launched India’s first passive tax saver
fund, IN50.
1) HDFC Mutual Fund
2) Edelweiss Mutual Fund
3) IIFL Mutual Fund
4) Axis Mutual Fund
5) SBI Mutual Fund
Answer- 3) IIFL Mutual Fund
Explanation:
IIFL Mutual Fund has launched India’s first passive tax saver fund, IIFL Equity-Linked Savings
Scheme (ELSS) Nifty 50 Tax Saver Index Fund (IN50), which will be on sale through New Fund
Offering (NFO).

i. Parijat Garg is the dedicated Fund Manager for the IIFL ELSS Nifty 50 Tax Saver Index Fund.
ii. The scheme was launched after the capital market regulator, Securities and Exchange Board of
India (SEBI), allowed fund houses to launch passive funds in May 2022.
16. Name the company that has recently (in Nov ‘22) “Interbank Rate Forex Card”, India’s first
true Zero Markup Travel Card.
1) Orient exchange
2) BookMyForex.com
3) Fxkart.com
4) Zenith Forex Online
5) ExTravelMoney
Answer- 2) BookMyForex.com
Explanation:
Online foreign exchange marketplace BookMyForex.com launched Interbank Rate Multi-Currency
Forex Card which is India’s first true zero markup travel card. It is a co-branded multi-currency card
developed in association with Yes Bank, and M2P Fintech. It is powered by Visa.
i. During regular banking hours, International travelers will be able to buy Forex Cards at Interbank
Rates with zero added markup i.e. the live & actual rates as seen on search engines at which banks
deal with each other for major currencies.
17. Which bank has recently (in Dec ‘22) authorized to enable Goods and Services Tax (GST)
Payments?
1) IndusInd Bank
2) Axis Bank
4) ICICI Bank
5) City Union Bank
Answer- 5) City Union Bank
Explanation:
The Goods and Services Tax (GST) Network, under the auspices of the GST Council, has listed City
Union Bank (CUB), an old private-sector institution, as one of the banks that can pay GST.
i. CUB’s digital solutions include digital signatures, QR codes, Video KYC, and digital payment solutions
such as UPI 123pay, payment on the go using wearables, increased payment limit for online
transactions, and soft launch of voice biometric verification for mobile banking.
18. Name the company that has recently (in Nov ‘22) become 1st company to file a confidential
Draft Red Herring Prospectus (DRHP) with the SEBI for its Initial Public Offering (IPO).
1) NDTV
2) Tata Play
3) Republic TV
4) StarPlus
5) India TV
Answer- 2) Tata Play

Explanation:
Tata Play (formerly Tata Sky), has become the 1st company to file a confidential Draft Red Herring
Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its Initial Public
Offering (IPO).
i. It will be the Tata group’s 1st IPO in 2 decades. The group last entered the primary market through
TCS in 2004.
19. IDFC AMC to be renamed as Bandhan AMC and IDFC Mutual Fund to be renamed as
Bandhan Mutual Fund, as ____________ approval the change in Ownership in November 2022.
1) Insurance Regulatory and Development Authority
2) Reserve Bank of India
3) Securities and Exchange Board of India
4) Small Industries Development Bank of India
5) Life Insurance Corporation
Answer- 3) Securities and Exchange Board of India
Explanation:
On 30th November 2022, the Securities and Exchange Board of India (SEBI) approved the Bandhan-
led consortium’s proposed acquisition of IDFC Asset Management Company.
i. Bandhan Financial Holdings GIC and ChrysCapital formed a consortium to purchase IDFC AMC and
IDFC AMC Trustee Company from parent IDFC for Rs 4,500 crore. After the transaction, BFHL will own
around 60% of IDFC AMC, while GIC and ChrysCapital will each possess 20%.
ii. After the acquisition, IDFC AMC will be renamed Bandhan AMC and IDFC Mutual Fund is proposed
to be renamed Bandhan Mutual Fund.
20. In December 2022, the RBI granted a conditional approval to the Carlyle Group and
Verventa Holdings to acquire 9.99% Stake each in which bank?
1) ICICI Bank
2) HDFC Bank
3) Axis Bank
4) YES Bank
5) IDBI Bank
Answer- 4) YES Bank
Explanation:
The Reserve Bank of India (RBI) has granted a conditional approval to the Carlyle Group and
Verventa Holdings to acquire 9.99% of paid up share capital each in YES Bank through subscription
to equity shares and share warrants of the Bank.
i. The proposed investment is by CA Basque investments, which is a part of the Carlyle Group and
Verventa Holdings, an affiliate of funds managed by Advent.
21. Which of the following points are ‘Incorrect’ with respect to the ‘Digital Rupee – Retail
segment (e₹-R)’, a Central Bank Digital Currency (CBDC) as of December 2022?
A) RBI launched its pilot on retail digital currency/ rupee e₹-R in Four Cities, Mumbai
(Maharashtra), New Delhi (Delhi), Bengaluru (Karnataka), and Bhubaneswar (Odisha).
B) In this regard, RBI issued Rs 1.30 crore to four banks i.e State Bank of India, ICICI Bank, Axis
Bank, and HDFC Bank participating banks based on their indents in first phase.

C) e₹-R can provide access to safe money for payment and settlement as it is a direct liability of
the RBI.
1) Only A
2) Only B
3) Only C
4) Only A & B
5) Only B & C
Answer- 2) Only B
Explanation:
The Reserve bank of India (RBI) launched its pilot on retail digital currency/ rupee called ‘Digital
Rupee – Retail segment (e₹-R)’, a Central Bank Digital Currency (CBDC) which is an electronic form of
sovereign currency.
i. In this regard, RBI issued Rs 1.71 crore to four participating banks (State Bank of India (SBI), ICICI
Bank, YES Bank, and IDFC First Bank) based on their indents.
• In the first phase, four banks including State Bank of India (SBI), ICICI Bank, YES Bank, and
IDFC First Bank will take part.
• Four more banks viz. Bank of Baroda, Union Bank of India, HDFC Bank, and Kotak Mahindra
Bank will join this pilot subsequently.
ii. e₹-R can provide access to safe money for payment and settlement as it is a direct liability of the
RBI. It can be converted to other forms of money, like deposits with banks. The retail digital rupee will
not earn any interest.
22. In December 2022, the National Payments Corporation of India (NPCI) extended the
limiting volume cap to 30% for Third Party Payment Application Providers (TPAP) in Unified
Payments Interface (UPI) till ______________.
1) 31st January 2023
2) 1st January 2024
4) 1st March 2023
Answer- 3) 31st December 2024
Explanation:
The National Payments Corporation of India (NPCI) has extended the deadline for limiting volume cap
to 30% for Third Party Payment Application Providers (TPAP) in Unified Payments Interface (UPI)
by two years till December 31, 2024.
i. At present, there is no volume cap.
ii. The cap will avoid concentration risk, and protect the UPI ecosystem.
23. Which organisation has recently (in Dec ‘22) signed USD 16 million agreement with ABIS
Exports India Private Limited (ABIS) on sustainability-linked and blue-debt facility?
1) World Bank
2) International Monetary Fund
3) Asian Development Bank
4) African Development Bank
5) Association of Southeast Asian Nations

Answer- 3) Asian Development Bank
Explanation:
The Asian Development Bank (ADB) and ABIS Exports India Private Limited (ABIS) entered into an
agreement on sustainability-linked and blue-debt facility, a non-convertible debenture worth USD 16
million (in equivalent Indian rupee).
i. This is to enhance food security in India by supporting the construction of a micro fish feed plant
and by training up to 6,000 farmers in climate-resilient fish farming practices as well as financial
literacy.
24. Name the bank that has recently (in Dec ‘22) received the Banker’s Bank of the Year Award
2022 for India segment (Under Asia Pacific Region) at Global Banking Summit held in London,
United Kingdom (UK).
1) Union Bank of India
2) Bank of India
3) Punjab National Bank
4) Canara Bank
5) Bank of Maharashtra
Answer- 4) Canara Bank
Explanation:
Canara Bank received the Banker’s Bank of the Year Award 2022 for the India segment (Under
Asia Pacific Region) at the Global Banking Summit, held in London, United Kingdom (UK) from 29th
November 2022 to 1st December 2022.
i. The bank has been adjudged as the ‘Best Bank in India for 2022’.
25. Which of the following points are ‘correct’ with respect to the New Index – Nifty Bharat
Bond Index – April 2023?
A) NSE Indices Limited has launched a new index – Nifty BHARAT Bond Index – April 2033,
under the Nifty Bharat Bond Index within the Nifty Bharat Bond Index series.
B) New tranche of the Bharat Bond ETF, India’s first corporate bond exchange traded fund
(ETF) has been launched for New Fund Offer (NFO) of the ETF, which will open from 2nd
December to 8th December 2022.
C) This new Bharat Bond ETF and Bharat Bond Fund of Fund (FOF) series will mature on 18th
April 2033.
1) All A, B & C
2) Only A & B
3) Only B & C
4) Only A & C
5) Only A
Explanation:
NSE Indices Limited (formerly known as India Index Services & Products Limited), a subsidiary of
the National Stock Exchange of India Limited (NSE), has launched a new index – Nifty BHARAT Bond
Index – April 2033, under the Nifty Bharat Bond Index within the Nifty Bharat Bond Index series.

i. New tranche of the Bharat Bond ETF, India’s first corporate bond exchange traded fund (ETF) has
been launched for New Fund Offer (NFO) of the ETF, which will open from 2nd December 2022 to 8th
December 2022.
ii. This new Bharat Bond ETF and Bharat Bond Fund of Fund (FOF) series will mature on 18th April
2033.
26. In December 2022, Experts from the Public Health Foundation of India and University of
Leicester were awarded a prestigious grant of nearly ________ by the National Institute for Health
and Care Research, UK.
1) EURO 3 million
2) EURO 5 million
3) EURO 20 million
4) EURO 10 million
5) EURO 2 million
Answer- 4) EURO 10 million
Explanation:
Researchers from the Public Health Foundation of India and University of Leicester (England) have
been awarded a prestigious grant of nearly EURO 10 million by the National Institute for Health and
Care Research (NIHR) Global Health Research Centre, United Kingdom (UK).
i. These grants help to improve the health outcomes and re-orient health systems to effectively
address multiple long-term conditions (MLTCs) or multimorbidity in India and Nepal.
27. In December 2022, ________ based Goldsikka Pvt Ltd set up India’s 1st Gold Automated teller
machine (ATM).
1) Mumbai, Maharashtra
2) Hyderabad, Telangana
3) Ahmedabad, Gujarat
4) Chennai, Tamil Nadu
5) New Delhi, Delhi
Answer- 2) Hyderabad, Telangana
Explanation:
Hyderabad (Telangana)-based Goldsikka Pvt Ltd has set up India’s 1st Gold Automated teller
machine (ATM) and started its operations in the city at Raghupathi Chambers in Begumpet,
Hyderabad.
i. Telangana women commission chairperson Sunitha Lakshmareddy inaugurated the gold ATM
centre.
ii. Gold ATM supplies in denominations ranging from a minimum of 0.5 gms to a maximum of 100
gms. The customers will also get a certificate stating their purity and weight & will be available for 24
hours.
28. In December 2022, S&P Global Ratings reduced India’s real Gross Domestic Product (GDP)
growth to ___________ for 2023.
1) 6%
2) 6.5%
3) 7%
4) 7.5%
5) 8.2%
Answer- 1) 6%
Explanation:
S&P Global Ratings reduced India’s real Gross Domestic Product (GDP) growth for the following two
fiscal years by 0.5 percentage points, citing a downturn in global demand, in its report “Global Credit
Outlook 2023: No Easy Way Out.” GDP is expected to be 7% and 6% in fiscal years 2022 and 2023,
respectively.
i. S&P Global Ratings has calculated the fiscal years as: 2022 = Financial year (FY) 2022 / 23 and 2023
= FY 2023 / 24.
Note: S&P Ratings projected in September 2022 that the Indian economy would grow by 7.3% in
2022–23 and by 6.5% in 2023–24.
29. When was United Nations (UN)’s International Day of Banks 2022 observed across the
globe?
1) 2nd December 2022
2) 5th December 2022
3) 3rd December 2022
5) 4th December 2022
Answer- 5) 4th December 2022
Explanation:
The United Nations (UN)’s International Day of Banks 2022 was observed across the globe on 4th
December 2022 to recognise the vital role of banking systems in the Member States in contributing
to the improvement of the standard of living.
• 4th December 2022 marks the observance of the 3rd International Day of Banks.
i. According to the India Brand Equity Foundation (IBEF), India accounts for 40% of global digital
transactions, compared to the world’s industrialized nations.
ii. The Indian banking system consists of 12 public sector banks, 22 private sector banks, 44 foreign
banks, 43 regional rural banks, 1,484 urban cooperative banks and 96,000 rural cooperative banks in
addition to cooperative credit institutions.
30. According to the Employees’ Provident Fund Organization (EPFO) data, 87.1 lakh new
formal jobs were generated in India during the first half of the current financial year (H1
FY23), a ________ rise from H1 FY22.
1) 15%
2) 40%
3) 20%
4) 35%
5) 25%
Answer- 4) 35%
Explanation:
According to an analysis of the data released by the Employees’ Provident Fund Organization (EPFO),
87.1 lakh new formal jobs were generated in India during the first half of the current financial year
(H1 FY23), a 35 % rise from H1 FY22.

