March Banking (Eng) by AffairsCloud

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Banking, Finance & Economy PDF 2024 – March
Table of Contents
Banking, Finance & Economy News: March 2024 ................................................................................................... 6
Banking, Finance & Economy Q&A: March 2024 .................................................................................................. 66
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Banking, Finance & Economy News: March 2024
RBI IN NEWS
RBI revises BBPS Framework to Streamline Bill Payments; Issues Master Direction for Filing of
Supervisory Returns
On February 29, 2024, Reserve Bank of India (RBI) has revised the regulatory framework for Bharat Bill
Payment Systems (BBPS) based on a review of developments in the payments landscape. The revised
directions, called as RBI (BBPS) Directions, 2024, will be applicable from 1st April 2024.
• This will streamline the process of bill payments, enable greater participation, and enhance
customer protection among other changes.
The master direction of RBI (BBPS) directions 2024 was issued under Section 18 read with Section 10(2)
of the Payment and Settlement Systems (PSS) Act, 2007 (Act 51 of 2007).
About BBPS:
BBPS is an integrated bill payment platform enabling payment or collection of bills through multiple
channels- mobile apps, mobile banking, physical agents, and bank branches using various payment modes,
like Unified Payments Interface (UPI), internet banking, cards, cash, and prepaid payment instruments.
Applicability:
i.The provisions of these Directions will be applicable to NPCI Bharat Bill Pay Limited (NBBL), a wholly
owned subsidiary of National Payments Corporation of India(NPCI); and all Bharat Bill Payment
Operating Units (BBPOUs).
ii.NBBL is designated as the Payment System Provider for BBPS.
iii.Any entity, other tan the biller, facilitating bill payments outside BBPS, falls under the definition of a
‘payment system’ per Section 2(1)(i) of the PSS Act 2007, necessitating authorization.
Participants in BBPS:
i.Bharat Bill Pay Central Unit (BBPCU): NBBL as the BBPCU connects customers and billers through
Customer Operating Unit (COU) and Biller Operating Unit (BOU), handling clearing and settlement
activities.
ii.BBPOUs: Banks, non-bank Payment Aggregators (PAs), and authorized entities can participate without
separate authorization but must inform RBI before commencing operations.
Roles and Responsibilities:
i.BBPCU: It governs participation criteria, system operations, and technical standards. It guarantees
settlement for all transactions routed through NBBL, requires BBPS reference numbers from payment
initiation stage, prohibits fund flow through any Technology Service Providers (TSP), and establishes a
consumer dispute resolution framework.
ii.BoU: Onboarding billers to BBPS;Ensuring compliance to due diligence requirements in respect of
onboarding of merchants, Ensuring compliance with additional due diligence for specific biller categories
and conducting due diligence of billers onboarded via biller aggregators.
iii.COU: Facilitating customer access to billers via digital/physical interfaces, ensuring dispute resolution
systems, and assuming responsibility for agent institutions’ activities per agreements with the COU.
Key Points:
i.A non-bank BBPOU requires to open an escrow account with a Scheduled Commercial Bank exclusively
for BBPS transactions.
ii.Non-bank BBPOU operates as Payment Aggregator (PA) when it collects funds from its customers or
settles funds with the billers onboarded by it. For the purpose of maintenance of escrow account, payment

system operated by BBPOU will be the designated payment system’under Section 23A of the PSS Act,
2007.
• An escrow account is an account where funds are held in trust by two or more parties to
complete a transaction which is still ongoing. An escrow agent is a mediator who holds this
escrow account.
ii.NBBL is required to formulate a dispute resolution framework for centralized end-to-end complaint
management in compliance with RBI’s guidelines.
• All COUs and BOUs must link to the central system for customer and biller dispute resolution
following NBBL’s framework.
Note:
With the above directions, the following guidelines in connection with BBPS have been superseded:
• Implementation of Bharat Bill Payment System – Guidelines (Updated as on May 26, 2022)
• Bharat Bill Payment System – Expansion of biller categories
• Bharat Bill Payment System – Addition of Biller Category
• Bharat Bill Payment System – Amendment to guidelines
RBI issues Master Direction for Filing of Supervisory Returns
The RBI (Filing of Supervisory Returns) Directions 2024 were issued to reduce the compliance burden of
banks and non-banks on issues related to filing supervisory returns and risk mitigation.
• These directions are single reference for all Supervisory Returns.
These are issued by RBI in excercise of its powers conferred under sub section (2) of section 27 and
section 35A of the Banking Regulation (BR) Act, 1949 as amended from time to time; Section 56 of the BR
Act, 1949 and extant provisions of The Banking Regulations (Co-operative Societies) Rules, 1966; extant
provisions of Chapters IIIA and IIIB of the RBI Act, 1934; and pursuant to section 12 A of the Securitization
and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.
Applicability:
These will be applicable to the following Supervised Entities (SEs)
i.All Commercial Banks excluding Regional Rural Banks (RRBs).
• Commercial Banks include Public Sector Banks (PSBs), Private Sector Banks (PVBs), Small
Finance Banks (SFBs), Payment Banks (PBs), Local Area Banks (LABs) and Foreign Banks (FBs).
ii.All Primary (Urban) Co-operative Banks.
iii.Select All India Financial Institutions
iv.All Non-Banking Financial Companies [excluding Housing Finance Companies (HFCs)] and all Asset
Reconstruction Companies (ARCs).
What are Supervisory Returns?
It refer to all periodic / ad-hoc data submitted to RBI in formats prescribed from time to time, irrespective
of the technology platform, periodicity and the mode of submission.
Key Highlights:
i.SEs should ensure that resources and IT infrastructure is adequate to meet a broad range of on-demand,
ad hoc reporting requests, including requests during stress / crises situation and to meet supervisory
queries
ii.Commercial banks have to file 36 returns, select all India financial institutions have to file 10 returns;
urban co-operative banks (20 returns) and NBFCs (12).
iii.SEs have to submit the applicable returns with accurate and complete data, strictly within the
prescribed timelines. Click here for timelines
iv.The RBI may introduce new returns/withdraw existing returns (both ad-hoc/ regular) for submission
by SEs.
v.SEs have to submit all the returns through online mode as per the prescribe formats and manner.

vi.SEs must provide accurate information in their returns within specified deadlines.
viii.SEs who fails to comply may result in penalties or fines imposed by RBI under the Banking Regulation
Act, 1949, the RBI Act, 1934, or the Securitization and Reconstruction of Financial Assets and Enforcement
of Security Interest Act (SARFAESI), 2002.
ix.For the list of notifications / circulars that are repealed (whole or in part) with the issuance of these
new directions, Click Here.
All-India House Price Index Rises to 3.8% in Q3FY24
As per the RBI’s Quarterly House Price Index (HPI) for Q3FY24, all-India HPI increased by 3.8% (Year-on-
Year/Y-o-Y) in Q3FY24 compared to 3.5% growth in Q2FY24 and 2.8% in Q3FY23.
• Annual HPI growth is highest in Chennai, Tamil Nadu (TN) at 8.4% and lowest in Kochi, Kerala
at 0.6%.
• On a sequential basis, all-India HPI increased by 1.6% in Q3FY24.
• Among the ten cities, six (viz., Delhi, Mumbai, Chennai, Bengaluru, Ahmedabad and Kochi)
recorded a rise in house prices during Q3FY24.
Recent Related News:
i.On October 23, 2023, the Reserve Bank of India (RBI) in consultation with the Government of India (GoI),
has expanded the range of products offered through RBI Retail Direct portal by allowing retail investors to
subscribe to Floating Rate Savings Bonds , 2020 (Taxable)- FRSB 2020 (T).
ii.RBI has granted in-principle authorization to MobiKwik’s payment gateway
arm Zaakpay to operate as an online payment aggregator (PA).
About Reserve Bank of India (RBI):
Governor – Shaktikanta Das
Deputy Governors – Swaminathan Janakiraman, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi
Sankar
Establishment– 1st April 1935
Headquarters– Mumbai, Maharashtra
RBI Updates Framework for Fintech Sandbox to Streamline the Process

On 28th February 2024, the Reserve Bank of India (RBI) has updated its “Enabling Framework for
Regulatory Sandbox” to streamline the process for fintech companies.
• This update reflects the learnings gathered from running four cohorts over the past 4.5 years
along with feedback from participants like fintech companies, banking partners and other
stakeholders.
Key Changes:
i.Extended timelines: RBI has extended the overall timeline for the Regulatory Sandbox (RS) process
from 7 months to 9 months, excluding the preliminary screening period.
ii.Data protection compliance: The updated framework mandates compliance with the Digital Personal
Data Protection Act, 2023.
• Sandbox entities must implement appropriate technical and organizational measures to ensure
effective compliance with the data protection rules.
iii.Partnership arrangements: Fintech companies can now include “in-principle partnership
arrangements, if any, with various stakeholders” in their initial application for the sandbox program.
iv.Test design and integration: RBI has introduced an additional phase called “formulation of test
design and integration” in the regulatory sandbox process.
• RBI’s fintech department will finalize the test design and identify metrics (within 45 days) for
evaluating benefits and risks during this phase.

v.User Consent: The updated framework mandates
that user consent must be sought in a “language
understood by the customer”. Previously, the
framework required participants to obtain consent in
a “local language”.
vi.Theme neutral cohorts: New RS framework
allows for “theme neutral cohorts”. This means that
entities can apply to test any innovative product,
service or technology, cutting across various functions
in the RBI’s regulatory domain.
vii.Already Tested under RS: In case a proposed
product or service is similar to one already tested
under RS and no new innovation is envisaged, the
same may not be considered eligible under RS.
What is RS?
i.The RS was established on August 13, 2019 based on
the recommendations of the Working Group on FinTech and Digital Banking, set up by Financial Stability
and Development Council – Sub Committee (FSDC-SC).
ii.It refers to the live testing of new products or services in a controlled/test regulatory environment.
Through this, field tests are conducted on the advantages and drawbacks of the new financial innovations.
Additional Info:
i.RBI first set up an inter-regulatory working group to review the regulatory framework for the fintech
sector in 2016.
ii.In 2019, RBI unveiled the ‘Enabling Framework for Regulatory Sandbox’.
Headquarters – Mumbai, Maharashtra
Established in – 1935
RBI Approves NBBL to Launch Interoperable Payment System

On March 4, 2024, Reserve Bank of India (RBI) has given approval to NPCI Bharat BillPay Ltd (NBBL) to
launch an interoperable payment system for internet banking in the Calendar Year 2024 (CY24).
• This will allow merchants to more quickly settle funds.
• This information was shared by the Governor of RBI, Shaktikanta Das, at the Digital Payments
Awareness Week (DPAW) celebrations, in Mumbai, Maharashtra.
Note: National Payments Corporation of India(NPCI) is a non-profit organization established by RBI for
the operation of retail payment in India.
Key Points:
i.This measure will further boost the user confidence in Digital Payments.
ii.RBI urged all stakeholders like industry, payment system operators, media, digital payment users, to
promote ‘Har Payment Digital’.
iii.Retail digital payments in India grows from 162 crore transactions in FY 2012-13 to over 14,726 crore
transactions in 2023-24 (till February 2024) i.e., approximately 90-fold increase over 12 years.
iv.The share of UPI (Unified Payment Interface) in digital payments has reached close to 80% in 2023. At a
macro level, the volume of UPI transactions increased from 43 crore in Calendar Year (CY)-2017 to 11,761
crore in CY-2023.

RBI Approves USD 530mn All-Stock Amalgamation of Fincare SFB with AU SFB
RBI has sanctioned USD 530 million all-stocks Scheme of Amalgamation of Bengaluru, Karnataka based
Fincare Small Finance Bank (SFB) Ltd. (Transferor Bank) with Jaipur, Rajasthan headquartered AU SFB
Ltd. (Transferee Bank) in exercise of the powers contained in sub-section (4) of Section 44A of the Banking
Regulation (BR) Act, 1949.
• It is the first ever amalgamation between two SFBs.
• The effective date of amalgamation is 1st April 2024.
• Following this, all the branches of Fincare SFB Ltd. will function as branches of AU SFB Ltd.
Key Points:
i.As part of the amalgamation arrangement, shareholders will get 579 shares of the AU SFB, for every
2,000 shares owned in Fincare SFB.
ii.Fincare SFB shareholders to own 9.9% equity in AU Small Finance Bank post-amalgamation
iii.The promoters of Fincare SFB will infuse Rs 700 crore of fresh capital following the amalgamation.
iv.In January 2024, the Competition Commission of India (CCI) had approved this merger.
RBI directs IIFL Finance to cease and desist from sanctioning or disbursing gold loans
RBI in exercise of its powers under Section 45L(1)(b) of the RBI Act, 1934, directed IIFL Finance Ltd. to
cease and desist, w.e.f March 4, 2024, from sanctioning or disbursing gold loans or assigning/ securitising/
selling any of its gold loans.
• However, it can continue to service its existing gold loan portfolio through usual collection and
recovery processes.
Reason behind this decision:
The RBI inspected the company’s financial position as of March 31, 2023, identifying serious concerns in
its gold loan operations, including inaccuracies in gold assessment, breaches in Loan-to-Value ratio, and
lack of transparency in customer charges. Despite engagement with management and auditors, no
significant corrective actions were taken. Immediate business restrictions have been imposed to protect
customer interests, pending a special audit and satisfactory resolution of identified issues.
Infibeam Avenues received Online Payment Aggregator licence from RBI

Gandhinagar (Gujarat) based Infibeam Avenues Limited (formerly Avenues India Private Limited) has
received final authorisation from the Reserve Bank of India (RBI) to operate an Online Payment
Aggregator (PA) for its payment gateway brand, CCAvenue.
• Infibeam Avenues received in-principle approval from RBI to operate as a PA in 2022.
• The Certificate of Authorisation (CoA) for Setting up and Operating Payment System in India is
issued by RBI under Section 7 of the Payment and Settlement Systems Act, 2007.
Reserve Bank of India Suspended the Function of JMFPL

The Reserve Bank of India (RBI) has barred Mumbai (Maharashtra) based JM Financial Products Ltd
(JMFPL) from financing against shares and debentures including sanction and disbursal of loans against
initial public offering (IPO) of shares with immediate effect.
• RBI imposed the ban in exercise of its powers under section 45L(1)(b) of the Reserve Bank of
India Act, 1934,
• The RBI cited “serious deficiencies” observed in loans sanctioned by JM Financial for IPO
financing and non-convertible debenture (NCD) subscriptions as the reason for the ban.
• The RBI conducted a limited review of JMFPL’s books based on information shared by the
Securities and Exchange Board of India (SEBI).
• The restrictions will be reviewed upon the completion of a special audit to be instituted by the
RBI and after rectification of the deficiencies to the satisfaction of RBI.

Note: JMFPL is a Systemically Important Non-Deposit Taking NBFC (NBFC-ND-SI) registered with RBI.
RBI and Bank Indonesia Sign MoU to Promote Use of Local Currencies for Bilateral
Transactions
The Reserve Bank of India (RBI) and the Bank Indonesia (BI) signed a Memorandum of Understanding
(MoU) for establishing a framework to promote the use of local currencies of both countries, such as the
Indian Rupee (INR) and the Indonesian Rupiah (IDR), for cross-border transactions.
Signatories:
The MoU was signed by RBI Governor Shaktikanta Das and Bank Indonesia Governor Perry Warjiyo.
Features of the MoU:
i.It aims to promote the use of INR and IDR bilaterally.
ii.The MoU covers all current account transactions, permissible capital account transactions, and any other
economic and financial transactions as agreed upon by both countries.
iii.This framework would enable exporters and importers to invoice and pay in their respective domestic
currencies, which in turn would enable the development of an INR-IDR foreign exchange market.
Benefits:
The following are the benefits of using local currencies for cross-border transactions.
i.It would optimise transaction costs and settlement time.
ii.It promotes trade between India and Indonesia.
iii.It also deepens financial integration and strengthens the long historical, cultural, and economic
relations between India and Indonesia.
About Indonesia:
As of 7th February 2024, Joko Widodo is the President of Indonesia and he will be succeeded by Prabowo
Subianto Djojohadikusumo who is set to be sworn in as the 8th President of Indonesia on October 2024.
Capital – Jakarta
Currency – Indonesian Rupiah
RBI amends Card Rules; Customers can Choose Card Network

The Reserve Bank of India (RBI) in exercise of the powers conferred by Section 35A of the Banking
Regulation (BR) Act, 1949 and Chapter IIIB of the RBI Act 1934, amended the ‘Master Direction – Credit
Card and Debit Card – Issuance and Conduct Directions, 2022’, the provisions of which will come into
effect from March 07, 2024.
• As per it, card issuers are barred to enter into any arrangement with card networks for the
issuance of credit cards that restrain them from availing the services of other card networks.
• This will benefit as customers as they will get the freedom to choose from multiple card
networks.
• The timeline to follow the new norms by the card issuers is 6 months.
Applicability:
i.Instructions relating to credit cards will be applied to all credit card issuing Banks and Non-Banking
Financial Companies (NBFCs).
ii.Instructions related to debit cards will be applied to every bank operating in India.
iii.These will not be applicable to credit card issuers with number of active cards issued 10 lakh or less in
number.
iv.The card issuers who issue credit cards on their own authorized card network like American Express,
are also excluded from the applicability.

Highlight:
Under the amendment, the card issuers are mandated to
provide an option to their eligible customers to choose
from multiple card networks at the time of issue. For the
existing cardholders, this option may be provided at the
time of the next renewal.
Reason behind this:
Currently, credit card networks usually partner with
banks and non-bank institutions to issue credit cards.
The card issuer decides which network to use based on
the bilateral agreements with the networks.
• The central bank-listed authorised card
networks are American Express Banking
Corp, Diners Club International
Ltd, MasterCard Asia/Pacific Pte Ltd,
and National Payments Corporation of
India (NPCI)–Rupay, and Visa Worldwide Pte Limited.
Now, this move comes after the RBI observed that some arrangements existing between card networks
and card issuers are not conducive to the availability of choice for customers.
Key Points:
i.This is in line with RBI’s vision of bringing in credit card portability,
ii.Failure on the part of the card-issuers to complete the process of closure within seven working days
shall result in a penalty of Rs 500 per calendar day of delay payable to the cardholder, till the closure of the
account provided there is no outstanding in the account.
iii.Total Amount Due is the total amount (net of credit received during the billing cycle, if any) payable by
the cardholder as per the credit card statement generated at the end of a billing cycle.
iv.Interest shall be levied only on the outstanding amount, adjusted for payments/refunds/reversed
transactions.
v.Card-issuers shall provide the list of payment modes authorised by them for making payment towards
the credit card dues, in their websites and billing statements.
vi.For business credit cards wherein the liability rests fully with the corporate or business entity (principal
account holder), timeframe provided for payment of dues and adjustment of refunds may be as agreed
between the card-issuer and the principal account holder.
vii.In case card-issuers, at their discretion, decide to block/deactivate/suspend a debit or credit card, it
shall be ensured that a standard operating procedure is followed as approved by their Board.
Repeal of Earlier Directions:
With the above directions, the following circulars stand repealed:
• Approval for Co-branded Domestic Credit Card Business
• First Bi-monthly Monetary Policy Statement 2015-16 – Issue of Credit Cards by Scheduled
Urban Cooperative Banks
• Issue of Co-branded Credit Cards
Top 3 card issuers, Debit card issuers, Credit card issuers – Bank-Wise & Card Network wise
i.The number of outstanding credit cards at the end of January 31, 2024, stood at 9.95 crore
ii.The top credit card issuers include HDFC Bank (2.01 crore), SBI Cards (1.86 crore), ICICI Bank (1.68
crore) and Axis Bank (1.37 crore).
iii.HDFC Bank and the State Bank of India (SBI) are the top two debit card issuers in India.
Click Here for Official Notification

Complaints Received by ORBIOs & CRPC under RB-IOS increased by 68.24% in FY23
According to Reserve Bank of India (RBI)’s Annual Report of Ombudsman Scheme, 2022-23, the number of
complaints received by the Offices of the RBI Ombudsman (ORBIOs) and Centralised Receipt and
Processing Centre (CRPC) increased by 68.24% to 7,03,544 during fiscal year 2022-23 (FY23) compared
to 4,18,184 complaints during FY22.
• The report, released on 11th March 2024, is the 1st stand alone report under Reserve Bank –
Integrated Ombudsman Scheme (RB-IOS), 2021 explaining the activities of the 22 ORBIOs,
CRPC and the Contact Centre.
Key Points:
i.The intense public awareness initiatives and the simplified process for lodging of complaints under RB-
IOS resulted in the increase in number of complaints.
ii.Out of the 7,03,544 complaints, 4,68,270 were closed by CRPC as non-complaints/non-maintainable
complaints and ORBIOs handled 2,34,690 complaints.
iii.Complaints against banks constituted the majority (1,96,635 complaints), comprising 83.78% of the
total complaints received by the Ombudsman Offices.
iv.The overall disposal rate for FY23 at the ORBIOs stood at 97.99%, with average turnaround time (TAT)
of 33 days. This marks an improvement from 44 days in FY22.
Points to note:
i.57.48% of complaints resolved under RB-IOS, 2021, were settled through mutual agreement, conciliation,
or mediation.
ii.Complaints related to mobile/electronic banking were prominent among both bank and non-bank
payment system participants, while non-adherence to fair practices code was a major concern for Non-
Banking Financial Companies (NBFCs).
iii.Chandigarh, National Capital Territory (NCT) of Delhi, Haryana, Rajasthan, and Gujarat were the top
contributors to ombudsman complaints. Mizoram, Nagaland, Meghalaya, Manipur, and Arunachal Pradesh
had the lowest complaint numbers during FY23
About RB-IOS, 2021:
i.The RB-IOS, 2021 was rolled out in November 2021 by integrating the three erstwhile Ombudsman
Schemes viz., Banking Ombudsman Scheme, 2006, Ombudsman Scheme for Non-Banking Financial
Companies (OSNBFC), 2018, and Ombudsman Scheme for Digital Transactions (OSDT), 2019.
ii.It covers all commercial banks, Non-Banking Financial Companies (NBFCs), Payment System
Participants, most Primary (Urban) Cooperative Banks, and Credit Information Companies.
iii.The Scheme simplifies the grievance redress process at RBI by enabling the customers of Regulated
Entities (REs) to register their complaints at one centralized reference point.
RBI bars Federal, South Indian Bank from issuing co-branded Credit Cards;
Imposes penalty on BOI, BDN
On March 12, 2024, the Reserve Bank of India (RBI) barred Federal Bank and South Indian Bank from
issuing co-branded credit cards to new customers on account of regulatory deficiencies
i.Now, South Indian Bank won’t enroll new customers on their co-branded credit cards until fully
compliant with RBI’s Master Direction on Card Issuance.
• Existing cardholders will still be serviced. Its co-branded card with State Bank of India (SBI)
comes in two variants: SimplySAVE and Platinum.
ii.Similarly, Federal Bank will continue to service the existing customers.
• It has three co-branded credit cards viz. Federal Onecard, Federal Scapia, Federal FI.
Reason:
On March 7, 2024, RBI issued an amendment to the Master Direction on Credit Card and Debit Card

Issuance. It requires co-branded cards to clearly indicate the card issuer and prohibits co-branding
partners from marketing the card as their own product. The above barring is on the lines of this
amendment.
RBI imposes penalty on Bank of India, Bandhan Bank
RBI in exercise of its powers conferred under the provisions of section 47 A (1) (c) read with sections 46
(4) (i) and 51(1) of the Banking Regulation (BR) Act, 1949 and section 25(1)(iii) read with section 23(4)
of the Credit Information Companies/CIC (Regulation) Act, 2005 has imposed a monetary penalty of Rs 1.4
crore on Bank of India (BOI).
• The reason behind this penalty is non-compliance with certain directions issued by RBI on
‘Interest Rate on Deposits’, ‘Customer Service in Banks’, ‘Interest Rate on Advances’, ‘Central
Repository of Information on Large Credits (CRILC) – Revision in Reporting’, and ‘Membership
of CICs’ and contravention of provisions of CICRules, 2006.
• This penalty will not affect any transactions or agreement entered into by the bank with its
customers.
RBI in exercise of powers vested in RBI conferred under the provisions of section 47A(1)(c) read with
section 46(4)(i) of the BR Act, 1949 also imposed penalty of Rs 29.55 lakh on Bandhan Bank Ltd (BDN).
• The reason behind this is non-compliance with certain directions on ‘RBI (Interest Rate on
Deposits) Directions, 2016’.
• This penalty will not affect any transactions or agreement entered into by the bank with its
customers.
RBI Reconstitutes Committee of Advisors of the Abhyudaya Cooperative Bank

The Reserve Bank of India (RBI) has reconstituted a three-member Committee of Advisors of Abhyudaya
Cooperative Bank Limited by inducting Devendara Kumar in place of Mahendra Chhajed after his
resignation.
Committee of Advisors:
The ‘Committee of Advisors’ comprises of Devendra Kumar (former Chief-General Manager, State Bank of
India (SBI)), Venkatesh Hegde (former General Manager, SBI), and Suhas Gokhale (former Managing
Director, COSMOS Co-operative Bank).
Background:
i.On November 2023, RBI replaced the Board of Directors of Abhyudaya Cooperative Bank Limited for a
period of 12 months and appointed Satya Prakash Pathak (former Chief General Manager of SBI) as
‘Administrator’ to manage the bank.
ii.A ‘Committee of Advisors’ was also constituted to assist the Administrator to discharge his duties.
iii.The action against the cooperative bank was demanded due to certain material concerns, emanating
from poor governance standards observed in the bank.
iv.Though it had not placed any business limitations, the lender was allowed to continue to carry on its
normal banking activities under the guidance of Administrator.
About Abhyudaya Cooperative Bank
Chief Executive Officer – Premnath S. Salian
Establishment – 1965
Tagline – ‘Prosperity through Co-operation’
RBI Issues Omnibus Framework for Recognizing SROs for Regulated Entities
On March 21, 2024, the Reserve Bank of India (RBI) finalized the ‘Omnibus Framework
for recognising Self-Regulatory Organisations (SRO) for Regulated Entities (REs) of RBI’. The framework

sets general standards like objectives, responsibilities, eligibility, governance, and application procedures
for all recognized SROs by RBI.
• Specific guidelines related to number of SROs and membership will be provided separately by
relevant Reserve Bank departments for each sectoral SRO.
• Existing SROs already recognized by the RBI will continue to be governed by the terms and
conditions under which they were recognized, unless this framework is specifically extended to
such SROs.
Background:
i.The need to develop better industry standards for self-regulation raised to the growth of REs like banks,
NBFCs, and fintechs, in terms of number, scale of operations, increase in adoption of innovative
technologies and enhanced customer outreach.
ii.SROs enhance regulatory effectiveness by leveraging practitioner expertise and refining regulatory
policies with insights on technical nuances and practical trade-offs.
iii.As per the announcement made in the Statement on Developmental and Regulatory Policies of the
Reserve Bank, as part of its Monetary Policy Statement in October 2023, a draft framework titled ‘Draft
Omnibus Framework for recognising Self-Regulatory Organisations for its Regulated Entities’ was issued
for public comments on December 21, 2023.
• Now, each sector of the REs will have separate SRO and with the finalization of the framework
the RBI will receive applications from various entities seeking to get SRO status.
About SROs:
i.Enhancing Regulation: SROs utilize practitioner expertise to improve regulations and advise on
technical aspects, fostering innovation and fair competition.
ii.Policy Influence: They contribute to policy refinement, promoting transparency and consumer
protection.
iii.Complementary Role: SROs complement existing regulations for better compliance.
iv.Establishing Standards: They develop voluntary best practices within RBI’s framework without
replacing regulatory requirements for REs.
Highlights from framework:
i.SROs have to submit annual report to the RBI within 3 months of completion of the accounting year.
ii.The SRO, which will be structured as a not-for-profit company registered under Section 8 of the
Companies Act, 2013, will also submit periodic/ ad hoc returns as may be prescribed by RBI.
iii.RBI, if necessary, inspect the books of the SRO or arrange to have the books inspected by an audit firm.
iv.RBI can also revoke the recognition granted to an SRO, if its functioning to be detrimental to public
interest or any other stakeholder.
v.The SRO must operate transparently, professionally, and independently to instill sector confidence.
vi.Compliance with high governance standards and professional management is essential.
vii.Directors must meet ongoing ‘fit and proper’ criteria and possess relevant expertise and integrity.
viii.At least one-third of the Board, including the chairperson, must be independent, with prompt
reporting of any changes or adverse information about Directors to the RBI.
ix.The SRO must have skilled human resources and robust technical capabilities, ensuring transparent
governance processes.
RBI orders Agency Banks to facilitate Government transactions on March 31
In response to a request from the Government of India (GoI), the RBI will keep all branches of banks
handling government transactions open on March 31, 2024 (Sunday) to ensure all transactions for the
fiscal year 2023-2024 (FY24) are accounted for.
• In this regard, Agency Banks are instructed to keep their government business branches open
on this day to facilitate these operations, as March 31 falls on a Sunday in 2024.

Note: As of May 2023, there are 33 agency banks in India which are authorized for government operations
pertaining to receipts and payments.
Click here for the complete list of Agency banks in India
RBI extends deadline for submission of entries for Financial Literacy Ideathon
The RBI announced a Financial Literacy Ideathon for postgraduate students on February 26, 2024,
originally with a submission deadline of March 20, 2024. Responding to extension requests, the RBI
extends the submission deadline to April 15, 2024.
• To ensure consistency, submissions must be typed and can be sent online or by post,
accompanied by the respective college/institution’s ID card.
• Extending the timeline aims to encourage more active student participation in addressing
financial literacy challenges.
RBI Imposes Monetary Penalty on TMB & DCB Bank, for Rule Violations
The Reserve Bank of India (RBI) has imposed monetary penalty on Tamilnad Mercantile Bank
Limited(TMB) and DCB Bank Limited for non-compliance with certain directions issued by RBI.
• RBI has imposed a penalty of Rs 1,31,80,000 on TMB for non-compliance with RBI directions
on ‘Interest Rate on Advances’ and ‘Central Repository of Information on Large Credits (CRILC)
– Revision in Reporting’.
• RBI has imposed a penalty of Rs 63,60,000 on DCB Bank for non-compliance with RBI
directions on ‘Interest Rate on Advances’.
Note:
i.The Statutory Inspection for Supervisory Evaluation (ISE 2022) of TMB and DCB were conducted by RBI
with reference to its financial position as on 31st March 2022.
ii.These penalty were imposed in exercise of provisions of section 47 A (1) (c) read with section 46 (4) (i)
of the Banking Regulation Act, 1949.
GoI Updates List of Banks Authorized to Import Gold & Silver During FY25
The Government of India(GoI) updated the list of banks authorized by the Reserve Bank of India(RBI) to
import gold and silver during the Financial year 2024-2025 (FY25).
• As per the list, RBI has authorised 11 banks to import Gold and Silver and 3 banks to import
only gold with effect from 1st April 2024.
• The authorisation will be valid up to 31st March 2025.
List of Banks Authorised to import Gold/Silver:
Axis Bank Limited; Federal Bank Limited; HDFC Bank Limited; Industrial and Commercial Bank of China
Limited; ICICI Bank Limited; IndusInd Bank Limited; Kotak Mahindra Bank Limited; Karur Vysya Bank
Limited(KVB); RBL Bank Limited; State Bank of India(SBI); and Yes Bank Limited.
List of Banks authorised to import only Gold:
Indian Overseas Bank(IOB); Punjab National Bank(PNB); and Union Bank of India(UBI).
Note: During April 2023-February,2024, India’s Gold imports increased 38.76% to USD 44 billion and the
Silver imports decreased 11.53% to USD 4.62 billion.
Exports and Imports of Gold & Silver (India):
According to Observatory of Economic Complexity(OEC) data,
i.India has exported Gold worth USD124 million in 2022. Thus, India is the 93rd largest exporter of Gold in
the world.
• India’s Top 3 Destinations: The United Arab Emirates(UAE), Hong Kong and Türkiye.
ii.India imported USD35.8 billion in Gold in 2022, making India the World’s 5th largest importer of Gold.
• India’s Top 3 Source: Switzerland, South Africa and UAE.

iii. India has exported Silver worth USD33.9 million in 2022. Thus, India is the 41st largest exporter of
Silver in the world.
• India’s Top 3 Destinations: The United Kingdom (UK), The United States of America(USA), and
Germany.
iv.India imported USD1.32 billion in Silver in 2022, making India the 8th largest importer of silver in the
world.
• India’s Top 3 Source: Russia, China, and Kazakhstan
Points to note:
i.Top 3 exporters of Gold Compounds are Germany (USD 643M), Switzerland (USD 447M) and USA (USD
199 M) and top 3 silver exporters are China (USD 3.75B), UK (USD 3.2B), and Mexico (USD 2.49B).
ii.Top 3 Gold importers are UK, France, and Singapore, and top 3 silver importers are USA, Canada and
Hong Kong.
RBI data: Credit cards surpassed the 100 million mark in India
As per the Reserve Bank of India(RBI) latest data, the total number of credit cards issued by banks in
India breached the 100 million mark in February 2024.
• Data revealed that till February 2024, the total number of credit cards in circulation was 100.6
million. Whereas, In February 2023, the total number of credit cards in circulation stood
at 99.5 million.
Key Points:
i.HDFC Bank, the largest private bank in India, leads in the number of credit card issuances with 20.40
million credit cards in circulation, followed by SBI (State Bank of India) with 18.75 million credit
cards, ICICI Bank with 16.84 million, and Axis Bank with 13.90 million cards.
ii.Overall credit card spending among Indians has slightly decreased from Rs 1.66 trillion (in January
2024) to Rs 1.49 trillion ( in February 2024). It is due to the significant decline in Point of Sale (PoS)
and e-commerce payments
• E-commerce payments decreased from Rs 1.08 trillion to Rs 0.95 trillion.
• The PoS transactions decreased from Rs 58,531.77 crore in January 2024 to Rs 54,431.48 crore
in February 2024.
Dip in transactions of leading credit cards issuers:
i.Transactions through HDFC Bank credit cards decreased from Rs 43,711.47 crore(in January 2024) to Rs
40,288.51 crore (in February 2024).
ii.Transactions through ICICI Bank credit cards declined from Rs 29,672.96 crore (in January 2024) to Rs
26,843.03 crore (in February 2024).
iii.Axis Bank witnessed a decrease in transactions from Rs 20,305.45 crore (in January 2024) to Rs
17,528.09 crore (February 2024).
iv.SBI Bank’s credit card transactions slipped to from Rs 30,693.83 crore (January 2024) to Rs 23,247.79
crore (February 2024).
iv.Overall credit card transactions in February 2024 showed a growth of 26.67% on yearly basis from Rs
1.18 trillion (February 2023).
v.Data underscored the structural factors which will drive the increase in usage of credit card are: greater
digitalization of financial transactions, ease of usage and consumers find usage of credit card reliable to
fund their consumption needs.

