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Top 300 Banking News for IBPS PO 2024

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Top 300 Banking News for IBPS PO 2024

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Top 300
Banking & Finance
News for IBPS PO 2024

NOTE: This PDF comprises top most important 300 Banking & Finance
Current Affairs from last 6 months (June to Nov 2024). This PDF is
specially designed for your upcoming 2024 IBPS PO Mains exams.

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• Debasish Mishra – CGM of SBI’s New Delhi Circle w.e.f. Nov 1, 2024 (replacing - Kalpesh K Avasia)
• Chitra Jayasimha – Chairperson of Board of NPS Trust (replacing - Venkata Rao Yadagani)
• Rishi Chhabra – Country Manager for India of Visa
• Ted Pick (CEO of Morgan Stanley) – Chairman of Morgan Stanley in Jan 2025 (replacing - James Gorman)
• Rajat Verma – CEO of DBS Bank India (to replace - Surojit Shome)
• Vijay Chandok (MD & CEO of ICICI Securities) – MD & CEO of NSDL for 5 years
• Sumant Kathpalia – MD & CEO of IndusInd Bank for 3 years w.e.f. Mar 23, 2028
• Ibrahima Cheikh Diong (Senegal & dual citizen of US) – 1st Director of The Fund for responding to Loss & Damage
• Sai Giridhar – MD & CEO of Axis Finance Limited (succeeding -Bipin Saraf)
• Aviral Jain – Executive Director (ED) of RBI w.e.f. Oct 1, 2024
• Manoj Kumar Dubey – CEO & CMD of IRFC for 5 years (replacing - Usha Venugopal)
• M. Rajeshwar Rao – Deputy Governor of RBI for 1 year (w.e.f. Oct 9, 2024)
• Pranav Chawda – CEO of JP Morgan Chase India for 3 years (succeeding - Prabhdev Singh)
• Ashok Chandra (ED at Canara Bank) – MD & CEO of PNB for 3 years (recommended)
• Tuhin Kanta Pandey – New Finance Secretary (succeeding - T V Somanathan)
• Deepti Gaur Mukherjee (Secretary of MCA) – a Member of Board of SEBI (replacing - Manoj Govil)
• Subhasri – MD & CEO of Shriram Capital Pvt Ltd (w.e.f. Sep 1, 2024)
• Nehal Vora – MD & CEO of Central Depository Services Ltd (CDSL) (reappointment)
• Y. Haragopal – MD of NABCONS (NABARD Consultancy Services)
• Rama Mohan Rao Amara – MD of SBI by FSIB (recommended for this position)
• Inderjit Camotra — MD & CEO of Unity Small Finance Bank (reappointment for 2 years)
• Challa Sreenivasulu Setty — Chairman of SBI for 3 years
• Rana Ashutosh Kumar Singh — MD of SBI
• Praveena Rai — MD & CEO of MCX
• Tan Su Shan — to be the CEO of DBS Group from March 2025 (succeeding - Piyush Gupta)
• Usha Venugopal — CMD of Indian Railways Finance Corporation (addi. charge)
• Prabodh Seth — Principal Chief Commissioner of Income Tax (International Taxation) of CBDT
• Ramesh Narain Parbat — DGIT of Investigations of CBDT
• Rahul Navin — Director of ED for 2 years (succeeding - Sanjay Kumar Mishra)
• Salee Sukumaran Nair — MD & CEO of Tamilnad Mercantile Bank for 3 years (succeeding - S. Krishnan)
• Manik Chhabra — Deutsche Bank’s Head of Global Corporate Coverage for India & Sri Lanka
• Ravi Agrawal — Chairman of the Central Board of Direct Taxes (succeeding - Nitin Gupta)
• Arnab Kumar Chowdhury & Charulatha S. Kar — Executive Directors of RBI
• Ratan Kumar Kesh — Interim MD & CEO of Bandhan Bank (succeeding - CS Ghosh)

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• Siddhartha Mohanty — MD & CEO of LIC (reappointment)
• Govind Singh — MD & CEO of Utkarsh SFB (reappointment)
• Elisa de Anda Madrazo — President of FATF (succeeding - Mr. T. Raja Kumar)
• Arun Kumar Bansal — MD & CEO of Paytm Payments Bank (replacing - Surinder Chawla)
• K Paul Thomas — MD & CEO of ESAF SFB (re-appointment)
• Manoj Mittal — CMD of SIDBI (replacing - Sivasubramanian Ramann)
• Nemkumar H — MD of IIFL Securities Ltd (replacing - R Venkataraman)
• Narendra Jain — Whole-Time Director of IIFL Securities Ltd
• Rajeev Krishnamuralilal Agarwal — Non-Exe. Independent Director of Paytm (replacing - Neeraj Arora)
• Paul Thomas – Chairperson of Sa-Dhan
• Girija Subramanian — CMD of New India Assurance Co. Ltd (succeeding - Neerja Kapur)
• A Ganesh Kumar & Debasis Kundu — Members of National Statistical Commission (NSC)
• Hitesh Kumar Sethia — MD & CEO of Jio Financial Services
• Klaus Schwab — Chairman of the board of trustees of WEF (by Jan 2025)
• Kristalina Georgieva (Bulgaria) — MD of IMF (reappointment for 2nd 5-year term)
• Manoj Panda — Full-time Member of the 16th Finance Commission
• Tarun Bajaj — Head of US-India Tax Forum
• Atul Mehra — MD & CEO of Axis Capital (succeeding - Salil Pitale)
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1. The Reserve Bank of India (RBI) has widened direct access to its “Negotiated Dealing System-
Order Matching (NDS-OM)” electronic trading platform to a broader set of regulated entities (REs)
including Regional Rural Banks, Local Area Banks, Non-Banking Finance Companies (including
Housing Finance Companies), Provident Funds, Pension Funds, and Regulated Market
Infrastructure Institutions (MIIs). Direct access means access to NDS-OM wherein an entity that is party to a transaction
directly executes/reports the transaction on/to the platform and such transactions are settled in its own Subsidiary General
Ledger (SGL) account. The aforementioned move comes in the backdrop of increased trading in Government Securities (G-
Secs) after their inclusion in JPMorgan Chase’s benchmark Emerging Markets Bond Index Global Diversified (GBI-EM GD)
index. Entities that are eligible to seek direct access to NDS-OM need to have an SGL (securities general ledger) account and
a current account with the Reserve Bank or a Designated Settlement Bank; and membership of the securities settlement
segment of Clearing Corporation of India Limited (CCIL). Foreign Institutional Investors (FIIs), and Corporates will continue
to have indirect access to NDS-OM. Indirect access means access to NDS-OM wherein an entity undertakes its transactions
through another entity that has direct access to NDS-OM. {Read more}
Smart Points:
• RBI widened direct access to its “Negotiated Dealing System-Order Matching (NDS-OM)” electronic trading platform to
a broader set of regulated entities (REs)
- including RRBs, Local Area Banks, NBFCs, Provident Funds, Pension Funds & Regulated MIIs
• Entities eligible to seek direct access to NDS-OM need to have:
- an SGL (securities general ledger) account & a current account with Reserve Bank or a Designated Settlement Bank
- membership of securities settlement segment of Clearing Corporation of India Limited (CCIL)
• Foreign Institutional Investors (FIIs) & Corporates – continue to have indirect access to NDS-OM
• HQs of RBI – Mumbai, Maharashtra | Governor – Shaktikanta Das (25th) | Established on – 1st April, 1935
Total Deputy Governors (4) – S. Janakiraman | T. Rabi Sankar | Michael D. Patra | M. Rajeshwar Rao

2. Finance Minister Nirmala Sitharaman has approved the creation of a Chief General Manager post
(CGM), below board level, in 5 more nationalized banks including Bank of Maharashtra (BoM),
Central Bank of India (CBoI), Indian Overseas Bank (IOB), Punjab and Sind Bank, and UCO Bank. Prior
to this, CGM posts were available in 6 out of 11 nationalized banks. The finance minister has also
approved the increase in the existing number of CGMs in the banks that already have CGM-level
posts to enhance the administrative structure and the operational efficiency of banks. CGM post acts as an administrative
and functional layer between the GM and the Executive Director (board-level post) in the Nationalized Banks. The number
of posts has been revised based on the business mix of the banks as on March 31, 2023, with the ratio of one CGM for every
4 GMs. With the revision, the number of CGM posts in all the 11 Nationalised Banks has been increased from 80 to 144.
Accordingly, the number of GM posts has been revised from 440 to 576, the number of Deputy General Manager (DGM)
posts from 1,320 to 1,728 and the number of Assistant General Manager (AGM) posts from 3,960 to 5,184. {Read more}
Smart Points:
• Nirmala Sitharaman – approved creation of ‘Chief General Manager’ post, below board level, in 5 nationalized banks
- Bank of Maharashtra, Central Bank of India, Indian Overseas Bank, Punjab & Sind Bank, and UCO Bank
• Prior to this, CGM posts – available in 6 out of 11 nationalized banks
• CGM – acts as an administrative & functional layer between GM & Executive Director in Nationalized Banks

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3. The Insurance Regulatory and Development Authority of India (IRDAI) has extended the deadline for the implementation
of International Financial Reporting Standard (IFRS 17) regulations to the Financial Year 2026-27 (FY27). This move will give
sufficient time to both bank-sponsored and non-bank-sponsored insurance companies to implement IFRS 17 regulations.
IFRS 17 is an accounting standard that provides a framework for reporting insurance contracts. It states the classification of
assets and liabilities of companies operating in the insurance sector and provides consistent principles for insurance
contracts. Developed by the International Accounting Standards Board (IASB), IFRS 17 became effective on January 1, 2023.
The insurance regulator IRDAI has also reconstituted an Expert Committee on the implementation of Ind AS 117 or IFRS 17
headed by the Member (Finance and Investment) F&I of IRDAI. {Read more}
Smart Points:
• IRDAI – extended deadline for implementation of International Financial Reporting Standard regulations to FY27
• IFRS 17 – an accounting standard that provides a framework for reporting insurance contracts
• IFRS 17 – became effective on Jan 1, 2023 | Developed by – International Accounting Standards Board (IASB)
• IRDAI – reconstituted an Expert Committee on implementation of Ind AS 117 or IFRS 17
- Headed by – Member (Finance and Investment) F&I of IRDAI
• HQs of IRDAI – Hyderabad, Telangana | Chairman – Debasish Panda | Established in – 1999

4. Public sector Indian Overseas Bank (IOB) has launched the “Mahila Shaksham” scheme designed
to finance individual Women Self-Help Group (SHG) members under the Centre’s ‘Deendayal
Antyodaya Yojana - National Rural Livelihoods Mission (DAY-NRLM)’ initiative. The scheme is in line
with the Ministry of Rural Development’s ‘Lakhpati Didi Yojana’ scheme which is designed to
improve the financial standing of women SHG members, including a sustainable annual income of at least Rs 1 lakh per
household. Some of the key features of the scheme include - financing for individual women SHG members to foster
entrepreneurship, credit support of up to Rs 10 lakh to individual members of DAY-NRLM among others. {Read more}
Smart Points:
• IOB – launched “Mahila Shaksham” scheme to finance individual Women SHG members under DAY-NRLM initiative
- DAY-NRLM – Deendayal Antyodaya Yojana - National Rural Livelihoods Mission
• Some key features include:
- Financing for individual women SHG members to foster entrepreneurship
- Credit support of up to Rs 10 lakh to individual members of DAY-NRLM
• It is a part of MoRD’s ‘Lakhpati Didi Yojana’ – to improve financial standing of women SHG members
- including a sustainable annual income of – at least Rs 1 lakh per household
• HQs of IOB – Chennai, TN | MD & CEO – Ajay Kumar Srivastava | Tagline – “Good people to grow with”

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5. The Reserve Bank of India (RBI) announced on October 29, 2024, that it has transported an extra 102
tonnes of gold from the Bank of England to secure storage facilities in India. The RBI held 854.73 metric
tonnes of gold in total from both domestic and overseas storage facilities, according to its report titled,
43rd “Half Yearly Report on Management of Foreign Exchange Reserves (April - September 2024)”. Out
of this, 510.46 metric tonnes were held domestically and 324.01 metric tonnes of gold were kept in the
custody of the Bank of England and the Bank for International Settlements (BIS). 20.26 metric tonnes were also held in the
form of gold deposits. This means that about 214 tonnes were brought back to India since September 2022. In May, around
100 tonnes were brought back from the Bank of England. This is also because the share of gold in India’s total foreign
exchange reserves increased from 8.15% at the end of March 2024 to about 9.32% at the end of September 2024. The RBI
stores gold in England primarily due to the immediate access to the London bullion market. The Bank of England still remains
the world’s second-largest custodian of gold after the New York Federal Reserve. {Read more}
Smart Points:
• RBI announced to transport an extra 102 tonnes of gold from Bank of England to secure storage facilities in India
• As per the 43rd “Half Yearly Report on Management of Foreign Exchange Reserves (April - September 2024)”
- RBI held 854.73 metric tonnes of gold in total from both domestic & overseas storage facilities
- 510.46 metric tonnes – held domestically | 324.01 metric tonnes – kept in custody of Bank of England & BIS
- 20.26 metric tonnes – held in form of gold deposits
• Gold brought back to India since Sep 2022 – 214 tonnes | 100 tonnes – brought back from Bank of England in May
• Share of gold in India’s total foreign exchange reserves – increased to 9.32% till Sept 2024 (from 8.15% till Mar 2024)
• Bank of England – world’s second-largest custodian of gold | 1st – New York Federal Reserve
• HQs of RBI – Mumbai, Maharashtra | Governor – Shaktikanta Das (25th) | Established on – 1st April, 1935
Total Deputy Governors (4) – S. Janakiraman | T. Rabi Sankar | Michael D. Patra | M. Rajeshwar Rao

6. According to data shared by the National Payments Corporation of India

(NPCI), Unified Payments Interface (UPI) has set a new record in October 2024.
There were 16.58 billion UPI transactions worth Rs 23.5 trillion in October, the
highest numbers for the digital system since it became operational in April 2016.
UPI’s previous peak was 15.04 billion in volume terms in September 2024 and Rs
20.64 trillion in value in July 2024. Data from previous months shows that the
growth in transactions is driven by person to merchant transactions. Daily UPI transactions in October crossed 535 million
in volume and Rs 75,801 crore in value. There were 467 million Immediate Payment Service (IMPS) transactions in October,
up 9%. The number of FASTag transactions increased 8% in October to 345 million. There were 126 million transactions on
the Aadhaar Enabled Payment System (AePS) in October, up 26%. {Read more}
Smart Points:
• As per data shared by NPCI – UPI set a new record in Oct 2024
• 16.58 billion UPI transactions recorded – highest since it became operational in Apr 2016 | Worth – Rs 23.5 trillion
• Previous peaks: 15.04 billion (in volume terms) – in Sep 2024 | Rs 20.64 trillion (in value) – in July 2024
• Daily UPI transactions in October – crossed 535 million (in volume) & Rs 75,801 Cr (in value)
• Various transactions in October:
- Immediate Payment Service (IMPS) – 467 million (up by 9%) | FASTag – increased 8% to 345 million
- Aadhaar Enabled Payment System (AePS) – 126 million (up by 26%)
• HQs of NPCI – Mumbai | Chairman – Ajay Kumar Choudhary | MD & CEO – Dilip Asbe | Established in – 2008

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7. Mintoak and Axis Bank announced a partnership to boost financial inclusion and expand the
adoption of digital payments within the digital ecosystem. The partnership aims to enable Small
and Medium-sized Enterprises (SMEs) with a host of merchant payments and business solutions.
Through this collaboration, Axis Bank will utilise Mintoak’s white-labelled mobile SaaS platform,
enabling SMEs to accept payments, access transaction reports and submit service requests directly through the app. HDFC
Bank, State Bank of India, Axis Bank, YES Bank in India, and globally Absa, and Burgan Bank are among the merchant acquirers
that have already implemented Mintoak’s merchant payment and commerce enablement solutions. {Read more}
Smart Points:
• Mintoak + Axis Bank = to boost financial inclusion & expand adoption of digital payments within digital ecosystem
• Aim: To enable SMEs with a host of merchant payments & business solutions
• Merchant acquirers that have already implemented Mintoak’s merchant payment & commerce enablement solutions
- HDFC Bank, SBI, Axis Bank, YES Bank in India & globally Absa, and Burgan Bank
• HQs of Axis Bank – Mumbai, Maharashtra | MD & CEO – Amitabh Chaudhry | Tagline – “Badhti ka Naam Zindagi”
• HQs of Mintoak – Mumbai, Maharashtra | Co-founder & CEO – Raman Khanduja

8. Punjab & Sind Bank (PSB), a public sector bank, has launched an “e-Bank Guarantee (e-
BG)” facility in partnership with National e-Governance Services Ltd (NeSL) to replace paper-
based BG issuance process with stamping and signatures. As per Swarup Kumar Saha, MD &
CEO of Punjab & Sind Bank, it will not only reduce the TAT (turnaround time) but also will be
a game changer to curb the fraud and inconvenience caused by the physical movement of documents. {Read more}
Smart Points:
• Punjab & Sind Bank + NeSL = launched an “e-Bank Guarantee (e-BG)” facility
- To replace paper-based BG issuance process with stamping & signatures
• HQs of Punjab & Sind Bank – New Delhi | MD & CEO – Swarup Kumar Saha
• HQs of NeSL – Bengaluru, Karnataka | MD & CEO – Debajyoti Ray Chaudhuri

9. The United States of America has taken the top spot yet again, and is predicted to be the fastest growing economy in the
world in FY2025 with the country’s GDP to be an estimated $29,840 billion, according to the recently published International
Monetary Fund (IMF) report. Despite its economic setbacks and sanctions by Western nations, China will follow close behind
rival America in FY2025 with the country’s GDP to be estimated at $19,790 billion. Germany is projected to be the third
largest economy in the world in FY2025 with the country’s GDP to be estimated at $4,591 billion. India is now expected to
takeover Japan’s position to clinch the title of the world’s 4th largest economy in FY2025. India’s GDP will rise to come at
$4,340 billion next fiscal year. Japan is expected to face an economic downhill, with the country projected to take the 5th
spot among the fastest growing global economies in 2025 the country’s GDP to be estimated at $4,310 billion. The UK,
France, Brazil, Italy & Canada are among the top 10 predicted countries, as per the IMF report. Moreover, Principality of
Liechtenstein has become IMF’s 191st member recently. {Read more}
Smart Points:
• As per the recently published International Monetary Fund (IMF) report
• Predictions for fastest growing economy in world in FY25 with GDP – US ($29,840 billion) | 2nd – China ($19,790 billion)
- 3rd – Germany ($4,591 billion) | 4th – India ($4,340 billion) | 5th – Japan ($4,310 billion)
- 6th – UK | 7th – France | 8th – Brazil | 9th – Italy | 10th – Canada
• Principality of Liechtenstein – became 191st member of IMF
• HQs of IMF – Washington, D.C., USA | MD & Chairperson – Kristalina Georgieva | Member countries – 191

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10. Public sector banks (PSBs) and Financial Institutions (FIs) like NABARD, SIDBI, EXIM Bank, NHB,
IIFCL etc., have realised Rs 4.5 crore through scrap disposal during a month-long “Special Campaign
4.0” with a special focus on minimising pendency and institutionalising Swachhata from October
02-31, 2024. The Department of Financial Services (DFS) launched the campaign with special
impetus on better space management, customer-centric initiatives, making the environment clean and green, record
management and disposal of scrap. The DFS achieved 100% disposal of all identified Public Grievances, Public Appeals, PMO
references and MP references. As much as 11.79 lakh square feet of space has been freed and revenue of Rs 4.50 crore has
been earned through scrap disposal. During the campaign period, 12 PSBs and 43 Regional Rural Banks (RRBs) organised
‘Pension Grievances Weeks’. With regard to financial literacy, camps were organised in more than 510 locations across the
country, and 79.97 lakh dormant accounts were activated. Life Insurance Corporation of India settled 12.77 lakh unclaimed
policies and settled claims of more than 10,742 crore. {Read more}
Smart Points:
• PSBs & FIs realised Rs 4.5 Cr through scrap disposal during a month-long “Special Campaign 4.0”
• Special Campaign 4.0 – launched by Department of Financial Services (DFS)
• DFS – achieved 100% disposal of all identified Public Grievances, Public Appeals, PMO references & MP references
• 11.79 lakh square feet of space – freed | Rs 4.50 Cr – Revenue earned through scrap disposal
• 12 PSBs & 43 RRBs – organised ‘Pension Grievances Weeks’
• LIC settled: 12.77 lakh – unclaimed policies | 10,742+ Cr – claims

11. Israel has joined the Asian Development Bank (ADB) as its 69th member and 20th non-regional member. Israel formally
submitted its application for ADB membership in January 2022. The ADB Board of Governors approved Israel’s membership
on 14 April 2022 through Resolution no. 414: Membership of Israel and Increase in Authorized Capital Stock. Established in
1966, it is now owned by 69 members, 49 from the region. {Read more}
Smart Points:
• Israel – joined ADB as its 69th member & 20th non-regional member
• HQs of ADB – Mandaluyong, Philippines | President – Masatsugu Asakawa | Members – 69

12. SBI Mutual Fund (SBI MF), the country’s largest asset management company (AMC), became
the 1st fund house in India to surpass Rs 10 lakh crore in Assets Under Management (AUM),
reaching Rs 10.99 lakh crore in the September 2024 quarter, up from Rs 9.88 lakh crore in June
2024. SBI MF’s assets were 30% and 45% higher than those of 2nd and 3rd placed ICICI MF and HDFC
MF at Rs 8.41 lakh crore and Rs 7.59 lakh crore, respectively. The SBI Innovative Opportunities Fund, launched in August,
currently has an AUM of Rs 8,174 crore. The industry’s AUM jumped 12% to Rs 66.22 lakh crore in the September quarter,
against Rs 58.96 lakh crore logged in the June quarter. Of the 40 fund houses in operation, 16 had AUM of over Rs 1 lakh
crore as of September end. {Read more}
Smart Points:
• SBI MF – became 1st fund house in India to surpass Rs 10 lakh Cr in Assets Under Management (AUM)
- Reached – Rs 10.99 lakh Cr in Sep 2024 quarter (from Rs 9.88 lakh Cr in Jun 2024)
• 2nd – ICICI MF (Rs 8.41 lakh Cr) | 3rd – HDFC MF (Rs 7.59 lakh Cr)
• SBI Innovative Opportunities Fund (launched in Aug) – has an AUM of Rs 8,174 Cr
• Industry’s AUM – jumped 12% to Rs 66.22 lakh Cr in Sep quarter (from Rs 58.96 lakh Cr in Jun quarter)
• Of 40 fund houses in operation, AUM of over Rs 1 lakh Cr as of September end – 16
• HQs of SBI Mutual Fund – Mumbai, Maharashtra | MD & CEO – Shamsher Singh

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13. In October 2024, the Reserve Bank of India (RBI) has added 13 entities/platforms/websites to the Alert List of
unauthorised Forex trading platforms. These include - Ranger Capital, TDFX, Inefex, YorkerFX, Growline, Think Markets,
Smart Prop Trader, FundedNext, Weltrade, FreshForex, FX Road, DBG Markets, and Plusonetrade. Following this update, the
total number of entities on the list now stands at 88. The Alert List also contains names of entities/platforms/websites which
appear to be promoting unauthorised entities/ETPs. Furthermore, the central bank cautioned that an entity not appearing
on the list should not be assumed to have authorisation. {Read more}
Smart Points:
• RBI – added 13 entities/platforms/websites to Alert List of unauthorised Forex trading platforms
- Ranger Capital, TDFX, Inefex, YorkerFX, Growline, Think Markets, Smart Prop Trader
- FundedNext, Weltrade, FreshForex, FX Road, DBG Markets, Plusonetrade
• Now, total number of entities on list –88
• HQs of RBI – Mumbai, Maharashtra | Governor – Shaktikanta Das (25th) | Established on – 1st April, 1935
Total Deputy Governors (4) – S. Janakiraman | T. Rabi Sankar | Michael D. Patra | M. Rajeshwar Rao

14. Private lender HDFC Bank has inaugurated its first branch in Singapore to provide banking services. HDFC Bank has been
granted a wholesale banking license by the Monetary Authority of Singapore (MAS). This allows the Bank to offer a wide
range of financial products and services to residents of Singapore. The branch was inaugurated by Rakesh Singh, Group Head
- International Banking, Investment Banking, Private Banking, Digital Ecosystems and BaaS, HDFC Bank. {Read more}
Smart Points:
• HDFC Bank – inaugurated its first branch in Singapore to provide banking services
• HQs of HDFC Bank – Mumbai, MH | MD & CEO – Sashidhar Jagdishan | Tagline – “We understand your World”
• Singapore – Singapore – Dollar | PM – Lawrence Wong | President – Tharman Shanmugaratnam

15. Canara HSBC Life Insurance has announced the launch of “Promise4Future,” a non-linked
participating plan, designed to offer policyholders a unique combination of long-term
protection with wealth creation and customizable savings and income solutions. The plan is
being offered in 2 variants - ‘Savings4Future’ and ‘Income4Future’. ‘Savings4Future’ will enable
the policyholder to grow their savings while staying protected at every stage of life. In case of death, the nominee will receive
the higher of the sum assured on death and bonuses (if any) or 105% of premiums paid. At the end of the policy term, the
policyholder will be entitled to a Guaranteed Sum Assured plus bonuses. While ‘Income4Future’ will enable a steady income
stream, and a lump-sum benefit to meet the interim financial needs of the policyholder. Moreover, Promise4Future includes
an option for policyholders to revive their lapsed or paid-up policies, within 5 years of the first unpaid premium, subject to
underwriting approval. {Read more}
Smart Points:
• Canara HSBC Life Insurance – to launch “Promise4Future,” a non-linked participating plan
• To offer policyholders a unique combination of long-term protection with wealth creation & customizable savings &
income solutions
• It is being offered in 2 variants – ‘Savings4Future’ & ‘Income4Future’
• ‘Savings4Future’ – enable policyholder to grow their savings while staying protected at every stage of life
- In case of death, nominee will receive higher of – sum assured on death & bonuses or 105% of premiums paid
• ‘Income4Future’ – enable a steady income stream & a lump-sum benefit to meet interim financial needs of policyholder
• HQs of Canara HSBC Life Insurance – Gurugram, Haryana | MD & CEO – Anuj Mathur

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16. Karur Vysya Bank (KVB) has been assigned an ‘A1+’ rating for its short-term fixed deposits
aggregating ₹12,000 crore and an ‘AA’ rating (Stable) for its fixed deposits by CARE Ratings.
According to CARE Ratings, securities with an ‘A1’ rating are considered to have a very strong
degree of safety regarding the timely payment of financial obligations. Such securities carry
the lowest credit risk. The “+” modifier reflects the comparative standing within the category. Further, securities with an
“AA” rating are considered to have a high degree of safety regarding the timely servicing of financial obligations. Such
securities carry very low credit risk. A ‘Stable’ outlook indicates the expected stability (or retention) of the credit ratings in
the medium term on account of the stable credit risk profile of the entity in the medium term. {Read more}
Smart Points:
• Karur Vysya Bank – got ‘A1+’ rating for its short-term fixed deposits & ‘AA’ rating (Stable) for fixed deposits
- Short-term fixed deposits – ₹12,000 Cr | Ratings are given by – CARE Ratings
• HQs of Karur Vysya Bank – Karur, Tamil Nadu | MD & CEO – B Ramesh Babu | Founded in – 1916

17. IDFC First Bank, in association with Swift, has become the first Indian bank to offer a real-
time tracking service for cross-border money transfers. This marks a significant milestone in
the Indian banking industry. In India, customers are used to digital payments through UPI or
IMPS with real-time status updates, but similar services were not available for international
money transfers. IDFC First Bank has pioneered in providing the same. The service is available for customers using the
Liberalised Remittance Scheme (LRS) for various purposes. Under the LRS, a resident Indian is allowed to remit up to
$2,50,000 per financial year. {Read more}
Smart Points:
• IDFC First Bank + Swift = became 1st Indian bank to offer a real-time tracking service for cross-border money transfers
• This service is available for – customers using Liberalised Remittance Scheme (LRS) for various purposes
• Under LRS, a resident Indian is allowed to remit up to $2,50,000 per financial year
• HQs of IDFC First Bank – Mumbai, Maharashtra | CEO – V. Vaidyanathan | Established in – 2018
• HQs of Swift – La Hulpe, Belgium | CEO & Regional Head – Kiran Shetty

18. State Bank of India (SBI) has launched “SBI Innovation Hub” in partnership with APIX, a global collaborative innovation
platform for financial institutions and fintechs. SBI Innovation Hub provides a dedicated space for fintechs, startups, and
innovators worldwide to design next-generation financial solutions tailored to meet the digital needs of SBI’s diverse
customer base. The Hub allows participants to leverage SBI’s 250+ financial service APIs to develop and customize solutions
within a secure Sandbox environment. The initiative is aimed at driving financial innovation and digital transformation as
well as advancing financial inclusion. {Read more}
Smart Points:
• SBI + APIX = launched “SBI Innovation Hub” for financial institutions & fintechs
• Aim: To drive financial innovation & digital transformation as well as advancing financial inclusion
• HQs of APIX – Singapore | CEO – Umang Moondra
• HQs of SBI – Mumbai, Maharashtra | Chairman – Challa Sreenivasulu Setty
MDs – Rana Ashutosh Kumar Singh | Ashwini Kumar Tewari | Vinay M. Tonse

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19. The Reserve Bank of India (RBI) has guided Non-Banking Finance Companies (NBFCs), especially
upper-layer NBFCs, to maintain at least 25% of their overall borrowings from capital market
instruments such as commercial papers, non-convertible debentures (NCDs), external commercial
borrowings (ECBs), among others. Currently, the majority of NBFCs have a higher share of bank
borrowing. The RBI in November 2023 hiked the risk weight on bank loans to NBFCs by 25% over and above the risk weight
associated with the given external rating in all cases where the risk weight as per the external rating of NBFCs is below 100%.
This led to a sharp slowdown in bank loans to NBFCs. According to the RBI’s latest sectoral credit deployment data, banks’
loans to NBFCs grew by 12% year-on-year (y-o-y) to Rs 15.22 lakh crore as of August 23, sharply lower than the 21% y-o-y
growth seen in the same period last year. Currently, some NBFCs have upwards of the 40 banks in their bank borrowing
base, making it hard for banks to monitor the portfolio of NBFCs. {Read more}
Smart Points:
• RBI – guided NBFCs to maintain at least 25% of their overall borrowings from capital market instruments
• RBI – hiked risk weight on bank loans to NBFCs by 25% over in Nov 2023
• According to RBI’s latest sectoral credit deployment data:
- Banks’ loans to NBFCs – grew by 12% y-o-y to Rs 15.22 lakh Cr as of Aug 2023 (from 21% y-o-y growth in Aug 2022)
• HQs of RBI – Mumbai, Maharashtra | Governor – Shaktikanta Das (25th) | Established on – 1st April, 1935
Total Deputy Governors (4) – S. Janakiraman | T. Rabi Sankar | Michael D. Patra | M. Rajeshwar Rao

20. The Reserve Bank of India (RBI) has expanded the list of specified Government securities (G-Secs) that non-residents can
invest in under the Fully Accessible Route (FAR) by including 10-year Sovereign Green Bonds (SGrBs). The central bank has
decided to designate SGrBs of 10-year tenor to be issued by the Government in the second half (H2) of FY25. This comes in
the wake of Indian Government Securities (G-Secs) being included in JPMorgan Chase’s benchmark Emerging Markets Bond
Index Global Diversified (GBI-EM GD) index starting June 28, 2024. Further, the G-Secs will be included in the Bloomberg EM
Local Currency Government indices, starting January 2025. Also, FTSE Russell will add G-Secs to the FTSE Emerging Markets
Government Bond Index (EMGBI), starting in September 2025. The RBI, in consultation with the Government, had introduced
a separate channel, FAR, in 2020 to enable non-residents to invest in specified G-Secs. These investors include Foreign
Portfolio Investors (FPIs), Non-Resident Indians (NRIs), Overseas Citizens of India (OCIs) and other entities permitted to
invest in G-Secs under the Debt Regulations. The Government will raise ₹6.61 lakh crore for H2 FY25. Out of this, the
Government will mop up ₹20,000 crore via four SGrB issuances of Rs 5,000 crore each (two of 10-years tenor and two of 30-
years tenor). {Read more}
Smart Points:
• RBI – expanded list of specified Government securities (G-Secs) that non-residents can invest in under Fully Accessible
Route (FAR) by including 10-year SGrBs
• RBI – to designate SGrBs of 10-year tenor to be issued by Government in second half (H2) of FY25
• G-Secs – will be included in Bloomberg EM Local Currency Government indices, starting Jan 2025
• FTSE Russell – will add G-Secs to FTSE Emerging Markets Government Bond Index (EMGBI), starting in Sep 2025
• RBI – introduced a separate channel, FAR, in 2020 to enable non-residents to invest in specified G-Secs
- Investors include – FPIs, NRIs, OCIs & other entities permitted to invest in G-Secs under Debt Regulations
• Government – to raise ₹6.61 lakh Cr for H2 FY25
- Out of this, it will mop up – ₹20,000 Cr via 4 SGrB issuances of Rs 5,000 Cr each (2 of 10-years tenor & 2 of 30-years)
• HQs of RBI – Mumbai, Maharashtra | Governor – Shaktikanta Das (25th) | Established on – 1st April, 1935
Total Deputy Governors (4) – S. Janakiraman | T. Rabi Sankar | Michael D. Patra | M. Rajeshwar Rao

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21. GenWise has launched UPI payments on its app for senior citizens. This is the industry’s first-ever
introduction of UPI for elders, offering a simple user interface, enhanced security, and cyber fraud
awareness. GenWise UPI has been developed in collaboration with Axis Bank, which is acting as the sponsor
bank for facilitating transactions. Over the years, UPI has become an integral part of everyday transactions,
with over 400 million unique users. However, over 250 million Indian elders have remained less connected to this
transformation due to fear of the unknown and the complex interfaces of other apps. {Read more}
Smart Points:
• GenWise – launched UPI payments on its app for senior citizens | 1st-ever introduction of UPI for elders
• GenWise UPI – developed in collaboration with Axis Bank | Axis Bank – sponsor bank
• HQs of GenWise – New Delhi | Co-founder & CEO – Nehul Malhotra

22. Swiggy, Nykaa, Bookmyshow, Redbus, Zepto, Nature’s Basket, and Vedantu among others have
tied up with payments gateway Cashfree Payments to tap international customers. Cashfree, which
has received the Reserve Bank of India’s (RBI) cross-border payments licence, has launched a pilot
with select merchants that will tap customers who are based outside India and want to make
payments in the country. The biggest beneficiaries will be users who solely transact using the RuPay credit and debit card
platforms and the UPI systems. Cashfree was the first company to secure the payment aggregator-cross border licence (PA-
CB). The other companies are BillDesk, Amazon Pay, and global payments major Adyen. As per Economic Survey 2024, India
is expected to receive $129 billion worth of remittances by 2025. {Read more}
Smart Points:
• Cashfree – launched a pilot with select merchants to tap customers based outside India & want to make payments here
- Companies tying up for this – Swiggy, Nykaa, Bookmyshow, Redbus, Zepto, Nature’s Basket & Vedantu among others
• Cashfree – 1st company to secure payment aggregator-cross border licence (PA-CB)
- Other companies – BillDesk, Amazon Pay & Adyen
• As per Economic Survey 2024 – India is expected to receive $129 billion worth of remittances by 2025
• HQs of Cashfree Payments – Bengaluru, Karnataka | CEO & Co-founder – Akash Sinha

23. Union Minister for Finance and Corporate Affairs Nirmala Sitharaman has launched the “National MSME Cluster
Outreach Programme”, organised jointly by the Department of Financial Services (DFS), Ministry of Finance, and Small
Industries Development Bank of India (SIDBI). Around 150 MSME Clusters were connected virtually for the launch. The Union
Finance Minister also virtually inaugurated six new SIDBI Branches in Karnataka, located at Tumakuru, Raichur, Shivamogga,
Kalaburagi, Mangaluru and Vijayapura. She also inaugurated four Nari Shakti Branches of Union Bank of India at Bengaluru,
Chennai, Jaipur and Vishakhapatnam, with the goal of empowering women entrepreneurs. She also launched the Learning
Centre of Canara Bank at Bagaluru, Bengaluru. The Union Finance Minister set the target for all Scheduled Commercial Banks
(SCBs) and NBFCs for providing additional MSME credit of Rs 1.54 lakh crore in the current financial year. Thus the banks
and NBFCs should aim at total credit growth of Rs 5.75 lakh crore, Rs 6.21 lakh crore and Rs 7 lakh crore to MSMEs in FY25,
FY26 and FY27 respectively. During the event, SIDBI signed an MoU with the Peenya Industries Association strengthening
the collaboration to support MSMEs through capacity building, credit facilities, and knowledge-sharing. {Read more}
Smart Points:
• Nirmala Sitharaman – launched “National MSME Cluster Outreach Programme” | Organised jointly by – DFS & SIDBI
- ~150 MSME Clusters – connected virtually for launch
• Nirmala Sitharaman – inaugurated 6 new SIDBI Branches in Karnataka

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- At – Tumakuru, Raichur, Shivamogga, Kalaburagi, Mangaluru & Vijayapura
• 4 Nari Shakti Branches of Union Bank of India – also inaugurated at Bengaluru, Chennai, Jaipur & Vishakhapatnam
- Aim: To empower women entrepreneurs
• Learning Centre of Canara Bank – also launched at Bagaluru, Bengaluru
• Target for all SCBs & NBFCs – set for providing additional MSME credit of Rs 1.54 lakh Cr in FY25
• Total credit growth by banks & NBFCs for: FY25 – Rs 5.75 lakh Cr | FY26 – Rs 6.21 lakh Cr | FY27 – Rs 7 lakh Cr
• SIDBI + Peenya Industries = an MoU to support MSMEs through capacity building, credit facilities & knowledge-sharing
• Minister of Finance & Corporate Affairs: Nirmala Sitharaman | Constituency – Karnataka
MoS in Ministry of Finance: Pankaj Chaudhary
MoS in Ministry of Corporate Affairs: Harsh Malhotra

