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Banking,Finance & Economy PDF 2021 - December
Table of Contents
Banking, Finance & Economy News: December 2021 .................................................................................................. 4
Banking, Finance & Economy Q&A: December 2021 ................................................................................................. 81

Banking, Finance & Economy News: December 2021

RBI IN NEWS
Highlights of the Fifth Bi-Monthly Monetary Policy of FY21-22
The Reserve Bank of India’s (RBI) 6-members Monetary Policy Committee (MPC) had met on 6th, 7th and
8th December 2021 and released its fifth bi-monthly monetary policy statement for FY22 (April 2021 – March
2022).
Policy Rates:
RBI kept the rates under the liquidity adjustment facility (LAF) unchanged (maintains status quo) for the 9th
consecutive time i.e it decided to continue with the accommodative stance to mitigate the impact of COVID-19
on the economy and to revive and sustain growth on a durable basis.
The unchanged Policy rates are as follows:
Category Rates
Policy Rates
Policy Repo Rate 4.00%
Reverse Repo Rate 3.35%
Marginal Standing Facility (MSF) Rate 4.25%
Bank Rate 4.25%
Reserve Ratios
Cash Reserve Ratio (CRR) 4.00%
Statutory Liquidity Ratio (SLR) 18.00%
About Monetary Policy Stances:
Monetary Policy Stances of RBI are classified into Dovish, Hawkish, Accommodative, and Neutral.
i.Hawkish stance: This monetary policy stance supports high interest rates to keep inflation in check. Because
of the high interest rates, borrowing i.e. taking loans from banks and other sources will be reduced.
ii.Dovish: It is a stance opposite to the Hawkish stance and this monetary policy stance involves low-interest
rates. Low-Interest Rates would induce the consumers to take loans from Banks.
iii.Accommodative: This stance will be used to allow the money supply to rise in line with national income and
the demand for money.
• RBI will use the accommodative stance to expand the overall money supply to boost the economy when the
economic growth is slowing down.
iv.Neutral: In this stance, the Key Policy Rates are neither increased or decreased.
a.MPC’s Assessments on growth and inflation:
-Growth
The MPC has retained India’s real gross domestic product (GDP) growth projection for FY22 at 9.5 percent with
6.6 percent in Q3; and 6.0 percent in Q4. Real GDP growth for Q1 FY23 is projected at 17.2 percent and for Q2 at
7.8 percent.
• As per RBI data, India’s GDP has expanded by 13.7 percent in the first half of 2021-22.
• NSO Data: As per the data released by the National Statistical Office (NSO) on November 30, 2021, real GDP
expanded by 8.4 percent year-on-year (y-o-y) in Q2 FY22, following a growth of 20.1 percent during Q1
FY22.
-Inflation
i.Consumer Price Index (CPI)/Retail inflation was projected at 5.3 percent in FY22, with 5.1 percent in Q3 and 5.7
percent in Q4.
ii.CPI inflation for Q1 and Q2 FY23 was projected at 5.0 percent.

iiI.The government retained the inflation target at 4 percent with the lower and upper tolerance levels of 2
percent and 6 percent, i.e. within a band of +/- 2 percent.
Member of MPC:
The MPC meeting was headed by RBI Governor Shaktikanta Das the other 5 members of the committee include,
• Shashanka Bhide, Ashima Goyal, Prof. Jayanth R. Varma, Mridul K. Saggar, and Michael Debabrata Patra
b.MPC’s Measures on Payment and Settlement Systems:
-RBI plans to launch UPI-based payment products for feature phone users
RBI has decided to launch a UPI (Unified Payments Interface)-based payment product for feature phone users
to increase digital penetration of financial services and support them to transact digitally without access to
smartphones or reliable internet services.
• Feature phones – These are the basic phones, which typically provide voice calling and text messaging
functionalities. Some of these devices also have basic multimedia and internet options.
• Currently, UPI requires a smartphone with a working internet connection to send money.
Key Points:
i.As per the Telecom Subscription Data of Telecom Regulatory Authority of India (TRAI), October 2021, India has
a large mobile phone consumer base of about 118 crore mobile users, in which around 74 crore (Statista, July
2021) have smartphones thus indicating that there is a significant number of feature phone users.
ii.Feature phone users have limited access to innovative payment products. Even though the feature phones have
NUUP (National Unified USSD Platform) as an option for availing basic payment services using the short code of
*99#, it has not picked up.
iii.RBI has planned to enable UPI on feature phones as well as smartphones when internet services aren’t
available (for quite some time).
iv.Under RBI Regulatory Sandbox, some innovators had successfully demonstrated their solutions to facilitate
UPI-based digital payment solutions on feature phones, under the theme of ‘Retail Payments’.
What is a Regulatory sandbox?
i.It usually refers to live testing of new products or services in a controlled regulatory environment for which
regulators may (or may not) permit certain relaxations for the limited purpose of the testing.
ii.The objective of the regulatory sandbox is to foster responsible innovation in financial services, promote
efficiency and bring benefit to consumers.
-RBI to Issue Discussion Paper on charges in payment systems
RBI has proposed to issue a discussion paper which will cover all aspects related to charges involved in various
channels of digital payments such as credit cards, debit cards, prepaid payment instruments (cards and wallets),
UPI, etc.
i.Objective: To have a holistic view of the issues involved and possible approaches to reduce the concerns to
make digital transactions more affordable.
ii.The paper will seek feedback on issues related to convenience fees, surcharging, and the measures required to
make digital transactions affordable to users and economically remunerative to the providers.
iii.Current Issue: Entities involved in providing digital payment services incur costs, which are generally
recovered from the merchant or the customer or is borne by one or more of the participants.
iv.While there are both advantages and disadvantages of customers bearing these charges, they should be
reasonable and should not become a deterrent in the adoption of digital payments.
– RBI to simplify Process Flow for Small Value Transactions over UPI
At times, the low-value transactions over UPI cause customer inconvenience due to transaction failures because
of issues related to connectivity.
i.Thus to overcome the issue RBI proposed to offer a simpler process flow by enabling small value transactions
through an ‘On-device’ wallet in UPI app which will conserve banks’ system resources, without any change in
the transaction experience for the user.
ii.As per the RBI report of October 2021, UPI is the single largest retail payment system in India in terms of
volume of transactions with 14 crore transactions per day.
Note – Based on Transaction data analysis, around 50 percent of transactions through UPI were below Rs 200. It
shows the success of UPI, as one of the initial objectives of UPI was to replace cash for low-value transactions.

-RBI to Increase in UPI Transaction Limit
Over time, UPI has also become a popular payment option for Initial Public Offerings (IPOs) since its availability
from January 01, 2019. It is reported that IPO applications of Rs 2 to Rs 5 lakh constitute ~10 percent of
subscription applications.
• The transaction limit in the UPI system was enhanced from Rs 1 lakh to Rs 2 lakh in March 2020.
• To further encourage the use of UPI by retail investors, it is proposed to enhance the transaction limit for
payments through UPI for Retail Direct Scheme and IPO applications from Rs 2 lakh to Rs 5 lakh.
b.Other Measures undertaken by RBI:
-RBI to allow banks to infuse capital in overseas branches without its prior permission
Currently, the banks incorporated in India need to seek prior approval of RBI for infusing capital in their overseas
branches and subsidiaries as well as for retention and repatriation/transfer of profits from those centres.
• To provide operational flexibility to banks, RBI has proposed to allow banks to infuse capital in their
overseas branches as well as to repatriate profits without seeking prior approval from RBI.
• The banks could infuse capital only after fulfilling the regulatory capital requirements and with the approval
of their Boards.
-Review of Prudential Norms for Investment Portfolio of Banks
For the first time in 21 years, the RBI plans to revise norms for investment portfolios of commercial banks to
reflect changes in global standards on valuation and measurement, and progress in the domestic market. This
could pave the way for banks to transition to the new accounting standards (Ind-AS).
i.Extant regulatory instructions on the classification and valuation of investment portfolios by scheduled
commercial banks are based on a framework introduced in October 2000.
ii.As of November 19, 2021, the outstanding investment portfolio of commercial banks was at Rs 45.84 trillion.
The investments are mainly in government bonds.
Note – RBI will place a Discussion Paper covering all relevant aspects.
iii.Investment Portfolio: Banks classify their entire investment portfolio under three heads such as ‘held to
maturity’ (HTM), ‘available for sale’ (AFS) and ‘held for trading’ (HFT).
• Investments under the HTM category are capped at 25 percent of the bank’s total investments.
• Shifting Categories: Banks have the freedom to shift investments to/from HTM once a year.
-RBI to raise all-in-cost ceiling over ARRs for overseas borrowings
To facilitate smooth transitioning from LIBOR (London Inter-Bank Offered Rate) linked overseas borrowings to
market related benchmarks, the RBI has allowed widely accepted interbank rate or alternative reference rate
(ARR) for External Commercial Borrowings (ECB)/Trade Credit (TC).
• RBI plans to increase the all-in-cost ceiling for new Foreign Currency (FCY) ECB/TC from 450 basis points
(bps) to 500 bps and from 250 bps to 300 bps, respectively, over the alternative reference rates (ARRs).
• Benchmark rate: Currently, the benchmark rate for FCY ECB/TC is specified as a 6-months LIBOR rate or
any other 6-month interbank interest rate applicable to the currency of borrowing.
Note – In July 2021, RBI issued an advisory to banks and other RBI-regulated entities for the transition from the
international benchmark reference rate, LIBOR, to any other widely accepted ARR. Click here to know more
External Commercial Borrowings (ECB):
• It is a loan (bank loans, buyers’ credit, suppliers’ credit, securitised instruments) availed by an Indian entity
from a non-resident lender with a minimum average maturity of 3 years.
• The borrowing limit is about $750 million per financial year.
• The DEA (Department of Economic Affairs), Ministry of Finance, Government of India along with Reserve
Bank of India, monitors and regulates ECB guidelines and policies.
Trade Credit (TC): TC refers to the credits extended by the overseas supplier, bank, financial institution and
other permitted recognised lenders for the maturity of less than 3 years.

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-RBI to Rebalance Liquidity Surplus
RBI has been rebalancing the liquidity surplus by shifting it out of the fixed-rate overnight reverse repo window
into the variable rate reverse repo (VRRR) auctions of longer maturity.
• RBI has proposed to increase the 14-day variable rate reverse repo (VRRR) auction amounts on a fortnightly
basis in the manner of Rs 6.5 lakh crore on December 17, 2021, and further to Rs 7.5 lakh crore on
December 31, 2021.
• The central bank has also been conducting 28-day VRRR auctions.
• From January 2022, Liquidity absorption will be undertaken mainly through VRRR Auctions.
-Banks are provided with the option to prepay TLTRO funds
To rebalance the liquidity surplus, RBI has now decided to provide one more option to banks to prepay the
outstanding amount of funds availed under the Targeted Long-Term Repo Operations (TLTRO 1.0 and 2.0) that
were announced on March 27 and April 17, 2020.
• Banks have already prepaid Rs 37,348 crore in November 2020, which constituted about one-third of Rs
1,12,900 crore availed under the scheme.
RBI supersedes Board of Reliance Capital; appoints Nageswar Rao Y as New Administrator
On November 29, 2021, the Reserve Bank of India (RBI) superseded the Board of Directors of Reliance Capital
Ltd (RCL), a Non-Banking Financial Company (NBFC), by exercising its power conferred under Section 45-IE
(1) of the RBI Act, 1934. RCL is promoted by Anil Dhirubhai Ambani’s Reliance Group.
• The reason behind this is the defaults made by RCL for various debt obligations payments and serious
governance concerns.
• In this regard, the apex bank has appointed Nageswar Rao Y (Ex-Executive Director, Bank of Maharashtra) as
the Administrator of the company under Section 45-IE (2) of the RBI Act.
Key Points:
i.Soon, RBI will initiate bankruptcy proceedings against RCL under the Insolvency and Bankruptcy (Insolvency
and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules,
2019.
ii.Reserve Bank will also apply to the National Company Law Tribunal (NCLT), Mumbai (Maharashtra) for
appointing the Administrator as the Insolvency Resolution Professional.
iii.As on October 31, 2021 RCL owes Rs 21,781.01 crore, including interest, to lenders.
• It also defaulted on repayment of inter-corporate deposits taken from various parties amounting Rs 562
crore and interest Rs 120 crore for which maximum days of default ranges from 510 days to 567 days.
iv.RCL will become the third large NBFC to go under the insolvency procedure after Dewan Housing
Finance (DHFL), and Srei Group companies viz. Kolkata (West Bengal) based Srei Infrastructure Finance and
Srei Equipment Finance.
RBI appointed 3-member Advisory Committee to assist RCL Administrator Nageswar Rao Y
On November 29, 2021, the Reserve Bank of India (RBI) superseded the Board of Directors of Reliance Capital
Ltd (RCL), a Non-Banking Financial Company (NBFC) by appointing Nageswar Rao Y (Ex-Executive Director, Bank
of Maharashtra) as the administrator of the company.
Now, to assist the administrator, RBI appointed a three-member advisory committee by exercising its powers
conferred under section 45-IE (5) (a) of the RBI Act 1934. The committee will assist the administrator in
discharge of his duties. The members of the advisory committee are as follows:
i.Sanjeev Nautiyal, ex-DMD, State Bank of India
ii.Srinivasan Varadarajan, ex-DMD (deputy managing director), Axis Bank
iii.Praveen P Kadle, ex-MD & CEO, Tata Capital Limited
The formulation of the committee is also on the lines of Insolvency and Bankruptcy (Insolvency and
Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules,
2019 which states the appointment of Advisory committee by the concerned financial sector regulator to advise
the administrator during the corporate insolvency resolution process.

About Reserve Bank of India (RBI):
Establishment– April 1, 1935
Headquarters– Mumbai, Maharashtra
Governor– Shaktikanta Das
Deputy Governors– Mahesh Kumar Jain, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar
States Debt-to-GDP ratio to remain at 31% by March 2022; worryingly higher than FY23 target:
RBI report
On November 30, 2021, the Reserve Bank of India (RBI) released its annual report namely ‘State Finances: A
Study of Budgets of 2021-22’ on the theme ‘Coping with the Pandemic: A Third-Tier Dimension’. `
• The report states that combined debt-to-GDP (Gross Domestic Product) ratio of states is expected to remain
at 31% by end-March 2022, which is worryingly higher than the target of 20% to be achieved by 2022-23
(FY23).
• The report has been prepared in the Division of State Finances (DSF) of the Department of Economic and
Policy Research (DEPR). The Report was prepared under the overall guidance of Deba Prasad Rath, Officer-
in-Charge (DEPR).
What is in the report?
It analyzed the combined budget estimates (BE) of all States/Union Territories for 2021-22 vis-à-vis actual and
revised (or provisional accounts) outcomes for 2019-20 and 2020-21, respectively, against the backdrop of the
COVID-19 pandemic.
Key Points:
i.Amid COVID-19 induced slowdown, the 15th Finance Commission (FC-XV) expects the debt-GDP ratio to peak
at 33.3% in 2022-23 (in view of the higher deficits in 2020-21, 2021-22 and 2022-23), and gradually decline
thereafter to reach 32.5% by 2025-26.
ii.For 2021-22, states have budgeted their consolidated gross fiscal deficit (GFD) to GDP ratio at 3.7%, marking
improvement from 4.7% in the revised estimates for 2020-21.
iii.In the medium term, improvements can be seen in the fiscal position of state governments by reforming the
power sector as recommended by FC-XV.
• This can be done through power subsidy to farmers; preventing leakages; and improving the health of the
power distribution companies (DISCOMs) by alleviating their liquidity stress in a sustainable manner.
• Timely payments of state dues to DISCOMS and, in turn, by them to Generation Companies (GENCOS) is the
key to the sector’s financial health
iv.Undertaking power sector reforms will not only facilitate additional borrowings of 0.25% of GSDP (Gross State
Domestic Product ) by the states but also reduce their contingent liabilities.
Click here for Official report
Gujarat with 15.9% Manufacturing Growth became India’s Largest Manufacturing Hub: RBI Data
In accordance with the data by Reserve Bank of India (RBI), Gujarat has surpassed Maharashtra to become India’s
leading manufacturing hub. It’s Gross Value Addition (GVA) in manufacturing grew 15.9% annually between
FY12 to FY20 to Rs 5.11 lakh crore.
• GVA indicates economic growth in supply of goods and services. It is GDP minus net product taxes.
• In terms of manufacturing, Maharashtra is followed by Tamil Nadu with a GVA of Rs 3.43 lakh crore at
3 spot, Karnataka (4 ) at Rs 2.1 lakh crore, and Uttar Pradesh-UP (5 ) at Rs 1.87 lakh crore.
rd th th
• India’s cumulative manufacturing GVA grew to Rs 16.9 lakh crore in FY20 stating an annual growth rate of
9.7% since FY12.
• The worst performers among states in manufacturing are Rajasthan with average annual growth rate of
3.8%, Telangana (5.5%) and Andhra Pradesh (6.9%).

How Gujarat became India’s leading manufacturing hub?
The key reason behind this is the higher investments, and reforms during the measured time period viz.
opening of a single window for business clearances, simplified labour norms, and incentive-linked schemes,
among others.
• Gujarat’s capital investment in gross fixed capital formation (GFCF) between FY12 and FY19 was Rs 5.85
lakh crore, while it was Rs 4.07 crore for Maharashtra.
Points to be noted:
i.Maharashtra’s annual growth rate was at 7.5% annually between FY12 to FY20 and its GVA for manufacturing
was Rs 4.34 lakh crore in FY20.
ii.Though Maharashtra missed the top spot in manufacturing but it is still the leading provider of services in
India, with its services GVA growing by 12.6% annually at Rs 15.1 lakh crore in FY20.
• Karnataka posted the fastest growth in services GVA at 15.1% per annum during the same period, thus
achieved the second highest services GVA at Rs 9.72 lakh crore in FY20.
iii.Telangana was the second fastest growing service economy in the country, with annual services GVA growth of
14.8 per cent leading the state to leapfrog Gujarat.Tamil Nadu, UP and West Bengal were third, fourth and fifth
largest service economies in FY20.
Static points about Reserve Bank of India (RBI):
-It was established on the recommendation of the Hilton Young Commission.
-RBI is responsible only for printing the currency notes. Minting of coins is done by the Government of India.
-Dr. Manmohan Singh is the only Prime Minister to have also served as the Governor of RBI.
RBI Imposes Restrictions on Nagar Urban Co-operative Bank

On 6th December 2021, The Reserve Bank of India (RBI) imposed several restrictions on Nagar Urban Co-
operative Bank Ltd, Ahmednagar, Maharashtra, including restriction on withdrawals upto Rs. 10,000 for
customers.
• RBI has issued the directions in the exercise of powers vested in it under subsection (1) of Section 35 A of
the Banking Regulation Act, 1949 read with Section 56 of the Banking Regulation Act, 1949 for six
months.
• RBI also pointed out that the restrictions are not subject to cancellation of the banking licence by RBI.
Key Highlights:
i.The bank shall not, without prior approval of RBI, grant or renew any loans and advances, make any investment,
incur any liability, disburse any payment, transfer or otherwise dispose of any of its properties or assets.
ii.The withdrawal amount should not exceed Rs.10,000 of the total balance across all savings bank or current
accounts or any other account of a depositor.
iii.The bank will continue to undertake banking business with restrictions till its financial position improves.
Note – RBI has imposed a penalty of 2 lakh on Pune People’s Co-operative Bank Limited, Pune for non-
compliance with ‘know your customer’ norms.
About Nagar Urban Co-operative Bank
Acting CEO – S. V. Rokde
Headquarters – Ahmednagar, Maharashtra
Slogan – ‘One Family….. One Bank’
RBI granted Scheduled Payment Bank Status to Paytm Payments Bank Limited
On December 9, 2021, the Reserve Bank of India (RBI) granted a scheduled payment bank status to the Paytm
Payments Bank Limited (PPBL) by including it into the Second Schedule to the RBI Act, 1934.
• With this approval, PPBL becomes the 3rd Scheduled Payments Banks
• This status will help PPBL to explore new business opportunities, including participation in government and
other large corporations issued request for proposals (RFP), primary auctions, fixed-rate and variable rate
repos, and reverse repos.
• This will also enable the PPBL to offer more financial services and products.

Key Points:
i.It can participate in Marginal Standing Facility (MSF) and will be eligible to partner in government-run financial
inclusion schemes.
ii.The bank supports 33.3 crore Paytm Wallets and enables consumers to make payments at over 87,000 online
merchants and 2.11 crore in-store merchants.
iii.PPBL is the largest beneficiary bank and one of the top remitter banks for UPI (Unified Payment Interface)
transactions in the country.
iv.In the FY21, PPBL also became the largest issuer and acquirer of FASTags in India.
Points to be noted:
i.Apart the PPBL, other payment banks that are in the List of Second Schedule of the RBI Act are India Post
Payments Bank Limited (IPPBL), and Fino Payments Bank Limited (FPBL).
ii.Currently, the list of Scheduled Commercial Banks (SCBs) include 12 Public Sector Banks (PSBs), 22 Private
Sector Banks, 11 Small Finance Banks (SFBs), 3 Payments Banks, 43 Regional Rural Banks (RRBs), and 46 Foreign
Banks in India. Click here for Official List
About Paytm Payments Bank:
Parent Company– One97 Communications
MD and CEO- Satish Kumar Gupta
Headquarter– Noida, Uttar Pradesh
RBI Mandated 20-digit LEI for Cross-Border Transactions above Rs 50 crore

In December 2021, the Reserve Bank of India (RBI) has mandated the companies to quote the 20-digit Legal
Entity Identifier (LEI) for cross-border transactions for capital or current account transactions of Rs 50 crore
and above, from October 1 2022.
What is LEI and who maintains it?
i.LEI is a number used to uniquely identify parties to financial transactions worldwide to improve the quality and
accuracy of financial data systems.
ii.The LEI numbers are maintained in a global LEI database available on the website of the Global Legal Entity
Identifier Foundation (GLEIF).
iii.RBI has introduced the LEI in a phased manner for over the counter (OTC) derivative, non-derivative markets,
large corporate borrowers and large value transactions in centralised payment systems.
Key Regulations of RBI:
i.AD (Authorised Dealers) Category-I banks were directed by RBI to obtain LEI numbers from local companies
(resident entities) undertaking capital or current account transactions of Rs 50 crore and above, for each
transaction.
• Those banks shall have the required systems in place to capture the LEI information and ensure that any LEI
captured is validated against the global LEI database available on the website of the GLEIF.
ii.Once an entity has obtained an LEI number, it is mandatory for the firms to furnish the LEI number in all
transactions of the entity irrespective of transaction size.
iii.Entities were also allowed to obtain LEI from any of the Local Operating Units (LOUs) accredited by the GLEIF,
the body tasked to support the implementation and use of LEI.
• In India, LEI can be obtained from Legal Entity Identifier India Ltd. (LEIL). LEIL is also recognised as an
issuer of LEI by the RBI under the Payment and Settlement Systems Act, 2007.
Note – The directions were issued by RBI under sections 10(4) and 11(1) of the Foreign Exchange Management
Act (FEMA), 1999 (42 of 1999).
RBI Introduces PCA Framework for NBFCs

On December 14, 2021, the Reserve Bank o/f India (RBI) issued the Prompt Corrective Action (PCA)
Framework for Non-Banking Financial Companies (NBFCs) to further strengthen the supervisory tools
applicable to NBFCs.

• The provisions of the PCA framework will be effective from October 2022 based on the financial position of
NBFCs on or after March 31, 2022.
• Note – Until now, the RBI had imposed PCA only on banks.
Applicability:
The PCA framework will be applicable to
i.All Deposit-Taking NBFCs (NBFCs-D) (Excluding Government Companies)
ii.All Non-Deposit Taking NBFCs (NBFCs-ND) in Middle, Upper and Top Layers (Click here to know about the
layer of NBFCs)
• (Including Investment and Credit Companies, Core Investment Companies (CICs), Infrastructure Debt Funds,
Infrastructure Finance Companies, Micro Finance Institutions and Factors); but
• (Excluding – (i) NBFCs not accepting/not intending to accept public funds; (ii) NBFCc-ND with an asset size
of less than Rs 1,000 crore; (iii) Government Companies, (iv) Primary Dealers and (v) Housing Finance
Companies)
PCA Framework for SCBs: In November 2021, RBI has reviewed and revised the existing PCA framework for all
Scheduled Commercial Banks (SCBs) excluding Small Finance Banks, Payment Banks and Regional Rural
Banks. Click here to know more
Key Areas and Tracking Indicators under PCA:
i.For NBFCs-D and NBFCs-ND:
• Key areas: Capital and Asset Quality would be the key areas for monitoring in PCA Framework.
• Indicators to be Tracked: Capital to Risk-Weighted Assets Ratio (CRAR), Tier I Capital Ratio and Net NPA
(Non-Performing Asset) Ratio (NNPA) would be the indicators to be tracked.
ii.For CICs:
• Indicators to be Tracked: Adjusted Net Worth (ANW)/Aggregate Risk-Weighted Assets (RWA), Leverage
Ratio and NNPA.
• Key Areas: Capital, Leverage and Asset Quality would be the key areas for monitoring in PCA Framework.
What is PCA?
i.PCA is a framework under which banks with weak financial metrics are put under watch by the RBI. Under the
Framework, the supervised Entity will be required to initiate and implement remedial measures in a timely
manner to restore its financial health.
ii.The RBI introduced the PCA framework in December 2002 as a structured early-intervention mechanism to
supervise and regulate the banks that become undercapitalised due to poor asset quality, or vulnerable due to
loss of profitability.
PCA Framework for NBFCs-D and NBFCs-ND (excluding CICs):
Indicator Risk Threshold 1 Risk Threshold 2 Risk Threshold 3
Upto 300 bps (basis
points) below the More than 300 bps but upto More than 600 bps below
regulatory minimum 600 bps below regulatory regulatory minimum
CRAR minimum CRAR CRAR
(currently, CRAR <15% (currently, CRAR <12% but (currently,

CRAR but ≥12%) ≥9%) CRAR <9%)
Upto 200 bps below the More than 200 bps but upto More than 400 bps below
regulatory minimum 400 bps below the regulatory the regulatory minimum
Tier I Capital Ratio minimum Tier I Capital Ratio Tier I Capital Ratio
(currently, Tier I Capital (currently, Tier I Capital Ratio (currently, Tier I Capital
Tier I Capital Ratio Ratio <10% but ≥8%) <8% but ≥6%) Ratio <6%)
NNPA Ratio (including
Non-Performing >6% but ≤ 9% >9% but ≤12% >12%

Investments (NPIs))
PCA Framework For CICs:
Indicator Risk Threshold 1 Risk Threshold 2 Risk Threshold 3
Upto 600 bps below the
regulatory minimum More than 600 bps but upto
ANW/RWA 1200bps below regulatory
minimum ANW/RWA More than 1200 bps below
ANW/ (currently, ANW/RWA (currently, ANW/RWA <24% regulatory minimum ANW/RWA
Aggregate RWA <30% but ≥24%) but ≥18%) (currently, ANW/RWA <18%)
Leverage Ratio ≥2.5 times but <3 times ≥ 3 times but <3.5 times ≥3.5 times
NNPA Ratio
(including
NPIs) >6% but ≤ 9% >9% but ≤12% >12%
Note – Breach of any risk threshold will result in invocation of PCA.
What happens if the PCA framework is imposed?
Mandatory actions:
Specifications Mandatory actions
Restriction on dividend distribution/remittance of profits.
Promoters/shareholders to infuse equity and reduction in leverage;
Restriction on issue of guarantees or taking on other contingent liabilities on behalf of group
Risk Threshold 1 companies (only for CICs)
Risk Threshold
2 Mandatory actions of Threshold 1 and Restriction on branch expansion
Mandatory actions of Threshold 1 & 2
Restrictions on capital expenditure, other than for technological upgradation within Board
approved limits
Risk Threshold 3 Restrictions/reduction in variable operating costs
About PCA Framework:
Features of PCA Framework for NBFCs:
i.Generally an NBFC will be placed under PCA framework based on the audited Annual Financial Results and/or
the Supervisory Assessment made by the RBI.
ii.However, the RBI may impose PCA on any NBFC during the course of a year (including migration from one
threshold to another) in case the circumstances so warrant.
iii.RBI may issue a press release when an NBFC is placed under PCA as well as when PCA is withdrawn.
Note – PCA framework for NBFCs will be reviewed by RBI after 3 years.
RBI Allows Payments Banks, SFBs as Agency Bank to conduct Govt Business
On December 15, 2021, in consultation with the Department of Financial Services (DFS), the Ministry of Finance,
Reserve Bank of India (RBI) has decided to make the Scheduled payments banks and scheduled small finance
banks (SFBs) eligible to conduct Government (govt) agency business.
Key Points:
i.Background: On May 10, 2021, RBI, revised the existing guidelines on ‘Appointment of Scheduled Private Sector
Banks as Agency Banks of RBI’ for authorising Scheduled Private Sector Banks as agency banks of RBI for
conducting govt business (Central and/or State).
• Note – In February 2021, the Finance Ministry had removed the embargo (an official ban) imposed in
September 2012 on the allocation of govt business to private sector banks.

ii.All the instructions/conditions prescribed on May 10, 2021, will henceforth be applicable to the scheduled
payments banks and scheduled SFBs.
iii.Thus any payment bank or small finance bank which intends to undertake govt agency business could be
appointed as an agent of RBI only upon execution of an agreement with RBI and also in compliance with the
regulatory framework prescribed for those banks.
iv.If the Scheduled private sector banks (which is not having agency agreement with RBI) wish to undertake govt
business, it will be approved by RBI only if it is not under the Prompt Corrective Action (PCA) framework or
moratorium of the RBI.
v.Concerned Central govt Departments /State govt has the sole option to accredit an agency bank and discontinue
the bank from agency business.
i.The Reserve Bank of India was established on April 1, 1935, in accordance with the provisions of the Reserve
Bank of India Act, 1934.
ii.The Central Office of the Reserve Bank was initially established in Calcutta but was permanently moved to
Mumbai in 1937.
iii.Though originally privately owned, since nationalization in 1949, the Reserve Bank is fully owned by the
Government of India.
RBI Authorised RBL Bank to Collect Indirect Taxes

Based on the recommendation from the Controller General of Accounts, the Ministry of Finance, the Reserve Bank
of India (RBI) has granted permission to RBL Bank to collect indirect taxes on behalf of the Central Board of
Indirect Taxes and Customs (CBIC).
• RBL Bank has already got permission from RBI in November 2021 to collect direct taxes. Thus the current
announcement enables the bank to collect both direct and indirect taxes.
• After technical integration, the banks’ corporate and individual customers could pay their indirect taxes
through the bank’s mobile banking, net banking platforms and branch banking network.
RBI empaneled CSB Bank as Agency Bank to Undertake Government Businesses

On 21 December 2021, the Reserve Bank of India (RBI) announced empanelment of CSB Bank, a private sector
lender as an ‘Agency Bank’ to undertake general banking business of central and state governments.
Highlights:
i.Through this appointment, the CSB Bank will undertake general banking business of the central and state
governments under the guidelines set by the RBI.
ii.As an Agency bank, CSB Bank will work with different state governments and central government departments
for businesses such as tax collections, pension payment, collection of stamp duty, etc.
iii.The bank will also handle a broad range of transactions in government business, such as tax deducted at source
(TDS), goods and services tax (GST), stamp duty, registration, property tax, value-added tax (VAT).
What is an Agency bank?
An agent bank is a bank that performs services in some capacity on behalf of the government. An agent bank, also
known as agency bank, can offer a wide variety of services for businesses looking to expand internationally.
Governor- Shaktikanta Das (25th Governor)
Headquarters- Mumbai, Maharashtra
About CSB bank:
MD & CEO– C. VR. Rajendran
Headquarters- Thrissur, Kerala
RBI Extends CoF Tokenisation Deadline till June 2022

On December 23, 2021, the Reserve Bank of India (RBI) extended the card-on-file (CoF) tokenisation deadline
by 6 months i.e. to June 30, 2022. Earlier the deadline was fixed till December 31, 2021.

Background:
i.In March 2020, RBI had issued guidelines for the regulation of payment aggregators and payment
gateways, prohibiting payment aggregators and merchants to store customer card credentials within their
database or server from 30 June 2021. Click here to know more
• At the request of merchants and payment aggregators, card companies, and banks, the timeline was
extended until December 31, 2021.
ii.In September 2021, RBI extended the scope of tokenization from device-based tokenization to CoF tokenization
services and barred merchants from storing actual card data while online transactions. RBI has fixed the deadline
for card tokenization to January 1, 2022.
Additional Direction:
i.In addition to tokenisation, RBI has directed the industry stakeholders to devise alternate mechanisms to handle
any use case (including recurring e-mandates, EMI option, etc.) or post-transaction activity (including chargeback
handling, dispute resolution, reward/loyalty programme, etc.) that currently involves/requires the storage of CoF
data by entities other than card issuers and card networks.
ii.This directive was issued by RBI under Section 10 (2) read with Section 18 of Payment and Settlement Systems
Act, 2007 (Act 51 of 2007).
Cause for extending the deadline: Industry bodies including Merchant Payments Alliance of India (MPAI) and
the Alliance of Digital India Foundation (ADIF) had sent representations to the RBI seeking an extension of the
deadline.
About Tokenization: The process of replacing a card’s sensitive information like card number, expiration date,
security code with a device-specific alternate code, or ‘Token’ is called Tokenization.
RBI’s Report on Banking in India 2020-21: GNPAs of Banks dipped to 6.9% by September 2021
On December 28, 2021, the Reserve Bank of India (RBI) released the ‘Report on Trend and Progress of
Banking in India 2020-21’, which presents the performance of the banking sector, including co-operative banks,
and non-banking financial companies (NBFCs) during FY21 and FY22 (till December 2021).
• The gross non-performing assets (GNPA) ratio of SCBs (Scheduled Commercial Banks) declined from 8.2
percent at end of March 2020 to 6.9 percent at end-September 2021.
• The share of RSA (Restructured Advances) has increased to 1.8 percent at end September 2021 (from 0.8
percent as at end-March 2021 and 0.4 percent at end-March 2020) due to the restructuring scheme 2.0 for
retail loans and MSMEs (Micro, Small & Medium Enterprises).
Overall Assessment of the Indian Banking sector:
Amount Outstanding At end-
(At end-March) September
2021
Items 2020 (Provisional) 2021
GNPA ratio (GNPAs as percentage of gross
advances) 8.20% 7.30% 6.90%
Net NPA ratio (Net NPAs as percentage of net
Asset Quality advances) 2.8 % 2.40% –
Profitability Return on Assets (RoA) 0.15% 0.66% –
Capital to risk weighted assets ratio (CRAR) 14.80% 16.30% 16.60%
Capital Adequacy Tier I capital (as percentage of total capital) 85.50% 86.80% –
Financial Inclusion Credit-deposit ratio 73.70% 69.40% –
Total Liabilities/Assets 8.50% 8.80% –
Balance Sheet Deposits 8.40% 11.60% 10.10%

Operations Borrowings -0.80% -13.00% –

Report on SCBs:
i.The consolidated balance sheet of Scheduled Commercial Banks (SCBs) expanded in size in 2020-21 despite the
COVID-19 and the resultant economic recession.
ii.The CRAR ratio of SCBs strengthened due to higher retained earnings, recapitalisation of PSBs and capital
raising from the market by both PSBs and private sector banks.
Report on NBFCs:
The consolidated balance sheets of NBFCs expanded in FY21, driven by credit and investments of non-deposit-
taking systemically important NBFCs.
Note – In October 2021, RBI introduced the scale-based regulation framework for NBFCs based on a four-layered
structure.
Report on cooperative banks:
i.The cooperative banking segment (both urban and rural) has remained robust throughout the COVID-19 stress.
ii.The increase in deposit insurance from Rs 1 lakh to Rs 5 lakh augmented the share of co-operative depositors’
coverage from 42.7 percent (at end March 2019) to 69.4 percent (at end-March 2021).
iii.Scheduled Urban Co-Operative Bank (SUCB) & Non-Scheduled UCB of UCB faced increasing GNPA ratios,
with the latter experiencing sharply higher slippages.
iv.At end-March 2021, there were 98,042 co-operatives, consisting of 1,534 UCBs and 96,508 rural co-operatives.
v.During 2020-21, 25 percent of UCBs’ total funded loans and 32 percent of their NPAs originated from large
borrowal accounts as against SCBs’ 51 percent of loans and 66 percent of NPAs.
vi.The profitability of state co-operative banks and district central co-operative banks improved in 2019-20, while
their asset quality deteriorated.
Note – The Ministry of Co-operation was created in July 2021 to provide a separate administrative, legal and
policy framework for enabling the development of multi-state cooperatives.
Report on CBDC:
i.A central bank digital currency (CBDC) will provides a safe, robust, and convenient alternative to physical cash.
ii.Introduction of the CBDC has a potential to enhance the efficiency of cross border payments.
iii.India’s progress in payment systems will provide a useful backbone to make a state-of-the art CBDC available
to citizens and financial institutions.
iv.In comparison with existing forms of money, CBDC can offer benefits to users in terms of liquidity, scalability,
acceptance, ease of transactions with anonymity and faster settlement.
General Analysis:
i.The global economic activity and trade has seen a gradual recovery after easing of restrictions from COVID-19.
ii.Asset quality and profitability are the areas that are likely to be most impacted by the COVID-19.
Note- The report is a statutory publication in compliance with Section 36 (2) of the Banking Regulation Act,
1949. Click here to know more about the report
RBI Extends Direction for PMC Bank till March 2022

On 28 December 2021,the Reserve Bank of India (RBI) extended the restrictions for Punjab and Maharashtra
Cooperative (PMC) Bank for another three months from January 1 2022 to March 31 2022.
• In exercise of the powers conferred on it by Sub–section (4) of Section 45 read with Section 56 of the
Banking Regulation Act, 1949, the Reserve Bank of India had prepared a draft scheme of amalgamation of
The Punjab and Maharashtra Cooperative (PMC) Bank with Unity Small Finance Bank Ltd. (USFB).
• The draft scheme was placed in public domain on November 22, 2021 inviting suggestions and objections,
till December 10, 2021, from members, depositors and other creditors of transferor bank (PMC) and
transferee bank (USFB) in terms of Section 45(6)(b) of the Act ibid. Further action with regard to sanction of
the scheme is under process.
Background:
i.Punjab and Maharashtra Cooperative (PMC) Bank Limited, Mumbai, Maharashtra, a Multi-State Urban
Cooperative Bank was placed under All-Inclusive Directions under Sub-section (1) of Section 35-A read with
Section 56 of the Banking Regulation Act, 1949 with effect from close of business on September 23, 2019.

Amount Distribution:
Under the scheme, the depositors will get their full amount back over a period of 10 years. In the initial phase, the
bank will pay an amount insured under DICGC (Deposit Insurance and Credit Guarantee Corporation) of up to Rs
5 lakhs to depositors.
• Later, at the end of two years, the Bank will pay up to Rs 50,000, and up to Rs 1 lakh at the end of three years,
upto Rs 3 lakhs at the end of four years, upto Rs 5.5 lakhs at the end five years and the full amount will be
paid after ten years.
• The interest on any of the interest bearing deposits with the Bank will not accrue after March 31, 2021.
About Unity Small Finance Bank (USFB):
USFB is promoted by Centrum Financial Services with Resilient Innovation Pvt Ltd as the ‘joint investor’.
Started operation-2021
RBI’s 24th FSR 2021: Banks GNPA may Rise to 8.1% by September 2022
On December 29, 2021, Reserve Bank of India (RBI) released the 24th issue of its Financial Stability Report (FSR)
2021. It estimated the Scheduled Commercial Banks (SCBs) Gross Non-Performing Assets (GNPAs) to rise
from 6.9 percent in September 2021 to 8.1 percent of total assets by September 2022 (under a baseline
scenario) and to 9.5 percent (under severe stress scenario).
What is FSR?
It is the bi-annual collective assessment of the Sub-Committee of the ‘Financial Stability and Development Council’
(FSDC-SC) on risks to financial stability.
Financial Stability Report Key Projections:
i.SCBs’ GNPA and NNPA Ratio Projection at end-September 2021:
Type GNPA Ratio Net Non-Performing Assets (NNPA) Ratio
All SCBs 6.90% 2.30%
Public Sector Banks (PSBs) 8.80% 3.00%
Private Banks (PVBs) 4.60% 1.30%
Foreign Banks (FBs) 3.20% 0.60%
• The PSBs’ GNPA ratio of 8.8 percent in September 2021 may decline to 10.5 percent by September 2022
(under the baseline scenario) and for PSBs, it may rise from 4.6 percent to 5.2 percent.
• GNPAs of SCBs stood at 7.5 percent in March 2021.
ii.Capital to Risk-weighted Assets Ratio (CRAR):
• The capital to risk-weighted assets ratio (CRAR) of SCBs increased to a new peak of 16.6 percent and their
provisioning coverage ratio (PCR) stood at 68.1 percent in September 2021.
• The system-level Tier-I leverage ratio stood at 7.5 percent in September 2021.
Note – PCR is the percentage of bad assets that the bank has to provide for from their own funds.
iii.CET-1:The common equity Tier I (CET 1) capital ratio of SCBs is expected to reach 12.5 percent by September
2022 (under the baseline scenario).
iv.Credit Growth:
• Aggregate deposits growth (year-on-year(y-o-y)) moderated from end-March 2021 to touch 9.3 percent by
December 3, 2021.
• Credit growth of All SCBs, PSBs, PVBs and FBs in end-September 2021 stood at 6.7 percent, 3.5 percent, 10.8
percent, and 16.0 percent (y-o-y) respectively.
• Aggregate credit extended by NBFCs at the end of September 2021 stood at Rs 27.4 lakh crore.
v.Provider and Borrower:
• AMC-MFs (Asset Management Companies – Mutual Funds) maintained their position as the largest network
provider of funds to the financial system as of end-September 2021. Insurance companies were the second
largest net providers of funds to the financial system.
• NBFCs were the largest net borrowers of funds from the financial system HFCs (Housing Finance
Companies) were the second-largest net borrowers of funds

Other Points to be noted:
i.Global trade volume is projected to grow by 9.7 percent in 2021 and by 6.7 percent in 2022
ii.The International Monetary Fund (IMF) revised its outlook for the global economy and it expected the global
output to grow by 5.9 percent in 2021 before moderating to 4.9 percent in 2022.
iii.The Indian economy expanded by 8.4 percent year-on-year (y-o-y) in July-September 2021.
iv.FDI (Foreign Direct Investment) inflows amounted to US$ 30.5 billion in H1:2021-22 up from US$ 29.2 billion
in H1:2020-21.
RBI Extends Deadline for Periodic KYC Update till March 31, 2022
The Reserve Bank of India (RBI) has extended the deadline for periodic Know Your Customer (KYC)
updation in bank accounts till March 31, 2022, from the previous deadline of December 31, 2021, due to the
Omicron variant of the COVID-19 in India.
Key Points:
i.The deadline was extended so that no restriction can be placed on bank accounts related to cash deposits,
withdrawals etc. due to non-compliance with KYC requirements.
ii.Section 38 of the Master Direction on KYC dated February 25, 2016, mandated the REs (Regulated Entities) to
carry out periodic updation of KYC of existing customers.
Periodic KYC Updation:
Periodic updation of KYC needs to be carried out at least once every 2 years for high-risk customers, once in every
8 years for medium risk customers and once in every 10 years for low risk customers from the date of opening of
the account or last KYC updation.
iii.RBI has also directed that the RE is required to undertake KYC compliance in terms of the Prevention of
Money-Laundering Act, 2002 and the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005.
KYC requirements:
KYC is a process under which banks gather their customers’ information while opening an account including
Permanent Account Number (PAN), address proof such as Aadhaar, passport etc., latest photograph and other
details as requested by the bank.
APPOINTMENTS & RESIGNATIONS

Kinara Appoints Ravindra Jadeja as Official Brand Ambassador
On 3 December 2021, Bangalore based innovative, fast-growing fintech, Kinara Capital signed the Indian
rd
cricketer Ravindra Jadeja, as its official brand ambassador on the occasion of the company’s 10th anniversary.
• Kinara Capital provide loan service to India’s MSMEs. Till date, Kinara Capital has
disbursed 70,000 collateral-free loans.
Aim – To reach 500% growth from current Asset Under Management (AUM) of INR 1000 crore and finance
additional 1 Lakh collateral-free MSME loans by 2025.
Kinara’s innovative offerings:
i.’myKinara app’, an end-to-end digital application along with more than 400+ digital wallet payment options,
ii.‘Grow with Kinara’ , a free workshop series for customers
iii.’HerVikas’, a discounted loan programme for women entrepreneurs.
About Kinara Capital
Kinara Capital offers business loans to all MSME sectors including Manufacturing, Trading and Services.
Founder & CEO – Hardika Shah
Established – 2011
Headquarters – Bangalore, Karnataka
IFFCO-TOKIO General Insurance Appoints HO Suri as MD and CEO

On 22 December 2021 Private sector IFFCO-TOKIO General Insurance appointed H O Suri as new Managing
nd
Director (MD) and Chief Executive Officer (CEO) effective October 1, 2021.