APPOINTMENTS & RESIGNATIONS
Nidhu Saxena named as MD & CEO of Bank of Maharashtra

Nidhu Saxena was appointed as the Managing Director and Chief Executive Officer (MD & CEO) of the
Bank of Maharashtra (BOM) for a period of three years, with effect from March 27, 2024.
Note: He will be replacing A.S Rajeev upon his election as Vigilance Commissioner in Central Vigilance
Commission (CVC).
About Nidhu Saxena
i.Nidhu Saxen started his banking career at Bank of Baroda (BOB) where he worked for 10 years after
which he joined United Commercial Bank (UCO).
ii.He served as the Executive Director of Union Bank of India (UBI) from February 1, 2022, to March 26,
2024.
iii.He has also been identified as a `Subject Expert’ for assisting the Union Public Service
Commission(UPSC).
iv.He has also been a member of the Academic Council of National Institute of Bank Management, Pune
(Maharashtra) and Governing Body of Indian Institute of Bank Management, Guwahati (Assam).
Note – Pankaj Dwivedi was appointed as the Executive Director of Union Bank of India on March 27,
2024. He had previously served as the general manager in Punjab & Sind Bank.
About Bank of Maharashtra (BOM)
MD & CEO – Nidhu Saxena
Headquarters – Pune, Maharashtra
Establishment – 1935
Tagline – Ek Parivaar, Ek Bank (One Family One Bank)
FSIB Selects Girija Subramanian as CMD of NIAC; Bhupesh Sushil Rahul as CMD of UIIC
The Financial Services Institutions Bureau (FSIB) has selected Girija Subramanian as the next
Chairperson and Managing Director (CMD) of New India Assurance Company (NIAC). She currently holds
the position of CMD of the Agriculture Insurance Company (AIC) of India Limited.
• It also selected Bhupesh Sushil Rahul, who holds the position of AIC General Manager, as CMD
of United India Insurance Company (UIIC).
• Girija Subramanian will succeed Neerja Kapur, who will retire in April 2024 as CMD of the NIAC.
• Bhupesh Sushil Rahul succeeds Satyajit Tripathy, who retired in February 2024 as CMD of UIIC.
• These names will be sent to the Department of Financial Services (DFS) which will send them to
the Appointments Committee of Cabinet (ACC) headed by Prime Minister Narendra Modi for
final approval.
Matam Venkata Rao Elected as Chairman of IBA for 2023-24

On 21st March 2024, Matam Venkata Rao (MV Rao), Chief Executive Officer (CEO) and Managing Director
(MD) of the Central Bank of India, was elected as the Chairman of the Indian Banks’ Association (IBA) for
the term 2023-2024.
• He succeeds Atul Kumar Goel(AK Goel), MD & CEO of Punjab National Bank(PNB) who served as
chairman of IBA (2022-23).
Other Appointments:
i.Dinesh Kumar Khara, Chairman of the State Bank of India(SBI), has been re-elected as one of the three
deputy Chairmen of IBA.
ii.Shanti Lal Jain(SL Jain), MD & CEO of Indian Bank, and N Kamakodi, MD & CEO of City Union Bank

(CUB) have been elected as the other two Deputy Chairmen of IBA.
iii.Madhav Nair, Country Head & CEO of the Bank of Bahrain and Kuwait, will serve as the honorary
secretary of IBA. He served as the Deputy Chairman of IBA for 2022-2023.
About MV Rao:
i.MV Rao began his career with erstwhile Allahabad Bank (Indian Bank) in 1988, and has over three
decades of professional banking experience in leadership roles.
ii.He has been serving as the MD & CEO of Central Bank of India since March 2021.
iii.He has also served as the Executive Director of Canara Bank.
iv.He is also a member of different committees formed by the Reserve Bank of India (RBI), Insurance
Regulatory and Development Authority of India(IRDAI) and the Indian Bank Association.
About Indian Bank Association (IBA):
IBA is a premier service organisation of the banking industry in India.
Chairman– Matam Venkata Rao
Established in 1946
KMBL appointed Jaideep Hansraj as Group President of One Kotak

Mumbai (Maharashtra) headquartered Kotak Mahindra Bank Limited (KMBL) has appointed Jaideep
Hansraj as Group President of One Kotak, with effect from 1st April 2024.
• Prior to the appointment, he had been the Chief Executive Officer (CEO) and Managing Director
(MD) of Kotak Securities since 2019.
• Shripal Shah, President and Chief Operating Officer (COO) at Kotak Securities, will take over
from Hansraj as the head of Kotak Securities.
• ‘One Kotak’ is the term used by KMBL for its internal framework for inter-group synergies and
cross-selling opportunities.
Alok Rungta appointed as MD & CEO of Future Generali India Life Insurance
Mumbai (Maharashtra) based Future Generali India Life Insurance Company Limited (FGILI) has
appointed Alok Rungta as the Managing Director (MD) and Chief Executive Officer (CEO) with effect from
01st April 2024.
• Alok Rungta will take charge from Bruce De Broize, who has been serving as the MD and CEO
since 2022.
• Rungta is currently serving FGILI as Deputy CEO and Chief Financial Officer (CFO) since
February 2023.
Note: FGILI is a joint venture(JV) between Generali Group and Future Group.
Ajay Kanwal Re-appointed as MD & CEO of Jana Small Finance Bank

Reserve Bank of India (RBI) has approved the re-appointment of Ajay Kanwal as the Managing
Director(MD) and Chief Executive Officer (CEO) of Jana Small Finance Bank (Jana SFB) for three years,
from 21st March 2024 to 20th March 2027.
• Ajay Kanwal has been working as MD and CEO of Bengaluru – Karnataka headquartered Jana
SFB since 2018.
• He has a vast experience of 32 years in banking, including 24 years at Standard Chartered Bank,
rising to the rank of regional CEO of ASEAN and South Asia.
• He also worked as a Senior Advisor for TPG Global(United States of America (USA)based asset
management firm) and Mastercard.

RBI Approves Appointment of S Ravindran as Part-time Chairman of TMB
The Reserve Bank of India (RBI) approved the appointment of S Ravindran as the part-time
Chairman of Tamilnad Mercantile Bank Ltd. (TMB) with effect from 29th February 2024 till 2nd August
2026.
• He is currently serving as an Independent Director of TMB.
• He is also serving as the Independent Director on the boards of the National Stock Exchange of
India Ltd (NSE India); LTIDPL Invit Services; Shriram Finance Ltd; and Bandhan AMC Ltd.
Conditions of Approval:
The approval comes with the condition that Ravindran must step down from his Directorships in Shriram
Finance Ltd and Bandhan AMC Ltd before assuming charge as the Part-time Chairman of TMB.
Points to note:
i.The post of non-executive part-time Chairman of TMB has been vacant since 2nd February 2020,
following the departure of S. Annamalai who held the post from February 2017 to February 2020.
ii.On August 20, 2022, TMB recommended B. Vijayadurai for the Post of Chairman but was declined by RBI
on September 19, 2022.
About Ravindran Shunmugakani:
i.Initially, he worked as an Internal Auditor and functioned as Chief Financial Officer (CFO) of subsidiary
companies of Shaw Wallace and Sesa Goa.
ii.He was an advisor to the Central Bank of Bahrain on deputation from the Securities and Exchange Board
of India (SEBI) from January 2005 to January 2010.
iii.He also served in various roles as Chief General Manager (CGM), General Manager (GM), and Deputy
General Manager (DGM) at SEBI from March 1993 to January 2005.
iv.He also served as the Executive Director of SEBI from August 2011 to May 2022.
v.In 2023, he was appointed as an Additional Director in the category of Non-Executive Independent
Director of TMB for 3 years up to 2026.
About Tamilnad Mercantile Bank Ltd. (TMB):
TMB was established as The Nadar Bank Ltd in 1921 and was renamed as “Tamilnad Mercantile Bank Ltd”
pm 26th November 1962.
The bank became a Scheduled Bank under the RBI Act on 11 May 1935
MD & CEO– S Krishnan
Headquarters– Thoothukudi, Tamil Nadu
Tagline– Be a step ahead of Life
OTHER NEWS
NABARD and NRLM Signed MoU to Support Rural Women SHGs
On 27th February 2024, The National Bank for Agriculture and Rural Development (NABARD) and
Deendayal Antyodaya Yojana -National Rural Livelihoods Mission (DAY-NRLM), under the Ministry of
Rural Development(MoRD), have signed a Memorandum of Understanding (MoU) aimed at bolstering
rural women Self-Help Groups (SHGs).
Signatories: The MoU was signed by Charanjit Singh, Additional Secretary, (Rural Livelihoods), MoRD,
Ajay K. Sood, Deputy Managing Director(Dy MD) of NABARD at the NABARD headquarters in Mumbai,
Maharashtra.
• The MoU was signed in the presence of Shaji K.V., Chairman of NABARD and G.S. Rawat, Dy MD
of NABARD.

Features of the MoU:
i.Under this MoU, NABARD and NRLM will empower the
Women SHGs through capacity building, marketing support,
and financial inclusion initiatives. The MoU covers a period
of 3 years.
ii.The MoU aligns NABARD’s role as an enabler and
facilitator in the SHG ecosystem with NRLM’s goal of
promoting women-led development in rural areas.
Key Points:
i.The DAY-NRLM will collaborate with State/Union
Territory (UT) Rural Livelihood Missions, integrating them
as project implementing agencies(PIAs) with the regional
offices of NABARD under development financial institution
(DFI)’s capacity building, skilling & entrepreneurship
training of matured women SHGs.
ii.The partnership will provide physical and online marketing support schemes, support the graduation of
SHG clusters to Producer Organizations in both farm and non-farm sectors for sustainable economic
activities.
iii.This will also promotes climate-resilient agriculture initiatives for women SHGs, livelihood
interventions for women SHGs in NABARD’s Wadi and Watershed development project areas along with
the deepening of financial inclusion.
iv.The MoU also aims to develop pilots for digital transactions in SHG federations to enhance transparency
and efficiency with quick turnaround time (TAT) for members.
v.It also explores options to deploy women SHG members as business correspondents of banks.
About National Bank for Agriculture and Rural Development (NABARD):
NABARD is India’s apex development bank, established in 1982 under an Act of Parliament to promote
sustainable and equitable agriculture and rural development.
Chairman– Shaji K V
PFRDA notifies Amendments to Retirement Adviser Regulations

Pension Fund Regulatory and Development Authority (PFRDA) made changes to the PFRDA (Retirement
Adviser) Regulations 2016 with effect from 20th February 2024.
• This regulation may be termed as the Pension Fund Regulatory and Development Authority
(Retirement Adviser/ RA) (Amendment) Regulations, 2023.
Key Points:
i.The amendment is in line with the Union Budget 2023-24 announcement to review regulations to reduce
the cost of compliance and enhance the Ease of Doing Business.
ii.The amendment was made in exercise of the powers conferred by sub-section (1) of section 52 read
with clause (w) of sub-section (2) thereof and clause (d) of sub-section (2) of section 14 of the PFRDA act,
2013 (23 of 2013).
Notable Amendments:
i.Eligibility criteria: Non-Individual applicants regulated by other financial regulators, like the Reserve
Bank of India (RBI), Securities and Exchange Board of India (SEBI), or Insurance Regulatory and
Development Authority of India (IRDAI), are now eligible to become RAs.
ii.Security deposit: the amendment removed the requirement of submission of security deposits.
iii.Grant of certificate of registration: An application for grant of certificate of registration should be

disposed of by PFRDA within 30 days.
The amended regulation includes procedures to be followed while rejecting an application.
iv.The First Schedule of the PFRDA Act was also amended.
About Pension Fund Regulatory and Development Authority (PFRDA):
Chairman– Deepak Mohanty
Headquarters – New Delhi, Delhi
Financial Literacy Week 2024: RBI Announces Financial Literacy Ideathon for PG Students
The Reserve Bank of India (RBI) has launched Financial Literacy Ideathon for Postgraduate (PG)
students, currently enrolled in recognized educational institutions.
• The Ideathon is being organised as a part of the RBI’s Financial Literacy Week (FLW)
2024 observed from 26th February to 1st March 2024.
• The theme of FLW 2024 is “Make a Right Start – Become Financially Smart”. The 2024 theme
targets young adults, mainly students.
About Financial Literacy Week:
Financial Literacy Week is annually observed by RBI since 2016 to promote financial literacy.
Objective: To create awareness on the advantages of inculcating financial discipline from an early age
with inputs on saving, budgeting, power of compounding, banking essentials and cyber hygiene.
About Financial Literacy Ideathon:
The ideathon calls for innovative ideas on creative strategies to promote financial literacy among the
youth to empower them to engage in responsible financial behaviour and take informed financial
decisions.
Title: participants should sumbit a paper on “Money Matters for Young Adults: Rethinking Outreach
Strategies” in up to 2000 words.
Time-line: 26th February to 20th March 2024.
Prize: Cash prizes will be presented to top 3 submissions:
1st Prize: Rs 1 Lakh
2nd Prize: Rs 75,000
3rd Prize: Rs 50,000
Note: The rights of the ideas will be retained by the participants, but RBI will have the permission to use
the ideas for implementation.
Other Financial Literacy initiatives of RBI:
i.RBI Website (https://www.rbi.org.in/FinancialEducation/): Provides resources in multiple languages,
including comic books, films, and games, along with access to the Banking Ombudsman Scheme.
ii.National Centre for Financial Education (NCFE): Offers basic financial education programs and
content creation to enhance financial literacy.
iii.National Strategy on Financial Education (NSFE-2025): Developed to promote financial literacy
nationwide through collaboration with regulators and stakeholders.
Deputy Governors – Swaminathan Janakiraman, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi
Sankar
Establishment– 1st April 1935

Asian Development Bank priced USD 3.5 billion 5 year Global Bond
On February 28, 2024, the Asian Development Bank (ADB) priced a USD 3.5 billion 5-year global bond. The
proceeds of this bond will become part of ADB’s ordinary capital resources.
Bond Details:
i.The bond was priced at 99.827% to yield 12.7 basis points over the 4.25% United States Treasury notes
due February 2029.
ii.Coupon rate: 4.375% per annum (payable semi-annually)
iii.Maturity date: 6 March 2029
Key Points:
i.The transaction was led-managed by BMO Capital Markets, BNP Paribas, Citigroup, and HSBC.
• A syndicate group was also formed consisting of DNB Bank ASA, NatWest Markets, Scotiabank,
and Standard Chartered Bank.
ii.This issue attracted approximately USD 14 Billion in investor participation, marking ADB’s second-
largest orderbook ever for a global benchmark bond.
• The largest orderbook was achieved in 2021 for a USD 5 Billion global benchmark bond.
iii.The issue achieved wide primary market distribution with 35% placed in the Americas; 33% Europe,
Middle East, and Africa; and 32% in Asia.
• By investor type, 50% went to banks, 37% to central banks and official institutions, and 13% to
fund managers and other types of investors.
About Asian Development Bank (ADB):
President – Masatsugu Asakawa
Headquarters – Mandaluyong City, Metro Manila, Philippines
Establishment– 1966
Members – 68 member countries (49 from the region)
India’s GDP grows at 8.4% in Q3FY24; Economy to expand at 7.6% in FY24: NSO
The National Statistical Office (NSO) under the Ministry of Statistics and Programme Implementation
(MoSPI) released the Second Advance Estimates (SAE) of National Income, Financial Year 2023-24 (FY24);
Quarterly Estimates of Gross Domestic Product (GDP) for October-December quarter of FY24 (Q3FY24).
Also, the NSO decided to consider the Second Revised Estimates (SRE) as Final Estimates. Accordingly, the
practice of bringing out Third Revised Estimates (TRE) would be discontinued.
• Therefore, it will now release five GDP numbers instead of six.
Quarterly Estimates of GDP for Q3FY24:
i.Real GDP in Q3FY24 is estimated at Rs 43.72 lakh crore, against Rs 40.35 lakh crore in Q3 of FY23,
showing a growth rate of 8.4%.
ii.GDP at Current Prices in Q3FY24 is estimated at Rs 75.49 lakh crore, as against Rs 68.58 lakh crore in Q3
of F23, showing a growth rate of 10.1%.
• The growth is primarily due to the strong performance of the manufacturing, mining, and
quarrying, as well as construction sectors. The NSO also pegs the country’s growth at 7.6% for
FY24.
SAE of National Income, FY24:
i.Real GDP or GDP at Constant (2011-12) Prices in FY24 is estimated at Rs 172.90 lakh crore, against the
First Revised Estimates (FRE) of GDP for FY23 of Rs 160.71 lakh crore.
• The growth in real GDP during FY24 is estimated at 7.6% as compared to 7% in FY23.
ii.Nominal GDP or GDP at Current Prices in FY24 is estimated at Rs 293.90 lakh crore, against the FRE of
GDP FY23 of Rs 269.50 lakh crore.
• The growth in nominal GDP during FY24 is estimated at 9.1% as compared to 14.2% in FY23.

Key Points
i.Real GDP for the years 2022-23 and 2021-22 stands at Rs 160.71 lakh crore and Rs 150.22 lakh crore,
respectively, showing a growth of 7% during FY23 as compared to growth of 9.7% during FY22.
ii.Nominal GDP or GDP at current prices for FY23 is estimated at Rs 269.50 lakh crore, against Rs 235.97
lakh crore for FY22, showing a growth of 14.2% during 2022-23 as compared to growth of 18.9% during
FY22.
iii.According to the Index of Eight Core Industries, the combined growth rate of key sectors like Coal, Steel,
Cement, Natural Gas, Electricity, and Crude Oil increased by 3.6% in January 2024 compared to January
2023.
iv.April-Jan fiscal deficit at Rs 11.03 lakh crore, 63.6% of FY24 target
v.The next release of quarterly GDP estimates for the quarter January-March, 2024 (Q4 FY24) and
Provisional Estimates of National Income for FY24 will be on 31st May, 2024.
i.On February 12, 2024, the National Sample Survey Office (NSSO), Ministry of Statistics and Programme
Implementation (MoSPI) released its 21st quarterly Periodic Labour Force Survey (PLFS) bulletin for
October-December 2023 (Q3FY24). As per it, India’s urban unemployment rate (UR) in Current Weekly
Status (CWS) terms for persons aged 15 years and above declined to 6.5% during Q3FY24 which is
the lowest level in over 4 years.
ii.As per the data released by the National Statistical Office (NSO), MOSPI, India’s Gross Domestic Product
(GDP) grew one year high to 7.8% in the April-June quarter of 2023-2024 (Q1FY24), compared to a
growth of 6.1% in the January-March quarter of FY23
(Q4FY23).
About Ministry of Statistics and Programme Implementation (MoSPI):
Minister of State (Independent Charge)– Rao Inderjit Singh (Constituency- Gurugram, Haryana)
Secretary– DR. G P Samanta
DPIIT & World Bank jointly organise National Workshop on Logistics Efficiency Enhancement
The Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce
and Industry(MoCI), has partnered with the World Bank to organise a National Workshop on Logistics
Efficiency Enhancement in New Delhi, Delhi.
• The workshop brought together the logistics sector community to discuss and identify factors
affecting logistics performance and areas of improvement.
Key People:
Rajeev S. Thakur, Additional Secretary, DPIIT; E. Srinivas, Joint Secretary, DPIIT; Auguste Tano Kouame,
Country Director, World Bank; Mio Oka, Country Director, Asian Development Bank (ADB), were present
during the inaugural session of the workshop.
About the workshop:
The national workshop was divided into 3 sessions:
i.Session 1: discussed the approach and methodology adopted in calculating the Logistics Performance
Index (LPI) by the World Bank.
• This ensured a better understanding of the methodologies for LPI calculation and its 6
parameters.
ii.Session 2: discussed the corridor approach including Bharatmala and Sagarmala Corridors which
enhances the logistics efficiency, brings down logistics costs, and increases first and last-mile connectivity.
iii.Session 3: Officials from various States shared their best practices, reforms, and digital initiatives
undertaken to improve logistics efficiency.
iv.The workshop also discussed on databases like E-Way Bill, Fastag, etc. emerging from increased levels

of digitisation to ease logistics operations in India
About World Bank:
The World Bank is an international development organization owned by 187 countries.
President– Ajay Banga
Headquarters– Washington, D.C., The United States of America(USA)
Established in 1944
NIPL & Eurobank S.A. Signed MoU to Offer Foreign Inward Remittances Using UPI
NPCI International Payments Limited (NIPL), a subsidiary of the National Payments Corporation of India
(NPCI) signed a Memorandum of Understanding (MoU) with Greece-based Eurobank S.A., to transform
cross-border payments using the Unified Payments Interface (UPI) platform.
• This initiative will place Greece as one of the 1st European countries to facilitate UPI
remittances, empowering the Indian diaspora in Greece to undertake efficient remittances to
India.
Objective: To revolutionalise the process of international money transfers, with a focus on streamlining
remittances from Greece to India.
Signatories: Ritesh Shukla, Chief Executive Officer (CEO) of NIPL, and Fokion Karavias, CEO of Eurobank,
signed the MoU at the Embassy of Greece in New Delhi, Delhi.
Functional Aspects of the Alliance:
i.Through this MoU, both parties shall serve as points of contact for enabling Foreign Inward Remittance
transactions from Greece to India.
ii.Responsibilities include fund settlement, reconciliation, and dispute resolutions in their respective
jurisdictions.
About the MoU:
i.This alliance is a milestone in expanding Indian payment technologies globally, emphasizing the
versatility and strength of UPI.
ii.Eurobank aims to become the bank of choice for Indian businesses in Greece or Cyprus, acting as an
entry point for their EU franchise.
iii.The alliance emphasises a commitment to innovation and customer-centric solutions., aiming to set new
standards for international payment systems, and strengthening a vision for a connected and financially
inclusive world.
About NPCI International Payments Limited (NIPL):
NIPL is devoted to the deployment of RuPay (domestic card scheme) and UPI (mobile payment solution)
outside of India.
CEO– Ritesh Shukla
Incorporated on April 3, 2020
Headquarters- Mumbai, Maharashtra
Kotak Mahindra Bank launched the ‘Smart Choice Gold Loan’

Kotak Mahindra Bank Limited (KMBL) launched the ‘Smart Choice Gold Loan’ with a simpler application
& disbursal process which aims to offer consumers the maximum value and flexibility to meet their credit
needs
• The monthly interest rate of the loan is as low as 0.88%.
• The loan comes with other features like zero processing fee, same-day disbursement, flexible
repayment options, and minimal documentation.
• These loans also serve as an easy and reliable financial tool to bridge the gap between
aspirations and reality.

GDP growth in FY24 likely to be within striking distance of 8%: SBI report
On March 1, 2024, according to the ‘Ecowrap‘ report by the State Bank of India (SBI), the GDP growth for
Financial Year 2023-24 (FY24)is likely to be within striking distance of 8%.
• Indian Economy grew 8.4% in Q3FY24.
• The buoyancy in indirect tax mop-up (32 per cent year-on-year growth), gap between Gross
Domestic Product (GDP) and Gross Value Added (GVA) growth widened.
Key Points:
i.Manufacturing and Services sectors showed strong growth due to a low base from the previous period.
ii.Industry, Manufacturing, Electricity, Gas, Water Supply & Other Utility services, and construction sectors
propelled growth, with Industry at 10.4% and Manufacturing at 11.6%.
iii.Services also saw significant growth, surpassing 7%.
iv.However, Agriculture declined by -0.8% in Q3 due to uncontrollable factors.
v.Annually, there was a substantial deceleration in GDP deflator from 6.8% in FY23 to 1.4% in FY24.
vi.In Q3, GDP deflator increased mildly to 1.7% from 1.5% in Q2 FY24.
REC Listed Two Bonds worth Rs 5,375 crore in BSE & NSE
REC Limited has successfully listed two bonds worth Rs 5,375 crore on the NSE India (National Stock
Exchange of India Ltd) and BSE Limited (formerly Bombay Stock Exchange).
• The first bond is worth Rs.2,500 crore and has a maturity period of 10 years (matures on 28th
February 2034). It offers a yield of 7.47%.
• The second bond is worth Rs.2,875 crore and has a maturity period of 3 years and 2 months
(matures on 30th April 2027). It offers a yield of 7.64%.
• These bonds are rated IND AAA by India Ratings and Research Private Limited (IRPL) and ICRA
AAA by Investment Information and Credit Rating Agency (ICRA).
• The proceeds raised through this private placement will be used for REC Limited’s regular
business activities and not for any specific project.
Note:
i.REC Limited is a ‘Maharatna’ Central Public Sector Enterprise (CPSE) under the Ministry of
Power (MoP)
ii.It is registered with the Reserve Bank of India (RBI) as a Non-Banking Finance Company (NBFC), and
Infrastructure Financing Company (IFC).
India Ranks 113 in the World Bank’s Women, Business, and the Law 2024 Index
According to the 10th edition of Women, Business, and the Law (WBL) 2024 report released by the World
Bank Group, India has climbed to 113th place out of 190 countries in the Index, with a score of 74.4%. For
the first time, WBL assesses the gap between legal reforms and actual outcomes for women in 190
economies.
• The index shows that in India, women enjoy 60% of the legal rights granted to men, which is
lower than the global average of 64.2%.
• Despite challenges, India outperforms its South Asian counterparts, where women enjoy 45.9%
of the legal protections provided to men.
About Women, Business and the Law (WBL) 2024:
i.It is a pivotal annual study, dedicated to assessing the conducive environment for women’s economic
participation across 190 economies.
ii.In 2024, the study presents 2 sets of data: WBL 1.0 and an expanded version, WBL 2.0.
iii.WBL 1.0 updates its index of 8 indicators such as Mobility, Workplace, Pay, Marriage, Parenthood,
Entrepreneurship, Assets, and Pension.

iv.WBL 2.0 presents a new framework for measuring the implementation gap.
• It analyses legal frameworks, supportive frameworks, and expert opinions on the status of
women’s rights and introduces 2 new indicators namely Safety, and Childcare.
v.The data in WBL 2024 is current as of October 1, 2023, ensuring relevance and accuracy in
understanding the contemporary landscape.
Top 10 Countries of WBL 2024 Score (WBL 1.0):
Rank Economy WBL 1.0 legal frameworks score
Belgium 100.0
Canada 100.0
Denmark 100.0
France 100.0
Germany 100.0
Greece 100.0
Iceland 100.0
1
Ireland 100.0
Latvia 100.0
Luxembourg 100.0
Netherlands 100.0
Portugal 100.0
Spain 100.0
Sweden 100.0
Estonia 97.5
Finland 97.5
Italy 97.5
2
New Zealand 97.5
Togo 97.5
United Kingdom 97.5
3 Australia 96.9

Austria 96.9
Cyprus 96.9
Norway 96.9
Slovenia 96.9
Côte d’Ivoire 95.0
4 Gabon 95.0
Peru 95.0
5 Paraguay 94.4
Croatia 93.8
Czechia 93.8
Hungary 93.8
6
Lithuania 93.8
Poland 93.8
Serbia 93.8
7 Sierra Leone 92.5
Costa Rica 91.9
Hong Kong SAR, China 91.9

8
Kosovo 91.9
Rwanda 91.9
Albania 91.3
Malta 91.3
9
Taiwan, China 91.3
United States 91.3
Armenia 90.6
10 Bulgaria 90.6
Moldova 90.6

Mongolia 90.6
Romania 90.6
113 India 74.4

Performance Trends:
i.India’s score has remained at 74.4% since 2021.
ii.However, the ranking has declined from 122 in 2021 to 126 in the 2023 index.
Supportive Frameworks:
i.India’s performance is lacking in supportive frameworks including measures like national policies, plans,
programs, etc.
ii.Only 54.2% of supportive frameworks required for promoting law are established.
• Globally, the average is much lower at 39.5%.
Labour Force Participation:
i.India aims to boost the female labour force participation rate.
ii.At 37% in 2022-23, it lags behind advanced economies like the Organization for Economic Cooperation
and Development (OECD) countries, which boasted a rate slightly over 50% in 2022.
Recommendations:
The lowest indicator in the framework was childcare, the report suggests the need for a publicly accessible
registry for childcare providers and well-defined application processes for parents.
Key Findings:
Global Perspective:
In legal distinctions related to violence and childcare, women possess only 64% of the legal rights enjoyed
by men globally.
• Earlier estimates projected women had 77% of the rights.
Gender Gap:
i.No country achieved a full score, indicating global disparities.
ii.Closing the gender gap could boost global Gross domestic product (GDP) by over 20%, essentially
doubling the global growth rate over the next decade.
iii.There is a substantial implementation gap, between countries, less than 40% of the required systems
for full implementation are established on average.
Economic Potential:
i.Removing discriminatory laws and practices hindering women from working or initiating businesses
could lead to a 20% increase in global GDP.
ii.It has the potential to double the rate of global growth in the next decade.
Pay Gap Measures:
While 98 economies mandate equal pay for women, less than 1 in 5 address the pay gap effectively.
Recent related News:
On January 9, 2024, the World Bank (WB) released its ‘January 2024 Global Economic Prospects’ (GEP)
report projecting a third consecutive year of slowdown for global Gross Domestic Product (GDP) growth
with a decrease to 2.4% in 2024. It was 2.6% in 2023, 3% in 2022 and 6.2% in 2021.
About World Bank (WB):
President (WB Group)- Ajay Banga
Headquarters– Washington, DC, USA
Established in– 1944

WB approved USD 452 Million Loan to Boost Connectivity in Assam
World Bank(WB) has approved a new project worth USD 452 million to improve connectivity for over 1.8
million people living in rural areas of Assam.
The Assam Resilient Rural Bridges Program will strengthen the resilience and management of roads
and bridges to help people living in 1,739 villages.
Key Points:
i.The Program Development Objective (PDO) is to build green, inclusive, and resilient connectivity for over
1.8 million people living in rural areas of Assam and strengthen the road and bridge management
capability of the Public Works Roads Department, Assam.
ii.The total finance of the program is USD 564.71 million.
iii.Out of the committed USD 452 million, WB will use the financing instruments such as
• Program-for-Results (PforR) Disbursement Linked Indicators (DLIs) – USD 424.29 million.
• Investment Project Financing (IPF) financed Technical Assistance (TA) – USD 26.58 million.
iv.The program is implemented by the Public Works Roads Department, Government of Assam.
v.The Program loan has a maturity of 19 years with a grace period of 4.5 years.
vi.The project was approved for the fiscal year 2024 (1st July 2023 – 30th June 2024).
Significance:
i.The connectivity is expected to save about USD 82 million within the next six years.
ii.The Program will support the Government of Assam to attract private investment and connect almost
633,000 women-led textile and handicraft producers.
iii.There is also a plan to develop electronic vehicles and logistics hubs through the program.
About World Bank Group:
The World Bank consists of five arms namely
i.International Bank for Reconstruction and Development (IBRD)
ii.International Development Association (IDA)
iii.International Finance Corporation (IFC)
iv.Multilateral Investment Guarantee Agency (MIGA)
v.International Centre for Settlement of Investment Disputes (ICSID)
REC Limited Partnered with UNISED to Support Childrens Education in Siddharthnagar, UP

REC Limited through its Corporate Social Responsibility (CSR) arm REC Foundation has partnered with
the Unit of Science and Educational Development (UNISED) to support the education of approximately
75,500 children in the Siddharthnagar district of Uttar Pradesh (UP).
• REC has committed financial support of Rs 9.91 crores to support education.
Note: REC Limited, formerly Rural Electrification Corporation Limited, is a ‘Maharatna’ Central Public
Sector Enterprise (CPSE) under the Ministry of Power (MoP).
Signing of MoA:
i.The Memorandum of Agreement (MoA) was signed between the REC Foundation and UNISED in New
Delhi, Delhi.
ii.The MoA was finalised by Bhupesh Chandolia, Head of CSR at REC Foundation, and Rashmi Kumari,
Assistant Programme Director at UNISED.
iii.The agreement in line with UNISED’s dedication to enhancing educational opportunities for
underprivileged children
UNISED’s Innovative Approach:
i.UNISED, with a nationwide presence and commitment, focuses on innovative learning systems.
ii.UNISED will implement solar energy-operated smart classes and set up joyful learning resource labs in
government schools across Siddharthnagar.

iii.It aims to provide students with access to modern educational tools and resources, enhancing academic
and creative excellence.
About REC Limited:
It is registered with the Reserve Bank of India (RBI) as a Non-Banking Finance Company (NBFC), Public
Financial Institution (PFI) and Infrastructure Financing Company (IFC).
Chairman & Managing Director (CMD)- Vivek Kumar Dewangan
Headquarters– New Delhi, Delhi
Incorporated in– 1969
Moody’s revised India’s GDP growth to 6.8% for 2024

According to Global credit rating agency Moody’s report “Global Macro Outlook 2024”, India’s Gross
Domestic Product (GDP) projections for 2024 has been raised to 6.8% from 6.1% earlier.
• For 2025, India’s GDP growth is estimated at 6.4%.
Key Points:
i.This revision is due to India’s strong economic performance in 2023, exceeding expectations, and a
lessening of global economic challenges.
ii.The economic growth of the first quarter (Q1 – January to March) of 2024 is the aftermath of the growth
of the fourth quarter (Q4 – October to December) of 2023.
iii.India’s real GDP rate is predicted to be about 6-7% in 2024.
iv.In 2024, India’s economy is performing well and will remain the fastest-growing economy among Group
20 (G20) countries.
v.The demand in the economy was high due to high Goods and Services Tax (GST) collections, rising auto
sales, consumer optimism and double-digit credit growth.
vi.Expanding manufacturing and services Purchasing Manager’s Index (PMI) acts as an economic driving
force.
Policy rate:
i.In January 2024, Headline inflation dropped to 5.1% from 5.7% (December 2023).
ii.Core inflation also moderated to 3.5%, down from 3.8% in December 2023.
iii.The RBI held the repo rate steady at 6.5% (as of February 2024) since March 2023.
Points to note:
i.India’s real GDP grew at 8.4 % in the 3rd quarter of FY24(October-December quarter), resulting in a
7.7% growth for full-year 2023.
ii.Interim Union Budget for 2024-2025 has allocated about Rs.11.1 lakh crore or 3.4% of GDP of fiscal year
2024-25 (FY25) which is 16.9% above the 2023-24 estimates.
PNB & EaseMyTrip partners to Launch Co-branded Travel Credit Card: ‘PNB EMT Credit Card’
Punjab National Bank (PNB), an Indian public sector bank, has partners with EaseMyTrip(EMT), one of India’s
largest online travel tech platforms, to launch ‘PNB EMT Credit Card’, a co-branded premier travel credit card.
• The card is intended for both mass and premium customers and offers a variety of rewards for
Indian travelers.
• The PNB EMT credit card is available for an annual membership fee of Rs 2,000 and can be globally
used across 100 countries.
Contactless Payments:
i.The new credit card with a joining fee of Rs 2,000 includes a secure wallet for contactless payments.
ii.The card information is encrypted before being transmitted to the merchant’s Point of Sale (PoS) machine.
Encryption ensures hassle-free and secure transactions.
Note: The customers avail the card through the website of PNB or easemytrip or PNB ONE App.

Exclusive Benefits:
i.The card offers discounts on EaseMyTrip booking (flight, hotel and bus.)
ii.This also offers benefits like cashback, gift vouchers and Airport Lounge Access.
iii.The card includes insurance coverage up to Rs. 2 lakhs for accidental death and personal total disability.
iv.The renewal fee waiver is applicable on achieving an annual spend milestone of Rs 1 lakh in the preceding
year.
About Punjab National Bank (PNB):
PNB is a MD & CEO– Atul Kumar Goel
Tagline– The Name You Can Bank Upon
About Easy Trip Planners Pvt. Ltd(EaseMyTrip.com):
Co-founder & CEO– Nishant Pitti
Co-Founders– Rikant Pittie & Prashant Pitti
Founded in 2008
Bank of Baroda offers LITE Savings Account with Lifetime Zero Balance Feature
Bank of Baroda (BoB) has launched a Lifetime Zero Balance Savings Bank Account called ‘bob LITE Savings
Account’. This account offers a lifetime free RuPay Platinum Debit Card for customers who maintain a nominal
Quarterly Average Balance (QAB).
Eligibility:
i.The account is open to all resident individuals, including minors aged 10 years and above who can read and
write.
ii.QAB requirements:
• Rs. 3,000 for metro/urban branches
• Rs. 2,000 for semi-urban branches
• Rs. 1,000 for rural branches
Features:
i.bob LITE Savings Account is a simple, convenient and hassle-free option to save and manage money.
ii.The account holders get attractive discounts & offers on Travel, Shopping & E-commerce spending made
through the given Debit & Credit Card.
iii.Annual fees will be levied on debit card, if QAB is not maintained.
iv.The account holder can make transactions which is of saving-oriented nature; whereas Commercial
transactions are non-allowable transactions.
v.The account holder is allowed to withdraw up to Rs.50000 per day.
RBL Bank offers GO Savings Account with Zero Balance Feature
RBL Bank Limited has launched a zero-balance digital savings account called ‘GO Account’. This account offers
a free premium GO Debit Card.
Features:
i.The account offers interest rates of up to 7.5% per annum for saving accounts and 8.10% for fixed accounts.
ii.The account holders are provided with vouchers worth Rs.1,500 for premier brands, comprehensive cyber
insurance cover, accident and travel insurance up to Rs.1 crore and other premium banking services.
iii.Fees:
• The Joining fee for the GO Account is Rs. 1,999 (plus Goods and Service Tax/GST).
• The renewal fee for the GO Account will be INR 599(plus GST) per annum.
Note: Renewal fees will be waived off on spends of Rs. 1 Lakh or above using GO Debit Card in the previous
year.