24. IndiaP2P has launched a new version of its offering, called the “Monthly Income Plan-Plus”, which
adheres to the RBI’s updated, faster settlement guidelines for P2P lending. Lenders on the platform can
earn up to 18% per annum interest (net of fees) with monthly payouts, including both principal and
interest. Borrowers, meanwhile, gain access to market-competitive rates. P2P platforms enable lenders
to earn interest income, though with the risk of delay or default by borrowers. Under the RBI’s new guidelines, lenders can
continue lending up to Rs 50 lakh, a cumulative amount that they can allocate across all P2P platforms to multiple borrowers.
{Read more}
Smart Points:
• IndiaP2P – launched new version of its offering, “Monthly Income Plan-Plus” to adhere to RBI’s updated, faster
settlement guidelines for P2P lending
• Lenders can earn up to – 18% per annum interest with monthly payouts, including both principal & interest
• Borrowers – gain access to market-competitive rates
• Under RBI’s new guidelines, lenders can continue lending up to Rs 50 lakh, that can be allocated across all P2P platforms
to multiple borrowers
• HQs of IndiaP2P – Mumbai, Maharashtra | CEO – Neha Juneja

25. Markets regulator Securities and Exchange Board of India (SEBI) has allowed mutual funds to
invest in overseas mutual funds (MFs) or unit trusts (UTs) that invest a specific portion of their
assets in Indian securities. At the time of making investments (both fresh and subsequent),
Indian MF schemes will have to ensure that the underlying overseas MFs/UTs do not have more
than 25% exposure to Indian securities. The MF schemes are required to ensure that all
investors’ contributions to an overseas MF/UT are combined into a single investment vehicle without any side vehicles. The
corpus of an overseas MF/UT should be a blind pool with no segregated portfolios, ensuring all investors have equal and
proportionate rights in the fund. The regulator has barred advisory agreements between Indian MFs and the underlying
overseas MFs to prevent conflicts of interest. Subsequent to the investment, if the exposure breaches the threshold, an
observance period of 6 months from the date of publicly available information of such breach would be permitted to Indian
MF schemes for monitoring of any portfolio rebalancing activity by the underlying overseas MF/UT. During the observance
period, the Indian MF scheme would not undertake any fresh investment in such overseas MF/UT and can resume their
investments in such overseas MF/UT in case the exposure to Indian securities by such overseas MF/UT falls below the limit
of 25%. {Read more}

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Smart Points:
• SEBI allowed mutual funds to invest in overseas MFs or UTs that invest some portion of their assets in Indian securities
• At time of making investments, underlying overseas MFs/UTs do not have more than 25% exposure to Indian securities
• Corpus of an overseas MF/UT – should be a blind pool with no segregated portfolios
• SEBI – barred advisory agreements between Indian MFs & underlying overseas MFs to prevent conflicts of interest
• Observance period of 6 months from date of publicly available information of breach – would be permitted to Indian
MF schemes
• HQs of SEBI – Mumbai, Maharashtra | Chairman – Madhabi Puri Buch | Established in – 1992

26. The research report titled “How Tax Simplification has given a necessary fillip to ITR Filing” from the Economic
Department of the State Bank of India (SBI), which analysed the income disparity curves of assessment years (AY) 2014-
2015/FY2014 and AY2024/FY2023, observed that there has been a cumulative 74.2% decline in income disparity coverage
for those earning up to Rs 5 lakh annually between fiscal years 2013-2014 and 2022-2023. A comparison of disparity in
income during AY15 and AY24 shows that there is a clear rightward shift in the income distribution curve, signifying people
in lower income brackets are increasing their income to converge towards their share of the population. For people with
income up to Rs 3.5 lakh, the share in income disparity has reduced from 31.8% in FY2014 to 12.8% in FY2021. The lower
income group (less than Rs 5.5 lakh) has registered a positive growth rate for all years in the last decade. According to the
research report, states such as Maharashtra, Delhi, Gujarat and Karnataka, which have been traditional leaders in income
tax base, are nearing saturation in Income Tax Return (ITR) filing and their share in the overall tax file base is decreasing
continuously. Uttar Pradesh is the leader in increasing its share in the income tax file base, followed by Bihar, Andhra
Pradesh, Punjab and Rajasthan. Moreover, the contribution of direct taxes to total tax revenue reached 56.7% in AY2024
(54.6% in AY2023), the highest in 14 years. Direct taxes to Gross Domestic Product (GDP) ratio inched up to 6.64% in AY2024,
the highest since 2000-2001, vindicating the results of improving tax compliance. {Read more}
Smart Points:
• Research report “How Tax Simplification has given a necessary fillip to ITR Filing” – released by Economic Dept of SBI
• Income disparity coverage for those earning up to Rs 5 lakh annually between FY14-FY23 – declined 74.2%
• Shift in income distribution curve – rightward, signifying people in lower income brackets are increasing their income to
converge towards their share of population
• For people with income up to Rs 3.5 lakh, share in income disparity – reduced to 12.8% in FY21 (from 31.8% in FY14)
• Lower income group (less than Rs 5.5 lakh) – positive growth rate for all years in last decade
• States, which have been traditional leaders in income tax base – nearing saturation in ITR filing & share in overall tax file
base is decreasing continuously
- Maharashtra, Delhi, Gujarat & Karnataka
• Top states in increasing its share in income tax file base – UP | Followed by – Bihar, Andhra, Punjab & Rajasthan
• Contribution of direct taxes to total tax revenue – 56.7% in AY2024 (from 54.6% in AY2023), highest in 14 years
• Direct taxes to GDP ratio – inched up to 6.64% in AY2024, highest since FY01
• HQs of SBI – Mumbai, Maharashtra | Chairman – Challa Sreenivasulu Setty
MDs – Rana Ashutosh Kumar Singh | Ashwini Kumar Tewari | Vinay M. Tonse

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27. The Financial Intelligence Unit (FIU) has imposed a fine of Rs 54 lakh on the Union Bank of India for failing to report
suspicious transaction reports and for not undertaking due diligence under the anti-money laundering law for certain
accounts at one of its branches in Mumbai. The federal agency issued the penalty notice under section 13 of the Prevention
of Money Laundering Act (PMLA) on October 1 as it observed that the charges against the lender were substantiated. {Read
more}
Smart Points:
• Financial Intelligence Unit (FIU) – imposed a fine of Rs 54 lakh on Union Bank of India
• Penalty notice was issued under – section 13 of Prevention of Money Laundering Act (PMLA)
• HQs of UBI – Mumbai, Maharashtra | CEO – A. Manimekhalai | Tagline – “Good People to Bank With”

28. The Securities and Exchange Board of India (SEBI) has mandated all qualified stockbrokers to
provide their clients with a Unified Payments Interface (UPI) for blocking funds or a 3-in-1 trading
system to trade in the secondary markets from 1 February 2025. A UPI block mechanism enables
investors to set aside funds in their bank accounts for stock trading, rather than transferring the
funds to a trading member. It was introduced by SEBI in January 2019 for the primary market, and in January 2024 for the
secondary market. Currently, the use of this mechanism is optional for trading members. The 3-in-1 account facility
combines an investor’s trading, demat, and bank accounts into one integrated platform. It automatically blocks the required
funds for buy orders and blocks securities in the demat account for sell orders. If the trade is not executed, the funds and
securities are promptly released. {Read more}
Smart Points:
• SEBI – mandated all qualified stockbrokers to provide their clients with an UPI for blocking funds or a 3-in-1 trading
system to trade in secondary markets from Feb 1, 2025
• UPI block mechanism – enables investors to set aside funds in their bank accounts for stock trading, rather than
transferring funds to a trading member
- Introduced by SEBI for: Primary market – in Jan 2019 | For secondary market – in Jan 2024
• 3-in-1 account facility – combines an investor’s trading, demat & bank accounts into one integrated platform
• HQs of SEBI – Mumbai, Maharashtra | Chairman – Madhabi Puri Buch | Established in – 1992

29. The Reserve Bank of India (RBI) has directed foreign portfolio investors (FPIs) to obtain
necessary approvals from the government and concurrence from the investee companies when
their equity holdings go beyond the prescribed limits and they reclassify the holdings as foreign
direct investment (FDI). The ‘Foreign Exchange Management (Non-debt Instruments) Rules, 2019’
or ‘FEM (NDI) Rules, 2019’, prescribe that investment made by the FPI should be less than 10% of the total paid-up equity
capital on a fully diluted basis. Any FPI investing in breach of the prescribed limit should have the option of divesting their
holdings or reclassifying such holdings as FDI within 5 trading days from the date of settlement of the trades causing the
breach. According to the RBI, the FPI should have the concurrence of the Indian investee company concerned for
reclassification of the investment to FDI to enable such company to ensure compliance with conditions pertaining to sectors
prohibited for FDI, sectoral caps and government approvals, wherever applicable, under the rules. {Read more}
Smart Points:
• RBI – directed FPIs to obtain necessary approvals from govt & concurrence from investee companies
- when their equity holdings go beyond prescribed limits & they reclassify holdings as FDI

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30. Star India will make a web series of 5 episodes on the Reserve Bank of India’s (RBI) 90-year-
long journey to help people have a better understanding of the central bank’s vital role in the
country’s fast-growing economy and to provide an in-depth exploration of the RBI functions and
operations. The RBI, which was set up in 1935 in accordance with the provisions of the ‘Reserve
Bank of India Act, 1934’, completed 90 years in April 2024. Star India has been awarded the tender for Rs 6.5 crore to make
the web series. The series also aims to make complex financial concepts accessible and interesting to a broad audience,
thereby, contributing to financial literacy. The 1st Governor of the RBI was Sir Osborne Smith (1935-37), while the 1st Indian
Governor of the RBI was C.D. Deshmukh (1943-49). {Read more}
Smart Points:
• Star India – awarded a tender of Rs 6.5 Cr to make a web series of 5 episodes on RBI’s 90-year-long journey
• RBI – set up in accordance with provisions of ‘Reserve Bank of India Act, 1934’
• Aim: To make complex financial concepts accessible & interesting to a broad audience, contributing to financial literacy
• 1st Governor of RBI – Sir Osborne Smith (1935-37) | 1st Indian Governor of RBI – C.D. Deshmukh (1943-49)
• HQs of RBI – Mumbai, Maharashtra | Governor – Shaktikanta Das (25th) | Established on – 1st April, 1935
Total Deputy Governors (4) – S. Janakiraman | T. Rabi Sankar | Michael D. Patra | M. Rajeshwar Rao

31. Shriram Mutual Fund (MF) has launched the industry-first multi-sector rotation fund, which will
take concentrated sectoral bets through a quantamental approach. The scheme will invest in 3-6
sectors that are likely to outperform in the near-to-long term. The fund will move in and out of sectors
based on their relative momentum and other factors. The sectors will be selected based on Shriram
Asset Management Company’s (AMC) proprietary Enhanced Quantamental Investment (EQI) framework. The fund will be
market-cap agnostic, with the share of large, midcap, and smallcap stocks in the portfolio depending on the size of
companies operational in the selected sectors. One of the key advantages is tax efficiency for the investor, as there is no
capital gains tax implication when the fund manager rebalances across sectors within the scheme. The scheme will be
launched on November 18. {Read more}
Smart Points:
• Shriram MF – launched industry-first multi-sector rotation fund to take concentrated sectoral bets through a
quantamental approach
• Scheme will invest in – 3-6 sectors, to be selected based on Shriram AMC’s proprietary EQI framework
• Scheme – to be launched on Nov 18, 2024
• HQs of Shriram AMC – Mumbai, Maharashtra | Chairman – Ramamurthy Vaidyanathan | MD & CEO – Kartik L Jain

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32. The Consumer Price Index (CPI) based inflation reached a 14-month high of 6.21% in October
2024, up from 5.49% in September 2024, according to the data revealed by the National Statistics
Office (NSO), under Ministry of Statistics and Programme Implementation (MoSPI). The data shows
higher inflation in rural areas at 6.68%, compared to 5.62% in urban regions. The Reserve Bank of
India (RBI) aims to keep inflation within a range of 2-6%, with a medium-term target of 4%. The
Consumer Food Price Index (CFPI) recorded a significant year-on-year (Y-o-Y) inflation rate of 10.87%. In September, food
inflation stood at 9.24%. Housing inflation also rose, with October 2024 recording a rate of 2.81%, slightly up from
September’s 2.72%. {Read more}
Smart Points:
• As per data revealed by National Statistics Office (NSO), under MoSPI
• CPI based inflation – reached 14-month high of 6.21% in Oct 2024 (from 5.49% in Sep 2024)
• Inflation in: Rural areas – 6.68% | Urban areas – 5.62% | Inflation target by RBI – 4% (deviation - 2%)
• Food inflation (by CFPI) – recorded an y-o-y inflation rate of 10.87% (from 9.24% in Sep 2024)
• Housing inflation – rose to 2.81% in Oct 2024 (from 2.72% in Sep 2024)
• HQs of NSO – New Delhi | Chairperson – Prof. Rajeeva Laxman Karandikar
• MoS I/C of Ministry of Statistics & Programme Implementation: Rao Inderjit Singh | Constituency – Gurgaon, Haryana

33. The Asian Development Bank (ADB) has issued its 1st biodiversity and nature theme bond
to finance a pool of eligible projects across Asia and the Pacific under its ‘Theme Bonds for
Sustainable Development’ program. The $100 million (A$150 million), 10-year issue was
purchased by the Dai-ichi Life Insurance Company Limited of Japan and arranged by Credit
Agricole CIB. ADB’s Theme Bonds for Sustainable Development act as a key vehicle to
mobilize private capital in support of the United Nations Sustainable Development Goals (UN SDGs) and the Kunming-
Montreal Global Biodiversity Framework, while offering investors with a safe and attractive investment opportunity through
ADB’s AAA credit rating. ADB is a founding partner of the ‘Coral Triangle Initiative’ established in 2009, safeguarding one of
the world’s most critical marine ecosystems. The ADB’s biodiversity and nature bond was announced at the 16th Conference
of the Parties of the Convention on Biological Diversity (COP 16 - CBD) in Cali, Colombia. ADB will soon launch its
“Environment Action Plan 2024-2030: Towards a Nature Positive Asia and the Pacific” to create a road map for its activities
to tackle climate change, biodiversity loss, and pollution. ADB is committed to achieving a prosperous, inclusive, resilient,
and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned
by 69 members - 49 from the region. {Read more}
Smart Points:
• ADB – issued its 1st biodiversity & nature theme bond to finance a pool of eligible projects across Asia & the Pacific
- Under its – ‘Theme Bonds for Sustainable Development’ program | Issue – $100 million (A$150 million) for 10 yrs
• Purchased by – Dai-ichi Life Insurance Company Ltd of Japan | Arranged by – Credit Agricole CIB
• ADB – founding partner of ‘Coral Triangle Initiative,’ established in 2009
• ADB’s biodiversity & nature bond – announced at ‘COP 16 - CBD’ in Cali, Colombia
• ADB – to launch “Environment Action Plan 2024-2030: Towards a Nature Positive Asia and the Pacific”
- To create a road map for its activities to tackle climate change, biodiversity loss & pollution
• HQs of ADB – Mandaluyong, Philippines | President – Masatsugu Asakawa | Members – 69

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34. According to the Finance Ministry, Public Sector Banks (PSBs) have shown robust performance
in the 1st half of the current fiscal year (H1 FY25) with a 26% growth in net profit, an increase in
business and a decline in non-performing assets (NPAs). The aggregate business of 12 PSBs - State
Bank of India, Punjab National Bank, Bank of Baroda, Bank of India, Bank of Maharashtra, Union
Bank of India, Canara Bank, Central Bank of India, Indian Bank, Indian Overseas Bank, Punjab & Sindh Bank, and UCO Bank -
stood at Rs 236.04 lakh crore during the April-September 2024 period, registering an 11% year-on-year (YoY) growth. During
the first 6 months of FY2025, the credit and deposit portfolio grew 12.9% and 9.5% YoY, and stood at Rs 102.29 lakh crore
and Rs 133.75 lakh crore, respectively. The operating and net profit during the period was Rs 1,50,023 crore (14.4% YoY
growth) and Rs 85,520 crore (25.6% YoY growth). The gross and net NPA stood at 3.12% and 0.63%, respectively, in
September 2024. {Read more}
Smart Points:
• As per Finance Ministry, PSBs – have a 26% growth in net profit in 1st half of FY25 (H1 FY25)
• Aggregate business of 12 PSBs – Rs 236.04 lakh Cr during Apr-Sep 2024, an 11% YoY growth
- 12 PSBs – SBI, PNB, BoB, BoI, BoM, UBI, Canara Bank, CBoI, Indian Bank, IOB, Punjab & Sindh Bank, and UCO Bank
• Growth during 1st 6 months of FY25: Credit – 12.9% YoY (Rs 102.29 lakh Cr) | Deposit – 9.5% YoY (Rs 133.75 lakh Cr)
• Operating profit – Rs 1,50,023 Cr (14.4% YoY growth) | Net profit – Rs 85,520 Cr (25.6% YoY growth)
• In September 2024: Gross NPA – 3.12% | Net NPA – 0.63%
• Minister of Finance: Nirmala Sitharaman | Constituency – Karnataka
MoS in Ministry of Finance: Pankaj Chaudhary

35. Alliance Network has announced its entry into the Indian market through a partnership with Axis Bank for the Point of
Sale (POS) aggregation to enhance India’s digital payment landscape. This partnership aims to promote digital
transformation and growth in payments and merchant services in India. This joint venture claims to create an interconnected
digital economy through technology-driven payment solutions that ensure secure and efficient transactions while enhancing
the overall customer experience. {Read more}
Smart Points:
• Alliance Network (Bahrain) + Axis Bank = partnership for POS aggregation to enhance India’s digital payment landscape
• HQs of Axis Bank – Mumbai, Maharashtra | MD & CEO – Amitabh Chaudhry | Tagline – “Badhti ka Naam Zindagi”

36. The Reserve Bank of India (RBI) has published its 43rd Half-yearly Report from April to September 2024 on Management
of Foreign Exchange Reserves (MFER). As per the report, India’s foreign exchange reserves position, as on October 18, 2024,
was estimated at $688.27 billion. This includes Foreign Currency Assets (FCA) of $598.24 billion, Gold worth $67.44 billion,
Special Drawing Rights (SDRs) of $18.27 billion and Reserve Tranche Position (RTP) of $4.32 billion. The Department of
External Investments and Operations (DEIO), under the RBI, publishes this half-yearly report. {Read more}
Smart Points:
• 43rd Half-yearly Report from Apr to Sep 2024 on Management of Foreign Exchange Reserves (MFER) – published by DEIO
• As on Oct 18, 2024, India’s foreign exchange reserves position – estimated at $688.27 billion, including:
- Foreign Currency Assets – $598.24 billion | Gold – $67.44 billion
- Special Drawing Rights (SDRs) – $18.27 billion | Reserve Tranche Position (RTP) – $4.32 billion
• HQs of RBI – Mumbai, Maharashtra | Governor – Shaktikanta Das (25th) | Established on – 1st April, 1935
Total Deputy Governors (4) – S. Janakiraman | T. Rabi Sankar | Michael D. Patra | M. Rajeshwar Rao

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37. The Union Government has released tax devolution of Rs 1,78,173 crore to State Governments, as against the normal
monthly devolution of Rs 89,086.50 crore. It includes one advance instalment, in addition to the regular instalment due in
October, 2024. Uttar Pradesh received the highest amount of Rs 31,962 crore, followed by Bihar (Rs 17,921 crore), Madhya
Pradesh (Rs 13,987 crore), West Bengal (Rs 13,404 crore), and Maharashtra (Rs 11,255 crore). {Read more}
Smart Points:
• Government released tax devolution of Rs 1,78,173 Cr to State Governments
- against the normal monthly devolution of Rs 89,086.50 Cr
• Uttar Pradesh – received the highest amount of Rs 31,962 Cr
- Followed by Bihar (Rs 17,921 Cr), MP (Rs 13,987 Cr), West Bengal (Rs 13,404 Cr), Maharashtra (Rs 11,255 Cr)

38. Razorpay has launched the “Razorpay Venture Investment Programme” in collaboration with
venture capital (VC) firms, Peak XV, and Lightspeed, to invest in over 50 early-stage business-to-
business (B2B) companies. The company and its VC partners will invest in 10-15 early-stage
startups every year, providing funding, technology, and leadership support to B2B startups across
various stages of development. Early-stage ventures could see potential fundraising of up to $1
million as part of the programme. Early-stage fintech companies will have access to Razorpay’s API (Application Programming
Interface) stack and sandbox environments. Vishnu Acharya will lead the programme for the startups. Meanwhile, companies
will have access to the ‘Razorpay Rize community’ of more than 3,000 founders and businesses. {Read more}
Smart Points:
• Razorpay + Peak XV + Lightspeed = launched “Razorpay Venture Investment Programme” to invest in 50+ early-stage
B2B companies
• Early-stage ventures could see potential fundraising of – up to $1 million as part of the programme
• Vishnu Acharya – to lead programme for the startups
• HQs of Razorpay – Bengaluru, Karnataka | CEO – Harshil Mathur | Co-founders – Harshil Mathur & Shashank Kumar

39. The first report by the ‘UPI for Her’ initiative - which is a collaborative effort by the National Payments Corporation of
India (NPCI) and the Women’s World Banking (WWB) - states that women’s micro businesses are largely undiscovered by
merchant aggregators as they operate in semi-urban and rural areas. The survey data shows that 57% of the 2,500 women
entrepreneurs surveyed, as part of a pilot, were not aware of UPI-based offerings. The survey was conducted in partnership
with MobiKwik and PhonePe. About 15% of the women surveyed said they were unclear about the payments and charges
by the merchant aggregator. {Read more}
Smart Points:
• As per the first report/survey by the ‘UPI for Her’ initiative:
- women’s micro businesses are largely undiscovered by merchant aggregators
- 57% of the 2,500 women entrepreneurs surveyed were not aware of UPI-based offerings
- 15% of the women surveyed said they were unclear about the payments and charges
• Survey was conducted in partnership with = MobiKwik + PhonePe
• ‘UPI for Her’ initiative is a collaborative effort by = NPCI + Women’s World Banking (WWB)
• HQs of NPCI – Mumbai | Chairman – Ajay Kumar Choudhary | MD & CEO – Dilip Asbe | Established in – 2008
• HQs of WWB – New York, US | President & CEO – Mary Ellen Iskenderian

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40. The Reserve Bank of India (RBI) classified the State Bank of India (SBI), HDFC Bank, and
ICICI Bank as domestic systemically important banks (D-SIBs), with SBI and HDFC Bank
required to maintain additional capital buffers starting April 2025. From April 1, 2025, SBI’s
additional capital requirement will increase by 20 basis points (bps) to 0.80% of its risk-
weighted assets from the current 0.60%. Similarly, HDFC Bank’s additional capital
requirement will increase by the same quantum to 0.40% of its risk-weighted assets from 0.20% currently. Systemically
important banks are those considered ‘too big to fail’ due to their size, cross-jurisdictional activities, complexity, lack of
substitutability, and interconnectedness. The disorderly failure of these banks has the potential to cause significant
disruption to the essential services they provide to the banking system, and in turn, to the overall economic activity. RBI had
classified SBI and ICICI Bank as D-SIBs in 2015 and 2016, respectively. In 2017, HDFC Bank was also classified as a D-SIB. The
D-SIB framework was issued by RBI in 2014. Based on their Systemic Importance Scores (SISs) in ascending order, banks are
plotted into 4 different buckets and are required to have additional Common Equity Tier 1 Capital (CET1) requirements
ranging from 0.20% to 0.80% of risk-weighted assets (RWA). CET1 is the highest quality of regulatory capital, as it absorbs
losses immediately when they occur. In case a foreign bank having a branch presence in India is a Global Systemically
Important Bank (G-SIB), it has to maintain additional CET1 capital surcharge in India as applicable to it as a G-SIB,
proportionate to its RWAs in India. {Read more}
Smart Points:
• RBI – classified SBI, HDFC Bank & ICICI Bank as domestic systemically important banks (D-SIBs)
• SBI & HDFC Bank – required to maintain additional capital buffers starting April 2025
• Additional capital requirement to increase from Apr 1, 2025:
- SBI – by 20 bps to 0.80% (from 0.60%) | HDFC Bank – by 20 bps to 0.40% (from 0.20%)
• Systemically important banks – considered ‘too big to fail’ due to size, cross-jurisdictional activities, complexity, etc.
• Classification as D-SIBs by RBI: SBI – 2015 | ICICI Bank – 201 | HDFC Bank – 2017
• D-SIB framework – issued by RBI in 2014
• Based on SISs, banks are required to have additional CET1 requirements from 0.20-0.80% of risk-weighted assets (RWA)
• Common Equity Tier 1 Capital (CET1) – highest quality of regulatory capital (absorbs losses immediately when they occur)
• HQs of SBI – Mumbai, Maharashtra | Chairman – Challa Sreenivasulu Setty
MDs – Rana Ashutosh Kumar Singh | Ashwini Kumar Tewari | Vinay M. Tonse
• HQs of HDFC Bank – Mumbai, MH | MD & CEO – Sashidhar Jagdishan | Tagline – “We understand your World”
• HQs of ICICI Bank – Mumbai, MH | MD & CEO – Sandeep Bakhshi | Taglines – “Hum Hain Na!” & “Khayal Apka”

41. Tata AIG General Insurance Company has launched 5 new products - Mental Wellbeing, EmpowerHer, OPD Care,
CanCare, and Flexi Shield - to enhance the flexibility and comprehensiveness of its retail health insurance products. As
medical costs continue to rise and healthcare needs evolve, these products are designed to provide customised protection,
addressing emerging health concerns and lifestyle changes. The company aims to enhance its health insurance operations
over the next two years, targeting an expansion of its agent base from 92,000 to over 1,50,000 as part of its broader strategy.
{Read more}
Smart Points:
• Tata AIG Gen Ins Co. – launched 5 products to enhance flexibility & comprehensiveness of its health insurance products
- Mental Wellbeing, EmpowerHer, OPD Care, CanCare & Flexi Shield
• Aim (Tata AIG): To enhance its health insurance operations over next two years
- Target – expansion base to over 1,50,000 (from 92,000)
• HQs of Tata AIG Gen Ins – Mumbai, Maharashtra | MD & CEO – Neelesh Garg

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42. The National Payments Corporation of India (NPCI) has launched a UPI (Unified Payments
Interface) safety awareness campaign, “Main Moorkh Nahi Hoon”. It is conceptualised by Ogilvy
to empower citizens with the skills to counter common risks and threats from scammers. As the
campaign’s brand ambassador, renowned actor Pankaj Tripathi will star in a series of 6 ad films
in 11 Indian languages. These films will highlight common tactics used by scammers and
fraudsters to deceive people. Two films in the series, ‘Moongfaliwala’ and ‘Paanwala’, featuring Pankaj Tripathi in roles
matching the titles, have already been released. The 360-degree media campaign, comprising a mix of television, print,
radio, OTT, cinema, digital and social media, aims to increase user education and reduce online scams, thereby boosting
confidence in digital payments. {Read more}
Smart Points:
• NPCI – launched a UPI safety awareness campaign, “Main Moorkh Nahi Hoon”
• Conceptualised by Ogilvy to empower citizens with skills to counter common risks & threats from scammers
• Campaign’s brand ambassador – Pankaj Tripathi | To star in a series of 6 ad films in 11 Indian languages
- 2 films, ‘Moongfaliwala’ & ‘Paanwala’ – already been released
• Aim: To increase user education & reduce online scams, thereby boosting confidence in digital payments
• HQs of NPCI – Mumbai | Chairman – Ajay Kumar Choudhary | MD & CEO – Dilip Asbe | Established in – 2008
• HQs of Ogilvy – New York, US | CEO (Global) – Devika Bulchandani | Chief Advisor (India) – Piyush Pandey

43. PhonePe has announced the launch of contributions to NPS (National Pension System) as a new savings category under
Bharat Connect (earlier known as BBPS), on its platform. With this launch, PhonePe enables millions of users to now make
seamless, secure and easy contributions to their NPS account through the PhonePe app. NPS is a highly effective tax saving
instrument for personal retirement planning. This scheme not only provides significant tax savings but also comes in handy
as a retirement corpus. The launch of this feature will allow users to contribute conveniently using the PhonePe app.
Established in 2017, NBBL’s Bharat Bill Payments System (BBPS) was initially envisaged as a bill payment solution but has
now extended operations to over 25 categories of payments. The platform currently processes more than 200 million
transactions per month and aims for 1 billion monthly transactions in 2-3 years. {Read more}
Smart Points:
• PhonePe – to launch contributions to NPS as a new savings category under Bharat Connect (earlier known as BBPS)
• NBBL’s Bharat Bill Payments System – Established in 2017 | Now extended operations to 25+ categories of payments
• BBPS – currently processes >200 million transactions per month & aims for 1 billion monthly transactions in 2-3 years
• HQs of PhonePe – Bangalore, Karnataka | MD & CEO – Sameer Nigam | Founded in – 2015
• HQs of NBBL – Mumbai, Maharashtra | CEO – Noopur Chaturvedi

44. Businesses with more than Rs 250 crore turnover, from earlier Rs 500 crore, and all central public sector enterprises
(CPSEs) will now be required to onboard the invoice discounting platform ‘Trade Receivables Discounting System (TReDS)’
by the Reserve Bank of India (RBI), as per the latest notification issued by the Ministry of Micro, Small & Medium Enterprises
(MSME). According to the notification, the onboarding process on the TReDS platform (which includes RXIL, M1xchange,
Invoicemart, and C2treds) is to be completed by 31st March, 2025. Finance Minister Nirmala Sitharaman in the Union Budget
2024-2025 announced reduced turnover criteria to Rs 250 crore from Rs 500 crore for buyers to get on TReDS. Moreover,
she had also announced that medium enterprises (with turnover between Rs 50 crore and Rs 250 crore) will also be included
in the scope of the suppliers. TReDS had financed 41.6 lakh invoices involving Rs 1.38 lakh crore during FY2024. The RBI
undertook the TReDS initiative in 2014 to enable MSME suppliers to discount their invoices and receive payments before
their due date by ensuring the conversion of their bills into liquid funds in a short period. {Read more}

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Smart Points:
• As per latest notification issued by Ministry of MSME:
• Businesses with >Rs 250 Cr turnover & all CPSEs – required to onboard invoice discounting platform ‘TReDS’ by RBI
• Onboarding process on TReDS platform – to be completed by Mar 31, 2025
- TReDS platform includes – RXIL, M1xchange, Invoicemart & C2treds
• Union Budget 2024-25 – announced reduced turnover criteria to Rs 250 Cr for buyers to get on TReDS (from Rs 500 Cr)
• TReDS – financed 41.6 lakh invoices involving Rs 1.38 lakh Cr during FY24
• Minister of MSME: Jitan Ram Manjhi | Constituency – Gaya, Bihar
MoS in Ministry of MSME: Shobha Karandlaje

45. Mastercard has launched “Mastercard Pay Local”, a global service that seamlessly connects
consumers and merchants by allowing consumers to make card-based payments using local digital
wallets. With this ‘Pay Local’ service, digital wallet providers will gain access to more than 2 billion
Mastercard payment cards. Leading wallets in the Asia Pacific, such as ‘DANA’ in Indonesia, ‘Touch ‘n
Go’ in Malaysia, ‘Bakong’ in Cambodia, and ‘LankaPay’ in Sri Lanka, will leverage Mastercard Pay Local to allow consumers
to make payments at more than 35 million merchants that accept these wallets. Mastercard Pay Local builds upon existing
partnerships with leading wallet providers, including ‘Alipay’ and ‘Weixin Pay’ in the Chinese Mainland and ‘Octopus’ in
Hong Kong SAR, to offer a convenient way for international visitors to pay like a local when traveling to these destinations,
regardless of where in the world their Mastercard card was issued. Today, a range of digital wallets already accept
Mastercard to fund digital wallets domestically and pay at merchant locations that accept these wallets, including ‘GrabPay’
in Southeast Asia, ‘Maya’ in the Philippines, ‘ShopBack’ in Singapore, ‘TrueMoney’ in Thailand, and ‘Mercado Pago’ in
Argentina. {Read more}
Smart Points:
• Mastercard – launched “Mastercard Pay Local”, a global service that connects consumers & merchants
- by allowing consumers to make card-based payments using local digital wallets
• Wallets in Asia Pacific to leverage Mastercard Pay Local – ‘DANA’ in Indonesia, ‘Touch ‘n Go’ in Malaysia
- ‘Bakong’ in Cambodia & ‘LankaPay’ in Sri Lanka
• HQs of Mastercard – New York, US | CEO – Michael Miebach | Founded in – 1966

46. Venture Capital entity, BlueGreen Ventures, has launched a maiden fund for investment in
early-stage startups in India, as well as IPO-bound companies. BlueGreen Ventures, a new VC firm
co-founded by Rajeev Suri and Anup Jain, targets a $75 million (about Rs 633 crore) corpus with a
green shoe option. The new fund claims to be backed by Global CEOs and CXOs from Fortune 500
companies, along with successful startup founders from India. BlueGreen Venture fund will prioritise investment in sectors
like climate and sustainability, fintech solutions tailored for the new India, and consumer-driven B2C businesses reflecting
post-COVID consumption shifts. {Read more}
Smart Points:
• BlueGreen Ventures – launched a maiden $75 million fund for investment in early-stage startups
- Launched by – Rajeev Suri & Anup Jain
• HQs of BlueGreen Ventures – Oklahoma, US | Co-founders – Rajeev Suri & Anup Jain

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47. Reserve Bank of India (RBI) has imposed a penalty of Rs 11.64 lakh on 5 cooperative banks for non-compliance with the
directions issued by the banking regulator. The highest penalty of Rs 6.34 lakh has been imposed on Jaynagar Mozilpur
People’s Cooperative Bank Ltd, West Bengal. Other banks penalised by RBI are Nawanagar Cooperative Bank Ltd, Jamnagar,
Gujarat (Rs 2.50 lakh), Vijapur Nagarik Sahakari Bank Ltd, Mehsana, Gujarat (Rs 1 lakh) and Lalbaug Cooperative Bank Ltd,
Vadodara, Gujarat (Rs 1 lakh) and Gauhati Cooperative Urban Bank Ltd, Assam (Rs 80,000). {Read more}
Smart Points:
• RBI – imposed a penalty of Rs 11.64 lakh on 5 cooperative banks for non-compliance with directions issued by regulator
- Jaynagar Mozilpur People’s Cooperative Bank Ltd, West Bengal – Rs 6.34 lakh
- Nawanagar Cooperative Bank Ltd, Jamnagar, Gujarat – Rs 2.50 lakh
- Vijapur Nagarik Sahakari Bank Ltd, Mehsana, Gujarat – Rs 1 lakh
- Lalbaug Cooperative Bank Ltd, Vadodara, Gujarat – Rs 1 lakh
- Gauhati Cooperative Urban Bank Ltd, Assam – Rs 80,000
• HQs of RBI – Mumbai, Maharashtra | Governor – Shaktikanta Das (25th) | Established on – 1st April, 1935
Total Deputy Governors (4) – S. Janakiraman | T. Rabi Sankar | Michael D. Patra | M. Rajeshwar Rao

48. India’s outward foreign direct investment (FDI) commitments rose to $3.24 billion in October 2024, up from $2.55 billion
in October 2023, according to data from the Reserve Bank of India (RBI). However, they declined from $3.77 billion in
September 2024. Outbound FDI, expressed as a financial commitment, comprises 3 components: Equity, Loans, and
Guarantees. Equity commitments fell to $655.84 million, debt (loan) commitments rose sharply to $1.24 billion, while
guarantees for overseas units remained flat at $1.33 billion in October 2024. {Read more}
Smart Points:
• As per data from RBI, India’s outward FDI commitments – rose to $3.24 bn in Oct 2024 (from $2.55 bn in Oct 2023)
- Declined – from $3.77 billion in Sep 2024
• Outbound FDI, expressed as a financial commitment, comprises 3 components – Equity, Loans & Guarantees
• In Oct 2024, various commitments: Equity – fell to $655.84 million | Debt (loan) – rose to $1.24 billion
- Guarantees for overseas units – remained same at $1.33 billion
• HQs of RBI – Mumbai, Maharashtra | Governor – Shaktikanta Das (25th) | Established on – 1st April, 1935
Total Deputy Governors (4) – S. Janakiraman | T. Rabi Sankar | Michael D. Patra | M. Rajeshwar Rao

49. Galaxy Health Insurance has introduced its first product, “Galaxy Promise”, offering
coverage ranging from Rs 3 lakh to Rs 1 crore. The Premium Promise feature keeps rates
fixed until age 55 or until a claim is made, encouraging continuous coverage. Available in 4
variants - Signature, Elite, Premier, and Enhanced Optional covers - the maiden plan targets
families seeking comprehensive and affordable health coverage. The new offerings aim to
address the rising healthcare costs in India, which are growing by 10-15% annually due to inflation, advanced medical
treatments, and increasing demand for specialized care. The policy is designed with women-centric benefits, covering
assisted reproduction treatments, in-utero foetal surgery, delivery costs, and newborn care. The company, promoted by the
TVS family received its IRDAI license earlier this year. {Read more}
Smart Points:
• Galaxy Health Insurance – introduced its first product, “Galaxy Promise”, offering coverage from Rs 3 lakh to Rs 1 Cr
• It targets families seeking comprehensive & affordable health coverage

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50. The Wholesale Price Index (WPI) based inflation surged to a 4-month high of 2.36% in October
2024, up from 1.84% in September, largely due to increased costs for food items, vegetables, food
manufacturing, according to an official data released on November 14, 2024. The food index,
which holds a weightage of 24.38%, saw wholesale inflation climb to 11.59% in October, up from
9.47% in September. Food item inflation surged to 13.54% in October from 11.53% in September. The WPI for November
2024 is scheduled for release on December 16. {Read more}
Smart Points:
• As per official data released on Nov 14, WPI based inflation – surged to 2.36% in Oct 2024 (from 1.84% in Sep 2024)
• Food index (holds weightage of 24.38%) – saw wholesale inflation climb to 11.59% in Oct’24 (from 9.47% in Sep’24)
• Food item inflation – surged to 13.54% in Oct 2024 (from 11.53% in Sep 2024)
• WPI for Nov 2024 – to release on Dec 16

51. Securities and Exchange Board of India (SEBI) has approved the introduction of a new asset class designed to cater to
high-risk investors. This new asset class aims to bridge the gap between mutual funds and portfolio management services
(PMS) in terms of flexibility in asset construction. Investors will need to invest a minimum of Rs 10 lakh across all investment
strategies of the new product offered by a particular asset management company (AMC). The higher threshold will deter
retail investors from investing in this product while attracting investors with investible funds between Rs 10 lakh and Rs 50
lakh. The new asset class will provide a regulated product with features like SIP (Systematic Investment Plan), higher risk-
taking capability, and a higher ticket size to meet the needs of the emerging category of investors. {Read more}
Smart Points:
• SEBI – approved the introduction of a new asset class designed to cater to high-risk investors
• Aim: To bridge the gap between Mutual Funds & Portfolio Management Services (PMS) in terms of flexibility
• Investors will need to invest a minimum of Rs 10 lakh across all investment strategies of new product offered by AMC
• It will attract investors with investible funds between Rs 10 lakh and Rs 50 lakh
• HQs of SEBI – Mumbai, Maharashtra | Chairman – Madhabi Puri Buch | Established in – 1992