• Earlier, Suri was the financial advisor, head, internal audit & legal of the IFFCO-TOKIO General Insurance
Company
About Suri:
i.Suri is a chartered accountant by profession and started his professional journey in 1982 with IFFCO, the
world’s largest fertiliser manufacturer in the Cooperative Sector.
ii.He is one of the founding members of IFFCO-TOKIO General Insurance Company.
About IFFCO-TOKIO General Insurance Company:
i.IFFCO-Tokio General Insurance Company Limited is a joint venture of IFFCO and Japan’s Tokio Marine Group.
• The firm offers retail products like motor, health, travel, home and personal accident insurance and
corporate insurance products.
Headquarters – Gurugram, Haryana
Chairman – K. Srinivasa Gowda
Gita Gopinath appointed as the IMF’s First Deputy Managing Director

Indian-American and the first female Chief Economist of the International Monetary Fund (IMF), Gita
Gopinath is promoted as the IMF’s First Deputy Managing Director (FDMD) serving under IMF Chief Kristalina
Georgieva. She will succeed FDMD Geoffrey Okamoto who is set to be relived from IMF.
About Gita Gopinath:
i.She was born on 8 December 1971 in Kannur, Kerala.
ii.She has been serving as the Chief Economist of the IMF since 2019. In that role she is the Director of IMF
Research Department and the Economic Counsellor of the Fund.
iii.Gita Gopinath was also appointed to various positions including as an advisory member to the US Federal
Reserve Bank and also as an economic advisor to the Kerala Chief Minister (CM).
About International Monetary Fund (IMF):
MD- Kristalina Georgieva
Member countries- 190
Established- 1944
Headquarters- Washington, DC United States
Pradip Shah appointed NARCL Chairman & Sanjay Jain joins as the CEO of IDRCL
The founder of IndAsia Fund Advisors,Pradip Shah appointed as the Chairman of National Asset Reconstruction
Company Ltd (NARCL) and Managing Director of Aditya Birla Asset Reconstruction Company (ABARC), Sanjay
Jain appointed as the Chief Executive Officer (CEO) of India Debt Resolution Company Ltd (IDRCL).
• Diwakar Gupta, former managing director of State Bank of India (SBI), also appointed as Chairman of
IDRCL.
Highlights:
i.In May 2021, the chief general manager of SBI, Padmakumar Nair was appointed as the MD of NARCL.
Pradip Shah:
i.He is a Chartered Accountant (CA) and an MBA (Masters in Business Administration) graduate from Harvard
University.
ii.He is credited for establishing India’s first and largest housing finance company, HDFC and Crisil (rating firm).
Sanjay Jain:
i.He has experience of 29 years in corporate lending, investment banking and stressed fund management.
ii.Prior to this appointment he has worked with Asset Reconstruction Company of India, SBI Capital Markets, etc.
About India Debt Resolution Company Ltd (IDRCL):
The IDRCL is a service company/operational entity which will manage the asset and engage market professionals
and turnaround experts.
• Public Sector Banks (PSBs) and Public Financial Institutions will hold a maximum of 49% stake while the
remaining stake will be with private sector lenders.

Ujjivan SFB appoints Ittira Davis as MD & CEO for 3 years
On 6 December 2021, The Board of Directors of Ujjivan Small Finance Bank (SFB) appointed Ittira Davis as the
th
Managing Director (MD) and Chief Executive Officer (CEO) for a period of 3 years.
• The bank has also appointed Rajesh Kumar Jogi, Harish Devarajan and Umesh Bellur as additional directors.
• Ittira Davis is succeeded by former MD and CEO Nitin Chugh
Highlights:
Davis has also been appointed as Key Managerial Personnel in terms of Section 203 of the Companies Act,
2013 for a period same as that of his tenure as MD and CEO of Ujjivan Small Finance Bank.
About Ittira Davis:
i.Davis is an international banker with over 40 years of diversified banking experience with Citibank in India,
the Arab Bank Group in the Middle East and has been associated with Ujjivan since 2015.
ii.He also worked with the Europe Arab Bank from July 2008 to October 2012, initially as the Managing Director
– Corporate and Institutional Banking and then as an Executive Director
iii.Davis was the Chief Operating Officer of the Ujjivan SFB until June 2018. He was the MD and CEO of Ujjivan
Financial Services Limited from July 2018 and resigned on March 12, 2021.
About Ujjivan Small Finance Bank:
Headquarters – Bengaluru, Karnataka
Vishwavir Ahuja Steps down as the MD & CEO of RBL Bank; Rajeev Ahuja takes over
The board of the RBL Bank has accepted to proceed with the medical leave of Vishwavir Ahuja, the Managing
Director(MD) and Chief Executive Officer(CEO) of RBL Bank Ltd, the erstwhile Ratnakar Bank Ltd. Vishwavir
Ahuja will step down from the post of MD & CEO and go on leave with immediate effect.
Rajeev Ahuja, Executive Director of the RB L Bank has been appointed as the interim managing director & CEO of
the RBL Bank, with immediate effect, subject to regulatory and other approvals.
• The Reserve Bank of India (RBI) invoked Section 36 AB (power of RBI to appoint additional directors)
contained in Part 2A (Control over Management) of the Banking Regulation Act, 1949, to appoint Yogesh
Dayal, chief general manager of RBI, as an additional director on the board of RBL Bank for a period of 2
years till 23rd December 2023 or until further orders, whichever is earlier.
About Vishwavir Ahuja:
i.Vishwavir Ahuja was appointed as the MD and CEO of the RBL Bank in June 2010.
ii.He has previously served as the MD and Country CEO of Bank of America for India.
About Rajeev Ahuja:
i.Rajeev Ahuja has previously worked as the MD of investor sales business (South Asia) with Citigroup, India
ii.He has also worked with capital markets and investment banking divisions of Deutsche Bank in Asia.
About RBL Bank Limited;
MD & CEO(interim)– Rajeev Ahuja
Centre appoints Atul Kumar Goel as new MD & CEO of PNB

Atul Kumar Goel was appointed as the Managing Director (MD) & Chief Executive Officer (CEO) of Punjab
National Bank (PNB). The appointment comes after the approval from the Appointments Committee of the
Cabinet (ACC).
• Atul Kumar Goel will serve as PNB chief until December 31, 2024.
• He will succeed Mallikarjuna Rao, the incumbent MD & CEO of PNB, who will retire on 31st January 2022.
• Until 31st January 2022, he will serve as Officer on Special Duty (OSD) in PNB.
Key points:
i.Prior to this appointment Atul Kumar Goel served as the MD & CEO of UCO Bank.
Note – The committee appointed Soma Sankara Prasad as MD & CEO of UCO Bank, who presently serves as the
Deputy MD at State Bank of India

ii.In September 2021, the Banks Board Bureau (BBB) recommended the name of Atul Kumar Goel as MD & CEO of
PNB.
About Punjab National Bank (PNB):
Headquarters- New Delhi, Delhi
Founder- Dyal Singh Majithia (1st Chairman)
About UCO Bank:
Headquarters– Kolkata, West Bengal
Founded- 1943
Vasudevan reappointed as MD & CEO of Equitas Small Finance Bank for 3 years
The Board of Directors (BoD) of Equitas Small Finance Bank Limited (ESFBL) reappointed Vasudevan
Pathangi Narasimhan (PN) as the Managing Director (MD) & Chief Executive Officer (CEO) for three years (from
July 23, 2022 to July 22, 2025).
About Vasudevan Pathangi Narasimhan (PN):
i.Vasudevan PN is currently serving as the MD and CEO of the bank. Earlier he was working as the MD of Equitas
Holdings Limited.
ii.He is a science graduate (physics) from University of Madras and a qualified company secretary from the
Institute of Company Secretaries of India (ICSI).
iii.He has the experience of 20 years in Cholamandalam Investment and Finance Company Limited.
Related information:
In December 2021, Equitas Small Finance Bank Limited signed a partnership agreement with the Government of
Maharashtra to offer banking services to the state government employees.
About Equitas Small Finance Bank Limited:
Part Time Chairman- Arun Ramanathan
Headquarters– Chennai, Tamil Nadu
OTHER NEWS
ADB Approves $125 Million Loan for Uttarakhand Water Supply and Sanitation Projects
On 29 November 2021, The Asian Development Bank (ADB) approved a loan of $125 million (around Rs 938
th
crore) for water supply and sanitation projects in Uttarakhand.

• The funds will be utilised to improve access to quality water supply and sanitation services to the entire
population of about 154,000 people of the state.
Focus – To build cost-effective city-wide sanitation, wider-reach and less water-dependent, and to engage the
private sector in building the skills of concerned urban local bodies.
About the Project:
i.A 136 kilometres of water pipe system will be constructed to replace defective water networks in South
Dehradun benefitting around 40,000 people, including 4,000 urban poor and vulnerable groups.
ii.Water meters will also be installed in about 5,400 households for efficient water use and consumption billing.
iii.The project also ensures 256 km of enclosed underground sewer networks and 117 km of stormwater
drainage networks for sewage treatment plants in Dehradun.
• The Sewer network benefits around 138,000 residents, including 15,000 urban poor and vulnerable
people and about 17,410 households in Dehradun will be connected to this sewerage system.
iv.The project will introduce a supervisory control and data acquisition (SCADA) and geographic information
system (GIS) to provide real-time data and information for monitoring.
Note – For the First time in India’s water and sanitation sectors, the project will introduce four citywide
computerized maintenance and management systems to advance operation and maintenance, and asset
management of the water supply and sanitation infrastructures and services

Total Funds from ADB
i.ADB will provide a USD 250,000 technical assistance (TA) grant from its Technical Assistance Special Fund.
ii.A grant of USD 750,000 from ADB’s Climate Change Fund will be given to further strengthen climate-resilient
urban planning and development of the state by carrying out a thorough assessment, supporting science-based
decision making, developing smart integrated and resilient urban planning tools, and capacity-building activities.
About Asian Development Bank (ADB)
President – Masatsugu Asakawa
Headquarters – Manila, Philippines
Members – Owned by 68 members (49 from Asian and Pacific Regions)
SBI signs MoU with Usha International for Empowering Women Entrepreneurs
State Bank of India (SBI) has signed a Memorandum of Understanding (MoU) with Usha International
Limited (UIL) for empowering women entrepreneurs by providing financial assistance
named ‘NAVCHETNA’ by SBI.
• The financial assistance will be provided under the Joint Liability Group model.
Key Points:
i.This is the first of its kind collaboration between UIL and SBI for the upliftment of the social and economic
status of women in rural areas.
• ‘NAVCHETNA’ makes women entrepreneurs self-reliant through equal opportunity for financial growth
and inclusion.
ii.The branches of the SBI in Uttarakhand, Delhi, Western Uttar Pradesh, and National Capital Region (NCR)
Haryana will be financing women entrepreneurs to Usha Silai School to purchase sewing machines for
enhancement and upgradation of technical sewing skills or to purchase thread of clothes, etc,.
iii.UIL has been providing necessary training to women through USHA Silai Schools across the country.
About State Bank of India (SBI):
Chairman – Dinesh Kumar Khara
Headquarters – Mumbai, Maharashtra
Agriwise Finserv & Central Bank of India enters Co-lending partnership for Agri-Loan Disbursals
Agriwise Finserv Limited, an agri-focussed Non Banking Financial Corporation (NBFC), has entered into a co-
lending agreement with Central Bank of India for agri-loan disbursal to underserved & unserved rural
customers of India.
• The agreement ensures the loan at affordable interest rates as per the RBI directive for the farmer, agri and
allied community in a simple, transparent and speedy manner.
Highlights:
i.The co-lending agreement allows Agriwise to enlarge service to rural customer segments and increase offerings
to current customers at blended interest rates.
ii.Central Bank of India focuses on lending to the agriculture sector as a goal to empower our farmer community
under priority sector lending and the tie-up reaches the customers in the rural and agri-sector.
About Agriwise Finserv Limited:
Managing Director – Suresh Goyal
About Central Bank of India:
CEO & Managing Director – Matam Venkata Rao
Tagline – ‘Central’ to You Since 1911

International Day of Banks 2021 – December 4
The United Nations(UN)’s International Day of Banks is annually observed across the globe on 4th
December to recognise the vital role of the banking systems in the UN Member States in contributing to the
improvement of their standard of living.
The day also recognises the potential of multilateral development banks and other international development
banks in financing sustainable development.
• 4th December 2021 marks the observance of the 2nd International Day of Banks.
Background:
i.The United Nations General Assembly(UNGA) adopted the resolution A/RES/74/245 on 19th December 2019
and proclaimed the 4th December of every year as the International Day of Banks.
ii.The first ever International Day of Banks was observed on 4th December 2020.
Addis Ababa Action Agenda:
i.The Addis Ababa Action Agenda was the outcome of the 2015 Third International Conference on Financing for
Development, held in Addis Ababa, Ethiopia.
ii.It provides a framework for effective mobilization of resources at national and international level for
sustainable development
iii.This also supports the implementation of the Sustainable Development Goals(SDGs).
New banking reforms in India:
In May 2021, the Government of India announced new banking reforms to ease its burden in terms of mobilising
additional capital. The reform involves,
• Establishment of a Development Finance Institution (DFI) for infrastructure
• Creation of a Bad Bank to address the problem of chronic non-performing assets (NPAs),
• Privatisation of public sector banks (PSBs) to ease its burden in terms of mobilising additional capital.
This will promote niche banking, to cater to the specific and varied requirements of customers.
History of Indian Banking Reforms:
i.1st Generation (till 1947): Several small and local banks were started after the Swadeshi Movement during the
pre-independence era.
ii.In the 2nd generation (1947-1967), the banks provided the resource to the business families or groups and
neglected the credit flow to agriculture.
iii.In the 3rd generation (1967-1991), the Government of India nationalised around 20 major private banks in 2
phases, 1969 and 1980 and introduced the priority sector lending in 1972.
These resulted in the shift from class banking to mass banking and expanded the banking network across India.
iv.The 4th generation (1991-2014) witnessed the reforms such as issue of licences to private and foreign banks,
thereby enhancing productivity, and introduction of prudential norms.
Since 2014, the banking sector adopted the JAM (Jan-Dhan, Aadhaar and Mobile) trinity and issuance of licences
to Payments Banks and Small Finance Banks (SFBs).
v.The 5th generation (2014 and beyond) focus on the need for higher individual deposit insurance and effective
resolution to mitigate moral hazards and systemic risks with least cost to the public exchequer.
Ind-Ra estimates India’s GDP at 8.3% in Q2 FY22 and 9.4% in FY22

The rating agency, India Ratings and Research (Ind-Ra) expects India’s Gross Domestic Product (GDP) in the
Second Quarter of Financial Year-2022 (Q2 FY22) at 8.3 percent and in FY22 at 9.4 percent.
• Workplace mobility in Q1 FY22 was 26 percent lower than the baseline and 16 percent lower year-on-year
than the baseline at FY21.
• The government’s capital expenditure (capex) grew 51.9 percent in Q2 FY22 as against 26.3 percent in Q2
FY21.
Highlights:
The agency has attributed the higher growth to the nine consecutive quarters of over 3 percent agriculture
growth and has brightened consumer spending in private final consumption expenditure.

Expectation and Findings of Ind-Ra:
i.Mobility started improving in Q2 FY22 due to the extensive vaccination programme of
the government and was only 7 percent lower year-on-year than the baseline at the end of Q2 FY22.
ii.The agency expects the fixed capital formation to grow at around 8.5 percent in Q2 FY22 as the government
supports investment activities on infrastructure.
iii.The aggregate capex of 24 states has dropped to 62.2 percent in Q2 FY22 massively down from 98.4 percent in
Q1 FY22.
iv.The reforms like a production-linked incentive scheme and sustained export growth will boost the ongoing
growth recovery.
About India Ratings and Research (Ind-Ra)
Chairman, Managing Director(MD) & CEO – Rohit Karan Sawhney
PNB to pick up 9.5% stake in ONDC Ltd

The Punjab National Bank (PNB) will become the promoter of Open Network for Digital Commerce (ONDC)
limited by investing over 9 % (~9.5 %) stake in the company.
• ONDC is yet to be incorporated by the Companies Act 2013.
Highlights:
i.For the acquisition of less than 10 % shareholding, regulatory approval is not required. PNB will have 9.5 %
equity capital in the ONDC or INR 25 crore, whichever is lower.
ii.ONDC is an infrastructure development private company which facilitates e-commerce to all marketplace
players.
iii.ONDC will develop a platform in the form of an open network for digital commerce. In this platform buyers can
sell their entities without registering themselves.
MD & CEO– S. S. Mallikarjuna Rao
Headquarters-New Delhi
Founded-1894 (Commenced Operation on -1895)
Tagline- The Name You Can Bank Upon
Global Trade Report of UNCTAD: Global Trade Expected to Rise by 23% to $28 trillion in 2021
As per the Global Trade update report (November 2021) of UNCTAD (United Nations Conference on Trade and
Development), the Global trade is expected to increase by 23 percent to reach about US$ 28 trillion in 2021,
when compared to 2020.
• Global trade growth stabilized during the second half of 2021, increasing by 1 percent quarter-over-quarter.
• India trade growth accelerated in Q3 2021 both in goods and services, while China remained relatively
constant.
India’s Trade in Goods and Services in Q3 2021:
Q3 2021 Relative to 2019 Average Q3 2021 Relative to Q2 2021
Imports Exports Imports Exports
Goods 26% 27% 15% 5%
Services 3% 7% 18% 17%
Key Analysis:
i.The outlook for 2022 remains very uncertain due to slowing economic recovery, disruptions of logistics and rise
in shipping costs, global semiconductor shortage, regionalisation of trade flows, debt burden, and governmental
policies affecting international trade.
ii.2021 is set to be a strong year for international trade. The value of global trade in goods and services in 2021 is
expected to increase by 23 percent about US$ 5.2 trillion relative to 2020, and by 11 percent about US$ 2.8 trillion
relative to 2019.

iii.Trade in goods is projected to reach a record level of $22 trillion in 2021. Trade in services should be valued
about $6 trillion in 2021.
About UNCTAD (United Nations Conference on Trade and Development):
Establishment – 1964
Headquarters – Geneva, Switzerland
Secretary-general – Rebeca Grynspan
FIRST Private Infinite: India’s 1 Standalone Metal Debit Card launched by IDFC FIRST Bank
st
On November 30, 2021, IDFC FIRST Bank launched India’s first standalone metal debit card or black card namely
‘FIRST Private Infinite’ in partnership with Visa. It is crafted from hybrid metal with details printed in silver.
About ‘FIRST Private Infinite Card:
It is a lifetime free card to cater the customers of the bank’s FIRST Private program.The program offers an
unrivalled banking and investment experience to customers and comes with a range of exceptional investment,
banking, lifestyle and wellness benefits.
• It is specifically curated for premium cardholders and includes complimentary domestic and international
lounge access for cardholders and companions, unparalleled insurance coverage, a road assistance program
and access to golf courses India.
About IDFC FIRST Bank:
It was founded by the merger of Erstwhile IDFC Bank and Erstwhile Capital First Established– 2018
Managing Director (MD) & Chief Executive Officer (CEO)– V. Vaidyanathan
Headquarter– Mumbai, Maharashtra
DBS Bank India Introduces an Industry-First Digital & Paperless Trade Financing Solution
DBS Bank India has introduced a paperless proposition for the financing of domestic invoices by buyers and
sellers and also the first paperless domestic trade financing transaction with Lincon Polymers Pvt Ltd to reduce
processing turn-around time and for efficient business.
• The Bank digitally validates the Electronic Way (E-Way) Bill which is the proof of movement of goods for
transparency of trade transactions.
• The bank has completed its first end-to-end digital Purchase Invoice Finance (PIF) transaction for Lincon
Polymers Pvt. Ltd
Features:
i.Customers can share details of their transactions through IDEAL (DBS’ digital banking platform that enables
companies to initiate, monitor, and secure business transactions).
ii.The customer’s data is validated against the Government-enabled E-Way bill portal through Goods and Services
Network (GSTN) after receiving a one-time authentication from the customer.
iii.The bank has partnered with Rezofin, an online invoice financing platform for this process.
Other Launches by DBS Bank:
i.DBS bank has introduced a completely digital and innovative payments solution in partnership with Transport
Corporation of India Limited (TCIL).
• This empowered truck drivers by enabling real-time payments through the Real time Application
Programming Interface by DBS solution (RAPID).
ii.The bank has also collaborated with ODeX to introduce ODeX Pay Later Solutions powered by DBS which is a
hassle-free credit solution for freight movements.
iii.The real-time online tracking for cross-border collections for businesses in partnership with Society for
Worldwide Interbank Financial Telecommunication (SWIFT) Global Payments Innovation (GPI) was also
launched by DBS Bank.
About DBS Bank
DBS is a leading financial services group in Asia with a presence in 18 markets.
Headquarters – Singapore
CEO & Managing Director – Piyush Gupta

About DBS Bank India Limited
CEO & Managing Director (MD) – Surojit Shome
India’s GDP grows at 8.4% in Q2FY22 vs -7.4% in Q2FY21: NSO Estimates

On November 30, 2021, the National Statistical Office (NSO), Ministry of Statistics and Programme
Implementation (MoSPI) released the estimates of Gross Domestic Product (GDP) for the second quarter (July-
September) of 2021-22 (Q2FY22), both at Constant (2011-12) and Current Prices.
• As per the estimates, India’s GDP in Q2FY22 grew by 8.4% as compared to 7.4% contraction (-7.4%) in
Q2FY21.
• This is the 4 consecutive quarter of positive growth after a two-quarter contraction in 2020. It reflects a
th
healthy recovery in private consumption expenditure due to the unlocking of economy, and the significant
progress on vaccination.
• Also, the Indian economy is expected to grow 6.5-7% in 2022.
Estimates of GDP at Constant in Q2FY22:
GDP at Constant (2011-12) Prices is estimated at Rs 35.73 lakh crore, as against Rs 32.97 lakh crore in Q2FY21.
• Quarterly GVA (Gross Value Added) at Basic Prices at Constant Prices is estimated at Rs 32.89 lakh crore, as
against Rs 30.32 lakh crore in Q2FY21, showing a growth of 8.5%.
Estimates of GDP at Current Prices in Q2FY22:
GDP at Current Prices is estimated at Rs 55.54 lakh crore in Q2FY22, as against Rs 47.26 lakh crore in Q2FY21,
showing a growth of 17.5% as compared to -4.4% in Q2 FY21.
• GVA at Basic Prices at Current Prices is estimated at Rs 49.70 lakh crore in Q2FY22, as against Rs 42.54 lakh
crore in Q2FY21, showing a growth of 16.8%.
GDP at Constant (2011-12) Prices in April-September 2021-22 (H1FY22):
It is estimated at Rs 68.11 lakh crore as against Rs 59.92 lakh crores in H1FY21, showing a growth of 13.7% in
H1FY22 as against -15.9% during the same period in 2020.
GDP at Current Prices in H1FY22:
It is estimated at Rs 106.77 lakh crore as against Rs 86.15 lakh crores in H1FY21, showing a growth of 23.9% in
H1F22 as against -13.4% in H1FY21.
Sector-Wise Growth in Q2FY22:
Following six segments of the core sector have shown positive growth except for crude oil and refined petroleum
products.
i.Agriculture sector showed a growth of 4.5%.
ii.Manufacturing sector grew by 5.5%, reflecting both a recovery in domestic demand and exports.
iii.Electricity, gas, water supply and other utility services segment posted growth of 8.9% against 2.3% expansion
in FY21.
iv.Trade, hotel, transport and communication grew by 8.2% as compared to 16.1% contraction (-16.1%) in FY21.
v.Government services including public administration and defence shows 17.4% growth compared to 9.2%
contraction (-9.2%) in FY21.
vi.Financial, real estate and professional services growth stood at 7.8% compared to a contraction of 9.1%.
Basis of Assessment:
The Q2FY22 estimates are based on First Advance Estimates of agricultural production during Kharif season of
2021-22 obtained from the Department of Agriculture, Cooperation & Farmers’ Welfare; estimates of production
of major livestock products viz, Milk, Egg, Meat and Wool obtained from the Department of Animal Husbandry &
Dairying and Fish production data obtained from the Department of Fisheries.
• Index of Industrial Production (IIP), Monthly accounts of Union Government maintained by Controller
General of Accounts (CGA) and of State Government maintained by Comptroller and Auditor General of India
(CAG) have also been used.
• Performance of key sectors like Transport including Railways, Road, Air and Water Transport,
Communication, Banking and Insurance during the period July-September 2021-22 and the performance of

the corporate sector during the same period based on data received from BSE/NSE have also been taken into
account.
The next release of quarterly GDP estimates for the third quarter (October-December) of 2021-22 (Q3FY22) will
be on February 28, 2022.
Click Here for Official Link
About Ministry of Statistics and Programme Implementation (MoSPI):
Minister of State Independent Charge– Rao Inderjit Singh (Constituency – Gurugram, Haryana)
The Ministry has two wings, one relating to Statistics and the other Programme Implementation. The Statistics
Wing called the National Statistical Office(NSO) consists of the Central Statistical Office (CSO), the Computer
center and the National Sample Survey Office (NSSO). The Programme Implementation Wing has three Divisions,
namely, (i) Twenty Point Programme (ii) Infrastructure Monitoring and Project Monitoring and (iii) Member of
Parliament Local Area Development Scheme. Besides these two wings, there is National Statistical Commission
created through a Resolution of Government of India (MOSPI) and one autonomous Institute, viz., Indian
Statistical Institute declared as an institute of National importance by an Act of Parliament.
India’s Unemployment rate stood at 9.3% in January-March 2021: 10 Quarterly Bulletin of PLFS
th
On November 30, 2021, the National Statistical Office (NSO), Ministry of Statistics and Programme
Implementation (MoSPI) launched the 10th Quarterly Bulletin (January- March 2021) of Periodic Labour Force
Survey (PLFS).
Basis of Assessment:
In the urban areas, Pan-India, a total number of 5,601 FSUs- First Stage Units (UFS- Urban Frame Survey blocks)
have been surveyed during the January – March 2021. The number of urban households surveyed was 44,000,
and the number of persons surveyed was 1,72,484 in urban areas.
Before heading towards the highlights, have a look on following 4 indicators of PLFS:
i.Labour Force Participation Rate (LFPR): It is the percentage of persons in the labour force (i.e. working or
seeking or available for work) in the population.
ii.Worker Population Ratio (WPR): It is the percentage of employed persons in the population.
iii.Unemployment Rate (UR): It is the percentage of persons unemployed among the persons in the labour
force.
iv.Current Weekly Status (CWS): The activity status determined on the basis of the last 7 days preceding the
date of survey is known as the CWS of the person.
• As per the CWS approach survey, a person will be considered unemployed if he/she did not work even for 1
hour during the 7 days but sought or was available for work at least for 1 hour during the same period.
Key Highlights from Survey:
i.UR (in %) in CWS in urban areas for persons of age 15 years and above in urban areas:
It rose to 9.3% in January-March 2021 from 9.1% in the same months of 2020. It was 10.3% in October-December
2020.
• Among females, it rose to 11.8 % in January-March 2021 from 10.6% in the corresponding period. It was
13.1% in October-December 2020.
• Among males, it remained constant at 8.6% in both periods. It was 9.5% in October-December 2020.
ii.LFPR (in %) in CWS in urban areas for those 15 years of age and above:
It was 47.5% in January-March quarter of 2021, down from 48.1% in the same period a year ago. It was 47.3% in
October-December 2020.
• Female participation in the labour force was at 21.2% in the January-March 2021, lower than 21.9% in the
same quarter previous year. It was 20.6% in October-December 2020.
• Male participation in the labour force was at 73.5% January-March 2021 as compared to 73.7% in the
corresponding period. It was 73.6% in October-December 2020.
iii.WPR (in %) in CWS in urban areas for persons of age 15 years and above
It stood at 43.1% in January-March 2021, down from 43.7% a year ago.

• For females, it was 18.7% in January-March 2021 as compared to 19.6% in January-March 2020. It was
17.9% in October-December 2020.
• For males, it was 67.2% in January-March 2021 as compared to 67.3% in January-March 2020. It was 66.7%
in October-December 2020.
About Periodic Labour Force Survey (PLFS):
Launched in 2017 by NSO, is objective is to estimate the key employment and unemployment indicators in the
short time interval of three months for the urban areas only CWS.
• It also estimates employment and unemployment indicators in both ‘Usual Status’ (ps+ss) and CWS in both
rural and urban areas annually.
Click Here for PLFS’ Quarterly Bulletin of January – March 2021
Point to be noted:
According to the monthly unemployment data released by the Centre for Monitoring Indian Economy (CMIE),
unemployment in India stood at 7.13% as on November 29, 2021.
About National Statistical Office (NSO):
i.It is the Statistics Wing of the Ministry of Statistics and Programme Implementation, and has the Central
Statistical Office (CSO), the Computer centre, and the National Sample Survey Office (NSSO).
ii.It acts as a nodal agency for development of the statistical system in India. It creates and maintains the norms
and standards in the field of statistics.
West Bengal Got $135 million World Bank Loan to Improve Efficiency, Reliability of Electricity
Supply
International Bank for Reconstruction and Development (IBRD), the lending arm of World Bank Group, has
approved a USD 135 million loan to West Bengal (WB) to improve the operational efficiency and reliability of
electricity supply in selected areas in the state.
• The variable spread loan or floating interest loan will have a maturity of 17 years, including a grace period of
7 years.
• Objective: To strengthen distribution networks, invest in smart-grid technologies, and ensure financial
sustainability of the state discom (distribution companies).
Key Points:
i.The West Bengal Electricity Distribution and Grid Modernisation Project aims to reduce distribution system
losses and increase the capacity of the distribution network.
ii.The project will support the implementation of the Government of India’s 24X7 Power for all programme in the
state and support WBSEDCL (West Bengal State Electricity Distribution Company Limited) in transitioning
toward a leading public sector utility in India.
• The number of consumers served by the WBSEDCL has been increased especially in rural areas as WB has
reached close to universal electricity access. WB is already facilitating electricity trade with Bangladesh.
iii. Economic growth in West Bengal has resulted in a growing electricity demand at a rate of 4.5 percent.
iv. COVID-19 has affected the financial health of electricity discoms in India and the electricity generation
companies.
Note – IBRD along with International Development Association (IDA) forms the World Bank.
About International Bank for Reconstruction and Development (IBRD):
Headquarters – Washington DC, USA
Members – 189 countries
SBI Listed USD 650-million Green Bonds on India INX and LuxSE
State Bank of India (SBI) listed its USD 650-million green bonds simultaneously on the India International
Exchange (India INX) and the Luxembourg Stock Exchange (LuxSE).
• This dual listing is in line with 2021’s topic of the World Investor Week (WIW), ‘sustainable finance’, as
indicated by the regulatory body International Financial Services Centres Authority (IFSCA).

• The listing of green bonds with the LuxSE will open up new avenues for market development and
fundraising opportunities in the green bond space.
• India INX will work towards establishing a green corridor with Luxembourg to enable Indian Issuers
to automatically qualify for dual listing with LuxSE to get investors from Europe and the globe.
Initiatives Related to Green bond:
i.In November 2020, India INX, the international arm of Bombay Stock Exchange, had announced its
memorandum of understanding with the LuxSE for cooperation in the financial services industry, maintenance of
orderly markets in securities respective country, ESG (environmental, social and governance) and green finance
in the local market.
• India INX has now emerged as the leading bond listing venue with over $33 billion.
ii.In 2019, India INX had unveiled global securities market (GSM) Green, a platform for fundraising and trading in
the green, social and sustainable bonds exclusively.
• The GSM has established over USD 58 billion in MTN (medium-term note) programmes. More than USD 33
billion of bonds have been issued till date, of which USD 4.3 billion of issuances are listed on the GSM Green
platform.
iii.SBI has been the 1st public sector bank in India to publish its sustainability report as per Global Reporting
Initiative (GRI) framework. So far SBI has raised $800 million in the green bond market.
About WIW 2021:
i.WIW, a week-long global campaign, is annually observed across the globe under the aegis of the International
Organization of Securities Commissions (IOSCO). It is celebrated every year, across the world, by the securities
market regulators.
ii.WIW – 2021 in India was celebrated from November 22 – 28, 2021. Securities and Exchange Board of India
(SEBI) is the national coordinator for celebrating WIW-2021 in India.
About India International Exchange (India INX)
It is the first international exchange at GIFT IFSC
Headquarters – Gandhinagar, Gujarat
MD & CEO – V. Balasubramaniam
Kotak Mahindra Bank Collaborates with Worldline for Easy EMI Services
On 2 December 2021 Kotak Mahindra Bank announced a partnership with Europe-based payment and
nd
transactional service firm, Worldline to enable Equated Monthly Installment (EMI) payments via Kotak debit
cards in India
• The Kotak debit card EMI is available to all consumers, retailers, fashion and electronic products to pay
instalments easily using Worldline Point of Sale (POS) terminals.
Key Points:
i.Worldline is dominant among Tier 2 and Tier 3 cities of India. It manages over 15 lakh merchants and enables
Kotak debit cardholders to access to their EMI facilities.
ii.The minimum purchase to be done to avail the EMI services with Kotak Debit Card is Rs. 5,000
iii.The customers have the flexibility to repay their loans over a period of 3 to 12 months.
About Worldline
CEO – Gilles Grapinet
Headquarters – Bezons, France
About Kotak Mahindra Bank:
CEO & Managing Director (MD) – Uday Kotak
Tagline – Let’s make money simple

Paytm Signs MoU with Skill Development Ministry to Train Youths in Fintech Industry
On 2nd December 2021, Paytm signed a Memorandum of Understanding (MoU) with the Directorate of General
Training (DGT), Ministry of Skill Development and Entrepreneurship, to train 6000 individuals for 3
years in Fintech Industry.
• The trainees will undertake a six-month programme that is designed by Paytm in consultation with the DGT
• The collaboration is part of DGT’s Flexible-MoU (Flexi-MoU)
Aim – To create a highly qualified pool of human resources for the fintech industry.
Key Highlights:
i.The course equips the trainee’s with the fundamentals of the latest Fintech Internet of Things (IoT) products
and financial services along with professional skills, communications, sales and pitch, and on-the-job training
ii.Paytm will offer employment to the eligible trainee’s after the completion of the course
iii.DGT plays a key role in the vocational and craft-based training of eligible youth in the country.
About Flexi-MoU scheme:
The scheme provides an opportunity to the youth in acquiring skills related to industries with employment
opportunities through a ‘learn and earn’ approach which is a combination of theoretical and on-the-job
training.
About Paytm
Founder & CEO – Vijay Shekhar Sharma
Headquarters – Noida, Uttar Pradesh
SBI partners with Adani Capital Private Ltd for Co-Lending to Farmers
The State Bank of India (SBI) signs a master agreement with Adani Capital Private Ltd (Adani Capital), the
NBFC (Non Banking Financial Company) Adani Group, to provide support for co-lending to farmers for purchase
of tractor and farm implements.
Objective:
To contribute to the mechanisation of agriculture and play a role in improving productivity and help the
government in doubling farm income by 2022.
Highlights:
i.The SBI will work with Adani Capital to provide co-lending assistance for financing farm mechanisation,
warehouse receipt finance, Farmer Producer Organizations (FPOs) etc.
ii.It will boost the credit inflow in the agriculture sector and also connect with the underserved farming segment
of the country.
iii.Through this agreement Adani Capital along with SBI will target the unbanked/underserved Indian farmers.
• The co-lending is part of priority sector lending (PSL), which aims to improve credit flow to unserved and
underserved sectors of the economy.
About State Bank of India (SBI)
Chairman-Dinesh Kumar Khara
Founded- 1 July 1955
About Adani Capital Private Ltd (Adani Capital)
MD & CEO-Gaurav Gupta
Chairman- Gautam Adani
Headquarters– Ahmedabad, Gujarat
Federal Bank launches Feature-Rich Savings Scheme for Women – ‘Mahila Mitra Plus’
On 2nd December 2021, Private sector lender Federal Bank, as part of its women empowerment agenda,
launched an exclusively feature-rich savings bank product for women named “Mahila Mitra Plus”.
• They provide a set of features for easy financial planning and investments for women.

Features of Mahila Mitra Plus:
i.Exclusive preferential interest rates on housing loans
ii.Complementary and customized insurance cover
iii.No processing fee for home loans
Highlights:
i.Women are encouraged to have two zero balance savings accounts in the names of their minor children.
ii.Gender diversity is one of the themes under the Environment, Social and Governance (ESG) goals of Federal
Bank
About Federal Bank:
CEO & Managing Director (MD) – Shyam Srinivasan
Established – 1931 (under the Travancore Companies Regulation Act, 1916)
Headquarters – Aluva, Kerala
Tagline – Your Perfect Banking Partner
OECD slashes India growth forecast to 9.4% for FY22

On December 1, 2021, the Organisation for Economic Co-operation and Development (OECD) decreased India’s
growth forecast to 9.4% for FY22 from 9.7% estimated in September 2021.
Key Points:
i.It has projected the Indian economy to grow at 8.1% in FY23, and moderate to 5.5% in FY24.
ii.Notably, the 38-member intergovernmental organisation, OECD, earlier projected India’s FY22 growth to 9.9%,
then it was slashed to 9.7% stating COVID-19 Impact.
iii.Chief Economic Adviser to the Government of India (GoI), Krishnamurthy Venkata Subramanian, anticipated
double-digit growth in FY22, 6.5-7% growth in the next year and over 7% growth thereafter.
S&P keeps India’s GDP growth forecast unchanged at 9.5% in FY22; SBI Research Projected more
than 9.5% growth in FY22
S&P Global Ratings has retained the Gross Domestic Product (GDP) growth forecast of India unchanged at 9.5
percent for the Financial year 2021-22 (FY22) and 7.8 percent for the year ending FY23.
• GDP growth projection of India was revised for FY 24 to 6 percent from 5.7 percent estimated earlier
• The Indian economy had shrunk by 3 percent in FY21 as pandemic induced restrictions affected the
business activity.
-India’s GDP is likely to grow more than 9.5% in FY22 – SBI research, Ecowrap Report
According to the State Bank of India (SBI) research report, Ecowrap, India’s Gross Domestic Product (GDP) is
likely to grow more than 9.5 Percent in FY22 (higher than the Reserve Bank of India’s (RBI) estimate of 9.5
percent).
• The real Gross Value Added (GVA) of FY21 increased by 5 percent that is higher than the GDP growth.
• GDP at Constant (2011-12) Prices in the Q2 FY22 of 2021-22 is estimated at Rs 35.73 lakh crore, as against
Rs 32.97 lakh crore in Q2 FY21, showing a growth of 8.4 percent as compared to a 7.4 percent contraction in
Q2 FY21.
RBI and NSO report:
i.In October’s monetary policy review, the RBI had retained the real GDP growth at 9.5 percent in FY22 (7.9
percent in Q2; 6.8 percent in Q3; and 6.1 percent in Q4 of FY22).
ii.As per National Statistical Office (NSO) data, India’s GDP rose by 8.4% during Q2 FY22.
Key Analysis of the Ecowrap Report:
i.Loss during FY21: In the first half (H1) of FY21, India exhibited a real GDP loss of 11.4 lakh crore (year-on-
year basis) due to COVID-19.
ii.Recovery of Economy: The economy has recovered in H1 FY22 with a real gain of 8.2 Lakh crore. In Q2 FY22,
the Fast Moving Consumer Goods (FMCG) sector reported top-line year-on-year growth of 11 percent,
while EBITDA (earnings before interest, taxes, depreciation, and amortisation) and Profit after tax (PAT) grew by

About S&P Global Ratings:
President – John Berisford
Headquarters – New York, United States
Parent – S&P Global
ADB Approves $500 Million Loan to Improve Quality of School Education in India
On 2nd December 2021, the Asian Development Bank (ADB) approved a $500 million (Rs 3,752 crore) loan to
the Government of India to improve the quality of India’s school education and mitigate the impact of the
COVID-19 pandemic on student’s ADB’s loan supports the Samagra Shiksha, an Integrated Scheme for School
Education and the new Exemplar School Initiative of the Ministry of Education (MoE).
Features:
i.The loan helps in improving foundational learning for primary students and enhancing secondary education
through science, technology, engineering, the arts, and mathematics (STEAM) and integrated vocational
education.
• The programme supports and expands digital technologies with local digital content in teaching-learning
practices.
ii.The program will strengthen each state’s education management information system to monitor school
performance and promote evidence-based planning.
iii.It also provides professional development for teachers and principals to enhance their pedagogic skills,
subject knowledge, and digital skills.
About Exemplar schools:
i.Exemplar schools will provide quality learning environments that will become a model for replication in other
government schools across India.
ii.About 1,800 government schools were planned to be transformed into exemplar schools in Assam, Gujarat,
Jharkhand, Tamil Nadu, and Uttarakhand.
About Asian Development Bank
Members – Owned by 68 Members (49 from Asian & Pacific Regions)
Paytm Money tie-up with PMS Bazaar and Launches PMS Marketplace for HNI Investors
Paytm Money, the wholly-owned subsidiary of Paytm, has partnered with PMS Bazaar and launched a Portfolio
Management Services (PMS) marketplace for its High Net-worth Individual (HNI) investors.
• PMS Bazaar is a Mumbai-based PMS advisory start-up that devises investment strategies.
Key Points:
i.The PMS will primarily focus on equities, with 95 percent of the funds invested in large, mid and small-cap
companies. In addition to gold, exchange-traded funds and debt are other asset classes.
ii.Under the partnership, an expert from PMS Bazaar will connect with the investor who is requesting PMS on
Paytm Money. They will initiate a discussion, after reaching a consensus on the strategy, a plan will be sent to the
investor.
iii.As PMS Bazaar has already put in place more than 250 strategies, it will support the customers to select the
right PMS strategy based on individual risk appetite and investment goals.
iv.Through the tie-up, the fee income that are arising out of the business proposition will be added to Paytm
Money.
v.Earlier Paytm Money has introduced a feature for users to apply in an Initial Public Offering (IPO) as an HNI
investor.
About PMS:
i.It is a service offered by the Portfolio Manager and it would lead to an investment in stocks, fixed income, debt,
cash, structured products and other individual securities, managed by a portfolio manager to meet specific

investment objectives.
ii.A portfolio manager is a body corporate who will make a contract or arrangement with a client for the
management or administration of a portfolio of securities or the funds of the client on behalf of them.
iii.SEBI has directed the portfolio manager to accept minimum Rs 50 lakhs or securities having a minimum worth
of Rs 50 Lakhs from the client.
About Paytm Money:
Operations Headquarters – Bengaluru, Karnataka
Whole-time Director & CEO – Varun Sridhar
KreditBee, Mswipe Join Hands to Offer ‘Cardless EMI’ at Retail Stores

On 2 December 2021 KreditBee, a Fintech lending platform, partnered with Mswipe to offer fully
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digital ‘cardless EMI’ (Equated Monthly Installment) at leading retail stores.

