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Banking, Finance & Economy PDF 2023 – March
Table of Contents
Banking, Finance & Economy News: March 2023 ............................................................................................................ 6
Banking, Finance & Economy Q&A: March 2023 ............................................................................................................ 94

Banking, Finance & Economy News: March 2023
RBI IN NEWS
RBI Q3FY23 Statistics Report of SCBs: Bank Credit growth at 16.8%; Deposit growth at 10.3%
As per the Reserve Bank of India’s (RBI) ‘Quarterly Statistics on Deposits and Credit of SCBs (Scheduled
Commercial Banks): December 2022’ report, the year on year (y-o-y) Bank credit growth in Q3FY23 (October
– December 2022) was about 16.8% as compared with 17.2% in Q2FY23 and 8.4% in Q2FY22.
• Growth in credit was led by bank branches in metropolitan centres, which account for nearly 60% of
the total credit by SCBs and recorded 17.2 per cent rise (y-o-y) in lending.
• The aggregate deposits in December 2022 increased by 10.3% (y-o-y) led by 13.2% growth in term
deposits.
Key Points:
i.Bank’s Credit Growth:
• Public sector banks’ Credit increased by 15.7% in the calendar year 2022 compared with 4.7% in
2021.
• The private sector banks’ credit increased by 19.1 % in 2022 against 13.1% in 2021.
• Credit growth of foreign banks reported a slowdown, with an increase of 9.6% in December 2022,
much lower than both 13.8% as of September 2022 and 15.8% as of December 2021.
ii.The current and savings deposits recorded moderate growth of 4.6% and 7.3%, respectively.
iii.The term deposits in 2022 was about 13.2%, whereas low-cost current and savings (CASA) deposits
recorded growth of 4.6% and 7.3%, respectively.
iv.Deposit mobilisation by public sector banks improved to 8.8% growth in December 2022 from 6.9% in
December 2021.
v.The all-India credit-deposit (C-D) ratio increased to 75.9 % in December 2022, and it remained above 100%
for Andhra Pradesh, Maharashtra, Tamil Nadu, and Telangana.
About the 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 Data: Retail Trade and NBFCs Drive Credit Growth in Services
According to the “Sectoral Deployment of Bank Credit — January 2023” data from the Reserve Bank of India
(RBI), significant offtake from retail and Non-Banking Financial Companies (NBFCs) led to a rise in credit to
services of 21.5% year over year (YoY) in January 2023 compared to 5.7% in January 2022.
• Loans to retail climbed by 21.8% in January 2023, up from 6.9% in January 2022.
• Loans to NBFCs climbed by 31% in January 2023, compared to 9.9% in January 2022.
• NBFCs lend sectors such as retail, micro, small, and medium enterprises (MSMEs), agriculture in
addition to microloans.
The data is collected from 40 designated scheduled commercial banks (SCBs), which make up roughly 93% of
all non-food credit deployed by SCBs.

Note – NBFCs include Housing Finance Companies (HFCs), Public Financial Institutions (PFIs), Microfinance
Institutions (MFIs), and NBFCs engaged in gold loan and others.
Highlights of The Sectoral Deployment of Bank Credit
i.Non-food bank credit increased 16.7% in January 2023 compared to 8.3% in January 2022 on an annual
basis.
ii.In January 2023, credit to personal loans grew by 20.4% YoY, up from 12.8% in January 2022, largely driven
by ‘housing’ and ‘vehicle loans’.
• Housing loans climbed 15.4% YoY in January 2023 compared to 12.8% in January 2022.
• The home loan portfolio of Banks increased from Rs. 16.36 trillion in January 2022 to Rs. 18.88
trillion in January 2023.
iii.Around Rs. 1 trillion had been lent by Banks for vehicle purchases over the past 12 months, which led to a
25.5% YoY increase in loans in January 2023 as opposed to a 9.6% YoY increase in January 2022.
iv.Credit to industry grew at an 8.7% annual rate in January 2023, compared to 5.9% in January 2022.
• Credit to large industries climbed by 6.5% in January 2023, compared to 0.2% in January 2022.
• Growth in medium-industry credit has slowed from 52.4% in January 2022 to 18.1% in January
2023.
• The rate of credit growth for micro- and small- industries dropped from 23.3% in January 2022 to
15.2% in January 2023.
v.The rate of credit growth for agricultural and allied sectors increased from 10.4% in January 2022 to
vi.Credit to the services sector rose by 21.5% YoY in January 2023 compared with 5.7% in January 2022.
vii.Over the course of a year, loan growth increased in industries like basic metal and metal products, beverage
and tobacco, cement and cement products, chemicals and chemical products, food processing, glass and
glassware, mining and quarrying, petroleum, coal products, and nuclear fuels, vehicles, vehicle parts, transport
equipment, and wood and wood products.
viii.Contrarily, credit growth slowed for sectors like engineering, construction, gem and jewellery,
infrastructure, leather and leather-related products, paper and paper-related products, rubber and plastics, and
their byproducts, and textiles.

About the Reserve Bank of India (RBI):
Governor – Shaktikanta Das
Deputy Governors – Mahesh Kumar Jain, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar
Establishment – 1st April 1935
RBI launched March 2023 round of its 2 Surveys – IESH & CCS to gather ‘Useful Inputs’ for its
Monetary Policy
On March 1, 2023, the Reserve Bank of India (RBI) launched the March 2023 round of its 2 surveys: Inflation
Expectations Survey of Households (IESH), and Consumer Confidence Survey (CCS). Data gathered from these
surveys, which are regularly done by RBI, will provide useful inputs for RBI’s monetary policy.
• The next meeting of the RBI’s Monetary Policy Committee (MPC) is scheduled for April 6-8, 2023.
About IESH:
RBI launched the March 2023 round of IESH whose purpose is to determine the inflation expectations of
households across the following 19 cities:
• Ahmedabad (Gujarat), Bengaluru (Karnataka), Bhopal (Madhya Pradesh), Bhubaneswar (Odisha),
Chandigarh, Chennai (Tamil Nadu), Delhi, Guwahati (Assam), Hyderabad (Telangana), Jaipur
(Rajasthan), Jammu (Jammu & Kashmir), Kolkata (West Bengal), Lucknow (Uttar Pradesh), Mumbai
(Maharashtra), Nagpur ((Maharashtra), Patna (Bihar), Raipur (Chhattisgarh), Ranchi Jharkhand)
and Thiruvananthapuram (Kerala).
Who will conduct the survey?
The agency, M/s Hansa Research Group Pvt. Ltd., Mumbai will conduct the survey of this round on behalf of
the RBI.
Aim of IESH:
To gather subjective assessments of price fluctuations and inflation, based on the specific goods and services
that each individual household consumes.
Key Points:
i.The survey seeks to collect qualitative responses from households regarding potential price fluctuations in the
three months ahead as well as in the one year ahead period.
ii.It will also collect quantitative responses on current, three months ahead and one year ahead inflation rates.
About CCS:
RBI has launched the March 2023 round of CCS which aims to collect qualitative feedback from households
pertaining to their perceptions of the overall economic situation, employment conditions, price levels, and own
household income and expenditure.
• This study will also be conducted in the above mentioned 19 cities.
Who will conduct the survey?
The agency, M/s Hansa Research Group Pvt. Ltd., Mumbai will conduct the survey of this round on behalf of
the RBI.
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 Released Data on the Performance of the Private Corporate Sector in Q3 FY23
On March 02, 2023, the Reserve Bank of India (RBI) released data on the performance of the private corporate
sector during the third quarter of 2022-23 (i.e., Q3 FY23)

Highlights of the Q3 FY23 data:
i.Sales
• The year-on-year (y-o-y) sales growth of listed private non-financial companies moderated to
12.7% in Q3 FY23 from 22.6 % in Q2 FY23.
• In case of manufacturing companies the sales growth (y-o-y) was reduced to 10.6 in Q3 FY23 from
20.9 % in Q2 FY23 (the moderation was broad-based across the industries, except for cement).
• Growth of Information technology (IT) companies recorded 19.4% (y-o-y) rise in sales growth
during Q3 FY23.
• Performance in trade, transport and telecommunication sectors supported for steady revenue
growth of non-IT services companies.
ii.Expenditure
• Due to lower sales growth Manufacturing companies’ expenses on raw materials was moderated.
• Staff cost for manufacturing, IT and non-IT services companies, increased on y-o-y basis by 8.8%,
21.8% and 18.2% respectively.
• The ratio of staff cost to sales stood at 5.3%, 49.6 % and 8.1% for manufacturing, IT and non-IT
services companies, respectively.
iii.Profit: Q3 FY23 Operating profit of both IT and non-IT services companies were increased whereas for the
manufacturing companies it was contracted on an annual (y-o-y) basis.
iv.Interest: Due to lower profits, the interest coverage ratio (ICR) of manufacturing companies was reduced to
6.3 in Q3 FY23 (Compared to 8.6 in Q3 FY22 ). The ICR was at 48.9 for IT companies (61.3 in Q3 FY22)
v.Pricing power: Operating profit margin increased a little bit for manufacturing companies, it remained
steady for IT companies and in case of non-IT services companies it was continued to record net losses, mainly
due to the losses recorded by telecom companies.
In exercise of powers under sub section (1) of Section 35 A of the Banking Regulation Act, 1949, read with
Section 56 of the Banking Regulation Act, 1949, the Reserve Bank of India (RBI)
-RBI imposed Restriction on Musiri Urban Co-operative Bank; caps withdrawals at Rs 5,000 per
customer
On March 02, 2023, considering the deteriorating financial condition of Musiri Urban Co-operative Bank Ltd.,
Musiri, Tamil Nadu, the Reserve Bank of India (RBI) has imposed a Rs 5,000 cap on withdrawals by individual
customers.
• The directions were issued by RBI in exercise of powers vested under sub section (1) of Section 35 A
of the Banking Regulation Act, 1949, read with Section 56 of the Banking Regulation Act, 1949.
• The restrictions on the cooperative bank will remain in force for 6 months from the close of business
on March 3, 2023.
Key Points:
i.The cooperative bank, cannot grant loans, make any investment, and disburse any payment without approval
of the RBI. It cannot also dispose of any of its properties.
ii.Under the provisions of Section 18A of the DICGC (Deposit Insurance and Credit Guarantee Corporation) Act
(amendment) 2021, RBI allows eligible depositors to receive deposit insurance claim amount of his/her
deposits up to a Rs 5 lakh from the DICGC.
iii.The Co-operative bank allowed to undertake banking business with restrictions till its financial position
improves
Digital Payments Awareness Week 2023: RBI Launches Mission ‘Har Payment Digital’
On March 06, 2023, the Governor of Reserve Bank of India (RBI) Shaktikanta Das launched the mission ‘Har
Payment Digital’ as part of the Digital Payments Awareness Week (DPAW).
• Objective: To reinforce the ease and convenience of digital payments and facilitate onboarding of
new consumers into the digital payment system.
• The mission would run till the period of Vision 2025.

• The theme of Vision 2025 was “E-Payments for Everyone, Everywhere and Everytime”.
Initiatives undertaken:
i.DPAW:
• The DPAW 2023 was being observed by RBI from March 6 to 12, 2023 to further deepen the usage
of digital payments across India.
• The campaign theme of DPAW 2023 is “Digital Payment Apnao, Auron ko bhi Sikhao” (Adopt digital
payments and Also teach others).
ii.Jan Bhagidari(People’s Participation): The regional offices of the RBI will conduct awareness and outreach
programmes as part of ‘Jan Bhagidari’ events under the Indian G20 presidency.
iii.75 Digital Villages: RBI also plans to initiate a programme named ‘75 Digital Villages’ in observance of 75
years of Independence.
• Under the programme, 75 villages across India will be adopted by Payment System Operators
(PSOs) to convert them into digital payment enabled villages.
Evolution of Digital Payment systems in India:
i.Since December 2022, Payment systems in India have crossed over 1000 crore transactions every month.
ii.UPI:
• UPI (Unified Payments Interface), the instant payment system developed by NPCI and launched in
2016 has now emerged as the most popular and preferred payment mode in India.
• Person to Person (P2P) as well as Person to Merchant (P2M) transactions in India accounting for
75% of the total digital payments.
• The volume of UPI transactions has increased from 0.45 crore in January 2017 to 804 crore in
January 2023 and the value of UPI transactions has increased from just Rs 1,700 crore to Rs 12.98
lakh crore.
iii.Cross border linkage:
• The recent initiative of ‘UPI-PayNow linkage’ enables internationalisation of our payment systems
and cross border linkage of fast payment systems of India and Singapore.
• The QR code based and UPI enabled P2M payments were enabled in Bhutan, Singapore and UAE.
• Recently, the visitors from G20 counties also to be onboarded to UPI without having a bank account
in India.
iv.Bharat Bill Payment System (BBPS) has ensured migration of bill payments from cash / cheques to digital
mode. The National Electronic Toll Collection (NETC) System facilitated migration of the toll payments to
digital mode. The National Automated Clearing House (NACH) system has enabled Government Direct Benefit
Transfers (DBT) payments digitally.
v.As per the recent pan-India digital payments survey (covering 90,000 respondents) around 42% of
respondents have used digital payments.35 per cent were non-users though aware of digital payments while 23
per cent were not aware.
Note – Department of Payment and Settlement Systems (DPSS) of the RBI is celebrating its 18th anniversary (it
was formed on March 7, 2005).
IREDA gets Infrastructure Finance Company status from RBI

On March 13, 2023, the Reserve Bank of India (RBI) granted Infrastructure Finance Company (IFC) to the
Indian Renewable Energy Development Agency (IREDA) enabling the latter to take higher exposure in RE
(Renewable Energy) financing.
• This IFC status will also help the company to access a wider investor base for fund mobilization.
• Earlier IREDA was classified as an ‘Investment and Credit Company (ICC)’.
Key Points:
i.This status has acknowledged IREDA’s 36 years of infrastructure financing and development with focused
development of renewable energy.
ii.The recognition of IREDA as an IFC will increase the investors’ confidence, enhance the brand value, and

generate a positive outlook in the market.
iii.IREDA will keep contributing towards Govt. of India’s target of 500 GW installed capacity of non-fossil fuels
by 2030.
About Infrastructure Finance Company (IFC):
It is a non-deposit accepting loan company that primarily focuses on providing long-term financial assistance to
infrastructure projects in India. These projects may include power generation, telecommunications,
transportation, housing, and other infrastructure sectors. It is regulated by the RBI which monitors their
compliance with various regulations.
IFC complies with the following:
• A minimum of 75% of the total assets of an IFC-NBFC (Non Banking Financial Company) should be
deployed in infrastructure loans;
• The company should have minimum net-worth of Rs 300 crore,
• The Capital to Risk (Weighted) Assets Ratio (CRAR) of the company should be at 15% with Tier I
capital at 10% and
• The minimum credit rating of the company should be at ‘A’ or equivalent of CRISIL, FITCH, CARE,
ICRA, BRICKWORK or equivalent rating by any other accrediting rating agencies.
RBI infuses Rs 82,650 crore into Banking System via VRR Auction
On 10th March 2023, the Reserve Bank of India (RBI) infused liquidity amounting to Rs 82,650 crore into the
banking system through a 14-day Variable Rate Repo (VRR) auction. Under the VRR auction, Banks borrowed
Rs 82,650 crore against the announced Rs 1 lakh crore (USD 12.19 billion)at a weighted average rate of 6.53%.
• In the bi-monthly monetary policy review, on February 8, 2023, Shaktikanta Das, RBI Governor,
noted that the RBI would be modulated by the scheduled redemption of LTRO (long-term repo
operation) and TLTRO (Targeted LTRO) funds from February to April 2023.
RBI, Central Bank of UAE sign MoU to enable Innovation in Financial Products and Services
On March 15, 2023, a Memorandum of Understanding (MoU) has been inked between Reserve Bank of India
(RBI) and the Central Bank of the United Arab Emirates (CBUAE) in Abu Dhabi, United Arab Emirates (UAE)
to promote collaboration and facilitate innovation in financial products and services.
• This will include sharing knowledge and technical collaboration in the area of Fintech.
What is in the MoU?
i.Both central banks will collaborate on areas of FinTech, especially Central Bank Digital Currencies (CBDCs)
and explore interoperability between the CBDCs of CBUAE and RBI.
ii.Both sides will carry out proof-of-concept (PoC) and pilot(s) of bilateral CBDC bridge to facilitate cross-
border CBDC transactions of remittances and trade.
• This testing of cross-border use case of CBDCs is expected to reduce costs, increase efficiency of
cross border transactions and enhance economic ties between India and UAE.
Notably, India has been conducting CBDC pilots since 2022, and also planning to launch a full-scale CBDC
(retail) by the end of 2023.
About Reserve Bank of India (RBI):
i.The Reserve Bank of India was established on April 1, 1935, in accordance with the provisions of the
Reserve Bank of India Act, 1934.
ii.The Central Office of the Reserve Bank was initially established in Calcutta but was permanently moved
to Mumbai in 1937.
iii.Though originally privately owned, since nationalization in 1949, the Reserve Bank is fully owned by the
Government of India.

iv.Thus, 2023 marks the 75th year of public ownership of the Reserve Bank and its emergence as a
national institution.
Governor– Shaktikanta Das
Deputy Governors– Michael Debabrata Patra; T. Rabi Sankar; M. Rajeshwar Rao; Mahesh Kumar Jain
RBI Permits Tanzania & India to Trade in National Currencies via Special Rupee Vostro
Accounts
The Reserve Bank of India (RBI) has approved trading between India and Tanzania in national currencies, i.e.,
the Indian Rupee (INR) and Tanzanian Shilling (TSh), by enabling authorized banks in India to open Special
Rupee Vostro Accounts (SRVAs) with correspondent banks in Tanzania, a step that will benefit the business
community.
Significance
• Making use of national currencies in bilateral trade settlements is anticipated to lower transaction
costs, improve cross-border trade efficiency, conserve foreign exchange (forex), and facilitate
seamless domestic payment transactions.
• As a consequence, trade volumes and economic cooperation between India and Tanzania will
improve.
Key Points:
i.To trade under this mechanism, authorized banks in India would open SRVAs with correspondent banks in
Tanzania.
ii.Tanzanian banks will approach authorized Indian banks to open SRVAs in India, and those banks will then
submit the details of the arrangement to the RBI for approval.
iii.It is also reported that Bank of Baroda (BoB), which has branches in Tanzania, has acquired RBI approval to
open SRVAs for its foreign branches and subsidiaries in various countries, including Tanzania.
Note: On March 24, 2023, the High Commission of India in Tanzania will host a Stakeholders Consultation
Meeting to discuss the bilateral trade mechanism employing local currency and its benefits.
What is the SRVA arrangement?
Vostro account – A “Vostro” account is an account that a domestic bank holds for a foreign bank in the
currency of the domestic bank, which in India is INR.
• Rupee Vostro Accounts allow a foreign entity to keep its holdings in Indian banks in INR.
• When an Indian importer makes a payment in INR to a foreign trader, the amount is deposited to
this Vostro account.
• When an Indian exporter gets paid for supplying goods or services, the amount will be withdrawn
from this Vostro account and credited to the exporter’s account.
Special Vostro Accounts – Normal Vostro Accounts only function as transit accounts, whereas Special Vostro
Accounts permit the maintenance of INR (Indian Rupee) balances.
RBI Has Granted Permission for Banks from 18 Nations to Trade in INR
The RBI has granted 60 applications from correspondent banks in 18 different countries to open Special
Rupee Vostro Accounts (SRVAs) in order to settle payments in Indian rupees (INR).
• These 18 countries that are currently covered under this arrangement: Tanzania, Kenya, Uganda,
Botswana, Fiji, Germany, Guyana, Israel, Malaysia, Mauritius, Myanmar, New Zealand, Oman, Russia,
the Seychelles, Singapore, Sri Lanka, and the United Kingdom (UK).
How does it actually function?
i.Authorized banks in India will open SRVAs with correspondent banks of the partner trading countries under
the new framework established by the RBI for the settlement of trade transactions with foreign trade partners.
• This shift towards using national currencies for bilateral trade settlement is consistent with the
RBI’s objective of encouraging the use of domestic currencies in cross-border transactions.
• This is intended to lessen India’s reliance on foreign currencies, particularly the US dollar.

ii.Indian importers using this mechanism will pay invoices for the supply of goods/services from the foreign
seller/supplier in INR, which will be credited into the Special Vostro account of the correspondent bank of the
partner country.
iii.Indian exporters using this mechanism to export goods/services can be paid in INR from the balances in the
designated Special Vostro account of the partner country’s correspondent bank.
iv.The Rupee surplus balance held by the partner trading country may be used for permissible capital and
current account operations in accordance with mutual agreement.
Backdrop
i.In order to increase exports, India has been advocating the idea of trade in local currency, and the SVRA
process began in July 2022.
ii.The RBI announced the procedures for trading in INR in Circular No. 10 RBI/2022-2023/90, issued July 11,
2022, on ‘International Trade Settlement in Indian Rupees’.
• The announcement was made in the midst of the commodities crisis caused by Western sanctions
imposed on Russia when President Vladimir Putin launched the “Special Military Operation” against
Ukraine on February 24, 2022.
iii.Out of the 18 listed countries, Russia has been influential in using trade in local currency for the overall
process of “de-dollarization”
About the United Republic of Tanzania:
Prime Minister – Kassim Majaliwa
Capital – Dodoma City
Currency – Tanzanian Shilling (TSh)
RBI’s March 2023 Monthly Bulletin: India Possess Strong Recovery Post Pandemic; Outward
remittances in April-January FY23 Surpass FY22
According to the State of the Economy report released by the Reserve Bank of India (RBI), India’s recovery
from the pandemic has been more robust than initially expected, with a consistent build-up of momentum from
Q2FY23. The RBI’s nowcast model projects real GDP growth for the Q4 FY23 at 5.3%.
• On the other hand, global growth is set to slow down or even enter a recession in 2023.
• It should be noted that the views expressed in this article are those of the authors and do not
represent the views of the RBI.
• Michael Debabrata Patra, the deputy governor of RBI, was also among one of the authors of this
report.
Key Points:
i.In terms of supply, the agriculture sector is experiencing a seasonal upswing, the industrial sector is gradually
recovering from a contraction, and the services sector has sustained its momentum.
ii.Consumer price inflation remains high and core inflation continues to defy the distinct softening of input
costs.
iii.The report ared-flagged a slowdown in private consumption.
iv.Retail inflation in February 2023 moderated to 6.44% year-on-year (y-o-y), from 6.52% in January 2023.
• CPI (Consumer Price Index) Core inflation softened to 6.1% in February 2023 from 6.2% in the
January 2023.
• Food inflation (y-o-y) was marginally higher at 6.3 % in February 2023 over 6.2 % in January 2023.
v. CPI inflation has stayed above the RBI’s upper tolerance level of 6% for nine of the 11 months in Fy23,
despite a 250-bp hike in the repo rate since May 2022.
vi.Over the financial year ahead (2023- 24), inflation is expected to range tightly between 5% and 5.6% if India
survives an El Nino event adversely affecting the south west monsoon, given global uncertainties
vii.During the pandemic, the gap between investment and savings reversed from a gap of 0.8% of GDP in 2019-
20 to a surplus of 1.0% in 2020-21. It has again flipped to a gap of 1.2% in 2021-22.

Note: The year 2023 marks the birth tercentenary of Adam Smith, widely regarded as the father of modern
economics.
Click Here for Official Report
Outward remittances under RBI’s LRS in April-January surpass FY22
According to data released by the RBI, in its monthly bulletin for March, outward remittances under the RBI’s
liberalized remittance scheme (LRS) stood at $22.08 billion during the April 2022–January 2023 period,
surpassing the all-time high of $19.61 billion in FY22.
• In January 2023, the amount remitted overseas totalled $2.72 billion. This is the highest amount
remitted under the scheme in a month during FY23. On a year-on-year (YoY) basis, these were up
35.17%.
Key Points:
i.In FY21, India’s remittances stood at $12.68 billion, down 32.38% from FY20 ($18.76 billion) amid COVID-19
Pandemic.
ii.According to January 2023 data, international travel constituted over 55% of the entire outward remittances
by Indians under LRS.
• Outward remittances for international travel touched $1.49 billion, up 1.5 times from the same
period in 2022.
• After international travel, Indians spent most on overseas education, followed by maintenance of
close relatives, and gifts.
iii.In January 2023, outward remittances by Indians under the scheme for overseas education were $395.87
million.
• It was followed by $342.47 million for maintenance of close relatives, and $223.22 million as gifts.
About LRS Scheme:
It was introduced in 2004, all resident individuals, including minors, are allowed to freely remit up to $250,000
per financial year. This is for any permissible current or capital account transaction or a combination of both.
RBI sells net $384 million in spot foreign exchange market in January
In its bulletin of March 2023, RBI’s data showed that it purchased $12.90 billion in January 2023, while selling
$13.29 billion.
• RBI sold a net $384 million in the spot foreign exchange market in January 2023.
• This is lower compared to the net sales of $771 million in January 2022.
Key Points:
i.The Indian rupee appreciated by nearly 1% against the dollar in January and moved in a wide range of 80.88
to 82.94.
ii.The RBI’s net outstanding forward purchase stood at $21.73 billion as end of January 2023, compared with a
net purchase of $10.97 billion at the end of February 2023.
About spot foreign exchange:
A foreign exchange spot transaction, also known as FX spot, is an agreement between two parties to buy one
currency against selling another currency at an agreed price for settlement on the spot date.
RBI to set up New Data Centre & Cybersecurity Training Institute in Odisha
On 22nd March 2023, Shaktikanta Das, Governor of the Reserve Bank of India (RBI), laid the foundation stone
for the establishment of a Greenfield Data Centre and Enterprise Computing & Cybersecurity Training
Institute in Bhubaneswar, Odisha.
• After being commissioned, the new Data Centre and Cybersecurity Training Institute spread over an
area of 18.55 acres and will meet the emerging requirements of the RBI and the financial sector.
Shaktikanta Das highlighted the vital role of technology in assisting the financial sector’s and the RBI’s actions
over the years, and more recently in facilitating a strong recovery from the pandemic.

APPOINTMENTS & RESIGNATIONS
Former Brazilian President Dilma Vana Rousseff Elected as President of NDB

On 24th March 2023, the Board of Governors of the New Development Bank (NBD), formerly referred to as the
BRICS(Brazil, Russia, India, China and South Africa) Development Bank, unanimously elected former President
of Brazil Dilma Vana Rousseff as the President of the NDB with an immediate effect.
• Dilma Rousseff will be president of the BRICS’s New Development Bank until 2025.
Dilma Rousseff(75 years old), succeeds Marcos Troyjo, who stepped down as the President of NDB on 24th
March 2023.
About Dilma Vana Rousseff:
i. Dilma Rousseff served as the 1st female President of the Federative Republic of Brazil for 2 consecutive terms
from 2011 to 2016.
ii. Previously, She also served as the Minister of Mines and Energy and Chief of Staff to President Luiz Inácio
Lula da Silva.
iii. She also chaired the Board of Directors of Petrobras, Brazil’s largest and most important company.
iv. Under her government, Brazil was present in all international meetings for climate and environmental
protection, culminating in decisive participation in the achievement of the Paris Agreement.
v. Dilma Rousseff considerably expanded cooperation with several countries in Latin America, Africa, the
Middle East, and Asia.
• She took part in the creation of the Contingent Reserve Arrangement and the New Development
Bank in July 2014 with the BRICS countries.
About the New Development Bank(NDB):
The New Development Bank (NDB) is a multilateral development bank established by BRICS with the purpose
of mobilising resources for infrastructure and sustainable development projects in emerging markets and
developing countries (EMDCs).
President- Dilma Rousseff(Brazil)
Vice-President and Chief Operating Officer(COO)- Vladimir Kazbekov(Russia)
Headquarters– Shanghai, China
Establishment- 2015
Deepak Bagla Resigns as MD & CEO of Invest India

Deepak Bagla, Managing Director(MD) and Chief Executive Officer(CEO) of Invest India, National Investment
Promotion and Facilitation Agency of the government of India(GoI), has resigned from his post on 17th March
2023.
About Deepak Bagla:
i.He has a professional career of over three decades, with the World Bank, Citibank, and Private Equity having
responsibilities across Europe, Africa and Asia.
ii.Bagla is the president of the Geneva-based World Association of Investment Promotion Agencies (with a
membership of 105 countries).
iii.He is also a special invitee of the Prime Minister’s Science Technology & Innovation Advisory Council.
iv.He was a member of the Investment Committee for the Government US $ 1.5 billion “Fund of Funds for Start-
ups” and the Advisory Board of the Government’s $7 billion “Fund of Funds for MSMEs (Micro, Small and
Medium Enterprises)”.
v.He has also been conferred with “Grande Ufficiale dell’Ordine della Stella d’Italia” by the President of the
Republic of Italy.
About Invest India
i.Invest India was formed in 2009 under Section 25 of the Companies Act 1956 for promotion of foreign
investment with 49% equity of the then Department of Industrial Policy and Promotion(now Department for

Promotion of Industry and Internal Trade (DPIIT)), Ministry of Commerce and Industry and 51% shareholding
by FICCI(Federation of Indian Chambers of Commerce & Industry).
ii.Invest India’s 51% shareholding is currently with industry bodies (17% each with FICCI, CII (Confederation
of Indian Industry), and Nasscom (National Association of Software and Service Companies)), and the
remaining 49% with the central and 19 state governments.
iii.It is also the executing agency for Start-up India and the Prime Minister’s Science and Technology initiative.
iv.Invest India has also been elected as the President of the Geneva-based World Association of Investment
Promotion Agencies (WAIPA) for 2021-23.
About Ministry of Commerce and Industry
Union Minister – Piyush Goyal (Rajya Sabha Maharashtra)
Minister of State (MoS) – Anupriya Singh Patel; Som Parkash
Anup Bagchi to take over as CEO of ICICI Prudential Life in June 2023
The board of ICICI Prudential Life Insurance Company Limited (ICICI Prudential Life) approved the
appointment of Anup Bagchi, who is presently serving as Executive Director (ED) of ICICI Bank Limited, as
Managing Director (MD) and Chief Executive Officer (CEO) for 5 years with effect from 19th June 2023.
• Anup Bagchi will succeed N S Kannan, the current MD & CEO who will superannuate from his
services after the completion of his term in June 2023.
• The Board of ICICI Prudential Life has also approved his appointment as the Executive Director &
COO (Chief Operating Officer) with effect from May 1, 2023.
• Anup Bagchi has been with the ICICI Group since 1992. In 2017, he was appointed as an Executive
Director of ICICI Bank.
• He has represented the ICICI Group in various regulatory committees of key bodies such as the
Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI).
Deepak Mohanty Appointed as the Chairperson of PFRDA

Deepak Mohanty, the whole-time member (Economics) of the Pension Fund Regulatory and Development
Authority (PFRDA), was appointed as the Chairperson of PFRDA with effect from the date of assumption of
charge till attaining the age of 65 or until further orders.
• The order of appointment was issued by the Department of Financial Services (DFS), Ministry of
Finance.
• He succeeds Supratim Bandypadhyay whose tenure as Chairman of PFRDA ended in January 2023.
Note: PFRDA Chairperson holds office for 5 years or till the age of 65 years.
Background:
Financial Sector Regulatory Appointment Search Committee (FSRASC) headed by the Cabinet secretary has
been interviewing the shortlisted candidates for the post of PFRDA Chairman since December 2022.
About Deepak Mohanty:
i.Prior to this appointment, he was serving as the Whole-Time Member (Economics) of PFRDA for 2 years
overseeing areas of development and regulation of pension funds.
ii.He has also served as the Executive Director (ED)at the Reserve Bank of India (RBI).
• During his stint as ED in RBI, he chaired the Committee on Medium-term Path on Financial Inclusion
formed to create a 5-year plan for financial inclusion in India.
iii.He has also worked as the Senior Adviser at the International Monetary Fund (IMF) and held various
positions in economic research.
iv.He has also served as the head of the Monetary Policy Department in the RBI.
Additional info:
Mamta Shankar, IES (1993), Senior Economic Advisor in the Department of Food and Public Distribution,
Ministry of Consumer Affairs, Food and Public Distribution, was appointed as the Whole-Time Member

(economics) in PFRDA.
About Pension Fund Regulatory and Development Authority (PFRDA):
The Pension Fund Regulatory & Development Authority Act was passed on September 19, 2013, and the same
was notified on 1st February 2014.
Chairperson– Deepak Mohanty
Established in 2003
Headquarters– New Delhi, Delhi
Life Insurance Corporation appoints Tablesh Pandey as Managing Director

On 14th March 2023, the Life Insurance Corporation (LIC) of India, a public sector life insurance company,
elevated Tablesh Pandey, the Executive Director of LIC, to the position of Managing Director (MD) of the LIC,
with effect from the date of assumption of charge of the office on or after 1st April 2023.
• Tablesh Pandey will replace the current Managing Director Bishnu Charan Patnaik.
Note: Currently, the LIC has 4 Managing Directors. The other 3 Managing Directors are M Jagannath, Siddhartha
Mohanty (Interim Chairman), and Mini Ipe
Additional info:
i. On 13th March 2023, LIC appointed, M Jagannath, Zonal Manager (In-Charge), South Central Zone,
Hyderabad, Telangana, as its new Managing Director, with effect from the date of assumption of charge of the
office and upto the date of his superannuation, or until further orders, whichever is earlier.
• He took charge of the position of MD of LIC on 13th March 2023 replacing Raj Kumar, who was set to
retire on 31st January 2023 and got a one-year extension.
ii. Additionally, LIC appointed Siddhartha Mohanty as the interim Chairman for three months with effect from
14th March 2023.
About Tablesh Pandey:
i. Tablesh Pandey, who has 35 years of experience in the LIC, joined the company in 1988 as an Assistant
Administrative Officer.
ii. He has held various positions in the company, including Branch Manager, Manager of Information
Technology (IT), Secretary Pension & Group Super Annuation, and Additional Executive Director of Risk
Management & Research.
About Life Insurance Corporation (LIC):
Interim Chairman- Siddhartha Mohanty
Headquarters- Mumbai, Maharashtra
Establishment- 1956
Siddhartha Mohanty Appointed as Interim Chairman of LIC

Siddhartha Mohanty, one of the Managing Directors(MD) of Life Insurance Corporation of India (LIC), has
been appointed as the Interim Chairman of LIC for a period of 3 months or till the assumption of the charge by
the regular appointee with effect from 14th March 2023.
• The term of the current Chairman of LIC, Mangalam Ramasubramanian Kumar, will be completed on
13th March 2023.
Note:
At present, Siddhartha Mohanty; M Jagannath; Ipe Mini; and Bishnu Charan Patnaik are serving as the MDs of
the LIC.
Background:
As per the Securities and Exchange Board of India(SEBI) [Listing Obligations and Disclosure Requirements
(LODR)] Regulations of 2015, the Department of Financial Services, Ministry of Finance, Government of India,
has approved the appointment of Siddhartha Mohanty as interim Chairman of LIC with full financial and
administrative powers and responsibilities.
• This appointment is in addition to his existing duties as MD of LIC.

About Siddhartha Mohanty:
i.Siddhartha Mohanty started his career as a direct recruit officer with LIC in 1985. He raised through the ranks
and served as the Executive Director(Legal) with LIC.
ii.He later joined LIC Housing Finance Limited (LIC HFL) and served as the Chief Operating Officer (COO) of the
organisation.
iii.He also served as the MD and Chief Executive Officer(CEO) of LIC HFL from 2019 to 2021.
iv.He has been serving as the MD of LIC since 1st February 2021 in place of TC Suseel Kumar who retired on
31st January 2021.
About Life Insurance Corporation of India(LIC):
LIC was established on 1st September 1956, when the Parliament of India passed the Life Insurance of India
Act, nationalizing the insurance industry in India.
Chairman– Siddhartha Mohanty(interim)
RBI Approves Reappointment of Sumant Kathpalia as MD & CEO of IndusInd Bank

The Reserve Bank of India (RBI) has approved the reappointment of Sumant Kathpalia as Managing Director
(MD) and Chief Executive Officer (CEO) of Induslnd Bank for another 2 years, with effect from March 24,
2023.
• He has been the MD & CEO of IndusInd Bank since March 24, 2020, following the retirement of
Romesh Sobti, the former CEO.
The RBI approval comes nearly six months after the board of directors of the IndusInd Bank approved a three-
year term for Kathpalia in 2022.
About Sumant Kathpalia:
i.Sumant Kathpalia is a qualified chartered accountant (CA) and has been with the bank since 2008.
ii.Sumant Kathpalia has been a major member of the top-level executive committee overseeing IndusInd Bank’s
financial management, investor relations, and the evaluation of inorganic growth opportunities.
iii.As the former Head of Consumer Bank at IndusInd Bank, Kathpalia played a crucial role in creating a number
of new businesses to serve the needs of the individual and SME segments.
iv.Prior to joining IndusInd Bank, he worked at ABN AMRO, where he held various key leadership positions,
including Head of Consumer Bank for ABN AMRO India.
About IndusInd Bank:
IndusInd Bank’s profit after tax increased by 68.71% to Rs. 1,959.20 crore for the quarter ended December
2022, from Rs. 1,161.27 crore in the previous quarter.
MD & CEO – Sumant Kathpalia
Established – 1994
Tagline – We Make You Feel Richer
S.S. Dubey takes charge as Controller General of Accounts of India

On 6th March 2023, S.S. Dubey, a 1989-batch Indian Civil Accounts Service (ICAS) officer, took charge as the
Controller General of Accounts (CGA), Ministry of Finance (MoF), with immediate effect. He is the 28th CGA of
the Government of India.
• Before taking over as CGA, S.S. Dubey was the Additional CGA in the Public Financial Management
System (PFMS).
About S.S. Dubey:
i. S.S. Dubey has been entrusted with the significant responsibility of managing financial operations for
numerous government ministries and divisions.
ii. He has served as Chief Controller of Accounts in the Ministry of Housing & Urban Affairs, Department of
Industrial Policy and Promotion; and as Controller or Deputy Controller of Accounts in the Ministry of

Environment & Forest, Ministry of External Affairs, Department of Revenue, Department of Supply; and was in
charge of budgeting, accounting, payment, internal audit etc.
iii. He also served as Financial Advisor & Chief Accounts Officer at Bank Note Press (BNP), Dewas, Madhya
Pradesh.
• BNP, Dewas is an industrial unit of Security Printing & Minting Corporation of India Limited, Wholly
owned by the government of India, Ministry of Finance, Department of Economic Affairs.
iv. S.S. Dubey served as Joint Secretary & Financial Advisor to the Ministry of Housing & Urban Affairs and the
Ministry of Development of the North Eastern Region.
v. Additionally, he served as Deputy Secretary/Director to the Ministry of Food, Consumer Affairs & Public
Distribution and supervised Targeted Public Distribution System (Public Distribution System (PDS)) and
Central Water Commission(CWC), Public Sector Undertaking (PSU).
vi. He was the Government of India nominee Director on the Board of Public Sector Undertakings like
Engineering Projects India ltd., NBCC (India) Limited, Housing and Urban Development Corporation Ltd
(HUDCO) and Metro Rail Corporations of several states.
vii. Besides serving in the Indian Government, he also has 5 years of international experience at the United
Nations (UN), where he worked as Head of Procurement and Logistics at the UN World Food Programme, New
Delhi, Delhi.
About Controller General of Accounts (CGA):
i. The Controller General of Accounts (CGA) is ‘the Principal Advisor’ on Accounting matters to the Union
Government.
ii. CGA is responsible for establishing and managing a technically sound management accounting system as
well as preparation and submission of the Union Government’s accounts.
iii. CGA is also in charge of exchequer control and internal audits for the Government.
About the Ministry of Finance (MoF):
Union Minister- Nirmala Sitharaman (Rajya Sabha Karnataka)
Minister of State- Pankaj Chaudhary (Constituency- Maharajganj, Uttar Pradesh); Dr Bhagwat Kishanrao
Karad (Rajya Sabha Maharashtra)
OTHER NEWS
RBL bank tie up with India EXIM Bank for Cross Border Payments
On 27th February 2023, RBL Bank Limited, formerly known as Ratnakar Bank, and Export-Import Bank of India
(India Exim Bank) signed a Confirming Bank agreement thereby onboarding RBL bank under India Exim Bank’s
Trade Assistance Programme (TAP) to support cross-border trade transactions
Key People: The agreement was signed in the presence of Harsha Bangari, Managing Director of India Exim
Bank and R Subramaniakumar, MD & Chief Executive Officer (CEO) of RBL Bank in India Exim Bank
headquarters, Mumbai, Maharashtra.
Key Points:
• Under the TAP, India Exim Bank would facilitate India’s exports globally by providing credit
enhancement to trade instruments which will in turn support mobilise trade finance.
• India Exim Bank will extend trade lines into the participating overseas banks/institutions in the
emerging markets.
• The financing structure of TAP would enable RBL Bank to make cross-border trade transactions in
locations where trade lines are constrained while lowering the risks associated with global trade.
• TAP has already supported multiple trade transactions at different sectors including agriculture,
automotive and automotive parts, capital and engineering goods, food, iron & steel and textiles
involving exports to geographies in Africa, Asia and Latin America.

About RBL Bank Limited:
Establishment – 1943
MD & CEO – R Subramaniakumar
Tagline – apno ka bank
Aditya Birla Sun Life Insurance launched a Life Insurance plan ‘ABSLI Nishchit Aayush Plan’
On 27th February 2023, Aditya Birla Sun Life Insurance (ABSLI) Limited, the life insurance subsidiary Aditya
Birla Capital Limited (ABCL) launched a non-linked non-participating individual savings life insurance
plan ‘ABSLI Nishchit Aayush Plan’
• The ABSLI Nishchit Aayush Plan integrates financial security and wealth building to meet
policyholders immediate liquidity needs without risk.
Features of ABSLI Nishchit Aayush Plan:
i.Under the plan, policyholders could customize their plans with a choice of income benefits, multiple income
variants, premium payment terms, policy terms and deferment periods.
ii.It also offers regular guaranteed income from the end of the first policy month along with a lump-sum benefit
at maturity.
iii.Key Features:
• The maximum entry age is 55 years and the minimum age is 30 days (long term income option) and
30 years (whole life income).
• The minimum annualised premium is Rs 30,000.
• Premium payment term options – 6, 8, 10, and 12 years.
• The minimum sum assured under this plan is Rs.300,000.
iv.The benefits of this plan could be availed on a long-term basis (25, 30, 35, 40 years) or whole life basis (100 –
Age at entry).
v.The plan also has an income variant of Level Income with Lump-sum Benefit or Level Income with Enhanced
Lump-sum Benefit or Increasing Income (at 5% simple interest rate every 5 years) with Lump-sum Benefit.
About Aditya Birla Sun Life Insurance (ABSLI) Limited:
ABSLI was incorporated on August 4, 2000 and commenced operations on January 17th, 2001.
ABSLI is a 51:49 a joint venture between the Aditya Birla Group and Canadian financial firm Sun Life Financial
Inc.
Managing Director & Chief Executive Officer – Kamlesh Rao
Bharti AXA Life Insurance & Unity Bank Form Bancassurance Partnership
Bharti AXA Life Insurance Limited has entered into a bancassurance partnership with Unity Small Finance
Bank Limited (Unity Bank), a new-age, digital-first bank, to distribute life insurance products through the
bank’s Pan-India network of 111 branches and 206 offices.
Key Points:
i.As a result of this partnership, Unity Bank’s 15 lakh+ customers spread across 17 states will be eligible for
Bharti AXA Life’s entire suite of life insurance plans, including protection, savings, investment, and retirement
plans.
ii.Customers of the bank will be able to achieve important financial objectives like financing their children’s
college education, generating wealth, planning for retirement, and more, as well as financially securing the
future of their loved ones.
Bharti AXA Life Insurance Company Limited
i.Bharti AXA Life Insurance is a joint venture (JV) between the Paris(France) -based AXA Group and Bharti

Enterprises, one of India’s leading business groups with holdings in telecommunications, agriculture, and
financial services.
• The JV now holds a 51% stake from Bharti Group and a 49% stake from AXA.
• Bharti Enterprises was established in 1976 by Sunil Bharti Mittal, the company’s founder and
chairman.
• AXA is a French international insurance company that offers investment management, global
insurance, and other financial services.
ii.Bharti AXA Life Insurance was established in the private insurance sector in 2006.
• Parag Raja is the MD & CEO of Bharti AXA Life Insurance Limited.
About Unity Small Finance Bank Limited (Unity Bank):
MD & CEO – Inderjit Camotra
Commenced Operations in – 2021
BoM & Experian India Collaborate to Offer Cutting-Edge Solutions & Digital Security
Bank of Maharashtra (BoM), a public sector bank (PSB), has formed a strategic partnership with Experian
India to improve digital security and provide an extensive portfolio of services such as credit risk, advanced
analytics, and fraud prevention.
• BoM intends to leverage Experian’s innovative solutions to enhance portfolio management, client
service, and acquisition.
• With this partnership, both companies hope to harness the power of data and become a one-stop
destination for the entire customer lifecycle.
Experian is a leading provider of information services on a global scale, offering data and analytical tools to
consumers across the globe.
Key Points:
i.Experian is partnering with BoM to provide innovative solutions throughout the customer lifecycle, allowing
the bank to onboard New to Credit (NTC) and New to Bank (NTB) consumers and efficiently service existing
customers.
ii.BoM will be able to analyse consumers’ risk behaviour, better understand customer demands, and manage
the credit portfolio through these high tech, creative solutions.
iii.BoM will offer the services to both retail and non-retail clients, including Small and Medium Enterprises
(SMEs), Micro, Small, and Medium Enterprises (MSMEs), and corporates.
Note: Srinivasan is the Managing Director (MD) of Experian Credit Information Corporation of India (Experian
India).
About Bank of Maharashtra (BoM):
For the fiscal years 2020–2021 (FY–21) and FY–22, BoM has outperformed all other PSBs in terms of business
growth or year–over–year (YoY) growth in deposits and loans. In terms of loan growth, BoM outperformed
other PSBs in the first half (H1) of FY23.
MD & CEO – A S Rajeev
Headquarters – Pune, Maharashtra
Tagline – Ek Parivaar, Ek Bank (One Family One Bank)
ESAF Bank signed an MoU with V-Guard to finance solar rooftop power systems
ESAF Small Finance Bank has signed an MoU (Memorandum of Understanding) with Electric equipment
manufacturer V-Guard Industries Ltd to provide financing options including loans and installment payment
plans to customers who opt for installing V-Guard’s solar rooftop Power System.

Features of the MoU:
i.Under the MoU, the consumers who intend to install V-Guard’s solar rooftop Power System could get finance
up to 80% of the total cost of the rooftop solar power system, including the cost of installation for residential or
commercial applications.
ii.This partnership would enable customers’ transition to clean energy with ease and affordability and enable
them to generate their own electricity.
Key Points:
i.The Ministry of New and Renewable Energy has provided up to 40% subsidy for the V-Guard’s Rooftop Solar
Systems.
ii.V-Guard Industries Ltd offers a range of solar panel models from 3- 15 KW. 1 KW plant can generate 4-5 units
of electricity on a sunny day.
About ESAF Small Finance Bank Ltd.:
MD & CEO – Kadambelil Paul Thomas
Headquarters – Thrissur, Kerala
Establishment – 10th March 2017
Tagline – Joy Of Banking
ADB to fund Rs 1,311.20 cr Tourism Projects in Himachal Pradesh

The Asian Development Bank (ADB) has agreed in principle to provide Rs 1,311.20 crore under Phase-1 of the
proposed Infrastructure Development Investment Programme in Himachal Pradesh (HP).
• This funding will be utilized to strengthen the tourism infrastructure in HP.
• The total cost of the project is Rs 2357 crore.
• The information was provided by Chief Minister (CM) of HP Sukhvinder Singh Sukhu.
Key Points:
i.HP is developing its unexplored tourist places in a phased manner in order to become the best tourist
destination in India. This will also aid in the sustainable development of the tourism sector.
ii.Under this Phase-I, there will be beautification of Palampur, convention centre at Dharamshala, thematic cum
green Park at Pragpur, wellness centre at Dharamshala, Shimla, Nadaun and Kullu-Manali, high end fountain
tourist facility at Dharamshala.
iii.The wayside amenities at Mandi-Kullu National Highway, Nadaun and Kaleshwar Mahadev Kangra, rafting
cum water park complex at Nadaun, Water sports equipment as shikaras, house boats, jetties, water biking at
Pong Dam, at Tattapani, Nadaun and Bangana will be developed.
iv.To develop the religious places, wayside amenities and facilities will come at Baba Balak Nath and
development and beautification of Shiv Dham at Mandi.
It should be noted that, on February 24, 2023, HP bagged first prize in India Today’s Award Ceremony at Delhi.
• Kullu was placed in the ‘Best Adventure Destination’ category for River Rafting, Shimla-Kinnaur
highway in the ‘Most Scenic Roads’ category, and Shimla and Manali were selected as the ‘Best
Mountain Destinations’ in India.
About Asian Development Bank (ADB):
President – Masatsugu Asakawa
Headquarters – Manila, Philippines
IDFC & Federal Bank partner with Sa-Dhan and NextGen on UPI123PAY
To encourage feature phone users to use “UPI123Pay” to make digital payments, private sector lenders IDFC
FIRST Bank Ltd. and The Federal Bank Ltd will collaborate with the association of microfinance institutions
(MFIs) Sa-Dhan and Delhi-based fintech solutions vendor NextGen.