About the Card:
i.GO Debit Card is powered by contactless Visa Technology.
ii.This Global Acceptance card offers complimentary insurance coverage.
iii.Fees: It is a free debit card. But for the second year the annual fee will be Rs. 599 (plus GST) which will be
waived off on spending Rs.1 Lakh.
About Bank of Baroda:
Managing Director (MD) & Chief Executive Officer (CEO) – Debadatta Chand
Headquarters – Vadodara, Gujarat
Tagline– India’s International Bank
About RBL Bank Ltd:
MD & CEO- R Subramaniakumar
Tagline– Apno Ka Bank
FDI Inflows Decline 13% to USD 32bn in April-December 2023

According to the data by Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of
Commerce and Industry (MoCI), Foreign direct investment (FDI) inflows in India decreased by 13% to USD
32.03 billion in April-December 2023. This is attributed by lower investments in sectors like computer
hardware and software, telecom, auto, and pharma.
Key Points:
i.FDI inflows were USD 36.74 billion during April to December 2022.
ii.Inflows in the October-December quarter of 2023 (Q3FY24) rose by 18% to USD 11.6 billion compared to the
Q3FY23 (USD 9.83 billion).
iii.Total FDI, including equity inflows, reinvested earnings, and other capital, declined by about 7% to USD 51.5
billion during April-December 2023 from USD 55.27 billion in the April-December 2022.
iv.FDI equity inflows decreased from major countries like Singapore, the United States (US), the United
Kingdom (UK), Cyprus, and the United Arab Emirates (UAE) during April-December 2023.
• However, inflows increased from countries like Mauritius, the Netherlands, Japan, and Germany.
v.Investments from the Cayman Islands and Cyprus dropped to USD 215 million and USD 796 million,
respectively, in April-December 2023, compared to USD 624 million and USD 1.15 billion in April-December
2022.
vi.Sectors experiencing a contraction in inflows included computer software and hardware, trading, services,
telecommunication, automobile, pharma, and chemicals.
• In contrast, construction (infrastructure) activities, development, and power sectors saw growth in
inflows.
vii.Maharashtra received the highest FDI inflow of USD 12.1 billion during April-December 2023, with notable
declines observed in other states like Karnataka, Delhi, Tamil Nadu, West Bengal, Rajasthan, and Haryana.
• Gujarat, Telangana, and Jharkhand saw positive growth in FDI inflows.
viii.FDI equity inflows into India declined by 22% to USD 46 billion in the Fiscal Year 2022-23 (FY23).
Fairfax India Provides Liquidity Support of USD 200 Million to IIFL Finance
Indian-Canadian billionaire Prem Watsa-backed Fairfax India Holdings Corporation committed to
provide up to USD 200 million liquidity support to IIFL Finance Limited.
• The move is the aftermath of the Reserve Bank of India (RBI)’s ban on IIFL Finance in
sanctioning or disbursing gold loans.

• This move by Fairfax India aims to assure investors and lenders about IIFL Finance’s financial
health.
• Fairfax India is one of the long-term investors in the IIFL group of companies and it owns a 15%
stake in IIFL Finance.
SEBI notifies Regulations for Small and Medium REITs

The Securities Exchange Board of India (SEBI) has introduced amendments to the Real Estate Investment
Trusts (REITs) Regulations 2014 namely ‘SEBI (REIT) (Amendment) Regulations 2024’. This will establish
guidelines for creation of Small and Medium REITs, or SM REITs.
• This move aims to regulate the fractional ownership industry and safeguard investor interests,
incorporating both commercial and residential properties within the new framework.
Note:
Fractional ownership allows individual investors to co-own commercial or residential properties through
special purpose vehicles (SPVs) or private limited companies, focusing on pre-leased assets for monthly
rental returns.
Key Points:
i.SM REITs can raise funds starting from Rs 50 crore by issuing units to a minimum of 200 investors for
acquiring and managing real estate assets, generating income for investors.
ii.An SM REIT’s listing is same as an IPO, with a key distinction: at least 95% of its assets must be fully
developed and generating revenue, compared to the 80% requirement for larger REITs.
iii.The initial offering for an SM REIT requires a minimum subscription amount of Rs 10 lakh per investor,
lower than the usual Rs 25 lakh.
iv.The investment manager must retain a minimum of 5% of total outstanding units for two years, reduced
from the proposed 15%.
v.SM REITs must ensure a 15% co-investment by the manager, with leverage capped at 49% of assets.
vi.SM REITs can raise funds from Indian and foreign investors through unit issuance.
vii.Assets within SM REITs will be organized through schemes operated under SPVs. An investment
manager establishing an SM REIT must possess a minimum net worth of Rs 20 crore, and oversight will
be provided by a separate trustee.
• The investment manager must maintain a website detailing all SM REIT schemes for
transparency and investor access to information.
About Securities Exchange Board of India(SEBI):
Chairperson– Madhabi Puri Buch
PFRDA Inaugurates Zerodha Developed NPS Web App for Financial Inclusion
Deepak Mohanty, Chairperson of the Pension Fund Regulatory and Development Authority (PFRDA),
inaugurated the National Pension System (NPS) web application developed by Bengaluru(Karnataka)
based Zerodha Broking Limited.
• The app offers seamless access of NPS for users, allowing them to easily manage their NPS
accounts
• The app fosters innovation and inclusivity within the NPS architecture, particularly through its
engagement of fintech entities as Point of Presence (PoP).

Nagaland’s DoIC signed MoU with YES Bank & Sellmetric Pvt Ltd to Utilize ONDC platform
The Department of Industries & Commerce (DoIC), Government of Nagaland have signed a Memorandum
of Understanding (MOU) with YES Bank Limited and Sellmetric Private Limited to facilitate digital
sales for small businesses, farmers, and entrepreneurs, through the Open Network for Digital
Commerce (ONDC) platform.
i.DoIC is the Nodal department for promoting and advancing the implementation of ONDC initiatives
within Nagaland.
ii.ONDC is a flagship initiative of the Department for Promotion of Industry & Internal
Trade (DPIIT) under the Ministry of Commerce & Industry (MoCI) to democratize e-commerce.
IndusInd Bank launches India’s first contactless payment wearable ‘Indus PayWear’
IndusInd Bank Limited has launched its contactless payments wearable ‘Indus PayWear’ which is India’s
first all-in-one tokenizable wearable for both debit and credit cards exclusively on Mastercard.
• The device aims to offer unparalleled flexibility, convenience, and security to users.
About Indus PayWear:
i.Indus PayWear allows users to tokenize their IndusInd Bank cards onto a chip-enabled wearable device.
• Indus PayWear currently comes in 3 different Wearable variants : Sticker; Watch Clasp;
and Ring.
ii.The device can be used to make secure tap-and-pay transactions at any contactless Point-of-Sale (PoS)
terminal across the globe.
iii.Indus PayWear is an ‘Any Card, One Wearable’ which allows the user to switch between IndusInd
Bank Debit & Credit Card.
Features:
i.All the features of the device can be controlled via the Indus PayWear mobile application.
ii.The device eliminates the need to carry physical cards or open payment apps for transactions.
iii.The transaction worth up to Rs 5000 carried out by the device without any pin authorisation.
Security:
i.Indus PayWear devices are secured by Near-Field Communication (NFC)-enabled embedded Secured
Element technology (eSE).
ii.Since Paywear technology uses a tokenisation platform, the real card number will never be used while
making the transaction. This offers protection from skimming and data leaks.
About IndusInd Bank Limited:
Managing Director (MD) & Chief Executive Officer (CEO) – Sumant Kathpalia
Tagline – We Make You Feel Richer
SIDBI secures First Green Climate Fund Project worth USD 120 million
The Small Industries Development Bank of India (SIDBI) has secured approval from the Green Climate
Fund (GCF) for its first anchored project, the Avaana Sustainability Fund (ASF), valued at USD 120
million.
• GCF will contribute USD 24.5 million to ASF.
• This was announced during the 38th board meeting of GCF held in Kigali, Rwanda from 5-7
March 2024.
Key Points:
i.ASF will invest in early-stage start-ups and Micro, Small, and Medium Enterprises (MSMEs) harnessing
technology-led innovation to spur climate solutions and sustainability in India.

ii.The outcomes of ASF will include contribution to climate change mitigation, adaptation and
enhancement of resilience in vulnerable sectors of the Indian economy.
iii.The ASF’s investment strategy targets 4 significant transitions: built environment; energy industry;
human security, livelihood, wellbeing; and land use-forests and ecosystems, employing 4 key approaches.
Additional info: SIDBI, designated as an Accredited Entity (AE) and direct access entity (DAE) with the
GCF, is accessing climate finance to implement low-carbon and climate-resilient projects
About GCF:
i.GCF, based in Incheon, South Korea, is a fund established within the framework of the United Nations
Framework Convention on Climate Change (UNFCCC).
ii.GCF is a critical element of the historic Paris Agreement and it is the world’s largest climate fund.
iii.It is mandated to support the developing countries to realize their Nationally Determined Contributions
(NDC) ambitions towards low-emissions, climate-resilient pathways.
About Small Industries Development Bank of India (SIDBI):
Chairman & Managing Director– Sivasubramanian Ramann
Headquarter– Lucknow, Uttar Pradesh
Bank of Baroda unveils bob Earth Green Term Deposit Scheme to Finance Earth Friendly
Projects
Bank of Baroda (BoB), one of India’s leading public sector banks, has launched ‘bob Earth Green Term
Deposit Scheme’ to raise deposits to finance eligible environment-friendly projects and sectors.
• The scheme offers stable & secure financial returns along with an opportunity to contribute to a
greener planet.
Eligibility:
The General Public/Resident Indians, Non-Resident Indians (NRIs) and High Net worth
Individuals (HNI) investors are all eligible to invest in the scheme.
Innovative Tenures:
The scheme offered in some innovative tenures that act as a reminder of the planet’s Climate &
Sustainability goals. This includes
i.1.5 years Tenure – signifying the aim to limit global temperature rise to 1.5 degrees Celsius above pre-
industrial levels
ii.1717 days Tenure – doubly emphasising the United Nations (UN)’s 17 Sustainable Development
Goals (SDG).
Future Generali Launches ‘Health PowHER’, a Unique Health Insurance Plan for Women
Mumbai (Maharashtra) based Future Generali India Life Insurance Company Limited (FGILI) has launched
a comprehensive women’s health insurance plan ‘Health PowHER’ designed specifically for women.
• The plan aims to address the various needs of women across the different stages of their lives.
• The plan offers coverage for women-specific health issues such as reproductive health, breast
health, gynaecological health, hormonal health, bone health and mental health.
Note: FGILI is a joint venture(JV) between Generali Group and Future Group.
Interest rates on Small Savings Schemes remain unchanged for Q1FY25

The Department of Economic Affairs (DEA-Budget Division), Ministry of Finance has kept the interest
rate on small savings schemes unchanged for first quarter of 2024-2025(Q1FY25) i.e. from April 1, 2024 to

June 30, 2024 from those notified for Q4FY24.
Interest Rates on Small Savings Schemes for Q1FY25
Instruments Rate of interest from April 1, 2024 to June 30, 2024
Savings Deposit 4
1-Year Post Office Time

6.9
Deposits

7
Deposits

7.1
Deposits

7.5
Deposits
5-Year Recurring Deposits 6.7
National Saving Certificates

7.7
(NSC)
Kisan Vikas Patra (KVP) 7.5 (will mature in 115 months)
Public Provident Fund (PPF) 7.1
Sukanya Samriddhi Account 8.2
Senior Citizens Savings

8.2
Scheme
Monthly Income Account 7.4

About Small Savings Schemes:
i.Small Savings Schemes are savings instruments managed by the government to encourage citizens to
save regularly.
ii.The small savings schemes have three categories- savings deposits, social security schemes, and monthly
income plan.
iii.Interest rates for small savings schemes are notified on a quarterly basis by the government.
• The formula to arrive at the interest rates for small savings scheme was given by
the Shyamala Gopinath Committee in January 2023.
• Interest rates for these schemes should range from 25 to 100 basis points above the yields of
the government bonds.

SEBI expands Framework for Qualified Stock Brokers; Mandates Registration of Index
Providers
On March 11, 2024, the Securities and Exchange Board of India (SEBI) expanded the framework of
Qualified Stock Brokers (QSBs) to more stock brokers in order to protect the interest of investors, building
trust in securities market, and strengthening the compliance culture among stock brokers
• This information by SEBI is issued in exercise of its powers conferred under Section 11(1) of
Chapter IV of the SEBI Act, 1992, read with Regulation 30 of Chapter VII of SEBI (Stock
Brokers) Regulations, 1992.
The New Parameters:
Now, as per the revised list of QSBs following parameters, in addition to above mentioned four
parameters are added:
i.Compliance score of the stock broker
ii.Grievance redressal score of the stock broker
iii.Proprietary trading volumes of the stock broker
After revision, there are 7 parameters for designating a stockbroker as QSB.
The Earlier Parameters:
As per the earlier circular, there are following four parameters for designating a stockbroker as QSB
i.Total number of active clients of the stock broker
ii.Available total assets of clients with the stock broker
iii.Trading volumes of the stock broker (excluding the proprietary trading volume of the stock broker)
iv.End of day margin obligations of all clients of a stock broker (excluding the proprietary margin
obligation of the stock broker in all segments)
Key Points:
i.Stockbrokers can now voluntarily become Qualified Stock Brokers (QSBs).
ii.QSBs must meet higher obligations including governance, risk management, and cybersecurity.
iii.QSB status is retained for three financial years if removed from the list, as per Market Infrastructure
Institutions (MIIs) and SEBI.
iv.Stockbrokers designated as QSBs will be evaluated based on compliance and grievance redressal scores.
v.For designating stock brokers as QSBs, the applicable date will be September 1 of the subsequent year
with respect to two parameters viz. Compliance Score and Grievance Redressal Score.
• The rest of the parameters will be applicable on June 1 of the subsequent year.
Click Here for Official Circular
SEBI Mandates Registration of Index Providers
SEBI has notified the SEBI (Index Providers) Regulations, 2024 in exercise of the powers conferred by
sub-section (1) of Section 30 read with sub-section (2) of Section 11 and Section 12 of the SEBI Act, 1992
(15 of 1992).
• Under this, SEBI has mandated registration for index providers managing important indices
based on Indian-listed securities. This promotes transparency in governing and administering
financial benchmarks in the securities market.
• This regulation requires all index providers to register, and the provisions will take effect on
the 180th day from March 8, 2024.
Applicability:
i.Global index providers don’t need SEBI registration unless their indices are used by domestic asset
managers with significant funds.
ii.Indices exclusively used abroad are exempt.
iii.Benchmarks regulated by the Reserve Bank of India (RBI) are also excluded from SEBI regulations.

iv.Applicant should be an entity incorporated under Companies Act, 2013 or should be incorporated with
an equivalent legislation in the country of incorporation; or
v.Applicant has a minimum net worth of Rs 25 crores or an equivalent amount in the currency of the
country in which the applicant is incorporated.
vi.Applicant has a proper infrastructure and adequate number of human resources.
Key Points:
i.An Oversight Committee will govern all aspects of benchmark determination.
It will be separate from the department handling daily index calculations.
• Duties include reviewing index design changes, overseeing new benchmark introductions, and
implementing audit recommendations.
• It will also handle cessation procedures, expert judgment exercises, and conduct periodic
reviews.
ii.A Control Framework will ensure accurate index calculation, maintenance, and dissemination.
iii.A Whistle-Blowing Mechanism will be in place to encourage reporting of potential misconduct by
employees.
Click Here for Official Notification
i.SEBI has extended the timeline for market rumor verification for a second time to June 1, 2024 from
February 1, 2024 for the top 100 companies and to December 31, 2024 from August 1, 2024 for the top
250 companies.
ii.SEBI has released a Framework for Offer for Sale (OFS) of Shares to Employees through Stock Exchange
Mechanism which will come into effect from February 22, 2024.
About Securities Exchange Board of India (SEBI):
Establishment– 12 April 1992
SBI partnered with One97 Communications for UPI Transactions

State Bank of India (SBI), India’s largest public sector bank, has partnered with Noida (Uttar Pradesh)
based One97 Communications Limited (OCL) to settle Unified Payments Interface (UPI) transactions
upon acquiring the third-party app provider (TPAP) license.
• The other three banks are HDFC Bank Limited, Axis Bank Limited and YES Bank Limited.
• All these four banks will be acting as Payment System Provider (PSP) banks to OCL.
• The partnership aims to redirect Paytm Payments Bank (PPBL)’s handle “@paytm” to one of
the four banks for settlement.
• National Payments Corporation of India (NPCI), which handles UPI payments, requires most
significant UPI companies to have at least three banking partners.
What is PSP?
PSP (also known as a merchant service provider), is a third-party company that allows businesses to
accept electronic payments. They act as intermediaries between the customer making the payment and
the business receiving it.
Aditya Birla Finance to be Amalgamated with Aditya Birla Capital

The Board of Directors (BoD) of Aditya Birla Capital Limited (ABCL) has approved the Scheme of
Amalgamation of Aditya Birla Finance Limited (ABFL), with ABCL.
• The scheme aims to make ABCL a large unified operating Non-Banking Financial
Company (NBFC).

Key Points:
i.The proposed amalgamation will result in a reduction of legal entities and simplification of the group
structure of ABCL.
ii.The proposed amalgamation will integrate the businesses and operational synergies and lead to the
seamless implementation of policy changes and a reduction in the multiplicity of legal and regulatory
compliances.
iii.The amalgamation will also create a strong capital base for ABCL to grow its business.
iv.The amalgamation is subject to the approval of the National Company Law Tribunal (NCLT), Reserve
Bank of India (RBI), and Securities and Exchange Board of India (SEBI)
Post-merger leadership:
After the merger, Vishakha Mulye will be acting as Managing Director (MD) & Chief Executive Officer
(CEO) whereas Rakesh Singh will assume the role as Executive Director (ED) and CEO (NBFC) of the
merged amalgamated company.
Note:
i.ABFL is a wholly owned subsidiary of the ABCL, which is registered with Reserve Bank of India (RBI) as
non-deposit taking systemically important Non – Banking Financial Company(NBFC)-Investment and
Credit Company(ICC).
ii.ABCL is a systemically important non-deposit taking NBFC-Core Investment Company (CIC) registered
with RBI.
L&T Finance signs Financing Pact with JICA for USD 125 million
On March 12, 2024, a loan agreement ceremony was held between the L&T Finance Holdings Ltd. (LTFH)
and Japan International Cooperation Agency (JICA) in Mumbai, Maharashtra. This follows the signing of
loan agreement in December 2023 by LTFH with JICA for up to USD 125 million to improve financial
access in the India’s lagging states.
• The project was arranged by the Asian Development Bank (ADB) who co-financed the funding
amount.
• The lagging states include 10 states with poverty rates above 10% viz. Assam, Bihar,
Chhattisgarh, Jharkhand, Madhya Pradesh, Odisha, Rajasthan, Tripura, Uttar Pradesh (UP) and
West Bengal (WB).
Key Points:
i.The project was signed as a part of the Facility for Accelerating Financial Inclusion (FAFI), established
in May 2023.
• It is a Japanese initiative aimed at fostering sustainable development in partner countries
through both public and private infrastructure investments.
ii.Rural India, home to 65% of the population, sustains 46% of the Gross Domestic Product (GDP) but
hosts 90% of the impoverished.
• Post-COVID-19, income growth has declined, which intensified the urgency of poverty
reduction.
How will this funding be useful?
i.This project by LTFH aims to address rural disparities and promote economic development by lending to
women-owned businesses, farmers, Micro, Small and Medium Enterprises (MSMEs), etc., particularly in
lagging states.
ii.It contributes to Sustainable Development Goals (SDGs) viz. 1 (No poverty), 5 (Gender equality), 8
(Decent work and economic growth) and 17 (Partnerships for the goal).
iii.It also aligns with the “2X Challenge: Financing for Women” initiative, ensuring that at least 40% of the
loan amount supports women-owned businesses.

• The remaining funds will support loans for farmers, MSMEs, and two-wheeler loans.
iv.It also aligns with the goals of India’s Ministry of Rural Development by concentrating on lending in
rural and peri-urban areas of lagging states.
About L&T Finance Holdings Ltd. (LTFH):
It is a Non-Banking Financial Companies (NBFC).
MD & CEO– Sudipta Roy
Established – 2007
About Japan International Cooperation Agency (JICA):
It is an implementing agency of Japanese official development aid (ODA) that supports the socioeconomic
development, recovery, or economic stability of developing regions.
President– Tanaka Akihiko
Headquarters– Tokyo, Japan
Karnataka Vikas Grameena Bank launches New Loan Scheme ‘Vikas Spoorty’
Karnataka Vikas Grameena Bank (KVGB) has launched a new loan scheme called ‘Vikas Spoorty’ to
strengthen the rural credit delivery system and to motivate the common man to take up income-
generating activities on a smaller scale.
• The scheme was launched by Shreekanth M Bhandiwad, Chairman of KVGB in an event held in
Dharwad, Karnataka.
Features of Vikas Spoorty:
i.Vikas Spoorty scheme offers hassle-free loan to small entrepreneurs without collateral security and
surety.
ii.Under this scheme, people may avail loan ranging from a minimum of Rs 50,000 to a maximum of Rs 2
lakh.
iii.The scheme targets individuals involved in various income-generating activities such as manufacturing,
retail trade, small business, artisan activity, handicrafts, and farm activities like small dairy, poultry, sheep,
and goat units.
iv.To avail the loan facility under the scheme, the customer should open a ‘Daily Deposit’ (pigmy) account
and contribute regularly to it at their doorsteps.
v.This pigmy account will be utilised to service the repayment of instalment and interest for the loan
thereby reducing the problem like loan overdue.
About Karnataka Vikas Grameena Bank (KVGB):
i.KVGB came into existence with effect from 12th September 2005 by merging 4 Regional Rural Banks
(RRBs) namely Malaprabha, Bijapur, Varada and Netravati Grameena Banks.
ii.It is a Scheduled Regional Rural Bank with share capital contributed in the ratio of 50:15:35 by the
Central Government, the Government of Karnataka and the Canara Bank respectively.
Chairman – Shreekant M Bhandiwad
Headquarters – Dharwad, Karnataka
NPCI signed MoU with IISc Bangalore for Joint Research on Blockchain and AI Technology
The National Payments Corporation of India (NPCI) has signed a multi-year Memorandum of
Understanding (MoU) with the Indian Institute of Science (IISc), Banglore(Bengaluru, Karnataka), to
conduct joint research on Blockchain and Artificial Intelligence (AI) technology.
• Under this partnership, NPCI–IISc Centre of Excellence (CoE) for Deep Tech Research &
Development will be established to foster innovation in these fields.

Key Points:
i.The partnership aims to address practical challenges in scalable blockchain platforms and multi-modal
analytics over fintech data.
ii.Faculty members from five departments at IISc will collaborate with NPCI researchers on various
technological challenges.
iii.The focus areas include scalability, privacy-preserving designs, neural networks, Graph AI, and Large
Language Models (LLM), among others.
iv.This collaboration utilize the expertise of IISc to solve complex engineering problems in the fintech
domain.
Tech Fini Join hands with NPCI to provide credit line on UPI
Tech Fini, a Mumbai-based Fintech firm specializing in payment infrastructure solutions, has partnered
with NPCI to offer Unified Payments Interface (UPI) 2.0 Acquiring and Issuing Switch Solutions to its
merchants.
Key Points:
i.Tech Fini received UPI 2.0 Issuer & Acquirer, Payment Card Industry Data Security Standard (PCI DSS),
and ISO(International Organization for Standardization)/International Electrotechnical Commission (IEC)
certifications from NPCI, highlighting its commitment to security and data protection.
ii.Under this collaboration NPCI allows Tech Fini to introduce ‘Credit Lines on UPI,’ providing clients with
financial flexibility and security.
ADB & MoF signed USD 181 Million Loan Agreement to Improve Urban Mobility in Peri-Urban
Areas of Ahmedabad
On 13th March 2024, the Ministry of Finance (MoF) and the Asian Development Bank (ADB) has signed a
loan agreement worth USD 181 Million for the ‘Ahmedabad Peri-urban Livability Improvement
Project’.
• The amount will be utilised to build quality infrastructure and services toward improving urban
livability and mobility in the peri-urban areas of Ahmedabad city in Gujarat.
Signatories:
The loan agreement was signed by Juhi Mukherjee, Joint Secretary, Department of Economic Affairs (DEA),
MoF and Rajesh Vasudevan, Officer-in-Charge of ADB’s India Resident Mission.
Key Details:
i.Financing: The total finance of the program is USD 316.9 million.
• Out of this ADB committed to offer USD 181 million whereas the remaining USD 135.9 million
will be financed through Non-ADB sources.
ii.The project is implemented by the Ahmedabad Urban Development Authority (AUDA) of the
Government of Gujarat.
iii.Urban Development and Urban Housing Department of the Government of Gujarat will be executing the
project.
iv.The closing date of the project is 30th June 2028.
About the project:
i.The project will construct essential infrastructure like a 166 km water distribution network, 126 km of
climate-resilient drainage systems, 300 km of sewerage systems, and four sewage treatment plants.
ii.Ten key junctions along the Sardar Patel Ring Road will be improved to enhance connectivity between
peri-urban areas and the Ahmedabad city.
iii.Climate-resilient infrastructure and treated sewage recycling for industrial use are key aspects of the
project.
iv.The project also strengthens urban planning capacities and promotes social inclusion.

v.Capacity building for government agencies and awareness campaigns for communities will be carried
out as a part of the program.
Note: The project was approved in October 2023.
Headquarters – Mandaluyong City, Manila, Philippines
Members – 68 members (49 from Asian region)
NPCI Partners with Nepal’s Fonepay Payment Service for Cross-Border UPI Transactions
between India & Nepal
NPCI International Payments Ltd (NIPL), the international arm of National Payments Corporation of India
(NPCI), partnered with Fonepay Payment Service Ltd, Nepal’s largest payment network, to launch cross-
border Unified Payment Interface (UPI) transactions between India and Nepal.
This initiative was unveiled at Global Fintech Fest 2023 in India in September 2023.
• The partnership is now fully operational and enables Quick Response (QR) code-based person-
to-merchant (P2M) UPI transactions between India and Nepal.
• In the 1st phase, Indian consumers can make instant, secure, and convenient UPI payments
across various business stores in Nepal using UPI-enabled Apps.
• Merchants within the Fonepay Network can effortlessly accept UPI payments from Indian
customers.
Note: NIPL was established on 3 April 2020, as a wholly-owned subsidiary of NPCI.
Fitch revises India’s FY25 GDP Growth Forecast to 7% from 6.5%

Fitch Rating, an international credit rating agency, has increased its forecast for India’s Gross Domestic
Product (GDP) growth by 0.5% points to 7% for the fiscal year 2024-25 (FY25) from its prior prediction
of 6.5% due to improving domestic demand and increasing investments.
• For FY24, India’s GDP growth is estimated at 7.8% and the growth rate is projected to be 6.5%
for FY26.
Key Points:
i.Indian economy achieved about an 8% growth rate in the first three-quarters (April 2023 – December
2023)of FY24.
ii.The growth rate was at 8.4% in the third quarter(Q3 – October to December 2023).
iii.Fitch’s forecast indicates that growth in the short term will exceed the estimated potential of the
economy and then the growth follows the trend of FY25.
Inflation:
i.Fitch predicts that the headline Inflation rate will be at 4% by the end of FY25 and the value will remain
almost unchanged in FY26.
ii.Inflation remained almost unchanged at 5.09% in February 2024, as high food inflation kept the retail
inflation from falling further
iii.Fitch expects a 50 basis point (bps) rate cut by the Reserve Bank of India (RBI) in the second half of
2024 (from July to December 2024).
Additional Info:
Fitch raised the global growth forecast to 2.4% from 2.1% projected earlier, due to the strong growth of
the United States of America (USA)’s economy.

REC signs MoU with Rajasthan to Finance Power & Infrastructure Projects Worth Rs.20,000 Cr
REC Limited (formerly Rural Electrification Corporation Limited) has signed a Memorandum of
Understanding (MoU) with the Government of Rajasthan to finance power & infrastructure projects
worth Rs. 20,000 crore per annum for a period of six years, extending up to 2030.
• Under the MoU, REC provides loans to various projects in Rajasthan, including power projects,
metros, roads & highways, airports, IT infrastructure, oil refineries, ports & waterways, health
sector, tourism infrastructure, agriculture, and other infrastructure projects.
• The MoU was signed in the presence of Bhajan Lal Sharma, Rajasthan Chief Minister; Amrit Lal
Meena, Secretary, Ministry of Coal, Government of India; Vivek Kumar Dewangan, Chief
Managing Director (CMD), REC, and others.
• In addition to the MoU with REC, the Rajasthan government also signed several agreements
worth Rs 1.6 lakh crore with a number of central public sector Undertakings (CPSUs) under the
power ministry and the coal ministry.
Fintech startup Perfios Became India’s Second Unicorn of 2024

Fintech-focussed Software as a Service (SaaS) firm Perfios has become the second unicorn of 2024 after
it secured a USD 80 million fund from Teachers’ Venture Growth (TVG).
• Perfios’s software products and platforms help its Banking, Financial Services, and Insurance
(BFSI) clients simplify and scale up various processes like underwriting, monitoring, and
onboarding.
• TVG is a late-stage venture and growth investment arm of the Ontario Teachers’ Pension Plan.
• AI startup Krutrim was India’s first Unicorn of 2024.
Points to Note:
i.SaaS allows users to connect to and use cloud-based apps over the Internet.
ii.A unicorn is a term used to describe privately owned startups or companies worth more than USD 1
billion.
SEBI nod to T+0 settlements for Limited Stocks, Eases Norms for FPIs
The Securities and Exchange Board of India (SEBI) approved same day settlement (T+0) for 25 scrips with
select brokers along measures to bring flexibility for Initial Public Offerings (IPOs), Alternative Investment
Funds (AIFs), and Foreign Portfolio Investments (FPIs).
• It also endorsed a standardized approach for market rumor verification through an Industry
Standards Forum (ISF).
Key Points:
i.FPIs with over 50% of Indian equity in one group exempt from extra disclosures if holdings in a listed
company with no identified promoter stay below 3%.
ii.There are relaxed timelines for FPIs’ material change disclosures; reactivation within 30 days of
registration expiry or disposal within 180 days, with unsold securities transferred to escrow after 360
days.
iii.IPO norms eased: Non-individual shareholders can contribute to minimum promoters’ contribution
without being identified as promoters. Offer size adjustments based on either rupee value or share
numbers.
iv.Compliance for listed entities’ market capitalization based on six-month average ending December 31.
v.SEBI to specify objective criteria for rumor verification based on share price movements.
vi.AIFs can encumber equity of investee companies in infrastructure for debt raising, and deal with
unliquidated investments during winding up.
vii.Framework for subordinate unit issuance by privately placed InvITs (Infrastructure Investment Trust)

established.
About Securities and Exchange Board of India (SEBI):
It was established as a statutory body in 1992 and the provisions of the SEBI India Act, 1992 (15 of 1992)
came into force on January 30, 1992.
APBL in Partnership with Noise & Mastercard launched Airtel Payments Bank Smartwatch
Airtel Payments Bank Limited (APBL) has developed the Airtel Payments Bank Smartwatch in
partnership with Gurugram (Haryana) based Nexxbase Marketing Private Limited (Noise) and Mastercard.
• This smartwatch is equipped with Near Field Communication (NFC) technology powered by
Mastercard.
About Airtel Payments Bank Smartwatch:
i.The smartwatch comes with a Tap-and-Pay feature for contact less payments directly from the
smartwatch.
ii.Upon linking the smartwatch with Airtel Payments Bank account, a customer can make payments
between Rs 1 to Rs 25,000 per day in Point of Sale (POS) machines.
iii.As a New Way to Pay, the device will empower users to unlock the full potential of smart wearables and
democratise convenient financial solutions.
iv.This smartwatch is the first wearable device of APBL.
Other Features:
i.The smartwatch comes with other health and productivity features including 130 different sports modes.
ii.The smartwatch is rated IP68 for water and dust resistance.
About Airtel Payments Bank Limited (APBL):
APBL is the first payment bank of India which was launched in January 2017, by Bharti Airtel Limited.
Managing Director (MD) & Chief Executive Officer (CEO) – Anubrata Biswas
Guyana Signs USD 23.27mn LOC Agreement with Exim Bank for Aircraft Procurement
The government of the Co-operative Republic of Guyana has signed a USD 23.27 million Line of Credit
(LOC) Agreement with the Export-Import Bank of India (India Exim Bank) for the procurement of two
Dornier aircraft.
Signatories: The LOC agreement was signed between Ashni Singh, Senior Minister in the Office of the
President of Guyana, and Sanjay Lamba, Sanjay Lamba, Deputy General Manager of EXIM Bank.
• The LOC was signed in the presence of Dr Amit Telang, High Commissioner of India to Guyana;
Brigadier Omar Khan, Chief of Staff of Guyana Defence Force (GDF); and Dr Tarachand Balgobin,
Chief Planning Officer of the Ministry of Finance, Guyana.
About LOC:
i.Under this LOC, Guyana will purchase two Dornier (Hindustan 228-201) transport aircraft from
Hindustan Aeronautics Limited (HAL) for USD 23.37 million.
ii.This LOC is in line with the Indian government’s commitment to modernise and equip the GDF for the
evolving security challenges in the region.
iii.The acquisition of 2 aircraft under this agreement marks the largest investment in the capitalisation of
the force.
Points to note:
i.With this LoC, EXIM Bank has now in place 292 LOC with 62 countries, offering credit worth of USD 2.72
billion.

i.Guyana has so far received eleven (11) LOCs from the EXIM Bank.
About Guyana:
President – Dr Mohamed Irfaan Ali
Prime Minister – Mark Anthony Phillips
Capital – Georgetown
Currency – Guyanese Dollar
DBS Bank India Announced USD 250 Million Lending Support for Startups & New Economy
Companies
DBS Bank India Limited announced a USD 250 million lending commitment for new-age startups and
new economy companies, focusing on enterprises redefining industry standards through emerging
technologies and innovative solutions.
• This initiative aligns with the bank’s vision of fostering innovation and entrepreneurship in
India.
Holistic Support and Exclusive Benefits:
i.DBS Bank India offers holistic support through advanced digital expertise, Asian connectivity, and
ecosystem partnerships.
ii.Offerings extend beyond banking to streamline operations, manage logistics, and access larger business
networks.
iii.DBS aims to become a trusted partner supporting start-ups across sectors throughout their business
lifecycle.
iv.Recognising the unique challenges faced by startups in the digital economy, DBS Bank India provides
exclusive benefits curated from across partners to enhance agility and foster growth.
Note –
DBS Businessclass FoundED is an initiative that interacts with Indian incubators and start-ups.
Advanced Risk Assessment Framework:
i.The bank utilises a sophisticated risk assessment framework combining traditional metrics with modern
analytical tools.
ii.Ensures tailored banking solutions aligned with the dynamic needs of start-ups.
About DBS Bank India Limited:
Managing Director (MD) and Chief Executive Officer (CEO)- Surojit Shome
Tagline – Live more, Bank Less
Note:
• In November 2020, Lakshmi Vilas Bank was merged with DBS Bank India Limited.
• DBS was named the Best Bank for Sustainable Finance – India by Global Finance in 2024.
SBI Card and Titan launch ‘Titan SBI Card’