i. There were 24.6 lakh and 64.72 lakh formal jobs generated in India in the first halves of FY21 and
FY22, respectively.
ii. In Q2 FY23, formal job creation increased slightly to 47.4 lakh, up from 39.3 lakh in Q1 FY 23.
31. Which of the following points is/are ‘Incorrect’ with respect to the “India Digital Payments
Report Q3 (July-September) 2022” released by Worldline India in December 2022?
1) More than 23 billion digital payment transactions worth Rs. 38.32 trillion were made in July-
September (Q3) 2022.
2) UPI recorded more than 20.35 billion transactions worth Rs. 30.6 trillion in Q3 2022.
3) Credit Card volume and value was 725 million and Rs. 3.5 trillion, with 386.83 million transactions
at the point of sales (POS).
4) The volume and value of Debit Card transactions were 907 million and Rs. 1.88 trillion,
respectively.
5) POS transactions accounted for 595.4 million of total debit card volume, while e-commerce
transactions accounted for 311.60 million.
Answer- 2) UPI recorded more than 20.35 billion transactions worth Rs. 30.6 trillion in Q3
2022.
Explanation:
According to the “India Digital Payments Report Q3 2022” released by financial services company
Worldline India, more than 23 billion digital payment transactions worth Rs. 38.32 trillion were made
in July-September (Q3) 2022.
i. UPI recorded more than 19.65 billion transactions worth Rs. 32.5 trillion in Q3 2022.
• The top 3 UPI apps in terms of volume and value as of Q3 2022 were PhonePe, Google Pay, and
Paytm Payments Bank App.
ii. In Q3 2022, credit card volume and value was 725 million and Rs. 3.5 trillion, with 386.83 million
transactions at the point of sales (POS) and 338.80 million e-commerce transactions.
iii. In Q3 2022, the volume and value of debit card transactions were 907 million and Rs. 1.88 trillion,
respectively.
iv. POS transactions accounted for 595.4 million of total debit card volume, while e-commerce
transactions accounted for 311.60 million.
32. Which company has recently (in Dec ‘22) partnered with Axis Bank to enable merchants to
accept credit card transactions via Unified Payments Interface (UPI)?
1) Freecharge
2) Cashfree
3) CCAvenue
4) PhonePe
5) Razorpay
Answer- 5) Razorpay
Explanation:
Fintech platform Razorpay announced a first-of-its-kind move, in partnership with Axis Bank, to
enable merchants to accept credit card transactions via Unified Payments Interface (UPI) with
minimal changes to the existing setup.
i. This facility has been enabled for the customers of HDFC Bank, Punjab National Bank (PNB), Union
Bank and Indian Bank.

ii. At present, UPI enables customers to make transactions through their bank accounts.
33. Name the Small Finance Bank that has recently (in Dec ‘22) entered into a Bancassurance
agreement with ICICI Lombard General Insurance.
1) ESAF Small Finance Bank
2) Suryoday Small Finance Bank
3) Capital Small Finance Bank
4) Equitas Small Finance Bank
5) AU Small Finance Bank
Answer- 5) AU Small Finance Bank
Explanation:
The AU Small Finance Bank, and ICICI Lombard General Insurance tied-up for Bancassurance.
Under this, the insurer will utilize the bank’s diverse customer’s access, and enhance penetration
across India.
i. On the other hand, the bank will enhance its general insurance offering with agile, digital &
paperless solutions offered by ICICI Lombard.
34. Which bank has recently (in Dec ‘22) partnered with Spice Money Limited for Financial
Inclusion in Rural India?
1) ICICI Bank
2) Axis Bank
3) HDFC Bank
4) YES Bank
5) IndusInd Bank
Answer- 2) Axis Bank
Explanation:
Spice Money Limited, a Rural fintech player, has partnered with Axis Bank, to facilitate the opening
of instant, zero balance savings or current accounts for rural citizens through its Adhikari network.
i. Through this partnership, Spice Money aims to bridge the rural-urban divide and bring financial
inclusivity by providing access to banking products at doorstep.
ii. Spice Money empowers merchants, known as Spice Money Adhikaris through its technology to
cater to the digital and financial needs of rural citizens in India.
35. Which bank has recently (in Dec’ 22) launched the ‘Football Fiesta’ campaign to celebrate
the FIFA World Cup 2022?
2) HDFC Bank
3) Federal Bank
4) YES Bank
5) Axis Bank
Answer- 3) Federal Bank
Explanation:
Federal Bank Limited, a leading private sector bank, has launched the ‘Football Fiesta’ campaign
with many prizes lined up to celebrate the FIFA World Cup 2022.

i. As part of the campaign, the bank has also released an augmented reality (AR) filter for Instagram.
Moreover, it has announced its public social media contest.
36. Who is the current (as of Dec’ 22) Managing Director & Chief Executive Officer (CEO) of AU
Small Finance Bank?
1) Varun Sharma
2) Sanjay Agarwal
3) Arun Ramanathan
4) Ittira Davis
5) Vasudevan PN
Answer- 2) Sanjay Agarwal
Explanation:
About AU Small Finance Bank:
Managing Director & CEO– Sanjay Agarwal
Headquarters– Jaipur, Rajasthan
Tagline– Badlaav Humse Hai
37. Which organisation has recently (in Dec ‘22) signed a USD 3 million Project Readiness
Financing (PRF) agreement with GoI for designing the “Agartala Municipal Infrastructure
Development Project,”?
1) World Bank
Explanation:
The Asian Development Bank (ADB) and the Government of India (GoI) inked a USD 3 million
Project Readiness Financing (PRF) agreement to assist preparatory operations for designing the
“Agartala Municipal Infrastructure Development Project,” which aims to strengthen municipal
infrastructure in priority areas of Agartala, Tripura.
i. This partnership aims to support the Tripura Government in the development of municipal
infrastructure, strengthen future investment-ready projects and improvise resource mobilization of
the Agartala municipal Corporation.
38. Name the life insurance company that has recently (in Dec ‘22) launched Life Insurance
Criti Care Plan’, a comprehensive health insurance plan for 30 Critical Illnesses.
1) Max Life Insurance
2) Ageas Federal Life Insurance
3) IndiaFirst Life Insurance
4) SBI Life Insurance
5) Exide Life Insurance
Answer- 2) Ageas Federal Life Insurance

Explanation:
Ageas Federal Life Insurance (AFLI) launched ‘Ageas Federal Life Insurance Criti Care Plan’, a
comprehensive health insurance plan covering 30 critical illnesses and major diseases.
i. This new policy provides a lump sum payment on the first diagnosis of the listed 30
critical illnesses, regardless of the actual amount spent on treatment.
ii. Eligibility – People with a minimum age of 18 years and a maximum of 65 years can take up the
policy. The policy covers up to the age of 70 years.
39. According to the World Bank’s latest update (in Dec ‘22) ‘India Development Update-
Navigating the Storm’ raised its GDP growth forecast for India during FY23 to ________ from
6.5%.
1) 7.0%
2) 6.9%
3) 7.5%
4) 6.7%
5) 7.2%
Answer- 2) 6.9%
Explanation:
The World Bank (WB) in its latest (December 2022) ‘India Development Update- Navigating the
Storm’ raised its Gross Domestic Product (GDP) growth forecast for India during FY23 to 6.9% from
6.5% estimated in October 2022.
i. WB declined India’s FY23 forecast to 6.5% from 7.5% amid Russia-Ukraine War, rising global
interest rates and high inflation in October 2022.
ii. The Fitch Rating retained India’s growth forecast to 7% in FY23 amid stronger-than-expected
outturn in its December edition of the Global Economic Outlook 2022.
• However, it will slow to 2% in 2023-24 and 6.9% in 2024-25.
40. Which of the following points are ‘Incorrect’ with respect to the RBI’s bi-monthly monetary
policy of FY23 held in December 2022?
1) RBI decreased India’s real Gross Domestic Product (GDP) growth to 6.8% from 7% for FY23.
2) The MPC raised the repo rate by 35 basis points to 6.25% from 5.90%
3) The Standing Deposit Facility (SDF) Rate adjusted to 6% from 5.65% and Marginal Standing Facility
(MSF) rate to 6.50% from 6.15%.
4) The Bank Rate remained unchanged at 6.15%.
5) Real GDP growth for Q1FY24 is projected at 7.1%.
Answer- 4) The Bank Rate was unchanged at 6.15%.
Explanation:
RBI Monetary Policy Committee (MPC) met on December 5-7, 2022 , and released the Monetary Policy
Statement, 2022-23 Resolution of the MPC which declined India’s real GDP growth to 6.8% for FY23
from 7% (projected in September 2022) with FY23’s Q3 at 4.4%; and Q4 at 4.2%.
• The MPC raised the repo rate by 35 basis points to 6.25% from 5.90%
• Real GDP growth for Q1FY24 is projected at 7.1% and at 5.9% for Q2.

Policy rates Revised Previous Rate on September 2022 (4th Bi-
Rate Monthly)
Repo Rate 6.25% 5.90%
Reverse Repo Rate 3.35% 3.35%
Marginal Standing Facility (MSF) 6.50% 6.15%
Bank Rate 6.50% 6.15%
Standing Deposit Facility (SDF) 6% 5.65%

Rate
Cash Reserve Ratio (CRR) 4.50% 4.50%
Statutory Liquidity Ratio (SLR) 18.00% 18.00%
41. Which country’s Monsha’at has recently (in Dec’ 22) signed an MoU with the Small
Industries Development Bank of India (SIDBI) to develop MSMEs and their ecosystem, in both
the countries?
1) United Kingdom
2) France
3) United Arab Emirates
4) Saudi Arabia
5) Australia
Answer- 4) Saudi Arabia
Explanation:
An MoU has been signed between the Small Industries Development Bank of India (SIDBI) and Small
and Medium Enterprises General Authority of the Kingdom of Saudi Arabia (also known as
Monsha’at) to develop Micro, Small and Medium enterprises (MSMEs) and their ecosystem, in both
the countries.
i. It is part of the bilateral initiative to improve diplomatic relations between India and Saudi Arabia.
ii. Under this MoU, both sides will explore and collaborate on matters of common interest.
42. Name the bank that recently (in Dec ‘22) partnered with the National Association of
Software and Service Companies (NASSCOM) Center of Excellence (CoE) to promote the startup
ecosystem.
1) IDFC First Bank
2) HDFC Bank
3) ICICI Bank
4) Axis Bank
5) YES Bank
Answer- 1) IDFC First Bank
Explanation:
The IDFC First Bank and National Association of Software and Service Companies (NASSCOM) Centre
of Excellence (CoE) partnered to grow the innovation ecosystem and guide startups through a range
of banking solutions.
i. IDFC First Bank and NASSCOM COE signed a Memorandum of Understanding (MoU) for appointing
the IDFC First bank as a preferred banking partner for startups, at an event held in Bengaluru,
Karnataka.
43. In December 2022, Asian Development Bank (ADB) approved a loan of USD 780 million
multi-tranche financing facility (MFF) to build new lines for which metro rail?
1) Bengaluru Metro
2) Chennai Metro
3) Mumbai Metro
4) Delhi Metro
5) Hyderabad Metro
Answer- 2) Chennai Metro
Explanation:
The Asian Development Bank (ADB) approved a loan of USD 780 million multi-tranche financing
facility (MFF) to build new lines for Chennai metro rail and improve its network connectivity with
bus and feeder services.
i. ADB will provide an additional USD 1 million technical assistance (TA) grant to help the Chennai
Metro Rail with the planning and management of the metro system’s multimodal integration.
ii. The Asian Development Bank (ADB) approved a USD 300 million loan to upgrade more than 300
kilometres of state highways and major district roads in Assam, including six road sections in the
state’s western, central, and southern regions.
44. In December 2022, National Investment and Infrastructure Fund (NIIF) was recently (in
Dec ‘22) partnered with the GMR Airports Limited (GAL) to invest ________in three airport
projects.
1) Rs. 329 crore
2) Rs. 289 crore
3) Rs. 439 crore
4) Rs. 631 crore
5) Rs. 538 crore
Answer- 4) Rs. 631 crore
Explanation:
GMR Airports Limited (GAL), a subsidiary of GMR Infrastructure Limited partnered with National
Investment and Infrastructure Fund (NIIF) to invest in the equity capital of three airport projects
including the Greenfield international airports at Mopa in Goa and Bhogapuram in Andhra
Pradesh.Note: GAL has not shared the details about the total investment by NIIF and the third
airport..
• NIIF will make a primary investment of Rs. 631 crore (Rs. 6.31 billion) in the form of
Compulsory Convertible Debentures (CCD) at the GMR Goa International Airport (GGIAL), a
special purpose vehicle (SPV) for operating the new Goa airport.