• The collaboration with NextGen, the Federal Bank, and IDFC First will facilitate the creation of a new
payment and collection system based on feature phones with technological assistance from them.
Sa-Dhan is an association of Impact Finance Institutions and a self-regulatory organisation (SRO) for MFIs
appointed by the Reserve Bank of India (RBI).
UPI123Pay
i.UPI123Pay is a payment option for feature phone users via the Unified Payments Interface (UPI).
ii.UPI123Pay was introduced in December 2022 by the RBI in partnership with the National Payments
Corporation of India (NPCI).
Note: The RBI has also introduced ‘DigiSaathi,’ a 24×7 helpline for all digital payment users.
Key Points:
i.The prime responsibility of this partnership is to enable UPI integration, which permits simple money
transfers, bill payments, merchant payments, recurring payments, and EMI collection.
ii.UPI123Pay will enable more individuals to gain access to the digital experience via feature phones.
• There are around 45 million individual beneficiaries under MFIs, with the majority of them using
feature phones.
iii.The partnership intends to implement UPI on the NextGen 123Pay SIM overlay platform.
iv.NextGen will provide technical solutions such as establishing a UPI auto-pay platform for regular EMIs as an
auto-pay function, leveraging the UPI 123Pay service platform with NPCI.
v.IDFC FIRST Bank and Federal Bank will be the partners for the UPI service and bill payment, respectively.
Note:
• Jiji Mammen is the Executive Director & CEO of Sa-Dhan.
• Taron Mohan is the Founder & CEO of Next Gen.
About IDFC FIRST Bank Ltd., (IDFC FIRST Bank):
IDFC FIRST Bank was formed by the merger of erstwhile IDFC Bank and Capital First, a Non-Banking Financial
Company (NBFC) in 2018.
MD & CEO – V. Vaidyanathan
Angel One received SEBI approval for Mutual Fund Business

Angel One Limited (formerly Angel Broking Limited), an Indian stockbroker firm, has received in-principle
approval from the Securities and Exchange Board of India (SEBI) to sponsor a Mutual Fund.
• The company will establish an asset management company and the trustee company in compliance
with the SEBI Regulations and other applicable laws.
• Angel One is a technology-led financial services company providing broking and advisory services,
margin funding, loans against shares and financial products distribution to its clients under the
brand ‘Angel Broking’.
India’s GDP grows at 4.4% in Q3FY23; 7% in FY23: NSO

As per the data released by the National Statistical Office (NSO), Ministry of Statistics and Program
Implementation (MOSPI), India’s gross domestic product (GDP) decelerated to 4.4% in the 3rd quarter of 2022
i.e. October-December(Q3FY23) due to a contraction in the manufacturing sector.
• It was 6.3% in Q2FY23 (July-September 2022).
Key Points:
i.GDP at Constant (2011-12) Prices in Q3FY23 is estimated at Rs 40.19 lakh crore, as against Rs 38.51 lakh
crore in Q3FY22, showing a growth of 4.4%.
ii.GDP at Current Prices in Q3FY23 is estimated at Rs 69.38 lakh crore, as against Rs 62.39 lakh crore in Q3
2021-22, showing a growth of 11.2%.

iii.The manufacturing sector’s output, as per the Gross Value Added (GVA) in the Q3FY23, contracted by 1.1%
as compared to a growth of 1.3% in Q3FY22.
iv. The GVA growth in farm sector – Agriculture, Forestry & Fishing was 3.7% in Q3FY23 compared to a growth
of 2.3% in Q2FY22.
v.GVA growth in the services sector viz. trade, hotel, transport, communication and services related to
broadcasting was 9.7% during the Q3FY23 as against 9.2% in Q3FY22.
vi.Financial, real estate and professional services grew by 5.8% in Q3FY23 over 4.3% in Q2FY22.
vii.Public administration, defence and other services posted 2% growth against 10.6% in the Q3FY22.
viii.The construction sector has grown by 8.4% in Q3FY23 compared to 0.2 % in Q3FY22.
ix.The electricity, gas, water supply and other utility services segment have grown by 8.2% compared to 6% in
the Q3FY22.
Release of 2nd Advance Estimates of National Income, 2021-22
NSO also released it Second Advance Estimates (SAE) of National Income, 2021-22 which pegged India’s
growth at 7% for FY23, same as first advanced estimate that was released in January 2023.
• It also revised the GDP growth for 2021-22 to 9.1% against the earlier estimate of 8.7%.
Highlights:
i.Real GDP or Gross Domestic Product (GDP) at Constant (2011-12) Prices in FY22 is estimated to attain a level
of Rs 147.72 lakh crore as against the First Revised Estimate of GDP for the year 2020-21 of Rs 135.58 lakh
crore, released on January 31, 2022.
ii.The growth in GDP during 2021-22 is estimated at 8.9% as compared to a contraction of 6.6% in 2020-21.
iii.Nominal GDP or GDP at Current Prices in FY22 is estimated to attain a level of Rs 236.44 lakh crore, as
against Rs 198.01 lakh crore in FY21, showing a growth rate of 19.4%
iv.The GVA for agriculture and allied activities is expected to remain at around 3.2% at constant prices,
compared with 3.5% in FY22.
v.Kharif production for the 2022-23 (July-June) season, rice output is expected to be about 108.07 million
tonnes, which is lower than 111 million tonnes achieved last year.
vi.wheat crop in FY23 is projected to reach a record 112.18 million tonnes, up 4.12% from FY22.
The next release of quarterly GDP estimates for the quarter January-March, 2023 (Q4 2022-23) and Provisional
Annual Estimates for the year 2022-23 will be on 31st May, 2023.
About the 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)
Moody’s Global Macro Outlook 2023-24 (February 2023 Update): India’s growth forecast hiked
to 5.5% for 2023; Global economic to slow in 2023
Global credit rating agency Moody’s Investors Service (MIS) increased India’s economic growth projection
for 2023 to 5.5% from 4.8% in November 2022 in its “Global Macro Outlook 2023-24 (February 2023
Update)”.
• This upward revision is made in light of a strong increase in capital expenditure (capex) in the
Budget 2023–24 and a resilient economic momentum.
• India’s economic growth is projected to be 6.5% in 2024.
However, it reduced India’s growth projection for 2022 from the 7% it had predicted in November 2022 to
6.8%.
Key Points:
i.In India, the upward revisions include a significant increase in capex budget allocation to Rs. 10
trillion (3.3% of Gross Domestic Product [GDP]) for fiscal year 2023-24 (FY24), up from Rs. 7.5 trillion for the
fiscal year ending in March 2023 (FY23).
• Moody’s highlighted this while projecting a 70 basis point (bps) increase in 2023 real GDP growth at
5.5% and 6.5% growth in 2024.

ii.India’s growth forecast has been “meaningfully raised” due to strong data in the second half of 2022 causing
huge carryover effects for 2023.
iii.India is one of the major emerging market countries where the economic momentum has proven to be more
resilient than anticipated to the tightening of the global and domestic financial environment in 2022.
Global Economic Growth Will Continue to Slow in 2023
According to Moody’s, economic activity and employment will be adversely affected by cumulative monetary
policy tightening in most major economies, which will slow down global growth in 2023.
• It projects that the G20 (Group of Twenty) would have 2% global economic growth in 2023, down
from 2.7% in 2022, before rising to 2.4% in 2024.
Key Points:
i.According to the report, inflation will continue to moderate, but a sustained decline to central bank targets is
not ensured.
ii.During a significant period of 2023 and 2024, inflation in advanced economies would likely remain above
central bank targets.
About Moody’s Investors Service (MIS):
Moody’s Investors Service (MIS) is a leading provider of credit ratings, research, and risk analysis.
President – Michael West
Headquarters – New York, United States (US)
Bihar FM Vijay Kumar Choudhary Presented Rs. 2.61 lakh crore Budget for FY24
On February 28, 2023, Finance Minister of Bihar Vijay Kumar Choudhary presented the state budget for
financial year 2023-24 (FY24) with an outlay of Rs 2,61,885.40 crore, (Rs 24,194.21 crore more than FY23
Budget) with focus on creating jobs, health and education.
Highlights of Bihar Budget FY24:
i.Fiscal Deficit: The Fiscal Deficit for FY24 has been projected at Rs 25,567.84 crore which is 2.98% of the
GSDP (Gross State Domestic Product) estimate.
• Fiscal deficit of FY23 was remaining at 3.78% of the SGDP (State Gross Domestic Product), which is
under the prescribed conditional limit of 4.5%.
ii.The grants in aid expected from the Centre for FY24 was estimated at Rs 53,377.92 crore, it was Rs 4,623.37
crore less than the aid received in FY23.
iii.The state’s share in central taxes for FY24 was proposed at Rs 1,02,737.26 crore, it was about Rs 376.12
crore more than FY23.
iv.With the growth rate projection of 10.98% in FY 2021-22, Bihar is third among the top five fastest-growing
States in India.
v.Livestock and fishing, aquaculture, contributed to the growth of GSDP, registering growth rates of 9.5% and
6.7%, respectively.
vi.Allocation under the budget FY24:
• The education department has got the highest allocation of Rs 22,200 crore.
• Rural Development Department – Rs 15,193 crore
• Social Welfare – Rs 8191 crore
• Rural Works Department – Rs 7950 crore
• The Health Department – Rs 7117 crore
• Scheduled Castes Special Component Plan – Rs 16,939.53 crore
• Tribal Sub Plan – Rs 1,574.49 crore
Note – In FY24, the state has made a separate fund allocation for the benefit of Scheduled Castes and Scheduled
Tribes communities.
vii.Job creation in FY24:
• The state government has committed to provide 10 lakh jobs in FY24 in the government sector.
• The Bihar Police was directed to create 75,543 additional posts in FY24.

• The education department would appoint 1 lakh teachers and the state-run Nursing Training
institutes will recruit over 10,000 tutors.
About Bihar:
Chief Minister – Nitish Kumar
Wildlife Sanctuary – Kaimur Wildlife Sanctuary, Rajgir Wildlife Sanctuary
Tiger Reserve – Valmiki Tiger Reserve
CMIE: Unemployment Rate Rises to 7.45% in February

According to the data from the Centre for Monitoring Indian Economy (CMIE), India’s unemployment rate rose
by 7.45% in February 2023 from 7.14% in January 2023. The unemployment rate was 8.30% in December
2022, 8.03% in November 2022, and 7.92% in October 2022.
• Rural unemployment declined to 7.23% in February 2023 from 8.55% in January 2023, and Urban
unemployment rose to 7.93% in February from 6.48% in January.
• Haryana had the highest unemployment rate among the state with 29.4%, followed by Rajasthan
(28.3%) and Sikkim (21.0%).
• Chhattisgarh is the lowest unemployment rate among the states with 0.8%, followed by Madhya
Pradesh (2.0%) and Odisha (2.1%).
SEBI Approves: NSE to launch NYMEX WTI crude oil and natural gas futures contracts;
Bajaj Finserv to begin MF operations
On March 02, 2023, the National Stock Exchange (NSE) received approval from SEBI (Securities and Exchange
Board of India) to launch the rupee-denominated NYMEX WTI crude oil and natural gas futures contracts in its
commodity derivatives segment.
• The approval would enable NSE to trade rupee-denominated Nymex WTI crude oil and natural gas
derivatives contracts for Indian market participants.
• NYMEX WTI Crude Oil and Natural Gas contracts are one of the world’s most traded commodity
derivatives contracts generating interest from across the globe.
• The contracts would facilitate the Indian market participants to meet their trading objectives
without price risk.
Background: In February 2023, NSE has signed a data licensing agreement with CME Group to list, trade and
settle rupee-denominated NYMEX West Texas Intermediate (WTI) crude and Henry Hub natural gas derivatives
contracts on its platform.
Note – Currently, commodity traders preferring India’s largest commodity derivatives exchange, Multi-
Commodity Exchange of India Ltd (MCX), which already has crude and natural gas futures.
-Bajaj Finserv got SEBI approval to begin MF
Bajaj Finserv received in-principle approval from SEBI to begin its mutual fund (MF) operations. The total
count of MF houses in India increased to 42 due to the addition of Bajaj Finserv Mutual Fund.
Key Points:
i.Bajaj Finserv has also formed two wholly owned subsidiaries, namely Bajaj Finserv Mutual Fund and Bajaj
Finserv Asset Management.
ii.Bajaj Finserv Asset Management has also got an approval to act as an asset management company (AMC) for
Bajaj Finserv Mutual Fund.
• The new AMC will offer range of products equity, debt, hybrid mutual funds, active and passive
funds.
The leadership team of Bajaj Finserv MF:
i.In January 2022, Nimesh Chandan, Canara Robeco MF’s equity head, was hired to lead the investment team of
Bajaj Finserv MF and Aniruddha Chaudhuri, ICICI Prudential AMC to head the sales team.

ii.Nimesh Chandan is an investment professional with over 22 years of experience in investing in Indian capital
markets. He has been part of the MF industry for 17 years.
Ganesh Mohan was appointed as the chief executive officer of the AMC.
Note – The MF industry manages assets worth over Rs 40 trillion.
About Securities Exchange Board of India(SEBI):
Chairperson -Madhabi Puri Buch
Headquarters – Mumbai, Maharastra
Establishment – 12 April 1992
HDFC Bank partners with IRCTC to launch Co-branded travel credit card
Indian Railway Catering and Tourism Corporation Ltd. (IRCTC), a provider of catering services backed by the
Indian Railway, partnered with HDFC Bank Ltd, India’s largest private sector lender, to introduce the “IRCTC
HDFC Bank Credit Card,” one of India’s most rewarding co-branded travel credit cards.
• The “IRCTC HDFC Bank Credit Card” will be available in a single variant exclusively on the Rupay
network of the National Payments Corporation of India (NPCI).
• HDFC Bank, India’s largest card issuer, is the first private sector bank to collaborate with the IRCTC
to improve the user experience for train passengers beginning with ticket booking.
Rajni Hasija, Chairman and Managing Director (CMD) of IRCTC; Parag Rao, Group Head – Payments, Consumer
Finance, Digital Banking, and IT; HDFC Bank; and Praveena Rai, COO Chief Operating Officer) of NPCI, launched
the credit card in New Delhi, Delhi.
Key Benefits:
i.The card offers special benefits and the maximum savings on train ticket bookings made through the IRCTC
Rail Connect app and ticketing website.
ii.In addition, cardholders will receive a joining bonus, booking discounts, and access to a number of executive
lounges located in various Indian railway stations.
iii.The credit card will help to expedite online transactions while also providing best-in-class benefits and an
improved user experience.
iv.This co-branded card will encourage wider adoption and spread of digital payments across India since RuPay
Credit Cards are now available for use with UPI for payments. Click here to know more
About HDFC Bank Ltd:
MD & CEO – Sashidhar Jagdishan
Tagline – We Understand Your World
SIDBI ink MoU with ShowReel to Develop Digital Platform to Support Innovators
In February 2023, the Small Industries Development Bank of India (SIDBI) signed a Memorandum of
Understanding (MoU) with ShowReel to develop an online digital platform to support innovators and promote
Entrepreneurship in India.
• The platform would provide practical-based hand holding demonstration and equity funding for the
innovators and ideators to think, analyze and create ideas to solve real-world development
problems.
• The MoU intends to create a virtual ecosystem for entrepreneurs to harness use the intellectual
capital, help and develop entrepreneurship.
Key Points:
i.Under the partnership, ShowReel will provide the technological expertise to build and run the online video
platform.
ii.Whereas, SIDBI’s expertise would promote and finance MSMEs (Micro, Small & Medium Enterprises) and

StartUps.
iii.The platform will provide access to training videos, market analysis, and mentorship, in addition to a virtual
incubation program, practical solutions to real-world problems by providing video-based solutions to support
entrepreneurs.
About Small Industries Development Bank of India (SIDBI):
Chairman & Managing Director – Sivasubramanian Ramann
Headquarters – Lucknow, Uttar Pradesh
Establishment – 2nd April 1990
HP CM Sukhvinder Singh Sukhu launches UPI E-Services for Kangra Central Cooperative Bank
On 1st March 2023, Sukhvinder Singh Sukhu, the Chief Minister (CM) of Himachal Pradesh (HP), launched
Unified Payments Interface (UPI) and ‘Swadhan-e-pension-Gov’ services for Kangra Central Cooperative Bank
• This service would make bank transactions simpler and faster, especially for the elderly and those
residing in remote places.
Axis Bank acquires Citibank India’s Consumer Banking in Rs 11,603 crore

On 1st March 2023, Axis Bank Limited (formerly UTI Bank), a private-sector lender, completed the acquisition
of Citibank India(Citi India)’s consumer Banking which includes loans, credit cards, wealth management and
retail banking operations. The Axis Bank has paid a total purchase consideration of Rs 11,603 crore (USD 1.4
billion) to Citibank India.
• The deal also includes the sale of the consumer business of Citi’s non-banking financial company,
Citicorp Finance (India) Limited, comprising asset-backed financing business, which includes
commercial vehicle and construction equipment loans, as well as the personal loans portfolio.
• The acquisition excludes Citi’s institutional consumer business in India.
Axis Bank is the 4th-largest credit card issuer with a total base of 8.6 million cards. The deal will increase its
credit cardholder base by around 2.5 million, elevating it to India’s top three card businesses.
Key Highlights:
i. Axis Bank and Citibank NA (acting through its branch in India) reached an agreement for the bank to acquire
both the NBFC Consumer Business from Citicorp Finance (India) Limited (CFIL) and the India Consumer
Business of Citibank in 2022.
• On 1st March 2023, the Consumer Business from CBNA and the NBFC Consumer Business from CFIL
was acquired as going concerns, without specific assets and liabilities for either business having
valuations assigned to them.
ii. As of January 31, 2023, the consideration for the acquisition is based on the contracted estimate of the
closing positions of the assets, assets under management, and liabilities at Rs 11,603 crore.
Axis Requirements:
Axis Bank will assume ownership of Citibank’s India consumer business as well as its NBFC consumer business
with effect from March 1, 2023, subject to and in compliance with the requirements and terms of the agreed
contractual documents and settlement of consideration.
• Axis has required about 3 million unique customers of Citibank India, 7 offices, 21 branches, and 499
Automated Teller Machines (ATMs) across 18 cities.
Note:
• The retail book of Citibank is nearly Rs 68,000 crore, of which retail loans account for Rs 28,000
crore.
• With 1.2 million bank accounts, the total Citibank India business contributes 1.5% of profit to the
lender’s global book.
• Citigroup announced its plan to exit the consumer banking business in India in 2021.

About Axis Bank Limited:
Chief Executive Officer (CEO) & Managing Director (MD)- Amitabh Chaudhry
Establishment- 1993
Tagline- Badhti Ka Naam Zindagi
About Citibank India:
CEO- Ashu Khullar
Establishment- 1902
Madhya Pradesh govt presents Green Budget of Rs 3.14 lakh crore for FY24
On March 1, 2023, the Finance Minister of Madhya Pradesh (MP) Jadgish Devda presented a green budget of
Rs 3,14,025 crore for 2023-24 of MP. This is an increase of 12.5% from FY22’s budget of Rs. 2,79,237 crore. It is
expected to have higher revenue growth of 16%.
• There is no provision for any new tax in the budget and stamp duty has also been cut in many
categories.
• It was regarded as the ‘Budget of the public’.
Highlights:
i.The budget has a revenue surplus of Rs 412.76 crore and the fiscal deficit is estimated at 4.02% of the Gross
State Domestic Product (GSDP).
ii.The estimated revenue receipts are Rs 2,25,709.90 crore, which include state’s own tax amount of Rs
86,499.98 crore, state’s share of central taxes of Rs 80,183.67 crore, non-tax revenue of Rs 14,913.10 crore and
grants-in-aid received from the Centre of Rs 44,113.15 crore.
iii.MP’s debt will increase to Rs 3,85,000 crore by March 31, 2024 from current Rs 3,00,000 crore.
• The debt to GSDP ratio would be 27.83% in 2023-24, down from 30.12% in the FY23.
Launch of Mukhkyamantri Ladli Behna Yojna:
A new scheme namely ‘Mukhkyamantri Ladli Behna Yojna’ will be rolled out for the welfare of women in the
state on March 5, 2023. For this, a provision of Rs 8,000 crore has been made.
• Under the scheme, women will be given Rs 1,000 assistance per month with certain riders including
that they are not Income Tax payee.
Key Points:
i.The budget has a provision of Rs 36,950.16 crore for Scheduled Tribes (Sub-Scheme), Rs 2,60,86.81 crore for
Scheduled Castes (sub-scheme), Rs 11,406 crore for the establishment of government primary schools, and Rs
7,332 crore for Jal Jeevan Mission (JJM) under the National Rural Drinking Water Mission.
ii.There is a provision of Rs 6,935 crore for assistance for carrying out reforms required as per the 15th Finance
Commission (report), and Rs 6,728 crore for middle schools.
iii.A provision of total appropriation amounting to Rs 3,14,024.84 crore, which is 13% more than FY23, and
total net expenditure of Rs 2,81,553.62 crore have been made.
iv.The State Government has also announced to start Mukhyamantri Balika Scooty Yojana for the meritorious
girls of the state. Under this scheme, scooties will be gifted to the girls who get the highest marks in class 12th
in the State.
v.A provision of Rs 3,230 crore has been made for CM Rise schools and Rs 1000 crore for
Mukhyamantri Kaushal Yojana.
vi.Rs 1.02 lakh crore has been kept for women’s empowerment and welfare.
vii.A provision of Rs 28,624 crore for the Public Works Department (PWD) to build roads and bridges was
made.
viii.There will be opening of Global Skill Park in Bhopal and skill development centres in Gwalior, Sagar,
Jabalpur and Reva.
• Under this, 200 youth will also be sent for training to Japan.

ix.Rs 358 crores were allocated for the expansion of four temples– Devilok in Salkanpur, Ramlok in Orchha,
Ravidas Samark in Sagar and Deviya Vanvasi Lok in Chitrakoot in different parts of the state.
x.Rs 50 crore has been announced for ‘Mukhyamantri Teerth Darshan Yojna’ through airways.
About Madhya Pradesh (MP):
Chief Minister (CM)– Shivraj Singh Chouhan
Governor– Mangubhai C. Patel
Tiger Reserves– Kanha Tiger Reserve, Bandhavgarh Tiger Reserve, Panna Tiger Reserve
ICICI Bank Launches Digital Solutions for Participants of Capital Market & Custody Services
ICICI Bank Limited has announced the launch of ‘ICICI STACK for Capital Markets & Custody,’ a suite of
digital solutions for custodial service clients and Indian capital market participants.
• The digital solutions are intended to provide faster onboarding and convenience to all participants
in the Indian capital market.
The solutions would enable diverse sector participants, such as stock brokers, Portfolio Management Service
(PMS) providers, Foreign Portfolio Investors (FPIs), Foreign Direct Investors (FDIs), and Alternative
Investment Funds (AIFs), to satisfy their banking needs in a seamless manner.
Key Services & Offerings of The Digital Solutions for Entities in Capital Markets & Custody Services:
‘3-In-1’ Account Facility for Stock Brokers and Clients
With the newly launched “3-in-1” account, stock broker clients can quickly and digitally open their online
trading, demat, and savings accounts from anywhere in India.
• The service allows stock brokers to integrate their trading and depository systems with the Bank via
Application Programming Interface (API), giving them access to real-time information on investor
funds available.
Digital Account Opening for PMS Clients
As a custodian, the Bank offers a first-of-its-kind solution for PMS service providers to open savings and demat
accounts digitally in a single working day, considerably decreasing onboarding and activation times.
Digital On-Boarding and Pre-Verification of FPI/FDI Clients
The bank’s digital platform has enabled the onboarding and registration of FPIs/FDIs from any country in the
world.
• The platform enables FPIs/FDIs to seamlessly upload documents and information for pre-
verification, reducing registration and onboarding time to a few days.
Self-Service Portal
Through “Web Custody,” a new component of Corporate Internet Banking, the bank’s self-service portal gives
24×7 digital access to custody assets, transactions, and various reports to Custody Services clients, including
PMS, AIF, and Foreign Institutional Investors (FIIs).
• For clients who use derivative clearing services, the Bank also provides access to the “E-
Protector” application, a digital dashboard for real-time monitoring of margin utilisation, margin
per script, and trade authorisation.
Value Added Services for AIFs
The Bank provides AIFs with a range of services, including fund accounting, foreign exchange (Forex), escrow
arrangements, digital collection, and payment solutions.
• Moreover, the Bank provides specially designed escrow services for a range of needs of AIF portfolio
companies, including share purchase agreements, share buybacks, mergers, demat escrow, RERA
(Real Estate Regulatory Authority) accounts, and credit-linked arrangements.
Digital Collection Solutions
Digital channels like e-collections, e-mandates, e-NACH (Electronic National Automated Clearing House), and
Unified Payments Interface (UPI) interfaces are included in the list of digital collection solutions.

Digital Payment Solutions
The Bank offers tailored solutions to capital market players and custodial services to carry out various
payments such as exchange pay-in, investor payment, expenditure payment to suppliers, and statutory payout
using digital payment solutions.
About the ICICI Bank Limited:
MD & CEO – Sandeep Bakhshi
SBI completes 1st Commercial Trade in Sri Lankan Rupees

State Bank of India, an Indian multinational public sector bank, completed its 1st non-dollar transaction with
Sri Lanka by paying for exports in Sri Lankan rupees to bring countries that lack US (United States)dollars into
the trade mechanism.
• As a result of a dollar shortage, Sri Lanka is currently experiencing its greatest economic crisis since
gaining independence. At the end of January, Sri Lanka’s foreign exchange reserves were USD 2.1
billion.
Sashidhar Jagdishan MD & CEO of HDFC Bank named “BS Banker of the Year 2022”
Sashidhar Jagdishan, Managing Director (MD) and Chief Executive Officer (CEO) of HDFC Bank(since October
2020), has been named the Business Standard (BS) Banker of the Year 2022, due to his successful
navigation of technology-related challenges while maintaining the bank’s strong performance.
• Sashidhar Jagdishan was chosen as the winner by a distinguished 5-member jury, which was led
by S S Mundra, a former Reserve Bank of India (RBI) Deputy Governor.
• Other Jury members: Keki Mistry, Vice Chairman and CEO of HDFC Limited, Anil Singhvi, Chairman
of Ican Investment Advisors, A Balasubramanian, MD and CEO of Aditya Birla Sun Life Asset
Management Company and P S Jayakumar, former MD and CEO of Bank of Baroda.
Pramerica Life Insurance appoints Pankaj Gupta as MD & CEO

On 2nd March 2023, Haryana-based Pramerica Life Insurance Limited announced the appointment of Pankaj
Gupta as its Managing Director (MD) and Chief Executive Officer (CEO).
The Insurance Regulatory and Development Authority of India (IRDAI) and the Board of Pramerica Life
Insurance approved the appointment.
• He will be in charge of implementing a strategy growth-led transformation to elevate Pramerica Life
among the leading life Insurance companies in India.
• Previously he served as the Group Head of Distribution Strategy and Alliances of Mumbai
(Maharashtra)-based HDFC Life Insurance Company Limited (HDFC Life) and was part of HDFC
Life’s top leadership team.
World Bank Signs 2 Loan Programmes PHSPP, EHSDP of USD 500 million each to Support
India’s Health Sector
On March 3, 2023, Government of India (GoI) and World Bank (WB) signed 2 complementary loans of $500
million Public Health Systems for Pandemic Preparedness Program (PHSPP) and $500 million Enhanced Health
Service Delivery Program (EHSDP) to support and improve India’s healthcare infrastructure.
• The loan agreements were signed by Rajat Kumar Mishra, Additional Secretary, Department of
Economic Affairs and Auguste Tano Kouamé, World Bank India country director.

Key Points:
i.Through the combined financing of USD 1 billion (about Rs 8,200 crore), the WB will support India’s flagship
Pradhan Mantri-Ayushman Bharat Health Infrastructure Mission (PM-ABHIM), which was launched in October
2021, to improve the public healthcare infrastructure across India.
ii.Both the PHSPP and EHSDP loans which will be obtained from the International Bank for Reconstruction and
Development (IBRD) (The financial institution which is a part of the World Bank Group) have a final maturity of
18.5 years including a grace period of 5 years.
iii.One of the loans would prioritise health service delivery in 7 states including Andhra Pradesh, Kerala,
Meghalaya, Odisha, Punjab, Tamil Nadu, and Uttar Pradesh.
Purpose of the two Loans:
i.The two Programs will support both the Center and the States for development of more accessible, high-
quality, and affordable health services.
ii.They are also supporting India’s decision to increase the resilience and preparedness of the country’s health
systems against future pandemics.
iii.$500 million PHSPP:
• The program will support the GoI’s efforts to prepare India’s surveillance system to detect and
report epidemics of potential international concern, ensure rapid response, and prevent emergence
of pathogens.
• It will also improve India’s capacity to detect pathogens, including zoonotic diseases, to inform
India’s bio-security response and commercialization of new technologies to prevent, detect or treat
infectious diseases.
• It will strengthen coordination and capacity of core public health institutions to deliver high-quality
results.
iv.$500 million EHSDP:
• Service delivary could be improved under the EHSDP by redesigned primary health care model.
Under which the household access to primary healthcare facilities will be improved through regular
household visits and risk assessment of noncommunicable diseases.
• Quality of care will be improved by supporting the National Quality Assurance Standards
certification across Health and Wellness Centers (HWCs), which will transform health sector
governance and accountability by strengthening implementation capacities at the district level.
India’s performance in health care:
i.According to the World Bank estimates, India’s life expectancy was increase to 69.8 in 2020 from 58 in 1990
and it is higher than the average for the country’s income level.
ii.The achievement in access to skilled birth attendance, immunizations, and other priority services are evident
from the values such as the under-5 mortality rate of 36 per 1,000 live births, infant mortality rate of 30 per
1,000 live births, and maternal mortality ratio (103 per 100,000 live births)
• The rates are all close to the average for India’s income level
About World Bank:
World Bank Group President – David Malpass
Headquarters – Washington, DC, USA
IREDA, EIB explore Partnership to finance Renewable Energy Projects in India

On March 2, 2023, a meeting was held between the European Investment Bank (EIB) and Indian Renewable
Energy Development Agency (IREDA) to explore partnership on financing of renewable energy and green
hydrogen projects in India.
• The meeting was held between Maria Shaw-Barragan, Global Director, EIB; and IREDA Chairman &
Managing Directors (CMD) Pradip Kumar Das in Delhi.

Key Points:
i.IREDA is already committed to support the growth of Renewable Energy in India through financing.
ii.The proposed collaboration will support the development of renewable energy, green hydrogen projects,
green ammonia, e-mobility, battery storage, etc. in India.
• This will aid in the Government of India’s goal of achieving 50% of its installed energy capacity from
non-fossil fuels by the year 2030.
iii.It can help to create a faster sustainable future for all.
About Indian Renewable Energy Development Agency (IREDA):
CMD- Pradip Kumar Das.
Headquarters– New Delhi, Delhi
Parent Ministry– Ministry of New and Renewable Energy (MNRE)
JICA Signs Japanese ODA Loan Agreements with GoI to Provide Support for Healthcare & Urban
Infrastructure
The Japan International Cooperation Agency (JICA) signed loan agreements with the Government of India
(GoI) in Delhi to offer Japanese Official Development Assistance ODA loans totaling 40,673 million yen for
the following two projects:
i.Mumbai Trans-Harbour Link Project (III) (Loan Amount: 30,755 Million Yen)
ii.Project for Establishing a State Super-Specialty Cancer and Research Center in Mizoram, with 164 beds (Loan
Amount: 9,918 Million Yen)
Mumbai Trans-Harbour Link Project (III), Maharashtra
i.By constructing the Mumbai Trans-Harbour Link, the project aims to increase connectivity in the Mumbai
Metropolitan Region in Maharashtra.
• The Mumbai Trans-Harbour Connection is an 18-kilometer-long sea link and a 4-kilometer-long
overland link connecting central Mumbai and the Navi Mumbai region.
ii.The project will promote regional economic development and the attainment of the following Sustainable
Development Goals (SDGs):
• Goal 8 – Decent work and economic growth
• Goal 9 – Industry, innovation and infrastructure
• Goal 11 – Sustainable cities and communities and
• Goal 13 – Climate action
iii.The project is scheduled to be completed by September 2023 and will be carried out by the Mumbai
Metropolitan Region Development Authority.
Establishment of Mizoram State Super-Specialty Cancer and Research Centre
i.The project’s objective is to enhance access to cancer prevention, detection, and treatment, as well as human
resource development and research to support the cancer control system, in accordance with the 2010
National Program for the Prevention and Control of Cancer, Diabetes, Cardiovascular Diseases, and Stroke
(NPCDCS).
• By 2025, the NPCDCS intends to bring down the premature cancer mortality rate to 25%.
ii.The establishment of the 164-bed Super Specialty Center in Mizoram will ensure Universal Health Coverage
by enhancing the cancer healthcare system.
• According to JICA, Mizoram has the second highest cancer incidence and mortality rate.
• The project will also aid in achieving SDG Goal 3: Good Health and Well-Being.
iii.The project is scheduled for completion by August 2028 and will be carried out by the Health and Family
Welfare Department of the Government of Mizoram.
iv.The loan agreement for the project was signed by Saito Mitsunori, Chief Representative, JICA India, and Rajat
Kumar Mishra, Additional Secretary, Department of Economic Affairs, Ministry of Finance.

New India Assurance becomes 2nd company to offer Surety Bonds after Bajaj Allianz
On 3rd March 2023, New India Assurance Co Ltd, India’s largest general insurer, has become the 2nd insurance
company to get into the surety bonds business, which is being pushed by the Government as an alternative to
bank guarantees for government procurement.
• The Insurance Regulatory and Development Authority of India (IRDAI) permitted general insurers
to issue Surety Insurance Bonds since April 2022.
• Note – In December 2022, Private sector Bajaj Allianz General Insurance launched India’s first-ever
surety bond insurance products.
Jharkhand FM Rameshwar Oraon Unveils Rs. 1,16,418 Crore Budget for FY24
Rameshwar Oraon, the Finance Minister (FM) of Jharkhand, has proposed a Rs. 1,16,418 crore budget for
the fiscal year 2023-24 (FY24) in the Jharkhand assembly.
• The budgetary projections for FY24 were 15% higher when compared to fiscal year 2022–23
(FY23).
The Jharkhand government, headed by Chief Minister (CM) Hemant Soren, had presented a budget of Rs. 1.01
lakh crore for FY23.
• The budget for FY24 is expected to support overall development in Jharkhand and fulfil the needs of
the underprivileged, exploited, and downtrodden.
Key Budgetary Estimates & Allocations:
i.The Jharkhand government has emphasized the significance of gradually rising Capital Outlay and it was
budgeted Rs. 25,317 crore in FY24, up from Rs. 10,789 crore in FY 2021-2022 (FY22).
ii.In FY24, Rs. 84,676 crore is set aside for Revenue Expenditure, and Rs. 31,742 crore is set aside for Capital
Expenditure.
iii.The Fiscal Deficit is estimated to be Rs. 11,674.57 crore, or 2.76% of Gross State Domestic Product (GSDP).
iv.The FM announced a Rs. 50 crore scheme to promote millet production in Jharkhand.
Click here to read Jharkhand’s budget at a glance for FY24.
Significant Achievements
i.Jharkhand’s economic growth rate in FY2019–20 (FY20) was 1.1%, while during the COVID–19 crisis in FY22,
it was 8.2%.
ii.In contrast to the 7% national economic growth rate, Jharkhand is projected to develop at a rate of 7.8%
during FY23.
iii.As the primary goal of the Jharkhand government was to regulate and reduce the fiscal deficit, the state was
effective at keeping the fiscal deficit in FY22 under 1% through better financial management.
• As a result, Jharkhand’s debt-to-GDP ratio has decreased.
iv.The state’s revenue earnings (tax and non-tax revenue) have also witnessed a steady increase.
• The total revenue income in FY20 was Rs. 25,521.43 crore, which climbed to Rs. 31,320.36 crore in
FY22 and is projected to reach Rs. 38,612.84 crore in FY23.
v.The ratio of establishment to plan expenditure in total outlay was 47:53 in FY20 and is projected to be 39:61
in FY24, showing that the Jharkhand government is prioritising development projects.
• In contrast to an increase in plan outlay, there has been a consistent decrease in establishment
expenditures over the past three years.
About Jharkhand:
Chief Minister – Hemant Soren
Governor – C.P. Radhakrishnan
Wildlife Sanctuary – Mahuadanr Wildlife Sanctuary; Koderma Wildlife Sanctuary
Tiger Reserve – Palamau Tiger Reserve

Max Life & Ujjivan SFB Collaborate to Provide Life Insurance Options
Max Life Insurance Company Limited (Max Life) has partnered with Ujjivan Small Finance Bank (Ujjivan SFB)
to provide comprehensive life insurance products to the bank’s customers.
• Max Life Insurance will provide a variety of savings, protection, retirement, and group life insurance
plans to more than 73 lakh customers of Ujjivan SFB through this partnership.
Key Points:
i.Max Life’s new product offerings include innovation in a variety of consumer segments, including
homemakers, NRIs (Non-Resident Indians), and the self-employed.
• The company has been using digital and Artificial Intelligence (AI) at scale to provide a better
customer experience with seamless onboarding, manage risk, and build a digital enterprise.
ii.Ujjivan SFB seeks to improve middle-class aspirants’ access to protection, savings, and retirement options via
its national network, thus facilitating them in protecting their future.
About Max Life Insurance Company Limited (Max Life)
Max Life is a joint venture (JV) between Max Financial Services Limited and Axis Bank Limited.
• Max Financial Services Ltd. is a part of the Max Group.
• Prashant Tripathy is the Managing Director and CEO of Max Life.
About Ujjivan Small Finance Bank Limited (Ujjivan SFB):
As of January 31, 2023, Ujjivan SFB had 606 branches spread across 254 districts, covering 25 states and union
territories (UTs).
MD & CEO – Ittira Davis
Began operations in –2017
Headquarters – Bengaluru, Karnataka
Tagline – Build a Better life
CUB Launches “Dhi CUB Visa Signature Credit Card” In Partnership with 42 Card Solutions
City Union Bank (CUB), a private sector lender, has announced the launch of its first-ever credit card service,
the “Dhi CUB Visa Signature Credit Card,” in collaboration with 42 Card Solutions Pvt Ltd, a provider of credit
card management services.
• The credit cards were initially issued to CUB employees as a trial run, and the bank intends to have
roughly 30,000 active cards by the end of March 2023.
Key Points:
i.The new card scheme is anticipated to benefit more than 5 lakh customers, with priority given to existing CUB
customers when granting credit cards.
ii.Customers can apply for the card by logging into the bank’s mobile app and earn 1.25% cashback on eligible
purchases, payable monthly for the next 2 years.
iii.CUB will also provide its credit card users with a free ‘CUB Keychain Debit Card,’ which will provide added
convenience and ease of payment for all TAP & GO purchases.
iv.Its exclusive benefits include access to best-in-class benefits on travel, entertainment, dining, shopping, and
more through the visa network.
v.Under the collaboration, 42 Card Solutions will supervise CUB’s end-to-end credit card processing services by
employing an all-in-one, cloud-native card management system from Pismo, a Brazilian technology company.
• It will aid in the implementation of new payment methods and features.
vi.42 Card Solutions is in discussion with the National Payments Corporation of India (NPCI) to integrate the
card into the Unified Payments Interface (UPI) platform and will shortly launch the card on the Visa Platinum
network.

About City Union Bank Ltd (CUB):
MD & CEO – Dr. N Kamakodi
Headquarters – Kumbakonam, Tamil Nadu
Tagline – Trust and Excellence Since 1904
Paytm Signs MoU with Andhra Pradesh Govt to Promote Financial Inclusion
In March 2023, Digital financial services firm One97 Communications which owns the Paytm brand signed a
Memorandum of Understanding (MoU) with the Andhra Pradesh (AP) Government to promote mutual
cooperation and financial inclusion in the areas of Industrial Development, Financial Inclusion, Public Health,
Cyber Security and Prevention of Financial Frauds in AP.
• It was inked on the sidelines of the Andhra Pradesh Global Investors Summit 2023 in
Visakhapatnam, AP from March 3-4, 2023 on the theme ‘Advantage Andhra Pradesh- Where
Abundance meets Prosperity’.
It was signed in the presence of Saurabh Gaur, Secretary, Information Technology, Electronics and
Communications, Government of AP; and Vijay Shekhar Sharma, Founder, Managing Director and CEO of
Paytm.
What will be done under the MoU?
i.Paytm will empower merchants, street vendors and street hawkers in AP to accept digital payments and
provide them access to loans through its lending partners.
• It will also empower various GoAP (Government of Andhra Pradesh) departments to accept digital
payments from citizens and businesses.
ii.Paytm’s platform will be utilized by the AP government for providing eGovernment services, which will be
conveniently accessible to all Paytm Super App users.
iii.Paytm will collaborate with the state health authority in facilitating seamless OPD (Outpatient Department)
appointment booking at government and private hospitals under the forthcoming Unified Health Interface
(UHI) programme.
iv.Paytm will also conduct cybersecurity training for AP police personnel and launch a joint campaign to raise
awareness of cybersecurity best practices among citizens.
About Andhra Pradesh (AP):
Chief Minister (CM)– Jagan Mohan Reddy
Governor– Syed Abdul Nazeer
National Parks– Sri Venkateswara Park, Rajiv Gandhi Park, Papikonda National Park
Chhattisgarh CM presented the State Budget of Rs 1,21,501cr for FY24

On March 6, 2023, the Chief Minister (CM) of Chhattisgarh Bhupesh Baghel presented Rs 1,21,501 crore state
budget for FY24 in its State Assembly in Raipur. It was the 5th and the last budget of this term as the state is
scheduled for Assembly Elections in 2023.
• It is Rs 15,200 crore deficit budget where Gross State Domestic Product (GSDP) is projected at 8%.
• It is termed as ‘Bharose ka budget’ with a motto of ‘Gadbo Nava Chhattisgarh’.
Point to be noted:
i.CM Bhupesh Baghel’s briefcase, which contained the Budget documents, featured Chhattisgarhi art graffiti of
the state’s icons, Mahatari and Kamdhenu, created using ‘gobar’ (cow dung) paint from urban Gauthan. The
other side of the briefcase had an embossed image of Ma Kamdhenu.
ii.The focus of the FY24 budget is on promoting prosperity and growth in the state, particularly in the
agricultural and rural sectors, in line with the goals of the ‘Chhattisgarh Model.’
iii.The highest allocation of 16.1% is provided for education with more than Rs 19,000 crore to the school
education department while Rs 10,379 crore budgeted for panchayat and rural development and Rs 10,070
crore for agriculture.

Note – No new taxes have been announced under the state budget.
Highlights from Budget:
i.A provision of Rs 6,800 crore for the Rajiv Gandhi Kisan Nyay Yojana has been made to make Chhattisgarh,
which is famously known as ‘Dhaan Ka Katora” (bowl of grains), as the ‘Dhan Ka Katora’ (bowl of money).
ii.An unemployment allowance of Rs 2500 will be given to unemployed youth aged 18 to 35 years, who have
passed Class 12, with an annual family income of less than Rs 2.5 lakh.
• Chhattisgarh has become the first state to give out unemployment allowance despite having the least
unemployment rate of (0.1%) in India.
• Rs 25 crore has been allocated for “Naveen Yojana” to support unemployed youth.
iii.The monthly allowance of Anganwadi workers has been increased to Rs 10,000 from Rs 6500, and for
sahayika (assistants) it is increased to Rs 5,000 from Rs 3,250.
• Mini-anganwadi workers will be given an honorarium of Rs 7,500 instead of the current Rs 4,500.
iv.The Mukhymantri Kanya Vivah allowance has been increased from Rs 25,000 to Rs 50,000.
• A total budget of Rs 38 crore has been allocated for this scheme.
v. To assist journalists, a provision of Rs 50 lakh for interest subvention on housing loans up to Rs 25 lakh
under the Journalist Housing Loan Grant Scheme for the construction of townhouses has been announced.
vi.A corpus of Rs 12 crore has been allocated for organizing the International Ramayana festival and Rs 2 crore
has been allocated for Ram Van Gaman Path Paripath.
vii.The scholarship amount given to SC (Scheduled Caste), ST (Scheduled Tribe) and OBC (Other Backward
Class) students studying in hostels, ashrams and Prayas schools, has been increased from Rs. 1,000 per month
to Rs. 1,500 per month.
viii.A provision of Rs 1,000 crores for various infrastructure construction works in Urban Areas was
announced
ix.A provision of Rs 200 crore was for the establishment of four new medical colleges in Manendragarh,
Geedam, Janjgir Champa and Kabirdham districts while Rs 870 crore was allocated for opening new 101 Swami
Aatmanand English Medium Schools.
x.The establishment of a new thermal power plant worth Rs 25 crore provisioned in the budget in Korba West.
xi.The budget has also proposed setting up new cyber police stations in the state’s major cities of Raipur,
Bilaspur and Durg and a provision of five cyber police stations at range headquarters.
xii.It also proposed to construct a smart police station at Kumari in Durg district and a women’s police station
building in the tribal Dantewada district.
xiii.The Samajik Suraksha Pension Yojana pension amount for elders, widows, and the specially-abled has been
raised from Rs 300 to Rs 500.
About Chhattisgarh:
Governor – Biswabhusan Harichandan
National Parks – Guru Ghasidas National Park, Kanger Valley National Park
Wildlife Sanctuaries – Bhoramdeo Sanctuary, Tamor Pingla Sanctuary
2nd G20 GPFI Meeting held in Hyderabad, Telangana – March 06-07, 2023
The 2nd Global Partnership for Financial Inclusion (GPFI) meeting was held in Hyderabad (Telangana) for
two days from March 06-07, 2023, and was headed by the GPFI Co-Chair and G20 (Group of Twenty) India
Presidency.
• India is hosting the prestigious G20 summit in 2023, as the country holds the G20 Presidency from
December 1, 2022, to November 30, 2023.
Significant Outcomes of the Meeting:
i.During the meeting, India and Italy were declared as the new long-term Co-Chairs of the GPFI, with
unanimous support from the membership.
• The new Co-Chairs have been chosen for a 3-year term, which will commence in 2024.

ii.The GPFI members discussed and decided on the course of action for key deliverables for the year, including
those on digital financial inclusion and SME finance.
iii.A special workshop was also held to draft the GPFI Financial Inclusion Action Plan (FIAP) 2023, which
will steer the G20’s financial inclusion activities for 2024 – 2026.
iv.During the GPFI meeting, a symposium on digital innovations in payments and remittances was organized
for both G20 and non-G20 nations.
• The symposium featured a panel discussion on Harnessing Digital Innovations in Payments Systems
for Financial Inclusion, Resilience, Productivity Gains, and Inclusive Growth.
v.Prior to the GPFI Meeting, a Knowledge and Experience Exchange Programme for Emerging Economies
of the Global South, in accordance with the overarching theme of the G20 India Presidency, “One Earth, One
Family, One Future”(“Vasudhaiva Kutumbakam”), was conducted.
vi.Experts from India, including those from the Ministry of Finance (MoF), the Reserve Bank of India (RBI), the
National Payments Corporation of India (NPCI), and the Unique Identification Authority of India (UIDAI),
discussed their experiences in reshaping the financial inclusion environment by employing Digital Public
Infrastructure (DPI).
Key Participants:
i.Representatives from the Ministries of Finance and Central Banks of G20 and non-G20 nations such as
Bangladesh, Bhutan, Egypt, Ethiopia, Ghana, Jordan, Malawi, Maldives, Nepal, Oman, the Philippines, Poland,
Senegal, Sierra Leone, Sri Lanka, Thailand, and Vietnam.
ii.G20 Members: It has 20 members, including 19 countries: Argentina, Australia, Brazil, Canada, China,
France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South
Africa, Türkiye, United Kingdom (UK), United States (US), and the European Union (EU).
iii.Representatives from regional organizations such as the Asian Development Bank (ADB), the African Union
Commission (AUC), the African Continental Free Trade Area (AfCFTA), the Arab Monetary Fund (AMF), the
Eastern Caribbean Central Bank (ECCB), the Gates Foundation, the Organisation of Eastern Caribbean States
(OECS) and Smart Africa.
Kotak AMC launches Digital Campaign to promote Digital Literacy among Women
On International Women’s Day, March 8, 2023, Kotak Mahindra Asset Management Company Limited launched
a digital campaign named ‘DigitALL: Innovation and technology for gender equality‘ to promote digital
literacy among women.
The campaign calls for the digital inclusion of all with the hashtag, #IncludeAll.
• The digital campaign features Kotak group women employees sharing their stories about how they
support and empower other women in their lives by teaching them digital literacy.
15 Stock Exchanges are designated as Qualified Stock Brokers by NSE & BSE
The National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) have designated 15 trading platforms as
Qualified Stock Brokers (QSBs) w.e.f. July 1, 2023 following a direction by the Securities and Exchange Board of
India (SEBI) in February 2023. These are as follows:
S. No. Name of the Stock Brokers
1 5 Paisa Capital Limited
2 Anand Rathi Share and Stock Brokers Limited
3 Angel One Limited
4 Globe Capital Market Limited
5 Hdfc Securities Ltd
6 ICICI Securities Limited

7 IIFL Securities Limited
8 Jainam Broking Limited
9 Kotak Securities Ltd.
10 Motilal Oswal Financial Services Limited
11 Nextbillion Technology Private Limited
12 Nuvama Wealth and Investment Limited
13 RKSV Securities India Private Limited
14 Sharekhan Ltd.
15 Zerodha Broking Limited
Reason behind this designation:
It is on the lines of SEBI guidelines in January 2023 stating to designate certain stock brokers as QSBs based on
their size and scale of operations, potential impact on investors and the securities market, trading volume,
amount of clients’ funds handled by them, and adherence to governance and service standards.
• This designation will ensure the orderly functioning of the securities market and to protect the
interest of investors in the securities market.
What are QSBs?
QSBs are shortlisted stock brokers, because of their size and scale of operations, which cater to the needs of a
large number of investors. They are identified as QSBs on four parameters viz.
1. Total number of active clients of the stock broker
2. Available total assets of clients
3. Trading volumes excluding the proprietary trading volume
4. End-of-day margin obligations of all clients excluding proprietary margin obligation of the
stockbroker in all segments
Stock brokers with a total score greater than or equal to 5 based on the above parameters are identified as
QSBs.
Responsibilities:
QSBs are required to meet enhanced obligations and discharge additional responsibilities to ensure
appropriate governance structure, appropriate risk management policy, scalable infrastructure , appropriate
technical capacity, framework for orderly winding down, robust cyber security framework, and investor
services including online complaint redressal mechanism.
About Securities and Exchange Board of India (SEBI):
Chairperson– Madhabi Puri Buch
Establishment– 1992
SEBI imposed Restrictions on Opting Share Buyback via Stock Exchange Mechanism
On March 8, 2023, the Securities and Exchange Board of India (SEBI) imposed restrictions on bids, prices and
volumes of companies conducting share buybacks through the stock exchange route.
• Currently, companies have two options for share buyback: a stock exchange and a tender offer.
This Circular by SEBI is issued in exercise of the powers conferred under Section 11(1) of the SEBI Act, 1992
to protect the interests of investors and to promote the development of, and to regulate the securities market.
Background:
i.On February 7, 2023, SEBI notified the Securities and Exchange Board of India (Buy-Back of Securities)
(Amendment) Regulations,2023.
ii.The amendment regulations came into force on the 30th day of the date of notification (i.e., 9th March
2023).

iii.The regulations has been made effective for all buy-back offers where the Board of Directors of the company
approve the resolution with respect to Buy-back on or after 9th March 2023.
What are the new rules?
i.Under this, a company could not buy more than 25% of its shares’ average daily trading volume (value) in the
10 trading days preceding the purchase.
ii.The company will not bid before the market opens, the first 30 minutes and the last 30 minutes of the regular
trading session
iii.The company’s buy order price should be within 1% of the final traded price.
iv.Regarding the margin requirement for deposits in an escrow account, the account should consist of cash
and/or non-cash. Appropriate deductions will be made for the portion of the escrow account that is not in cash.
Key Points:
i.SEBI requires companies and appointed brokers to ensure compliance with these regulations.
ii.The stock exchange will monitor their compliance and, in the event of non-compliance, impose appropriate
fines or other enforcement actions as they deem fit.
SEBI asks investors to link PAN with Aadhaar by March 31
SEBI also asked investors to link their Permanent Account Number (PAN) with Aadhaar number by March 31,
2023 for continual and smooth transactions in the securities market. The non-compliance with this will be
considered non-KYC compliant, and there could be restrictions on securities and other transactions until PAN
and Aadhaar are linked
• The provisions of the Income-tax Act make it mandatory for every person who has been allotted a
PAN to intimate his/her Aadhaar number to the prescribed authority so that the Aadhaar and PAN
can be linked.
• This is required to be done on or before the notified date, failing which the PAN would become
inoperative.
SEBI: Extended Timeline for comments on ERPs norms; Issued framework for Cloud Services
Adoption by Res
On March 8, 2023, the Securities and Exchange Board of India (SEBI) extended the timeline for submission of
public comments on the consultation paper on ‘Regulatory Framework for ESG (Environmental, Social
and Governance) Rating Providers (ERPs) in the Securities Market’ from March 8 to March 15 2023.
Background:
• On February 22, 2023, SEBI placed a consultation paper on Regulatory Framework for ERPs in
Securities Market on its website seeking comments by March 08, 2023.
• The Consultation Paper also includes the regulatory framework of ESG Disclosures by listed
entities, ESG Ratings in the securities market and ESG Investing by Mutual Funds to facilitate the
balance between transparency, simplification and ease of doing business.
Key Regulations:
i.As per the proposed regulations, the ERPs would be registered with SEBI under the SEBI (Credit Rating
Agencies) Regulations, 1999.
• The CRA Regulations would be amended to include a chapter for ERPs.
ii.ESG Disclosures: SEBI has mandated the top 1000 listed companies (by market capitalization) to make
ESG disclosures as per the Business Responsibility and Sustainability Reporting (BRSR) from FY22 on
a voluntary basis and mandatory from FY23.
• In FY22, more than 175 companies reported on the BRSR framework, on a voluntary basis.

iii.SEBI proposed a new ‘BRSR Core’ format comprising select essential indicators across all principles that can
become the foundation of the assurance process.
iv.In the context of the BRSR Core framework, ERPs may also provide a Core ESG Rating, based on assured
indicators.
Who is ERP and what is ESG Rating?
i.ESG rating provider is a body corporate which is engaged in or proposes to be engaged in, the business of ESG
ratings.
ii.Under ESG ratings, the ratings provided for an entity that is listed/ proposed to be listed on a stock exchange
based on its ESG profile or characteristics or exposure to ESG, governance risk, social risk, climatic or
environmental risks or impact on society, climate and the environment.
-SEBI issues framework for REs for cloud services adoption
Due to the rise of dependence on cloud computing for delivering IT (Information Technology) services, SEBI
drafted a cloud framework for the adoption of Cloud Services by SEBI Regulated Entities (REs).
• Objective: To highlight the key risks and mandatory control measures that REs need to know and
follow before adopting cloud computing.
• The framework also provides baseline standards of security and for legal and regulatory
compliances to be followed by the RE if they adopt such solutions.
• The REs include Stock Brokers through Exchanges, Clearing Corporations, Depositories, Asset
Management Companies (AMCs)/mutual funds and KYC Registration Agencies (KRAs).
Key Points:
i.The framework will come into force immediately for all new or proposed cloud onboarding
assignments/projects of the REs.
ii.The REs that are currently availing cloud services should be in compliance with the framework within 12
months and they should ensure that wherever applicable, all such arrangements are revised .
iii.The cloud framework covers Governance, Risk and Compliance (GRC), selection of Cloud Service Providers
(CSPs), data ownership and data localisation, due- diligence by REs, security controls, legal and regulatory
obligations, among others.
What is Cloud Computing?
Cloud computing is a model for enabling ubiquitous, convenient, on-demand network access to a shared pool of
configurable computing resources (e.g., networks, servers, storage, applications, and services) that can be
rapidly provisioned and released with minimal management effort or service provider interaction.
About Securities Exchange Board of India(SEBI):
Chairperson -Madhabi Puri Buch
Headquarters – Mumbai, Maharastra
Establishment – 12 April 1992
Yes Bank, Aadhar Housing Finance Ltd made Co-lending Partnership to offer Home Loans
In March 2023, Yes Bank and Aadhar Housing Finance Ltd entered into a strategic co-lending partnership to
offer housing loans to homebuyers.
• Under the partnership, both parties will offer convenient home finance solutions to customers from
lower and middle-income groups.
• The entities will provide home finance options such as Home Loan for Salaried Employees, Loan for
Plot Purchase and Construction, Home Improvement Loan, Loan Against Residential Commercial
Property, Balance Transfer and Top Up, among others.
• The partnership is based on the co-lending framework of the Reserve Bank of India (RBI) which
enables banks and non-banking financial companies to collaborate and provide credit to the
unserved and underserved sections of society.
Co-lending partnership:
Under Co-lending two lender firms will come together to disburse loans. The association will allow firms to

source clients, perform credit appraisals, and disburse funds.
About YES Bank Ltd.:
MD & CEO – Prashant Kumar
Tagline – Experience Our Expertise
One Point One Solutions Inks Service Agreement with KMB & DMI Finance
One Point One Solutions, a provider of business process management solutions, has partnered with Kotak
Mahindra Bank Limited (KMBL) and DMI Finance, a Pan-Indian credit platform, to expand its collections
portfolio offering in the Banking, Financial Services and Insurance (BFSI) sector.
• A One Point One Solutions team with multilingual skills, such as English, Hindi, and Kannada, will
manage the collection process for some of KMBL’s major products.
Key Points:
i.The initial engagement with the KMBL will consist of roughly 20 seats and will eventually expand to more
than 100 seats across three One Point One Solutions locations.
ii.The collection portfolio will be managed by One Point One Solutions locations in Mumbai (Maharashtra),
Gurugram (Haryana), and Bengaluru (Karnataka) as part of the business scope with DMI Finance.
iii.Customers of DMI would be assisted in English, Hindi, Marathi, Gujarati, and other south Indian languages.
• The account started with 50 seats and will be expanded to over 150 seats in 3 months.
Note: Akshay Chhabra is the Managing Director (MD) of One Point One Solutions.
About Kotak Mahindra Bank Limited (KMBL):
MD & CEO – Uday Kotak
Tagline – Let’s Make Money Simple
Ujjivan SFB Launches “Unpause Initiative” To Promote Workplace Diversity & Inclusion
Ujjivan Small Finance Bank (Ujjivan SFB) has launched the “Unpause Initiative” as part of its commitment to
promote workplace diversity and inclusion.
• The “Unpause Initiative” is a programme designed to assist women who, for any reason, took a
career break and are now prepared to rejoin the workforce.
Key Points:
i.The ‘Unpause Initiative’ also features an exclusive hiring drive and employee referral programme for women
who are restarting their careers.
ii.Women from all walks of life and backgrounds are urged to apply for the hiring programme, which will be
implemented across the bank.
iii.This initiative aims to equip women with the resources and assistance they need to succeed, allowing them
to develop themselves and positively impact the community at large.
Tata AIA Life Insurance Launches New ‘Empowering You To Achieve Your Dreams’ Campaign
Tata AIA Life Insurance Company Limited (Tata AIA Life Insurance), one of India’s leading life insurance firms,
has launched the ‘Empowering You To Achieve Your Dreams’ digital campaign.
• The programme aims to provide Indian women the financial planning expertise they need to achieve
their goals and fulfil their dreams.
• The campaign has been developed and conceptualised by the creative firm FCB Ulka.
Tata AIA Life Insurance is a joint venture (JV) between Tata Sons Pvt. Ltd. (Tata Group) and AIA Group Ltd.
(AIA).
Note: Kulvinder Ahluwalia is the chief executive officer (CEO) of FCB Ulka.