SBI Card and Payment Services Ltd has collaborated with Titan Company Limited to introduce co-
branded ‘Titan SBI Card’ offering exclusive benefits such as cashbacks, Titan gift vouchers, and Reward
Points, totaling over Rs 2 lakh per annum. Cardholders enjoy 5% cashback on purchases from Mia,
Caratlane, and Zoya, and receive Titan gift vouchers worth 3% of spend at Tanishq stores.
Click Here for Official Information

HDFC Bank closes USD1.15bn Stake Sale in Education Finance Arm HDFC Credila
HDFC Bank sold its stake in HDFC Credila, its education finance arm, for Rs 9553 crore (USD 1.15 billion)
to private equity firms BPEA EQT and ChrysCapital. This sale, announced in June 2023, was a regulatory
requirement before the merger of Housing Development Finance Corp with HDFC Bank.
About HDFC Bank:
CEO– Sashidhar Jagdishan
Tagline– We Understand Your World
YES Bank Partners with IOA for Paris Olympics 2024; named Official Banking Partner for Team
India
YES BANK partnered with the Indian Olympic Association (IOA) and has been named the Official
Banking Partner for Team India for the upcoming Paris Olympics 2024, which is scheduled to take place
from 26th July to 11th August 2024 in Paris, France.
The collaboration was announced during an event at YES Bank’s headquarters in Mumbai, Maharashtra.
• As part of the partnership, YES Bank launched the campaign ‘Milkar Jitayengey,’ (“Together
We Win”) for the Indian Olympic team, highlighting the shared effort behind every victory.
• The Bank also launched a special savings account ‘YES Glory‘ specially designed for India’s
Olympic athletes, which offers exclusive benefits to both the athletes and their immediate
families.
• The benefits include complimentary Orthopaedic consultations, etc, and a limited edition ‘YES
Glory Debit Card,’ exclusively designed for Indian players.
IOB Launches 2 Gold Loan Products IOB Gold Powered Card & Jewel Loan Suvidha
Indian Overseas Bank (IOB) has launched 2 new jewel loan products:
• IOB Gold Powered Card to provide borrowers with instant access to a card linked directly to
their jewel loan overdraft accounts, and
• Jewel Loan Suvidha, to serve the unique needs of housing loan borrowers, not only from IOB
but also from other Financial Institutions (FIs).
IOB Gold Powered Card:
i.IOB Gold Powered RuPay Credit Card can be sanctioned as an overdraft facility for consumption and
contingencies.
ii.Limit sanctioned based on borrower’s declaration; no speculative loans.
iii.Loan range: Rs. 25,000 to Rs. 25 lakh.
iv.Target Group: Individuals above 18 years with gold assets and IOB accounts (Single/Joint), including
staff. No age limit for exit.
v.It will provide the flexibility for borrowers to service both interest and principal at the maturity of the
loan i.e., 12 months from the date of sanction.
vi.Cash withdrawal limit: Rs 20,000 per transaction; Rs 1 lakh daily.
v.The transaction limit for e-commerce and POS is Rs 25 lakh. Interest is charged only on the amount
utilised.
Jewel Loan Suvidha:
i.Jewel Loan Suvidha is a non-speculative loan scheme for individuals against security of gold ornaments.
This will offer reimbursement within a 12-month timeframe from the date of incurring expenses.
ii.Loan range: Rs 25,000 to Rs 50 lakh.
iii.Target: Individuals above the age of 18 with gold assets and housing loan accounts with IOB or with

any bank or FIs and individuals with a steady source of income including pensioners.
Click here to know more about Jewel Loan Suvidha
About Indian Overseas Bank (IOB):
Managing Director (MD) & Chief Executive Officer (CEO)- Ajay Kumar Srivastava
Headquarters– Chennai, Tamil Nadu
Established on– 10 February 1937
Tagline– Good People to Grow with
Global Economic Outlook: S&P Global revised India’s GDP to 6.8% for FY25
According to ‘Global economic outlook: March 2024’ released by S&P Global Market Intelligence India’s
Gross Domestic Product (GDP) forecast is revised to 6.8% for the fiscal year 2024-25 (FY25) from its
prior prediction of 6.5% due to strong growth momentum and improving global prospects.
• For FY24, India’s GDP growth is revised to 7.3% from 6.9%
• The Indian economy is likely to grow 6.1% in FY26 and 6.2% in FY27.
Key Points:
i.In the first three quarters of FY24 (April 2024 – December 2024) Indian economy was expanded at 8.2%.
ii.The economic growth was higher than expected during the first three quarters of FY23.
iii.The economic growth in FY25 will be eased by lower public infrastructure spendings.
Inflation:
i.S&P Global also reduced inflation forecast to 5.1% from earlier estimate of 5.6% for FY25.
ii.For FY24, the average inflation is expected to be at 5.7%.
iii.It also lowered the FY26 inflation estimate to 4.9% from 5.15%.
iv.S&P Global Market is also expecting a possible rate cut by the Reserve Bank of India (RBI) in either June
or August 2024.
Global Forecast:
i.S&P Global revised global growth projections to 2.6% from 2.3% for FY24.
ii.This revision is due to higher forecasts for growth in countries like United States of America (USA),
United Kingdom (UK), and India.
iii.For FY25, the world economy is expected to grow at 2.6%.
iv.After experiencing a growth rate of 0.4% in the fourth quarter(Q4 – January to March) in FY24, the
global economy is expected to grow at 0.8% in the second half (H2 – July to December) of 2024.
Federal Bank Partners with NPCI to Introduce ‘Rupay Smart Key Chain –FlashPay’ for
Contactless Payments
The Federal Bank and National Payment Corporation of India(NPCI), launched a Rupay Smart Key
Chain – ‘FlashPay’ for Contactless National Common Mobility Card (NCMC) payments at enabled metro
stations and Point Of Sale (POS) terminals.
Features of FlashPay:
The customers can make payments up to Rs.5000 without using a Personal Identification Number
(PIN) and whereas above Rs. 5000, requires a PIN authentication with a daily limit of Rs.1,00,000 at any
POS terminal.
About FlashPay
i.FlashPay is a type of payment instrument that is linked to the bank account and can be used to carry out
contactless transactions, which is similar to the ‘Tap and Pay‘ (Card) feature.
ii.It combines a cutting edge technology with unparalleled convenience by offering users compact and
stylish solutions for seamless transactions.
iii.The key chain allows users to make secure payments with just a tap, eliminating the need for physical

cards or cash.
iv.The contactless machines and cards have limited range hence the FlashPay should be within 3-4cms
from the POS terminal for successful transactions.
About Federal Bank Limited:
Managing Director(MD) & Chief Executive Officer(CEO) – Shyam Srinivasan
Headquarters – Aluva, Kerala
Tagline – Your Perfect Banking Partner
About National Payment Corporation of India (NPCI)
NPCI is the initiative of the Reserve Bank of India (RBI) and the Indian Bank’s Association (IBA), under the
provisions of Payment and Settlement System Act 2007, for creating a robust Payment and Infrastructure
in India.
CEO – Dilip Asbe
Incorporated – 2008
India’s growth expected to be between 6.5% – 7% in FY25: DEA

The Monthly Economic Review report for February 2024, released by the Department of Economic Affairs
(DEA) and the Ministry of Finance, mentioned that various agencies have expected India’s growth to be
between 6.5% and 7% in the Financial Year 2024–2025 (FY25).
• The report mentioned that economic outlook for FY25 is bright due to rise in private
investment, strong growth and stable inflation rate.
Projections made by various agencies related to India’s growth rate are:
i.Reserve Bank of India (RBI) has estimated growth rate of 7% for the next fiscal year(FY25). Similarly,
Government of India (GoI) has also projected growth rate of over 7%.
ii.The Ministry of Statistics and Programme Implementation’s second advance estimate report has revised
India’s growth rate for FY24 from 7.3% to 7.6%.
Key Findings:
i.The report projected a positive inflation outlook for next months of FY (2024-2025).
• It indicates downward trend of inflation which further shows a broad-based moderation in
price pressures.
ii.Retail inflation remained stable and within the target range for the 6th consecutive month.
iii.The report mentioned that overall core inflation is declining continuously due to strong domestic
growth and stable global commodity prices.
iv.Decreasing merchandise trade deficit and increasing net services receipts are expected to improve the
current account balance in FY24.
v.The report cautioned that government needs to monitor the current account deficit in FY25.
• It is imperative for government to increase the domestic household savings in order to finance
the private sector’s capital formation in the economy.
vi.The report highlighted that inclusion of Indian bonds in Bloomberg index from January, 2025 should
bolsters investment inflows.
vii.The report highlighted some headwinds such as: indications of hardening crude oil prices and global
supply chain bottlenecks to trade.
viii.According to Ministry of Finance that increased demand for residential properties in tier-2 and tier-3
cities gives the required boost to construction activity.
About Ministry of Finance:
Union Minister: Nirmala Sitharaman (Rajya Sabha: Karnataka)

Minister of State (MoS): Bhagwat Kishanrao Karad (Rajya Sabha: Maharashtra), Pankaj Chaudhary (Lok
Sabha constituency: Maharajganj, Uttar Pradesh)
UBS Estimates India’s GDP to Grow at 7% in FY 2024-25

According to UBS Securities India Private Limited, India’s Gross domestic product (GDP) growth is
predicted to slow down from the projected 7.6% in FY24 to 7% in fiscal year 2024-25(FY25).
• The moderation in growth is due to weaker global growth and public capex.
• India’s GDP growth in FY 2025-26 is expected to ease further to 6.8%.
Note: UBS Securities India Private Limited is a subsidiary of UBS AG headquartered in Switzerland.
Key Points:
i.It is noted that India’s GDP growth has averaged above 8% in the 1st three quarters of FY24.
ii.India’s current account deficit (CAD) is expected to narrow to less than 0.8% of GDP in FY24. In FY25,
this is expected to increase to 1.3% of GDP on slowing global growth and supported domestic demand
iii.The beginning of the rate cut cycle will also be positive for fixed income markets and see a good
opportunity to add duration.
iv.Indian bond yields will likely remain range bound in the near term without fixed income.
Equity outlook:
i.UBS stated that Indian equity market is set to remain volatile in the near term as geopolitical and
economic risks remain elevated.
ii.Nifty index is estimated to rise by 12% and reach 25,200 by March 2025. The Nifty target is based on
March 2026 Earnings Per Share (EPS) estimates of Rs 1,226.
2024 Hurun Global Rich List: Mukesh Ambani becomes world’s 10th Richest man; Mumbai
Becomes Asia’s Billionaire Capital
According to the “2024 Hurun Global Rich List”, Mukesh Ambani, Chairman & Managing Director(CMD) of
Reliance Industries Limited(RIL), has been ranked as the World’s 10th richest Person with a total net
worth of USD 115 billion.
• Elon Musk, Chief Executive Officer (CEO) of Tesla Motors, topped the list for the 3rd time, with
a total net worth of USD 231 billion followed by Jeff Bezos, founder of Amazon (USD 185
billion) and Bernard Arnault, CEO of LVMH Moët Hennessy Louis Vuitton (175 billion).
• Mumbai(Maharashtra), overtakes Beijing(China) to become the billionaire capital of Asia. 92
billionaires of India are based in Mumbai while Beijing houses 91 billionaires.
2024 Hurun Global Rich List:
i.The 2024 Hurun Global Rich List is the 13th edition of the ranking of billionaires. Wealth calculations in
the report are a snapshot of 15th January 2024.
ii.The 2024 list features a total of 3279 billionaires which includes 167 new billionaires. The number of
billionaires globally increased by 5% compared to 2023.
Top 5 billionaires on the 2024 List:
Rank Name Total Net Worth (USD billion)
1 Elon Musk 231
2 Jeff Bezos 185
3 Bernard Arnault 175

4 Mark Zuckerberg 158
5 Warren Buffett 144

Top 3 countries with the highest number of Billionaires:
Rank Country Number of Billionaires
1 China 814
2 The United States of America(USA) 800
3 India 217
Top 5 cities with highest number of billionaires:
Rank Cities Number of billionaires
1 New York (USA) 119
2 London (the United Kingdom) 97
3 Mumbai(India) 92
4 Beijing(China) 91
5 Shanghai(China) 87
Key Highlights: Indian billionaires:
i.Mukesh Ambani, Asia’s richest man, is the only Indian featured on the top 10 of the list.
• Gautam Adani, Chairperson of Adani Group, is ranked 15th with a total net worth of USD 86
billion.
ii.The cumulative wealth of Indian billionaires’ amounts to USD 1 trillion, which accounts to 7% of the
global billionaire wealth.
iii.India’s addition of 94 new billionaires in a single year consolidates India’s position as the 2nd largest
contributor to the world billionaire list.
iv.Industries that contributed India’s growth are, Pharmaceutical sector (39 billionaire) followed by
Automobile and Auto components industry (27 billionaire) and Chemical sector (24 billionaire).
Mumbai leads all Indian Cities with 92 billionaires
i.Mumbai has added 27 new billionaires compared to Beijing (6). Overall wealth of billionaires in Mumbai
increased by 47%.
ii.For the 1st time ever, New Delhi(India’s National Capital) find itself in the list of top 10 billionaires.
Points to note:
i.Top 10 countries in the Hurun List generated a staggering 60% of all the new wealth generated this year.
ii.Top three countries which have the most number of billionaires are: China (814), USA (800) and India
(217).
• The number of billionaires increased in USA and India by 109 and 84 respectively as compared
to 2023, China’s number has decreased by 155.
• In U.S., Artificial Intelligence(AI) was the major driver for wealth growth.

iii.Wealth controlled by China’s billionaires decreased by 15% as many as 40% from the Hurun List of 2
years ago have lost their places.
iv.American Singer and Songwriter Taylor Swift debuted on the list with a net worth of USD 1.2 billion.
About Hurun Report Inc. (Hurun Report):
It is a leading research, luxury publishing and events group established in 1998 in London (U.K.). Hurun
India was launched in 2012.
MD & Chief Researcher– Anas Rahman Junaid
Headquarters (Hurun India)– Mumbai, Maharashtra
IRDAI Approved 8 Regulations for Insurance Products, Policyholders

The Insurance Regulatory and Development Authority of India (IRDAI) has approved eight principle-
based consolidated regulations during its 125th Authority meeting held on 19th March 2024, at IRDAI
headquarters in Hyderabad, Telangana.
• These rules cover important areas like protecting policyholders, serving rural and social needs,
managing electronic insurance markets, foreign reinsurance branches, registration, finance,
investments, and corporate governance.
• They aim to make the Indian insurance industry more efficient and effective, moving closer to
the goal of providing insurance to everyone by 2047.
Regulations approved by IRDAI:
IRDAI (Rural, Social Sector and Motor Third Party Obligations) Regulations, 2024:
It merges two regulations concerning insurers’ minimum business commitments in rural, social sector,
and motor third-party sectors under the Insurance Act, 1938.
• Changes include measuring rural obligations by Gram Panchayat, extending social sector
coverage to scheme cardholders and beneficiaries, and measuring Motor Third Party
Obligations by insurance renewal for goods carrying vehicles, passenger carrying vehicles, and
tractors.
IRDAI (Bima Sugam – Insurance Electronic Marketplace) Regulations, 2024:The IRDAI (Bima Sugam
– Insurance Electronic Marketplace) Regulations, 2024, aims to establish a Digital Public Infrastructure
named Bima Sugam towards universalization and democratization of insurance as well as empowering
and safeguarding policyholders’ interests.
About Bima Sugam:
i.Bima Sugam functions like an online marketplace for insurance, offering both life and non-life policies
from various companies.
ii.It streamlines the insurance process, from purchasing policies to renewals, claims, and grievance
redressal, providing a seamless digital experience for policyholders.
iii.Serving as a central hub, Bima Sugam enables customers, intermediaries, and agents to access and
transact with multiple insurers easily.
iv.Unlike traditional methods involving paperwork and physical documents, Bima Sugam digitizes the
entire insurance process.
IRDAI (Registration, Capital Structure, Transfer of Shares and Amalgamation of Insurers)
Regulations, 2024
It combines seven regulations into one framework. Its goal is to boost the insurance sector’s growth by
simplifying processes like insurer registration, share transfer, capital structure, amalgamation, and stock
exchange listing. These streamlined rules aim to make insurance business easier, fostering smoother
operations and sectoral expansion.

IRDAI (Corporate Governance for Insurers) Regulations, 2024
It establishes a robust governance framework for insurers. They define roles and responsibilities of the
board and management, prioritizing transparency, accountability, and ethical conduct.
• These are the first formal regulations highlighting the importance of governance in insurance.
• The regulations aim to enhance trust and confidence among stakeholders.
IRDAI (Insurance Products) Regulations, 2024
It consolidates six regulations into a single framework. It is aimed at enabling insurers to swiftly adapt to
market demands, enhancing business ease, and increasing insurance penetration.
• It will ensure insurers adopt sound management practices for oversight and due diligence.
• It encourage the development of innovative insurance products catering to various societal
segments.
IRDAI (Registration and Operations of Foreign Reinsurers Branches & Lloyd’s India) Regulations,
2024
It merges two regulations. It aims to systematically develop the reinsurance sector in India by promoting
orderly growth and harmonizing legal and regulatory frameworks.
• It streamlines operations of entities engaged in reinsurance, and promote transparency and
stability, creating a conducive environment for sector growth.
IRDAI (Actuarial, Finance and Investment Functions of Insurers) Regulations, 2024
It merges nine regulations into one framework. They aim to improve the efficiency and responsiveness of
insurers’ actuarial, finance, and investment functions. They also stress the importance of preparing and
reporting regulatory returns accurately and transparently to assess insurers’ status, thereby benefiting
policyholders and facilitating smoother operations in the insurance sector.
IRDAI (Protection of Policyholders’ Interests and Allied Matters of Insurers) Regulations, 2024
It merges eight regulations into one cohesive framework. They focus on ensuring fair treatment of
prospects during insurance policy solicitation and sale, as well as safeguarding policyholders’ interests
throughout their engagement with insurers and distribution channels.
• It promotes prudent risk management practices related to outsourcing activities and prioritize
policyholders’ interests in the opening or closing of insurers’ business locations, both
domestically and internationally.
Galaxy Health gets nod to launch Health Insurance Business
During the meeting, IRDAI also granted certificate of registration (CoR) to a new health insurer, Galaxy
Health and Allied Insurance Company Limited to carry health insurance business in India.
With this, the number of insurers operating in health insurance segment has increased to seven. This
marks the sixth registration issued by the regulator in the past year across life, non-life, and health
insurance sectors.
i.IRDAI has issued guidelines mandating general and health insurance companies to coverAyurveda, Yoga
& Naturopathy, Unani, Siddha, Sowa Rigpa and Homoeopathy (AYUSH)treatments in their health
insurance policies with effect from 1st April 2024.
ii.IRDAI has granted in-principle approval to Gurugram (Haryana) based Policybazaar Insurance Brokers
Private Limited (Policybazaar) to upgrade its license from a direct insurance broker (Life and General) to a
composite insurance broker.
About Insurance Regulatory and Development Authority of India (IRDAI):
IRDAI was constituted in 1999 and was incorporated as a statutory body in April, 2000.
Chairperson – Debasish Panda
Headquarters – Hyderabad, Telangana

SEBI directs AMFI to stop inflows into Overseas Schemes of MFs from April 1
The Securities and Exchange Board of India (SEBI) has instructed the Association of Mutual Funds in
India (AMFI) to halt inflows into overseas exchange traded funds (ETFs) from April 1. This decision
comes as the current limit of USD 1 billion, set by the Reserve Bank of India (RBI), is nearing exhaustion.
Key Points:
i.SEBI’s January 2022 directive barred MFs from fresh subscriptions in overseas stocks. Despite recent
market downturns, SEBI relaxed restrictions with a USD 7 billion industry cap.
ii.13 international MF schemes manage Rs 7,743 crore in passive funds, with many others investing in
international ETFs.
iii.India’s MF industry offers two overseas investment avenues: direct and through foreign-managed ETFs.
iv.AMFI and fund houses seek raised limits for investor diversification and capitalizing on developed
market rallies.
v.The current limit was set in 2007-08 and hasn’t been revised despite India’s doubled forex reserves.
vi.SEBI mandates valuing overseas investment utilization based on acquisition cost, not current market
valuation.
vii.Mutual funds accept investments in overseas schemes based on available headroom within fund house
caps.
Establishment– SEBI was constituted as a non-statutory body on April 12, 1988, and it was established as
a statutory body in 1992.
Aditya Birla Housing Finance Launches Digital Lending Platform “ABHFL-Finverse”

Aditya Birla Housing Finance Limited (ABHFL), a wholly-owned subsidiary of Aditya Birla Capital Limited,
has launched a unified digital lending platform called ‘ABHFL-Finverse’ for its home loan customers.
• The platform would digitise the entire lending process, from prospecting to disbursement.
• It will offer customers a seamless experience, a quick turnaround of loan applications, real-time
updates, and greater transparency of loan status.
• The ABHFL-Finverse platform has been co-created in association with Tata Consultancy
Services (TCS).
Axis Bank introduces Digital Opening of US Dollar FD for NRI customers at GIFT City
On March 26, 2024, Axis Bank has introduced digital opening of US (United States) dollar Fixed Deposits
(FD) for NRI (Non-Resident Indian) customers at its International Financial Services Centre/IFSC Banking
Unit (IBU) in Gujarat International Finance Tec (GIFT) City in Gandhinagar, Gujarat.
• With this, Axis Bank becomes the first bank to offer digitization of GIFT City Deposits.
Key Points:
i.NRI customers can now open US dollar fixed deposits at GIFT City through ‘Open by Axis Bank’, the
bank’s mobile banking application.
ii.This digital offering simplifies the process, providing an end-to-end digital solution and eliminating
physical documentation.
iii.Customers can conveniently manage their FD digitally and enjoy flexible investment tenures ranging
from seven days to ten years.
iv.Partial or full premature closure of the FD can also be requested through the Axis Bank mobile
application.

About Axis Bank Limited:
Managing Director and CEO– Amitabh Chaudhry
Established – 1993 (Commenced operation on 1994)
Tagline– Badhti Ka Naam Zindagi
NTPC signs pact with Japanese agency for USD 200 million loan
The NTPC Limited (formerly known as National Thermal Power Corporation) has inked a pact with Japan
Bank for International Cooperation (JBIC) for sourcing foreign currency loans of USD 200 million
(Japanese Yen (JPY) 30 billion or around Rs 1,650 crore).
• JBIC will provide 60% of the facility amount and the balance amount will be provided by other
commercial banks under JBIC guarantee
Key Points:
i.Agreements signed for JPY 15 billion loans each for NTPC Ltd and NTPC Renewables Energy Ltd (NREL).
• Of the 30 billion, the JBIC’s portion is only JPY 9 billion each.
ii.The loan is co-financed by Sumitomo Mitsui Banking Corporation and the Bank of Yokohama Ltd.
iii.Loans are extended under JBIC’s ‘Global action for Reconciling Economic growth and Environment
preservation’ (“GREEN”) initiative for environment-friendly projects.
iv.NTPC will utilize the funds for Flue Gas Desulphurization (FGD) to reduce Sulphur oxide (SOx)
emissions, promoting environmental sustainability.
v.This marks the second loan for NTPC under JBIC’s GREEN operations in India.
vi.NREL will use the funds for renewable energy projects, aligning with its mission for reliable, affordable,
and sustainable energy.
About NTPC Limited:
Chairman & Managing Director– Gurdeep Singh
Headquarter– New Delhi, Delhi
PayU Introduces Industry-First Downpayment EMI Solution for Online Retail

PayU Payments Private Limited(PayU), a leading payments solution provider in India, introduced a first-
of-its-kind Downpayment EMI (Equated Monthly Instalment) solution for online retail. This replicates
the flexibility and convenience of downpayment options available in offline EMIs.
• This will enable the users to make a partial payment upfront while the remaining can be
converted into easy EMIs.
• With this, the PayU merchant partners can offer flexible options to their customers to decide on
a downpayment amount with Credit Card EMI. This no-code solution offers No-cost EMI with a
pre-decided downpayment.
Star Housing Finance Signs Co-lending Partnership with Tata Capital Housing Finance
Star Housing Finance Limited (Star HFL) has signed a co-lending partnership with Tata Capital Housing
Finance Limited (TCHFL) to provide loans to economically weaker sections (EWS) and low-income groups
(LIG) at more affordable rates.
• The partnerships aim to serve consumers across different geographies by offering diverse
origination capacities and levels of franchise to the borrower base.
Note:TCHFL is a wholly owned subsidiary of Tata Capital Limited and is registered with the National
Housing Bank as a housing finance company.

CAD narrows to 1.2% of GDP at USD 10.5 billion in Oct-Dec FY24: RBI
On March 26, 2024, the Reserve Bank of India (RBI) released the Preliminary data on India’s Balance of
Payments (BoP) for October-December 2023-24 i.e. Q3FY24. As per it, India’s Current Account Deficit
(CAD) for Q3FY24 showed a deficit of USD 10.5 billion which is 1.2% of GDP (Gross Domestic Product).
• It is lower than Q2FY24’s USD 11.4 billion (1.3% of GDP) and Q3FY23’s USD 16.8 billion (2.0%
of GDP).
Highlights:
i.Merchandise trade deficit in Q3FY24 was higher at USD 71.6 billion as compared to Q3FY23’s USD 71.3
billion.
ii.Services exports increased by 5.2% year-on-year, driven by software, business, and travel services,
contributing to cushioning the current account deficit.
iii.Primary income account’s net out go rose to USD 12.7 billion from USD 11.5 billion a year ago, reflecting
higher payments of investment income.
iv.Private transfer receipts, primarily remittances from Indians abroad, amounted to USD 31.4 billion, up
2.1% from Q3FY23.
v.Foreign Direct Investment (FDI) saw a net inflow of USD 4.2 billion, compared to USD 2.0 billion in
Q3FY23.
vi.Foreign Portfolio Investment (FPI) recorded a net inflow of USD 12 billion, higher than Q3FY23’s USD
4.6 billion.
vii.External commercial borrowings resulted in a net outflow of USD 2.6 billion in Q3FY24, compared to
USD 2.5 billion outflow in Q3FY23.
viii.Non-resident deposits saw a higher net inflow of USD 3.9 billion compared to USD 2.6 billion in
Q3FY23.
ix.Foreign exchange reserves decreased by USD 6 billion in Q3FY24, compared to USD 11.1 billion in
Q3FY23.
BoP During April-December 2023:
i.India’s CAD improved to 1.2% of GDP, down from 2.6% April-December 2022, mainly due to a reduced
trade deficit.
ii.Net FDI inflow was USD 8.5 billion, lower than April-December 2022’s USD 21.6 billion. iii.Portfolio
investment saw a net inflow of USD 32.7 billion in April-December 2023.
iv.The foreign exchange reserves increased by USD 32.9 billion during April-December 2023.
Brand Finance Insurance 100 2024: India’s LIC Emerged as World’s Strongest Insurance Brand
According to the “Insurance 100 2024” report by Brand Finance, independent brand valuation and
strategy consultancy, India’s Life Insurance Corporation of India (LIC) has emerged as the world’s
strongest insurance brand, with brand value up 0.04% to USD 9.8 billion. It has an Brand Strength Index
(BSI) score of 88.3 and an associated AAA brand strength rating.
• LIC is followed by Taiwan based Cathay Life Insurance(brand value up 9% to USD4.9 billion)
and Australia based NRMA Insurance (brand value up 82% to USD1.3 billion) as 2nd and 3rd
strongest insurance brands respectively.
• According to the report, China’s Ping An continues its reign as the world’s most valuable
insurance brand for 6 consecutive years, showcasing a 4% increase in brand value to USD 33.6
billion.
Note: Insurance 100 is an annual report of Brand Finance on the most valuable and strongest Insurance
brands

Most Valuable Insurance Company (Global):
i.Following China’s Ping An, Germany’s Allianz (brand value up 17% to USD24.6 billion), China Life
Insurance (brand value up 2% to USD17.5 billion) have retained their spot as the 2nd and 3rd valuable
insuance company in the world.
ii.France’s AXA (brand value up 4% to USD16.6 billion) has retained its spot as the 4th most valuable
insurance brands in 2024.
Note: LIC holds the 18th position in Brand Finance’s 100 Most Valuable Insurance Company ranking 2024.
Top 5 Strongest Insurance Brands 2024:
Brand Value (USD in

Position Brand Country
millions)
Life Insurance Corporation

1 88.3 India
of India (LIC)
2 Cathay Life Insurance 87.7 China
3 NRMA Insurance 87.0 Australia
Poland and Central and

4 PZU Group 86.2
Eastern Europe
5 China Life 85.9 China

Other Indian Insurance Firms:
i.Besides LIC, SBI Life Insurance has also made it to the top 10 and holds the 6th position with a BSI of
85.9.
ii.In the private sector, SBI Life Insurance and HDFC Life Insurance led with new business premium
collections of Rs 15,197 crore and Rs 10,970 crore respectively in FY23.
Achievements of LIC:
i.LIC India achieved the highest first-year premium collection of Rs 39,090 crore in FY23.
ii.The shares of LIC also reached an all-time high of Rs 1,175, making it India’s most valuable Public Sector
Undertaking (PSU) company.
iii.With this, LIC reclaimed its status as the 5th most valuable Indian listed company, surpassing SBI in
market capitalization.
Top 5 Most Valuable Insurance Brands 2024:
Brand Value (USD in

Position Brand Country
billions)
1 Ping An 33.6 China
2 Allianz 24.6 Germany
3 China Life 17.5 China
4 AXA 16.6 France

China Pacific Insurance (Group) Co.
5 15.3 China
Ltd (CPIC)
Key Highlights:
i.Chinese brands continue to dominate the ranking of the world’s most valuable insurance brands in the
global market.
ii.Besides Ping An and China Life Insurance China Pacific Insurance (Group) Co. Ltd (CPIC) positioned 5th
in the most valuable insurance brand, with brand value up 1% to USD 15.3 billion.
Note: CPIC is an insurance group company founded by China Pacific Insurance Company.
APAC Brands Dominate Strength Ratings:
i.Asia-Pacific (APAC) brands (LIC, Cathay Life Insurance, and NRMA Insurance) emerged as the strongest
among all insurance brands in the rankings.
ii.These APAC brands outperformed Italy’s UnipolSai and Canada’s Canada Life in terms of brand strength,
with improvements in their BSI scores.
iii.UnipolSai and Canada Life placed 1st and 2nd respectively, in terms of brand strength, in 2023.
Increase in Brand Value:
i.74 brands have seen their brand values grow from the 2023 ranking.
ii.Apart from NRMA Insurance, Denmark’s Tryg experienced a remarkable 66% surge in brand value,
reaching USD 1.6 billion.
iii.Premium forecasts driven by climate change and inflation contribute to their significant brand value
increases.
Understanding Sustainability Perceptions Value (SPV):
i.Brand Finance also compiles the Sustainability Perceptions Index that evaluates the impact of
sustainability on brand consideration across sectors.
ii.This Index displays the proportion of brand value attributable to sustainability perceptions, also known
as Sustainability Perceptions Value (SPV).
iii.SPV reflects the financial value associated with a brand’s reputation for sustainability.
iv.Allianz secures the highest SPV of USD 3.7 billion, showcasing its commitment to environmental,
social, and governance (ESG) practices.
• Its positive gap value of USD 299 million indicates a potential for added value based on the
variance between perception and actual performance.
• Ping An (SPV: USD 3.5 billion) and China Life (USD 1.5 billion) secured the 2nd and 3rd
positions respectively.
About Brand Finance:
Chairman & CEO– David Haigh
Headquarters– London, UK
IRDAI Retains the ‘D-SIIs’ status for LIC, GIC Re and New India Assurance Company
The Insurance Regulatory and Development Authority of India (IRDAI) retained the Domestic Systemically
Important Insurers (D-SIIs) status for Life Insurance Corporation of India (LIC), General Insurance
Corporation of India Limited (GIC Re) and the New India Assurance Company Limited.
• This means, these public sector insurance companies will continue to be identified as D-SIIs, as
in the 2022-23 list of D-SIIs.
Key Points:
i.D-SIIs are insurers considered ‘too big or too important to fail’ (TBTF) due to their size, market
significance, and interconnectedness.

ii.D-SIIs face additional regulatory measures to address systemic risks and moral hazards, necessitating
enhanced corporate governance and comprehensive risk management frameworks.
iii.LIC and New India are the largest life and general insurance companies in India, with GIC Re serving as
the sole Indian reinsurer.
Establishment– 1999 (Incorporated in 2000)
RBI modifies norms for Lenders Having Exposure into AIFs

On March 27, 2024, the Reserve Bank of India (RBI) issued directive to address the regulatory concerns
related to the investment by regulated entities (REs) in the Alternative Investment Funds (AIFs).
• The instructions were issued in exercise of its powers conferred by Sections 21 and 35A of the
Banking Regulation (BR) Act, 1949 read with Section 56 of the Act ibid; Chapter IIIB of the RBI
Act, 1934 and Sections 30A, 32 and 33 of the National Housing Bank (NHB Act, 1987
Key Points:
i.According to the new directive, downstream investments for Regulated Entities (REs) should exclude
equity shares of the debtor company but include other investments, including hybrid instruments.
ii.Provisioning should be required only to the extent of RE’s investment in the AIF scheme, which will be
invested by the AIFs in a debtor’s company and not the entire investment in the AIF scheme.
iii.The scope of the directive does not include the Investments by REs in AIFs through intermediaries such
as fund of funds or mutual funds
Click here to know more
Background:
In December 2023, RBI had restricted banks and NBFCs (Non-Banking Financial Companies) from
investing in AIFs, which have downstream investments in debtor companies. If banks or NBFCs had such
investments in AIFs, they were given 30 days to liquidate their holdings or make 100% provisions against
them.
Innoviti Payments, Concerto Software get RBI payment aggregator licences
Offline point-of-sales(PoS) deploying company Innoviti Payments and payment gateway Vegaah, which
is run by Concerto Software and Systems, have secured the online payment aggregator (PA) licence from
RBI.
Key Points:
i.CCAvenue, under Infibeam Avenues, also received its PA license from the RBI recently.
ii.MSwipe, a point-of-sales (PoS) company, has also acquired the PA license, offering online payment
services to its offline customers seeking an omnichannel experience.
iii.PAs are authorized to settle ecommerce transactions, subjecting them to RBI regulations.
India releases 2nd tranche of Rs 500 Crore to Bhutan for GyalSung Infrastructure Project
On 26th March 2024, India released the 2nd tranche of Rs 500 Crore for the development of
infrastructure related to GyalSung Project to Bhutan.
• Sudhakar Dalela, Indian Ambassador to Bhutan handed over the tranche to Lyonpo D.N.
Dhungyel, Minister of Foreign Affairs and External Trade, Bhutan.
MoU related to GyalSung Infrastructure Project:
i.A Memorandum of Understanding(MoU) on the concessionary financing arrangements for the GyalSung
Infrastructure Project was signed between India and Bhutan on January, 2024.
ii.The MoU laid down the framework for the disbursal of Rs 1,500 Crore as concessionary financing to the