• Under ‘cardless EMI’, KreditBee offers ‘pay later’ options for purchases of up to 1 Lakh, which can be
converted into EMI in a range of 3 to 12 months
Aim – To expand offline presence and enable purchases of more than Rs 5 crores per month.
Significance:
i.Under the partnership, the customers could shop from around 2 lakh merchant stores associated with Mswipe
along with five lakh retail stores that will partner with KreditBee across India by the end of 2022.
ii.Book Now Pay Later (BNPL) option enables the customers to make instant purchases and helps small
businesses to increase their overall sales.
Note – EMI transactions on Mswipe terminals have increased 3 times in 2021 (compared to 2020), with
merchants enjoying services at affordable rates on POS machines and pay by link.
About KreditBee:
Co-founder & CEO – Madhusudan Ekambaram
About Mswipe Technologies Pvt Ltd:
Founder & Managing Director – Manish Patel
ADB got Rs 15 Crore Grant from JFPR to Improve Urban Primary Health care in India
Asian Development Bank (ADB) has received a grant of around Rs 15 crore (USD 2 million) from the Japan Fund
for Poverty Reduction (JFPR). The fund will be used to enhance urban primary healthcare usage across India.
• Objective: To strengthen the Comprehensive Primary Health Care (CPHC) system in urban areas across
India.
Key Points:
i.The grant is aligned with the a $300 million (Rs 2,249 crore) loan support from ADB to Government of India to
strengthen CPHC under the Pradhan Mantri Atmanirbhar Swasth Bharat Yojana (PM-ASBY), which is recently
renamed to Pradhan Mantri Ayushman Bharat Health Infrastructure Mission (PM-ABHIM).
ii.Key support areas under the fund include capacity building of the national programme management unit under
the Ministry of Health and Family Welfare (MoHFW), selected states and urban local bodies.
iii.The JFPR grant will support activities to strengthen the capacity of project stakeholders to deliver accessible
and quality urban CPHC services for non-communicable diseases and COVID-19.
iv.The fund will support the MoHFW to hold annual national conferences and regional workshops on selected
public health themes.
v.The fund will also promote the increased utilization of urban health and wellness centres (HWCs) and improve
access to comprehensive primary health care in urban areas of 13 states.
Note – Japan established the JFPR fund in May 2000 to provide grants for projects supporting poverty reduction
and related social development activities that can add value to projects financed by ADB.

About Asian Development Bank (ADB):
Members – 68 Members (49 from Asian & Pacific Regions)
DBS Research Revised India’s GDP Growth Forecast in FY23 to 7%

As per the report released by DBS Group Research named, ‘India 2022 Outlook: Shifting to a higher gear’,
India’s GDP (Gross Domestic Product) growth forecast in FY23 was increased to 7 percent year-on-year (y-o-y)
(6.5 percent at the Calendar year 2022 ) from its earlier projection of 6 percent.
• The bank has maintained India’s FY22 (full-year) forecast at 5 percent y-o-y. The 7 percent y-o-y growth
rate in FY23 will be amongst the fastest in its Asia-10 universe.
• It expects India’s current account deficit (CAD) to increase to 1.5 percent (-1.5%) of GDP in FY22 from a 0.9
percent surplus in FY21.
Key Analysis of DBS:
i.The average inflation is likely to be above the 4 percent (the midpoint target) for a third consecutive year in
FY22, with DBS’ forecast at 5.4 percent y-o-y. It expects FY23 inflation to average a firm 4.5 percent y-o-y.
ii.In FY23, the domestic demand recovery will keep the current account deficit wide at -1.6 percent of GDP.
iii.Currency: US Dollar to Indian Rupee (USD/INR) has been stable between 72 and 77 in 2020-2021, it is likely
to remain so in FY23.
iv.The report mentioned RBI’s (Reserve Bank of India) longer-duration 28-day variable rate reverse repo (VRRR)
auctions.
• Recently, RBI outlined measures for a calibrated draining out of surplus liquidity from the banking system
via enhanced longer-duration 28-day VRRR auctions.
iv.The report forecasts a change in the policy stance is within the first half of 2022.
About DBS Group:
CEO – Piyush Gupta
Headquarters – Singapore
Kotak Mahindra MF Launches India’s First Nifty Alpha 50 ETF

Kotak Mahindra Asset Management Company (Kotak Mahindra Mutual Fund) launched India’s first-ever Nifty
Alpha 50 Exchange Traded Fund (ETF) named Kotak Nifty Alpha 50 The New Fund Offer (NFO) will be open for
subscription till 15th December 2021.
Note – Alpha is also referred to as ‘excess return’, which measures the return earned by a stock above or below
demanded by the market for its risk class.
Key Points:
i.Kotak’s Nifty Alpha 50 ETF is an open-ended scheme that will track the performance of 50 stocks listed with the
National Stock Exchange (NSE) with high Alpha’s in the last one year.
ii.The companies are selected from the top 300 companies by average free-float market capitalisation and
average daily turnover for the last six months.
iii.The diversified stocks in the ETF will be based on Kotak’s well-defined strategy which benefits investors for the
long term and becomes a tool to balance investor’s active portfolios.
Features:
1.Since it is a passive fund, it is easy to understand
2.Low cost as compared to actively managed funds
3.Can generate significant Alpha over Nifty 50 and Nifty 100
4.No biases as it tracks an index
5.Suitable for investors seeking long-term capital growth

About Kotak Mahindra Asset Management Company (KMAMC)
KMAMC is a wholly owned subsidiary of Kotak Mahindra bank Limited (KMBL), and is the Asset Manager for
Kotak Mahindra Mutual Fund (KMMF).
Operations started – 1998
Group President & Managing Director – Nilesh Shah
About Kotak Mahindra bank Limited (KMBL)
MD & CEO – Uday Kotak
Tagline – Lets make money simple
India’s ESAF SFB gets Honorable Mention in Best Bank for Women Entrepreneurs: 4 Global SME th
Finance Awards 2021

The 4th Global SME Finance Awards 2021, constituted by the United States (US)-based SME Finance Forum,
conferred Honorable mention in the Best Bank for Women Entrepreneurs category on the Thrissur, Kerala (India)
based ESAF Small Finance Bank (SFB) Limited.
• This acknowledgement is due to the gender equal opportunities provided by SFB through universal financial
access, livelihood and economic development including providing microloans to women in unserved and
underserved households in India.
• ESAF SFB was launched in 2017 and its Managing Director and Chief Executive Officer (CEO) is Kadambelil
Paul Thomas.
About Global SME Finance Awards 2021:
These were Organized by International Finance Corporation (IFC), a member of the World Bank Group, and the
SME Finance Forum and endorsed by the G20’s (Group of Twenty) Global Partnership for Financial
Inclusion (GPFI).
• Initiated in 2018, these awards recognize financial institutions and fintech companies for their outstanding
achievements in delivering services to small and medium enterprises.
G7 Finance Leaders set Guidelines for CBDCs

G7 (Group of Seven) advanced economies’ central banks have been working to set common standards toward
issuing ‘Central Bank Digital Currency’ (CBDC).
• As per the statement of G7, any CBDC issued by a central bank should not harm the bank’s ability to fulfill its
mandate on monetary and financial stability, and also should meet the standards.
What is CBDC?
i.A CBDC is a legal tender that would be issued by the central bank in a digital form. It is exchangeable one-to-one
with fiat currency and it would appear as a liability (currency in circulation) on a central bank’s balance sheet.
ii.A CBDC would complement cash and could act like a liquid, safe settlement asset and an anchor for the
payments system.
G7’s Statement on CBDC:
i.Any CBDC should be grounded in long-standing public commitments to transparency, rule of law and sound
economic governance
ii.The currencies must be issued in a way that does not violate the central banks’ mandates and meet rigorous
standards of privacy, transparency and accountability for the protection of user data.
iii.CBDCs could enhance cross-border payments and minimize harmful spillovers to the international monetary
and financial system. Currently, China has been leading toward issuing a digital currency.
Note – In July 2021, the Reserve Bank of India’s Deputy Governor T. Rabi Sankar stated about the RBI’s plan for
the phased introduction of a CBDC. Click here to know more

About G7
Members – The G7 is an inter-governmental political forum consisting of 7 members (Canada, France, Germany,
Italy, Japan, the United Kingdom and the United States)
2021 Presidency – United Kingdom
PNB Launches Android App for Differently-Abled Employees – ‘PNB Pride-CRMD module’
Punjab National Bank (PNB) launched PNB Pride-CRMD module tool, an android-based application for
differently-abled employees to monitor and effectively follow up with the special mention
account (SMA) borrowers.
• The Pride-CRMD module has built-in TalkBack software that allows the visually impaired to access the
system freely and to interact with customers by tapping on their phones.
• Objective – To promote the rights and welfare of persons with disabilities.
SMA Accounts:
Under SMA accounts, the stressed loans are recognized early to enable banks to initiate timely actions to prevent
such borrowers from converting into Non-Performing Assets (NPAs)
Significance:
i.The module is developed through a participatory model to focus on visually impaired employees in utilizing
their talents within the concept of PNB Yoddha (PNB warriors) and PNB Gaurav (PNB Pride).
ii.The bank plans to make the module compatible with iOS in future.
Note – PNB observed “International Day of Persons with Disabilities (IDPD)” on 3 December 2021.
rd
About Punjab National Bank (PNB)

CEO & Managing Director (MD) – S S Mallikarjuna Rao
Headquarters – New Delhi, Delhi
Tagline – The Name You Can Bank Upon
Paytm Partners with AWS to Offer Startup Toolkits for Entrepreneurs

Paytm, a leading digital ecosystem for consumers and merchants, has partnered with Amazon Web
Services (AWS) to offer Paytm Startup Toolkit with exclusive payment services to early-stage Indian startups.
• Paytm will help entrepreneurs to grow businesses with payment, distribution, and growth solutions who
are operating in India in the AWS Activate.
• Objective – To help startups enhance brand visibility and grow their customer base
About Paytm Startup Toolkit:
i.The Paytm Startup Toolkit is a single-stop platform that offers solutions in the domain of payments, payouts,
banking and distribution with services including,
• Paytm Payment Gateway – Makes digital payments easier.
• Paytm Payouts – It helps in streamlining payments to employees, vendors, distributors and channel
partners
• Paytm Payments Bank – They Include nodal banking that provides digital banking.
ii.The program also provides access to low-cost, quick-to-build Paytm Mini Apps that can be built using Open
Source technologies like HTML and JavaScript.
About Paytm Group:
Aditya Birla Health Insurance Launches Activ Health Essential Plan for Senior Citizens
Aditya Birla Health Insurance Co. Ltd. (ABHICL), the health insurance subsidiary of Aditya Birla Capital Limited
(ABCL) has launched a new affordable health solution plan named ‘Activ Health Essential’ to meet the special
health need of senior citizens.

Key Features of Activ Health Essential:
i.It includes Coverage of mental illness hospitalisation and has an expert health coach to assist the senior citizens
through their health journey.
ii.It provides a reward of up to 50 percent of the premium paid as HealthReturns.
iii.It has cashless coverage for in-patient hospitalization, along with pre-hospitalization medical expenses for 30
days and post-hospitalization medical expenses for 60 days.
iv.It includes coverage for medical treatments like AYUSH (Ayurveda, Yoga, Unani, Siddha and Homeopathy)
cover and other modern treatment methods.
Benefits:
i.The plan offers health solutions such as Day 1 Chronic Management Program coverage i.e. a policyholder will be
covered from Day 1 in case of an existing condition and if it is developed at a later stage, it will be covered at no
additional cost.
ii.Many of the health covers come with a 20 percent mandatory co-pay whereas, in the case of Activ Health
Essential, it can be waived off by choosing to pay an extra premium.
Note – As per the recent study by an NGO, around 26 percent of the elderly population were impacted by some of
the health issues.
About Aditya Birla Health Insurance Co. Ltd. (ABHICL):
It is a joint venture between Aditya Birla Group and MMI Holdings of South Africa.
CEO & Whole Time Director – Mayank Bathwal
J&K Bank Launched Revised Mobile Banking App ‘mPay Delight’ for Public
R K Chhibber, Chairman and Managing Director(CMD) of Jammu & Kashmir(J&K) Bank launched its revised and
refurbished mobile banking app named ‘J&K Bank mPAY – Delight’ for the public.
• The app was initially launched (soft launch) in July 2021.
• The features of the app include Account Details (Deposit and Advances), Fund Transfer, Bill Payments &
Donations, Deposit Details, Credit Card Module, App Settings, Service Requests, Positive Pay System and
Bharat Bill Pay which enables the users to make payment for various utilities like electricity hospitals,
insurance and others.
PayPhi: 1 certified tokenization service for NTS to support tokenization of RuPay cards
st
On the lines of the guidelines issued by Reserve Bank of India (RBI) in September 2021 regarding tokenization of
cards during online transactions, NPCI announced the launch of NPCI Tokenization system (NTS). In this regard,
PayPhi, Phi Commerce’s API (Application programming interface) first digital payments platform, became the first
certified tokenization service for NTS supporting tokenization of RuPay cards.
• Tokenization of cards as an alternate to storing card details with merchants.
What are RBI Guidelines for tokenization?
RBI mandated to store customer’s card information in the form of an encrypted form i.e. Token Reference On
File (TROF) to secure transactions. TROF turns sensitive cardholder data into randomly generated 16 digit
numbers called “token” with no meaningful value, if breached. These tokens then allow payments to be processed
without disclosing any customer details.
• Therefore this mandate disallows businesses, payment aggregators, and acquiring banks from storing
customers’ credit/debit/prepaid card information.
• All stakeholders are required to ensure full compliance with the tokenization framework by December 31,
2021.
How does PayPhi Tokenization service work?
NPCI’s NTS platform enables PayPhi Tokenization service to provide partner merchants and aggregators with
TROF. Thus, instead of the card number, TROF is stored at the merchant/payment gateway end and will be used
in all subsequent transactions thereby adhering to RBI guidelines.

• PayPhi Tokenization service will manage all aspects of tokenization for RuPay cards – from requesting TROF,
to facilitating transactions as well as life cycle management, all can be managed via a single solution.
About National Payments Corporation of India (NPCI):
It is an umbrella organization for operating retail payments and settlement systems in India.
Establishment– 2008
MD & CEO– Dilip Asbe
Number of ATMs in India Stood Over 2.13 Lakh

On 6th December 2021, the Finance Ministry announced that around 2.13 Lakh Automated Teller
Machines (ATMs) have been installed across India by the end of September 2021.
• Out of 2.13 lakh ATMs, 4 percent of ATMs are installed in rural and semi-urban areas.
Key Points:
i.According to the Reserve Bank of India (RBI), scheduled commercial banks have installed 2,13,145 ATMs till
September 2021.
• In addition, 27,837 White Label ATMs (WLA) were also installed.
Target –
i.RBI has directed the WLA operators must deploy a minimum of 1,000 ATMs every year
ii.WLA should maintain a deployment ratio of 1:2:3 for metro and urban, semi-urban and rural regions
respectively.
Note – WLA scheme was introduced as an extended delivery channel for banking services, especially in tier III
and VI centres.
About Automated Teller Machines (ATM)
It is an electronic device that enables customers to withdraw cash , deposit cash, transfer funds, or obtain account
information, at any time.
• The first ATM was launched by Barclays Bank in 1967 in London.
• First ATM in India was introduced by HSBC in 1987
Types of ATM:
Based on location:
On site ATM:
ATMs that are situated either within the branch or in close premises of the branch for customers convenience.
Offsite ATMs:
ATMs will be located outside the bank like shopping malls, railway stations, airports and petrol pumps etc.
Worksite ATM:
ATMs that are located within the premises of an organisation that is only for the employees of that
organization.
Mobile ATM:
These ATMs move to various areas for easy transactions of money for customers convenience. They are also
called ATMs on wheels.
• ICICI BANK was the first private sector bank to start a mobile ATM in India.
Based on operation:
White Label ATM:
i.White Label ATMs(WLAs) are provided by a Non-Banking Financial Company (NBFC) that is set up, owned and
operated by non-bank entities, authorized under the Payment and Settlement Systems Act, 2007, by the RBI.
• Cash in ATMs is provided by the sponsored bank and the ATM machine does not have any branding of the
Bank.
ii.The ATM operators will receive a fee from the banks for the use of ATM resources by the bank’s customers
and does not charge bank’s customers directly.
Role – To enable transactions of all banks customers by establishing technical connectivity with authorized ATM
Network Operators or Card Payment Network Operators.

iii.Tata Communications Payment Solutions Limited (Indicash) is the first company authorized by RBI to
open WLAs in the country.
Note – RBI is directly involved as the WLAs have to separately get license from RBI to run business.
Brown Label ATMs:
i.The private company owns & operates the ATM machine, pays office rent.
ii.The bank which has outsourced this work will provide cash for Brown Label ATMs.
iii.The ATM has the logo of that bank which has outsourced this work.
Note – RBI not directly involved and the banks that outsource the work will have contracts with the companies.
Green Label ATM – The ATM is provided for Agricultural Transaction.
Orange Label ATM – The ATM is provided for Share Transactions.
Yellow Label ATM – This is set up for the purpose of E-commerce.
Pink label ATM – They are accessed only by women for the purpose to avoid women standing in long queues of
ATMs.
Biometric ATM – The ATMs use security features like fingerprint scanner and eye scanner of the customer to
access the bank details.
About Ministry of Finance (MoF):
Union Minister – Nirmala Sitharaman (Constituency – Karnataka)
Minister of State – Pankaj Chaudhary (Constituency – Maharajganj, Uttar Pradesh), Bhagwat Kishanrao Karad
(Constituency – Maharashtra)
Shivalik SFB & Indiagold partner to Launch India’s 1st Loan Against ‘Digital Gold’
On 6 December 2021, Shivalik Small Finance Bank (SSFB) signed a partnership agreement with fintech
firm, Indiagold to launch India’s first Loan against Digital Gold.
Objective:
To provide access to secure and affordable credit to the customers looking for quick liquidity against their gold
assets.
Key points:
i.This agreement will enable customers to use their digital gold balance to avail instant and digital loans upto Rs.
60,000 and also seamlessly access gold loans starting at a monthly interest of just 1%.
ii.The customers of SSFB can access credit against their gold assets virtually with zero processing charges.
iii.Customers can avail gold loans using the ‘Indiagold app’. They have to verify the account by linking Aadhar
and your photo etc. The gold loan agreement will also be signed digitally.
iv.On repayment of the loan, customers will have an option to either renew the loan or get their gold home
delivered
About Shivalik Small Finance Bank (SSFB):
MD & CEO- Suveer Kumar Gupta
Headquarters- Noida, Uttar Pradesh
ICICI Bank Partners with Flipkart to Offer Instant Overdraft Facility

On 7 December 2021, ICICI Bank partnered with Flipkart, an e-commerce platform, to offer an instant and
th
digital overdraft (OD) facility of up to 25 lakh to individual sellers and businesses registered on Flipkart.
• The OD is renewable on an annual basis, depending on the repayment track records of the seller
Key Highlights:
i.The OD Facility is enabled by Application Programming Interface (API) and the process from application to
sanction to disbursement is completely digital.
ii.Sellers having a current account with ICICI Bank can immediately avail OD and Customers of any bank can
also avail of ODs from ICICI Bank if they are registered as sellers with Flipkart.
Benefits:
i.Sellers get instant OD through Flipkart Seller Hub, an online portal for Flipkart sellers,which is completely
digital.

ii.ICICI Bank evaluates sellers instantly on the basis of their Credit Bureau score and their transaction
history on Flipkart
iii.The approved OD amount is instantly sanctioned and disbursed into the seller’s current account
iv.Interest is payable only on the amount of OD utilised by sellers
About ICICI Bank
MD & CEO – Sandeep Bakhshi
Establishment – 1955 (Incorporated in 1994)
Tagline – Hum hai na, Khayal Apka
SBI Selected Intellect Wealth Qube for its Digital Wealth Transformation
State Bank of India(SBI) has selected Intellect Design Arena Limited (Intellect Design)‘s Intellect Wealth Qube, a
Digital Wealth Management suite, for its digital wealth management transformation agenda.
• SBI chose Intellect’s digital wealth, contextual and composable platform to accelerate business expansion
and improve operational efficiencies through Straight-through Processing (STP).
• Intellect Design is a cloud-native, multi-product FinTech company for the world’s leading financial and
insurance clients.
• Wealth Qube is an Application Programming Interface(API)-based, scalable omnichannel solution for private
banks, wealth management firms, advisory firms and broker-dealers.
MeitY organized ‘Digital Payment Utsav’ in New Delhi; Yes Bank launched RuPay-branded Credit
Card on Payment Platform
On December 5, 2021, the Ministry of Electronics and Information Technology (MeitY) organized ‘Digital Payment
Utsav’ at the India Habitat Centre in New Delhi, Delhi as a part of the week-long ‘Azadi Ka Digital Mahotsav’
(November 29 – December 5, 2021). It was attended by Union Minister Ashwini Vaishnaw, Ministry of
Electronics and Information Technology (MeitY); and MoS Rajeev Chandrasekhar, MeitY, among others.
• The day/utsav acknowledged the rise of digital payments in India by bringing together leaders from the
Government, Banking, financial services and insurance (BFSI), and startups.
• Notably, the total digital transaction volume has increased from Rs 2,071 crore in FY2018 to Rs 5,551
crore in FY2021.
New Launches during Event:
During the utsav, the Union Minister launched various initiatives viz. unveiling of the DIGIDHAN logo, launch of
an awareness campaign called Digital Payments Sandesh Yatra with digital payments anthem titled ‘Chutki
Baja ke’ (cashless, touchless, paperless), an Awards ceremony for banks and fintechs namely ‘Digidhan
Awards’ for their achievements and promotion of digital payments in FY 2019-20 and FY 2020-21.
Launch of Innovative Solutions:
Payments On the Go: City Union Bank (CUB) launched Rupay-on-the-Go.
Inclusive Credit for All: India Post Payments Bank (IPPB), Punjab National Bank (PNB), Kotak Bank, YES Bank,
Indian Overseas Bank (IOB), ICICI (Industrial Credit and Investment Corporation of India) Bank, Indian Bank,
Bank of Maharashtra (BoM), and City Union Bank (CUB) launched Contactless Credit cards on the RuPay
network.
Empowering Small Merchants: Union Bank announced an android-based SOFTPOS mobile app for Point of
Sales (PoS), which will further the cause of digital payment adoption.
Yes Bank launches RuPay-branded Credit Card on Payment Platform in partnership with NPCI
The Yes Bank joined hands with National Payments Corporation of India (NPCI) to launch RuPay-branded credit
card on Payment Platform to enhance the scope of purchase for its customers.
• The announcement for the same was made during the Digital Payments Utsav at New Delhi in the presence
of This card is a variant of YES Prosperity Rewards Plus credit card developed for the Bank’s YES
Prosperity segment.
• It should be noted that RuPay card payment network is developed by NPCI.

How will this card be beneficial for customers?
It offers multiple benefits for customers viz. rewards points that mount up with every purchase on the Card, fuel
surcharge waiver, accelerated rewards points on YES Cart and merchant offers enabled by the Bank in
collaboration with NPCI.
• It also offers special deals for Yes Bank Credit card holders across various merchant categories to increase
their savings.
Other events:
i.Various cultural activities were held during the event along with flash Mob, Sand Artist performance, and 40
varied stalls by banks & fintechs.
ii.MeitY also recognised the contribution of four payment system aggregators for onboarding street vendors
under the PM SVANidhi (Prime Minister Street Vendor’s AtmaNirbhar Nidhi) Scheme.
Other Participants:
Ajay Sawhney, Secretary, MeitY; Debjani Ghosh, President, NASSCOM (National Association of Software and
Service Companies), among others
About Yes Bank:
Managing Director & CEO– Prashant Kumar
Tagline– Experience Our Expertise
KVGB signs MoU with Liberty General to Boost Insurance Penetration

Karnataka Vikas Grameena Bank (KVGB), a Regional Rural Bank (RRB) signed a Memorandum of
Understanding (MoU) with Liberty General Insurance to sell general insurance products through the 629
branches of KVGB. It will boost insurance penetration in Karnataka.
Key points:
i.Under the agreement,the company will provide a variety of general health insurance products to the customers
at affordable cost.
ii.KVGB enhanced its portfolio to serve the diverse financial needs of its customers.
About Regional Rural Bank (RRB):
i.RRBs are financial institutions which ensure adequate credit for agriculture and other rural sectors.
ii.Regional Rural Banks were set up on the basis of the recommendations of the Narasimham Working Group
(1975), and after the legislation of the Regional Rural Banks Act, 1976.
• The first Regional Rural Bank “Prathama Grameen Bank” was set up on 2nd October, 1975.
iii.Stakeholders: The equity of a RRB is held by the Central Government, concerned State Government and the
Sponsor Bank in the share proportion of 50%, 15% & 35% respectively.
About Karnataka Vikas Grameena Bank (KVGB):
Chairman – P Gopi Krishna
Headquartered-Dharwad, Karnataka
About Liberty General Insurance:
CEO-Roopam Asthana
Headquarters-Mumbai, Maharashtra
Founded- 2013
Fitch Ratings cuts India’s FY22 GDP Growth Forecast to 8.4%

On 8th December 2021, Fitch Ratings slashed India’s economic growth forecast in financial year 2021-22 (FY22)
to 8.4 percent and raised the growth projection to 10.3 percent for FY23, compared October, 2021 ratings
projections of 8.7 percent (FY22) and 10 percent (FY23).
Key Highlights:
i.In the December report, India’s GDP grew 11.4 percent in the Q2 FY22 over April-June quarter of FY22 on a
seasonally adjusted basis.
• Economy has contracted 4 percent in the April-June quarter in FY22 over the fourth quarter of FY21.

ii.Indian economy had contracted by 7.3 percent in FY21 due to COVID-19.
iii.The rating agency has expected the headline inflation to average 4.9 percent in 2022 and 4.2
percent in 2023, from 5 percent in 2021
Note – In India, less than one-third of the population is fully vaccinated and the new Omicron variant poses a
new risk to the recovery.
About Fitch Ratings:
President – Ian Linnell
Aviva Life Insurance launches Life Insurance Plan Nivesh Bima

Aviva Life Insurance, a private insurance company, has launched Aviva Nivesh Bima, a non-linked, non-
participating, individual savings life insurance plan providing guaranteed money back at every 5th policy year, in
addition to a lump sum payout at maturity.
• It also offers features such as fixed benefit pay-out on maturity or death, limited premium paying term, and
an option to enhance the coverage through an add-on accidental death benefit, along with tax benefits.
Key Points:
i.The minimum annualized premium is Rs 25,000 and a maximum is Rs 1,00,00,000.
ii.It offers annual, Semi-Annual and Monthly modes for paying premiums.
iii.While Aviva Nivesh Bima offers coverage tenures up to 20 years, policyholders are required to pay the
premium only for a limited period.
• The premium paying term is 5 years less than the policy term.
About Aviva Life Insurance:
Chief Executive Officer and Managing Director– Amit Malik
Headquarter– Gurugram, Haryana
BoM, NPCI tie up to launch RuPay Credit Card

Bank of Maharashtra (BoM) has tied up with the National Payments Corporation of India (NPCI) to launch
its 1st credit card on card payment network RuPay, named ‘BOM Platinum RuPay Contactless Credit Card’.
The benefits of the credit card include reward points for every Rs 100 spent, fuel surcharge and the card also has
card liability cover wherein customers will have zero liability post reporting of fraud. The card will also be
protected against card counterfeiting, card skimming and other online frauds under the liability cover.
ADB approves USD350mn loan to Improve Urban Services in India

On December 9, 2021, the Asian Development Bank (ADB) approved ~Rs.2653.05 crore (USD 350 million(mn))
policy-based loan to improve urban services in India. This loan supports the policies formulated by the Ministry of
Housing and Urban Affairs (MoHUA) to benefit the urban poor, economically weaker section and low-income
groups.
How will this loan be utilized?
ADB will help MoHUA to select low-income states and urban local bodies to implement its policy reforms viz.
universal coverage of piped water supply and improved sanitation under the Atal Mission for Rejuvenation and
Urban Transformation (AMRUT) 2.0, to provide affordable housing to all under Pradhan Mantri Awas Yojana
(PMAY).
• ADB will also provide knowledge and advisory support to MoHUA in program implementation, monitoring
and evaluation.
• ADB will also provide recommendations on cross-cutting issues like climate change, environmental and
social safeguards assessment, and gender equality and social inclusion.
Points to be noted:
India’s current estimated urban population is 460 million which is second-largest in the world and is projected to
reach nearly 600 million by 2030. It is growing at an annual rate of over 2%.

About Asian Development Bank (ADB)
Headquarters– Manila, Philippines
President– Masatsugu Asakawa
Members Countries– 68
Bank of Baroda signs MoU with Centrum Housing Finance for Housing Loans
On 9 November 2021, Bank of Baroda (BoB) signed a Memorandum of Understanding (MoU) with Centrum
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Housing Finance Limited (CHFL) for sourcing and financing housing loan borrowers under Co-Lending
Model (CLM) mechanism.
Signatories – Harshadkumar T. Solanki, General Manager, Mortgage and Other Retail Assets, Bank of Baroda, and
Sanjay Shukla, MD & CEO of CHFL.
Key Highlights:
i.CHFL is one of the leading housing finance companies that provides long-term housing finance.
ii.The Bank will penetrate deep into the markets of tier 2 & tier 3 cities at very competitive interest rates.
iii.Bank extends upto of Rs.1000 crore as Housing finance in one financial year.
About Centrum Housing Finance Limited (CHFL):
MD & CEO – Sanjay Shukla
Headoffice – Mumbai, Maharashtra
About Bank of Baroda (BoB):
Managing Director (MD) & CEO – Sanjiv Chadha
Headquarters – Vadodara, Gujarat
Amalgamated Banks – Dena Bank & Vijaya Bank in 2019
Federal Bank entered into Bancassurance Partnership with Star Health Insurance
In December 2021, Federal Bank entered into a Bancassurance partnership with Star Health and Allied Insurance
Co Ltd as a corporate agent to provide health insurance products for the Bank’s 8.90 million customers across
India.
Key Points:
The Bank’s customers can avail benefits of Star Health’s retail products and group affinity products through the
bank’s various distribution channels which help the customers to address their complete financial needs under
one roof.
Bancassurance – It is a partnership between a bank and an insurance company that would enable them to offer
insurance products to the bank’s customers.
About Federal Bank:
Establishment – April 23, 1931
Managing Director & CEO – Shyam Srinivasan
About Star Health and Allied Insurance:
Chairman & CEO – V. Jagannathan
Head Office – Chennai, Tamil Nadu
Karnataka Bank gets 2 DigiDhan Awards by MeitY for Highest BHIM-UPI Transactions
Karnataka Bank has been conferred with two DigiDhan awards instituted by the Union Ministry of Electronics and
Information Technology (MeitY). The awards were given during Digital payment Utsav in New Delhi. Click here
to read about Utsav
• The award recognized banks for achieving the target with the highest percentage in BHIM-UPI transactions
under the private sector bank category consecutively for two years 2019-20 and 2020-21.

• Union Minister Ashwini Vaishnaw, MeitY and Minister of State (MoS) Rajeev Chandrasekhar, MeitY
presented the award to bank’s General Manager Raja BS and Deputy GM Jagadeesh KS.
LIC got Approval from RBI to hike stake up to 9.99% in IndusInd Bank
In December 2021, Life Insurance Corporation of India (LIC) has received approval from the RBI (Reserve Bank
of India ) to increase its stake to 9.99 per cent in IndusInd Bank of the total issued and paid-up capital of the
private sector lender.
• The approval will be valid for 1 year i.e. up to December 8, 2022. At present, LIC holds a 4.95 percent stake in
the IndusInd Bank.
Key Points:
i.The approval is subjected to compliance with the provisions of – (i) the Master Direction on ‘Prior approval for
the acquisition of shares or voting rights in private sector banks’ dated November 19, 2015, (ii) Master
Direction on ‘Ownership in private sector banks’ dated May 12, 2016, (iii) regulations issued by the Securities
and Exchange Board of India (SEBI), and (iv) the Foreign Exchange Management Act, 1999.
ii.As per the norms of RBI under Master Direction on ‘Prior approval for the acquisition of shares or voting rights
in private sector banks’, every person/entity who intends to make an acquisition in private banks of more than 5
percent stake, has to take prior approval from RBI.
Note – Recently, LIC had also received a similar kind of approval from RBI to increase its stake in Kotak Mahindra
Bank to 9.99 percent.
About IndusInd Bank:
MD&CEO – Sumant Kathpalia
Tagline – We Make You Feel Richer
IPPB and NPCI Bharat BillPay Limited collaborated for Doorstep Bill Payments Service
On December 10, 2021, India Post Payments Bank (IPPB) partnered with NPCI Bharat BillPay Limited (NBBL) to
facilitate pan India doorstep bill payments service for IPPB and non-IPPB customers.
• NBBL is a wholly-owned subsidiary of National Payments Corporation of India (NPCI).
• The platform enables customers to pay bills for various utilities and other recurring services.
Key Points:
i.The aim of this partnership is to provide access to payment solutions to unbanked and underserved customers
in remote locations at their doorstep.
ii.Customers will now be able to conveniently pay their recurring from homes as well as by visiting their nearest
post office
iii.With this upgrade, over 20,000+ billers that are on Bharat Bill Payment System (BBPS) will be available to
customers of various banks and IPPB.
iv.Some of the new features of the upgraded version of Bharat BillPay are to pay any recurring bills through cash
mode; Updated transaction history with maximum details; Raise/track complaints online for bill payment
transactions, among others.
About NPCI Bharat BillPay Ltd (NBBL):
Chief Executive Officer (CEO)– Noopur Chaturvedi
Kotak General Insurance partners Vasai Vikas Sahakari Bank to offer Insurance Solutions
Kotak Mahindra General Insurance Company Ltd (Kotak General Insurance), the wholly-owned subsidiary of
Kotak Mahindra Bank Ltd, and Vasai Vikas Sahakari Bank Ltd has entered into a partnership to provide the
bank’s customers access to a range of insurance solutions.
• Under this agreement, Vasai Vikas Sahakari Bank Ltd. will offer Kotak General Insurance’s comprehensive
suite of general and health insurance products to its customers across its network of 21 branches.

• The insurance products will mitigate the risks and secure the assets and health of the customers.
Note – India is one of the countries with the lowest General Insurance penetration.
About Kotak Mahindra General Insurance Company Ltd
MD & CEO – Suresh Agarwal
About Vasai Vikas Sahakari Bank:
Establishment – October 1984 (Commenced Operation)
CEO – Dilip Sant
Headquarter – Palghar, Maharashtra
India’s recovery projected to be higher than other BRICS Nations: BRICS Economic Bulletin 2021
On December 10, 2021, the Reserve Bank of India (RBI) has released the 2nd edition of BRICS Economic Bulletin
2021 which is prepared by the BRICS (Brazil, Russia, India, China, and South Africa) Contingent Reserve
Arrangement (CRA) Research Group with members from BRICS central banks.
• The CRA Research Group is responsible to enhance research, economic analysis and surveillance capacity of
the BRICS.
• This bulletin has addressed the theme of ‘Navigating the Ongoing Pandemic: The BRICS Experience of
Resilience and Recovery’.
• It has covered various factors like economic recovery and its divergences, inflation risks, external sector
performances, financial sector vulnerabilities and other macroeconomic risks.
Key Highlights:
i.As per the Bulletin India’s recovery is projected to be higher than other BRICS nations.
ii.COVID-19 health crisis has led to a global economic crisis where India, Brazil and Russia are in the top five
countries in the world in terms of infections.
iii.In 2020, all BRICS nations except China recorded a contraction in economic growth but started showing signs
of recovery since the second half of 2020.
iii.Due to loose monetary policy, the fiscal deficit increased from 4.7% in 2019 to 9.8% in 2020 for emerging
market economies.
• It was more than doubled for Brazil and India from 2019 levels.
iv.The RBI has projected real GDP (Gross Domestic Product) growth at 9.5% for fiscal year 2022.
Click here for Official Bulletin
PM Modi Addressed Depositors in a Bank Deposit Insurance Programme

On December 12, 2021, Prime Minister Narendra Modi chaired a bank deposit insurance programme
titled ‘Depositors First: Guaranteed Time-bound Deposit Insurance Payment up to Rs 5 Lakh’ in Delhi and
addressed depositors.
• Deposit insurance – It covers all deposits such as savings, fixed, current, recurring deposits, etc. in all
commercial banks, functioning in India. Deposits in State, Central and Primary cooperative banks,
functioning in States/Union Territories are also will be covered under it.
Hike in refundable deposit amount:
i.Earlier the depositors were provided with a provision to get only the amount up to Rs 50,000 out of the amount
deposited in the bank (after Liquidation of the bank).
ii.Later the amount was raised to Rs 1 lakh and there was no time limit on when the money would be repaid to
the customers.
iii.In July 2021, through the amendment to the Deposit Insurance and Credit Guarantee Corporation (DICGC) Act,
1961 the government has increased the amount that could be accessed by account holders from Rs 1 lakh to Rs 5
lakh and the time limit of 90 days i.e. 3 months was fixed to refund funds by a bank which is coming under
Moratorium imposed by Reserve Bank of India (RBI).

Key Points:
i.After the hike of the refundable deposit amount to Rs 5 lakh, the number of fully protected accounts at the end of
FY21 was constituted 98.1 percent of the total number of accounts, as against the international benchmark of 80
percent.
ii.Recently, the DICGC released the first tranche of interim payments, against claims received from depositors of
16 Urban Cooperative Banks which are under restrictions by RBI.
iii.Payout of over Rs 1300 crore has been made to alternate bank accounts of over 1 lakh depositors against their
claims.
iv.Union Minister of Parliamentary Affairs, Pralhad Joshi, has stated that about a total of 77,819 depositors of 3
inactive urban cooperative banks (UCBs) will be paid deposit insurance up to Rs 5 lakh under the newly expanded
scheme of the Deposit Insurance and Credit Guarantee Corporation
Participants: Union Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das also participated in
the programme.
Current Generation Students could lose 14% of Global GDP due to COVID-19 induced School
Closures: World Bank Report
As per the report of the World Bank (WB), titled, ‘The State of the Global Education Crisis: A Path to
Recovery’, the present generation of students risks losing USD 17 trillion (higher than the 2020 estimation of
USD 10 trillion) in lifetime earnings in present value, or about 14 percent of today’s global GDP (Gross Domestic
Product) due to COVID-19-related school closures.
• The report was prepared by WB in collaboration with UNESCO (United Nations Educational, Scientific and
Cultural Organization) and UNICEF (United Nations Children’s Fund).
• In low- and middle-income countries, the share of children living in Learning Poverty (which is already over
50 percent before the COVID-19) has increased up to 70 percent, given the long school closures and the
varying quality and effectiveness of remote learning.
Key Points of the Report:
i.COVID-19 has brought education systems across the world to a halt, with school closures affecting more than 1.6
billion learners.
ii.The increase of learning poverty might have a greater impact on future productivity, earnings, and wellbeing for
this generation of children and youth, their families and the world’s economies.
iii.More than 370 million children globally missed out on school meals during school closures, losing what is for
some children the only reliable source of food and daily nutrition.
iv.Primary and secondary students in Sao Paulo (Brazil) learned only 28 percent of what they would have in face-
to-face classes and the risk of dropout increased more than threefold.
v.In rural Karnataka, the share of grade 3 children in government schools able to perform simple subtraction fell
from 24 percent in 2018 to only 16 percent in 2020.
vi.More than 200 million learners live in low and lower-middle income countries that are unprepared to deploy
remote learning during emergency school closures.
• As education systems changes to remote learning, many moved quickly to deploy multi-modal strategies like
online, TV, and radio education, as well as print materials and instant messaging.
vii.To date, less than 3 percent of governments’ stimulus packages have been allocated to education; in low- and
lower-middle-income countries, the share is less than 1 percent.
About World Bank:
Establishment – 1944 (at the Bretton Woods Conference, along with the International Monetary Fund (IMF))
Headquarters – Washington, D.C., United States
President – David Malpass (13th President)
Member countries – 189

NABARD Projects 12% increase in Assam’s Credit Potential to INR 36,292 Cr for FY23
The National Bank for Agriculture and Rural Development (NABARD) projected a 12% increase in credit
potential of Assam to INR 36,292 crore for the 2022-23 financial year (FY).
• The amount will be used as a base for preparation of the annual credit plan for priority sector lending (PSL)
for FY23.
Key points:
i.According to a report titled State Focus Paper for 2022-23 released by the NABARD, around 52% of the total
projected credit potential is estimated for the agriculture and allied activities, and 36% for the MSME
(Micro,Small and Medium Enterprises) sector
• The State Focus Paper for 2022-23 focuses on the priority sectors to ensure integrated and sustainable rural
prosperity.
ii.In absolute terms, a credit potential of INR 18,755 crore is projected for agriculture and allied sectors INR
12,952 crore for MSME and INR 3,197 crore for housing, educational and other sectors.
iii.It will boost productivity by reforms in agriculture post-harvest management, collectivisation of agricultural
produce, value addition and organizing cultivators through Farmer Producers’ Organizations (FPOs).
About National Bank for Agriculture and Rural Development (NABARD):
Chairman- G.R Chintala
Founded-12 July 1982
Bajaj Allianz General Insurance Launched ‘#Care4Hockey’ Campaign; Rani Rampal Face of the
Campaign
Bajaj Allianz General Insurance, a leading private general insurer in India has launched its ‘#Care4Hockey’
Campaign to elevate field Hockey’s recognition in India. The company has partnered with Padma Shri
(2020) Rani Rampal, Indian Women’s Hockey Team Captain, who will be the face of the campaign.
• ‘#Care4Hockey’ is a one of its kind campaign which aims to support the development of Hockey in India from
the grass-root level.
DBS Bank India Won Two Awards at ET BFSI Excellence Awards 2021
DBS Bank India was awarded at the ET BFSI Excellence Awards 2021.The bank has won two awards – for
the ‘DBS Rapid (Real-time API)’ solution in the ‘Innovative API/Open Banking model‘ category and for
‘Intelligent Banking’ in the ‘Best Digital Customer Experience initiative’ category.
• The award is an initiative of The Economic Times, ET BFSI Excellence Awards, and honours the best
innovations & practices implemented by the Banking Financial Services & Insurances (BFSI) industry in a
dynamic and competitive environment.
Key points:
i.The bank has designed a real-time, digital payments solution for Transport Corporation of India Limited (TCI). It
allows TCI to make real-time advance payments to the transport owners enabling them to withdraw cash from
any ATMs.
ii.DBS RAPID is a digital solution that leverages DBS’ Application Programming Interface (API) capabilities.
iii.DBS is the first bank to offer paperless onboarding for mutual fund investments from multiple fund houses.
iv.The bank offers ‘Travel Now’, a one-stop travel marketplace within the digibank app for small and medium
businesses.
What is intelligent banking?
Intelligent Banking is an AI-powered smart money management feature that helps consumers with predictive
insights about their spending patterns and recommendations on monthly budget requirements.
Other partnership:
i.In 2021, the bank partnered with ODeX to introduce ODeX Pay Later Solutions powered by DBS- a hassle-free
credit solution for freight forwarders.

ii.DBS has also launched real-time online tracking for cross-border collections for businesses in India in
partnership with SWIFT Global Payments Innovation (GPI).
About DBS Bank India:
MD & CEO – Surojit Shome
BoB Launches Wearable Payment Solution – bob World Wave