45. Name the organization that has recently (in Dec ‘22) organised ‘Kutumb’ Event in New
Delhi, Delhi along with the India Infoline Limited- Home Finance Ltd. (IIFL HFL).
1) World Bank
Explanation:
Asian Development Bank (ADB) and India Infoline Limited- Home Finance Ltd. (IIFL HFL) organised
‘Kutumb‘ event in Delhi discussing scope around green affordable housing in India. The ‘Kutumb’ was
launched on 2nd December 2022 with an event titled ‘Green Affordable Housing Ecosystem’ in Delhi.
46. Which bank recently (in Dec’ 22) entered into a co-lending agreement with SV Creditline
Limited (SVCL) for a Rs 500 crore loan to women borrowers?
1) HDFC Bank
2) IndusInd Bank
3) Axis Bank
4) ICICI Bank
5) YES Bank
Answer- 2) IndusInd Bank
Explanation:
IndusInd Bank signed a co-lending agreement with Non-Banking Financial Company (NBFC), SV
Creditline Limited (SVCL) for Rs 500 crore loan exclusively to women borrowers.
i. Under this pact, rural women will get access to affordable loans to be utilized towards economic
activities such as agriculture, animal husbandry, trading and local manufacturing, among others.
ii. It should be noted that SVCL only lends to women customers in the low-income segment with an
annual household income of Rs. 125,000 in rural areas and Rs. 200,000 in urban areas. It is providing
services to 130 districts in 10 states through its 227 branches.
47. Name the bank that has recently (in Dec ‘22) launched a new co-created credit card ‘Duet’
along with Paisabazaar.com.
1) HDFC Bank
2) South Indian Bank
3) RBL Bank
4) Karnataka Bank
5) ICICI Bank
Answer- 3) RBL Bank
Explanation:
Paisabazaar.com and RBL Bank launched a new co-created credit card ‘Duet’, which offers two
credit offerings including cashback on purchases made through the card and a line-of-credit from RBL
bank enabling instant transfer of money to bank account.
i. The Duet credit card will be effective from 15th August 2022.
ii. The Duet credit card is a unique Credit Line product by RBL Bank. It will be a part of Paisabazaar’s
neo-lending product suite and will replace Paisa On Demand (PoD) credit card on Paisabazaar.

48. In December 2022, ASK Capital Management received approval from the Central Bank of
______ to launch an India-based fund namely ‘ASK Indian Entrepreneur Fund’ through the UCITS
route.
1) Germany
2) Norway
3) France
4) Ireland
5) Australia
Answer- 4) Ireland
Explanation:
ASK Capital Management Pte. Ltd. (ASK Capital) has received an approval from the Central Bank of
Ireland to launch an India-based fund namely ‘ASK Indian Entrepreneur Fund’ through the UCITS
route. This fund will be ASK Capital’s first UCITS vehicle.
i. UCITS stands for Undertakings for the Collective Investment in Transferable Securities which is a
regulatory framework of the European Commission for management and sale of mutual funds.
ii. With this fund, ASK Capital aims to raise USD 500 million over the next 3 years from global
investors.
49. Which insurance company has recently (in Dec ‘22) has partnered with NIIT to Create a
large Pool of Future Ready Information Technology (IT) Professionals?
1) Bajaj Allianz General Insurance
2) Bharti AXA General Insurance
3) Edelweiss General Insurance
4) HDFC ERGO General Insurance
5) Future Generali India Insurance
Answer- 4) HDFC ERGO General Insurance
Explanation:
HDFC ERGO General Insurance Company Limited has partnered with NIIT, a global talent
development corporation, to launch HDFC ERGO Technocrat – Advance Dot Net Developer Program to
build a large pool of developers.
i. This will create future-ready Information Technology (IT) Professionals for HDFC ERGO, who can
play a pivotal role in offering technology-powered insurance solutions.
ii. The program is an initiative of HDFC ERGO and NIIT Institute of Finance, Banking and Insurance
(NIIT-IFBI), that aims to equip the participants with the knowledge and confidence of being
immediately productive at work and also provide training to handle critical projects and assignments.
50. Name the company that has recently (in Dec ‘22) received ‘in-principle’ approval from the
Reserve Bank of India (RBI) to operate as a Payment Aggregator (PA).
1) Razorpay
2) Cashfree
3) CCAvenue
4) NineHertz
5) PayMate India
Answer- 5) PayMate India

Explanation:
PayMate India Limited, a leading business-to-business (B2B) payments and services provider, has
received ‘in-principle’ approval from the Reserve Bank of India (RBI) to operate as a Payment
Aggregator (PA), subject to the RBI Guidelines on Regulation of PAs and Payment Gateways (PG),
dated 17th March 2022 as updated from time to time.
51. Which portal has recently (in Dec ‘22) launched India’s first private market index to
monitor the value actions of privately traded securities?
1) Unlistedkart.com
2) Angelone.in
3) Parasramindia.com
4) StocX.in
5) Planify.in
Answer- 4) StocX.in
Explanation:
StocX.in, an internet unlisted securities portal, has launched StocX Private Market Index (SPMI),
India’s first private market index by utilising ‘Change Percentage’ technique, to monitor the value
actions of privately traded securities, those that are traded within the unlisted market.
i. The index is computed utilising 1000 as the bottom worth as on 1st January 2022.
52. Name the personality from India who was recently (in Dec ‘22) appointed as the 1st Vice
President (VP) and Chief Operating Officer (COO) of the Federal Reserve Bank of New York
(New York Fed).
1) Sushmita Shukla
2) Revathi Advaithi
3) Sharmistha Dubey
4) Amrapali Gan
5) Sonia Syngal
Answer- 1) Sushmita Shukla
Explanation:
An Indian-origin, Sushmita Shukla has been appointed as 1st Vice President (VP) and Chief
Operating Officer (COO) by the Board of Directors of the Federal Reserve Bank of New York (New
York Fed), with effect from March 2023.
i. The appointment was approved by the Federal Reserve System’s Board of Governors.
ii. She has served as Senior VP and COO for International Accident & Health at Chubb, the world’s
largest publicly traded property and casualty insurance company, where she led operations, claims
technology, and strategic programmes in 51 countries.
53. Name the organization that has recently (in Dec ‘22) issued Framework for Alternative
Investment Funds (AIFs) in India to raise money from Foreign Portfolio Investors (FPIs).
2) National Bank for Agriculture and Rural Development

Explanation:
The Securities and Exchange Board of India (SEBI) has issued a framework in terms of Regulation
10(a) of SEBI (Alternative Investment Funds) Regulations, 2012, enabling Alternative Investment
Funds (AIFs) in India to raise money from Foreign Portfolio Investors (FPIs) by issuing units, with
immediate effect, by ensuring the following:
i. The FPIs are residents of a country, the securities market regulator of which is a signatory to the
International Organisation of Securities Commission’s (IOSCO) Multilateral MoU, or a signatory to a
bilateral MoU with SEBI.
54. Which company has recently (in Dec ‘22) launched a Home Loan Scheme called ‘Roshni’ for
Tier 1 & Tier 2 cities?
1) Tata Capital Housing Finance Ltd
2) LIC Housing Finance Ltd
3) ICICI Home Finance Ltd
4) PNB Housing Finance Ltd
5) GIC Housing Finance Ltd
Answer- 4) PNB Housing Finance Ltd
Explanation:
The PNB Housing Finance Limited (PNB Housing), a Housing Finance Company(HFC), introduced a
low-cost home loan programme namely ‘Roshni’ enabling individuals from Tier 1 & Tier 2 cities to
apply for loans ranging from Rs 5 lakh to Rs 30 lakh.
i. Through this scheme PNB HFC is committed towards the ‘Housing for All’ mission of the Central
Government.
ii. This launch is in line with PNB HFC’s long-term goal of enabling and assisting an individual to
purchase a home.
55. Name the organization that recently (in Dec ‘22) approved a USD 250 million policy-based
loan to strengthen the Logistics Sector in India.
1) World Bank
5) Association of Southeast Asian Nation
Explanation:
The Asian Development Bank (ADB) approved a USD 250 million policy-based loan to strengthen the
Logistics Sector in India. This funding will support the Indian Government’s reforms to strengthen and
modernize its logistics infrastructure, improve efficiency, reduce Greenhouse Gas (GHG) emission,
and lower cost in the logistics sector.
i. The loan will finance the first subprogram of the Strengthening Multimodal and Integrated Logistics
Ecosystem (SMILE), which supports the Indian government’s efforts to create a comprehensive policy,
planning, and institutional framework at the federal, state, and city levels for multimodal logistics
projects (MMLPs).

56. Which Bank has recently (in Dec ‘22) entered into a bancassurance with Bajaj Allianz Life
Insurance?
1) Yes Bank
3) IndusInd Bank
4) Dhanlaxmi Bank
5) Tamilnad Mercantile Bank
Answer- 5) Tamilnad Mercantile Bank
Explanation:
Tamilnad Mercantile Bank (TMB) signed a pact with Bajaj Allianz Life Insurance to form a
strategic alliance to sell the private life insurer’s term, annuity, and other value-packed products
across its 500 branches.
i. An agreement to that effect was signed on December 9, 2022, by the bank’s Managing Director (MD)
& Chief Executive Officer (CEO) Krishnan and Bajaj Allianz Life Insurance MD & CEO Tarun Chugh.
57. In December 2022, Nomura projected India’s Gross Domestic Product (GDP) growth to
______ in fiscal year 2023-24 (FY24).
1) 7.0%
2) 5.1%
3) 6.2%
4) 4.9%
5) 5.5%
Answer- 2) 5.1%
Explanation:
According to Nomura, a global financial services firm, India’s Gross Domestic Product (GDP) growth
could drop to 5.1 % in fiscal year 2023-24 (FY24), forcing the Reserve Bank of India (RBI) to
decrease the key repo rate by 75 basis points (bps) in the second half (H2) of 2023.
i. The RBI forecasts 6.5% growth in FY24, which is higher than Nomura’s growth projection for FY24.
58. Name the bank that has recently (in Dec ‘22) partnered with GoI’s flagship initiative
‘Startup India’, to launch the 6th ‘Parivartan SmartUp Grants’.
1) IDBI Bank
2) Axis Bank
3) YES Bank
4) ICICI Bank
5) HDFC Bank
Answer- 5) HDFC Bank
Explanation:
HDFC Bank in partnership with the Government of India (GoI)’s flagship initiative ‘Startup
India’, launched the 6th ‘Parivartan SmartUp Grants’, the annual grants program for social
startups.
i. This program aims to identify startups that are working towards social impact and to support them
through monetary grants to their incubators.
ii. The bank has been enabling startups through its state-of-the-art SmartUp program, by providing
specialized banking and value-added services to entrepreneurs.