Royal Government of Bhutan.
iii.The 1st tranche of Rs 500 Crore was released on 28th January, 2024.
iv.Till Now, Government of India(GoI) has released Rs 1000 Crore to Government of Bhutan.
Note: Earlier, MoU was signed between Indian Government and GyalSung in February, 2023. Government
of India(GoI) has provided financial assistance of Rs 200 Crore for the DeSuung for GyalSung programme.
About GyalSung:
i.It is an important national initiative envisioned by His Majesty King, Jigme Khesar Namgyel Wangchuck
to build the strong foundation for the future of Bhutan.
ii.It was launched by King of Bhutan, during 112th National Day of Bhutan on 17th December, 2019.
iii.Its primary objective is to enhance the capabilities of youth of Bhutan which will enable them to
participate in the nation building.
• It also aims to empower youngsters of Bhutan to realize their potential as competent and
productive citizens in service of the Tsawa Sum.
iv.It is a one-year integrated training programme mandatory for all youths attaining the age of 18.
v.Simultaneously, GyalSung Infra has been set up as a separate entity to carry out design work and build
infrastructure for five academies as greenfield projects.
About Bhutan:
Prime Minister: Tshering Tobgay
Capital: Thimphu
Currency: Bhutanese Ngultrum (BTN)
SBI Mutual Fund Acquires 3% Stake in Savita Oil Technologies

On 22nd March 2024, SBI Mutual Fund(MF) acquired a 3% stake, equivalent to 20.73 lakh equity shares,
in Savita Oil Technologies Ltd, via a block deal. SBI MF bought the shares at an average price of Rs.
408 apiece from its promoter entity Mehra Syndicate.
• Before the sale, promoters held 62.78% stake, equivalent to 43,383,855 shares. Post-sale,
promoter stake reduced to 59.78%, comprising 41,310,855 shares.
• As of March 26, 2024, Savita Oil Technologies Ltd’s market capitalization has crossed the Rs
3,000 crore mark value.
• Apart from SBI Mutual Fund, HDFC Mutual Fund has a 7.4% stake in Savita Oil Technologies.
Note: Mumbai(Maharashtra) based Savita Oil Technologies (Previously Savita Chemicals Limited) is a
manufacturer and distributor of greases, industrial oils, petroleum products, and transformer oils.
Morgan Stanley raises India’s GDP growth estimate to 6.8% for FY24-25
Brokerage Firm Morgan Stanley in its report titled ‘Building Stronger Recovery’ has increased India’s
Gross Domestic Product (GDP) forecast for FY24-25 to 6.8% from 6.5% estimated earlier amid continued
traction in industrial and capex activity.
• For Calendar Year (CY) 2024 Indian economy will grow at 6.8% as compared to 6.4%.
• For FY24, India’s GDP growth will be at 7.9%, and for Q4FY24 (January- March) GDP growth is
at 7% with gross value added Growth of 6.7%.
Key Points:
i.India’s growth in FY25 to be broad-based, with narrowing rural-urban consumption gaps and Private-
Public Capex (Capital Expenditure).
ii.Consumer Price Index (CPI) inflation projected to moderate to 4.5%, with the current account deficit
around 1% of GDP.
• Capex expected to exceed nominal GDP growth in 2024-25 and 2025-26.

iii.Consumption remains dominant, accounting for 60.3% of GDP, with private consumption rebounding
close to pre-pandemic levels.
iv.Global growth to slightly decline to 2.8% in 2024, stabilizing at 2.9% in 2025.
v.India aims to increase export market share from 2.4% to 4.5% by 2031 through supply-chain
diversification and manufacturing policies.
Bank of Baroda wins co-branding rights for three Delhi Metro stations
Bank of Baroda (BoB), an Indian public sector bank(PSB), has acquired the co-branding rights for three
Delhi Metro stations namely, Rajouri Garden, South Extension, and Inderlok.
Ajay K Khurana, Executive director of BoB inaugurated the new station branding at Inderlok Metro station.
• Delhi Metro Rail Corporation (DMRC) has awarded the naming rights to the BoB for a period of
10 years, starting from 2024.
• As a part of this partnership, BoB will also get a dedicated space for branding, display of
products and installation of an ATM(Automated Teller Machine)/Digital Banking Unit (DBU)/
kiosk to serve customers.
Fiscal deficit widens in April-Feb 2024 to Rs 15.01-lakh crore: CGA

According to data from the Controller General of Accounts (CGA), Department of Expenditure (DoE),
Ministry of Finance, the Indian government’s fiscal deficit widened in April 2023-February 2024 to Rs
15.01 lakh crore from Rs 11.03 lakh in April 2023-January 2024.
• The fiscal deficit for April 2023-February 2024 accounts for 86.5% of the revised estimate of Rs
17.35 lakh crore.
• The fiscal deficit in April-February 2023 stood at Rs 14.53-lakh crore which was 82.8% of
revised estimate.
Note:
i.The original budget estimate was Rs 17.87 lakh Cr.
ii.In the interim Budget (February 2024), the government has narrowed its fiscal deficit target for FY24 by
10 basis points (bps) to 5.8% of Gross domestic product (GDP).
iii.The government aims to bring it down further to 5.1% in the financial year 2025.
Key Points:
i.February 2024 saw a surge in Government’s fiscal deficit to Rs 4-lakh Cr, partly due to higher tax
devolution released compared to February 2023.
• In absolute terms the fiscal deficit, which is the difference between the total expenditure and
revenue of the government, is pegged at Rs 17.35 lakh Cr in 2023-24, marginally down from Rs
17.55 lakh Cr in 2022-23.
ii.The government’s total receipts stood at Rs 22.45 lakh Cr in April 2023-February 2024, which is
81.5%of the full fiscal target.
iii.Total expenditure for April 2023-February 2024 was Rs 37.47-lakh Cr, reaching 83.4% of the annual
target.
iv.Capital expenditure (Capex) was Rs 8.05-lakh Cr between April 2023-February 2024.
v.Significant shortfalls were observed in agriculture (Rs 20,668 Cr); rural (Rs 48,088 Cr); chemicals and
fertilizers (Rs 16,150 Cr); roads (Rs 26,000 Cr) and consumer affairs (Rs 35,117 Cr).
vi.Indian economy is expected to grow close to 8% this fiscal, surpassing the government’s projected
growth level of 7.6%.
vii.Central Government’s net tax revenues for April 2023-February 2024 reached Rs 18.5-lakh Cr, 79.6%
of the target.

• Non-tax revenue for April 2023-February 2024 stood at Rs 3.6-lakh Cr, achieving 95.9% of the
target.
viii.Total receipts for the 12-month period were Rs 22.5-lakh Cr, reaching 81.5% of the target.
Standard Chartered Bank Sold a 7.18% stake in CDSL for Rs 1,266.48 crore
The Standard Chartered Bank sold its entire 7.18% stake in Central Depository Services (India) Ltd
(CDSL) in a block deal worth over Rs 1,266.48 crore.
About CDSL:
i.CDSL facilitates the holding of securities in electronic form. CDSL and National Stock Exchange (NSE)-
promoted National Securities Depository Ltd(NSDL) are the only two depositories in India.
ii.CDSL was promoted in 1999 by the BSE (formerly Bombay Stock Exchange), along with banks such as
State Bank of India, Bank of India, Bank of Baroda, HDFC Bank, Standard Chartered Bank and Union Bank
of India.
SEBI Launched Beta Version of T+0 Trade Settlement

Securities and Exchange Board of India (SEBI) launched the beta version of T+0 rolling settlement cycle
(same-day transaction settlement) on an optional basis in addition to the existing T+1 settlement cycle in
equity cash market.
• The provisions of T+0 came into effect from March 28, 2024.
About T+0 Trade Settlement Cycle:
i.This allows same-day settlement of stock trades, instead of one-day settlement period (T+1) i.e. waiting
for a day for the trade to settle and funds/stocks to be delivered.
ii.The beta version of the T+0 settlement was introduced for a limited set of 25 scrips and with a limited
number of brokers.
iii.SEBI will evaluate results at three- and six-month marks to decide on further rollout.
iv.This will ensure cost and time efficiency, transparency in charges to investors and strengthen risk
management at clearing corporations and the overall securities market ecosystem.
Operation Guidelines:
SEBI has laid out an operation guidelines for the short settlement cycle. The guidelines includes,
i.Eligibility: All investors who are able to meet the timelines, process and risk requirements prescribed by
Market Infrastructure Institutions (MIIs) are eligible to participate in the segment for T+0
settlement cycle.
ii.Trade Timings: One continuous trading session from 09:15 AM to 1:30 PM.
iii.Price Band: The price in the T+0 segment will operate with a price band of +100 basis points(bps)
from the price in the regular T+1 market. This band will be re-calibrated after every 50 bps movement in
the underlying T+1 market.
Click here to know more:
Benefits for Investors:
i.Increased Liquidity: Quicker access to funds facilitates faster reinvestment and capital utilization.
ii.Improved Flexibility: Day traders can react promptly to market changes and utilize freed-up funds for
same-day transactions.
iii.Reduced Risk: Immediate settlement potentially reduces counterparty risk, eliminating default
possibilities.
List of Eligible Stocks for T+0 Settlement:
1. Ambuja Cements Ltd.
2. Ashok Leyland Ltd.
3. Bajaj Auto Ltd.

4. Bank of Baroda
5. Bharat Petroleum Corporation Ltd
6. Birlasoft Ltd
7. Cipla Ltd.
8. Coforge Ltd
9. Divis Laboratories Ltd.
10. Hindalco Industries Ltd.
11. Indian Hotels Co. Ltd.
12. JSW Steel Ltd.
13. LIC Housing Finance Ltd.
14. LTI Mindtree Ltd
15. MRF Ltd.
16. Nestle India Ltd.
17. NMDC Ltd.
18. Oil and Natural Gas Corporation
19. Petronet LNG Ltd.
20. Samvardhana Motherson International Ltd
21. State Bank of India
22. Tata Communications Ltd.
23. Trent Ltd.
24. Union Bank of India
Additional info:
It should be noted that SEBI has shortened the settlement cycle to T+3 from T+5 in 2002 and subsequently
to T+2 in 2003, and T+1 in 2021 (fully implemented w.e.f. January 27, 2023)
T+1: Under T+1, trade settlement takes a day, with stocks or funds not reflecting in accounts until the
following day. Sellers receive only 80% of cash on the sale day.
T+0:
i.T+0 settlement enables immediate addition of stocks to accounts upon purchase, facilitating same-day
trading and full fund availability.
ii.There are two trading phases for T+0 settlement:
• Phase 1 for trades until 1:30 pm, settled by 4:30 pm, and
• Phase 2 for trades from 1:30 pm to 3:30 pm.
iii.In the T+0 segment, prices can vary within a range of +/-100 basis points from the regular T+1 market
price. This range will be adjusted every time the T+1 market moves by 50 basis points.
NSE Cuts Transaction Charges by 1%
The National Stock Exchange of India (NSE) has approved a reduction of overall transaction charges across
cash equity and equity derivatives segments by 1% starting April 1, 2024.
• This decision is estimated to impact NSE’s revenue by approximately Rs 130 crore per annum.
Key Points:
i.Transaction charges are levied based on trading value slabs, with the reduction expected to benefit
investors and brokers, particularly if trading volumes increase significantly.

ii.In 2023, the NSE rolled back a 6% increase in transaction charges imposed on the equity cash and
derivatives segment.
iii.The increase in charges in January 2021 by 6% aimed partly at strengthening the investor protection
fund trust.
Additional info:
i.The NSE Board has also approved the sale of NSE Information Technology (NSEIT)’s digital technology
business, including its subsidiaries, NSEIT US, Aujas Cybersecurity, CXIO Technologies to Investcorp, a US-
based global alternative investments manager.
ii.The sale is expected to be completed by March 31, 2024, on a slump sale basis.
Note: NSEIT is a 100% subsidiary of NSE Investments Limited (formerly known as NSE Strategic
Investment Corporation Limited).
i.Ahmedabad (Gujarat)-based real estate developer Shivalik Group has received regulatory approval from
the SEBI for its inaugural fund- Shivalik Investment Fund as a Category
II Alternative Investment Fund (AIF). The fund aims to raise Rs.300 crore through private placement
including Rs.150 Crore Green Shoe Option.
ii.SEBI has empanelled 12 entities, including Ernst & Young LLP (EY), KPMG Assurance and Consulting
Services LLP, to provide digital forensic services to its search team for onsite data acquisition during
search and seizure operations. This empanelment will be valid for 2 years.
Establishment- 1992
PFRDA Mandates Two-Factor Aadhaar Authentication for CRA Access from April 1, 2024
The Pension Fund Regulatory and Development Authority (PFRDA) in its Digital Safety Practices for
Government Nodal Offices Under NPS Architecture Advisory, 2024, has mandated two-factor Aadhaar
authentication for accessing the Central Record keeping Agency (CRA) system, enhancing security for
National Pension System (NPS) transactions.
• Effective from April 1, 2024 about 1,600 government offices will implement two-factor
Aadhaar authentication for accessing the CRA system.
Key Points:
i.Previously, Nodal Offices used password-based login for NPS transactions.
ii.The new system adds an extra security layer, reducing the risk of unauthorized access and safeguarding
NPS transactions.
iii.The Aadhaar-based login authentication will be integrated with the current user ID and password-
based login process, enabling two-factor authentication for accessing the CRA system.
iv.NPS assets under management (AUM) have been growing steadily, with an overall AUM
exceeding Rs 11.56 lakh crore as of March 16, 2024, 30% higher than the previous year. The Government
sector accounts for Rs 8.95 lakh crore of this AUM, covering 9.2 million employees.
Chairperson– Deepak Mohanty
Headquarter– New Delhi, Delhi

IRDAI Mandates E-Insurance for All New Policies From 1st April 2024
Insurance Regulatory and Development Authority of India (IRDAI) has mandated that all insurance
policies should be issued in electronic form with effect from 1st April 2024. This is similar to how
investors hold shares in demat account.
• The process of acquiring and managing insurance policies electronically is known as “e-
insurance”.
• The insurance plans of an individual will be collectively recorded in his e-Insurance Account
(eIA).
This move aims to streamline access to policies and simplify policy management across different insurers
and segments.
E-insurance:
i.E-insurance, introduced in 2013, enables policyholders to maintain digital policies through repositories.
ii.At present, there are 4 insurance repositories viz. CAMS Insurance Repository, Karvy Insurance
Repository, NSDL Database Management Limited (NDML), and Central Insurance Repository of India that
facilitate the opening of e-Insurance accounts in India.
Key Points:
i.IRDAI requires insurers to issue new policies digitally, aligning with regulations for policyholders’
interests.
ii.Transitioning to e-insurance is expected to enhance accessibility and efficiency for policyholders and the
insurance ecosystem.
iii.Policyholders have the flexibility to retain older policies in physical form, with exceptions in exceptional
cases.
• IRDAI has already created an industry service i-Trex, which ensures that there is no duplication
of eIAs (e-insurance accounts) across insurance repositories.
iv.Opening an e-insurance account is facilitated by insurers during new policy purchases, and existing
physical policies can be converted digitally at no cost.
Establishment– 1999 (Incorporated in 2000)
Warburg Pincus Sells Entire 2.25% Stake in IDFC First Bank

Warburg Pincus, a Private equity firm sold its entire 2.25% stake in IDFC (formerly Infrastructure
Development Finance Company Limited) First Bank for Rs 1,195 crore through the open market
transaction.
Note:Warburg Pincus sold its IDFC First Bank shares on the BSE (formerly Bombay Stock Exchange)
through its affiliated Cloverdell Investment Limited.
• As per BSE, the investment group used block deals to sell its 2.25% stake in the bank. More than
15.88 crore IDFC First Bank shares were sold by Cloverdell Investment.
About IDFC First Bank
Managing Director & Chief Executive Officer (MD & CEO)- V. Vaidyanathan
Tagline – Always you First

ICICI Securities Delists its Share and Merges with ICICI Bank
The Industrial Credit and Investment Corporation of India (ICICI) Securities has received approval from
shareholders to delist its shares to proceed with its merger with ICICI Bank, the parent company and main
shareholder.
• The delisting motion received 71.9% of the votes, and the minority shareholders of the
brokerage supported the move.
• The 83.8% of public institutional investors, who collectively own 16.68% of the company voted
in favor of the delisting.
• Norges Bank Investment Management has the largest public share of 3.2% in ICICI Securities.
• As of March 28, 2024, ICICI Bank holds a roughly 75% stake in ICICI Securities.
Banking, Finance & Economy Q&A: March 2024

1. In February 2024, Pension Fund Regulatory and Development Authority (PFRDA) notified
Amendments to PFRDA (Retirement Adviser) Regulations 2016 with effect from 20th February
2024.
An application for grant of certificate of registration should be disposed of by PFRDA within
__________ (days).
1) 15 days
2) 60 days
3) 20 days
4) 30 days
5) 10 days
Answer- 4) 30 days
Explanation:
Pension Fund Regulatory and Development Authority (PFRDA) made changes to the PFRDA
(Retirement Adviser) Regulations 2016 with effect from 20th February 2024.
• This regulation may be termed as the Pension Fund Regulatory and Development Authority
(Retirement Adviser/ RA) (Amendment) Regulations, 2023.
• The amendment was made in exercise of the powers conferred by sub-section (1) of section 52
read with clause (w) of sub-section (2) thereof and clause (d) of sub-section (2) of section 14 of
the PFRDA act, 2013 (23 of 2013).
i. Grant of certificate of registration: An application for grant of certificate of registration should be
disposed of by PFRDA within 30 days. Click here to read more
2. During the Reserve Bank of India (RBI)’s Financial Literacy Week (FLW), RBI launched the
Financial Literacy Ideathon for Postgraduate (PG) students, currently enrolled in recognized
educational institutions.
What is the theme of FLW 2024, which is being observed from 26th February to 1st March
2024?
1) Encode Digital Economy
2) Make a Right Start – Become Financially Smart
3) Good Financial Behavior- Your Saviour

4) Go Digital, Go Secure
5) Know and Plan your Finances to Live a Better Life
Answer- 2) Make a Right Start – Become Financially Smart
Explanation:
The Reserve Bank of India (RBI) has launched the Financial Literacy Ideathon for Postgraduate
(PG) students, currently enrolled in recognized educational institutions.
• The Ideathon is being organised as a part of the RBI’s Financial Literacy Week (FLW) 2024
observed from 26th February to 1st March 2024.
• The theme of FLW 2024 is “Make a Right Start – Become Financially Smart”. The 2024
theme targets young adults, mainly students.
3. In February 2024, the Asian Development Bank (ADB) raised a USD __________, 5-year global
bond.
1) 5.0 billion
2) 2.1 billion
3) 3.5 billion
4) 4.2 billion
5) 4.0 billion
Answer- 3) 3.5 billion
Explanation:
On February 28, 2024, the Asian Development Bank (ADB) priced a USD 3.5 billion 5-year global
bond. The proceeds of this bond will become part of ADB’s ordinary capital resources.
i. Bond Details:
• The bond was priced at 99.827% to yield 12.7 basis points over the 4.25% United States
Treasury notes due February 2029.
• Coupon rate: 4.375% per annum (payable semi-annually)
• Maturity date: 6 March 2029
4. According to the Quarterly Estimates of Gross Domestic Product (GDP) for October-
December quarter of FY24 (Q3FY24) released by the National Statistical Office (NSO) in
February 2024, India’s GDP grew at __________ in Q3FY24.
1) 8.0%
2) 7.6%
3) 7.9%
4) 8.4%
5) 8.2%
Answer- 4) 8.4%
Explanation:
The National Statistical Office (NSO) under the Ministry of Statistics and Programme Implementation
(MoSPI) released the Second Advance Estimates (SAE) of National Income, Financial Year 2023-24
(FY24); Quarterly Estimates of Gross Domestic Product (GDP) for October-December quarter of FY24
(Q3FY24).
• Real GDP in Q3FY24 is estimated at Rs 43.72 lakh crore, against Rs 40.35 lakh crore in Q3 of
FY23, showing a growth rate of 8.4%.
• The growth in real GDP during FY24 is estimated at 7.6% as compared to 7% in FY23.

5. In February 2024, Ajay Kanwal was re-appointed as the Managing Director (MD) and Chief
Executive Officer (CEO) of _____________(Small Finance Bank -SFB) for three years.
1) Ujjivan SFB
2) Equitas SFB
3) AU SFB
4) Jana SFB
5) Capital SFB
Answer- 4) Jana SFB
Explanation:
Reserve Bank of India (RBI) has approved the re-appointment of Ajay Kanwal as the Managing
Director(MD) and Chief Executive Officer (CEO) of Jana Small Finance Bank (Jana SFB) for three
years, from 21st March 2024 to 20th March 2027.
i. Ajay Kanwal has been working as MD and CEO of Bengaluru – Karnataka headquartered Jana SFB
since 2018.
6. Which organisation/bank has recently (in March ‘24) partnered with the Department for
Promotion of Industry and Internal Trade (DPIIT) to organise a National Workshop on
Logistics Efficiency Enhancement in New Delhi, Delhi?
1) United Nations Development Programme
2) International Monetary Fund
3) Asian Development Bank
4) World Bank
5) African Development Bank
Answer- 4) World Bank
Explanation:
The Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of
Commerce and Industry (MoCI), has partnered with the World Bank to organise a National
Workshop on Logistics Efficiency Enhancement in New Delhi, Delhi.
i. The workshop brought together the logistics sector community to discuss and identify factors
affecting logistics performance and areas of improvement.
7. In February 2024, Reserve Bank of India (RBI) revised the regulatory framework for Bharat
Bill Payment Systems (BBPS) based on a review of developments in the payments landscape.
The revised directions, called RBI (BBPS) Directions, 2024, will be applicable from ___________.
1) 1st August 2024
2) 1st July 2024
3) 1st April 2024
4) 1st June 2024
5) 1st May 2024
Answer- 3) 1st April 2024
Explanation:
On February 29, 2024, Reserve Bank of India (RBI) revised the regulatory framework for Bharat Bill
Payment Systems (BBPS) based on a review of developments in the payments landscape. The revised
directions, called RBI (BBPS) Directions, 2024, will be applicable from 1st April 2024.

• The master direction of RBI (BBPS) directions 2024 was issued under Section 18 read with
Section 10(2) of the Payment and Settlement Systems (PSS) Act, 2007 (Act 51 of 2007).
• The RBI (Filing of Supervisory Returns) Directions 2024 were issued to reduce the compliance
burden of banks and non-banks on issues related to filing supervisory returns and risk
mitigation.
• As per the RBI’s Quarterly House Price Index (HPI) for Q3FY24, all-India HPI increased by 3.8%
(Year-on-Year/Y-o-Y) in Q3FY24 compared to 3.5% growth in Q2FY24 and 2.8% in Q3FY23.
Click here to read more
8. In February 2024, the Reserve Bank of India (RBI) updated its “Enabling Framework for
RBI has extended the overall timeline for the Regulatory Sandbox (RS) process from 7 months
to ___________, excluding the preliminary screening period.
1) 11 months
2) 9 months
3) 8 months
4) 10 months
5) 12 months
Answer- 2) 9 months
Explanation:
On 28th February 2024, the Reserve Bank of India (RBI) updated its “Enabling Framework for
• This update reflects the learnings gathered from running four cohorts over the past 4.5 years
along with feedback from participants like fintech companies, banking partners and other
stakeholders.
i. Extended timelines: RBI has extended the overall timeline for the Regulatory Sandbox (RS) process
from 7 months to 9 months, excluding the preliminary screening period.
ii. Data protection compliance: The updated framework mandates compliance with the Digital
Personal Data Protection Act, 2023.
9. Which bank/Financial company has recently (in March ‘24) signed an MoU with NPCI
International Payments Limited (NIPL) to transform cross-border payments using the Unified
Payments Interface (UPI) platform?
1) Attica Bank
2) Alpha Bank
3) Piraeus Bank
4) Jumbo S.A.
5) Eurobank S.A
Answer- 5) Eurobank S.A
Explanation:
NPCI International Payments Limited (NIPL), a subsidiary of the National Payments Corporation of
India (NPCI) signed a Memorandum of Understanding (MoU) with Greece-based Eurobank S.A., to
transform cross-border payments using the Unified Payments Interface (UPI) platform.

• This initiative will place Greece as one of the 1st European countries to facilitate UPI
remittances, empowering the Indian diaspora in Greece to undertake efficient remittances to
India.
10. Name the bank that has recently (in March ‘24) launched the ‘Smart Choice Gold Loan’.
1) Kotak Mahindra Bank
2) Axis Bank
3) HDFC Bank
4) ICICI Bank
5) IndusInd Bank
Answer- 1) Kotak Mahindra Bank
Explanation:
Kotak Mahindra Bank Limited (KMBL) launched the ‘Smart Choice Gold Loan’ with a simpler
application & disbursal process which aims to offer consumers the maximum value and flexibility to
meet their credit needs
• The monthly interest rate of the loan is as low as 0.88%.
i. The loan comes with other features like zero processing fee, same-day disbursement, flexible
repayment options, and minimal documentation.
11. According to the ‘Ecowrap‘ report by the State Bank of India (SBI) released in March 2024,
the GDP growth for Financial Year 2023-24 (FY24) is likely to be within striking distance
of ___________.
1) 8.5%
2) 8.2%
3) 8%
4) 8.4%
5) 8.1%
Answer- 3) 8%
Explanation:
On March 1, 2024, according to the ‘Ecowrap‘ report by the State Bank of India (SBI), the GDP
growth for Financial Year 2023-24 (FY24) is likely to be within striking distance of 8%.
• The Indian Economy grew 8.4% in Q3FY24.
i. The buoyancy in indirect tax mop-up (32 per cent year-on-year growth), gap between Gross
Domestic Product (GDP) and Gross Value Added (GVA) growth widened.
12. Who was recently (in Feb ‘24) appointed as the part-time Chairman of Tamilnad Mercantile
Bank Ltd. (TMB)?
1) Ezhil Jothi
2) Nagendra Murthy
3) Niranjan Sankar
4) Chiranjeeviraj
5) S Ravindran
Answer- 5) S Ravindran

Explanation:
The Reserve Bank of India (RBI) approved the appointment of S Ravindran as the part-time
Chairman of Tamilnad Mercantile Bank Ltd. (TMB) with effect from 29th February 2024 till 2nd
August 2026.
• He is currently serving as an Independent Director of TMB.
i. He is also serving as the Independent Director on the boards of the National Stock Exchange of India
Ltd (NSE India); LTIDPL Invit Services; Shriram Finance Ltd; and Bandhan AMC Ltd.
13. In March 2024, REC Limited had listed two bonds worth Rs _________ on the NSE India
(National Stock Exchange of India Ltd) and BSE Limited.
1) 2,870 crore
2) 3,910 crore
3) 5,375 crore
4) 4,120 crore
5) 6,175 crore
Answer- 3) 5,375 crore
Explanation:
REC Limited has successfully listed two bonds worth Rs 5,375 crore on the NSE India (National
Stock Exchange of India Ltd) and BSE Limited (formerly Bombay Stock Exchange).
• The first bond is worth Rs.2,500 crore and has a maturity period of 10 years (matures on 28th
February 2034). It offers a yield of 7.47%.
• The second bond is worth Rs.2,875 crore and has a maturity period of 3 years and 2 months
(matures on 30th April 2027). It offers a yield of 7.64%.
i. These bonds are rated IND AAA by India Ratings and Research Private Limited (IRPL) and ICRA AAA
by Investment Information and Credit Rating Agency (ICRA).
14. Which of the following points is/are “correct” with respect to the recent step taken by the
Reserve Bank of India (RBI) in March 2024?
A) Reserve Bank of India (RBI) gave approval to NPCI Bharat BillPay Ltd (NBBL) to launch an
interoperable payment system for internet banking in the Calendar Year 2024 (CY24).
B) RBI has sanctioned USD 530 million all-stocks Scheme of Amalgamation of Fincare Small
Finance Bank (SFB) Ltd. (Transferor Bank) with AU SFB Ltd. (Transferee Bank).
C) RBI directed IIFL Finance Ltd to cease and desist from sanctioning or disbursing gold loans
or assigning/ securitising/ selling any of its gold loans.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Answer- 5) All A, B & C
Explanation:
On March 4, 2024, Reserve Bank of India (RBI) gave approval to NPCI Bharat BillPay Ltd (NBBL) to
launch an interoperable payment system for internet banking in the Calendar Year 2024 (CY24).

• This will allow merchants to more quickly settle funds. This information was shared by the
Governor of RBI, Shaktikanta Das, at the Digital Payments Awareness Week (DPAW)
celebrations, in Mumbai, Maharashtra.
i. RBI has sanctioned USD 530 million all-stocks Scheme of Amalgamation of Bengaluru, Karnataka
based Fincare Small Finance Bank (SFB) Ltd. (Transferor Bank) with Jaipur, Rajasthan
headquartered AU SFB Ltd. (Transferee Bank) in exercise of the powers contained in sub-section (4)
of Section 44A of the Banking Regulation (BR) Act, 1949.
ii. RBI in exercise of its powers under Section 45L(1)(b) of the RBI Act, 1934, directed IIFL Finance
Ltd. to cease and desist, w.e.f March 4, 2024, from sanctioning or disbursing gold loans or assigning/
securitising/ selling any of its gold loans. Click here to read more
15. Which company has recently (in March ‘24) has received final authorisation from the
Reserve Bank of India (RBI) to operate an Online Payment Aggregator (PA)?
1) Phi Commerce Private Limited
2) Infibeam Avenues Limited
3) Worldline ePayments India
4) Paysharp Private Limited
5) Pine Labs Private Limited
Answer- 2) Infibeam Avenues Limited
Explanation:
Gandhinagar (Gujarat) based Infibeam Avenues Limited (formerly Avenues India Private
Limited) has received final authorisation from the Reserve Bank of India (RBI) to operate an Online
Payment Aggregator (PA) for its payment gateway brand, CCAvenue.
• Infibeam Avenues received in-principle approval from RBI to operate as a PA in 2022.
i. The Certificate of Authorisation (CoA) for Setting up and Operating Payment System in India is
issued by RBI under Section 7 of the Payment and Settlement Systems Act, 2007.
16. Which organisation/Bank has recently (in March ‘24) approved a new project worth USD
452 million to improve connectivity in rural areas of Assam?
2) World Bank
Answer- 2) World Bank
Explanation:
The World Bank (WB) has approved a new project worth USD 452 million to improve connectivity
for over 1.8 million people living in rural areas of Assam.
i. The Assam Resilient Rural Bridges Program will strengthen the resilience and management of roads
and bridges to help people living in 1,739 villages.
ii. The Program Development Objective (PDO) is to build green, inclusive, and resilient connectivity
for over 1.8 million people living in rural areas of Assam and strengthen the road and bridge
management capability of the Public Works Roads Department, Assam.
• The total finance of the program is USD 564.71 million.

17. Name the company that has recently (in March ‘24) partnered with the Unit of Science and
Educational Development (UNISED) to support the education of children in Siddharthnagar,
Uttar Pradesh (UP).
1) REC Limited
2) NTPC Limited
3) Power Finance Corporation
4) Coal India Limited
5) Oil and Natural Gas Corporation Limited
Answer- 1) REC Limited
Explanation:
REC Limited through its Corporate Social Responsibility (CSR) arm REC Foundation has partnered
with the Unit of Science and Educational Development (UNISED) to support the education of
approximately 75,500 children in the Siddharthnagar district of Uttar Pradesh (UP).
• REC has committed financial support of Rs 9.91 crores to support education.
18. Which company has recently (in March ‘24) got Suspended from the Reserve Bank of India
(RBI) to finance against shares and debentures?
1) Clix Finance India Private Ltd
2) Siemens Financial Services Private Ltd
3) Altico Capital India Ltd
4) PTC India Financial Services Ltd
5) JM Financial Products Ltd
Answer- 5) JM Financial Products Ltd
Explanation:
The Reserve Bank of India (RBI) has barred Mumbai (Maharashtra) based JM Financial Products Ltd
(JMFPL) from financing against shares and debentures including sanction and disbursal of loans
against initial public offering (IPO) of shares with immediate effect.
• RBI imposed the ban in exercise of its powers under section 45L(1)(b) of the Reserve Bank of
India Act, 1934,
i. The RBI cited “serious deficiencies” observed in loans sanctioned by JM Financial for IPO financing
and non-convertible debenture (NCD) subscriptions as the reason for the ban.
19. According to the report “Global Macro Outlook 2024” released by March 2024, India’s Gross
Domestic Product (GDP) projections has been raised to ___________for 2024.
1) 6.2%
2) 7.8%
3) 6.8%
4) 7.0%
5) 6.5%
Answer- 3) 6.8%
Explanation:
According to Global credit rating agency Moody’s report “Global Macro Outlook 2024”, India’s Gross
Domestic Product (GDP) projections for 2024 has been raised to 6.8% from 6.1% earlier.
• For 2025, India’s GDP growth is estimated at 6.4%.