52. Bajaj Group has emerged as the 3rd-largest financial group in the country by mcap, behind
the HDFC and ICICI groups but ahead of the SBI group. Bajaj Housing Finance, which more
than doubled on listing day of its IPO, added Rs 1.36 trillion to the group’s mcap. The 4 listed
financial companies in the group - Bajaj Holdings, Bajaj Finserv, Bajaj Finance, and Bajaj
Housing Finance - had a combined mcap of Rs 10.36 trillion on September 23, 2024. HDFC
Group tops the league with a combined mcap of Rs 15.75 trillion, followed by the ICICI group
at Rs 11.95 trillion. The SBI group with its 3 group companies - State Bank of India, SBI Life
Insurance, and SBI Cards & Payment Services - stands 4th with Rs 9.6 trillion mcap. Bajaj Finance, the group’s retail lender, is
the most profitable (absolute profit) non-banking financial company (NBFC) in the country by a wide margin. It is followed
by Shriram Finance. Bajaj Finserv is the holding and promoter company for all of the group’s financial services arms. It holds
a 51.34% stake in Bajaj Finance. {Read more}

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Smart Points:
• Bajaj Group – 3rd-largest financial group in country by mcap | Combined mcap of its 4 listed companies – Rs 10.36 tn
- 1st – HDFC Group (Rs 15.75 tn) | 2nd – ICICI Group (Rs 11.95 tn) | 4th – SBI Group (Rs 9.6 tn)
• Bajaj Housing Finance – added Rs 1.36 trillion to group’s mcap
• 4 listed financial companies in Bajaj Group – Bajaj Holdings, Bajaj Finserv, Bajaj Finance & Bajaj Housing Finance
• 3 listed financial companies in SBI Group – State Bank of India, SBI Life Insurance, and SBI Cards & Payment Services
• Most profitable (absolute profit) NBFC in India: 1st – Bajaj Finance | 2nd – Shriram Finance
• Bajaj Finserv – holding & promoter company for all of the Bajaj group’s financial services arms
- Its stake in Bajaj Finance – 51.34%
• HQs of Bajaj Housing Finance Ltd – Pune, Maharashtra | CEO – Atul Jain | Founded in – 2008

53. Axis Mutual Fund has launched the “Axis CRISIL-IBX AAA NBFC Index - June 2027 Fund”, an open-ended Target Maturity
Index Fund. It is the first NBFC Sector-based target maturity mutual fund scheme in India. It invests in the constituents of
the ‘CRISIL-IBX AAA NBFC Index - June 2027’, featuring moderate interest rate risk and relatively low credit risk. The scheme’s
maturity date is June 30, 2027. The new fund offer (NFO) for the scheme closed on September 23. The new fund will be
managed by Aditya Pagaria. The minimum investment amount is Rs 5,000, with additional investments in multiples of Rs 1.
There is no exit load. {Read more}
Smart Points:
• Axis AMC – launched “Axis CRISIL-IBX AAA NBFC Index - June 2027 Fund”, an open-ended Target Maturity Index Fund
- 1st NBFC Sector-based target maturity mutual fund scheme in India | Maturity date – June 30, 2027
• New fund offer (NFO) for this scheme – closed on Sep 23 | New fund will be managed by – Aditya Pagaria
• Min. investment – Rs 5,000 | Additional investments – in multiples of Rs 1 | No exit load
• HQs of Axis AMC – Mumbai, India | MD & CEO – B Gopkumar | Founded in – 2009

54. NPCI International Payments (NIPL) has entered into a strategic partnership with the
Ministry of Digital Transformation (MDT) of Trinidad and Tobago to develop a Unified
Payments Interface (UPI)-like real-time payments platform for the country. With this,
Trinidad and Tobago is the first Caribbean nation to adopt India’s popular instant
payments platform, UPI. This partnership aims to empower Trinidad and Tobago to
establish a reliable and efficient real-time payments platform for both person-to-person (P2P) and person-to-merchant
(P2M) transactions. Countries like Bhutan, Sri Lanka, Nepal, Singapore, France have already been using India’s UPI. UPI,
developed by NPCI, was officially launched in April 2016 for public use. {Read more}
Smart Points:
• NIPL + MDT (Trinidad & Tobago) = a strategic partnership to develop a UPI-like real-time payments platform for country
• Trinidad & Tobago – 1st Caribbean nation to adopt India’s popular instant payments platform, UPI
• Aim: To empower Trinidad & Tobago to establish a reliable & efficient real-time payments platform for both P2P & P2M
transactions
• Countries already using India’s UPI – Bhutan, Sri Lanka, Nepal, Singapore, France, among others
• UPI – developed by NPCI | Launched in – April 2016

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55. India has extended budgetary support to the Maldives government in the form of a rollover of the $50 million Treasury
Bill (T-bills) for another year on the Maldivian government’s request. These T-bills have been subscribed by the State Bank
of India (SBI) for a period of one more year. This is the second rollover granted by the Indian government this year, following
the first rollover of a $50 million Treasury Bill in May 2024. {Read more}
Smart Points:
• India – extended budgetary support to Maldives in form of a rollover of $50 million T-bills for another year
• T-bills have been subscribed by – SBI for one more year
• This is 2nd rollover granted by India this year | 1st – $50 million Treasury Bill in May 2024
• Maldives – Male – Maldivian rufiyaa | President – Mohamed Muizzu

56. Punjab National Bank (PNB) has launched the “Multi-Currency World Travel Card”
to offer convenience for international travellers. The card allows users to load and
manage multiple currencies on a single card. The PNB Multi-Currency World Travel
Card supports 6 major foreign currencies: US Dollar (USD), Euro (EUR), British Pound
Sterling (GBP), UAE Dirham (AED), Canadian Dollar (CAD), and Singapore Dollar (SGD).
Users can switch between these currencies, making it easier to handle expenses
across different countries. The card is accepted at ATMs, point-of-sale (POS) terminals, and for online transactions across
the globe, except in India, Nepal, and Bhutan. {Read more}
Smart Points:
• PNB – launched “Multi-Currency World Travel Card” to offer convenience for international travellers
• It supports 6 major foreign currencies – US Dollar (USD), Euro (EUR), British Pound Sterling (GBP), UAE Dirham (AED)
- Canadian Dollar (CAD) & Singapore Dollar (SGD)
• It is accepted at ATMs, POS terminals & for online transactions across globe | Except – India, Nepal & Bhutan
• HQs of PNB – New Delhi | MD & CEO – Atul Kumar Goel | Tagline – “The Name You Can Bank Upon”

57. Federal Bank signed an MoU with ‘Bhashini’, an AI-Powered Language Translation
Platform, to provide vernacular language support to its AI Virtual Assistant, ‘Feddy’ as a
result of the Reserve Bank Innovation Hub (RBIH)’s local language effort to promote banking
in vernacular languages. The MoU was signed by Shalini Warrier, Executive Director of
Federal Bank, and Amitabh Nag, CEO of Bhashini. With the addition of Bhashini’s language translation capabilities, Feddy
can now react to user requests in 14 different Indian languages, including Hindi, Bengali, Tamil, Telugu, Marathi, Gujarati,
Kannada, Malayalam, Odia, Assamese, Punjabi, Urdu, Manipuri, and Bodo. Rajesh Bansal is the CEO of RBIH. Bhashini,
launched in July 2022 in Gandhinagar, Gujarat, by PM Narendra Modi, aims to provide language technology solutions to
bridge the language and digital divide. Bhashini is an abbreviation for “Bhasha Interface for India”. It’s a project of the
Ministry of Electronics and Information Technology (MeitY) and is developed under the National Language Translation
Mission (NLTM). Bhashini’s services include: Technology translation services, Multilingual voice, Education, and Health.
{Read more}
Smart Points:
• Federal Bank + Bhashini = an MoU to provide vernacular language support to its AI Virtual Assistant, ‘Feddy’

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- For RBIH’s local language effort to promote banking in vernacular languages
• Feddy can now react to user requests in 14 different Indian languages – Hindi, Bengali, Tamil, Telugu, Marathi, Gujarati
- Kannada, Malayalam, Odia, Assamese, Punjabi, Urdu, Manipuri & Bodo
• Bhashini – launched in July 2022 in Gandhinagar, Gujarat by PM Modi | Bhashini – ‘Bhasha Interface for India’
- Aim: To provide language technology solutions to bridge the language & digital divide
- Project of – MeitY | Developed under – National Language Translation Mission (NLTM)
- Services – Technology translation services, Multilingual voice, Education & Health
• HQs of Federal Bank – Aluva, Kerala | MD & CEO – Krishnan Venkat Subramanian | Tagline – “Your Perfect Banking
Partner”
• CEO of RBIH – Rajesh Bansal | CDO of RBIH – Rakesh Ranjan
• HQs of Bhashini – New Delhi | CEO – Amitabh Nag

58. Ashwani Kumar, MD & CEO of UCO Bank, has launched “Project Parivartan”, a major transformation
initiative in the existing digital banking facilities offered by the Bank. Key points of Project Parivartan
include close collaboration with Fintechs and technology providers, customer engagement through
personalization, analytics-driven campaigns, and the enhancement of digital journeys for both asset as
well as liability products. This transformation will make UCO Bank more agile, customer-centric, and
ready for the future. {Read more}
Smart Points:
• Ashwani Kumar (MD & CEO of UCO Bank) – launched “Project Parivartan”, initiative in existing digital banking facilities
• HQs of UCO Bank – Kolkata, West Bengal | MD & CEO – Ashwani Kumar | Tagline – “Honours your Trust”

59. The Reserve Bank of India (RBI) has reconstituted Monetary Policy Committee
(MPC). The government has appointed Ram Singh, Saugata Bhattacharya and Nagesh
Kumar as new external members to the MPC. Mr Ram is director of the prestigious
Delhi School of Economics. Mr Saugata is a senior fellow at the Centre for Policy
Research (CPR). The third member Nagesh Kumar is the Director and Chief Executive
of the Institute for Studies in Industrial Development (ISID). The MPC is a committee
constituted under the ‘Reserve Bank of India Act, 1934’ by the Central Government and led by the Governor of RBI. Apart
from the MPC Chairman, RBI Governor Shaktikanta Das, the other internal members are RBI Deputy Governor Michael
Debabrata Patra who is In-charge of Monetary Policy, and Rajiv Ranjan who is Executive Director Monetary Policy
Department of RBI. These 3 members are appointed by the RBI. While, 3 members are appointed by the central government.
Thus, the MPC consists of 6 members in total. Newly reconstituted MPC with its 3 new external members (appointed by the
government) will commence its maiden meeting on October 7. It is widely anticipated that the MPC will keep interest rate
unchanged despite. This would be 10th time in a row when the RBI will maintain status quo as far as policy rate is concerned.
The MPC last revised interest rate in February 2023, when it was hiked to 6.5%. {Read more}
Smart Points:
• RBI – reconstituted MPC with Ram Singh, Saugata Bhattacharya & Nagesh Kumar as new external members to it
- Ram Singh – Director of Delhi School of Economics
- Saugata Bhattacharya – Senior fellow at Centre for Policy Research (CPR)
- Nagesh Kumar – Director & Chief Executive of Institute for Studies in Industrial Development (ISID)

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60. India’s foreign exchange reserves crossed the $700 billion mark for the first time ever in September 2024, according to
data released by the Reserve Bank of India (RBI). The reserves currently stand at $704.885 billion. This also makes India, the
fourth country in the entire world to cross $700 billion in foreign exchange reserves. China, Japan, and Switzerland currently
precede India. This growth in the reserves is attributed to multiple factors including $30 billion in foreign inflows so far this
year, led mainly by investments in local bonds. {Read more}
Smart Points:
• According to data released by RBI:
• India’s foreign exchange reserves – crossed $700 bn mark for 1st time in Sep 2024 | Current reserves – $704.885 bn
• India – 4th country to cross $700 billion in foreign exchange reserves | Other 3 – China Japan & Switzerland
• HQs of RBI – Mumbai, Maharashtra | Governor – Shaktikanta Das (25th) | Established on – 1st April, 1935
Total Deputy Governors (4) – S. Janakiraman | T. Rabi Sankar | Michael D. Patra | M. Rajeshwar Rao

61. Arka Fincap Limited, a subsidiary of Kirloskar Oil Engines Limited (KOEL), has introduced a new
product called “Uday”, offering ‘Small Ticket Loans Against Property (STLAP)’. Targeted at micro,
small, and medium enterprise (MSME) owners, these loans will range from Rs 10 lakh to Rs 30 lakh.
The company aims to address the growing credit demands of small businesses in Tier II, III, and IV
cities, providing crucial financial backing for their growth and expansion. Uday is designed for a
specific segment of MSMEs who own property but lack access to structured credit with lower interest rates and longer
tenures because the MSME sector facing a $530 million credit gap and struggling with formal credit access due to insufficient
documentation or collateral. Uday would be rolled out, initially, in 5 key locations in Tamil Nadu viz. Salem, Vellore, Tirupur,
Porur, and Coimbatore, this launch marks the beginning of a broader, pan-India expansion deeper into Bharat. Vimal
Bhandari, Executive Vice Chairman and CEO of Arka Fincap. {Read more}
Smart Points:
• Arka Fincap Ltd (KOEL) – introduced a new product, “Uday”, offering ‘Small Ticket Loans Against Property (STLAP)’
• Range of loans – Rs 10-30 lakh | Targeting – MSME owners | MSME sector – faces $530 million credit gap
• Aim: To address growing credit demands of small businesses in Tier II, III & IV cities, providing crucial financial backing
• Uday would initially be rolled out in 5 key locations in Tamil Nadu – Salem, Vellore, Tirupur, Porur & Coimbatore
• Hqs of Arka Fincap Ltd – Mumbai, MH | Executive Vice Chairman & CEO – Vimal Bhandari | Subsidiary of – KOEL

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62. The Department of Economic Affairs (DEA-Budget Division), under Ministry of Finance, has kept the interest rates on
various Small Savings Schemes (SSS) unchanged for the third straight quarter of FY 2024-25, beginning October 1, 2024, and
ending on December 31, 2024. As per the notification, deposits under the Sukanya Samriddhi scheme will attract an interest
rate of 8.2%, while the rate for popular Public Provident Fund (PPF) is kept 7.1%. The interest rate on the Kisan Vikas Patra
will be 7.5%, and the investments will mature in 115 months. The interest rate on the National Savings Certificate (NSC) will
remain at 7.7% for the July-September 2024 period. Small savings schemes interest rates are linked to 10-year Government
Securities (G-Secs) yields in the secondary market. The government review rates for small savings schemes every three
months by following a set formula. The Shyamala Gopinath Committee recommended a methodology to compute interest
rates for small savings schemes. As per the committee’s suggestions, the interest rates on various small savings schemes are
set with a range of 25 to 100 bps above the G-Secs yields with matching maturities. Most of the post office small savings
schemes are allowed deductions benefits under Section 80C of the ‘Income Tax Act, 1961’. All unchanged rates of Small
Savings Schemes are mentioned below. {Read more}
Smart Points:
• Interest rates on Small Savings Schemes remained unchanged for Q3 FY25 (Oct-Dec’24):

• Most of post office small savings schemes – allows deductions benefits under Section 80C of ‘Income Tax Act, 1961’
• Shyamala Gopinath Committee – recommended a methodology to compute interest rates for Small Savings Schemes
• SSS interest rates are linked to 10-year Government Securities (G-Secs) yields in the secondary market
• Govt review rates for Small Savings Schemes every 3 months
• Interest rates on various Small Savings Schemes are set with a range of 25 to 100 bps above the G-Secs yields

63. State-owned Bank of Baroda (BoB) proposed to sell its Oman operation to Oman-based Bank Dhofar as part of the
rationalisation of the foreign operation based on a comprehensive evaluation framework. This is subject to approval from
concerned regulatory authorities. The total business of BoB operation in the country was 113.35 million Omani Rial while
the net worth stood at 25.54 million Omani Rial. {Read more}
Smart Points:
• BoB – proposed to sell its Oman operation to Bank Dhofar (Oman) as part of rationalisation of foreign operation
• Total business of BoB operation in Oman – 113.35 million Omani Rial | Net worth – 25.54 million Omani Rial
• HQs of BoB – Vadodara, Gujarat | MD & CEO – Debadatta Chand | Tagline – “India’s International Bank”

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64. On October 9, during the 4th bi-monthly Monetary Policy Committee (MPC) Meeting, the Reserve
Bank of India (RBI) has kept the repo rate unchanged at 6.5% for the 10th consecutive meeting, with a
majority vote of 5-1. However, the MPC unanimously decided to change its stance to ‘Neutral’ from
the earlier ‘Withdrawal of Accommodation’. The standing deposit facility (SDF) rate was kept at 6.25%,
while the marginal standing facility (MSF) rate and the bank rate remained at 6.75%. India’s real GDP
grew by 6.7% in Q1 FY25. For FY25, the RBI kept its gross domestic product (GDP) projection unchanged at 7.2%. The Q2
projection also remained at 7.2%, as before. However, the projection was raised for Q3 to 7.4% from 7.3% and for Q4 to
7.4% from 7.2%. The MPC projected inflation at 4.5% for FY25, the same as previously forecast. {Read more}
Smart Points:
• 4th bi-monthly MPC Meeting – RBI kept repo rate unchanged at 6.5% for 10th consecutive meeting
• MPC to change its stance to ‘Neutral’ from ‘Withdrawal of Accommodation’
• India’s real GDP – grew by 6.7% in Q1 FY25 | Projection for inflation for FY25 – 4.5%
• GDP projections: FY25 – 7.2% | Q2 – 7.2% | Q3 – 7.4% (from 7.3%) | Q4 – 7.4% (from 7.2%)
• Latest rates:
- Repo rate – 6.50% | Reverse Repo Rate – 3.35% | Bank Rate or MSF – 6.75%
- CRR – 4.50% | SLR – 18% | SDF – 6.25%
• HQs of RBI – Mumbai, Maharashtra | Governor – Shaktikanta Das (25th) | Established on – 1st April, 1935
Total Deputy Governors (4) – S. Janakiraman | T. Rabi Sankar | Michael D. Patra | M. Rajeshwar Rao

65. Indian REITs Association (IRA) has launched “Data Benchmarking Institutions (DBIs)” to
provide investors detailed information on real estate investment trust. The association said this
is a significant step towards empowering Indian Real Estate Investment Trusts (REITs) investors.
As part of this initiative, 3 leading financial services companies - CareEdge, CAMS, and KFintech
- have launched dedicated platforms to house all key information regarding REITs, assisting
investors with their investment decisions. The journey of REITs in India began with the introduction of regulatory guidelines
in 2014, culminating in the public launch of REITs in 2019. In May 2023, India’s first retail REIT, Nexus Select Trust, was listed.
Indian REITs are required to invest 80% of their portfolio in income-producing properties, pay out at least 90% of net
distributable cash flows to investors semi-annually. {Read more}
Smart Points:
• IRA – launched “Data Benchmarking Institutions (DBIs)” to provide investors detailed information on real estate
investment trust
• 3 financial services companies launched dedicated platforms to house all key information regarding REITs:
- CareEdge, CAMS, & KFintech
• Nexus Select Trust (India’s first retail REIT) – listed in May 2023
• Indian REITs are required to:
- invest 80% of their portfolio in income-producing properties
- pay out at least 90% of net distributable cash flows to investors semi-annually
• HQs of IRA – Mumbai, Maharashtra | Chairman – Aravind Maiya

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66. SBI Card, India’s largest credit card issuer, in partnership with Singapore Airlines, the national
carrier of Singapore, has launched the “KrisFlyer SBI Card”. This travel centric co-branded credit card
is meant for super-premium cardholders, offering exclusive privileges in the air and on ground with
the SIA Group that comprises of Singapore Airlines, Scoot airline, KrisShop.com, Kris+ lifestyle app
and Pelago. The newly launched credit card is available in two variants, KrisFlyer SBI Card and
KrisFlyer SBI Card Apex. {Read more}
Smart Points:
• SBI Card (India’s largest credit card issuer) + Singapore Airlines = launched “KrisFlyer SBI Card”
• It is for super-premium cardholders | It is available in 2 variants – KrisFlyer SBI Card & KrisFlyer SBI Card Apex
• HQs of SBI Cards & Payment Services Ltd – Gurugram, Haryana | MD & CEO – Abhijit Chakravorty

67. Instant payment system Unified Payment Interface (UPI) transaction volumes recorded a 52%
year-on-year surge to 78.97 billion in the first 6 months of 2024, according to the “India Digital
Payments Report” for the first half of 2024 (January to June) of the payment technology service
provider ‘Worldline’. The number of UPI transactions rose significantly from 8.03 billion in January
2023 to 13.9 billion by June 2024. This growth in volume was matched by an increase in
transaction value, which climbed from Rs 12.98 trillion in January 2023 to an impressive Rs 20.07 trillion in June 2024. When
comparing H1 2024 to the same period in 2023, UPI transaction volume saw a substantial increase of 52%, rising from 51.9
billion to 78.97 billion. The value of transactions grew 40%, increasing from Rs 83.16 trillion to Rs 116.63 trillion. In terms of
volume and value contribution, PhonePe emerged as the top UPI app, followed by Google Pay and Paytm. However, average
ticket size (ATS) of UPI transactions saw a decline of 8%. The ATS of all UPI transactions in H1 2023 was Rs 1,603, while it
dropped to Rs 1,478 in 1H 2024. ATS consists of person-to-person (P2P) and person-to-merchant (P2M) transactions. ATS in
P2P transactions registered an almost flat year-on-year rise from Rs 2,812 to Rs 2,836. ATS for P2M transactions dropped
from Rs 667 to Rs 643, representing a 4% reduction. Grocery stores, restaurants, service stations, clothing stores,
government services, pharmacies, and hospitals were the most visited in-store merchant categories in the first half of 2024
and they collectively accounted for almost 53% of the overall transaction value and 68% of the transaction volume. E-
commerce, gaming, utilities, government services, and financial services made up around 81% of the overall transaction
volume and 74% of the total transaction value in the online industry. Furthermore, the report revealed that between January
2023 and June 2024, the number of POS (point of sale) terminals increased 17%, rising from 7.65 million to 8.96 million.
{Read more}
Smart Points:
• “India Digital Payments Report” – released by Worldline
• UPI transaction volumes in first 6 months of 2024 – 52% y-o-y surge to 78.97 billion (from 51.9 billion in 2023)
• No. of UPI transactions – rose to 13.9 billion by Jun 2024 (from 8.03 billion in Jan 2023)
• Transaction value – increased to Rs 20.07 trillion in Jun 2024 (from Rs 12.98 trillion in Jan 2023)
• Value of transactions – grew 40% to Rs 116.63 trillion in Jun 2024 (from Rs 83.16 trillion in Jun 2023)
• In terms of volume & value contribution, top UPI apps: 1st – PhonePe | 2nd – Google Pay | 3rd – Paytm
• Average Ticket Size (ATS) of UPI transactions – decline 8% to Rs 1,478 in 1H 2024 (from Rs 1,603 in H1 2023)
- ATS – consists of person-to-person (P2P) & person-to-merchant (P2M) transactions
- ATS in P2P transactions – registered flat y-o-y rise to Rs 2,836 (from Rs 2,812)
- ATS for P2M transactions – dropped 4% to Rs 643 (from Rs 667)
• Most visited in-store merchant categories in first half of 2024 collectively accounted for –

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68. ICICI Bank and PhonePe have partnered to offer a credit line on Unified Payments
Interface (UPI) to customers of the Bengaluru-based fintech major PhonePe. Pre-approved
customers on the PhonePe app can avail of a short-term credit line from ICICI Bank up to Rs 2
lakh with a repayment period of 45 days. This is PhonePe’s 1st partnership with any lender to
offer the service. Deep Agrawal is the head of payments at PhonePe, while Niraj Tralshawala
is the product head of payment solutions at ICICI Bank. The partnership between the bank and PhonePe, which is the largest
player in UPI, comes at a time when the platform records transactions worth approximately Rs 200 crore every month.
PhonePe’s market share on UPI is pegged at 49%, with the second-largest player Google Pay processing about 38% of the
total transaction volumes in the country. The National Payments Corporation of India (NPCI) launched the ‘credit line on
UPI’ service in 2023 to offer low-ticket, high-volume retail loans to individuals and businesses. Apart from ICICI Bank, lenders
such as Axis Bank, HDFC Bank, Indian Bank, Punjab National Bank (PNB), and State Bank of India (SBI) have gone live with
this facility. Among the apps, Bharat Interface for Money (BHIM), Google Pay, Paytm, PayZapp, Navi, and Tata Neu are live
on this product offering. {Read more}
Smart Points:
• ICICI Bank + PhonePe = partnered to offer a credit line on UPI to customers of PhonePe
• Pre-approved customers on PhonePe can avail a short-term credit line from ICICI Bank – up to Rs 2 lakh
- Repayment period – 45 days
• Deep Agrawal – head of payments at PhonePe | Niraj Tralshawala – product head of payment solutions at ICICI Bank
• Market share on UPI of total transaction volumes in India: 1st – PhonePe (49%) | 2nd – Google Pay (38%)
• ‘Credit line on UPI’ service – launched by NPCI in 2023 to offer low-ticket, high-volume retail loans
• Other lenders who have gone live with this facility – Axis Bank, HDFC Bank, Indian Bank, PNB & SBI
• Apps live on this product offering – BHIM, Google Pay, Paytm, PayZapp, Navi & Tata Neu
• HQs of PhonePe – Bangalore, Karnataka | MD & CEO – Sameer Nigam | Founded in – 2015
• HQs of ICICI Bank – Mumbai, MH | MD & CEO – Sandeep Bakhshi | Taglines – “Hum Hain Na!” & “Khayal Apka”

69. Martin Schlegel has taken charge as the new Chairman of the Governing Board of the Swiss National Bank (SNB),
succeeding Thomas Jordan. Schlegel is currently the SNB Vice-chairman and a close associate of long-term chief Thomas
Jordan. Outgoing Chairman Jordan led the SNB’s response to the Credit Suisse collapse. The SNB is the central bank of
Switzerland. Switzerland and India exchange information about Swiss bank accounts annually. By the end of 2023, Indian
clients’ assets in Swiss banks were CHF 1.46 million, a 63% decline from the previous year. As of the end of 2023, India was
ranked 67th in the world for the amount of funds held by foreign clients in Swiss banks. This is a drop from 46th place in 2022.
{Read more}
Smart Points:
• Martin Schlegel – took charge as new Chairman of Governing Board of Swiss National Bank (succeeding - Thomas Jordan)
• SNB – central bank of Switzerland

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70. Bank of Baroda (BoB) launched ‘Masterstroke Savings Account’ for high-end customers
even as it announced cricket legend Sachin Tendulkar as its global brand ambassador.
Customers have to maintain a quarterly average balance of Rs 10 lakh in the account. The
bob Masterstroke account comes with a number of features such as a higher interest rate
on account balances through the ‘Flexi Fixed Deposit’ facility, concessional rate of interest
on retail loans, the ‘bob World Opulence Visa Infinite Debit Card’ (Metal Edition) and a lifetime-free ‘Eterna Credit Card’
(subject to eligibility). The account holders will also receive priority banking/wealth management consultations, higher cash
withdrawal limits, and other exclusive perks. {Read more}
Smart Points:
• BoB – launched ‘Masterstroke Savings Account’ for high-end customers
• Sachin Tendulkar – announced as global brand ambassador of BoB
• A quarterly average balance to be maintained by customers in account – Rs 10 lakh
• HQs of BoB – Vadodara, Gujarat | MD & CEO – Debadatta Chand | Tagline – “India’s International Bank”

71. The Reserve Bank of India (RBI) has appointed Partha Pratim Sengupta as the MD & CEO of Bandhan Bank.
He has been appointed to the post for three years from the date of taking charge. In April 2024, Bandhan
founder Chandra Shekhar Ghosh, who was the MD & CEO, announced his retirement. Ratan Kumar Kesh, one
of the Executive Directors, was appointed an interim CEO. {Read more}
Smart Points:
• Partha Pratim Sengupta – appointed as MD & CEO of Bandhan Bank for 3 years (succeeding - Ratan Kumar Kesh)
• HQs of Bandhan Bank – Kolkata, WB | MD & CEO – Partha Pratim Sengupta | Tagline – “Aapka Bhala, Sabki Bhalai”

72. The Securities and Exchange Board of India (SEBI) announced 6 key measures to the index derivatives trading framework,
aimed at curbing excessive speculation amid growing concerns about the mounting losses incurred by individual traders. The
measures include (i) increasing the contract size from Rs 5 lakh to Rs 15 lakh, (ii) raising margin requirements, (iii) mandating
the upfront collection of option premiums from buyers, (iv) limiting weekly expiries to one benchmark per exchange, (v)
bringing intraday monitoring of position limits, and (vi) removing the calendar spread treatment on expiry days. These
measures mark the first revision of contract size in 9 years. Furthermore, SEBI will impose an additional extreme loss margin
(ELM) of 2% for short options contracts. These new measures will be implemented in a phased manner with effect from
November 20, 2024. A recent study by SEBI revealed that over 93% of retail traders sustained losses amounting to Rs 1.8 trillion
in the futures and options (F&O) segment over the past 3 financial years. {Read more}
Smart Points:
• SEBI – announced 6 key measures to index derivatives trading framework
• Aim: To curb excessive speculation amid growing concerns about mounting losses incurred by individual traders
• Measures include:
- Increasing contract size to Rs 15 lakh (from Rs 5 lakh) | Raising margin requirements
- Mandating upfront collection of option premiums from buyers | Bringing intraday monitoring of position limits
- Limiting weekly expiries to one benchmark per exchange | Removing calendar spread treatment on expiry days

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73. The Centre has released the 1st instalment of the 15th Finance Commission grants for the
financial year 2024-25 to the Rural Local Bodies (RLBs) in Andhra Pradesh and Rajasthan.
Andhra Pradesh has received untied grants amounting to Rs 395.5091 crore and tied grants
totalling Rs 593.2639 crore for duly elected 9 eligible District Panchayats, 615 eligible Block
Panchayats and 12,853 eligible Gram Panchayats in the state. While in Rajasthan, untied
grants of Rs 507.1177 crore and tied grants of Rs 760.6769 crore have been released for the duly elected 22 eligible District
Panchayats, 287 eligible Block Panchayats and 9,068 eligible Gram Panchayats in the state. The untied grants will enable
panchayats to address specific local needs across 29 subjects under the Eleventh Schedule of the Constitution of India. These
funds, however, cannot be used for salaries or establishment costs. The tied grants will focus on core services such as
sanitation, maintenance of open-defecation-free (ODF) status and water management. In line with Article 243G of the
Constitution, these funds empower panchayats to manage essential services and infrastructure. The government of India
through the Ministry of Panchayati Raj and Ministry of Jal Shakti (Department of Drinking Water and Sanitation)
recommends the release of XV-FC Grants to States for Rural Local Bodies which are then released by the Ministry of Finance.
The allocated grants are recommended and released in two instalments in a financial year. {Read more}
Smart Points:
• Centre released 1st instalment of 15th FC grants for FY25 to Rural Local Bodies (RLBs) in Andhra Pradesh & Rajasthan
• Andhra Pradesh received: Untied grants – Rs 395.5091 Cr | Tied grants – Rs 593.2639 Cr
- For 9 eligible District Panchayats, 615 eligible Block Panchayats & 12,853 eligible Gram Panchayats
• Rajasthan received: Untied grants – Rs 507.1177 Cr | Tied grants – Rs 760.6769 Cr
- For 22 eligible District Panchayats, 287 eligible Block Panchayats & 9,068 eligible Gram Panchayats
• Untied grants enable panchayats to address specific local needs across 29 subjects under 11th Schedule of Constitution
- These funds cannot be used for salaries or establishment costs
• Tied grants will focus on core services such as sanitation, maintenance of ODF status & water management
• As per Article 243G of Constitution – these funds empower panchayats to manage essential services & infrastructure
• GoI through Ministry of Panchayati Raj & Ministry of Jal Shakti recommends release of XV-FC Grants to States for RLBs
- Then released by – Ministry of Finance
• Allocated grants – recommended & released in 2 instalments in a financial year

74. Cashfree Payments has received certification from the National Payments Corporation of India
for its “UPI Switch” service. This will allow Cashfree to directly integrate with any bank’s core banking
software and offer a higher transaction success rate for its merchants. Cashfree can offer settlement
of around 12,000 transactions per second with this certification. Cashfree has built this “UPI Switch”
in partnership with NSDL Payments Bank as the sponsor bank. {Read more}
Smart Points:
• Cashfree Payments – received certification from NPCI for its “UPI Switch” service

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75. The SEBI has introduced certain amendments in the “SEBI (Infrastructure Investment
Trusts) Regulations, 2014”, and in the “SEBI (Real Estate Investment Trusts) Regulations, 2014”
to reduce compliance burden and facilitate ease of doing business. SEBI has drastically reduced
the trading lot size of privately placed infrastructure investment trusts (InvITs) to Rs 25 lakh in
a bid to boost investors’ participation and increase the liquidity of such investment vehicles.
The current trading lot for secondary market trading for privately placed InvITs is set at Rs 1 crore. Further, if the InvIT invests
at least 80% of its asset value in completed and revenue-generating assets, then the trading lot is Rs 2 crore. SEBI has also
fixed the timeline for undertaking distributions to unitholders by the real estate investment trusts (REITs) and InvIT to 5
working days from the date of the declaration to bring efficiency to the distribution process. SEBI allowed REITs and InvITs
to call a unitholders’ meeting after giving shorter notice (less than 21 days) if consent is granted by writing or in electronic
mode. In case of an annual meeting, consent by at least 95% of unit holders will be needed and in case of any other meeting,
consent by a majority of unit holders will be required. {Read more}
Smart Points:
• SEBI introduced amendments in – “SEBI (Infrastructure Investment Trusts) Regulations, 2014” & “SEBI (Real Estate
Investment Trusts) Regulations, 2014”
- To reduce compliance burden & facilitate ease of doing business
• SEBI reduced trading lot size of privately placed infrastructure investment trusts (InvITs) to – Rs 25 lakh
- Current trading lot for secondary market trading for privately placed InvITs – Rs 1 Cr
• If InvIT invests at least 80% of its asset value in completed & revenue-generating assets, then trading lot – Rs 2 Cr
• SEBI fixed timeline for undertaking distributions to unitholders by REITs & InvIT to 5 working days from date of
declaration to bring efficiency to distribution process
• HQs of SEBI – Mumbai, Maharashtra | Chairman – Madhabi Puri Buch | Established in – 1992

76. Bank of Baroda (BoB) has rolled out “BOB Utsav Deposit Scheme,” which has a 400-day tenure
and an interest rate of 7.3% for the general public. Senior citizens are entitled to receive an extra
50 basis points, i.e., 7.80% on this scheme, while super senior citizens are entitled to receive 7.90%
on this. Interest rates on other tenures continue to be the same. Union Bank of India offers the
highest interest rate of 7.4% on its special fixed deposit of 333-day tenure. {Read more}
Smart Points:
• BoB – rolled out “BOB Utsav Deposit Scheme” for general public | Tenure – 400 days | Interest rate – 7.3%
• Interest rates for: Senior citizens – 7.80% | Super senior citizens – 7.90%
• Union Bank of India – offers highest interest rate (7.4%) on its special fixed deposit of 333-day tenure
• HQs of BoB – Vadodara, Gujarat | MD & CEO – Debadatta Chand | Tagline – “India’s International Bank”
• HQs of UBI – Mumbai, Maharashtra | CEO – A. Manimekhalai | Tagline – “Good People to Bank With”

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77. The Union Cabinet, chaired by PM Narendra Modi, has approved an additional instalment of Dearness Allowance (DA)
to Central Government employees and Dearness Relief (DR) to pensioners w.e.f. July 1, 2024, representing an increase of
3% over the existing rate of 50% of the Basic Pay/Pension, to compensate against price rise. This increase is in accordance
with the accepted formula, which is based on the recommendations of the 7th Central Pay Commission. The combined
impact on the exchequer on account of both DA and DR would be Rs 9,448.35 crore per annum. This will benefit about 49.18
lakh central government employees and 64.89 lakh pensioners. {Read more}
Smart Points:
• Cabinet approved an additional instalment of DA to Central Govt employees & DR to pensioners | W.e.f. – July 1, 2024
• It represents an increase of 3% over existing rate of 50% of Basic Pay/Pension
• It is in accordance with accepted formula, based on recommendations of 7th Central Pay Commission
• Combined impact on exchequer – Rs 9,448.35 Cr per annum

78. The Central Board of Direct Taxes (CBDT) under Ministry of Finance has released new
guidelines for handling delayed Income Tax Returns (ITR) refund claims and loss carry forward
applications. The new guidelines increase the limit of tax refund claim amount in condonation
of delay cases which will help taxpayers who missed filing any ITR though had a tax refund
due to him/her. The circular establishes a 3-tier system for processing applications based on
claim amounts. The Principal Commissioners of Income-tax/Commissioners of Income-tax (Pr. CsIT/CsIT) will have the
authority to either accept or reject applications if the claimed amount is less than or equal to Rs 1 crore for an assessment
year. The CCsIT will have the authority to either accept or reject applications if the claimed amount is Rs 1 crore but is not
more than Rs 3 crore. The Pr. CCsIT will have the authority to either accept or reject applications if the claimed amount is
above Rs 3 crore. A strict 5-year limit from the end of the assessment year has been imposed for filing condonation
applications. Authorities are directed to dispose of applications within 6 months of receipt. This rule applies to all
applications filed on or after October 1, 2024. {Read more}
Smart Points:
• CBDT released new guidelines for handling delayed ITR refund claims & loss carry forward applications
• It increased limit of tax refund claim amount in condonation of delay cases
• It establishes a 3-tier system for processing applications based on claim amounts
• Pr. CsIT/CsIT – will have authority to accept or reject applications if claimed amount is ≤Rs 1 Cr for an assessment year
• CCsIT – will have authority to accept or reject applications if claimed amount is Rs 1 Cr but not >Rs 3 cr
• Pr. CCsIT – will have authority to accept or reject applications if claimed amount is >Rs 3 Cr
• Limit from end of assessment year imposed for filing condonation applications – 5 years
• Authorities – directed to dispose of applications within 6 months of receipt
- Applicable to all applications filed on or after – Oct 1, 2024
• HQs of CBDT – New Delhi | Chairman – Ravi Agrawal | Formed in – 1944