iii. The Bank is offering grants under the aegis of Parivartan, the umbrella name for the HDFC bank’s
social initiatives.
59. Which insurance company has recently (in Dec ‘22) launched a new ‘Guaranteed Fortune
Plan’ to offer life cover and a lump sum amount after the policy term?
1) Canara HSBC Life Insurance
3) Bajaj Allianz Life Insurance
4) HDFC Life Insurance
5) Edelweiss Tokio Life Insurance
Answer- 1) Canara HSBC Life Insurance
Explanation:
Canara HSBC Life Insurance launched a new ‘Guaranteed Fortune Plan’, a non-linked, non-
participating individual savings life insurance plan that offers life cover and a lump sum amount after
the policy term.
i. The product offers two plan options including Guaranteed Savings Option and Guaranteed Cash
Back Option.
60. Name the insurance company that has recently (in Dec ‘22) partnered with Zooper to
launch a special integrated offering for customers.
1) IFFCO Tokio General Insurance
2) Future Generali India General Insurance
3) Kotak Mahindra General Insurance
5) Universal Sompo General Insurance
Answer- 5) Universal Sompo General Insurance
Explanation:
Universal Sompo General Insurance Company Limited partnered with Zooper, India’s largest
insurance infrastructure Application Programming Interface (API) platform to launch a special
integrated offering for customers.
i. Through this partnership, Universal Sompo General Insurance will provide tailor-made and
affordable insurance cover to its customers.
About Universal Sompo General Insurance Company Limited:
Universal Sompo General Insurance Company Limited is a joint venture (JV) of Indian Bank and Indian
Overseas Bank, Karnataka Bank and Dabur Investment Corporation and Japanese general insurer
Sompo Japan Insurance Inc,,
Managing Director (MD) & Chief Executive Officer (CEO) – Sharad Mathur
61. In December 2022, Shaji K. V. assumed charge as the chairman of which organization?
4) Telecom Regulatory Authority of India

Answer- 5) National Bank for Agriculture and Rural Development (NABARD)
Explanation:
Shaji K V has taken the charge as Chairman of the National Bank for Agriculture and Rural
Development (NABARD) with effect from 7th December 2022.
i. He succeeded Suchindra Misra, Additional Secretary, Department of Financial Services, Ministry of
Finance (MoF), who was holding additional charge.
ii. Prior to this, Shaji K V has been serving as the Deputy Managing Director of NABARD since 21st
May 2020.
62. In December 2022, the Central Board of Direct Taxes (CBDT) exempted the Non-Resident
(NR) taxpayers from mandatory electronic filing of Form 10F until ___________.
1) 31st May 2023
2) 31st January 2023
3) 30th April 2023
4) 31st March 2023
5) 28th February 2023
Answer- 4) 31st March 2023
Explanation:
The Central Board of Direct Taxes (CBDT) has exempted the Non-Resident (NR) taxpayers from
mandatory electronic filing of Form 10F until March 31, 2023. This will be applicable to those NR
taxpayers who are not having a Permanent Account Number (PAN) and not required to have a PAN as
per relevant provisions of the Income-tax Act, 1961 read with Income-tax Rules, 1962.
• These taxpayers can file Form 10F till March 31, 2023 in manual form.
i. NR taxpayers are required to provide a Tax Residency Certificate (TRC) to avail the benefits of the
Double Taxation Avoidance Agreement (DTAA) between their country of residence and India in
respect of any income earned in India.
63. Which bank has recently (in Dec ‘22) acquired 7.75 % of the total share capital of Mintoak
Innovations (Mintoak) for Rs 31.14 crore?
1) IndusInd Bank
2) ICICI Bank
3) Axis Bank
4) HDFC Bank
5) YES Bank
Explanation:
HDFC Bank has acquired 7.75 % of the total share capital of Mintoak Innovations (Mintoak), a
fintech startup, on a fully diluted basis for a total cash consideration of Rs 31.14 crore.
i. Lawrencedale Agro Processing (LEAF) headquartered in Ooty, Tamil Nadu, has entered into a
strategic partnership with HDFC Bank to offer customised financial products and services to
marginalised farmers.
ii. The product improves and provides financial access and inclusion to the entire rural ecosystem and
brings an impact to more than 5 million marginalised farmers.

64. In December 2022, the Asian Development Bank (ADB) declined Asia’s economic growth at
_______ in 2022 from 4.3% forecasted in September 2022, while India’s FY23 GDP growth was
retained at 7%.
1) 4.0%
2) 4.2%
3) 3.9%
4) 4.1%
5) 3.8%
Answer- 2) 4.2%
Explanation:
The Asian Development Bank (ADB) in its ‘Asian Development Outlook (ADO) Supplement, December
2022- Global Gloom Dims Asian Prospects’ declined developing Asia’s economic growth at 4.2% in
2022 from 4.3% forecasted in September 2022.
• For 2023 also it is declined to 4.6% from 4.9% projected in September 2022.
i. For India, Gross domestic product (GDP) growth projections were maintained at 7% in 2022 and
7.2% in 2023.
• India’s inflation rates are forecasted at 6.7% in 2022 and 5.8% in 2023.
65. The GoI has recently (in Dec ‘22) repaid the sum of Rs. 1109 crore to ________ and __________ to
German state-owned lender KfW to fulfill guarantees offered to Infrastructure Leasing &
Financial Services (IL&FS).
1) Asian Development Bank; Rs. 29 crore
2) World Bank; Rs. 54 crore
3) Asian Development Bank; Rs. 54 crore
4) World Bank; Rs. 29 crore
5) International Monetary Fund; Rs 980 crore
Answer- 1) Asian Development Bank; Rs. 29 crore
Explanation:
The Government of India (GoI) has repaid the sum of Rs. 1109 crore to Asian Development Bank
(ADB) and Rs. 29 crore to German state-owned lender KfW to fulfil guarantees offered to
Infrastructure Leasing & Financial Services (IL&FS).
i. The Government provided loan guarantees becoming a lender and entered into the list of IL&FS
creditors.
ii. According to IL&FS’ recent status report, a loan of USD 50.4 million was availed by IL&FS from ADB
in August 2002. and was ensured by the Department of Economic Affairs, Government of India (GoI).
66. Which of the following organizations/companies has recently (in Dec ‘22) granted an in-
principle approval for the transfer of non-convertible debentures (NCD) issued by HDFC
Limited to its subsidiary HDFC Bank?
1) Bombay Stock Exchange Limited
2) National Stock Exchange of India Limited
3) Calcutta Stock Exchange Limited
4) Both 1 & 2
5) Both 2 & 3
Answer- 4) Both 1 & 2

Explanation:
The stock exchanges BSE Limited (formerly known as Bombay Stock Exchange) and NSE Limited
(National Stock Exchange of India Ltd) granted an in-principle approval for the transfer of non-
convertible debentures (NCD) issued by Housing Development Finance Corporation (HDFC) Limited
to its subsidiary HDFC Bank.
i. The approval was provided in terms of Regulation 59 of Securities and Exchange Board of India
(SEBI) (Listing Obligations and Disclosure Requirements) Regulations 2015, subject to sanctioning of
the Scheme by the National Company Law Tribunal (NCLT).
ii. Post-merger HDFC Bank will be twice the size of ICICI Bank, the third-largest lender presently.
HDFC Bank will be 100 percent owned by public shareholders, and the existing shareholders will own
41 percent shares of the bank.
67. In which Indian city, the 1st G20 Finance and Central Bank Deputies (FCBD) Meeting was
held under Indian Presidency in December 2022?
1) Hyderabad, Telangana
2) Bengaluru, Karnataka
3) New Delhi, Delhi
4) Pune, Maharashtra
5) Ahmedabad, Gujarat
Answer- 2) Bengaluru, Karnataka
Explanation:
The 1st G20 (Group of Twenty) Finance and Central Bank Deputies (FCBD) Meeting, under the
Indian Presidency, was held in Bengaluru, Karnataka.
i. It was co-chaired by Secretary Ajay Seth, Department of Economic Affairs (DEA), and Deputy
Governor Dr. Michael Patra, Reserve Bank of India (RBI).
ii. It should be noted that India holds the Presidency of the G20 from December 1, 2022 to November
30, 2023 on the theme of “Vasudhaiva Kutumbakam” or “One Earth, One Family, One Future”.
68. In December 2022, Employees’ State Insurance Corporation (ESIC) approved a proposal to
invest up to _______ of its surplus funds in the stock market via Exchange-Traded Funds (ETFs).
1) 30%
2) 15%
3) 35%
4) 20%
5) 10%
Answer- 2) 15%
Explanation:
Employees’ State Insurance Corporation (ESIC), a Government of India (GoI) social security body, has
approved a proposal to invest up to 15% of its surplus funds in the stock market via Exchange-Traded
Funds (ETFs).
i. The decision was made at the 189th meeting of ESIC, which was chaired by Union Minister
Bhupender Yadav, Ministry of Labour & Employment (MoLE).
ii. The investment will be confined to ETFs on the Nifty and Sensex and will be administered by fund
managers at Asset Management Companies (AMCs).

69. Which organisation has recently (in Dec ‘22) signed a loan agreement worth Rs. 4,444.71
crore with SJVN Green Energy Limited (SGEL) for 1,000 MW Solar power projects at Bikaner,
Rajasthan?
1) Power Finance Corporation
2) Solar Energy Corporation of India
3) Rural Electrification Corporation
4) Indian Renewable Energy Development Agency
5) National Thermal Power Corporation
Answer- 4) Indian Renewable Energy Development Agency
Explanation:
Indian Renewable Energy Development Agency (IREDA) Limited signed a loan agreement worth Rs.
4,444.71 crore with SJVN Green Energy Limited (SGEL), a subsidiary of SJVN Limited (formerly Satluj
Jal Vidyut Nigam Ltd) for 1,000 MegaWatt (MW) Solar power project at Bikaner, Rajasthan.
i. The project will connect to 400/220 KV substation Bikaner-II (near Bikaner).
ii. The project was bagged by SGEL through a tender floated by IREDA under the CPSU Phase-II
(Tranche III) Scheme for development of Grid connected Solar PV Power Project through competitive
Bidding Process based on Viability Gap Funding (VGF) support.
70. Name the organisation that has recently (in Dec ‘22) teamed with M1xchange as the
financier to provide liquidity to MSMEs at low interest rates.
Answer- 3) Small Industries Development Bank of India
Explanation:
The Small Industries Development Bank of India (SIDBI) has teamed with M1xchange as the
financier to provide liquidity to Micro, Small and Medium Enterprises (MSMEs) at low interest rates.
i. SIDBI is the apex financial institution dedicated to the promotion, funding, and development of
MSMEs.
ii. M1xchange, India’s leading Trade Receivables Discounting System (TReDS) platform, provides
MSMEs with early financing within 24 hours via its online bidding platform and an end-to-end digital
process.
71. Which insurance company has recently (in Dec ‘22) launched a first-of-its-kind premium
health insurance policy?
1) Aviva Life Insurance
2) Reliance General Insurance
5) Aegon Life Insurance
Answer- 2) Reliance General Insurance

Explanation:
Reliance General Insurance Company Ltd. (RGICL) has launched a premium health insurance policy,
the “Reliance Health Infinity Policy,” a first of its kind that promises to offer customers endless
benefits to maximize their protection.
i. RGICL claims to be India’s first health insurance plan to provide policyholders discounts depending
on their financial credit score.
Reliance Health Infinity Policy
• Eligibility: The policy is offered in the family floater and individual floater categories (up to 8
members).
• It has sum insured options ranging from Rs 5 lakh to Rs 5 crore.
• The policy is offered to children above the age of 90 days and individuals between the ages of
18 and 65.
72. Name the insurance company that has recently (in Dec ‘22) launched the Emerging
Opportunities Fund.
2) Bharti AXA Life Insurance
3) Birla Sun Life Insurance
4) Tata AIA Life Insurance
5) Aviva Life Insurance
Answer- 4) Tata AIA Life Insurance
Explanation:
Tata AIA Life Insurance Company Limited launched the Emerging Opportunities Fund. The new
fund offering (NFO) will open from 15th December to 30th December 2022, at Rs. 10 per unit, which
is applicable only during the NFO period.
i. The investment objective of the fund is to generate capital appreciation in the long-term by
investing in a portfolio of stocks that offer opportunities in the mid-cap space.
73. Which of the following points are ‘correct’ with respect to the steps taken by the Securities
and Exchange Board of India (SEBI) in December 2022?
A) SEBI has introduced performance benchmarking and categorization for the Portfolio
Management Services (PMS) industry w.e.f. April 1, 2023.
B) The Association of Portfolio Managers in India (APMI) will prescribe a maximum of three
benchmarks for each strategy.
C) SEBI also laid down guidelines for orderly winding down of critical operations and services
offered by clearing corporations (CCs).
1) All A, B & C
2) Only A & B
3) Only B & C
4) Only A & C
5) Only A