20. Which bank has recently (in March ‘24) partnered with EaseMyTrip(EMT) to launch a co-
branded premier travel credit card?
1) Punjab National Bank
2) Indian Bank
3) Bank of Maharashtra
4) State Bank of India
5) Bank of Baroda
Answer- 1) Punjab National Bank
Explanation:
Punjab National Bank (PNB), an Indian public sector bank, has partnered with EaseMyTrip (EMT),
one of India’s largest online travel tech platforms, to launch ‘PNB EMT Credit Card’, a co-branded
premier travel credit card.
• The card is intended for both mass and premium customers and offers a variety of rewards for
Indian travellers.
• The PNB EMT credit card is available for an annual membership fee of Rs 2,000 and can be
globally used across 100 countries.
21. Name the Bank that has recently (in March ‘24) launched a Lifetime Zero Balance Savings
Bank Account?
2) Bank of Baroda
3) Indian Bank
5) Bank of India
Answer- 2) Bank of Baroda
Explanation:
Bank of Baroda (BoB) has launched a Lifetime Zero Balance Savings Bank Account called ‘bob
LITE Savings Account’. This account offers a lifetime free RuPay Platinum Debit Card for customers
who maintain a nominal Quarterly Average Balance (QAB).
i. The account is open to all resident individuals, including minors aged 10 years and above who can
read and write.
22. Which bank has recently (in March ‘24) launched a zero-balance digital savings account
called ‘GO Account’?
1) IndusInd Bank
2) YES Bank
3) RBL Bank
4) ICICI Bank
5) HDFC Bank
Answer- 3) RBL Bank
Explanation:
RBL Bank Limited has launched a zero-balance digital savings account called ‘GO Account’. This
account offers a free premium GO Debit Card.
i. The account offers interest rates of up to 7.5% per annum for saving accounts and 8.10% for fixed
accounts.

ii. The account holders are provided with vouchers worth Rs.1,500 for premier brands,
comprehensive cyber insurance cover, accident and travel insurance up to Rs.1 crore and other
premium banking services.
23. Which country’s central bank has recently (in March ‘24) signed an MoU with the Reserve
Bank of India (RBI) to promote the use of local currencies of both countries?
1) Reserve Bank of Australia
2) Bangladesh Bank
3) Bank Indonesia
4) Bank of Japan
5) Central Bank of Malaysia
Answer- 3) Bank Indonesia
Explanation:
The Reserve Bank of India (RBI) and the Bank Indonesia (BI) signed a Memorandum of
Understanding (MoU) for establishing a framework to promote the use of local currencies of both
countries, such as the Indian Rupee (INR) and the Indonesian Rupiah (IDR), for cross-border
transactions.
i. It aims to promote the use of INR and IDR bilaterally.
24. Which of the following points is/are “correct” with respect to the amendment of the ‘Master
Direction – Credit Card and Debit Card – Issuance and Conduct Directions, 2022’ by the Reserve
Bank of India (RBI) in March 2024?
A) The Reserve Bank of India (RBI) amended the ‘Master Direction – Credit Card and Debit
Card – Issuance and Conduct Directions, 2022’, customers as they will get the freedom to
choose from multiple card networks.
B) RBI amended in exercise of the powers conferred by Section 35A of the Banking Regulation
(BR) Act, 1949 and Chapter IIIB of the RBI Act 1934.
C) The timeline to follow the new norms by the card issuers is 6 months.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Explanation:
The Reserve Bank of India (RBI) in exercise of the powers conferred by Section 35A of the Banking
Regulation (BR) Act, 1949 and Chapter IIIB of the RBI Act 1934, amended the ‘Master Direction –
Credit Card and Debit Card – Issuance and Conduct Directions, 2022’, the provisions of which will
come into effect from March 07, 2024.
• As per it, card issuers are barred from entering into any arrangement with card networks for
the issuance of credit cards that restrain them from availing the services of other card
networks.
• This will benefit as customers as they will get the freedom to choose from multiple card
networks.
• The timeline to follow the new norms by the card issuers is 6 months. Click here to read more

25. In March 2024, Fairfax India Holdings Corporation committed to provide up to USD
______________ liquidity support to IIFL Finance Limited.
1) 400 million
2) 300 million
3) 100 million
4) 200 million
5) 500 million
Answer- 4) 200 million
Explanation:
Indian-Canadian billionaire Prem Watsa-backed Fairfax India Holdings Corporation committed to
provide up to USD 200 million liquidity support to IIFL Finance Limited.
i. The move is the aftermath of the Reserve Bank of India (RBI)’s ban on IIFL Finance in sanctioning or
disbursing gold loans.
ii. Fairfax India is one of the long-term investors in the IIFL group of companies and it owns a 15%
stake in IIFL Finance.
26. Who has been recently (in March ‘24) appointed as the Managing Director (MD) and Chief
Executive Officer (CEO) of the Future Generali India Life Insurance Company Limited (FGILI)?
1) Shailesh Haribhakti
2) Palamadai Sundararajan
3) Devi Singh
4) K B Vijay Srinivas
5) Alok Rungta
Answer- 5) Alok Rungta
Explanation:
appointed Alok Rungta as the Managing Director (MD) and Chief Executive Officer (CEO) with effect
from 01st April 2024.
i. Alok Rungta will take charge from Bruce De Broize, who has been serving as the MD and CEO since
2022.
27. In March 2024, the Securities and Exchange Board of India (SEBI) introduce a Third (III)
Settlement Schemes for entities involved in the Illiquid Stock Options (ISO) segment of Bombay
Stock Exchange (BSE) in terms of ____________ (Section) of the SEBI Act, __________ (year) read with
Regulation 26 of SEBI (Settlement Proceedings) Regulations 2018.
1) Section 10JA; 1992
2) Section 12JC; 1995
3) Section 15JB; 1992
4) Section 12JC; 1997
5) Section 15JB; 1995
Answer- 3) Section 15JB; 1992
Explanation:
The Securities and Exchange Board of India (SEBI) introduce a Third (III) Settlement Schemes for
entities involved in the Illiquid Stock Options (ISO)/reversal trades segment of Bombay Stock

Exchange (BSE) in terms of Section 15JB of the SEBI Act, 1992 read with Regulation 26 of SEBI
(Settlement Proceedings) Regulations 2018.
• The Scheme is being implemented from March 11, 2024 to May 10, 2024.
i. Under this, entities involved in reversal trades in stock options between April 01, 2014, and
September 30, 2015, with pending proceedings will be offered a settlement opportunity.
28. According to the CRISIL’s India Outlook 2024 Report released in March 2024, India’s real
GDP growth will likely moderate to ________ in fiscal 2025.
1) 6.5%
2) 6.8%
3) 6.2%
4) 6.0%
5) 6.3%
Answer- 2) 6.8%
Explanation:
According to CRISIL’s India Outlook 2024 Report titled “Growth Marathon – Emerging Sectors,
investments, efficiency gains priming India’s medium term pace (March 2024)”, India’s real GDP
growth will likely moderate to 6.8% in fiscal 2025. This follows the 7.6% expansion in FY24.
ii. The report noted that interest rates and lower fiscal impulses will temper demand and bring down
the growth to 6.8% from 7.6% estimated in FY24.
29. In March 2024, India and European Free Trade Association (EFTA) signed a Trade and
Economic Partnership Agreement (TEPA) commiting an investment of USD ______________ over 15
years.
1) 300 billion
2) 500 billion
3) 200 billion
4) 400 billion
5) 100 billion
Answer- 5) 100 billion
Explanation:
On 10th March 2024, India and European Free Trade Association (EFTA), signed a Trade and
Economic Partnership Agreement (TEPA) commiting an investment of USD 100 billion over 15
years.
• Under the TEPA, EFTA commits to promote investments to increase the stock of foreign direct
investments (FDI) in India.
• This will also facilitate the creation of 1 million direct employment in India.
30. In March 2024, the Securities Exchange Board of India (SEBI) introduced amendments to
the Real Estate Investment Trusts (REITs) Regulations 2014 namely ‘SEBI (REIT) (Amendment)
Regulations 2024’.
The initial offering for an SM REIT requires a minimum subscription amount of Rs __________ per
investor.
1) 15 lakh
2) 20 lakh

3) 10 lakh
4) 25 lakh
5) 12 lakh
Answer- 3) 10 lakh
Explanation:
The Securities Exchange Board of India (SEBI) has introduced amendments to the Real Estate
Investment Trusts (REITs) Regulations 2014 namely ‘SEBI (REIT) (Amendment) Regulations 2024’.
This will establish guidelines for creation of Small and Medium REITs, or SM REITs.
i. SM REITs can raise funds starting from Rs 50 crore by issuing units to a minimum of 200 investors
for acquiring and managing real estate assets, generating income for investors.
ii. The initial offering for an SM REIT requires a minimum subscription amount of Rs 10 lakh per
investor, lower than the usual Rs 25 lakh.
31. Name the Union Minister who has recently (in March’ 24) inaugurated a credit assistance
program of the Small Industries Development Bank of India (SIDBI) for Jan Aushadhi Kendras
(JAKs).
1) Mansukh Mandaviya (Union Minister of Chemicals and Fertilizers)
2) Nirmala Sitharaman (Union Minister of Finance)
3) Giriraj Singh (Union Minister of Rural Development)
4) Narayan Tatu Rane (Union Minister of Micro, Small and Medium Enterprises)
5) Hardeep Singh Puri (Union Minister of Housing and Urban Affairs)
Answer- 1) Mansukh Mandaviya (Union Minister of Chemicals and Fertilizers)
Explanation:
On 12th March 2024, Union Minister, Dr Mansukh Mandaviya, Ministry of Chemicals and Fertilizers
(MoC&F), inaugurated a credit assistance program of the Small Industries Development Bank of India
(SIDBI) for Jan Aushadhi Kendras (JAKs) during the event held in New Delhi, Delhi.
i. He also presided over the exchange of Memorandum of Understanding (MoU) between SIDBI and
Pharmaceuticals and Medical Devices Bureau of India (PMBI) to offer term loan and working capital
credit to JAKs.
ii. He also launched the website for credit assistance to Jan Aushadhi Kendras. Click here to read more
32. According to Reserve Bank of India (RBI)’s Annual Report of Ombudsman Scheme, 2022-23
released in March 2024, the number of complaints received by the Offices of the RBI
Ombudsman (ORBIOs) and Centralised Receipt and Processing Centre (CRPC) increased by
_________ in FY23.
1) 70.20%
2) 60.01%
3) 68.24%
4) 63.10%
5) 59.90%
Answer- 3) 68.24%
Explanation:
According to Reserve Bank of India (RBI)’s Annual Report of Ombudsman Scheme, 2022-23, the
number of complaints received by the Offices of the RBI Ombudsman (ORBIOs) and Centralised

Receipt and Processing Centre (CRPC) increased by 68.24% to 7,03,544 during fiscal year 2022-23
(FY23) compared to 4,18,184 complaints during FY22.
i. The report, released on 11th March 2024, is the 1st stand alone report under Reserve Bank –
Integrated Ombudsman Scheme (RB-IOS), 2021 explaining the activities of the 22 ORBIOs, CRPC and
the Contact Centre.
33. Name the bank that has recently (in March ‘24) launched India’s first contactless payment
wearable.
1) Axis Bank
2) HDFC Bank
3) ICICI Bank
4) YES Bank
5) IndusInd Bank
Answer- 5) IndusInd Bank
Explanation:
IndusInd Bank Limited has launched its contactless payments wearable ‘Indus PayWear’ which is
India’s first all-in-one tokenizable wearable for both debit and credit cards exclusively on Mastercard.
• The device aims to offer unparalleled flexibility, convenience, and security to users.
34. In March 2024, the Small Industries Development Bank of India (SIDBI) received the Green
Climate Fund’s (GCF) approval for its first anchored project, the Avaana Sustainability Fund
(ASF), valued at USD _____________.
1) 120 million
2) 240 million
3) 200 million
4) 180 million
5) 150 million
Explanation:
The Small Industries Development Bank of India (SIDBI) has secured approval from the Green
Climate Fund (GCF) for its first anchored project, the Avaana Sustainability Fund (ASF), valued at USD
120 million.
• GCF will contribute USD 24.5 million to ASF.
• This was announced during the 38th board meeting of GCF held in Kigali, Rwanda from 5-7
March 2024.
35. Which bank has recently (in March ‘24) launched ‘Green Term Deposit Scheme’ to raise
deposits to finance eligible environment-friendly projects and sectors?
1) Canara Bank
2) Federal Bank
4) Union Bank of India
5) Bank of Baroda

Explanation:
Bank of Baroda (BoB), one of India’s leading public sector banks, has launched ‘bob Earth Green
Term Deposit Scheme’ to raise deposits to finance eligible environment-friendly projects and
sectors.
i. The scheme offers stable & secure financial returns along with an opportunity to contribute to a
greener planet.
ii. Eligibility: The General Public/Resident Indians, Non-Resident Indians (NRIs) and High Net worth
Individuals (HNI) investors are all eligible to invest in the scheme.
36. Name the Insurance Company that has recently (in March ‘24) launched a comprehensive
women’s health insurance plan ‘Health PowHER’.
1) HDFC Standard Life Insurance
2) Future Generali India Life Insurance
3) SBI Life Insurance
4) IndiaFirst Life Insurance
5) ICICI Prudential Life Insurance
Answer- 2) Future Generali India Life Insurance
Explanation:
launched a comprehensive women’s health insurance plan ‘Health PowHER’ designed specifically for
women.
i. The plan aims to address the various needs of women across the different stages of their lives.
37. According to Department of Economic Affairs, Ministry of Finance data released in March
2024, the 1 Year Time Deposit scheme has remained unchanged with the interest rate
of ______________ for first quarter of 2024-2025 (Q1FY25).
1) 7.0%
2) 6.8%
3) 6.6%
4) 6.9%
5) 6.7%
Answer- 4) 6.9%
Explanation:
The Department of Economic Affairs (DEA-Budget Division), Ministry of Finance has kept the interest
rate on small savings schemes unchanged for first quarter of 2024-2025(Q1FY25) i.e. from April 1,
2024 to June 30, 2024 from those notified for Q4FY24.
• The 1-Year Post Office Time Deposits scheme will attract an interest rate of 6.9%. Click here
to read Interest Rates on Small Savings Schemes for Q1FY25.
Securities and Exchange Board of India (SEBI) in March 2024?
A) SEBI expanded the framework of Qualified Stock Brokers (QSBs) to more stock brokers in
order to protect the interest of investors, building trust in the securities market, and
strengthening the compliance culture among stock brokers.

B) This information by SEBI is issued in exercise of its powers conferred under Section 11(1)
of Chapter IV of the SEBI Act, 1992, read with Regulation 30 of Chapter VII of SEBI (Stock
C) SEBI has notified the SEBI (Index Providers) Regulations, 2024 mandating registration for
index providers managing important indices based on Indian-listed securities.
1) All A, B & C
2) Only A & B
3) Only B & C
4) Only A & C
5) Only A
Explanation:
On March 11, 2024, the Securities and Exchange Board of India (SEBI) expanded the framework of
Qualified Stock Brokers (QSBs) to more stock brokers in order to protect the interest of investors,
building trust in securities market, and strengthening the compliance culture among stock brokers
• This information by SEBI is issued in exercise of its powers conferred under Section 11(1) of
Chapter IV of the SEBI Act, 1992, read with Regulation 30 of Chapter VII of SEBI (Stock
i. SEBI has notified the SEBI (Index Providers) Regulations, 2024 in exercise of the powers
conferred by sub-section (1) of Section 30 read with sub-section (2) of Section 11 and Section 12 of
the SEBI Act, 1992 (15 of 1992).
• Under this, SEBI has mandated registration for index providers managing important indices
based on Indian-listed securities. This promotes transparency in governing and
administering financial benchmarks in the securities market. Click here to read more
39. Name the bank that has recently (in March ‘24) partnered with the One97 Communications
Limited to settle Unified Payments Interface (UPI) transactions.
3) Bank of India
4) Bank of Baroda
Answer- 1) State Bank of India
Explanation:
State Bank of India (SBI), India’s largest public sector bank, has partnered with Noida (Uttar Pradesh)
based One97 Communications Limited to settle Unified Payments Interface (UPI) transactions
upon acquiring the third-party app provider (TPAP) licence.
• The other three TPAP partnerships are HDFC Bank Limited, Axis Bank Limited and YES Bank
Limited.
• The partnership aims to redirect Paytm Payments Bank (PPBL)’s handle “@paytm” to one of
the four banks for settlement.

40. Which Small Finance Bank (SFB) has recently (in March ‘24) merged with the
Garagepreneurs Internet Private Limited (GIPL) by the approval of Competition Commission of
India (CCI)?
1) Utkarsh SFB
2) North East SFB
3) Capital SFB
4) Equitas SFB
5) Ujjivan SFB
Answer- 2) North East SFB
Explanation:
The Competition Commission of India (CCI) approved the merger of a financial technology company,
Garagepreneurs Internet Private Limited (GIPL) with the North East Small Finance Bank (NESFB).
• The GIPL includes Quadrillion Finance Private Limited (QFPL) (an NBFC-SI-ICC) and
Intergalactory Foundry Private Limited (IFPL).
• NESFB include RGVN (North-East) Microfinance Limited (RGVN)
41. In March 2024, the Board of Directors (BoD) of Aditya Birla Capital Limited (BCL) approved
the Scheme of Amalgamation of _____________ (company).
1) Aditya Birla Finance Limited
2) Aditya Birla Fashion and Retail
3) Aditya Birla Renewables Limited
4) Aditya Birla Insulators Limited
5) Aditya Birla Power Composites Limited
Answer- 1) Aditya Birla Finance Limited
Explanation:
The Board of Directors (BoD) of Aditya Birla Capital Limited (ABCL) has approved the Scheme of
Amalgamation of Aditya Birla Finance Limited (ABFL), with ABCL.
• The scheme aims to make ABCL a large unified operating Non-Banking Financial Company
(NBFC).
• The amalgamation is subject to the approval of the National Company Law Tribunal (NCLT),
Reserve Bank of India (RBI), and Securities and Exchange Board of India (SEBI)
i. After the merger, Vishakha Mulye will be acting as Managing Director (MD) & Chief Executive Officer
(CEO) whereas Rakesh Singh will assume the role as Executive Director (ED) and CEO (NBFC) of the
merged amalgamated company.
42. In March 2024, L&T Finance Holdings Ltd. signed a loan agreement with Japan
International Cooperation Agency (JICA) for USD _________ to improve financial access in India's
lagging states.
1) 125 million
2) 110 million
3) 100 million
4) 130 million
5) 145 million

Explanation:
On March 12, 2024, a loan agreement ceremony was held between the L&T Finance Holdings Ltd.
(LTFH) and Japan International Cooperation Agency (JICA) in Mumbai, Maharashtra. This follows the
signing of a loan agreement in December 2023 by LTFH with JICA for up to USD 125 million to
improve financial access in India's lagging states.
• The project was arranged by the Asian Development Bank (ADB) who co-financed the funding
amount.
i. The lagging states include 10 states with poverty rates above 10% viz. Assam, Bihar, Chhattisgarh,
Jharkhand, Madhya Pradesh, Odisha, Rajasthan, Tripura, Uttar Pradesh (UP) and West Bengal (WB).
43. Name the bank that has recently (in March ‘24) launched ‘Vikas Spoorty’, a new loan
scheme to strengthen the rural credit delivery system.
1) Assam Gramin Vikash Bank
2) Madhya Pradesh Gramin Bank
3) Andhra Pradesh Grameena Vikas Bank
4) Himachal Pradesh Gramin Bank
5) Karnataka Vikas Grameena Bank
Answer- 5) Karnataka Vikas Grameena Bank
Explanation:
Karnataka Vikas Grameena Bank (KVGB) has launched a new loan scheme called ‘Vikas Spoorty’ to
strengthen the rural credit delivery system and to motivate the common man to take up income-
generating activities on a smaller scale.
• The scheme was launched by Shreekanth M Bhandiwad, Chairman of KVGB in an event held in
Dharwad, Karnataka.
• Under this scheme, people may avail loans ranging from a minimum of Rs 50,000 to a
maximum of Rs 2 lakh.
Reserve Bank of India (RBI) in March 2024?
A) RBI barred Federal Bank and South Indian Bank from issuing co-branded credit cards to
new customers on account of regulatory deficiencies.
B) RBI has imposed a monetary penalty of Rs 1.4 crore on Bank of India (BOI) for non-
compliance with certain regulatory norms.
C) RBI also imposed a penalty of Rs 29.55 lakh on Bank of Maharashtra for non-compliance
with certain directions on ‘RBI (Interest Rate on Deposits) Directions, 2016’.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Answer- 2) Only A & B
Explanation:
On March 12, 2024, the Reserve Bank of India (RBI) barred Federal Bank and South Indian Bank
from issuing co-branded credit cards to new customers on account of regulatory deficiencies.

• RBI in exercise of its powers conferred under the provisions of section 47 A (1) (c) read with
sections 46 (4) (i) and 51(1) of the Banking Regulation (BR) Act, 1949 and section 25(1)(iii)
read with section 23(4) of the Credit Information Companies/CIC (Regulation) Act, 2005 has
imposed a monetary penalty of Rs 1.4 crore on Bank of India (BOI) for non-compliance with
certain regulatory norms..
• RBI in exercise of powers vested in RBI conferred under the provisions of section 47A(1)(c)
read with section 46(4)(i) of the BR Act, 1949 also imposed a penalty of Rs 29.55 lakh on
Bandhan Bank Ltd (BDN) for non-compliance with certain directions on ‘RBI (Interest Rate
on Deposits) Directions, 2016’.
45. Which Institute has recently (in March ‘24) signed a multi-year MoU with the National
Payments Corporation of India (NPCI) to conduct joint research on Blockchain and Artificial
Intelligence (AI) technology?
1) Indian Institute of Technology (IIT) Madras
2) Indian Institute of Science (IISc) Bangalore
3) Indian Institute of Technology (IIT) Kanpur
4) Indian Institute of Technology (IIT) Roorkee
5) Indian Institute of Science Education and Research, Pune
Answer- 2) Indian Institute of Science (IISc) Bangalore
Explanation:
The National Payments Corporation of India (NPCI) has signed a multi-year Memorandum of
Understanding (MoU) with the Indian Institute of Science (IISc), Banglore (Bengaluru, Karnataka), to
conduct joint research on Blockchain and Artificial Intelligence (AI) technology.
• Under this partnership, NPCI–IISc Centre of Excellence (CoE) for Deep Tech Research &
Development will be established to foster innovation in these fields.
i. Tech Fini, a Mumbai-based Fintech firm specializing in payment infrastructure solutions, has
partnered with NPCI to offer Unified Payments Interface (UPI) 2.0 Acquiring and Issuing Switch
Solutions to its merchants.
46. Which organisation has recently (in March ‘24) signed USD 181 Million Loan Agreement
with the Ministry of Finance (MoF) for the ‘Ahmedabad Peri-urban Livability Improvement
Project’?
1) World Bank
3) Asian Infrastructure Investment Bank
Answer- 5) Asian Development Bank
Explanation:
On 13th March 2024, the Ministry of Finance (MoF) and the Asian Development Bank (ADB) signed a
loan agreement worth USD 181 Million for the ‘Ahmedabad Peri-urban Livability Improvement
Project’.
• The amount will be utilised to build quality infrastructure and services toward improving
urban livability and mobility in the peri-urban areas of Ahmedabad city in Gujarat. The total
finance of the program is USD 316.9 million.

47. Which country’s Fonepay Payment Service Ltd has recently (in March ‘24) partnered with
the NPCI International Payments Ltd (NIPL), India to launch cross-border Unified Payments
Interface (UPI) transactions?
1) Myanmar
2) Sri Lanka
3) Nepal
4) Bhutan
5) Indonesia
Answer- 3) Nepal
Explanation:
NPCI International Payments Ltd (NIPL), the international arm of National Payments Corporation of
India (NPCI), partnered with Fonepay Payment Service Ltd, Nepal’s largest payment network, to
launch cross-border Unified Payments Interface (UPI) transactions between India and Nepal.
• This initiative was unveiled at Global Fintech Fest 2023 in India in September 2023.
48. In March 2024, Fitch Rating increased its forecast for India’s Gross Domestic Product (GDP)
growth to __________ from 6.5% for the fiscal year 2024-25 (FY25) .
1) 7%
2) 6.8%
3) 6.7%
4) 6.9%
5) 7.2%
Answer- 1) 7%
Explanation:
Fitch Rating, an international credit rating agency, has increased its forecast for India’s Gross
Domestic Product (GDP) growth by 0.5% points to 7% for the fiscal year 2024-25 (FY25) from its
prior prediction of 6.5% due to improving domestic demand and increasing investments.
• For FY24, India’s GDP growth is estimated at 7.8% and the growth rate is projected to be 6.5%
for FY26.
• Fitch predicts that the headline Inflation rate will be at 4% by the end of FY25 and the value
will remain almost unchanged in FY26.
49. Who was appointed as Group President of One Kotak, in March 2024?
1) Ashok Vaswani
2) Jaideep Hansraj
3) C Jayaram
4) Uday khanna
5) KVS Manian
Answer-2) Jaideep Hansraj
Explanation:
Mumbai (Maharashtra) headquartered Kotak Mahindra Bank Limited (KMBL) has appointed Jaideep
Hansraj as Group President of One Kotak, with effect from 1st April 2024.
• Shripal Shah, President and Chief Operating Officer (COO) at Kotak Securities, will take over
from Hansraj as the head of Kotak Securities.

50. Who was recently (in March 2024) inducted as a member of the Committee of Advisors of
Abhyudaya Cooperative Bank Limited?
1) Devendara Kumar
2) Venkatesan Duraiswamy
3) Rajesh B. Paralkar
4) Krishna Kumar
5) Nityanand Prabhu
Answer-1) Devendara Kumar
Explanation:
The Reserve Bank of India (RBI) has reconstituted a three-member Committee of Advisors of
Abhyudaya Cooperative Bank Limited by inducting Devendara Kumar in place of Mahendra
Chhajed after his resignation.
i. The ‘Committee of Advisors’ comprises of Devendra Kumar (former Chief-General Manager, State
Bank of India (SBI)), Venkatesh Hegde (former General Manager, SBI), and Suhas Gokhale (former
Managing Director, COSMOS Co-operative Bank).
51. Which company has recently (in March ‘24) signed an MoU with the Government of
Rajasthan to finance power & infrastructure projects worth Rs. 20,000 crore?
1) JSW Energy Limited
2) REC Limited
3) Reliance Power Limited
4) Tata Power Company Limited
5) Adani Energy Solutions Limited
Answer-2) REC Limited
Explanation:
REC Limited (formerly Rural Electrification Corporation Limited) has signed a Memorandum of
Understanding (MoU) with the Government of Rajasthan to finance power & infrastructure projects
worth Rs. 20,000 crore per annum for a period of six years, extending up to 2030.
i. In addition to the MoU with REC, the Rajasthan government also signed several agreements worth
Rs 1.6 lakh crore with a number of central public sector Undertakings (CPSUs) under the power
ministry and the coal ministry.
Securities and Exchange Board of India (SEBI) in March2024?
A) SEBI approved same day settlement (T+0) for 25 scrips with select brokers along measures
to bring flexibility for Initial Public Offerings (IPOs), Alternative Investment Funds (AIFs), and
Foreign Portfolio Investments (FPIs).
B) FPIs with over 50% of Indian equity in one group exempt from extra disclosures if holdings
in a listed company with no identified promoter stay below 3%.
C) There are relaxed timelines for FPIs’ material change disclosures; reactivation within 30
days of registration expiry or disposal within 180 days.
1) All A, B & C
2) Only A & B
3) Only B & C
4) Only C & A

5) Only C
Explanation:
The Securities and Exchange Board of India (SEBI) approved same day settlement (T+0) for 25
scrips with select brokers along measures to bring flexibility for Initial Public Offerings (IPOs),
Alternative Investment Funds (AIFs), and Foreign Portfolio Investments (FPIs).
• It also endorsed a standardized approach for market rumor verification through an Industry
Standards Forum (ISF).
i. FPIs with over 50% of Indian equity in one group exempt from extra disclosures if holdings in a
listed company with no identified promoter stay below 3%.
ii. There are relaxed timelines for FPIs’ material change disclosures; reactivation within 30 days of
registration expiry or disposal within 180 days, with unsold securities transferred to escrow after
360 days.
53. Which of the following companies/credit cards have recently (in March ‘24) partnered with
Airtel Payments Bank Limited to develop the Airtel Payments Bank Smartwatch?
1) Nexxbase Marketing Private Limited (Noise)
2) Mastercard
3) Visa
4) Both 1 & 2
5) Both 1 & 3
Answer- 4) Both 1 & 2
Explanation:
Airtel Payments Bank Limited (APBL) has developed the Airtel Payments Bank Smartwatch in
partnership with Gurugram (Haryana) based Nexxbase Marketing Private Limited (Noise) and
Mastercard.
This smartwatch is equipped with Near Field Communication (NFC) technology powered by
Mastercard.
i.Upon linking the smartwatch with an Airtel Payments Bank account, a customer can make payments
between Rs 1 to Rs 25,000 per day in Point of Sale (POS) machines.
54. Which Country has recently (in March’ 24) signed USD 23.27 million Line of Credit (LOC)
Agreement with the Export-Import Bank of India (India Exim Bank) for the procurement of two
Dornier aircraft ?
1) Guyana
2) Paraguay
3) Venezuela
4) Peru
5) Bolivia
Answer- 1) Guyana
Explanation:
The government of the Co-operative Republic of Guyana has signed a USD 23.27 million Line of
Credit (LOC) Agreement with the Export-Import Bank of India (India Exim Bank) for the
procurement of two Dornier aircraft.

i. Under this LOC, Guyana will purchase two Dornier (Hindustan 228-201) transport aircraft from
Hindustan Aeronautics Limited (HAL) for USD 23.37 million.
ii. The acquisition of 2 aircraft under this agreement marks the largest investment in the
capitalisation of the force.
55. Which of the following statements is / are correct with respect to the recent step taken by
the Reserve Bank of India (RBI) in March 2024?
A) RBI finalised the ‘Omnibus Framework for recognising Self-Regulatory Organisations (SRO)
for Regulated Entities (REs) of RBI’.
B)SROs have to submit an annual report to the RBI within 3 months of completion of the
accounting year.
C) SRO, which will be structured as a not-for-profit company registered under Section 8 of the
Companies Act, 2013, will also submit periodic/ ad hoc returns as may be prescribed by RBI.
1) All A, B & C
2) Both A & B
3) Both B & C
4) Both A & C
5) Only C
Explanation:
On March 21, 2024, the Reserve Bank of India (RBI) finalized the ‘Omnibus Framework for
recognising Self-Regulatory Organisations (SRO) for Regulated Entities (REs) of RBI’.
• The framework sets general standards like objectives, responsibilities, eligibility, governance,
and application procedures for all recognized SROs by RBI.
• SROs have to submit an annual report to the RBI within 3 months of completion of the
accounting year.
• The SRO, which will be structured as a not-for-profit company registered under Section 8 of
the Companies Act, 2013, will also submit periodic/ ad hoc returns as may be prescribed by
RBI.
i. In response to a request from the Government of India (GoI), the RBI will keep all branches of banks
handling government transactions open on March 31, 2024 (Sunday) to ensure all transactions for the
fiscal year 2023-2024 (FY24) are accounted for. Click here to read more.
56. Which Bank has recently (in March’ 24) announced a USD 250 million lending commitment
for new-age startups and new economy companies ?
1) Standard Chartered Bank India
2) DBS Bank India
3) HSBC India
4) CSB Bank India
5) Citibank India
Answer- 2) DBS Bank India
Explanation:
DBS Bank India Limited announced a USD 250 million lending commitment for new-age startups
and new economy companies, focusing on enterprises redefining industry standards through
emerging technologies and innovative solutions.

57. Which credit card provider has recently (in March’ 24) collaborated with Titan Company
Limited and Payment Services Ltd to introduce co-branded Cards?
1) Mastercard
2) SBI Card
3) American Express
4) HDFC Card
5) ICICI Card
Answer- 2) SBI Card
Explanation:
SBI Card and Payment Services Ltd (SBI Card) has collaborated with Titan Company Limited to
introduce co-branded ‘Titan SBI Card’ offering exclusive benefits such as cashbacks, Titan gift
vouchers, and Reward Points, totaling over Rs 2 lakh per annum.
• Cardholders enjoy 5% cashback on purchases from Mia, Caratlane, and Zoya, and receive Titan
gift vouchers worth 3% of spend at Tanishq stores.
58. In March 2024, the Reserve Bank of India (RBI) imposed a monetary penalty of Rs ___________
on Tamilnad Mercantile Bank Limited and Rs 63.6 lakh on ______________ (Bank) for non-
compliance with certain directions issued by RBI.
1) 1.75 crore; DCB Bank Limited
2) 1.31 crore; Kotak Mahindra Bank
3) 1.75 crore; Karur Vysya Bank
4) 1.31 crore; DCB Bank Limited
5) 2.10 crore; Kotak Mahindra Bank
Answer- 4) 1.31 crore; DCB Bank Limited
Explanation:
The Reserve Bank of India (RBI) has imposed monetary penalties on Tamilnad Mercantile Bank
Limited(TMB) and DCB Bank Limited for non-compliance with certain directions issued by RBI.
i.RBI has imposed a penalty of Rs 1.31 crore on TMB for non-compliance with RBI directions
on ‘Interest Rate on Advances’ and ‘Central Repository of Information on Large Credits (CRILC) –
Revision in Reporting’.
ii.RBI has imposed a penalty of Rs 63.6 lakh on DCB Bank for non-compliance with RBI directions on
‘Interest Rate on Advances’.
59. Who was elected as chairman of the Indian Banks’ Association (IBA) for the term 2023-
2024?
1) Sunil Mehta
2) Debadatta Chand
3) Matam Venkata Rao
4) Shanti Lal Jain
5) Dinesh Kumar Khara
Answer- 3) Matam Venkata Rao
Explanation:
On 21st March 2024, Matam Venkata Rao (MV Rao), Chief Executive Officer (CEO) and Managing
Director (MD) of the Central Bank of India, was elected as the Chairman of the Indian Banks’
Association (IBA) for the term 2023-2024.

i. He succeeds Atul Kumar Goel(AK Goel), MD & CEO of Punjab National Bank(PNB) who served as
chairman of IBA (2022-23).
60. In March 2024, HDFC Bank sold its stake in HDFC Credila for Rs ___________ to BPEA EQT and
ChrysCapital.
1) 9553 crore
2) 8633 crore
3) 9001 crore
4) 1000 crore
5) 4576 crore
Answer- 1) 9553 crore
Explanation:
HDFC Bank sold its stake in HDFC Credila, its education finance arm, for Rs 9553 crore (USD 1.15
billion) to private equity firms BPEA EQT and ChrysCapital.
i. This sale, announced in June 2023, was a regulatory requirement before the merger of Housing
Development Finance Corp with HDFC Bank.
61. Which Bank has recently (in March’ 24) introduced the scheme Jewel Loan Suvidha to
serve the unique needs of housing loan borrowers?
1) Indian Overseas Bank
2) Bank of Baroda
4) UCO Bank
5) IDBI Bank
Answer- 1) Indian Overseas Bank
Explanation:
Indian Overseas Bank (IOB) has launched 2 new jewel loan products:
i.IOB Gold Powered Card to provide borrowers with instant access to a card linked directly to their
jewel loan overdraft accounts, and
ii.Jewel Loan Suvidha, to serve the unique needs of housing loan borrowers, not only from IOB but
also from other Financial Institutions (FIs).
62. According to ‘Global economic outlook: March 2024’ released by S&P Global Market
Intelligence, India’s Gross Domestic Product (GDP) is revised to _____ for the fiscal year 2024-25
(FY25).
1) 10.11%
2) 9%
3) 7.8%
4) 7%
5) 6.8%
Answer- 5) 6.8%
Explanation:
According to ‘Global economic outlook: March 2024’ released by S&P Global Market Intelligence
India’s Gross Domestic Product (GDP) forecast is revised to 6.8% for the fiscal year 2024-25

(FY25) from its prior prediction of 6.5% due to strong growth momentum and improving global
prospects.
i.For FY24, India’s GDP growth is revised to 7.3% from 6.9%
ii.The Indian economy is likely to grow 6.1% in FY26 and 6.2% in FY27.
63. Which Bank along with National Payment Corporation of India(NPCI) has recently (in
March’ 24 ) launched a Rupay Smart Key Chain – ‘FlashPay’ for contactless National Common
Mobility Cards?
1) RBL Bank
2) Federal Bank
4) HDFC Bank
5) Axis Bank
Answer- 2) Federal Bank
Explanation:
The Federal Bank and National Payment Corporation of India(NPCI), launched a Rupay Smart Key
Chain – ‘FlashPay’ for Contactless National Common Mobility Card (NCMC) payments at enabled
metro stations and Point Of Sale (POS) terminals.
64. According to the Monthly Economic Review report for February 2024 released by the
Department of Economic Affairs (DEA) and the Ministry of Finance, India’s growth is expected
to be between ___________ in the Financial Year 2024–2025 (FY25).
1) 6.5% and 7%
2) 6.4% and 7.5%
3) 6.6 and 7%
4) 6.9% and 7.6%
5) 7% and 7.3%
Answer- 1) 6.5% and 7%
Explanation:
The Monthly Economic Review report for February 2024, released by the Department of
Economic Affairs (DEA) and the Ministry of Finance, mentioned that various agencies have
expected India’s growth to be between 6.5% and 7% in the Financial Year 2024–2025 (FY25).
65. In March 2024, UBS Securities India Private Limited projected India’s Gross Domestic
Product (GDP) to grow at ________ in fiscal year 2024-25 (FY25).
1) 6.9%
2) 7.2%
3) 7.3%
4) 7%
5) 7.1%
Answer- 4) 7%
Explanation:
According to UBS Securities India Private Limited, India’s Gross domestic product (GDP) growth is
predicted to slow down from the projected 7.6% in FY24 to 7% in fiscal year 2024-25(FY25).
i. India’s GDP growth in FY 2025-26 is expected to ease further to 6.8%.