Bank of Baroda (BOB) in partnership with National Payments Corporations of India (NPCI) launched bob World
Wave, a wearable line of products for payments, integrated with a complete health ecosystem.
• A bob World Wave wearable device will allow customers to monitor their Saturation of Peripheral
Oxygen (SpO2), body temperature, heart rate and blood pressure.
About bob World Wave:
i.The device will provide contactless payments of up to Rs. 5,000 in all Near-Field Communication (NFC) enabled
Point of Sale (PoS) devices and also enable payments above Rs 5000 using the PIN.
• It is anticipated that 10 percent of the small ticket payments will be made through wearable devices, in the
next 2 years.
iii.The Bob wave world line of products will be priced between Rs. 100 and Rs. 5,000.
Benefits from BoB:
i.BOB will provide a 3-months free wellness package along with a personal health coach, doctor tele-consultation
and interactive video coaching.
ii.BOB will also provide a dummy plastic card, with the same card number printed as that of the wearable device
along with expiry date and Card Verification Value (CVV) to enable customers to do e-commerce transactions at
ease.
CEO & Managing Director (MD) – Sanjiv Chadha
Headquarter – Vadodara, Gujarat
Tagline – ‘India’s International Bank’
In a first three-way amalgamation, Vijaya Bank and Dena Bank were merged with Bank of Baroda from April 1,
2019
In 2012, NPCI launched ‘RuPay’ – an Indian Multinational Payment System
CEO & Managing Director (MD) – Dilip Asbe
LIC Introduced Individual Savings Life Insurance Plan – ‘Dhan Rekha’

On December 13, 2021, the Life Insurance Corporation of India (LIC) has introduced a new Non -Linked, Non-
Participating, Individual Savings Life Insurance Plan named ‘Dhan Rekha’.
• The plan will offer special premium rates for female lives and it is also allowed for the third gender.
• The minimum sum assured under this plan is Rs 2 lakh and there is no limit for the maximum sum assured.
• The minimum age at entry ranges from 90 days to 8 years and the maximum age at entry ranges from 35
years to 65 years based on the chosen policy term.
• A percentage of the basic sum under the plan will be assured as a survival benefit at regular intervals
starting from the end of the premium paying term (only when the policy is in force).
• The plan will also take care of liquidity needs through a loan facility. Optional riders are available under this
plan on payment of additional premium (with certain conditions).
About Life Insurance Corporation of India (LIC):
Chairperson – M R Kumar

SBI Cards launches Fitness-Focused Credit Card – ‘SBI Card PULSE’
On 14th December 2021, SBI Card, India’s largest pure-play credit card issuer, launched the first-of-its-
kind fitness & wellness-focused credit card – ‘SBI Card PULSE’.
• The Card is designed with unique features and benefits to complement cardholder’s with benefits
towards health and wellness.
Highlights:
i.The SBI Cards provides an annual membership fee of Rs.1,499 that has been launched on Visa Signature
platform.
• The renewal fee waiver is applicable on achieving annual spending of Rs.2 lakh within the card
membership year.
ii.SBI Card PULSE credit card provides Noise ColorFit Pulse Smartwatch worth Rs.4,999 as a welcome gift on
payment of the joining fee.
Joining benefits:
i.The customers can avail unlimited online fitness sessions of workouts including Yoga, Dance, Cardio, Pilates
and more.
ii.A Complimentary 1 year membership of Fitpass Pro, includes:
• FITPASS Membership allows access to a network of more than 4,000 gyms and fitness centers across India.
About SBI Cards:
SBI Card was launched by State Bank of India (SBI) and GE Capital which is incorporated as SBI Cards and
Payment Services Private Limited (SBICPSL)
Chairman – Dinesh Kumar Khara
Headquarters – Gurgaon, Haryana
Axis Bank Tie up with Swift to Provide Digital Banking Solution

Axis Bank is working with new digital services from provider Swift to provide a comprehensive digital solution
to clients. The bank is integrating with different digitisation initiatives by government bodies and service
providers to extend an end-to-end service to business clients.
Key Points:
i.Axis bank’s B2B (business-to-business) digitisation efforts are being supported by Swift, a cooperative of global
banks that acts as an intermediary between banks and sets standards.
ii.Digitising Bank Guarantee: Swift has partnered with Stock Holding Corporation of India, which in turn has
partnered with 22 states, for e-stamping of documents. Through this digital initiative, the bank guarantee process
would be completed within a few minutes which at present, takes 2 to 3 weeks.
iii.Swift is also supporting the private lender to digitise application forms for payment through Asian Clearing
Union and other legal forms, which are required under the Foreign Exchange Management Act.
iv.Swift is also working with the bank to test out the new environment for cross-border payments (ISO 20022).
• The new environment will be an open standard to allow banks to automate the processes in cross-border
transactions and provide them rich data in a structured form that can be paid directly into the bank’s
systems.
About Axis Bank:
MD & CEO – Amitabh Chaudhry
Tagline – Badhti Ka Naam Zindagi
Equitas SFB, Cholamandalam MS Partners to Launch Women-centric Health Insurance Policy – Chola
Sarva Shakti
On 13 December 2021 Equitas Small Finance Bank (SFB) partnered with Cholamandalam MS General
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Insurance to launch Chola Sarva Shakti, a women-centric health insurance policy to secure women against

health conditions.
Aim – To empower Indian women with good health and finances.
Key Highlights:
i.Women are more vulnerable to illness related to heart, gestation, reproduction, cancer and even hypertension
and depression when compared to men. Citing a survey.Only 39 percent of 1,009 women have health cover.
Benefits:
i.The policy includes insurance for personal accidents or any health crisis, health indemnity and maternity cover,
support for child’s education.
ii.Equated Monthly Rate (EMI) benefits are provided for employees who are terminated or in temporary
suspension due to health problems.
About Cholamandalam MS General Insurance
Managing Director (MD) – V Suryanarayanan
Headquarters – chennai, Tamil Nadu
About Equitas Small Finance Bank (SFB):
CEO & Managing Director – Vasudevan Pathangi Narasimhan
Headquarters – Chennai, Tamil Nadu
ADB Trims Developing Asia’s Growth Forecasts over Omicron Risks

In its Asian Development Outlook Supplement Report of December 2021, the Asian Development Bank (ADB) has
trimmed the growth forecasts for developing Asia for 2021-2022 to reflect the economic impact and
uncertainty caused by the new Omicron COVID -19 variant.
• ADB marks the 2021 Gross Domestic Product (GDP) growth projection of developing Asia to 7 percent,
down from its earlier projection of 7.1 percent (September 2021), and 2022 growth to 5.3 percent, down
from 5.4 percent.
ADB’s Growth Forecast:
i.India: The ADB trimmed its 2021 growth forecast for India to 9.7 percent from the 10 percent but left the 2022
growth forecast unchanged at 7.5 percent.
ii.South Asia: ADB cuts South Asia’s growth forecast to 8.6% for 2021, while the forecast for 2022 is maintained
at 7.0%
iii.South East Asia: The growth forecast for its subregion was reduced to 3.0 percent for 2021 from 3.1 percent,
but it raised its 2021 growth projection for the subregion to 5.1 percent from 5.0 percent
iii.Central Asia: Central Asia’s growth prospects are substantially upgraded from 4.1 percent to 4.7percent for
2021 and then from 4.2 percent to 4.4 percent for 2022.
iv.Pacific: The Pacific is still forecast to contract by 0.6 percent in 2021, then grow by 4.7 percent in 2022.
v.China: The ADB projects China’s economy to grow 8.0 percent in 2021, slightly weaker than its 8.1 percent in
September 2021, and to 5.3 percent in 2022 which is down from its earlier projection of 5.5 percent.
Inflation: The inflation forecast of developing Asia was revised to 2.1 percent for 2021 and unchanged at 2.7
percent for 2022.
Key Highlights:
i.COVID-19 has been reduced in developing Asia, but the infection has taken its new variant Omicron, which takes
time for the economy to recover.
ii.Most of developing Asia’s subregions grow slower than predictions by ADB in 2021, due in part to weak
recovery in China.
Vaccination Trend: Vaccination rates have increased across developing Asia recently where nearly half of the
population is fully protected against Covid-19 at the end of November 2021, compared to August 2021.
About Omicron:
i.The Omicron was first detected in October 2021 in southern Africa and Hong Kong, China and now more than
60 countries have been affected.

ii.Omicron is more transmissible than earlier variants and the economic impact could be higher.
Established – 19th December 1966
Member Countries – 68 members (49 from Asia and Pacific regions)
SMALLCAP World Fund Increased its Stake in IIFL Finance to 5.1863%

SMALLCAP World Fund, Inc., has increased its stake in IIFL Finance Limited, a leading finance & investment
services company in India from 4.2473% to 5.1863% through the open market.
The acquisition of about 35.61 lakh shares at Rs 300 apiece, translating into a deal value of Rs 106.85 crore was
made on 9th December 2021.
Key Points:
i.In September 2021, SMALLCAP had a 1.61% stake in IIFL Finance, which had loan assets under management of
Rs 44249 crore.
ii.In September 2021, the promoter and promoter group had a 24.93% stake in IIFL and the Public had a 75.07%
stake in IIFL Finance.
Fairfax divested a 3.2% stake in IIFL Finance
Fairfax Group, backed by Prem Watsa, an Indian-Canadian billionaire, has divested a 3.2% stake in IIFL Finance
for Rs 365 crore through an open market transaction.
• Hamblin Watsa Investment Counsel (HWIC) Asia Fund, an affiliate of Fairfax Financial Holding sold
12,165,000 shares of IIFL Finance, amounting to a 3.2% stake.
• The shares were sold at Rs 300.04 apiece, valuing the transaction size at Rs 365 crore.
About IIFL Finance Limited:
IIFL Finance Limited was formerly known as IIFL Holdings Limited.
Chairman– Nirmal Jain
Managing Director– Venkataraman Rajamani
India & Uzbekistan Pushes Cooperation to Boost Economic Ties

Uzbekistan’s Deputy Prime Minister & Minister of Investments and Foreign Trade – Sardor Umurzakov & Indian
Envoy, Manish Prabhat took part in a meeting, where they decided to promote interregional cooperation,
especially between Andijan (Uzbekistan) and Gujarat (India).
• They also discussed various financial-technical cooperation between India & Uzbekistan & signed
agreements for strengthening the cooperations.
Financial Allocation:
i.The Countries welcomed the financial allocation of $448 million by Eximbank of India for implementation of
priority projects in Uzbekistan (that includes infrastructure development and education).
ii.The Projects regarding Information Technology and healthcare under Indian grants will also be accelerated.
Key Highlights:
i.The direct interaction for the implementation of joint projects in the investment, trade and cultural-
humanitarian spheres will be established between Uzbekistan and India.
• The cities connected for the joint projects are Uzbekistan’s Fergana region & Haryana, the cities of Bukhara &
Hyderabad and Tashkent & New Delhi.
Significance:
i.2 MoUs were signed between the Indian Embassy in Uzbekistan and the Ministry of Investments and
Foreign Trade of Uzbekistan:
• Creation and equipping of a new metrological laboratory in the Republican Scientific Specialized Allergy
Center.
• Equipping secondary schools in the Syrdarya region of Uzbekistan with computer devices.

Other Agreements:
i.India & Uzbekistan have decided to push the Agreement on Preferential Trade, Agreement on the
Encouragement and Mutual Protection of Investments.
ii.Uzbekistan has welcomed the initiative to create a joint Working Group on trade-economic issues.
About Uzbekistan:
President – Shavkat Mirziyoyev
Capital – Tashkent
Currency – Uzbekistan Som (UZS)
CBDT rolls out ‘e-Verification Scheme, 2021’ for Taxpayer’s info e-verification
The Central Board of Direct Taxes (CBDT) has issued new rules namely ‘e-Verification Scheme, 2021’ for
faceless collection of information from taxpayers, where mismatches are detected.
• The scheme is notified under a provision in Income Tax Act 135A that proposes faceless information
gathering aimed at imparting efficiency, transparency and accountability. It eliminates the interface between
the income-tax authority and the assessee.
• The scheme also focuses on the optimal use of the department’s resources.
Key Points:
i.The e-verification will cover information which is either in possession of designated tax officials or which is
handed down to them by other official arms.
ii.The Central Government has empowered the tax office to gather more information from the taxpayers and
reconcile it with information received from other specified agencies.In case there is any mismatch between the
amount reported, the information could be passed for the intelligence and criminal investigation.
About Central Board of Direct Taxes (CBDT):
Parent Ministry– Ministry of Finance
Chairperson– J.B. Mohapatra
Headquarters– New Delhi, Delhi
ADB Extends $112 Million Loan to Establish a Skill University in Assam

The Asian Development Bank (ADB) has approved a $112 million loan to strengthen skills education and
training through the establishment of the Assam Skill University (ASU).
• The Loan will create a path for skill development to enhance the productivity and competitiveness of
Assam’s economy and industries.
ADB’s Assistance:
i.The project will improve skills and provide greater paying, decent job opportunities for youth and
adults (especially women and disadvantaged groups).
ii.The project will develop the ASU’s management & operating systems, Research & Development (R&D) program,
business models, faculty & staff
• ASU supports the development of design & construction of environmentally sustainable and climate-resilient
university campuses for efficient and sustainable operations.
iii.It also supports the design and delivery of industry-aligned programs like cutting-edge digital skills & career
development programs.
iv.The project promotes the professional development of trainers and faculty members of technical and
vocational education and training (TVET) institutions.
Additional Grants:
An additional $1 million grant from the Japan Fund for Poverty Reduction will support the introduction of
technologies for smart campus management, integrated teaching, learning, and career development management.
Highlights on Assam’s Economy:
i.Assam’s economy is dominated by low value-added, natural resource-based products and is poorly integrated
with global and regional value chains.
ii.Due to low growth potential and natural hazards, migration has been increased among people of Assam for jobs

and education and in turn, it has also resulted in a shortage of skills.
Paytm Launches EdTech Platform to Train Traders, Investors – ‘Paytm Wealth Academy’
India’s Leading online payment ecosystem Paytm launched the first of its kind Artificial Intelligence (AI)
powered Educational Technology (EdTech) platform named, ‘Paytm Wealth academy’ for traders and investors.
• The educational platform will offer courses and webinars on trading and financial concepts according to the
needs of individuals.
About Paytm Wealth Academy:
i.Paytm Wealth Academy will be initially available on the Paytm Money app, owned by Paytm’s wholly-owned
subsidiary Paytm Money, to selected users (soon to every user).
ii.The platform provides an access trading community on educational content and specialized
knowledge which was previously available only to institutional investors and traders.
• The users are able to build a strong understanding of financial markets, especially Futures & Options (F&O)
and intraday traders.
iii.Paytm Wealth Academy bridges the gap through personalized learning options for every type of investor and
trader.
Note – India has seen an increase in stock market participation in the past 2 years.
About Paytm:
SEBI sets up 7-member ALeRTS Committee headed by Madhabi Puri Buch

The Securities and Exchange Board of India (SEBI) has set up an Advisory Committee for Leveraging
Regulatory and Technology Solutions (ALeRTS) to enhance technological capabilities and explore suitable
technology solutions for the early detection of market anomalies.
Key points:
i.ALeRTS, is a 7-member committee headed by Madhabi Puri Buch, former whole-time member of SEBI and has
experts from various technology domains as members.
ii.ALeRTS will recommend future roadmaps and improvements in the various ongoing technology projects.
• It will also guide SEBI in designing and framing requirements for the different in-house systems
iii.It will help SEBI in finding appropriate technology solutions to improve its capabilities.
About Securities and Exchange Board of India (SEBI):
Chairperson– Ajay Tyagi
Established- 12 April 1992
FSS & CSB Bank launches Hyperlocal Banking Services to Boost Financial Inclusion
Financial Software and Systems (FSS), a globally leading provider of integrated payment products and a
payments processor, and CSB Bank, one of the oldest private sector banks in India, have partnered to deliver
hyperlocal banking services to financially underserved segments.
• CSB Bank and FSS plan to open 1,000 Smart Cash franchisees in semi-urban and rural areas across India to
expand financial services adoption among underserved segments.
Vision – To build a universally available platform for digital transactions for strengthening the financial capability
of target segments.

About Smart Cash franchisees:
i.The Smart Cash franchisees is a one-stop-shop for products offered by CSB Bank and also 3 party partner
rd
products including utility payments and domestic money transfers.

• They would offer affordable banking, investment, credit, and insurance products to target segments.
ii.Smart Cash franchisees will be modelled on a Branch-in-a-Box service concept powered by FSS eFinclusiv
(Aadhaar enabled Payment services) at the backend and equipped with a kiosk or a Micro-ATM device.
• The platform will be hosted on FSSNeT, an FSS secure private cloud.
Accessibility: Customers of all banks can access services from any Smart Cash franchisee using Aadhaar linked to
a bank account or through a debit card and associate PIN.
Note – The government of India has initiated Jan Dhan schemes for financial inclusion which approximately
included 440 million population but many of these accounts are dormant.
Key Points:
i.Smart Cash will operate on a franchise model to bridge infrastructure gaps and fast-track growth.
ii.This service model is cost-efficient to CSB Bank and brings new technology innovations to the market by
eliminating capital expense.
About CSB Bank:
Establishment – 1920 (as The Catholic Syrian Bank Limited)
Managing Director (MD) & CEO – C.VR.Rajendran
Headquarters – Thrissur, Kerala
Cabinet Approved Incentive Scheme to Promote RuPayDebit cards and BHIM-UPI Transaction
The cabinet has approved an incentive scheme with an estimated financial outlay of Rs 1,300 crore (for 1
year i.e. FY22) to promote RuPayDebit cards and low-value (up to Rs 2,000) BHIM-UPI (Bharat Interface for
Money – Unified Payments Interface) transactions (Person-to-Merchant (P2M)) in India.
Key Points:
i.Under the scheme, the acquiring banks will get small amounts of incentives (a certain percentage of the value of
transactions) from the Government for transactions (P2M) that has been done through RuPay Debit cards and
low-value BHIM-UPI modes of payments.
ii.Background: The scheme has been formulated in compliance with the Budget announcements (FY22) to give a
further boost to digital transactions in the country.
iii.Objective: To build a robust digital payment ecosystem and promote RuPay Debit card and BHIM-UPI digital
transactions, across unbanked and marginalized populations, who are outside of the formal banking and financial
system.
Note – In November 2021 India has seen a record number of digital transactions at 423 crore valued at Rs 7.56
lakh crore (nearly $ 100 billion).
NIPL & Western Union sign MoU to enable Real-time Cross-Border Transactions
NPCI International Payments Limited (NIPL), international payments arm of National Payments Corporation of
India (NPCI) signed a Memorandum of Understanding (MoU) with Western Union to enable real-time bank
account payout in India.
Key points:
i.The agreement will enable bank account holders in India to receive cross-border money transfers instantly using
UPI IDs.
ii.It will benefit millions of Indian citizens to seamlessly receive money from across the world.
i.It is an umbrella organisation for operating retail payments and settlement systems in India. It is an initiative of
the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and
Settlement Systems Act, 2007.
ii.It has been incorporated as a “Not for Profit” Company under the provisions of Section 25 of Companies Act
1956 (now Section 8 of Companies Act 2013).

About NPCI International Payments Limited (NIPL):
CEO- Ritesh Shukla
Established- April 2020
About Western Union:
CEO- Hikmet Ersek
Headquarters- Denver, Colorado, US
PhonePe launches tokenization solution – PhonePe SafeCard

PhonePe, a digital payments major, launched PhonePe SafeCard which is a tokenization solution for online debit
and credit card transactions.
• PhonePe SafeCard supports all major card networks such as Mastercard, Rupay and Visa.
• Through this launch, PhonePe has become the 1st payments platform to tokenize cards on Visa, Mastercard
and Rupay card networks.
About SafeCard:
i.SafeCard enables PhonePe merchant partners to offer and use tokenization solutions on their own platforms
through a simple Application programming interface (API) integration.
ii.The Merchant partners can create, process, delete and modify tokens for online card payments with the
customer’s consent.
Key Highlights:
i.The tokenization solution saves time and effort for businesses without integrating with multiple card networks.
ii.The solution enables both PhonePe users and merchant partners to experience the use of saved card
transactions with security, under new Reserve Bank of India guidelines.
Tokenization:
i.The process of replacing a card’s sensitive information like card number, expiration date, security code with
a device-specific alternate code, or ‘Token’ is called Tokenization.
ii.This process eliminates the need of sharing the card number, expiry date or CVV Number (Card Verification
Value) by only sharing the token number specific to the card.
About PhonePe:
CEO- Sameer Nigam
Pine Labs Partners with AU Small Finance Bank for EMI Offerings
Pine Labs, a merchant commerce platform, has partnered with AU Small Finance Bank, to enable the bank’s
credit cardholders to avail equated monthly instalments (EMI) offers.
• The Partnership offers EMI at the point of sale (PoS) and converts their customer’s regular purchase into
interest-free EMIs across the over 2 lakh merchant base of Pine Labs, pan India.
Aim – To empower the underbanked with no cost EMI offers
Key Highlights:
i.Pine Labs contains more than 30 different credit issuers and Non-Banking Financial Corporation (NBFC)
partners on its Android PoS terminals.
ii.About 55-60 percent of customers of the AU Small Finance Bank are first-time credit cardholders across the
west, north, and central parts of India (especially in Tier 3 and 4 cities).
About Pine Labs:
i.Pine Labs is expanding its ‘Buy Now Pay Later’ offering to international markets.
ii.It has also partnered with Standard Chartered Malaysia to offer zero-interest instalment purchase options to
the customers.

CEO – Amrish Rau
SBI Renews MoU with Indian Army; Offers Benefits to Veterans, Families
The State Bank of India (SBI) has renewed its Memorandum of Understanding (MoU) with the Indian Army to
offer benefits to all serving as well as retired army personnel and their families through its Defence Salary
Package (DSP) Scheme.
The MoU was signed in the presence of AG Lt. Gen. Harsha Gupta in New Delhi.
• Under this MoU, SBI will offer enhanced complimentary personal accidental insurance (Death) cover, air
accidental insurance (Death) cover, permanent/partial disability covers.
• It also supports the education of children and the marriage of girl children of deceased army personnel.
IMF Announces Global Debt Record as $226 Trillion in 2020

The International Monetary Fund (IMF) has announced that the Global debt raised a record $226
trillion in 2020 as the world was hit by the Covid-19 pandemic and a deep recession.
• Global debt rose by 28 percentage points to 256 percent of gross domestic product (GDP) in 2020
Key Highlights:
i.IMF’s latest Global Debt Database figures the 2020’s debt as the largest 1-year debt surge since World War II.
ii.According to IMF, the public debt rose from 70 percent of GDP in 2007 to 124 percent of GDP in 2020 and
the private debt rose at a moderate pace from 164 percent to 178 percent of GDP in 2020.
iii.The gap between the global financing divide and COVID-19 Pandemic is demanding strong, effective
international cooperation and support for the developing countries.
Challenge: To create a right mix between fiscal and monetary policies in an environment of high debt and rising
inflation.
Suggestion by IMF:
Adjusting high gross financing needs or exposure to exchange rate volatility is necessary to preserve market
confidence and prevent fiscal distress.
Managing Director (MD) – Kristalina Georgieva
Headquarters – Washington DC, United States
Member Countries – 190
CSB Bank, Clear ties up to Launch ITR e-filing Facility for NRI customers
On December 16, 2021, Thrissur (Kerala) based Catholic Syrian Bank Limited (CSB Bank Limited) has tied up with
Clear (formerly ClearTax), an online tax filing platform, to launch an online, and free of cost ITR (Income Tax
Return) e-filing facility for its NRI (Non-Resident Indian) customers.
• This collaboration will reduce customers’ efforts and time for tax filing.
• This facility is also available to CSB Bank’s resident customers.
Key Points:
i.Through this partnership, bank’s customers will also have an option for CA (Chartered Accountant) assisted ITR
filing, expert advisory on capital gains, global income, inheritance etc.
• All these services will be provided at a discounted rate.
ii.Customers will also get free tax tools, chatbot and call centre support for any queries related to self e-filing of
income tax.
iii.The Managing Director & Chief Executive Officer (CEO) of CBS Bank is C. VR. Rajendran.

ICICI Prudential Life Insurance signs the UN’s Principles of Responsible Investing
ICICI Prudential Life Insurance (IPRULIFE), became the first Indian insurance company to sign United Nations-
supported Principles for Responsible Investment (UNPRI), to demonstrate commitment towards the
environmental, social and governance (ESG) issues.
Key Points:
i.In order to promote sustainability, IPRULIFE is integrating ESG factors into its investment management
framework.
ii.IPRULIFE has also recently launched the ‘Sustainable Equity Fund’, an ESG-focused fund to maintain
sustainability.
About UNPRI:
i.The UNPRI is an investor initiative in partnership with the two bodies of the United Nations – the UN
Environment Programme Finance Initiative and the UN Global Compact.
Goals – To understand and integrate the investment implications of environmental, social and governance
issues towards ownership decisions.
ii.Currently, it has over 4,000 signatories from 60 countries collectively representing over $120 trillion of
assets committed to integrating ESG considerations into their investment practices and ownership policies.
About IPRULIFE:
i.IPRULIFE is a key institutional investor with Rs. 2.37 trillion assets and integrates the ESG framework.
ii.The sustainability framework is built on the three pillars of ESG, namely, leaving the planet a better place for
the next generation, giving back to society and transparency in functioning.
About ICICI Prudential Life Insurance Ltd:
It is promoted by ICICI Bank Limited & Prudential Corporation Holdings Limited
Operations Commenced on – 2001
CEO & MD – N. S. Kannan
Union Bank Partners with Home First Finance to Offer Home Loans
Union Bank of India (UBI) has entered into a strategic co-lending partnership with Home First Finance Company
India Ltd (HomeFirst) to offer home loans to customers at competitive interest rates.
• HomeFirst will retain a minimum of 20 percent of the loan while 80 percent will be retained by UBI.
Aim – To provide a seamless experience to retail home loan customers in the priority sector and to strengthen
both companies
Key Highlights:
i.HomeFirst will originate loan amount, according to UBI’s credit policy in accordance with Reserve Bank of
India’s (RBI’s) Co-Lending Model
ii.The housing finance company will act as a servicing agent for the loan accounts throughout the loan period.
What is the Co-Lending Model (CLM)?
i.The framework of co-lending was provided by the Reserve Bank of India (RBI) with an objective to join the low-
cost funding model of a bank with cost-efficient sourcing and servicing capabilities of Non-Banking Financial
Company (NBFC) to unserved and underserved sectors of India.
ii.The co-lending bank will take its share of the individual loans on a back-to-back basis in their books, while
NBFC is required to retain a minimum of 20% share of the individual loans on its books.
About Union Bank of India:
CEO & MD – Rajkiran Rai. G
About Home First Finance Company India Ltd:
Chairman & Independent Director – Deepak Satwalekar

Co-lending Partnership between Samunnati & IndusInd Bank to Support FPOs
India’s largest agri-tech enterprise, Samunnati, has entered into a co-lending agreement with IndusInd Bank to
expand credit accessibility for Farmer Producer Organisations (FPOs) across India.
• Under the co-lending agreement, Rs 15 crore will be disbursed as an initial amount to farmer collectives.
• Objective: To ensure the self-sustainability and profitability of Farmer Collectives and their members,
comprising mostly small-holder farmers.
• The partnership will enable easy access to working capital to Samunnati’s growing network of 1,500 Farmer
Collectives with a member base of 6 million farmers.
Co-Lending Model (CLM):
In November 2020, guidelines for co-lending between NBFC’s (Non Banking Finance Companies) and Banks was
provided by the Reserve Bank of India (RBI) and mandated NBFC’s to share a minimum of 20 percent of the credit
risk by way of direct exposure on their books till maturity and the balance on the bank’s books. Click here to know
more
About Samunnati:
Founder and CEO – Anil Kumar SG
MD&CEO – Sumant Kathpalia
Innoterra & NABFOUNDATION signed MoU to Provide Services to 1 lakh Small Farmers
On December 16, 2021, Food and tech platform Innoterra signed a Memorandum of Understanding (MoU) with
NABFOUNDATION to develop farmer clusters through its products and services.
• NABFOUNDATION is a not-for-profit organization of the National Bank for Agricultural and Rural
Development (NABARD).
• The services will be provided in selected clusters over the next two years that will increase farm incomes
over 3-5 years.
Signatories:
Sanjeev D Rohilla, Chief Executive officer (CEO), NABFOUNDATION and Pablo Erat, Chairman, Innoterra
Key Points:
i.This partnership will enable over 5,000 Farmer Producer Organizations (FPOs) and 1 Lakh smallholder
farmers to access a host of services provided by the Innoterra platform.
ii.Innoterra platform provides 360-degree services encompassing farm inputs, data-driven advisory, traceability
and market access to smallholder farmers in India.
About NABFOUNDATION:
It takes up scalable development projects of interest to National Bank for Agricultural and Rural Development
(NABARD) and rural India.
Bajaj Allianz General Insurance launches ‘Health Prime’ Rider

In December 2021, Bajaj Allianz General Insurance launched the ‘Health Prime’ wellness rider, which can be
availed by its Customers who are registered with the health insurance & personal accident policies of Bajaj Allianz
General Insurance.
Objective:
To provide a total wellness ecosystem and encourage a preventive rather than curative approach.
Highlights:
i.The rider is collaborating with Bajaj Finserv Health to provide the benefit of 90,000 doctors to the customers of
Bajaj Allianz General Insurance.

ii.It covers four key areas including tele-consultation cover, doctor consultation cover, investigations cover for
pathology or radiology expenses and annual preventive health check-up cover in a cashless manner.
About Bajaj Allianz General Insurance:
MD & CEO-Tapan Singhel
Headquarters- Pune, Maharashtra
Founded-2001
IFSCA Sets up Panel for Creating Framework for Transfer of Stressed Loan
On 17 December 2021 The International Financial Services Centres Authority (IFSCA) set up a committee for
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creating a framework for the transfer of stressed loans from domestic lenders to financial institutions.
• Former executive director of Reserve Bank of India (RBI) G Padmanabhan will chair the committee along
with expertise in banking and legal firms.
Key Highlights:
i.The committee examines the provisions of the RBI directions that require further clarification for transferring
stressed loans, for identifying areas or issues of the directions from RBI
ii.The committee will submit a report to the chairperson of IFSCA, within one month from the date of the
committee’s first meeting.
About IFSCA:
i.IFSCA is established to develop and regulate financial products, financial services, and financial institutions in
the IFSCs.
• Objective – To serve as an international financial platform for India and the global economy.
ii.Prior to the establishment of IFSCA, domestic financial regulators RBI, The Securities and Exchange Board of
India (SEBI), Pension Fund Regulatory & Development Authority (PFRDA) and Insurance Regulatory and
Development Authority of India (IRDAI) regulated business in IFSC.
• Currently, GIFT IFSC is the only IFSC centre in India.
Governor – Shaktikanta Das
GoI & KfW sign Euro 442.26mn loan for Surat Metro Rail Project
On December 17, 2021, the Government of India (GoI) and the Germany Development Bank- KfW (Kreditanstalt
fur Wiederaufbau) signed Euro 442.26 million loan for 40.35 km Surat Metro Rail project in Gujarat.
Outlay:
i.The total cost of the project is Euro 1.50 billion, out of which KfW is financing Euro 442.26 million.
ii.The project is co-financed by French Development Agency, AFD (Agence Française de Développemet) with Euro
250 million. The agreement for the same was signed on January 28, 2021.
Signatories:
It was signed by Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs, Ministry of Finance
on behalf of Government of India; and Ms Claudia Schmerler, Head of Division, Climate Finance and Urban
Mobility for KfW.
About Surat Metro Project:
i.In January 2021, Prime Minister (PM) of India Narendra Modi laid the foundation stone of the project with an
objective to strengthen the transport infrastructure and safer public transport of the Surat urban agglomeration.
• It comprises two corridors. While corridor-1 is 21.61 km long and is from Sarthana to Dream City. Corridor-2
is 18.74 km long and is from Bhesan to Saroli.
ii.It will also aid in curbing the problem of traffic congestion and provide integrated town & land use planning
through Transit-Oriented Development.
iii.The envisages integrated multi modal transport system and improved access to the metro system.
iv.Solar energy will also be harnessed at both Depots of Surat Metro.

About KfW (Kreditanstalt fur Wiederaufbau)
Chief Executive Officer (CEO)– Stefan Wintels
Headquarters– Frankfurt, Germany
Edelweiss General Insurance, PhonePe Partners to Offers Digital Motor Insurance

Edelweiss General Insurance (EGI) has partnered with PhonePe, a fintech firm in the digital payments space, to
offer quick and easy, digital motor insurance products to all its customers.
• The partnership offers PhonePe customers simple, end to end digital solutions in the motor insurance
segment.
Vision of PhonePe – To be a one-stop destination for all the insurance needs of customers.
Key Points:
i.PhonePe customers can purchase EGI’s motor insurance policy with Zero paperwork and can opt for add-on
benefits like depreciation protection, engine protection, consumable expense protection, roadside assistance, key
and lock protection according to individual needs.
• PhonePe customers can choose from multiple motor insurance products on EGI platform.
ii.EGI has also launched need-based, bite-sized insurance products in partnership with some of the other best
brands in the digital ecosystem.
• EGI also has an extensive omnichannel digital distribution platform along with its own digital platforms and
marketplaces.
About Edelweiss General Insurance:
Executive director & CEO – Shanai Ghosh
About PhonePe:
CEO – Sameer Nigam
Liberty General ties with CSC e-Governance Services India to strengthen insurance penetration in
Rural Network
In December 2021, Liberty General Insurance signed a partnership agreement with CSC (Common Service
Centres) e-Governance Services India under the Ministry of Electronics and Information Technology (MeitY).
Objective:
To strengthen insurance penetration in rural areas across India by selling insurance products through the CSC
network.
Highlights:
i.Liberty General Insurance will offer Motor Insurance products for Two-Wheeler, Private Car and Commercial
Vehicle to the customers.
ii.The agreement will provide impetus to improve the access to insurance products for rural India through
awareness creation, technology leverage, product innovation.
iii.The agreement will empower the Village Level Entrepreneurs (VLEs) through new skills and knowledge of
products and services.
• It will help in financial inclusion and catering to the last mile network of 4.2 lakh, of which 2.74 lakh are in
Gram Panchayats.
About CSC (Common Service Centres) e-Governance Services:
i.The CSC is a strategic cornerstone of the National e-Governance Plan (NeGP), approved by the Government in
May 2006.
CEO-Dinesh Kumar Tyagi,
About Liberty General Insurance:
Director & CEO– Roopam Asthana

ESFBL Became the Banking Partner of the Government of Maharashtra
Equitas Small Finance Bank Limited(ESFBL) has empanelled as the banking partner of the state government
of Maharashtra with an aim to offer its services to employees of the State Government.
Note:
The Bandhan Bank, Karur Vysya Bank, and the South Indian Bank have been assigned the role of distributing
salaries and allowances to the government employees.
Features of the partnership:
i.This partnership will enable the ESFBL to distribute salaries and allowances to the existing employees apart
from making provision of pension to pensioners.
ii.The state government has authorised the Equitas SFB to open salary and pension accounts for the existing and
retired employees across 58 branches of the bank across the state.
iii.The bank is also subjected to withdrawal and disbursement of funds.
iv.This partnership with the state government will open up avenues to leverage its 58 branches to provide tailor-
made solutions to institutions.
Equitas Small Finance Bank Limited was formerly known as Equitas Finance Limited.
The Bank commenced the business of SFB on 5th September 2016.
MD & CEO– Vasudevan Pathangi Narasimhan
Tagline– It’s Fun Banking
NPCI ties up with Udemy Business to upskill its Employees

National Payments Corporation of India (NPCI) signed a partnership agreement with Udemy Business, to
encourage innovative learning and skill development for employees of NPCI.
Highlights:
i.The 3-year partnership with Udemy Business will offer courses on in-demand skills such as tech, domain,
behavioural, and leadership skills to all NPCI employees.
ii.Through the mission ‘Talent Development for All’ of NPCI, it provides capacity building programmes in
Artificial Intelligence (AI), Machine Learning (ML), Blockchain, Distributed Ledger Technology (DLT), Robotic
Process Automation (RPA), etc.
iii.NPCI provides a Differentiated Growth Map (DGM). The company has developed an effective succession plan
for critical roles through the Leadership Development Program (LEAD) and executive coaching.
MD and CEO- Dilip Asbe
KGB Signed MoU with Care Health Insurance to Offer Health Insurance Products
On December 20, 2021, the Karnataka Gramin Bank (KGB) has signed a Memorandum of Understanding (MoU)
with Care Health Insurance Ltd to market health insurance products for customers of the bank across 22
districts of Karnataka.
• Under the partnership, the bank focuses on its rural customers by covering maximum people, including
farmers, artisans and rural population under health insurance.
• The bank was also working on a tailor-made product to suit farmers and Kisan Credit Cardholders to face
challenges arising out of illness and hospitalisation, through products at an affordable premium.
• The MoU was signed by Shreenath Joshi, Chairman of KGB and Atul Sabharwal, Enterprise Head of Care
Medical insurance Ltd in Ballari, Karnataka.
About Karnataka Gramin Bank (KGB):
Establishment – 2019 (by the amalgamation of two Regional Rural Banks i.e. Pragathi Krishna Gramin Bank
&Kaveri Grameena Bank).Karnataka Gramin Bank established under the sponsorship of Canara Bank.
Headquarters – Ballari, Karnataka

Chief Executive Officer – Nandini K R, IAS
About Care Health Insurance Ltd:
MD & CEO – Anuj Gulati
Mastercard Partners with Google Pay on Tokenisation for Card-Based Payments

On 21st December 2021 Mastercard and Google announced a tokenization method that enables Google Pay
users to safely transact using their Mastercard credit cards and debit cards.
• Android users of Google Pay can scan and pay across all Bharat QR-enabled merchants, tap-and-pay, and
make in-app transactions through their Mastercard debit and credit card.
Key Highlights:
i.The users can register themselves with a one-time setup by entering their card details and One Time Password
(OTP) to add their card on the Google Pay app.
ii.Mastercard Digital Enablement Service (MDES) allows payment credentials to be securely stored in the mobile
devices in the form of a digital token.
• This avoids sharing details of credit card or debit card details to merchants.
iii.Even if the cardholder’s mobile device is misplaced, or the card is lost, the details of the card still remain secure
as they are stored as digital tokens and the users can update the token.
About Google:
Google Pay is the digital wallet platform and online payment system developed by Google.
Headquarters – California, United States (US)
CEO – Sundar Pichai
ICICI Lombard ties up with Clove Dental to offer OPD, Dental Insurance
ICICI Lombard General Insurance Company promoted by ICICI Bank (Industrial Credit and Investment
Corporation of India) has collaborated with Clove Dental to offer dental insurance. The offering will be covered
under the OPD (Out Patient Department) benefit and will be available on a cashless basis to customers.
• This partnership will provide oral health support to Clove Dental’s consumers that will encompass all
necessary dental treatment expenses under the OPD benefit of ICICI Lombard.
Key Points:
i.Oral cancer, tooth decay, and gum diseases are the major concerns among oral diseases.
ii.Dental insurance is usually clubbed with health insurance where dental ailments are not exclusively covered.
Also, a traditional health insurance policy typically covers in-patient department (IPD) expenses that require
hospitalization. Out-patient department expenses such as doctor’s consultation fees, health check-ups, pharmacy
bills, dental treatment, and diagnostic tests, are not typically included in the insurance coverage. Therefore this
partnership will benefit customers a lot.
About ICICI Lombard General Insurance Company Limited:
MD & CEO– Bhargav Dasgupta
Bank of Baroda achieves top position in Digital Payments for 2020-21

On December 20, 2021, Bank of Baroda (BoB) grabbed the top spot in overall digital transactions among large
banks for FY20-21. It was felicitated by the Ministry of Electronics & Information Technology (MeitY) at the
Digital Payments Utsav which was held to commemorate 75th anniversary of Independence of India. Click here to
read
• BoB has been conferred with five DigiDhan awards for FY 2019-20 & 2020-21 in various categories.
• The award was received by Akhil Handa, chief digital officer at BoB, which was presented by Union
minister Ashwini Vaishnav, MeitY and MoS (Minister of State) Rajeev Chandrashekar, MeitY.

Managing Director & CEO– Sanjiv Chadha
Headquarter– Vadodara, Gujarat
Amalgamated banks– Vijaya Bank and Dena Bank
SBI acquires Minority Stake in JSW Cement for INR 100 crore via CCPS
The State Bank of India (SBI) acquired a minority stake (less than 50 percent) in JSW Cement Limited for an
investment of INR 100 crore through Compulsory Convertible Preference Shares (CCPS).
Highlights:
i.The SBI is working as a strategic investor at JSW Cement and has invested in the company through CCPS. The
conversion of CCPS into common equity will link with the JSW Group to provide valuation determined at the time
initial public offering (IPO).
ii.This amount will support the expansion of JSW Cement from taking its production from the current 14 MTPA
(million tonnes per annum) to 25 MTPA.
• The group was only into Portland slag cement (PSC) tearlier, in 2021 it entered the ready mix concrete
(RMC) business with its first commercial unit in Chembur, Mumbai.
iii.In 2021, other giant companies such as Apollo Global Management Inc. (through its investment entity in
Singapore) and Synergy Metals Investments Holding Ltd also invested in JSW Cement.
About JSW Cement:
Chairman -Nirmal Kumar Jain
About State Bank of India (SBI):
Chairperson- Dinesh Kumar Khara
Founded-1955
NSE Launches ‘NSE Prime’ to Raise Corporate Governance Standards

On 21st December 2021 The National Stock Exchange (NSE) launched a new corporate governance initiative
named, ‘NSE Prime’, which the NSE listed companies can adopt voluntarily.
• The listed companies that voluntarily choose to be a part of NSE Prime must satisfy pre-defined norms on
an ongoing basis, monitored by the NSE.
Highlights:
i.NSE’s initiative raises the standards of corporate governance in India.
ii.Improved corporate governance standards, greater transparency and better disclosures will help companies
build stronger and sustainable businesses.
• This will also help companies and investors to accelerate high market development
About NSE Prime:
NSE Prime is a framework that prescribes higher standards of corporate governance for listed companies with
additional disclosure requirements for providing higher quality of public information and greater transparency.
Features:
i.An NSE Prime company needs at least 40 percent public shareholding as against 25 percent under the
Securities and Exchange Board of India (SEBI) rules.
ii.The chairperson & managing director must be different and the Board members of these companies cannot
serve on the boards of more than five listed companies.
About National Stock Exchange of India Limited (NSE):
i.NSE is the first stock exchange in India to implement electronic or screen-based trading.
ii.It is the largest stock exchange in India in terms of total and average daily turnover for equity shares every year
since 1995, based on SEBI data.