Key features of the campaign:
i.The campaign presents an interpretation of the independent spirit of modern Indian women and was
launched with a simple, clear, and inspirational message.
ii.It also features the TATA AIA’s Guaranteed Tax-Free Income Plan, which empowers the women to succeed in
their endeavours independently.
About Ujjivan Small Finance Bank (Ujjivan SFB):
MD & CEO – Ittira Davis
Established – February 1, 2017
Headquarters – Bengaluru, Karnataka
Tagline – Build a Better life
Maharashtra, Gujarat lead in FDI inflows in April-December of FY23

According to the Department for Promotion of Industry and Internal Trade (DPIIT)
data, Maharashtra and Gujarat recorded positive growth during the 3 quarters of the current fiscal (FY23) –
April 2022 to December 2022.
• FDI inflows into Maharashtra went up by 19% year-on-year (y-o-y) to Rs 85,186 crore during the
April-December of FY23 as compared to Rs 71,858 crore of FDI inflows during April-December of
FY22.
• FDI inflows into Gujarat during April-December of FY23 more than doubled to Rs 32,349
crore compared to Rs 15,321 crore in April-December of FY22.
• In April-December of FY23, FDI inflows into Karnataka were Rs 70,015 crore, 2nd highest FDI
equity inflow after Maharashtra, but it declined by 45% from Rs 1.28-lakh crore during April-
December of FY22.
It is to be noted that Maharashtra, Karnataka and Gujarat have lion’s share of FDI inflows into India. These
three States alone accounted for 68% of the FDI equity inflows (in dollar terms) into the country
between October 2019 and December 2022.
Key Highlights:
i.The overall FDI inflows into India fell by 9% to Rs 2.91-lakh crore during April-December of FY23 as interest
rates were hiked by major central banks and recessionary fears in many parts of the world.
ii.Among smaller States, Rajasthan recorded 61% growth in FDI inflows to Rs 6,021 crore.
iii.In the April-December of FY23, FDI inflows in Tamil Nadu fell by 15% y-o-y to Rs 14,956 crore.
iv.The computer software and hardware sector attracted the highest inflows of Rs 63,819 crore in April-
December of FY23.
• However, in value terms it was down by 16% as compared to April-December of FY22.
v.Inflows into the service sector grew by 31% to Rs 52,189 crore (Rs 39,797 crore) during April-December of
FY23.
vi.FDI flows to the automobile sector saw the steepest decline of 77% y-o-y to Rs 10,015 crore during April-
December of FY23.
Axis Bank ties up with ITC to Lending Products to Farmers

On March 9, 2023, Axis Bank collaborated with ITC Limited to offer lending products and services to farmers
who are a part of ITC’s agriculture eco-system. This partnership is aimed at reaching out to the unserved and
under-served farmers in rural areas, in line with Axis Bank’s Bharat Banking mission to extend its reach in
remote regions by opening new bank accounts and providing seamless customer experience in FY22-23.
Key Points:
i.The Bank will utilize ITC’s super app ITCMAARS (Meta Market for Advanced Agricultural Rural Services), a
full-stack Agri-tech application for reaching out to the farmers and addressing their financial requirements.

• ITCMAARS a phygital eco-system that provides agricultural and allied services to farmers on a digital
platform through Hyperlocal and personalised advisory, Agri- Inputs, Financial services, and Market
linkages.
ii.The bank will offer credit facilities for rural lending products like Farmer Funding loans & Gold Loans with
easy access, and other products and services to the farmers through its rural-urban and semi-urban (RUSU)
branches located across 656 districts of India.
About Axis Bank Limited:
Axis Bank Limited was incorporated in 1993 with the name UTI Bank Ltd.
Axis Bank is one of the first new-generation private sector banks to have begun operations in 1994.
MD & CEO – Amitabh Chaudhry
Tagline – Badhti Ka Naam Zindagi
10,000+ women entrepreneurs dispensed over Rs 900cr of Financial Services

in FY22: PayNearby– RBIH Study
According to the 3rd edition of PayNearby’s annual report titled “PayNearby Women Financial Index (PWFI)”
over 10,000 women entrepreneurs have dispensed over Rs 900 crores of financial services in FY22.
• The report, released by PayNearby in association with the Reserve Bank Innovation Hub (RBIH), is a
detailed analysis on ‘financial consumption by women at retail outlets’ in 2021-22.
Assessment:
The survey was conducted among 5,000+ retail stores in India, recording financial transactions of women
consumers as observed in those outlets.
Highlights:
i.More than 76% of female customers, who availed basic banking services at PayNearby’s retail outlets
preferred biometric authentication as a mode of cash withdrawal.
• However, 48% of women still preferred dealing in cash.
ii.Aadhaar-led transactions and UPI (Unified Payment Interface) QR (Quick Response) too have gained
momentum. Cards continue to have minimal presence in this segment.
iii.Women within the age group of 18-30 years were the most digitally adept, with over 60% of this age bracket
owning a smartphone and accessing digital content through it. This was immediately followed by the age group
31-40 years.
iv.Approximately 78% of women cited cash withdrawal as the primary reason for visiting a retail store for
financial transactions with Rs 1000-2500 being the most preferred range of withdrawal for women across
India.
• Mobile recharges, bill payments and travel booking were the next three popular services availed by
women customers at retail touchpoints.
v.More than 74% of women operated their bank accounts themselves, they were primarily for the purpose of
cash withdrawals and cash deposits,
vi.Child education topped the list of savings which was followed by ‘medical emergency’ and ‘buying household
electronic items.
• 68% of those surveyed cited good education for their kids as a priority for them.
vii.Insurance still continues to be low (1%) despite 29% of women being aware about insurance products,
viii.39% of women visiting Kiranas and retail outlets for financial transactions used smartphones and also
availed WhatsApp actively.
ix.The research specified that there was an increased awareness for online entertainment and online
commerce, with 16% and 23% of respondents showing willingness to consume these services digitally.
About PayNearby:
Founder, MD and CEO– Anand Kumar Bajaj

SEBI announces Reward Mechanism for Informants providing tips on Defaulters
The Securities and Exchange Board of India (SEBI) in exercise of its powers conferred under Section 11 (1) of
SEBI Act, 1992 issued ‘SEBI (Grant of Reward to Informant Under Recovery Proceedings) Guidelines,
2023’ w.e.f. March 8, 2023.
• Under this, there is a reward system up to Rs 20 lakh to informants for sharing credible
information/tips about the assets of defaulters under recovery proceedings w.e.f. March 8, 2023.
• SEBI issued a list of 515 defaulters, where information can be provided by any informant.
Aim:
To recover fines from elusive offenders
About reward:
The reward may be granted in two stages viz. interim and final.
i.The interim reward amount will not exceed two and a half per-cent of the reserve price of the asset regarding
which tips was provided or Rs 5 lakh, whichever is less.
ii.The final reward amount will not exceed 10% of the dues recovered or Rs 20 lakh, whichever is less.
Insights:
i.A person will be considered to be an informant eligible for reward if he or she furnishes original information
in relation to the asset of a defaulter concerning the dues which are certified as ‘Difficult to Recover’.
ii.To recommend the eligibility of reward, SEBI will set-up an Informant Reward Committee comprising the
chief general manager of Recovery and Refund Department, the concerned recovery officer having jurisdiction
in the matter, another recovery officer nominated by the chief general manager and an officer in the grade of
deputy general manager or higher, of the Office of Investor Assistance and Education nominated by the chief
general manager in charge of Investor Protection and Education Fund (IPEF).
iii.This committee will give its recommendations to the competent authority on the matters pertaining to
eligibility of informants for reward and determination of the amount of reward.
• The Executive Director in-charge of the Recovery and Refund Department will be the Competent
Authority.
iv.The amount of reward granted to the informant will be paid from the Investor Protection and Education
Fund, established by SEBI under sub-section (5) of section 11 of the SEBI Act, 1992;
Key Notes:
i.The difficult-to-recover (DTR) dues are the ones which could not be recovered even after exhausting all the
modes of recovery.
ii.According to SEBI’s annual report for 2021-22, the markets regulator segregated dues around Rs 67,228
crore under DTR category at the end of March 2022.
iii.Defaulter means an entity against whom recovery proceedings are initiated under section 28A of SEBI Act,
1992 section 23JB of the Securities Contracts (Regulation) Act, 1956 or section 19-IB of the Depositories
Act, 1996.
Click Here for Official Notification
PNB signed MoU with CWC for Financing under e-NWR

On March 9, 2023, the Punjab National Bank (PNB) signed a Memorandum of Understanding (MoU) with
Central Warehousing Corporation (CWC), under the Ministry of Consumer Affairs, Food & Public
Distribution,(MoCAF&PD), to facilitate financing under e-NWR (Electronic Negotiable Warehousing Receipt).
• Signatories: The MoU was signed by Kanwal Jit Shorey, General Manager (GM), PNB and Rajiv Kumar
Bansal, Group General Manager (GGM) (Commercial), CWC.
• Participants: The other participants of the event include SK Rana, Chief General Manager, PNB, Neeraj
Jakhmola, Senior Manager, PNB and RR Aggarwal, GGM- Finance, CWC, Amit Puri, GM Finance, CWC, and
Ashwin, Assistant GM, CWC.
Key Points:
i.The MoU was made to provide easy access to finance to farmers/ food processors/ traders against the pledge

of agriculture commodities stored in CWC warehouses.
ii.The partnership also intends to increase the farmers’ income by overcoming the prevailing distress sales by
the farmers.
About e-NWR (Electronic Negotiable Warehousing Receipt):
i.Warehouse Receipts are documents issued by warehouses to depositors against the commodities deposited in
the warehouses.
ii.The e-NWR was launched by WDRA (Warehousing Development and Regulatory Authority) on 26th
September 2018.
iii.e-NWR issued by the registered warehouses could be used by farmers (i.e. depositors) for availing loans
against underlying commodities from banks to avoid distressed sales of agricultural produce during the peak
marketing season and to avoid post-harvest storage loss.
About Punjab National Bank (PNB):
MD & CEO – Atul Kumar Goel
Establishment – 18 May 1894
Headquarters – New Delhi, Delhi
Tagline – The name you can bank upon
PNB MetLife Introduces ‘Genius Plan’ to Help Parents in Supporting Children’s Future
PNB MetLife India Insurance Company Limited (PNB MetLife), one of India’s leading life insurance firms, has
introduced the “PNB MetLife Genius” plan, a new solution to help parents financially prepare for their
children’s future.
• The ‘PNB MetLife Genius Plan’ is an individual, non-linked, non-participating life insurance plan.
The plan offers parents a safe and simple way to prepare for their child’s future, addressing key concerns such
as higher education and the cost of education, with the added benefit of life insurance coverage.
Key Points:
i,The “PNB MetLife Genius Plan” provides assured benefits, flexibility for saving, a built-in premium waiver on
death, and the choice of additional protection against Accidental Total Permanent Disability (ATPD).
ii.The PNB MetLife Genius Plan has a variant that offers additional benefits to parents of female children.
• It provides 1.5% higher income benefits if the policy is obtained for a daughter.
iii.PV Sindhu, an ace badminton player in India, is the Brand Ambassador of PNB MetLife.
About PNB MetLife India Insurance Company Limited (PNB MetLife):
i.MetLife International Holdings LLC (MIHL), Punjab National Bank (PNB), M. Pallonji and Company Private
Limited, Jammu & Kashmir Bank Ltd (JKB), and other investors are the shareholders of “PNB MetLife”.
ii.PNB MetLife, which is promoted by MIHL and PNB, has 117 branches across India.
MD & CEO – Ashish Kumar Srivastava
Established in India – 2001
Headquarters – Bangalore, Karnataka
Kochi Metro Becomes India’s 1st Metro to Accept Digital Currency for Parking
Kochi Metro Rail Limited (KMRL) has become the 1st metro in India to accept the Central Bank Digital
Currency (CBDC) issued by the Reserve Bank of India (RBI). This service will initially be available at the parking
lot adjacent to Thaikudam Metro Station. This facility will be extended to other station parking lots.
• Mumbai (Maharashtra)-based IDFC First Bank has partnered with Anantham Online, a technology
startup with a focus on digital parking, to enable the acceptance of the digital Rupee at Kochi Metro’s
parking locations.
• The public can make money transactions through digital wallets of banks providing e-rupee service.
• Currently, CBDC is in the 1st phase of its implementation with 4 banks namely the State Bank of India
(SBI), the ICICI Bank Limited, the Yes Bank and the IDFC First Bank.

B Gopkumar appointed as new MD and CEO of Axis AMC; Chandresh Nigam steps down
B Gopkumar, the Managing Director (MD) and Chief Executive Officer (CEO) at Axis Securities, has been
elevated as the MD & CEO of Axis Asset Management Company(AMC) Ltd (the formal name of Axis Mutual
Fund).
• He succeeds Chandresh Nigam who has stepped down as the MD & CEO of Axis AMC. He will continue till
the end of his term (30 April 2023).
• B Gopkumar will take over on 1 May 2023 for a 3-year term.
Axis AMC Limited is the mutual fund investment wing of Axis Bank and India’s 7th largest AMC.
About B Gopkumar:
i. B Gopkumar, who has more than 28 years of professional expertise in the financial services sector joined Axis
Securities as the MD and CEO in October 2019.
ii. Previously he served as the Executive Director (ED) & CEO of Reliance Capital Limited, a part of Reliance
Group.
iii. He served in Kotak Securities for 5 years as Executive Vice President (2010-2011) and Executive Vice
President and Head of Broking (2011).
iv. Prior to Reliance Capital Limited, he worked with Kotak Group where he served for over 15 years across
diverse group businesses.
Key Points:
Axis MF appointed Ashish Gupta, a former Zurich (Switzerland)-based Credit Suisse executive, to be its new
Chief Investment Officer (CIO).
• Prior to this appointment Axis MF did not have a CIO. The investment team was led by Jinesh Gopani
(Head-Equity) and R Sivakumar (Head-Fixed Income).
• Ashish Gupta is known for his ‘House of Debt’ report that first uncovered the extent of non-performing
assets (NPAs) in Indian banking.
About Axis Asset Management Company Ltd (Axis AMC):
MD & CEO- Chandresh Nigam
Establishment- 2009
Bank of Baroda board approves 49% stake divestment in BFSL

The Board of Directors of Bank of Baroda (BoB), a public sector bank, has approved the divestment of up to
49% stake in its wholly-owned subsidiary, BoB Financial Solutions Ltd (BFSL), formerly known as BoB Cards
Ltd.
• At present, BoB holds 100% of the total equity share capital of BFSL
Key Highlights:
i. The board also approved the issuance of an advertisement inviting Expressions of Interest (EoI) from suitable
investors or strategic partners to purchase BoB’s shareholding in BFSL.
• On 10th March 2023, the BoB revealed more details for inviting EOI from Suitable or Strategic Partners
ii. The bank has decided to sell up to 49% of its 100% ownership of BFSL after the Spanish bank BBVA’s (Banco
Bilbao Vizcaya Argentaria) decision to back out of a contract to acquire a 51% investment in BoB Cards roughly
6 years ago.
About BoB Financial Solutions Limited (BFSL):
Managing Director (MD) & Chief Executive Officer (CEO)- Shailendra Singh
Establishment- 1994 (incorporated in 1996)
About Bank of Baroda:
MD & CEO- Sanjiv Chadha
Headquarters- Vadodara, Gujarat
Establishment- 1908 (nationalised on 19 July 1969)

Punjab FM Harpal Singh Cheema Presents Rs. 1,96,462 Crore Budget for FY24
Punjab Finance Minister (FM) Harpal Singh Cheema presented a Rs 1,96,462 crore state budget for
the fiscal year 2023-24 (FY24), which is 26% higher than the amount allocated in the FY23, with a focus on
agriculture, education, and health.
• The FY24 budget is the first full Budget of the Aam Aadmi Party (AAP) Government.
• Previously, the AAP government submitted its budget for the remainder of FY23 in June 2022, after
taking office in March 2022.
Key Fiscal Indicators:
i.The Effective Revenue Deficit has been estimated as 3.32% and Fiscal Deficit has been estimated as 4.98%
of the Gross State Domestic Product (GSDP).
ii.Committed Expenditure for FY24 has been estimated at Rs. 74,620 crore, an increase of 12% from FY23.
iii.Effective Capital Expenditure is estimated at Rs. 11,782 crore for FY24, up 22% from FY23.
iv.A tax intelligence unit has been formed to combat revenue leakage, and it will be fully functional in FY24.
Key Sector Highlights
Agriculture
i.The Finance Minister proposed an increase of 20% in agriculture and allied sectors funding of Rs. 13,888
crore.
• The Punjab government will shortly release a new agriculture policy, for which an expert committee has
been constituted.
ii.In addition to creating a revolving fund for the procurement of basmati crops, a sum of Rs. 1,000 crore has
been designated for crop diversification.
iii.The Bhaav Antar Bhugtan Yojana, a crop insurance scheme for horticulture growers, will be introduced by
the Punjab government as a risk reduction measure.
iv.A total of Rs. 125 crore has been set up for direct paddy and moong crop procurement.
• It should be mentioned that there has been a 30% decrease in stubble burning incidences.
v.During FY24, the farm sector has been granted a free electricity subsidy of Rs. 9,331 crore.
Education
i.For school and higher education, a budget of Rs. 17,072 crore has been allotted in FY24, which is 12% more
than the amount designated in FY23.
• The process for regularizing the contractual teaching and non-teaching cadre and the mega-parent
teacher meeting (PTM) in December 2022 are two key initiatives that were undertaken in FY23.
ii.For basic school maintenance and cleanliness, a budget of Rs. 99 crore is proposed for FY24.
iii.A total of Rs. 20 crore has been allocated for school training.
iv.To upgrade schools into “schools of eminence,” a budget of Rs. 200 crore has been established for FY24.
v.A budget of Rs. 990 crore is proposed to assist state universities such as Punjabi University, Patiala; Punjab
Agricultural University; Guru Angad Dev Veterinary and Animal Sciences University; Sri Guru Teg Bahadur
State University of Law; and Panjab University, Chandigarh, and its constituent colleges.
vi.In FY24, an allocation of Rs. 258 crore has been proposed for sports, which is 55% more than in FY23.
vii.The state provides Rs 2,000 per student under the ‘Punjab Young Entrepreneur Programme’ for Class 11
students to propose their original business ideas. Rs 30 crore allocation is proposed for this purpose.
Health
i.In the health sector, 10.50 lakh individuals have been treated in Punjab’s ‘Aam Aadmi Clinics,’ and 26,797
jobs have been created.
ii.In FY24, a financial provision of Rs. 4,781 crore for health & family welfare has been proposed, which is 11%
more than in FY23.
iii.For the purpose of strengthening the health centres, a proposal for an initial investment of Rs. 39 crore in
FY24 has been proposed.
• The government has already approved the establishment of 7 new mother-and-child hospitals at a cost
of Rs. 43 crore.

• In addition, Rs. 37 crore has been allocated to renovate 5 such hospitals.
iv.A sum of Rs. 40 crore would be invested in the operation and upgrading of drug management facilities and
centres.
• A sum of Rs. 17 crore would be allocated for the procurement of Positron Emission Tomography (PET)
scans and Single Photon Emission Computed Tomography/ Computed Tomography (SPECT/CT)
machines for the Homi Bhabha Cancer Institute.
• A new 24-hour emergency response service will be launched at a cost of Rs. 61 crore.
Proposed Rs 10,523 crore for law and order maintenance, which is 11% more than in FY23.
About Punjab:
Chief Minister (CM) – Bhagwant Mann
Governor – Banwarilal Purohit
Wildlife Sanctuary (WLS) – Bir Dosanjh WLS; Bir Bhadson WLS
Zoological Parks – Bir Motibagh; Bir Talab; Neelon
PhonePe gets payment aggregator licence, reaches $1 trillion annualised payment value run
rate
Phonepe Private Limited (formerly FX Mart Pvt. Ltd.), which owns the brand PhonePe, has received in-
principle approval for its PA [payment aggregator] licence from the Reserve Bank of India (RBI).
PhonePe has also achieved an annualised Total Payment Value(TPV) run rate of USD 1 trillion(~ Rs 84 lakh
crore), mainly on account of its Unified Payments Interface (UPI) transactions.
• They have digitised more than 35 million offline merchants spread across tier 2, 3, 4 cities and
beyond, covering 99% pin codes in India.
IDFC Mutual Fund rebrands itself as Bandhan MF

IDFC Mutual Fund (MF) has rebranded itself as Bandhan Mutual Fund w.e.f. March 13, 2023. In this regard, its
each scheme will be renamed to replace the word ‘IDFC’ with the word ‘Bandhan’
• It has also unveiled a new logo with additional colours and styling.
Note: Regulators had objected to the use of the Bandhan Bank logo for mutual fund operations.
Key Points:
i.IDFC Mutual Fund was earlier a part of the IDFC group, was acquired by a Bandhan Financial Holdings-led
consortium in April 2022 comprising Bandhan Financial Holdings Limited (BFHL), GIC, and ChrysCapital. The
deal was approved by the Securities and Exchange Board of India (Sebi) in November 2022.
ii.Bandhan holds 60% of the acquired entity, with control of operations, while the other two will hold 20% each
in the AMC. BFHL will be the sponsor of the mutual fund.
About IDFC Mutual Fund:
CEO– Vishal Kapoor
Indian bank Introduced a Special Retail Term Deposit ‘IND Super 400 Days’ with 0.05% Higher
Interest Rate to Women
On March 6, 2023, to mark International Women’s Day (March 8, 2023), Indian bank has introduced a Special
Retail Term Deposit Product named “IND Super 400 Days,” with 0.05% higher interest rate to women investors
and fixed maturity tenor of 400 days in the form of FD/MMD (Fixed deposits/Money Multiplier Deposits).
Key Features:
i.Deposit Amount:
• Minimum – Rs.10000
• Maximum – Less than Rs. 2 Crore (Bulk deposits of Rs.2 crore & above are not eligible)

ii.Period of Deposit – 400 Days
iii.Validity – The product is open for investment from March 6, 2023, and the scheme will be valid only till April
30, 2023.
iv.Higher Interest Rate for Women:
Due to the 0.05% higher interest rate for women investors, the general public women could earn up to 7.15%
interest rate and senior women citizens can earn up to 7.65% and super senior citizens can earn up to 7.90%
interest rate.
Women Others
Public 7.15 % 7.10 %
Senior Citizen 7.65 % 7.60 %
Super Senior Citizen (80 yrs and above) 7.90 % 7.85%
Kind of:
Similar to “IND Super 400 Days,” on December 19, 2022, Indian Bank introduced the “IND SHAKTI 555 DAYS”
special retail term deposit product for investments ranging from Rs 5000 to less than 2 crore for 555 days in
the form of FD/MMD with callable options.
This term depost which is valid till March 31, 2023, offers an interest rate of 7% for the general public, and
7.50% for senior citizens.
Indian Bank FD interest rate changes:
i.Indian Bank has increased the interest rate on FDs (Fixed Deposits) with tenure of 2 years to less than 3 years
by 20 basis points (bps) from 6.50% to 6.70%.
ii.For deposits up to 10 crores, Indian Bank offers senior citizens an additional 0.50% annual rate of interest on
domestic term deposits that are made for 15 days to 10 years.
iii.The Bank gives an additional 0.25% higher rate of interest on term deposits with tenure of ‘above 5 Years up
to 10 Years’.
iv.The Bank also offers a special term deposit called ‘IB – Golden Ager’ for super senior citizens (Age 80 years
and above) with additional interest of 0.25%.
About Indian Bank:
MD & CEO -Shanti Lal Jain
Headquarted – Chennai, Tamil Nadu
Establishment – August 15, 1907
Puducherry CM N Rangasamy Presents Budget for FY24

N Rangasamy, Chief Minister (CM) of the Union Territory (UT) of Puducherry, who also holds the finance
portfolio, presented the National Democratic Alliance (NDA) government’s Rs. 11,600 crore budget for the
fiscal year 2023-24 (FY24) in the Territorial Assembly.
• The CM noted that, out of the Rs. 11,600 crore budget, the UT’s own resources are Rs. 6,154.54
crore, Normal Union Government assistance, including the Disaster fund, is Rs. 3,117.77 crores, and
Rs. 620 crores are for Centrally Sponsored Schemes (CSS).
• The remaining Rs. 1,707.69 crores would be raised through open market borrowing and loans from
Central Financial Institutions (CFIs).
Various Announcements Made in The FY24 Budget
i.To encourage farmers to cultivate millets, a millets cultivation scheme is proposed to be implemented during
the International Year of Millets 2023.
ii.Water supply augmentation will be carried out at a cost of Rs. 28.27 crore under the Jal Jeevan Mission (JJM)
scheme.
iii.The Atal Mission for Rejuvenation and Urban Transformation (AMRUT) scheme has allocated an additional
Rs. 175.07 crore for the water supply scheme.

iv.Moreover, 2500 beneficiary-led construction houses would be completed under the Pradhan Mantri Awas
Yojana – Urban (PMAY-U) Scheme.
v.Every family ration card holder would be entitled to receive a subsidy of Rs. 300 per month for 12 Liquefied
Petroleum Gas (LPG) cylinders each year, with the UT government spending an additional Rs. 126 crore each
year.
vi.For school education, an amount of Rs. 924.68 crore has been earmarked.
vii.The PM SHRI Schools (PM ScHools for Rising India) scheme has chosen about 12 schools from the UT of
Puducherry.
• A grant of Rs. 2 crore would be provided to each of these 12 schools annually to develop their
infrastructure.
• The PM SHRI scheme, a new CSS intended to emphasize the implementation of the National
Education Policy 2020 (NEP 2020), was approved by the Union Cabinet in 2022.
• PM SHRI schools will be implemented during a five-year period from 2022-23 to 2026-27 at a total
project cost of Rs. 27,360 crore, including a central share of Rs. 18,128 crore.
viii.An estimated Rs. 55.90 crore of development in urban areas is currently in progress under the Smart City
mission.
ix.Furthermore, Public Works Department (PWD) tenders have been called for, and a work order has been
issued for works worth Rs. 786.65 crore.
About the Union Territory (UT) of Puducherry:
Chief Minister (CM) – N. Rangasamy
Lieutenant Governor – Dr. Tamilisai Soundararajan
Lake – Oussudu Lake
Airport – Puducherry Airport
Suryoday SFB launches Blossom Women’s Savings Account with 7% Interest Rates
On March 13, 2023, the Suryoday Small Finance Bank (SFB) launched a new savings account ‘Blossom
Women’s Savings Account’, designed for women customers with up to a 7% interest rate per annum.
• The account was created to support women to enable them to confidently save, invest and move
towards achieving their financial goals.
Key Features:
i.Eligibility: Women Resident individual above 18 years of age
ii.Minimum Balance Requirement – Average Monthly Balance: Rs. 10,000
iii.The account offers monthly interest credit along with a specially designed RuPay Platinum Debit
Card which offers discounts on shopping and online purchases.
• The debit card holds an ATM withdrawal limit of Rs. 40,000 per day.
• insurance could be obtained as per the Debit card variant.
• It also provides a Personal Accidental Death Insurance or Permanent Total Disablement cover of Rs
2 lakhs.
iv.Through this account, 1 complimentary account for a child (Savings Aditya Account) could be availed.
v.Concession processing fees on 2-wheeler loans in selected cities could be obtained.
vi.The Savings account could be operated through the Bank’s 571 banking outlets and digital banking platform.
Saving Account Interest Rate:
Daily Closing Balance Slabs (Domestic/NRE/NRO) % rate per annum*
Up to and including Rs. 1 Lakh 3.75%
Above Rs. 1 Lakh up to & including Rs. 5 Lakh 6.75%
Above Rs. 5 Lakh up to & including Rs. 50 Lakh 7.00%
Above Rs. 50 Lakh up to & including Rs. 2 Crore 7.00%

Above Rs. 2 Crore up to & including Rs. 5 Crore 6.50%
Above Rs. 5 crore 5.00%
Rise in Women’s Savings Account:
As per the Suryoday SFB’s statement, around 79% of women (between the ages of 15-49 years) had a savings
account in 2021, as compared to 53% in 2016, a nearly 50% increase in five years.
• The bank mentioned the Pradhan Mantri Jan-Dhan Yojana (PMJDY) scheme, which was launched in
2014 as a cause for this significant increase.
About PMJDY:
i.PMJDY is National Mission for Financial Inclusion to ensure access to financial services, namely, basic savings
& deposit accounts, remittance, credit, insurance, pension in an affordable manner.
ii.Under the scheme, a basic savings bank deposit (BSBD) account could be opened (by persons who is not
having any other account) in any bank branch or Business Correspondent (Bank Mitra) outlet.
iii.Under the scheme around 48.27 Crore beneficiaries banked so far with Rs 194,194.29 Crore Balance in
beneficiary accounts.
About Suryoday Small Finance Bank (SFB) Ltd.
MD & CEO – Baskar Babu Ramachandran
Headquarters – Navi Mumbai, Maharashtra
Establishment – January 23rd 2017
Tagline – A Bank of Smiles
Govt presents Rs.1.18 lakh crores Budget for UT of J&K for 2023-24 in Lok Sabha
On 13th March 2023, Nirmala Sitharaman, Union Minister of Finance, Government of India, presented a Rs
1,18,500 crore budget for the Union Territory of Jammu and Kashmir for 2023-2024 in the Lok Sabha.
• Pankaj Chaudhary, Union Minister of State(MoS) for Finance, tabled the budget for the UT of J&K.
Note:
The budget of J&K is required to be presented and approved by the Parliament As there is no legislature in J&K
currently.
J&K Budget for 2023-2024:
The themes of this budget are: good governance; strengthening grass-root democracy; promoting sustainable
agriculture; facilitating investment and industrial growth; employment generation; accelerated development
and inclusive growth; and women empowerment and social inclusion.
Key Points:
i.The total budget estimates for fiscal 2023-2024 is Rs 1,18,500 crore including the developmental expenditure
of Rs 41,491 crore. The capital component of the budget of J&K has increased substantially.
• The Government has sought an additional Rs 3,711 crore for the UT of J&K as part of the
supplementary demands for grants.
ii.The expected revenue receipts are Rs 1,06,061 crore whereas revenue expenditure was expected to be Rs
77,009 crore. The capital expenditure is expected to the tune of Rs 29,052 crore.
iii.The tax/Gross domestic product (GDP) ratio is projected at 8.82% for 2023-24, which is higher than the GDP
ratio of 2022-2023 which was 7.77%.
iv.The debt/GDP ratio for 2023-24 is estimated to be at 49%, and the GDP growth for the UT for 2023-24 is
projected at Rs 2,30,727 crore. This shows a growth of 10% over the previous year.
Allocation of Budget:
• Rs 2,526.74 crore to agriculture and horticulture.
• Rs 2,097.53 crore to health and medical education.
• Rs 4,169.26 crore to the rural department.
• Rs 1,964.90 crore to the power sector.
• Rs 7,161 crore to Jal Shakti.

• Rs 2,928.04 crore to housing and urban development.
• Rs 1,521.87 crore to education.
• Rs 4,062.87 crore for the construction of roads and bridges.
Highlights:
i.The 2023-204 budget has assured to double the GDP of J&K in the next 5 years.
ii.While presenting the budget, Union Finance Minister stated that all 18.36 lakh households of J&K will have
functional tap connections by 2023-24 and every household will be provided drinking water with a minimum
of 55 litres per capita per day and of prescribed quality on the regular, long term and sustainable basis.
iii.She also stated that J&K is set to be connected to the rest of the country through a rail network by the end of
2023 and the government of India is also planning to launch a light metro rail in Jammu and Srinagar.
About Jammu and Kashmir(J&K):
Lieutenant Governor– Manoj Sinha
Bird sanctuary– Hokersar bird sanctuary
Festival– Losar; Matho Nagrang
Canara Bank launches Rupay Credit Card through UPI

Canara Bank, in collaboration with National Payments Corporation of India (NPCI), has launched the Rupay
Credit Card through UPI (Unified Payments Interface) using the BHIM (Bharat Interface for Money) app.
• This will enable the customers to link their active Rupay Credit Card to UPI and make merchant
payments without the physical use of a card, similar to account-based UPI transactions.
• Merchants without POS (Point of Sales) machines can receive payments using a Credit Card from
customers having Rupay Credit Card linked to UPI by using mode of scan and pay through QR.
Key Points:
i.The procedure for linking the credit card is similar to the existing account linking procedure, and customers
should select Canara Credit Card during account listing for linking.
ii.The transaction limits applicable for UPI transactions will continue for UPI payments using Rupay Credit
Card.
Additional info:
i.Presently, only Merchant Payments are allowed using this facility, and Person-to-Person, Card-to-Card, or
Cash-Out Transactions will not be permitted for UPI payments from Rupay Credit Card.
ii.Customers with Canara Bank Rupay Credit Card variants – Rupay Classic, Rupay Platinum, and Rupay Select –
can link their cards to UPI.
About Canara Bank:
Managing Director & CEO– K. Satyanarayana Raju
Headquarters– Bengaluru, Karnataka
Tagline– Together we can
Bandhan MF renamed India’s 1st International Debt ETF as “Bandhan US Treasury Bond 0-1
Year Fund of Fund”
On 14th March 2023, the Bandhan Mutual Fund(MF) renamed the recently launched India’s First US Debt
Exchange-Traded Fund (ETF) ‘IDFC US Treasury Bond 0-1 year Fund of Fund’ as ‘Bandhan US Treasury
Bond 0-1 Year Fund of Fund’.
• Bandhan MF has also announced the name change of all its scheme following the rebranding of the
fund house IDFC MF as Bandhan MF.
About Bandhan US Treasury Bond 0-1 Year Fund of Fund:
i.It is an open-ended fund of fund scheme investing in units/shares of overseas index funds and/or Exchange
Traded Funds (ETF). The new fund offer (NFO) opened on March 10, 2023, and will close on March 23, 2023

• Investment can be made through licensed mutual fund distributors and online platforms or directly
on https://www.bandhanmutual.com.
ii.It intends to invest in an overseas fund with exposure to 0-1 year US treasuries via the JPMorgan
BetaBuilders US (United States) Treasury Bond 0-1 year UCITS (Undertakings for the collective investment in
Transferable Securities) ETF.
iii.The fund will be benchmarked against the ICE 0-1 Year US Treasury Securities Index.
iv.The fund provides investors a route to create a dollar asset that benefits from the relatively high quality,
reasonable safety, and current high yield of US Treasuries.
PNB MetLife launches Sustainable Equity Fund
PNB MetLife India Insurance Company Limited has introduced a Sustainable Equity Fund which is a part of the
PNB MetLife Goal Ensuring Multiplier plan to enables customers to maximize returns, and directly contribute to
a sustainable future.
• Under this PNB MetLife will invest their premiums in organizations that are creating the standard
for Environmental, Social, and Governance (ESG) practices such as cutting carbon emissions,
fostering diversity, equity, and inclusion, and upholding effective corporate governance.
HDFC Bank & Flipkart Wholesale launches industry-first co-branded credit card
On March 15, 2023, HDFC Bank and Flipkart Wholesale, the B2B (Business To Business) platform of Flipkart
Group, launched an industry-first co-branded credit card exclusively for Flipkart Wholesale members.
Key Points:
i.The credit card will run on the Diners Club International network which is a part of the Discover Global
Network.
• The card could be used in more than 200 countries around the world where Diners Club cards are
accepted.
ii.The co-branded credit card offers a number of benefits and easy credit options to Small and medium-sized
enterprises (SMEs) in India to enhance credit access and improve digital payment adoption.
Benefits of the co-branded credit card:
i.Under this partnership, the registered members of Flipkart Wholesale will be benefited by availing the
industry first and highest cashback of 5% on Flipkart Wholesale online spending.
ii.Some other benefits include zero joining fee, activation cashback of Rs 1,500 and additional cashback on
utility bills and other expenses.
About HDFC Bank:
MD & CEO – Sashidhar Jagdishan
J&K Bank signs Corporate Agency Agreement with LIC

On 14th March 2023, Jammu and Kashmir Bank (J&K Bank) signed a Corporate Agency Agreement with the Life
Insurance Corporation of India (LIC), India’s largest insurer, for servicing and soliciting life insurance products
through J&K Bank’s Branch Network.
• The agreement will be operational or effective from 1st April 2023.
Signatories:
The agreement was signed by General Manager (Cross Selling Vertical) Narjay Gupta on behalf of J&K Bank, and
Regional Manager (MBAC) P K Saxena signed, representing LIC India at J&K Bank’s corporate headquarters
Srinagar, Jammu and Kashmir (J&K).
Key People:
The agreement was signed in the presence of Sudhir Gupta, Executive Director of J&K Bank, General Manager

Syed Rais Maqbool, LIC of India’s Senior Divisional Manager Dinesh Tanania besides senior officials of J&K Bank
and LIC of India.
Key Points;
i. J&K Bank will service and solicit the life insurance products of LIC with the branch network,
ii. By the end of December 2023, J&K Bank had 989 branches across India. 83% of these branches were located
in Jammu and Kashmir, a Union Territory (UT).
LIC sells 2% Stake in NMDC between December & March; Gets Over Rs 700 Crore
On 15th March 2023, Life Insurance Company (LIC) reported that it has sold 2% of its equity stake in the state-
owned NMDC Limited (formerly National Mineral Development Corporation), taking its total shareholding in
the public sector unit to 11.69% as of March 14.
The sale of a 2% stake (over 5.88 crore shares) in the open market fetched over Rs 700 crore to LIC. LIC’s
shareholding in NMDC was diluted between 29th December 2022 and 14th March 2023, at an average price of
Rs 119.37 per share.
• LIC’s shareholding in NMDC Ltd. has decreased from 40,14,72,157 equity shares to 34,25,97,574
equity shares, decreasing its shareholding from 13.69% to 11.69% of the paid-up capital of NMDC.
Himachal Pradesh CM Presents Final Supplementary Budget of Rs 13,141.07 crore for 2022-23
On 14th March 2023, Sukhvinder Singh Sukhu, Chief Minister(CM) of Himachal Pradesh(HP) presented the first
and final instalment of supplementary budget for 2022-23 in Vidhan Sabha(Himachal Pradesh Legislative
Assembly) in Shimla, Himachal Pradesh.
• The Supplementary Demands for Grant aggregate to Rs 13,141.07 crore expenditure.
• Rs 11,707.68 crore out of the total demand is under State Scheme and Rs 1,433.39 crore under
Centrally Sponsored Schemes.
Expenditures under state scheme:
The major expenditure proposed under the state schemes includes,
• Rs 6,004.63 crore for repayment of Ways and Means – Advance/Overdraft.
• Rs 1,260.65 crore for pensions and other retirement benefits.
• Rs 551.48 crore is allocated for power subsidy.
• Rs 444.03 crore for construction of hospitals, purchase of medical equipment and Himachal Health
Care Scheme or Himcare Scheme under Ayushman Bharat.
• Rs 435.08 crore for construction of senior secondary schools and colleges buildings and payment of
salary.
• Rs 289.38 crore has been proposed to provide assistance to Himachal Road Transport Corporation.
• Rs 284.79 crore for Mukhya Mantri Sukh Aashray Kosh, construction of Sukh Aashray Bhawan and
Social Security Pension.
• Rs 279.06 crore for water supply and sanitation.
• Rs 226.51 crore is allocated for relief on account natural calamity.
• Rs 209.33 crore for Mukhya Mantri Swavlamban Yojna, Pradhan Mantri Gatishakti Yojna, Optical
Cable Fibre Network and digital expansion or government departments under state schemes.
• Rs 208.42 crore was proposed for crop insurance, crop diversification project, pending liabilities
and Horticulture Development project.
• Rs 156.91 crore for grants to rural local bodies, the salary of staff or Zila Parishad and grants under
15th Finance Commission.
• Rs 154.71 crore is proposed for the development of roads and bridges,
• Rs 128.71 crore for rail projects.
• Rs 108.70 crore for the skill development project.
• Rs 106.08 crore for construction and maintenance of government buildings, rest houses, circuit
houses and hostels.

• Rs 67.73 crore for Deen Dayal Antyodaya Yojana-National Urban Livelihood Mission, Smart City
Mission, AMRUT(Atal Mission for Rejuvenation and Urban Transformation), Swachh Bharat Mission
and Shimla Jal Prabandhan Nigam.
• Rs 55.48 crore for administration of justice.
• Rs 53.93 crore for food subsidy, paddy procurement and Himachal Grihani Suvidha Yojana.
• Rs 43.33 crore for Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS).
Expenditure under Centrally sponsored Schemes:
Under the Centrally Sponsored Schemes(CSS), the supplementary demands are proposed to fund for the
ongoing and new schemes for which the funds were received during the year from the government of India.
This includes,
• Rs 400 crore for disaster management received under NDRF (National Disaster Response Force),
• Rs 221.96 crore for Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS).
• Rs 141.78 crore for Smart City Mission.
• Rs 140.91 crore for Covid-19 emergency response and Health System Preparedness Package.
• Rs 95.60 crore for Central Road Fund.
• Rs 95.43 crore for STARS (Strengthening Teaching-Learning and Results for States) Project.
• Rs 47 crore for Pradhan Mantri Gramin Sadak Yojna.
• Rs 43.08 crore for Rashtriya Gram Swaraj Abhiyan
• Rs 34.47 crore for Swachh Bharat mission (Gramin).
Click here for more details
About Himachal Pradesh(HP):
Chief Minister(CM)– Sukhvinder Singh Sukhu
Governor– Shiv Pratap Shukla
Wildlife Sanctuary– Daranghati Wildlife Sanctuary; Dhauladhar Wildlife Sanctuary
Festivals– Manali Winter Carnival; Lohri or Makar Sakrant
ICICI Bank Offers ‘Startup Ecosystem Banking’ For Indian Startups

ICICI Bank Limited (ICICI Bank) has unveiled “Startup Ecosystem Banking,” a comprehensive suite of digital
and physical solutions to meet all of the banking needs of startups at various stages of development.
• The “Startup Ecosystem Banking” solution includes personal banking services for founders and
employees, as well as treasury and transaction banking solutions, lending solutions, digital
integrations, handling Foreign Direct Investment (FDI), and regulatory compliance.
Key Points:
i.ICICI Bank offers comprehensive solutions through its domestic network and international presence in New
York (United States [US]), Toronto (Canada), London (United Kingdom [UK]), Dubai, Singapore, and Hong Kong.
ii.The ICICI Bank’s presence in Gujarat International Finance Tec-City (GIFT City), a developing global
financial and IT services hub based in Ahmedabad, Gujarat, further strengthens the banking ecosystem.
• The Bank provides digital opening of the Global Foreign Currency Current Account (GFCCA) for
foreign holding companies and subsidiaries of Indian startups at the GIFT City branch.
iii.The Ecosystem Banking solution also assists startups in opening Special Non-Resident Rupee (SNRR)
accounts and deposit funds in both US Dollar (USD) and Indian Rupee (INR).
• For seamless and efficient capital flows, startups can also use escrow, custody services, and forex
solutions.
iv.In addition, the Bank provides cutting-edge digital channels, including Corporate Internet Banking (CIB), the
InstaBIZ mobile application, Trade Online for business-related transactions, the Integrated Payment System
platform for vendor and tax payments, and solutions for e-collections and e-mandates.
v.Furthermore, the bank provides a ‘API Developer Portal’ with over 250 Application Programming Interface
(API), allowing startups to seamlessly co-create innovative customer solutions.

Startup Ecosystem in India:
i.India became the world’s third-largest start-up economy and also crossed the 100-unicorn mark in 2022.
India now ranks behind the United States of America (USA) (661 unicorns) and China (312 unicorns).
• India has 115 unicorns with a total valuation of over USD 350 billion.
ii.During 2022, 23 Indian companies entered the billion-dollar unicorn club.
About the ICICI Bank Limited:
MD & CEO – Sandeep Bakhshi
GoI, World Bank Signed Loan agreement worth US $ 500 million to implement GNHCP in 4
States
Union Minister Nitin Gadkari, Ministry of Road Transport and Highways (MoRTH), briefed about the loan
agreement signed between the Government of India (GoI) and the World Bank for the construction of
the Green National Highway Corridors Project (GNHCP) in four States such as Himachal Pradesh, Rajasthan,
Uttar Pradesh and Andhra Pradesh in an aggregate length of 781 km with loan assistance of US $ 500 million
against the total project cost of US $ 1288.24 million (Rs. 7,662.47 crore).
Objective of GNHCP:
i.The project intents to deploy a safe and green highway using green technologies and climate resilience
methodology.
ii.The highway’s construction will incorporate the provisions of conservation of natural resources using
cement-treated sub-base/reclaimed asphalt pavement,
iii.To enhance the ability of MoRTH to bring Green technologies into the mainstream, the GNHCP construction
will use local/ marginal materials such as lime, fly ash, waste plastic, bio-engineering measures for slope
protection such as hydroseeding, coco/jute fibre etc.,.
About World Bank(WB)
World Bank Group President – David Malpass
Headquarters – Washington, DC, USA
Go Digit General Insurance has launched 3 new plans under the Digit Health Insurance policy
Go Digit General Insurance has launched 3 new plans under the Digit Health Insurance policy – ‘Digit Double
Wallet plan, Digit Infinity Wallet plan, and Digit Worldwide Treatment plan’ to cater to the post-pandemic
health needs of people
Coverage Benefits:
i.All three plans will offer complimentary health check-ups, personal accident cover, psychiatric illness cover,
organ donor cover and bariatric surgery cover.
ii.Digit Infinity Wallet Plan:
• The plan will offer the option of the unlimited back-up sum insured (SI) to support the medical care
costs.
• The policyholder could make multiple claims in a single year without exceeding the SI under the
policy.
iii.Digit Double Wallet Plan: The plan offers the policyholders an option of double back-up SI, under which
they could double the SI opted.
iv.Digit Worldwide Treatment Plan:
• This plan offers the policyholder the option to get treated anywhere in the world, including India.
• The customer could get treatment abroad even if they are diagnosed with an illness in India.