Explanation:
SEBI has introduced performance benchmarking and categorization for the Portfolio Management
Services (PMS) industry w.e.f. April 1, 2023. These norms are similar to the current norms in mutual
funds.
• SEBI has provided this information in exercise of its power conferred under Section 11 (1) of
SEBI Act, 1992, read with the provisions of Regulation 43of SEBI (Portfolio Managers)
Regulations, 2020, to protect the interest of investors and to promote the development of
securities market.
i. The Association of Portfolio Managers in India (APMI) will prescribe a maximum of three
benchmarks for each strategy.
ii. SEBI also laid down guidelines for orderly winding down of critical operations and services offered
by clearing corporations (CCs).
• To enable the framework, SEBI had amended the Securities Contracts (Regulation) (Stock
Exchanges and Clearing Corporations) Regulations (SECC Regulations 2018) through a
notification issued on November 15, 2022.
74. Which of the following fintech companies has recently (in Dec ‘22) received imposed curbs
for on-boarding new merchants from the Reserve Bank of India (RBI)?
1) RazorPay
2) Cashfree Payments
3) Paytm
4) Both 1 & 2
5) Both 2 & 3
Explanation:
The Reserve Bank of India (RBI) has imposed curbs on RazorPay and Cashfree Payments for on-
boarding new merchants till they get the final Payment Aggregator (PA) licence.
i. Both entities need to complete the migration of existing merchants to the new platform and submit a
progress report with RBI.
ii. They also require making some systematic upgrades which involve migrations to an escrow
account from a nodal account, integrating RBI’s reporting system so that periodic reports can be
submitted on transactions undertaken and merchants brought into the formal system, among others.
• Following this, RBI will do its evaluation and grant the final licence.
75. Which Small Finance Bank (SFB) has recently (in Dec ‘22) signed an MoU with the
Controller General of Defence Accounts (CGDA), Ministry of Defense (MOD), GoI?
1) AU SFB
2) Ujjivan SFB
3) Jana SFB
4) Utkarsh SFB
5) Equitas SFB
Answer- 5) Equitas SFB
Explanation:
Equitas Small Finance Bank (Equitas SFB) has signed an MoU with the Controller General of Defence
Accounts (CGDA), Ministry of Defense (MOD), Government of India (GoI).

i. With this, Equitas will be able to act as a SPARSH (System for Pension Administration (Raksha))
service centre and provide data verification for pensioners.
ii. Equitas is the first small finance bank (SFB) to be inducted into the SPARSH scheme by the GoI.
76. Name the Small Finance Bank (SFB) that has recently (in Dec ‘22) entered into a
Bancassurance Partnership with the HDFC Life Insurance Company Limited.
1) AU Small Finance Bank
2) ESAF Small Finance Bank
3) Suryoday Small Finance Bank
4) Capital Small Finance Bank
5) Equitas Small Finance Bank
Answer- 1) AU Small Finance Bank
Explanation:
AU Small Finance Bank (AU SFB) entered into a corporate agency arrangement with HDFC Life
Insurance Company Limited (“HDFC Life”), one of India’s leading life insurers through the
bancassurance business model.
i. Under the partnership, customers of AU SFB will be able to access the entire range of life insurance
products offered by HDFC Life, thus fulfilling their need for financial protection.
ii. In addition, it also enables its customers to access the digital platform and the touch points of HDFC
Life for servicing.
77. Which company has recently (in Dec ‘22) launched Google Search-Driven Education
Platform named ‘Roots’ to provide comprehensive investor education and market analysis?
1) Motilal Oswal Securities
2) HDFC Securities
3) Axis Securities
4) ICICI Securities
5) Kotak Securities
Answer- 2) HDFC Securities
Explanation:
HDFC Securities Limited, a stock brokerage firm, has launched “Roots”, a dedicated search-driven
Education platform by Google that provides comprehensive investor education and market analysis.
i. The Unique Selling Point (USP) of the platform is that it produces content which is being searched
on Google by current and prospective investors and traders.
78. Name the bank that has recently (in Dec ‘22) introduced zero-fee banking for savings
accounts.
1) IDFC First Bank
2) HDFC Bank
3) ICICI Bank
4) Axis Bank
5) YES Bank
Answer- 1) IDFC First Bank

Explanation:
On 18th December 2022, On the occasion of its foundation day, IDFC First Bank has introduced zero-
fee banking for savings accounts, as it waives off charges for a range of 25 frequently used
customer-focused banking services that are connected to savings accounts.
i. The services include cash deposits, withdrawals, demand drafts, Immediate Payment Service
(IMSP), SMS alerts, third-party cash transactions, demand drafts, National Electronic Funds Transfer
(NEFT), Real Time Gross Settlement (RTGS), cheque books, interest certificates, insufficient balance
for ATM transactions and international ATM usage.
79. Name the bank that has recently (in Dec ‘22) partnered with Gofrugal Technologies to
empower enterprise customers to adopt Open Network for Digital Commerce (ONDC).
1) Karnataka Bank
2) State Bank of India
3) DBS Bank India
4) IndusInd Bank
5) CSB Bank
Answer- 3) DBS Bank India
Explanation:
DBS Bank India Limited (DBIL) partnered with Gofrugal Technologies Pvt. Ltd., a seller-centric
platform offering Omnichannel ERP solutions to empower enterprise customers, including micro,
small and medium enterprises (MSME) and retail merchants, to adopt Open Network for Digital
Commerce (ONDC) and also enables them to expand their digital commerce footprint.
i. Trucknetic, India’s version of Uber for trucks, has collaborated with DBS Bank India Limited (DBIL)
as a logistics partner on its Business Class platform to offer complete digital banking, logistics, value-
added services, and discounts to SMEs throughout India.
• Trucknetic is the first digital platform in India to book all types of trucks, including electric.
80. Which bank has recently (in Dec ‘22) launched a Special Fixed Deposit of 555 Days with
Returns Up to 7.15%?
1) Bank of Baroda
2) Punjab National Bank
3) Bank of India
4) Bank of Maharashtra
5) Indian Bank
Answer- 5) Indian Bank
Explanation:
Indian Bank, a public sector lender, has announced a new Special Retail Term Deposit Product, “IND
SHAKTI 555 DAYS,” effective December 19, 2022.
i. The minimum amount for the “IND SHAKTI 555 DAYS” product is Rs. 5000, and it has a 555-day
term with an interest rate of 7.00% for the general public and 7.15% for senior citizens.
ii. The Indian Bank has also revised its interest rates on FDs of less than Rs. 2 crore for 555 days in the
form of FDs or Money multiplier deposits (MMDs) with callable options, effective December 19, 2022.

81. Name the personality who has been recently (in Dec ‘22) nominated to the Board of the
Securities and Exchange Board of India (SEBI).
1) Santanu Mitra
2) Anuradha Thakur
3) Sanjay Kumar
4) Manoj Govil
5) Anita Shah Akella
Answer- 4) Manoj Govil
Explanation:
Manoj Govil, a 1991 batch IAS officer of the Madhya Pradesh cadre and Secretary of the Ministry of
Corporate Affairs (MCA), has been nominated to the Board of the Securities and Exchange Board of
India (SEBI).
i. Manoj Govil replaces erstwhile MCA Secretary Rajesh Vermaa, a 1987 batch IAS officer of Odisha
Cadre, on the SEBI Board.
ii. The SEBI Board comprises 9 members, including the Chairperson Madhabi Puri Buch.
82. In December 2022, Life Insurance Corporation of India (LIC) raised its stake in Indian
Railway Catering and Tourism Corporation (IRCTC) from 5.005% to _______ by purchasing 1.8
crore equity shares.
1) 7.278%
2) 8.123%
3) 6.234%
4) 5.980%
5) 8.789%
Answer- 1) 7.278%
Explanation:
India’s largest insurer Life Insurance Corporation of India (LIC) has hiked its shareholding in the e-
ticket booking platform Indian Railway Catering and Tourism Corporation (IRCTC).
i. According to the most recent report made to the stock markets National Stock Exchange (NSE) and
BSE, LIC has added 1,81,80,323 equity shares of IRCTC, raising its total holdings in the state-owned
firm to 5,82,22,948 shares, up from 4,00,42,625 earlier.
ii. LIC increased its ownership stake in IRCTC from 5.005% to 7.278% by purchasing approximately
1.8 crore equity shares.
83. In December 2022, Nitin Gadkari, union minister for Road Transport and Highways,
launched India’s first-ever ‘Surety Bond Insurance’ product from __________ for Infrastructure
Projects.
5) Future Generali India Insurance
Answer- 1) Bajaj Allianz General Insurance

Explanation:
Union Minister for Road Transport and Highways Nitin Gadkari launched India’s first-ever ‘Surety
Bond Insurance’ product from Bajaj Allianz General Insurance Company to reduce the dependence
of infrastructure developers on bank guarantees.
i. The product was introduced in response to the demand identified by the infrastructure sector and
the Government of India (GoI) and it shall be used as a substitute to bank guarantees.
ii. The Surety Bond Insurance is a risk transfer tool for the principal (contract awarding authority)
and shields them from the losses that may arise, when the contractor fails to perform their contractual
obligation.
84. According to the 1Lattice data released in December 2022, ____________ continued to lead the
debit card and HDFC Bank led the credit card markets.
1) IndusInd Bank
3) Indian Bank
4) ICICI Bank
5) Axis Bank
Answer- 2) State Bank of India
Explanation:
According to 1Lattice (previously PGA Labs) data, State Bank of India (SBI), India’s largest public
sector bank, and HDFC Bank, India’s largest private sector bank, continued to lead the debit card and
credit card markets, respectively.
Debit Card Segment
• SBI, with 30% share, is followed by Bank of Baroda (BoB) with 10% growth, Bank of India
(BoI) with 4% growth, and Canara Bank with 7% growth, with BoB owning an 8% market
share and the latter two holding 5% each.
Credit Card Segment
• HDFC bank continued to lead the Credit Card segment with 21% share, registering a growth of
9%.
85. Name the insurance company that has recently (in Dec ‘22) partnered with One97
Communications Limited (OCL) to launch ‘Paytm Payment Protect’ Insurance Plan.
5) Kotak Mahindra General Insurance
Answer- 2) HDFC ERGO General Insurance
Explanation:
One97 Communications Limited (OCL), that owns the brand Paytm, in association with HDFC ERGO
General Insurance Company Limited launched ‘Paytm Payment Protect’, a group insurance plan, to
insure transactions made through Unified Payment Interface (UPI) across all apps and wallets.
i. The first-of-its-kind offering comes at a cost as low as Rs. 30 per annum.
ii. With this collaboration, users can now secure themselves against mobile fraudulent transactions up
to Rs. 10,000.

86. Which bank has recently (in Dec ‘22) signed an MoU with Controller General of Defence
Accounts (CGDA), Ministry of Defence (MoD) to Provide Services to Defence Pensioners?
1) Axis Bank
2) ICICI Bank
3) YES Bank
4) HDFC Bank
5) Bandhan Bank
Answer- 5) Bandhan Bank
Explanation:
Bandhan Bank has signed an MoU with Controller General of Defence Accounts (CGDA), Ministry of
Defence (MoD) to be a part of Central Government’s Outreach Programme for Defence Pensioners on
System for Pension Administration Raksha (SPARSH) by providing a one-stop solution to all pension
related activities of defence pensioners.
i. It should be noted that the Defence Accounts Department (DAD), which is headed by CGDA, and
functions under MoD organized 176th Raksha Pension Samadhan Aayojan, an Outreach Programme
for Defence Pensioners on SPARSH.
ii. Defence Secretary Giridhar Aramane was the Chief Guest at the function.
87. Name the organisation that has recently (in Dec ‘22) approved the phasing out of shares
buyback by companies through stock exchanges.
Explanation:
The Securities and Exchange Board of India (SEBI) approved amendments to the existing buyback
regulations. It phases out share’s buyback by companies through the open market route/stock
exchanges in a gradual manner.
i. This decision followed the recommendations made in the Keki Mistry report, which suggested that
open market share buy backs are prone to misuse.
ii. It also increased the minimum utilization of the amount earmarked for buyback through the stock
exchange route from existing 50% to 75%.
88. Which of the following organisations/companies has recently (in Dec ‘22) launched FIT
Rank for Micro Small and Medium Enterprises (MSMEs) under Small Industries Development
Bank of India (SIDBI) Mentorship?
1) TransUnion CIBIL Limited
2) Online PSB Loans Limited
3) Equifax Inc.
4) Both 1 & 2
5) Both 2 & 3