Founded – 1992 (commenced operations in 1994)
CEO & Managing Director – Vikram Limaye
Central Bank of India signs Co-lending deal with U GRO Capital

Central Bank of India signed a co-lending agreement with U GRO Capital, MSME lending fintech platform. The
agreement will provide INR 1000 crore formal credit to underserved MSMEs at affordable rates across all product
categories of U GRO Capital.
What is in the co-lending agreement?
i.Under this partnership, it is aimed to disburse up to INR 1000 crore to U GRO Capital’s varied programmes
like Pratham, Sanjeevani, Saathi, GRO MSME and Machinery financing.
ii.Central Bank of India will provide co-lending support through GRO-Xstream platform with the loans
originated by U GRO Capital’s distribution network.
• GRO–Xstream is an online platform, it integrates Application Programming Interface (APIs) with Banks on
one side and with multiple FinTechs, NBFCs, NeoBanks, Market places and other digital platforms on the
other.
iii.The bank will also leverage GRO–Xstream platform driven by a Data Tripod of GST, Banking and
Bureau coupled with its sectoral analysis to solve the problem of credit for small businesses.
MD & CEO – MV Rao
About U GRO Capital:
Chairman & MD– Shachindra Nath
UAE committed $100 Billion for Investment and Infrastructure creation in India
The Union Minister Piyush Vedprakash Goyal, Ministry of Commerce and Industry chaired an interaction with
the heads of Indian industry and Export Promotion Councils in Mumbai, Maharashtra. It was held to discuss global
expansion opportunities for Indian businesses through business platforms and infrastructure offered by the
United Arab Emirates (UAE).
• During the meeting it was revealed that UAE has committed $100 billion for investment and infrastructure
creation in India.
• UAE will become a gateway for Indian trade to the Middle East and Africa.
• Notably, in FY22 India will achieve a $400 billion export target for the first time.
Key Highlights:
i.During the meeting, DP World, a leading smart logistics provider-owned fully by the Government of UAE,
presented the market expansion offers to Indian businesses and exporters.
• It is setting up India Mart Traders Market, a dedicated market for Indian businesses enabling traders and
manufacturers to trade with the UAE local market and regional market.
ii.Dubai’s Jebel Ali Free Zone (Jafza), one of the world’s leading free trade zones also presented offers to the
Indian industry.
iii.As per official data, India’s overall exports (Merchandise and Services combined) between April-November
2021 stood around $418.74 billion, showcasing positive growth of 37.21%.
• Imports in November 2021 were $52.94 billion, an increase of 56.58% from $33.81 billion in November
2020.
Points to be noted:
i.For the first time ever, UAE allotted land for India to set up a temple.
ii.UAE is celebrating its 50th year of its formation and India is celebrating its 75th year of Independence.
iii.UAE-India Free Trade Agreement (FTA) which is in the advanced stages of negotiation and finalization will be
India’s fastest negotiated FTA and the fastest-negotiated Comprehensive Economic Partnership Agreement

(CEPA) ever between two nations.
Participants:
Group Chairman & CEO, DP World, Sultan Ahmed Bin Sulayem; Naresh Bhasin, Regional Chairman, Council of
Leather Exports; Amit Sarda, Member, Retailers Association of India (RAI); among others.
• Representatives of the Plastic Export Promotion Council (PLEXCONCIL), Engineering Export Promotion
Council (EEPC) India, Gem and Jewellery Export Promotion Council (GJEPC), Tea Board of India, Cotton
Textile Export Promotion Council (TEXPROCIL), Spices Board, Retailers Association of India (RAI), Apparel
Export Promotion Council (AEPC), Clothing Manufacturers Association of India (CMAI) and others were
present on the occasion.
• Apart from those present in person, more than 100 companies joined the conference virtually.
Oriental Insurance categorised as Public Shareholder in Axis Bank

On 21 December 2021, Axis Bank announced the approval to reclassify The Oriental Insurance Company Ltd
(OICL) from promoter category to public category shareholder in the bank.
• At present, OICL holds a 0.16 per cent stake in Axis Bank.
Key points:
i.According to the bank, it received a request from OICL dated September 7, 2021, holding a 0.16 per cent stake in
the bank, to reclassify it from promoter to public shareholder.
ii.Currently, BSE (Bombay Stock Exchange) and NSE (National Stock Exchange) gave approval for the
reclassification of New Oriental Insurance Company to public category from promoter category.
About Axis Bank:
CEO- Amitabh Chaudhry
Founded- 1993 (Started operation in 1994)
Tagline- Badhti Ka Naam Zindagi
About Oriental Insurance Company Ltd (OICL):
Chairman – Anjan Dey
Headquarters- New Delhi, India
Founded- 1947
HDFC Life Wins the ‘Best Governed Company Listed Segment: Large Category’
HDFC Life, one of India’s leading life insurance companies has won the ‘Best Governed Company Listed
Segment: Large Category’ at the 21st edition of the Institute of Company Secretaries of India (ICSI) National
Awards for Excellence in Corporate Governance.
Key Points:
i.The award was presented by Union Minister of Home Affairs and Minister of Cooperation, Amit Shah.
ii.The eminent Jury was headed by Justice P.Sathasivam, Former Chief Justice of India.
iii.Several companies were evaluated to choose the best governed company in Large, Medium & Emerging
categories in both listed and unlisted segments.
Process of selection:
i.The awardees were selected through a comprehensive six-step evaluation process with various compliance
and governance parameters followed by the evaluation based on principles of good corporate governance.
ii.The next step is the verification of the Independent Directors and the regulatory response confirming the
credentials of the company.
iii.The screening of shortlisted companies will be done by experts as the final step prior to the selection.
About HDFC Life Insurance Company Limited (HDFC Life):
HDFC Life is a joint venture between HDFC Ltd, India’s leading housing finance institution and abrdn
plc (formerly known as Standard Life Aberdeen plc), a global investment company.

CEO & Managing Director – Vibha Padalkar
Motto – ‘Sar UthaKeJiyo’
Paytm Partners with MoneyGram for International Fund Transfer

Paytm Payments Bank has partnered with MoneyGram, a peer-to-peer remittance company to enable
international fund transfer directly to Paytm Wallet.
• Under the Partnership, MoneyGram users abroad can now transfer money to any full Know Your Customer
(KYC)-compliant Paytm wallet.
• This is MoneyGram’s first mobile wallet partnership in India.
Key Highlights:
i.MoneyGram transactions in India received digitally stands at nearly 50 percent of all transactions received in
the country.
ii.The number of transactions sent directly to bank accounts is raised upto 6 times from 10 percent in 2 years
About Paytm Payments Bank
Paytm Payments Bank is India’s 1 bank to have zero balance & zero digital transaction charge accounts.
st
MD & CEO – Satish Kumar Gupta

About MoneyGram International Inc:
Chairman and CEO – Alex Holmes
Headquarters – Dallas, Texas, United States (US)
GoI & EIB sign Finance Contract for 1st tranche loan of Euro 250 million for Agra Metro Rail
project
The Government of India (GoI) signed an agreement with European Investment Bank (EIB) for a Finance
Contract for the first tranche loan of Euro 250 million for Agra Metro Rail Project, Uttar Pradesh (UP).
• The Project is working under the Ministry of Housing and Urban Affairs (MoHUA) and Uttar Pradesh Metro
Rail Corporation Ltd. (UPMRCL) is the implementing agency.
Objective:To provide safe, reliable, affordable and environment friendly and sustainable public Mass Rapid
Transit System (RTS) for Agra.
Signatories:
Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs, Ministry of Finance, on behalf of GoI
and Edvardas Bumsteinas jointly with Roger Stuart, Head of Divisions on behalf of European Investment Bank
(EIB).
Highlights:
i.The EIB approved a total loan of Euro 450 million to fund the Agra Metro Rail Project.the project will improve
mobility and provide support for planned urban development in Agra.
ii.The financial support from EIB will help in the construction of 29.4 km metro corridor comprising Corridor-
1 from Sikandara to Taj East Gate (14 km) & Corridor-2 from Agra Cantt to Kalindi Vihar (15.4 km) in Agra .
About Ministry of Housing and Urban Affairs (MoHUA):
Minister- Hardeep Singh Puri (Uttar Pradesh)
Minister of State- Kaushal Kishore (Mohanlalganj,Uttar Pradesh)
REC signs agreement with KfW Development Bank to finance Power Sector & RE Projects
In December 2021, REC Limited (Rural Electrification Corporation Limited) signed an agreement with KfW
Development Bank. The agreement aimed to avail an Official Development Assistance (ODA) term loan worth
USD 169.5 million under the Indo-German bilateral partnership. Both organisations will jointly undertake various
projects in Power sector & Renewable Energy (RE) projects.
• The approval was passed by the Department of Economic Affairs, Ministry of Finance.

Key points:
i.This is the fifth line of credit signed between KfW Bank and REC Limited to finance power sector projects and
the third line of credit for financing renewable energy (RE) projects.
• It will help in projects such as electrical and electromechanical/hydro systems, projects of lift irrigation,
smart city, electrification of railway lines, airports, etc
ii.REC finances and promotes power projects across the country. It also offers the lowest interest rates to the
renewable energy financed by the corporation.
About REC Limited (Rural Electrification Corporation Limited):
Chairman and MD– Sanjay Malhotra
Headquarters– Gurugram, Haryana
About KfW Development Bank:
CEO- Stefan Wintels
Headquarters-Frankfurt, Germany
Vayana Network & Federal Bank Bags the ‘Most Effective Bank-Fintech Partnership’ award
Vayana Network, one of India’s largest trade finance platforms, and Federal Bank, a leading Private Sector Bank
have been awarded the ‘Most Effective Bank-Fintech Partnership: Agile and Adaptable’ at the IBSi-Global
Fintech Innovation Awards 2021.
• The award was conferred in recognition of Vayana Network’s partnership with Federal Bank making Supply
Chain Finance at ease.
• The 2021 Innovation award includes the participation of 190 participants from 48 countries.
Key Highlights:
i.Federal Bank partnered with Vayana Network to provide an easy on-boarding experience to dealers through
their unique ‘Full Stack’ technology infrastructure.
ii.This facilitates end to end digital solutions like client supply chain account set up, monitoring, digital
authentication of documents on the transaction platform and notification to customers at every step.
iii.They also reduce complexities of supply chain financing and deliver efficiency to their customers
About Federal Bank Ltd:
CEO & MD – Shyam Srinivasan
SEBI Signs EMMoU of International Organization of Securities Commissions

On December 22, 2021, the Securities and Exchange Board of India (SEBI) has signed the Enhanced Multilateral
Memorandum of Understanding (EMMoU) of the International Organization of Securities Commissions (IOSCO).
• Objective: To have a suitable cooperation arrangement, the EMMoU was introduced by IOSCO to expand the
range of enforcement powers that signatories may use to safeguard the integrity and stability of markets,
protect investors and deter misconduct and fraud.
Key Points:
i.The EMMoU was signed by Ajay Tyagi, Chairman of SEBI, on behalf of SEBI. With the signing of EMMoU SEBI
joins a select group of securities regulators that are signatories to EMMoU.
ii.In 2002, IOSCO established its first MMoU (‘2002 MMoU’) and since its establishment, there has been an
increase in globalisation, interconnectedness of financial markets, and advancements in technology leading to the
change in the way the securities markets operate.
iii.SEBI was already a signatory to MMoU since 2003.
Headquarter – Mumbai, Maharashtra
Chairman – Ajay Tyagi

SEBI Restructures its Advisory Committees on Secondary Markets, Mutual Funds, Corporate
Bonds
Securities and Exchange Board of India (SEBI) has restructured its advisory committees that include the
secondary market, mutual funds, corporate bonds and securitisation, and Information Systems.
a.Secondary Market Advisory Committee (SMAC):
Member – 17 Members
Current Chairperson – Madhabi Puri Buch, ex-whole time member of SEBI
Key points:
i.New Members – SEBI rearranged the committee with Zerodha’s co-founder and chief executive officer
(CEO) Nithin Kamath as newly inducted members of the panel.
• Earlier, the panel was headed by IIM Ahmedabad professor and former whole-time member of SEBI, Jayanth
R Varma along with other members in the panel.
ii.Other Members – Dhiraj Relli, MD and CEO of HDFC Securities; Kaku Nakhate, President and Country Head
India at Bank of America; Naresh Yadav, MD and CEO of SBICAP Securities; and Leo Puri, President, JP Morgan,
South and Southeast Asia.
iii.Role of the Committee – The panel advises the regulator on matters related to the secondary market,
including suggesting steps to improve market safety, efficiency and transparency.
b.Advisory Committee on Mutual Funds:
Members – 24-members
Chairperson – Usha Thorat, former deputy governor of the Reserve Bank of India (RBI).
Key Points:
i.New Members – SEBI has inducted Navi Asset Management Company MD and CEO Saurabh Jain, Morningstar
India MD Aditya Agarwal and The Hindu Business Line consultant editor Aarati Krishnan as new members of
the committee.
• Franklin Templeton Asset Management (India) Pvt Ltd President Sanjay Sapre and Kotak Mahindra AMC MD
Nilesh Shah will no longer be part of the committee.
ii.Other Members – Tata Asset Management MD and CEO Prathit D Bhobe; Vinay Tonse, Managing Director and
CEO of SBI Funds Management; Swarup Mohanty, CEO of Mirae Asset Investment Managers (India); and
Sundaram Asset Management Company MD Sunil Subramaniam.
iii.Role of the Committee – The advisory committee shall advise SEBI on issues related to regulation and
development of the mutual fund industry.
c.Corporate Bonds and Securitization Advisory Committee (CoBoSAC)
Members – 23-members
Chairperson – The Committee would be headed by G Mahalingam, former Whole Time Member, SEBI.
Key Points:
i.Other Members – The other members of the panel are Nilesh Shah, director of the Association of Mutual Funds
of India (Amfi); Ramnath Krishnan, MD and CEO of ICRA Limited Group; Navneet Munot, MD and CEO of HDFC
Mutual Fund; and SV Sastry, Deputy Managing Director, Global Markets at the State Bank of India (SBI).
ii.Role of the Committee – The panel will advise Sebi on implementing the ‘High-Level Committee on
Corporate Bonds and Securitization’
• This implementation could suggest steps for addressing the operational and systemic risks which may occur
in the market for corporate bonds and securitised instruments.
d.Information Systems Security Committee (ISSC):
Member – 5 members
Chairperson – The committee would be headed by Prof H Krishnamurthy, Principle Research Scientist, IISC
Bangalore.
Key Points:
i.Other Members – G Sivakumar, Professor of IIT Bombay; D Sivanandhan, ex-DGP, Maharashtra Police; Avneesh
Pandey, CGM-IT at Sebi; and Manojan Karayi, Chief Information Security Officer (CISO) of Sebi

ii.Role of the Committee – The committee will be responsible for approving information security policies and
also reviews the implementation of the cyber security and resilience policy.
• It also provides inputs, suggestions and recommendations to SEBI CISO on any urgent actions regarding
cyber security incidents of SEBI and SEBI – regulated entities.
Chairperson – Ajay Tyagi
Established – 12th April 1992, in accordance with SEBI Act, 1992
Govt signs 140 mn Euro loan Agreement with KfW for Energy Reforms in MP
The Government of India (GoI) signed agreements with the German based KfW Development bank for a 140
million Euro reduced interest loan & 2 million Euro grant for an energy reform programme in Madhya Pradesh
(MP).
Highlights:
i.The project consists of two components, implementation of Smart Meters & Advanced Metering Infrastructure
(AMI) and separation of agriculture and non-agriculture feeders.
• The project will provide upgradation and strengthened distribution of energy networks in MP.
ii.It will also contribute to an effective, technically and economically & ecologically sustainable energy supply.
Other Initiative:
Recently another loan agreement was also signed between GoI and European Investment Bank (EIB) for a loan of
Euro 250 million for the Agra Metro Rail project in Uttar Pradesh (UP).
• With this EIB has announced a total loan of 450 million Euro for the Agra Metro Rail project.
About KfW Development bank:
CEO- Stefan Wintels
Headquarters- Frankfurt, Germany
About Madhya Pradesh (MP):
i.India’s most ancient “Bhimbetka caves” are found in Raisen district of MP. They marked the oldest known rock
art dating back more than 30,000 years.
ii.Bandhavgarh National Park, also called ‘Land of the Tigers’ has the highest density of Royal Bengal Tigers in
India.
BOB Financial and Indian Navy Launch Co-branded Credit card

BOB Financial Solutions Ltd, a wholly-owned subsidiary of Bank of Baroda, and the Indian Navy have launched
a co-branded credit card for navy personnel.
• The credit card will be offered on the RuPay platform and will be equipped with contactless features.
• Eligibility: A navy personnel up to the age of 64 years will be eligible to choose from 3 variants of the co-
branded credit card.
• Out of the 3 variants, the base variant will be offered as a lifetime free credit card and the other 2 variants
will be offered at joining and annual fees, with easily achievable spend-based fee reversal/waiver.
• The 3 variant credit cards will also be applicable for personal accident insurance, lifetime free add-ons, EMI
(Equated monthly installment) offers and periodic merchant offers through tie-ups done by BOB Financial
and NPCI (National Payments Corporation of India).
About BOB Financial Solutions Ltd
MD & CEO – Shailendra Singh

HSBC Asset Management Acquired LTIM from L&T Finance Holdings for Rs 3187 crore
HSBC Asset Management(India), an indirect wholly-owned subsidiary of HSBC Holdings PLC has acquired L&T
Investment Management (LTIM), an investment manager of the L&T Mutual Fund (MF) from L&T Finance
Holdings Limited for USD 425 million, about Rs 3187 crore.
• As of September 2021, LTIM is ranked as the 12th largest mutual fund management company in India with
assets under management (AUM) of Rs 80,300 crore and over 2.4 million active folios.
About the Acquisition:
i.HSBC Asset Management has entered into an agreement with LTFH to fully acquire LTIM.
ii.The will support HSBC to its widen asset management business in India.
iii.Following the completion of the acquisition, subject to regulatory approvals, HSBC is set to merge the
operations of LTIM with its existing asset management business in India.
PM Modi Inaugurated thought Leadership Forum on FinTech – ‘InFinity Forum’

In December 2021, Prime Minister Narendra Modi virtually inaugurated a thought leadership forum on FinTech,
‘InFinity Forum’.
• The event was hosted by International Financial Services Centres Authority (IFSCA), under the aegis of the
Government of India in collaboration with GIFT City and Bloomberg on December 3 and 4, 2021.
• Indonesia, South Africa and the United Kingdom were the partner countries in the 1st edition of the Forum.
Key Points:
i.Theme: The Forum focused on the theme of ‘Beyond’ with various sub-themes.
• The sub-themes include FinTech beyond boundaries, FinTech beyond Finance, and FinTech Beyond Next,
with a focus on how Quantum Computing could impact the nature of the Fintech industry in the future and
promote new opportunities.
ii.Participants: Tengku Zafrul Aziz, Finance Minister of Malaysia, Mulyani Indrawati, Finance Minister of
Indonesia, Sandiaga S Uno, Minister of Creative Economy Indonesia, Mukesh Ambani, Chairman and MD of
Reliance Industries, Masayoshi Son, Chairman and CEO of SoftBank Group Corp, Arvind Krishna, Chairman and
CEO, IBM Corporation, Uday Kotak, MD and CEO of Kotak Mahindra Bank Limited were some of the participants of
the forum.
iii.Partners: NITI (National Institution for Transforming India) Aayog, Invest India, FICCI (Federation of Indian
Chambers of Commerce & Industry) and NASSCOM (National Association of Software and Service Companies) are
some of the key partners of 2021’s Forum.
About International Financial Services Centres Authority (IFSCA):
Chairperson – Injeti Srinivas
SIDBI Signs MoU to Develop MSME Ecosystem in West Bengal

On 24 December 2021, the Small Industries Development Bank of India (SIDBI) signed a Memorandum of
th
Understanding (MoU) with the government of West Bengal to develop the Micro Small and Medium
Enterprises (MSME) ecosystem in the state.
• According to the MoU, a project management unit (PMU) of SIDBI will work with the state government.
Key Functions:
PMU will study the existing framework and guide stakeholders for the cluster, sector-specific products,
interventions for MSMEs by placing an expert agency of SIDBI with the state MSME department.
About Small Industries Development Bank of India (SIDBI):
Chairman & MD – Sivasubramanian Ramann
Establishment – April 1990
Headquarters – Lucknow, Uttarpradesh
Operated by – Department of Financial Services, Ministry of finance.

PNB Entered into 4th Co-lending Arrangement with Lendingkart to Improve Credit Flow to
Unserved
The Punjab National Bank (PNB) has entered into the 4th co-lending arrangement with Lendingkart Finance
Limited (Lendingkart) as a part of its efforts to align with the reforms of the Indian Government reform agenda
and to improve the credit flow to the unserved and underserved sector of the economy.
• The partnership under this co-lending arrangement will result in significant disbursement under Priority
Sector Lending.
Ashok Kumar Gupta, General Manager (MSME) of PNB signed the co-lending agreement in the presence of
Surendra Kumar Dixit, Chief General Manager of PNB and Arun Sharma, General Manager(Agriculture) of PNB.
About the Co-Lending Arrangement:
i.This arrangement will focus on digital underwriting and cash flow based lending.
ii.The beneficiaries will be the Micro, Small & Medium Enterprises(MSME) borrowers who will get funds at an
affordable rate with greater outreach with a lower cost of funds from banks and the greater reach of the Non-
Banking Financial Company (NBFC).
Note:
i.According to the Reserve Bank of India’s Co-Lending Model(CLM), Bank and NBFC will co-lend the customers in
the ratio of 80% and 20% respectively.
ii.The NBFC will act as the single point of interface for the customers and will service the loan throughout its
tenure.
About Punjab National Bank(PNB):
Tagline– The Name You Can Bank Upon
CII Dx award for ‘Most Innovative Best Practice’ 2021 received by HDFC Bank
HDFC Bank, an Indian banking and financial service company has selected under ‘Most Innovative Best Practice’
at the coveted Confederation of Indian Industry (CII) Digital Transformation Award 2021 or CII DX Award 2021.
• It will be recognized for the HDFC’s efforts in world class financial inclusion in Village Level Executive (VLE)
centres along with Government of India’s Common Service Centres (CSC).
Gist About CII Dx Award:-
The key objective of Award is to recognize excellence in Digital Transformation in India and facilitate sharing of
information on Best Practices & Technologies.
About Confederation of Indian Industry (CII)
President,CII (2021-22) – Mr. T V Narendran ,CEO & MD of Tata Steel Ltd.,
Director General, CII – Mr. Chandrajit Banerjee
Headquarters – New Delhi
Indipaisa partners NSDL Payments Bank to launch a new Fintech platform targeting SMEs
Indipaisa signed a partnership agreement with NSDL Payments Bank to launch Financial Technology (Fintech)
solutions targeting India’s 63 million Small & Mid-sized Enterprise (SME) sector.
Objective:
To empower SME owners & operators provide facilities and services that help them grow businesses, comply with
government tax laws and build a sustainable future.
Highlights:
i.The partnership will offer various convenient payment acceptance options to the merchants at very affordable
costs.
ii.It will also enable the settlement of the customer payments into the merchant bank accounts very fast and at
zero cost to the merchant.
iii.This partnership is inline with India’s target of exceeding USD 1.0 Trillion digital transactions, annually by the
year 2025.

About Indipaisa:
Chairman-Nebil Ben Aissa
Head Office – Noida, Uttar Pradesh
About NSDL Payments Bank:
MD& CEO- Abhijit Kamalapurkar
IndusInd Bank in partnership with NPCI became 1st Indian bank to offer cross-border payments
via UPI
IndusInd Bank has partnered with the National Payments Corporation of India (NPCI) for offering real-time cross-
border remittances to India using UPI (Unified Payment Interface) IDs for its Money Transfer Operator (MTO)
partners.
• With this initiative, IndusInd Bank has become the first Indian bank to go live on Cross Border
Payments/NRI Remittances.
Key Points:
i.As a part of partnership, the MTOs will use IndusInd Bank channel to connect with NPCI’s UPI payment systems
for validation and cross-border payment settlement into beneficiary accounts.
ii.IndusInd Bank has started off with Thailand’s DeeMoney for Foreign Inward Remittance (FIR) through UPI.
Customers using DeeMoney website can easily transfer funds just by adding the beneficiary’s UPI ID.
iii.The bank will add more partners in various other countries for cross border-payments via UPI in the near
future.
Managing Director & CEO– Sumant Kathpalia
Tagline– We Make You Feel Richer
HDFC Life enters Bancassurance partnership with South Indian Bank

On 27th December 2021, HDFC Life signed a bancassurance (Bank-Insurance) agreement with South Indian
Bank to enable customers of the South Indian Bank to avail HDFC Life’s life insurance products and services to
the customers of South Indian Bank.
Highlights:
i.HDFC Life is targeting to provide the customer with innovative products and superior levels of services through
the physical and digital routes
ii.The customers of the Bank can avail a wide range of life insurance products including solutions for protection,
savings and investment, retirement and critical illness.
Insurance Penetration in India:
i.Insurance penetration in India is currently at 3.7% of the Gross Domestic Product (GDP) compared to the world
average of 6.31%.
ii.Indian insurance industry has 57 companies with 24 life insurance companies, & 34 non-life insurers. Among
the life insurers, Life Insurance Corporation (LIC) is the sole public sector company.
About HDFC Life:
MD & CEO- Vibha Padalkar
About South Indian Bank:
Managing Director & CEO-Murali Ramakrishnan
Headquarters– Thrissur, Kerala
HDFC Bank Partners with IPPB to Offer Banking Services in Rural Areas
HDFC Bank has signed a Memorandum of Understanding (MoU) with India Post Payments Bank (IPPB) to offer
banking services to over 4.7 crore customers of IPPB in semi-urban and rural areas.

• Under the MoU, Out of 4.7 Crore customers around 90 percent reside in rural areas.
Key Points:
i.HDFC Bank aims to boost its financial inclusion drive by leveraging IPPB’s network of 650 branches and over
136,000 banking access points.
ii.The agreement offers various citizen-centric services with increased digital technologies.
About India Post Payments Bank (IPPB):
Launched on – 30 January 2017 in Ranchi, Jharkhand and Raipur, Chattisgarh (as a Pilot project)
MD & CEO – J Venkataramu
i.IPPB was set up under the Department of Post, Ministry of Communication, with 100 percent equity owned by
the government.
ii.IPPB offers services such as savings and current account, 24×7 instant money transfer, Aadhaar enabled
Payment System, DBT (Direct Benefit Transfer), utility payments, digital life certificate, among others.
About HDFC Bank:
Incorporated – 1994
CEO & MD – Sashidhar Jagdishan
Tagline – We Understand Your World
CEBR’s World Economic League Table 2022: India to become 3rd largest economy in 2031; China
to be 1st
As per the Centre for Economics and Business Research’s (CEBR) World Economic League Table 2022, India
was predicted to become the 6th largest economy (by overtaking France) in 2022 and become the 3rd largest
economy in 2031.
• The annual league table also predicted that China will overtake the US to be the largest economy in 2030
(two years later than the forecast in World Economic League Table 2021).
• The world economy is set to surpass $100 trillion for the first time in 2022.
Note – The World Economic League Table 2022 shows the economic forecasts for 191 countries to 2036.
League Table ranking:
Ranking out of 191 countries 2021 2022 2026 2031 2036
India 7 6 5 3 3
United States 1 1 1 2 2
China 2 2 2 1 1
Japan 3 3 3 4 5
Germany 4 4 4 5 4
United Kingdom 5 5 6 6 6
France 6 7 7 7 7
Analysis of Indian Economy:
i.Over the next 15 years, CEBR forecasts that India will see an improvement in its ranking in the World Economic
League Table, rising from 7th place in 2021 to 3rd in 2036.
ii.In 2021, India had a Purchasing power parity (PPP) adjusted GDP per capita of $7,314, classifying it as a lower-
middle-income country.
iii.In 2020, India’s GDP contracted by 7.3 percent (-7.3) due to COVID-19. Indian economy is estimated to have
grown by 8.5 percent in 2021, with output in 2021 expected to be 0.6 percent above 2019 levels.
iv.In the July-September quarter of 2021, GDP growth was 8.4 percent, after a rebound growth of 20.1 percent in
the April-June quarter.
India 2021 2022 2026 2031 2036
Rank 7 6 5 3 3

GDP, local currency bn
(constant prices) 146,613 157,609 201,239 269,557 359,029
GDP, USD bn
(constant prices) 2,671 2,841 3,520 5,003 7,099
GDP, USD bn
(current prices) 2,919 3,190 4,316 6,821 10,761
Note – Under COVID-19, India has the third-highest death toll worldwide, ranking behind the United States and
Brazil. India’s population is expected to overtake China’s at some point between 2024 and 2028.
About Center for Economic and Business Report (CEBR):
Chairman – Martin Piers
Headquarters – London, United Kingdom
RBL Bank Extends Co-branded Credit Cards Partnership with Bajaj Finance for 5 years
On 27 December 2021 RBL Bank partnered with Bajaj Finance Ltd (BFL) for the extension of the partnership of
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co-branded credit cards for 5 years till December 2026.

• The Bank had entered into a partnership with Bajaj Finance in 2018 launching a series of co-branded credit
cards.
Key Points:
i.As per the RBL Bank’s FY2019 annual report, RBL Bank – Bajaj Finance co-brand portfolio crosses 10 lakh
cards, making it one of the largest co-branded card partnerships in the country.
• The exposure to the unsecured credit cards segment is very high which touches 55 percent of its retail loan
portfolio of Rs. 30,784 crore in September 2021.
• The business loans of the Bank stand second highest at 30 percent and third highest would be micro-
banking at 16 percent and finally Housing loans stands at 5 percent of the total retail portfolio.
Highlights:
i.The Reserve Bank of India (RBI) has appointed Yogesh Dayal as an additional director of the RBL bank’s board
of directors for 2 years until December 23, 2023, or until further orders, whichever comes first.
ii.The RBI has also appointed Rajeev Ahuja (current executive director of the bank) as interim standing director
and CEO succeeding Vishwavir Ahuja.
About RBL Bank Ltd:
Incorporated in – 1943 (Under Indian Companies Act, 1913)
CEO & MD – Rajeev Ahuja
Tagline – Apno Ka Bank
IndusInd Bank launches ‘Green Fixed Deposits’ to support UN-SDGs

IndusInd Bank launched Green Fixed Deposits (FDs) where the deposit proceeds will be used to finance projects
and firms supporting the United Nations Sustainable Development Goals (UN-SDGs).
• With this, the bank has entered the list of few global banks which offer integrating SDG into a regular FD
product.
• These FDs will be offered to both retail and corporate customers.
Key Points:
i.It should be noted that IndusInd Bank is the only bank in India to secure ‘band A’ in the Carbon Disclosure
Project.
ii.The sectors under the SDG category include energy efficiency, renewable energy, green transport, sustainable
food, agriculture, forestry, waste management, and greenhouse gas reduction.
iii.For senior citizens, the interest on Green deposit will attract an additional benefit of 50 basis point.
iv.Depositors will be issued a Green’ certificate as well as an Assurance certificate confirming the end use of
deposit proceeds at the end of the financial year.

Features & Benefits of Green FD:
i.Higher rate of interest up to 6% per annum
ii.Deposits backed by insurance for up to Rs 5 lakh
iii.Low pre-mature withdrawal charges of only 1%
BoM & MAS Financial Services Signed a Co-lending Partnership for MSME loans
The Bank of Maharashtra (BoM) has signed a strategic co-lending partnership with MAS Financial Services
Limited, a Non-Banking Financial Company (NBFC), to offer loans to Micro, Small and Medium Enterprise
(MSME) borrowers.
• The partnership is subject to compliance laws including applicable guidelines issued by the Reserve Bank of
India(RBI).
• This partnership will support the expansion of the portfolios of both BoM and MAS Financial Services
Limited.
Features of the Partnership:
i.MAS Financial Services will originate and process loans to MSME borrowers under priority sector as per jointly
formulated credit parameters and eligibility criteria.
ii.BoM will take on its books these loans under mutually agreed terms.
About Bank of Maharashtra (BoM):
MD & CEO– A S Rajeev
Head Office– Pune, Maharashtra
Tagline– Ek Parivaar, Ek Bank (One Family One Bank)
BoM was established in 1934 and later registered under the Indian Companies Act on 16th September 1935
About MAS Financial Services Limited:
Chairman & Managing Director – Kamlesh Gandhi
Director & CEO– Darshana Pandya
Headquarters- Ahmedabad, Gujarat
Incepted in 1995
Received NBFC license from RBI in 1998
SEBI Board approves Changes to IPOs & Preferential Issues

On December 28, 2021, the board of the Securities and Exchange Board of India (SEBI) met in Mumbai,
Maharashtra under the Chairmanship of Ajay Tyagi. The Part-Time Members joined the meeting through video
conferencing. Following decisions have been taken during the meeting.
1.Amendments to SEBI ICDR Regulations, 2018
The Board approved the proposal to amend various aspects of regulatory framework under the SEBI
(Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR Regulations) and consequential
amendment to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as applicable.
• These will be based upon the public consultation process on the proposals recommended by
the Primary Market Advisory Committee (PMAC).
The SEBI board has recommended a set of changes that will be applicable for the Draft Red Herring Prospectus
(DRHP). Some of the key amendments are as follows:
Initial Public Offerings (IPOs):
i.A 35% spending cap from the total amount being raised in the IPO on future inorganic growth and general
corporate purpose. The 35% cap will be applicable when the company has not identified any acquisition or
investment target.

ii.The amount spent on objects where the company has not identified acquisition or investment target will be
limited at 25% of the amount being raised.
iii.Conditions for offer for Sale (OFS) to public in an IPO where DRHP is filed by issuer without track record i.e.
under Regulation 6(2) of ICDR Regulations, 2018:
• Shares offered for sale by selling shareholders, individually or with persons acting in concert, holding more
than 20% of pre-issue shareholding of the issuer, shall not exceed more than 50% of their pre-issue
shareholding.
• Shares offered for sale by selling shareholders, individually or with persons acting in concert, holding less
than 20% of pre-issue shareholding of the issuer, shall not exceed more than 10% of preissue shareholding
of the issuer.
iv.The existing lock in of 30 days shall continue for 50% of the portion allocated to anchor investor and for the
remaining portion, lock in of 90 days from the date of allotment shall be applicable for all issues opening on or
after April 01, 2022.
v.The minimum price band of at least 105% of the floor price will also come into effect.
vi.Credit Rating Agency (CRAs) registered with the board are permitted to act as Monitoring Agency instead
of Scheduled Commercial Banks (SCBs) and Public Financial Institutions (PFI).
Changes to Preferential Allotment:
i.In the event of change of control in a company, independent directors will have to provide reasoned
recommendations and vote details.
ii.In preferential allotment, the lock-in period for promoters holding up to 20% of the post-issue paid up capital
will be reduced to 18 months from the current 3 years.
• For promoters holding above 20% paid-up capital, the lock-in period is reduced to 6 months from the
current 1 year.
iii.For non-promoters, the locked-in period for allotments reduced from 1 year to 6 months.
iii.Share swap backed by a valuation report allowed as consideration for a preferential issue.
2.Appointment of persons who had failed to get elected as Directors
The Board approved a proposal to introduce provisions in the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (LODR Regulations).
• Under this, appointment or re-appointment of persons who fail to get elected as directors, including as
Whole-time directors or Managing Directors or Managers by the shareholders at a general meeting, will be
done only with the prior approval of the shareholders.
3.Amendment to SEBI (Alternative Investment Funds) Regulations, 2012
The Board approved amendment to SEBI (Alternative Investment Funds-AIF) Regulations, 2012, to introduce
Special Situation Funds (SSF), a sub-category under Category I AIF, which will invest only in stressed assets.
Key features of the regulatory framework for SSF:
i.Exemptions from investment concentration norm in a single investee company.
ii.No restriction on investing their investible funds in unlisted or listed securities of the investee company.
iii.Minimum investment by an investor is Rs 10 crore and Rs 5 crore in case of an accredited investor.
iv.Minimum corpus of Rs 100 crore
v.Initial and continuous due diligence requirements mandated by RBI for ARCs’ (Asset Reconstruction
Companies) investors will be applicable to SSFs while acquiring stressed loans in terms of Reserve Bank of
India (Transfer of Loan Exposures) Directions, 2021
4.The Board approved amendment to MF (Mutual Fund) Regulations to mandate MF schemes to follow
Indian Accounting Standard (IND AS) from Financial Year 2023-24 onwards.
5.The Board also approved amendments to the SEBI {KYC (Know Your Client) Registration Agency}
Regulations, 2011 towards enhancing the role of KYC Registration Agencies (KRAs).
• As per the approved amendment, KRAs have been made responsible to carry out independent
validation of the KYC records uploaded onto their system by the Registered Intermediary (RI), among
others.
6.The Board approved amendments to the SEBI (Stock Brokers) Regulations, 1992 and SEBI (Depository and
Participants) Regulations, 2018, to provide for revised Networth requirement for Trading Members (TMs),

Self-Clearing Members (SCMs), Clearing Members (CMs), Professional Clearing Members (PCMs),
Depository Participants (DPs) and Deposit & Fees requirement for members in Electronic Gold Receipt (EGR)
Segment.
7.The Board approved the proposal to amend the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 for issuance of securities in dematerialized form in case of investor requests for issue of
duplicate shares etc.
• This move will improve ease, convenience and safety of transactions for investors.
8.The Board considered and approved the amendments to the SEBI (Foreign Portfolio Investors)
Regulations, 2019 to enable SEBI to generate unique registration numbers of FPIs (Foreign Portfolio
Investors) on receiving the basic details of the applicants seeking FPI registration from SEBI registered
Depositories.
9. It was also proposed to amend the SEBI (Settlement Proceedings) Regulations, 2018 (Settlement
Regulations) which came into force with effect from January 1, 2019.
• Time-period for filing a settlement application rationalized to 60 days from the date of receipt of the show
cause notice or a supplementary notice, whichever is later.
• Time-period for submission of Revised Settlement Terms Form, after the Internal Committee (IC),
rationalized to 15 days from the date of the IC meeting.
Central Bank of India & NPCI Jointly Launches RuPay Debit Card for Corporates
Central Bank of India has partnered with the National Payments Corporation of India (NPCI) to launch ‘RuPay
Business Platinum Debit Card’ for corporates.
• Domestic – The card offers an ATM withdrawal limit of Rs.1 lakh along with a purchase of up to Rs.3
lakh at Point on Sale (POS) or E-Commerce.
• International – The card users can also withdraw up to Rs. 75,000 at ATMs abroad and perform purchases
globally worth up to Rs. 3 lakh at Point On Sale (POS) or E-Commerce and international online
merchants.
Other Benefits:
i.Purchase Protection coverage of Rs. 2 lakh
ii.Accidental death coverage worth Rs. 10 lakh
iii.Air accident coverage Rs. 20 lakh
Note – The cardholders will earn reward points on every purchase.
Key Points:
i.The cardholders will have access to domestic and international airport lounges twice per quarter and two
times a year.
ii.The cardholders can maintain their personal and business accounts separately and can also enable digital
footprints to various Business/MSME customers.
CEO & MD – Dilip Asbe
CEO & MD – M.V. Rao
Tagline – ‘Central’ to you since 1911

ICICI Prudential Life Insurance launches “ICICI Pru iProtect Return of Premium”
ICICI Prudential Life Insurance launched a new term plan ‘ICICI Pru iProtect Return of Premium’. It offers 105 %
return of the premium paid at age of 60 or 70 years or on policy maturity.
Key points:
i.The new policy is auto-adjustable the life cover based on the changing life-stages of the insured customers and
It offers an option to take cover against 64 critical illnesses.
ii.The policy offers two variants – life stage cover and level cover.
iii.The Life-Stage Cover auto adjusts the sum assured or life cover based on the life stage of a customer. It enables
customers to increase their life cover when it matters the most as responsibilities grow in initial stages. Also, it
automatically reduces the life cover as responsibilities reduce in later life.
iv.The Level Cover variant is ideal for individuals looking for a term insurance plan that offers a survival benefit
along with a fixed death benefit.
About ICICI Prudential Life Insurance:
Chairman- M. S. Ramachandran
Commenced Operation- 2000
ICRA Projected India’s Real GDP Growth to 9% in FY22 & FY23

The Information and Credit Rating agency (ICRA) projected India’s real Gross Domestic Product (GDP) growth
of 9 percent each in FY22 & FY23 despite the uncertainty developed by the Omicron variant of Covid-19.
• The Agency is expecting the Cost Price Inflation (CPI) to an average of 4.5-5.0 Percent in FY23 from 5.5
Percent in FY22.
• The current account deficit is also projected to increase in Q3 FY22.
• The net loss to the Indian economy (due to COVID-19) during FY 2021-23 is estimated at Rs 39.3 lakh crore,
in real terms.
Key Points:
i.In Q2 FY2022, the volumes of 7 of the 13 high frequency indicators rose above their pre-COVID-19 levels in
October-November 2021.
• This includes GST e-way bills generation (+26.7%), non-oil exports (+26.0%), rail freight traffic (+20.2%),
Coal India Limited output (+15.7%), electricity generation (+9.9%), petrol consumption (+6.4%) and ports
cargo traffic (+4.0%).
ii.The volumes of 6 of the 13 high frequency indicators contracted in October-November 2021.
• This includes scooter production (-25.1%), domestic airline passenger traffic (-22.8%), vehicle registration
(-22.8%), diesel consumption (-6.8%), passenger vehicle (PV) production (-3.1%) and motorcycle
production (-2.6%).
Note – The GDP expansion was expected with a K-shaped divergence amongst the formal and informal sectors of
the economy.
About The Information and Credit Rating agency (ICRA):
It is owned by Moody’s Corporation
CEO & MD – N. Sivaraman
India’s Green Energy Economy Gets $7.27 Billion FDI since 2014-15
India’s green energy industry received foreign direct investment (FDI) worth $7.27 billion from 2014-15 till
June 2021,
• According to the Ministry of New and Renewable Energy (MNRE) , out of $7.27 billion FDI, $797.21
million was received during 2020-21.
• India’s renewable energy programme is driven by private sector investment.

Key Highlights:
i.As per REN21 Renewables 2020 Global status Report, during 2014 -2019 renewable energy programmes
and projects in India attracted an investment of $64.4 billion ($11.2 billion has been invested in 2019 alone).
ii.India has achieved Nationally Determined Contribution (NDC) target with total non-fossil based installed
energy capacity of 157.32 Gigawatt (GW) which is 40.1 percent of the total installed electricity capacity of
392.01 GW.
• The installed power capacity from non-fossil fuels will reach up to 66 percent by 2030
Note – India has already reached an emission reduction of 28 percent.
Renewable Energy Capacity:
i.India’s installed Renewable Energy (RE) capacity stands at 150.54 GW (solar: 48.55 GW, wind: 40.03 GW,
Small hydro Power: 4.83 GW, Bio-power: 10.62 GW, Large Hydro: 46.51 GW) while its nuclear energy based
installed electricity capacity stands at 6.78 GW.
• India has the fourth largest wind power capacity in the world.
ii.As of November 2021, 52 solar parks have been sanctioned with a capacity of 37.92 GW in 14 states and a
cumulative 5.7 GW solar roof top projects have also been set up in India.
India’s Target at COP26:
The Conference of Parties -26 (COP 26) was held at Glasgow, Scotland, United Kingdom (UK) where The Prime
Minister Narendra Modi promised,
i.To reduce India’s total projected carbon emission by 1 billion tonnes by 2030
ii.To reduce the carbon intensity of nation’s economy by less than 45 percent between 2020- 2030
iii.To achieve the target of net zero carbon emissions by 2070.
iv.To fulfil 50 percent of India’s energy requirements with renewable energy by 2030.
v.To increase India’s Non-Fossil capacity to 500-gigawatt by 2030.
Future Requirements:
According to the Central Electricity Authority, by 2030, India’s power requirement will touch 817 GW, more than
half of which would be clean energy, and 280GW would be from solar energy alone.
About Ministry of New and Renewable Energy (MNRE):
Union Minister – Raj Kumar Singh (Constituency – Arrah, Bihar)
Minister of State – Bhagwanth Khuba (Constituency – Bidar, Karnataka)
India Welcomes Egypt as Member of New Development Bank of BRICS

On 29 December 2021 India welcomed Egypt as the fourth new member of the New Development
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Bank (NDB) that was established by BRICS (Brazil, Russia, India, China, South-Africa) in 2015.
About New Development Bank (NDB):
Aim – To mobilise resources for infrastructure and sustainable development projects in emerging economies.
i.Members – The NDB admitted Bangladesh, United Arab Emirates (UAE) and Uruguay as its new members
in September 2021 whereas Brazil, Russia, India, China and South-Africa were admitted in July 2015.
ii.The NDB has approved about 80 projects worth USD 30 billion in member countries in areas such as transport,
water and sanitation, clean energy, digital infrastructure, social infrastructure and urban development.
About BRICS:
The BRICS Countries represent 41 percent of the global population, 24 percent of the global GDP and 16
percent of the global trade.
About Egypt:
Egypt is one of the world’s fastest-growing countries, a major economy in the African continent and the Middle
East region as well as a key player in development finance institutions.
President – Abdel Fattah Al-Sisi
Capital – Cairo
Currency – Egyptian Pound (EGP)

About New Development Bank (NDB):
President – Marcos Prado Troyjo
Headquarters – Shanghai, China
Federal Bank Signed a MoU with Schwing Stetter India to Offer Customised Financial Solutions
On December 2021, the Federal Bank signed a Memorandum of Understanding (MoU) with Schwing Stetter
(India) Ltd, a subsidiary of Schwing GMBH, Germany, one of the largest manufacturers of Concrete and
Construction equipment in India.
• The MoU would enable both Federal Bank and Schwing Stetter to offer customised financial solutions to
their customers.
• The MoU was signed by Harsh Dugar, Group President and Country Head, Wholesale Banking, Federal Bank,
and V G Sakthi Kumar Managing Director, Schwing Stetter India Pvt Ltd.
Key Points:
i.The Bank will work to cater to the customers’ needs through Commercial Equipment loans with easy monthly
repayment plans.
ii.Federal Bank with its ‘Digital at the Fore and Human at the Core’ mantra, it is aiming to become the Most
Admired Bank of every stakeholder.
iii.Stetter India is the one-stop solution provider for the complete concreting and construction industry.
iv.Concreting and Construction equipment that are offered by Schwing Stetter India includes Concrete batching
Plants, Self-loading Mixers, Truck-mounted Boom pumps, recycling plants and other specialized concreting
equipment.
About Federal Bank:
MD & CEO – Shyam Srinivasan
IRDAI Relaxes Current Account Criteria for Insurance Intermediaries

On 29th December 2021, the Insurance Regulatory and Development Authority of India (IRDAI) announced that
insurance intermediaries and their entities can maintain current accounts in various banks to meet regulatory
requirements and reinsurance business.
Key Highlights:
i.In August 2020, the Reserve Bank of India (RBI) had instructed banks to not to open current accounts for
customers who have already availed credit facilities in the form of cash credit or overdraft from the banking
system.
• Later, RBI permitted banks to open particular accounts which are under various directions of different
regulatory departments, without any restrictions.
Note – IRDAI circular has stated that the insurance intermediaries are maintaining multiple current accounts with
banks at different operational levels (branch offices, corporate offices, etc), for regulatory and other purposes.
About Insurance Regulatory and Development Authority of India (IRDAI):
Chairman – Subash Chandra Khuntia
Establishment – 1999 (Incorporated on 1st April 2000)
Headquarters – Hyderabad, Telangana
Karnataka govt partners with NPCI & SBI to implement ‘e-RUPI’ for Payment of Scholarships
The Karnataka government has partnered with the National Payments Corporation of India (NPCI) & State Bank
of India (SBI) to enable and implement the ‘e-RUPI’ payment solution to students under its scholarship
programme.