79. Power Finance Corporation’s (PFC) arm, PFC Infra Finance IFSC Ltd, has received approval from International Financial
Services Centres Authority (IFSCA) to commence business as a finance company in IFSC GIFT City, Gujarat. PFC Infra Finance
IFSC Ltd (PIFIL) will be the first finance company in IFSC dedicated to power and infrastructure sector lending. PIFIL aims to
provide lending in India and other countries in foreign currency, catering to government as well as private players. IFSCA
chairperson K Rajaraman presented the Certificate of Registration (CoR) to Parminder Chopra, Chairperson PFC & PIFIL.
{Read more}

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80. NITI Aayog has increased the Asset Monetisation target for 2024-25 (FY2025) by Rs
23,000 crore to Rs 1.9 trillion, moving closer to the overall Rs 6 trillion target set under the
‘National Monetisation Pipeline (NMP)’ for 4 years. The NMP, unveiled by Finance Minister
Nirmala Sitharaman in August 2021, has achieved Rs 3.9 trillion in the first 3 years, ending
in 2023-2024, against a target of Rs 4.3 trillion. However, even with the revised target of Rs
1.9 trillion for the final year of FY2025, the government will miss the Rs 6 trillion asset
monetisation target by roughly Rs 20,000 crore. Asset monetisation involves engaging
private operators for government-owned, revenue-generating assets. The purpose of the
pipeline is to recycle capital to feed into the Rs 111 trillion ‘National Infrastructure Pipeline’.
In FY2025, highway monetisation is expected to generate Rs 54,000 crore for the Centre,
while coal block monetisation is likely to bring in Rs 55,000 crore. The railways, power, and petroleum and natural gas assets
are targeted to raise nearly Rs 46,000 crore cumulatively. The Core Group of Secretaries on Asset Monetization (CGAM),
under the Chairmanship of the Cabinet Secretary, undertakes periodic reviews to monitor the progress of transactions and
resolve structural issues. The Ministry of Railways has monetised assets worth Rs 20,417 crore over the past 3 financial
years, achieving 30% of its revised target. In warehousing, the Centre has monetised 38% of its targeted assets, totalling Rs
8,000 crore, while the Ministry of Civil Aviation has succeeded in monetising only 14% of its targeted asset base of Rs 2,600
crore. Against an initial four-year target of Rs 80,000 crore, the Ministry of Coal has monetised assets worth Rs 1.54 trillion,
while Rs 32,000 crore has been raised through the monetisation of mines, against a revised target of Rs 7,300 crore.
Meanwhile, the Centre has begun discussions on a 2nd monetisation pipeline for the next 5-year cycle. {Read more}
Smart Points:
• NITI Aayog – increased Asset Monetisation target for FY25 by Rs 23,000 Cr to Rs 1.9 trillion
- Closer to overall Rs 6 trillion target set under ‘National Monetisation Pipeline (NMP)’ for 4 years
• NMP – unveiled by Nirmala Sitharaman in Aug 2021 | It achieved Rs 3.9 trillion in first 3 years (target – Rs 4.3 trillion)
- Revised target for FY25 – Rs 1.9 trillion
- With revised target too, govt will miss Rs 6 trillion asset monetisation target by – Rs 20,000 Cr
• Asset monetisation involves engaging private operators for govt-owned, revenue-generating assets
• Aim of pipeline: To recycle capital to feed into Rs 111 trillion ‘National Infrastructure Pipeline’
• In FY2025, monetisation expected to generate for Centre by: Highway – Rs 54,000 Cr | Coal block – Rs 55,000 Cr
• Railways, power & petroleum and natural gas assets – targeted to raise nearly Rs 46,000 Cr
• CGAM – undertakes periodic reviews to monitor progress of transactions & resolve structural issues
- Under Chairmanship of – Cabinet Secretary
• Assets monetised by various entities with their achievement of revised target:
- Ministry of Railways – Rs 20,417 Cr over past 3 FYs (30%)
- Warehousing – Rs 8,000 Cr (38%) | Ministry of Civil Aviation – Rs 2,600 Cr (14%)
- Ministry of Coal – Rs 1.54 trillion (against initial 4-year target of Rs 80,000 Cr)

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81. Deendayal Antyodaya Yojana-National Rural Livelihood Mission (DAY NRLM), under the
Ministry of Rural Development, signed an MoU with 9 Public Sector Banks and 1 Private Bank.
These banks are Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank
of India, Indian Bank, Indian Overseas Bank, Punjab National Bank, UCO Bank, and IDBI Bank.
These Banks have designed specific products for financing individual women entrepreneurs under the fold of DAY-NRLM in
line with the realisation of the goal of making ‘Lakhpati Didi’, a member of a self-help group (SHG) who has successfully
achieved an annual household income of Rupees One Lakh or more. More than Rs. 9.5 crore loans have been extended by
banks to the SHGs since the start of the Mission. {Read more}
Smart Points:
• DAY NRLM + 9 PSBs + 1 Private Bank = signed an MoU for financing individual women entrepreneurs under DAY-NRLM
- They are – BoB, BoI, BoM, Canara Bank, CBI, Indian Bank, IOB, PNB, UCO Bank & IDBI Bank
• Aim: To make ‘Lakhpati Didi’, a member of a SHG, achieved an annual household income of Rupees One Lakh or more
• Rs. 9.5+ Cr loans – extended by banks to SHGs since start of Mission

82. Ministry of Finance has officially declared the interest rate for the General Provident Fund (GPF) and
comparable provident fund schemes for the time period spanning from October to December 2024.
During this quarter, the interest rate for GPF will remain constant at 7.1%, maintaining consistency with
the preceding quarter’s rate. For the FY 2021-2022, 2022-2023 and 2023-2024, the GPF interest rate
was also 7.10%. GPFs are exclusive retirement funds available to government employees. All government personnel have
the option to allocate a portion of their earnings towards the GPF. Upon retirement, employees are entitled to receive the
total amount saved during their tenure of service. The Finance Minister conducts reviews of the GPF interest rate quarterly.
Withdrawal from the GPF is permitted after 10 years of service or with 10 years remaining until superannuation, applicable
for continuous government service. In the case of resignation, immediate withdrawal of the GPF balance is allowed
regardless of the length of service. {Read more}
Smart Points:
• MoF – declared interest rate at 7.1% for GPF & comparable provident fund schemes from Oct-Dec 2024
- GPF interest rate was 7.10% for FY22, FY23 & FY24 | GPFs – exclusive retirement funds available to govt employees
• Withdrawal from GPF – permitted after 10 years of service or with 10 years remaining until superannuation
- In case of resignation, immediate withdrawal of GPF balance is allowed regardless of length of service
• Minister of Finance: Nirmala Sitharaman | Constituency – Karnataka
MoS in Ministry of Finance: Pankaj Chaudhary

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83. The London-based global index provider, FTSE Russell, has included India’s sovereign bonds in
its ‘Emerging Markets Government Bond Index (EMGBI)’ starting September 2025, following index
inclusion by JPMorgan’s Government Bond Index-Emerging Markets index starting in June 2024
and Bloomberg Index Services’ Emerging Market Local Currency starting in January 2025,
potentially drawing billions of dollars into local bonds. The index provider also added South Korean government bonds to
the ‘FTSE World Government Bond Index (WGBI)’ after 2 years on its watch list. South Korean government bonds would
represent 2.22% of the index on a market value-weighted basis and would be included in the FTSE’s WGBI beginning in
November 2025. Indian securities will be a part of FTSE’s EMGBI after being on the index provider’s watch list for the last 3
years. It would represent 9.35% of the index on a market-value-weighted basis. {Read more}
Smart Points:
• FTSE Russell (London) – included India’s sovereign bonds in its ‘Emerging Markets Government Bond Index (EMGBI)’
- Starting – Sep 2025 | India was on the watch list from 3 years
- India – to represent 9.35% of index on a market-value-weighted basis
• Following index inclusion by:
- JPMorgan’s Government Bond Index-Emerging Markets index (starting in Jun 2024)
- Bloomberg Index Services’ Emerging Market Local Currency (starting in Jan 2025)
• FTSE Russell – added South Korean govt bonds to ‘FTSE World Government Bond Index,’ after 2 years on its watch list
- South Korean govt bonds – to represent 2.22% of index on a market value-weighted basis | Starting in Nov 2025

84. The Reserve Bank of India (RBI) announced a hike in the UPI lite per transaction limit to Rs 1,000 from Rs 500. The central
bank also hiked the UPI lite wallet limit to Rs 5,000 from currently Rs 2,000. The RBI also has hiked the UPI 123PAY per
transaction limit to Rs 10,000 from Rs 5,000. Users can set up UPI 123Pay by dialling *99#, selecting their bank, entering debit
card details, and creating a UPI PIN, ensuring secure transactions even without internet access. While, UPI Lite allows users to
store money directly on their devices, simplifying payments and eliminating the need to access a bank server for each
transaction. A new “Beneficiary Account Name Look-up Facility” will be introduced to enhance the security of digital
transactions. This feature, already available for UPI and IMPS, will now extend to the RTGS and NEFT systems. UPI LITE X,
launched back in September 2023, allows offline payments without internet connectivity, enhancing the existing UPI LITE
functionalities in a much more effective manner. Per transaction limit in UPI LITE X is Rs 500, while cumulative limit per day is
Rs 4,000, and maximum available balance in LITE X is Rs 2,000, while minimum top-up amount is Rs 1. {Read more}
Smart Points:
• RBI hiked per transaction limit for UPI 123Pay – to Rs 10,000 (from Rs 5000) & UPI Lite wallet limit – to Rs 5000 (from Rs
2000)
- UPI lite per transaction limit – hiked to Rs 1000 (from Rs 500)
• Users can set up UPI 123Pay by dialling *99#, selecting bank, entering debit card details & creating a UPI PIN, even
without internet access
• “Beneficiary Account Name Look-up Facility” – to be introduced to enhance security of digital transactions
- It is already available for UPI & IMPS, and now to be extend to RTGS & NEFT systems
• UPI LITE X – launched in Sep 2023, allows offline payments without internet connectivity
- Per transaction limit – Rs 500 | Cumulative limit per day – Rs 4,000
- Maximum available balance – Rs 2,000 | Minimum top-up amount – Rs 1
• HQs of RBI – Mumbai, Maharashtra | Governor – Shaktikanta Das (25th) | Established on – 1st April, 1935
Total Deputy Governors (4) – S. Janakiraman | T. Rabi Sankar | Michael D. Patra | M. Rajeshwar Rao

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85. Electronic Payment and Services (EPS) has become the 5th company to receive a license to operate
white-label ATMs (WLAs) in semi-urban and rural regions of India, marking the 1st such approval in a
decade. The company plans to deploy 9,000 WLAs nationwide within 3 years under the brand name ‘EPS
Bancs’. Currently, there are 5 WLA operators in India: (i) EPS, (ii) India1 Payments, (iii) Hitachi Payment
Services, (iv) Tata Communications Payment Solutions, and (v) Vakrangee. The WLAs are set up, owned, and operated by
non-bank entities and authorized by the Reserve Bank of India (RBI) to improve ATM access in underserved regions.
Customers using WLAs have a similar experience to using bank-owned ATMs, with the ability to perform transactions like
cash withdrawals, balance inquiries, and PIN changes. Banks pay WLA operators a fee for these transactions, similar to the
fees they pay when customers use other banks’ ATMs. {Read more}
Smart Points:
• EPS – became 5th company to receive license to operate white-label ATMs (WLAs) in semi-urban & rural regions of India
- 1st such approval in a decade | It will deploy 9,000 WLAs within 3 years under brand name ‘EPS Bancs’
• Currently, there are 5 WLA operators in India – EPS, India1 Payments, Hitachi Payment Services
- Tata Communications Payment Solutions & Vakrangee
• WLAs – set up, owned & operated by non-bank entities | Authorized by – RBI to improve ATM access in underserved
regions
• HQs of EPS – Mumbai, Maharashtra | Chairman & MD – Mani Mamallan

86. Sohan Lal Commodity Management (SLCM), India’s largest post-harvest logistics and agri-solutions company, has
announced a strategic partnership with Punjab National Bank (PNB) and Bandhan Bank to provide ‘Unified Collateral
Management Solutions,’ aimed at facilitating post-harvest credit for farmers and agricultural stakeholders at competitive
rates across the country. Under this partnership, SLCM will utilise its proprietary technology, ‘Agri Reach,’ to enhance the
efficiency of post-harvest credit and storage services for both banks. The ‘Agri Reach’ platform is recognised for reducing
post-harvest losses from 10% to just 0.5%, as per a report by the FICCI. {Read more}
Smart Points:
• SLCM + PNB + Bandhan Bank = to provide ‘Unified Collateral Management Solutions’
• Aim: To facilitate post-harvest credit for farmers & agricultural stakeholders at competitive rates across country
• SLCM – to utilise ‘Agri Reach’ technology to enhance efficiency of post-harvest credit & storage services for both banks
• ‘Agri Reach’ platform – recognised for reducing post-harvest losses from 10% to 0.5%, as per a report by FICCI
• HQs of SLCM – New Delhi | Group CEO – Sandeep Sabharwal
• HQs of PNB – New Delhi | MD & CEO – Atul Kumar Goel | Tagline – “The Name You Can Bank Upon”
• HQs of Bandhan Bank – Kolkata, WB | MD & CEO – Partha Pratim Sengupta | Tagline – “Aapka Bhala, Sabki Bhalai”

87. The United States (US) continued to be the largest source of Foreign Direct Investment (FDI) in India, followed by
Mauritius, Singapore and the United Kingdom (UK), according to the “Census on Foreign Liabilities and Assets of Indian
Direct Investment Entities for 2023-24” from the Reserve Bank of India (RBI). Out of the 41,653 entities, which responded
in the latest census, 37,407 reported FDI and/or overseas direct investment (ODI) in their balance sheets for March 2024.
Of these entities, 29,926 had also reported in the previous census round and 7,481 have newly reported in the current
round. RBI noted that over 97% of the responding entities were unlisted as of the end of March 2024 and they held the
dominant share in total FDI equity capital at face value. Non-financial companies accounted for nearly 90% of the FDI equity
at face value. Supported by valuation gains as well as fresh inflows, total FDI in India surged by 23.3% at market value in
rupee terms during 2023-2024; on the other hand, ODI growth was much lower at 3.4%. {Read more}

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88. Between January and June 2024 (H1), India has recorded trade surplus with as many as 151
countries, totalling $72.1 billion, according to the report titled “Country-wise Merchandise Trade
Performance” published by the Global Trade Research Initiative (GTRI). The biggest surpluses
were with the USA ($21 billion) and the Netherlands ($11.6 billion) during January-June this year.
While India has a trade deficit with 75 nations, resulting in a $185.4 billion. The top five countries
with the highest trade deficits were China ($41.88 billion), Russia ($31.98 billion), Iraq with ($15.07 billion), Indonesia with
($9.89 billion), and the UAE ($9.47 billion). The low export and high import make China India’s largest trade deficit partner.
Moreover, India’s imports from the USA rose from $40.8 billion in May to $42.2 billion in August, making the USA India’s top
trading partner with a total trade of $119.7 billion, surpassing China. {Read more}
Smart Points:
• “Country-wise Merchandise Trade Performance” report – published by Global Trade Research Initiative (GTRI)
• Between Jan-June 2024 (H1), India – recorded trade surplus with as many as 151 countries | Total – $72.1 billion
- Biggest surpluses were with: USA – $21 billion | Netherlands – $11.6 billion
• India – trade deficit with 75 nations | Total – $185.4 billion
- Top 5 countries with highest trade deficits: 1st – China ($41.88 billion) | 2nd – Russia ($31.98 billion)
- 3rd – Iraq ($15.07 billion) | 4th – Indonesia ($9.89 billion) | 5th – UAE ($9.47 billion)
• India’s imports from USA – rose to $42.2 billion in August (from $40.8 billion in May)
- USA – became India’s top trading partner, surpassing China | Total trade – $119.7 billion

89. The Department of Pension and Pensioners’ Welfare (DoPPW) has announced that Central
Government Pensioners aged 80 and older will qualify for additional pension called
‘compassionate allowance’. New guidelines have been issued for central government civil
service retirees who reach the age of 80 to access these supplementary benefits. Additional
compassionate allowance shall be payable in this manner: (i) 20% of basic
pension/compassionate allowance from 80 to 85 years of age; (ii) 30% from 85 to 90 years; (iii) 40% from 90 to 95 years; (iv)
50% from 95 to 100 years; and (v) 100% for 100 years or more. This additional pension payment is designed to assist
pensioners in managing the rising cost of living often associated with ageing. {Read more}
Smart Points:
• Central Government Pensioners aged 80 & older – will qualify for additional pension called ‘compassionate allowance’
• Additional compassionate allowance shall be payable in this manner:
- 20% of basic pension/compassionate allowance – from 80 to 85 years of age | 30% – from 85 to 90 years
- 40% – from 90 to 95 years | 50% – from 95 to 100 years | 100% – for 100 years or more

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90. InCorp Global, a provider of corporate solutions and professional services across the Asia-
Pacific, has become the 1st firm at GIFT IFSC to receive a BATF (Bookkeeping, Accounting, Taxation,
and Financial Crime Compliance) licence under the IFSCA (BATF Services) Regulations, 2024. The
BATF Regulations were issued following the Centre’s notification on January 18, 2024. The IFSCA
- Bookkeeping, Accounting, Taxation, and Financial Crime Compliance Services (BATF) Regulations, 2024, designate these
services as ‘financial services’ under Section 3 of the IFSCA Act, 2019. This regulation is designed to contribute to the
development of a vibrant financial market ecosystem in GIFT IFSC, offering a detailed framework for setting up and operating
BATF service providers in the IFSC, while ensuring compliance with international standards and protection against financial
crime. InCorp Global already provides companies with set-up and post-set-up services at GIFT City. {Read more}
Smart Points:
• InCorp Global – became 1st firm at GIFT IFSC to receive BATF licence under IFSCA (BATF Services) Regulations, 2024
- BATF – Bookkeeping, Accounting, Taxation & Financial Crime Compliance
• BATF Regulations – issued following Centre’s notification on Jan 18, 2024
• IFSCA (BATF Services) Regulations – designate these services as ‘financial services’ under Section 3 of IFSCA Act, 2019
• HQs of InCorp Global – Singapore | CEO (India) – Manish Modi

91. Securities and Exchange Board of India (SEBI) has raised the position limits for trading members (TM)
in index Futures & Options contracts to 15% of the total open interest (OI) in the market or above Rs
7,500 crore. The position limits are governed under SEBI’s Master Circular on Stock Exchanges and
Clearing Corporations (SECC), dated October 16, 2023, which specifies the overall position limit at the
TM level (proprietary + client) to be higher than Rs 500 crores or 15% of the total OI in market. While the OI of both the
participants and the market is dynamic and changing throughout the day, the equity derivatives segment i.e. index and
stocks will also be monitored based on the total OI of the market at the end of the previous day’s trade. SEBI has also decided
that in the event of a drop in market OI compared to the previous day’s market OI, market participants could breach the
specified position limits even if their positions have remained unchanged throughout the day. The provisions related to the
rise in the position limits of trading members have come into effect, while the provisions related to providing clarity to
market participants will come into effect from April 1, 2025. {Read more}
Smart Points:
• SEBI raised position limits for trading members (TM) in index Futures & Options contracts – to 15% of total open interest
(OI) in market or above Rs 7,500 Cr
• Position limits – governed under SEBI’s Master Circular on Stock Exchanges & Clearing Corporations (SECC)
- Overall position limit at TM level (proprietary + client) – to be higher than Rs 500 Cr or 15% of total OI in market
• Provisions related to providing clarity to market participants – to come into effect from Apr 1, 2025
• HQs of SEBI – Mumbai, Maharashtra | Chairman – Madhabi Puri Buch | Established in – 1992

92. The State Bank of India (SBI) and the India Exim Bank are helping businesses in African countries to fill the gap in trade
finance. SBI is enabling India’s footprint in Africa, playing an important role in African trade by way of funding to South
African banks through syndications. SBI’s offerings include bilateral credit lines to multi-lateral institutions such as Afri-Exim,
Africa Finance Corporation, and others. SBI now caters to more than 40 nations on the African continent to help Indian
corporates for their bank guarantee requirements. While, India Exim Bank is operating in 31 African countries, the largest
number on any continent after 17 in Asia, 15 in Latin America and 10 in Europe. {Read more}
Smart Points:
• SBI + Exim Bank = helping businesses in African countries to fill the gap in trade finance

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93. Mastercard Inc. and Citigroup Inc. are collaborating to facilitate around-the-clock, cross-border
payments with debit cards, giving consumers and companies another way to conduct business
worldwide. Citigroup is the 1st global bank to use the service, known as ‘Mastercard Move’, which will
allow users to make transactions such as insurance payouts, airline refunds and e-commerce payments.
Debopama Sen is the head of payments for Citi Services. Facilitating cross-border payment transactions is a significant
growth opportunity for both Mastercard and larger rival Visa Inc. as commerce continues to become increasingly global.
Alan Marquard is Mastercard’s head of transfer solutions. {Read more}
Smart Points:
• Mastercard + Citigroup = to facilitate around-the-clock, cross-border payments with debit cards
• Citigroup – 1st global bank to use ‘Mastercard Move’ service to allow users to make transactions
• HQs of Mastercard – New York, US | CEO – Michael Miebach | Founded in – 1966
• HQs of Citigroup – New York, US | CEO – Jane Fraser

94. The Reserve Bank of India (RBI) has revised its June 2019 criteria for Central Counterparties. A Central Counterparty
(CCP) is a system provider that uses novation to act as an intermediary between participants in transactions accepted for
settlement. It acts as the buyer to every seller and the seller to every buyer, facilitating the settlement of their transactions.
As per the revised criteria, (i) any entity looking for recognition or authorisation as a CCP should have a minimum net worth
of at least Rs 300 crore at the time of application. (ii) Every authorized CCP would be required to provide a certificate from
an official auditor showing its net worth at the end of the financial year, which must be submitted within 6 months after the
financial year ends. (iii) The shares of an authorized CCP must be owned by those who use its services. (iv) Foreign CCPs
should seek approval from the RBI to operate as recognized CCPs in order to clear and settle transactions in India. (v) Every
authorized CCP should establish a regulatory compliance committee chaired by an independent director. {Read more}
Smart Points:
• RBI revised June 2019 criteria for Central Counterparties
• Central Counterparty (CCP) – a system provider that uses novation to act as an intermediary between participants in
transactions accepted for settlement
• As per revised criteria:
- Entity looking for recognition as CCP should have min. net worth of Rs 300 Cr at time of application
- Every authorized CCP – required to provide a certificate from an official auditor showing net worth at end of FY &
must be submitted within 6 months after end of FY
- Shares of an authorized CCP must be owned by those who use its services
- Foreign CCPs should seek approval from RBI to operate as recognized CCPs to clear & settle transactions in India
- Every authorized CCP should establish a regulatory compliance committee chaired by an independent director

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95. The Department of Economic Affairs, Ministry of Finance, has amended the “Securities Contracts Regulation Rules
(SCRR), 1956” to ease the listing requirements for Indian companies seeking to list on international exchanges within
International Financial Service Centres (IFSCs) at par with global standards. For public Indian companies desiring to list solely
on international exchanges in IFSCs, the minimum offer and allotment to the public as per the offer document shall be at
least 10% of the post-issue capital. The continuous listing requirement for such companies has also been set at 10%, as
outlined under Rules 19 (2)(b) and 19A of the SCRR. By reducing these thresholds, the amendments in SCRR facilitate easier
access to global capital for Indian start-ups and companies in the sunrise and the technology sectors. {Read more}
Smart Points:
• DEA – amended “Securities Contracts Regulation Rules (SCRR), 1956” to ease listing requirements for Indian companies
seeking to list on international exchanges within IFSCs at par with global standards
• Minimum offer & allotment to public as per offer document shall be – at least 10% of post-issue capital
• Continuous listing requirement – set at 10%, outlined under Rules 19 (2)(b) & 19A of SCRR
• Minister of Finance: Nirmala Sitharaman | Constituency – Karnataka
MoS in Ministry of Finance: Pankaj Chaudhary

96. Razorpay has launched India’s first biometric authentication with Mastercard at the ‘Global Fintech Fest 2024’ in
Mumbai, Maharashtra. This OTP-less system, powered by advanced passkey protocols, eliminates the need for memory-
dependent authentication. The company is building on its omni-channel strategy with increased offline presence and has
doubled down on onboarding new merchants this year to process online payments. {Read more}
Smart Points:
• Razorpay + Mastercard = launched India’s first biometric authentication at ‘Global Fintech Fest 2024’ in Mumbai
• Powered by – advanced passkey protocols | It is an OTP-less system to eliminate need for memory-dependent
authentication
• HQs of Razorpay – Bengaluru, Karnataka | CEO – Harshil Mathur | Co-founders – Harshil Mathur & Shashank Kumar
• HQs of Mastercard – New York, US | CEO – Michael Miebach | Founded in – 1966

97. India’s Gross Domestic Product (GDP) is expected to grow by 7% to 7.1% in the 1st quarter of the
fiscal year 2024-25 (Q1FY2025), according to the State Bank of India (SBI) Research’s latest Ecowrap
report, authored by Group Chief Economic Adviser Soumya Kanti Ghosh. However, there is a slight
downside risk to this estimate, with manufacturing Gross Value Added (GVA) expected to be lower,
ranging between 6.7% and 6.8%. The Reserve Bank of India (RBI), in its latest monetary policy
meeting, projected GDP growth for 2024-25 at 7.2%, with growth for Q1 expected at 7.1%, Q2 at 7.2%, Q3 at 7.3%, and Q4
at 7.2%. India’s GDP grew by an impressive 8.2% in 2023-24, 7.2% in 2022-23 and 8.7% in 2021-22, according to official data.
In July 2024, the International Monetary Fund (IMF) raised India’s growth projections for 2024 from 6.8% to 7%. The
Economic Survey 2023-2024 projected India’s real GDP growth at 6.5% to 7% for 2024-25. Real GDP growth is the reported
economic growth adjusted for inflation. {Read more}
Smart Points:
• Ecowrap report – published by SBI Research | Authored by – Soumya Kanti Ghosh (Chief Economic Adviser)

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98. The Reserve Bank of India (RBI) has imposed monetary penalties on fintech companies LenDen Club (Innofin Solutions
Pvt Ltd) and LiquiLoans (NDX P2P Pvt Ltd) for non-compliance with certain provisions of the ‘Non-Banking Financial Company
- Peer to Peer Lending Platform (Reserve Bank) Directions, 2017’ and ‘Guidelines on Digital Lending’ issued by the apex bank.
Penalty imposed on LenDenClub was of the amount of Rs 1.99 Cr, while the penalty imposed on LiquiLoans was of the
amount of Rs 1.92 Cr. Moreover, the RBI also imposed a monetary penalty of Rs 8 lakh on Mahoba Urban Co-operative Bank
Ltd, Mahoba, Uttar Pradesh, for contravention of the provisions of section 26A(2) of the Banking Regulation Act, 1949. The
RBI imposed a monetary penalty of Rs 2 lakh on Uttarkashi Zila Sahkari Bank Ltd, Uttarkashi, Uttarakhand. {Read more}
Smart Points:
• RBI imposed monetary penalties for non-compliance with certain provisions of some guidelines
- Rs 1.99 Cr – LenDen Club (Innofin Solutions Pvt Ltd)
- Rs 1.92 Cr – LiquiLoans (NDX P2P Pvt Ltd)
- Rs 8 lakh – Mahoba Urban Co-operative Bank Ltd, Mahoba, UP
- Rs 2 lakh – Uttarkashi Zila Sahkari Bank Ltd, Uttarkashi, Uttarakhand
• HQs of RBI – Mumbai, Maharashtra | Governor – Shaktikanta Das (25th) | Established on – 1st April, 1935
Total Deputy Governors (4) – S. Janakiraman | T. Rabi Sankar | Michael D. Patra | M. Rajeshwar Rao

99. Zeta, a provider of next-gen banking technology to financial institutions globally,

announced its partnership with HDFC Bank to power its ‘Credit Line on Unified Payment
Interface or UPI (CLOU)’ offerings. Powered by Zeta’s state-of-the-art ‘Digital Credit as a
Service (DCaaS)’ solution, the partnership will empower HDFC Bank to launch innovative
credit products on the National Payments Corporation of India’s (NPCI) ‘CLOU’ scheme. The
‘CLOU’ scheme, announced by NPCI in 2023, allows banks to connect pre-approved credit lines directly to the UPI user base.
This translates to easier credit access for individuals and businesses while offering banks access to a much wider audience
through the established UPI ecosystem. As per Zeta’s estimates, ‘CLOU’ is expected to grow to a $1 trillion opportunity for
banks by 2030. Rajanish Prabhu is a Senior Executive Vice President of HDFC Bank, while Ramki Gaddipati is the CEO of APAC,
Global CTO and Co-Founder of Zeta. {Read more}
Smart Points:
• Zeta + HDFC Bank = partnered to power its ‘Credit Line on Unified Payment Interface or UPI (CLOU)’ offerings
• Powered by – Zeta’s state-of-the-art ‘Digital Credit as a Service (DCaaS)’ solution
• It will empower HDFC Bank to launch innovative credit products on NPCI’s ‘CLOU’ scheme
• CLOU scheme – launched by NPCI in 2023
• As per Zeta’s estimates, ‘CLOU’ – expected to grow to a $1 trillion opportunity for banks by 2030

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100. ESAF Small Finance Bank has launched the “Inori RuPay Platinum Credit Card”, a premium
financial product designed in collaboration with the National Payments Corporation of India
(NPCI) to offer cardholders exclusive benefits and privileges. The card’s name ‘Inori’ is derived
from the Japanese word for ‘wish’, symbolising our aspiration to fulfil the desires and
expectations of customers. Cardholders can enjoy a range of rewards, including exciting
cashback offers on monthly transactions and comprehensive insurance coverage of up to ₹2
lakh. {Read more}
Smart Points:
• ESAF SFB – launched “Inori RuPay Platinum Credit Card” | Designed by = ESAF SFB + NPCI
• ‘Inori’ – derived from Japanese word for ‘wish’
• HQs of ESAF SFB – Thrissur, Kerala | MD & CEO – Kadambelil Paul Thomas | Chairman – P. R. Ravi Mohan
• HQs of NPCI – Mumbai | Chairman – Ajay Kumar Choudhary | MD & CEO – Dilip Asbe | Established in – 2008

101. Life Insurance Corporation of India (LIC) has presented the Central Government with a
dividend cheque for ₹3,662.17 crore. The dividend cheque was handed over to Union Finance
and Corporate Affairs Minister Nirmala Sitharaman by Siddhartha Mohanty, MD & CEO of
LIC. In March 2024, the LIC had paid an interim dividend of ₹2441.45 Crore, taking the total
dividend payout to Centre for 2023-24 to ₹6,103.62 crore. Currently, the Centre has a
majority stake of 96.5% in LIC. As of the end of March 2024, LIC had an asset base of over
₹52.85 lakh crore. It continues to be the market leader in the Indian life insurance sector. {Read more}
Smart Points:
• LIC – presented Central Government with a dividend cheque for ₹3,662.17 Cr (Total dividend - ₹6,103.62 in FY24)
- LIC paid an interim dividend of – ₹2441.45 Cr in March 2024
• Dividend cheque: Handed over to – Union Finance Minister | By – Siddhartha Mohanty (MD & CEO of LIC)
• Currently, Centre has majority stake in LIC – 96.5% | Asset base of LIC – ₹52.85 lakh Cr (as of Mar 2024)
• HQs of LIC – Mumbai | Chairman – Siddhartha Mohanty | Founded in – 1956 | Tagline – ‘Yogakshemam Vahamyaham’
4 MDs of LIC – R. Doraiswamy, Sat Pal Bhanoo, Tablesh Pandey & M. Jagannath

102. Fitch Ratings has reaffirmed India’s sovereign debt rating at ‘BBB-’, with a stable outlook, citing the country’s robust
medium-term growth prospects and solid external finance position. The ‘BBB’ rating reflects low default risk expectations,
where the capacity to meet financial commitments remains adequate despite potential vulnerabilities from adverse
business or economic conditions. In fiscal year 2024, the Indian government successfully contained the fiscal deficit at 5.6%
of GDP, below the revised estimate of 5.8%. The government aims to reduce the fiscal deficit to 4.5% or lower by FY26.
According to finance ministry’s estimates, central government debt is expected to rise to ₹185.27 trillion, or 56.8% of GDP,
in FY25, up from ₹93.26 trillion, or 49.3% of GDP, in 2018-19. The debt-to-GDP ratio stood at 58.2% in FY 2023-24. {Read
more}
Smart Points:
• Fitch Ratings – reaffirmed India’s sovereign debt rating at ‘BBB-’ | It reflects low default risk expectations

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103. Cashfree Payments, India’s premier payments and API banking solutions provider, has launched “Secure ID” at the
Global Fintech Fest in Mumbai. Secure ID is a comprehensive solution for verifying identities, assessing risks, and preventing
fraud. With Secure ID, Cashfree Payments has integrated all of its verification products into a single suite. This comprises
Aadhaar, PAN, DL, Voter ID, Passport, Face Match, Liveness Detection, GeoLocation Check, Bank Account, and UPI ID
verification. Moreover, RBI Governor Shaktikanta Das launched two innovative digital payment products, ‘Bharat BillPay for
Business (BBPS)’ and ‘UPI Circle’, developed by the National Payments Corporation of India (NPCI), at the GFF 2024. The new
offerings will revolutionise India’s digital payment ecosystem by enhancing inclusivity, security, and efficiency. At the GFF
2024, Indian and South African counterparts signed a landmark agreement, marking a significant leap in the global fintech
landscape. This agreement paves the way for South Africa to enable UPI (Unified Payments Interface) QR code acceptance,
which promises to revolutionize digital payments in the country. {Read more}
Smart Points:
• Global Fintech Fest – held in Mumbai
• Cashfree Payments – launched “Secure ID,” a solution for verifying identities, assessing risks & preventing fraud
• With this, Cashfree Payments has integrated all of its verification products into a single suite
- Aadhaar, PAN, DL, Voter ID, Passport, Face Match, Liveness Detection, GeoLocation Check, Bank Account & UPI ID
• Shaktikanta Das (RBI Governor) – launched ‘BBPS’ & ‘UPI Circle’ (digital payment products) | Developed by – NPCI
• India + South Africa = an agreement to enable UPI QR code acceptance to revolutionize digital payments in South Africa
• HQs of Cashfree Payments – Bengaluru, Karnataka | CEO – Akash Sinha

104. India’s real GDP rose to 6.7% in the April to June quarter (Q1) of FY 2024-25, the slowest in
five quarters, and well below the Reserve Bank of India’s expectation of 7.1%, as per the data
provided by the National Statistical Office (NSO) under Ministry of Statistics and Program
Implementation. For the first time in a year, growth in the real Gross Value Added (GVA) in the
economy outperformed GDP growth, with a 6.8% uptick in Q1 FY25. This GVA growth in Q1 has
been driven by significant growth in the Secondary Sector (8.4%), comprising Construction (10.5%), Electricity, Gas, Water
Supply & Other Utility Services (10.4%) and Manufacturing (7%) sectors. {Read more}
Smart Points:
• As per the data provided by NSO, under Ministry of Statistics & Program Implementation:
• India’s real GDP – rose to 6.7% in Q1 of FY25 (below RBI’s expectation of 7.1%)
• Growth in real GVA in economy – rose 6.8% in Q1 FY25, outperformed GDP growth for 1st time
• GVA growth in Q1 has been driven by growth in different sectors:
- Secondary – 8.4% | Includes – Construction (10.5%), Electricity, Gas, Water Supply & Other Utility Services (10.4%),
Manufacturing Sector (7%)
• HQs of NSO – New Delhi | Chairperson – Rajeeva Laxman Karandikar
• MoS I/C of Ministry of Statistics & Programme Implementation: Rao Inderjit Singh | Constituency – Gurgaon, Haryana

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105. The Central Board of Direct Taxes (CBDT) has launched the “e-Dispute Resolution Scheme, 2022 (e-DRS)” with the aim
to reduce litigation and provide relief to eligible taxpayers. Section 245MA of the Act also provides for the constitution of
Dispute Resolution Committees (DRC). The e-DRS enables the taxpayer, who fulfils certain specified conditions as stipulated
in section 245MA of the Act, to file an application electronically for dispute resolution to the DRC designated for the region
of Principal Chief Commissioner of Income-tax having jurisdiction over the taxpayer. To this end, DRCs have been constituted
in all 18 jurisdictional Pr. CCIT regions across the country. As per e-DRS, a taxpayer can opt for e-Dispute Resolution against
the ‘specified order’ as defined in clause (b) of the Explanation to section 245MA of the Act. {Read more}
Smart Points:
• CBDT – launched “e-Dispute Resolution Scheme, 2022 (e-DRS)” to reduce litigation & provide relief to eligible taxpayers
• Section 245MA of this Act – provides for constitution of Dispute Resolution Committees (DRC)
• “e-DRS” – enables eligible taxpayer to file an application electronically for dispute resolution to the DRC
• DRCs – constituted in all 18 jurisdictional Pr. CCIT regions across India
• HQs of CBDT – New Delhi | Chairman – Nitin Gupta | Formed in – 1944

106. The Reserve Bank of India (RBI) has imposed a penalty of Rs 2.68 crore on UCO Bank for
contravention of certain provisions, including on opening of current accounts, interest rate on
deposits and frauds classification. The RBI has also imposed a penalty of Rs 2.1 lakh on Cent Bank
Home Finance Ltd for non-compliance with certain provisions of Know Your Customer (KYC)
directions. {Read more}
Smart Points:
• RBI imposed monetary penalties of:
- Rs 2.68 Cr – on UCO Bank | For contravention of certain provisions
- Rs 2.1 lakh – on Cent Bank Home Finance Ltd | For non-compliance with certain provisions of KYC directions
• HQs of RBI – Mumbai, Maharashtra | Governor – Shaktikanta Das (25th) | Established on – 1st April, 1935
Total Deputy Governors (4) – S. Janakiraman | T. Rabi Sankar | Michael D. Patra | M. Rajeshwar Rao

107. Mastercard, a global technology in the payments industry, has announced the worldwide launch of
its new “Payment Passkey Service” to make online shopping more secure and easier than ever. This
service has debuted in India as a pilot with some of the nation’s largest payment players including,
payment aggregators Juspay, Razorpay and PayU, online merchants such as Bigbasket and banks such as
Axis Bank. Payment passkeys replace traditional passwords and OTPs, and use device-based biometric authentication
methods such as fingerprints or facial scans. {Read more}
Smart Points:
• Mastercard – launched “Payment Passkey Service” globally to make online shopping more secure & easier
• It debuted in India as a pilot with Juspay, Razorpay, PayU, Bigbasket, Axis Bank, among others
• It replaces traditional passwords & OTPs, and use device-based biometric authentication methods
• HQs of Mastercard – New York, US | CEO – Michael Miebach | Founded in – 1966