66. Who was selected as the Chairperson and Managing Director (CMD) of New India Assurance
Company (NIAC) in March 2024?
1) Satyajit Tripathy
2) Bhupesh Sushil Rahul
3) Neerja Kapur
4) Ajay Krishnan
5) Girija Subramanian
Answer- 5) Girija Subramanian
Explanation:
The Financial Services Institutions Bureau (FSIB) has selected Girija Subramanian as the next
Chairperson and Managing Director (CMD) of New India Assurance Company (NIAC). She
currently holds the position of CMD of the Agriculture Insurance Company (AIC) of India Limited.
i.It also selected Bhupesh Sushil Rahul, who holds the position of AIC General Manager, as CMD of
United India Insurance Company (UIIC).
ii.Girija Subramanian will succeed Neerja Kapur, who will retire in April 2024 as CMD of the NIAC.
67. Which of the following statements is/are “correct” with respect to the approval of
Insurance Regulatory and Development Authority of India (IRDAI) in March 2024?
A) IRDAI has approved eight principle-based consolidated regulations during its 125th
Authority meeting held in Hyderabad, Telangana.
B) The 8 regulations include IRDAI (Rural, Social Sector and Motor Third Party Obligations)
Regulations, 2024 merges two regulations concerning insurers’ minimum business
commitments in rural, social sector, & motor third-party sectors under the Insurance Act,
1938.
C) The IRDAI (Bima Sugam – Insurance Electronic Marketplace) Regulations, 2024 aims to
establish a Digital Public Infrastructure named Bima Sugam towards universalization and
democratisation of insurance as well as empowering and safeguarding policyholders’ interests.
1) All A, B & C
2) Only A & B
3) Only B & C
4) Only A & C
5) Only B
Explanation:
The Insurance Regulatory and Development Authority of India (IRDAI) has approved eight
principle-based consolidated regulations during its 125th Authority meeting held on 19th March
2024, at IRDAI headquarters in Hyderabad, Telangana.
i. IRDAI (Rural, Social Sector and Motor Third Party Obligations) Regulations, 2024 merges two
regulations concerning insurers’ minimum business commitments in rural, social sector, and motor
third-party sectors under the Insurance Act, 1938.
ii.The IRDAI (Bima Sugam – Insurance Electronic Marketplace) Regulations, 2024, aims to establish a
Digital Public Infrastructure named Bima Sugam towards universalization and democratisation of
insurance as well as empowering and safeguarding policyholders’ interests.

iii. During the meeting, IRDAI also granted certificate of registration (CoR) to a new health insurer,
Galaxy Health and Allied Insurance Company Limited to carry out health insurance business in
India. Click here to read more.
68. In March 2024, the Securities and Exchange Board of India (SEBI) instructed the
Association of Mutual Funds in India (AMFI) to halt inflows into overseas exchange traded
funds from _____________
1) 1st July 2024
2) 1st June 2024
3) 1st May 2024
4) 1st April 2024
5) 1st August 2024
Explanation:
The Securities and Exchange Board of India (SEBI) has instructed the Association of Mutual
Funds in India (AMFI) to halt inflows into overseas exchange traded funds (ETFs) from April 1,
2024.
i. This decision comes as the current limit of USD 1 billion, set by the Reserve Bank of India (RBI), is
nearing exhaustion.
69. In March 2024, Aditya Birla Housing Finance Limited (ABHFL) launched a unified digital
lending platform called ‘ABHFL-Finverse’ for its home loan customers.
‘ABHFL-Finverse’ has been co-created in association with _________(company).
1) Zoho Corporation
2) Infosys Technologies
3) L&T Technology Services
4) HCL Technologies
5) Tata Consultancy Services
Answer- 5) Tata Consultancy Services
Explanation:
Aditya Birla Housing Finance Limited (ABHFL), a wholly-owned subsidiary of Aditya Birla Capital
Limited, has launched a unified digital lending platform called ‘ABHFL-Finverse’ for its home loan
customers.
• It will offer customers a seamless experience, a quick turnaround of loan applications, real-
time updates, and greater transparency of loan status.
i.The ABHFL-Finverse platform has been co-created in association with Tata Consultancy Services
(TCS).
70. Which bank has recently (in March '24) introduced digital opening of United States dollar
Fixed Deposits (FD) for Non-Resident Indian (NRI) customers at Gujarat International Finance
Tec (GIFT) City in Gandhinagar, Gujarat?
1) HDFC Bank
2) ICICI Bank
3) Axis Bank
4) RBL Bank

5) Federal Bank
Answer- 3) Axis Bank
Explanation:
On March 26, 2024, Axis Bank has introduced digital opening of US (United States) dollar Fixed
Deposits (FD) for NRI (Non-Resident Indian) customers at its International Financial Services
Centre/IFSC Banking Unit (IBU) in Gujarat International Finance Tec (GIFT) City in Gandhinagar,
Gujarat.
i. With this, Axis Bank becomes the first bank to offer digitization of GIFT City Deposits.
ii. Customers can conveniently manage their FD digitally and enjoy flexible investment tenures
ranging from seven days to ten years.
71. Which Bank /Organisation has recently (in March’ 24) signed a pact with the NTPC Limited
for sourcing foreign currency loans of USD 200 million?
3) World Bank
4) Japan Bank for International Cooperation
Answer- 4) Japan Bank for International Cooperation
Explanation:
The NTPC Limited (formerly known as National Thermal Power Corporation) has inked a pact with
Japan Bank for International Cooperation (JBIC) for sourcing foreign currency loans of USD 200
million (Japanese Yen (JPY) 30 billion or around Rs 1,650 crore).
• JBIC will provide 60% of the facility amount and the balance amount will be provided by other
commercial banks under JBIC guarantee
i. Agreements signed for JPY 15 billion loans each for NTPC Ltd and NTPC Renewables Energy Ltd
(NREL).
• Of the 30 billion, the JBIC’s portion is only JPY 9 billion each.
72. Which company has recently (in March’ 24) introduced a first-of-its-kind Down Payment EMI
(Equated Monthly Instalment) solution for online retail?
1) Razorpay Software Ltd
2) PhonePe Ltd
3) Paytm Mobile Solution Private Ltd
4) Easebuzz Private Ltd
5) PayU Payments Private Ltd
Answer- 5) PayU Payments Private Ltd
Explanation:
PayU Payments Private Limited(PayU), a leading payments solution provider in India, introduced a
first-of-its-kind Down Payment EMI (Equated Monthly Instalment) solution for online retail.
i. This replicates the flexibility and convenience of down payment options available in offline EMIs.

73. Name the company that has recently (in March’ 24) signed a co-lending partnership with
Tata Capital Housing Finance Limited (TCHFL) to provide loans to economically weaker
sections?
1) Star Housing Finance Limited
2) Indiabulls Housing Finance Limited
3) Religare Housing Development Finance Corporation Limited
4) Sahara Housingfina Corporation Limited
5) IIFL Home Finance Limited
Answer- 1) Star Housing Finance Limited
Explanation:
Star Housing Finance Limited (Star HFL) has signed a co-lending partnership with Tata Capital
Housing Finance Limited (TCHFL) to provide loans to economically weaker sections (EWS) and
low-income groups (LIG) at more affordable rates.
• The partnerships aim to serve consumers across different geographies by offering diverse
origination capacities and levels of franchise to the borrower base.
74. According to the Preliminary data on India’s Balance of Payments (BoP) for Third Quarter
Financial year 2024 (Q3FY24) released by the Reserve Bank of India (RBI) in March 2024, what
was the current account deficit of India for Q3FY24?
1) USD 9.5 billion
2) USD 10.5 billion
3) USD 11.7 billion
4) USD 8.6 billion
5) USD 9.0 billion
Answer- 2) USD 10.5 billion
Explanation:
On March 26, 2024, the Reserve Bank of India (RBI) released the Preliminary data on India’s
Balance of Payments (BoP) for October-December 2023-24 i.e. Q3FY24. As per it, India’s Current
Account Deficit (CAD) for Q3FY24 showed a deficit of USD 10.5 billion which is 1.2% of GDP (Gross
Domestic Product).
i. It is lower than Q2FY24’s USD 11.4 billion (1.3% of GDP) and Q3FY23’s USD 16.8 billion (2.0% of
GDP).
75. According to the “Insurance 100 2024” report released by Brand Finance in March 2024,
_________________ emerged as the world’s strongest insurance brand with brand value up 0.04% to
USD 9.8 billion.
1) UnipolSai Insurance
2) Cathay Life Insurance
3) Life Insurance Corporation of India
4) NRMA Insurance
5) Berkshire Hathaway Inc
Answer- 3) Life Insurance Corporation of India
Explanation:
According to the “Insurance 100 2024” report by Brand Finance, independent brand valuation
and strategy consultancy, India’s Life Insurance Corporation of India (LIC) has emerged as the

world’s strongest insurance brand, with brand value up 0.04% to USD 9.8 billion. It has a Brand
Strength Index (BSI) score of 88.3 and an associated AAA brand strength rating.
i. LIC is followed by Taiwan based Cathay Life Insurance(brand value up 9% to USD4.9 billion) and
Australia based NRMA Insurance (brand value up 82% to USD1.3 billion) as 2nd and 3rd strongest
insurance brands respectively.
ii. According to the report, China’s Ping An continues its reign as the world’s most valuable insurance
brand for 6 consecutive years, showcasing a 4% increase in brand value to USD 33.6 billion.Click
here to read more.
76. Which bank has recently (in March ‘24) integrated with the Goods and Service Tax payment
portal (GSTN) for seamless Tax Payments?
1) Axis Bank
2) Bandhan Bank
3) DCB Bank
4) Dhanlaxmi Bank
5) CSB Bank
Answer- 3) DCB Bank
Explanation:
DCB Bank has announced that it had implemented and integrated with the Goods and Service Tax
payment portal (GSTN).
• This complements the Direct Tax payments facility offered from DCB Bank that include Income
tax, Advance Tax, and Tax Deduction at Source (TDS) payment.
• The Direct Tax payment facility was launched last year upon the Bank’s empanelment as an
Agency Bank for conducting Government business.
77. Which company was recently (in March ‘24) awarded with the 'Best Fintech Company' in
the Payments Category at the 28th Edition of the Business Today & KPMG's Best Banks and
Fintech Awards 2024?
1) PhonePe
2) Paytm
3) BharatPe
4) Razorpay
5) Freecharge
Answer- 4) Razorpay
Explanation:
Razorpay, India's Leading Omnichannel Payments, and Business Banking Platform, was awarded the
'Best Fintech Company' in the Payments Category at the 28th Edition of the Business Today &
KPMG's Best Banks and Fintech Awards 2024, held at GIFT City, Gandhinagar.
• This award is another recognition of the impact Razorpay has created in the fintech sector
through its industry-first products, and continuous endeavor to build the next generation of
money movement infrastructure for entrepreneurs and businesses.

78. Which of the following companies was/were recently (in March’ 24) retained the Domestic
Systemically Important Insurers (D-SIIs) status by the Insurance Regulator and Development
Authority of India (IRDAI)?
1) General Insurance Corporation of India Limited
2) Life Insurance Corporation of India
3) New India Assurance
4) Both 1 & 2
5) All 1, 2 & 3
Answer- 5) All 1, 2 & 3
Explanation:
The Insurance Regulatory and Development Authority of India (IRDAI) retained the Domestic
Systemically Important Insurers (D-SIIs) status for Life Insurance Corporation of India (LIC),
General Insurance Corporation of India Limited (GIC Re) and the New India Assurance Company
Limited.
i. This means these public sector insurance companies will continue to be identified as D-SIIs, as in
the 2022-23 list of D-SIIs.
79. Name the regulatory body that has recently (in March ‘24) modified the norms to the
investment by regulated entities (REs) in the Alternative Investment Funds (AIFs).
1) Securities and Exchange Board of India
2) Association of Mutual Funds in India
3) Reserve Bank of India
4) National Bank for Agriculture and Rural Development
5) Insurance Regulatory and Development Authority
Answer- 3) Reserve Bank of India
Explanation:
On March 27, 2024, the Reserve Bank of India (RBI) issued a directive to address the regulatory
concerns related to the investment by regulated entities (REs) in the Alternative Investment Funds
(AIFs).
• The instructions were issued in exercise of its powers conferred by Sections 21 and 35A of
the Banking Regulation (BR) Act, 1949 read with Section 56 of the Act ibid; Chapter IIIB of
the RBI Act, 1934 and Sections 30A, 32 and 33 of the National Housing Bank (NHB Act, 1987).
i. According to the new directive, downstream investments for Regulated Entities (REs) should
exclude equity shares of the debtor company but include other investments, including hybrid
instruments.
ii. Offline point-of-sales(PoS) deploying company Innoviti Payments and payment gateway
Vegaah, which is run by Concerto Software and Systems, have secured the online payment aggregator
(PA) licence from RBI. Click here to read more
80. In March 2024, India released the 2nd tranche of Rs 500 crore to ___________ (country) for the
GyalSung Infrastructure Project.
1) Nepal
2) Sri Lanka
3) Bangladesh
4) Myanmar

5) Bhutan
Answer- 5) Bhutan
Explanation:
On 26th March 2024, India released the 2nd tranche of Rs 500 Crore for the development of
infrastructure related to GyalSung Project to Bhutan.
• Sudhakar Dalela, Indian Ambassador to Bhutan handed over the tranche to Lyonpo D.N.
Dhungyel, Minister of Foreign Affairs and External Trade, Bhutan.
ii.The MoU laid down the framework for the disbursal of Rs 1,500 Crore as concessionary financing to
the Royal Government of Bhutan.
iii. The 1st tranche of Rs 500 Crore was released on 28th January, 2024.
• Till Now, Government of India(GoI) has released Rs 1000 Crore to Government of Bhutan.
81.In March 2024, Morgan Stanley increased India’s Gross Domestic Product (GDP) forecast for
FY 24-25 to _____ from 6.5%.
1) 6.8%
2) 7.5%
3) 6.7%
4) 8%
5) 8.5%
Answer- 1) 6.8%
Explanation:
Brokerage Firm Morgan Stanley in its report titled ‘Building Stronger Recovery’ has increased
India’s Gross Domestic Product (GDP) forecast for FY24-25 to 6.8% from 6.5% estimated earlier
amid continued traction in industrial and capex activity.
i. For Calendar Year (CY) 2024 Indian economy will grow at 6.8% as compared to 6.4%.
ii. For FY24, India’s GDP growth will be at 7.9%, and for Q4FY24 (January- March) GDP growth is at
7% with gross value-added Growth of 6.7%.
82. In March 2024, SBI Mutual Fund (MF) acquired ______ stake in Savita Oil Technologies Ltd.
1) 7%
2) 3%
3) 4%
4) 6%
5) 18%
Answer- 2) 3%
Explanation:
On 22nd March 2024, SBI Mutual Fund(MF) acquired a 3% stake, equivalent to 20.73 lakh equity
shares, in Savita Oil Technologies Ltd, via a block deal. SBI MF bought the shares at an average price
of Rs. 408 apiece from its promoter entity Mehra Syndicate.
i. Before the sale, promoters held 62.78% stake, equivalent to 43,383,855 shares. Post-sale,
promoter stake reduced to 59.78%, comprising 41,310,855 shares.

83. In March 2024, the Government of India (GoI) updated the list of banks authorized by the
Reserve Bank of India (RBI) to import gold and silver during the Financial year 2024-2025
(FY25).
Which of the following banks were permitted to import only gold?
3) Indian Overseas Bank
4) Both 1 & 2
5) All 1, 2 & 3
Answer- 5) All 1, 2 & 3
Explanation:
The Government of India (GoI) updated the list of banks authorized by the Reserve Bank of
India(RBI) to import gold and silver during the Financial year 2024-2025 (FY25).
i. As per the list, RBI has authorised 11 banks to import Gold and Silver and 3 banks to import only
gold with effect from 1st April 2024.
ii. The authorisation will be valid up to 31st March 2025.
iii. List of Banks authorised to import only Gold: Indian Overseas Bank(IOB); Punjab National
Bank(PNB); and Union Bank of India(UBI). Click here to read more.
84. Which Bank has recently (in March’ 24) acquired the co-branding rights in Delhi Metro
stations-Rajouri Garden, South Extension, and Inderlok?
3) Indian Overseas bank
5) Bank of Baroda
Explanation:
Bank of Baroda (BoB), an Indian public sector bank (PSB), has acquired the co-branding rights for
three Delhi Metro stations namely, Rajouri Garden, South Extension, and Inderlok.
i. Delhi Metro Rail Corporation (DMRC) has awarded the naming rights to the BoB for a period of 10
years, starting from 2024. Click here to read more.
85. According to data from the Controller General of Accounts (CGA), Department of
Expenditure (DoE) released in March 2024, the Indian government’s fiscal deficit widened to
Rs ____________ in April 2023-February 2024.
1) 15.01 lakh crore
2) 13.0 lakh crore
3) 16.9 lakh crore
4) 12.12 lakh crore
5) 20.20 lakh crore
Answer- 1) Rs 15.01 lakh crore

Explanation:
According to data from the Controller General of Accounts (CGA), Department of Expenditure (DoE),
Ministry of Finance, the Indian government’s fiscal deficit widened in April 2023-February 2024
to Rs 15.01 lakh crore from Rs 11.03 lakh crore in April 2023-January 2024.
i.The fiscal deficit for April 2023-February 2024 accounts for 86.5% of the revised estimate of Rs
17.35 lakh crore.
ii.The fiscal deficit in April-February 2023 stood at Rs 14.53-lakh crore which was 82.8% of revised
estimate.
86. Who has been recently (in March’ 24) appointed as the Managing Director and Chief
Executive Officer (MD & CEO) of the Bank of Maharashtra (BOM)?
1) Asheesh Pandey
2) Rohit Rishi
3) Abhijit Phukon
4) Rakesh Kumar
5) Nidhu Saxena
Answer- 5) Nidhu Saxena
Explanation:
Nidhu Saxena was appointed as the Managing Director and Chief Executive Officer (MD & CEO) of the
Bank of Maharashtra (BOM) for a period of three years, with effect from March 27, 2024.
• He will be replacing A.S Rajeev upon his election as Vigilance Commissioner in Central
Vigilance Commission (CVC).
i. He served as the Executive Director of Union Bank of India (UBI) from February 1, 2022, to March
26, 2024.
87. In March 2024, Standard Chartered Bank sold its entire ___________ stake in Central
Depository Services (India) Ltd (CDSL) for Rs 1,266.48 crore.
1) 6.90%
2) 7.18%
3) 9.45%
4) 12.8%
5) 11.7%
Answer- 2) 7.18%
Explanation:
The Standard Chartered Bank sold its entire 7.18% stake in Central Depository Services (India) Ltd
(CDSL) in a block deal worth over Rs 1,266.48 crore.
i. CDSL facilitates the holding of securities in electronic form. CDSL and National Stock Exchange
(NSE)-promoted National Securities Depository Ltd(NSDL) are the only two depositories in India.
Securities and Exchange Board of India (SEBI) in March 2024?
A) SEBI launched the beta version of T+0 rolling settlement cycle (same-day transaction
settlement) on an optional basis in addition to the existing T+1 settlement cycle in the equity
cash market.

B) T+0 Trade Settlement Cycle allows same-day settlement of stock trades, instead of one-day
settlement period (T+1).
C) The beta version of the T+0 settlement was introduced for a limited set of 25 scrips and with
a limited number of brokers.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Explanation:
Securities and Exchange Board of India (SEBI) launched the beta version of T+0 rolling settlement
cycle (same-day transaction settlement) on an optional basis in addition to the existing T+1
settlement cycle in the equity cash market.
• The provisions of T+0 came into effect from March 28, 2024.
i. About T+0 Trade Settlement Cycle:
• This allows same-day settlement of stock trades, instead of one-day settlement period (T+1)
i.e. waiting for a day for the trade to settle and funds/stocks to be delivered.
• The beta version of the T+0 settlement was introduced for a limited set of 25 scrips and with a
limited number of brokers.
ii. The National Stock Exchange of India (NSE) has approved a reduction of overall transaction charges
across cash equity and equity derivatives segments by 1% starting April 1, 2024.
89. As per the Reserve Bank of India (RBI) latest data released in March 2024, the total number
of credit cards issued by banks in India surpassed the 100 million mark in February 2024.
Which bank leads in the number of credit card issuances with 20.40 million credit cards in
circulation?
1) HDFC Bank
3) ICICI Bank
4) Axis Bank
5) YES Bank
Answer- 1) HDFC Bank
Explanation:
As per the Reserve Bank of India (RBI) latest data, the total number of credit cards issued by banks
in India breached the 100 million mark in February 2024.
• Data revealed that till February 2024, the total number of credit cards in circulation was 100.6
million. Whereas, In February 2023, the total number of credit cards in circulation stood at
99.5 million.
i. HDFC Bank, the largest private bank in India, leads in the number of credit card issuances with
20.40 million credit cards in circulation, followed by SBI (State Bank of India) with 18.75 million
credit cards, ICICI Bank with 16.84 million, and Axis Bank with 13.90 million cards.

90. The Pension Fund Regulatory and Development Authority (PFRDA) mandated two-factor
Aadhaar authentication for accessing the Central Record keeping Agency (CRA) system, which
will be effective from _____________.
1) 1st July 2024
2) 1st June 2024
3) 1st May 2024
4) 1st April 2024
5) 1st August 2024
Explanation:
The Pension Fund Regulatory and Development Authority (PFRDA) in its Digital Safety Practices for
Government Nodal Offices Under NPS Architecture Advisory, 2024, has mandated two-factor Aadhaar
authentication for accessing the Central Record keeping Agency (CRA) system, enhancing security for
National Pension System (NPS) transactions.
• Effective from April 1, 2024 about 1,600 government offices will implement two-factor
Aadhaar authentication for accessing the CRA system.
91. Insurance Regulatory and Development Authority of India (IRDAI) has mandated that all
insurance policies should be issued in electronic form with effect from ________________
1) 1st August 2024
2) 1st July 2024
3) 1st April 2024
4) 1st June 2024
5) 1st May 2024
Explanation:
Insurance Regulatory and Development Authority of India (IRDAI) has mandated that all insurance
policies should be issued in electronic form with effect from 1st April 2024. This is similar to how
investors hold shares in a demat account.
• The process of acquiring and managing insurance policies electronically is known as “e-
insurance”.
• The insurance plans of an individual will be collectively recorded in his e-Insurance Account
(eIA).
92. In which bank, Warburg Pincus has recently (in March ‘24) sold its entire 2.25% stake for
Rs 1,195 crore?
1) Axis Bank
2) ICICI Bank
3) IDFC First Bank
4) YES Bank
5) HDFC Bank
Answer- 3) IDFC First Bank

Explanation:
Warburg Pincus, a Private equity firm sold its entire 2.25% stake in IDFC (formerly Infrastructure
Development Finance Company Limited) First Bank for Rs 1,195 crore through the open market
transaction.
i. Note:Warburg Pincus sold its IDFC First Bank shares on the BSE (formerly Bombay Stock Exchange)
through its affiliated Cloverdell Investment Limited.
ii. As per BSE, the investment group used block deals to sell its 2.25% stake in the bank. More than
15.88 crore IDFC First Bank shares were sold by Cloverdell Investment.
93. In March 2024, Which company has recently (in March ‘24) received approval from
shareholders to delist its shares to proceed with its merger with ICICI Bank?
1) ICICI Financial Services Ltd
2) ICICI Prudential Life Insurance
3) ICICI Home Finance
4) ICICI Prudential Trust Limited
5) ICICI Securities
Answer- 5) ICICI Securities
Explanation:
The Industrial Credit and Investment Corporation of India (ICICI) Securities has received approval
from shareholders to delist its shares to proceed with its merger with ICICI Bank, the parent
company and main shareholder.
• The delisting motion received 71.9% of the votes, and the minority shareholders of the
brokerage supported the move.
• Norges Bank Investment Management has the largest public share of 3.2% in ICICI Securities.
• As of March 28, 2024, ICICI Bank holds a roughly 75% stake in ICICI Securities.
STATIC BANKING QUESTIONS
1. Who is the current (as of Feb ‘24) Chairman of National Bank for Agriculture and Rural
Development (NABARD)?
1) Revathy Iyer
2) Urvish Shah
3) Shaji K V
4) Raama Sreenivasan
5) Manoj Ahuja
Answer- 3) Shaji K V
Explanation:
About National Bank for Agriculture and Rural Development (NABARD):
NABARD is India’s apex development bank, established in 1982 under an Act of Parliament to
promote sustainable and equitable agriculture and rural development.
Chairman– Shaji K V

2. In which year, Pension Fund Regulatory and Development Authority (PFRDA) was
established?
1) 2003
2) 2005
3) 2001
4) 2002
5) 2000
Answer- 1) 2003
Explanation:
Chairman– Deepak Mohanty
3. As of February 2024, how many member countries are there in the Asian Development Bank
(ADB)?
1) 35
2) 68
3) 58
4) 49
5) 50
Answer- 2) 68
Explanation:
Headquarters – Mandaluyong City, Metro Manila, Philippines
Members – 68 member countries (49 from the region)
4. Which of the World Bank institutions facilitates the resolution of investment disputes
between governments and foreign investors?
1) International Bank for Reconstruction and Development (IBRD)
2) International Development Association (IDA)
3) International Finance Corporation (IFC)
4) Multilateral Investment Guarantee Agency (MIGA)
5) International Centre for Settlement of Investment Disputes (ICSID)
Answer: 5) International Centre for Settlement of Investment Disputes (ICSID)
Explanation:
The International Centre for Settlement of Investment Disputes (ICSID) was established in 1966 to
provide a forum for the arbitration and conciliation of investment disputes between governments and
foreign investors. It is an integral part of the World Bank Group and offers a neutral and independent
platform for settling disputes that arise from investment agreements between host countries and
foreign investors.
• Settlement of a dispute through ICSID is voluntary, but once parties agree to settle the dispute,
they cannot withdraw unilaterally.

5. Which of the following Currencies is not included in the Special Drawing Rights (SDR) of the
International Monetary Fund(IMF)?
1) US dollar
2) euro
3) Chinese Renminbi
4) Russian Ruble
5) Japanese yen
Answer- 4) Russian Ruble
Explanation:
The Russian Ruble is not part of Special Drawing Rights (SDR) of the International Monetary
Fund(IMF).
• The SDR is an international reserve asset. The SDR is not a currency, but its value is based on a
basket of five currencies—the US dollar, the euro, the Chinese Renminbi, the Japanese yen, and
the British pound sterling.
6. Which of the following declarations led to the establishment of the New Development Bank?
1) Brasilia declaration
2) Fortaleza Declaration
3) New Delhi Declaration
4) Beijing Declaration
5) Johannesburg Declaration
Answer- 2) Fortaleza Declaration
Explanation:
The Agreement for establishing NDB was signed during the BRICS Summit held in Fortaleza on July
15, 2014 known as Fortaleza Declaration and the Bank started operations on July 21, 2015.
• In 2021, NDB Board of Governors approved the admission of Bangladesh, UAE, Egypt and
Uruguay into NDB family, which heralded the beginning of the Bank’s expansion as a global
multilateral institution.
• The NDB's headquarters are in Shanghai. Its presidency will rotate among the five countries at
five-yearly intervals, with the first president coming from India.
• BRICS stands for Brazil,Russia, India, China, South Africa.
7. Who all can join the National Pension System (NPS)?

1) Non Resident Indians
2) Indian Citizens
3) Government Employees
4) Private Sector Employees
5) All of the above
Answer- 5) All of the above
Explanation:
Any Indian citizen (resident/non-resident/overseas) aged between 18-70 years can subscribe to
the scheme on a voluntary basis. Further, the National Pension System (NPS) can be adopted by the
Corporates – both Private and PSUs as a retirement benefit scheme and can be rolled out on a
voluntary or mandatory basis for its employees by an Employer.

• The scheme is regulated by Pension Fund Regulatory and Development Authority (“PFRDA”).
NPS is mandatory for Central Government employees (except armed forces) joining services on
or after 1st January 2004 and has been adopted by almost all the State Government for their
employees.
8. What is the share of the State Government in the regional rural banks?
1) 15%
2) 35%
3) 20%
4) 50%
5) 25%
Answer- 1) 15%
Explanation:
National Bank for Agriculture & Rural Development (NABARD) is an apex Development Bank by the
Government of India. In Regional Rural Banks (RRBs), 15% share is held by the State Government,
50% by the Central Government, and 35% by the Sponsor Bank.
9. Who is the current (as of March ‘24) Controller General of Accounts (CGA) to the Government
of India?
1) Shailendra Kumar
2) Sanjai Singh
3) Aastha Saxena Khatwani
4) S. S. Dubey
5) Shankari Murali
Answer- 4) S. S. Dubey
Explanation:
About Controller General of Accounts (CGA)
CGA to GoI– S. S. Dubey, Indian Civil Accounts Service (ICAS)
10. In February 2024, Life Insurance Corporation (LIC) of India paid Rs __________ as an interim
dividend to the government of India (GoI).
1) 2,590 crore
2) 2,821 crore
3) 1,890 crore
4) 3,210 crore
5) 2,441 crore
Answer- 5) 2,441 crore
Explanation:
Finance and Corporate Affairs Minister Nirmala Sitharaman inaugurated via virtual mode Life
Insurance Corporation of India (LIC)’s new international business centre at GIFT City, Gujarat.
• This strategic move of insurance behemoth to locate presence in GIFT City is aligned with LIC’s
commitment to providing world-class insurance and financial services on a global scale.
i. Meanwhile, LIC Chairman Siddhartha Mohanty presented an interim dividend cheque of Rs.
2441.44 crore to government of India (GoI).

11. Which of the following banks is Not settled with capital markets regulator Securities and
Exchange Board of India (SEBI), paying a total of Rs 39.36 lakh as settlement charges?
1) HDFC Bank
2) CitiBank
3) Deutsche Bank AG
4) HSBC
5) Standard Chartered plc
Answer- 5) Standard Chartered plc
Explanation:
HDFC Bank, HSBC, CitiBank and Deutsche Bank AG have settled with capital markets regulator SEBI a
case for allegedly not meeting the eligibility criteria prescribed under the Foreign Portfolio Investors
rules.
• These entities have paid a total of Rs 39.36 lakh towards the settlement charges.
i. Under the settlement agreement, Deutsche Bank AG has paid Rs.11 lakh, HSBC has paid Rs.10.87
lakh, HDFC has paid Rs.9.18 lakh and Citi has paid Rs.8.25 lakh.
12. Name the Small Finance Bank (SFB) that has partnered with the Dvara Money partner to
enhance digital banking with Spark Money.
1) Ujjivan SFB
2) Equitas SFB
3) AU SFB
4) Jana SFB
5) Capital SFB
Answer- 4) Jana SFB
Explanation:
Jana Small Finance Bank (SFB) Limited and Dvara Money have tied up for digital banking services,
combining DM’s Spark Money platform with Jana SFB’s technological capabilities.
• The company announced that the integration of third-party application provider (TPAP)
capabilities will enable the Spark Money platform to incorporate a full-stack UPI solution.
• This will allow customers to connect their savings accounts for digital payments and enable
UPI functionalities such as Aadhaar OTP-based onboarding and credit on UPI.
13. In February 2024, the Union Finance Ministry slapped a Rs. 5.49 crore penalty on ____________
(Payments Bank of India) for violations of the Prevention of Money Laundering Act (PMLA).
1) India Post Payment Bank
2) Fino Payments Bank
3) Jio Payments Bank
4) NSDL Payment Bank
5) Paytm Payments Bank
Answer- 5) Paytm Payments Bank
Explanation:
The Financial Intelligence Unit-India under the Union Finance Ministry has slapped a Rs. 5.49 crore
penalty on Paytm Payments Bank Limited (PPBL) for violations of the Prevention of Money
Laundering Act (PMLA), after finding substantial proof of money generated from illegal activity being
routed through accounts held by some entities with the bank.

• The FIU-IND had initiated a review of the PPBL’s operations after receiving “specific
information” from law enforcement agencies about a few entities and their network of
businesses engaging in “a number of illegal acts, including organising and facilitating online
gambling”. The penalty order was issued on March 1, 2024.
14. Who is the current (as of March ‘24) Chairman of Insurance Regulatory and Development
Authority of India (IRDAI)?
1) Rakesh Joshi
2) S. N. Rajeswari
3) Parmod Kumar Arora
4) Suchindra Misra
5) Debasish Panda
Answer- 5) Debasish Panda
Explanation:
Debasish Panda is the current Chairman of the Insurance Regulatory and Development Authority of
India (IRDAI).
i. Policybazaar Insurance Brokers, a wholly owned subsidiary of PB Fintech, has now become a
composite insurance broker with the insurance regulator IRDAI handing over the certificate of
registration to the company.
• This latest upgrade from the earlier category of direct insurance broker (general and life
insurance) to a composite insurance broker will allow Policybazaar to enter reinsurance
products selling.
• The IRDAI Certificate of Registration as a composite broker will be valid from 28th February
2024.
15. In March 2024, the National Bank for Financing Infrastructure and Development (NaBFID)
set a target to sanction Rs 3 trillion by March ___________ (year) to support the development of
long-term non-recourse infrastructure financing.
1) 2029
2) 2026
3) 2027
4) 2028
5) 2030
Answer- 2) 2026
Explanation:
National Bank for Financing Infrastructure and Development (NaBFID), which supports the
development of long-term non-recourse infrastructure financing, has set a target to sanction Rs 3
trillion by March 2026.
• Finance and Corporate Affairs Minister Nirmala Sitharaman chaired a meeting to review the
performance of the NaBFID and asked it to introduce a structured partial credit enhancement
facility towards deepening bond markets, including for urban local bodies and municipalities.
• NaBFID has made total sanctions of more than Rs 86,804 crore, with projects spread across the
country and in diversified sub-sectors of infrastructure like roads, renewable power, ports,
railways, and city gas distribution.

16. Small Finance Banks come under which of the following Categories?
1) Micro banking
2) International banking
3) Specialized banking
4) Differentiated banking
5) Local banking
Answer- 4) Differentiated banking
Explanation:
Small Finance Banks come under Differentiated banking.
• Differentiated banks are distinct from universal banks as they function in a niche segment. The
differentiation could be on account of capital requirement, scope of activities or area of
operations.
• As such, they offer a limited range of services / products or function under a different
regulatory dispensation.
17. Which of the following organisations regulates the Stock Market ?

1) Investor Education and Protection Fund Authority (IEPFA)
2) Association of Mutual Funds in India (AMFI)
3) Competition Commission of India (CCI)
4) Securities and Exchange Board of India (SEBI)
5) Financial Stability and Development Council (FSDC)
Answer- 4) Securities and Exchange Board of India (SEBI)
Explanation:
Regulatory Functions of Securities and Exchange Board of India (SEBI):
• Registration of brokers and sub brokers and other players in the market.
• Registration of collective investment schemes and Mutual Funds.
• Regulation of stock brokers, portfolio exchanges, underwriters and merchant bankers and the
business in stock exchanges and any other securities market.
• Regulation of takeover bids by companies.
• Calling for information by undertaking inspection, conducting enquiries and audits of stock
exchanges and intermediaries.
18. Who is the President of the World Bank Group as of March 2024?
1) Raj Subramaniam
2) Sanjay Mehrotra
3) Punit Renjen
4) Vasant Narasimhan
5) Ajay Banga
Answer- 5) Ajay Banga
Explanation:
About World Bank:
The World Bank is an international development organization owned by 187 countries.
President– Ajay Banga
Headquarters– Washington, D.C., The United States of America(USA)
Established in 1944

19. Who is the present (as of March ‘24) Chief Executive Officer (CEO) of NPCI International
Payments Limited (NIPL)?
1) Prashant Tripathy
2) Ritesh Shukla
3) Tapan Kumar Singhel
4) Anuj Mathur
5) Kamlesh Rao
Answer- 2) Ritesh Shukla
Explanation:
About NPCI International Payments Limited (NIPL):
NIPL is devoted to the deployment of RuPay (domestic card scheme) and UPI (mobile payment
solution) outside of India.
CEO– Ritesh Shukla
Incorporated on April 3, 2020
Headquarters- Mumbai, Maharashtra
20. ’Creating Markets, Creating Opportunities’’ is the Tagline of _____________.

1) International Centre for Settlement of Investment Disputes (ICSID)
2) International Development Association (IDA)
3) International Finance Corporation (IFC)
4) Multilateral Investment Guarantee Agency (MIGA)
5) International Monetary Fund (IMF)
Answer-3) International Finance Corporation (IFC)
Explanation:
International Finance Corporation(IFC)- a member of the World Bank Group - is the largest global
development institution focused exclusively on the private sector in developing countries. Its Tagline
is ’Creating Markets, Creating Opportunities’
• It plays a significant role in promoting private sector investment
• Established in the year 1956.
21. Which of the following is India’s own Global Card Payment Network ?
1) Visa
2) Unified Payments Interface
3) RuPay
4) GPay
5) Mastercard
Answer- 3) RuPay
Explanation:
RuPay is the first-of-its-kind Global Card payment network from India, with wide acceptance at
Shops, ATMs, and online.
• Presently, RuPay cards are issued by more than 1,100 banks which includes Public Sector
Banks, Private Sector Banks, Regional Rural and Co-Operative Banks.
• A product of the National Payments Corporation of India, RuPay is India’s indigenous payment
network. The name, derived from the words ‘rupee’ and ‘payment’, indicates that it is India’s
own initiative for card payments. It is the country’s answer to international payment networks.