• For redeeming e-RUPI, the identified institutes will scan the QR code or SMS string displayed by the students
using an Application.
Key points:
i.The e-RUPI is a cashless and contactless payment solution provided by NPCI and It will be used to ensure leak-
proof delivery transactions.
ii.The e-vouchers will be delivered by the govt. to the mobiles of eligible students.
iii.The students will be able to redeem e-RUPI at the identified colleges or institutes for the intended purpose of
fees payment.
iv.Each transaction will be mapped with the beneficiary and the institution ensuring that the e-Voucher can be
redeemed by the college where the student has enrolled.
About Karnataka:
Nuclear Power Station- Kaiga Generating Station (KGS)
Dance- Yakshagana, Dollu Kunitha
MD & CEO – Dilip Asbe
Banking, Finance & Economy Q&A: December 2021

1. RBI superseded the Board of __________________ (in Nov’21) for exercising its power conferred to
the Section 45-IE (1) of the RBI Act, 1934 & also appointed _________ as the new Administrator of
the company.
1) Muthoot Finance Ltd; Shanti Lal Jain
2) Reliance Capital Ltd; Nageswar Rao Y
3) Tata Capital Financial Ltd; Shanti Lal Jain
4) Tata Capital Financial Ltd; Nageswar Rao Y
5) Reliance Capital Ltd; Shanti Lal Jain
Answer- 2) Reliance Capital Ltd; Nageswar Rao Y
Explanation:
The Reserve Bank of India (RBI) superseded the Board of Directors of Reliance Capital Ltd (RCL), a Non-
Banking Financial Company (NBFC), by exercising its power conferred under Section 45-IE (1) of the
RBI Act, 1934 & also Nageswar Rao Y was appointed as the Administrator of the company under
Section 45-IE (2) of the RBI Act.
2. Name the organization that approved a loan (in Nov’21) worth $125 million for water supply &
sanitation projects in Uttarakhand.
1) World Bank
2) United Nations Development Programme
3) Asian Development Bank
4) International Monetary Fund
5) Asian Infrastructure Investment Bank
Answer- 3) Asian Development Bank
Explanation:
The Asian Development Bank (ADB) approved a loan of $125 million for water supply and sanitation
projects in Uttarakhand.

• The funds will be utilised to improve access to quality water supply and sanitation services to
the entire population of about 154,000 people.
• The project will introduce a supervisory control and data acquisition (SCADA) and geographic
information system (GIS) to provide real-time data and information for monitoring.
3. Which Bank signed a MoU (in Nov’21) with Usha International Limited to empower women
entrepreneurs by providing financial assistance called ‘NAVCHETNA’?
1) ICICI Bank
2) State Bank of India
3) IDBI Bank
4) Axis Bank
5) HDFC Bank
Answer- 2) State Bank of India
Explanation:
State Bank of India (SBI) has signed a MoU with Usha International Limited (UIL) for empowering
women entrepreneurs by providing financial assistance named ‘NAVCHETNA’.
• ‘NAVCHETNA’ makes women entrepreneurs self-reliant through equal opportunity for financial
growth and inclusion.
4. Which Bank signed a co-lending agreement with Agriwise Finserv Limited (in Nov’21) to offer
agri-loan to rural customers?
1) Central Bank of India
2) Punjab National Bank
3) Bank of Baroda
4) Canara Bank
5) Bank of Maharashtra
Answer- 1) Central Bank of India
Explanation:
Agriwise Finserv Limited, an agri-focussed Non Banking Financial Corporation (NBFC), has entered
into a co-lending agreement with Central Bank of India for agri-loan disbursal to underserved &
unserved rural customers of India.
5. In November 2021, India Ratings and Research (Ind-Ra) estimated India's GDP to grow at
___________ in FY 2022.
1) 8.9 %
2) 10.2 %
3) 9.4 %
4) 8.2 %
5) 9.2%
Answer- 3) 9.4 %
Explanation:
India Ratings and Research (Ind-Ra) expects India’s Gross Domestic Product (GDP) in FY22 at 9.4% &
in Second Quarter of Financial Year-2022 (Q2 FY22) at 8.3 percent.

6. Which Bank invested 9.5 % stake in Open Network for Digital Commerce (ONDC) Limited to
become its Promoter?
1) Indian Overseas Bank
3) Canara Bank
4) Bank Of Baroda
Answer- 5) Punjab National Bank
Explanation:
The Punjab National Bank (PNB) will become the promoter of Open Network for Digital Commerce
(ONDC) limited by investing over 9.5 % stake in the company.
• ONDC is yet to be incorporated by the Companies Act 2013.
7. According to the Global Trade update (in Nov’21) report of the United Nations Conference on
Trade and Development (UNCTAD), Global trade will increase _________ to reach US$ 28 trillion in
________.
1) 23%; 2023
2) 25%; 2021
3) 20%; 2022
4) 23%; 2021
5) 25%; 2022
Answer- 4) 23%; 2021
Explanation:
As per the Global Trade Update report (Nov’21) of United Nations Conference on Trade and
Development (UNCTAD), the Global trade is expected to increase by 23 percent to reach about US$ 28
trillion in 2021, when compared to 2020.
8. Which Bank launched India’s 1st Standalone metal debit card called “FIRST Private Infinite” in
partnership with Visa (in Nov’21) to offer banking & investment experience to customers?
1) Bandhan Bank
2) Axis Bank
3) IDFC FIRST Bank
4) YES Bank
5) HDFC Bank
Answer- 3) IDFC FIRST Bank
Explanation:
IDFC FIRST Bank launched India’s 1st standalone metal debit card namely ‘FIRST Private Infinite’ in
partnership with Visa to offer banking and investment experience to customers
9. RBI appointed a _____ Advisory Committee (in Nov’21) to assist Reliance Capital Ltd
Administrator, Nageswar Rao Y on the line of Insolvency and Bankruptcy Rules, _________.
1) 5 Member; 2016
2) 3 Member; 2019
3) 2 Member; 2016
4) 3 Member; 2015
5) 5 Member; 2019

Answer- 2) 3 Member; 2019
Explanation:
The Reserve Bank of India (RBI) appointed a 3-member Advisory Committee to assist Reliance Capital
Ltd (RCL) Administrator, Nageswar Rao Y on the line of insolvency and bankruptcy (insolvency and
liquidation proceedings of financial service providers and application to adjudicating authority) rules,
2019.
10. Which Bank introduced the 1st paperless proposition for the financing of domestic invoices &
domestic Trade Financing transactions with Lincon Polymers Pvt Ltd?
1) IndusInd Bank
2) Axis Bank
3) City Union Bank
4) DBS Bank India
5) Dhanlaxmi Bank
Answer- 4) DBS Bank India
Explanation:
DBS Bank India has introduced a paperless proposition for the financing of domestic invoices by buyers
and sellers & also the first paperless domestic trade financing transaction with Lincon Polymers Pvt
Ltd to reduce processing turn-around time and for efficient business.
11. In November 2021, National Statistical Office (NSO) estimated India's GDP grew by ___________
in Q2FY 2022.
1) 9.0%
2) 8.8%
3) 8.6%
4) 8.4%
5) 8.2%
Answer- 4) 8.4%
Explanation:
The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI)
released the estimates of Gross Domestic Product (GDP) India’s GDP in Q2FY22 grew by 8.4% as
compared to 7.4% contraction (-7.4%) in Q2FY21.
12. What are the points that are correct with respect to the 10th Quarterly Bulletin (January-
March 2021) of Periodic Labour Force Survey?
A) Unemployment rate for people of age 15 years & above in urban areas increased to 9.3% in
January-March 2021 from 9.1% in January-March 2020.
B) Labour force participation rate in current weekly status in urban areas for those 15 years of
age & above decreased from 48.1% January-March 2021 to 47.5% in January-March quarter of
2021.
C) Ministry of Labour and Employment launched the 10th Quarterly Bulletin of Periodic Labour
Force Survey.
1) Only A
2) Only B
3) Only C
4) Only A & B

5) Only B & C
Answer- 4) Only A & B
Explanation:
Unemployment rate for people of age 15 years & above in urban areas increased to 9.3% in January-
March 2021 from 9.1% in January-March 2020.
• Labour force participation rate in current weekly status in urban areas for those 15 years of age &
above decreased from 48.1% January-March 2020 to 47.5% in January-March quarter of 2021.
• The National Statistical Office, Ministry of Statistics & Programme Implementation (MoSPI)
launched the 10th Quarterly Bulletin of Periodic Labour Force Survey.
13. According to the ‘State Finances: A Study of Budgets of 2021-22’ RBI report, combined debt-
to-GDP ratio of states is expected to remain at ________ by end-March 2022, which is higher than
the target of 20% to be achieved by ____________.
1) 31%; FY22
2) 29%; FY23
3) 33%; FY22
4) 31%; FY23
5) 29%; FY24
Answer- 4) 31%; FY23
Explanation:
Reserve Bank of India (RBI) released its annual report namely ‘State Finances: A Study of Budgets of
2021-22’ with the theme ‘Coping with the Pandemic: A Third-Tier Dimension’.
• The report states that the combined debt-to-GDP ratio of states is expected to remain at 31% by
end-March 2022, which is worryingly higher than the target of 20% to be achieved by FY23.
• The report was prepared under the overall guidance of Deba Prasad Rath,Officer-in-Charge,
Department of Economic and Policy Research (DEPR).
14. Which State received USD 135 million loan (in Dec’21) from International Bank for
Reconstruction & Development (IBRD) to improve the operational efficiency & reliability of
electricity supply?
1) Andhra Pradesh
2) Uttar Pradesh
3) Gujarat
4) Karnataka
5) West Bengal
Answer- 5) West Bengal
Explanation:
International Bank for Reconstruction & Development (IBRD), the lending arm of World Bank Group,
has approved a USD 135 million loan to West Bengal to improve the operational efficiency and
reliability of electricity supply in selected areas in the state.
• The project will support the implementation of the Government of India’s 24X7 Power & support
West Bengal State Electricity Distribution Company Limited in transitioning toward a leading public
sector utility in India.

15. Which Bank dual listed USD 650-million Green bonds (in Dec’21) at the India International
Exchange (India INX) & the Luxembourg Stock Exchange (LuxSE)?
1) HDFC Bank
3) Axis Bank
4) ICICI Bank
5) YES Bank
Explanation:
State Bank of India (SBI) listed its USD 650-million Green bonds simultaneously on the India
International Exchange (India INX) and the Luxembourg Stock Exchange (LuxSE) to open up new
avenues for market development and to get investors from Europe and the globe.
16. Which Bank collaborated with Worldline (in Dec’21) to enable the EMI services on its Debit
Card?
1) ICICI Bank
2) Axis Bank
3) HDFC Bank
4) Kotak Mahindra Bank
Answer- 4) Kotak Mahindra Bank
Explanation:
Kotak Mahindra Bank announced a partnership with Worldline, Europe-based payment &
transactional service firm to enable Equated Monthly Installment (EMI) payments via Kotak debit cards
in India.
About Worldline:
CEO – Gilles Grapinet
Headquarters – Bezons, France
17. Which ministry signed a MoU (in Dec’21) with Paytm to train 6000 individuals for 3 years in
the Fintech Industry?
1) Ministry of Skill Development and Entrepreneurship
2) Ministry of Micro, Small and Medium Enterprises
3) Ministry of Education
4) Ministry of Labour and Employment
5) Ministry of Commerce and Industry
Answer- 1) Ministry of Skill Development and Entrepreneurship
Explanation:
Paytm signed a MoU with the Directorate of General Training (DGT), Ministry of Skill Development &
Entrepreneurship, to train 6000 individuals for 3 years in the Fintech Industry.
• The collaboration is part of DGT’s Flexible-MoU (Flexi-MoU)
18. Which Bank signed a master agreement (in Dec’21) with Adani Capital Private Ltd to provide
support for co-lending to farmers for purchase of tractor & farm implements?
1) ICICI Bank
2) IndusInd Bank

4) Axis Bank
5) YES Bank
Explanation:
The State Bank of India (SBI) signs a master agreement with Adani Capital Private Ltd (Adani Capital)
to provide support for co-lending to farmers for purchase of tractor & farm implements.
• The co-lending is part of priority sector lending (PSL), which aims to improve credit flow to
unserved and underserved sectors of the economy.
19. Name the Bank that launched a savings bank product - “Mahila Mitra Plus” (in Dec’21) to
provide financial planning & investments for women.
1) ICICI Bank
2) Axis Bank
3) HDFC Bank
4) Federal Bank
5) IndusInd Bank
Answer- 4) Federal Bank
Explanation:
Federal Bank launched a rich savings bank product for women called “Mahila Mitra Plus” to provide
financial planning and investments for women.
About Federal Bank:
CEO & MD – Shyam Srinivasan
20. In December 2021, Organisation for Economic Co-operation & Development estimated India's
GDP growth to _______ for FY22.
1) 9.1%
2) 9.0%
3) 9.2%
4) 9.4%
5) 9.5%
Answer- 4) 9.4%
Explanation:
The Organisation for Economic Co-operation & Development (OECD) decreased India’s growth forecast
to 9.4% for FY22 from 9.7% estimated in September 2021.
• Notably, the 38-member intergovernmental organisation, OECD, earlier projected India’s FY22
growth to 9.9%, then it was slashed to 9.7% stating COVID-19 Impact.
21. In December 2021, S&P Global Ratings estimated India's GDP growth unchanged at _________
for FY22.
1) 9.2%
2) 9.5%
3) 9.3%
4) 9.4%

5) 9.0%
Answer- 2) 9.5%
Explanation:
S&P Global Ratings has retained the GDP growth forecast of India unchanged at 9.5 percent for the
Financial year FY22 and 7.8 percent for the year ending FY23.
About S&P Global Ratings:
President – John Berisford
Parent – S&P Global
22. Name the Organisation that approved a $500 million loan (in Dec’21) to ‘Samagra Shiksha’ for
Improving the Quality of School Education in India?
1) UNICEF
3) World Bank
Explanation:
The Asian Development Bank (ADB) approved a $500 million loan to the Government of India to
improve the quality of India’s school education & mitigate the impact of the COVID-19 pandemic on
student’s learning.
i. ADB’s loan supports the Samagra Shiksha, an Integrated Scheme for School Education and the new
Exemplar School Initiative of the Ministry of Education (MOE).
23. Which Company launched a Portfolio Management Services (PMS) marketplace (in Dec’21)
along with PMS Bazaar for its High Net-worth Individual (HNI) investors?
1) BharatPe
2) PhonePe
3) MobiKwik
4) Paytm Money
5) Groww
Answer- 4) Paytm Money
Explanation:
Paytm Money, the wholly-owned subsidiary of Paytm, has partnered with PMS Bazaar & launched a
Portfolio Management Services (PMS) marketplace for its High Net-worth Individual (HNI) investors.
About Paytm Money:
Director & CEO – Varun Sridhar
24. Name the company which partnered with Mswipe (in Dec’21) to launch the ‘Cardless EMI’ at
retail Stores.
1) KreditBee
2) Lendingkart
3) Policybazaar
4) Paytm

5) Razorpay
Answer- 1) KreditBee
Explanation:
KreditBee, a Fintech lending platform, partnered with Mswipe to offer fully digital ‘cardless EMI’ at
leading retail stores.
• Under the partnership, the customers could shop from around 2 lakh merchant stores associated
with Mswipe along with five lakh retail stores that will partner with Kreditebi across India by the
end of 2022.
• Under ‘cardless EMI’, KreditBee offers ‘pay later’ options for purchases of up to 1 Lakh, which can
be converted into EMI in a range of 3 to 12 months
25. Which Organisation received a grant of Rs 15 crore from the Japan Fund for Poverty
Reduction (in Dec’21) to improve the Urban Primary Healthcare in India?
2) World Bank
Explanation:
Asian Development Bank (ADB) has received a grant of around Rs 15 crore from the Japan Fund for
Poverty Reduction (JFPR). The fund will be used to enhance urban primary healthcare usage across
India.
• The grant is aligned with the $300 million loan support from ADB to Government of India to
strengthen CPHC under the Pradhan Mantri Ayushman Bharat Health Infrastructure Mission (PM-
ABHIM).
26. As per the ‘India 2022 Outlook: Shifting to a higher gear’ report by DBS group, India GDP
growth is estimated to reach __________ in FY23.
1) 6%
2) 9%
3) 8%
4) 11%
5) 7%
Answer- 5) 7%
Explanation:
As per the report released by DBS Group Research named, ‘India 2022 Outlook: Shifting to a higher
gear’, India’s GDP growth forecast to increase 7% in FY23.
• The bank has maintained India’s FY22 forecast at 5 percent.
27. Which company launched India’s 1st Nifty Alpha 50 Exchange Traded Fund (ETF) called
“Kotak Nifty Alpha 50 ETF” in December 2021?
1) Axis Mutual Fund
2) Aditya Birla Mutual fund
3) HDFC Mutual Fund
4) Kotak Mahindra Mutual Fund

5) ICICI Prudential Mutual Fund
Answer- 4) Kotak Mahindra Mutual Fund
Explanation:
Kotak Mahindra asset management company (Kotak Mahindra Mutual Fund) launched India’s 1st Nifty
Alpha 50 Exchange Traded Fund (ETF) named Kotak Nifty Alpha 50 ETF.
• Alpha is also referred to as ‘excess return’.
About Kotak Mahindra Asset Management Company (KMAMC):
Operations started – 1998
Group President & Managing Director – Nilesh Shah
28. Who was appointed as the IMF’s First Deputy Managing Director (FDMD) in December 2021?
1) Kristalina Georgieva
2) Antoinette M. Sayeh
3) Gita Gopinath
4) Jagdish Bhagwati
5) Geoffrey Okamoto
Answer- 3) Gita Gopinath
Explanation:
Indian-American & the first female Chief Economist of the International Monetary Fund (IMF), Gita
Gopinath is promoted as the IMF’s First Deputy Managing Director (FDMD) serving under IMF Chief
Kristalina Georgieva. She succeeded FDMD Geoffrey Okamoto.
MD- Kristalina Georgieva
Established- 1944
Headquarters- Washington, DC United States
29. In December 2021, Sanjay Jain was appointed as the __________ of India Debt Resolution
Company Ltd (IDRCL) & ___________ was appointed as the Chairman of IDRCL.
1) Deputy Chairman; Diwakar Gupta
2) Directors; Chanda Kochhar
3) CEO; Diwakar Gupta
4) Deputy Chairman; Chanda Kochhar
5) CEO; Sandeep Bakhshi
Answer- 3) CEO; Diwakar Gupta
Explanation:
Sanjay Jain was appointed as the Chief Executive Officer (CEO) of India Debt Resolution Company Ltd
(IDRCL)& Diwakar Gupta, former managing director of State Bank of India (SBI), also appointed as
Chairman of (IDRCL).
• Pradip Shah, founder of IndAsia Fund Advisors was appointed as the Chairman of National Asset
Reconstruction Company Ltd (NARCL).
30. Which State surpassed Maharashtra to become India’s Top Manufacturing Hub as per the
data released by RBI in December 2021?
1) Karnataka
2) Tamil Nadu

3) Uttar Pradesh
4) Telangana
5) Gujarat
Answer- 5) Gujarat
Explanation:
In accordance with the data by RBI, Gujarat has surpassed Maharashtra to become India’s leading
manufacturing hub. It’s Gross Value Addition (GVA) in manufacturing grew 15.9% annually between
FY12 to FY20 to Rs 5.11 lakh crore.
i. India’s cumulative manufacturing GVA grew to Rs 16.9 lakh crore in FY20 stating an annual growth
rate of 9.7% since FY12.
ii. Karnataka posted the fastest growth in services GVA at 15.1% per annum. Maharashtra is still
India’s leading Service Sector provider.
31. Name the Indian Small Finance Bank (SFB) that was under the Honorable Mentions in ‘Best
Bank for Women Entrepreneurs category’ in the 4th Global SME Finance Awards 2021.
1) Ujjivan SFB
2) AU SFB
3) Equitas SFB
4) Utkarsh SFB
5) ESAF SFB
Answer- 5) ESAF SFB
Explanation:
The 4th Global SME Finance Awards 2021, constituted by the United States (US)-based SME Finance
Forum, conferred Honorable mention in the Best Bank for Women Entrepreneurs category on the
Thrissur, Kerala (India) based ESAF Small Finance Bank (SFB) Limited.
About ESAF SFB:
Launched in 2017
MD & CEO - Kadambelil Paul Thomas
32. Name the Indian Cricketer who recently (in Dec’21) got appointed as the Brand Ambassador
of the fintech company - Kinara Capital.
1) Ravindra Jadeja
2) Cheteshwar Pujara
3) Suresh Raina
4) Rishabh Pant
5) KL Rahul
Answer- 1) Ravindra Jadeja
Explanation:
Bangalore based fintech - Kinara Capital signed Indian cricketer Ravindra Jadeja, as its official brand
ambassador on the occasion of the company’s 10th anniversary. Kinara Capital provides loan service to
India’s MSMEs.
33. When is the International Day of Banks annually observed across the globe by the United
Nations?
1) 8th December
2) 4th December

3) 6th December
4) 9th December
5) 5th December
Answer- 2) 4th December
Explanation:
The United Nations(UN)’s International Day of Banks is annually observed across the globe on 4th
December to recognise the vital role of the banking systems in the UN Member States in contributing to
the improvement of their standard of living.
• 4th December 2021 marks the observance of the 2nd International Day of Banks
34. Narendra Modi inaugurated a thought leadership forum on FinTech called ‘Infinity Forum’ (in
Dec’21) that was hosted by which Organization?
1) Reserve Bank of India
2) Securities & Exchange Board of India
3) International Financial Services Centers Authority
4) Insurance Regulatory & Development Authority
5) Institute of Chartered Accountants of India
Answer- 3) International Financial Services Centers Authority
Explanation:
Prime Minister Narendra Modi inaugurated a thought leadership forum on FinTech called ‘Infinity
Forum’ that was hosted by International Financial Services Centers Authority (IFSCA), under the aegis
of the Government of India in collaboration with GIFT City and Bloomberg.
Theme: The Forum focused on the theme of ‘Beyond’ with various sub-themes.
About International Financial Services Centres Authority (IFSCA):
Chairperson – Injeti Srinivas
35. Which Organization Finance leaders set the Guidelines for ‘Central Bank Digital Currency’
(CBDC) in December 2021?
1) G20
2) G7
3) BRICS
4) SAARC
5) ASEAN
Answer- 2) G7
Explanation:
G7 (Group of Seven) advanced economies’ central banks have been working to set common standards
toward issuing ‘Central Bank Digital Currency’ (CBDC).
• As per the statement of G7, any CBDC issued by a central bank should not harm the bank’s ability to
fulfill its mandate on monetary and financial stability, and also should meet the standards.
About G7:
Members – The G7 is an inter-governmental political forum consisting of 7 members (Canada, France,
Germany, Italy, Japan, the United Kingdom and the United States)
2021 Presidency – United Kingdom

36. In December 2021, Which Bank launched PNB Pride-CRMD module - an android- app for
differently-abled employees?
1) Bank of Baroda
3) Bank of India
Explanation:
Punjab National Bank (PNB) launched PNB Pride-CRMD module tool, an android-based application for
differently-abled employees to monitor and effectively follow up with the special mention account
(SMA) borrowers.
Under SMA accounts, the stressed loans are recognized early to enable banks to initiate timely actions to
prevent such borrowers from converting into Non-Performing Assets (NPAs)
37. Name the company that was partnered (in Dec’21) with the Amazon Web Services (AWS) to
offer Startup Toolkits for Entrepreneurs.
1) PhonePe
2) Paytm
3) GPay
4) PayPal
5) BHIM
Answer- 2) Paytm
Explanation:
Paytm has partnered with Amazon Web Services (AWS) to offer Paytm Startup Toolkit with exclusive
payment services to early-stage Indian startups.
• Paytm will help entrepreneurs to grow businesses with payment, distribution, and growth
solutions who are operating in India in the AWS Activate.
About Paytm Group:
38. Which company recently (in Dec’21) launched ‘Activ Health Essential’ a new affordable health
solution plan for senior citizens?
1) Aditya Birla Health Insurance Co. Ltd
2) ICICI Lombard General Insurance Co. Ltd.
3) Cholamandalam General Insurance Co. Ltd
4) Bajaj Allianz General Insurance Co. Ltd.
5) Kotak Mahindra General Insurance Co. Ltd.
Answer- 1) Aditya Birla Health Insurance Co. Ltd
Explanation:
Aditya Birla Health Insurance Co. Ltd. (ABHICL), the health insurance subsidiary of Aditya Birla Capital
Limited (ABCL) has launched a new affordable health solution plan named ‘Activ Health Essential’ to
meet the special health needs of senior citizens.

About Aditya Birla Health Insurance Co. Ltd. (ABHICL):
Headquarters – Mumbai, Maharashtra CEO
Whole Time Director – Mayank Bathwal
39. Which Bank launched Revised Mobile Banking App ‘mPay Delight’ (in Dec’21) to enable the
public to make various payments?
1) Mizoram Rural Bank
2) Tripura Gramin Bank
3) Tamil Nadu Grama Bank
4) Jammu & Kashmir Bank
5) Punjab Gramin Bank
Answer- 4) Jammu & Kashmir Bank
Explanation:
R K Chhibber, Chairman & Managing Director (CMD) of Jammu & Kashmir (J&K) Bank launched its
revised and refurbished mobile banking app named ‘J&K Bank mPAY – Delight’ for the public.
The app was initially launched (soft launch) in July 2021.
40. Which company launched the 1st certified tokenization service for the NPCI Tokenization
system (in Dec’21) to support tokenization of RuPay cards?
1) PayPhi
2) Cashfree
3) Paytm
4) Paypal
5) Razorpay
Answer- 1) PayPhi
Explanation:
PayPhi launched the first certified tokenization service for NTS supporting tokenization of RuPay cards
on the lines of the guidelines issued by Reserve Bank of India (RBI) in September 2021 regarding
tokenization of cards during online transactions, NPCI announced the launch of NPCI Tokenization
system (NTS).
41. In December 2021, RBI Imposed restriction on which bank to limit the withdrawals to upto
Rs. 10,000 for customers?
1) Punjab & Maharashtra Co-operative Bank
2) Himachal Pradesh State Cooperative Bank Ltd
3) Ahmednagar Merchant's Co-operative Bank Ltd
4) Nagar Urban Co-operative Bank Ltd
5) Saraswat Cooperative Bank Ltd
Answer- 4) Nagar Urban Co-operative Bank Ltd

Explanation:
The Reserve Bank of India (RBI) imposed several restrictions on Nagar Urban Co-operative Bank Ltd,
Ahmednagar, Maharashtra, including restriction on withdrawals upto Rs. 10,000 for customers.
• RBI has issued the directions in the exercise of powers vested in it under subsection (1) of Section
35 A of the Banking Regulation Act, 1949 read with Section 56 of the Banking Regulation Act, 1949
for six months.
42. The Ministry of Finance announced ___________ Automated Teller Machines (ATMs) were
installed across India by the end of __________ 2021.
1) 2.13 Lakhs; November
2) 1.50 Lakhs; September
3) 2.05 Lakhs; November
4) 2.13 Lakhs; September
5) 2.05 Lakhs; August
Answer- 4) 2.13; September
Explanation:
The Finance Ministry announced that around 2.13 Lakhs Automated Teller Machines (ATMs) have
been installed across India by the end of September 2021.
Out of 2.13 lakh ATMs, 4% of ATMs are installed in rural & semi-urban areas.
43. Which Small Finance Bank partnered with Indiagold to launch India’s 1st Loan against Digital
Gold (in Dec’21)?
1) Utkarsh SFB
2) Shivalik SFB
3) ESAF SFB
4) Ujjivan SFB
5) Equitas SFB
Answer- 2) Shivalik SFB
Explanation:
Shivalik Small Finance Bank (SSFB) signed a partnership agreement with fintech firm, Indiagold to
launch India’s first Loan against Digital Gold to provide access to secure and affordable credit to the
customers looking for quick liquidity against their gold assets.
About Shivalik Small Finance Bank (SSFB):
MD & CEO- Suveer Kumar Gupta
Headquarters- Noida, Uttar Pradesh
44. Which Bank partnered with Flipkart to offer Instant Overdraft Facility of up to 25 Lakh to
sellers registered on Flipkart?
1) IndusInd Bank
2) IDBI Bank
3) HDFC Bank
4) Axis Bank
5) ICICI Bank
Answer- 5) ICICI Bank

Explanation:
ICICI Bank partnered with Flipkart, an e-commerce platform, to offer an instant and digital overdraft
(OD) facility of up to 25 Lakh to individual sellers and businesses registered on Flipkart.
About ICICI Bank:
MD & CEO – Sandeep Bakhshi
Establishment – 1955 (Incorporated in 1994)
45. Which Bank selected Intellect Design Arena Limited for its Digital Wealth Transformation in
December 2021?
1) ICICI Bank
3) Axis Bank
4) IndusInd Bank
5) HDFC Bank
Explanation:
State Bank of India(SBI) has selected Intellect Design Arena Limited (Intellect Design) ‘s Intellect
Wealth Qube, a Digital Wealth Management suite, for its digital wealth management transformation
agenda.
• SBI chose Intellect’s digital wealth, contextual and composable platform to accelerate business
expansion and improve operational efficiencies through Straight-through Processing (STP).
46. In December 2021, __________ was appointed as the MD & CEO of Ujjivan Small Finance Bank for
_______.
1) Ittira Davis; 5 Years
2) Nitin Chugh; 3 years
3) Umesh Bellur; 4 Years
4) Ittira Davis; 3 Years
5) Nitin Chugh; 4 Years
Answer- 4) Ittira Davis; 3 Years
Explanation:
The Board of Directors of Ujjivan Small Finance Bank (SFB) appointed Ittira Davis as the Managing
Director (MD) & Chief Executive Officer (CEO) for a period of 3 years .Ittira Davis is succeeded by
former MD and CEO Nitin Chugh.
• The bank has also appointed Rajesh Kumar Jogi, Harish Devarajan and Umesh Bellur as
additional directors.
About Ujjivan Small Finance Bank:
47. Which Ministry organized ‘Digital Payment Utsav’ (in Dec’21) at the India Habitat Centre in
New Delhi?
1) Ministry of Skill Development and Entrepreneurship
2) Ministry of Labour and Employment
3) Ministry of Micro, Small and Medium Enterprises

4) Ministry of Electronics and Information Technology
5)Ministry of Cooperation
Answer- 4) Ministry of Electronics and Information Technology
Explanation:
The Ministry of Electronics and Information Technology (MeitY) organized ‘Digital Payment Utsav’ at
the India Habitat Centre in New Delhi, Delhi as a part of the ‘Azadi Ka Digital Mahotsav’.
• The Union Minister launched various initiatives viz. unveiling of the DIGIDHAN logo, launch of an
awareness campaign called Digital Payments Sandesh Yatra with digital payments anthem titled
‘Chutki Baja ke’.
48. Which Bank signed a MoU with Liberty General Insurance (in Dec’21) to Boost Insurance
Penetration?
1) Assam Gramin Vikash Bank
2) Andhra Pragathi Grameena Bank
3) Karnataka Vikas Grameena Bank
4) Madhya Pradesh Gramin Bank
5) Telangana Grameena Bank
Answer- 3) Karnataka Vikas Grameena Bank
Explanation:
Karnataka Vikas Grameena Bank (KVGB) signed a MoU with Liberty General Insurance to sell general
insurance products through the 629 branches of KVGB & it will boost insurance penetration in
Karnataka.
About Karnataka Vikas Grameena Bank (KVGB):
Chairman – P Gopi Krishna
Headquartered-Dharwad, Karnataka
49. As per the ‘Fitch Ratings’, India GDP growth is estimated to reach __________ in FY22.
1) 8.4%
2) 8.2%
3) 8.6%
4) 8.3%
5) 8.5%
Answer- 1) 8.4%
Explanation:
Fitch Ratings slashed India’s economic growth forecast in the financial year (FY22) to 8.4 % and raised
the growth projection to 10.3 percent for FY23.
About Fitch Ratings:
President – Ian Linnell
50. What are the points that are correct with respect to the 5th Bi-Monthly Monetary Policy of
FY21-22?
A) The projection for real GDP growth is retained at 7.8 % in 2021-22 & Reverse Repo Rate will
remain unchanged at 4.25 percent.
B) The Consumer Price Index (CPI) inflation is projected at 5.3 percent in 2021-22 with 5.1
percent in Q3 and 5.7 percent in Q4.

C) RBI launched UPI-based payment products for feature phone users in order to deepen digital
payments.
1) Only A
2) Only B
3) Only C
4) Only A & B
5) Only B & C
Answer- 5) Only B & C
Explanation:
The projection for real GDP growth is retained at 9.5 percent in 2021-22 & bank rate will remain
unchanged at 4.25 percent.
i. The Consumer Price Index (CPI) inflation is projected at 5.3 percent in 2021-22 with 5.1 percent in
Q3 and 5.7 percent in Q4.
ii. RBI is planning to launch UPI-based payment products for feature phone users in order to deepen
digital payments.
51. Which of the following policy rates is wrongly matched with respect to the 5th Bi-Monthly
Monetary Policy of FY 21-22 released by RBI?
1) Policy Repo Rate - 4.00%
2) Reverse Repo Rate - 3.35%
3) Bank Rate - 3.25%
4) Statutory Liquidity Ratio - 18%
5) All the above
Answer- 3) Bank Rate - 3.25%
Explanation:
Category Rates
Policy Repo Rate 4.00%
Reverse Repo Rate 3.35%
Marginal Standing Facility (MSF) Rate 4.25%
Bank Rate 4.25%
Cash Reserve Ratio (CRR) 4.00%
Statutory Liquidity Ratio (SLR) 18.00%
52. Which company launched ‘Nivesh Bima’ Life Insurance Plan (in Dec’21) to provide
guaranteed money back at every 5th policy year?
1) HDFC Life Insurance
2) Exide Life Insurance
3) Aviva Life Insurance
4) Max Life Insurance
5) Aditya Birla Sun Life Insurance
Answer- 3) Aviva Life Insurance
Explanation:
Aviva Life Insurance has announced the launch of Aviva Nivesh Bima. This is a non-linked, non-
participating, individual savings life insurance plan that provides guaranteed money back at every fifth
policy year, in addition to a lump sum payout at maturity.

• It also offers features such as fixed benefit pay-out on maturity or death, limited premium paying
term, and an option to enhance the coverage through an add-on accidental death benefit, along with
tax benefits.
About Aviva Life Insurance:
Chief Executive Officer & Managing Director– Amit Malik
Headquarter– Gurugram, Haryana
53. Which Bank was tied up with the National Payments Corporation of India (NPCI) to launch its
first credit card on card payment network RuPay in December 2021?
2) Bank of Baroda
4) Indian Bank
Answer- 5) Bank of Maharashtra
Explanation:
Bank of Maharashtra (BoM) has tied up with the National Payments Corporation of India (NPCI) to
launch its 1st credit card on card payment network RuPay, named ‘BOM Platinum RuPay Contactless
Credit Card’.
• The benefits of the credit card include reward points for every Rs 100 spent, fuel surcharge and the
card also has card liability cover wherein customers will have zero liability post reporting of fraud.
54. Which bank recently (in Dec’21) received scheduled payment bank status from RBI?
1) India Post Payments Bank
2) Fino Payments Bank
3) Paytm Payments Bank
4) Airtel Payments Bank
5) Jio Payments Bank
Answer- 3) Paytm Payments Bank
Explanation:
RBI granted a scheduled payment bank status to the Paytm Payments Bank Limited (PPBL) by
including it into the Second Schedule to the RBI Act, 1934 & With this approval, PPBL became the 3rd
Scheduled Payments Banks.
• Apart from the PPBL, other payment banks that are in the List of Second Schedule of the RBI Act are
India Post Payments Bank Limited (IPPBL), and Fino Payments Bank Limited (FPBL).
Parent Company– One97 Communications
MD and CEO- Satish Kumar Gupta
Headquarter– Noida, Uttar Pradesh
55. Name the Bank that recently (in Dec’21) approved USD 350 million loan to improve urban
services in India.
3) Association of Southeast Asian Nations
4) World Bank

Explanation:
The Asian Development Bank (ADB) approved USD 350 million policy-based loan to improve urban
services in India.
• This loan supports the policies formulated by the Ministry of Housing and Urban Affairs (MoHUA)
to benefit the urban poor, economically weaker section and low-income groups under the Atal
Mission for Rejuvenation and Urban Transformation (AMRUT) 2.0, to provide affordable housing
to all under Pradhan Mantri Awas Yojana (PMAY).
56. Which Bank signed a MoU (in Dec’21) with Centrum Housing Finance Limited (CHFL) for a
housing loan under Co-Lending Model (CLM) mechanism?
2) Bank of Baroda
4) Indian Bank
Answer- 2) Bank of Baroda
Explanation:
Bank of Baroda (BoB) signed a MoU with Centrum Housing Finance Limited (CHFL) for sourcing and
financing housing loan borrowers under Co-Lending Model (CLM) mechanism.
Managing Director (MD) & CEO – Sanjiv Chadha
Headquarters – Vadodara, Gujarat
Amalgamated Banks – Dena Bank & Vijaya Bank in 2019
57. Name the Insurance company that signed a Bancassurance partnership with Federal Bank (in
Dec’21)?
1) Bajaj Allianz Life Insurance
2) ICICI Prudential Life Insurance
3) Max Bupa Health Insurance
4) Star Health & Allied Insurance
5) Bharti Axa life insurance
Answer- 4) Star Health & Allied Insurance
Explanation:
Federal Bank entered into a Bancassurance partnership with Star Health and Allied Insurance Co
Ltd as a corporate agent to provide health insurance products for the Bank’s 8.90 million customers
across India.
About SBI Life Insurance:
MD & CEO– Mahesh Kumar Sharma
58. Karnataka Bank won _____ DigiDhan Awards by ______________ for attaining the Highest BHIM-
UPI Transactions consecutively for 2 years?
1) 2; Ministry of Finance
2) 3; Ministry of Electronics & IT

3) 4; Ministry of MSME
4) 2; Ministry of Electronics & IT
5) 3; Ministry of MSME
Answer- 4) 2; Ministry of Electronics & IT
Explanation:
Karnataka Bank has been conferred with two DigiDhan awards instituted by the Union Ministry of
Electronics and Information Technology (MeitY). The awards were given during Digital payment Utsav
in New Delhi.
• The award recognized banks for achieving the target with the highest percentage in BHIM-UPI
transactions under the private sector bank category consecutively for two years 2019-20 and
2020-21.
59. In December 2021, Life Insurance Corporation of India (LIC) received approval from the RBI
to increase its stake to_____ in _________ .
1) 9.26; IndusInd Bank
2) 9.99%; Axis Bank
3) 8.90%; ICICI Bank
4) 9.99%; IndusInd Bank
5) 9.89%; Axis Bank
Answer- 4) 9.99%; IndusInd Bank
Explanation:
Life Insurance Corporation of India (LIC) has received approval from the RBI to increase its stake to
9.99 % in IndusInd Bank of the total issued and paid-up capital of the private sector lender The
approval will be valid for 1 year (December 8, 2022).
At present (Dec’21), LIC holds a 4.95 percent stake in the IndusInd Bank.
MD & CEO – Sumant Kathpalia
60. Which Bank partnered with NPCI Bharat BillPay Limited (in Dec’21) to launch Doorstep Bill
Payments Service?
Answer- 1) India Post Payments Bank
Explanation:
India Post Payments Bank (IPPB) partnered with NPCI Bharat BillPay Limited (NBBL) to facilitate pan
India doorstep bill payments service for IPPB and non-IPPB customers.
NBBL is a wholly-owned subsidiary of National Payments Corporation of India (NPCI).
About NPCI Bharat BillPay Ltd (NBBL):
Chief Executive Officer (CEO)– Noopur Chaturvedi

61. Which company partnered with Vasai Vikas Sahakari Bank (in Dec’21) to offer Insurance
Solutions for the bank's customers?
1) Aditya Birla Sun Life Insurance
3) Kotak Mahindra General Insurance
4) Bajaj Allianz Life Insurance
Answer- 3) Kotak Mahindra General Insurance
Explanation:
Kotak Mahindra General Insurance Company Ltd (Kotak General Insurance), the wholly-owned
subsidiary of Kotak Mahindra Bank Ltd, & Vasai Vikas Sahakari Bank Ltd has entered into a
partnership to provide the bank’s customers access to a range of insurance solutions.
Note – India is one of the countries with the lowest General Insurance penetration.
About Kotak Mahindra General Insurance Company Ltd:
MD & CEO – Suresh Agarwal
62. Which Bank released the 2nd edition of BRICS Economic Bulletin 2021 that was prepared by
the BRICS CRA Research Group?
1) Central Bank of Brazil
2) Reserve Bank of India
3) China Development Bank
4) Central Bank of the Russian Federation
5) South African Reserve Bank
Answer- 2) Reserve Bank of India
Explanation:
The Reserve Bank of India (RBI) has released the 2nd edition of BRICS Economic Bulletin 2021 which is
prepared by the BRICS (Brazil, Russia, India, China, and South Africa) Contingent Reserve Arrangement
(CRA) Research Group with members from BRICS central banks.
• The CRA Research Group is responsible to enhance research, economic analysis and surveillance
capacity of the BRICS.
• This bulletin has addressed the theme of ‘Navigating the Ongoing Pandemic: The BRICS Experience
of Resilience and Recovery’.
63. Who chaired a Bank Deposit Insurance Programme titled ‘Depositors First: Guaranteed Time-
bound Deposit Insurance Payment up to Rs 5 Lakh’ in Delhi?
1) Amit Shah
2) Narendra Modi
3) Nirmala Sitharaman
4) Shaktikanta Das
5) Dinesh Kumar Khara
Answer- 2) Narendra Modi
Explanation:
Prime Minister Narendra Modi chaired a bank deposit insurance programme titled ‘Depositors First:
Guaranteed Time-bound Deposit Insurance Payment up to Rs 5 Lakh’ in Delhi and addressed
depositors.