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108. Hitachi Payment Services has launched “HPDx-BU01”, India’s first Android-based cash recycling machine in association
with the National Payments Corporation of India (NPCI). Consumers can avail of a wide range of banking and non-banking
services through the Android-based cash recycling machine that functions as a digital banking unit, including QR-based UPI
cash withdrawal and cash deposit, account opening, credit card issuance, personal loans, insurance, MSME loans, FASTag
application and recharge. It provides customers with the ease of card-less cash deposits 24/7. {Read more}
Smart Points:
• Hitachi Payment Services + NPCI = launched “HPDx-BU01”, India’s first Android-based cash recycling machine
• Consumers can avail of a wide range of banking and non-banking services through machine
• It provides customers with the ease of card-less cash deposits 24/7
• HQs of Hitachi Payment Services – Mumbai, MH | MD & CEO (Cash) – Sumil Vikamsey | CEO (Digital) – Anuj Khosla
• HQs of NPCI – Mumbai | Chairman – Ajay Kumar Choudhary | MD & CEO – Dilip Asbe | Established in – 2008

109. Naspers-backed fintech firm, PayU, has partnered with Amazon Pay Later to provide instant digital credit access to
Indian shoppers. As part of this partnership, Amazon Pay Later will be integrated into PayU’s checkout infrastructure,
allowing online merchants to offer an instant credit line to their customers, thereby boosting business revenues. This
collaboration follows the recent in-principle approval PayU received from the RBI to operate as a payment aggregator (PA).
PayU reported an 11% increase in its India revenue, reaching $444 million in FY24. {Read more}
Smart Points:
• PayU + Amazon Pay Later = partnered to provide instant digital credit access to Indian shoppers
• Amazon Pay Later – will be integrated into PayU’s checkout infrastructure, allowing online merchants to offer an instant
credit line to their customers
• PayU – received an in-principle approval from RBI to operate as a payment aggregator
• PayU – reported 11% increase in its India revenue | Reached – $444 million in FY24
• HQs of PayU – Netherlands | CEO (India) – Anirban Mukherjee | Chairperson – Renu Sud Karnad
• HQs of Amazon – Seattle, US | CEO – Andy Jassy | Incorporated in – 1994

110. Aditya Birla Capital Digital Limited (ABCDL), the digital-first arm of India’s leading financial services conglomerate, Aditya
Birla Capital, launched a suite of 3 new product offerings - ‘DigiGold Gifting’, ‘Family Health Scan’ and ‘SIMPLiNVEST’ on
ABCD, omnichannel D2C platform at the Global Fintech Festival. These new offerings are aimed at providing users with a
more personalized and convenient digital financial experience, making “Everything Finance as Simple as ABCD”. Through
‘DigiGold Gifting’, ABCD app users can seamlessly gift their friends and family digital gold using the recipient’s mobile
number. ‘Family Health Scan’, a selfie-based scan feature, extracts health measurements from a video stream of the face
scan based on complex mathematical algorithms across 20+ vital health parameters. ‘SIMPLiNVEST’, currently in beta
version, is an industry-first solution which enables users to undertake systematic investments across various asset classes
like mutual funds, stocks and digital gold through a single, intuitive journey. Aditya Birla Capital commercially launched the
omnichannel D2C platform, ABCD in April 2024. Pankaj Gadgil is the Head of the Digital Platforms and Payments Strategy at
ABCDL. {Read more}
Smart Points:
• Aditya Birla Capital Digital Ltd – launched a suite of 3 new products, ‘DigiGold Gifting’, ‘Family Health Scan’ &
‘SIMPLiNVEST’
• Launched on – ABCD, omnichannel D2C platform | At – Global Fintech Festival

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• Aim: To provide users with a more personalized & convenient digital financial experience
• ‘DigiGold Gifting’ – users can gift their friends & family digital gold using recipient’s mobile number
• ‘Family Health Scan’ – extracts health measurements from a video stream of face scan across 20+ vital health parameters
• ‘SIMPLiNVEST’ – enables users to undertake investments across various asset classes through a single, intuitive journey
• Aditya Birla Capital – commercially launched omnichannel D2C platform, ABCD in April 2024
• Pankaj Gadgil – Head of Digital Platforms & Payments Strategy at ABCDL
• HQs of Aditya Birla Capital – Mumbai, Maharashtra | CEO – Vishakha Mulye

111. The Reserve Bank of India (RBI) has recognised Fintech Association for Consumer Empowerment (FACE) as a Self-
Regulatory Organisation in FinTech Sector (SRO-FT). The RBI had received total 3 applications. Two other applications for
recognition received by the RBI are from - Mumbai-based Fintech Convergence Council (FCC) and Bengaluru-based Digital
Lenders’ Association of India (DLAI). The SROs would facilitate open communication and enable fintechs to stay informed
about regulatory expectations and priorities. It is an industry-driven entity responsible for establishing and implementing
regulatory standards, promoting ethical conduct, ensuring market integrity, etc. Sugandh Saxena is the CEO of FACE, a
Mumbai-based organisation that was set up in September 2020. {Read more}
Smart Points:
• RBI recognised Fintech Association for Consumer Empowerment (FACE) as a ‘SRO in FinTech Sector’
• Two other applicants – Fintech Convergence Council (FCC) & Digital Lenders’ Association of India (DLAI)
• HQs of FACE – Mumbai, Maharashtra | CEO – Sugandh Saxena | Established in – Sep 2020

112. Gujarat replaced Uttar Pradesh in attracting bank funds for projects in the state in 2023-24
according to a study by the Reserve Bank of India (RBI) economists. While Gujarat got funds for 154
projects accounting for 14.7% (up from 14 % in 2022-23) of the Rs 3.9 lakh crore financed by banks and
financial institutions, Uttar Pradesh got funds for 69 projects accounting for 7.6% (down from 16.2% in
2022-23), according to the study published by the Reserve Bank in its latest monthly bulletin. Uttar
Pradesh however continued to figure in the list of top 5 states to attract project funding from banks and financial institutions.
Maharashtra, Andhra Pradesh and Gujarat were the others in the list of top 5 states to get bank funds for projects in their
respective states. These 5 states together accounted for about 55% of the total cost of projects sanctioned during 2023-24. Odisha
slipped to the 6th spot in 2023-24 accounting for just about 7.6% share in total projects financed by banks and financial institutions
from the 3rd spot in 2022-23 during which it accounted for 11.8% share. The authors, Kamal Gupta, Rajesh B Kavediya, Sukti
Khandekar and Snigdha Yogindran, are from the Department of Statistics and Information Management. {Read more}
Smart Points:
• As per a study by RBI economists published latest monthly bulletin of RBI:
• Gujarat – replaced UP in attracting bank funds for projects in state in 2023-24
• Gujarat – got funds for 154 projects accounting for 14.7% of Rs 3.9 lakh Cr financed by banks & financial institutions
• Top 5 states to attract project funding from banks & financial institutions – Gujarat, MH, Karnataka, Andhra & UP
• Top 5 states together accounted for 55% of total cost of projects sanctioned during 2023-24 | 6th – Odisha (7.6%)
• HQs of RBI – Mumbai, Maharashtra | Governor – Shaktikanta Das (25th) | Established on – 1st April, 1935
Total Deputy Governors (4) – S. Janakiraman | T. Rabi Sankar | Michael D. Patra | M. Rajeshwar Rao

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113. IndiaFirst Life has become the first Indian life insurer to commence operations in Gujarat
International Finance Tec City (GIFT City), Gujarat. The company has inaugurated its IFSC
Insurance Office to offer foreign currency-denominated life insurance solutions. IndiaFirst
Life aims to expand its reach to international customers with a specially designed ULIP
product for global Indians. Rushabh Gandhi is the MD & CEO of IndiaFirst Life. {Read more}
Smart Points:
• IndiaFirst Life – became first Indian life insurer to commence operations in GIFT City, Gujarat
• Aim: To expand its reach to international customers with a specially designed ULIP product for global Indians
• HQs of IndiaFirst Life Insurance – Mumbai, Maharashtra | MD & CEO – Rushabh Gandhi

114. CredAble, the country’s leading FinTech company, has launched “Revolving Short-Term
Loans” at the Global Fintech Fest (GFF 2024) in Mumbai. It is a game-changing credit line
that is destined to change the rules of finance for enterprises of all sizes. This product
solution is intended to change how credit is supplied to small businesses and establish new
standards of excellence in this field. According to surveys, 66% of SMEs prefer speedier
credit choices, and 55% demand financing within 7 days. Nirav Choksi is Co-founder and CEO of CredAble. {Read more}
Smart Points:
• CredAble – launched “Revolving Short-Term Loans” at Global Fintech Fest (GFF 2024) in Mumbai
• It is destined to change rules of finance for enterprises of all sizes
• According to surveys, 66% of SMEs prefer speedier credit choices & 55% demand financing within 7 days
• HQs of CredAble – Mumbai, Maharashtra | Co-founder & CEO – Nirav Choksi

115. Growth in India’s 8 core sector industries slowed to 6.1% in July compared to 8.5% in the
same month in 2023, according to the Ministry of Commerce and Industry’s data. It picked up
compared to 5.1% last month, helped by business activity and road construction. The first 4
months of FY2025 recorded a 6.1% growth compared to 6.6 % in the same period last year. The
core sector comprises coal, crude oil, natural gas, refinery products, fertilisers, steel, cement,
and electricity. The increase in the growth rate of 4 sectors - refinery products, fertilisers, steel
and cement, was higher than in June. Compared to July 2023, 6 sectors recorded a decline in
growth output. The growth rate in coal (6.8%) was the lowest in 13 months. Other sectors such
as crude oil (-2.9%), steel (7.2%), cement (5.5%), electricity (7%), and natural gas (-1.3%) also
recorded a decline in growth rate from the corresponding period last year. The fertiliser and refinery sectors grew to 5.3% and
6.6%, respectively. According to India Ratings estimates, the core sector growth will be around 3% in August. The core
industries comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP). {Read more}
Smart Points:
• As per the data provided by the Ministry of Commerce & Industry:
• Growth in India’s 8 core sector industries – slowed to 6.1% in Jul 2024 (compared to 8.5% in Jul’23 & 5.1% in Jun’24)
• Growth in first 4 months of FY25 – 6.1% (compared to 6.6% in same period of 2023)
• Core sector comprises – coal, crude oil, natural gas, refinery products, fertilisers, steel, cement & electricity
• 6 sectors recorded a decline in growth output, while 2 sectors recorded growth (compared to July 2023):
- Decline: Coal (6.8%), Crude oil (-2.9%), Steel (7.2%), Cement (5.5%), Electricity (7%) & Natural gas (-1.3%)
- Growth: Fertiliser (5.3%) & Refinery (6.6%)

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116. Goods and Services Tax (GST) collections in August 2024 went up by 10% from the same period
in 2023 to Rs 1,74,962 crore, according to the official statement of the government. This growth was
observed across all categories of GST namely Central GST (CGST), State GST (SGST), Integrated GST
(IGST), and cess. A year before, the gross GST revenue collected in August 2023 was Rs 1,59,069
crore. For July 2024, the collections were totalled at Rs 1,82,075 crore. So far in 2024, the total GST
collection has been 10.1% higher at Rs 9.13 lakh crore, as against Rs 8.29 lakh crore mopped up in the corresponding period
of 2023. In April 2024, the total GST mop-up surged to a record high of Rs 2.10 lakh crore. The above figures reflect the
consistent year-on-year growth of GST collection around 10%. In August 2024, domestic revenue grew 9.2% to about Rs 1.25
lakh crore. Gross GST revenues from import of goods were up 12.1% to Rs 49,976 crore. Refunds worth Rs 24,460 crore
were issued during the month, registering an increase of 38% over the year-ago period. After adjusting refunds, net GST
revenue increase was 6.5% at Rs 1.5 lakh crore during the month under review. GST was introduced on July 1, 2017, and
states were assured of compensation for the revenue loss till June 2022, arising on account of the GST rollout. {Read more}
Smart Points:
• As per the official statement of the government:
• GST collections – reached Rs 1,74,962 Cr in Aug 2024, rose 10% from Aug 2023, across all categories
- Gross GST revenue in: Aug 2023 – Rs 1,59,069 Cr | Jul 2024 – Rs 1,82,075 Cr | Apr 2024 – Rs 2.10 lakh Cr
• Total GST collection (in 2024) – Rs 9.13 lakh Cr, 10.1% higher than Rs 8.29 lakh Cr in corresponding period of 2023
• Consistent year-on-year growth of GST collection – around 10%
• In Aug 2024: Domestic revenue – grew 9.2% to Rs 1.25 lakh Cr | Import of goods – grew 12.1% to Rs 49,976 Cr
• In Aug 2024: Refunds – Rs 24,460 Cr, increase of 38% over Aug 2023 | Net GST revenue – Rs 1.5 lakh Cr (6.5% increase)

117. HDFC Bank has introduced “GIGA”, a financial suite designed for gig workers and freelancers. The
programme aims to address the financial needs of India’s burgeoning gig economy. The GIGA’s key
offerings includes - Flexible savings account, GIGA business credit card, Health insurance from HDFC Ergo,
Specialised retail asset products, Flexible investment options, SmartHub Vyapaar solution, and
Partnerships with Razorpay & Payoneer. Estimates for India’s gig economy range from 30-50 million
workers, encompassing a diverse group of professionals from management consultants to delivery
partners and software programmers. The gig economy is expected to continue growing, with projections
of 23.5 million workers by 2030, or 4.1% of the total workforce. {Read more}
Smart Points:
• HDFC Bank – introduced “GIGA” for gig workers & freelancers to address financial needs of India’s gig economy
• Estimates for India’s gig economy range from – 30-50 million workers
• Projections for gig economy – 23.5 million workers by 2030, or 4.1% of the total workforce
• HQs of HDFC Bank – Mumbai, MH | MD & CEO – Sashidhar Jagdishan | Tagline – “We understand your World”

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118. BOBCARD LIMITED, a wholly owned subsidiary of Bank of Baroda, introduced the
“ETERNA Credit Card” on the RuPay platform, a luxury offering, in partnership with the
National Payments Corporation of India (NPCI) at the ‘Global Fintech Festival 2024’. It
combines the convenience of Unified Payments Interface (UPI) payments with a suite of
exclusive benefits, setting a new benchmark in the luxury credit card segment with an
annual fee of Rs 2,499. Cardholders receive accelerated rewards on luxury shopping, a 1+1 movie ticket monthly, an
activation bonus, a spend-based fee waiver & rewards, a welcome perk worth Rs 15,000 limitless complimentary domestic
airport lounge access, and complimentary golf games or lessons. The card offers the lowest forex markup in its category and
UPI convenience, making it an ideal choice for international travel as well as everyday purchases. {Read more}
Smart Points:
• BOBCARD LIMITED + NPCI = introduced “ETERNA Credit Card” on RuPay platform at ‘Global Fintech Festival 2024’
• It combines convenience of UPI payments with exclusive benefits with an annual fee of Rs 2,499
• HQs of BOBCARD Limited – Mumbai, Maharashtra | MD & CEO – Shailendra Singh
• HQs of NPCI – Mumbai | Chairman – Ajay Kumar Choudhary | MD & CEO – Dilip Asbe | Established in – 2008

119. The RBI has introduced a scheme for trading and settlement of Sovereign Green Bonds (SGrBs) in the International
Financial Services Centre (IFSC) in India. The scheme will apply to investments in SGrBs issued by the Government of India
to eligible investors in the IFSC in India. The scheme includes these regulations - (i) Investors can participate in the primary
auctions of securities conducted by the Reserve Bank and transact in the secondary market for securities in the IFSC. (ii)
Under the scheme, investors are not permitted to repackage or write any derivative instrument on underlying securities
held by them under the scheme. They also are not permitted to undertake repo transactions in such securities. (iii) Investors
who are also eligible to participate in the domestic market are not permitted to shift their securities to/from their onshore
gilt/demat account to/from their demat/securities account in the IFSC. (iv) Eligible IBUs (IFSC Banking Units: banking units
set up in the IFSC) are not permitted to participate in the primary auctions under the scheme. However, they can undertake
transactions in the secondary market. (v) In the case of any open securities positions arising from settlement failures or
unwinding of trades with investors, the eligible IBU must reverse the trade with its parent bank or branch/subsidiary in India
of the parent bank on a T+0 settlement basis to close out any open securities positions. {Read more}
Smart Points:
• RBI – introduced a scheme for trading & settlement of Sovereign Green Bonds (SGrBs) in IFSC in India
• It will apply to investments in SGrBs issued by the Government of India to eligible investors in IFSC in India
• Regulations included in this scheme:
- Investors can participate in primary auctions of securities & transact in secondary market for securities in IFSC
- Investors are not permitted to repackage any derivative instrument on underlying securities & to undertake repo
transactions in such securities
- Eligible investors are not permitted to shift their securities to/from their onshore gilt/demat account to/from their
demat/securities account in IFSC
- Eligible IBUs are not permitted to participate in primary auctions but can undertake transactions in secondary
market
- Eligible IBUs must reverse trade with its parent bank in India on a T+0 settlement basis to close out any open
securities positions
• HQs of RBI – Mumbai, Maharashtra | Governor – Shaktikanta Das (25th) | Established on – 1st April, 1935
Total Deputy Governors (4) – S. Janakiraman | T. Rabi Sankar | Michael D. Patra | M. Rajeshwar Rao

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120. Telangana, Tamil Nadu and Rajasthan have recorded the highest growth in real
gross state domestic product (GSDP) in FY24 among the 10 largest States ranked
according to their GSDP, as per the analysis of data on recent estimates put out by
Ministry of Statistics and Programme Implementation (MoSPI). In FY24, Telangana, the
9th biggest State, grew its economy at 9.2% to reach real GSDP of ₹7.9 lakh crore. This
is faster than national GDP growth of 8.2%. Tamil Nadu, which is the 3rd largest State,
grew its economy 8.2% to reach ₹15.7 lakh crore in size. Rajasthan, at 7th spot, grew 8%. While these States grew the most,
Maharashtra at ₹24.1 lakh crore real GSDP continues to the be the largest economy in India, followed by Gujarat, Tamil
Nadu, UP & Karnataka. {Read more}
Smart Points:
• As per analysis of data on recent estimates put out by MoSPI:
• Highest growth in real gross state domestic product (GSDP) in FY24: 1st – Telangana | 2nd – Tamil Nadu | 3rd – Rajasthan
• Telangana (9th) – economy grew by 9.2% (more than national GDP growth of 8.2%) | Real GSDP – reached ₹7.9 lakh Cr
• Tamil Nadu (3rd) – economy grew by 8.2% | Real GSDP – reached ₹15.7 lakh Cr
• Rajasthan – real GSDP grew 8% & it ranks 7th
• Largest economy in India: 1st – Maharashtra (₹24.1 lakh Cr) | 2nd – Gujarat | 3rd – TN | 4th – UP | 5th – Karnataka

121. Aditya Birla Sun Life Insurance (ABSLI) and Policybazaar have jointly launched a new term
insurance plan, called “Income Suraksha Plan”. The plan provides a guaranteed monthly
income for life in the ‘unfortunate event’ of the policyholder’s death. Key features of this plan
include - choice between Fixed Income Protection or Increasing Income Protection; flexibility
in selecting premium payment terms and enhancing coverage with rider options; and up to
9% one-time discount on the first-year premium. 21 to 55 years is the entry age for this plan,
while 31 to 70 is the maturity age. In case of the policyholder’s death, the nominee receives monthly income based on the
chosen plan option. {Read more}
Smart Points:
• ABSLI + Policybazaar = launched a new term insurance plan, “Income Suraksha Plan” | Entry age – 31-70
• It provides a guaranteed monthly income to nominee for life in ‘unfortunate event’ of policyholder’s death
• HQs of ABSLI – Mumbai, Maharashtra | MD & CEO – Kamlesh Rao
• HQs of Policybazaar – Gurgaon, Haryana | CEO – Sarbvir Singh

122. India has surpassed China to become the top weight nation in the “MSCI Emerging Market (EM) Investable Market
Index (IMI)” for the first time. Indian equities together carry a weighting of 22.27% in the index, edging ahead of Chinese
stocks which carry a weighting of 21.58%. This shift comes despite China’s market capitalisation of $8.14 trillion being over
60% greater than India’s $5.03 trillion, according to Bloomberg data. Recently, MSCI added 7 Indian stocks to its standard
index while cutting 60 Chinese names. Among Indian companies, Reliance Industries holds a 1.22% weighting in the MSCI
EM IMI, followed by Infosys at 0.86% and ICICI Bank at 0.85%. On a broader scale, Taiwan Semiconductor Manufacturing
Company (TSMC), with an 8.09% weighting, Chinese technology conglomerate Tencent at 3.6%, and South Korean
electronics giant Samsung at 2.96% are the top three constituents of the index. US brokerage Morgan Stanley highlighted
that India’s position as the top weight in the index is likely to attract additional foreign capital into Indian firms. While the
main MSCI EM index (standard index) covers the large and midcap space, the IMI includes a more comprehensive range,
encompassing large, mid, and smallcap stocks. {Read more}

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123. Star Health and Allied Insurance, a health insurance provider, has introduced an insurance policy, called “Special Care
Gold” policy, in Braille for people with disabilities. This initiative aims to empower visually impaired individuals in India,
enabling them to access health insurance information independently. The policy is designed to address the specific
requirements of individuals with disabilities of 40% or more, including physical, sensory, or cognitive impairments. This
initiative is focused on providing training and upskilling to this marginalised group, allowing them to generate an income
while working remotely. Developed in collaboration with the National Association of the Blind (NAB), the Braille policy
includes essential medical treatments and support services for people with disabilities. {Read more}
Smart Points:
• Star Health & Allied Insurance – introduced “Special Care Gold” policy in Braille for people with disabilities
• Aim: To empower visually impaired individuals in India, enabling them to access health insurance information
• It designed to address requirements of individuals with disabilities of 40% or more
• Developed by – Star Health and Allied Insurance + National Association of the Blind (NAB)
• HQs of Star Health Insurance – Chennai, Tamil Nadu | Chairman & CEO – Venkatasamy Jagannathan

124. New-age fintech platform Tarrakki has partnered with Suryoday Small Finance Bank (SSFB) to develop and offer digital
fixed deposits. Through this partnership, Tarrakki will help develop tech products that outperform legacy systems enabling
SSFB to efficiently onboard new customers and offer digital fixed deposit products. This collaboration will be in the form of
‘Software Development Kits (SDKs)’ and ‘white-labelled offerings’. SSFB is one of the leading new-age digital banks in India.
Tarrakki aggregates and offers various products, such as mutual funds, fixed deposits from banks and NBFCs and more,
under one roof. Saumya Shah is the Co-Founder of Tarrakki. Vishal Singh is the Chief Information Officer & Head of Digital
Banking of SSFB. {Read more}
Smart Points:
• Tarrakki + Suryoday SFB = partnered to develop & offer digital fixed deposits
• It will be in form of ‘Software Development Kits (SDKs)’ & ‘white-labelled offerings’
• HQs of Tarrakki – Ahmedabad, Gujarat | Co-Founder & CEO – Saumya Shah
• HQs of Suryoday SFB – Navi Mumbai, Maharashtra | MD & CEO – R. Baskar Babu | Chairman – Krishna Prasad Nair

125. Bank of India (BOI) has launched a fixed deposit scheme called “Star Dhan Vriddhi Fixed Deposit” that will have a term
limit of 333 days. The ‘Star Dhan Vriddhi Fixed Deposit’ offers an interest rate of 7.90% per annum for super senior citizens,
7.75% per annum for senior citizens and 7.25% per annum for the general public. These revised rates are effective
September 1, 2024. Customers can open this fixed deposit through any Bank of India branch or via the ‘BOI Omni Neo App’
and internet banking. {Read more}

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126. AU Small Finance Bank (AU SFB) and United India Insurance Company (UIIC) have announced
a strategic partnership to distribute general insurance solutions to the bank’s customers. It
includes motor insurance, personal accident insurance, crop insurance, property insurance,
shopkeeper insurance, cyber incident insurance, and more. This collaboration positions AU SFB as
a preferred choice for its diverse customer base across 21 states and 4 union territories. Besides,
Max Life Insurance Company Ltd (Max Life) has entered into a bancassurance partnership with CSB Bank (CSB), a private
sector bank in India. {Read more}
Smart Points:
• AU SFB + UIIC = partnered to distribute general insurance solutions to bank’s customers
• Max Life + CSB Bank = bancassurance partnership
• HQs of AU SFB – Jaipur, Rajasthan | MD & CEO – Sanjay Agarwal
• HQs of UIIC – Chennai, Tamil Nadu | CMD – Bhupesh Sushil Rahul
• HQs of Max Life Ins. – New Delhi | MD & CEO – Prashant Tripathy | Chairman – Rajiv Anand
• HQs of CSB Bank – Thrissur, Kerala | MD & CEO – Pralay Mondal

127. Kotak General Insurance has re-branded itself as ‘Zurich Kotak General Insurance’, following
the Zurich Insurance Group’s acquisition of a majority stake in the insurer, which was completed
on 18 June 2024. The company’s legal name has been updated to ‘Zurich Kotak General Insurance
Company (India) Limited’. The new entity aims to align with the Insurance Regulatory and
Development Authority of India’s (IRDAI) “Insurance for All” initiative, which targets comprehensive insurance coverage by
2047. Tulsi Naidu is the CEO Asia Pacific of ‘Zurich Insurance Group’. Suresh Agarwal is the Managing Director and CEO of
‘Zurich Kotak General Insurance’. Srinivas Injeti (IAS) has been appointed Chairman, with D Sundaram and Ravi
Venkataraman serving as Independent Directors. {Read more}
Smart Points:
• Kotak Gen Ins – re-branded itself as ‘Zurich Kotak General Insurance’
• Zurich Insurance Group – acquired a majority stake in the insurer | Completed on –June 18, 2024
• Legal name – updated to ‘Zurich Kotak General Insurance Company (India) Limited’
• Aim: To align with IRDAI’s “Insurance for All” initiative, targeting comprehensive insurance coverage by 2047
• HQs of Zurich Kotak Gen Ins – Mumbai, Maharashtra | MD & CEO – Suresh Agarwal | Chairman – Srinivas Injeti
• HQs of Zurich Insurance Group – Zurich, Switzerland | CEO (Asia Pacific) – Tulsi Naidu

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128. RBI Deputy Governor T Rabi Sankar has unveiled the “UPI Interoperable Cash Deposit (UPI-ICD)” facility, in partnership
with the National Payments Corporation of India (NPCI), at the 5th edition of Global Fintech Fest (GFF) 2024, held under the
theme of “Blueprint for the next decade of finance: Responsible AI | Inclusive | Resilient”. The introduction of UPI ICD allows
customers to deposit cash at ATMs operated by banks and white label ATM operators (WLAOs) using UPI to their bank
account or any other bank account without the need for a physical card. These ATMs are cash recycler machines which are
used for both cash deposits and withdrawals. Leveraging their mobile numbers linked to UPI, virtual payment addresses
(VPA) and account IFSCs, customers can now do cash deposits, making the process more seamless, inclusive and accessible.
{Read more}
Smart Points:
• T Rabi Sankar, RBI Deputy Governor + NPCI = unveiled “UPI Interoperable Cash Deposit (UPI-ICD)” facility
• At 5th edition of Global Fintech Fest (GFF) 2024
- Theme – “Blueprint for the next decade of finance: Responsible AI | Inclusive | Resilient”
• It allows customers to deposit cash at ATMs using UPI to own/any bank account without need for a physical card
• HQs of NPCI – Mumbai | Chairman – Ajay Kumar Choudhary | MD & CEO – Dilip Asbe | Established in – 2008
• HQs of RBI – Mumbai, Maharashtra | Governor – Shaktikanta Das (25th) | Established on – 1st April, 1935
Total Deputy Governors (4) – S. Janakiraman | T. Rabi Sankar | Michael D. Patra | M. Rajeshwar Rao

129. Securities and Exchange Board of India (SEBI) has changed the criteria for entry and exit of
stocks in the derivatives segment. Under the new rules, SEBI has raised the median quarter sigma
order size (MQSOS) over the previous 6 months on a rolling basis by three times to Rs 75 lakh from
the existing Rs 25 lakh, citing that the average market turnover is now over 3.5 times the figure
during the last review in 2018. SEBI also revised a stock’s market wide position limit (MWPL) over the previous 6 months to
Rs 1,500 crore from the existing limit of Rs 500 crore. The change comes in the wake of market capitalisation now standing
at 2.8 times since the last review in 2018. SEBI has also mandated that a stock’s average daily delivery value (ADDV) in the
cash market over the previous 6 months on a rolling basis should not be less than Rs 35 crore. The existing limit is Rs 10
crore. The ADDV has increased by over 3 times since the last review in 2018. Moreover, upon the expiry, unlike index
derivatives that are cash settled, single stock derivatives are physically settled. SEBI has made no changes in the criteria
related to the Average Daily Market Capitalisation and Average Daily Traded Value (ADTV) for the top 500 stocks. Those
stocks which meet the stated eligibility criteria based on performance of the underlying cash market for a continuous period
of 6 months will be eligible for entry into the derivatives segment. If a stock in derivatives segment fails to meet any of the
above criteria for a continuous period of 3 months on a rolling basis, based on the data for previous 6 months, it will exit
from derivatives segment. Additionally, for existing stocks in the derivatives segment, there would be a gestation period of
3 months before applicability of the said exit criteria. {Read more}
Smart Points:
• SEBI – changed the criteria for entry & exit of stocks in derivatives segment
• SEBI raised MQSOS over previous 6 months on a rolling basis to – Rs 75 lakh (from Rs 25 lakh)
• Stock’s MWPL over previous 6 months – raised to Rs 1,500 Cr (from Rs 500 Cr)
• Market capitalisation – now stands at 2.8 times since last review in 2018
• Stock’s ADDV in cash market over previous 6 months on a rolling basis should not be less than Rs 35 Cr (from Rs 10 Cr)
• SEBI made no changes in criteria related to Average Daily Market Capitalisation & ADTV for top 500 stocks
• Eligible stocks based on performance of underlying cash market for a continuous 6 months will be eligible for entry into
derivatives segment

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130. HDB Financial Services (HDBFS), a leading non-banking financial company (NBFC), became the
1st to integrate the National Payments Corporation of India (NPCI)’s ‘e-KYC Setu’ System. This
cutting-edge system, developed through a collaboration between the NPCI and the Unique
Identification Authority of India (UIDAI), is designed to streamline the account opening process,
offering customers a faster, simpler, and more secure way to access financial services. By leveraging the ‘e-KYC Setu’ system,
HDBFS customers can now open loan accounts with ease, eliminating the need for uploading documents or branch visits.
Ramesh G is the MD & CEO of HDBFS. {Read more}
Smart Points:
• HDBFS – became the 1st to integrate NPCI’s ‘e-KYC Setu’ System | ‘e-KYC Setu’ System – developed by NPCI & UIDAI
• It is designed to streamline account opening process, offering a faster, simpler & more secure way to access financial
services
• HQs of HDBFS – Mumbai, Maharashtra | MD & CEO – Ramesh G

131. ICICI Prudential Life Insurance has launched a new market-linked pension product, “ICICI Pru Signature Pension”, to
help customers build a cost-effective and tax-efficient retirement plan. The plan will cater to the growing need for robust
retirement planning solutions in India. It offers unlimited free switches between equity, debt, and balanced funds, enabling
policyholders to maximise their returns. The key features of this plan include - (i) market-linked retirement savings plan with
up to 100% equity exposure; (ii) tax-free withdrawal of up to 60% of the accumulated corpus; and (iii) flexibility for partial
withdrawals to meet liquidity needs. {Read more}
Smart Points:
• ICICI Prudential Life Ins – launched a new market-linked pension product, “ICICI Pru Signature Pension”
• It offers unlimited free switches between equity, debt & balanced funds
• Key features:
- Market-linked retirement savings plan with up to 100% equity exposure
- Tax-free withdrawal of up to 60% of accumulated corpus | Flexibility for partial withdrawals to meet liquidity needs
• HQs of ICICI Prudential Life Ins. – Mumbai, Maharashtra | MD & CEO – Anup Bagchi

132. Blostem, a financial infrastructure platform, has partnered with Suryoday Small Finance Bank (SSFB), a pioneering digital
bank, to transform the client experience. This agreement allows SSFB to benefit from Blostem’s expertise in quick product
development and deployment, deliver novel digital fixed deposit products, and reduce customer onboarding to a single day.
This relationship demonstrates SSFB’s commitment to digital innovation and growth. Ravi Jain is Co-founder & Managing
Director of Blostem. {Read more}
Smart Points:
• Blostem + Suryoday SFB = partnership to transform the client experience
• HQs of Blostem – New Delhi | Co-founder & MD – Ravi Jain
• HQs of Suryoday SFB – Navi Mumbai, Maharashtra | MD & CEO – R. Baskar Babu | Chairman – Krishna Prasad Nair

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133. The Deposit Insurance and Credit Guarantee Corporation (DICGC) has launched an online tool “Daava Soochak” for
depositors to track their claim status. The DICGC’s mandate since its inception has been the reimbursement of insured
amounts to depositors of failed banks. Daava Soochak, a user-friendly online tool, is part of DICGC’s ongoing commitment
to improving the services provided for depositors. To begin with, depositors can view the status of their claims for banks
placed under All Inclusive Directions (AID) post-April 1, 2024. The deposit insurance coverage limit has been enhanced six
times since 1962, from Rs 1,500 per depositor to Rs 5,00,000 on February 04, 2020. {Read more}
Smart Points:
• DICGC – launched an online tool “Daava Soochak” for depositors to track their claim status
• Depositors can view the status of their claims for banks placed under All Inclusive Directions (AID) post-April 1, 2024
• HQs of DICGC – Mumbai, Maharashtra | Chairman – M.D. Patra

134. SBI Foundation launched the 3rd edition of its flagship ‘Asha Scholarship Program’, through
which 10,000 meritorious students (Class 6 to the postgraduate level) from underprivileged
backgrounds nationwide will receive scholarships ranging from Rs 15,000 to Rs 20,00,000 in a year.
It offers specialized categories for school students, undergraduates, postgraduates, and those
enrolled in IITs and IIMs. Additionally, students belonging to the Scheduled Castes (SCs) and Scheduled Tribes (STs)
categories intending to move outside the country for higher studies can avail the benefits of the ‘Study Abroad’ scheme.
The ‘Asha Scholarship Program’ was founded in 2022, and since then, it has provided timely financial support to the tune of
Rs 3.91 crore to 3,198 students. Sanjay Prakash is the MD & CEO of SBI Foundation. {Read more}
Smart Points:
• SBI Foundation – launched the 3rd edition of its flagship ‘Asha Scholarship Program’
• 10,000 meritorious students (Class 6 to the postgraduate level) from underprivileged backgrounds nationwide will
receive scholarships ranging from Rs 15,000 to Rs 20 lakh in a year
• ‘Asha Scholarship Program’ – founded in 2022
• HQs of SBI Foundation – Mumbai, Maharashtra | MD & CEO – Sanjay Prakash

135. Galaxy Health Insurance Company Ltd, a standalone health insurer, has appointed G Srinivasan,
former Managing Director of New India Assurance, as its MD and CEO. The company was co-promoted by
Venu Srinivasan, Chairman of TVS Motor, and V Jagannathan, founder of Star Health & Allied Insurance Co
Ltd. The Board of Galaxy includes Chairman Dr Sai Satish, a well-known cardiologist, and Sudarshan Venu,
Managing Director of TVS Motor Company, as Director. {Read more}
Smart Points:
• G Srinivasan – appointed as MD & CEO of Galaxy Health Insurance
• The company was co-promoted by = Venu Srinivasan (Chairman of TVS Motor) + V Jagannathan (Founder of Star Health
& Allied Insurance)
• HQs of Galaxy Health Insurance – Chennai, Tamil Nadu | MD & CEO – G Srinivasan

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136. Union Bank of India (UBI) has become the first major Indian bank to sign the ‘Partnership
for Carbon Accounting Financials (PCAF)’ to align with global climate risk management efforts
and the Reserve Bank of India’s (RBI’s) draft guidelines on ‘Disclosure framework on climate-
related financial risks, 2024’. By joining PCAF, the Union Bank of India also demonstrated its
commitment to measuring and managing its financed emissions. Financed emissions, often referred to as Scope 3 emissions,
represent the indirect emissions that result from a Bank’s lending and investment activities. The importance of tracking
financed emissions has been underscored by the RBI’s draft guidelines on climate risk disclosures. The framework mandates
regulated entities to disclose information on 4 key areas namely ‘governance’, ‘strategy’, ‘risk management’, and ‘metrics &
targets’. PCAF is a global partnership of financial institutions working to develop and implement a harmonized approach to
assess and disclose greenhouse gas emissions associated with loans and investments. {Read more}
Smart Points:
• UBI – has become the first major Indian bank to sign the ‘Partnership for Carbon Accounting Financials (PCAF)’
• Aim: To align with global climate risk management efforts & RBI’s draft guidelines on climate risk disclosures
• The framework mandates regulated entities to disclose information on 4 key areas – ‘Governance’, ‘Strategy’, ‘Risk
Management’, & ‘Metrics & Targets’
• HQs of UBI – Mumbai, Maharashtra | CEO – A. Manimekhalai | Tagline – “Good People to Bank With”

137. The Reserve Bank of India (RBI) has imposed a penalty of ₹1.91 crore on Axis Bank and ₹1 crore
on HDFC Bank for non-compliance with regulations. Both banks opened certain savings deposit
accounts in the name of ineligible entities. The monetary penalty on Axis Bank pertains to violations
done in FY23. The bank allotted multiple customer identification codes to certain customers instead
of a unique customer identification code for each customer and obtained collateral security for
agricultural loans up to ₹1.60 lakh in certain cases. The penalty on HDFC Bank pertains to FY22. HDFC Bank gave over ₹250
as gifts to depositors while accepting certain deposits. The gift was in the nature of the first-year premium for the
complimentary life insurance cover. The bank failed to ensure customers were not contacted after 7 p.m. and before 7 a.m.
{Read more}
Smart Points:
• RBI imposed a penalty of ₹1.91 Cr on Axis Bank & ₹1 Cr on HDFC Bank
• HQs of Axis Bank – Mumbai, Maharashtra | MD & CEO – Amitabh Chaudhry | Tagline – “Badhti ka Naam Zindagi”
• HQs of HDFC Bank – Mumbai, MH | MD & CEO – Sashidhar Jagdishan | Tagline – “We understand your World”