Central Banking Awards 2023: RBI Governor Shaktikanta Das named “Governor of the Year”
On 15th March 2023, Shaktikanta Das, Governor of the Reserve Bank of India (RBI), was named
the “Governor of the Year” for 2023 at the Central Banking Awards 2023 by Central Banking, the
international economic research journal.
• 2023 marks the 10th annual Central Banking Awards.
The National Bank of Ukraine won the Central bank of the year for the effort by its staff to cope with the impact
of the war and keep the economy functioning.
Note: In 2015, Raghuram Rajan, the former Governor of the RBI, was conferred the title “Governor of the Year.”
Central Banking Awards:
i. The Central Banking Awards recognises excellence in a community that has encountered difficult operational
and policy issues due to heightened inflationary pressures, rapid technological change, and environmental
transition.
ii.The Central Banking Awards 2023 includes 13 central bank categories and 12 partner and service provider
categories.
• The inaugural Central Banking Awards were presented in 2014.
About Shaktikanta Das:
i. Shaktikanta Das, a retired 1980-batch Indian Administrative Service (IAS) officer of the Tamil Nadu cadre,
assumed charge as the 25th Governor of RBI in 2018.
ii. He served as Secretary of the Department of Revenue and Department of Economic Affairs, Ministry of
Finance (MoF), from 2015 to 2017.
iii. He was appointed Union Economic Affairs Secretary by the Appointments Committee of the Cabinet (ACC)
in 2014.
iv. For his efforts to strengthen the banking sector, Shaktikanta Das was conferred the “Central Banker of the
Year, Asia-Pacific 2020” award from the London-based magazine “The Banker”.
Uttarakhand Govt presents Budget of Rs 77,407.08 cr for 2023-24

On March 15, 2023, the Finance Minister of Uttarakhand Premchand Aggarwal presented a budget with a total
income expenditure of Rs 77,407.08 crores for FY24 at Bhararisain, the summer capital of the State located in
Chamoli district’s Gairsain tehsil.
• The budget stressed upon startups, conservation of nature, self-reliance, good governance and self-
employment.
• The budget for FY24 is 18.02 % higher than the Rs 65,571 crore which was announced in the FY23
Budget Estimates (BE).
Financial Parameters:
i.Total Receipts are estimated at Rs 76592.54 crore
ii.The budget has a revenue surplus of Rs 4,309.55 crore.
iii.Fiscal Deficit is calculated at Rs 9046.91 crore.
Highlights:
i.The largest allocation of Rs 10,459.55 crore is made for education, sports, youth welfare, and culture.
• It is followed by the health department with an allocation of Rs 4,217.87 crore.
ii.A monetary allocation of Rs 1,000 crore is proposed for any rescue operations in Joshimath and other land
subsistence-prone areas.
iii.For Atal Ayushman Yojana, an allocation of Rs 400 crore has been made.
• Uttarakhand is the first state in India where every family enjoys the facility of cashless or free
treatment under Atal Ayushman Yojana
iv.An allocation of Rs 3,343 crore has been made for civic bodies and Rs 2,850 crore for social welfare, women
and child welfare departments.
v.The PWD (Public Works Department) has received a budgetary allocation of Rs 2,791.83 crore.
vi.Rs 101 crore has been made available for metro service in the state capital city Dehradun.

vii.About Rs 40 crores have been allocated for Chief Minister Swarojgar Yojana (Self Employment Scheme)
for FY24.
• This scheme provides employment opportunities to the migrant laborers who have returned to
Uttarakhand.
• They will be provided loans by the government to start their own industry through nationalized
banks, regional rural banks, state cooperative banks and other scheduled banks.
• Loans will be provided on projects up to Rs 25 lakh in manufacturing and up to Rs 10 lakh in the
service sector.
viii.An amount of Rs 1,294.15 crore has been allocated for agriculture, out of which Rs 20 crore has been
earmarked for the promotion of local produce and Rs 15 crore for the state’s millet mission.
ix.A total allocation of Rs 1,251crore has been made for the electricity department.
• Out of the total amount, Rs 500 crore has been set aside for the Lakhwar power project.
x.For the development of infrastructure in different government departments a provision of Rs 1,300
crore has also been made in the budget.
xi.An amount of Rs 4,217 crore was allocated for medical and family welfare.
xii.Rs 302.04 crore was provisioned for tourism.
Key Note:
On March 14, 2023, the state government also presented its Economic Survey Report which was prepared by
the state’s Directorate of Economics and Statistics.
• Accordingly, the state’s per capita income (provisional) in the year FY21 has been estimated at Rs
185,761, while in the year FY22, it is estimated at Rs 205,840.
About Uttarakhand:
Chief Minister– Pushkar Singh Dhami
Governor– Gurmit Singh
Wildlife Sanctuaries– Binsar wildlife sanctuary, Mussoorie wildlife sanctuary
Airports– Jolly Grant Airport, Pant Nagar Airport
Assam FM Ajanta Neog Presents Rs 935.23 Crore Deficit Budget for FY 2023-24
Ajanta Neog, Finance Minister (FM) of Assam, has presented the Bharatiya Janata Party (BJP)-led Assam
government’s Rs 935.23 crore deficit budget for the fiscal year 2023-24 (FY24) in the assembly, with an
emphasis on social security, and has also announced various new schemes for boosting micro-
entrepreneurship and creating employment.
Budget deficit
i.The aggregate receipts for FY24 came to Rs. 3,21,742.71 crore, after adding the receipt of Rs. 1,80,298.83
crore under the public account and Rs. 2,000 crore under the contingency fund.
ii.The estimated aggregate expenditure for FY24 was Rs. 3,21,081.75 crore, after taking into account the public
account expenditure of Rs. 1,79,326.48 crore and Rs. 2,000 crore under the contingency fund.
iii.The estimated transactions for FY24 will result in a Rs. 660.96 crore surplus.
iv.This, together with the initial deficit of Rs. 1,596.19 crore, will result in a budget deficit of Rs. 935.23 crore at
the end of FY24.
v.The Gross State Domestic Product (GSDP) is projected to rise to Rs. 5.5 lakh crore in FY24.
Major Highlights of the Assam Budget for FY24
i.The Assam government has announced the launch of the Mukhya Mantri Ayushman Asom Yojana, which
will allow 27 lakh families to get Rs. 5 lakh worth cashless treatment, making it India’s largest health insurance
scheme.
ii.The Mukhya Mantri Awaas Yojana, which will be launched in tandem with the Pradhan Mantri Awas Yojana
(PMAY) for FY24 and for which Rs. 800 crore have been earmarked, would cover one lakh beneficiaries.
iii.The FM proposed the establishment of 3000 new model Anganwadi Centers equipped with all modern
amenities.

iv.77 Industrial Training Institutes (ITIs) and Polytechnics would be transformed into “Centres of Excellence”
(CoE) at an investment of Rs. 367 crore.
v.The Assam government intends on recruiting 40,000 employees by May 10, 2023.
• With an investment of Rs. 5,000 crore over the next 3 years, the Assam government proposed to
develop a scheme to support micro-entrepreneurs with the goal of “transforming” more than 2 lakh
youth into job creators.
• Under the initiative, a sum of Rs. 1,000 crore has been set aside for FY24 to offer self-employment
options for unemployed youths from below-the-poverty-line (BPL) families and low-income
households.
vi.The state budget for FY24 also includes a number of infrastructure projects, such as the NABARD
Infrastructure Development Assistance (NIDA) programme, the Assam Secondary Road Network Improvement
Project (ASRIP), and the Asom Mala program.
• The Asom Mala program includes several implementation legs, including Special Operations
Procedure for Development (SOPD), externally funded projects, and NIDA.
vii.Under the Assam Secondary Road Network Improvement Project (ASRIP), eight projects totaling 247 km
have been undertaken, with funding from the Asian Infrastructure Investment Bank (AIIB) totaling Rs. 3,519.27
crore. The roads include the historic Dhodor Ali.
• Five road packages totaling 135 km in length have also been started under NIDA with a budget of Rs.
1,252.14 crore.
viii.The 91 km Guwahati Ring Road, featuring a six-lane bridge across the Brahmaputra River, is another
project being worked on by the Assam government.
ix.Other projects include the Kaziranga elevated corridor, a bridge over the Brahmaputra River connecting
Majuli and Jorhat, and the development of flyovers and elevated roads throughout the state.
x.District jails in Dibrugarh, Cachar, Tezpur, and Jorhat will be relocated to give space for public parks.
xi.Other projects include the construction of new district libraries and circuit houses, the strengthening of the
existing Nehru Stadium, the development of the Khanikar integrated sports complex from 5,000 to 15,000
seats, the reconstruction of Guwahati’s Rabindra Bhawan, and the establishment of new medical colleges in
Karimganj and Sibsagar.
About Assam:
Chief Minister– Himanta Biswa Sarma
Governor– Gulab Chand Kataria
Airports – Lilabari Airport; Silchar Airport; Tezpur Airport
UNESCO Heritage Sites (Natural Heritage) – Kaziranga National Park; Manas Wildlife Sanctuary
BoB, TN Govt Partners to Launch Co-branded Debit Card for ‘Pudhumai Penn’ Scheme
On March 16, 2023, the Bank of Baroda (BoB) partnered with the Government of Tamil Nadu (TN) to offer co-
branded RuPay Platinum Debit Card to the beneficiaries of the state government’s ‘Pudhumai Penn’ scheme.
• The Debit Card was launched by T Udhayachandran, Principal Secretary, Special Implementation
Department, TN, along with A Saravanakumar, General Manager and Zonal Head, BoB.
Benefits:
• The card offers personal accident insurance coverage up to Rs 2 lakh per annum.
• The bank has also waived the joining and annual fees for the first year.
About Pudhumai Penn scheme:
i.The Moovalur Ramamirtham Ammaiyar Higher Education Assurance scheme titled ‘Pudhumai Penn Thittam
(modern women scheme)’ was launched by the TN government in September 2022 to enhance the enrolment
ratio of girls from Government schools to Higher Education Institutions.
ii.Under the scheme, financial assistance of Rs 1000/month is provided to the Girl students studying in 6th-
12th classes in government institutes (in TN) till their completion of UG (Undergraduate) Degree/Diploma/ITI
(Industrial Training Institute)/any other recognized course.

iii.The incentive amount under the scheme is disbursed directly into the student’s Bank Account.
About Bank of Baroda (BoB):
MD & CEO – Sanjiv Chadha
Headquarters – Vadodara, Gujarat (Head office), Mumbai, Maharashtra (Corporate centre)
Establishment – 20 July 1908
Tagline – India’s International Bank
OmniCard in Association with NPCI Goes Live with UPI as a Prepaid Issuer
OmniCard, India’s first omnichannel Payment Platform for end-to-end Spending Solutions, has launched
Unified Payments Interface (UPI) services with its own UPI handle, @OMNI for its users which do not require
them to link a bank account.
• OmniCard is a prepaid payment instrument (PPI) licenced by the Reserve Bank of India (RBI) that
provides India’s first omnichannel spending platform with UPI services for individuals as well as
businesses.
The development follows after the RBI approved and the National Payments Corporation of India (NPCI)
authorized PPIs to offer UPI services, making UPI more inclusive and convenient.
Backdrop
i.The RBI issued Master Directions on Prepaid Payment Instruments (MD-PPIs) in February 2023 [updated as of
February 10, 2023]. The MD-PPIs provisions apply to all PPI issuers and system participants.
• The guidelines are issued in accordance with Section 18 read with Section 10(2) of the Payment and
Settlement Systems Act, 2007.
ii.According to the guidelines, all participating PPI issuers adhere to the technical specifications, standards, and
requirements for ensuring interoperability through UPI and card networks, as laid down by the NPCI and the
respective card networks.
• PPI issuer participation in UPI and card networks will be facilitated by NPCI and card networks.
iii.PPIs are instruments that enable the purchase of goods and services, conduct of financial services, offer
remittance facilities, and other activities in exchange for the value stored in it.
• PPIs provide an excellent opportunity for consumers and businesses to provide purpose-specific
accounts to foreign travellers and Non-Resident Indians (NRIs).
Key Points:
i.OmniCard guarantees the highest level of security for its users by providing a bank-independent UPI facility.
ii.Users can use their OmniCard wallet balance to make payments to any UPI QR (Quick Response) code or UPI
ID without disclosing their bank account details.
iii.When a user transfers money to their OmniCard wallet, @OMNI UPI ensures a layer that reduces the risk
rather than exposing their life savings held in bank accounts.
iv.All merchants accept OmniCard via POS offline and online gateways, and it is also available as a RuPay
prepaid card and a RuPay On The Go adapter (OTG) [wearable].
v.OmniCard holders can also withdraw cash from any ATM in India.
Key Benefits:
i.Businesses can use OmniCard to issue cards to their employees, value chain, and customers, with the added
benefit of UPI linked to the card, which offers extensive payments to all merchants and is not confined to Point
of Sale (POS) merchants.
• UPI payments enable businesses to spend money swiftly and conveniently.
ii.OmniCard spend management solutions serve SMEs (Small and Medium–Sized Enterprises) & corporates by
delivering a one-stop payment solution that assures zero leakages, paperless business spends and employee
reimbursements, and small cash management, which leads to greater team efficiencies.
About OmniCard:
Chief Operating Officer (COO) & Co-Founder – Abhishek Saxena
Headquarters – Noida, Uttar Pradesh

SEBI Provides 60 days Relaxation to all RTAs to comply with Enhanced Responsibilities
On March 10, 2023, the Securities and Exchange Board of India (SEBI) provided 60 days initial relaxation to all
‘Registrars to an Issue and Share Transfer Agents’ (RTAs) to comply with enhanced responsibilities through
adoption and implementation of an internal policy framework and periodic reporting requirements specified
by SEBI.
Key Points:
i.Categorization of an RTA as QRTA: An RTA will be categorised as a QRTA if the combined number of
physical and demat folios being serviced by the RTA in a financial year (FY) for listed companies exceeds 2
crore.
ii.Period of recognition as QRTA:
• An RTA shall be considered as a QRTA for the 3 financial years from the date of categorisation as a
QRTA, irrespective of subsequent fall in number of folios.
• Thus they are liable to comply with all requirements specified by SEBI for those 3 years.
iii.Initial relaxation: SEBI has provided relaxation for a time period of 60 days (from the date of its
categorisation as a QRTA) for new QRTA to comply with all requirements including various systems and
procedures.
SEBI has issued the above regulations in exercise of powers conferred by Section 11(1) of the SEBI Act, 1992 to
protect the interests of investors in securities and to promote the development of, and to regulate the securities
market.
-SEBI included Additional guidelines over Green Bonds Framework
In February 2023, SEBI included additional operational guidelines on the regulatory framework for green
bonds to align it with the updated Green Bond Principles (GBP) recognised by IOSCO (International
Organization of Securities Commissions).
The additional operational guidelines include
i.SEBI has mandated an issuer desirous of issuing green debt securities to make following additional
disclosures in the offer document pertaining to environmental sustainability for public issues /private
placements
ii.The issuers of green bonds will have to disclose brief details of decision-making processes that are followed
for determining the eligibility of projects, for which the proceeds are being raised through issuance of green
debt securities.
iii.The issuer will have to appoint a third party reviewer for a green debt security for the post-issue
management of the use of proceeds from the green debt security, and verification of the internal tracking and
impact reporting.
iv.The issuer of green debt securities is also directed to maintain a decision-making process which it uses to
determine the continuing eligibility of the project.
v.They also need to inform on a project-by-project basis, pertaining to reporting the environmental impact of
the projects financed by the green debt securities. Click here to know more
Note – The provisions will come into force for all issues of green debt securities launched on or after April 1,
2023.
Indian economy likely to grow 6% in FY24: Crisil

As per the rating agency CRISIL annual growth forecast, India’s Gross Domestic Product (GDP) growth will
touch 6% in FY24 slower than the 7% estimated by the National Statistics Office (NSO) for FY2023.
• Indian economy averaging a growth rate of 6.8% over the next five fiscals.
• The risks to inflation are “tilted upward” due to the predictions of El Nino, the weather phenomena,
over the next couple of months.
Key Points:
i.The corporate revenue to log in double-digit rise again next fiscal.
ii.Consumer inflation is expected to moderate to 5% on average in FY24 from 6.8% in FY23 amid high-base

effect and some softening of crude and commodity prices.
iii.India’s external vulnerability is expected to decline with a narrower Current Account Deficit (CAD).
• CAD is expected to narrow to 2.4% of GDP (~$88 billion) in FY24 from an estimated 3.0% (~$100
billion) in FY23.
iv.Government policies will continue to push industrial capex (Capital Expediture) and new-age opportunities,
infrastructure spending will drive 12-16% growth in overall capex in FY24.
• This will achieve nearly 75% of the initial targets set under the National Infrastructure Pipeline
(NIP) by fiscal 2025.
• Overall industrial capex is being rising to nearly Rs 5.7 lakh crore on average between fiscals 2023
and 2027, compared with Rs 3.7 lakh crore in the past five fiscals.
Andhra Pradesh FM presented Budget of Rs 2,79,279cr for FY24

On March 16, 2023, the Finance minister of Andhra Pradesh (AP) Buggana Rajendranath presented the annual
budget for the financial year 2023-2024(FY24) with a financial outlay of Rs 2,79,279 crore in the state
Assembly in Amaravati, AP. He presented the annual Budget for the 5th time in a row.
• The maximum share of allocations went to welfare schemes being implemented under the
Navaratnas.
• The FY23 budget was Rs 2.56 lakh crore.
Fiscal Parameters:
i.Revenue expenditure- Rs 2,28,540 crore
ii.Capital expenditure- Rs 31,061 crore
iii.Revenue Deficit- Rs 22,316 crore
iv.Fiscal Deficit- Rs 54,587 crore
v.The fiscal deficit would be 3.77% of Gross State Domestic Product (GSDP), while the revenue deficit would
be 1.54% of GSDP.
Highlights:
i.Rs 54,228 crore has been allocated for Direct Benefit Schemes (DBT), an 11% increase from the previous
year’s Rs 48,668 crore. A total of 22 schemes are covered under the DBT category and the majority of them saw
an increase in the budget allocation.
ii.Rs 15,882 crore has been earmarked for Health & Family Welfare, Price Stabilisation Fund (Rs 3,000),
Manabadi Nadu-Nedu (Rs 3,500 crore) and Panchayati Raj & Rural Development (Rs 15,873 crore).
iii.Rs 9,381 crore allocated for the Municipal Administration & Urban Development, Scheduled Castes
Component (Rs 20,005 crore), Scheduled Tribes Component (Rs 6,929 crore) and Backward Classes
Component (Rs 38,605 crore).
iv.Under welfare for communities, Rs 4,887 crore for Kapu welfare and minority welfare (Rs 4,203 crore).
v.Housing for Poor was allotted Rs 5,600 crore, Roads & Buildings department (Rs 9,118 crore), Irrigation (Rs
11,908 crore), Energy (Rs 6,456 crore), and Village and Ward Secretariats (Rs 3,858 crore), among others.
vi.Other key allocations include Amma Vadi (Rs 6,500 crore); Mana Badi Nadu Nedu (Rs 3,500 crore); YSR Bima
(Rs 372 crore); among others.
vii. Rs 3,606 crore budgeted for industries and commerce.
Key Points:
Agriculture:
i.Rs 1,212 crore has been allocated for agricultural mechanization and Rs 125 crores for fisher’s insurance in
the budget for 2023-24.
ii.Rs 500 crore is assigned for interest free loans to farmers and YSR Rythu Barosa was given Rs 4,020 crore.
Skill development and Education:
i.Rs 1,166 crore is allocated for skill development and Rs 6,500 crores were allocated for the Amma Vodi
Scheme. Jagananna Vidya Dievena was allocated Rs 2,841.64 whereas Jaganna vasati devana was given Rs
2,200 crore.

ii.Rs 29,690 crore is allocated for the secondary education sector.
Others:
i.Rs 15,882 crore was allocated to the medical and health department.
ii.Rs 15,873 crore was allocated for Panchayatraj department and Rs 9,000 crore was allocated for municipal
and urban development.
iii.Rs 9,118 crore was assigned to the Roads and building department.
iv.Rs 1,000 crore is set to be assigned for interest-free loans to the self-help groups.
v.Rs 1,600 crore is assigned to YSR-PM Insurance Yojna, YSR Pension gift was given Rs 21,434 crores and social
security pensions received an allocation of Rs 21,434.72 crore.
About Andhra Pradesh (AP):
Chief Minister– YS Jagan Mohan Reddy
Governor– S. Abdul Nazeer
WildLife Sanctuary– Kambalakonda WildLife Sanctuary
VA Tech Wabag wins Rs 800 cr World Bank & AIIB Funded Project in Bangladesh
Chennai (Tamil Nadu)- based VA Tech Wabag Ltd, a water technology firm, has won an Rs 800 crore
project funded by the World Bank and Asian Infrastructure Investment Bank (AIIB) in Bangladesh.
VA Tech Wabag will design, build and operate a sewage treatment plant with a capacity of 200 million litres per
day(MLD) in Dhaka, Bangladesh.
• This project has the potential to be expanded to 600 MLD in the future.
• It will run on an active sludge treatment technology, using biogas produced during the wastewater
treatment process to produce the green energy necessary to run the plant.
• This procedure also complies with environmental regulations, and the creation of renewable energy
contributes to the fight against climate change.
• Based on technological supremacy and competitiveness, the project was successful against
international competition.
MoSPI’s Publication ‘Women and Men in India 2022’: Women in India hold 35.23% of Accounts
in SCB with 20.07% of Deposits
According to the publication of Social Statistics Division(SSD), National Statistical Office (NSO), Ministry of
Statistics & Programme Implementation (MoSPI), “Women and Men in India 2022”, Women in India holds
35.23% of bank accounts in all Scheduled Commercial Banks (SCB), but only with 20.07% of total deposits.
• The 24th annual publication “Women and Men in India 2022” (A Statistical Compilation of Gender
related Indicators of India), was released by Rao Inderjit Singh, the Minister of State (Independent
Charge), MoSPI, on March 15, 2023 at New Delhi, Delhi.
Key Findings of the Publication:
i.Women own over one-third of deposit accounts but only one fifth of the total deposit amount in SCBs.
• As per the publication, the total number of deposit accounts in SCBs at the end of January 2023 was
225.5 crore, out of which around 79.44 crore are owned by women.
• As on January, 2023, out of total workforce in all SCBs, around 22.97% officers, 30.74% clerks and
around 16.40% sub-ordinates are female.
ii.As per data of Periodic Labour Force Survey (PLFS), women officials working at managerial positions in India
was reduced from 18.8% in 2020 to 18.1% in 2021.
• In 2021,the highest percentage was seen in Mizoram (41.5%) followed by Sikkim (32.5%), Manipur
(31.1%), Meghalaya (30.9%) and Andhra Pradesh (30.3%).
• Around 45.6% of Elected Representatives in Panchayati Raj Institutions (PRIs) were women.
• Representation of Women in the Central Council of Ministers in 2020 was about 14.47%

iii.Wage Disparity: As per PLFS for the period July 2021 to June 2022, around 16.5% women workers are
getting regular wage or salary whereas for men it was 23.6% and for overall value is 21.5%.
iv.Share in Unpaid work: At All-India level, female population (of age 6 years and above) spent 305 minutes in
unpaid activities, 56 minutes in paid activities and 1079 minutes in residual other activities, whereas the male
population spent 67 minutes in unpaid activities, 240 minutes in paid activities and 1133 minutes in residual
other activities (self-development/ self-care/ self-maintenance etc.)
• The above values state that Women spent more time in unpaid activities and indicate the low
participation of women in the employment sector.
• As per the report the number of working women is far less in comparison to men
v.WPR: In 2021- 2022, the Worker Population Ratio (WPR) for male population was 54.7 in rural areas and
55.0 in urban area but for female population it was about 26.6 and 17.3 respectively.
• WPR is an indicator used to assess the country’s employment situation.
About “Women and Men in India 2022”:
i.The publication was prepared by the SSD team led by Siljo V. K. Deputy Director General, Ms. R. Savithri,
Additional Director General, Dr. Ziaul Haque, Director, Deputy Directors- Kuwar Alok Singh Yadav, Ms.
Deepika Verma, Senior Statistical Officers – Rajesh Kumar Panwar, and Junior Statistical Officers – Ravi Kumar,
Shri Rajiv Roshan.
ii.This publication which has been released by NSO since 1995 is a comprehensive document that provides data
on a wide range of topics such as education, health, employment, and political participation, among others.
About Ministry of Statistics and Programme Implementation (MoSPI):
Ministers of state (independent Charges) – Rao Inderjit Singh (Gurugram, Haryana)
ICICI Prudential Life Insurance has launched new Guaranteed Income plan ‘ICICI Pru Gold’
ICICI Prudential Life Insurance Company Limited has launched ‘ICICI Pru Gold’ a protection and savings
oriented participating life insurance plan, which will provide the protection of life cover along with a
guaranteed regular income for whole of life which can be used to meet the customers long-term recurring
financial requirements.
• As per the savings needs, the insurance plan provides a choice of 3 plan options such as Immediate
Income, Immediate Income with Booster and Deferred Income.
About the 3 plan options:
i.Immediate Income: Under this variant, the customers could receive a regular income at the end of every
policy year/month followed by a lump sum on maturity (which begins after 30 days from the policy issuance
date).
ii.Immediate Income with Booster: This variant could enable the customers to receive additional guaranteed
income every 5th policy year in addition to the lifelong income, which begins after 30 days from the policy
issuance date.
iii.‘Deferred Income’: Under this, customers could choose when they want to start receiving the income as per
their financial needs. Customers can start receiving income as early as the second policy year or as late as the
13th policy year.
Additional Features:
i.ICICI Pru Gold also offers customers the option to accumulate their income in a Savings Wallet instead of
receiving it as regular payments.
ii.It also includes the ‘Premium Offset’ feature which will provide the customers with the option to offset future
premiums against the corpus accumulated in the Savings Wallet.
About ICICI Prudential Life Insurance Company Limited (ICICI Prudential Life):
It is promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited.
MD & CEO– N. S. Kannan

OECD raises India’s FY24 growth forecast by 20 basis points to 5.9%
The Organisation for Economic Cooperation and Development (OECD) in its latest interim outlook report
titled ‘Fragile Recovery’ has increased its growth projection for India by 20 basis points to 5.9% from 5.7%
earlier.
• India’s growth is projected to moderate to about 6% in FY2023-24, amid tighter financial conditions
before picking up to recover to around 7% in FY25
• Global growth is projected to remain low in 2023 and 2024, at 2.6% and 2.9%, respectively.
Highlights:
i.The report also highlighted some positive signs of improvement in the global economy, but warned that the
outlook remains fragile due to risks such as the war in Ukraine, monetary policy changes, and pressures in
global energy markets.
ii.The OECD also cautioned that many emerging-market economies, including low-income ones, could face
increasing difficulties in servicing their elevated debt and deficits as global interest rates rise
iii.Major emerging Asian economies are expected to experience low (China) to moderate (India and Indonesia)
inflation rates in 2023-24.
• For India, OECD raised its inflation forecast by 80 basis points to 5.8%.
Income Tax Department launches AIS app for taxpayers

The Income Tax Department has launched an Annual Information Statements (AIS) application for taxpayers to
provide detailed information about each transaction to taxpayers and receive their feedback.
• The AIS app is a free mobile application providing a comprehensive view of the Annual Information
System, which is a collection of various information about taxpayers.
• With the launch of the app, the taxpayer could check full details of taxes and TDS (Tax Deducted at
Source) with just one click.
• The information will be consistent throughout the mobile application and the web portal hence, the
AIS Information could be accessible through a web portal and the AIS app.
About AIS App:
i.AIS is a comprehensive view of all the information for a taxpayer displayed on Form 26AS which include TDS
and Tax Collected at Source (TCS) data, as well as information on advance tax and self-assessment tax.
ii.Taxpayers could give feedback on the app regarding the AIS information displayed.
iii.AIS shows the reported value and modified value (i.e., the value after feedback) under each section, namely,
TDS, Statement of Financial Transaction (SFT), and other information.
iv.The app launch was intended to promote voluntary compliance and enable seamless prefilling of returns.
Axis Bank, Autotrac Finance enters into Co-lending pact to offer Tractor Loans
On 20th March 2023, the Axis Bank and Gurgaon-based Autotrac Finance Limited (AFL), a Non-Banking
Financial Company, entered into a strategic partnership under the co-lending model through
the YubiCo.Lend platform.
Under this partnership, Axis Bank and AFL will offer ‘New Tractor Loans’ for Agricultural and Allied activities to
cater for the financial needs of the rural segment in India.
• The partnership intends to provide easy credit availability for farmers at optimal interest rates.
Key Points:
i.The digital co-lending platform of Axis Bank will enable lending fast under the partnership at a lower
operating cost, offering a superior customer experience.
ii.AFL, which is the wholly-owned subsidiary of International Tractors Limited, with a focus on rural and agri-
business finance, has ready access to a customer base and dealers across rural and semi-urban regions in 18
States.

• Through the partnership, it will continue to increase its network to ensure that farmers embrace
advanced farming technologies backed by the technology platform Yubi.
• AFL will leverage its fin-tech expertise and network to facilitate seamless financial support to the
farmers.
• As it is also operating with the International Tractors’ dealer network of Sonalika and Solis Yanmar,
it will support farmers to acquire the latest farm equipment at competitive interest rates.
About Axis Bank Ltd.
MD&CEO – Amitabh Chaudhry
Tagline – Badhti Ka Naam Zindagi
MoF Monthly Economic Review, February 2023: India’s GDP to Grow at 7% in FY23; Inflation to
Moderate
According to the “Monthly Economic Review – February 2023” published by the Ministry of Finance (MoF), the
Indian economy is projected to grow at 7% in the fiscal year 2022-2023 (FY23) despite global challenges.
• Retail inflation is anticipated to decline in accordance with wholesale inflation, which dropped to a
25-month low in January 2023.
• The real GDP (Gross Domestic Product) in Q3 FY23 registered a YoY (Year on Year) growth of 4.4%
which is lower than that of 6.3 % in Q2 FY23.
Key conclusions of the report:
i.India’s current account deficit (CAD) is expected to decrease in FY23 and FY24, giving the rupee a safety net in
tumultuous times.
• This is attributed to gains from high services exports, moderation in oil prices, and a recent decline
in demand for import-intensive goods.
ii.This would give a much-needed buffer to India’s external sector, as the Reserve Bank of India (RBI) is
expected to raise interest rates further, ensuring that India’s external finances are not a cause for concern.
iii.Given that the CAD is anticipated to decrease from year-beginning estimates, macroeconomic stability is
projected to see an additional boost in FY23.
iv.The Indian economy’s potential to grow on the strength of its domestic demand is once again reaffirmed by
real GDP estimates for Q3 FY23, despite a rise in global uncertainties slowing global output.
• According to the performance of High-Frequency Indicators for January/February 2023, the growth
momentum generated in Q3 of 2022–2023 is anticipated to be sustained in Q4.
v.As of February 2023, Goods and Services Tax (GST) revenue has already exceeded the Rs 1.4 lakh crore
threshold for 12 successive months.
vi.Extreme weather events like heatwaves and the possibility for an El Nino year, volatility in global commodity
prices, and the pass-through of input costs to output prices will probably determine the inflation trend.
vii.According to the forecasts made by various international agencies, inflation in India would moderate in
FY24 compared to FY23 and will likely continue in the range of 5-6%, with risks evenly balanced.
viii.Since mid-2021, the debt quality of India’s private non-financial sector has improved as the debt has
steadily decreased.
ix.The overall foodgrain production in FY23 is estimated to be 2.5% higher.
x.YoY growth of sectors such as (i)Agriculture, forestry & fishing, (ii)Industry and Services in Q3 of FY23 stood
at 3.7%, 2.4%, and 6.2% respectively.

TN Govt Presents Budget for 2023-2024: Revenue Deficit reduced to Rs 30,000 crore
On March 20, 2023, the Finance Minister of Tamil Nadu (TN) Palanivel Thiaga Rajan presented the TN state
budget for 2023-2024-(FY24). he stated that due to the reform initiatives in TN, the annual revenue deficit is
reduced from about Rs 62,000 crore to Rs 30,000 crore in Revised Estimates of FY23.
Fiscal Parameters:
i.The revenue expenditure is estimated at Rs 3,08,055.68 crore for FY24 and the capital expenditure will be Rs
44,365.59 crore.
ii.The revenue deficit for 2023-24 is estimated at Rs 37,540.45 crore.
iii.Fiscal deficit for FY24 is estimated at Rs 92,075 crore, which is 3.25% of the Gross State Domestic Product
(GSDP) and within the XV Finance Commission limit of 3.5% of GSDP.
iv.The nominal growth assumed for FY24 is too optimistic at 14% , which has resulted in the State’s own tax
revenue (SOTR) growth being budgeted at 19%.
• SOTR for FY24 is estimated at Rs 1,81,182.22 crore.
v.The TN government plans to borrow Rs 1,43,197.93 crore in FY24, as per the Medium Term Fiscal Plan
(MTFP) and make a repayment of Rs 51,331.79 crore.
vi.In the year 2023-24, the Net Borrowings are projected at Rs.91,866.14 crore, including Rs.82,625.96 crore of
Net Open Market Borrowings and
Rs.9,240.18 crore from other sources. The outstanding debt as on March 31, 2024 will be Rs 7,26,028.83 crore
and the Debt-GSDP ratio will be 25.63 %. this is well within the 29.1 % for 2023-24 limit set by the 15th
Finance Commission.
vii.The Total Revenue Receipts are projected to be Rs.2,45,659.67 crore in the Revised Estimates, which is 6.16
% higher than the Rs.2,31,407.28 crore estimated in Budget Estimates 2022-23. for 2023-24, the Total Revenue
Receipts are projected at Rs.2,70,515.23 crore, which is 10.12% higher than the Revised Estimates.
viii.TN share in central taxes is estimated at Rs 41,664.86 crore in budget estimates 2023-24 as against Rs
38,731.24 crore in the revised estimates 2022-23.
ix.The Grants-in-Aid from the Union Government is estimated at
Rs.27,444.64 crore which includes Rs.4,572.82 crore that is expected as arrears in GST Compensation in 2023-
24.
Allocations and Proposals for FY24:
Tamil Development and Culture
i.Rs 5 crore allocated to translate Dr BR (Bhimrao Ramji) Ambedkar’s works into Tamil
ii.An “International Conference on Tamil Computing‟ will be held with the participation of renowned experts
from across the world to promote the growth of Tamil as a global language by promoting its usage in the
technology sector.
School Education and Higher Education:
i.Rs.40,299 crore has been allocated towards School Education Department
ii.Rs 1,500 crore assigned for constructing classrooms, laboratories and toilets in schools.
iiiAn iconic eight-storeyed library in 2 lakh square feet, with all modern amenties is being constructed in
Madurai, the seat of Tamil Sangam. This library will be named “Kalaignar Centenary Library” to mark the
centenary celebrations of Muthamizharignar Kalaignar.
iv.The TN government had launched the “Perasiriyar Anbazhagan School Development Scheme” to modernize
and upgrade physical infrastructure at an outlay of Rs.7,000 crore over a period of five years. During the
current year, works to the tune of Rs.2,000 crore have been taken up. In the
upcoming financial year, the Government will construct classrooms, laboratories and toilets at a cost of
Rs.1,500 crore.
v.Tamil Nadu Skill Development Corporation (TNSDC)will implement a scheme to provide civil services
aspirants with better facilities and materials. For this programme, an amount of Rs 10 crore has been allocated
to TNSDC in the Budget Estimates FY24.

• Every year 1,000 civil services aspirants will be short-listed through a screening test. Each aspirant
will be provided Rs 7,500 per month for 10 months to prepare for the preliminary examination.
Those students who clear the preliminary examination will be provided a lumpsum amount of Rs
25,000.
Tourism:
i.Under the “Tourism Destination Development Scheme”, Rs.75 crore has been sanctioned for infrastructure
development at various tourist locations across the State.
ii.Projects to upgrade amenities at Pitchavaram, Poompuhar and Hogenakkal have been sanctioned at an
estimated cost of Rs.55 crore.
Youth Welfare and Sports
It is proposed to set up a State-of-the-art hi tech Global Sports City by Chennai Metropolitan Development
Authority (CMDA) in Chennai to promote the development of sports and emerge as a favoured destination for
leading sports events.
Adi-Dravidar and Tribal Welfare
i.An allocation of Rs 100 crore for ‘Annal Ambedkar Business Champions Scheme’ providing 35% capital
subsidy and offer 6% interest subvention for loans to procure machineries and equipment for SC (Scheduled
Caste), ST (Scheduled Tribes) entrepreneurs.
ii.An allocation of Rs 1000 crores for a new scheme called ‘Iyothee Thass Pandithar Habitation Development
Scheme’ to ensure basic amenities in Adi Dravidar habitations in both urban and rural areas for a
comprehensive socio-economic development over a period of five years.
Women & Children empowerment:
i.Rs 7,000 crore allocated for providing Rs 1,000 monthly assistance to female heads of households.
• It will be rolled out on September 15, 2023 i.e. the birth anniversary of DMK founder and former
chief minister C N Annadurai (Conjeevaram Natarajan Annadurai).
ii.Chief Minister’s Breakfast Scheme, launched in 2022, will be expanded to cover all the 30,122 Government
primary schools in the State from the coming
academic year. Rs.500 crore is allotted for this scheme in this Budget which will benefit 18 lakh students
studying from Class I to Class V.
iii.An estimated allocation of Rs 2,800 crore is made as subsidies for free bus travel for women, Rs 1,500 crore
for student concession in bus fares, and Rs 2,000 crore as diesel subsidy.
Infrastructure development:
i.A substantial allocation of Rs 19,465 crore is made for the Highways and Minor Ports Department.
ii.Rs 9,000 crore allocated for metro rail services in Coimbatore, and Rs 8,500 crore in Madurai.
iii.Rs 500 crore is allocated for the procurement of 1,000 new buses and for refurbishing another 500 buses.
iv.Rs 2,000 crore to lay rural roads covering more than 5,140 km in FY24.
v.Rs 621 crore to develop four-lane elevated flyover on Anna Salai from Teynampet to Saidapet.
Social Security:
The total number of beneficiaries availing social security pensions will be increased to 35.8 lakhs. A sum of
Rs.5,346 crore has been allocated for social security pensions.
Urban Development:
i.To improve the quality of living in the resettlement habitations constructed by Tamil Nadu Urban Habitat
Development Board, sports cum recreation centres will be developed in Kannagi Nagar, Perumbakkam, Navalur
and Athipattu at a cost of Rs.20 crore.
ii.The Government will implement the “Vada Chennai Valarchi Thittam‟
at a cost of Rs.1,000 crore over the next three years.
• The scheme will be implemented by converging the funds of Chennai Metropolitan Development
Agency with the ongoing schemes.
iii.As part of TN’s endeavour to realize the goal of Singara Chennai, the state government is committed to clean
and restore waterways including the Adyar and Cooum in Chennai.

• As the first phase of these initiatives, the restoration of Adyar river for a length of 44 km will be
taken up at an estimated cost of Rs 1,500 crore through the public-private partnership (PPP) mode.
Key Note:
The project will include river cleaning activities such as prevention of sewage from entering the river and
construction of Sewage Treatment Plants (STPs), along with recreational facilities such as aesthetic parks,
green walkways, an open air gymnasium and a cafeteria.
Industries:
i.Two factories to manufacture non-leather footwear will be set up at Ranipet and Kallakurichi providing
employment for 32,000 women.
ii.Rs 77,000 crore allotted for developing a mega power projects to generate 14,500 MW of power by 2030.
iii.Rs 14,000 crore allocated towards subsidy for TANGEDCO (Tamil Nadu Generation and Distribution
Corporation Limited).
Environment:
Setting up of TN’s 18th Wildlife Sanctuary:
A new wildlife sanctuary called the ‘Thanthai Periyar Wildlife Sanctuary’ spread across 80,567 hectares in the
forest areas of Anthiyur and Gobichettipalayam will be developed in Erode district. This will be the 18th
wildlife sanctuary in the State and will link the Nilgiris Biosphere Reserve with the Cauvery South Wildlife
Sanctuary.
Key Points:
i.Four forest ranges in Erode Forest Division viz. Anthiyur, Bargur, Thattakarai and Chennampatti will be
covered. These are home to more than 10 tigers, elephants, leopards, wild boars, gaurs and deer.
ii.The sanctuary is located on the western side of Sathyamangalam Tiger Reserve (STR), northern side of
Kollegal forest division and eastern side of Cauvery Wildlife Sanctuary in Karnataka and adjacent to Cauvery
North and South Wildlife Sanctuaries in Dharmapuri and Krishnagiri.
Others:
The Government will implement the “Tamil Nadu Coastal Restoration Mission‟ (Neithal meetpu project) which
aims to preventing sea erosion, reducing marine pollution and conserving marine biodiversity, with World
Bank assistance at an estimated cost of Rs.2,000 crore in the next 5 years.
About Tamil Nadu (TN):
Chief Minister– Muthuvel Karunanidhi Stalin
Governor– Ravindra Narayana Ravi
Wildlife Sanctuary– Vallanadu Black Buck Sanctuary, Grizzled Giant Squirrel Wildlife Sanctuary
Tiger Reserve– Mudumalai Tiger Reserve; Sathyamangalam Tiger Reserve
IndiaFirst Life Insurance gets SEBI approval to launch IPO

IndiaFirst Life Insurance Company (IndiaFirst Life) has received the final approval from the Securities and
Exchange Board of India (SEBI) to launch Initial Public Offering (IPO) to raise funds.
IndiaFirst Life is promoted by the Bank of Baroda, which holds 65%, with Warburg Pincus (26%) and Union
Bank of India (9%) as partners.
• IndiaFirst Life filed preliminary IPO papers with SEBI on 21st October 2022.
• The IPO comprises a fresh issue of up to Rs 500 crore along with an offer for sale (OFS) of up to 14.1
crore equity shares by the promoters and existing shareholders of IndiaFirst Life.
Delhi FM Kailash Gahlot presents Rs 78,800 crore Budget for FY24

Kailash Gahlot, Finance Minister (FM) of the Union Territory (UT) of Delhi, presented a Rs. 78,800
crore budget in the Delhi Assembly for the fiscal year 2023-24 (FY24), dedicated to a clean, beautiful, and
modern Delhi.

• The FY24 budget is the ninth consecutive budget of the Aam Aadmi Party (AAP) government and it
was Gahlot’s first budget presentation after taking over the finance department following the
resignation of Deputy Chief Minister Manish Sisodia.
The budget for the Delhi government was Rs. 75,800 crore in FY23 which was higher than that of Rs. 69,000
crore in FY22.
Highlights of the Budget FY24:
Amount allocated to different sectors
• Education – Rs. 16,575 crore
• Health – Rs. 9,742 crore
• Transport, Road & Bridges – Rs. 9,031 crore
• Water Supply & Sanitation – Rs. 6,343 crore
• Power – Rs. 3,348 crore
i.With a budget of Rs. 320 crore, the Delhi government will collaborate with the Delhi Metro Rail Corporation
(DMRC) to build 3 “unique” double-decker flyovers.
ii.Nine new bus depots, three Inter-State Bus Terminus (ISBT), and two multi-level bus depots will all be built
in addition to electrifying around 57 existing bus depots.
iii.The Delhi Government would provide Rs. 850 crore to the Municipal Corporation of Delhi (MCD) in 2023-24
for the removal of three garbage mountains in Delhi: Okhla landfill by December 2023, Bhalswa landfill by
March 2024, and Ghazipur landfill by December 2024.
iv.In addition, the Delhi government intends to connect all colonies to the sewer network and expand the
capacity of sewage treatment plants to help clean the Yamuna River.
• By March 2024, Delhi will be treating 890 million gallons of sewage per day, a significant increase
over the 373 million gallons per day (MGD) treated in 2015.
v.Financial assistance of Rs. 8,241 crore would be provided to local bodies in FY24.
vi.Power subsidies in the power sector were utilised by about 84% of people.
• Solar infrastructure would be installed totaling 6,000 megawatts (MW) by 2025.
vii.The Delhi government offers the most affordable electric vehicle (EV) charging services, and 900 EV
charging points at 100 stations will be installed.
• By the end of 2023, 1,600 e-buses will be in service, while 29 additional flyovers are being built.
viii.With Rs. 9,742 crore budgeted out for health in FY24, around 100 new Mahila mohalla clinics for the
treatment of women will be opened.
• There are currently 4 mahila mohalla clinics, which have treated over 42,000 people.
ix.In the field of education, the Delhi government would offer new tablets to all teachers and Deputy Directors
of the Education Department in FY24.
x.There will be a rise in the number of specialized schools of excellence from 20 to 37.
xi.Central Government has allocated Rs 325 crore to Delhi as its share in central taxes.
About the Union Territory (UT) of Delhi:
Chief Minister (CM) – Arvind Kejriwal
Lieutenant Governor – Vinai Kumar Saxena
Wildlife Sanctuary – Asola Bhatti Wildlife Sanctuary
Zoological Park – National Zoological Park
IFSCA formed committee to onshore Indian Start-Ups Domiciled Abroad; Headed by

G Padmanabhan
On March 21, 2023, the International Financial Services Centres Authority (IFSCA) has formed a committee to
be headed by former Reserve Bank of India (RBI) executive director G Padmanabhan to design a road-map to
attract or onshore Indian start-ups domiciled abroad for setting up their base in GIFT (Gujarat International
Finance Tec-City) City in Gujarat.
• The committee is expected to submit its recommendations in 3 months.

• Its members include representatives from leading venture capital funds, startups, fintechs, law
firms, tax firms and other domain experts.
Responsibilities of Committee:
i.Identify measures to encourage the Indian fintech and startups domiciled abroad to relocate to GIFT IFSC
(International Financial Services Centre).
ii.Identify issues that are critical to the development of GIFT IFSC as a global Fintech Hub.
iii.Identify challenges, understand the nuances from regulatory, tax, legal and other perspectives, and
recommend measures for the development of International Innovation Hub at GIFT IFSC.
Key Points:
i.Many Indian startups are domiciled outside India despite having the majority of their market, personnel and
founders in India.
• These ‘externalized’ or ‘flipped’ startups constitute a large number of India’s unicorns
ii.India has the world’s third-largest startup ecosystem with 115 unicorns (firms with billion-dollar valuations).
iii.GIFT IFSC is the maiden international financial services centre in India operationalized in April 2015 in
Gandhinagar, Gujarat.
About International Financial Services Centres Authority (IFSCA):
IFSCA is a statutory authority established by the Government of India on April 27, 2020, under the
International Financial Services Centres Authority Act, 2019
Chairperson– Injeti Srinivas
Headquarters– GIFT City, Gandhinagar, Gujarat
Amazon Pay ties up with NPCI’s Bharat BillPay for Loan Repayments
As part of its efforts to enhance user experience and safety, Amazon Pay has teamed up with Bharat BillPay, the
biller platform of the National Payments Corporation of India (NPCI), to bolster its loan repayment service.
Key Points:
i.It facilitates loan repayment option for customers who avail of their loans through banks, microfinance
institutions, and NBFCs (Non-Banking Financial Companies), and need a convenient payment option to pay
their EMIs on time.
ii. To pay their EMIs (Equated Monthly Instalments), customers can choose their bank or NBFC from the list
and provide their loan account number and other details. While payment confirmations are immediate for all
bill payment transactions, some banks may require a predefined turnaround time (TAT) to process and accept
payments.
iii.Over 200 lenders, including Bajaj Finance, Cholamandalam Investment & Finance, HDB Financial Services,
Home Credit, and IIFL Finance, have enrolled in the facility.
What is Bharat Bill Pay?
The Reserve Bank of India (RBI) conceptualized the Bharat Bill Payment System (BBPS), which is operated by
NPCI. It provides customers with interoperable and accessible bill payment services through digital (bank
channels) as well as a network of agents and bank branches. It offers various payment modes through which
consumer can make a bill payment viz. Cash, Cards (Credit, Debit & Prepaid), Immediate Payment Service
(IMPS), Unified Payments Interface (UPI), Aadhaar Enabled Payment System (AEPS), Internet Banking & UPI,
and Wallets.
About National Payments Corporation of India (NPCI):
It is an initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA) under the
provisions of the Payment and Settlement Systems Act, 2007
MD & CEO– Dilip Asbe

ADB, SAEL Industries Sign Rs 754 crore Loan Agreement to Promote Biomass Energy
Generation
On March 23, 2023, The Asian Development Bank (ADB) and Renewable Energy Company, SAEL Industries
Limited, signed a loan agreement of up to Rs 754 Crore (around US$91.14 million) to promote the generation of
biomass energy using agricultural residue, helping diversify India’s energy mix and reduce carbon intensity.
• The ADB’s fund will be used by SAEL for the construction of five 14.9-megawatt biomass power
plants in the districts of Bikaner, Churu, Hanumangarh, Jhunjhunu, and Sikar in the state of
Rajasthan.
• Around Rs 150 crore will be provided for each power plant to subsidiaries of SAEL Industries:
Chattargarh Renewable Energy Private Limited, KTA Power Private Limited, Sardarshahar Agri
Energy Private Limited, TNA Renewable Energy Private Limited, and VCA Power Private Limited.
Air Pollution in Rajasthan:
• As more than half the land in Rajasthan is dedicated to agriculture, the local farms burn huge
volumes of waste including stalks, husks, and straw, causing air pollution.
• Further, the burning of crop stubble also reduces the soil quality, which lead to requiring increased
use of agricultural chemicals which causes other health issues.
Solution through Power Plant:
i.Thus the establishment of biomass power plants in the state will use the agricultural residue for energy
generation and in turn protect the environment, expand renewable energy sources, and reduce carbon dioxide
emissions.
ii.The power plants will convert about 650,000 tons of agricultural residues into electricity and are expected to
generate 544 gigawatt-hours of energy per annum, helping avoid up to 487,200 tons of carbon dioxide
annually.
iii.The power plant construction will also create local employment and generate extra income for farmers and
local entrepreneurs.
About Asian Development Bank (ADB)
President – Masatsugu Asakawa
Headquarters – Mandaluyong City, Manila, Philippines
Member Countries – 68 countries (49 from the region)
PFC Limited Signed Rs 165 crore Loan Agreement with JBIC

Power Finance Corporation (PFC) Limited, a state-owned and a leading Non-Banking Finance Company (NBFC)
in the Indian power sector signed a loan agreement for Japanese Yen (JPY) 2.65 billion (~Rs 165 crore) with
Japan Bank for International Cooperation (JBIC).
• The loan agreement was signed by R S Dhillon, Chairman and Managing Director, PFC and Uchida
Makoto, Managing Executive Officer, JBIC, at JBIC headquarters, Tokyo, Japan.
Key Points:
i.Under the agreement, JBIC will be financing some of PFC’s projects which ensure the effective reduction of
greenhouse gas (GHG) emissions and conservation of the global environment.
ii.The loan agreement was executed under a general agreement signed between PFC and JBIC for JPY 30 billion.
• Backdrop: In July 2022, PFC signed a loan agreement for JPY 30 Billion with JBIC.
iii.In February 2023, PFC posted a 7% rise in its consolidated net profit at Rs 5,241.10 crore in the Q3 FY23.
About Power Finance Corporation (PFC) Limited:
It is a Schedule-A Maharatna Central Public Sector Enterprise (CPSE) under the administrative control of the
Ministry of Power.

Chairman & Managing Director (CMD) – Ravinder Singh Dhillon
Geojit Partners with ESAF Bank to Launch A 3-In-1 Bundled Account

Geojit Financial Services, a financial advisory firm, has entered into an agreement with ESAF Small
Financing Bank (ESAF SFB) to provide the bank’s customers with a special 3-in-1 bundled account.
• This one-of-a-kind service agreement enables the holders of ESAF SFB savings accounts to open
Geojit demat and trading accounts for free.
• A demat or dematerialization account allows investors to hold shares and securities in an electronic
format.
The service was launched as a part of the anniversary celebrations of ESAF SFB, which began operations on
March 10, 2017.
Key Points:
i.Benefits of the 3-in-1 bundled account include free demat account opening, flexible brokerage plans, a waiver
of annual maintenance charges (AMC) until March 2024, no subscription fees for trading accounts, and end-to-
end digital account opening facility.
ii.The trading account provides a simple interface for investing online in many investment alternatives offered
by Geojit and can be opened online in 15 minutes.
iii.The specially designed 3-in-1 bundled account will make trading in equity and commodities more
convenient.
iv.The end-to-end digital account opening service enables ESAF SFB customers to start their investment
journey in a short time, diversify their investments, and manage it from a single account.
v.It will introduce the customers of ESAF SFB to new financial tools and wealth-creation opportunities.
Note: Geojit Financial Services is one of India’s leading investment services firms, with a significant presence in
the Gulf Cooperation Council (GCC) countries through joint ventures.
About ESAF Small Finance Bank (ESAF SFB):
As on March 31, 2022, ESAF SFB has 575 banking outlets spread across 21 States & 2 Union Territories (UTs).
MD & CEO – Kadambelil Paul Thomas
Headquarters – Thrissur, Kerala
Tagline – Joy of Banking
World Bank’s IFC to invest USD 73 Million in Mahindra’s Last Mile Electric Mobility Unit
International Finance Corporation (IFC), the World Bank’s private investment arm, is set to invest USD 73
million (Rs 6020 crore) in an Indian automaker, Mahindra and Mahindra (M&M) Limited’s last-mile electric
mobility unit. This investment is the IFC’s 1st investment in an electric vehicle maker in India.
• The investment, which will be in the form of compulsory convertible instruments, will value the unit
at Rs 6020 crore.
• IFC will own about a 9.97%-13.64% stake in the newly formed company.
• Indian manufacturers and startups, including Tata Motors, ElectricPe, and Yulu, are entering the
market and attracting multiple investors.
• With IFC’s financial support, Mahindra will be able to scale up electric mobility for last-mile
connections as well as for the development and production of new goods.
CCI approves LIC AMC’s Acquisition of Management Rights of IDBI MF Schemes

On 22nd March 2023, the Competition Commission of India (CCI) approved the LIC Mutual Fund Asset
Management Limited(LIC AMC)’s acquisition of the rights to manage and administer the schemes of IDBI

Mutual Fund (IDBI MF) from IDBI Asset Management Limited (IDBI AMC).
Acquirers: LIC Mutual Fund Asset Management Limited(LIC AMC); LIC Mutual Fund Trustee Private
Limited(LIC TC); and IDBI Asset Management Limited(IDBI AMC).
Highlights:
The Proposed Transaction is an acquisition of a business division (i.e., assets) under Section 5(a)(i)(A) of the
Competition Act, 2002.
Proposed Combination:
• The proposed deal entails LIC AMC’s right to manage and administer the schemes of IDBI MF from
IDBI AMC.
• It also covers LIC TC’s acquisition of the trusteeship rights of the schemes of IDBI MF from IDBI TC.
• As a result, the IDBI MF schemes will form a part of LIC MF, with LIC TC as the trustee company for
the IDBI MF schemes and LIC AMC as the asset management company for the IDBI MF schemes.
• Apart from lump sum consideration, IDBI AMC will acquire a certain non-controlling shareholding in
LIC AMC.
About LIC AMC/ LIC TC:
i. Life Insurance Corporation of India (LIC), the parent company of LIC AMC and LIC TC, is the sponsor of LIC
MF.
ii. LIC AMC acts as the asset management company of LIC MF, while LIC TC acts as the trustee company of LIC
MF in India.
iii. LIC AMC acts as an investment management advisor to LIC MF, which manages the investment portfolio and
provides various administrative services to LIC MF.
About IDBI MF/ IDBI AMC/ IDBI TC:
i. IDBI Bank Limited is the sponsor of IDBI MF.
ii. The primary activity of IDBI AMC is to act as an asset management company for IDBI MF, and IDBI TC acts as
IDBI MF’s trustee company in India.
About the Competition Commission of India (CCI):
Acting Chairperson- Sangeeta Verma
Headquarters- New Delhi, Delhi
Establishment- 2003 (Operational from 2009)
Loan disbursements to MSME sector grew 24% in Q2FY23: TransUnion CIBIL-SIDBI Report
According to a TransUnion CIBIL-SIDBI MSME Pulse Report 2023, loan disbursements to the micro, small
and medium enterprise (MSME) sector in Q2 (July-September) FY23 grew 24% year-on-year (y-o-y), with
significant growth in the micro segment.
• Micro, small and medium segments saw a growth of 54%, 23% and 8% in disbursements,
respectively.
Highlights:
i.The total MSME credit exposure as of Q2FY23 is at Rs 22.9 lakh crores, reflecting a YoY growth rate of 10.6%.
ii.Credit to the micro (with aggregate credit exposure not exceeding Rs 1 crore) segment by balance grew
by 13% y-o-y as of Q2FY23 and the disbursements to the micro segment of MSME grew by 54% YoY.
• Very small (with aggregate credit exposure not exceeding Rs 10 lakh) experienced growth of 20% y-
o-y.
• Micro1 (with aggregate credit exposure between Rs 10-50 lakh) grew 15% y-o-y.
• Micro2 (with aggregate credit exposure between Rs 50 lakh-1 crore) had a growth of 11% y-o-y.
iii.93% of MSME entities are in the micro segment which contributes 25% to the MSME portfolio.
v.Overall, MSME NPA (non-performing asset) rates (90 + days past due/DPD) was 12.5% as on Q2FY23, down
from 13.9% as compared to Q2FY22.
vi.Delinquency rates dropped y-o-y across all the three lender categories (public sector banks/PSBs, private
sector banks/PVBs and NBFCs (Non-Banking Finance Companies).