Explanation:
The credit bureau TransUnion CIBIL Limited in collaboration with Online PSB Loans Limited
(OPL), under the mentorship of the Small Industries Development Bank of India (SIDBI) launched FIT
Rank – a comprehensive ranking model for Micro Small and Medium Enterprises (MSMEs).
i. FIT Rank will rate around 6 crore MSMEs by drawing inputs from their current accounts, Income
Tax Returns (ITR) and Goods and Service Tax (GST) returns, after taking consent to draw the relevant
data, to arrive at a score between 1-10 to rate a borrower.
ii. Using FIT rankings, SIDBI has launched a new Express loan Product for MSMEs to provide loans up
to Rs 50 lakh for the purchase of machinery and roof top solar through straight through processes.
89. Which bank has recently (in Dec ‘22) won IBS Intelligence (IBSi) Global FinTech Innovation
Awards 2022 along with BUSINESSNEXT?
1) HDFC Bank
2) South Indian Bank
3) RBL Bank
4) Karnataka Bank
5) ICICI Bank
Answer- 3) RBL Bank
Explanation:
RBL Bank (formerly known as Ratnakar Bank), one of India’s leading private sector banks, along with
BUSINESSNEXT won IBS Intelligence (IBSi) Global FinTech Innovation Awards 2022 for Most
Impactful Project & Best Customer Relationship Management (CRM) System Implementation.
i. The IBSi Global FinTech Innovation Awards identifies and honours technology companies and banks
for their outstanding work in implementing and innovating financial technology using emerging
technologies.
90. Which of the following points are ‘correct’ with respect to the recent (in Dec ‘22) step taken
by the International Financial Services Centres Authority (IFSCA)?
A) IFSCA introduced a regulatory framework for Distribution of Capital Market Products and
Services under IFSCA (Capital Market Intermediaries) Regulations, 2021 from international
financial services centres (IFSCs).
B) With this, distributors of capital market products can register with the IFSCA, and
undertake global distribution from these IFSCs and offer their services to clients in various
jurisdictions.
C) IFSCA and Council on Energy, Environment and Water (CEEW) have signed an MoU for
mutual assistance and cooperation in the area of sustainable finance.
1) All A, B & C
2) Only A & B
3) Only B & C
4) Only A & C
5) Only A

Explanation:
The International Financial Services Centres Authority (IFSCA) introduced a regulatory framework for
Distribution of Capital Market Products and Services under IFSCA (Capital Market Intermediaries)
Regulations, 2021 from international financial services centres (IFSCs).
• Currently, there is only one IFSC in India i.e. GIFT (Gujarat International Finance Tec) City in
Gujarat.
• The Capital market products include securities as covered under Securities Contracts
(Regulation) Act, 1956.
i. With this, distributors of capital market products can register with the IFSCA, and undertake global
distribution from these IFSCs and offer their services to clients in various jurisdictions.
ii. IFSCA and Council on Energy, Environment and Water (CEEW) have signed an MoU for mutual
assistance and cooperation in the area of sustainable finance.
91. Name the organisation that has recently (in Dec ‘22) introduced “Bima Vahaks“ in each
Gram Panchayat to strengthen the insurance force in India.
2) Telecom Regulatory Authority of India
5) Insurance Regulatory and Development Authority of India
Answer- 5) Insurance Regulatory and Development Authority of India
Explanation:
The Insurance Regulatory and Development Authority of India (IRDAI) will soon introduce “Bima
Vahaks“ in each Gram Panchayat in order to strengthen the insurance force in India.
i. Rakesh Joshi, an IRDAI member, made the announcement during the Business Standard BFSI Insight
Summit 2022 in Mumbai, Maharashtra.
ii. A “Bima Vahak” will be assigned to each Gram Panchayat, to sell and service the ‘Bima Vistar’ line of
basic parametric bundled insurance policies, which provide protection against health, property, life,
and personal accident.
92. Which bank has recently (in Dec ‘22) signed an MoU with Kerala Startup Mission (KSUM) to
provide Financial Services to Startups?
1) IDBI Bank
2) HDFC Bank
3) YES Bank
4) ICICI Bank
5) Axis Bank
Explanation:
Kerala Startup Mission (KSUM) has signed an MoU with HDFC Bank Limited to facilitate an array of
banking services to startups in the state through KSUM’s smart solution SmartUp. The MoU has a time
frame of 1 year.
i. This MoU is a part of the bank’s ongoing effort to support startup culture in Kerala.
ii. Under this MoU, KSUM will refer startups to SmartUp which will provide smart financial tools,
advisory services and technology to aid in achieving their goals.

93. Which has recently (in Dec ‘22) enabled its clients to pay customs duty online by going live
on the Indian Customs Electronic Gateway (ICEGATE)?
1) YES Bank
2) ICICI Bank
3) Karnataka Bank
4) RBL Bank
5) HDFC Bank
Answer- 3) Karnataka Bank
Explanation:
Karnataka Bank has enabled its clients to pay customs duty online by going live on the Indian
Customs Electronic Gateway (ICEGATE), the national gateway of Indian Customs of the Central Board
of Indirect Taxes and Customs.
i. All of Karnataka Bank’s corporate and individual customers will be able to pay customs duty at their
convenience because of the bank’s integration on the ICEGATE platform.
ii. This digital initiative is dedicated to the clients under the KBL–Nxt Digital Transformation project
of the bank.
94. Name the digital payment company that has recently (in Dec ‘22) received in-principle
authorisation from the Reserve Bank of India (RBI) to act as Payment Aggregator (PA).
1) Cashfree
2) Razorpay
3) NineHertz
4) Worldline ePayments India
5) CCAvenue
Answer- 4) Worldline ePayments India
Explanation:
Worldline ePayments India, a leader in digital payments, has received in-principle authorisation
from the Reserve Bank of India (RBI) to act as a Payment Aggregator (PA) under the provisions of
Guidelines on Regulation of Payment Aggregators and Payment Gateways dated March 17, 2020.
i. WEIPL received this communication from the Reserve Bank of India (RBI) on December 20, 2022.
95. Which organisation has recently (in Dec ‘22) received in-principle approval from the
Securities Exchange Board of India (SEBI) to set up Social Stock Exchange as a Separate
Segment?
1) Bombay Stock Exchange Limited
2) National Stock Exchange of India
3) Calcutta Stock Exchange Limited
4) Madras Stock Exchange Limited
5) Bangalore Stock Exchange Limited
Answer- 2) National Stock Exchange of India
Explanation:
Mumbai (Maharashtra) based National Stock Exchange of India (NSE) has received in-principle
approval from the Securities Exchange Board of India (SEBI) to set up Social Stock Exchange (SSE) as
a separate segment of the NSE.

i. SSE was proposed in the Union Budget of 2019-20 to create a platform for listing social enterprises
and voluntary organizations.
ii. To enable fundraising through SSE for not-for-profit organizations (NPOs), the government
introduced ‘zero coupon zero principal’ under the Securities Contracts Regulations Act, 1956.
iii. Currently, the minimum issue size is Rs 1 crore and minimum application size for subscription at
Rs 2 lakh.
96. Tata Power Company Limited has recently (in Dec ‘22) Received _______ Credit Facility from
MUFG (Mitsubishi UFJ Financial Group) Bank of Japan to fund two solar projects under TP
Kirnali Limited (TPKL).
1) Rs. 580 crore
2) Rs. 150 crore
3) Rs. 450 crore
4) Rs. 289 crore
5) Rs. 340 crore
Answer- 3) Rs. 450 crore
Explanation:
Tata Power Company Limited (Tata Power) has acquired a Rs. 450 crore “sustainable trade finance
facility” from MUFG (Mitsubishi UFJ Financial Group) Bank of Japan to fund two solar projects under
TP Kirnali Limited (TPKL). The two solar power projects are:
• A 100 MW (megawatt) renewable energy project in Parthur, Maharashtra
• A 120 MW green energy project in Mesanka, Gujarat.
97. Who has been appointed as the Managing Director (MD) and Chief Executive Officer (CEO)
of SBI Funds Management Limited (SBIFML) in December 2022?
1) Aparna Nirgude
2) Shamsher Singh
3) R. S. Srinivas Jain
4) D.P. Singh
5) Rajeev Radhakrishnan
Answer- 2) Shamsher Singh
Explanation:
SBI Funds Management Limited (SBIFML), a joint venture between State Bank of India (SBI) and
Amundi, Europe’s largest asset manager, appointed Shamsher Singh as its Managing Director (MD)
and Chief Executive Officer (CEO).
i. He will take over the charge as MD & CEO of SBIFML from Vinay M Tonse following his repatriation
to the SBI.
ii. Previously he was serving as the deputy MD at SBI.
98. Name the company that has recently (in Dec ‘22) completed their separation from Walmart
owned e-commerce platform, Flipkart.
1) Razorpay
2) CRED
3) Paytm
4) PhonePe

5) BharatPe
Answer- 4) PhonePe
Explanation:
Walmart owned e-commerce platform, Flipkart and PhonePe completed their separation and both
entities will continue to operate under US-based retail giant Walmart.
i. With this transaction, PhonePe becomes a fully India domiciled company.
ii. As part of this transaction, existing Flipkart Singapore and PhonePe Singapore shareholders, led by
Walmart, have purchased shares directly in PhonePe India.
• Now, Walmart will remain the majority shareholder of both Flipkart and PhonePe.
99.What is the total loan amount provided by International Finance Corporation (IFC) (as of
Dec ‘22) to the Housing Development Finance Corporation (HDFC) Limited to boost green
affordable housing finance in India?
1) USD 200 million
2) USD 400 million
3) USD 500 million
4) USD 800 million
5) USD 150 million
Answer- 2) USD 400 million
Explanation:
International Finance Corporation (IFC), a member of the World Bank Group, provided a loan of USD
400 million to Housing Development Finance Corporation (HDFC) Limited to boost green affordable
housing finance in India, which shall support India’s shift towards a more sustainable growth path,
creating jobs and ensuring long-term business growth.
i.This new investment would help in bridging the urban housing gap and improve access to climate-
smart affordable homes in India.
100. _________ is the reported growth rate made by International Monetary Fund (IMF) in the
current fiscal year (FY23) (as of Dec ‘22) for India, which will be falling to _________ in the next
fiscal year (FY24).
1) 6.8 %, 6.1 %
2) 7%, 6.8%
3) 6.6%, 6.1 %
4) 6.5%, 6.8 %
5) 6.1 %, 6.8 %
Answer- 1) 6.8% And 6.1%
Explanation:
On 23rd December 2022 the International Monetary Fund (IMF) in its Article IV consultation report
projected a growth rate of 6.8 percent in the current fiscal year (FY23) and falling to 6.1 percent for
India in the next fiscal year (FY24).
i.The IMF board also suggested that the Monetary tightening must be communicated to balance
inflation objectives and growth needs.