138. Onsurity has partnered with DBS Bank India to offer “CyberSure”, a comprehensive cyber
protection plan tailored for owners of Small and Medium Enterprises (SMEs) across India. Data
from the National Crime Records Bureau (NCRB) revealed that in 2023 alone, Indians suffered
losses exceeding Rs 7,488 crore due to cyber fraud. To address this, CyberSure offers a suite of
value-added benefits, with a sum insured of Rs 10,000 per customer. DBS Bank India will cover the cost of the first month
for 10,000 eligible SME owners. After the initial free month, users can continue with the plan through an affordable monthly
subscription. {Read more}
Smart Points:
• Onsurity + DBS Bank India = partnership to offer “CyberSure”, a comprehensive cyber protection plan for SMEs owners
- Sum insured – Rs 10,000 per customer
• DBS Bank India will cover the cost of the first month for 10,000 eligible SME owners

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139. Unified Payments Interface (UPI) has emerged as the world’s most popular alternative
payment method, with 3729.1 transactions per second in 2023, as per the data analysed by global
payments hub Paysecure. This is a 58% increase over the 2,348 transactions every second in 2022.
UPI processed transactions to the tune of Rs 80.8 lakh crore ($964 billion) in April-July 2024, a sharp
37% year-on-year (y-o-y) surge compared to the previous year. India leads the world in digital
transactions, with over 40% of payments being made digitally, and UPI being used for a majority of
them. Skrill has emerged as the 2nd most popular alternative payment method in the world. The UK-based Skrill processes
1,553.8 transactions per second and processed 49 billion transactions in 2023. UPI is regulated by India’s central bank RBI
and has been in use since 2016. Brazil’s Pix is the 3rd most popular alternative payment method worldwide, processing
1,331.8 transactions per second. While, China’s Alipay stands 4th with 1,157.4 transactions per second. {Read more}
Smart Points:
• As per the data analysed by Paysecure, a global payments hub
• World’s most popular alternative payment method – UPI (3729.1 transactions per second in 2023)
- 58% increase over 2,348 transactions every second in 2022
• 2nd – Skrill (UK) with 1,553.8 transactions per second & processed 49 billion transactions in 2023
• 3rd – Pix (Brazil), 1,331.8 transactions per second in 2023 | 4th – Alipay (China), 1,157.4 transactions per second in 2023
• UPI – processed transactions of Rs 80.8 lakh Cr in April-July 2024 (from 37% y-o-y surge compared to 2023)
• India – leads the world in digital transactions, with >40% of payments being made digitally
• UPI – regulated by RBI | Established in – 2016

140. Axis Bank, one of the largest private sector banks in India, introduced two innovative,
industry-first digital solutions at the recently held Global Fintech Fest (GFF) 2024 in Mumbai.
The Bank launched “UPI-ATM”, an integrated Android Cash Recycler with Unified Payments
Interface (UPI) technology for cardless cash withdrawal and deposits. The bank also launched
“Bharat Connect for Business” (erstwhile BBPS), in partnership with NPCI’s Bharat BillPay Limited (NBBL). This will provide
businesses a comprehensive solution to efficiently manage their working capital needs at various stages of the supply chain
and streamline account receivables and payables. Axis Bank was the first private sector banks in India to showcase a state-
of-the-art cash recycler which leverages Android technology to deliver an intuitive and user-friendly experience. On the
other hand, the introduction of Bharat Connect for the B2B ecosystem is an industry-first, that leverages the Bank's best-in-
class Bharat Connect platform. {Read more}
Smart Points:
• Axis Bank – introduced “UPI-ATM” & “Bharat Connect for Business” at Global Fintech Fest (GFF) 2024 in Mumbai
- Bharat Connect for Business – introduced in collaboration with NBBL (NPCI)
• UPI-ATM – an integrated Android Cash Recycler with UPI technology for cardless cash withdrawal & deposits
• Axis Bank – 1st private sector bank in India to showcase a cash recycler to leverage Android technology
• HQs of Axis Bank – Mumbai, Maharashtra | MD & CEO – Amitabh Chaudhry | Tagline – “Badhti ka Naam Zindagi”

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141. The Securities and Exchange Board of India (SEBI) has set up a 22-member advisory committee
to streamline the rules for listing obligations and disclosures. The expert group will be chaired by
Rama Subramaniam Gandhi (R Gandhi), former deputy governor of the Reserve Bank of India (RBI).
The committee will advise SEBI on corporate governance, harmonisation of listing and post-listing
obligations, and disclosure requirements. In June, SEBI proposed 50 changes to simplify disclosure
and listing obligations, based on recommendations from a separate 21-member expert group chaired by SK Mohanty. {Read
more}
Smart Points:
• SEBI – set up a 22-member advisory committee to streamline the rules for listing obligations & disclosures
• Expert group will be chaired by – Rama Subramaniam Gandhi, former deputy governor of RBI
• It will advise SEBI on corporate governance, harmonisation of listing & post-listing obligations & disclosure requirements
• HQs of SEBI – Mumbai, Maharashtra | Chairman – Madhabi Puri Buch | Established in – 1992

142. BharatPe has announced its partnership with Unity Small Finance Bank for the launch of its “UPI TPAP” (Third Party
Application Provider) and has also rebranded postpe app to BharatPe. The company stated that the customers can create
their UPI ID on the BharatPe app and make payments to individuals as well as merchants, and also pay a host of bills, directly
through the BharatPe app. They can create their own handle with the extension @bpunity. The new BharatPe app also offers
the UPI Lite feature, that enables customers to preload online wallet and make transactions of upto Rs. 500 across P2P and
P2M transactions, without the need of using a UPI PIN. {Read more}
Smart Points:
• BharatPe + Unity SFB = partnered to launch “UPI TPAP” & also rebranded postpe app to BharatPe
• Now, users can create their own handle with extension @bpunity
• New BharatPe app can make transactions upto Rs. 500 across P2P & P2M transactions, without a need of UPI PIN
• HQs of BharatPe – New Delhi | CEO – Nalin Negi
• HQs of Unity SFB – New Delhi | CEO – Inderjit Camotra | Chairman – Vinod Rai

143. Star Health and Allied Insurance Company Ltd, in association with Policybazaar, has
introduced “Super Star”, a personalised health insurance plan with a 5-year policy term for
individuals and families alike. This is a digital-only product available through the
Policybazaar website and Star Health’s online portal. The Super Star plan has multiple sum
insured options ranging from ₹5 lakh to ₹1 crore. Customers will get up to 7.5% discount
while purchasing the same policy for their parents or parents-in-law. Policyholders can avail
a 15% discount on premiums when opting for treatment at a network of preferred hospitals. {Read more}
Smart Points:
• Star Health & Allied Insurance Company Ltd + Policybazaar – introduced “Super Star”
• It is a personalised health insurance plan with a 5-year policy term for individuals & families alike
• It has multiple sum insured options – from ₹5 lakh to ₹1 crore
• Discount: Up to 7.5% – for parents or parents-in-law | 15% – for treatment at preferred hospitals
• HQs of Star Health Insurance – Chennai, Tamil Nadu | Chairman & CEO – Venkatasamy Jagannathan
• HQs of Policybazaar – Gurgaon, Haryana | CEO – Sarbvir Singh

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144. Financial services platform Stashfin’s parent company AKARA Capital Advisors became the 1st
fintech Non-Banking Financial Company (NBFC) to offer Non-Convertible Debentures (NCDs) at a
face value of Rs 10,000 on BSE (formerly Bombay Stock Exchange), as it aims to raise Rs 100 crore
through the bond issuance. This offering follows a recent regulatory amendment by market
regulator SEBI in July, which lowered the minimum face value of debt securities from Rs 1,00,000 to Rs 10,000, enhancing
financial inclusion and accessibility for retail investors across the country. Tushar Agarwal is the Founder and MD of Stashfin.
The regulatory development by SEBI aims to transform bond investments, thereby enhancing the accessibility and captivity
for retail investors. Additionally, SEBI mandated a standardised record date of 15 days before any interest payment or
redemption, ensuring transparency and consistency in the market. {Read more}
Smart Points:
• AKARA Capital Advisors – became 1st fintech NBFC to offer NCDs at a face value of Rs 10,000 on BSE
- As it aims to raise Rs 100 Cr through the bond issuance
• SEBI – lowered the minimum face value of debt securities from Rs 1,00,000 to Rs 10,000 in July 2024
• SEBI – mandated a standardised record date of 15 days before any interest payment or redemption
• HQs of AKARA Capital Advisors – New Delhi | Founder & MD – Tushar Agarwal

145. Belgium-headquartered Society for Worldwide Interbank Financial Telecommunications (SWIFT), the global specialist
in financial transactions, has launched an artificial intelligence (AI)-driven pilot in partnership with Axis Bank to help combat
payments fraud occurring in cross-border payments. Along with global banks, including BNY Mellon, Deutsche Bank, DNB,
HSBC, Intesa Sanpaolo and Standard Bank, the duo will test the use of secure data collaboration and federated learning
technologies. The pilot will use AI algorithms to analyse historical transaction data and detect anomalies indicative of fraud.
The new AI-enabled system will facilitate enhanced monitoring and reporting. According to the RBI, fraud cases in the
banking sector increased nearly 300% over the past two years, reaching 36,075 cases in 2023-24. Kiran Shetty is the CEO of
SWIFT, India & South Asia. {Read More}
Smart Points:
• SWIFT + Axis Bank = launched an AI-driven pilot to help combat payments fraud occurring in cross-border payments
• As per RBI, fraud cases in banking sector increased 300% over past two years, reaching 36,075 cases in 2023-24
• HQs of SWIFT – La Hulpe, Belgium | CEO – Javier Pérez-Tasso | Founded – 1973
• HQs of Axis Bank – Mumbai, Maharashtra | MD & CEO – Amitabh Chaudhry | Tagline – “Badhti ka Naam Zindagi”

146. NIIT Institute of Finance, Banking and Insurance (NIIT IFBI), a subsidiary of NIIT, has launched the “ACE Banker Program”
in collaboration with HDFC Bank. A key component of NIIT’s Talent Pipeline as a Service (TPaaS) initiative, this programme
aims to recruit and train customer service professionals for HDFC Bank. The ACE Banker Program is designed to address the
evolving needs of the banking sector by equipping participants with the essential skills and knowledge required to excel in
customer service roles at HDFC Bank. This comprehensive full-time program includes 45 days of residential training at NIIT
University’s Campus. {Read More}
Smart Points:
• NIIT IFBI + HDFC Bank = launched the “ACE Banker Program”
• NIIT’s Talent Pipeline as a Service (TPaaS) – aims to recruit & train customer service professionals for HDFC Bank
• “ACE Banker Program” – equip participants with skills & knowledge to excel in customer service roles at HDFC Bank
• HQs of HDFC Bank – Mumbai, MH | MD & CEO – Sashidhar Jagdishan | Tagline – “We understand your World”

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147. IIT Madras has partnered with IDBI Bank to launch a Cybersecurity Lab to develop and deploy security solutions in
crucial sectors such as healthcare, fintech and aerospace, among others. The ‘IDBI - IITM Secure Systems Lab’ will focus on
creating market-ready IPs in cybersecurity, productisation and commercialisation of research work, especially for mobile
technologies. The lab will focus on cybersecurity in systems deployed in industries such as banking, automotive, power and
telecommunications, among others. {Read More}
Smart Points:
• IIT Madras + IDBI Bank = to launch a Cybersecurity Lab to develop & deploy security solutions in crucial sectors
• Focus: To create market-ready IPs in cybersecurity, productisation and commercialisation of research work
• Director of IIT Madras – Prof. V. Kamakoti
• HQs of IDBI Bank – Mumbai, MH | MD & CEO – Rakesh Sharma | Established in – 1964

148. RBL Bank has announced the integration of Unified Payments Interface (UPI) and National Common Mobility Card
(NCMC) services on the RuPay Credit Cards it sells. The offering combines multiple payment capabilities into a single card.
These Credit Cards will allow users to make “seamless and secure” UPI payments while facilitating hassle-free travel through
the NCMC feature. This integration provides customers with flexibility in managing their transactions, whether for daily
expenses or during travel. RBL Bank is the first private sector bank to offer a comprehensive suite of payment capabilities in
a single card. {Read More}
Smart Points:
• RBL Bank – to integrate UPI & NCMC services on RuPay Credit Cards
• It provides customers with flexibility in managing their transactions, whether for daily expenses or during travel
• RBL Bank – first private sector bank to offer a comprehensive suite of payment capabilities in a single card
• HQs of RBL Bank – Mumbai, Maharashtra | MD & CEO – R. Subramaniakumar | Chairman – Prakash Chandra

149. Finance Minister Nirmala Sitharaman has announced the revised fiscal deficit target for 2024-25 of 4.9% of the Gross
Domestic Product (GDP). This is 20 basis points lower than 5.1% announced in the interim budget. Fiscal deficit is the
difference between the expenditure and receipts of the government in a year. Sitharaman said that the total receipts for
FY25 have been estimated at Rs 32.07 trillion. The total expenditure has been pegged at Rs 48.21 trillion. The gross and net
market borrowing for 2024-25 has been pegged at Rs 14.01 trillion and Rs 11.63 trillion respectively. She added that the net
tax receipts in the year have been estimated at Rs 25.83 trillion. In her Budget speech, Sitharaman said that Centre would
aim to reach 4.5 per cent fiscal deficit in 2025-26. {Read More}
Smart Points:
• Nirmala Sitharaman, Finance Minister – revised fiscal deficit target for 2024-25 of 4.9% of GDP
• Fiscal deficit – difference between expenditure & receipts of government in a year
• Total receipts for FY25 – estimated at Rs 32.07 trillion | Total expenditure – pegged at Rs 48.21 trillion
• Market borrowing for 2024-25 pegged at: Gross – Rs 14.01 trillion | Net – Rs 11.63 trillion
• Net tax receipts in year – estimated at Rs 25.83 trillion | Centre – aim to reach 4.5% fiscal deficit in 2025-26
• Minister of Finance: Nirmala Sitharaman | Constituency – Karnataka
MoS in Ministry of Finance: Pankaj Chaudhary

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150. During the Union Budget 2024-25, Finance Minister Nirmala Sitharaman has announced that India will set up a Rs 10
billion ($119 million) Venture Capital Fund (VCF) to expand its space sector. Earlier this year, PM Narendra Modi’s
government allowed 100% foreign direct investment in the manufacture of satellite systems without official approval and
eased the rules for launch vehicles. India has privatised space launches and is aiming for a five-fold increase in its share of
the global launch market, which some expect to be worth $47.3 billion by 2032. India currently accounts for about 2% of the
space economy. {Read More}
Smart Points:
• India – will set up a Rs 10 billion ($119 million) Venture Capital Fund (VCF) to expand its space sector
• Government allowed 100% FDI in manufacture of satellite systems & eased rules for launch vehicles
• India – privatised space launches, aiming for a five-fold increase in its share of global launch market
- Expected worth – $47.3 billion by 2032
• India – currently accounts for about 2% of space economy
• Minister of Finance: Nirmala Sitharaman | Constituency – Karnataka
MoS in Ministry of Finance: Pankaj Chaudhary

151. In the Union Budget 2024-25, the Ministry of Defence (MoD) has been allocated Rs
6,21,940.85 crore (approx $75 Billion), the highest among the Ministries. While maintaining the
allocation made to MoD during the interim budget, the Government has made an additional
allocation to the tune of Rs 400 crore on innovation in defence through the “Acing
Development of Innovative Technologies with iDEX (ADITI)” scheme. Through this scheme,
MoD is engaging with start-ups/MSMEs (Micro, Small and Medium Enterprises) and innovators
to develop Def-Tech solutions and supply the Indian military with innovative and indigenous technological solutions. A grant
of up to 50% of the ‘Product Development Budget’ with an enhanced limit of Rs 25 crore per applicant will be awarded as
per extant iDEX guidelines. The allocation to MoD for 2024-25 is higher by approx. Rs one lakh crore (18.43%) over the
allocation for 2022-23 and 4.79% more than the allocation of 2023-24. Out of this, a share of 27.66% goes to capital; 14.82%
to revenue expenditure on sustenance and operational preparedness; 30.66% to pay and allowances; 22.70% to defence
pensions, and 4.17% to civil organisations under MoD. The total allocation comes out as approx. 12.90% of Budgetary
Estimate of Union of India. {Read More}
Smart Points:
• Union Budget 2024-25 – allocated Rs 6,21,940.85 Cr to MoD (highest) | It is 12.90% of Budgetary Estimate of India
• Additional allocation – Rs 400 Cr through “Acing Development of Innovative Technologies with iDEX (ADITI)” scheme
• As per extant iDEX guidelines, grant of up to 50% of ‘Product Development Budget’ with enhanced limit of Rs 25 Cr per
applicant will be awarded
• Share of each sector in MoD, out of this total budget: 27.66% – capital | 30.66% – pay & allowances
- 14.82% – revenue expenditure | 22.70% – defence pensions | 4.17% – civil organisations
• Minister of Defence: Rajnath Singh | Constituency – Lucknow, Uttar Pradesh
MoS in Ministry of Defence: Sanjay Seth

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152. DBS Bank India has introduced a comprehensive banking programme tailored specifically for senior citizens called “DBS
Golden Circle”. Senior citizens can earn higher interest rates on savings accounts and fixed deposits compared to regular
customers, while also get cyber insurance coverage of up to Rs 1 lakh to protect against financial fraud. Senior citizens can
earn an interest rate of up to 7% per annum on savings account balances above Rs 4 lakh and up to Rs 5 lakh. Additionally,
they can benefit from an enhanced interest rate of 0.50% per annum on fixed deposits with a tenure ranging from 376 days
to 540 days. Customers can choose from various interest payout options for fixed deposits and enjoy penalty-free
withdrawals. The programme offers a range of perks such as zero transaction fees, discounts on locker rentals, and access
to exclusive lifestyle offers. {Read More}
Smart Points:
• DBS Bank India – introduced “DBS Golden Circle,” a comprehensive banking programme tailored for senior citizens
• Senior citizens – can earn higher interest rate of up to 7% per annum on savings account balances for Rs 4-5 lakh
- Also enhanced interest rate of 0.50% per annum on fixed deposits | Tenure – ranging from 376-540 days
- Also get cyber insurance coverage of up to Rs 1 lakh
• HQs of DBS Bank India – Mumbai, Maharashtra | MD & CEO – Surojit Shome
• HQs of DBS Bank – Singapore | CEO – Piyush Gupta

153. Travel services provider Thomas Cook (India) partnered with the National Payments Corporation of India (NPCI) to
launch its 1st RuPay prepaid forex card for Indian travellers visiting the United Arab Emirates (UAE). The partnership
commences with the UAE as a pilot, which will be followed by a global rollout in a phased manner. Travellers can use the
RuPay AED (United Arab Emirates Dirham) card extensively across the UAE for transactions and ATM withdrawals. It is the
first and the only company to have partnered with NPCI to launch a RuPay AED prepaid forex card. The UAE is an important
global market for Thomas Cook’s (India) foreign exchange business and the company’s card business has witnessed
significant growth, with an increase in both recharge and new prepaid card issuance by approx 1.5x in 2024. {Read More}
Smart Points:
• Thomas Cook (India) + NPCI = to launch its 1st RuPay prepaid forex card for Indian travellers visiting UAE
• Thomas Cook (India) – first & only company to partner with NPCI to launch a RuPay AED prepaid forex card
• HQs of NPCI – Mumbai | Chairman – Ajay Kumar Choudhary | MD & CEO – Dilip Asbe | Established in – 2008
• HQs of Thomas Cook (India) – Mumbai, Maharashtra | CEO – Mahesh Iyer

154. The government extended the deadline for central public sector enterprises (CPSEs), public sector banks (PSBs) and
financial institutions to adhere to the minimum public shareholding (MPS) to at least 25% by 1 August 2026. The Securities
and Exchange Board of India (SEBI) is requested to take further necessary action and bring this to the notice of the stock
exchanges concerned. 5 public sector lenders including the Bank of Maharashtra, Indian Overseas Bank, UCO Bank, Central
Bank of India and Punjab & Sind Bank plan to reduce government stake to less than 75% to comply with SEBI’s MPS norm.
Out of 12 PSBs, 7 are compliant with the MPS norm as of March 31, 2024. These include State Bank of India, Punjab National
Bank, Canara Bank, Bank of Baroda, Indian Bank, Union Bank of India and Bank of India. The government holds 98.25% in
Delhi-based Punjab & Sind Bank, followed by Chennai-based Indian Overseas Bank at 96.38%, UCO Bank at 95.39%, Central
Bank of India at 93.08%, and Bank of Maharashtra at 86.46%. State-owned Life Insurance Corporation of India (LIC) has been
given 3 more years to achieve 10% public shareholding on or before May 16, 2027. As of March 31, 2023, public shareholding
in LIC was at 3.5%. {Read More}
Smart Points:
• Government extended deadline for CPSEs, PSBs & financial institutions to adhere to MPS to at least 25% – by 1 Aug 2026
• 5 public sector lenders plan to reduce government stake to less than 75% to comply with SEBI’s MPS norm

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155. State Bank of India (SBI) has approved a proposal for raising funds of up to Rs 25,000 crore via the issue of Tier 1 and
Tier 2 bonds. The bonds will be Basel-lll compliant and SBI plans to raise the amount in INR/USD. The fundraising plan was
announced by SBI along with its April-June quarter earnings where the lender reported a standalone net profit of Rs 17,035
crore. The interest earned during the reported quarter stood at Rs 1,11,526 crore. {Read More}
Smart Points:
• SBI – to raise funds of up to Rs 25,000 Cr via issue of Tier 1 & Tier 2 bonds
• Lender reported a standalone net profit of – Rs 17,035 Cr | Interest earned during reported quarter – Rs 1,11,526 Cr
• HQs of SBI – Mumbai, Maharashtra | Chairman – Challa Sreenivasulu Setty
MDs – Rana Ashutosh Kumar Singh | Ashwini Kumar Tewari | Vinay M. Tonse

156. With a view to honour financially disciplined farmers and support the agricultural
sector in Jammu & Kashmir, J&K Bank launched a unique program titled “Kisan Ka
Samman”. The program, which will run until September 30, 2024, aims to empower the
farmers of Jammu & Kashmir who have shown exceptional financial discipline and
promptness in their dealings with the Bank. The program will involve the identification of
farmers who have consistently renewed their Kisan Credit Cards (KCCs) and demonstrated financial discipline. The program
will also spread awareness about the ‘Prompt Repayment Incentive (PRI)’ under KCC, which entails interest subvention of
3% to such eligible farmers and encourage others to avail of the benefits of the subvention provided by the government.
Under the program, the farmers will be honoured with a ‘Certificate of Appreciation’ at various branches, clusters and zonal
levels. Furthermore, they will be offered additional loan products under the bank’s unique “Kisan Dost” scheme to help
them upgrade their agricultural infrastructure. {Read More}
Smart Points:
• J&K Bank – launched “Kisan Ka Samman” to honour financially disciplined farmers & support agricultural sector in J&K
• Aim: To empower farmers of J&K who shown exceptional financial discipline & promptness in their dealings with Bank
• It will run until – September 30, 2024
• HQs of J&K Bank – Srinagar | MD & CEO – Baldev Prakash | Founded in – 1938 | Tagline – “Serving to Empower”

157. Three potential suitors for IDBI Bank have secured ‘Fit & Proper’ certificates from the Reserve Bank of India (RBI) paving
the way for their possible acquisition of the bank. The candidates include Fairfax Financial, Emirates NBD, and Kotak
Mahindra Bank. The Centre and the Life Insurance Corporation of India (LIC) will be offloading 61% stake in the bank, which
comprises of 30.48% stake of the Government of India and 30.24% of LIC. The Union Budget 2024-25 has estimated raising
Rs 50,000 crore from ‘miscellaneous capital receipts’, which will be a mix of asset monetisation and disinvestment. The
target may be reviewed based on the strategy and actual transactions that take place. {Read More}

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158. The Reserve Bank of India (RBI) issued a “Master Direction on the Treatment of
Wilful Defaulters and Large Defaulters” under which banks and non-banking financial
companies (NBFCs) will have to examine the ‘wilful default’ aspect in all non-performing
asset accounts with outstanding amounts of Rs 25 lakh and above. A lender will identify
and classify a person as a ‘wilful defaulter’ by following a specified procedure. The
evidence of wilful default will be examined by an identification committee. ‘Wilful
defaulter’ means a borrower or a guarantor who has committed wilful default, and the outstanding amount is Rs 25 lakh
and above. If a wilful default is observed in the internal preliminary screening, the lenders will complete the process of
classification/declaring the borrower as a wilful defaulter within 6 months of the account being classified as NPA. The
“Master Direction” further said the lenders should formulate a non-discriminatory board-approved policy that clearly sets
out the criteria based on which the photographs of persons classified and declared as wilful defaulters shall be published.
The bar on the additional credit facility to a wilful defaulter or any entity with which a wilful defaulter is associated would
be effective for 1 year after the name of the wilful defaulter has been removed from the List of Wilful Defaulters (LWD) by
the lender. The directions also aim to put in place a system to disseminate credit information about wilful defaulters for
cautioning lenders to ensure that further institutional finance is not made available to them. The RBI has given 90 days to
banks to comply with the final wilful defaulter guidelines. {Read more}
Smart Points:
• RBI – issued “Master Direction on Treatment of Wilful Defaulters & Large Defaulters”
• Under this, banks & NBFCs will have to examine ‘wilful default’ aspect in all non-performing asset accounts
- With outstanding amounts of – Rs 25 lakh & above
• Aim: To put in place a system to disseminate credit information about wilful defaulters for cautioning lenders
• RBI – given 90 days to banks to comply with final wilful defaulter guidelines
• HQs of RBI – Mumbai, Maharashtra | Governor – Shaktikanta Das (25th) | Established on – 1st April, 1935
Total Deputy Governors (4) – S. Janakiraman | T. Rabi Sankar | Michael D. Patra | M. Rajeshwar Rao

159. One 97 Communications (OCL), which owns the brand Paytm, has launched India’s first “Paytm NFC Card Soundbox”.
This next-generation payment device combines NFC technology with mobile QR payments, offering an affordable device for
card payments to millions of offline merchants. With an improved and longer-lasting battery life of up to 10 days, merchants
can benefit from the Paytm NFC Card Soundbox without frequent charging. Customers can simply tap a card or scan a QR
code to make payments. {Read more}
Smart Points:
• One 97 Communications – launched India’s first “Paytm NFC Card Soundbox”
• This device combines NFC technology with mobile QR payments
• It has an improved and longer-lasting battery life of up to 10 days
• HQs of One97 Communications – Noida, Uttar Pradesh | CEO – Vijay Shekhar Sharma

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160. Federal Reserve System of the USA ranks as the world’s richest central bank, with assets worth $7.84 trillion, as per
recent data provided by the Sovereign Wealth Fund Institute (SWFI). People’s Bank of China stands on second position with
assets worth $6 trillion, followed by Bank of Japan ($5.54 trillion), Deutsche Bundesbank ($2.77 trillion), and Bank of France
($2.01 trillion). Reserve Bank of India ranks 12th around the world with assets worth $839 billion. The RBI’s balance sheet
grew by 11.08% year on year to Rs 70.47 trillion ($839 billion) as of March 31, 2024, owing to its liquidity and foreign currency
(forex) activities. European central banks dominate the rankings of the world’s richest central banks, with seven out of the
top ten central banks based in Europe, with a combined worth of $11.09 trillion. {Read more}
Smart Points:
• “List of World’s Richest Central Bank” – published by Sovereign Wealth Fund Institute (SWFI)
• RBI ranks 12th around the world with assets worth $839 billion
• 1st – Federal Reserve System of the US ($7.84 tn) | 2nd – People’s Bank of China ($6 tn) | 3rd – Bank of Japan ($5.54 tn)
• European central banks dominate the rankings of the world’s richest central banks (with 7 out of the top 10)
• HQs of RBI – Mumbai, Maharashtra | Governor – Shaktikanta Das (25th) | Established on – 1st April, 1935
Total Deputy Governors (4) – S. Janakiraman | T. Rabi Sankar | Michael D. Patra | M. Rajeshwar Rao

161. Pine Labs-owned Setu, an application programming interface (API) infrastructure provider,
introduced a Unified Payments Interface (UPI)-focused payments platform, named “UPISetu”, for
businesses and developers in partnership with Axis Bank. The platform supports a wide range of
UPI products, from basic QR code payments, UPI Autopay, equated monthly instalments (EMIs),
and third-party validation service. Founded in 2018 by Sahil Kini and Nikhil Kumar, Setu operates
across multiple domains. On May 7, Setu had launched ‘Sesame’, India’s first large language model (LLM) tailored specifically
for the banking, financial services, and insurance (BFSI) sector. B Amrish Rau is the CEO of Pine Labs. {Read more}
Smart Points:
• Setu (Pine Labs) + Axis Bank = introduced a UPI-focused payments platform, “UPISetu”, for businesses & developers
• In May’24, Setu launched ‘Sesame’, India’s first large language model (LLM) tailored specifically for BFSI sector
• Setu – founded in 2018 by Sahil Kini & Nikhil Kumar
• HQs of Pine Labs – Noida, Uttar Pradesh | CEO – B. Amrish Rao

162. The Reserve Bank of India (RBI) has extended the “Modified Interest Subvention Scheme (MISS)” for short-term loans
for agriculture and allied activities availed through Kisan Credit Card (KCC) for the Financial Year 2024-25. Farmers can now
avail of loans up to Rs 3 lakh at concessional interest rates. Under the scheme, farmers will get loans at a concessional
interest rate of 7%. An additional interest subvention of 3% per annum is provided to farmers who repay loans on time.
{Read more}
Smart Points:
• RBI extended the “Modified Interest Subvention Scheme (MISS)” for short-term loans for agriculture & allied activities
availed through Kisan Credit Card (KCC) for FY25
• Farmers can now avail of loans up to Rs 3 lakh at concessional interest rates of 7%
• An additional interest subvention of 3% per annum is provided to farmers who repay loans on time
• HQs of RBI – Mumbai, Maharashtra | Governor – Shaktikanta Das (25th) | Established on – 1st April, 1935
Total Deputy Governors (4) – S. Janakiraman | T. Rabi Sankar | Michael D. Patra | M. Rajeshwar Rao

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163. The government’s National Credit Guarantee Trustee Co Ltd has released Rs 301 crore to the
Bank of Baroda (BoB) as part of its claim from loans given to the defunct Go First Airlines under
the “Emergency Credit Line Guarantee Scheme (ECLGS)”, marking the 1st recovery for any lender
from the bankrupt airline. The recovery comes even as lenders have put to vote a plan to liquidate
the airline after negotiations with the two prospective bidders did not make any headway. BoB, one of the 3 financial
creditors to the airline, had lent close to Rs 550 crore under the post-COVID-19 scheme. The airline owes BoB Rs 1,744 crore,
including loans guaranteed under the ECLGS. The approval of the guarantee to the bank also opens the doors for the 2 other
lenders, the Central Bank of India and IDBI Bank. {Read more}
Smart Points:
• National Credit Guarantee Trustee Co Ltd – released Rs 301 Cr to the Bank of Baroda
• It is as part of its claim from loans given to the defunct Go First Airlines under the ‘ECLGS’
• It marks the 1st recovery for any lender from the bankrupt airline
• 2 other lenders to the airline – Central Bank of India & IDBI Bank
• HQs of BoB – Vododara, Gujarat | MD & CEO – Debadatta Chand | Tagline – “India’s International Bank”

164. The Reserve Bank of India (RBI), during its third Bi-Monthly Monetary Policy Committee (MPC) review in August 2024,
has retained the growth projection at 7.2% for the current fiscal FY25. The real GDP growth for 2024-25 is projected at 7.2%,
with Q1 at 7.1%; Q2 at 7.2%; Q3 at 7.3%; and Q4 at 7.2%. Real GDP growth for Q1 FY26 is projected at 7.2%. Under the
current monetary policy setting, inflation and growth are evolving in a balanced manner and overall macroeconomic
conditions are stable. Besides, the RBI announced to maintain the repo rate at 6.5%, marking the 9th consecutive time the
central bank has kept the key interest rate unchanged. Moreover, the RBI has proposed to increase the UPI limit for tax
payments from Rs 1 lakh to Rs 5 lakh. The hike in the limit will help the taxpayers to pay higher tax liability quickly. In
December 2023, the central bank also hiked the limit to Rs 5 lakh from certain payments, such as hospital and educational
institutions. In December 2021, the transaction limit for UPI payments for Retail Direct Scheme and IPO subscriptions was
increased to Rs 5 lakh. However, the normal transaction limit for UPI is Rs 1 lakh at present. {Read more}
Smart Points:
• RBI – retained growth projection at 7.2% for FY25 at 3rd Bi-Monthly Monetary Policy Committee review in Aug 2024
• Projection of real GDP growth: For FY25 – 7.2% | Q1 – 7.1% | Q2 – 7.2% | Q3 – 7.3% | Q4 – 7.2% | For Q1 2026 –
7.2%
• RBI – maintain repo rate unchanged at 6.5%, for 9th consecutive time
• UPI limit for tax payments – increased to Rs 5 lakh (from Rs 1 lakh)
- for certain payments, such as hospital and educational institutions – Rs 5 lakh
- for Retail Direct Scheme and IPO subscriptions – Rs 5 lakh
- for normal transaction – Rs 1 lakh
• HQs of RBI – Mumbai, Maharashtra | Governor – Shaktikanta Das (25th) | Established on – 1st April, 1935
Total Deputy Governors (4) – S. Janakiraman | T. Rabi Sankar | Michael D. Patra | M. Rajeshwar Rao

165. The Lok Sabha has passed the Finance Bill 2024 and amended the long-term capital gains tax provision on immovable
properties giving taxpayers an option to switch to a new lower tax rate or stay with the old regime that had higher rate with
indexation benefit. The Budget had proposed a lower 12.5% rate of LTCG tax, down from 20%, while doing away with the
indexation benefit. With this amendment, individuals or Hindu Undivided Families (HUFs) who bought houses before July
23, 2024, can opt to pay LTCG tax under the new scheme at the rate of 12.5% without indexation or claim the indexation
benefit and pay 20% tax. {Read more}

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166. India’s digital payments are likely to reach $7 trillion, double as compared to current
levels by 2030, as per the joint study report titled “How Urban India Pays” released by Kerney
and Amazon Pay. The digital transaction levels have seen a 138% growth in the Unified
Payment Interface (UPI), developed by the National Payments Corporation of India (NPCI),
payments levels from the financial year 2018 to 2024. UPI transactions were introduced in
India on April 11, 2016. India’s digital payments for retail transactions have grown to $3.6 trillion in the financial year 2023-
24 when compared to $300 billion in the financial year 2017-18. The report also states that India’s e-commerce market was
worth $75 billion to $80 billion in 2022, which is expected to grow 21% by 2030. In India, cards and digital wallet transactions
make up to 10% of the digital transaction value. India’s digital transactions alone clocked in 46% of the entire world’s digital
payment volumes in 2022. 90% of the online survey’s over 6,000 respondents across 120 cities preferred digital payments
to make online purchases, with wealthy buyers using digital payments for as much as 80% of their transactions. Millennials
and Gen X use digital payments the most, with up to 72% of their transactions being done digitally. Currently for small towns,
65% of respondents claimed to use digital transactions, while the figure was 75% in larger cities. {Read more}
Smart Points:
• “How Urban India Pays” report – released by Kerney & Amazon Pay
• India’s digital payments – to reach $7 trillion by 2030 (double as compared to current levels)
• Digital transaction levels – recorded 138% growth in UPI payments levels from FY18 to FY24 | Developed by – NPCI
• UPI transactions – introduced in India on April 11, 2016
• India’s digital payments for retail transactions – $3.6 trillion in FY24 (from $300 billion in FY18)
• India’s e-commerce market – $75-80 billion in 2022 | Expected to grow – 21% by 2030
• Cards & digital wallet transactions in India – 10% of digital transaction value
• India’s digital transactions – 46% of the world’s digital payment volumes in 2022

167. The World Bank Group (WBG) guarantee platform is now open for business. The platform, housed at the Multilateral
Investment Guarantee Agency (MIGA), brings together products and experts from the World Bank, International Finance
Corporation (IFC), and MIGA for simplicity, efficiency, and speed. It aims to boost WBG annual guarantee issuance to $20
billion by 2030. The platform will provide 3 types of coverages: credit guarantees for loans to the public or private sector;
trade finance guarantees for trade finance projects involving public entities; and political risk insurance against non-
commercial risks for private sector projects or public-private partnerships. The new platform introduces a scalable model,
prioritizing high-impact projects, thereby optimizing resource allocation, and facilitating growth. In fiscal year 2024, the
World Bank Group issued approximately $10.3 billion in new guarantees using products that will be part of the platform:
$8.2 billion from MIGA, $1.4 billion from IFC, and nearly $700 million from the World Bank. {Read more}
Smart Points:
• World Bank Group guarantee platform – housed at Multilateral Investment Guarantee Agency (MIGA)
• Aim: To boost WBG annual guarantee issuance to $20 billion by 2030
• It will provide 3 types of coverages:

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168. Fractional ownership platform, Property Share, has become the first fractional
ownership platform (FOP) to receive the Small and Medium Real Estate Investment Trust (SM
REIT) license from the Securities and Exchange Board of India (SEBI), under the newly notified
SM REIT regulations under the name of ‘Property Share Investment Trust (PSIT)’. Property
Share will become the investment manager to PSIT. The firm aims to file for its initial SM REIT
scheme for a ₹330 crore fully-leased commercial property in Bengaluru, Karnataka. In March 2024, SEBI notified the SM REIT
regulations to bring FOPs within the regulatory framework as a subclass within the REIT regulations for assets valued
between ₹50 and 500 crores. {Read more}
Smart Points:
• Property Share – became first FOP to receive ‘Small & Medium Real Estate Investment Trust’ (SM REIT) license from SEBI
• Under newly notified SM REIT regulations under name of ‘Property Share Investment Trust (PSIT)’
• Aim: To file for its initial SM REIT scheme for a ₹330 Cr fully-leased commercial property in Bengaluru, Karnataka
• SEBI – notified SM REIT regulations in Mar’24 to bring FOPs within regulatory framework for assets between ₹50-500 Cr
• HQs of SEBI – Mumbai, Maharashtra | Chairman – Madhabi Puri Buch | Established in – 1992
• HQs of Property Share – Bengaluru, Karnataka | CEO – Kunal Moktan