• The highest drop was in PVBs segment from 2.8% in FY22-Q2 to 1.5% in Q2FY23.
• For PSBs, delinquency rates dropped from 5.3% in Q2FY22 to 3.9% in Q2FY23 and for NBFCs from
5.9% to 4.5% during the same period.
vii.As per the analysis of credit exposure, PSB holds Rs 7.9 lakh crore, PVBs holds Rs 10.1 lakh crore, and NBFCs
account for Rs 3.1 lakh crore of share.
viii.MSME disbursements by amount in Q2FY23 for PSBs, PVBs and (NBFCs)grew by 21%, 25% and 34%,
respectively.
ix.The top ten States based on current outstanding MSME lending balances are Maharashtra, Gujarat, Tamil
Nadu, Uttar Pradesh, Delhi, Karnataka, Rajasthan, West Bengal, Telangana & Haryana.
• These top ten States constituted 72% of the MSME outstanding balance as of September 2022.
x.It should be noted that around 10% portion of the MSME credit exposure has been from legacy accounts with
loans overdue beyond 720 days or reported as loss or doubtful accounts that continue to show MSME as a high-
risk business.
• Out of Rs 25.4 lakh crore of credit exposure as of Q2 FY23, Rs 1.3 Lakh crore was against 720 days
past due or doubtful accounts and Rs 1.2 lakh crore against loss accounts.
About MSME Pulse Report:
It was launched in 2018 by SIDBI (Small Industries Development Bank of India) in association with TransUnion
CIBIL. It is a quarterly report on MSME credit activity, for closely tracking and monitoring the MSME segment in
India.
Chairman & Managing Director– Sivasubramanian Ramann
Headquarters– Lucknow, Uttar Pradesh
KVB made Bancassurance Agreement with SBI Life in Life Insurance Category
On March 23, 2023, the Karur Vysya Bank (KVB) executed an agreement as an additional bancassurance
partner in the life insurance category with SBI Life, the insurance arm of the State Bank of India (SBI).
• Through this agreement, KVB will sell SBI Life’s large number of Life insurance products.
What is Bancassurance?
It is a collaboration between the insurance company and a bank under which the insurance products will be
sold to the bank’s customer base. This will benefit the bank too as it gets a commission amount from the
insurance company.
Interim Dividend:
In March 2023, SBI Life Insurance declared an interim dividend of Rs 2.5 per share for its investors for the
financial year 2022-23 (FY23).
• The declared interim dividend will be paid on or before April 6, 2023, to eligible shareholders.
What is Dividend?
It is the sum of money distributed by a company, to its shareholders, out of the profits made by it, in proportion
to the amount paid upon each share held by them. It will be declared by the Board of Directors (BoD) of the
company.
About Karur Vysya Bank (KVB) Ltd.
MD&CEO – B. Ramesh Babu
Headquarters – Karur, Tamil Nadu
Tagline – Smart Way to Bank

‘2023 Global Payments Report’ By FIS: India’s Ecommerce Market to Reach USD 150 Billion by
2026, Driven by Rise in UPI Transactions
According to the “2023 Global Payments Report” by global financial technology pioneer FIS, India’s e-
commerce (e-com) sector is projected to grow from USD 83 billion in 2022 to USD 150 billion in 2026, as cash
transactions continue to drop and Unified Payments Interface (UPI)-based transactions continue to set all-
time highs.
• As of January 2023, UPI had the biggest year-on-year (Y-o-Y) growth rate of 74.1% in transaction
volume.
FIS, based in Florida, United States (US), is a global provider of technology solutions for merchants, banks, and
capital markets organizations.
Significance
i.Cash usage decreased from 71% of POS transaction value in 2019 to just 27% in 2022, causing India to
become a global leader in payments, with the development of its next-generation real-time payment (RTP)
infrastructure.
ii.UPI has aided the growth of e-commerce account-to-account (A2A) payments to USD 12 billion, a 53%
increase between 2021 and 2022.
• By 2026, the value of A2A transactions is anticipated to grow by 195% to USD 36 billion.
iii.A2A payments are expected to grow from 15% in 2022 to 24% in 2026 in terms of their share in e-
commerce payment methods.
UPI – An Almost Default Payment Option in India
i.While cash is still used, UPI is increasingly being used for peer-to-peer transactions, implying that UPI has
practically become India’s default payment mechanism.
ii.Data from FIS indicates that by 2026, the value of transactions involving cash is projected to decrease by 34%
whereas those using digital wallets are projected to increase by 88%.
iii.The online e-commerce market is expected to rise by 82% by 2026, providing a further impetus to digital
payments.
iv.UPI has emerged as India’s leading digital payment platform, with a massive 427% increase in transaction
volume between March 2020 and August 2022.
v.Digital wallets have grown from a 5% point-of-sale (POS) market share in 2019 to 35% in 2022, backed by
UPI, primarily due to its easy interoperability with commercial wallets like Google Pay, Paytm, and PhonePe.
• Digital wallets accounted for 35% of POS transaction value and 50% of e-commerce transaction
value in India in 2022.
vi.The volume of UPI transactions continues to rise rapidly, rising from 2.2 billion in December 2020 to 4.5
billion in December 2021 and 7.8 billion in December 2022.
vii.The number of banks that accept UPI has climbed to 385 as of January 2023, and this figure is likely to grow
in the upcoming years.
viii.According to the Reserve Bank of India (RBI) Governor Shaktikanta Das, daily transactions through UPI has
crossed 36 crore from 24 crore in February 2022, an exponential increase over the previous 12 months.
• These transactions amounted to Rs 6.27 lakh crore in value terms.
FIS Global Payments Report 2023
i.The FIS Global Payments Report 2023 evaluates how consumers pay in 40 global markets, both in-store and
online.
ii.According to estimates from the 2023 report, there were around 70 real-time payment (RTP) schemes
offering high – speed payment platforms in 2022.
• Because of these high – speed payment platforms, A2A payments accounted for USD 525 billion in
global e-commerce transaction value in 2022, up 13% from USD 463 billion in 2021.
About Unified Payments Interface (UPI)
i.UPI is an instant payment system developed by the National Payments Corporation of India (NPCI), an entity
regulated by the RBI.

• UPI is built on the Immediate Payment Service (IMPS) infrastructure and allows customers to
transfer money between any two bank accounts instantly.
• IMPS is an instant interbank electronic fund transfer service by mobile phone that is also available
through other channels such as ATMs, Internet Banking, and so on.
ii.Dr. Raghuram G. Rajan, the then-Governor of RBI, launched UPI as a pilot programme on April 11, 2016, in
Mumbai, Maharashtra.
• NPCI performed the pilot launch with 21 member banks.
• On August 25, 2016, banks began uploading UPI-enabled apps to the Google Play store.
Canara Bank sells stake in Russian JV CIBL to SBI for Rs 121 crore
On 23rd March 2023, Bengaluru(Karnataka)-based Canara Bank sold its stake in Russian joint venture(JV)
Commercial Indo Bank LLC (CIBL) to the other venture partner State Bank of India (SBI) for about Rs 121.29
crore.
CIBL was incorporated in 2003 as a joint venture in Russia between SBI (60%) and Canara Bank (40%).
• Canara Bank has received the entire consideration amount equivalent to Rs 121.29 crore for the sale
of its stake.
• On 11th November 2022, Canara Bank, an Indian public sector bank under the control and
ownership of the Ministry of Finance (MoF), entered into an agreement for sale.
WB approves USD108mn to improve Assam’s Flood, Disaster Preparedness

On March 24, 2023, the World Bank’s (WB) Executive Board of Directors has approved USD 108 million
loan (Rs 8,896,517,496) for ‘Assam Integrated River Basin Management Project (AIRBMP)’ to improve
disaster preparedness and enhance flood forecasting in Assam.
• This funding will be disbursed by the International Bank of Reconstruction and
Development (IBRD), administered by WB, and has a maturity of 11.5 years with grace period of 4
years.
• It is a part of a larger USD 500 million (Rs 40,890,925,000) investment programme for Assam.
Overarching Goals and Objectives AIRBMP:
i.Strengthen the institutional capacity for water resources planning and management,
ii.Build the knowledge base for informed decision-making
iii.Reduce vulnerability to flood and erosion risks in Assam
About AIRBMP:
i.With a total outlay of US$ 135.00 million, its implementing agency is Flood and River Erosion Management
Agency of Assam, Water Resources Department, Assam State Disaster Management Authority.
ii.The project will support Assam to tackle the immediate challenges of floods and erosion while also helping
manage its complex river systems.
iii.The AIRBMP will build green infrastructure in the Beki and Buridehing river basins, protecting around
100,000 people.
• It will also benefit around 6 million people in 17 districts of the state, including the most vulnerable
communities.
iv.It envisages to strengthen Assam’s response to disasters through improved flood forecasting and accurate
early warning systems, including through mobile alerts.
v.It will provide safer evacuation and shelter facilities, including access to climate-resilient flood shelters.
• It will upgrade state and district emergency operational centers.
Key Notes:
i.The Buridehing is a south-bank tributary of Brahmaputra river in Upper Assam, which has its source in Upper
Myanmar. It flows westward and passes through the Patkai hills in Tirap district of Arunachal Pradesh, through
Tinsukia district and then enters Dibrugarh district of Assam.

ii.The Beki river, aka Kurissu in Bhutan, flows south and joins the Brahmaputra river basin in lower Assam.
iii.The government of Assam has projected an increase in extreme rainfall events by 5-35% and an increase in
the rise of flood events by more than 25% due to climate change.
• In 2020 also, Assam experienced its worst floods in two decades, affecting over 2.8 million people
and causing an estimated $100 million (Rs 8,234,745,600) in damages.
About World Bank (WB):
President– David Malpass
Headquarters– Washington, DC, United States
Member Countries– 189
ICICI Lombard Becomes the First to Offer “Anywhere Cashless” Feature

ICICI Lombard General Insurance Company Ltd (ICICI Lombard) has introduced an industry-first programme
for its health insurance policyholders called the “Anywhere Cashless” feature, which enable customers to use
cashless facilities at any hospital, even if it is not currently a part of ICICI Lombard’s hospital network.
• The service, which was initially made available as a pilot programme, is now available to customers
across India via the “IL TakeCare” application, with no out-of-pocket expenses involved.
ICICI Lombard is one of India’s leading private general insurance providers.
Key Points:
i.The ‘Anywhere Cashless’ feature ensures a hassle-free experience from admission to discharge in a hospital.
ii.Customers can also choose a nearby or renowned hospital and focus on the wellbeing of their family rather
than stressing over insurance issues at the time of treatment.
iii.The ultimate objective is to expand network partners in order to increase insurance coverage in Tier II and
Tier III cities.
iv.In addition, it plans to actively look for and provide customers better solutions even as the number of cases
continues to expand.
v.As of March 31, 2022, ICICI Lombard had issued over 29.3 million policies, resolved 2.3 million claims, and
had a gross written premium (GWP) of Rs. 18,562 crore for the year ended March 31, 2022.
About ICICI Lombard General Insurance Company Limited (ICICI Lombard):
MD & CEO – Bhargav Dasgupta
Founded – 2001
“Economic Outlook Asia-Pacific Q2 2023” by S&P Global Ratings: India’s Economic Growth
Forecast for FY24 Kept Unchanged at 6%
In its quarterly economic update for Asia-Pacific (APAC) region, ‘Economic Outlook Asia-Pacific Q2 2023’, S&P
Global Ratings retained its projection for India’s economic growth at 6% in fiscal year 2023-24 (FY24) which
starts in April 1 2023, before increasing to 6.9% in FY25.
• According to the agency, the inflation rate would fall to 5% in FY24 from 6.8% in the current fiscal
year (FY23).
S&P Global Ratings is a credit rating agency that is the world’s leading source of independent credit ratings.
• It keeps the projection for the APAC region, excluding China, to slow down to 3.8% from 4.7% in
2022.
Key Projections:
i.According to S&P Global Ratings, India’s Gross Domestic Product (GDP) would rise by 7% in the current fiscal
year FY23 [ending March 31 (2022-23)], before dropping to 6% in FY24.
ii.India is in the lead with average growth of 7% between 2024 and 2026.
iii.India’s GDP is projected to rise to 6.9% over the following two fiscal years—2024-25 (FY25) and 2025-26

(FY26)—and 7.1% in 2026-27 (FY27).
Real GDP forecast of India:
Real GDP Forecast Change From Prior Forecast
(% year over year) 2022 2023 2024 2025 2026 2023 2024 2025
India 7.00% 6.00% 6.90% 6.90% 7.10% 0 0 0
iv.Domestic demand has historically driven the Indian economy, but in recent years, partly as a result of
increased commodities exports, it has grown more vulnerable to the global cycle.
• As a result, India’s year-on-year GDP growth slowed to 4.4% in the fourth quarter (October-
December 2022).
v.While the agency forecasts upside risks, notably from weather-related factors, India’s Consumer Price Index
(CPI) inflation could moderate to 5% in FY24 (ending March 2024).
vi.According to the agency, the current account balances of APAC energy-importing nations have deteriorated
and the external deficit of India has reached about 3-3.5% of GDP in 2022.
vii.The agency forecasts that growth in the United States (US) and the Eurozone would decrease significantly in
2023, with only 0.7% and 0.3% growth respectively.
viii.It forecasts a GDP growth forecast of 5.5% for China in 2023, up from 4.8% in November 2022.
• This is higher than the target of around 5% which was stated at the National People’s Congress
(NPC) meetings in China in March 2023.
Faster Reforms Can Give a Boost to India Growth: World Bank

The World Bank (WB) in its ‘Falling long-term growth prospects: Trends, Expectations, and Policies’ report
highlighted that India’s potential economic growth can get a boost if government accelerates implementation of
its ambitious reform agenda. It also made recommendations for banking and infrastructure sectors.
Key Points:
i.It recommends to implement changes aimed at streamlining the function of Public Sector Banks (PSBs),
promoting fairness within the banking sector, and fostering the growth of capital markets.
ii.On infrastructure, it suggested implementing reforms proposed by Task Force on National Infrastructure
Pipeline, and improving contract enforcement, dispute resolution and financing.
iii.Investment growth in India slowed from an annual average of 10.5% in 2000-10 to 5.7% in 2011-21.
• India’s estimates of potential growth since 2010 have been 6-8% a year.
iv.The recommendation for the South Asian region is to boost female labor force participation as it has the
potential to raise the annual GDP growth by 1.2 percentage points from 2022 to 2030.
• For India, restrictive labour laws limit employment opportunities for women and discourage the
adoption of new technologies, thereby reducing productivity in manufacturing”.
• India’s female labour force participation increased marginally to 32.8% in 2021-22.
v.On the global front, it expects average potential GDP (Gross Domestic Product) growth to dip to 2.2% a year
between 2022 and 2030, with growth rate in developing countries slowing down to 4% compared to 6%
between 2000 and 2010.
G20 Expert Group on Strengthening Multilateral Development Banks

On 28th March 2023, a Group of Twenty (G20) Expert Group on strengthening Multilateral Development Banks
(MDBs) has been constituted, under the auspices of India’s G20 Presidency, to ensure that the MDBs are
equipped to finance a wide range of sustainable development goals (SDG) as well as transboundary challenges.
• The expert group will submit its report to the Indian Presidency of the G20 before 30th June 2023.
Objectives of the Expert Group:
i. The expert group will prepare a roadmap for an updated MDB ecosystem for the 21st century. The roadmap
will have milestones and timelines, touching upon the aspects of its evolution including its operational
approaches and financial capacity so that MDBs are better equipped to finance a wide range of SDG and

transboundary challenges.
ii. Expert group will evaluate various estimates regarding the scale of funding required by and from the MDBs
to address the increased financing needs for SDG and transboundary challenges, taking into account the
additional capacity that can be derived from the Capital Adequacy Frameworks (CAF) recommendations along
with other sources like private sector and public sector funds.
iii. Mechanisms for coordination among MDBs for them to address and finance global development and other
challenges more effectively.
Expert Group Composition:
Co-convenors:
• Professor Lawrence Summers, President Emeritus of Harvard University.
• NK Singh: President, Institute of Economic Growth and Former Chairperson, Fifteenth Finance
Commission of India.
Members:
i. Tharman Shanmugarathnam: Senior Minister, Government of Singapore.
ii. Maria Ramos: Chairperson of AngloGold Ashanti and former Director-General of the National Treasury of
South Africa.
iii. Arminio Fraga: Founder, Co-CIO Hedge Funds and Private Equity, Gávea Investimentos and former
Governor, Central Bank of Brazil.
iv. Prof Nicholas Stern: IG Patel Professor of Economics and Government, London School of Economics.
v. Justin Yifu Lin: Professor and Honorary Dean of the National School of Development at Peking University and
former Senior Vice President & Chief Economist of the World Bank.
vi. Rachel Kyte: Dean of the Fletcher School of International Affairs at Tufts University and former Vice-
President of the World Bank.
vii. Vera Songwe: Non-resident senior fellow in the Africa Growth Initiative at the Brookings Institution and
former Executive Secretary, Economic Commission for Africa.
IDFC First Bank partners Crunchfish to Demonstrate Offline Retail Payments

On March 27, 2023, IDFC First Bank partnered with Crunchfish, a Swedish company, to pilot a project to
demonstrate offline retail payments. IDFC First Bank is set to be a part of the Reserve Bank of India (RBI) pilot
project to enable offline payments.
• This pilot project will demonstrate offline retail payments based on a Digital Cash platform to give
access to digital payments even when there is no network.
• This innovation will accelerate financial inclusion in remote areas by enabling adoption of digital
payments without any network.
Background:
This offline digital payment solution was designed by Crunchfish as ‘Digital Cash SDK’, for merchants and
customers under the RBI’s Regulatory Sandbox Program. In February 2023, the HDFC Bank became the first
bank to execute ‘OfflinePay’, a digital payment solution in a completely offline mode, under the regulatory
facility.
• Notably, HDFC Bank has begun the pilot in a partnership with Crunchfish, IDFC Bank and M2P
Fintech under the RBI’s regulatory sandbox programme after getting the nod in September 2022.
Current Scenario:
Now, RBI has approved the application to demonstrate offline payments between IDFC First Bank and HDFC
Bank. Also, a Development and Demonstration Agreement, a non-commercial agreement, has been signed to
give IDFC First Bank access to the Digital Cash SDK.
• Commercial terms for deployment will be regulated in a Software License Agreement.
About Crunchfish:
CEO– Joachim Samuelsson
Headquarters– Malmo, Sweden

SEBI Extends Timelines for Submission of ‘Choice of Nomination’ by existing Trading and
Demat Accounts Until September 30, 2023
The Securities and Exchange Board of India (SEBI), capital markets regulator, has extended the deadline for
updating ‘choice of nomination’ by existing investors with trading and demat accounts to September 30,
2023, from the previous deadline of March 31, 2023.
• The choice of nomination details includes giving of nomination or declaration for opting out of
nomination.
• After September 30, 2023, accounts with no update on nomination will be frozen for trade and
debits.
The decision has been taken based on the representations received from the stakeholders and the assessment
of the trading and demat accounts in which nomination has not been updated.
Backdrop
In July 2021, the SEBI instructed that all existing eligible trading and demat account holders to provide their
choice of nomination on or before March 31, 2022, otherwise the accounts will be frozen for debits.
• This was later extended by one more year, until March 31, 2023.
Recently, the National Securities Depository Ltd (NSDL), India’s largest depository, which manages demat
assets worth more than Rs 300 trillion, issued a warning to stock brokers who opted out of nomination on
behalf of their clients without their consent.
Key Points:
i.Stock brokers have been instructed to communicate with their clients via emails and text messages on a
fortnightly basis to update the choice of nomination.
ii.Furthermore, stock exchanges and depositories are required to examine the efforts made by trading
members and depository participants for updates on “choice of nomination” by their clients and to provide a
report to this effect on a monthly basis within seven days of the end of the month.
iii.The first such report for the month of April 2023 has to be submitted by May 7, 2023. Click here for the
official circular.
South Indian Bank ties up with CBDT for Direct Tax Collections
The South Indian Bank (SIB) has joined hands with the Central Board of Direct Taxes (CBDT) for direct tax
collections from retail and corporate taxpayers.
• This pact will allow taxpayers to remit Direct Taxes under ‘Over the Counter Mode’, and allow
bank’s customers to make payments via ‘Over the Counter’ and ‘Internet Banking’ modes.
Key Points:
i.By carrying out Direct Tax collections on behalf of CBDT under the new Tax Information Network (TIN) 2.0
regime, this facility will serve as a reliable partner to the Central Government and enhance the bank’s
connections with them.
ii.SIB aims to make Tax payments more convenient for customers by providing them with alternate options
that are seamless and hassle-free.
About South Indian Bank:
Managing Director & CEO– Murali Ramakrishnan
Headquarters– Thrissur, Kerala

CRIF Connect Private gets RBI license to Operate as NBFC Account Aggregator
The CRIF Connect Private, a subsidiary of Bologna(Italy)-based CRIF S.P.A, has received the Reserve Bank of
India’s (RBI) approval to commence operations as an Non-Banking Financial Company (NBFC) Account
Aggregator (AA).
• CRIF Connect is uniquely positioned to benefit both consumers and financial institutions with CRIF’s
legacy, knowledge, and experience.
• According to RBI-approved guidelines, it is an end-to-end encrypted platform that securely collects
and transfers a consumer’s financial data across financial institutions based on their explicit
consent, making data sharing exceedingly safe.
The CRIF Connect application will be available on the web and on mobile devices.
• Through the CRIF Connect App, users can view all their financial information in one place and to
customise the information they want to share with the financial institution in real time.
• The services are used by more than 82,000 companies and 10 lakh consumers.
J&K Bank signs Corporate Agency Agreement With Bajaj Allianz Life Insurance
Jammu and Kashmir (J&K) Bank has signed a corporate agency agreement with Bajaj Allianz Life Insurance
Company, one of the leading insurance providers in India. The agreement will allow the bank to sell Bajaj
Allianz’s life insurance products starting from April 1, 2023.
• The Corporate agency agreement was signed by Narjay Gupta, General Manager and Vertical Head
(Cross Selling), representing J&K Bank, and Dheeraj Sehgal, Chief Distribution Officer (Institutional
Business), representing Bajaj Allianz Life Insurance Company in Pune, Maharashtra.
The agreement was signed in the presence of Sudhir Gupta, Executive Director of J&K Bank.
Nagaland CM Neiphiu Rio Presents Tax Free, Deficit Budget of Rs. 1374.17 cr for FY24
On March 27, 2023, the Nagaland Chief Minister (CM) Neiphiu Rio who also holds the finance portfolio of
Nagaland, presented tax free deficit budget of Rs 1,374.17 crore for the financial year 2023-2024 (FY24) at the
ongoing first session of the 14th Nagaland Legislative Assembly with more emphasis on agriculture and allied
sectors.
Key Points:
• Based on the budget proposals of FY24, the Gross revenue receipts was expected at Rs 23,145.66
crore
• Gross expenditure was about Rs 23,085.66 crore with a positive balance of 60 crore rupees.
• FY23 transactions are estimated to result in a negative balance of Rs 40 crore.
Highlights of the Budget Allocation:
i.An allocation of Rs 82,000 lakh was made for the annual development outlay, which is an increase of Rs 4,500
lakh or 5.49% over FY23.
ii.State matching share for CSS programme:
• Out of the above mentioned Rs 82,000 lakh core allocation, Rs 25, 000 lakh crore was earmarked for
the state matching share for Centrally Sponsored Schemes (CSS) programmes to ensure the release
of funds by the Union government.
• For the first time the budget made specific highlights on the State Matching Share for all CSS under
various departments (by integration with the state’s Public Finance Management System (PFMS)
portal).
• As the Union Government has made it mandatory for States to release all pending CSS before the
next instalments were released.
• Therefore the State now has to release CSS funds along with State Matching Share within 30 days
failing which a penalty in the form of fine to the tune of 7% interest per annum would be charged.
• Further, a delay in the release of CSS funds would result in a blockade of subsequent installments.

• Due to the forced release of CSS backlog of Rs. 728 crore, the closing deficit for FY23 has been
reduced by Rs. 878.57 crore from Rs. 2212.74 crore to Rs. 1334.17 crore
iii.Road and Bridge sector got the highest allocation of Rs 56.80 crore
iv.The Agriculture and allied sector has been provided with Rs 54.26 crore.
About State’s Revenue:
i.The State’s own revenue collection accounted for only 12.36% of total revenue receipts.
ii.Increase in revenue:
• Revenue under State GST (Goods and Services Tax), had increased from Rs 788.37 crore in FY20 to
Rs 1,092.21 crore in FY22.
• Revenue from the coal sector also increased from Rs 53 lakh in FY20 to Rs 2.03 crore in FY22.
• The forest sector witnessed an increase in revenue collection from Rs 13.72 crore in FY20 to Rs
19.06 crore in FY22.
iii.The CM stated that the state would be impacted by the yearly reduction in the Revenue Deficit Grant (RDG)
recommended by the 15th Finance Commission as over the five-year period from FY21 to FY26, the RDG was
expected to reduce by Rs 910 crore.
iv.In FY23, the amount spent on power purchase was estimated to reach Rs 580.89 crore but the revenue was
estimated to be around Rs 280 crore.
Further Initiatives in FY24:
The government intends to start exploration and extraction of oil in the Disputed Area Belt (DAB) once the
tripartite MoU with the Centre, Nagaland and Assam is signed.
The state also proposed allowing the sale of liquor to “foreigners” visiting the state, which, is permitted within
the ambit of the Nagaland Liquor Total Prohibition (NLTP) Act, 1989 by certain hotels of star category.
Note – The CM termed the FY24 budget as a balanced one.
About Nagaland:
Governor – La Ganesan
Wildlife Sanctuary – Rangapahar Wildlife Sanctuary
Bird Sanctuary – Ghosu Bird Sanctuary
EPFO Marginally Increases Deposit Interest Rate to 8.15% for FY23

The Central Board of Trustees (CBT), the apex decision-making body of the Employees’ Provident Fund
Organisation (EPFO), has proposed a new interest rate of 8.15% for Provident Fund deposits for the current
fiscal year 2022-23 (FY23), to nearly 6 crore subscribers.
• This proposed interest rate (8.15%) is 0.05 % higher than the 8.10% interest rate of FY22, which is
the lowest in four decades.
This is the first increase in the Employees’ Provident Fund (EPF) interest rate since 2018-19, when it was lifted
to 8.65% from 8.5% previously.
• In contrast, it is the smallest rate hike in terms of quantum since 2015–16, when the rate was raised
by a similar 0.05 % basis points to 8.8% from 8.75%.
Note: As a result of the COVID-19 pandemic, EPFO reduced the interest rate on provident fund deposits in
March 2020 to a seven-year low of 8.5% for FY20 from 8.65% for FY19.
Backdrop
i.The decision was made at the 233rd meeting of the CBT, EPFO, which was presided over by Union Minister
Bhupender Yadav, Ministry of Labour & Employment (MoLE).
ii.The decision is taken due to rising interest rates in the financial system as a result of periodic rate hikes by
the Central Bank of India (RBI) and a larger surplus with EPFO.
Significance
i.The proposed rate of interest of 8.15% protects the surplus and guarantees increased income to members.
• With an interest rate of 8.15%, the EPFO would have a small surplus of Rs. 663.91 crore in FY23,
which is higher than the estimated value for FY22.

• It should be noted that the MoLE projected a surplus of Rs. 350–400 crore while recommending
8.10% for FY22, which ended in a deficit of Rs. 197.72 crore.
ii.The EPFO is expected to have a principal amount of Rs. 11.02 lakh crore, and an income of Rs. 90,497.57
crore for FY23, which is the highest recommended income so far.
• This is substantially greater than the income of Rs. 77,424.84 crore and the principal of Rs. 9.56 lakh
crore in FY22.
iii.When compared to FY22, the growth in income and principal is more than 16% and 15%, respectively.
The Process Ahead
i.The EPFO will now forward the recommended rate of interest of 8.15% for FY23 to the Ministry of Finance
(MoF) for final approval, which is expected in June 2023.
ii.It will then be published in the government gazette, after which depositors will receive about Rs 90,000 crore
in interest during FY23, benefiting 67.8 million subscribers.
iii.The revised rate of 8.15% will benefit around 27 crore account holders, including over 7.1 million
pensioners.
Comparison with other savings instruments
i.Given the credit profile of EPFO investment, the interest rate is greater than other similar investment options
available to subscribers.
ii.With small savings rates ranging from 4.0% to 7.6%, the EPFO rate continues to be the highest among all
savings instruments.
iii.The return is higher when compared to similar products such as the public provident fund (PPF), which
offers an interest rate of 7.1% for the current quarter.
iv.The interest rate on Sukanya Samriddhi Yojana, a small savings scheme, is 7.6%.
v.The senior citizens’ savings plan offers the most attractive rate under the small savings scheme at 8%.
Central Board of Trustees (CBT)
i.The CBT, which is led by Union Minister Bhupender Yadav and includes representatives from businesses and
employees, recommends the interest rate, which is then approved by the MoF.
ii.It is then reported to the MoLE and credited into the subscribers’ accounts by the EPFO.
Employees’ Provident Fund Organisation (EPFO)
i.EPFO is a social security organisation that provides social security benefits through provident, pension, and
insurance funds.
ii.It offers social security benefits to India’s organised workforce under the provisions of the Employees’
Provident Funds and Other Provisions Act, 1952.
iii.In January 2023, EPFO added 14.86 lakh net members.
Other significant decisions taken at the 233rd CBT meeting
i.The CBT approved the Revised Estimates for 2022-23, as well as the Budget Estimates for 2023-24, for EPFO-
administered schemes.
ii.The CBT approved the 5-year perspective plan for improving EPFO’s physical infrastructure, which involves a
budget of Rs. 2200 crores on land purchases, building construction, and special repairs.
iii.The CBT was informed of the steps taken to comply with the Supreme Court ruling on pensions on higher
wages and the steps taken regarding the filing of options etc.,
iv.The proposal to elevate EPFO’s membership status in the International Social Security Association (ISSA)
from Associate Member to Affiliate Member was approved by the CBT.
• This was consistent with the ‘EPFO@2047’ vision document and would allow EPFO to play a larger
role in ISSA’s international social security platform.
v.CBT approved the umbrella Memorandum of Understanding (MOU) signed by EPFO and the National Testing
Agency (NTA) for the conduct of various examinations.
vi.The CBT approved the formation of the Committee for suggesting amendments to the Employees’ Provident
Fund (Officers and Employees Conditions of Service) Regulations, 2008.

vii.The proposal to extend the Asset Management Company (AMC) for portfolio managers was approved by the
CBT.
viii.The CBT approved the proposal to invest the proceeds of Exchange-Traded Fund (ETF) investments in any
of the permissible investment categories, subject to the category limit.
Bhupender Yadav launches e-passbook for EPFO members, inaugurates crèche facility in 63 regional
offices of EPFO
Union Minister Bhupender Yadav, MoLW, has launched an e-passbook for the benefit and convenience of EPFO
members.
• With the addition of this feature, members will now be able to examine more information about
their accounts in graphical form.
Other Endeavours
i.He dedicated a crèche facility in 63 regional offices of EPFO with 100 or more employees.
ii.He laid the groundwork for the Regional Office building in Prayagraj, Uttar Pradesh.
iii.He also virtually inaugurated the Regional Office building in Keonjhar, Odisha.
Nidhi Aapke Nikat 2.0
i.A presentation about ‘Nidhi Aapke Nikat 2.0’, an initiative of EPFO, was made before the CBT.
ii.Nidhi Aapke Nikat 2.0 is a district outreach programme that takes place on the 27th of every month in India.
iii.The CBT members participated in live interaction with district camps in Vadodara (Gujarat) and Baksa
(Assam).
About Employees’ Provident Fund Organisation (EPFO):
Central Provident Fund Commissioner(CPFC)/CEO – Neelam Shami Rao ,
PFRDA Increases Ombudsman’s Upper Age Limit to 70 Years from 65 Years

According to the notification dated 27th March 2023, the Pension Fund Regulatory and Development Authority
(PFRDA) has amended the PFRDA (Redressal of Subscriber Grievance) Regulations 2015 and increased the
upper age limit of the Ombudsman from 65 to 70 years.
• The amended regulations are called the “Pension Fund Regulatory and Development Authority
(Redressal of Subscriber Grievance) (Amendment) Regulations, 2023”.
• The amended rules come into force on the date of the publication of the official gazette.
Note:
According to the PFRDA (Redressal of Subscriber Grievance) Regulations 2015, the upper age limit for the
ombudsman was 65 years.
About Ombudsman:
i.The Ombudsman is an official appointed by PFRDA who receives, considers and facilitates the resolution of
complaints or grievances, which fall within the ambit of the regulations.
• Ombudsman is a Swedish word meaning “legal representative.”
ii.The appointed ombudsman holds the office for a period of 3 years. The ombudsman is also eligible for
reappointment for another 2 years.
Additional info:
• Grievances must first be filed in the Centralised Grievance Management System (CGMS). If they are
unresolved, then the grievances can be escalated to the ombudsman.
• With effect from April 1, 2023, PFRDA has made the mandatory upload of withdrawal and
KYC documents to enable seamless processing of exit and annuity payments for the benefit of
National Pension System (NPS) subscribers.

About Pension Fund Regulatory and Development Authority (PFRDA):
PFRDA was established by the Government of India on 23rd August 2003
Chairman– Deepak Mohanty
Government extends PAN-Aadhaar linking deadline to June 30, 2023

On 28th March 2023, the Ministry of Finance (MoF) informed that the Central Board of Direct Taxes(CBDT) has
extended the deadline to link Permanent Account Number (PAN) with Aadhaar from 31st March 2023 to 30th
June 2023.
• According to Sub-section (2) of section 139AA to Income-tax Act 1961, it is mandatory for every
person who has been allotted a PAN as of 1st July 2017 to intimate his Aadhaar Number so that the
Aadhaar and PAN can be linked.
• According to the MoF, as of 28th March 2023, more than 51 crore PANs have already been linked
with Aadhaar.
Japan commits Rs 7,084cr for Three Infrastructure Projects in India

On March 28, 2023, Japan has committed Rs 7,084.5 crore to India for three infrastructure projects viz. one
each in Patna (Bihar), West Bengal, and Rajasthan. Notes in this regard were exchanged
between Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs (DEA), Ministry of
Finance and Suzuki Hiroshi, Japan Ambassador to India.
About Infrastructure Projects:
i.Patna Metro Rail Construction Project (I)
For this Japan will provide JPY (Japanese Yen) 98.612 billion (about Rs 5,509 crore).
Its goal is to address the rising traffic demands in Patna by building the new metro corridors 1 and 2. This
initiative is aimed at improving the urban environment, promoting economic development, and mitigating the
effects of climate change.
ii.Rajasthan Water Sector Livelihood Improvement Project (II)
For this Japan will fund JPY 18.894 billion (about Rs 1,055.53 crore).
It aims to improve livelihoods of farmers and promote gender mainstreaming in agriculture and irrigation
sector in the State, by improving water use efficiency and agriculture productivity, through improvement of
existing irrigation facilities.
iii.Forest and Biodiversity Conservation for Climate Change Response in WB
For this Japan will fund JPY 9.308 billion (about Rs 520 crore)
It aims to address climate change, conserve and rehabilitate ecosystems, and contribute to sustainable
development.
• It will promote sustainable socio-economic development within WB through the implementation of
measures such as ecosystem-based climate change actions, biodiversity preservation and
restoration, livelihood improvement initiatives, and institutional strengthening.
The above arrangements between these nations will further consolidate and strengthens the Strategic and
Global Partnership between India and Japan.
About Japan:
Prime Minister– Fumio Kishida
Capital– Tokyo
Currency– Japanese Yen (JPY)

NPCI recommends up to 1.1% interchange fee on UPI transactions of over Rs 2,000 via PPIs
On 24th March 2023, the National Payments Corporation of India (NPCI) announced that the Unified Payments
Interface (UPI) transactions of above Rs 2000 made using Prepaid Payment Instruments (PPIs) such as wallets
or cards will attract an interchange fee ranging from 0.5% to 1.1%.
• The changes will come into effect from 1st April 2023.
Note:
• The interchange fee of 1.1% will have no impact on the end-customer and UPI transactions will
remain free for them.
• At present, there are no charges on UPI transactions, although the UPI ecosystem incurs a cost of Rs
2 for every transaction of Rs 800.
Details of Interchange fee:
i.The lowest interchange fee of 0.5% would be applied to fuel payments.
ii.An interchange fee of 0.7% would be applied for transactions above Rs2,000 related to telecom, utilities, post
office, education, and agriculture.
iii.The fee would be 0.9% and 1% for UPI transactions at supermarkets and for mutual funds, government,
insurance and railways, respectively.
Key Points:
i.Interchange will not be applicable on Peer-to-peer (P2P) and peer-to-peer-merchant (P2PM) transactions
between bank accounts and PPI wallets.
• However, PPI issuers will need to pay 15 bps as a “wallet loading service charge” to the remitter
bank for loading over Rs 2,000 in the prepaid wallet.
ii.This interchange pricing will be reviewed by September 30, 2023
iii. NPCI also asked UPI service providers and merchants to boost interoperability by clearly and prominently
displaying the UPI payment option, by September 30, 2023.
Additional info:
The UPI platform does not charge merchant discount rate (MDR) to merchants, although it is charged for
processing payments on debit and credit card transactions. The MDR is capped at 0.9% for debit cards. For
using credit cards on UPI, there are no charges up to Rs 2,000.
About National Payments Corporation of India (NPCI):
NPCI is an initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA) under the
provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement
Infrastructure in India.
MD & CEO– Dilip Asbe
Incorporated in 2008
PSBs wrote off Rs 91,000 cr in 9 months of FY23

According to data presented in the Rajya Sabha as a written answer by the Union Minister Nirmala Sitharaman,
Ministry of Finance Public Sector Banks (PSBs) have written off around Rs 91,000 crore in the first 9 months of
FY23.
• In bank-wise details of the written-off amounts, State Bank of India(SBI) is on the top (Rs 17,356
crore) followed by Union Bank of India(UBI) (Rs 16,497 crore) and Bank of Baroda(BoB) (Rs 13,032
crore).
• Details about recovery for the current fiscal year have not been disclosed.
Key Points:
i.All the scheduled commercial banks (PSBs, private banks and foreign banks) wrote-off around Rs 1.61-lakh
crore worth of loans in FY18. Recovery from written-off accounts was less than Rs 13,000 crore or around 8%
of bad debts taken off from the book in FY18
• For the next four fiscal, the percentage rose to 10.8, 12.8, 14.9 and 19.4 per cent, respectively.

ii.During all these five years, the total amount in written-off loan accounts was over Rs 10 lakh crore, while the
recovery was over Rs 1.3-lakh crore. This means the net written-off amount was around Rs 8.7-lakh crore.
SEBI postponed freezing MF Folios without Nomination to Sept 30, 2023; Introduces
Framework for Scheme of Arrangement by Unlisted MIIs
On March 28, 2023, the Securities and Exchange Board of India (SEBI) postponed the decision to freeze Mutual
Fund (MF) folios without nomination to September 30, 2023 instead of March 31, 2023.
• This circular by SEBI is issued in exercise of powers conferred under Section 11 (1) of SEBI
Act, 1992, read with the provisions of Regulation 77 of
SEBI (Mutual Funds) Regulations, 1996, to protect the interest of investors in securities and to
promote the development of the securities market.
Background:
In July 2022, SEBI had prescribed the requirement for nomination and opting out of nomination for all the
existing individual unit holders holding mutual fund units either solely or jointly by March 31, 2023 failing
which the folios will be frozen for debits.
Key Points:
i.In lieu with the current decision, Asset management company (AMCs) and Registrar & Transfer agents
(RTAs) will encourage their customers/unit holders via Emails (Electronic Mail) and SMS (Short Message
Service) to complete the nomination process to avoid getting their accounts frozen by next deadline i.e.
September 30, 2023.
ii.SEBI has specified the format for nomination/opting out under which MF entities are directed to offer online
as well as offline facilities to the MF investors to either submit their nomination requests or to declare their
intention to opt out of the nomination.
Nomination: Nomination is a process of appointing a person to take care of your assets in the event of death. It
is mandatory for new folios/accounts opened by investors to make a nomination. In case an investor does not
wish to nominate, they can opt out of the process while filling up the form.
Folio: A folio is a unique number allotted to each mutual fund investor. It can be considered similar to a bank
account number.
SEBI introduces Framework for Scheme of Arrangement by Unlisted MIIs w.e.f. April 27, 2023
On the recommendations of Secondary Market Advisory Committee (SMAC) chaired by Gurumoorthy
Mahalingam, SEBI introduced a framework for ‘Scheme of Arrangement by unlisted Market Infrastructure
Institutions (MIIs)‘ to bring uniformity in the norms in line with provisions currently applicable to listed MIIs.
• MII include Stock Exchanges, Clearing Corporations and Depositories.
• The framework will be applicable from April 27, 2023.
This circular is issued in exercise of powers conferred under Section 11(1) of the SEBI, 1992.
Highlights:
i.The new framework requires unlisted MIIs that plan to or are already undertaking a scheme of arrangement
under the Companies Act 2013, to submit the draft scheme of arrangement along with a non-refundable fee,
and relevant information to SEBI.
• This is mandatory to obtain an observation or no-objection letter from SEBI, based on its specific
requirements, before filing the scheme with any court or tribunal.
• Click Here for relevant details to be submitted with SEBI
ii.SEBI will charge a fee to the unlisted MII at the rate of 0.1% of the paid-up share capital of the unlisted
company, Transferee Company, or resulting company, whichever is higher, after the proposed scheme has been
sanctioned.
• However, the fee will not exceed Rs 5,00,000.
iii. During the draft scheme processing, SEBI may request clarifications from any relevant person, including the
unlisted MII. If required, it also seeks the opinion of an Independent Chartered Accountant (CA).

iv.SEBI will issue its observation or no-objection letter on the draft scheme within 30 days after receiving a
satisfactory response regarding the requested clarifications.
v.The SEBI observation or no-objection letter will be valid for 6 months from the date of issuance, during
which the scheme must be filed with any necessary court or tribunal for approval.
Note: In the case of a merger involving only a wholly-owned subsidiary or division with its parent company, the
requirement to submit draft schemes to SEBI may not apply. However, the unlisted MIIs involved must still file
the draft schemes with SEBI for disclosure purposes, and the relevant information will be published on their
websites.
About Securities Exchange Board of India (SEBI):
Establishment– 12 April 1992
WB Financing to improve the livelihoods of Odisha and Karnataka

The World Bank (WB) Board of Executive Directors has approved a USD 100 million loan from the
International Bank for Reconstruction and Development (IBRD) to the Indian state of Odisha.
Objective: To boost Odisha’s early forecasting systems for better disaster response and to expand social
protection coverage for poor and vulnerable households via digital platforms.
Loan Details
i.The IBRD loan of USD 100 million has a maturity period of 12.5 years and a grace period of 3 years.
ii.The above mentioned will be issued under Odisha State Capacity and Resilient Growth Program, which is
a Program-for-Results (PforR) financing mechanism.
• The PforR financing mechanism leverages a country’s own institutions and processes while directly
connecting fund disbursement to the attainment of specific programme results.
Why does Odisha need the assistance?
i.Odisha, a coastal state with a 480-kilometer coastline, is subject to natural disasters, with cyclones affecting
the state every 15 months on average, and it is also vulnerable to tsunamis.
ii.Recurring disasters have a considerable impact on economic activity, including agricultural production,
infrastructure, and access to health, education, and employment.
Odisha State Capability and Resilient Growth Program
i.The Odisha State Capability and Resilient Growth Program would deploy a multi-hazard digital warning
system to assist reduce losses caused by natural catastrophes.
• It aims to improve the state’s data collection efforts for more effective resilience planning.
ii.The program will also expand social protection coverage with a cash transfer scheme.
• Coastal and underprivileged communities would get assistance via online delivery platforms (Mo-
Sewa Kendras).
WB Approves USD 363 Million to Karnataka to Improve Water Supply to 2 million rural households
The World Bank (WB) Board of Executive Directors has approved a USD 363 million loan from the IBRD to the
southern Indian state of Karnataka.
Objective: To install piped water connections in the 2 million rural households in the state and supply them
with clean drinking water.
Loan Details
i.The IBRD loan of USD 363 million has a maturity of 13.5 years, including a 2-year grace period.
ii.This IBRD loan will be used to fund the Karnataka Sustainable Rural Water Supply Program (KSRWSP), a PforR
financing instrument that directly links cash disbursement to the attainment of specific program results.
Why does Karnataka need the assistance?
Karnataka, which is about 77% arid or semi-arid, is prone to climate change-related variable rainfall that can
cause droughts and floods, deplete groundwater sources, and worsen water quality.

Karnataka Sustainable Rural Water Supply Program (KSRWSP)
i.The KSRWSP will help the Karnataka government achieve its goal of supplying functional tap water
connections to every rural household in the state.
ii.This will entail the establishment of a drinking water distribution network as well as the installation of water
meters in rural households, which will serve around 10 million people across the 31 districts in Odisha.
iii.The Program will also help boost water storage capacity and groundwater recharge by reviving 500 rural
water reservoirs in 7 water-stressed districts in Karnataka: Bengaluru Rural, Bengaluru Urban, Bidar,
Chikkaballapura, Kalaburgi, Kolara, and Tumakuru.
About the World Bank (WB):
The International Development Association (IDA) and the International Bank for Reconstruction and
Development (IBRD) collectively make up the World Bank (WB).
President (WB Group) – David Robert Malpass
Headquarters – Washington D.C, United States (US)
Members – 189 member countries
DFS gave Rs 8,800 cr capital to SBI without the Bank asking for it in FY18: CAG Report
As per the Report of the Comptroller and Auditor General of India for the year ended March 2021 – Union
government (Economic & Service Ministries – Civil) No. 1 of 2023 (Compliance Audit Observations) presented in
Parliament, the Department of Financial Services (DFS), Ministry of Finance had given Rs 8,800 crore to the
State Bank of India (SBI) as part of a recapitalization exercise/credit growth in FY18.
Key Points:
i.DFS did not conduct an assessment of the capital requirement as per its own standard practice before
recapitalization.
ii.DFS infused Rs 8800 crore into SBI in 2017-2018 for credit growth considering it the largest Public Sector
Bank(PSB) in India, even though there was no demand.
Points to note:
i.It considered cushion over and above the norms prescribed by the Reserve Bank of India (RBI) while
recapitalizing PSBs (Public Sector Banks)
• RBI had already prescribed enhanced capital requirements of an additional 1% on banks in India.
• This resulted in an excess infusion of Rs 7,785.81 crore.
ii.DFS infused Rs 831 crore into the Bank of Maharashtra in FY20 against the bank’s demand of Rs 798 crore to
avoid the surrender of funds amounting to Rs 33 crore
Note: The aim of the government’s recapitalization of PSBs is to boost credit growth and fulfill regulatory
capital requirements. This move also enables banks, which were placed under the RBI’s Prompt Corrective
Action framework, to recover and meet their capital needs. It also helps to fulfill the capital requirements that
arise due to the amalgamation process.
Himachal Pradesh Assembly Passed Rs 56,683 Crore Budget for FY24

On 29th March 2023, the Legislative Assembly of Himachal Pradesh(HP) passed the Rs 56,683.69 annual
budget for Financial year 2023-2024.
CM also introduced the related Himachal Pradesh Appropriation Bill 2023 in the state assembly, which was
passed by voice note.
• With this, the government of HP is authorized to withdraw funds from the consolidated fund for the
use during FY24.
Background:
i.On 17th March 2023, Sukhvinder Singh Sukhu, Chief Minister(CM) and Finance Minister of HP, presented his
first budget for HP with an outlay of Rs 53,613 crore.

ii.After discussion on the demands for grants of the budget between the ruling party (Indian National Congress
-INC) and the opposition(Bharatiya Janata Party – BJP) from 20th to 23rd March 2023, there has been an
increase of Rs 3064.69 crore in the budget for FY24.
iii.The discussions were held on the cut motions brought by the opposition regarding various departments
from 27th to 29th March 2023.
Highlights of HP’s FY24 Budget:
i.The FY24 budget reflects a revenue deficit of Rs 4,704 crore, while the estimated fiscal deficit is Rs 9,900
crore, which is 4.61% of the Gross State Domestic Product(GSDP).
ii.Revenue receipts for the HP Budget for FY24 are estimated to be at Rs 42,404 crore.
iii.The budget has an outlay of Rs 8,828 crore for education sector and Rs 3,139 crore for health sector.
iv.The CM also announced that the government aims to make Himachal Pradesh a ‘Green Energy
State’ by 31st March 2026 by promoting hydropower and solar energy through the adoption of electric
vehicles to check pollution.
Key Announcements:
i.CM announced that Rs 1500 per month will be paid to 2.31 lakh women who are getting pension at the rates
of Rs 1000 and Rs 1150 per month.
• The government is set to spend around Rs 416 crore per year for this.
ii.An honorarium of Rs 4,000 for orphans under the Sukhashraya scheme.
• In January 2023,Chief Minister announced a scheme called ” Sukhashraya Sahayata Kosh ” with an
outlay of Rs.101 crore for the destitute in Himachal Pradesh.
iii.He also announced that government has decided to withdraw from the defined contribution based National
Pension System (NPS), and is set to restore the “Old Pension Scheme (OPS)” benefiting 1.36 lakh employees.
iv.National and State Highways connecting Parwanoo-Nalagarh-Una; Hamirpur-Amb-Nurpur; Paonta-Nahan-
Shimla; Shimla-Bilaspur; Hamirpur-Chamba; Mandi-Pathankot; Manali-Keylong, will be developed as green
corridors for electric vehicles to reduce emissions.
About Himachal Pradesh:
Chief Minister– Sukhvinder Singh Sukhu
Governor– Shiv Pratap Shukla
Wildlife Sanctuary– Kalatop-Khajjiar Wildlife Sanctuary; Kanawar Wildlife Sanctuary
Festivals– Basant Panchami; Lossar

Banking, Finance & Economy Q&A: March 2023
1. As per the Reserve Bank of India’s (RBI) “Quarterly Statistics on Deposits and Credit of SCBs
(Scheduled Commercial Banks): December 2022” report released in February 2023, Bank
credit growth in Q3FY23 dropped to____________as compared with 17.2% in Q2FY23.
1) 16.8%
2) 14.2%
3) 14.9%
4) 15.3%
5) 12.6%
Answer- 1) 16.8%
Explanation:
As per the Reserve Bank of India’s (RBI) ‘Quarterly Statistics on Deposits and Credit of SCBs
(Scheduled Commercial Banks): December 2022’ report, the year on year (y-o-y) Bank credit
growth in Q3FY23 (October – December 2022) was about 16.8% as compared with 17.2% in
Q2FY23 and 8.4% in Q2FY22.
• Growth in credit was led by bank branches in metropolitan centres, which account for nearly
60% of the total credit by SCBs and recorded 17.2 per cent rise (y-o-y) in lending.
i. The aggregate deposits in December 2022 increased by 10.3% (y-o-y) led by 13.2% growth in term
deposits.
ii. Public sector banks’ Credit increased by 15.7% in the calendar year 2022 compared with 4.7% in
2021 and the private sector banks’ credit increased by 19.1 % in 2022 against 13.1% in 2021. Credit
growth of foreign banks reported a slowdown, with an increase of 9.6% in December 2022.
2. Which bank has recently (in Feb ‘23) signed an agreement with Export-Import Bank of India
(India Exim Bank) to support cross-border trade transactions?
1) Axis Bank
2) Kotak Mahindra Bank
3) HDFC Bank
4) RBL Bank
5) ICICI Bank
Answer- 4) RBL Bank
Explanation:
On 27th February 2023, RBL Bank Limited, formerly known as Ratnakar Bank, and Export-Import
Bank of India (India Exim Bank) signed a Confirming Bank agreement thereby onboarding RBL bank
under India Exim Bank’s Trade Assistance Programme (TAP) to support cross-border trade
transactions.
i. Under the TAP, India Exim Bank would facilitate India’s exports globally by providing credit
enhancement to trade instruments which will in turn support mobilise trade finance.
ii. The financing structure of TAP would enable RBL Bank to make cross-border trade transactions in
locations where trade lines are constrained while lowering the risks associated with global trade.