101. As of Dec’ 22 who has been re-appointed as the MD & CEO of Equitas Small Finance Bank
for a term of 3 years?
1) Navin Avinashchander Puri
2) Ramesh Rangan
3) Narayanaswamy Balakrishnan
4) P N Vasudevan
5) Arun Ramanathan
Answer- 4) P N Vasudevan
Explanation:
On 23rd December 2022, the Board of Equitas Small Finance Bank (SFB) has decided to extended the
term of PN Vasudevan as Managing Director (MD) and Chief Executive Officer (CEO) for a period of 3
years of with effect from 23rd July 2022, subject to approval from the Reserve Bank of India (RBI).
• PN Vasudevan is the founder of Equitas SFB and his current term as MD & CEO expires on 22nd
July 2023.
102. Which of the following statements is/are “Correct” with regard to the amendment made
by the Reserve Bank of India (RBI) on the bank locker rules w.e.f. January 1, 2023?
A) Banks should ensure that any unfair terms or conditions are not incorporated in their
locker agreements.
B) All the existing locker depositors are required to sign a renewal agreement before the
specified date.
C) All the existing locker depositors are required to furnish proof of eligibility for a renewed
locker arrangement.
1) Only A
2) Only B
3) Both A & B
4) Both C & A
5) All the above
Answer- 5) All the above
Explanation:
The Reserve Bank of India (RBI) has amended the bank locker rules w.e.f. January 1, 2023. In this
regard, all the existing locker depositors are required to furnish proof of eligibility for a renewed
locker arrangement. They are required to sign a renewal agreement before the specified date.
• The agreement must follow the model drafted by the Indian Bank Association (IBA) in line with
the Supreme Court’s (SC) orders and guidelines.
103. Which insurance company recently (in Dec '22) launched ‘Respect Senior Care Rider’ for
Senior Citizens?
1) Edelweiss General Insurance Company
2) Care Health General Insurance Company
3) Aditya Birla General Insurance Company
4) Bajaj Allianz General Insurance Company
5) Bharti AXA General Insurance Company
Answer- 4) Bajaj Allianz General Insurance Company

Explanation:
Bajaj Allianz General Insurance Limited launched the ‘Respect Senior Care Rider’, a unique and first-
of-its-kind health insurance riders, which will offer 360-degree assistance for senior citizens.
i.The main aim of the rider product is to minimise the worries of senior citizens and of their family
members who are living in different cities.
104. What is the name of the bill payments business for which the Infibeam Avenues Limited
(IAL) has recently (in Dec '22) received Perpetual Licence from the RBI?
1) EBS
2) BillAvenue
3) Instamojo
4) PayUmoney
5) CCAvenue
Answer- 2) BillAvenue
Explanation:
Infibeam Avenues Limited (IAL), India’s first listed payments infrastructure firm, has received
Perpetual Licence for its bill payments business, BillAvenue from the Reserve Bank of India (RBI).
i.BillAvenue is a unified, interoperable online bill payment platform, built on the NPCI’s Bharat BillPay
infrastructure to provide ‘anytime, anywhere’ bill payment facilities to customers across India
through a network of small & medium agents to large agent Institutions
105. In December 2022, SEBI expanded its High-Powered Steering Committee on Cyber
Security (HPSC-CS) to _________ from 6 members and expanded its panel on Information Systems
Security Committee (ISSC) to 7 members.
1) 7 members
2) 9 members
3) 10 members
4) 8 members
5) 11 members
Answer- 4) 8 members
Explanation:
The Securities and Exchange Board of India (SEBI) expanded its High-Powered Steering Committee
on Cyber Security (HPSC-CS) and Information Systems Security Committee (ISSC) to strengthen cyber
security frameworks and cyber resilience requirements:
i. This committee has been expanded to 8 members from 6 members. It will continue to be chaired
by Navin Kumar Singh, Director General (DG) at National Critical Information Infrastructure
Protection Centre (NCIIPC).
ii. SEBI also expanded its panel on Information Systems Security Committee (ISSC) to 7 members
which will continue to be chaired by Prof H. Krishnamurthy, IISc, Bengaluru.
106. Name the state government that has recently (in Dec ‘22) launched SBI Foundation and
Himalayan Environmental Studies and Conservation (HESCO)’s Project to help Chamoli villages
fight climate change.
1) West Bengal
2) Arunachal Pradesh

3) Nagaland
4) Assam
5) Uttarakhand
Answer- 5) Uttarakhand
Explanation:
Pushkar Singh Dhami, Chief Minister (CM) of Uttarakhand, launched the ‘Climate Resilient
Livelihoods for Disaster Prone Region of Uttarakhand ‘project helping Chamoli’s (Uttarakhand)
villages fight climate change.
i. The project is designed by the collaboration of the SBI Foundation, the Corporate Social
Responsibility (CSR) arm of the State Bank of India (SBI), and Himalayan Environmental Studies and
Conservation (HESCO).
ii. SBI General Insurance Company Limited is providing financial support for the project, which will be
carried out over 3 years until May 2025.
107. Which of the following points is/are ‘Incorrect’ with respect to the ‘Report on Trend and
Progress of Banking in India 2021-22’ published by the RBI in December 2022?
1) The Gross Non-Performing Assets (GNPA) ratio of Scheduled Commercial Banks (SCBs) declined to
3% in September 2022 from 5% in 2017-18.
2) As per the report, the banks may need to raise deposit rates more to meet a surge in credit demand
due to an increase in the credit growth during 2021-22.
3) By August 2022, out of a total of 462.5 million Pradhan Mantri Jan Dhan Yojana (PM-JDY) accounts,
only 8.2% of PMJDY accounts were zero balance accounts.
4) In FY22, bank frauds increased in number terms with a report of 9,102 frauds of Rs 60,389 crore
against 7,358 frauds with an amount involved of Rs 1.37 lakh crore in FY21.
5) PVBs (Private Banks) surpassed PSBs (Public Sector Banks) in September 2022 by increasing their
share in total credit to 38.4% from 37.5% a year ago due to increase in demand.
Answer- 1) The Gross Non-Performing Assets (GNPA) ratio of Scheduled Commercial Banks
(SCBs) declined to 3% in September 2022 from 5% in 2017-18.
Explanation:
According to the Report on Trend and Progress of Banking in India 2021-22 published by the RBI, the
Gross Non-Performing Assets (GNPA) ratio of SCBs declined to 5% in September 2022 from 9% in
2017-18.
• This is an annual report, a statutory publication in compliance with Section 36 (2) of the
Banking Regulation Act, 1949.
i. As per the report, the banks may need to raise deposit rates more to meet a surge in credit demand
due to an increase in the credit growth during 2021-22, the incremental credit-deposit (C-D) ratio
reached a four-year high.
ii. By August 2022, out of a total of 462.5 million Pradhan Mantri Jan Dhan Yojana (PM-JDY) accounts,
81.2% were operative, up from 76% in 2017 and Only 8.2% of PMJDY accounts were zero balance
accounts.
iii. In FY22, bank frauds increased in number terms with a report of 9,102 frauds of Rs 60,389 crore
against 7,358 frauds with an amount involved of Rs 1.37 lakh crore in FY21.
iv. PVBs surpassed PSBs in September 2022 by increasing their share in total credit to 38.4% from
37.5% a year ago due to increase in demand.

v. In cases where corporate insolvency resolution processes (CIRPs) were initiated under the
Insolvency and Bankruptcy Code by financial creditors (FCs), realisations until September 2022 were
close to 201% of the liquidation value.
108. In December 2022, the Asian Development Bank (ADB) signed a _________ loan agreement
with the GoI to improve urban services in three cities: Coimbatore, Madurai, and Thoothukudi
of Tamil Nadu.
1) USD 150 million
2) USD 138 million
3) USD 140 million
4) USD 125 million
5) USD 100 million
Answer- 4) USD 125 million
Explanation:
Asian Development Bank (ADB) signed a USD 125 million (about Rs 1,025 crore) loan agreement
with Government of India (GoI) to develop climate-resilient sewage collection and treatment along
with the drainage and water supply systems in three cities, Coimbatore, Madurai and Thoothukudi of
Tamil Nadu (TN).
i. This is the third and the last tranche (tranche 3 loan) of the USD 500 million multi-tranche
financing facility (MFF) for the TN Urban Flagship Investment Programme approved by ADB in 2018
for building priority water supply, sewerage, and drainage infrastructure in strategic industrial
corridors across 10 cities in TN.
109. Who has been recently (in Dec ‘22) re-appointed as the Managing Director (MD) and Chief
Executive Officer (CEO) of Suryoday Small Finance Bank (SFB) for 3 years?
1) P. S. Jagdish
2) Baskar Babu Ramachandran
3) P Surendra Pai
4) G. V. Alankara
5) Ramachandran Rajaraman
Answer- 2) Baskar Babu Ramachandran
Explanation:
The Reserve Bank of India (RBI) approved the re-appointment of Baskar Babu Ramachandran as
Managing Director (MD) and Chief Executive Officer (CEO) of Suryoday Small Finance Bank (SFB)
Limited for a further period of three years with effect from 23rd January 2023.
i. RBI has approved the appointment under terms of the provisions of Section 35B of the Banking
110. Which organisation has recently (in Dec ‘22) released its web publication, "Statistical
Tables Relating to Banks in India: 2021-22,” covering the activities of the Indian Banking
Sector?
5) NITI Aayog
Answer- 1) Reserve Bank of India
Explanation:
The Reserve Bank of India (RBI) released its web publication entitled ‘Statistical Tables relating to
Banks in India: 2021-22’ covering the activities of the Indian banking sector.
i. It presented entity-wise information on major items of liabilities and assets along with their
maturity profile; income and expenses; select financial ratios, number of employees and details of
priority sector advances for Scheduled Commercial Banks (excluding regional rural banks), capital to
risk weighted asset ratios (CRARs), non-performing assets (NPAs), among others.
111. Name the Indian company that has recently (in Dec ‘22) signed an MoU with UK based firm
‘Anuva’ to conduct genomic-based research on various communicable & non-communicable
diseases in India.
1) Piramal Enterprise Ltd
2) Fortis healthcare Institute
3) Wockhardt Ltd
4) Max Healthcare Institute
5) Cipla Ltd
Answer- 4) Max Healthcare Institute
Explanation:
Max Healthcare Institute and Anuva, a United Kingdom (UK)-based genomics biotech company,
formerly known as the Global Gene Corp, have partnered to conduct genomic-based research on
various communicable and non-communicable diseases in India. They have signed an MoU for a 5-
year engagement.
i. The research aims to discover new information for the application of precious medicine to diseases
including breast cancer, lung cancer, diabetes, cardiac disease, kidney disease, and others.
112. In December 2022, the Insurance Regulatory and Development Authority of India (IRDAI)
made Know Your Customer (KYC) norms mandatory for the purchase of all new insurance
policies from ________________.
1) 1st March 2023
2) 1st January 2023
3) 1st April 2023
4) 1st May 2023
5) 1st February 2023
Answer- 2) 1st January 2023
Explanation:
The Insurance Regulatory and Development Authority of India (IRDAI) has made Know Your
Customer (KYC) norms mandatory for the purchase of all new insurance policies, irrespective of their
premiums, starting January 1, 2023.
• This rule will apply to all types of insurance — life, general and health insurance.
i. At present, KYC documents are not mandatory for buying non-life or general insurance policies such
as health insurance, auto insurance, and travel insurance policies.

• Currently, only at the time of claim in health insurance policies, especially if the claim value is
greater than Rs 1 lakh, the customer is required to submit the PAN (Permanent Account
Number) card and Aadhar.
ii. Currently, a policyholder is required to provide a PAN card or Form 60 if the aggregate insurance
premium is Rs 50,000 or more in a financial year.
113. In December 2022, the Maha Metro Corporation raised a loan of Rs. 3,586 crore for the
second phase of its Metro project in Nagpur from which of the following orgnaisation?
2) European Investment Bank
3) Asian Infrastructure Investment Bank
4) Both 1 & 2
5) Both 2 & 3
Explanation:
The Maha Metro Corporation has finalised its debt arrangement and raised a loan of Rs. 3,586
crores from Asian Development Bank (ADB) and the European Investment Bank (EIB) for the
second phase of its Metro project in Nagpur.
i. Around 630 million Euros was arranged during the first phase of the project and was funded by
France’s AFD and KFW, a German agency.
ii. The Phase II of the project will extend the existing 4 corridors of Phase-I covering a total distance of
43.8 km. The second phase will be completed by 2026.
114. Name the health insurance company that has recently (in Dec ‘22) signed a pact with the
Swara Fincare Limited to pay 3 EMIs of the customer in case of hospitalization for 5 days or
more.
1) Bajaj Allianz Health Insurance
2) Niva Bupa Health Insurance
3) Bharti AXA Health Insurance
4) Aditya Birla Health Insurance
5) Star Health and Allied Insurance
Answer- 2) Niva Bupa Health Insurance
Explanation:
Niva Bupa Health Insurance Company Limited (formerly Max Bupa Health Insurance) signed a pact
with Swara Fincare Limited, a non-banking-lender, to pay the debtors' 3 EMIs (equated monthly
installments) if they were hospitalized for more than 5 days.
i. According to Niva Bupa, less than 20% of the rural population currently has health insurance.
ii. Niva Bupa Health Insurance and Swara Fincare are collaborating to democratise health insurance in
India to close the gap when the debtor was hospitalized.