22. Which of the following is ‘Not’ an Indian credit rating agency?
1) Credit Rating and Information Services of India Limited
2) Brickwork Ratings
3) Moody’s and Fitch Ratings
4) Investment Information and Credit rating agency
5) Credit Analysis & Research Ltd
Answer- 3) Moody’s and Fitch Ratings
Explanation:
A credit rating agency is a company which rates the debtors on the basis of their ability to pay back
the debt in a timely manner.
i. There are mainly 4 credit rating agencies in India which are Credit Rating and Information
Services of India Limited (CRISIL), Investment Information and Credit rating agency (ICRA), Credit
Analysis & Research Ltd. (CARE) and ONICRA.
ii. Apart from these credit rating agencies, there are three more credit rating agencies which are also
registered with SEBI. These are Fitch Ratings India Private Ltd., Brickwork Ratings India Private
Limited, SME Rating Agency of India Ltd. (SMERA).
23. ________ is the shortfall between the money flowing in on exports, and the money flowing out
on imports.
1) Current Account Deficit
2) Primary Deficit
3) Twin Deficit
4) Revenue Deficit
5) Fiscal Deficit
Answer- 1) Current Account Deficit
Explanation:
Current Account Deficit or CAD is the shortfall between the money flowing in on exports, and the
money flowing out on imports.
i. Current Account Deficit (or Surplus) measures the gap between the money received into and sent
out of the country on the trade of goods and services and also the transfer of money from
domestically-owned factors of production abroad.
24. Let’s Make Money Simple is the tagline of __________ (Bank).

1) ICICI Bank
2) Federal Bank
3) Axis Bank
5) IDFC FIRST Bank
Answer- 4) Kotak Mahindra Bank
Explanation:
About Kotak Mahindra Bank Limited (KMBL):
Founded in– 2003
Tagline– Let’s Make Money Simple

25. What is the full form of BHIM, an UPI application?
1) Bharat Innovation for Money
2) Bharat Intermediary for Money
3) Bharat Interface for Money
4) Bharat Heavy Interface for Money
5) Bharat Interface for Many
Answer-3) Bharat Interface for Money
Explanation:
BHIM – Bharat Interface for Money is a UPI based payment interface that allows real time fund
transfers using a single identity like your mobile number or name.
• BHIM is a payment app that lets you make simple, easy and quick transactions using Unified
Payments Interface (UPI). You can make direct bank payments to anyone on UPI using their
UPI ID or scanning their QR with the BHIM app. You can also request money through the app
from a UPI ID.
26. According to the Reserve Bank of India (RBI), Payments banks can apply for conversion
into small finance banks (SFBs) after __________ years of successful operation.
1) 5 years
2) 6 years
3) 4 years
4) 3 years
5) 7 years
Answer-1) 5 years
Explanation:
According to the latest guidelines of RBI, Payments banks can apply for conversion into small finance
banks (SFBs) after five years of successful operation.
27. Which of the following is not the fully owned Subsidiaries of Reserve Bank of India (RBI)?
1) Reserve Bank Information Technology Private Limited (ReBIT)
2) Small Industries Development Bank of India (SIDBI)
3) Deposit Insurance and Credit Guarantee Corporation of India (DICGC)
4) Indian Financial Technology and Allied Services (IFTAS)
5) Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL)
Answer- 2) Small Industries Development Bank of India (SIDBI)
Explanation:
Fully Owned Subsidiaries of Reserve Bank of India (RBI):
• Deposit Insurance and Credit Guarantee Corporation of India (DICGC)
• Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL)
• Reserve Bank Information Technology Private Limited (ReBIT)
• Indian Financial Technology and Allied Services (IFTAS)
• Reserve Bank Innovation Hub (RBIH)

28. __________ refers to the portion of Total Deposits of a commercial bank which has to be kept
with the RBI in the form of cash reserves.
1) Reserve Repo Rate
2) Cash Reserve Ratio
3) Repo Rate
4) Bank Rate
5) Statutory Liquidity Ratio
Answer- 2) Cash Reserve Ratio
Explanation:
Cash Reserve Ratio refers to that portion of total deposits of a commercial bank which it has to keep
with RBI in the form of cash reserves.
29. A license authorizing to carry on Small Finance Bank (SFB)business is issued by Reserve
Bank of India under _________(Section) of the Banking Regulation Act, 1949.
1) Section 22
2) Section 12
3) Section 20
4) Section 15
5) Section 18
Answer- 1) Section 22
Explanation:
A license authorizing the bank to carry on small finance bank business is issued by the Reserve Bank
of India under Section 22 of the Banking Regulation Act, 1949.
Salient features of Small Finance Bank(SFB)
• No cap on deposit amount
• Focus is on Small borrowers -
• Can issue both Debit and credit cards
• Extend 75% of loans to priority sector
• Ensure that 50 % of loan portfolio constitutes advances of up to RS 25 lakh
30. Credit Information Bureau (India) Limited was incorporated based on recommendations
made by the RBI____________________.
1) Siddiqui Committee
2) Rangarajan Committee
3) Narasimham Committee
4) Urjit Patel Committee
5) None of the above
Answer- 1) Siddiqui Committee
Explanation:
Credit Information Bureau (India) Limited was incorporated based on recommendations made by the
RBI Siddiqui Committee.
• Credit Information Companies (CIC) in India are licensed by the RBI and governed by the Credit
Information Companies Regulation Act, 2005 (CICRA)and various other rules and regulations
issued by the RBI.

• As per Section 15 of the CICRA, every Credit Institution (like banks) should be a member of at
least one CIC.
31. Which of the following is not part of the operational priorities of the 2030 strategy of the
Asian Development Bank (ADB)?
1) Making cities more livable
2) Addressing remaining poverty and reducing inequalities
3) To promote International Economic Stability
4) Promoting rural development and food security
5) Fostering regional cooperation and integration
Answer- 3) To promote International Economic Stability
Explanation:
The seven operational priorities of the 2030 strategy ofAsian Development Bank (ADB) are
• Addressing remaining poverty and reducing inequalities,
• Accelerating progress in gender equality,
• Tackling climate change, building climate and disaster resilience, and enhancing environmental
sustainability,
• Making cities more livable
• Promoting rural development and food security
• Strengthening governance and institutional capacity
• Fostering regional cooperation and integration
32. What is the name of the Securities and Exchange Board of India (SEBI) mobile app on
Investor Education?
1) Groww
2) eSampada
3) SAARTHI
4) MANI
5) UPSTOX
Answer- 3) SAARTHI
Explanation:
SAARTHI Mobile App: SEBI’s mobile app on investor education was launched on January 19, 2022.
This app is developed in Hindi and English language and is available on iOS and android platforms.
• The app contains educational content like basic concepts related to securities market, KYC
mechanism, mutual funds, investor grievance redressal mechanism, introduction to
derivatives, etc.
• The primary objective of the app has been to extend the reach of SEBI’s financial education and
investor awareness initiatives to the mobile phones of investors.
33. National Centre for Financial Education (NCFE) is a Section 8 (Not for Profit) Company
promoted by______________________.
2) Securities and Exchange Board of India
3) Insurance Regulatory and Development Authority of India
4) Pension Fund Regulatory and Development Authority

5) All of the above
Answer- 5) All of the above
Explanation:
National Centre for Financial Education (NCFE) is a Section 8 (Not for Profit) Company promoted by
Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Insurance Regulatory and
Development Authority of India (IRDAI) and Pension Fund Regulatory and Development Authority
(PFRDA).
• The objective to promote Financial Education across India for all sections of the population as
per the National strategy for Financial Education of Financial Stability and Development
Council.
34. Which of the following has developed the National Electronic Toll Collection (NETC)
system?
1) National Highways Authority of India
2) Indian Banks Association
4) National Securities Depository Limited
5) National Payments Corporation of India
Answer- 5) National Payments Corporation of India
Explanation:
National Payments Corporation of India (NPCI) has developed the National Electronic Toll Collection
(NETC) program to meet the electronic tolling requirements of the Indian market.
• It offers an interoperable nationwide toll payment solution including clearing house services
for settlement and dispute management.
• Interoperability, as it applies to the National Electronic Toll Collection (NETC) system,
encompasses a common set of processes, business rules and technical specifications which
enable a customer to use their FASTag as payment mode on any of the toll plazas irrespective
of who has acquired the toll plaza.
35. Under the new scale-based regulatory framework for Non-Banking Financial Companies
(NBFCs), NBFCs are grouped into how many layers?
1) 2
2) 3
3) 4
4) 5
5) 6
Answer- 3) 4
Explanation:
Regulatory structure for NBFCs shall comprise four layers based on their size, activity, and perceived
riskiness. NBFCs in the lowest layer shall be known as NBFC - Base Layer (NBFC-BL).
• NBFCs in the middle layer and upper layer shall be known as NBFC - Middle Layer (NBFC-ML)
and NBFC - Upper Layer (NBFC-UL) respectively. The Top Layer is ideally expected to be empty
and will be known as NBFC - Top Layer (NBFC-TL).

36. What is the normal term of the Pension Fund Regulatory and Development
Authority(PFRDA) chairperson?
1) 3 years
2) 5 years
3) 7 years
4) 10 years
5) None of the above
Answer- 2) 5 years
Explanation:
Pension Fund Regulatory and Development Authority(PFRDA) chairperson, shall hold office for a
term of five years from the date on which he enters upon his office and shall be eligible for re-
appointment, provided that no Chairperson shall hold office after attaining the age of 65 years.
37. Eway bill must be generated when there is a movement of goods of more than Rs ____________
in value to or from a registered person.
1) 60,000
2) 20,000
3) 50,000
4) 30,000
5) 40,000
Answer- 3) 50,000
Explanation:
The National Informatic Centre (NIC) announced that the selected GST payers will not be able to
generate e-way bills without details of e-invoice with effect from March 1, 2024.
• This is applicable for e-invoice-enabled tax payers and for the transactions related to supplies
under B2B (Business to Business) and exports.
• An e-way bill is an electronic document generated on a portal, evidencing the movement of
goods and indicating whether tax has been paid.
• As per Rule 138 of the CGST Rules, 2017, every registered person who causes the movement
of goods (which may not necessarily be on account of supply) of consignment value of more
than Rs. 50,000 is required to generate an e-way bill. This requirement applies to movements
between two States and within a State.
38. What is the Tagline of Punjab National Bank?

1) Good People to Grow With
2) Together We Can
3) The Name You Can Bank Upon
4) Support All the Way
5) We understand your world
Answer- 3) The Name You Can Bank Upon
Explanation:
About Punjab National Bank (PNB):
PNB is a MD & CEO– Atul Kumar Goel

Tagline– The Name You Can Bank Upon
39. According to the Centre for Monitoring Indian Economy (CMIE) data released in March
2024, India’s retail inflation will likely fall to _________ in FY25.
1) 5.1-5.2%
2) 4.6-4.7%
3) 4.1-4.2%
4) 4.9-5.0%
5) 4.3-4.4%
Answer- 5) 4.3-4.4%
Explanation:
The Centre for Monitoring Indian Economy (CMIE), India’s retail inflation, measured by the Consumer
Price Index (CPI), will likely fall to 4.3-4.4% in FY25 from an estimated 5.4% in the current fiscal
year.
• The Reserve Bank of India (RBI) has projected CPI inflation to average 4.5% in FY25.
40. In which year, European Investment Bank (EIB) was founded?

1) 1958
2) 1962
3) 1966
4) 1968
5) 1972
Answer- 1) 1958
Explanation:
About European Investment Bank (EIB):
President– Nadia Calviño
Headquarters– Boulevard Konrad Adenauer, Luxembourg
Founded in– 1958
41. Indian Financial System Code (IFSC) is a unique ________ digit alphanumeric code to use for
online fund transfer transactions done via National Electronic Funds Transfer (NEFT), Real-
Time Gross Settlement (RTGS) and Immediate Mobile Payment Service (IMPS).
1) 12
2) 7
3) 11
4) 15
5) 10
Answer- 3) 11
Explanation:
The Indian Financial System Code (IFSC), is a unique 11-digit alphanumeric code that is used for
online fund transfer transactions done via National Electronic Funds Transfer (NEFT), Real-Time
Gross Settlement (RTGS) and Immediate Mobile Payment Service (IMPS).

42. _________ is a rate at which the Reserve Bank of India (RBI) gives loans to commercial banks
against government securities.
1) Repo rate
2) Reverse repo rate
3) Statutory Liquidity Ratio
4) Bank Rate
5) Cash reserve ratio
Answer- 1) Repo rate
Explanation:
Repo rate – Repo rate is the rate at which the Reserve Bank of India (RBI) gives loans to commercial
banks against government securities.
Reverse repo rate – A reverse repo rate is a rate at which RBI borrows money from commercial
banks.
43. Which of the following is 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:
Permanent Account Number (PAN) 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.
44. Who has recently (in March ‘24) appointed as the Chief Executive Officer (CEO) of Acko
General Insurance?
1) Nithya Easwaran
2) Animesh Das
3) Mridul Arora
4) Abhinav Chaturvedi
5) Shantanu Rastogi
Answer- 2) Animesh Das
Explanation:
Insurtech unicorn Acko has elevated its chief underwriting officer, Animesh Das, as the new Chief
Executive Officer (CEO) of its subsidiary entity-ACKO General Insurance, as Sanjeev Srinivasan takes
the board role.
• Varun Dua will continue as the CEO of Acko Technologies, the parent company of Acko General
Insurance.
• Srinivasan, the former MD and CEO at Bharti Axa General Insurance, had joined the General
Atlantic-backed venture in 2021 as the managing director and CEO of the subsidiary unit.

45. Who is the current (as of March ‘24) Chairman & Managing Director (CMD) of Small
Industries Development Bank of India (SIDBI)?
1) Sivasubramanian Ramann
2) Devendra Kumar Singh
3) Ashish Gupta
4) Pankaj Jain
5) Sudatta Mandal
Answer- 1) Sivasubramanian Ramann
Explanation:
About Small Industries Development Bank of India (SIDBI):
Chairman & Managing Director (CMD)- Sivasubramanian Ramann
Headquarters– Lucknow, Uttar Pradesh
Established on– 2nd April 1990
46. What is the Tagline of IndusInd Bank?

2) The Banker to Every Indian
3) We Make You Feel Richer
4) Banking With Personal Touch
5) Let’s Make Money Simple
Answer- 3) We Make You Feel Richer
Explanation:
About IndusInd Bank Limited:
Managing Director (MD) & Chief Executive Officer (CEO) – Sumant Kathpalia
Tagline – We Make You Feel Richer
47. When was the Reserve Bank of India (RBI) established ?

1) 1930
2) 1935
3) 1942
4) 1949
5) 1950
Answer- 2) 1935
Explanation:
The Reserve Bank of India (RBI) was established on April 1, 1935 in accordance with the provisions
of the Reserve Bank of India Act, 1934.
i. In March 2024, India allowed the Reserve Bank of India (RBI) to import gold without paying
import levies, the government said in a notification issued late on March 12, 2024.
• Indian gold importers need to pay basic customs duty and Agriculture Infrastructure and
Development Cess (AIDC).

48. In March 2024, Aurionpro Solutions secured a Rs 100-crore contract from ___________ (Bank)
for iCashpro+, a transaction banking platform.
1) HDFC Bank
3) ICICI Bank
4) Bank of Baroda
5) Bank of India
Answer- 2) State Bank of India
Explanation:
Technology firm Aurionpro Solutions has bagged an order of around Rs 100 crore from the State
Bank of India (SBI) for iCashpro+, a transaction banking platform, that will help SBI to enhance its
corporate banking portal and payment services.
• iCashpro+, developed by Aurionpro Solutions, will integrate with SBI's core banking systems,
payments hub, and a mix of internal and external platforms.
• This integration will enable the use and exchange of information with ERP ( Enterprise
Resource Planning) solutions, fintechs, and open banking platforms, empowering SBI to meet
evolving customer expectations and industry standards.
49. Who has recently (in March ‘24) appointed as the Chief Executive Officer (CEO) of Union
Asset Management?
1) Madhu Nair
2) Raghu Palat
3) Nidhu Saxena
4) Alice Vaidyan
5) Pradeep Kumar
Answer- 1) Madhu Nair
Explanation:
Union Asset Management Company has appointed Madhu Nair as the Chief Executive Officer. He
will replace G Pradeepkumar who tendered his resignation after 14 years of service.
• A Harvard Business School alumni, Nair comes with over 25 years of diverse experience across
various market segments.
50. What is the Tagline of Bank of Baroda (BoB)?

2) India’s International Bank
3) Together We Can
4) Support All the Way
5) Always You First
Answer- 2) India’s International Bank
Explanation:
About Bank of Baroda (BoB):
Managing Director and Chief Executive Officer (CEO) – Debadatta Chand
Headquarters – Vadodara, Gujarat (Corporate centre is in Mumbai, Maharashtra)
Tagline – India’s International Bank

51. What is the tagline of South Indian Bank?
1) Experience Next-Generation Banking
2) Your Perfect Banking Partner
3) We Understand Your World
4) Serving To Empower
5) Your Family Bank Across India
Answer- 1) Experience Next-Generation Banking
Explanation:
About South Indian Bank:
Managing Director (MD) and Chief Executive Officer (CEO)– P R Seshadri
Tagline– Experience Next-Generation Banking
Established in 1929
52. In which year, the World Economic Forum (WEF) was established?
1) 1990
2) 1982
3) 1984
4) 1971
5) 1994
Answer- 4) 1971
Explanation:
About World Economic Forum (WEF):
Founder and Executive Chairman– Prof. Klaus Schwab
Managing Director(MD)– Saadia Zahidi
Headquarter– Cologny, Geneva Canton, Switzerland
Established in 1971
53. NEFT is a nationwide payment system facilitating one-to-one funds transfer.

In NEFT, what does ‘E’ stand for?
1) Exchange
2) Electronic
3) E-commerce
4) Earned
5) Equity
Answer- 2) Electronic
Explanation:
National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one
funds transfer.
i. Under this Scheme, individuals, firms and corporates can electronically transfer funds from any
bank branch to any individual, firm or corporate having an account with any other bank branch in the
country participating in the Scheme.

54. Which committee recommended the introduction of a Liquidity adjustment facility in
India?
1) Narasimham Committee
2) Rangarajan Committee
3) Basel Committee
4) SS Tarapore Committee
5) A K Khandelwal Committee
Answer- 1) Narasimham Committee
Explanation:
Narasimham Committee was set up in 1998 on structural reforms, recommending merger of banks
to solve the problem of NPA.
i. It recommended the introduction of a Liquidity adjustment facility in India.
55. What is the Full form of ‘LTRO’?

1) Liquidity Term Reserve Operations
2) Liquidity Time Repo Operations
3) Long-Term Repo Operations
4) Long-Term Reserve Operations
5) Long-Time Repo Operations
Answer- 3) Long-Term Repo Operations
Explanation:
LTRO is Long-Term Repo Operations:
• LTRO is a tool that allows banks to borrow one to three years of funds from the Central Bank at
the Repo rate. It is called ‘Targeted’ LTRO if the Central Bank wants banks opting for funds
under this option to be specifically invested in investment-grade corporate debt.
• LTRO was first introduced by the European Central Bank (ECB) during its sovereign debt crisis
that began in 2008.
56. What is the share of sponsor banks in the regional rural banks?
1) 15%
2) 35%
3) 20%
4) 50%
5) 25%
Answer- 2) 35%
Explanation:
National Bank for Agriculture & Rural Development (NABARD) is an apex Development Bank by the
Government of India. In RRBs, 15% share is held by the State Government, 50% by the Central
Government, and 35% by the Sponsor Bank.
57. Magnetic Ink Character Recognition (MICR) is a _______ digit unique code used to identify the
particular branch of a particular bank.
1) 8
2) 9
3) 11

4) 12
5) 10
Answer- 2) 9
Explanation:
Magnetic Ink Character Recognition (MICR) is a unique code used to identify the particular branch of
a particular bank. It is used mainly by the banking industry to ease the processing and clearance of
cheques and other documents. It is a 9-digit code.
i. The first three digits represent the city code of the bank branch – generally the pin code initials, The
next three digits represent the bank code, and The last three digits represent the bank branch.
58. In March 2024, ICICI Lombard General Insurance Company Ltd acquired …………… stake in
Kotak Mahindra Bank for Rs. 245 crore.
1) 0.7%
2) 2.8%
3) 5%
4) 6.9%
5) 7%
Answer-1) 0.7%
Explanation:
ICICI Lombard General Insurance Company Ltd acquired a 0.7% stake in Kotak Mahindra Bank for
Rs.245 crore
i. The company also informed the exchanges that it has allotted equity shares under ICICI Lombard
Employees Stock Option Scheme-2005.
ii. The Company has allotted 26,270 Equity Shares of Rs. 10 each on March 1, 2024 to the eligible
option holder(s) who had exercised the stock options under ICICI Lombard Employees Stock Option
Scheme-2005."
59. Who has been recently (in March ‘24) appointed as the Managing Director and Chief
Executive Officer (CEO) of Poonawalla Fincorp?
1) Bontha Prasad Rao
2) Prabhakar Dalal
3) Arvind Kapil
4) Sunil Samdani
5) Amar Deshpande
Answer- 3) Arvind Kapil
Explanation:
Poonawalla Fincorp, a leading NBFC, has announced the appointment of Arvind Kapil as its new
Managing Director and Chief Executive Officer for a period of five years effective from June 24,
2024, following the early retirement of its current MD and CEO, Abhay Bhutada.
• The shares jumped nearly 4% after the announcement and settled 3.7% higher.
• Kapil serves as HDFC Bank’s Group Head and oversees the mortgage banking business with a
book size of Rs. 7.5 lakh crore.

60. Name the Small Finance Bank (SFB) that has recently (in March ‘24) partnered with the
Arya.ag to provide financial assistance to farmers, agro-processors, and micro-enterprises.
1) Capital SFB
2) Shivalik SFB
3) Utkarsh SFB
4) Ujjivan SFB
5) Suryoday SFB
Answer- 2) Shivalik SFB
Explanation:
Grain commerce platform Arya.ag has partnered with Shivalik Small Finance Bank to assist
farmers, agro-processors, and micro-enterprises financially.
i. Through this partnership, Arya.ag acts as a business correspondent for the bank to facilitate over Rs.
200 crore in warehouse receipt financing in the current financial year.
• This partnership offers assurance to financial institutions and creates a more inclusive
ecosystem for small agri-stakeholders.
• The initiative will help expand the bank’s reach, bringing essential funding to the agricultural
ecosystem across India.
61. Which company has recently (in March ‘23) launched MyMutualFundGPT to elevate the
overall investor experience across their digital platforms?
1) Axis Asset Management Company Limited
2) Motilal Oswal Asset Management Company Limited
3) Kotak Mahindra Asset Management Company Limited
4) Aditya Birla Sun Life Asset Management Company Limited
5) Nippon Life India Asset Management Company Limited
Answer- 4) Aditya Birla Sun Life Asset Management Company Limited
Explanation:
Aditya Birla Sun Life Asset Management Company Limited (ABSLAMC) launched
MyMutualFundGPT. This is an information tool designed to elevate the overall investor experience
across their digital platforms.
• The Gen AI-based tool will comprehend the context of queries and generate responses based
on the meaning.
62. In March 2024, Shriram Finance raised USD ____________ in a "first-of-its-kind deal" by an
Indian issuer.
1) 300 million
2) 100 million
3) 150 million
4) 200 million
5) 250 million
Explanation:
India Vehicle Finance, a Mauritius-incorporated special purpose vehicle set up by Shriram Finance,
has raised USD 300 million in a "first-of-its-kind deal" by an Indian issuer.

• The bonds, which come under the "social bonds" category and were issued to U.S. investors,
were priced at a coupon of 5.85%, inside the initial price guidance of around 6.15%.
63. When was the Reserve Bank of India (RBI) established?

1) 1930
2) 1935
3) 1942
4) 1949
5) 1950
Answer- 2) 1935
Explanation:
The Reserve Bank of India was established on April 1, 1935 in accordance with the provisions of the
Reserve Bank of India Act, 1934.
i. The Government of India will issue a commemorative coin of Rs. 90 on occasion to mark the 90
Years of Celebration of Reserve Bank of India. The Ministry of Finance issued a gazette notification on
March 19, 2024, confirming this coin.
ii. A momentous milestone approaches for the Reserve Bank of India as it marks its 90th year of
existence and operation on April 1, 2024.
64. Which bank has recently (in March ‘24) signed an MoU with SANY India to provide financial
solutions?
1) Federal Bank
2) Karnataka Bank
3) RBL Bank
4) Jammu and Kashmir Bank
5) IndusInd Bank
Answer- 4) Jammu and Kashmir Bank
Explanation:
SANY India has signed a Memorandum of Understanding (MoU) with Jammu and Kashmir Bank,
aiming to stimulate substantial growth and development opportunities within the region, while
facilitating easier access to SANY India’s advanced product line along with readily available financial
solutions.
65. Which bank has recently (in March ‘24) partnered with Tappy Technologies & Thales to
launch India's First Tokenization Solution for Wearable Payments?
1) HDFC Bank
2) IndusInd Bank
3) ICICI Bank
4) YES Bank
5) Axis Bank
Answer- 2) IndusInd Bank
Explanation:
Tappy Technologies, a trailblazer in digital payment innovations, has launched India's First
Tokenization Solution for Wearable Payments, developed in partnership with IndusInd Bank and
Thales.

• This collaborative effort has resulted in the creation of the Indus PayWear App, offering
customers of IndusInd Bank a seamless method to digitize their cards through the application.
66. What is the tagline of HDFC Bank?

Answer- 3) We Understand Your World
Explanation:
About HDFC Bank:
Chief Executive Officer (CEO)– Sashidhar Jagdishan
Tagline– We Understand Your World
67. Who is the current (as of March ‘24) Managing Director (MD) and Chief Executive Officer
(CEO) of DBS Bank India?
1) Prabhat Gupta
2) Anup Kuruvilla
3) Surojit Shome
4) Vikram Sud
5) Meera Nair
Answer- 3) Surojit Shome
Explanation:
About DBS Bank India Limited:
Managing Director (MD) and Chief Executive Officer (CEO)- Surojit Shome
Tagline – Live more, Bank Less
68. In March 2024, the Ministry of Finance set up a panel headed by ____________Additional
Secretary, Department of Financial Services to suggest amendments to the Securitization and
Reconstruction for Enforcement of Security Interest (SARFAESI) and DRT Acts.
1) Anil Yadav
2) M P Tangirala
3) Vivek Singh
4) Amit Meena
5) Sernya Bhutia
Answer- 2) M P Tangirala
Explanation:
To speed up the debt recovery process, the Finance Ministry has set up a panel to suggest
amendments to the Securitization and Reconstruction for Enforcement of Security Interest
(SARFAESI) and DRT Acts including a provision for granting legal sanctity to e-notices to debtors.

i. The committee headed by M P Tangirala, Additional Secretary, Department of Financial Services
held several meetings, and discussions are in the advanced stage in this regard.
ii. The Debt Recovery Tribunals (DRTs) Act was enacted in 1993 to provide a legal framework for the
expeditious adjudication and recovery of debts due to banks and financial institutions.
69. What is the Tagline of Indian Overseas Bank (IOB)?

2) The Banker to Every Indian
3) We Make You Feel Richer
4) Banking With Personal Touch
Answer- 1) Good People to Grow With
Explanation:
About Indian Overseas Bank (IOB):
Managing Director (MD) & Chief Executive Officer (CEO)- Ajay Kumar Srivastava
Headquarters– Chennai, Tamil Nadu
Established on– 10 February 1937
Tagline– Good People to Grow with
70. Name the subsidiary of the National Bank for Agriculture and Rural Development
(NABARD) that has recently (in March’ 24) provided USD 45 million funding for Water,
sanitation & Hygiene (WASH) activities?
1) NABSanrakshan Trustee Private Ltd
2) NABKisan Finance Ltd
3) NAB Samruddhi Finance Ltd
4) NABFINS Ltd
5) NAB Ventures Ltd
Answer- 3) NAB Samruddhi Finance Ltd
Explanation:
The National Bank for Agriculture and Rural Development (NABARD) announced its subsidiary, NAB
Samruddhi Finance Ltd (NSFL), has provided USD 45 million funding for ‘WASH’ (Water, Sanitation
& Hygiene) activities through 32 partner institutions.
• NFSL has been providing concessional wholesale WASH loans by availing of refinance from
Nabard, blended technical support from its partners Water.org, FINISH Mondial, to foster
sustainable livelihoods.
• NABARD, along with its subsidiary, launched the Climate Ready WASH funding awareness
campaign for women JLG borrowers of microfinance institutions.
71. What is the tagline of Federal Bank?

Answer- 5) Your Perfect Banking Partner

Explanation:
About Federal Bank Limited:
Managing Director(MD) & Chief Executive Officer(CEO) – Shyam Srinivasan
Headquarters – Aluva, Kerala
Tagline – Your Perfect Banking Partner
72. Balances in savings / current accounts which are not operated for _____________ (years) from
the date of maturity are unclaimed deposits.
1) 12 years
2) 3 years
3) 5 years
4) 10 years
5) 15 years
Answer- 4) 10 years
Explanation:
What are unclaimed deposits: Balances in savings / current accounts which are not operated for 10
years, or term deposits not claimed within 10 years from date of maturity are unclaimed deposits.
i. In March 2024, the Reserve Bank of India (RBI) announced that 30 banks are facilitating people to
search their unclaimed deposits/accounts through the Unclaimed Deposits-Gateway to Access
inforMation (UDGAM) portal, and the remaining banks are in the process of getting on-boarded.
• All unclaimed deposits/accounts that are part of the Depositor Education and Awareness
(DEA) Fund of RBI can be searched in the UDGAM portal.
• The unclaimed deposits totalled Rs 42,270 crore as of March 2023.
73. What is the tagline of HDFC Bank?

Answer- 3) We Understand Your World
Explanation:
We Understand Your World is the tagline of HDFC Bank.
i. In March 2024, HDFC Bank and TD Bank Group (TD) announced an expanded relationship
supporting Indian students planning to study in Canada.
ii. With this agreement, TD and HDFC Bank are announcing a new referral program. HDFC Bank will
refer students planning to study in Canada to TD's International Student GIC Program, which enables
students to conveniently comply with the Government of Canada’s Student Direct Stream (SDS) study
permit pathway.
74. Insurance Regulatory and Development Authority of India (IRDAI) has committed to enable
‘Insurance for All’ by ___________(year).
1) 2030
2) 2040

3) 2035
4) 2047
5) 2029
Answer- 4) 2047
Explanation:
Insurance Regulatory and Development Authority of India (IRDAI) has committed to enable
‘Insurance for All’ by 2047, where every citizen has an appropriate life, health and property
insurance cover and every enterprise is supported by appropriate insurance solutions and also to
make the Indian insurance sector globally attractive.
75. Global Financial Stability Report is published by ____________.

1) Asian Infrastructure Investment Bank
2) World Bank
3) New Development Bank
Answer- 5) International Monetary Fund
Explanation:
The Global Financial Stability Report, and World Economic Outlook are released by the
International Monetary Fund (IMF).
76. When was the Regional Rural Banks (RRB) act passed?
1) 1976
2) 2000
3) 1954
4) 1970
5) 1986
Answer -1) 1976
Explanation:
The Regional Rural Banks (RRB) Act was passed in 1976.
• An Act to provide for the incorporation, regulation and winding up of Regional Rural Banks
with a view to developing the rural economy by providing, for the purpose of development of
agriculture, trade, commerce, industry and other productive activities in the rural areas, credit
and other facilities.
• Regional Rural Banks (RRBs) were set up under the terms of the 26 September 1975 ordinance
and the RRB Act of 1976.
• There are currently 43 RRBs supported by 12 public sector banks with 21,856 branches across
26 states and 3 Union Territories — Puducherry, Jammu & Kashmir and Ladakh.
77. Who is the current (in March ‘24) Chairperson of the Pension Fund Regulatory and
Development Authority (PFRDA)?
1) Ananta Gopal Da
2) Rakesh Chandra
3) Suni Shetty
4) Deepak Mohanty

5) Surendranath Banerjee
Answer- 4) Deepak Mohanty
Explanation:
Chairperson- Deepak Mohanty
Headquarter- New Delhi, Delhi
Establishment- 2003
78. Which of the following was the first Credit Rating Agency(CRA) of India?
1) CRISIL
2) CARE
3) ICRA
4) Brickwork rating
5) India rating and research
Answer-1) CRISIL
Explanation:
CRISIL Ltd. formerly (Credit Rating Information Services of India) was the first rating agency in India.
It was set-up in 1987 jointly by the erstwhile ICICI Ltd. and UTI.
• Currently CRISIL Ltd is a Subsidiary of global Credit Rating Agency S&P after it acquired a
majority stake .
• Currently there are seven registered Credit Rating Agencies(CRA) in India viz. CRISIL, CARE,
ICRA, SMREA, Brickwork rating, India rating and research Pvt. Ltd.
79. Who is the current (as of March ‘24) Chairman & Managing Director (CMD) of the Small
Industries Development Bank of India (SIDBI)?
1) Sivasubramanian Ramann
2) Devendra Kumar Singh
3) Ashish Gupta
4) Pankaj Jain
5) Sudatta Mandal
Answer- 1) Sivasubramanian Ramann
Explanation:
Sivasubramanian Ramann is present Chairman & Managing Director (CMD) of Small Industries
Development Bank of India (SIDBI).
i. A recent report by the SIDBI, under the guidance of NITI Aayog and with the Rocky Mountain
Institute (RMI) as a knowledge partner, outlines six de-risking measures to reduce investors’ risks in
the EV ecosystem.
• It was launched at the Transforming Transportation 2024 International Conference in
Washington, D.C.
• The De-Risking Lending for a Brisk EV Uptake report suggests private sector initiatives can
mitigate expected losses for financiers, paving the way for favourable EV lending terms.
80. What is the tagline of IDFC First Bank?

2) Always you First

Answer- 2) Always you First
Explanation:
About IDFC First Bank
Managing Director & Chief Executive Officer (MD & CEO)- V. Vaidyanathan
Tagline – Always you First
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March Banking (Eng) by AffairsCloud

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Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2024 @ AffairsCloud.

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RBI Updates Framework for Fintech Sandbox to Streamline the Process

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RBI Approves NBBL to Launch Interoperable Payment System

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Infibeam Avenues received Online Payment Aggregator licence from RBI

Reserve Bank of India Suspended the Function of JMFPL

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RBI amends Card Rules; Customers can Choose Card Network

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RBI Reconstitutes Committee of Advisors of the Abhyudaya Cooperative Bank

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Nidhu Saxena named as MD & CEO of Bank of Maharashtra

Matam Venkata Rao Elected as Chairman of IBA for 2023-24

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KMBL appointed Jaideep Hansraj as Group President of One Kotak

Ajay Kanwal Re-appointed as MD & CEO of Jana Small Finance Bank

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PFRDA notifies Amendments to Retirement Adviser Regulations

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Kotak Mahindra Bank launched the ‘Smart Choice Gold Loan’

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Rank Economy WBL 1.0 legal frameworks score

United Kingdom 97.5

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Côte d’Ivoire 95.0

7 Sierra Leone 92.5

Costa Rica 91.9

Hong Kong SAR, China 91.9

United States 91.3

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113 India 74.4

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REC Limited Partnered with UNISED to Support Childrens Education in Siddharthnagar, UP

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Moody’s revised India’s GDP growth to 6.8% for 2024

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FDI Inflows Decline 13% to USD 32bn in April-December 2023

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SEBI notifies Regulations for Small and Medium REITs

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Interest rates on Small Savings Schemes remain unchanged for Q1FY25

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Instruments Rate of interest from April 1, 2024 to June 30, 2024

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