3. Name the life Insurance that has recently (in Feb ‘23) launched “Nishchit Aayush Plan”, a
individual savings life insurance plan.
1) HDFC Life Insurance
2) Aditya Birla Sun Life Insurance
3) Kotak Mahindra Life Insurance
4) Tata AIA Life Insurance
5) Bajaj Allianz Life Insurance
Answer- 2) Aditya Birla Sun Life Insurance
Explanation:
On 27th February 2023, Aditya Birla Sun Life Insurance (ABSLI) Limited, the life insurance
subsidiary Aditya Birla Capital Limited (ABCL) launched a non-linked non-participating individual
savings life insurance plan ‘ABSLI Nishchit Aayush Plan’ to integrates financial security and wealth
building to meet policyholders immediate liquidity needs without risk.
i. The benefits of this plan could be availed on a long-term basis (25, 30, 35, 40 years) or whole life
basis (100 – Age at entry).
ii. The plan also has an income variant of Level Income with Lump-sum Benefit or Level Income with
Enhanced Lump-sum Benefit or Increasing Income (at 5% simple interest rate every 5 years)
4. Which Small Finance bank recently (in Feb ‘23) entered into a bancassurance partnership
with Bharti AXA life insurance limited to distribute life insurance products through the bank’s
Pan-India network?
1) Unity Small Finance Bank
2) Equitas Small Finance Bank
3) Capital Small Finance Bank
4) Ujjivan Small Finance Bank
5) Fincare Small Finance Bank
Answer- 1) Unity Small Finance Bank
Explanation:
Bharti AXA Life Insurance Limited has entered into a bancassurance partnership with Unity Small
Finance Bank Limited (Unity Bank), a new-age, digital-first bank, to distribute life insurance
products through the bank’s Pan-India network of 111 branches and 206 offices
i. As a result of this partnership, Unity Bank’s 15 lakh+ customers spread across 17 states will be
eligible for Bharti AXA Life’s entire suite of life insurance plans, including protection, savings,
investment, and retirement plans.
ii. Bharti AXA Life Insurance is a joint venture (JV) between the Paris(France) -based AXA Group and
Bharti Enterprises
5. Name the bank that has recently (in Feb ‘23) partnered with Experian India to improve
digital security and innovative solutions.
1) Bank of India
2) Canara Bank
3) Bank of Baroda
4) Bank of Maharashtra
5) Punjab National Bank
Answer- 4) Bank of Maharashtra

Explanation:
In February 2023, Bank of Maharashtra (BoM), a public sector bank (PSB), formed a strategic
partnership with Experian India to improve digital security and provide an extensive portfolio of
services such as credit risk, advanced analytics, and fraud prevention.
i. BoM will be able to analyse consumers’ risk behaviour, better understand customer demands, and
manage the credit portfolio through these high tech, creative solutions.
6. Which of the following points is/are ‘correct’ with respect to the GST (Goods and Services
Tax) Council's revised GST rates on pencil sharpeners, liquid jaggery & examination
institutions in February 2023?
A) The Council agreed to reduce the Goods and Service Tax (GST) rate on pencil sharpeners
from 18% to 12%, with effect from March 1, 2023.
B) GST rates on liquid jaggery is reduced from 18% to nil (if sold loose) or to 5% (if sold pre-
packaged and labeled).
C) The GST council has extended the exemption given to educational institutions &
Central/state educational boards to any authority, board or bodies set up by the Central/state
governments, for conducting entrance examinations.
1) Only A & B
2) Only B & C
3) Only A & C
4) Only A
5) All A, B & C
Answer- 5) All A, B & C
Explanation:
GST (Goods and Service Tax) Council, chaired by Nirmala Sitaraman, Union Minister of Finance, has
agreed to reduce the GST rate on pencil sharpeners, liquid jaggery and examination institutions
during its 49th meeting on February 18, 2023.
i. GST rate on pencil sharpeners has been reduced to 12% from 18% earlier, with effect from March
1, 2023.
ii. GST rates on liquid jaggery is reduced from 18% to nil (if sold loose) or to 5%(if sold pre-packaged
and labeled).
iii. The GST council has extended the exemption given to educational institutions and Central/state
educational boards to any authority, board or bodies set up by the Central/state governments, for
conducting entrance examinations.
• The National Testing Agency (NTA), which administers entrance exams for central and other
universities, as well as engineering and medical institutes, was exempt from the scope of the
levy.
• Prior to this, the students has to pay 18% GST on the fees for writing the tests conducted by
NTA and state testing agencies
7. As per the “Sectoral Deployment of Bank Credit - January 2023” data released from RBI in
February 2023, the offtake (loan) from retail and Non-Banking Financial Companies (NBFCs)
led to a rise in credit to services of _______in January 2023 compared to 5.7% in January 2022.
1) 20.9%
2) 21.5%

3) 14.5%
4) 10.9%
5) 25.7%
Answer- 2) 21.5%
Explanation:
As per the “Sectoral Deployment of Bank Credit — January 2023” data from the Reserve Bank of India
(RBI), significant offtake from retail and Non-Banking Financial Companies (NBFCs) led to a rise in
credit to services of 21.5% year over year (YoY) in January 2023 compared to 5.7% in January 2022.
i. Loans to retail climbed by 21.8% in January 2023, up from 6.9% in January 2022. Loans to NBFCs
climbed by 31% in January 2023, compared to 9.9% in January 2022.
ii. The data is collected from 40 designated scheduled commercial banks (SCBs), which make up
roughly 93% of all non-food credit deployed by SCBs.
8. Name the Small Finance Bank (SFB) that has recently (in March ‘23) signed an MoU with V-
Guard Industries Ltd to finance solar rooftop power systems.
1) Capital SFB
2) Ujjivan SFB
3) Fincare SFB
4) ESAF SFB
5) Unity SFB
Answer- 4) ESAF SFB
Explanation:
ESAF Small Finance Bank signed an MoU (Memorandum of Understanding) with Electric equipment
manufacturer V-Guard Industries Ltd to provide financing options including loans and installment
payment plans to customers who opt for installing V-Guard’s solar rooftop Power System.
i. Under the MoU, the consumers who intend to install V-Guard’s solar rooftop Power System could get
finance up to 80% of the total cost of the rooftop solar power system, including the cost of installation
for residential or commercial applications.
ii. The Ministry of New and Renewable Energy has provided up to 40% subsidy for the V-Guard’s
Rooftop Solar Systems.
9. Which organisation/bank has recently (in March ‘23) agreed to provide Rs 1,311.20 crore
under Phase-1 of the proposed Infrastructure Development Investment Programme in
Himachal Pradesh (HP)?
1) World Bank
2) Asian Development Bank
3) Asian Infrastructure Investment Bank
4) African Development Bank
5) New Development Bank
Answer- 2) Asian Development Bank
Explanation:
The Asian Development Bank (ADB) has agreed in principle to provide Rs 1,311.20 crore under
Phase-1 of the proposed Infrastructure Development Investment Programme in Himachal Pradesh
(HP).
• The total cost of the project is Rs 2357 crore.

i. It should be noted that, on February 24, 2023, HP bagged first prize in India Today’s Award
Ceremony at Delhi.
ii. Kullu was placed in the ‘Best Adventure Destination’ category for River Rafting, Shimla-Kinnaur
highway in the ‘Most Scenic Roads’ category, and Shimla and Manali were selected as the ‘Best
Mountain Destinations’ in India.
10. Which of the following banks has recently (in Feb ‘23) collaborated with Sa-Dhan and
NextGen to encourage feature phone users to use “UPI123Pay”?
1) Federal Bank
2) IDFC First Bank
4) Both 1 & 2
5) Both 2 & 3
Answer- 4) Both 1 & 2
Explanation:
To encourage feature phone users to use “UPI123Pay” to make digital payments, private sector
lenders IDFC FIRST Bank Ltd. and The Federal Bank Ltd will collaborate with the association of
microfinance institutions (MFIs) Sa-Dhan and Delhi-based fintech solutions vendor NextGen.
i. UPI123Pay is a payment option for feature phone users via the Unified Payments Interface (UPI)
was introduced in December 2022 by the RBI in partnership with the National Payments Corporation
of India (NPCI).
Note: The RBI has also introduced ‘DigiSaathi,’ a 24×7 helpline for all digital payment users.
11. Name the company that has recently (in Feb ‘23) received Securities and Exchange Board of
India (SEBI) approval to sponsor a mutual fund.
1) Groww
2) ICICI Direct
3) Angel One
4) Paytm Money
5) Axis Direct
Answer- 3) Angel One
Explanation:
Angel One Limited (formerly Angel Broking Limited), an Indian stockbroker firm, has received an in-
principle approval from the Securities and Exchange Board of India (SEBI) to sponsor a Mutual Fund.
• The company will establish an asset management company and the trustee company in
compliance with the SEBI Regulations and other applicable laws.
12. As per the data released by the National Statistical Office (NSO) in February 2023, India’s
gross domestic product (GDP) decreased to _________ in 3rd quarter of FY23 (Oct-Dec 2022)
from 6.3% in 2nd quarter of FY23 (July-Sep 2022).
1) 5.0%
2) 5.5%
3) 4.4%
4) 4.0%
5) 5.9%

Answer- 3) 4.4%
Explanation:
As per the data released by the National Statistical Office (NSO), Ministry of Statistics and Program
Implementation (MOSPI), India’s gross domestic product (GDP) decelerated to 4.4% in the 3rd
quarter of 2022 i.e. October-December(Q3FY23) due to a contraction in the manufacturing sector.
• It was 6.3% in Q2FY23 (July-September 2022).
i. NSO also released its Second Advance Estimates (SAE) of National Income, 2021-22 which pegged
India’s growth at 7% for FY23, same as the first advanced estimate that was released in January 2023.
• It also revised the GDP growth for 2021-22 to 9.1% against the earlier estimate of 8.7%.
13. As per the Moody’s Global Macro Outlook 2023–24 (February 2023 Update)", India’s
economic growth projection is increased to __________ for 2023, from 4.8% in November 2022.
1) 5.5%
2) 5.3%
3) 5.0%
4) 4.9%
5) 5.2%
Answer- 1) 5.5%
Explanation:
Global credit rating agency Moody’s Investors Service (MIS) increased India’s economic growth
projection for 2023 to 5.5% from 4.8% in November 2022 in its “Global Macro Outlook 2023-24
(February 2023 Update)”.
• India’s economic growth is projected to be 6.5% in 2024.
i. In India, the upward revisions include a significant increase in capex budget allocation to Rs. 10
trillion (3.3% of GDP) for fiscal year 2023-24 (FY24), up from Rs. 7.5 trillion for the fiscal year ending
in March 2023 (FY23).
ii. According to Moody’s, economic activity and employment will be adversely affected by cumulative
monetary policy tightening in most major economies, which will slow down global growth in 2023.
• It projects that the G20 (Group of Twenty) would have 2% global economic growth in 2023,
down from 2.7% in 2022, before rising to 2.4% in 2024.
14. The _________ Civil Accounts Day was observed across India on 1st March 2023 to
commemorate the foundation of the Indian Civil Accounts Service (ICAS).
1) 47th
2) 49th
3) 46th
4) 48th
5) 45th
Answer- 1) 47th
Explanation:
The 47th Civil Accounts Day observed across India on 1st March 2023 to mark the foundation of the
Indian Civil Accounts Service (ICAS), one of the Civil Services of India under the Department of
Expenditure, Ministry Of Finance.
• Civil Accounts Day is also known as the foundation day of ICAS.

• Indian Civil Accounts Service (ICAS) was constituted in 1976 following a historical reform in
public financial administration when the maintenance of Accounts of the Union Government
was separated from that of Audit.
• The 1st March of every year is celebrated as the foundation day of ICAS.
i. The event of the 47th Civil Accounts Day was organised at the Dr Ambedkar International Centre,
Janpath, New Delhi, Delhi with Pankaj Chaudhary, Union Minister of State(MoS) for Finance as Chief
Guest.
15. In February 2023, Vijay Kumar Choudhary, Finance Minister of Bihar, presented the state
budget of ______________ for the Financial Year 2023-24.
1) Rs 3.20 lakh crore
Answer- 2) Rs 2.61 lakh crore
Explanation:
On February 28, 2023, Finance Minister of Bihar Vijay Kumar Choudhary presented the state
budget for financial year 2023-24 (FY24) with an outlay of Rs 2.61 lakh crore, (Rs 24,194.21 crore
more than FY23 Budget) with focus on creating jobs, health and education.
i. Fiscal Deficit: The Fiscal Deficit for FY24 has been projected at Rs 25,567.84 crore which is 2.98%
of the GSDP (Gross State Domestic Product) estimate.
ii. The state government has committed to provide 10 lakh jobs in FY24 in the government sector.
16. According to the data released by the Centre for Monitoring Indian Economy (CMIE) in
March 2023, India’s unemployment rate rose to _______ in February 2023 from 7.14% in January
2023.
1) 7.45%
2) 7.60%
3) 7.20%
4) 7.59%
5) 7.30%
Answer- 1) 7.45%
Explanation:
According to the data from the Centre for Monitoring Indian Economy (CMIE), India’s unemployment
rate rose by 7.45% in February 2023 from 7.14% in January 2023. The unemployment rate was
8.30% in December 2022, 8.03% in November 2022, and 7.92% in October 2022.
i. Rural unemployment declined to 7.23% in February 2023 from 8.55% in January 2023, and Urban
unemployment rose to 7.93% in February from 6.48% in January.
• Haryana had the highest unemployment rate among the state with 29.4%, followed by
Rajasthan (28.3%) and Sikkim (21.0%).
• Chhattisgarh has the lowest unemployment rate among the states with 0.8%, followed by
Madhya Pradesh (2.0%) and Odisha (2.1%).

17. Which stock exchange company has recently (in March’ 23) received Securities and
Exchange Board of India’s (SEBI)’s approval to launch the rupee-denominated NYMEX WTI
crude oil and natural gas futures contracts?
1) Calcutta Stock Exchange
2) Vadodara Stock Exchange
3) Bombay Stock Exchange
4) Madras Stock Exchange
5) National Stock Exchange
Answer- 5) National Stock Exchange
Explanation:
On March 02, 2023, the National Stock Exchange (NSE) received approval from SEBI (Securities and
Exchange Board of India) to launch the rupee-denominated NYMEX WTI crude oil and natural gas
futures contracts in its commodity derivatives segment.
i. The approval would enable NSE to trade rupee-denominated Nymex WTI crude oil and natural gas
derivatives contracts for Indian market participants.
ii. NYMEX WTI Crude Oil and Natural Gas contracts are one of the world’s most traded commodity
derivatives contracts generating interest from across the globe.
18. Which company has recently (in March ‘23) received in principle approval from the
Securities and Exchange Board of India (SEBI) to begin its mutual fund (MF) operations?
1) Bajaj Finserv Limited
2) Quant Active Fund
3) Indiabulls Group
4) UTI Flexi Cap Fund
5) Mirae Asset Midcap Fund
Answer- 1) Bajaj Finserv Limited
Explanation:
Bajaj Finserv Limited received in-principle approval from Securities and Exchange Board of India
(SEBI) to begin its mutual fund (MF) operations. The total count of MF houses in India increased to
42 due to the addition of Bajaj Finserv Mutual Fund.
i. Bajaj Finserv Asset Management has also got approval to act as an asset management company
(AMC) for Bajaj Finserv Mutual Fund.
ii. The new AMC will offer a range of products equity, debt, hybrid mutual funds, active and passive
funds.
19. Name the bank that has recently (in March’ 23) partnered with Indian Railway Catering and
Tourism Corporation Ltd. (IRCTC) to launch co-branded travel credit cards.
1) State Bank of India
2) ICICI Bank
3) Axis Bank
4) HDFC Bank
5) YES Bank
Answer- 4) HDFC Bank

Explanation:
Indian Railway Catering and Tourism Corporation Ltd. (IRCTC), a provider of catering services
backed by the Indian Railway, partnered with HDFC Bank Ltd, India’s largest private sector lender, to
introduce the “IRCTC HDFC Bank Credit Card,” one of India’s most rewarding co-branded travel credit
cards.
i. The “IRCTC HDFC Bank Credit Card” will be available in a single variant exclusively on the Rupay
network of the National Payments Corporation of India (NPCI).
ii. HDFC Bank, India’s largest card issuer, is the first private sector bank to collaborate with the IRCTC
to improve the user experience for train passengers beginning with ticket booking.
20. Which regulatory body of the Finance Ministry has recently (in March‘ 23) signed an MoU
with ShowReel to develop an online digital platform to promote entrepreneurship?
1) Reserve Bank of India
2) Small Industries Development Bank of India
3) Insurance Regulatory and Development Authority
4) Securities and Exchange Board of India
5) National Bank for Agriculture and Rural Development
Answer- 2) Small Industries Development Bank of India
Explanation:
In March 2023, The Small Industries Development Bank of India (SIDBI) signed an MoU with
ShowReel to develop an online digital platform to support innovators and promote Entrepreneurship
in India.
i. The platform would provide practical-based hand holding demonstration and equity funding for the
innovators and ideators to think, analyze and create ideas to solve real-world development problems.
ii. Under the partnership, ShowReel will provide the technological expertise to build and run the
online video platform.
21. In March 2023, Himachal Pradesh chief minister, Sukhvinder Singh Sukhu launched Unified
Payments Interface (UPI) and ‘Swadhan-e-pension-Gov’ services for___________(Co-operative
bank).
1) Kalupur Commercial Co-operative Bank
2) Kangra Central Co-operative Bank
3) Saraswat Co-operative Bank
4) Bharat Co-operative Bank
5) Janata Co-operative Bank
Answer- 2) Kangra Central Co-operative Bank
Explanation:
On 1st March 2023, Sukhvinder Singh Sukhu, the Chief Minister (CM) of Himachal Pradesh (HP),
launched Unified Payments Interface (UPI) and ‘Swadhan-e-pension-Gov’ services for Kangra
Central Co-operative Bank.
i. This service would make bank transactions simpler and faster, especially for the elderly and those
residing in remote places.

22. Which bank has recently (in March ‘23) completed the acquisition of Citibank
India’s consumer Banking for Rs 11,603 crore?
1) HDFC Bank
2) South Indian Bank
4) ICICI Bank
5) Axis Bank
Answer- 5) Axis Bank
Explanation:
On 1st March 2023, Axis Bank Limited (formerly UTI Bank), a private-sector lender, completed the
acquisition of Citibank India(Citi India)’s consumer Banking which includes loans, credit cards,
wealth management and retail banking operations. The Axis Bank has paid a total purchase
consideration of Rs 11,603 crore (USD 1.4 billion) to Citibank India.
i. Axis Bank is the 4th-largest credit card issuer with a total base of 8.6 million cards. The deal will
increase its credit cardholder base by around 2.5 million, elevating it to India’s top three card
businesses.
ii. Citigroup announced its plan to exit the consumer banking business in India in 2021.
23. Reserve Bank of India (RBI) launched the March 2023 round of its 2 surveys : Inflation
Expectations Survey of Households (IESH) and_______________, will provide useful inputs for RBI’s
monetary policy.
1) All India Debt and Investment Survey
2) Consumer Confidence Survey
3) Business Outlook Survey
4) Bank Lending Survey
5) Services and Infrastructure Outlook Survey
Answer- 2) Consumer Confidence Survey
Explanation:
On March 1, 2023, the Reserve Bank of India (RBI) launched the March 2023 round of its 2 surveys:
Inflation Expectations Survey of Households (IESH), and Consumer Confidence Survey (CCS). Data
gathered from these surveys, which are regularly done by RBI, will provide useful inputs for RBI’s
monetary policy.
i. IESH whose purpose is to determine the inflation expectations of households across the following 19
cities.
ii. CSS which aims to collect qualitative feedback from households pertaining to their perceptions of
the overall economic situation, employment conditions, price levels, and own household income and
expenditure conducted in 19 cities.
24. Which of the following points is/are ‘correct’ with respect to the Digital solutions: ‘STACK
for Capital Markets & Custody’ launched in March 2023?
A) HDFC Bank Limited launched the digital solutions for custodial service clients and Indian
capital market participants.
B) With the newly launched “3-in-1” account, stock broker clients can quickly and digitally
open their online trading, demat, and savings accounts from anywhere in India.

C) Through “Web Custody,” self-service portal gives 24×7 digital access to custody assets,
transactions, and various reports to Custody Services clients, including PMS, AIF, and Foreign
Institutional Investors (FIIs).
1) Only A & B
2) Only A & C
3) Only B & C
4) Only A
5) All A, B & C
Answer- 3) Only B & C
Explanation:
ICICI Bank Limited has announced the launch of ‘ICICI STACK for Capital Markets & Custody,’ a
suite of digital solutions for custodial service clients and Indian capital market participant
i. With the newly launched “3-in-1” account, stock broker clients can quickly and digitally open their
online trading, demat, and savings accounts from anywhere in India.
ii. Digital channels like e-collections, e-mandates, e-NACH (Electronic National Automated Clearing
House), and Unified Payments Interface (UPI) interfaces are included in the list of digital collection
solutions.
iii. Through “Web Custody,” a new component of Corporate Internet Banking, the bank’s self-service
portal gives 24×7 digital access to custody assets, transactions, and various reports to Custody
Services clients, including PMS, AIF, and Foreign Institutional Investors (FIIs).
25. Name the bank that has recently (in March’ 23) completed its 1st non-dollar transaction
with Sri Lanka by paying for exports in Sri Lankan rupees.
2) ICICI Bank
3) HDFC Bank
4) Indian Overseas Bank
Answer- 1) State Bank of India
Explanation:
State Bank of India, an Indian multinational public sector bank, completed its 1st non-dollar
transaction with Sri Lanka by paying for exports in Sri Lankan rupees to bring countries that lack US
(United States)dollars into the trade mechanism.
i. At the end of January, Sri Lanka’s foreign exchange reserves were USD 2.1 billion.
26. Who was recently (in March ‘23) named as the ‘Business Standard (BS) Banker of the Year
2022’?
1) Sashidhar Jagdishan (MD & CEO of HDFC bank)
2) Alok Kumar Choudhary (MD of SBI bak)
3) Sandeep Bakhshi (MD & CEO of ICICI bank)
4) Amitabh Chaudhry (MD & CEO of Axix bank)
5) Shyam Srinivasan (MD & CEO of Federal bank)
Answer- 1) Sashidhar Jagdishan (MD & CEO of HDFC bank)

Explanation:
Sashidhar Jagdishan, Managing Director (MD) and Chief Executive Officer (CEO) of HDFC Bank(since
October 2020), has been named the “Business Standard (BS) Banker of the Year 2022”, due to his
successful navigation of technology-related challenges while maintaining the bank’s strong
performance.
i. Sashidhar Jagdishan was chosen as the winner by a distinguished 5-member jury, which was led by
S S Mundra, a former Reserve Bank of India (RBI) Deputy Governor.
27. Which life insurance company has recently (in March ‘23) appointed Pankaj Gupta as its
Managing Director (MD) and Chief Executive Officer (CEO)?
1) Pramerica Life Insurance
2) Aegon Life Insurance
Answer- 1) Pramerica Life Insurance
Explanation:
On 2nd March 2023, Haryana-based Pramerica Life Insurance Limited announced the appointment
of Pankaj Gupta as its Managing Director (MD) and Chief Executive Officer (CEO).
• The Insurance Regulatory and Development Authority of India (IRDAI) and the Board of
Pramerica Life Insurance approved the appointment.
• Previously he served as the Group Head of Distribution Strategy and Alliances of HDFC Life
Insurance Company Limited
28. The Reserve Bank of India (RBI) launched the March 2023 round of its 2 surveys: Inflation
Expectations Survey of Households (IESH), and Consumer Confidence Survey (CCS).
M/s Hansa Research Group Pvt. Ltd agency in _______________, will conduct the survey of this
round on behalf of the RBI.
1) Chennai, Tamil Nadu
2) New Delhi, Delhi
3) Mumbai, Maharashtra
4) Ahmedabad, Gujarat
5) Noida, Uttar Pradesh
Answer- 3) Mumbai, Maharashtra
Explanation:
The Reserve Bank of India (RBI) launched the March 2023 round of its 2 surveys: Inflation
Expectations Survey of Households (IESH), and Consumer Confidence Survey (CCS). Data gathered
from these surveys, which are regularly done by RBI, will provide useful inputs for RBI’s monetary
policy.
• The next meeting of the RBI’s Monetary Policy Committee (MPC) is scheduled for April 6-8,
2023.
i. About IESH: RBI launched the March 2023 round of IESH whose purpose is to determine the
inflation expectations of households.

ii. About CCS: RBI has launched the March 2023 round of CSS which aims to collect qualitative
feedback from households pertaining to their perceptions of the overall economic situation,
employment conditions, price levels, and own household income and expenditure.
iii. Both the survey M/s Hansa Research Group Pvt. Ltd Agency in Mumbai, Maharashtra will
conduct the survey of this round on behalf of the RBI.
29. Which organisation/bank has recently (in March ‘23) signed 2 loan programs, Public
Health Systems for Pandemic Preparedness Program (PHSPP) and Enhanced Health Service
Delivery Program (EHSDP), of USD 500 million each to support India’s health sector?
1) International Monetary Fund
2) Organisation for Economic Co-operation and Development
3) European Bank for Reconstruction and Development
4) World Bank
5) World Health Organization
Answer- 4) World Bank
Explanation:
On March 3, 2023, Government of India (GoI) and World Bank (WB) signed 2 complementary loans
of $500 million Public Health Systems for Pandemic Preparedness Program (PHSPP) and $500
million Enhanced Health Service Delivery Program (EHSDP) to support and improve India’s
healthcare infrastructure.
i. Both the PHSPP and EHSDP loans which will be obtained from the International Bank for
Reconstruction and Development (IBRD)
ii. According to the World Bank estimates, India’s life expectancy was increase to 69.8 in 2020 from 58
in 1990 and it is higher than the average for the country’s income level.
iii. The achievement in access to skilled birth attendance, immunizations, and other priority services
are evident from the values such as the under-5 mortality rate of 36 per 1,000 live births, infant
mortality rate of 30 per 1,000 live births, and maternal mortality ratio (103 per 100,000 live births)
30. Which bank/organisation has explored partnership (in March ‘23) with Indian Renewable
Energy Development Agency (IREDA) to finance renewable energy and green hydrogen
projects in India?
2) European Investment Bank
3) African Investment Bank
4) Nordic Investment Bank
5) World Bank
Answer- 2) European Investment Bank
Explanation:
On March 2, 2023, a meeting was held between the European Investment Bank (EIB) and Indian
Renewable Energy Development Agency (IREDA) to explore partnership on financing of renewable
energy and green hydrogen projects in India.
i. The proposed collaboration will support the development of renewable energy, green hydrogen
projects, green ammonia, e-mobility, battery storage, etc. in India.
ii. This will aid in Government of India’s goal of achieving 50% of its installed energy capacity from
non-fossil fuels by the year 2030.

31. Which of the following points is ‘Incorrect’ with respect to the RBI’s data on the
performance of the private corporate sector during the third quarter of 2022-23?
A) The year-on-year (y-o-y) sales growth of listed private non-financial companies moderated
to 12.7% in Q3 FY23 from 22.6 % in Q2 FY23.
B) Staff costs for manufacturing, IT and non-IT services companies, increased on a y-o-y basis
by 5%, 21.8% and 18.2% respectively.
C) Due to lower profits, the interest coverage ratio (ICR) of manufacturing companies was
reduced to 6.3 in Q3 FY23 (Compared to 8.6 in Q3 FY22).
1) Only B
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B, C
Answer- 1) Only B
Explanation:
On March 02, 2023, the Reserve Bank of India (RBI) released data on the performance of the private
corporate sector during the third quarter of 2022-23 (i.e., Q3 FY23)
i. The year-on-year (y-o-y) sales growth of listed private non-financial companies moderated to
12.7% in Q3 FY23 from 22.6 % in Q2 FY23.
ii. Staff cost for manufacturing, IT and non-IT services companies, increased on y-o-y basis by 8.8%,
21.8% and 18.2% respectively.
iii. Due to lower profits, the interest coverage ratio (ICR) of manufacturing companies was reduced to
6.3 in Q3 FY23 (Compared to 8.6 in Q3 FY22 ).
32. Reserve Bank of India (RBI) has recently (in March 2023) imposed a Rs 5,000 cap on
withdrawals by individual customers by considering the deteriorating financial condition of
which co-operative bank?
1) Nagar Urban Co Operative Bank
2) Nasik Merchants Cooperative Bank
3) Musiri Urban Co-operative Bank
4) Saraswat Co-operative Bank
5) Jammu And Kashmir State Cooperative Bank
Answer- 3) Musiri Urban Co-operative Bank
Explanation:
On March 02, 2023, considering the deteriorating financial condition of Musiri Urban Co-operative
Bank Ltd., Musiri, Tamil Nadu, the Reserve Bank of India (RBI) has imposed a Rs 5,000 cap on
withdrawals by individual customers.
i. The directions were issued by RBI in exercise of powers vested under sub section (1) of Section 35 A
of the Banking Regulation Act, 1949, read with Section 56 of the Banking Regulation Act, 1949.
ii. Under the provisions of Section 18A of the DICGC (Deposit Insurance and Credit Guarantee
Corporation) Act (amendment) 2021, RBI allows eligible depositors to receive deposit insurance claim
amount of his/her deposits up to a Rs 5 lakh from the DICGC.

33. Which agency has recently (in March ‘23) signed an Official Development Assistance (ODA)
loans agreement with GoI to provide support for Healthcare & Urban Infrastructure?
1) Saudi Fund for Development
2) Swiss Agency for Development and Cooperation
3) Australian Agency For International Development
4) Korea International Cooperation Agency
5) Japan International Cooperation Agency
Answer- 5) Japan International Cooperation Agency
Explanation:
The Japan International Cooperation Agency (JICA) signed loan agreements with the Government
of India (GoI) in Delhi to offer Japanese ODA loans totaling 40,673 million yen for the following two
projects (Healthcare & Urban Infrastructure):
i. Mumbai Trans-Harbour Link Project (III) (Loan Amount: 30,755 Million Yen). The project is
scheduled to be completed by September 2023 and will be carried out by the Mumbai Metropolitan
Region Development Authority.
ii. Project for Establishing a State Super-Specialty Cancer and Research Center in Mizoram, with 164
beds (Loan Amount: 9,918 Million Yen). The project is scheduled for completion by August 2028 and
will be carried out by the Health and Family Welfare Department of the Government of Mizoram.
• According to JICA, Mizoram has the second highest cancer incidence and mortality rate.
34. In March 2023, _____________ became the 2nd insurance company to offer Surety Bonds
business.
1) Bajaj Allianz General Insurance
2) Bharti AXA General Insurance
3) New India Assurance Company
4) Aditya Birla General Insurance
5) Edelweiss General Insurance
Answer- 3) New India Assurance Company
Explanation:
On 3rd March 2023, New India Assurance Co Ltd, India’s largest general insurer, became the 2nd
insurance company to get into the surety bonds business, which is being pushed by the Government
as an alternative to bank guarantees for government procurement.
i. In December 2022, Private sector Bajaj Allianz General Insurance launched India’s first-ever
surety bond insurance products.
ii. The Insurance Regulatory and Development Authority of India (IRDAI) permitted general insurers
to issue Surety Insurance Bonds since April 2022.
35. In March 2023, Rameshwar Oraon, Finance Minister of Jharkhand, presented the state
budget of ______________ for the Financial Year 2023-24.

Explanation:
Rameshwar Oraon, the FinanceMinister (FM) of Jharkhand, has proposed a Rs. 1,16,418 crore (Rs
1.16 lakh crore)budget for the fiscal year 2023-24 (FY24) in the Jharkhand assembly.
• The budgetary projections for FY24 were 15% higher when compared to fiscal year 2022–23
(FY23).
i. The Jharkhand government, headed by Chief Minister (CM) Hemant Soren, had presented a budget
of Rs. 1.01 lakh crore for FY23.
ii. The Jharkhand government has emphasized the significance of gradually rising Capital Outlay and it
was budgeted Rs. 25,317 crore in FY24, up from Rs. 10,789 crore in FY 2021-2022 (FY22).
36. Which organization/bank has recently (in March 2023) released the "Women, Business,
and the Law 2023" report with the key finding that ‘nearly 2.4 billion women of working age
globally don’t have the same economic rights as men’?
1) United Nations Development Programme
2) UN Women
3) World Bank
4) International Labour Organization
5) United Nations Human Settlement Programme
Explanation:
According to the 9th edition of the World Bank’s “Women, Business, and the Law 2023” report,
women across the world only have 77% of the legal rights that men do, and nearly 2.4 billion women
of working age live in countries that do not provide them the same rights as men.
• Furthermore, the global pace of reforms towards equal treatment of women under the law
slowed to a 20-year low in 2022.
• From 2021 to 2022, The global average score for Women, Business, and the Law has increased
by about two-thirds since 1970, climbing from 45.8 to 77.1 points.
i. “Women, Business, and the Law 2023” examines laws and regulations impacting women’s economic
participation in 190 economies from 1971 to 2023 (calendar years 1970 to 2022).
37. Which life insurance company has recently (in Mar ‘23) partnered with Ujjivan Small
Finance Bank to provide life insurance products?
1) SBI Life Insurance
3) Max Life Insurance
Answer- 3) Max Life Insurance
Explanation:
Max Life Insurance Company Limited (Max Life) has partnered with Ujjivan Small Finance Bank
(Ujjivan SFB) to provide comprehensive life insurance products to the bank’s customers.
i. Max Life’s new product offerings include innovation in a variety of consumer segments, including
homemakers, NRIs (Non-Resident Indians), and the self-employed.
ii. The company has been using digital and Artificial Intelligence (AI) at scale to provide a better
customer experience with seamless onboarding, manage risk, and build a digital enterprise.

38. Which of the following points is/are ‘Correct’ with respect to the Digital Payments
Awareness Week (DPAW) 2023?
A) The Governor of Reserve Bank of India (RBI) Shaktikanta Das launched the mission ‘Har
Payment Digital’ as part of the Digital Payments Awareness Week (DPAW).
B) The DPAW 2023 was observed by RBI from 1st to 7th March 2023 with the campaign theme
of “E-Payments for Everyone, Everywhere and Everytime”.
C) The regional offices of the RBI will conduct awareness and outreach programmes as part of
‘Jan Bhagidari’ events under the Indian G20 presidency.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Answer- 4) Only A & C
Explanation:
The Governor of Reserve Bank of India (RBI) Shaktikanta Das launched the mission ‘Har Payment
Digital’ as part of the Digital Payments Awareness Week (DPAW).
• Objective: To reinforce the ease and convenience of digital payments and facilitate onboarding
of new consumers into the digital payment system.
• The mission would run till the period of Vision 2025.
• The theme of Vision 2025 was “E-Payments for Everyone, Everywhere and Everytime”.
i. The DPAW 2023 was observed by RBI from March 6 to 12, 2023 to further deepen the usage of
digital payments across India and the campaign theme of DPAW 2023 is “Digital Payment Apnao,
Auron ko bhi Sikhao” (Adopt digital payments and Also teach others).
ii. Jan Bhagidari(People’s Participation): The regional offices of the RBI will conduct awareness and
outreach programmes as part of ‘Jan Bhagidari’ events under the Indian G20 presidency.
iii. 75 Digital Villages: RBI also plans to initiate a programme named ‘75 Digital Villages’ in observance
of 75 years of Independence.
• Under the programme, 75 villages across India will be adopted by Payment System Operators
(PSOs) to convert them into digital payment enabled villages.
39. Which bank has recently (in March’ 23) launched its 1st credit card service in collaboration
with 42 Card Solutions Pvt Ltd?
1) IndusInd Bank
2) YES Bank
3) City Union Bank
4) IDFC Bank
5) RBL Bank
Answer- 3) City Union Bank
Explanation:
City Union Bank (CUB), a private sector lender, has announced the launch of its first-ever credit card
service, the “Dhi CUB Visa Signature Credit Card,” in collaboration with 42 Card Solutions Pvt Ltd, a
provider of credit card management services.
i. Customers can apply for the card by logging into the bank’s mobile app and earn 1.25% cashback on
eligible purchases, payable monthly for the next 2 years.

ii. CUB will also provide its credit card users with a free ‘CUB Keychain Debit Card,’ which will provide
added convenience and ease of payment for all TAP & GO purchases.
40. Which company has recently (in March 2023) signed an MoU with the Andhra Pradesh
Government to promote mutual cooperation and financial inclusion?
1) BharatPe
2) Freecharge
3) PhonePe
4) Razorpay
5) Paytm
Answer- 5) Paytm
Explanation:
In March 2023, Digital financial services firm One97 Communications which owns the Paytm brand
signed a Memorandum of Understanding (MoU) with the Andhra Pradesh (AP) Government to
promote mutual cooperation and financial inclusion in the areas of Industrial Development, Financial
Inclusion, Public Health, Cyber Security and Prevention of Financial Frauds in AP.
i. It was inked on the sidelines of the Andhra Pradesh Global Investors Summit 2023 in
Visakhapatnam, AP from March 3-4, 2023 on the theme ‘Advantage Andhra Pradesh- Where
Abundance meets Prosperity’.
ii. Paytm will collaborate with the state health authority in facilitating seamless OPD (Outpatient
Department) appointment booking at government and private hospitals under the forthcoming
Unified Health Interface (UHI) programme.
41. In March 2023, Bhupesh Baghel, Chief Minister (CM) of Chhattisgarh, presented the state
budget of ______________ for the Financial Year (FY) 2023-24.
1) Rs 2, 90,398 crore
2) Rs 3,10,249 crore
3) Rs 1,21,501 crore
4) Rs 2, 05, 791 crore
5) Rs 1,04,670 crore
Answer- 3) Rs 1,21,501 crore
Explanation:
The Chief Minister (CM) of Chhattisgarh Bhupesh Baghel presented Rs 1,21,501 crore state budget
for FY24 in its State Assembly in Raipur. It was the 5th and the last budget of this term as the state is
scheduled for Assembly Elections in 2023.
• It is Rs 15,200 crore deficit budget where Gross State Domestic Product (GSDP) is projected
at 8%.
• It is termed as ‘Bharose ka budget’ with a motto of ‘Gadbo Nava Chhattisgarh’.
i. The highest allocation of 16.1% is provided for education with more than Rs 19,000 crore to the
school education department while Rs 10,379 crore budgeted for panchayat and rural development
and Rs 10,070 crore for agriculture.
ii. A provision of Rs 6,800 crore for the Rajiv Gandhi Kisan Nyay Yojana has been made to make
Chhattisgarh, which is famously known as ‘Dhaan Ka Katora” (bowl of grains), as the ‘Dhan Ka Katora’
(bowl of money).

42. In March 2023, the 2nd G20 (Group of Twenty) Global Partnership for Financial Inclusion
(GPFI) meeting was held in _________________.
1) Hyderabad, Telangana
2) Bengaluru, Karnataka
3) Lucknow, Uttar Pradesh
4) Indore, Madhya Pradesh
5) Chennai, Tamil Nadu
Answer- 1) Hyderabad, Telangana
Explanation:
The 2nd Global Partnership for Financial Inclusion (GPFI) meeting was held in Hyderabad
(Telangana) for two days from March 06-07, 2023, and was headed by the GPFI Co-Chair and G20
(Group of Twenty) India Presidency.
• India is hosting the prestigious G20 summit in 2023, as the country holds the G20 Presidency
from December 1, 2022, to November 30, 2023.
i. During the meeting, India and Italy were declared as the new long-term Co-Chairs of the GPFI, with
unanimous support from the membership.
• The new Co-Chairs have been chosen for a 3-year term, which will commence in 2024.
ii. A special workshop was also held to draft the GPFI Financial Inclusion Action Plan (FIAP) 2023,
which will steer the G20’s financial inclusion activities for 2024 – 2026.
43. Which company has recently (in March ‘23) launched a digital campaign named ‘DigitALL:
Innovation and technology for gender equality’ to promote digital literacy among women?
1) IIFL Asset Management Company
2) Aditya Birla Sun Life Asset Management Company
3) Kotak Mahindra Asset Management Company
4) HDFC Asset Management Company
5) ITI Asset Management Company
Answer- 3) Kotak Mahindra Asset Management Company
Explanation:
On International Women’s Day, March 8, 2023, Kotak Mahindra Asset Management Company
Limited launched a digital campaign named ‘DigitALL: Innovation and technology for gender
equality‘ to promote digital literacy among women.
i. The campaign calls for the digital inclusion of all with the hashtag, #IncludeAll.
44. How many trading platforms were recently (in March ‘23) designated as Qualified Stock
Brokers (QSBs) by the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE)?
1) 12
2) 10
3) 18
4) 15
5) 20
Answer- 4) 15

Explanation:
The National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) have designated 15 trading
platforms as Qualified Stock Brokers (QSBs) w.e.f. July 1, 2023 following a direction by the Securities
and Exchange Board of India (SEBI) in February 2023. List of 15 Qualified Stock Brokers.
i. QSBs are shortlisted stock brokers, because of their size and scale of operations, which cater to the
needs of a large number of investors. They are identified as QSBs on four parameters viz.
• Total number of active clients of the stock broker
• Available total assets of clients
• Trading volumes excluding the proprietary trading volume
• End-of-day margin obligations of all clients excluding proprietary margin obligation of the
stockbroker in all segments
45. Which of the following points is "Incorrect" with respect to the restrictions imposed on
opting for share buybacks via the stock exchange mechanism by the Securities and Exchange
Board of India (SEBI) in March 2023?
A) Under the restrictions, a company could not buy more than 40% of its shares’ average daily
trading volume (value) in the 20 trading days preceding the purchase.
B) The company will not bid before the market opens, the first 30 minutes and the last 30
minutes of the regular trading session
C) The company’s buy order price should be within the range of 1% of the final traded price.
1) Only A
2) Only B
3) Only C
4) Only A & B
5) Only B & C
Answer- 1) Only A
Explanation:
The Securities and Exchange Board of India (SEBI) imposed restrictions on bids, prices and volumes
of companies conducting share buybacks through the stock exchange route (Mechanism).
i. Currently, companies have two options for share buyback: a stock exchange and a tender offer.
ii. What are the new rules?
• Under the restrictions, a company could not buy more than 25% of its shares’ average daily
trading volume (value) in the 10 trading days preceding the purchase.
• The company will not bid before the market opens, the first 30 minutes and the last 30
minutes of the regular trading session
• The company’s buy order price should be within 1% of the final traded price.
• Regarding the margin requirement for deposits in an escrow account, the account should
consist of cash and/or non-cash. Appropriate deductions will be made for the portion of the
escrow account that is not in cash.
46. In March 2023, the Securities and Exchange Board of India (SEBI) asked investors to link
their Permanent Account Number (PAN) with Aadhaar number by __________ for continual &
smooth transactions in the securities market.
1) 15th March 2023
2) 31st May 2023

3) 30th April 2023
4) 15th April 2023
5) 31st March 2023
Answer- 5) 31st March 2023
Explanation:
The Securities and Exchange Board of India (SEBI) asked investors to link their Permanent Account
Number (PAN) with Aadhaar number by March 31, 2023 for continual and smooth transactions in
the securities market.
i. The non-compliance with this will be considered non-KYC compliant, and there could be restrictions
on securities and other transactions until PAN and Aadhaar are linked
ii. The provisions of the Income-tax Act make it mandatory for every person who has been allotted a
PAN to intimate his/her Aadhaar number to the prescribed authority so that the Aadhaar and PAN can
be linked.
iii. This is required to be done on or before the notified date, failing which the PAN would become
inoperative.
47. Which of the following points is/are “correct” with respect to the recent steps taken by the
Securities and Exchange Board of India (SEBI) in March 2023?
A) SEBI extended the timeline for submission of public comments on the consultation paper on
‘Regulatory Framework for ESG (Environmental, Social & Governance) Rating Providers (ERPs)
in the Securities Market’ from 3rd March to 25th March 2023.
B) SEBI drafted a cloud framework for the adoption of Cloud Services by SEBI Regulated
Entities (REs), due to the rise of dependence on cloud computing for delivering IT services.
C) The REs includes Stock Brokers through Exchanges, Clearing Corporations, Depositories,
Asset Management Companies /mutual funds and KYC Registration Agencies.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Explanation:
The Securities and Exchange Board of India (SEBI) extended the timeline for submission of public
comments on the consultation paper on ‘Regulatory Framework for ESG (Environmental, Social
and Governance) Rating Providers (ERPs) in the Securities Market’ from March 8 to March 15 2023.
• As per the proposed regulations, the ERPs would be registered with SEBI under the SEBI
(Credit Rating Agencies) Regulations, 1999. The CRA Regulations would be amended to include
a chapter for ERPs.
i. Due to the rise of dependence on cloud computing for delivering IT (Information Technology)
services, SEBI drafted a cloud framework for the adoption of Cloud Services by SEBI Regulated
Entities (REs).
• The REs includes Stock Brokers through Exchanges, Clearing Corporations, Depositories, Asset
Management Companies (AMCs)/mutual funds and KYC Registration Agencies (KRAs).

48. Name the bank that has recently (in March ‘23) entered into a strategic co-lending
partnership with Aadhar Housing Finance Ltd to offer housing loans.
1) YES Bank
2) ICICI Bank
3) Axis Bank
4) HDFC Bank
Answer- 1) YES Bank
Explanation:
In March 2023, YES Bank and Aadhar Housing Finance Ltd entered into a strategic co-lending
partnership to offer housing loans to homebuyers.
i. Under the partnership, both parties will offer convenient home finance solutions to customers from
lower and middle-income groups.
ii. The partnership is based on the co-lending framework of the Reserve Bank of India (RBI) which
enables banks and non-banking financial companies to collaborate and provide credit to the unserved
and underserved sections of society.
49. Which Bank has recently (in March ‘23) partnered with One Point One Solutions and DMI
Finance to expand the collections portfolio offering in the Banking, Financial Services, and
Insurance (BFSI) sector?
1) Axis Bank
2) HDFC Bank
3) ICICI Bank
4) IndusInd Bank
Answer- 5) Kotak Mahindra Bank
Explanation:
One Point One Solutions, a provider of business process management solutions, has partnered with
Kotak Mahindra Bank Limited (KMBL) and DMI Finance, a Pan-Indian credit platform, to expand its
collections portfolio offering in the Banking, Financial Services and Insurance (BFSI) sector.
i. A One Point One Solutions team with multilingual skills, such as English, Hindi, and Kannada, will
manage the collection process for some of KMBL’s major products.
ii. The initial engagement with the KMBL will consist of roughly 20 seats and will eventually expand to
more than 100 seats across three One Point One Solutions locations.
• The collection portfolio will be managed by One Point One Solutions locations in Mumbai
(Maharashtra), Gurugram (Haryana), and Bengaluru (Karnataka) as part of the business scope
with DMI Finance.
50. Name the Small Finance Bank (SFB) that has recently (in March ‘23) launched the "Unpause
Initiative" to promote workplace diversity & inclusion.
1) Suryoday SFB
2) Utkarsh SFB
3) Capital SFB
4) Ujjivan SFB
5) Equitas SFB

Answer- 4) Ujjivan SFB
Explanation:
Ujjivan Small Finance Bank (Ujjivan SFB) has launched the “Unpause Initiative” as part of its
commitment to promote workplace diversity and inclusion.
i. The “Unpause Initiative” is a programme designed to assist women who, for any reason, took a
career break and are now prepared to rejoin the workforce.
ii. The ‘Unpause Initiative’ also features an exclusive hiring drive and employee referral programme
for women who are restarting their careers.
51. Which life insurance company has recently (in March ‘23) launched a digital campaign
called ‘Empowering You to Achieve Your Dreams’?
Answer- 2) Tata AIA Life Insurance
Explanation:
Tata AIA Life Insurance Company Limited (Tata AIA Life Insurance), one of India’s leading life
insurance firms, has launched the ‘Empowering You to Achieve Your Dreams’ digital campaign.
i. The programme aims to provide Indian women the financial planning expertise they need to achieve
their goals and fulfill their dreams.
ii. The campaign has been developed and conceptualised by the creative firm FCB Ulka.
Note- Tata AIA Life Insurance is a joint venture (JV) between Tata Sons Pvt. Ltd. (Tata Group) and AIA
Group Ltd. (AIA).
52. As per the Department for Promotion of Industry and Internal Trade (DPIIT) data released
in March 2023, which of the following states recorded a positive growth during the 3 quarters
of the current fiscal (FY23) – April 2022 to December 2022?
1) Gujarat & Karnataka
2) Maharashtra & Gujarat
3) Tamil Nadu & Karnataka
4) Maharashtra & Karnataka
5) Tamil Nadu & Gujarat
Answer- 2) Maharashtra & Gujarat
Explanation:
According to the Department for Promotion of Industry and Internal Trade (DPIIT) data,
Maharashtra and Gujarat recorded positive growth during the 3 quarters of the current fiscal
(FY23) – April 2022 to December 2022.
• FDI inflows into Maharashtra went up by 19% year-on-year (y-o-y) to Rs 85,186 crore during
the April-December of FY23 as compared to Rs 71,858 crore of FDI inflows during April-
December of FY22.
• FDI inflows into Gujarat during April-December of FY23 more than doubled to Rs 32,349 crore
compared to Rs 15,321 crore in April-December of FY22.

i. In April-December of FY23, FDI inflows into Karnataka were Rs 70,015 crore, 2nd highest FDI equity
inflow after Maharashtra, but it declined by 45% from Rs 1.28-lakh crore during April-December of
FY22.
53. Name the bank that has recently (in March ‘23) collaborated with ITC Limited to offer rural
lending products and services to farmers.
1) HDFC Bank
2) ICICI Bank
3) YES Bank
4) Axis Bank
Explanation:
Axis Bank collaborated with ITC Limited to offer lending products and services to farmers who are a
part of ITC’s agriculture eco-system.
i. This partnership is aimed at reaching out to the unserved and under-served farmers in rural areas,
in line with Axis Bank’s Bharat Banking mission to extend its reach in remote regions by opening new
bank accounts and providing seamless customer experience in FY 22-23.
ii. The Bank will utilize ITC’s super app ITCMAARS (Meta Market for Advanced Agricultural Rural
Services), a full-stack Agri-tech application for reaching out to the farmers and addressing their
financial requirements.
54. According to the 3rd edition of PayNearby’s annual report titled “PayNearby Women
Financial Index (PWFI)”, released in March 2023, 10,000+ women entrepreneurs have
dispensed over ________ of financial services in FY22.
1) Rs 100 crores
2) Rs 900 crores
3) Rs 400 crores
4) Rs 700 crores
5) Rs 500 crores
Answer- 2) Rs 900 crores
Explanation:
According to the 3rd edition of PayNearby’s annual report titled “PayNearby Women Financial Index
(PWFI)” over 10,000 women entrepreneurs have dispensed over Rs 900 crores of financial services
in FY22.
i. The report, released by PayNearby in association with the Reserve Bank Innovation Hub (RBIH), is
a detailed analysis on ‘financial consumption by women at retail outlets’ in 2021-22.
ii. The survey was conducted among 5,000+ retail stores in India, recording financial transactions of
women consumers as observed in those outlets.
• More than 76% of female customers, who availed basic banking services at PayNearby’s retail
outlets preferred biometric authentication as a mode of cash withdrawal.