Static Banking Questions
1. Who is the current (in Dec ‘22) Managing Director (MD) & Chief Executive Officer (CEO) of
UTI Asset Management company?
1) Deepak Kumar Chatterjee
2) Rajeev Kakar
3) Dinesh Kumar Mehrotra
4) Narasimhan Seshadri
5) Imtaiyazur Rahman
Answer- 5) Imtaiyazur Rahman
Explanation:
Imtaiyazur Rahman is the Managing Director & Chief Executive Officer of UTI Asset Management Co.
Ltd.
i. After spending over three decades in the Indian mutual fund industry – all of which were with a
single fund house - Swati Kulkarni, the former Executive Vice President and Fund Manager – Equity at
UTI AMC, retired in November, 2022.
ii. She joined UTI AMC in 1992 and has been a Fund Manager since 2004.
2. Who was recently (in Dec ‘22) appointed as the new chairman of Shriram Finance Limited?
1) Arunima Dutta
2) Jugal Kishore Mohapatra
3) Archana Gupta
4) Vinod Kumar
5) Atish Mathur
Answer- 2) Jugal Kishore Mohapatra
Explanation:
Shriram Transport Finance Company (STFC), which changed its name to Shriram Finance, saw a top-
level rejig after the restructuring of the group, with former Odisha cadre civil service officer Jugal
Kishore Mohapatra being elected as its new chairman of Shriram Transport Finance Company
(STFC).
i. Mohapatra replaced S Lakshmninarayanan, who served as the Chairman of STFC for nearly nine
years, and earlier as an independent director for four years.
3. How many member countries are in Asian Development Bank (ADB)?

1) 45
2) 100
3) 54
4) 92
5) 68
Answer- 5) 68
Explanation:

4. In December 2022, National Dairy Development Board (NDDB) & Amul brand to provide
technical support to enhance milk production in Sri Lanka.
Who is the current (as of Dec ‘22) Chairman of National Dairy Development Board (NDDB)?
1) Amrita Patel
2) Dilip Rath
3) Varsha Joshi
4) Meenesh Shah
5) Nadan Kumar
Answer- 4) Meenesh Shah
Explanation:
Meenesh Shah is the present Chairman of National Dairy Development Board (NDDB).
i. National Dairy Development Board (NDDB) & Amul brand to provide technical support to enhance
milk production in Sri Lanka.
ii. The Sri Lankan government is being assisted by the officials of the National Dairy Development
Board (NDDB) and the Gujarat Cooperative Milk Marketing Federation (GCMMF), which markets milk
under the Amul brand.
5. In December 2022, Life Insurance Corporation of India (LIC) increased its stake in HDFC Ltd
to over _______.
1) 5%
2) 3%
3) 6%
4) 2%
5) 7%
Answer- 1) 5%
Explanation:
Life Insurance Corporation of India (LIC), the country's largest insurer, has increased its stake in
HDFC Ltd to over 5% following the acquisition of shares from the open market.
i. LIC purchased 1.2 lakh shares from the open market, hiking its stake in the company to 5.003 per
cent, mortgage lender HDFC Ltd said in a regulatory filing.
6. Where is the Headquarters of HDFC Limited?

1) Mumbai, Maharashtra
2) New Delhi, Delhi
3) Vadodara, Gujarat
4) Kolkata, West Bengal
5) Chennai, Tamil Nadu
Answer- 1) Mumbai, Maharashtra
Explanation:
About HDFC Ltd:
Tagline– With You, Right Through

7. According to the RBI, WALR stands for?
1) Working Average Lending Rates
2) Weighted Average Leading Ratio
3) Wholesale Average Lending Rates
4) Weighted Average Lending Rates
5) Weighted Acquired Leading Ratio
Answer- 4) Weighted Average Lending Rates
Explanation:
The Reserve Bank of India (RBI) is keeping a close watch on the process of transmission of policy repo
rate to lending and deposit rates, according to Governor Shaktikanta Das.
i. While announcing the December 2022 policy statement, the governor said that the weighted
average rate of fresh deposits has increased by 150 basis points compared to 117 basis points
increase in the weighted average lending rates on fresh rupee loans.
ii. The weighted average lending rates (WALRs) on fresh and outstanding rupee loans have
increased by 117 basis points (bps) and 63 bps, respectively, during the period May to October 2022.
8. In which year the World Bank (WB) was established?

1) 1964
2) 1950
3) 1944
4) 1948
5) 1952
Answer- 3) 1944
Explanation:
President– David Robert Malpass
Headquarters– Washington D.C, United States (US)
9. In December 2022, State Bank of India (SBI) raised Rs. 10,000 crore through its maiden
infrastructure bond issuance at a coupon rate of 7.51%.
What is the tenor for the bond?
1) 3 years
2) 6 years
3) 4 years
4) 10 years
5) 5 years
Answer- 4) 10 years
Explanation:
State Bank of India raised Rs.10,000 crore through its maiden infrastructure bond issuance at a
coupon rate of 7.51 per cent. The tenor for the bond is set at 10 years. It is the largest single infra
bond sale by any domestic lender.
i. The proceeds of the bond will be utilized to enhance long- term resources for funding infrastructure
and affordable housing segments, State Bank of India (SBI).

ii. The issue was oversubscribed 3.27 times or bids worth ₹16,366 crore, against the base issue from
143 bids, demonstrating the confidence of the investor class
Note- Tenor is the period of credit or installments given to the debtor and must be paid to the lending
company.
10. In December 2022, the Bank of England unveiled its first banknotes featuring King
___________, following the death of Queen Elizabeth II.
1) Charles III
2) Edward
3) Harry
4) Charles II
5) Andrew
Answer- 1) Charles III
Explanation:
The Bank of England has unveiled its first banknotes featuring King Charles III, following the death of
Queen Elizabeth II.
i. The notes are expected to enter circulation in mid-2024, gradually replacing those featuring
Charles’s late mother, who began appearing on paper money in 1960.
ii. There are over 4.7 billion Bank of England notes in circulation, together worth about £82 billion
($99.8 billion). Since 1956 they have been printed at the Debden Printing Works, a high-security
compound in Essex.
11. Indian Financial System Code (IFSC) is a unique ________ digit alphanumeric code.
1) 12
2) 7
3) 11
4) 15
5) 10
Answer- 3) 11
Explanation:
The Indian Financial System Code (IFSC), is a unique 11-digit alphanumeric code that is used for
online fund transfer transactions done via National Electronic Funds Transfer (NEFT), Real-Time
Gross Settlement (RTGS) and Immediate Mobile Payment Service (IMPS)
12. Who is the current (as of Dec ‘22) Chairperson of the International Financial Services
Centres Authority (IFSCA)?
1) Arjun Prasad
2) Injeti Srinivas
3) Saurabh Kumar
4) Chintan R Panchal
5) Hemant Verma
Answer- 2) Injeti Srinivas

Explanation:
About International Financial Services Centres Authority (IFSCA):
Chairperson– Injeti Srinivas
Headquarters– Gandhinagar, Gujarat
13. _________ is a rate at which the Reserve Bank of India (RBI) borrows money from commercial
banks.
1) Repo rate
2) Reverse repo rate
3) Statutory Liquidity Ratio
4) Bank Rate
5) Cash reserve ratio
Answer- 2) Reverse repo rate
Explanation:
Repo rate – Repo rate is the rate at which RBI gives loans to commercial banks against government
securities.
Reverse repo rate – A reverse repo rate is a rate at which RBI borrows money from commercial
banks.
14. Mobile Money Identifier (MMID) is a _____ digit code issued by the bank to their Mobile
Banking registered customers for availing IMPS service as a beneficiary.
1) 7
2) 12
3) 9
4) 4
5) 8
Answer- 1) 7
Explanation:
Mobile Money Identifier (MMID) is a 7-digit code issued by the bank to their Mobile Banking
registered customers for availing Immediate Payment Service (IMPS) service as a beneficiary.
i. You will have different MMIDs for different accounts and all these could be linked to a single
registered mobile number.
• First four digits – to identify the bank of the user
• Next three digits – to identify the account of the user.
15. Who is the Chairman and Managing Director of the International Monetary Fund (IMF) as of
December 2022?
1) Christine Lagarde
2) Kristalina Georgieva
3) Dominique Strauss-Kahn
4) Rodrigo de Rato
5) Horst Köhler
Answer- 2) Kristalina Georgieva

Explanation:
Ms. Kristalina Georgieva, from Bulgaria, is Managing Director and Chairman of the Executive Board
from October 1, 2019
• Before joining the IMF, Ms. Georgieva was CEO of the World Bank from January 2017 to
September 2019, during which time she also served as Interim President of the World Bank
Group for three months.
16. When was the International Finance Corporation (IFC) established ?

1) 1953
2) 1944
3) 1957
4) 1962
5) 1959
Answer- 2) 1944
Explanation:
About International Finance Corporation (IFC):
Managing Director (MD) – Makhtar Diop
Headquarters – Washington D.C, New York (NY)
Parent Organisation – World Bank
17. When was the Bajaj Allianz General Insurance Company Limited established?
1) 1999
2) 2001
3) 2000
4) 2005
5) 2002
Answer- 2) 2001
Explanation:
About Bajaj Allianz General Insurance Company Limited:
Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Finserv Limited and
Allianz SE.
Managing Director (MD) & Chief Executive Officer (CEO) – Tapan Singhel
Headquarters – Pune, Maharashtra
18. Where is the headquarters of Asian Development Bank (ADB) located?

1) Bangkok, Thailand
2) Shanghai, China
3) Manila, Philippines
4) Tokyo, Japan
5) Jakarta, Indonesia
Answer- 3) Manila, Philippines

Explanation:
19. Who is the current (as of Dec ‘22) Managing Director (MD) and Chief Executive Officer
(CEO) of ICICI Bank?
1) Shyam Srinivasan
2) Sashidhar Jagdishan
3) Anup Kumar Sinha
4) Sandeep Bakhshi
5) Rakesh Makhija
Answer- 4) Sandeep Bakhshi
Explanation:
Sandeep Bakhshi is the Managing Director (MD) and Chief Executive Officer (CEO) of ICICI Bank
since October 15, 2018. Prior to his appointment as MD & CEO, he was a Wholetime Director and the
Chief Operating Officer (COO) of the Bank.
i. Private sector ICICI Bank announced that it has raised Rs 5,000 crore through bonds to fund
business growth.
ii. The bank has allotted 50,000 senior unsecured redeemable long-term bonds in the nature of
debentures aggregating to Rs 5,000 crore on private placement basis, the date of allotment being
December 12, 2022.
iii. The bonds are redeemable at the end of 7 years (redemption date being December 12, 2029)
20. According to the fifth edition of Coal vs Renewable Financial Analysis released in December
2022, L&T Finance replaced _____________ as the biggest financier in project finance for
renewable energy in 2021.
2) Tata Power Company Ltd
3) Reliance Industries Ltd
4) Websol Energy System Ltd
5) Indian Oil Corporation Ltd
Answer- 1) State Bank of India
Explanation:
The fifth edition of Coal vs Renewable Financial Analysis identifies L&T Finance replacing State Bank
of India (SBI) as the biggest financier in project finance for renewable energy in 2021.
i. The fifth edition of Coal vs Renewable Financial Analysis, authored by Climate Trends and Centre for
Financial Accountability (CFA), was released at CFA's annual energy finance conference hosted in
collaboration with IIT Madras.
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RBI revised Bank Locker Rules rules w.e.f. January 1, 2023

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APPOINTMENTS & RESIGNATIONS

MCA Secretary Manoj Govil nominated as SEBI Board Member

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Shaji K V Assumes Charge as Chairman of NABARD

P N Vasudevan to Continue as MD & CEO of Equitas Small Finance Bank

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India Extends Financial Assistance Worth USD 100 million to Maldives

SEBI hikes debt funds’ limit to 12% in Single Issuer Securities

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Germany Announces 1 billion EURO for Energy Transition Projects in India

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India’s Economic Growth slows to 6.3% in Q2FY23: NSO Data

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BoB’s Launches Foreign Currency Loan against INR Deposits

ICICI Bank Launches STACK for Companies in Real Estate Sector

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City Union Bank authorised to enable GST Payments

India’s Unemployment rate rises to three-month high at 8% in November 2022: CMIE

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EPFO Data Shows 35% Jump in Formal Job Creation in H1 FY23

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Razorpay Enables Merchants to Accept Credit Card Payments on UPI

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ICICI Lombard, AU Small Finance Bank tied-up for Bancassurance

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Federal Bank unveils ‘Football Fiesta’ Campaign

Global Trade Growth to slowdown in 2023: WTO Barometer

ADB Partners with GoI to Provide USD 3 Million PRF Facility

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SIDBI & Saudi Arabia’s Monsha’at signs MoU to develop MSMEs

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IndusInd Bank enters into Rs 500-crore co-lending pact with SV Creditline

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PayMate receives In-Principle authorization to operate as a Payment Aggregrator from RBI

StocX.in Launches India’s First Private Market Index to Monitor Values

SEBI issues Framework for AIFs to Raise Money from FPIs

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Nomura: India’s GDP Expected to Grow At 5.1% In FY24

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Canara HSBC Life Insurance Launches Non-Participating ‘Guaranteed Fortune Plan’

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