64. In December 2021, Which organization projected a 12% increase in credit potential of Assam
to INR 36,292 crore for the 2022-23 FY ?
1) NITI Aayog
2) ICAR
3) IRDA
4) NABARD
5) SEBI
Answer- 4) NABARD
Explanation:
The National Bank for Agriculture and Rural Development (NABARD) projected a 12% increase in
credit potential of Assam to INR 36,292 crore for the 2022-23 financial year (FY).
• The amount will be used as a base for preparation of the annual credit plan for priority sector
lending (PSL) for FY23.
About National Bank for Agriculture and Rural Development (NABARD):
Chairman- G.R Chintala
Founded-12 July 1982
65. What are the points that are correct with respect to the Legal Entity Identifier (LEI), that was
recently (in Dec’21) mandated by RBI?
A) LEI is a number used to uniquely identify parties to financial transactions worldwide to
improve the quality & accuracy of financial data systems.
B) In India, LEI can be obtained from LEI India Ltd & also recognised as an issuer of LEI by the RBI
under the Payment and Settlement Systems Act, 2007.
C) The 20-digit LEI is now mandatory for companies making cross-border transactions of Rs 50
crore & above from October 2022.
1) Only A
2) Only B
3) Only C
4) Only A & B
5) All A, B & C
Answer- 5) All A, B & C
Explanation:
LEI is a number used to uniquely identify parties to financial transactions worldwide to improve the
quality and accuracy of financial data systems.
i. In India, LEI can be obtained from Legal Entity Identifier India Ltd & it is also recognised as an issuer
of LEI by the RBI under the Payment and Settlement Systems Act, 2007.
ii.The 20-digit LEI is now mandatory for companies making cross-border transactions of Rs 50 crore &
above from October 2022.
66. Name the company that recently (in Dec’21) launched ‘#Care4 Hockey' Campaign &
appointed Rani Rampal as the face of the campaign.
1) Aviva Life Insurance Company
2) HDFC Life Insurance Company
3) Exide Life Insurance Company
4) Bajaj Allianz General Insurance

5) Kotak Mahindra Life Insurance Company
Answer- 4) Bajaj Allianz General Insurance
Explanation:
Bajaj Allianz General Insurance was launched its ‘#Care4 Hockey' Campaign to elevate field Hockey’s
recognition in India.
• The company has partnered with Padma Shri (2020) Rani Rampal, Indian Women’s Hockey Team
Captain, who will be the face of the campaign.
• ‘#Care4 Hockey' is a one of its kind campaign which aims to support the development of Hockey in
India from the grass-root level.
67. Which Bank won 2 Awards including the ‘Best Digital Customer Experience initiative’ at the
ET BFSI Excellence Awards 2021?
1) Axis Bank
2) HDFC Bank
3) DBS Bank India
4) ICICI Bank
Answer- 3) DBS Bank India
Explanation:
DBS Bank India was awarded at the ET BFSI Excellence Awards 2021. The bank has won two awards –
for the ‘DBS Rapid (Real-time API)’ solution in the ‘Innovative API/Open Banking model‘ category and
for ‘Intelligent Banking’ in the ‘Best Digital Customer Experience initiative’ category.
• The award is an initiative of The Economic Times, ET BFSI Excellence Awards, and honours the
best innovations & practices implemented by the Banking Financial Services & Insurances (BFSI)
industry in a dynamic and competitive environment.
About DBS Bank India:
MD & CEO – Surojit Shome
68. Which Bank launched ‘World Wave’, a wearable payment solution along with National
Payments Corporations of India (NPCI)?
1) Bank of Baroda
3) Union Bank of India
4) Indian Bank
5) Bank of India
Explanation:
Bank of Baroda (BOB) in partnership with National Payments Corporations of India (NPCI) launched
bob World Wave, a wearable line of products for payments, integrated with a complete health
ecosystem.
i. A bOb World Wave wearable device will allow customers to monitor their Saturation of Peripheral
Oxygen (SpO2), body temperature, heart rate and blood pressure.
ii. The device will provide contactless payments of up to Rs. 5,000 in all Near-Field Communication
(NFC) enabled Point of Sale devices and also enable payments above Rs 5000 using the PIN.

69. Name the Individual Savings Life Insurance Plan that was introduced by Life Insurance
Corporation of India in December 2021.
1) Jeevan Labh
2) Bima Shree
3) Jeevan Amar
4) Dhan Rekha
5) Saral Jeevan Bima
Answer- 4) Dhan Rekha
Explanation:
The Life Insurance Corporation of India (LIC) has introduced a new Non -Linked, Non-Participating,
Individual Savings Life Insurance Plan named ‘Dhan Rekha’.
• The minimum sum assured under this plan is Rs 2 lakh and there is no limit for the maximum sum
assured.
• The minimum age at entry ranges from 90 days to 8 years and the maximum age at entry ranges
from 35 years to 65 years based on the chosen policy term.
About Life Insurance Corporation of India (LIC):
Chairperson – M R Kumar
70. In December 2021,SBI Card launched its 1st fitness & wellness-focused credit card called
_____________.
1) SBI Card BPCL
2) SBI Card Yatra
3) SBI Card PULSE
4) SBI Card ELITE
5) SBI Card PRIME
Answer- 3) SBI Card PULSE
Explanation:
SBI Card launched the 1st fitness & wellness-focused credit card – ‘SBI Card PULSE’.
• The Card is designed with unique features and benefits to complement cardholder’s with benefits
towards health and wellness.
• The SBI Cards provides an annual membership fee of Rs.1,499 that has been launched on Visa
Signature platform.
71. Name the Bank that was recently (in Dec’21) tied up with Swift to provide Digital Bank
solution.
1) YES Bank
2) HDFC Bank
3) IndusInd Bank
4) Axis Bank
5) ICICI Bank
Answer- 4) Axis Bank
Explanation:
Axis Bank is working with new digital services from provider Swift to provide a comprehensive digital
solution to clients.

• The bank is integrating with different digitisation initiatives by government bodies and service
providers to extend an end-to-end service to business clients.
About Axis Bank:
MD & CEO – Amitabh Chaudhry
Tagline – Badhti Ka Naam Zindagi
72. Which Small Finance Bank recently (in Dec’21) launched a women-centric health insurance
policy called ‘Chola Sarva Shakti’ along with Cholamandalam MS General Insurance?
1) ESAF SFB
2) Utkarsh SFB
3) Equitas SFB
4) Ujjivan SFB
5) Capital SFB
Answer- 3) Equitas SFB
Explanation:
Equitas Small Finance Bank (SFB) partnered with Cholamandalam MS General Insurance to launch
Chola Sarva Shakti, a women-centric health insurance policy to secure women against health
conditions.
Aim – To empower Indian women with good health and finances.
About Equitas Small Finance Bank (SFB):
CEO & Managing Director – Vasudevan Pathangi Narasimhan
73. What are the points that are correct with respect to the Asian Development Outlook
Supplement Report of December 2021?
A) ADB marks the 2021 GDP growth projection of developing Asia to 7%, down from 7.1% in
September 2021.
B) In India 2021 growth forecast is 9.7% from the 10 % but the 2022 growth forecast is
unchanged at 7.5%.
C) The Omicron was first detected in South Africa & Wuhan, China & it is less transmissible than
earlier variants.
1) Only A
2) Only B
3) Only C
4) Only A & B
5) Only B & C
Explanation:
ADB marks the 2021 GDP growth projection of developing Asia to 7%, down from 7.1% September
2021.
i. In India 2021 growth forecast is 9.7% from the 10 % but the 2022 growth forecast is unchanged at
7.5%.

ii. The Omicron was first detected in South Africa & Hong Kong, China & it is more transmissible than
earlier variants.
iii. Asian Development Bank (ADB) has trimmed the growth forecasts for developing Asia for 2021-
2022 to reflect the economic impact and uncertainty caused by the new Omicron COVID -19 variant.
74. In December 2021, SMALLCAP World Fund Increased its Stake in __________ from 4.24% to
5.18% through Open Market.
1) L&T Infrastructure Finance Ltd
2) Bajaj Finance Ltd
3) Gic Housing Finance Ltd
4) LIC Housing Finance Ltd
5) IIFL Finance Ltd
Answer- 5) IIFL Finance Ltd
Explanation:
SMALLCAP World Fund, Inc., has increased its stake in IIFL Finance Limited, a leading finance &
investment services company in India from 4.2473% to 5.1863% through the open market.
• Fairfax Group, backed by Prem Watsa, an Indian-Canadian billionaire, has divested a 3.2% stake in
IIFL Finance for Rs 365 crore through an open market transaction.
About IIFL Finance Limited:
Chairman– Nirmal Jain
Managing Director– Venkataraman Rajamani
75. What is the Minimum Amount to deposit in Sukanya Samriddhi Accounts?

1) 100
2) 150
3) 250
4) 50
5) 500
Answer- 3) 250
Explanation:
A Sukanya Samriddhi Account can be opened any time after the birth of a girl child till she turns 10,
where you will have to deposit a minimum of Rs 250. In subsequent years, a minimum of Rs 250 and a
maximum of Rs 1.5 lakh can be deposited during the ongoing financial year.
76. Central Board of Direct Taxes launched ‘e-Verification Scheme 2021’ for faceless collection of
information of taxpayers & it is notified under 135A, Income Tax Act, ________.
1) 1961
2) 1970
3) 1966
4) 1977
5) 1981
Answer- 1) 1961
Explanation:
The Central Board of Direct Taxes (CBDT) has issued new rules namely ‘e-Verification Scheme, 2021’
for faceless collection of information from taxpayers, where mismatches are detected.

• The scheme is notified under a provision in 135A, Income Tax Act, 1961.
About Central Board of Direct Taxes (CBDT):
Parent Ministry– Ministry of Finance
Chairperson– J.B. Mohapatra
Headquarters– New Delhi, Delhi
77. What are the points that are correct with respect to the RBI’s PCA framework for NBFCs that
was released in December 2021?
A) Provisions of the PCA framework will be effective from October 2022 based on the financial
position of NBFCs on or after March 31, 2022.
B) For the 1st time, RBI has made PCA applicable for NBFCs, until now which is applicable only
for Banks.
C) RBI introduced the PCA framework in December 2002 to supervise & regulate the banks that
become undercapitalised due to poor asset quality.
1) Only A
2) Only B
3) Only C
4) Both A & C
5) All A, B & C
Explanation:
Provisions of the PCA framework will be effective from October 2022 based on the financial position of
NBFCs on or after March 31, 2022.
i.PCA framework will be applicable to All Deposit-Taking NBFCs (Excluding Government Companies) &
All Non-Deposit Taking NBFCs.
ii.RBI introduced the PCA framework in December 2002 to supervise & regulate the banks that become
undercapitalised due to poor asset quality.
78. Name the Organization that recently (in Dec’21) approved a $112 million loan to establish
Assam Skill University.
2) World Bank
Explanation:
The Asian Development Bank (ADB) has approved a $112 million loan to strengthen skills education
and training through the establishment of the Assam Skill University (ASU).

79. Which company launched its 1st AI Powered Educational Technology (EdTech) platform
called, ‘Wealth academy’ (in Dec’21) to Train Traders & Investors?
1) PhonePe
2) Paytm
3) Cashfree
4) PayPal
5) Razorpay
Answer- 2) Paytm
Explanation:
Paytm launched its 1st Artificial Intelligence (AI) powered Educational Technology (EdTech) platform
named, ‘Paytm Wealth academy’ for traders and investors.
About Paytm:
80. Who heads the 7-member Advisory Committee for Leveraging Regulatory & Technology
Solutions (ALeRTS) which was set up by SEBI in December 2021?
1) Malavika Harita
2) Damodaran
3) Michael Debrata Patra
4) Madhabi Puri Buch
5) Nageswara Rao
Answer- Madhabi Puri Buch
Explanation:
The Securities and Exchange Board of India (SEBI) has set up an Advisory Committee for Leveraging
Regulatory and Technology Solutions (ALeRTS) to enhance technological capabilities and explore
suitable technology solutions for the early detection of market anomalies.
• ALeRTS, is a 7-member committee headed by Madhabi Puri Buch, former whole-time member of
SEBI and has experts from various technology domains as members.
Chairperson– Ajay Tyagi
Established- 12 April 1992
81. Which Bank launched ‘Hyperlocal Banking Services’ along with Financial Software and
Systems (in Dec’21) to Boost Financial Inclusion?
1) Federal Bank
2) Axis Bank
3) IndusInd Bank
4) CSB Bank
5) City Union Bank
Answer- 4) CSB Bank
Explanation:
Financial Software and Systems (FSS) & CSB Bank have partnered to deliver hyperlocal banking
services to financially underserved segments.

• CSB Bank and FSS plan to open 1,000 Smart Cash franchisees in semi-urban and rural areas across
India to expand financial services adoption among underserved segments.
About CSB Bank:
MD & CEO – C.VR.Rajendran
Headquarters – Thrissur, Kerala
82. In which year the Central Board of Revenue got split into two boards, Central Board of Direct
Taxes & Central Board of Excise and Customs?
1) 1964
2) 1962
3) 1960
4) 1954
5) 1950
Answer- 1) 1964
Explanation:
The Central Board of Revenue got split in 1964 into two boards:
• Central Board of Direct Taxes
• Central Board of Excise and Customs
About Central Board of Direct Taxes:
• It is a statutory body established as per the Central Board of Revenue Act, 1963.
• It is India’s official financial action task force unit.
• It is administered by the Department of Revenue under the Ministry of Finance.
83. What are the points that are correct with respect to the Cabinet Approval in December 2021?
A) Incentive Scheme to Promote RuPay Debit cards & BHIM-UPI Transaction with an estimated
financial outlay of Rs 1,300 crore for 1 year.
B) PLI scheme with an outlay of Rs 76,000 crore to boost semiconductor & display manufacturing
& also incentives for the electronics sector to Rs 2.30 lakh crore.
C) Implementation of PM Kisan Maan Dhan Yojana (PM-KMY)for 2021-24 with an outlay of
Rs.93,068 crore to benefit 22 lakh farmers.
1) Only A
2) Only B
3) Only C
4) Only A & B
5) Only B & C
Explanation:
Incentive Scheme to Promote RuPayDebit cards & BHIM-UPI Transaction with an estimated financial
outlay of Rs 1,300 crore for 1 year.
i. PLI scheme with an outlay of Rs 76,000 crore to boost semiconductor & display manufacturing &
also approved incentives for the electronics sector to Rs 2.30 lakh crore.
ii. Implementation of Pradhan Mantri Krishi Sinchayee Yojana (PMKSY) for 2021-26 with an outlay of
Rs.93,068 crore to benefit 22 lakh farmers.
Note- Accelerated Irrigation Benefit Programme (AIBP), Har Khet ko Paani (HKKP) and Watershed
Development components have been approved for continuation during PMKSY 2021-26.

84. Which organization signed an MoU with Western Union (in Dec’21) to enable Real-time Cross-
Border Transactions?
1) PayPal Payment Gateway
2) NPCI Bharat BillPay Limited
3) NPCI International Payments Limited
4) PayU Payment Gateway
5) InstaMojo Payment Gateway
Answer- 3) NPCI International Payments Limited
Explanation:
NPCI International Payments Limited (NIPL), international payments arm of National Payments
Corporation of India (NPCI) signed a MoU with Western Union to enable real-time Cross-Border
Transactions in India.
i. It is an umbrella organization for operating retail payments and settlement systems in India. It is an
initiative of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions
of the Payment and Settlement Systems Act, 2007.
ii. It has been incorporated as a “Not for Profit” Company under the provisions of Section 25 of
Companies Act 1956 (now Section 8 of Companies Act 2013).
85. Which company launched ‘SafeCard’ a tokenization solution to become the 1st payment
platform to tokenize cards on Visa, Mastercard & Rupay networks?
1) Instamojo
2) PayPal
3) Cashfree
4) PhonePe
5) Paytm
Answer- 4) PhonePe
Explanation:
PhonePe launched PhonePe SafeCard which is a tokenization solution for online debit and credit card
transactions.
• PhonePe SafeCard supports all major card networks such as Mastercard, Rupay and Visa.
• Through this launch, PhonePe has become the 1st payments platform to tokenize cards on Visa,
Mastercard and Rupay card networks.
86. Which Bank recently (in Dec’21) partnered with Pine Labs to enable EMI offers for Bank’s
Credit cardholders?
1) ESAF SFB
2) Equitas SFB
3) Capital SFB
4) AU SFB
5) Ujjivan SFB
Answer- 4) AU SFB
Explanation:
Pine Labs, a merchant commerce platform, has partnered with AU Small Finance Bank, to enable the
bank’s credit cardholders to avail EMI offers.

• The Partnership offers EMI at the point of sale (PoS) and converts their customer’s regular
purchase into interest-free EMIs across the over 2 lakh merchant base of Pine Labs, pan India.
• Aim – To empower the underbanked with no cost EMI offers
87. Name the Bank that was recently (in Dec’21) renewed its MoU with the Indian Army to offer
benefits to Army personnel & their family through Defence Salary Package scheme.
1) ICICI Bank
2) HDFC Bank
4) City Union Bank
5) Federal Bank
Explanation:
The SBI has renewed its MoU with the Indian Army to offer benefits to all serving as well as retired
army personnel and their families through its Defence Salary Package (DSP) Scheme.
• Under this MoU, SBI will offer enhanced complimentary personal accidental insurance (Death)
cover, air accidental insurance (Death) cover, permanent/partial disability covers.
• It also supports the education of children and the marriage of girl children of deceased army
personnel.
88. In December 2021, _________ announced that the Global debt raised a record _______ in 2020 &
Global debt surged by 28% points to 256% of Global GDP.
1) World Bank; $335 trillion
2) IMF; $226 trillion
3) WTO; $112 trillion
4) IMF; $335 trillion
5) World Bank; $226 trillion
Answer- 2) IMF; $226 trillion
Explanation:
The International Monetary Fund (IMF) has announced that the Global debt raised a record $226
trillion in 2020 as the world was hit by the Covid-19 pandemic and a deep recession.
i. Global debt rose by 28 percentage points to 256 percent of GDP in 2020
ii. IMF’s latest Global Debt Database figures the 2020’s debt as the largest 1-year debt surge since World
War II.
iii. According to the IMF, the public debt rose from 70 percent of GDP in 2007 to 124 percent of GDP in
2020 and the private debt rose at a moderate pace from 164 percent to 178 percent of GDP in 2020.
89. Which Bank collaborated with online taxing platform ‘Clear’ (in Dec’21) to launch cost free
Income Tax Return (ITR) e-filing Facility for its NRI customers?
1) Axis Bank
2) ICICI Bank
3) IndusInd Bank
4) CSB Bank
5) HDFC Bank
Answer- 4) CSB Bank

Explanation:
CSB Bank has tied up with Clear , an online tax filing platform, to launch an online, and free of cost ITR
(Income Tax Return) e-filing facility for its NRI customers.
• This collaboration will reduce customers’ efforts and time for tax filing.
90. In December 2021, ______ became the 1st Indian Insurance company to sign the UN’s Principles
for Responsible Investment on environmental, social & governance (ESG) issues.
1) Bharti Axa Life Insurance
Answer- 5) ICICI Prudential Life Insurance
Explanation:
ICICI Prudential Life Insurance (IPRULIFE), became the 1st Indian insurance company to sign the UN’s
Principles for Responsible Investment (UNPRI), to demonstrate commitment towards the
environmental, social and governance (ESG) issues.
• The UNPRI is an investor initiative in partnership with the two bodies of the United Nations – The
UN Environment Programme Finance Initiative & The UN Global Compact.
91. Name the bank that recently (in Dec’21) partnered with Home First Finance to offer Home
loans.
1) UCO Bank
3) Canara Bank
4) Union Bank of India
5) Bank of India
Answer- 4) Union Bank of India
Explanation:
Union Bank of India (UBI) has entered into a strategic co-lending partnership with Home First Finance
Company India Ltd (HomeFirst) to offer home loans to customers at competitive interest rates.
• HomeFirst will retain a minimum of 20% of the loan while 80% will be retained by UBI.
About Union Bank of India:
CEO & MD – Rajkiran Rai. G
92. Which company signed a co-lending Agreement with IndusInd Bank (in Dec’21) to support
Farmer Producer Organizations?
1) Agribazaar
2) DeHaat
3) Samunnati
4) Crofarm
5) Unnati
Answer- 3) Samunnati

Explanation:
India’s largest agri-tech enterprise, Samunnati, has entered into a co-lending agreement with IndusInd
Bank to expand credit accessibility for Farmer Producer Organizations (FPOs) across India.
• Under the co-lending agreement, Rs 15 crore will be disbursed as an initial amount to farmer
collectives.
• Objective: To ensure the self-sustainability and profitability of Farmer Collectives and their
members, comprising mostly small-holder farmers.
93. Which of the following types of Financial institutions were included into RBI's eligibility list
of Agency Banks (in Dec'21)?
1) Scheduled payments banks
2) Merchant Banks
3) scheduled small finance banks
4) Only 1 & 3
5) Only 1 & 2
Answer- 4) Only 1 & 3
Explanation:
Scheduled payments banks and Scheduled small finance banks will be eligible to conduct
Government agency business, according to the Reserve Bank of India (RBI).
• On May 10, 2021, RBI, revised the existing guidelines on ‘Appointment of Scheduled Private Sector
Banks as Agency Banks of RBI’ for authorizing Scheduled Private Sector Banks as agency banks of
RBI for conducting govt business (Central and/or State).
• All the instructions/conditions prescribed on May 10, 2021, will henceforth be applicable to the
scheduled payments banks and scheduled SFBs.
94. Which company signed an MoU with NAB FOUNDATION (in Dec’21) to Provide Services to 1
lakh Small Farmers?
1) FreshMenu
2) Innoterr
3) HungerBox
4) Zomato
5) Faasos
Answer- 2) Innoterr
Explanation:
Food and tech platform Innoterra signed a MoU with NAB FOUNDATION to develop farmer clusters
through its products and services.
• NABFOUNDATION is a not-for-profit organization of the National Bank for Agricultural & Rural
Development (NABARD).
• The services will be provided in selected clusters over the next two years that will increase farm
incomes over 3-5 years.
95. Name the company that recently (in Dec’21) launched the ‘Health Prime’ wellness rider to all
its customers who registered with the Health insurance & personal accident policies.
2) Aviva Life Insurance

5) Bharti Axa Life Insurance
Answer- 1) Bajaj Allianz General Insurance
Explanation:
Bajaj Allianz General Insurance launched the ‘Health Prime’ wellness rider, which can be availed by
its Customers who are registered with the health insurance & personal accident policies of Bajaj Allianz
General Insurance.
• The rider is collaborating with Bajaj Finserv Health to provide the benefit of 90,000 doctors to the
customers of Bajaj Allianz General Insurance.
About Bajaj Allianz General Insurance:
MD & CEO-Tapan Singhel
Headquarters- Pune, Maharashtra
Founded-2001
96. In December 2021, RBI Authorized __________ to collect indirect taxes on behalf of the Central
Board of Indirect Taxes and Customs (CBIC).
1) City Union Bank
2) RBL Bank
3) IndusInd Bank
4) CSB Bank
5) Karnataka Bank
Answer- 2) RBL Bank
Explanation:
RBI has granted permission to RBL Bank to collect indirect taxes on behalf of the Central Board of
Indirect Taxes and Customs (CBIC).
• In November 2021, RBL Bank had got permission from RBI to collect direct taxes. Thus the current
announcement enables the bank to collect both direct & indirect taxes.
• It is Based on the recommendation from the Controller General of Accounts, the Ministry of Finance.
97. In December 2021, IFSCA Sets up a Committee for Creating Framework for Transfer of
Stressed Loan to financial institutions which will be chaired by?
1) Urjit Patel
2) Ajay Kumar
3) G Padmanabhan
4) Raghuram Rajan
5) Deepak Kumar
Answer- 3) G Padmanabhan
Explanation:
The International Financial Services Centres Authority (IFSCA) set up a committee for creating a
framework for the transfer of stressed loans from domestic lenders to financial institutions.
• Former executive director of Reserve Bank of India (RBI) G Padmanabhan will chair the
committee along with expertise in banking and legal firms.

98. In December 2021, Indian Government & the Germany Development Bank signed ____________
Euro loan for Surat Metro Rail project.
1) 221.27 Million
2) 442.26 Million
3) 665.54 Million
4) 331.65 Million
5) 140.54 Billion
Answer- 2) 442.26 million
Explanation:
Indian Government & the Germany Development Bank- KfW (Kreditanstalt fur Wiederaufbau) signed
442.26 million Euro loan for 40.35 km Surat Metro Rail project in Gujarat.
About Surat Metro Project:
In January 2021, PM, Narendra Modi laid the foundation stone of the project with an objective to
strengthen the transport infrastructure & It comprises two corridors, while corridor-1 is 21.61 km long
and is from Sarthana to Dream City & Corridor-2 is 18.74 km long and is from Bhesan to Saroli.
99. Which Company recently (in Dec’21) partnered with Edelweiss General Insurance to offer
Digital Motor Insurance?
1) Freecharge
2) MobiKwik
3) PhonePe
4) Razorpay
5) Paytm
Answer- 3) PhonePe
Explanation:
Edelweiss General Insurance (EGI) has partnered with PhonePe to offer quick and easy, digital motor
insurance products to all its customers.
• EGI has also launched need-based, bite-sized insurance products in partnership with some of the
other best brands in the digital ecosystem.
• EGI also has an extensive omnichannel digital distribution platform along with its own digital
platforms and marketplaces.
100. Name the company that recently (in Dec’21) signed a partnership agreement with CSC e-
Governance Services India to nourish insurance penetration in Rural Network?
2) Reliance General Insurance
3) Kotak Mahindra General Insurance
4) Bharti AXA General Insurance
5) Liberty General Insurance
Answer- 5) Liberty General Insurance
Explanation:
Liberty General Insurance signed a partnership agreement with CSC (Common Service Centres) e-
Governance Services India under the Ministry of Electronics and Information Technology (MeitY).
• Objective: To strengthen insurance penetration in rural areas across India by selling insurance
products through the CSC network.

• The agreement will empower the Village Level Entrepreneurs (VLEs) through new skills and
knowledge of products and services.
101. Which Small Finance Bank (SFB) became the Banking Partner of the Maharashtra
Government in December 2021?
1) A U SFB
2) Capital SFB
3) Ujjivan SFB
4) Equitas SFB
5) Utkarsh SFB
Answer- 4) Equitas SFB
Explanation:
Equitas Small Finance Bank Limited ( ESFBL) has empanelled as the banking partner of the state
government of Maharashtra with an aim to offer its services to employees of the State Government.
Note: The Bandhan Bank, Karur Vysya Bank, and the South Indian Bank have been assigned the role of
distributing salaries and allowances to the government employees.
MD & CEO– Vasudevan Pathangi Narasimhan
Tagline– It’s Fun Banking
102. In December 2021, Which Organization launched 1st AgriTech Challenge cohort 2021 along
with NITI Aayog to help smallholder farmers across Asia and Africa?
2) World Trade Organization
3) United Nations Capital Development Fund
4) United Nation Development Programme
5) World Bank
Answer- 3) United Nations Capital Development Fund
Explanation:
NITI Aayog, AIM & the United Nations Capital Development Fund (UNCDF) has launched the 1st
AgriTech Challenge cohort 2021 for its Agri-tech program that aims to help smallholder farmers
across Asia and Africa to address their challenges in the aftermath of the pandemic.
103. Which Company recently (in Dec’21) signed a partnership agreement with NPCI to
encourage Skill Development of NPCI employees?
1) Vedantu
2) Udemy
3) Unacademy
4) Toppr
5) Doubtnut
Answer- 2) Udemy
Explanation:
National Payments Corporation of India (NPCI) signed a partnership agreement with Udemy Business,
to encourage innovative learning and skill development for employees of NPCI.

i. Through the mission ‘Talent Development for All’ of NPCI, it provides capacity building programmes
in AI, Machine Learning , Blockchain, Distributed Ledger Technology (DLT), Robotic Process Automation
(RPA), etc.
MD and CEO- Dilip Asbe
104. Which Bank recently (in Dec’21) signed a MoU with Care Health Insurance to offer Health
Insurance Products?
1) Assam Gramin Vikash Bank
2) Andhra Pradesh Grameena Vikas Bank
3) Karnataka Gramin Bank
4) Uttarakhand Gramin Bank
5) Kerala Gramin Bank
Answer- 3) Karnataka Gramin Bank
Explanation:
Karnataka Gramin Bank (KGB) has signed a MoU with Care Health Insurance Ltd to market health
insurance products for customers of the bank across 22 districts of Karnataka.
About Karnataka Gramin Bank (KGB):
Headquarters – Ballari, Karnataka
CEO – Nandini K R, IAS
105. In December 2021, Mastercard Partnered with __________ to offer Tokenization for Card-
Based Payments.
1) Paytm
2) Google Pay
3) MobiKwik
4) PhonePe
5) Freecharge
Answer- 2) Google Pay
Explanation:
Mastercard and Google Pay have partnered to offer tokenized card services that will enable Google Pay
users to safely transact money using Mastercard credit and debit cards.
i. Android users of Google Pay can scan and pay across all Bharat QR-enabled merchants, tap-and-pay,
and make in-app transactions through their Mastercard debit and credit card.
ii. Mastercard Digital Enablement Service (MDES) allows payment credentials to be securely stored in
the mobile devices in the form of a digital token.
106. Which company recently (in Dec’21) collaborated with Clove Dental to offer Dental
Insurance?
1) ICICI Lombard General Insurance
2) Kotak Mahindra Life Insurance
3) Max Life Insurance
5) Bharti AXA Life Insurance

Answer- 1) ICICI Lombard General Insurance
Explanation:
ICICI Lombard General Insurance Company has collaborated with Clove Dental to offer dental
insurance.
i. The offering will be covered under the OPD (Outpatient Department) benefit and will be available on a
cashless basis to customers.
About ICICI Lombard General Insurance Company Limited:
MD & CEO– Bhargav Dasgupta
107. Which Bank Tops the Digital Payments for FY 2020-21 as per the data released by the
Ministry of Electronics & Information Technology?
1) SBI
2) Canara Bank
3) HDFC Bank
4) Bank of Baroda
5) Axis Bank
Explanation:
Bank of Baroda (BoB) achieves top position in overall digital transactions among large banks for FY20-
21.
i. It was felicitated by the Ministry of Electronics & Information Technology (MeitY) at the Digital
Payments Utsav.
Note-BoB has been conferred with five DigiDhan awards for FY 2019-20 & 2020-21 in various
categories.
MD & CEO– Sanjiv Chadha
Headquarter– Vadodara, Gujarat
Amalgamated banks– Vijaya Bank and Dena Bank
108. Which Bank recently (in Dec’21) acquired a minority stake in JSW Cement Limited for an
investment of INR 100 crore through Compulsory Convertible Preference Shares (CCPS)?
1) Bank of Baroda
2) Federal Bank
4) ICICI Bank
5) Axis Bank
Explanation:
The State Bank of India (SBI) acquired a minority stake (less than 50 percent) in JSW Cement Limited
for an investment of INR 100 crore through Compulsory Convertible Preference Shares (CCPS).
i. This amount will support the expansion of JSW Cement from taking its production from the current 14
MTPA (million tonnes per annum) to 25 MTPA.

109. Name the new corporate governance initiative that was launched by the National Stock
Exchange (in Dec’21) to raise the corporate governance standard in India.
1) NSE Governance
2) NSE Elite
3) NSE Corporate
4) NSE Prime
5) NSE Emerge
Answer- 4) NSE Prime
Explanation:
The National Stock Exchange (NSE) launched a new corporate governance initiative named, ‘NSE
Prime’, which the NSE listed companies can adopt voluntarily.
i. NSE Prime is a framework that prescribes higher standards of corporate governance for listed
companies with additional disclosure requirements for providing higher quality of public information &
greater transparency.
ii. An NSE Prime company needs at least 40 percent public shareholding as against 25 percent under
the Securities and Exchange Board of India (SEBI) rules.
110. Which Bank signed a co-lending agreement with U GRO Capital (in Dec’21) to provide MSME
loans worth Rs 1000 crore?
1) Indian Bank
4) Bank of Baroda
5) Bank of India
Explanation:
Central Bank of India signed a co-lending agreement with U GRO Capital, MSME lending fintech
platform. The agreement will provide INR 1000 crore formal credit to underserved MSMEs at
affordable rates across all product categories of U GRO Capital.
i. Under this partnership, it is aimed to disburse up to INR 1000 crore to U GRO Capital’s varied
programmes like Pratham, Sanjeevani, Saathi, GRO MSME and Machinery
ii. Central Bank of India will provide co-lending support through GRO-Xstream platform with the loans
originated by U GRO Capital’s distribution network.
MD & CEO – MV Rao
111. In December 2021, Which Country committed $100 billion for investment & infrastructure
creation in India?
1) UK
2) UAE
3) Japan
4) France
5) US
Answer- 2) UAE

Explanation:
The Union Minister Commerce and Industry Piyush Vedprakash Goyal chaired an interaction with the
heads of Indian industry & Export Promotion Councils in Mumbai, Maharashtra.
i. During the meeting it was revealed that UAE has committed $100 billion for investment and
infrastructure creation in India.
Note- In FY22 India will achieve a $400 billion export target for the first time.
112. Which Bank reclassified the Oriental Insurance from promoter category to Public
Shareholder category in December 2021?
1) HDFC Bank
2) Federal Bank
3) Axis Bank
4) ICICI Bank
5) YES Bank
Answer- 3) Axis Bank
Explanation:
Axis Bank announced the approval to reclassify The Oriental Insurance Company Ltd (OICL) from
promoter category to public category shareholder in the bank.
i. At present, OICL holds a 0.16 per cent stake in Axis Bank.
113. In December 2021, Which Bank was enrolled by RBI as ‘Agency Bank’ to undertake general
banking business of both central & state governments?
1) Bandhan Bank
2) CSB Bank
3) Federal Bank
4) RBL Bank
5) IndusInd Bank
Answer- 2) CSB Bank
Explanation:
RBI announced empanelment of CSB Bank as an ‘Agency Bank’ to undertake general banking business
of central & state governments under the guidelines set by the RBI.
i. As an Agency bank, CSB Bank will work with different state governments and central government
departments for businesses such as tax collections, pension payment, collection of stamp duty, etc.
114. Which Insurance Company won the “Best Governed Company Listed Segment under Large
Category” at the 21st edition of the ICSI National Awards for Excellence in Corporate Governance
2021?
1) Aviva Life
2) HDFC Life
3) IndiaFirst Life
4) Exide Life
5) Bharti AXA Life
Answer- 2) HDFC Life
Explanation:
HDFC Life won the Best Governed Company Listed Segment under Large Category at the 21st
edition of the ICSI National Awards for Excellence in Corporate Governance 2021.

i. The award was presented by Union Minister of Home Affairs and Minister of Cooperation, Amit Shah.
ii. The eminent Jury was headed by Justice P.Sathasivam, Former Chief Justice of India.
About HDFC Life Insurance Company Limited (HDFC Life):
CEO & MD – Vibha Padalkar
115. Which Bank recently (in Dec’21) partnered with MoneyGram to enable International Fund
Transfer?
3) Airtel Payment Bank
4) Jio Payment Bank
5) Fino Payment Bank
Explanation:
Paytm Payments Bank has partnered with MoneyGram to enable international fund transfer directly
to Paytm Wallet.
i. MoneyGram transactions in India received digitally stands at nearly 50 percent of all transactions
received in the country.
ii. This is MoneyGram’s first mobile wallet partnership in India.
MD & CEO – Satish Kumar Gupta
116. Which organization signed a Finance Contract with Government of India (in Dec’21) to
provide 1st tranche loan of Euro 250 million for Agra Metro Rail Project, UP?
1) African Development Bank
3) European Investment Bank
Answer- 3) European Investment Bank
Explanation:
The Government of India signed an agreement with European Investment Bank (EIB) for a Finance
Contract for the first tranche loan of Euro 250 million for Agra Metro Rail Project, Uttar Pradesh (UP).
i. The Project is working under the Ministry of Housing and Urban Affairs (MoHUA) & Uttar Pradesh
Metro Rail Corporation Ltd.
ii. Objective: To provide safe, reliable, affordable and environment friendly and sustainable public Mass
Rapid Transit System (RTS) for Agra.
117. Which Company signed an agreement with KfW Development Bank (in Dec’21) to provide
USD 169.5 million loan for Power Sector and Renewable Projects?
1) Rural Electrification Corporation
2) NTPC Limited
3) Power Finance Corporation

4) Coal India
5) Power Grid Corporation of India
Answer- 1) Rural Electrification Corporation
Explanation:
REC Ltd (Rural Electrification Corporation Limited) has signed a pact with KfW Development Bank to
avail Official Development Assistance (ODA) term loan worth USD 169.5 million for power sector and
renewable energy projects. The loan is provided under the Indo-German bilateral partnership.
i. The approval was passed by the Department of Economic Affairs, Ministry of Finance.
ii. It will help in projects such as electrical and electromechanical/hydro systems, projects of lift
irrigation, smart city, electrification of railway lines, airports, etc
118. In December 2021 Vayana Network & ______was awarded the ‘Most Effective Bank-Fintech
Partnership’ at the IBSi-Global Fintech Innovation Awards 2021.
1) SBI Bank
2) HDFC Bank
3) ICICI Bank
4) Axis Bank
5) Federal Bank
Explanation:
Vayana Network and Federal Bank have been awarded the ‘Most Effective Bank-Fintech
Partnership’ under Agile and Adaptable category at the IBSi-Global Fintech Innovation Awards 2021.
i. The award was conferred in recognition of Vayana Network’s partnership with Federal Bank making
Supply Chain Finance at ease.
ii. Federal Bank partnered with Vayana Network to provide an easy on-boarding experience to dealers
through their unique ‘Full Stack’ technology infrastructure.
119. Who was appointed as the Managing Director & Chief Executive Officer of IFFCO-TOKIO
General Insurance in December 2021?
1) Tapan Singhel
2) HO Suri
3) Ganesh Velusamy
4) Anamika Roy
5) Anup Rau
Answer- 2) HO Suri
Explanation:
IFFCO-TOKIO General Insurance appointed HO Suri as its new managing director & chief executive
officer.
Earlier, Suri was the financial advisor, head, internal audit & legal, at the company and the new position
took effect from October 1.
120. In December 2021, RBI extended the card-on-file (CoF) tokenization deadline upto _________,
while ‘Tokenization’ was issued based on the directives of RBI’s Payment and Settlement Systems
Act, _______.
1) 1st April 2022; 2007
2) 31st March 2022; 2005

3) 30th June 2022; 2007
4) 1st May 2022; 2005
5) 30th July 2022; 2008
Answer- 3) 30th June 2022; 2007
Explanation:
The Reserve Bank of India (RBI) extended the card-on-file (CoF) tokenization deadline by 6 months i.e.
to June 30, 2022.
i. Cause for extending the deadline: Industry bodies including Merchant Payments Alliance of India
(MPAI) and the Alliance of Digital India Foundation (ADIF) had sent representations to the RBI seeking
an extension of the deadline.
ii. Tokenization was issued based on the directives of RBI’s Payment and Settlement Systems Act, 2007.
Note- Earlier the deadline was fixed till December 31, 2021.
121. Name the Indian Organization that was recently (in Dec’21) signed Enhanced Multilateral
Memorandum of Understanding (EMMoU) of the International Organization of Securities
Commissions (IOSCO)?
1) NABARD
2) SIDBI
3) RBI
4) SEBI
5) EXIM Bank
Answer- 4) SEBI
Explanation:
The Securities and Exchange Board of India (SEBI) has signed the Enhanced Multilateral Memorandum
of Understanding (EMMoU) of the International Organization of Securities Commissions (IOSCO) to
have a suitable cooperation arrangement
122. Which of the following points are correct with respect to the restructuring of the advisory
committees by SEBI in December 2021?
A) SEBI rearranged the Secondary Market Advisory Committee (SMAC) with Zerodha’s co-
founder & CEO Nithin Kamath as a new inductees to the 17 Member panel.
B)SEBI Inducted Saurabh Jain, Aditya Agarwal & Aarati Krishnan as New members of the 24
Member Mutual Fund Advisory Committee.
C) Information Systems Security Committee (ISSC) & Corporate Bonds Securitization Advisory
Committee (CoBoSAC) headed by H Krishnamurthy & G Mahalingam respectively.
1) Only A
2) Only B
3) Only C
4) Only A & C
5) All A, B & C

Explanation:
SEBI rearranged the Secondary Market Advisory Committee (SMAC) with Zerodha’s co-founder &
CEO Nithin Kamath as newly inductees in the 17 Member panel.
i. In the Mutual Fund Committee, SEBI Inducted Saurabh Jain, Aditya Agarwal & Aarati Krishnan as
New members in the 24 Members.
ii. Information Systems Security Committee (ISSC) & Corporate Bonds Securitization Advisory
Committee (CoBoSAC) headed by H Krishnamurthy & G Mahalingam respectively.
123. In December 2021, India signed agreements with KfW Development bank for 140 million
Euro loan & 2 million Euro grant for an energy reform programme in which state?
1) Maharashtra
2) Andhra Pradesh
3) Madhya Pradesh
4) West Bengal
5) Uttar Pradesh
Answer- 3) Madhya Pradesh
Explanation:
The Government of India signed agreements with the German based KfW Development bank for a 140
million Euro reduced interest loan & 2 million Euro grant for an energy reform programme in Madhya
Pradesh (MP).
About KfW Development bank:
CEO- Stefan Wintels
Headquarters- Frankfurt, Germany
124. In December 2021, Which Company launched co-branded credit cards for navy personnel
along with the Indian Navy?
1) Fedbank Financial Services
2) HDFC Financial Services
3) BOB Financial Solutions
4) Geojit Financial Services
5) AS Finance Solutions
Answer- 3) BOB Financial Solutions
Explanation:
BOB Financial Solutions Ltd, a wholly-owned subsidiary of Bank of Baroda, and the Indian Navy have
launched a co-branded credit card for navy personnel.
i. Eligibility: A navy personnel up to the age of 64 years will be eligible to choose from 3 variants of the
co-branded credit card.
About BOB Financial Solutions Ltd:
MD & CEO – Shailendra Singh
125. Which company signed an agreement with L&T Finance Holdings Ltd to acquire 100%
equity shares of L&T Investment Management Ltd for 3,191 crore?
1) Muthoot Finance
2) Sundaram Finance

3) HSBC Asset Management
4) PNB Housing
5) Shriram Housing Finance
Answer- 3) HSBC Asset Management
Explanation:
L&T Finance Holdings Ltd has entered into an agreement with HSBC Asset Management (India)
Private Ltd (HSBC AMC) to acquire 100% equity shares of L&T Investment Management Ltd (LTIM)
for ₹3,191 crore.
126. What is the accidental Insurance cover under Pradhan Mantri Jan Dhan Yojana?
1) 2 Lakhs
2) 4 Lakhs
3) 1 Lakh
4) 5 Lakhs
5) 3 Lakhs
Answer- 3) 1 Lakh
Explanation:
Pradhan Mantri Jan Dhan Yojana (PMJDY) is India’s National Mission for financial Inclusion to ensure
access to financial services. It is run by the Department of Financial Services, Ministry of Finance.
i. The accidental Insurance cover under Pradhan Mantri Jan Dhan Yojana is 1 Lakh.
127. Which Organization signed an MoU with the Government of West Bengal (in Dec’21) to
develop the MSME Ecosystem in the state?
1) SIDBI
2) RBI
3) NABARD
4) SEBI
5) EXIM Bank
Answer- 1) SIDBI
Explanation:
The Small Industries Development Bank of India (SIDBI) signed a MoU with the government of West
Bengal to develop the MSME ecosystem in the state.
About SIDBI:
Chairman & MD – Sivasubramanian Ramann
Establishment – April 1990
Headquarters – Lucknow, Uttarpradesh
128. Which Bank recently (in Dec’21) entered into the 4th co-lending arrangement with
Lendingkart to improve the flow of credit to the unserved & underserved sector of the economy?
4) Bank of India
5) Bank of Baroda

Explanation:
Punjab National Bank (PNB) has entered into the 4th co-lending arrangement with Lendingkart Finance
Limited (Lendingkart) to improve the credit flow to the unserved and underserved sector of the
economy.
i. The partnership under this co-lending arrangement will result in significant disbursement under
Priority Sector Lending.
129. In December 2021, Which Bank won the CII Digital Transformation Award 2021 under the
category ‘Most Innovative Best Practice’?
1) Federal Bank
2) HDFC Bank
3) YES Bank
4) ICICI Bank
5) Axis Bank
Answer- 2) HDFC Bank
Explanation:
HDFC Bank has been selected under ‘Most Innovative Best Practice’ at the coveted Confederation of
Indian Industry (CII) Digital Transformation Award 2021 or CII DX Award 2021.
i. It will be recognized for the HDFC’s efforts in world class financial inclusion in Village Level Executive
(VLE) centres along with Government of India’s Common Service Centres (CSC).
About Confederation of Indian Industry (CII):
President- Mr. T V Narendran
Director General – Mr. Chandrajit Banerjee
Headquarters – New Delhi
130. Which Company recently (in Dec’21) partnered with NSDL Payments Bank to launch a new
Fintech platform targeting India's SME sector?
1) Finastra
2) Ascendum
3) Indipaisa
4) Dimensions Cybertech
5) Newgen Software Technologies
Answer- 3) Indipaisa
Explanation:
Indipaisa signed a partnership agreement with NSDL Payments Bank to launch Financial Technology
(Fintech) solutions targeting India’s 63 million Small & Mid-sized Enterprise (SME) sector.
i. To empower SME owners & operators provide facilities and services that help them grow businesses,
comply with government tax laws and build a sustainable future.
ii. This partnership is inline with India’s target of exceeding USD 1.0 Trillion digital transactions,
annually by the year 2025.
About NSDL Payments Bank:
MD& CEO- Abhijit Kamalapurkar

131. Name the Bank that was recently (in Dec’21) became the 1st Indian Bank to offer cross-
border payments via UPI along with NPCI.
1) ICICI Bank
2) HDFC Bank
3) Axis Bank
4) IndusInd Bank
5) YES Bank
Answer- 4) IndusInd Bank
Explanation:
IndusInd Bank has partnered with the National Payments Corporation of India (NPCI) for offering real-
time cross-border remittances to India using UPI IDs for its Money Transfer Operator (MTO) partners.
i. With this initiative, IndusInd Bank has become the 1st Indian bank to go live on Cross Border
Payments/NRI Remittances. .
ii..IndusInd Bank has started off with Thailand’s DeeMoney for Foreign Inward Remittance (FIR)
through UPI.
132. Which Insurance company recently (in Dec’21) signed a bancassurance agreement with
South Indian Bank to offer life insurance solutions?
1) Aviva Life
2) MAX Life
3) HDFC Life
4) Bajaj Allianz Life
5) Exide Life
Answer- 3) HDFC Life
Explanation:
HDFC Life signed a bancassurance (Bank-Insurance) agreement with South Indian Bank to offer life
insurance solutions to the customers of South Indian Bank.
i. HDFC Life is targeting to provide the customer with innovative products and superior levels of
services through the physical and digital routes.
About HDFC Life:
MD & CEO- Vibha Padalkar
133. Identify the Bank that was recently (in Dec’21) signed an MoU with India Post Payments
Bank to offer Banking Services in Semi-urban & Rural Areas.
2) YES Bank
3) HDFC Bank
4) Axis Bank
5) ICICI Bank
Answer- 3) HDFC Bank

Explanation:
HDFC Bank has signed an MoU with India Post Payments Bank (IPPB) to offer banking services to over
4.7 crore customers of IPPB in semi-urban and rural areas.
About India Post Payments Bank (IPPB):
Launched on – 30 January 2017 in Ranchi, Jharkhand & Raipur, Chattisgarh (as a Pilot project)
MD & CEO – J Venkataramu
134. Which of the following points are correct with respect to the World Economic League Table
2022 released in December 2021?
A) The report was released by UK-based Centre for Economics and Business Research’s (CEBR).
B) India will move to 6th position in 2022 overtaking France & become the 3rd World’s largest
economy in 2031.
C) The Table predicted that China will overtake the United States of America to be the World’s
largest economy in 2030.
1) Only A
2) Only B
3) Only A & B
4) Only B & C
5) All A, B & C
Explanation:
The report was released by UK-based Centre for Economics and Business Research’s (CEBR).
i. India will regain 6th position from France in 2022 & to become the 3rd largest economy in 2031.
ii. The table predicted China will overtake the United States of America to be the largest economy in
2030.
iii. The world economy is set to surpass $100 trillion for the first time in 2022 & India ranked 7th
rank in 2021.
135. Who was recently (in Dec’21) appointed as the interim Managing Director & CEO of the RBL
Bank?
1) Yogesh Daya
2) Aditya Puri
3) Vishwavir Ahuja
4) Rajeev Ahuja
5) Amitabh Chaudhry
Answer- 4) Rajeev Ahuja
Explanation:
Rajeev Ahuja, Executive Director of the RBL Bank has been appointed as the interim MD & CEO of the
RBL Bank
i. Vishwavir Ahuja will step down from the post of MD & CEO and go on leave with immediate effect.
ii. RBI has appointed Yogesh Dayal, chief general manager of RBI, as an additional director on the board
of RBL Bank for a period of 2 years till 23rd December 2023.