55. In March 2023, the Securities and Exchange Board of India (SEBI) issued ‘SEBI
(Grant of Reward to Informant Under Recovery Proceedings) Guidelines, 2023’ in exercise of
its powers conferred under Section 11 (1) of SEBI Act, 1992.
Under the Guideline, there is a reward system up to __________ to informants for sharing credible
information/tips about the assets of defaulters.
1) Rs 10 lakh
2) Rs 30 lakh
3) Rs 50 lakh
4) Rs 80 lakh
5) Rs 20 lakh
Answer- 5) Rs 20 lakh
Explanation:
The Securities and Exchange Board of India (SEBI) in exercise of its powers conferred under Section
11 (1) of SEBI Act, 1992 issued ‘SEBI (Grant of Reward to Informant Under Recovery Proceedings)
Guidelines, 2023’ w.e.f. March 8, 2023.
i. Under this, there is a reward system up to Rs 20 lakh to informants for sharing credible
information/tips about the assets of defaulters under recovery proceedings w.e.f. March 8, 2023.
• SEBI issued a list of 515 defaulters, where information can be provided by any informant.
ii. The reward may be granted in two stages viz. interim and final.
• The interim reward amount will not exceed two and a half per-cent of the reserve price of the
asset regarding which tips was provided or Rs 5 lakh, whichever is less.
• The final reward amount will not exceed 10% of the dues recovered or Rs 20 lakh, whichever is
less.
56. Which bank has recently (in March ‘23) signed an MoU with Central Warehousing
Corporation (CWC) to facilitate financing under e-NWR (Electronic Negotiable Warehousing
Receipt)?
2) Union Bank of India
4) Bank of Baroda
5) Bank of India
Answer- 3) Punjab National Bank
Explanation:
The Punjab National Bank (PNB) signed a Memorandum of Understanding (MoU) with Central
Warehousing Corporation (CWC), under the Ministry of Consumer Affairs, Food & Public Distribution,
(MoCAF&PD), to facilitate financing under e-NWR (Electronic Negotiable Warehousing Receipt).
i. The MoU was made to provide easy access to finance to farmers/ food processors/ traders against
the pledge of agricultural commodities stored in CWC warehouses.
ii. The partnership also intends to increase the farmers’ income by overcoming the prevailing distress
sales by the farmers.

57. Name the insurance company that has recently (in March ‘23) introduced a genius plan to
help parents financially prepare for their children’s future.
1) PNB MetLife India Insurance
2) ICICI Prudential Life Insurance
4) TATA AIA Life Insurance
5) SBI Life Insurance
Answer- 1) PNB MetLife India Insurance
Explanation:
PNB MetLife India Insurance Company Limited (PNB MetLife), one of India’s leading life insurance
firms, has introduced the “PNB MetLife Genius” plan, a new solution to help parents financially
prepare for their children’s future.
i. The ‘PNB MetLife Genius Plan’ is an individual, non-linked, non-participating life insurance plan.
ii. The “PNB MetLife Genius Plan” provides assured benefits, flexibility for saving, a built-in premium
waiver on death, and the choice of additional protection against Accidental Total Permanent Disability
(ATPD).
58. Which Metro rail limited has recently (in March ‘23) become the India’s first metro to
accept the Central Bank Digital Currency (CBDC) for parking?
1) Bengaluru
2) Kochi
3) Delhi
4) Chennai
5) Mumbai
Answer- 2) Kochi
Explanation:
Kochi Metro Rail Limited (KMRL) has become the 1st metro in India to accept the Central Bank
Digital Currency (CBDC) issued by the Reserve Bank of India (RBI). This service will initially be
available at the parking lot adjacent to Thaikudam Metro Station. This facility will be extended to
other station parking lots.
i. Mumbai (Maharashtra)-based IDFC First Bank has partnered with Anantham Online, a technology
startup with a focus on digital parking , to enable the acceptance of the digital Rupee at Kochi Metro’s
parking location.
59. Who was recently (in March ‘23) appointed as the Managing Director (MD) and Chief
Executive Officer (CEO) of Axis Asset Management Company (AMC) Limited?
1) Amitabh Chaudhry
2) Rajiv Anand
3) B Gopkumar
4) Chandresh Nigam
5) Ravi Narayanan
Answer- 3) B Gopkumar

Explanation:
B Gopkumar, the Managing Director (MD) and Chief Executive Officer (CEO) at Axis Securities, has
been elevated as the MD & CEO of Axis Asset Management Company (AMC) Ltd (the formal name of
Axis Mutual Fund).
• He succeeds Chandresh Nigam who has stepped down as the MD & CEO of Axis AMC. He will
continue till the end of his term (30 April 2023).
i. Axis AMC Limited is the mutual fund investment wing of Axis Bank and India’s 7th largest AMC.
ii. Axis MF appointed Ashish Gupta, a former Zurich (Switzerland)-based Credit Suisse executive, to be
its new Chief Investment Officer (CIO).
60. The Board of Directors of Bank of Baroda (BoB) has recently (in March ‘23) approved the
divestment of up to __________stake in BoB Financial Solutions Ltd (BFSL).
1) 40%
2) 39%
3) 25%
4) 51%
5) 49%
Answer- 5) 49%
Explanation:
The Board of Directors of Bank of Baroda (BoB), a public sector bank, has approved the divestment of
up to 49% stake in its wholly-owned subsidiary, BoB Financial Solutions Ltd (BFSL), formerly known
as BoB Cards Ltd.
• At present, BoB holds 100% of the total equity share capital of BFSL
i. The board also approved the issuance of an advertisement inviting Expressions of Interest (EoI)
from suitable investors or strategic partners to purchase BoB’s shareholding in BFSL.
ii. The bank has decided to sell up to 49% of its 100% ownership of BFSL after the Spanish bank
BBVA’s (Banco Bilbao Vizcaya Argentaria) decision to back out of a contract to acquire a 51%
investment in BoB Cards roughly 6 years ago.
61. In March 2023, Harpal Singh Cheema, Finance Minister (FM) of Punjab, presented the state
budget of ______________ for the Financial Year (FY) 2023-24.
Explanation:
Punjab Finance Minister (FM) Harpal Singh Cheema presented a Rs 1,96,462 crore (Rs 1.96 lakh
crore) state budget for the fiscal year 2023-24 (FY24), which is 26% higher than the amount
allocated in FY23, with a focus on agriculture, education, and health.
• The FY24 budget is the first full Budget of the Aam Aadmi Party (AAP) Government.
i. The Effective Revenue Deficit has been estimated as 3.32% and Fiscal Deficit has been estimated as
4.98% of the Gross State Domestic Product (GSDP).

• For school and higher education, a budget of Rs. 17,072 crore has been allotted in FY24, which
is 12% more than the amount designated in FY23.
• In the health sector, 10.50 lakh individuals have been treated in Punjab’s ‘Aam Aadmi Clinics,’
and 26,797 jobs have been created.
62. Which company has recently (in March ‘23) received in-principle approval for its Payment
Aggregator (PA) licence from the Reserve Bank of India (RBI)?
1) Freecharge
2) Paytm
3) PhonePe
4) Razorpay
5) BharatPe
Answer- 3) PhonePe
Explanation:
Phonepe Private Limited (formerly FX Mart Pvt. Ltd.), which owns the brand PhonePe, has received
in-principle approval for its PA [payment aggregator] licence from the Reserve Bank of India (RBI).
i. PhonePe has also achieved an annualised Total Payment Value(TPV) run rate of USD 1 trillion(~ Rs
84 lakh crore), mainly on account of its Unified Payments Interface (UPI) transactions.
63. In March 2023, Sumant Kathpalia was reappointed as the Managing Director (MD) and
Chief Executive Officer (CEO) of _______________ for another 2 years.
1) ICICI Bank
2) IndusInd Bank
3) HDFC Bank
4) Axis Bank
5) YES Bank
Answer- 2) IndusInd Bank
Explanation:
The Reserve Bank of India (RBI) has approved the reappointment of Sumant Kathpalia as Managing
Director (MD) and Chief Executive Officer (CEO) of Induslnd Bank for another 2 years, with effect
from March 24, 2023.
i. He has been the MD & CEO of IndusInd Bank since March 24, 2020, following the retirement of
Romesh Sobti, the former CEO.
ii. The RBI approval comes nearly six months after the board of directors of the IndusInd Bank
approved a three-year term for Kathpalia in 2022.
64. Which Mutual Fund (MF) has recently (in March ‘23) rebranded itself as Bandhan Mutual
Fund?
1) IDFC Mutual Fund
2) SBI Mutual Fund
3) Axis Mutual Fund
4) ICICI Prudential Mutual Fund
5) HDFC Mutual Fund
Answer- 1) IDFC Mutual Fund

Explanation:
IDFC Mutual Fund (MF) has rebranded itself as Bandhan Mutual Fund w.e.f. March 13, 2023. In this
regard, its each scheme will be renamed to replace the word ‘IDFC’ with the word ‘Bandhan’
• It has also unveiled a new logo with additional colours and styling.
i. IDFC Mutual Fund was earlier a part of the IDFC group, was acquired by a Bandhan Financial
Holdings-led consortium in April 2022 comprising Bandhan Financial Holdings Limited (BFHL), GIC,
and ChrysCapital. The deal was approved by the Securities and Exchange Board of India (Sebi) in
November 2022.
65. Name the bank that has recently (in March ‘23) introduced a Special Retail Term Deposit
with 0.05% Higher Interest Rate to Women.
3) Canara Bank
5) Indian Bank
Answer- 5) Indian Bank
Explanation:
On March 6, 2023, to mark International Women’s Day (March 8, 2023), Indian bank has introduced
a Special Retail Term Deposit Product named “IND Super 400 Days,” with 0.05% higher interest rate
to women investors and fixed maturity tenor of 400 days in the form of FD/MMD (Fixed
deposits/Money Multiplier Deposits).
• Deposit Amount: Minimum – Rs.10000, Maximum – Less than Rs. 2 Crore (Bulk deposits of Rs.2
crore & above are not eligible). Period of Deposit – 400 Days.
i. Similar to “IND Super 400 Days,” on December 19, 2022, Indian Bank introduced the “IND SHAKTI
555 DAYS” special retail term deposit product for investments ranging from Rs 5000 to less than 2
crore for 555 days in the form of FD/MMD with callable options.
ii. Indian Bank has increased the interest rate on FDs (Fixed Deposits) with tenure of 2 years to less
than 3 years by 20 basis points (bps) from 6.50% to 6.70%.
iii. For deposits up to 10 crores, Indian Bank offers senior citizens an additional 0.50% annual rate of
interest on domestic term deposits that are made for 15 days to 10 years.
66. Who has been recently (in March ‘23) appointed as the Interim Chairman of Life Insurance
Corporation of India (LIC) for a period of 3 months ?
1) Ipe Mini
2) Siddhartha Mohanty
3) M Jagannath
4) Mangalam Ramasubramanian Kumar
5) Bishnu Charan Patnaik
Answer- 2) Siddhartha Mohanty
Explanation:
Siddhartha Mohanty, one of the Managing Directors(MD) of Life Insurance Corporation of India
(LIC), has been appointed as the Interim Chairman of LIC for a period of 3 months or till the
assumption of the charge by the regular appointee with effect from 14th March 2023.

• The term of the current Chairman of LIC, Mangalam Ramasubramanian Kumar, will be
completed on 13th March 2023.
• This appointment is in addition to his existing duties as MD of LIC.
i. He also served as the MD and Chief Executive Officer(CEO) of LIC HFL from 2019 to 2021.
ii. He has been serving as the MD of LIC since 1st February 2021 in place of TC Suseel Kumar who
retired on 31st January 2021.
67. In March 2023, N Rangasamy, Chief Minister (CM) of Puducherry, presented a budget of
Rs._______________for the fiscal year 2023-24 (FY24)
1) Rs. 13,200 crore
2) Rs. 12,400 crore
3) Rs. 15,500 crore
4) Rs. 10,900 crore
5) Rs. 11,600 crore
Answer- 5) Rs. 11,600 crore
Explanation:
N Rangasamy, Chief Minister (CM) of the Union Territory (UT) of Puducherry, who also holds the
finance portfolio, presented the National Democratic Alliance (NDA) government’s Rs. 11,600 crore
budget for the fiscal year 2023-24 (FY24) in the Territorial Assembly.
• The CM noted that, out of the Rs. 11,600 crore budget, the UT’s own resources are Rs. 6,154.54
crore, Normal Union Government assistance, including the Disaster fund, is Rs. 3,117.77 crores,
and Rs. 620 crores are for Centrally Sponsored Schemes (CSS).
• The remaining Rs. 1,707.69 crores would be raised through open market borrowing and loans
from Central Financial Institutions (CFIs).
i. Every family ration card holder would be entitled to receive a subsidy of Rs. 300 per month for 12
Liquefied Petroleum Gas (LPG) cylinders each year, with the UT government spending an additional
Rs. 126 crore each year.
ii. For school education, an amount of Rs. 924.68 crore has been earmarked.
iii. The PM SHRI Schools (PM ScHools for Rising India) scheme has chosen about 12 schools from the
UT of Puducherry.
68. Which organisation of the Ministry of New and Renewable Energy has recently (in March
‘23) received Infrastructure Finance Company (IFC) status from Reserve Bank of India (RBI)?
1) Association of Renewable Energy Agencies of States
2) Solar Energy Corporation of India Limited
3) Commission for Additional Sources of Energy
4) Central Electricity Authority
5) Indian Renewable Energy Development Agency
Answer- 5) Indian Renewable Energy Development Agency
Explanation:
On March 13, 2023, the Reserve Bank of India (RBI) granted Infrastructure Finance Company (IFC)
status to the Indian Renewable Energy Development Agency (IREDA) enabling the latter to take
higher exposure in RE (Renewable Energy) financing.
• This IFC status will also help the company to access a wider investor base for fund
mobilization.

• Earlier IREDA was classified as an ‘Investment and Credit Company (ICC)’.
i. This status has acknowledged IREDA’s 36 years of infrastructure financing and development with
focused development of renewable energy.
69. Which Small Finance Bank (SFB) has recently (in March ‘23) launched a ‘Blossom Women’s
Savings Account’ for women customers with a 7% interest rate?
1) Equitas SFB
2) ESAF SFB
3) Suryoday SFB
4) Ujjivan SFB
5) Capital SFB
Answer- 3) Suryoday SFB
Explanation:
On March 13, 2023, the Suryoday Small Finance Bank (SFB) launched a new savings account
‘Blossom Women’s Savings Account’, designed for women customers with up to a 7% interest rate
per annum.
• The account was created to support women to enable them to confidently save, invest and
move towards achieving their financial goals.
i. Eligibility: Women Resident individual above 18 years of age. Minimum Balance Requirement –
Average Monthly Balance: Rs. 10,000.
ii. The account offers monthly interest credit along with a specially designed RuPay Platinum Debit
Card which offers discounts on shopping and online purchases.
iii. As per the Suryoday SFB’s statement, around 79% of women (between the ages of 15-49 years)
had a savings account in 2021, as compared to 53% in 2016, a nearly 50% increase in five years.
70. In March 2023, Reserve Bank of India (RBI) infused Rs. ________________into the banking
system through a 14-day Variable Rate Repo (VRR) auction.
1) Rs 82,650 crore
2) Rs 80,950 crore
3) Rs 72,500 crore
4) Rs 79,700 crore
5) Rs 85,900 crore
Answer- 1) Rs 82,650 crore
Explanation:
On 10th March 2023, the Reserve Bank of India (RBI) infused liquidity amounting to Rs 82,650 crore
into the banking system through a 14-day Variable Rate Repo (VRR) auction. Under the VRR auction,
Banks borrowed Rs 82,650 crore against the announced Rs 1 lakh crore (USD 12.19 billion)at a
weighted average rate of 6.53%.
i. In the bi-monthly monetary policy review, on February 8, 2023, Shaktikanta Das, RBI Governor,
noted that the RBI would be modulated by the scheduled redemption of LTRO (long-term repo
operation) and TLTRO (Targeted LTRO) funds from February to April 2023.

71. Who was recently (in March ‘23) appointed as the Managing Director (MD) of the Life
Insurance Corporation (LIC) by replacing Bishnu Charan Patnaik?
1) Ranjan Sharma
2) Vinod Kumar Verma
3) Anil Kumar
4) Tablesh Pandey
5) Raj Kamal
Answer- 4) Tablesh Pandey
Explanation:
On 14th March 2023, the Life Insurance Corporation (LIC) of India, a public sector life insurance
company, elevated Tablesh Pandey, the Executive Director of LIC, to the position of Managing
Director (MD) of the LIC, with effect from the date of assumption of charge of the office on or after 1st
April 2023.
• Tablesh Pandey will replace the current Managing Director Bishnu Charan Patnaik.
Note: Currently, the LIC has 4 Managing Directors. The other 3 Managing Directors are M Jagannath,
Siddhartha Mohanty (Interim Chairman), and Mini Ipe
i. Additionally, LIC appointed Siddhartha Mohanty as the interim Chairman for three months with
effect from 14th March 2023.
72. Union Minister of Finance, Nirmala Sitharaman presented the Union Territory of Jammu
and Kashmir budget of Rs.___________ in the Lok Sabha in March 2023.
1) 1.18 lakh crores
2) 3.18 lakh crores
3) 1.90 lakh crores
4) 3.01 lakh crores
5) 2.10 lakh crores
Answer- 1) 1.18 lakh crores
Explanation:
Nirmala Sitharaman, Union Minister of Finance, Government of India, presented a Rs 1,18,500 crore
(Rs.1.18 lakh crores) budget for the Union Territory (UT) of Jammu and Kashmir for 2023-2024 in
the Lok Sabha.
• Pankaj Chaudhary, Union Minister of State(MoS) for Finance, tabled the budget for the UT of
J&K.
• The budget of J&K is required to be presented and approved by the Parliament As there is no
legislature in J&K currently.
i. The total budget estimates for fiscal 2023-2024 is Rs 1,18,500 crore including the developmental
expenditure of Rs 41,491 crore. The capital component of the budget of J&K has increased
substantially.
• The Government has sought an additional Rs 3,711 crore for the UT of J&K as part of the
supplementary demands for grants.
ii. The expected revenue receipts are Rs 1,06,061 crore whereas revenue expenditure was expected to
be Rs 77,009 crore. The capital expenditure is expected to the tune of Rs 29,052 crore.

73. Which bank has recently (in March ‘23) collaborated with National Payments Corporation
of India (NPCI) to launch the Rupay Credit Card through UPI (Unified Payments Interface) using
the BHIM (Bharat Interface for Money) app?
3) Canara Bank
5) Indian Bank
Answer- 3) Canara Bank
Explanation:
Canara Bank, in collaboration with National Payments Corporation of India (NPCI), has launched the
Rupay Credit Card through UPI (Unified Payments Interface) using the BHIM (Bharat Interface for
Money) app.
i. This will enable the customers to link their active Rupay Credit Card to UPI and make merchant
payments without the physical use of a card, similar to account-based UPI transactions.
74. Which Mutual Fund(MF) has recently (in March ‘23) renamed the India 1st US Debt
Exchange-Traded Fund (ETF) ‘IDFC US Treasury Bond 0-1 year Fund of Fund’?
1) Axis MF
2) SBI MF
3) ICICI Prudential MF
4) Bandhan MF
5) HDFC MF
Answer- 4) Bandhan MF
Explanation:
On 14th March 2023, the Bandhan Mutual Fund(MF) renamed the recently launched India’s First US
Debt Exchange-Traded Fund (ETF) ‘IDFC US Treasury Bond 0-1 year Fund of Fund’ as ‘Bandhan US
Treasury Bond 0-1 Year Fund of Fund’.
• Bandhan MF has also announced the name change of all its scheme following the rebranding of
the fund house IDFC MF as Bandhan MF.
i. It is an open-ended fund of fund scheme investing in units/shares of overseas index funds and/or
Exchange Traded Funds (ETF). The new fund offer (NFO) opened on March 10, 2023, and will close on
March 23, 2023
i. The fund provides investors a route to create a dollar asset that benefits from the relatively high
quality, reasonable safety, and current high yield of US Treasuries.
75. Name the Insurance company that has recently (in March ‘23) introduced a Sustainable
Equity Fund to enable customers to maximize returns.
1) PNB MetLife India Insurance
2) MaxLife Insurance
Answer- 1) PNB MetLife India Insurance

Explanation:
PNB MetLife India Insurance Company Limited has introduced a Sustainable Equity Fund which
is a part of the PNB MetLife Goal Ensuring Multiplier plan to enable customers to maximize returns,
and directly contribute to a sustainable future.
i. Under this PNB MetLife will invest their premiums in organizations that are creating the standard
for Environmental, Social, and Governance (ESG) practices such as cutting carbon emissions, fostering
diversity, equity, and inclusion, and upholding effective corporate governance.
76. Which bank has recently (in March ‘23) launched industry-first co-branded credit card
along with Flipkart Wholesale?
1) Karnataka Bank
2) ICICI Bank
4) Axis Bank
5) HDFC Bank
Answer- 5) HDFC Bank
Explanation:
On March 15, 2023, HDFC Bank and Flipkart Wholesale, the B2B (Business To Business) platform of
Flipkart Group, launched an industry-first co-branded credit card exclusively for Flipkart Wholesale
members.
i. The credit card will run on the Diners Club International network which is a part of the Discover
Global Network. The card could be used in more than 200 countries around the world where Diners
Club cards are accepted.
ii. Under this partnership, the registered members of Flipkart Wholesale will be benefited by availing
the industry first and highest cashback of 5% on Flipkart Wholesale online spending.
77. Name the bank that has recently (in March ‘23) signed a Corporate Agency Agreement with
the Life Insurance Corporation of India (LIC) for servicing and soliciting life insurance
products.
1) Tamilnad Mercantile Bank
2) Jammu and Kashmir Bank
3) YES Bank
4) South Indian Bank
5) Karnataka Bank
Answer- 2) Jammu and Kashmir Bank
Explanation:
On 14th March 2023, Jammu and Kashmir Bank (J&K Bank) signed a Corporate Agency Agreement
with the Life Insurance Corporation of India (LIC), India’s largest insurer, for servicing and soliciting
life insurance products through J&K Bank’s Branch Network.
• The agreement will be operational or effective from 1st April 2023.
78. In March 2023, Life Insurance Company (LIC) sold___________of its equity stake in NMDC
Limited.
1) 10%
2) 8%

3) 6%
4) 4%
5) 2%
Answer- 5) 2%
Explanation:
On 15th March 2023, Life Insurance Company (LIC) reported that it has sold 2% of its equity stake in
the state-owned NMDC Limited (formerly National Mineral Development Corporation), taking its total
shareholding in the public sector unit to 11.69% as of March 14.
• The sale of a 2% stake (over 5.88 crore shares) in the open market fetched over Rs 700 crore to
LIC. LIC’s shareholding in NMDC was diluted between 29th December 2022 and 14th March
2023, at an average price of Rs 119.37 per share.
i. LIC’s shareholding in NMDC Ltd. has decreased from 13.69% to 11.69% of the paid-up capital of
NMDC.
79. As per the data released (in March ‘23) by the Office of the Economic Adviser, the Wholesale
Price Index (WPI) declined to a 25-month low of ____________ (Per cent) in February 2023 against
4.73% recorded in January 2023.
1) 3.85%
2) 2.75%
3) 3.20%
4) 2.35%
5) 1.99%
Answer- 1) 3.85%
Explanation:
According to the “Index Numbers of Wholesale Price in India for the Month of February 2023 (Base Year:
2011-12)” released by the Office of the Economic Adviser, Department for Promotion of Industry And
Internal Trade (DPIIT), Ministry Of Commerce & Industry(MoCI), the Wholesale Price-Index (WPI)
based inflation rate eased to a 25-month low of 3.85% (Provisional) in February 2023 (over February
2022) against 4.73% recorded in January 2023.
• The decline in the rate of index is contributed by the drop in prices of Primary Articles, Fuel &
Power, and Manufactured Products.
i. Rate of inflation for manufacturing was at 1.9% from 2.99% in January; for food articles, it rose to
3.81% in February 2023, from 2.38% in January 2023.
ii. Fuel and power basket inflation eased to 14.82%, from 15.15% in January 2023. Rural inflation was
at 6.7% while urban was at 6.1%. Cereal inflation continued to be in double digits at 16. 7%, while
milk & milk products was at 9.7%.
80. As per the data released (in March ‘23) by the National Statistical Office (NSO), the Retail
Inflation based on Consumer Price Index (CPI) declined to_________ in February 2023 against
1) 6.05%
2) 5.20%
3) 6.44%
4) 5.30%
5) 4.99%

Answer- 3) 6.44%
Explanation:
According to the data released by the National Statistical Office (NSO), The Retail Inflation based on
Consumer Price Index (CPI) declined to 6.44% in February 2023 against 6.52% in January 2023 and
6.07% in February 2022. Retail inflation dipped mainly on account of a slight easing in prices of food
and fuel items.
• However, it remained above the upper band of the 4+/- 2% medium-term target of the Reserve
Bank of India (RBI).
• The RBI has projected retail inflation at 6.5% for 2022-23, with the January-December quarter
at 5.7%.
81. Who has been recently (in March ‘23) appointed as the chairperson of Pension Fund
Regulatory and Development Authority (PFRDA)?
1) Supratim Bandyopadhyay
2) Deepak Mohanty
3) Pramod Kumar Singh
4) R. V. Verma
5) Badri Singh Bhandari
Answer- 2) Deepak Mohanty
Explanation:
Deepak Mohanty, the whole-time member (Economics) of Pension Fund Regulatory and
Development Authority (PFRDA), was appointed as the Chairperson of PFRDA with effect from the
date of assumption of charge till attaining the age of 65 or until further orders.
• The order of appointment was issued by the Department of Financial Services (DFS), Ministry
of Finance.
• He succeeds Supratim Bandypadhyay whose tenure as Chairman of PFRDA ended in January
2023.
i. He has also served as the head of the Monetary Policy Department in the RBI.
ii. Mamta Shankar, IES (1993), Senior Economic Advisor in the Department of Food and Public
Distribution, Ministry of Consumer Affairs, Food and Public Distribution, was appointed as the Whole-
Time Member (economics) in PFRDA.
82. In March 2023, Mangalam Ramasubramanian Kumar resigned as the Chairman for which
company?
1) Aditya Birla Housing Finance Limited
2) Housing Development Finance Corporation Limited
3) Tata Capital Housing Finance Limited
4) PNB Housing Finance Limited
5) LIC Housing Finance Limited
Answer- 5) LIC Housing Finance Limited
Explanation:
Mangalam Ramasubramanian Kumar (M. R. Kumar), Chairman of LIC Housing Finance Limited (LIC
HFL), has tendered his resignation from the Board of the company, effective upon attainment of
superannuation on 13th March 2023.

i. He also served as the Chairman of the Life Insurance Corporation (LIC) from March 2019 to March
2023. His term as chairman had been extended twice. First, the government extended his term from
30 June 2021 to 13 March 2022, and then till 13 March 2023.
83. Which country’s Central Bank has recently (in March ‘23) inked an MoU with Reserve Bank
of India(RBI) to promote collaboration and facilitate innovation in financial products and
services?
1) United States of America
2) Indonesia
3) United Arab Emirates
4) France
5) Bangladesh
Answer- 3) United Arab Emirates
Explanation:
On March 15, 2023, a Memorandum of Understanding (MoU) has been inked between Reserve Bank
of India (RBI) and the Central Bank of the United Arab Emirates (CBUAE) in Abu Dhabi, United Arab
Emirates (UAE) to promote collaboration and facilitate innovation in financial products and services.
• This will include sharing knowledge and technical collaboration in the area of Fintech.
i. Both central banks will collaborate on areas of FinTech, especially Central Bank Digital Currencies
(CBDCs) and explore interoperability between the CBDCs of CBUAE and RBI.
ii. Both sides will carry out proof-of-concept (PoC) and pilot(s) of bilateral CBDC bridge to facilitate
cross-border CBDC transactions of remittances and trade.
84. Which bank has recently (in March ‘23) unveiled “Startup Ecosystem Banking,” to offer
digital and physical solutions to meet all of the banking needs of startups?
1) YES Bank
2) ICICI Bank
3) HDFC Bank
5) Axis Bank
Answer- 2) ICICI Bank
Explanation:
ICICI Bank Limited (ICICI Bank) has unveiled “Startup Ecosystem Banking”, a comprehensive suite
of digital and physical solutions to meet all of the banking needs of startups at various stages of
development.
• The “Startup Ecosystem Banking” solution includes personal banking services for founders
and employees, as well as treasury and transaction banking solutions, lending solutions, digital
integrations, handling Foreign Direct Investment (FDI), and regulatory compliance.
85. Name the organisation that has recently (in March ‘23) signed a loan agreement worth USD
500 million with GoI for the construction of the Green National Highway Corridors Project
(GNHCP) in four Indian States.
1) European Bank for Reconstruction and Development

4) World Bank
Explanation:
Union Minister Nitin Gadkari, Ministry of Road Transport and Highways (MoRTH), briefed about the
loan agreement signed between the Government of India (GoI) and the World Bank for the
construction of the Green National Highway Corridors Project (GNHCP) in four States such as
Himachal Pradesh, Rajasthan, Uttar Pradesh and Andhra Pradesh in an aggregate length of 781 km
with loan assistance of USD 500 million against the total project cost of USD 1288.24 million (Rs.
7,662.47 crore).
• The project intends to deploy a safe and green highway using green technologies and climate
resilience methodology.
86. Which Insurance has recently (in March ‘23) launched 3 new plans under the Digit Health
Insurance policy?
1) ICICI LOMBARD General Insurance
2) Go Digit General Insurance
3) HDFC ERGO General Insurance
5) Reliance General Insurance
Answer- 2) Go Digit General Insurance
Explanation:
Go Digit General Insurance has launched 3 new plans under the Digit Health Insurance policy –
‘Digit Double Wallet plan, Digit Infinity Wallet plan, and Digit Worldwide Treatment plan’ to
cater to the post-pandemic health needs of people
i. All three plans will offer complimentary health check-ups, personal accident cover, psychiatric
illness cover, organ donor cover and bariatric surgery cover.
87. In March 2023, Premchand Aggarwal, Finance Minister of Uttarakhand, presented the state
budget of Rs.______________ for the fiscal year 2023-24 (FY24).
1) 56,984.01 crores
2) 49,093.56 crores
3) 60,129.08 crores
4) 82,345.96 crores
5) 77,407.08 crores
Answer- 5) 77,407.08 crores
Explanation:
The Finance Minister of Uttarakhand Premchand Aggarwal presented a budget with a total income
expenditure of Rs 77,407.08 crores for fiscal year 2023-24 (FY24) at Bhararisain, the summer
capital of the State located in Chamoli district’s Gairsain tehsil.
i. The largest allocation of Rs 10,459.55 crore is made for education, sports, youth welfare, and
culture.
ii. About Rs 40 crores have been allocated for Chief Minister Swarojgar Yojana (Self Employment
Scheme) for FY24.
iii. A total allocation of Rs 1,251crore has been made for the electricity department.

88. Which of the following points is/are “correct” with respect to the Assam state Government
budget for the financial year 2023-24 (FY24), presented in March 2023?
A) Ajanta Neog, Finance Minister (FM) of Assam, has presented a Rs 935.23 crore deficit budget
for the fiscal year 2023-24 (FY24).
B) The Assam government has announced the launch of the Mukhya Mantri Ayushman Asom
Yojana, which will allow 27 lakh families to get Rs 5 lakh worth of cashless treatment, making
it India’s largest health insurance scheme.
C) The Gross State Domestic Product (GSDP) is projected to rise to Rs. 5.5 lakh crore in FY24.
1) All A, B & C
2) Only A & B
3) Only B & C
4) Only A & C
5) Only A
Explanation:
Ajanta Neog, Finance Minister (FM) of Assam, has presented the Bharatiya Janata Party (BJP)-led
Assam government’s Rs 935.23 crore deficit budget for the fiscal year 2023-24 (FY24) in the
assembly, with an emphasis on social security, and has also announced various new schemes for
boosting micro-entrepreneurship and creating employment.
i. The Gross State Domestic Product (GSDP) is projected to rise to Rs. 5.5 lakh crore in FY24.
ii. The Assam government has announced the launch of the Mukhya Mantri Ayushman Asom
Yojana, which will allow 27 lakh families to get Rs. 5 lakh worth cashless treatment, making it
India’s largest health insurance scheme.
iii. The Mukhya Mantri Awaas Yojana, which will be launched in tandem with the Pradhan Mantri
Awas Yojana (PMAY) for FY24 and for which Rs. 800 crore have been earmarked, would cover one
lakh beneficiaries.
89. Which bank has recently (in March ‘23) partnered with the Government of Tamil Nadu (TN)
to offer co-branded RuPay Platinum Debit Card to the beneficiaries of the state government’s
‘Pudhumai Penn’ scheme?
2) Bank of India
4) Canara Bank
5) Bank of Baroda
Answer- 5) Bank of Baroda
Explanation:
On March 16, 2023, the Bank of Baroda (BoB) partnered with the Government of Tamil Nadu (TN) to
offer co-branded RuPay Platinum Debit Card to the beneficiaries of the state government’s
‘Pudhumai Penn’ scheme.
• The Debit Card was launched by T Udhayachandran, Principal Secretary, Special
Implementation Department, TN, along with A Saravanakumar, General Manager and Zonal
Head, BoB.
i. The card offers personal accident insurance coverage up to Rs 2 lakh per annum. The bank has also
waived the joining and annual fees for the first year.

90. _____________ has recently (in March ‘23) launched a bank-independent Unified Payments
Interface (UPI )facility with its own UPI handle @OMNI.
1) OmniEngine
2) OmniCard
3) OmniWallet
4) OmniLayer
5) OmniCore
Answer- 2) OmniCard
Explanation:
OmniCard, India’s first omnichannel Payment Platform for end-to-end Spending Solutions, has
launched Unified Payments Interface (UPI) services with its own UPI handle, @OMNI for its users
which do not require them to link a bank account.
• OmniCard is a prepaid payment instrument (PPI) licenced by the Reserve Bank of India (RBI)
that provides India’s first omnichannel spending platform with UPI services for individuals as
well as businesses.
i. The development follows after the RBI approved and the National Payments Corporation of India
(NPCI) authorized PPIs to offer UPI services, making UPI more inclusive and convenient.
ii. Users can use their OmniCard wallet balance to make payments to any UPI QR (Quick Response)
code or UPI ID without disclosing their bank account details. OmniCard holders can also withdraw
cash from any ATM in India.
91. Which statutory body of the Ministry of Finance has recently (in March ‘23) provided 60
days initial relaxation to all ‘Registrars to an Issue and Share Transfer Agents’?
1) Insurance Regulatory and Development Authority
2) Pension Fund Regulatory and Development Authority
5) National Institute of Financial Management
Answer- 3) Securities and Exchange Board of India
Explanation:
On March 10, 2023, the Securities and Exchange Board of India (SEBI) provided 60 days initial
relaxation to all ‘Registrars to an Issue and Share Transfer Agents’ (RTAs) to comply with enhanced
responsibilities through adoption and implementation of an internal policy framework and periodic
reporting requirements specified by SEBI.
i. SEBI has issued the regulations in exercise of powers conferred by Section 11(1) of the SEBI Act,
1992 to protect the interests of investors in securities and to promote the development of, and to
regulate the securities market.
Note – The provisions will come into force for all issues of green debt securities launched on or after
April 1, 2023.
92. Which organisation has recently (in Feb ‘23) included additional operational guidelines on
the regulatory framework for green bonds to align it with the updated Green Bond Principles
(GBP)?
2) Organisation for Economic Co-operation and Development

4) International Capital Market Association
5) International Finance Corporation
Answer- 1) Securities and Exchange Board of India
Explanation:
In February 2023, SEBI included additional operational guidelines on the regulatory framework for
green bonds to align it with the updated Green Bond Principles (GBP) recognised by IOSCO
(International Organization of Securities Commissions).
i. SEBI has mandated an issuer desirous of issuing green debt securities to make following additional
disclosures in the offer document pertaining to environmental sustainability for public issues /private
placements
93. As per the CRISIL annual growth forecast, India’s Gross Domestic Product (GDP) growth
will touch _________ in FY24 slower than the 7% estimated by the National Statistics Office (NSO)
for FY2023.
1) 4%
2) 5.9%
3) 5%
4) 6%
5) 6.5%
Answer- 4) 6%
Explanation:
As per the rating agency CRISIL annual growth forecast, India’s Gross Domestic Product (GDP)
growth will touch 6% in FY24 slower than the 7% estimated by the National Statistics Office (NSO) for
FY2023.
• Indian economy averaging a growth rate of 6.8% over the next five fiscals.
i. Consumer inflation is expected to moderate to 5% on average in FY24 from 6.8% in FY23 amid high-
base effect and some softening of crude and commodity prices.
94. Which bank was recently (in march ‘23) honoured with the ‘Innovation in Consumer Tech’
award for its India’s 1st visual-voice-vernacular banking app at the 13th Aegis Graham Bell
Awards (AGBA)?
1) Suryoday Small Finance Bank
5) ESAF Small Finance Bank
Answer- 2) Ujjivan Small Finance Bank
Explanation:
On 15th March 2023, Ujjivan Small Finance Bank Limited was honoured with the ‘Innovation in
Consumer Tech’ award at the 13th Aegis Graham Bell Awards (AGBA) for its Hello Ujjivan app,
India’s 1st visual-voice-vernacular banking app.
The 13th edition of the annual Aegis Graham Bell Awards is supported by the Ministry of Electronics
and Information Technology; NITI Aayog (National Institution for Transforming India) and Skill India.

i. Hello Ujjivan App provides banks’ MicroBanking and Rural customers with access to banking
financial services despite having limited reading and writing skills.
ii. Hello Ujjivan, co-created with Navana.AI, is available in 8 regional languages, including Hindi,
Marathi, Bengali, Tamil, Gujarati, Kannada, Oriya, and Assamese.
95. In March 2023, Buggana Rajendranath, Finance minister of Andhra Pradesh(AP),

presented the annual budget of Rs._____________for the financial year 2023-2024(FY24)
1) Rs 2,79,279 crore
2) Rs 3,60,357 crore
3) Rs 5,55,893 crore
4) Rs 4,98,093 crore
5) Rs 3,68,355 crore
Answer- 1) Rs 2,79,279 crore
Explanation:
On March 16, 2023, the Finance minister of Andhra Pradesh (AP) Buggana Rajendranath presented
the annual budget for the financial year 2023-2024(FY24) with a financial outlay of Rs 2,79,279
crore in the state Assembly in Amaravati, AP. He presented the annual Budget for the 5th time in a
row.
• The maximum share of allocations went to welfare schemes being implemented under the
Navaratnas.
i. The fiscal deficit would be 3.77% of Gross State Domestic Product (GSDP), while the revenue deficit
would be 1.54% of GSDP.
i.Revenue expenditure- Rs 2,28,540 crore
ii.Capital expenditure- Rs 31,061 crore
96. Name the water treatment company that has recently (in March ‘23) won Rs 800 crore
project funded by the World Bank and Asian Infrastructure Investment Bank (AIIB) in
Bangladesh.
1) Thermax India
2) VA Tech Wabag
3) Aqua Innovative Solutions
4) Hindustan Dorr-Oliver
5) Siemens India
Answer- 2) VA Tech Wabag
Explanation:
Chennai (Tamil Nadu)- based VA Tech Wabag Ltd, a water technology firm, has won an Rs 800 crore
project funded by the World Bank and Asian Infrastructure Investment Bank (AIIB) in Bangladesh.
• VA Tech Wabag will design, build and operate a sewage treatment plant with a capacity of 200
million litres per day(MLD) in Dhaka, Bangladesh.
• This project has the potential to be expanded to 600 MLD in the future.
97. Who has recently (in March ‘23) resigned as the Managing Director(MD) and Chief
Executive Officer(CEO) of Invest India?
1) Chandrajit Banerjee
2) Aakanksha Chandra

3) Rekha R. Menon
4) Debjani Ghosh
5) Deepak Bagla
Answer- 5) Deepak Bagla
Explanation:
Deepak Bagla, Managing Director(MD) and Chief Executive Officer(CEO) of Invest India, National
Investment Promotion and Facilitation Agency of the government of India(GoI), has resigned from his
post on 17th March 2023.
• Bagla is the president of the Geneva-based World Association of Investment Promotion
Agencies (with a membership of 105 countries).
• He has also been conferred with “Grande Ufficiale dell’Ordine della Stella d’Italia” by the
President of the Republic of Italy.
• Invest India has been elected as the President of the Geneva-based World Association of
Investment Promotion Agencies (WAIPA) for 2021-23.
98. Which company has recently (in March ‘23) approved the appointment of Anup Bagchi as
Managing Director (MD) and Chief Executive Officer (CEO) for 5 years?
3) Life Insurance Corporation of India
Answer- 2) ICICI Prudential Life Insurance
Explanation:
The board of ICICI Prudential Life Insurance Company Limited (ICICI Prudential Life) approved
the appointment of Anup Bagchi, who is presently serving as Executive Director (ED) of ICICI Bank
Limited, as Managing Director (MD) and Chief Executive Officer (CEO) for 5 years with effect from
19th June 2023.
i. Anup Bagchi will succeed N S Kannan, the current MD & CEO who will superannuate from his
services after the completion of his term in June 2023.
ii. The Board of ICICI Prudential Life has also approved his appointment as the Executive Director &
COO (Chief Operating Officer) with effect from May 1, 2023.
iii. Anup Bagchi has been with the ICICI Group since 1992. In 2017, he was appointed as an Executive
Director of ICICI Bank.
99. According to the “Women and Men in India 2022” publication released by the Ministry of
Statistics & Programme Implementation (MoSPI) in March 2023, Women in India hold
____________ of bank accounts in all Scheduled Commercial Banks (SCB), but only 20.07% of total
deposits.
1) 59.67%
2) 30.35%
3) 29.65%
4) 40.24%
5) 35.23%
Answer- 5) 35.23%

Explanation:
According to the publication of Social Statistics Division (SSD), National Statistical Office (NSO),
Ministry of Statistics & Programme Implementation (MoSPI), “Women and Men in India 2022”,
Women in India holds 35.23% of bank accounts in all Scheduled Commercial Banks (SCB), but only
with 20.07% of total deposits.
• The 24th annual publication “Women and Men in India 2022” (A Statistical Compilation of
Gender related Indicators of India), was released by Rao Inderjit Singh, the Minister of State
(Independent Charge), MoSPI, on March 15, 2023 at New Delhi, Delhi.
i. As per data of Periodic Labour Force Survey (PLFS), women officials working at managerial
positions in India was reduced from 18.8% in 2020 to 18.1% in 2021.
• In 2021,the highest percentage was seen in Mizoram (41.5%) followed by Sikkim (32.5%),
Manipur (31.1%), Meghalaya (30.9%) and Andhra Pradesh (30.3%).
ii. Wage Disparity: As per PLFS for the period July 2021 to June 2022, around 16.5% women
workers are getting regular wage or salary whereas for men it was 23.6% and for overall value is
21.5%.
iii. WPR: In 2021- 2022, the Worker Population Ratio (WPR) for male population was 54.7 in rural
areas and 55.0 in urban area but for female population it was about 26.6 and 17.3 respectively.
100. In March 2023, the Reserve Bank of India (RBI) permitted India & ___________ (country) to
trade in National Currencies via Special Rupee Vostro Accounts (SRVAs).
1) Tanzania
2) Ethiopia
3) Senegal
4) Ghana
5) Sudan
Answer- 1) Tanzania
Explanation:
The Reserve Bank of India (RBI) has approved trading between India and Tanzania in national
currencies, i.e., the Indian Rupee (INR) and Tanzanian Shilling (TSh), by enabling authorized banks in
India to open Special Rupee Vostro Accounts (SRVAs) with correspondent banks in Tanzania, a step
that will benefit the business community.
i. The RBI has granted 60 applications from correspondent banks in 18 different countries to open
Special Rupee Vostro Accounts (SRVAs) in order to settle payments in Indian rupees (INR).
• These 18 countries that are currently covered under this arrangement: Tanzania, Kenya,
Uganda, Botswana, Fiji, Germany, Guyana, Israel, Malaysia, Mauritius, Myanmar, New Zealand,
Oman, Russia, the Seychelles, Singapore, Sri Lanka, and the United Kingdom (UK).
101. Which life insurance has recently (in March ‘23) launched a new Guaranteed Income plan
‘Pru Gold’ to provide the protection of life cover along with a guaranteed regular income for
the whole of life?

Answer- 4) ICICI Prudential Life Insurance
Explanation:
ICICI Prudential Life Insurance Company Limited has launched ‘ICICI Pru Gold’ a protection and
savings oriented participating life insurance plan, which will provide the protection of life cover along
with a guaranteed regular income for whole of life which can be used to meet the customers long-term
recurring financial requirements.
• As per the savings needs, the insurance plan provides a choice of 3 plan options such as
Immediate Income, Immediate Income with Booster and Deferred Income.
i. ICICI Pru Gold also offers customers the option to accumulate their income in a Savings Wallet
instead of receiving it as regular payments and includes the ‘Premium Offset’ feature.
102. In March 2023, the Organisation for Economic Cooperation and Development (OECD)
increased its growth projection for India to________ from 5.7%.
1) 6.7%
2) 5.9%
3) 6%
4) 6.5%
5) 6.8%
Answer- 2) 5.9%
Explanation:
The Organisation for Economic Cooperation and Development (OECD) in its latest interim outlook
report titled ‘Fragile Recovery’ has increased its growth projection for India by 20 basis points to
5.9% from 5.7% earlier.
• India’s growth is projected to moderate to about 6% in FY 2023-24, amid tighter financial
conditions before picking up to recover to around 7% in FY25
• Global growth is projected to remain low in 2023 and 2024, at 2.6% and 2.9%, respectively.
i. Major emerging Asian economies are expected to experience low (China) to moderate (India and
Indonesia) inflation rates in 2023-24. For India, OECD raised its inflation forecast by 80 basis points
to 5.8%.
103. Which organisation/bank has recently (in march ‘23) signed an MoU with the Africa-India
Economic Foundation (AIEF) to build cooperation in the MSMEs (Micro, Small and Medium
Enterprises), the private and public sectors of African countries and India?
1) African Export–Import Bank
2) Africa Finance Corporation
3) African Union
5) European Union
Answer- 3) African Union
Explanation:
The Africa-India Economic Foundation (AIEF) and African Union (AU) have signed a Memorandum
of Understanding (MOU) to work together on promoting business and trade relations between
MSMEs (Micro, Small and Medium Enterprises), the private and public sectors of African countries
and India.

• This landmark agreement, the first of its kind between an Indian private entity (AIEF) and the
AU, would expand Indian business footprints in Africa.
• AIEF is an institutional platform intended to integrate and strengthen economic ties between
the private sector and MSME firms in India and Africa.
i. The MoU aims to bring together commercial entities from India and Africa in order to encourage
investment, promote skill development and technology transfer, integrate MSMEs, and strengthen
private and public sector trade relations.
104. Name the bank that has recently (in March ‘23) entered into partnership under the co-
lending model with Autotrac Finance Limited to offer new tractor loans through the
YubiCo.Lend platform.
2) HDFC Bank
3) Bandhan Bank
4) Axis Bank
5) ICICI Bank
Explanation:
On 20th March 2023, the Axis Bank and Gurgaon based Autotrac Finance Limited (AFL), a Non-
Banking Financial Company, entered into a strategic partnership under the co-lending model through
the YubiCo.Lend platform.
• Under this partnership, Axis Bank and AFL will offer ‘New Tractor Loans’ for Agricultural and
Allied activities to cater for the financial needs of the rural segment in India.
i. The digital co-lending platform of Axis Bank will enable lending fast under the partnership at a
lower operating cost, offering a superior customer experience.
105. As per the Ministry of Finance’s report “Monthly Economic Review – February 2023”
released in March 2023, the Indian economy is projected to grow at_________(per cent) in the
fiscal year 2022-2023 (FY23).
1) 5%
2) 5.9%
3) 6.2%
4) 6.8%
5) 7%
Answer- 5) 7%
Explanation:
According to the “Monthly Economic Review – February 2023” published by the Ministry of
Finance (MoF), the Indian economy is projected to grow at 7% in the fiscal year 2022-2023 (FY23)
despite global challenges.
• Retail inflation is anticipated to decline in accordance with wholesale inflation, which dropped
to a 25-month low in January 2023.
• The real GDP (Gross Domestic Product) in Q3 FY23 registered a YoY (Year on Year) growth of
4.4% which is lower than that of 6.3 % in Q2 FY23.
i. India’s current account deficit (CAD) is expected to decrease in FY23 and FY24, giving the rupee a
safety net in tumultuous times.