169. The RBI has announced setting up a 10-member ‘Expert Committee on Benchmarking of its Statistics’,
under deputy governor Michael Debabrata Patra. The committee has been asked to submit report by the
end of November 2024. The panel will also study the quality of other regular data, where such benchmarks
do not exist (like sectors of national priority) and provide guidance on the scope for any further data
refinement. Executive directors of the RBI - Muneesh Kapur and O P Mall - are members of the expert committee. The other
members of the committee are R B Barman (former chairman, National Statistical Commission), Sonalde Desai (National
Council of Applied Economic Research, New Delhi and University of Maryland, USA), Partha Ray (Director, National Institute
of Bank Management, Pune), and Bimal Roy (former chairman, National Statistical Commission). {Read more}
Smart Points:
• RBI – announced setting up a 10-member ‘Expert Committee on Benchmarking of its Statistics’
- Headed by Michael Debabrata Patra (RBI Deputy Governor)
• The panel will also study the quality of other regular data where such benchmarks do not exist
• HQs of RBI – Mumbai, Maharashtra | Governor – Shaktikanta Das (25th) | Established on – 1st April, 1935
Total Deputy Governors (4) – S. Janakiraman | T. Rabi Sankar | Michael D. Patra | M. Rajeshwar Rao

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170. Axis Bank, in collaboration with Visa, has introduced the ‘Primus’ credit card, a new offering available exclusively for
ultra-high-net-worth individuals. This card is designed to cater to the needs of the affluent segment, providing a range of
benefits through the Visa Infinite Privilege program. The card was officially introduced at high-profile events in New Delhi
and Mumbai. Besides, Axis Bank also launched the 2nd edition of its customer-centric initiative, “Sparsh Week 2024” from
August 5-9, 2024. {Read more}
Smart Points:
• Axis Bank + Visa = introduced ‘Primus’ credit card, exclusively for ultra-high-net-worth individuals
• Axis Bank – launched 2nd edition of its customer-centric initiative, “Sparsh Week 2024” (from Aug 5-9, 2024)
• HQs of Axis Bank – Mumbai, Maharashtra | MD & CEO – Amitabh Chaudhry | Tagline – “Badhti ka Naam Zindagi”
• HQs of Visa – Foster City, California | CEO – Ryan McInerney | Founded in – 1958

171. Banco Bilbao Vizcaya Argentaria (BBVA) in Colombia and the International Finance Corporation (IFC), a member of the
World Bank Group, have issued a $15 million first tranche of the world’s first biodiversity bond that will amount to $70
million in total. It aims to finance projects that address the key drivers of biodiversity loss, particularly focused on
reforestation, regeneration of natural forests on degraded lands, climate-smart and regenerative agriculture, restoration of
wildlife habitats, among others. BBVA in Colombia is the issuing bank and IFC acts as structurer and investor. {Read more}
Smart Points:
• BBVA (Colombia) + IFC = issued a $15 million first tranche of world’s first biodiversity bond | Total amount – $70 million
• Issuing bank – BBVA | Structurer & Investor – IFC
• Aim: To finance projects that address key drivers of biodiversity loss
• HQs of IFC – Washington, U.S. | MD – Makhtar Diop | IFC India’s Head – Wendy Werner (an arm of World Bank)

172. The Reserve Bank of India (RBI) tightened norms related to public deposit
acceptance by Housing Finance Companies (HFCs), which were so far subject to relaxed
prudential norms compared to non-banking financial companies (NBFCs). According to
the revised guidelines, the RBI has reduced the ceiling on the quantum of public
deposits that a deposit-taking HFC, which is in compliance with all prudential norms
and minimum investment grade credit rating, can hold from 3 times to 1.5 times its
net owned fund (NoF). As a result, deposit-taking HFCs holding deposits in excess of the revised limit will not accept fresh
public deposits or renew existing deposits till they conform to the revised limit. However, the existing excess deposits will
be allowed to run off till maturity. There are 97 HFCs in the country, while deposit-taking NBFCs, including HFCs, are only
26. The RBI has not allowed any new NBFC to accept public deposits for close to 2 decades now. Deposit-taking NBFCs
accounted for 14.6% of the total assets of the NBFCs at the end of March 2023. LIC Housing Finance and PNB Housing Finance
are some of the deposit-taking HFCs. Additionally, the RBI has directed deposit-taking HFCs - which are currently required
to maintain 13% of liquid assets against public deposits held - to maintain, on an ongoing basis, liquid assets to the extent
of 15% of public deposits held by them, in a phased manner. Accordingly, by January 1, 2025, these HFCs have to maintain
14% liquid assets, which include unencumbered approved securities. And, by July 2025, they have to hold 15% of total liquid
assets as per cent of public deposits. The RBI has also reduced the maximum period for which HFCs can accept or renew
public deposits from 12 to 120 months to 12 and 60 months. However, existing deposits with maturities above 60 months
can be repaid as per their repayment profile. {Read more}
Smart Points:
• RBI – tightened norms related to public deposit acceptance by HFCs, subject to relaxed norms compared to NBFCs
• RBI – reduced ceiling on quantum of public deposits that deposit-taking HFC can hold to 1.5 times its NoF (from 3 times)

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173. The National Payments Corporation of India (NPCI) incorporated Bharat Interface for Money
(BHIM) as a wholly-owned subsidiary, hiving it off into a new entity known as NPCI-BHIM Services
Ltd (NBSL). Former banker Lalitha Nataraj will head the new subsidiary as its chief executive officer
(CEO). Nataraj has previously worked with IDFC FIRST Bank and ICICI Bank. Rahul Handa will be
NBSL’s chief business officer (CBO). At BHIM too, Handa worked in the capacity of a CBO. In his previous role, he was the
executive vice president of the Open Network for Digital Commerce (ONDC). The incorporation of NBSL comes at a time
when NPCI is addressing the challenge of a duopoly in India’s Unified Payments Interface (UPI) market. Currently, Walmart-
backed PhonePe and Google Pay together process around 85% of UPI volumes in India, raising concerns about a duopoly in
the industry. In June, PhonePe and Google Pay processed 6.7 billion and 5.1 billion transactions, respectively. In comparison,
the BHIM app handled just 22.72 million UPI transactions, which is only a 0.16% share of the payment volumes. NBSL will
be the third major entity of NPCI after National International Payments Ltd (NIPL), which is taking UPI outside India, and
National Bharat Billpay Ltd (NBBL), which runs the bill payments ecosystem since 2021. {Read more}
Smart Points:
• NPCI – incorporated BHIM as a wholly-owned subsidiary, a new entity known as ‘NPCI-BHIM Services Ltd (NBSL)’
• Proposed appointment for NBSL: CEO – Lalitha Nataraj | CBO – Rahul Handa
• NBSL will be the 3rd major entity of NPCI after NIPL & NBBL
• PhonePe (Walmart) + Google Pay = process around 85% of UPI volumes in India
• Transactions in June, PhonePe – 6.7 billion | GPay – 5.1 billion | BHIM app – 22.72 million
• HQs of NPCI – Mumbai | Chairman – Ajay Kumar Choudhary | MD & CEO – Dilip Asbe | Established in – 2008

174. RBL Bank has launched a special fixed deposit termed as “Vijay Fixed Deposits”. This limited-period offer pays tribute
to the courage and sacrifices of our brave soldiers while providing exceptional financial benefits. Designed as a mark of
respect and appreciation for our service members, the ‘Vijay Fixed Deposits’ offer a distinctive 500-day tenor for deposits
of less than Rs 3 crore. The FD’s interest rates under this scheme are 8.85% p.a. for Super Senior Citizens, 8.60% p.a. for
Senior Citizens, and 8.1% p.a. for Regular Fixed Deposits. Moreover, Federal Bank has also introduced a special
Independence Day offer, called “Deposit Plus (Non-Callable)” scheme, for deposits above Rs 1 crore. Under this scheme, the
interest rates are 7.50% per annum for the general public and 8% per annum for senior citizens on a 400-day term. For a
777-day term, the rates are 7.55% per annum for the general public and 8.05% per annum for senior citizens. For a 50-month
term, the interest rates are 7.55% per annum for the general public and 8.05% per annum for senior citizens. {Read more}
Smart Points:
• RBL Bank – launched a special fixed deposit termed as “Vijay Fixed Deposits”
• Tenure – 500 days for deposits of less than Rs 3 Cr | Interest rates – 8.1% (regular), 8.60% & 8.85% (Sr. Citizens)

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175. As per the quarterly Periodic Labour Force Survey (PLFS) data, released by the National Statistical Office (NSO),
employment in urban areas in the first quarter of 2024-25 (FY2025) improved over the previous one. The unemployment
rate in April-June (Q1) declined to 6.6% from a four-quarter high of 6.7% in January-March FY2024 owing to the fall in the
male unemployment rate. The headline unemployment rate (UR) under the current weekly status (CWS) for men stood at
5.8% during the quarter, down from 6.1% in the preceding quarter. In contrast, the female unemployment rate increased
to 9% in Q1FY2025 from 8.5% in Q4FY2024. The survey further showed the jobless rate for the youth (15-29) declined to
16.8% in Q1FY2025 from 17% in the preceding quarter. On the labour force participation rate (LFPR), which represents the
share of people either working or seeking employment in the urban population, the survey showed a marginal decline to
50.1% in Q1FY2025 from 50.2% in Q4FY2024. While men’s LFPR increased to 74.7% from 74.4% in the preceding quarter,
women’s LFPR fell to 25.2% from 25.6% in the previous three-month period. The NSO launched India’s first computer-based
survey to measure labour force participation dynamics at three-month intervals for urban areas in April 2017. {Read more}
Smart Points:
• Quarterly Periodic Labour Force Survey (PLFS) data for April-June (Q1) of FY25 – released by NSO (MoSPI)
• Unemployment Rate declined to – 6.6% (Female UR - 9%)
• UR under the Current Weekly Status (CWS) for men in Q1 FY25 stood at – 5.8%
• UR for the youth (15-29) in Q1 FY25 declined to – 16.8% | LFPR – 50.1% (men’s LFPR - 74.7%, women’s LFPR - 25.2%)
• NSO launched PLFS (India’s first computer-based survey) in April 2017
• HQs of NSO – New Delhi | Chairperson – Bimal Kumar Roy

176. The United States (US) accounts for the highest share of Foreign Portfolio Investors
(FPIs) investing in India during the fiscal year 2023-24, as per the report by the Securities and
Exchange Board of India (SEBI). As of March 31, 2024, the total number of registered FPIs in
India reached 11,219. Out of the total registered FPIs, the United States led with 3,457
investors, followed by Luxembourg with 1,393 and Canada with 804. The FY24 saw the
highest FPI inflows into India since 1992-93. In terms of assets, the report highlighted a significant increase in the value of
AUC. By the end of March 31, 2024, the AUC of custodians of FPIs grew by 42.8% to ₹69.5 lakh crore. The SEBI report also
revealed that equity assets made up 92.2% of the total AUC. The highest contributions to these equity assets came from the
USA, which accounted for 39.2% of the total, followed by Singapore at 9.8%, and Luxembourg at 7.1%. {Read more}
Smart Points:
• SEBI: US accounts for the highest share of Foreign Portfolio Investors (FPIs) investing in India during FY 2023-24
• As of March 31, 2024, the total number of registered FPIs in India reached 11,219
- Highest – US (3,457 investors) | Followed by – Luxembourg (1,393) & Canada (804)
• FY24 saw the highest FPI inflows into India since 1992-93
• As of March 31, 2024, the AUC of custodians of FPIs grew by 42.8% to ₹69.5 lakh Cr
• Equity assets made up 92.2% of the total AUC

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177. Rural-focused fintech startup Jai Kisan, founded in 2017 by Ahluwalia and Adriel Maniego,
has obtained a non-banking finance company (NBFC) licence following its acquisition of a
majority stake in Kushal Finnovation Capital, an NBFC specialising in supply chain financing.
Arjun Ahluwalia, co-founder and chief executive officer of Jai Kisan is a non-executive director
of Kushal Finnovation Capital. Previously, Jai Kisan’s offerings were limited to products provided
by its partner banks and NBFCs through its platform. The new license enables Jai Kisan to directly
create and deliver tailored financial solutions to farmers and rural businesses. The company has also expanded its advisory
board, bringing in senior bankers such as Arvind Kathpalia, former group president and chief risk officer at Kotak Mahindra
Bank, as senior credit risk advisor and Ravi Duvvuru, former president and chief compliance officer at Jana Small Finance
Bank, as senior advisor on governance and regulatory compliance. An NBFC license allows a company to operate as a non-
banking financial entity. NBFCs are financial institutions that provide various financial services and products but do not have
a full banking license. To obtain NBFC licence, the company must be registered under the Companies Act, 2013, either as a
public or private company; the company should have a minimum net owned fund of at least Rs. 10 crores to be eligible for
NBFC registration; and at least one-third of the directors of the company must possess relevant work experience in the
finance sector. {Read more}
Smart Points:
• Jai Kisan – obtained an NBFC licence | After – acquiring majority stake in Kushal Finnovation Capital
• Eligibilities to obtain NBFC licence:
- Company must be registered under Companies Act, 2013, either as a public or private company
- Minimum net owned fund – at least Rs. 10 crores
- At least one-third of directors of company must possess relevant work experience in the finance sector
• HQs of Jai Kisan – Mumbai, Maharashtra | CEO – Arjun Ahluwalia | Founded in – 2017

178. The India-Singapore relationship has developed into one of the most crucial partnerships within the ‘Asian Century’.
Rooted in rich cultural and commercial ties, the India-Singapore corridor has been growing in prominence over the years.
To reinforce these bonds, DBS Bank India and CNBC-TV18 launched an initiative “India-Singapore Connect” to celebrate this
milestone and further dialogue on trade, investment, technology, and cultural exchange. This year-long project will include
perspectives from government leaders, CEOs, entrepreneurs, and economists. Surojit Shome, Managing Director and CEO
of DBS Bank India expressed the DBS’s, largest bank in South-East Asia, commitment to India. DBS Bank India Limited is the
1st among the large foreign banks in India to start operating as a wholly owned, locally incorporated subsidiary of a leading
global bank. It provides a range of banking services for large, medium, and small enterprises and individual consumers in
India, focusing on a seamless customer experience that helps them ‘Live more, Bank less’. {Read more}
Smart Points:
• DBS Bank India + CNBC-TV18 – launched an initiative “India-Singapore Connect” for one year
• DBS Bank India Ltd – 1st among large foreign banks in India to start operating as a locally incorporated subsidiary of a
leading global bank
• HQs of DBS Bank India – Mumbai, Maharashtra | MD & CEO – Surojit Shome
• HQs of CNBC-TV18 – Mumbai, Maharashtra | MD – Shereen Bhan
• Singapore – Singapore – Dollar | PM – Lawrence Wong | President – Tharman Shanmugaratnam

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179. The Reserve Bank of India (RBI) has issued the framework for recognition of Self-Regulatory Organisation (SROs) in
financial markets. This framework was done in the aftermath of ‘Omnibus Framework for recognition of SROs’ which were
issued in March, 2024. An SRO is an institution which has the ability to operate independently and with impartiality, and
importantly free from the influence of any single member or group of members. To become SRO, the applicant shall be set
up as a not-for-profit company registered under Section 8 of the ‘Companies Act, 2013’. The applicant must have a minimum
net-worth of ₹10 crore and should possess or have the ability to create infrastructure to enable it to discharge
responsibilities of an SRO on a continuing basis. {Read more}
Smart Points:
• RBI – issued the framework for recognition of Self-Regulatory Organisation (SROs) in financial markets
• SRO – institution which has ability to operate independently & with impartiality, & is free from influence of any single
member or group of members
• Eligibility for SRO:
- Applicant shall be set up as a not-for-profit company registered under – Section 8 of ‘Companies Act, 2013
- Applicant must have a minimum net-worth of – ₹10 Cr
- Have ability to create infrastructure to enable it to discharge responsibilities of an SRO on a continuing basis
• HQs of RBI – Mumbai, Maharashtra | Governor – Shaktikanta Das (25th) | Established on – 1st April, 1935
Total Deputy Governors (4) – S. Janakiraman | T. Rabi Sankar | Michael D. Patra | M. Rajeshwar Rao

180. Punjab National Bank (PNB) launched the “PNB ANTAH DRISHTI Braille Debit Card”, a
new debit card specifically designed for visually impaired customers with savings or current
accounts. This contactless NCMC (National Common Mobility Card) Debit Card is available on
the RuPay network. The ATM limit (cash withdrawal) per day is Rs 25,000, and the Point of
Sale (POS) and eCom limits (combined) per day are Rs 60,000. Contactless transactions are
accessible for individual transactions up to Rs. 5000 without a PIN at NFC (Near Field Communication) capable POS
Terminals, with a daily overall limit of Rs. 5000. {Read more}
Smart Points:
• PNB – launched “PNB ANTAH DRISHTI Braille Debit Card” for visually impaired persons with savings or current accounts
• This contactless NCMC enabled Debit Card is available on RuPay network
• ATM limit (cash withdrawal) per day – Rs 25,000 | Point of Sale (POS) & eCom limits (combined) per day – Rs 60,000
• Accessible contactless transactions for transactions without a PIN at NFC capable POS Terminals – up to Rs. 5000
- Daily overall limit – Rs. 5000
• HQs of PNB – New Delhi | MD & CEO – Atul Kumar Goel | Tagline – “The Name You Can Bank Upon”

181. CARD91 has launched “Reignite”, a new initiative designed to support women
professionals as they return to the workforce after a career break. Reignite is open to
women professionals who have a career gap of 3 to 6 years and a minimum of 4 years
of prior work experience. CARD91 is an Issuance Platform-as-a-Service company
providing unparalleled technology infrastructure to Banks, Prepaid License holders,
and Authorized Dealers. Ajay Pandey is CEO of CARD91. {Read more}
Smart Points:
• CARD91 – launched “Reignite” to support women professionals as they return to the workforce after a career break

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182. IIT Kanpur has launched the “SATHEE IBPS”, an innovative program that has been designed to help candidates prepare
for banking exams conducted by the Institute of Banking Personnel Selection (IBPS). The program has been launched with
the support of the Ministry of Education. It also provides high-quality educational resources to aspiring students across India.
It prioritizes students from financially weaker backgrounds and remote areas, thereby ensuring equal opportunity and access
to the highest quality learning materials. {Read more}
Smart Points:
• IIT Kanpur – launched “SATHEE IBPS” to help candidates prepare for banking exams conducted by IBPS
• It is launched with the support of – Ministry of Education
• Director of IIT Kanpur – Manindra Agrawal
• HQs of IBPS – Mumbai, India | Chairman – Matam Venkata Rao | Director – Harideesh Kumar | Founded in –1975
• Minister of Education: Dharmendra Pradhan | Constituency – Sambalpur, Odisha
MoS in Ministry of Education: Jayant Chaudhary & Sukanta Majumdar

183. Net foreign direct investment (FDI) during the April-June period (Q1) of the current financial
year FY 2024-25 was $6.9 billion, compared to $4.7 billion in the year-ago period, as per the latest
data released by the Reserve Bank of India (RBI). The increase was due to an improvement in gross
inward FDI, which grew by 26.4% year-on-year (Y-o-Y) to $22.5 billion during Q1 of 2024-25.
Manufacturing, financial services, communication services, computer services, and electricity and
other energy sectors accounted for about 80% of the gross FDI inflows. With around 75% of the flows, the major source
countries were Singapore, Mauritius, Netherlands, US, and Belgium. Net FDI flow dropped sharply to $9.8 billion in FY24,
from $28 billion in the previous year. {Read more}
Smart Points:
• As per the latest data released by RBI:
• Net FDI flows in India – increased to $6.9 bn in Q1 FY25 (from $4.7 bn in Q1 FY24)
- Gross inward FDI – grew by 26.4% Y-o-Y to $22.5 billion in Q1 FY25
• Net FDI flow – dropped to $9.8 billion in FY24 (from $28 billion in FY23)
• Major source countries for FDI (75% inflows) – Singapore, Mauritius, Netherlands, US & Belgium
• 80% of Gross FDI inflows – Manufacturing, financial, communication & computer services, electricity & other energy
sectors
• HQs of RBI – Mumbai, Maharashtra | Governor – Shaktikanta Das (25th) | Established on – 1st April, 1935
Total Deputy Governors (4) – S. Janakiraman | T. Rabi Sankar | Michael D. Patra | M. Rajeshwar Rao

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184. Banks in India have seen a sharp rise in their borrowing through
market instruments, crossing the Rs 9 trillion-mark. According to
fortnightly data from the Reserve Bank of India (RBI), as of July 26,
Scheduled Commercial Banks, including Regional Rural Banks, Small
Finance Banks, and Payments Banks, reported borrowings of Rs 9.32
trillion. This marks a 19% increase from Rs 7.84 trillion recorded on July 28,
2023. Overall, the borrowing of all scheduled banks reached Rs 9.37
trillion, up 18.7% from Rs 7.89 trillion during the same time last year. The
RBI data highlights that these borrowings primarily represent short-term funding methods such as interbank repo operations
and tri-party repos. The report further indicated that deposit accretion for FY24 was around Rs 23 trillion, while credit
accretion was close to Rs 22 trillion. {Read more}
Smart Points:
• According to fortnightly data from RBI, as of July 26:
• SCBs (including RRBs, SFBs & Payments Banks) – 19% increase in borrowings to Rs 9.32 tn (from Rs 7.84 tn till Jul’23)
• Overall borrowing of all SCBs – rise 18.7% & reached Rs 9.37 tn (from Rs 7.89 tn during same time in 2023)
• For FY24: Deposit accretion – Rs 23 trillion | Credit accretion – Rs 22 trillion
• HQs of RBI – Mumbai, Maharashtra | Governor – Shaktikanta Das (25th) | Established on – 1st April, 1935
Total Deputy Governors (4) – S. Janakiraman | T. Rabi Sankar | Michael D. Patra | M. Rajeshwar Rao

185. Airtel Payments Bank has launched “Face Match”, a new security feature that makes use
of AI to enhance account security. The feature uses advanced machine learning algorithms to
assess potential threats and activate facial recognition verification when necessary. The Face
Match feature works by analysing various factors, including user behaviour, transactions
patterns, location data, and device location to verify the user. {Read more}
Smart Points:
• Airtel Payments Bank – launched “Face Match”, a new security feature that makes use of AI to enhance account security
• HQs of APB – New Delhi | CEO – Anubrata Biswas | Founded in – 2017

186. State Bank of India (SBI) Foundation and Villgro announced the launch of the
“Innovators for Bharat” portfolio, supporting 9 agricultural start-ups with equity seed
funding. SBI Foundation, under its flagship ‘SBIF LEAP (Livelihood and Entrepreneurship
Accelerator Program)’, unveiled the “Innovators for Bharat” initiative in 2023. Partnering
with Villgro, one of India’s foremost social enterprise incubators, in September 2023, the
initiative introduced the ‘Agri-tech Cohort’. The goal of this Cohort is to identify and support
Startups working on cutting-edge solutions to improve agricultural productivity and build climate resilience and
sustainability for the agriculture sector in India, taking their innovations to the ground. Through their support for 9 startups,
SBI Foundation and Villgro aim to surpass the goal of benefiting 10,000 farmers by not only enhancing livelihoods and
incomes but also bringing 60,000 acres of land under sustainable cultivation and preventing 15,000 tonnes of CO2 emissions.
In the 2nd leg of this program, SBI Foundation and Villgro will support another 5 enterprises with Grant capital with a view
to unlocking innovative finance through their partners in the financial ecosystem. {Read more}
Smart Points:
• SBI Foundation + Villgro = launched “Innovators for Bharat” portfolio, supporting 9 agricultural start-ups with equity
seed funding

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• “Innovators for Bharat” initiative – unveiled by SBI Foundation in 2023 | Under – SBIF LEAP
- SBIF LEAP – State Bank of India Foundation Livelihood and Entrepreneurship Accelerator Program
• Agri-tech Cohort – introduced by “Innovators for Bharat” initiative & Villgro
• Aim: To benefit 10,000 farmers by not only enhancing livelihoods & incomes but also bringing 60,000 acres of land under
sustainable cultivation & preventing 15,000 tonnes of CO2 emissions
• In the 2nd leg of this program, SBI Foundation & Villgro will support another 5 enterprises with Grant capital
• HQs of SBI Foundation – Mumbai, Maharashtra | President – Jagannath Sahoo | MD & CEO – Sanjay Prakash
• HQs of Villgro – Chennai, TN | CEO – Srinivas Ramanujam

187. Reserve Bank of India Governor Shaktikanta Das received an “A+” rating and was ranked
the top 3 central bankers globally for the 2nd consecutive year in the “Global Finance Central
Banker Report Cards 2024”, by the United States (US) based Global Finance Magazine. Grades
are based on an “A+” to “F” scale for success in areas such as inflation control, economic growth
goals, currency stability and interest rate management, wherein “A” represents an excellent
performance, down through “F” for outright failure. Besides Shaktikanta Das, Denmark’s Christian Kettel Thomsen and
Switzerland’s Thomas Jordan were rated “A+” in the Global Finance Central Banker Report Cards 2024. The Central Banker
Report Cards, published annually by Global Finance since 1994, grade the central bank governors of nearly 100 key countries,
territories and districts, as well as the European Union, the Eastern Caribbean Central Bank, the Bank of Central African
States and the Central Bank of West African States. {Read more}
Smart Points:
• “Global Finance Central Banker Report Cards 2024” – published by Global Finance Magazine (US)
• Shaktikanta Das (RBI Governor) – received “A+” rating & ranked top 3 central bankers globally for 2nd consecutive year
• Other 2 bankers in top 3 with “A+” rating – Christian Kettel Thomsen (Denmark) & Thomas Jordan (Switzerland)
• HQs of GFM – New York, US | Founder – Joseph D. Giarraputo

188. The World Bank (International Bank for Reconstruction and Development, IBRD) launched
the “Amazon Reforestation-Linked Outcome Bond” worth $225 million. This 9-year bond was
priced on August 13, 2024, and is set to mature on July 31, 2033. The bond is designed to link
investors’ financial returns to measurable and impactful reforestation outcomes in the Amazon,
making it the largest outcome bond to date. It mobilizes approximately $36 million in additional
capital from investors to support the reforestation efforts of Mombak, a Brazilian company
dedicated to large-scale native reforestation in the Amazon. This deal is the latest in a series of unusual outcome-based
bonds from the World Bank and is its largest to date. {Read more}
Smart Points:
• World Bank (IBRD) – launched “Amazon Reforestation-Linked Outcome Bond” | Worth – $225 million
• 9-year bond – from August 13, 2024 to July 31, 2033
• It mobilizes approx. $36 million to support reforestation efforts of Mombak
• In 2022, it raised $150 million to be used for conservation of black rhinos
• HQs of World Bank – Washington D.C., US | President – Ajay Banga | MD/CFO – Anshula Kant | Members – 189

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189. Union Minister for Finance Nirmala Sitharaman has chaired a meeting to review the
performance of 9 Regional Rural Banks (RRBs) of the states of Gujarat, Maharashtra, Madhya
Pradesh, Chhattisgarh and Rajasthan, in Udaipur. The meeting was attended by M. Nagaraju,
Secretary of the Department of Financial Services (DFS), along with other officials. The review
focused on several key areas, including business performance, technological upgrades,
fostering growth in Micro, Small and Medium Enterprises (MSME) clusters, and deepening
financial inclusion in rural areas. She expressed concern over the lower offtake of the ‘MUDRA
scheme’ in the Bundelkhand region and directed the State Level Bankers’ Committee (SLBC) to enhance the performance of
the scheme and other financial inclusion initiatives in Bundelkhand and aspirational districts. RRBs were also directed to
increase their share in ground-level agriculture credit disbursement and achieve the stated objectives of Priority Sector
Lending. The Consolidated Capital to Risk (Weighted) Assets Ratio (CRAR) of RRBs has increased from 7.8% in FY 2021 to
13.7% in FY 2024 and profitability has improved from losses of Rs 41 crore in FY 2021 to a net profit of Rs 2,018 crore in FY
2024 and Gross Non-Performing Assets (GNPA) are relatively lower with a ratio of 3.9%. {Read more}
Smart Points:
• Nirmala Sitharaman – chaired a “Review Meeting of Regional Rural Banks (RRBs)” held in Udaipur, Rajasthan
• Aim: To review the performance of 9 RRBs of Gujarat, Maharashtra, MP, Chhattisgarh & Rajasthan
• Consolidated Capital to Risk (Weighted) Assets Ratio (CRAR) of RRBs has increased to – 13.7% in FY 2024
• Net profit of RRBs in FY 2024 – Rs 2,018 Cr | GNPA are relatively lower with a ratio of 3.9%

190. Bandhan Bank has launched “Avni”, a savings account exclusively for women. Avni comes with
a debit card that offers free airport lounge access, personal accident insurance cover of Rs 10 lakh,
and lost card liability of Rs 3.5 lakh, among other offers. Avni also offers a 25% discount on locker
rentals and a 50% discount on gold loan processing fees. Customers are required to maintain an
average quarterly balance of Rs 25,000. Bandhan Bank also launched an enterprise-wide loyalty programme, “Bandhan Bank
Delights”, where customers can earn reward points called Delight Points and use the accrued points for purchases. {Read
more}
Smart Points:
• Bandhan Bank – launched “Avni”, a savings account exclusively for women
• It offers free airport lounge access, personal accident insurance cover of Rs 10 lakh & lost card liability of Rs 3.5 lakh
• ‘Bandhan Bank Delights’ – also launched by the bank, where customers can earn reward points called ‘Delight Points’
• HQs of Bandhan Bank – Kolkata, WB | MD & CEO – Ratan Kumar Kesh | Tagline – “Aapka Bhala, Sabki Bhalai”

191. Mynd IFSC Pvt Ltd has received permission from the International Financial Services Centres
Authority (IFSCA) for the commencement of commercial operations of its International Trade Financing
Services (ITFS) Platform, named “M1NXT”. Mynd IFSC Pvt Ltd is a subsidiary of Mynd Solutions Pvt Ltd,
the operator of India’s leading Trade Receivables Discounting System (TReDS) platform. M1NXT is
designed to meet the working capital needs of exporters and importers, facilitating global trade with cost-effective,
transparent, and efficient financing through digital channels. The platform aims to convert trade receivables into cash
quickly, addressing the financing needs of exporters and importers across geographies, in a seamless manner. IndusInd Bank
is the 1st bank to participate in export financing transactions on the M1NXT ITFS platform. {Read more}
Smart Points:
• Mynd IFSC Pvt Ltd – received permission for commencement of commercial operations of its International Trade
Financing Services (ITFS) Platform, “M1NXT”

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192. Bank of Baroda (BoB) has signed a ₹5,000 crore loan deal with Steel Authority of India Limited (SAIL), a state-owned
steelmaker. BoB’s competitive bid of 7.49% for a 5-year loan, linked to the 364-day treasury bill, secured the deal over other
major public and private sector banks. The loan will be used to fund SAIL’s capital expenditure and working capital
requirements. The interest rate offered by BoB is notably lower than its average yield on advances, indicating a strategic
decision to prioritise market share. {Read more}
Smart Points:
• BoB + SAIL = ₹5,000 Cr loan deal for 5 years to fund SAIL’s capital expenditure & working capital requirements at 7.49%
• HQs of BoB – Vododara, Gujarat | MD & CEO – Debadatta Chand | Tagline – “India’s International Bank”
• HQs of SAIL – New Delhi | CMD – Amarendu Prakash | Founded – January 24, 1973

193. According to the data released by the Reserve Bank of India (RBI), overseas Indians deposited around $3.95 billion in
non-resident Indian (NRI) deposit schemes in Q1 (April - June) of FY2025, up 79% over the amount deposited ($2.21 billion)
in these schemes in the same period last year. With this, the total outstanding NRI deposits as of June 2024 stood at $155.71
billion. Meanwhile, in June, inflows into the various NRI schemes stood at $1.23 billion compared to $1.7 billion in May. The
NRI deposit schemes include foreign currency non-resident (FCNR) deposits, non-resident external (NRE) deposits, and non-
resident ordinary (NRO) deposits. During the April - June FY2025 period, maximum flows came into FCNR (B) deposits which
is about $1.68 billion, compared to $1.12 billion in the corresponding period a year ago, taking the total outstanding amount
in such accounts to $27.41 billion. An FCNR (B) account lets customers maintain a fixed deposit in India in freely convertible
foreign currencies for a tenure ranging from 1 to 5 years. Meanwhile, NRE deposits witnessed an inflow of $1.53 billion
during this period, compared to an inflow of $489 million in the corresponding period a year ago. The total outstanding NRE
deposits now stand at close to $100 billion. NRE deposits are a high-return rupee deposit option for NRIs to invest their
foreign income. Similarly, NRO deposits also saw substantial inflows of $743 million in April - June FY2025, compared to
$598 million during the same period a year ago, taking the total outstanding NRO deposits to $28.24 billion. An NRO account
is a rupee-denominated bank account for NRIs, persons of Indian origin, and overseas citizens of India, who wish to deposit
income earned in India. {Read more}
Smart Points:
• As per data released by RBI:
• Amount deposited by overseas Indians in NRI deposit schemes – $3.95 bn in Q1 of FY25 (from $2.21 bn in Q1 of FY24)
- A rise of – 79%
• As of June 2024, total outstanding NRI deposits – $155.71 billion
• Inflows into various NRI schemes – $1.23 billion in June (from $1.7 billion in May)
• NRI deposit schemes include – FCNR deposits, NRE deposits & NRO deposits
• Inflows in different NRI deposit schemes during Q1 of FY25 & total outstanding amounts in each scheme:
- FCNR (B) deposits (max.) – $1.68 billion (from $1.12 billion in Q1 of FY24) | Total – $27.41 billion
- NRE deposits – $1.53 billion (from $489 million in Q1 of FY24) | Total – $100 billion
- NRO deposits – $743 million (from $598 million in Q1 of FY24) | Total – $28.24 billion
• FCNR (B) account – lets customers maintain a fixed deposit in India in freely convertible foreign currencies for 1-5 years

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194. The Reserve Bank of India (RBI) announced that 5 entities were selected for the test phase
of the regulatory sandbox’s (RS) theme - “neutral” 5th cohort that it had announced in October
2023. The selected entities are ‘Connectingdot Consultancy’, ‘Epifi Technologies’, ‘Finagg
Technologies’, ‘Indian Banks’ Digital Infrastructure Company (IBDIC)’, and ‘Signzy
Technologies’. A RS refers to live testing of new products or services in a controlled regulatory
environment. The target applicants for entry to the RS include fintechs, banks, and companies partnering with or providing
support to financial services businesses, among others. The RBI introduced the 1st RS program in 2019. The RBI sandbox
operates on a thematic cohort basis. The previous 4 cohorts are ‘retail payments’, ‘cross-border transactions’, ‘MSME
lending’ and ‘prevention and migration of financial frauds’. {Read more}
Smart Points:
• RBI – selected 5 entities for test phase of regulatory sandbox’s (RS) theme - “neutral” 5th cohort, announced in Oct’23
• Selected entities – Connectingdot Consultancy, Epifi Technologies, Finagg Technologies, Indian Banks’ Digital
Infrastructure Company (IBDIC) & Signzy Technologies
• Regulatory Sandbox (RS) – live testing of new products or services in a controlled regulatory environment
• 1st RS program – introduced by RBI in 2019 | It operates on a thematic cohort basis
• 4 previous cohorts – retail payments, cross-border transactions, MSME lending, and prevention & migration of financial
frauds
• HQs of RBI – Mumbai, Maharashtra | Governor – Shaktikanta Das (25th) | Established on – 1st April, 1935
Total Deputy Governors (4) – S. Janakiraman | T. Rabi Sankar | Michael D. Patra | M. Rajeshwar Rao

195. The International Financial Services Centre Authority (IFSCA) has established an Expert
Committee to position the country’s first IFSC at Gift City in Gandhinagar, as a “Global Trading Hub”.
The 21-member committee will be chaired by Former Union Commerce Secretary, Rajeev Kher.
Representatives of IFSCA, DGFT, IIBX, ICICI Bank, ONGC, IOCL, Reliance Industries Limited, StoneX,
NMDC, JP Morgan Chase, Tata Steel and Arvind Limited, etc. are among the 21 members of the
committee. The committee will explore the potential advantages that could be derived to GIFT-IFSC ecosystem, study global
policies, programmes and policies of leading jurisdictions and propose steps to promote GIFT IFSC as a Global Commodity
Trading Hub. The committee will also identify key groups of commodities such as metals - precious / base / rare earth; energy
/ hydrocarbons; & agricultural commodities that should be given higher priority for developing IFSC ecosystem. {Read more}
Smart Points:
• IFSCA – established an Expert Committee to position India’s 1st IFSC at Gift City (Gandhinagar) as “Global Trading Hub”
• The 21-member Expert Committee will be chaired by – Rajeev Kher (Former Union Commerce Secretary)
• HQs of IFSCA – Gandhinagar, Gujarat | Chairman – K. Rajaraman | Established – 2020

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196. Kerala has recorded the highest unemployment rate at 31.8% among the 15-29 age group in urban areas for the
January-March quarter of 2024, while Delhi had the lowest unemployment rate, according to the latest Periodic Labour
Force Survey (PLFS) released by the Ministry of Statistics and Programme Implementation (MOSPI). The survey, which
covered 22 states and Union territories, identified Jammu & Kashmir (28.2%), Telangana (26.1%), Rajasthan (24%), and
Odisha (23.3) as other states with high unemployment rates in this age category. While among lowest unemployment rate,
Delhi (3.1%) was followed by Gujarat (9%), Haryana (9.5%), Karnataka (11.5%), and Madhya Pradesh (12.1). The overall
unemployment rate for the 15-29 age group was 17% for the January-March period, an increase from 16.5% in the previous
quarter and slightly lower than 17.3% reported in the same period in 2023. For all age groups, the unemployment rate was
6.7%, marginally up from 6.5% in the previous quarter and slightly below the 6.8% from the previous year. The data also
highlighted the high unemployment rate for women, with Jammu & Kashmir at 48.6%, followed by Kerala (46.6%), &
Uttarakhand (39.4%). The overall female unemployment rate for the January-March quarter was 22.7%. {Read more}
Smart Points:
• States with the highest & lowest unemployment rates in 15-29 years age group in Jan-March 2024:

• The survey covered 22 states & UTs

• Overall unemployment rate for 15-29 yrs age group in Jan-March 2024 – 17% (from 17.3% previous year)
• Overall female unemployment rate in Jan-March 2024 – 22.7%