136. In December 2021, RBL Bank Extended the Co-branded Credit Cards Partnership with
_________ for 5 years.
1) Tata Capital
2) Muthoot Finance
3) LIC Housing Finance
4) Bajaj Finance
5) Indiabulls Housing Finance
Answer- 4) Bajaj Finance
Explanation:
RBL Bank partnered with Bajaj Finance Ltd (BFL) for the extension of the partnership of co-branded
credit cards for 5 years till December 2026.
i. The Bank had entered into a partnership with Bajaj Finance in 2018 launching a series of co-branded
credit cards.
ii. As per the RBL Bank’s FY2019 annual report, RBL Bank – Bajaj Finance co-brand portfolio crosses 10
lakh cards, making it one of the largest co-branded card partnerships in the country.
137. Name the Bank that was recently (in Dec’21) launched ‘Green Fixed Deposits’ to support the
United Nations Sustainable Development Goals (UN-SDGs).
1) HDFC Bank
2) YES Bank
3) IndusInd Bank
4) ICICI Bank
5) Axis Bank
Answer- 3) IndusInd Bank
Explanation:
IndusInd Bank launched Green Fixed Deposits (FDs) where the deposit proceeds will be used to
finance projects and firms supporting the United Nations Sustainable Development Goals (UN-SDGs).
i. With this, the bank has entered the list of few global banks which offer integrating SDG into a regular
FD product.
ii. Deposits backed by insurance for up to Rs 5 lakh
Note- IndusInd Bank is the only bank in India to secure ‘band A’ in the Carbon Disclosure Project.
138. Which Bank recently (in Dec’21) signed a Co-lending Partnership with MAS Financial
Services to offer a loan for MSME?
4) Indian Bank
5) Bank of Baroda
Answer- 2) Bank of Maharashtra
Explanation:
The Bank of Maharashtra (BoM) has signed a strategic co-lending partnership with MAS Financial
Services Limited to offer loans to MSME borrowers.
i. The partnership is subject to compliance laws including applicable guidelines issued by the Reserve
Bank of India(RBI).

About Bank of Maharashtra (BoM):
MD & CEO– A S Rajeev
Head Office– Pune, Maharashtra
Tagline– Ek Parivaar, Ek Bank (One Family One Bank)
139. In December 2021, Who was appointed as the Managing Director & Chief Executive Officer
of Punjab National Bank (PNB)?
1) S.C. Gupta
2) Sunil Mehta
3) Atul Kumar Goel
4) Gauri Shankar
5) Mallikarjuna Rao
Answer- 3) Atul Kumar Goel
Explanation:
Based on approval from the Appointments Committee of the Cabinet (ACC), Atul Kumar Goel was
appointed as the MD & CEO of Punjab National Bank (PNB).
i. Atul Kumar Goel will serve as PNB chief from 1st February 2021 to December 31, 2024.
ii.The committee appointed Soma Sankara Prasad as MD & CEO of UCO Bank
140. The Government of Karnataka recently (in Dec’21) partnered with NPCI & _________ to
implement ‘e-RUPI’ for Payment of Scholarships.
3) Indian Bank
4) Bank of Baroda
Explanation:
The Karnataka government has partnered with the NPCI & State Bank of India to enable and
implement the ‘e-RUPI’ payment solution to students under its scholarship programme.
141. Which of the following points are correct with respect to the ‘Report on Trend and Progress
of Banking in India 2020-21’ that was released by RBI in December 2021?
A) Co-operative Banks remained robust in COVID, due to the increase in deposit insurance from
Rs 1 lakh to Rs 5 lakh under co-operative depositors’ coverage.
B) Gross NPA ratio of Scheduled Commercial Banks decreased from 8.2 percent at the end of
March 2020 to 6.9 percent at the end of September 2021.
C) The share of Restructured Advances has increased from 0.4 % at end-March 2020 to 1.8 % at
end September 2021 which was due to the restructuring scheme 2.0 for Retail loans & MSME.
1) Only A
2) Only B
3) Only A & B

4) Only B & C
5) All A, B & C
Explanation:
The report was released by the RBI which shows the performance of the banking sector, including co-
operative banks & NBFCs during FY21-22 (till December 2021).
i. The gross non-performing assets (GNPA) ratio of Scheduled Commercial Banks decreased from 8.2
percent at the end of March 2020 to 6.9 percent at the end of September 2021.
ii. The share of Restructured Advances has increased from 0.4 percent at end-March 2020 to 1.8
percent at end September 2021 which was due to the restructuring scheme 2.0 for Retail loans & MSME.
142. Which of the following points are correct with respect to the recent (in Dec’21) amendments
made to the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018?
A) SEBI fixed the Initial Public Offerings (IPO) limit for the companies that has not identified any
acquisition or investment targets is increased from 25 % to 35%
B) The minimum lock-in period for promoters was reduced to 1years from 5 years in
Preferential Allotment.
C) Credit Rating Agency (CRAs) registered are permitted to act as Monitoring Agency instead of
Scheduled Commercial Banks & Public Financial Institutions.
1) Only A
2) Only B
3) Only A & B
4) Only A & C
5) All A, B & C
Answer- 4) Only A & C
Explanation:
SEBI fixed the Initial Public Offerings (IPO) limit for the companies that has not identified any
acquisition or investment targets is increased from 25 % to 35%
i. The minimum lock-in period for promoters was reduced to 18 months from 3 years in Preferential
Allotment.
ii. Credit Rating Agency (CRAs) registered are permitted to act as Monitoring Agency instead of
Scheduled Commercial Banks & Public Financial Institutions.
iii. The amendment was made based on recommendation of the Primary Market Advisory Committee,
SEBI board approved the proposal to amend the various regulating frameworks.
143. SEBI approved the Alternative Investment Funds, Regulations, 2012, to introduce Special
Situation Funds (SSF) that invest in ____________ & also fixed the minimum investment by an
investor to ___________.
1) Stressed Assets; 10 crore
2) International Stocks; 10 crore
4) Stressed Assets; 50 crore
Answer- 1) Stressed Assets; 10 crore

Explanation:
The Board approved amendment to SEBI (Alternative Investment Funds) Regulations, 2012, to
introduce Special Situation Funds (SSF), a sub-category under Category I AIF, which will invest only in
stressed assets.
i. Minimum investment by an investor is Rs 10 crore and Rs 5 crore in case of an accredited investor &
Minimum corpus of Rs 100 crore
144. Which Bank recently (in Dec’21) partnered with NPCI to Launch ‘RuPay Debit Card’ for
Corporates?
4) Indian Bank
5) Bank of Baroda
Explanation:
Central Bank of India has partnered with the National Payments Corporation of India (NPCI) to launch
‘RuPay Business Platinum Debit Card’ for corporates.
i. Domestic – The card offers an ATM withdrawal limit of Rs.1 lakh along with a purchase of up to Rs.3
lakh at Point on Sale (POS) or E-Commerce.
ii. International – The card users can also withdraw up to Rs. 75,000 at ATMs abroad and perform
purchases globally worth up to Rs. 3 lakh at Point On Sale (POS) or E-Commerce and international
online merchants.
CEO & MD – Dilip Asbe
145. In December 2021, RBI extended the restrictions for Punjab & Maharashtra Cooperative
(PMC) Bank from 1st January 2022 to__________.
1) 31st August, 2022
2) 30th July, 2022
3) 30th April, 2022
4) 1st September, 2022
5) 31st March, 2022
Answer- 5) 31st March, 2022
Explanation:
RBI extended the restrictions for Punjab and Maharashtra Cooperative (PMC) Bank for another three
months from January 1 2022 to March 31 2022.
i. In exercise of the powers conferred on it by Sub–section (4) of Section 45 read with Section 56 of the
Banking Regulation Act, 1949, the Reserve Bank of India had prepared a draft scheme of amalgamation
of The Punjab and Maharashtra Cooperative (PMC) Bank with Unity Small Finance Bank Ltd. (USFB).

146. Name the Insurance company that recently (in Dec’21) launched a ‘New Term plan’ named
“iProtect Return of Premium” to offer 105% return of the premium paid at the age of 60 or 70
years.
1) Max Life
2) ICICI Prudential Life
3) Aegon Life
4) Exide Life
5) Bajaj Allianz Life
Answer- 2) ICICI Prudential Life
Explanation:
ICICI Prudential Life Insurance launched a new term plan ‘ICICI Pru iProtect Return of Premium’. It
offers 105 % return of the premium paid at age of 60 or 70 years or on policy maturity.
i. The policy offers two variants – life stage cover and level cover.
About ICICI Prudential Life Insurance:
Chairman- M. S. Ramachandran
Commenced Operation- 2000
147. In December 2021, Information and Credit Rating agency (ICRA) projected India’s GDP
growth to _____ in FY22.
1) 8.8%
2) 8.2%
3) 9%
4) 8.6%
5) 8.4%
Answer- 3) 9%
Explanation:
The Information and Credit Rating agency (ICRA) projected India’s real Gross Domestic Product (GDP)
growth of 9 percent each in FY22 & FY23 despite the uncertainty developed by the Omicron variant of
Covid-19.
i. The Agency is expecting the Cost Price Inflation (CPI) to an average of 4.5-5.0 Percent in FY23 from 5.5
Percent in FY22.
Note – The GDP expansion was expected with a K-shaped divergence amongst the formal and informal
sectors of the economy.
About The Information and Credit Rating agency (ICRA):
CEO & MD – N. Sivaraman
148. In December 2021, Green Energy Industry of India received _________ FDI from 2014 to June
2021.
1) $4.89 Billion
2) $7.27 Billion
3) $3.12 Million
4) $6.12 Billion
5) $5.29 Million
Answer- 2) $7.27 Billion

Explanation:
India’s green energy industry received foreign direct investment (FDI) worth $7.27 billion from 2014-
15 till June 2021.
i. According to the Ministry of New and Renewable Energy (MNRE) , out of $7.27 billion FDI, $797.21
million was received during 2020-21.
ii. As per REN21 Renewables 2020 Global status Report, during 2014 -2019 renewable energy
programmes and projects in India attracted an investment of $64.4 billion ($11.2 billion has been
invested in 2019 alone).
149. In December 2021, ________ was reappointed as the Managing Director & Chief Executive
Officer of Equitas Small Finance Bank Limited (ESFBL) for _________ terms.
1) Ittira Davis; 5 years
2) Arun Ramanathan; 4 years
3) Vasudevan PN; 3 years
4) Ittira Davis; 3 years
5) Vasudevan PN; 5 years
Answer- 3) Vasudevan PN; 3 years
Explanation:
The Board of Directors (BoD) of Equitas Small Finance Bank Limited (ESFBL) reappointed Vasudevan
Pathangi Narasimhan (PN) as the MD & CEO for 3 years (from July 23, 2022 to July 22, 2025).
i. Vasudevan PN is currently serving as the MD and CEO of the bank. Earlier he was working as the MD
of Equitas Holdings Limited.
Note- Arun Ramanathan is Part time chairman of ESFBL & Ittira Davis is MD & CEO of Ujjivan Small
Finance Bank.
150. Scheduled Commercial Banks are included under which schedule of the Reserve Bank of
India Act, 1934?
1) 5th
2) 4th
3) 2nd
4) 1st
5) 3rd
Answer- 3) 2nd
Explanation:
Scheduled Commercial Banks and Scheduled Co-operative Banks which are included in the Second
Schedule to the Reserve Bank of India Act, 1934 are Scheduled Banks.
151. In December 2021, which country became the 4th new member of the New Development
Bank?
1) Maldives
2) Malaysia
3) Egypt
4) Indonesia
5) Sri Lanka
Answer- 3) Egypt

Explanation:
Egypt joined as the 4th new member of the New Development Bank (NDB) that was established by
BRICS (Brazil, Russia, India, China, South-Africa) in 2015.
About Egypt:
President – Abdel Fattah Al-Sisi
Capital – Cairo
Currency – Egyptian Pound (EGP)
152. Which of the following points are correct with respect to the 24th Financial Stability Report
2021 released by Reserve Bank of India (in Dec’21)?
A) Scheduled Commercial Banks’s GNPA were increased from 6.9 percent in September 2021 to
8.1 percent of total assets by September 2022.
B) The Public Sector Banks’s GNPA ratio is 8.8 percent in September 2021 will deteriorate to 10.5
percent by September 2022.
C) The CRAR of Scheduled Commercial Banks was increased to a new peak of 16.6 percent.
1) Only A
2) Only B
3) Only C
4) Only A & B
5) All A, B & C
Explanation:
Scheduled Commercial Banks’s Gross Non-Performing Assets (GNPA) were increased from 6.9 percent
in September 2021 to 8.1 percent of total assets by September 2022.
i. The Public Sector Banks’s GNPA ratio is 8.8 percent in September 2021 will deteriorate to 10.5
percent by September 2022.
ii. The Capital to risk-weighted assets ratio (CRAR) of Scheduled Commercial Banks was increased
to a new peak of 16.6 percent.
153. In December 2021, RBI extended the deadline for Know Your Customer (KYC) updation in
bank accounts till __________.
1) 1st February, 2022
2) 1st September, 2022
3) 31st March, 2022
4) 30st July, 2022
5) 1st April, 2022
Answer- 3) 31st March, 2022
Explanation:
The Reserve Bank of India (RBI) has extended the deadline for periodic Know Your Customer (KYC)
updation in bank accounts till March 31, 2022, from the previous deadline of December 31, 2021, due
to the Omicron variant of the COVID-19 in India.
i. The deadline was extended so that no restriction can be placed on bank accounts related to cash
deposits, withdrawals etc. due to non-compliance with KYC requirements.

KYC requirements:
KYC is a process under which banks gather their customers’ information while opening an account
including Permanent Account Number (PAN), address proof such as Aadhaar, passport etc., latest
photograph and other details as requested by the bank.
154. Which Bank recently (in Dec’21) signed a MoU with Schwing Stetter India to Offer
Customized Financial Solutions?
1) YES Bank
2) HDFC Bank
3) ICICI Bank
4) Federal Bank
5) Axis Bank
Explanation:
The Federal Bank signed a MoU with Schwing Stetter (India) Ltd to offer customized financial
solutions to their customers.
i. The MoU was signed by Harsh Dugar, Group President and Country Head, Wholesale Banking, Federal
Bank, and V G Sakthi Kumar Managing Director, Schwing Stetter India Pvt Ltd.
About Federal Bank:
MD & CEO – Shyam Srinivasan
155. In December 2021, Insurance Regulatory and Development Authority of India (IRDAI)
announced that Insurance intermediaries can maintain _________ in Banks for reinsurance
business & requirements.
1) Current Account
2) Saving Accounts
3) Fixed deposit account
4) Both 1 & 2
5) Both 2 & 3
Answer- 1) Current Account
Explanation:
The Insurance Regulatory and Development Authority of India (IRDAI) announced that insurance
intermediaries and their entities can maintain current accounts in various banks to meet regulatory
requirements and reinsurance business.
Note – IRDAI circular has stated that the insurance intermediaries are maintaining multiple current
accounts with banks at different operational levels (branch offices, corporate offices, etc), for regulatory
and other purposes.

STATIC BANKING QUESTIONS
1. What is the Tagline of Punjab National Bank (PNB)?

1) India’s International Bank
2) Relationship beyond Banking
3) Together we can
4) The Name You Can Bank Upon
5) Good people to grow with
Answer- 4) The Name You Can Bank Upon
Explanation:
Headquarters-New Delhi
Founded-1894 (Commenced Operation on -1895)
Tagline- The Name You Can Bank Upon
2. India1 Payments has crossed a milestone on deploying 10000 white-label ATMs, which was
called as “India1ATMs”. Where is the Headquarters of India1 Payments Limited?
1) Patna
2) Mumbai
3) Kolkata
4) Bengaluru
5) Chennai
Answer- 4) Bengaluru
Explanation:
India1 Payments Limited:
Founded: 2006
Headquarters: Bengaluru
3. Through which of the following Mutual Funds plans an Investor can make regular & equal
payments to a Mutual Fund scheme?
1) Single Investment Plan
2) Systematic Transfer Plan
3) Dividend Transfer Plan
4) Systematic Investment Plan
5) Systematic Withdrawal Plan
Answer- 4) Systematic Investment Plan
Explanation:
A Systematic Investment Plan (SIP) is a plan in which investors make regular, equal payments into a
Mutual Fund scheme.
4. What is the minimum amount stipulation for RTGS transactions (as of Oct’21)?
1) Rs. 2,00,000
2) Rs. 1,00,000
3) Rs. 50,000
4) Rs. 5,00,000

5) Rs. 10,00,000
Answer- 1) Rs. 2,00,000
Explanation:
The RTGS (Real-Time Gross Settlement ) system is primarily meant for large value transactions. The
minimum amount to be remitted through RTGS is ₹ 2,00,000/- with no upper or maximum ceiling.
5. NEFT is an Indian system of electronic transfer of money from one bank or bank branch to
another. In the acronym ‘NEFT’, T stands for _______ .
1) Terms
2) Trade
3) Tax
4) Transfer
5) Time
Answer- 4) Transfer
Explanation:
National Electronic Funds Transfer (NEFT) is an Indian system of electronic transfer of money from
one bank or bank branch to another.
6. Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) is established by the RBI in
which year?
1) 2008
2) 2002
3) 1995
4) 1975
5) 1949
Answer- 3) 1995
Explanation:
Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) was established by Reserve Bank of
India (RBI) as its wholly owned subsidiary in 1995.
7. In which year India’s 1st ATM was introduced by HSBC?

1) 1967
2) 1969
3) 1987
4) 1976
5) 1992
Answer- 3) 1987
Explanation:
First ATM in India was introduced by HSBC in 1987
The first ATM was launched by Barclays Bank in 1967 in London.
8. Central government debt is estimated at about 62% of GDP for this fiscal year and it is capable
of repaying its liabilities. What is the base year for calculating India's GDP?
1) 2019-20
2) 2011-12
3) 2004-05

4) 2017-18
5) 2010-11
Answer- 2) 2011-12
Explanation:
The base year for India's GDP calculation is 2011-12. The Ministry of Statistics and Programme
Implementation (MOSPI)wants to revise it for 2017-18.
9. What is the Tagline of Federal Bank?

1) Be A Step Ahead Of Life
2) Smart Way To Bank
3) Good People to Grow With
4) Your Perfect Banking Partner
5) We understand your world
Answer- 4) Your Perfect Banking Partner
Explanation:
About Federal Bank:
Managing Director & CEO – Shyam Srinivasan
10. Where is the Headquarters of National Payments Corporation of India (NPCI)?

1) Gandhinagar, Gujarat
2) Noida, Uttar Pradesh
3) Bengaluru, Karnataka
4) Patna, Bihar
5) Mumbai, Maharashtra
Answer- 5) Mumbai, Maharashtra
Explanation:
11. The Orange Label ATM is related to which transaction?

1) Women Transaction
2) Fingerprint & Eye scanner
3) Share Transactions
4) Agricultural Transaction
5) E-commerce Transaction
Answer- 3) Share Transactions
Explanation:
Orange Label ATM are The ATM is provided for Share Transactions.

12. What is the Full form of TLTRO?
1) Targeted Liquidity Term Reserve Operation
2) Targeted Liquidity Time Repo Operation
3) Targeted Long-Term Repo Operations
4) Timely Long-Term Reserve Operation
5) Timely Long-Time Repo Operation
Answer- 3) Targeted Long-Term Repo Operations
Explanation:
TLTRO is Targeted Long-Term Repo Operations
13. During the 5th Bi-Monthly Monetary Policy of FY21-22, RBI plans to increase the UPI
Transaction limit from Rs. 2 Lakhs to _________.
1) Rs 6 Lakhs
2) Rs 3 Lakhs
3) Rs 5 Lakhs
4) Rs 4 Lakhs
5) Rs 7 Lakhs
Answer- 3) Rs 5 Lakhs
Explanation:
RBI proposed to enhance the transaction limit for payments through UPI for Retail Direct Scheme and
IPO applications from Rs 2 lakh to Rs 5 lakh.
14. When was IndusInd Bank established?

1) 1997
2) 1994
3) 1996
4) 1995
5) 1992
Answer- 2) 1994
Explanation:
15. What is the Tagline of Punjab National Bank?

2) Together We Can
4) Support All the Way
Explanation:
CEO & Managing Director (MD) – S S Mallikarjuna Rao

Headquarters – New Delhi, Delhi
Tagline – The Name You Can Bank Upon
16. In July 2021, The Union Government increased the amount that could be accessed by account
holders from Rs 1 lakh to ____ and the time limit of 90 days through Deposit Insurance and Credit
Guarantee Corporation (DICGC) Act, 1961.
1) 2 Lakhs
2) 5 Lakhs
3) 6 Lakhs
4) 3 Lakhs
5) 4 Lakhs
Answer- 2) 5 Lakhs
Explanation:
In July 2021, through the amendment to the Deposit Insurance and Credit Guarantee Corporation
(DICGC) Act, 1961 the government has increased the amount that could be accessed by account holders
from Rs 1 lakh to Rs 5 lakh and the time limit of 90 days i.e. 3 months was fixed to refund funds by a
bank which is coming under Moratorium imposed by Reserve Bank of India (RBI).
17. Monetary Policy Committee of the RBI meets for ______ & reviews India’s monetary policy
status under one of its _______ type of Monetary Policy Stances.
1) 2 Months; 4
2) 5 Months; 3
3) 2 Months; 5
4) 5 Months; 6
5) 6 Months; 3
Answer- 1) 2 Months; 4
Explanation:
The Monetary Policy Committee of the Reserve Bank of India meets every two months to take key
decisions on the Monetary Policy of the Country.
i. There are 4 types of Monetary Policy Stances: Hawkish Monetary Policy Stance, Dovish Monetary
Policy Stance, Accommodative Monetary Policy Stance & Neutral Monetary Policy Stance.
ii. An accommodative stance means the MPC is willing to either lower rates or keep them unchanged.
18. What is the Tagline of IndusInd Bank?

1) Relationship Beyond Banking
2) We Make You Feel Richer
3) Together We Can
4) Your Perfect Banking Partner
Answer- 2) We Make You Feel Richer

Explanation:
19. The 1st IFSC in India, Gujarat International Finance Tec-City (GIFT City) was set up in which
state?
1) Jaipur, Rajasthan
2) Noida, Uttar Pradesh
3) Patna, Bihar
4) Gandhinagar, Gujarat
5) Kolkata, West Bengal
Answer- 4) Gandhinagar, Gujarat
Explanation:
The 1st IFSC in India has been set up at the Gujarat International Finance Tec-City (GIFT City) in
Gandhinagar, Gujarat
• An IFSC enables bringing back the financial services and transactions that are currently carried out
in offshore financial centres by Indian corporate entities and overseas branches/subsidiaries of
Financial Institutions (such as banks, insurance companies, etc.) to India.
20. Karnataka Gramin Bank is established under the sponsorship of which Bank?
3) Bank of India
5) Canara Bank
Answer- 5) Canara Bank
Explanation:
Karnataka Gramin Bank is a Regional Rural Bank formed in 2019, under the Sub-Section (1) of Section
3 of the RRB Act 1976 (27 of 1976) under the sponsorship of Canara Bank.
21. Which banks amalgamated with Bank of Baroda with effect from April 1, 2019?
1) Vijaya Bank
2) Dena Bank
3) Allahabad Bank
4) Both 1 & 2
5) Both 1 & 3
Answer- 4) Both 1 & 2
Explanation:
Vijaya Bank and Dena Bank were merged with Bank of Baroda with effect from April 1, 2019.

22. Which organization launched the South-South innovation platform along with NITI Aayog in
July 2021?
1) World Bank
2) United Nations Capital Development Fund
3) United Nations High Commissioner for Refugees
4) United Nation Development Programme
5) United Nations Human Settlement Programme
Answer- 2) United Nations Capital Development Fund
Explanation:
South-South innovation platform was launched by AIM, NITI Aayog in partnership with UNCDF, Bill &
Melinda Gates Foundation and Rabo Foundation in July 2021.
i. Aim: To enable the cross-border exchange of innovations, insights and investments.
ii. The platform will enable cross-border collaborations among emerging markets across India,
Indonesia, Malawi, Malaysia, Kenya, Uganda, Zambia.
23. In December 2021, City Union Bank launched “On-the-Go contactless wearable keychain”
along with NPCI to its debit card customers? When did NPCI launch ‘RuPay’?
1) 2004
2) 2007
3) 2005
4) 2006
5) 2008
Answer- 5) 2008
Explanation:
In 2012, NPCI launched ‘RuPay’ – an Indian Multinational Payment System
24. MCLR is the minimum lending rate below which a bank is not permitted to lend. What is R
Stands for?
1) Lending
2) Linking
3) Liquidity
4) Loan
5) Listed
Answer- 1) Lending
Explanation:
Marginal Cost of Funds based Lending Rate (MCLR) is the minimum lending rate below which a bank
is not permitted to lend.
i. MCLR replaced the earlier base rate system to determine the lending rates for commercial banks.
ii. RBI implemented MCLR on 1 April 2016 to determine rates of interest for loans.

25. What is the Maturity Period of Certificate of Deposit (CD) is between 7days to _______.
1) 2 years
2) 1 years
3) 8 Months
4) 6 months
5) 4 months
Answer- 2) 1 years
Explanation:
Certificate of Deposit (CD) refers to a money market instrument issued by All scheduled commercial
banks excluding Regional Rural Banks (RRBs) and Local Area Banks (LABs)& select All India Financial
Institutions permitted by RBI.
i. These can be issued to individuals, cooperatives and companies.
ii. Their maturity period is between 7 Days to 1 year & minimum amount for Certificate of Deposit has
been fixed at Rs. 1 Lakh, to be accepted from a single subscriber Larger amounts have to be in the
multiples of Rs. 1 Lakh.
26. What is the minimum denomination of commercial paper?

1) 10 Lakhs
2) 6 Lakhs
3) 8 Lakhs
4) 4 Lakhs
5) 5 lakhs
Answer- 5) 5 lakhs
Explanation:
Commercial paper is a short-term debt instrument issued by companies to raise funds generally for a
time period up to one year. It is an unsecured money market instrument issued in the form of a
promissory note and was introduced in India in 1990.
i. They can be issued in denominations of Rs 5 lakhs or multiples thereof.
ii. CPs have a minimum maturity of seven days and a maximum of up to one year from the date of
issue.
27. Which of the following is India's 1st Bank to have zero balance & zero digital transaction
charge accounts?
2) Indian Post Payments Bank
Explanation:
Paytm Payments Bank is India’s 1st bank to have zero balance & zero digital transaction charge
accounts.
28. Who is the Current (as of Dec’21) chairman of Securities and Exchange Board of India (SEBI)?
1) Shaktikanta Das
2) Nithin Kamath

3) Madhabi Puri Buch
4) Ajay Tyagi
5) H Krishnamurthy
Answer- 4) Ajay Tyagi
Explanation:
29. Where is the Headquarters of the Bharatiya Reserve Bank Note Mudran Private Limited
(BRBNMPL)?
1) Hyderabad
2) Visakhapatnam
3) Chennai
4) Bengaluru
5) Aluva
Answer- 4) Bengaluru
Explanation:
Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) is a specialized division of the
Reserve Bank of India which is under the jurisdiction of the Ministry of Finance of the Government of
India. It mints Indian
bank notes. It was established in 1995 & the Headquarters is Bengaluru, Karnataka.
30. Which of the following is an unsecured loan?

1) Agricultural Loan
2) Housing Loan
3) Personal Loan
4) Both 1 & 2
5) Both 2 & 3
Answer- 3) Personal Loan
Explanation:
Unsecured loans include personal loans, student loans, and most credit cards —all of which can be
revolving or term loans.
31. 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.

32. What is the Tagline of Punjab National Bank?
1) Support All the Way
2) Honours Your Trust
Explanation:
Tagline– The Name You Can Bank Upon
33. BBPS stands for _______

1) Broad Band Payment System
2) Budgeting & Business Planning Security
3) Bharat Bill Payment System
4) Broad Band Plug-in Spectrum
5) Bharat Bill Product System
Answer- 3) Bharat Bill Payment System
Explanation:
Bharat Bill Payment System is a Reserve Bank of India's (RBI) conceptualized system, managed by
National Payments Corporation of India (NPCI), which offers integrated, accessible and interoperable
bill payment services to consumers across geographies with certainty, reliability and safety of
transactions.
34. When was the Indian Bank’s Association established?

1) 1955
2) 1935
3) 1946
4) 1976
5) 1991
Answer- 3) 1946
Explanation:
About Indian Banks’ Association(IBA):
Establishment – 1946 Headquarters – Mumbai, Maharashtra Chief Executive – Sunil Mehta
35. In December 2021, RBI imposes a penalty Rs 30 Lakh on ________ for deficiencies in regulatory
compliance.
1) DCB Bank
2) RBL Bank
3) Union Bank
4) MUFG Bank
5) Axis Bank
Answer- 4) MUFG Bank

Explanation:
RBI Imposes Rs 30 Lakh Penalty On MUFG Bank. RBI has imposed penalties on MUFG Bank for
deficiencies in regulatory compliance.
i. MUFG Bank was earlier known as The Bank of Tokyo-Mitsubishi UFJ, Ltd.
36. What is the Tagline of HDFC Bank?

1) One Family One Bank
2) Your Own Bank
3) A Bank Of The Common Man
4) We Understand Your World
5) Honours Your Trust
Answer- 4) We Understand Your World
Explanation:
About HDFC Bank:
Incorporated – 1994
CEO & MD – Sashidhar Jagdishan
Tagline – We Understand Your World
37. What is the current (as of Dec’21) Insurance penetration in India with respect to GDP?
1) 3.1%
2) 4.2%
3) 2.9%
4) 3.7%
5) 4.0%
Answer- 4) 3.7%
Explanation:
Insurance penetration in India is currently at 3.7% of the Gross Domestic Product (GDP) compared to
the world average of 6.31%.
i. The Indian insurance industry has 57 companies with 24 life insurance companies, & 34 non-life
insurers. Among the life insurers, Life Insurance Corporation (LIC) is the sole public sector company.
38. When was RBL Bank established?

1) 1950
2) 1954
3) 1966
4) 1943
5) 1949
Answer- 4) 1943
Explanation:
About RBL Bank:
Founded- 1943
MD & CEO (interim)– Rajeev Ahuja
Tagline- Apno Ka Bank

39. In December 2021, RBI imposed a penalty of Rs 1 crore on Mobikwik & Spice Money for non-
compliance of norms, under the provisions of Payments & Settlement Systems Act of _______.
1) 2007
2) 2011
3) 1993
4) 1974
5) 1984
Answer- 1) 2007
Explanation:
Reserve Bank of India imposed a penalty of Rs 1 crore each on two payment system operators to
Mobikwik and Spice Money, for non-compliance of norms under section 26 (6) of the payment and
settlement systems act, 2007.
40. What is the Tagline of RBL Bank?

1) Khayal Apka
2) We Make You Feel Richer
3) Apno Ka Bank
4) Ek Bank
5) Ek Parivaar
Answer- 3) Apno Ka Bank
Explanation:
About RBL Bank Ltd:
Incorporated in – 1943 (Under Indian Companies Act, 1913)
CEO & MD – Rajeev Ahuja
Tagline – Apno Ka Bank
41. When did MAS Financial Services Limited receive NBFL License from Reserve Bank of India
(RBI)?
1) 1987
2) 1990
3) 1995
4) 1998
5) 1996
Answer- 4) 1998
Explanation:
About MAS Financial Services Limited:
Incepted in 1995, Received NBFC license from RBI in 1998
Chairman & Managing Director – Kamlesh Gandhi
Director & CEO– Darshana Pandya
Headquarters- Ahmedabad, Gujarat
42. Which of the following points are ‘Not Correct’ about Wholesale Price Index (WPI)?
1) WPI are used to calculate the inflation rates
2) Base Year of WPI is 2011-12
3) WPI was published by Office of Economic Advisor, Ministry of Commerce & Industry

4) WPI is a measure of the Average price of Goods & Services in India.
5) WPI does not concentrate on goods purchased by the consumers.
Answer- 4) WPI is a measure of the Average price of Goods & Services in India.
Explanation:
Amounts to the average change in prices of commodities at the wholesale level. The Commodities of WPI
are Goods Only.
43. Where is the Headquarters of UCO Bank?

1) Kolkata
2) Patna
3) Chennai
4) Mumbai
5) Jaipur
Answer- 1) Kolkata
Explanation:
About UCO Bank:
Headquarters– Kolkata, West Bengal
Founded- 1943
44. In Which year Punjab National Bank started its Operation?

1) 1950
2) 1947
3) 1895
4) 1990
5) 1995
Answer- 3) 1895
Explanation:
Founder- Dyal Singh Majithia (1st Chairman)
45. Which of the following was the 1st Small Finance Bank in India?
1) Jana SFB
2) Utkarsh SFB
3) Capital SFB
4) Ujjivan SFB
5) AU SFB
Answer- 3) Capital SFB
Explanation:
Capital Small Finance Bank (erstwhile Capital Local Area Bank) is India's first small finance bank
founded in April 2016 as a microfinance lender, with its headquarters in Jalandhar, India.
46. When did Unity Small Finance Bank start operation?

1) 2017
2) 2020

3) 2018
4) 2021
5) 2019
Answer- 4) 2021
Explanation:
About Unity Small Finance Bank (USFB):
USFB is promoted by Centrum Financial Services with Resilient Innovation Pvt Ltd as the ‘joint
investor’.
47. How many Deputy Governors are there in the Reserve Bank of India (as of Dec’21) ?
1) Six
2) Three
3) Two
4) Five
5) Four
Answer- 5) Four
Explanation:
About Reserve Bank of India’s (RBI):
Deputy Governors –T. Rabi Sankar, M. Rajeshwar Rao, M. D. Patra, M. K. Jain
48. What is ‘ECB’ with respect to the Reserve Bank of India?

1) Electronic Control Brochure
2) Exchange Control Board
3) Economic Corporation Board
4) Export Credit Bank
5) External Commercial Borrowing
Answer- 5) External Commercial Borrowing
Explanation:
External Commercial Borrowings (ECBs) are loans in India made by non-resident lenders in foreign
currency to Indian borrowers.
49. “Yogakshemam Vahamyaham” is the tagline of which organization?

1) RBI
2) SEBI
3) LIC
4) IRDAI
5) NABARD
Answer- 3) LIC
Explanation:
“Yogakshemam Vahamyaham” is the tagline of Life Insurance Corporation of India (LIC).
i. “Your welfare is our responsibility” is the English translation of the tagline.

50. Which of the following points are correct with respect to the New Development Bank?
A) It was established in 2000 by South Asian Association for Regional Cooperation (SAARC)
B) NDB aims to mobilize resources for infrastructure and sustainable development projects in
BRICS countries
C) Currently, there are a total of 9 members of the New Development Bank.
1) Only A
2) Only B
3) Only C
4) Only A & B
5) Only B & C
Answer- 5) Only B & C
Explanation:
It was established in 2015 by BRICS (Brazil, Russia, India, China, South-Africa) Countries.
i. NDB aims to mobilize resources for infrastructure and sustainable development projects in BRICS
countries
ii. Currently, there are a total of 9 members of the New Development Bank.
About National Development Bank (NDB):
President – Marcos Prado Troyjo
Headquarters – Shanghai, China
51. Who is the Managing Director & Chief Executive Officer (as of Dec’21) of Indian Bank?
1) Mallikarjuna Rao
2) Atanu Kumar Das
3) Sanjeev Chadha
4) Debadatta Chand
5) Shanti lal jain
Answer- 5) Shanti lal jain
Explanation:
In September 2021, Shanti lal jain assumed charge as managing director and chief executive officer of
indian bank
i. Previously, he served as executive director of bank of baroda since september 2018.
About Indian Bank:
Established- 1907
Headquarters – Chennai
MD & CEO – Shanti Lal Jain
Tagline – Your Own Bank
52. When was the Reserve Bank of India (RBI) Establishment?

1) 1935
2) 1960
3) 1955
4) 1978
5) 1945
Answer- 1) 1935

Explanation:
About Reserve Bank of India(RBI):
Establishment – 1st April 1935
Deputy Governors – Mahesh Kumar Jain, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar
53. Which of the following banks is called India’s 1st truly Swadeshi Bank?
1) Indian Bank
3) Bank of Baroda
Explanation:
Central Bank of India is known as the 1st swadeshi bank in India. It was established in 1911.
GA Questions Asked in Exams

• GA Questions asked RRB PO Mains Exam – Sept 25
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• GA Questions asked IBPS RRB Clerk Mains Exam – Feb 20
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• GA Questions asked in RRB PO Mains Exam 2021 – Jan 30
• GA Questions asked in SBI PO Mains 2021 – Jan 29
• SBI Clerk Mains 2020
• IBPS RRB Officer Scale II GBO Exam 2020
• RBI Assistant Mains 2020
• GA Questions Asked in IBPS Clerk Mains Exam 2020 – 90% Questions Covered by AC
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• GA Questions asked in IBPS PO Main Exam 2019
• GA Questions asked in RBI Grade B Prelims Exam 2019
• GA Questions asked in IBPS RRB Clerk Mains Exam 2019
• GA Questions asked in IBPS RRB PO Mains Exam 2019
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Banking,Finance & Economy PDF 2021 - December

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Banking, Finance & Economy News: December 2021

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RBI Imposes Restrictions on Nagar Urban Co-operative Bank

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RBI Mandated 20-digit LEI for Cross-Border Transactions above Rs 50 crore

RBI Introduces PCA Framework for NBFCs

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(currently, CRAR <15% (currently, CRAR <12% but (currently,

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RBI Authorised RBL Bank to Collect Indirect Taxes

RBI empaneled CSB Bank as Agency Bank to Undertake Government Businesses

RBI Extends CoF Tokenisation Deadline till June 2022

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Balance Sheet Deposits 8.40% 11.60% 10.10%

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RBI Extends Direction for PMC Bank till March 2022

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APPOINTMENTS & RESIGNATIONS

IFFCO-TOKIO General Insurance Appoints HO Suri as MD and CEO

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Gita Gopinath appointed as the IMF’s First Deputy Managing Director

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Centre appoints Atul Kumar Goel as new MD & CEO of PNB

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crore) for water supply and sanitation projects in Uttarakhand.

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Ind-Ra estimates India’s GDP at 8.3% in Q2 FY22 and 9.4% in FY22

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PNB to pick up 9.5% stake in ONDC Ltd

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India’s GDP grows at 8.4% in Q2FY22 vs -7.4% in Q2FY21: NSO Estimates

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OECD slashes India growth forecast to 9.4% for FY22

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