106. Which of the following points is/are “correct” with respect to the Tamil Nadu state
Government budget for the financial year 2023-24 (FY24), presented by the Finance Minister
Palanivel Thiaga Rajan, in March 2023?
A) The annual revenue deficit is reduced from about Rs 62,000 crore to Rs 30,000 crore in
Revised Estimates of FY23 due to the reform initiatives in Tamil Nadu (TN).
B) The state to set up a State-of-the-art hi tech Global Sports City by Chennai Metropolitan
Development Authority (CMDA) in Chennai.
C) A new wildlife sanctuary called the ‘Thanthai Periyar Wildlife Sanctuary’ will be developed
in Erode district and the sanctuary will be the 18th wildlife sanctuary in the State.
1) All A, B & C
2) Only A & B
3) Only B & C
4) Only A & C
5) Only A
Explanation:
The Finance Minister of Tamil Nadu (TN) Palanivel Thiaga Rajan presented the TN state budget for
2023-2024-(FY24). he stated that due to the reform initiatives in TN, the annual revenue deficit is
reduced from about Rs 62,000 crore to Rs 30,000 crore in Revised Estimates of FY23.
• The revenue expenditure is estimated at Rs 3,08,055.68 crore for FY24 and the capital
expenditure will be Rs 44,365.59 crore.
i. Youth Welfare and Sports: It is proposed to set up a State-of-the-art hi tech Global Sports City by
Chennai Metropolitan Development Authority (CMDA) in Chennai to promote the development of
sports and emerge as a favoured destination for leading sports events.
ii. Environment: A new wildlife sanctuary called the ‘Thanthai Periyar Wildlife Sanctuary’ spread
across 80,567 hectares in the forest areas of Anthiyur and Gobichettipalayam will be developed in
Erode district. This will be the 18th wildlife sanctuary in the State and will link the Nilgiris Biosphere
Reserve with the Cauvery South Wildlife Sanctuary.
107. Which of the following points is/are “correct” with respect to the RBI’s Monthly Bulletin
for March 2023?
A) The outward remittances under the RBI’s liberalized remittance scheme (LRS) stood at USD
32.13 billion during April 2022–January 2023, surpassing the all-time high of USD 22.08 billion
in FY22.
B) RBI sold a net USD 384 million in the spot foreign exchange market in January 2023.
C) According to the State of the Economy report, the RBI's nowcast model predicts 5.3% real
GDP growth in Q4 FY23.
1) All A, B & C
2) Only A & B
3) Only B & C
4) Only A & C
5) Only A

Explanation:
According to the State of the Economy report released by the Reserve Bank of India (RBI), India’s
recovery from the pandemic has been more robust than initially expected, with a consistent build-up
of momentum from Q2FY23. The RBI’s nowcast model projects real GDP growth for the Q4 FY23 at
5.3%.
• On the other hand, global growth is set to slow down or even enter a recession in 2023.
• It should be noted that the views expressed in this article are those of the authors and do not
represent the views of the RBI.
• Michael Debabrata Patra, the deputy governor of RBI, was also among one of the authors of this
report.
i. According to data released by the RBI, in its monthly bulletin for March, outward remittances under
the RBI’s liberalized remittance scheme (LRS) stood at USD 22.08 billion during the April 2022–
January 2023 period.
• In January 2023, the amount remitted overseas totalled USD 2.72 billion. This is the highest
amount remitted under the scheme in a month during FY23. On a year-on-year (YoY) basis,
these were up 35.17%.
• In FY22, Indians had remitted a little over USD 19.61 billion overseas under RBI’s LRS scheme,
which is an all-time high.
ii. In its bulletin of March 2023, RBI’s data showed that it purchased USD 12.90 billion in January
2023, while selling USD 13.29 billion. RBI sold a net USD 384 million in the spot foreign exchange
market in January 2023.
108. Name the life insurance company that has recently (in March ‘23) received the final
approval from the Securities and Exchange Board of India (SEBI) to launch Initial Public
Offering (IPO).
5) IndiaFirst Life Insurance
Answer- 5) IndiaFirst Life Insurance
Explanation:
IndiaFirst Life Insurance Company (IndiaFirst Life) has received the final approval from the
Securities and Exchange Board of India (SEBI) to launch Initial Public Offering (IPO) to raise funds.
• IndiaFirst Life is promoted by the Bank of Baroda, which holds 65%, with Warburg Pincus
(26%) and Union Bank of India (9%) as partners.
i. The IPO comprises a fresh issue of up to Rs 500 crore along with an offer for sale (OFS) of up to 14.1
crore equity shares by the promoters and existing shareholders of IndiaFirst Life.
109. In March 2023, Kailash Gahlot, Finance Minister of ___________, presented a budget of Rs.
78,800 crore for the fiscal year 2023-24 (FY24).
1) Mizoram
2) Tripura
3) Uttarakhand
4) Manipur

5) Delhi
Answer- 5) Delhi
Explanation:
Kailash Gahlot, Finance Minister (FM) of the Union Territory (UT) of Delhi, presented a Rs. 78,800
crore budget in the Delhi Assembly for the fiscal year 2023-24 (FY24), dedicated to a clean, beautiful,
and modern Delhi.
i. The FY24 budget is the ninth consecutive budget of the Aam Aadmi Party (AAP) government and it
was Gahlot’s first budget presentation after taking over the finance department following the
resignation of Deputy Chief Minister Manish Sisodia.
ii. The budget for the Delhi government was Rs. 75,800 crore in FY23 which was higher than that of
Rs. 69,000 crore in FY22.
iii. With a budget of Rs. 320 crore, the Delhi government will collaborate with the Delhi Metro Rail
Corporation (DMRC) to build 3 “unique” double-decker flyovers.
110. In March 2023, the International Financial Services Centres Authority (IFSCA) formed a
committee to design a road-map to onshore Indian start-ups domiciled abroad for setting up
their base in GIFT (Gujarat International Finance Tec-City) City in Gujarat.
The committee will be headed by __________________.
1) Rajiv Ranjan
2) Jayant Kumar Dash
3) G Padmanabhan
4) Anil Kumar Sharma
5) R. Subramanian
Answer- 3) G Padmanabhan
Explanation:
The International Financial Services Centres Authority (IFSCA) has formed a committee to be headed
by former Reserve Bank of India (RBI) executive director G Padmanabhan to design a road-map to
attract or onshore Indian start-ups domiciled abroad for setting up their base in GIFT (Gujarat
International Finance Tec-City) City in Gujarat.
• The committee is expected to submit its recommendations in 3 months.
i. Identify measures to encourage the Indian fintech and startups domiciled abroad to relocate to GIFT
IFSC (International Financial Services Centre).
ii. India has the world’s third-largest startup ecosystem with 115 unicorns (firms with billion-dollar
valuations).
111. Name the company that has recently (in March ‘23) partnered with Bharat BillPay to
support loan repayment service.
1) Paytm
2) Razorpay
3) PayPal India
4) Cashfree
5) Amazon Pay
Answer- 5) Amazon Pay

Explanation:
As part of its efforts to enhance user experience and safety, Amazon Pay has teamed up with Bharat
BillPay, the biller platform of the National Payments Corporation of India (NPCI), to bolster its loan
repayment service.
i. It facilitates loan repayment options for customers who avail of their loans through banks,
microfinance institutions, and NBFCs (Non-Banking Financial Companies), and need a convenient
payment option to pay their EMIs on time.
ii. To pay their EMIs (Equated Monthly Instalments), customers can choose their bank or NBFC from
the list and provide their loan account number and other details.
112. Which bank/organisation has recently (in March ‘23) signed a Rs 754 crore loan
agreement with SAEL Industries Limited to promote Biomass Energy Generation?
2) World Bank
Answer- 1) Asian Development Bank
Explanation:
The Asian Development Bank (ADB) and Renewable Energy Company, SAEL Industries Limited,
signed a loan agreement of up to Rs 754 Crore (around USD 91.14 million) to promote the generation
of biomass energy using agricultural residue, helping diversify India’s energy mix and reduce carbon
intensity.
i. The ADB’s fund will be used by SAEL for the construction of five 14.9-megawatt biomass power
plants in the districts of Bikaner, Churu, Hanumangarh, Jhunjhunu, and Sikar in the state of Rajasthan.
ii. Around Rs 150 crore will be provided for each power plant to subsidiaries of SAEL Industries:
Chattargarh Renewable Energy Private Limited, KTA Power Private Limited, Sardarshahar Agri
Energy Private Limited, TNA Renewable Energy Private Limited, and VCA Power Private Limited.
113. Name the company that has recently (in March ‘23) signed a loan agreement for Rs 165
crore with Japan Bank for International Cooperation (JBIC).
1) Indian Railway Finance Corporation Ltd
2) Power Finance Corporation Ltd
3) NTPC Ltd
4) Power Grid Corporation of India
5) National Mineral Development Corporation Ltd
Answer- 2) Power Finance Corporation Ltd
Explanation:
Power Finance Corporation (PFC) Limited, a state-owned and a leading Non-Banking Finance
Company (NBFC) in the Indian power sector signed a loan agreement for Japanese Yen (JPY) 2.65
billion (~Rs 165 crore) with Japan Bank for International Cooperation (JBIC).
i. The loan agreement was signed by R S Dhillon, Chairman and Managing Director, PFC and Uchida
Makoto, Managing Executive Officer, JBIC, at JBIC headquarters, Tokyo, Japan.
ii. Under the agreement, JBIC will be financing some of PFC’s projects which ensure the effective
reduction of greenhouse gas (GHG) emissions and conservation of the global environment.

114. Name the small financing bank (SFB) that has recently (in March ‘23) entered into an
agreement with Geojit Financial Services to provide a 3-in-1 bundled account.
1) Equitas SFB
2) Suryoday SFB
3) Ujjivan SFB
4) ESAF SFB
5) Capital SFB
Answer- 4) ESAF SFB
Explanation:
Geojit Financial Services, a financial advisory firm, has entered into an agreement with ESAF Small
Financing Bank (ESAF SFB) to provide the bank’s customers with a special 3-in-1 bundled account.
• The service was launched as a part of the anniversary celebrations of ESAF SFB, which began
operations on March 10, 2017.
i. Benefits of the 3-in-1 bundled account include free demat account opening, flexible brokerage plans,
a waiver of annual maintenance charges (AMC) until March 2024, no subscription fees for trading
accounts, and end-to-end digital account opening facility.
115. In which city, Shaktikanta Das, Governor of the Reserve Bank of India (RBI) has recently
(in March ‘23) laid the foundation stone to establish a Greenfield Data Centre and Enterprise
Computing & Cybersecurity Training Institute?
1) Bhubaneswar, Odisha
2) Gandhinagar, Gujarat
3) Chandigarh, Punjab
4) Shillong, Meghalaya
5) Ranchi, Jharkhand
Answer- 1) Bhubaneswar, Odisha
Explanation:
On 22nd March 2023, Shaktikanta Das, Governor of the Reserve Bank of India (RBI), laid the
foundation stone for the establishment of a Greenfield Data Centre and Enterprise Computing &
Cybersecurity Training Institute in Bhubaneswar, Odisha.
• After being commissioned, the new Data Centre and Cybersecurity Training Institute spread
over an area of 18.55 acres and will meet the emerging requirements of the RBI and the
financial sector.
116. Which institution/organisation is set to invest USD 73 million in Mahindra and Mahindra
(M&M) Limited’s last-mile electric mobility unit?
1) International Bank for Reconstruction and Development
2) International Finance Corporation
3) International Development Association
5) United Nations Industrial Development Organization
Answer- 2) International Finance Corporation
Explanation:
International Finance Corporation (IFC), the World Bank’s private investment arm, is set to invest
USD 73 million (Rs 6 billion) in an Indian automaker, Mahindra and Mahindra (M&M) Limited’s last-

mile electric mobility unit. This investment is the IFC’s 1st investment in an electric vehicle maker in
India.
• The investment, which will be in the form of compulsory convertible instruments, will value
the unit at 60.20 billion rupees.
i. With IFC’s financial support, Mahindra will be able to scale up electric mobility for last-mile
connections as well as for the development and production of new goods.
117. Which of the following points is/are “correct” with respect to the recent (in March ‘23)
approval made by Competition Commission of India (CCI)?
A) CCI approved the LIC Mutual Fund Asset Management Limited(LIC AMC)’s acquisition of the
rights to manage and administer the schemes of IDBI Mutual Fund (IDBI MF) from IDBI Asset
Management Limited (IDBI AMC).
B) LIC Mutual Fund Trustee Pvt Ltd (LIC TC’s) acquisition of the trusteeship rights of the
schemes of IDBI MF from IDBI MF Trustee Company Ltd (IDBI TC).
C) Apart from lump sum consideration, IDBI AMC will acquire a certain non-controlling
shareholding in LIC AMC.
1) All A, B & C
2) Only B & C
3) Only A & C
4) Only A & B
5) Only A
Explanation:
On 22nd March 2023, the Competition Commission of India (CCI) approved the LIC Mutual Fund Asset
Management Limited(LIC AMC)’s acquisition of the rights to manage and administer the schemes of
IDBI Mutual Fund (IDBI MF) from IDBI Asset Management Limited (IDBI AMC).
Acquirers: LIC Mutual Fund Asset Management Limited(LIC AMC); LIC Mutual Fund Trustee Private
Limited(LIC TC); and IDBI Asset Management Limited(IDBI AMC).
i. It also covers LIC TC’s acquisition of the trusteeship rights of the schemes of IDBI MF from IDBI TC.
ii. Apart from lump sum consideration, IDBI AMC will acquire a certain non-controlling shareholding
in LIC AMC.
118. Name the country that has recently (in March ‘23) became a member of the New
Development Bank (NDB).
1) Egypt
3) Uruguay
4) Bangladesh
5) Indonesia
Answer- 1) Egypt
Explanation:
On March 22, 2023, the African-Arab Nation, Egypt became a member of the New Development Bank
(NDB), formerly referred to as the BRICS Development Bank, a multilateral development bank
established by the BRICS states(Brazil, Russia, India, China and South Africa).

i. Egypt was officially given status as a member on February 20, 2023 and the formal notification was
issued on March 22, 2023.
119. According to the TransUnion CIBIL-SIDBI MSME Pulse Report 2023 released in March
2023, the loan disbursements to the micro, small and medium enterprise (MSME) sector grew
by __________ in Q2 (July-September) FY23.
1) 51%
2) 31%
3) 45%
4) 24%
5) 18%
Answer- 4) 24%
Explanation:
According to a TransUnion CIBIL-SIDBI MSME Pulse Report 2023, loan disbursements to the micro,
small and medium enterprise (MSME) sector in Q2 (July-September) FY23 grew 24% year-on-year
(y-o-y), with significant growth in the micro segment.
• Micro, small and medium segments saw a growth of 54%, 23% and 8% in disbursements,
respectively.
i. The total MSME credit exposure as of Q2FY23 is at Rs 22.9 lakh crores, reflecting a YoY growth rate
of 10.6%.
ii. The top ten States based on current outstanding MSME lending balances are Maharashtra, Gujarat,
Tamil Nadu, Uttar Pradesh, Delhi, Karnataka, Rajasthan, West Bengal, Telangana & Haryana.
iii. MSME Pulse Report: It was launched in 2018 by SIDBI (Small Industries Development Bank of
India) in association with TransUnion CIBIL.
120. Name the bank that has recently (in March ‘23) executed an agreement with SBI Life
Insurance Company, as an additional bancassurance partner in the life insurance category.
1) Karur Vysya Bank
2) ICICI Bank
3) HDFC Bank
4) IndusInd Bank
5) YES Bank
Answer- 1) Karur Vysya Bank
Explanation:
The Karur Vysya Bank (KVB) executed an agreement as an additional bancassurance partner in the
life insurance category with SBI Life, the insurance arm of the State Bank of India (SBI).
i. Through this agreement, KVB will sell SBI Life’s large number of Life insurance products.
ii. Bancassurance: It is a collaboration between the insurance company and a bank under which the
insurance products will be sold to the bank’s customer base. This will benefit the bank too as it gets a
commission amount from the insurance company.

121. According to the "2023 Global Payments Report" released by FIS in March 2023, India’s e-
commerce sector is projected to grow from USD 83 billion in 2022 to USD 150 billion in _______
(year), driven by an increase in Unified Payments Interface (UPI) transactions.
1) 2025
2) 2027
3) 2026
4) 2028
5) 2024
Answer- 3) 2026
Explanation:
According to the “2023 Global Payments Report” by global financial technology pioneer FIS, India’s
e-commerce (e-com) sector is projected to grow from USD 83 billion in 2022 to USD 150 billion in
2026, as cash transactions continue to drop and Unified Payments Interface (UPI)-based transactions
continue to set all-time highs.
• As of January 2023, UPI had the biggest year-on-year (Y-o-Y) growth rate of 74.1% in
transaction volume.
• FIS, based in Florida, United States (US), is a global provider of technology solutions for
merchants, banks, and capital markets organizations.
i. A2A payments are expected to grow from 15% in 2022 to 24% in 2026 in terms of their share in e-
commerce payment methods.
122. Name the bank that recently (in March ‘23) sold its stake in Russian joint venture (JV)
Commercial Indo Bank LLC (CIBL) to State Bank of India (SBI) for about Rs 121.29 crore.
1) Bank of Baroda
2) Canara Bank
5) Indian Bank
Answer- 2) Canara Bank
Explanation:
Bengaluru(Karnataka)-based Canara Bank sold its stake in Russian joint venture (JV) Commercial
Indo Bank LLC (CIBL) to the other venture partner State Bank of India (SBI) for about Rs 121.29
crore.
i. CIBL was incorporated in 2003 as a joint venture in Russia between SBI (60%) and Canara Bank
(40%).
ii. Canara Bank has received the entire consideration amount equivalent to Rs 121.29 crore for the
sale of its stake.
123. Who has recently (in March ‘23) elected as the President of New Development Bank
(NBD)?
1) Manisha Sinha
2) Marcos Troyjo
3) Dilma Vana Rousseff
4) Tatiana Rosito
5) Timur Maksimov

Answer- 3) Dilma Vana Rousseff
Explanation:
On 24th March 2023, the Board of Governors of the New Development Bank (NBD), formerly referred
to as the BRICS(Brazil, Russia, India, China and South Africa) Development Bank, unanimously elected
former President of Brazil Dilma Vana Rousseff as the President of the NDB with an immediate
effect. Dilma Rousseff will be president of NDB until 2025.
• Dilma Rousseff(75 years old), succeeds Marcos Troyjo, who stepped down as the President of
NDB on 24th March 2023.
i. She served as the 1st female President of the Federative Republic of Brazil for 2 consecutive terms
from 2011 to 2016.
124. Name the bank/organisation that has recently (in March ‘23) approved USD 108 million
loan for ‘Assam Integrated River Basin Management Project (AIRBMP)’ to improve disaster
preparedness & enhance flood forecasting in Assam.
4) World Bank
5) New Development Bank
Explanation:
The World Bank’s (WB) Executive Board of Directors has approved USD 108 million loan (Rs
8,896,517,496) for ‘Assam Integrated River Basin Management Project (AIRBMP)’ to improve
disaster preparedness and enhance flood forecasting in Assam.
i. This funding will be disbursed by the International Bank of Reconstruction and Development
(IBRD), administered by WB, and has a maturity of 11.5 years with grace period of 4 years.
• It is a part of a larger USD 500 million (Rs 40,890,925,000) investment programme for Assam.
ii. With a total outlay of USD 135.00 million, its implementing agency is Flood and River Erosion
Management Agency of Assam, Water Resources Department, Assam State Disaster Management
Authority.
• The AIRBMP will build green infrastructure in the Beki and Buridehing river basins, protecting
around 100,000 people.
125. Which insurance company recently (March '23) became the first to offer "Anywhere
Cashless" feature for health insurance policyholders?
1) HDFC ERGO General Insurance
2) Go Digit General Insurance
4) Tata AIG General Insurance
5) ICICI Lombard General Insurance
Answer- 5) ICICI Lombard General Insurance
Explanation:
ICICI Lombard General Insurance Company Ltd (ICICI Lombard) has introduced an industry-first
programme for its health insurance policyholders called the “Anywhere Cashless” feature, which

enable customers to use cashless facilities at any hospital, even if it is not currently a part of ICICI
Lombard’s hospital network.
i. The service, which was initially made available as a pilot programme, is now available to customers
across India via the “IL TakeCare” application, with no out-of-pocket expenses involved.
ii. The ‘Anywhere Cashless’ feature ensures a hassle-free experience from admission to discharge in a
hospital.
126. In March 2023, S&P Global Ratings projected India’s economic growth at __________ in fiscal
year 2023-24 (FY24).
1) 6%
2) 6.5%
3) 6.9%
4) 7.3%
5) 7.0%
Answer- 1) 6%
Explanation:
In its quarterly economic update for Asia-Pacific (APAC) region, ‘Economic Outlook Asia-Pacific Q2
2023’, S&P Global Ratings retained its projection for India’s economic growth at 6% in fiscal year
2023-24 (FY24) which starts in April 1 2023, before increasing to 6.9% in FY25.
• According to the agency, the inflation rate would fall to 5% in FY24 from 6.8% in the current
fiscal year (FY23).
i. S&P Global Ratings is a credit rating agency that is the world’s leading source of independent credit
ratings.
• It keeps the projection for the APAC region, excluding China, to slow down to 3.8% from 4.7%
in 2022.
ii. According to S&P Global Ratings, India’s Gross Domestic Product (GDP) would rise by 7% in the
current fiscal year FY23 [ending March 31 (2022-23)], before dropping to 6% in FY24.
iii. India is in the lead with average growth of 7% between 2024 and 2026.
127. Name the organisation/bank that has recently (in March’ 23) released a report with key
highlighting, India’s potential economic growth can get a boost if the government accelerates
implementation of its ambitious reform agenda.
3) World Bank
5) World Trade Organisation
Explanation:
The World Bank (WB) in its ‘Falling long-term growth prospects: Trends, Expectations, and Policies’
report highlighted that India’s potential economic growth can get a boost if the government
accelerates implementation of its ambitious reform agenda. It also made recommendations for
banking and infrastructure sectors.
i. It recommends implementing changes aimed at streamlining the function of Public Sector Banks
(PSBs), promoting fairness within the banking sector, and fostering the growth of capital markets.

ii. On infrastructure, it suggested implementing reforms proposed by the Task Force on the National
Infrastructure Pipeline, and improving contract enforcement, dispute resolution and financing.
iii. Investment growth in India slowed from an annual average of 10.5% in 2000-10 to 5.7% in 2011-
21.
128. In March 2023, a Group of Twenty (G20) Expert Group on strengthening Multilateral
Development Banks (MDBs) was constituted to ensure that the MDBs are equipped to finance a
wide range of sustainable development goals (SDG).
The expert group will submit its report to the Indian Presidency of the G20 before ____________.
1) 31st May 2023
2) 31st August 2023
3) 30th April 2023
4) 31st July 2023
5) 30th June 2023
Answer- 5) 30th June 2023
Explanation:
A Group of Twenty (G20) Expert Group on strengthening Multilateral Development Banks (MDBs) has
been constituted, under the auspices of India’s G20 Presidency, to ensure that the MDBs are equipped
to finance a wide range of sustainable development goals (SDG) as well as transboundary challenges.
i. The expert group will submit its report to the Indian Presidency of the G20 before 30th June 2023.
ii. The expert group will prepare a roadmap for an updated MDB ecosystem for the 21st century.
iii. Expert Group Composition- Co-convenors:
• Professor Lawrence Summers, President Emeritus of Harvard University.
• NK Singh: President, Institute of Economic Growth and Former Chairperson, Fifteenth Finance
Commission of India.
129. In March 2023, Neiphiu Rio, Chief Minister (CM) of Nagaland, presented a tax free deficit
budget of Rs. __________ for the fiscal year 2023-24 (FY24).
1) 2,876.12 crore
2) 1,056.23 crore
3) 1,374.17 crore
4) 3,345.10 crore
5) 4,876.10 crore
Answer- 3) 1,374.17 crore
Explanation:
The Nagaland Chief Minister (CM) Neiphiu Rio who also holds the finance portfolio of Nagaland,
presented tax free deficit budget of Rs 1,374.17 crore for the financial year 2023-2024 (FY24) at the
ongoing first session of the 14th Nagaland Legislative Assembly with more emphasis on agriculture
and allied sectors.
i. Based on the budget proposals of FY24, the Gross revenue receipts was expected at Rs 23,145.66
crore
ii. An allocation of Rs 82,000 lakh was made for the annual development outlay, which is an increase
of Rs 4,500 lakh or 5.49% over FY23.
iii. The State’s own revenue collection accounted for only 12.36% of total revenue receipts.

130. In March 2023, the Central Board of Trustees (CBT) of the Employees' Provident Fund
Organisation (EPFO) increased the interest rate of Provident Fund deposits for the current
fiscal year 2022-23 (FY23) to _________ from a four-decade low of 8.10% in FY22.
1) 8.25%
2) 8.35%
3) 8.20%
4) 8.15%
5) 8.30%
Answer- 4) 8.15%
Explanation:
The Central Board of Trustees (CBT), the apex decision-making body of the Employees’ Provident
Fund Organisation (EPFO), has proposed a new interest rate of 8.15% for Provident Fund deposits
for the current fiscal year 2022-23 (FY23), to nearly 6 crore subscribers.
• This proposed interest rate (8.15%) is 0.05 % higher than the 8.10% interest rate of FY22,
which is the lowest in four decades.
• This is the first increase in the Employees’ Provident Fund (EPF) interest rate since 2018-19,
when it was lifted to 8.65% from 8.5% previously.
i. The decision was made at the 233rd meeting of the CBT, EPFO, which was presided over by Union
Minister Bhupender Yadav, Ministry of Labour & Employment (MoLE).
ii. The CBT approved the 5-year perspective plan for improving EPFO’s physical infrastructure, which
involves a budget of Rs. 2200 crores on land purchases, building construction, and special repairs.
iii. Union Minister Bhupender Yadav, MoLW, has launched an e-passbook for the benefit and
convenience of EPFO members.
• With the addition of this feature, members will now be able to examine more information
about their accounts in graphical form.
131. In March 2023, the Pension Fund Regulatory and Development Authority (PFRDA)
amended the PFRDA (Redressal of Subscriber Grievance) Regulations 2015 & increased the
upper age limit of the Ombudsman from 65 to __________ years.
1) 68
2) 75
3) 67
4) 80
5) 70
Answer- 5) 70
Explanation:
According to the notification dated 27th March 2023, the Pension Fund Regulatory and Development
Authority (PFRDA) has amended the PFRDA (Redressal of Subscriber Grievance) Regulations 2015
and increased the upper age limit of the Ombudsman from 65 to 70 years.
i. The amended regulations are called the “Pension Fund Regulatory and Development Authority
(Redressal of Subscriber Grievance) (Amendment) Regulations, 2023”.
ii. The amended rules come into force on the date of the publication of the official gazette.

132. In March 2023, the Central Board of Direct Taxes (CBDT) extended the deadline to link
Permanent Account Number (PAN) with Aadhaar from 31st March 2023 to __________.
1) 31st July 2023
2) 30th September 2023
3) 30th June 2023
4) 31st August 2023
5) 30th November 2023
Answer- 3) 30th June 2023
Explanation:
On 28th March 2023, the Ministry of Finance (MoF) informed that the Central Board of Direct Taxes
(CBDT) has extended the deadline to link Permanent Account Number (PAN) with Aadhaar from 31st
March 2023 to 30th June 2023.
i. According to Sub-section (2) of section 139AA to Income-tax Act 1961, it is mandatory for every
person who has been allotted a PAN as of 1st July 2017 to intimate his Aadhaar Number so that the
Aadhaar and PAN can be linked.
ii. According to the MoF, as of 28th March 2023, more than 51 crore PANs have already been linked
with Aadhaar.
133. Which country has recently (in March ‘23) committed Rs 7,084.5 crore to India for
infrastructure projects in Patna (Bihar), West Bengal, and Rajasthan?
1) France
2) Japan
3) Singapore
4) Germany
Answer- 2) Japan
Explanation:
On March 28, 2023, Japan committed Rs 7,084.5 crore to India for three infrastructure projects viz.
one each in Patna (Bihar), West Bengal, and Rajasthan. Notes in this regard were exchanged
between Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs (DEA), Ministry
of Finance and Suzuki Hiroshi, Japan Ambassador to India.
i. Japan will provide JPY (Japanese Yen) 98.612 billion (about Rs 5,509 crore) for Patna Metro Rail
Construction Project (I)
ii. It will fund JPY 18.894 billion (about Rs 1,055.53 crore) for Rajasthan Water Sector Livelihood
Improvement Project (II)
iii. It will fund JPY 9.308 billion (about Rs 520 crore) Forest and Biodiversity Conservation for Climate
Change Response in WB.
134. In March 2023, National Payments Corporation of India (NPCI) announced that the Unified
Payments Interface (UPI) transactions of above Rs 2000 made using Prepaid Payment
Instruments (PPIs) will attract an interchange fee from 0.5% to___________.
1) 2.0%
2) 2.5%
3) 1.1%
4) 2.8%

5) 1.5%
Answer- 3) 1.1%
Explanation:
On 24th March 2023, the National Payments Corporation of India (NPCI) announced that the Unified
Payments Interface (UPI) transactions of above Rs 2000 made using Prepaid Payment Instruments
(PPIs) such as wallets or cards will attract an interchange fee ranging from 0.5% to 1.1%.
• The changes will come into effect from 1st April 2023.
i. The lowest interchange fee of 0.5% would be applied to fuel payments. 0.7% would be applied for
transactions above Rs2,000 related to telecom, utilities, post office, education, and agriculture. 0.9%
and 1% for UPI transactions at supermarkets and for mutual funds, government, insurance and
railways, respectively.
135. As per the data presented in the Rajya Sabha as a written answer by the Union Minister of
Finance Nirmala Sitharaman, the Public sector banks (PSBs) have written off around
Rs______________in first 9 months of FY23.
1) 71,000 crore
2) 80,000 crore
3) 85,000 crore
4) 91,000 crore
5) 79,000 crore
Answer- 4) 91,000 crore
Explanation:
According to data presented in the Rajya Sabha as a written answer by the Union Minister Nirmala
Sitharaman, Ministry of Finance, Public sector banks (PSBs) have written off around Rs 91,000
crore in the first 9 months of FY23.
• In bank-wise details of the written-off amounts, State Bank of India(SBI) is on the top (Rs
17,356 crore) followed by Union Bank of India(UBI) (Rs 16,497 crore) and Bank of
Baroda(BoB) (Rs 13,032 crore).
i. All the scheduled commercial banks (PSBs, private banks and foreign banks) wrote-off around Rs
1.61-lakh crore worth of loan in FY18. Recovery from written off accounts was less than Rs 13,000
crore or around 8% of bad debts taken off from the book in FY18
136. Which of the following points is/are “correct” with respect to the recent steps taken by the
Securities and Exchange Board of India (SEBI) in March 2023?
A) The Securities and Exchange Board of India (SEBI) postponed the decision to freeze Mutual
Fund (MF) folios without nomination to September 30, 2023 instead of March 31, 2023.
B) This circular by SEBI is issued in exercise of powers conferred under Section 11 (1) of SEBI
Act, 1992, read with the provisions of Regulation 77 of SEBI (Mutual Funds) Regulations,
1996, to protect the interest of investors in securities and to promote the development of the
securities market.
C) SEBI introduced a framework for ‘Scheme of Arrangement by unlisted Market Infrastructure
Institutions (MIIs)‘ to bring uniformity in the norms in line with provisions currently
applicable to listed MIIs.
1) All A, B & C
2) Only A & B

3) Only B & C
4) Only A & C
5) Only A
Explanation:
The Securities and Exchange Board of India (SEBI) postponed the decision to freeze Mutual Fund (MF)
folios without nomination to September 30, 2023 instead of March 31, 2023.
• This circular by SEBI
is issued in exercise of powers conferred under Section 11 (1) of SEBI Act, 1992, read
with the provisions of Regulation 77 of
SEBI (Mutual Funds) Regulations, 1996, to protect the interest of investors in securities
and to promote the development of the securities market.
i. On the recommendations of Secondary Market Advisory Committee (SMAC) chaired by
Gurumoorthy Mahalingam, SEBI introduced a framework for ‘Scheme of Arrangement by unlisted
Market Infrastructure Institutions (MIIs)‘ to bring uniformity in the norms in line with provisions
currently applicable to listed MIIs.
• MII include Stock Exchanges, Clearing Corporations and Depositories.
• The framework will be applicable from April 27, 2023.
ii. This circular is issued in exercise of powers conferred under Section 11(1) of the SEBI, 1992.
137. Which of the following points is/are “Correct” with respect to the recent (in March ‘23)
financial approval by World Bank (WB) Board of Executive Directors?
1) The World Bank has approved a USD 100 million loan from the International Bank for
Reconstruction and Development (IBRD) to the Indian state of Odisha.
2) The objective of the loan is to boost Odisha’s early forecasting systems for better disaster response
& to expand social protection coverage for poor & vulnerable households via digital platforms.
3) WB has approved a USD 263 million loan to the Indian state of Uttar Pradesh to install piped water
connections in the 3 million rural households in the state.
4) Both 1 & 2
5) Both 2 & 3
Answer- 4) Both 1 & 2
Explanation:
The World Bank (WB) Board of Executive Directors has approved a USD 100 million loan from the
International Bank for Reconstruction and Development (IBRD) to the Indian state of Odisha.
• Objective: To boost Odisha’s early forecasting systems for better disaster response and to
expand social protection coverage for poor and vulnerable households via digital platforms.
• The loan is issued under Odisha State Capacity and Resilient Growth Program, which is a
Program-for-Results (PforR) financing mechanism.
i. The World Bank (WB) Board of Executive Directors has approved a USD 363 million loan from the
IBRD to the southern Indian state of Karnataka.
• Objective: To install piped water connections in the 2 million rural households in the state
and supply them with clean drinking water.

138. As per the Comptroller and Auditor General of India report released in March 2023, the
Department of Financial Services (DFS) had given Rs 8,800 crore to__________(bank) as a part
of recapitalization exercise/credit growth in FY18?
1) Bank of Baroda
2) Indian Bank
3) Bank of India
Explanation:
As per the ‘Report of the Comptroller and Auditor General of India for the year ended March 2021 –
Union government (Economic & Service Ministries – Civil) No. 1 of 2023 (Compliance Audit
Observations)’ presented in Parliament, the Department of Financial Services (DFS), Ministry of
Finance had given Rs 8,800 crore to the State Bank of India (SBI) as part of a recapitalization
exercise/credit growth in FY18.
139. Which state’s Legislative Assembly has recently (29th March 2023) passed Rs 56,683.69
crore annual budget for the Financial year 2023-2024?
1) West Bengal
2) Maharashtra
3) Himachal Pradesh
4) Uttarakhand
5) Jharkhand
Answer- 3) Himachal Pradesh
Explanation:
On 29th March 2023, the Legislative Assembly of Himachal Pradesh (HP) passed the Rs 56,683.69
crore annual budget for the Financial year 2023-2024.
• CM also introduced the related Himachal Pradesh Appropriation Bill 2023 in the state
assembly, which was passed by voice note.
• With this, the government of HP is authorized to withdraw funds from the consolidated fund
for use during FY24.
i. On 17th March 2023, Sukhvinder Singh Sukhu, Chief Minister(CM) and Finance Minister of
HP, presented his first budget for HP with an outlay of Rs 53,613 crore.
ii. After discussion on the demands for grants of the budget between the ruling party (Indian National
Congress -INC) and the opposition(Bharatiya Janata Party – BJP) from 20th to 23rd March 2023, there
has been an increase of Rs 3064.69 crore in the budget for FY24.
• The CM also announced that the government aims to make Himachal Pradesh a ‘Green Energy
State’ by 31st March 2026 by promoting hydropower and solar energy through the adoption of
electric vehicles to check pollution.

STATIC BANKING QUESTIONS
1. Who is the current (as of Feb ‘23) Managing Director (MD) & Chief Executive Officer (CEO) of
RBL Limited?
1) Raj Vikash Verma
2) R. Mohan
3) Sandeep Bakhshi
4) R Subramaniakumar
5) Murali M. Natrajan
Answer- 4) R Subramaniakumar
Explanation:
About RBL Bank Limited:
MD & CEO – R Subramaniakumar
Tagline – apno ka bank
2. Who is the current (as of March’ 23) Chairman of IndusInd Bank?

1) Akila Krishnakumar
2) Sunil Mehta
3) Rajiv Agarwal
4) Shanker Annaswamy
5) Bhavna Doshi
Answer- 2) Sunil Mehta
Explanation:
Adani Green Energy (AGEL) announced that its director Sunil Mehta has resigned to avoid any
conflict of interest following his appointment as Chairman of IndusInd Bank.
i. Sunil Mehta has informed the company that pursuant to RBI approval, he has been appointed as
part-time/non-executive Chairman of IndusInd Bank Ltd (bank) and that he has been advised by the
bank to relinquish his directorship in the company to avoid any conflict of interest.
ii. Mehta has resigned as non-executive and independent director of the company with effect from
February 24, 2023, as per the attached resignation letter.
3. Who has recently (in Feb ‘23) became Bhutan's first digital citizen by onboarding with the
Bhutan National Digital Identity (NDI) mobile wallet?
1) Norbu Wangchuk
2) Lotay Tshering
3) Jigme Namgyel Wangchuck
4) Tshewang Lhamo
5) Loknath Sharma
Answer- 3) Jigme Namgyel Wangchuck
Explanation:
Bhutan's Royal Highness The Gyalsey (Prince) Jigme Namgyel Wangchuck, became the country's
first digital citizen by onboarding with the Bhutan National Digital Identity (NDI) mobile wallet.

i. Bhutan NDI uses cutting-edge technology to provide citizens with secure and verifiable identity
credentials, ensuring the privacy and protection of their personal information.
ii. The system uses the "self-sovereign identity" model based on Decentralised Identity (DID)
technology, which gives people more control over their personal information and who can access it.
4. Who is the current (as of March ‘23) Managing Director (MD) & Chief Executive Officer (CEO)
of HDFC Bank?
1) Sandeep Bakhshi
2) Shyam Srinivasan
3) Anup Kumar Sinha
4) Sashidhar Jagdishan
5) Murali M. Natrajan
Answer- 4) Sashidhar Jagdishan
Explanation:
About HDFC Bank Ltd:
Managing Director (MD) & Chief Executive Officer (CEO) – Sashidhar Jagdishan
5. Which company has recently (in March ‘23) launched ‘Used Car Digi Loans’ in partnership
with Car&Bike and Rupyy?
1) Muthoot Finance Ltd
2) Bajaj Finance Ltd
3) Tata Capital Financial Services Ltd
4) Mahindra & Mahindra Financial Services Ltd
5) Aditya Birla Finance Ltd
Answer- 4) Mahindra & Mahindra Financial Services Ltd
Explanation:
Mahindra & Mahindra Financial Services Limited launched a specialized end-to-end digital
journey named 'Used Car Digi Loans'. This offering has been launched in association with Car&Bike
(by Mahindra First Choice Wheels) & Rupyy (by Cardekho), the leading brands in the used car
industry.
i. With the help of this new integrated journey, customers will be able to get customized loan offers
from Mahindra Finance, enabling them to make faster buying decisions.
ii. The integrated system will be able to seamlessly initiate the loan application procedure with
Mahindra Finance thus making the process quick and convenient for the customer.
6. The Churchgate railway station in ________________ to be renamed as 'Chintamanrao Deshmukh

station', after the first governor of the Reserve Bank of India (RBI) CD Deshmukh.
1) Mumbai, Maharashtra
2) Ahmedabad, Gujarat
3) Kanpur, Uttar Pradesh
4) Patna, Bihar
5) Ranchi, Jharkhand

Answer- 1) Mumbai, Maharashtra
Explanation:
The Churchgate railway station in Mumbai, Maharashtra to be named as 'Chintamanrao
Deshmukh station', named after the first governor of the Reserve Bank of India (RBI) CD Deshmukh.
i. The first national executive meeting of the Eknath Shinde-led Shiv Sena faction, which was declared
the original Shiv Sena by the Election Commission. The meeting passed a resolution to rename the
Churchgate railway station after the former RBI governor and Union Finance Minister CD Deshmukh.
7. Name the Small Finance Bank (SFB) that has recently (in March’ 23) partnered as the ‘Proud
Banking Partner’ with the IPL champion Gujarat Titans for the 2023 season.
1) Unity Small Finance Bank
5) Fincare Small Finance Bank
Answer- 2) Equitas Small Finance Bank
Explanation:
Equitas Small Finance Bank (SFB) has signed a partnership as the ‘Proud Banking Partner’ with
the 2022 Tata IPL champions-Gujarat Titans for the 2023 season.
i. This is to further the Bank’s brand ethos of being “The Progressive Bank Behind Progressive
Champions”.
ii. The Gujarat Titans team will sport the Equitas Small Finance Bank logo on the back of the helmet as
part of the team’s jersey.
8. Name the bank that has recently (in Feb ‘23) completed a USD 1 billion Syndicated Social
Loan Facility.
2) Bank of Baroda
3) ICICI Bank
4) HDFC Bank
5) Axis Bank
Explanation:
State Bank of India (SBI) has completed a USD 1 billion Syndicated Social Loan Facility which is
significant for SBI and the Indian ESG financing market. It is the largest ESG loan by a commercial
bank in the Asia Pacific and the second-largest social loan globally.
i. The facility of USD 1 billion was arranged through MLABs, MUFG Bank, and Taipei Fubon
Commercial Bank Co. Ltd.
ii. MUFG and Taipei Fubon Commercial Bank are Joint Social Loan Coordinators, while MUFG is the
Lead Social Loan Coordinator for this transaction.
9. Which stock exchange company’s subsidiary has recently (in Feb ‘23) launched sub-category
level benchmarks under its Alternative Investment Fund (AIF) Benchmark?
1) Calcutta Stock Exchange
2) Vadodara Stock Exchange

3) Bombay Stock Exchange
4) Madras Stock Exchange
5) National Stock Exchange
Answer- 5) National Stock Exchange
Explanation:
NSE indices, subsidiary of National Stock Exchange, launched sub-category level benchmarks under
Nifty Alternative Investment Fund (AIF) Benchmark.
i. The Nifty AIF benchmarks have been created in line with the SEBI guidelines, for each of the three
AIF categories (Cat I, Cat II, and Cat III) based on performance data for the period ended March 31,
2022
ii. Within broader categories, the AIFs are further classified into various sub-categories as Category I:
Venture Capital Funds; Category II: Equity Funds - Unlisted, Equity Funds - Listed + Unlisted, Debt
Funds, Real Estate Funds – Equity Oriented and Real Estate Funds – Non–Equity Oriented and Others;
and Category III: Long Only Equity Funds; Long Short Equity Funds; and Multi Asset Funds.
10. Name the bank that has recently (in Dec ‘22) sanctioned a donation of Rs 4.26 crore to
rejuvenate seven major lakes in the Kolar district of Karnataka.
1) ICICI Bank
2) Canara Bank
3) HDFC Bank
4) Bank of India
Explanation:
In December 2022, The State Bank of India has sanctioned a donation of Rs 4.26 crore to rejuvenate
seven major lakes in the Kolar district of Karnataka.
i. As part of its corporate social responsibility, SBI will undertake the rejuvenation of seven major
lakes - Manjalanagara Amnikere and S Vadigepallikere in Srinivaspura Taluk, Peddapallikerein KGF,
Tambihallikere and Channegowdanakere in Kolar Taluk, C Hosurkere in Mulabagal Taluk and
Rajalukere (WS) in Bangarpet Taluk of Kolar District- said the bank in a press release.
ii. The activity would include bund development and channel development for the seven lakes.
11. What is the Tagline of IndusInd Bank?

1) We Make You Feel Richer
2) Your Perfect Banking Partner
3) Always You First
4) We Understand Your World
5) Good People to Grow With
Answer- 1) We Make You Feel Richer
Explanation:
About IndusInd Bank:
IndusInd Bank’s profit after tax increased by 68.71% to Rs. 1,959.20 crore for the quarter ended
December 2022, from Rs. 1,161.27 crore in the previous quarter.
MD & CEO – Sumant Kathpalia

Tagline – We Make You Feel Richer
12. Which company has recently (in March ‘23) achieved an annualised Total Payment
Value(TPV) run rate of USD 1 trillion?
1) Freecharge
2) Paytm
3) Razorpay
4) PhonePe
5) BharatPe
Answer- 4) PhonePe
Explanation:
PhonePe has achieved an annualised Total Payment Value(TPV) run rate of USD 1 trillion(~ Rs 84
lakh crore), mainly on account of its Unified Payments Interface (UPI) transactions.
i. They have digitised more than 35 million offline merchants spread across tier 2, 3, 4 cities and
beyond, covering 99% pin codes in India.
13. Name the software company that has recently (in March ‘23) launched the world’s largest
open finance platform called “eMACH.ai” to help banks & financial institutions design future-
ready technology solutions.
1) Intellect Design Arena
2) Newgen Software
3) Zensar Technologies
4) Mphasis
5) Cyient
Answer- 1) Intellect Design Arena
Explanation:
Intellect Design Arena launched the world’s largest open finance platform called eMACH.ai, which
will help banks and financial institutions design future-ready technology solutions.
i. The multi-product fintech company’s newly-launched open finance platform is the ‘broadest, most
comprehensive, composable, contextual and most innovative’ platform, which can help banks create
their own ‘My Signature Solution’.
ii. The cloud-native platform has artificial intelligence embedded in it, powered by Amazon Web
Services (AWS).
14. In March 2023, Kotak Mutual Fund announced the launch of Kotak Silver ETF Fund of Fund,
an open-ended fund of fund scheme to invest in units of the Kotak Silver ETF.
Who is the current (as of March ‘23) Managing Director (MD)of Kotak Mahindra Asset
Management?
1) Amit Krishnakant Desai
2) Nilesh Shah
3) Uday Phadke
4) Sharadkumar Bhatia
5) Chandrashekhar Sathe
Answer- 2) Nilesh Shah

Explanation:
Nilesh Shah is the present Managing Director (MD) of Kotak Mahindra Asset Management.
i. Kotak Mutual Fund announced the launch of Kotak Silver ETF Fund of Fund, an open-ended fund of
fund scheme that invests in units of the Kotak Silver ETF.
ii. The New Fund Offer is open for subscription and will close on March 27. In the past, silver as a
commodity had provided protection during crises. For instance, during the recent Russia-Ukraine
conflict, while the Nifty 50 fell by 10%, silver prices surged by 12% (Source: Bloomberg, Data as on
31st Jan’23).
15. Name the Small Finance Bank (SFB) that has recently (in March ‘23) partnered with T20
cricket team Royal Challengers Bangalore (RCB) for the 2023 season of the T20 league.
1) Suryoday SFB
2) ESAF SFB
3) Capital SFB
4) AU SFB
5) Equitas SFB
Answer- 5) Equitas SFB
Explanation:
Equitas Small Finance Bank (SFB) has partnered T20 cricket team Royal Challengers Bangalore
(RCB) for the 2023 season of the T20 league.
i. The RCB team will don the Equitas Small Finance Bank logo on the lead trousers as part of the
team's jersey.
ii. This partnership campaign will be aimed to communicate that Equitas has been playing a
progressive role in transforming the lives of individuals through their lending and social
responsibilities beyond banking'.
16. Name the Financial services company that has recently (in March ‘23) acquired the Silicon
Valley Bank, United Kingdom (UK) unit for 1 pound.
1) Muthoot Finance
2) HSBC Financial Services
3) Tata Capital Financial Services
4) Mahindra & Mahindra Financial Services
5) Bajaj Finance
Answer- 2) HSBC Financial Services
Explanation:
The UK government announced that HSBC Financial Services is acquiring the UK arm of the
collapsed Silicon Valley Bank for 1 pound.
17. Name the bank that has recently (in March ‘23) partnered with CheQ to provide users with
extra rewards on credit card bill payments.
1) HDFC Bank
2) Axis Bank
3) ICICI Bank
4) YES Bank
5) IndusInd Bank

Explanation:
Bengaluru (Karnataka)-based fintech startup CheQ has partnered with Axis Bank, India’s third
largest private sector bank to make the credit card bill payment experience extra rewarding for its
users.
i. As part of a first-of-its-kind partnership, customers who pay their Axis Bank credit card bills on the
CheQ app will earn a flat 1.5 percent of their payment back as CheQ Chips. This is an additional
incentive of 0.5 percent over the regular 1 percent that users normally get.
18. Who is the current (as of March ‘23) Director General (DG) of Foreign Trade?
1) Thakur Singh Negi
2) Anurag Patel
3) Santosh Kumar Sarangi
4) Rajni Golani
5) Ajay Handa
Answer- 3) Santosh Kumar Sarangi
Explanation:
Santosh Kumar Sarangi is the present Director General (DG) of Foreign Trade.
i. As many as 20 banks, including HDFC Bank and UCO Bank, have opened special vostro accounts to
facilitate overseas trade in rupee. This move comes even as several countries have expressed interest
to have arrangements for rupee trade.
ii. Bangladesh, Sri Lanka and Mauritius are also taking initiatives to open rupee vostro accounts.
19. What is the Tagline of Bank of Baroda (BoB)?

1) Always You First
2) We Care Dil Se, We Make You Feel Richer
3) Relationship Beyond Banking
4) Support All the Way
5) India’s International Bank
Answer- 5) India’s International Bank
Explanation:
About Bank of Baroda (BoB):
MD & CEO – Sanjiv Chadha
Headquarters – Vadodara, Gujarat (Head office), Mumbai, Maharashtra (Corporate centre)
Establishment – 20 July 1908
Tagline – India’s International Bank
20.Where is the Headquarters of the OmniCard situated?

1) New Delhi, Delhi
2) Patna, Bihar
3) Vijayawada, Andhra Pradesh
4) Noida, Uttar Pradesh
5) Ahmadabad, Gujarat
Answer- 4) Noida, Uttar Pradesh

Explanation:
About OmniCard:
Chief Operating Officer (COO) & Co-Founder – Abhishek Saxena
Headquarters – Noida, Uttar Pradesh
21. Who was recently (in March ‘23) given the additional charge of Managing Director (MD) &
Chief Executive Officer (CEO) of Invest India?
1) Deepak Bagla
2) Anurag Jain
3) Manmeet K Nanda
4) Chandrajit Banerjee
5) Arti Bhatnagar
Answer- 3) Manmeet K Nanda
Explanation:
In the 32nd Board Meeting of Invest India on 20th March 2023, the Board appointed Ms. Manmeet K
Nanda, IAS, West Bengal Cadre (2000 Batch) as the Managing Director (MD) & Chief Executive Officer
(CEO) (additional charge) of Invest India until a full time regular appointment. Ms. Nanda takes over
after the resignation of Mr. Deepak Bagla.
i. The Board placed on record its appreciation to Mr. Deepak Bagla for his leadership and commitment
in establishing Invest India. He has served the organization for nearly 8 years and contributed to
Invest India’s development.
22. In March 2023, Seylan Bank of Sri Lanka opened an Indian rupee-denominated Nostro
account in __________ (Bank) in Mumbai, Maharashtra.
1) Indian Bank
3) Bank of Baroda
4) Bank of India
5) Central Bank of India
Answer- 1) Indian Bank
Explanation:
Sri Lanka’s Seylan Bank has opened an Indian rupee-denominated Nostro account in Indian Bank in
Mumbai, Maharashtra.
i. The arrangement will help settle cross-border transactions using Indian rupee between the two
nations. In a statement, the Sri Lankan bank said the initiative will enable local customers to enter into
transactions denominated in the Indian Rupee, eliminating the need to conduct Trade and Remittance
transactions in US dollars.
ii. Sri Lanka’s banks have been opening Nostro accounts in India-based banks. Likewise, banks from
the Indian side have maintained similar accounts in Sri Lanka for a reciprocal arrangement.
iii. The state-run Bank of Ceylon carried out its first rupee settlement in December 2022 and has
completed transactions of over Rs 1 crore. Similarly, the State Bank of India has started rupee
settlements this month, while the Indian bank has been completing similar transactions since January
2023.

23. In March 2023, the National Company Law Tribunal (NCLT) approved the merger of the
Housing Development Finance Corporation (HDFC) and HDFC Bank.
Following the merger, existing shareholders of HDFC will reportedly own a ________ stake in the
HDFC Bank.
1) 51%
2) 30%
3) 41%
4) 35%
5) 49%
Answer- 3) 41%
Explanation:
The National Company Law Tribunal (NCLT) approved the merger of the Housing Development
Finance Corporation (HDFC) and HDFC Bank, which is considered to be the largest merger in the
history of corporate India.
i. Following the merger, existing shareholders of HDFC will reportedly own a 41% stake in the HDFC
Bank.
ii. The HDFC-HDFC Bank merger was announced in 2022 and it's deemed to be one of the largest
mergers in India's corporate history.
24. Which of the following will be used as the common identifier for all digital systems of
specified govt agencies?
1) Legal Entity Identifier
2) Universal Account Number
3) Mobile Money Identifier
4) Permanent Account Number
5) Indian Financial System Code
Answer- 4) Permanent Account Number
Explanation:
During the Union Budget, Finance Minister Nirmala Sitharaman announced Permanent Account
Number (PAN) will be used as a common identifier for all digital systems of specified government
agencies.
• The move would help in further promoting ease of doing business in the country.
i. PAN is a 10-digit alphanumeric number allotted by the income tax department to a person, firm or
entity.
25. Who is the current (as of March ‘23) Chairman & Managing Director of Small Industries
Development Bank of India (SIDBI)?
1) Ashish Gupta
2) Devendra Kumar Singh
3) Sivasubramanian Ramann
4) Pankaj Jain
5) Sudatta Mandal
Answer- 3) Sivasubramanian Ramann

Explanation:
Chairman & Managing Director– Sivasubramanian Ramann
Headquarters– Lucknow, Uttar Pradesh
26. Who is the acting chairman of Life Insurance Corporation (LIC), as of March 2023?
1) Bishnu Charan Patnaik
2) Suchindra Mishra
3) M Jagannath
4) Raj Kumar
5) Siddhartha Mohanty
Answer- 5) Siddhartha Mohanty
Explanation:
The Financial Services Institutions Bureau (FSIB), the headhunter for directors of state-owned banks
and financial institutions, selected Siddhartha Mohanty to head insurance behemoth Life Insurance
Corporation (LIC).
i. As per the guidelines, the chairman is selected from the four managing directors of the company.
After interviewing four candidates based on their overall experience and extant parameters on March
23, 2023, FSIB recommended Siddhartha Mohanty for the position of Chairperson in LIC of India.
ii. Currently, Siddhartha Mohanty, managing director of LIC, is the acting chairman of the country's
biggest life insurance firm after the completion of the term of MR Kumar on March 13, 2023.
iii. The final decision on the FSIB recommendation will be taken by the Appointments Committee of
the Cabinet headed by Prime Minister Narendra Modi.
27. The Reserve Bank of India (RBI) conducted a 14-day variable rate repo (VRR) auction on
March 10 to inject up to Rs. __________ into the banking system.
1) 1 lakh crore
2) 4 lakh crore
3) 2 lakh crore
4) 5 lakh crore
5) 3 lakh crore
Answer- 1) 1 lakh crore
Explanation:
The Reserve Bank of India (RBI) will conduct a 14-day variable rate repo (VRR) auction on March 10
to inject up to RS. 1 lakh crore into the banking system. The VRR is usually undertaken to withdraw
excess liquidity from the system.
28. Who is the current (as of March ‘23) Managing Director (MD) & Chief Executive Officer
(CEO) of ICICI Lombard General Insurance Company Limited?
1) Ved Prakash
2) Uday Chitale
3) Lalita D. Gupte
4) Suresh Kumar
5) Bhargav Dasgupta

Answer- 5) Bhargav Dasgupta
Explanation:
About ICICI Lombard General Insurance Company Limited (ICICI Lombard):
Managing Director (MD) & Chief Executive Officer (CEO) – Bhargav Dasgupta
Founded – 2001
29. How many member countries are in the World Bank (WB)?
1) 123
2) 189
3) 152
4) 160
5) 175
Answer- 2) 189
Explanation:
About World Bank (WB):
President– David Malpass
Headquarters– Washington, DC, United States
Member Countries– 189
30. In March 2023, US-based GQG Partners trimmed its stake in the HDFC Asset Management
Company (AMC) from 5.33% to __________%.
1) 4.23
2) 3.09
3) 2.76
4) 1.87
5) 3.28
Answer- 3) 2.76
Explanation:
US-based GQG Partners, which recently invested heavily in Adani Group companies, has trimmed its
stake in the HDFC Asset Management Company (AMC) from 5.33 per cent to 2.76 per cent. The stake
was sold between August 23, 2022, and March 15, 2023, HDFC AMC said in a disclosure to the stock
exchanges.
i. Shares of HDFC Asset Management Company hit a 52-week low of ₹1,595.25 as a large quantity of
shares exchanged hands through block deals on the NSE.
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Banking & Economy PDF - March 2023 by AffairsCloud 1

Banking & Economy PDF - March 2023 by AffairsCloud 1

Banking & Economy PDF - March 2023 by AffairsCloud 1