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197. The Reserve Bank of India (RBI) has introduced a mobile application named the “G-sec App”
under its Retail Direct Scheme. This initiative is designed to simplify the process of investing in
government securities (G-secs) like bonds & treasury bills for retail investors. Treasury bills are short-
term securities with maturities of less than 12 months, while bonds are issued for longer durations.
Besides, the RBI also launched “PRAVAAH” (Platform for Regulatory Application, Validation and
Authorisation), a secure and centralised web-based portal for any individual or entity to seek
authorisation, licence, or regulatory approval on any reference made by it to the RBI. At present, 60 application forms
covering different regulatory and supervisory departments of the RBI have been made available on the portal. The RBI has
also launched the ‘FinTech Repository’ to capture essential information about fintech entities, their activities, technology
uses, etc. Simultaneously, a related repository called ‘EmTech Repository’, is launched for only RBI-regulated entities on
their adoption of emerging technologies. The FinTech and EmTech Repositories are secure web-based applications and are
managed by the Reserve Bank Innovation Hub (RBIH), a wholly-owned subsidiary of the RBI. {Read more}
Smart Points:
• RBI – introduced a mobile application named “G-sec App” under its Retail Direct Scheme
- Aim: To simplify investing process in government securities (G-secs) like bonds & treasury bills for retail investors
• RBI – launched “PRAVAAH” portal for one seeking regulatory approval on any reference made by it to RBI
- PRAVAAH – Platform for Regulatory Application, Validation and Authorisation
• RBI – launched ‘FinTech Repository’ to capture essential information about fintech entities, their activities, etc.
• RBI – launched ‘EmTech Repository’ for only RBI-regulated entities on their adoption of emerging technologies
• FinTech & EmTech Repositories are managed by – RBIH
• CEO of RBIH – Rajesh Bansal | CTO of RBIH – Amit Saxena (a subsidiary of RBI)
• HQs of RBI – Mumbai, Maharashtra | Governor – Shaktikanta Das (25th) | Established on – 1st April, 1935
Total Deputy Governors (4) – S. Janakiraman | T. Rabi Sankar | Michael D. Patra | M. Rajeshwar Rao

198. A Trade Receivables Discounting System (TReDS) platform, Receivables Exchange of

India Limited (RXIL), has achieved a significant milestone, facilitating financing of over 50
lakh invoices worth Rs 1 trillion (Rs 1 lakh crore) since its inception providing accessible
working capital financing solutions to Micro, Small, and Medium Enterprises (MSMEs) in
India. The RXIL TReDS platform is a robust ecosystem, with more than 25,000 MSMEs
registered. Receivables Exchange of India Limited (RXIL), established as a joint venture of SIDBI, NSE, State Bank of India,
ICICI Bank, and Yes Bank, launched India’s inaugural Trade Receivables Discounting System (TReDS) platform on December
1, 2016, under the regulatory framework of RBI. There is immense room for expansion as only 82,000 MSMEs are registered
on all TReDS platforms, out of 4 crore MSMEs registered on the Udyam portal. {Read more}
Smart Points:
• RXIL – achieved a significant milestone, facilitating financing of over 50 lakh invoices worth Rs 1 trillion since inception
• RXIL is a JV of = SIDBI + NSE + SBI + ICICI Bank + Yes Bank
• RXIL – launched India’s inaugural Trade Receivables Discounting System (TReDS) platform on Dec 1, 2016
• HQs of RXIL – Gandhinagar, Gujarat | MD & CEO – Ketan Gaikwad

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199. Union Bank of India has launched “Union Premier” branches for high-value customers in rural and semi-urban (RUSU)
markets. Designed to provide personalized banking services, these branches will offer a wide range of products and services
under one roof for high-value customers in RUSU markets. Each Union Premier customer will have access to a personal
Relationship Manager to address all their banking needs. These exclusive branches are equipped with the latest digital
technologies, ensuring seamless and efficient banking. {Read more}
Smart Points:
• UBI – launched “Union Premier” branches for high-value customers in Rural and Semi-Urban (RUSU) markets
• Each Union Premier customer will have access to a personal Relationship Manager to address all their banking needs
• HQs of UBI – Mumbai, Maharashtra | CEO – A. Manimekhalai | Tagline – “Good People to Bank With”

200. Caller identification app, Truecaller, has collaborated with general insurance company, HDFC ERGO, for a new product
that aims to safeguard subscribers against digital communication frauds in India. The product will provide coverage up to Rs
10,000 to Android and iOS users across India. The product is available to yearly premium subscribers of Truecaller. A recent
report by the Indian Cyber Crime Coordination Centre (I4C) revealed that digital financial frauds accounted for a staggering
Rs 1.25 lakh crore over the last 3 years. {Read more}
Smart Points:
• Truecaller + HDFC ERGO = collaboration for a new product that aims to safeguard subscribers against digital
communication frauds in India
• The product will provide coverage up to Rs 10,000 to Android and iOS users across India
• According to I4C: Digital financial frauds accounted for a staggering Rs 1.25 lakh crore over the last 3 years
• HQs of Truecaller – Stockholm, Sweden | CEO & Co-Founder – Alan Mamedi
• HQs of HDFC ERGO General Insurance – Mumbai, Maharashtra | MD & CEO – Anuj Tyagi | Founded in – 2002

201. Securities and Exchange Board of India (SEBI) has increased the threshold for the basic service demat account to Rs 10
lakh from the current Rs 2 lakh to boost participation of small investors in the securities market. The new guidelines will
come into force from September 1, 2024. Increasing the limit of securities’ value held in the Basic Services Demat Account
(BSDA) will encourage small investors to trade in the stock market and ensure their financial inclusion. BSDA is a more basic
version of a regular demat account. The facility was introduced by SEBI in 2012 to reduce the burden of demat charges on
investors with small portfolios. For portfolio values up to Rs 4 lakh, SEBI said that the annual maintenance charge for a BDSA
would be nil and for portfolio values of above Rs 4 lakh and up to Rs 10 lakh, the charges would be Rs 100. However, if
portfolio value exceeds Rs 10 lakh then BDSA should automatically be converted into a regular demat account. {Read more}
Smart Points:
• SEBI – increased threshold for Basic Service Demat Account (BSDA) to Rs 10 lakh (from Rs 2 lakh) | Effective from Sep 1
• Aim: To boost participation of small investors in the securities market
• BSDA was introduced by SEBI in 2012 – to reduce the burden of demat charges on small investors
• Annual maintenance charge for a BDSA
- Nil – for portfolio values up to Rs 4 lakh
- Rs 100 – for portfolio values of above Rs 4 lakh and up to Rs 10 lakh
• BDSA should automatically be converted into a regular demat account if portfolio value exceeds Rs 10 lakh
• HQs of SEBI – Mumbai, Maharashtra | Chairman – Madhabi Puri Buch | Established in – 1992

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202. India received $120 billion in remittances in 2023, supported by
strong labour markets in the US and Europe, according to the World
Bank. Mexico ($66 billion), China ($50 billion), the Philippines ($39
billion), and Pakistan ($27 billion) figure in top five countries list of
remittances recipients. As per the report, the growth in remittances to
India is likely to halve in 2024 to 3.7% from 7.5% in 2023. Remittances
are projected to rise marginally to $124 billion in 2024 and to $129 billion in 2025. India also remained the largest origin
countries of emigrants (18.7 million), followed by Ukraine (11.9 million), China (11.1 million), Mexico (11 million), and
República Bolivariana de Venezuela (8.9 million). The remittance flows to India from the UAE, which account for 18% and
are the 2nd largest source of India’s remittances after the US. {Read more}
Smart Points:
• India received $120 billion in remittances in 2023 (supported by strong labour markets in the US & Europe)
• India is followed by – Mexico ($66 billion), China ($50 billion), Philippines ($39 billion), & Pakistan ($27 billion)
• Growth in remittances to India is likely to halve in 2024 to 3.7% (from 7.5% in 2023)
• Remittances are projected to rise marginally to $124 billion in 2024 & to $129 billion in 2025
• India – also remained the largest origin countries of emigrants (18.7 million) | Followed by – Ukraine & China
• Largest source of India’s remittances – US (2nd - UAE)

203. State Bank of India (SBI) has unveiled “MSME Sahaj - End to End Digital Invoice Financing”, a web-based digital business
loans solution for MSMEs’ Invoice Financing, aimed at facilitating MSME loans with a fast turn-around-time. Using “MSME
Sahaj”, the bank’s customers can avail finance against their GST-registered sales invoices of up to Rs 1 lakh in less than 15
minutes. The purpose of the product is to provide ‘on tap’ short term credit for working capital needs to Micro SME units
who are part of the GST regime. {Read more}
Smart Points:
• SBI – unveiled “MSME Sahaj - End to End Digital Invoice Financing”, a web-based digital business loans solution
• Customers can avail finance against their GST-registered sales invoices of up to Rs 1 lakh in less than 15 minutes
• HQs of SBI – Mumbai, Maharashtra | Chairman – Dinesh Kumar Khara (From Aug’24 - Challa Sreenivasulu Setty)
MDs – Challa Sreenivasulu Setty | Alok Kumar Choudhary | Ashwini Kumar Tewari | Vinay M. Tonse

204. ICICI Bank has launched the “Student Sapphiro Forex Card”, a premium forex prepaid card crafted specifically for
students who are going abroad for higher education. This card provides exclusive benefits and convenience to students as
well as their parents to manage education related expenses abroad such as admission fees, course-related fees and other
day-to-day expenses including travel, dining and groceries, among others. The students can transact in 15 different
currencies without incurring any cross-currency markup fees from the bank. {Read more}
Smart Points:
• ICICI Bank – launched “Student Sapphiro Forex Card”, a premium forex prepaid card
• It is crafted specifically for students who are going abroad for higher education
• Students can transact in 15 different currencies without incurring any cross-currency markup fees from the bank
• HQs of ICICI Bank – Mumbai | MD & CEO – Sandeep Bakhshi | Taglines – “Hum Hain Na!” & “Khayal Apka”

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205. Indiabulls Housing Finance Ltd has rebranded itself as ‘Sammaan Capital Ltd’, following its
transformation into a board-run and diversely-held financial institution, from being a promoter-
led and promoter-driven lender. The company received the receipt of Certificate of Incorporation
issued by the Registrar of Companies (RoC), and a receipt from the RBI of new Certificate of
Registration (CoR) as an NBFC-ICC (Non-Banking Financial Company - Investment and Credit Company). {Read more}
Smart Points:
• Indiabulls Housing Finance – rebranded itself as ‘Sammaan Capital Ltd’
• HQs of Sammaan Capital Ltd – Gurugram, Haryana | Vice-Chairman & MD – Gagan Banga

206. The Reserve Bank of India (RBI) and ASEAN countries are collaborating on “Project Nexus”, aimed at establishing a
platform for instant cross-border retail payments by interlinking domestic fast payments systems (FPSs). India has joined 4
ASEAN countries (Malaysia, Philippines, Singapore, & Thailand) as founding members. The platform is expected to go live by
2026. It will enhance efficiency and reduce costs in international transactions. An agreement was signed by the BIS and the
central banks of the four founding countries on June 30 in Basel, Switzerland. Indonesia, which has been a part of the process
from early stages, is a special observer. Unified Payments Interface (UPI) is India’s FPS. {Read more}
Smart Points:
• RBI + ASEAN countries = collaborating on “Project Nexus” to establish a platform for instant cross-border retail payments
by interlinking domestic FPSs
• India has joined 4 ASEAN countries (Malaysia, Philippines, Singapore, & Thailand) as Founding Members
• The platform is expected to go live by 2026 | Indonesia – is a special observer
• Chairmanship of ASEAN 2024 – Laos (Lao PDR) | Secretariat of ASEAN – Jakarta, Indonesia | Members – 10
• HQs of RBI – Mumbai, Maharashtra | Governor – Shaktikanta Das (25th) | Established on – 1st April, 1935
Total Deputy Governors (4) – S. Janakiraman | T. Rabi Sankar | Michael D. Patra | M. Rajeshwar Rao

207. National Bank for Agriculture and Rural Development (NABARD) and Online PSB Loans Ltd have signed an MoU to
smoothen the enrolment and claim settlement processes under the ‘Jan Suraksha Schemes’ for all 43 Regional Rural Banks
(RRBs). Under this initiative, NABARD will integrate all 43 RRBs onto the ‘Jan Suraksha Portal’ to democratise access to
financial protection schemes such as Pradhan Mantri Jeevan Jyoti Bima Yojna and Pradhan Mantri Suraksha Bima Yojna
across erstwhile inaccessible corners of the country. The project aims to ensure a hassle-free experience for both banks and
their customers by leveraging technology to connect the Jan Suraksha Portal with the Core Banking Solutions (CBS) of RRBs
via Application Programming Interfaces (APIs). {Read more}
Smart Points:
• NABARD + Online PSB Loans Ltd = an MoU to smoothen the enrolment & claim settlement processes under the ‘Jan
Suraksha Schemes’ for all 43 RRBs
• The project aims to connect ‘Jan Suraksha Portal’ with the Core Banking Solutions (CBS) of RRBs via APIs
• HQs of NABARD – Mumbai, Maharashtra | Chairman – Shaji K. V. | Founded in – 1982
• HQs of Online PSB Loans Ltd – Ahmedabad, Gujarat | MD & CEO – Jinand Shah

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208. As per the data provided by the RBI, India’s external debt was placed at $663.8 billion at end-March 2024, an increase
of $39.7 billion over March 2023. Despite the rise, the country’s external debt to GDP ratio declined to 18.7% at end-March
2024 from 19% at the end of March 2023. The ratio comprises both government and non-government debt. The
government’s external debt stood at 4.2% of GDP, while the non-government sector’s external debt was placed at 14.5%.
US dollar-denominated debt remained the largest component of India’s external debt, with a share of 53.8% at end-March
2024, followed by debt denominated in the Indian Rupee (31.5%), Yen (5.8%), SDR (5.4%), and Euro (2.8%). Additionally,
loans remained the largest component of external debt, with a share of 33.4%. {Read more}
Smart Points:
• India’s external debt was placed at $663.8 billion at end-March 2024 (an increase of $39.7 billion)
• India’s external debt to GDP ratio declined to 18.7% at end-March 2024 (from 19%)
• Govt’s external debt stood at 4.2% of GDP, while non-govt sector’s external debt stood at 14.5% of GDP
• Largest component of India’s external debt – US dollar-denominated debt (53.8%) | 2nd – Indian Rupee (31.5%)
• Loans (33.4%) – remained the largest component of external debt

209. Bajaj Housing Finance has launched “Sambhav Home Loans” targeting first time home buyers with affordable income
criteria. The income norm for first-time homebuyers, under this new product, starts from Rs 10,000 per month, with loan
amounts as low as Rs 10 lakh, hence making this an accessible option for prospective borrowers across a wide range of
income groups. Both salaried and self-employed applicants, including from the informal sector, are eligible for finance as
part of this product. {Read more}
Smart Points:
• Bajaj Housing Finance – launched “Sambhav Home Loans” targeting 1st time home buyers with affordable income criteria
• Income norm starts from – Rs 10,000 per month | Loan amounts – as low as Rs 10 lakh
• HQs of Bajaj Housing Finance Ltd – Pune, Maharashtra | CEO – Atul Jain | Founded in – 2008

210. On the occasion of the 69th Foundation Day, State Bank India (SBI) has announced 11 new initiatives to mitigate risks in
its agricultural loan portfolio. The initiatives include enhancement of its digital banking features and opening of 35 new
Agricultural Centralised Processing Cells. SBI has enhanced its digital payment experience, with the introduction of two
exciting features like tap-and-pay on the BHIM SBI PAY app and end-to-end digital loans against mutual funds on the YONO
app. The bank has also announced an initiative, which is a fully digital end-to-end journey for ‘SBI Surya Ghar Loan’. The
users can opt for credit to install solar rooftops under the central government’s ‘PM Surya Ghar Scheme’, offering loans for
up to 10 KW capacity. Besides, SBI opened a second Global NRI Centre (GNC) in Patiala, Punjab, to enhance its service to NRI
clients. {Read more}
Smart Points:
• SBI announced 11 new initiatives to mitigate risks in its agricultural loan portfolio
• The initiatives include:
- opening of 35 new Agricultural Centralised Processing Cells
- introduction of two exciting features - tap-and-pay on the BHIM SBI PAY app & end-to-end digital loans against MF
- a fully digital end-to-end journey for ‘SBI Surya Ghar Loan’
- 2nd Global NRI Centre (GNC) in Patiala, Punjab
• HQs of SBI – Mumbai, Maharashtra | Chairman – Dinesh Kumar Khara (From Aug’24 - Challa Sreenivasulu Setty)
MDs – Challa Sreenivasulu Setty | Alok Kumar Choudhary | Ashwini Kumar Tewari | Vinay M. Tonse

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211. Life Insurance Corporation of India (LIC) has launched “Jeevan Samarth”, an initiative aimed at transforming the agency
ecosystem. To achieve this, LIC has partnered with an American global consulting firm, A.T. Kearney, which will undertake
this agency transformation project by reviewing its existing agency framework on an end-to-end basis. The project will
review and revamp operations at all levels - branch, division and zonal. This transformation exercise will result in giving more
tools and additional skills, thereby making the bond between agents and LIC stronger. {Read more}
Smart Points:
• LIC + A.T. Kearney (US) – launched “Jeevan Samarth” to transform agency ecosystem
• HQs of LIC – Mumbai | Chairman – Siddhartha Mohanty | Founded in – 1956 | Tagline – ‘Yogakshemam Vahamyaham’
4 MDs of LIC – R. Doraiswamy, Sat Pal Bhanoo, Tablesh Pandey & M. Jagannath

212. The Reserve Bank of India (RBI) has cancelled the licence of Shimsha Sahakara Bank Niyamitha, Maddur, Karnataka, in
the wake of its worsening financial position. Consequently, the bank ceases to carry on banking business, with immediate
effect. About 99.96% of the depositors are entitled to receive the full amount of their deposits from the DICGC. Moreover,
the RBI also cancelled the licence of Banaras Mercantile Co-operative Bank due to its deteriorating financial health. In June,
the RBI cancelled the licences of Mumbai’s City Co-operative Bank and Purvanchal Co-operative Bank in Ghazipur, Uttar
Pradesh, due to similar issues of inadequate capital and earning prospects. {Read more}
Smart Points:
• RBI – cancelled licence of Shimsha Sahakara Bank Niyamitha (Maddur, Karnataka)
• RBI – cancelled licence of Banaras Mercantile Co-operative Bank (Varanasi, UP)
• RBI – cancelled licence of City Co-operative Bank (Mumbai) & Purvanchal Co-operative Bank (Ghazipur, UP) in June’24
• HQs of RBI – Mumbai, Maharashtra | Governor – Shaktikanta Das (25th) | Established on – 1st April, 1935
Total Deputy Governors (4) – S. Janakiraman | T. Rabi Sankar | Michael D. Patra | M. Rajeshwar Rao

213. The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1.31 crore on Punjab National Bank for non-
compliance with certain directions related to KYC and ‘loans and advances’. RBI found that PNB sanctioned working capital
demand loans to two state government-owned corporations against amounts receivable from government by way of
subsidies/ refunds/ reimbursements. {Read more}
Smart Points:
• RBI – imposed a monetary penalty of Rs 1.31 Cr on PNB for non-compliance with certain directions
• HQs of PNB – New Delhi | MD & CEO – Atul Kumar Goel | Tagline – “The Name You Can Bank Upon”

214. The Reserve Bank of India has launched an exclusive 2-hour window called “Finquiry” for fintechs to visit the FinTech
department of the RBI in Mumbai. This initiative aims to provide a platform for fintechs to seek clarity and discuss fintech-
related queries directly with RBI officials. This window will be available on the last working Wednesday of every month from
3 to 5 pm. It will help fintechs navigate the regulatory landscape, clarify compliance queries and further discuss innovation
related concerns. {Read more}
Smart Points:
• RBI – launched a 2-hour window, “Finquiry,” for fintechs to visit the FinTech department of RBI in Mumbai
• Aim: To provide a platform for fintechs to seek clarity & discuss fintech-related queries directly with RBI officials
• It will be available on the last working Wednesday of every month from 3 to 5 pm
• HQs of RBI – Mumbai, Maharashtra | Governor – Shaktikanta Das (25th) | Established on – 1st April, 1935
Total Deputy Governors (4) – S. Janakiraman | T. Rabi Sankar | Michael D. Patra | M. Rajeshwar Rao

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215. Interest rates on Small Savings Schemes (SSS) like Public Provident Fund (PPF), Kisan Vikas Patra (KVP), National Savings
Certificate (NSC), Sukanya Samriddhi Yojana (SSY), Senior Citizen Savings Scheme (SCSS), Post Office Time Deposits (POTD),
Mahila Samman Savings Certificate, and Post Office Monthly Income Scheme (POMIS) have remained unchanged for the
July-September quarter (Q2) of FY 2024-25. Most of the post office small savings schemes are allowed deductions benefits
under Section 80C of the ‘Income Tax Act, 1961’. Among various schemes, some like PPF, Sukanya Samriddhi Yojana, KVP,
etc., also get exemption benefits on interest earned. Small savings schemes interest rates are linked to 10-year Government
Securities (G-Secs) yields in the secondary market. The government review rates for small savings schemes every three
months by following a set formula. The Shyamala Gopinath Committee recommended a methodology to compute interest
rates for small savings schemes. As per the committee’s suggestions, the interest rates on various small savings schemes are
set with a range of 25 to 100 bps above the G-Secs yields with matching maturities. All unchanged rates of Small Savings
Schemes are mentioned below. {Read more}
Smart Points:
• Interest rates on Small Savings Schemes remained unchanged for Q2 FY25:

216. ICICI Bank has introduced “SmartLock”, a feature that allows customers to instantly lock or unlock various banking
services without contacting a helpline. SmartLock is available on the bank’s iMobile Pay app and it is the first of its kind in
India. SmartLock enables customers to take control of their account security by disabling or enabling access to internet
banking, UPI payments and credit & debit cards with a simple click. SmartLock allows scheduled standing instructions and
E-mandates to go through, even when a banking service is locked by the customer. {Read more}
Smart Points:
• ICICI Bank – introduced “SmartLock,” a first-of-its-kind feature by any bank in India
• To allow customers to instantly lock or unlock various banking services without contacting a helpline
• HQs of ICICI Bank – Mumbai, MH | MD & CEO – Sandeep Bakhshi | Taglines – “Hum Hain Na!” & “Khayal Apka”

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217. Bank of Baroda’s board of directors has approved a plan to raise additional capital of ₹7,500 crore through Additional
Tier 1 (AT1) and Tier 2 bonds during the financial year 2024-25. Apart from the additional capital, the public sector lender
has received the board’s approval to raise ₹10,000 crore through long-term bonds to finance infrastructure initiatives and
affordable housing in single or multiple segments during FY25. The bank’s net interest income (NII) increased 8.1% to
₹44,722 crore in FY24. Bank of Baroda has been rated “BBB-” with a stable outlook in terms of Long Term Issuer Default
Rating from Fitch Ratings as of April 16, 2024. {Read more}
Smart Points:
• BoB – approved plan to raise additional capital of ₹7,500 Cr through Additional Tier 1 & Tier 2 bonds during FY25
• BoB – approved to raise ₹10,000 Cr through long-term bonds to finance infrastructure initiatives & affordable housing
• Net Interest Income (NII) of BoB – increased 8.1% to ₹44,722 Cr in FY24
• In terms of Long Term Issuer Default Rating – BoB rated “BBB-” by Fitch Ratings
• HQs of BoB – Vododara, Gujarat | MD & CEO – Debadatta Chand | Tagline – “India’s International Bank”

218. Paytm, owned by One 97 Communications Limited (OCL), has launched “Health Saathi”,
an exclusive health and income protection plan for its merchant partners. This plan is available
on the ‘Paytm for Business’ app. This initiative is part of Paytm’s ongoing efforts to support its
vast network of merchant partners by providing them with affordable, comprehensive
healthcare benefits. Starting at just ₹35 per month on a monthly subscription, Paytm Health
Saathi offers a range of services that includes unlimited doctor teleconsultation, in-person doctor visits (OPD) within its
partner network. The doctor teleconsultation service is powered by MediBuddy. {Read more}
Smart Points:
• Paytm – launched “Health Saathi”, an exclusive health & income protection plan for its merchant partners
• It starts at – ₹35 per month (monthly subscription) | It includes doctor teleconsultation – powered by MediBuddy
• HQs of One97 Communications – Noida, Uttar Pradesh | CEO – Vijay Shekhar Sharma

219. According to the Reserve Bank of India’s “Measuring Productivity at the Industry Level-The India KLEMS [Capital (K),
Labour (L), Energy (E), Material (M) and Services (S)]” database, India’s employment rate grew by 6% for 2023-2024 up from
3.2% in 2022-2023. Employment in India increased by 4.67 crore to 64.33 crore or 643.3 million (provisional) in 2023-24,
from 59.67 crore in 2022-23. The total number of employed people as a ratio of the total population has increased to 44.2%
in FY24, from 34.7% in FY18. The unemployment ratio has gone down to 1.4% in FY24, from 2.2% in FY18. The database
covers 27 industries aggregated to form 6 sectors. According to the data, the increase in employment is across education
levels and age groups. RBI’s report used data from the National Accounts and the Ministry of Labour. As per the data, India
has generated more than 80 million employment opportunities between FY18 and FY22, in an average of over 20 million
jobs a year, despite the COVID-19 pandemic during 2020-21. {Read More}
Smart Points:
• “Measuring Productivity at the Industry Level-The India KLEMS [Capital (K), Labour (L), Energy (E), Material (M) and
Services (S)]” database – released by RBI
• India’s employment rate – grew by 6% FY24 (from 3.2% in FY23)
• Employment in India – increased by 4.67 Cr to 64.33 Cr in FY24 (from 59.67 Cr in FY23)
• Total number of employed people as a ratio of total population – increased to 44.2% in FY24 (from 34.7% in FY18)
• Unemployment ratio – gone down to 1.4% in FY24 (from 2.2% in FY18)
• India – generated 80 million+ employment opportunities between FY18 & FY22 (average of 20 million+ jobs a year)

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220. Tata Asset Management Company has launched India’s 1st Tourism Index Fund, comprising a collection of companies
forming part of the Nifty 500. The Tata Nifty India Tourism Index Fund will track the Nifty India Tourism Index. The NFO will
close on July 19, 2024. The minimum investment amount during the NFO period is Rs 5,000 and can be increased in multiples
of Rs 1. An exit load of 0.25% of the applicable net asset value (NAV) will be applied if one redeems units on or before 15
days of allotment. This open-ended index fund will give exposure to India’s fastest-growing companies from travel, tourism
and hospitality businesses. The fund has given 32% weightage to the hotels and resorts sector. It is followed by airlines
(19%), restaurants (19%), tour, travel related services (16%), airports and airport services (10%) and luggage (3%). The Tata
Nifty India Tourism Index Fund, which comprises 17 stocks, can house a maximum of 30 stocks from the parent index Nifty
500. {Read More}
Smart Points:
• Tata AMC – launched India’s 1st Tourism Index Fund, comprising a collection of companies forming part of Nifty 500
• Minimum investment amount during NFO period – Rs 5,000 | Last date – July 19, 2024
• Exit load of 0.25% of applicable net asset value will be applied if one redeems units on or before 15 days of allotment
• Weightage given by this fund to: 32% – Hotels & Resorts | 19% – Airlines | 19% – Restaurant | 16% – Tour & Travels
| 10% – Airports | 3% – Luggage
• Tata Nifty India Tourism Index Fund – comprises 17 stocks & can house a maximum of 30 stocks from Nifty 500
• HQs of Tata AMC – Mumbai, Maharashtra | MD & CEO – Prathit Bhobe

221. Mauritius, once among the leading destinations for Foreign Portfolio Investors
(FPIs) routing funds into India, has now slipped to the 5th position, behind Ireland, in
terms of Assets Under Custody (AUC) as of June 30, 2024, according to data from the
National Securities Depository (NSDL). At the 4th position, Ireland boasted an AUC of
Rs 4.41 trillion, slightly more than Mauritius, which recorded an AUC of Rs 4.39
trillion. The top three places are occupied by the US (30.68 trillion), Singapore (7.05
trillion) & Luxembourg (5.57 trillion). In March, the governments of Mauritius and
India signed a deal to amend the Double Taxation Avoidance Agreement (DTAA). The
Base Erosion and Profit Shifting (BEPS) is a term used to describe tax avoidance
strategies used by entities to reduce their tax bases. {Read More}
Smart Points:
• According to NSDL, Assets Under Custody (AUC) as of June 30, 2024:
• Mauritius (Rs 4.39 trillion) – slipped to the 5th position, behind Ireland (Rs 4.41 trillion)
• Top 3: US (30.68 trillion), Singapore (7.05 trillion), Luxembourg (5.57 trillion)
• BEPS – Base Erosion and Profit Shifting (a term used to describe tax avoidance strategies used by entities to reduce
their tax bases)
• HQs of NSDL – Mumbai, Maharashtra | MD & CEO – Padmaja Chunduru | Chairman – Parveen Kumar Gupta

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222. Kotak Mahindra Asset Management Company or Kotak Mutual Fund has launched the
“BSE PSU Index Fund”, a passive equity scheme that will replicate the BSE PSU Index. The
index currently comprises 56 public sector undertaking (PSU) stocks across sectors. The
scheme opened for public subscription on July 10, 2024, and will close on July 24, 2024. This
fund provides a structured approach to PSU investing, allowing investors to participate in the
potential of this segment passively while managing risks through diversification. Investors can invest under the scheme with
a minimum investment of ₹100 per plan. Nilesh Shah is the Managing Director of KMAMC, while Devender Singhal is the
Fund Manager. {Read More}
Smart Points:
• Kotak Mahindra AMC – launched “BSE PSU Index Fund”, a passive equity scheme to replicate BSE PSU Index
• It currently comprises 56 PSU stocks across sectors | Fund Manager – Devender Singhal
• Dates for scheme: Open – July 10, 2024 | Close – July 24, 2024 | Min. investment – ₹100 per plan
• HQs of Kotak MF – Mumbai, Maharashtra | MD – Nilesh Shah | Founded – 1985

223. Global rating agency Moody’s has revised its outlook on Indian private sector lender, Yes Bank, from “stable” to
“positive” on the expectation of a gradual improvement in its depositor base and lending franchise. This will help improve
its core profitability over the next 12-18 months. The positive outlook takes into account the improvement in the bank's
asset quality and capitalisation over the past 2-3 years. The rating agency also affirmed Yes Bank’s “Ba3” long-term (LT)
foreign currency (FC) and local currency (LC) bank deposit ratings. {Read More}
Smart Points:
• Moody’s – revised its outlook on Yes Bank, from “stable” to “positive”
• It also affirmed Yes Bank’s “Ba3” long-term (LT) foreign currency (FC) & local currency (LC) bank deposit ratings
• HQs of Yes Bank – Mumbai, Maharashtra | MD & CEO – Prashant Kumar | Tagline – “Experience our Expertise”

224. As per the Reserve Bank of India (RBI), the “Financial Inclusion Index (FI-Index)”, which captures the extent of financial
inclusion across the country, stood at 64.2 in March 2024 from 60.1 in March 2023. The improvement in the “FI-Index” was
due to the growth witnessed across all sub-indices and mainly in the ‘Usage’ parameter. The “FI-Index” comprises 3 broad
parameters with variant weightage: ‘Access’ (35%), ‘Usage’ (45%) and ‘Quality’ (20%). It captures information on various
aspects of financial inclusion in a single value ranging between 0 and 100, where 0 represents complete financial exclusion
and 100 indicates full financial inclusion. The “FI-Index”, published annually in July, was conceptualised as a comprehensive
index incorporating details of banking, investments, insurance, postal as well as the pension sector in consultation with
government and respective sectoral regulators. It is constructed without any ‘base year’. {Read More}
Smart Points:
• “Financial Inclusion Index (FI-Index)” – released by RBI | It stood at 64.2 in March 2024 (from 60.1 in March 2023)
• Improvement in ‘FI-Index’ is due to – growth witnessed across all sub-indices & mainly in ‘Usage’ parameter
• It comprises 3 broad parameters with variant weightage – ‘Access’ (35%), ‘Usage’ (45%) & ‘Quality’ (20%)
• FI-Index’s value ranges between 0 & 100
• HQs of RBI – Mumbai, Maharashtra | Governor – Shaktikanta Das (25th) | Established on – 1st April, 1935
Total Deputy Governors (4) – S. Janakiraman | T. Rabi Sankar | Michael D. Patra | M. Rajeshwar Rao

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225. Between FY14 and FY23, India generated 125 million jobs, which is 4.3 times more than
the preceding decadal period of FY04-FY14 during which 29 million jobs were generated,
according to a State Bank of India’s (SBI) report. Excluding agriculture, the total number of
jobs created in manufacturing and services is at 89 million during FY14-FY23, increased by
33% from FY04-FY14. Besides, the report also noted that the total employment reported by
MSMEs registered with the MSME Ministry has crossed 200 million. Besides, the report also notes that the KLEMS data
shows that the total labour force in India is at 597 million, while the share of EPFO jobs is 28%. {Read More}
Smart Points:
• As per SBI report, India generated 125 million jobs between FY14-FY23 (4.3 times more than in FY04-FY14)
• Total number of jobs created in manufacturing & services – 89 million during FY14-FY23 (up from 33% from FY04-FY14)
• Total employment reported by MSMEs registered with MSME Ministry – crossed 200 million
• As per KLEMS data, total labour force in India – 597 million | Share of EPFO jobs – 28%
• HQs of SBI – Mumbai, Maharashtra | Chairman – Dinesh Kumar Khara (From Aug’24 - Challa Sreenivasulu Setty)
MDs – Challa Sreenivasulu Setty | Alok Kumar Choudhary | Ashwini Kumar Tewari | Vinay M. Tonse

226. Punjab National Bank has signed an MoU with Steel Authority of India Ltd (SAIL) to provide home loan, car loan and
education loan to the latter’s employees at concessional rates. This strategic partnership aims to enhance the financial well-
being of SAIL’s employees while expanding PNB’s customer base within the steel sector. {Read More}
Smart Points:
• PNB + SAIL = an MoU to provide home loan, car loan & education loan to SAIL’s employees at concessional rates
• HQs of PNB – New Delhi | MD & CEO – Atul Kumar Goel | Tagline – “The Name You Can Bank Upon”
• HQs of SAIL – New Delhi | CMD – Amarendu Prakash | Founded – January 24, 1973

227. Muthoot Finance is the only Indian NBFC to be selected for The Financial Action Task
Force’s (FATF) “Mutual Evaluation Report 2023-24”. This selection underscores the
company’s commitment to fair trade practices, transparency, and regulatory compliance.
FATF placed India in its ‘regular follow-up category’, in select group with only 4 other G20
countries. FATF is a global agency formed in 1989 to develop policies to combat money
laundering, terrorism financing and several other significant threats to soundness of the financial system. {Read More}
Smart Points:
• Muthoot Finance – only Indian NBFC to be selected for FATF’s “Mutual Evaluation Report 2023-24”
• FATF – placed India in its ‘regular follow-up category’ (with only 4 other G20 countries)
• HQs of Muthoot Finance – Kochi, Kerala | Chairman – George Jacob Muthoot | Founded in – 1997
• HQs of FATF – Paris, France | President – Elisa de Anda Madrazo | Established – July 1989

228. The Reserve Bank of India (RBI), with the Government of India’s concurrence, has decided to put in place a revised
framework for currency swap arrangements for ‘South Asian Association for Regional Cooperation (SAARC)’ countries for
the period 2024 to 2027. Under the framework, a separate INR Swap Window, with a total corpus of Rs 250 billion, is
introduced with various concessions for swap support in Indian Rupee. The RBI will continue to offer swap arrangements in
US Dollar and Euro under a separate ‘US Dollar/Euro Swap Window’ with an overall corpus of $2 billion. The currency swap
facility will be available to all SAARC member countries, subject to their signing the bilateral swap agreements. The SAARC
Currency Swap facility first came into operation on November 15, 2012, with an intention to provide a backstop line of
funding for short-term foreign exchange liquidity requirements or balance of payment crises of the SAARC countries. {Read
More}

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229. The Reserve Bank of India (RBI) approved the conversion of Jio Financial Services (JFSL) from a Non-Banking Financial
Company (NBFC) to a Core Investment Company (CIC). In November 2023, JFSL, the financial services arm of Reliance
Industries Ltd (RIL), applied to become a CIC after the RBI directed the conversion following its demerger from RIL. A CIC, by
regulatory definition, must have an asset size greater than Rs 100 crore and must hold at least 90% of its net assets in
investments such as equity shares, preference shares, bonds, debentures, or loans in group companies. All CICs with assets
more than Rs 100 crore are subject to RBI regulations. The transition from an NBFC to a CIC involves several key changes in
the company’s operational framework. Unlike typical NBFCs, CICs are non-deposit-taking financial companies (NBFCs) that
have their assets predominantly invested in the equity shares, preference shares, or debt instruments of their group
companies. JFSL was listed on stock exchanges in August 2023. {Read More}
Smart Points:
• RBI – approved conversion of Jio Financial Services from an NBFC to a Core Investment Company (CIC)
• CIC must have asset size of Rs 100 Cr+ & must hold at least 90% of its net assets in investments/loans in group companies
• HQs of Jio Financial Services – Mumbai, Maharashtra | Chairman – KV Kamath | MD & CEO – Hitesh Kumar Sethia

230. The Securities and Exchange Board of India (SEBI) has revised the eligibility criteria for the entry and exit of stocks in
the derivatives segment of exchanges. Under the new norms, the criteria for exit shall apply to only those stocks which have
completed at least 6 months from the month of entry into the derivatives segment. For existing stocks in the derivatives
segment, the exit criteria on the basis of performance would be applicable 3 months after the date of issuance of circular.
The last revision in such selection criteria was carried out in 2018. The SEBI has also introduced a “Product Success
Framework” for single stock futures and options, aiming to enhance liquidity and participation in the derivatives market.
The framework will come into effect 6 months after the circular’s issuance. {Read More}
Smart Points:
• SEBI – revised eligibility criteria for entry & exit of stocks in derivatives segment of exchanges
• Now, criteria for exit shall apply to only those stocks which have completed at least 6 months from the month of entry
• For existing stocks, exit criteria would be applicable 3 months after the date of issuance of circular
• Last revision in selection criteria – carried out in 2018
• SEBI – also introduced “Product Success Framework” for single stock futures & options to enhance liquidity &
participation in derivatives market
- It will come into effect 6 months after the circular’s issuance
• HQs of SEBI – Mumbai, Maharashtra | Chairman – Madhabi Puri Buch | Established in – 1992

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231. National Bank for Agriculture and Rural Development (NABARD) has announced to launch an “Agri fund for Start-Ups
& Rural Enterprises (Agri-SURE)”, with initial corpus of ₹750 crore to be managed by its wholly owned subsidiary
NABVENTURES Ltd. While NABARD and the Ministry of Agriculture are contributing ₹250 crore each, the rest ₹250 crore is
from other institutions. The fund is structured to support about 85 agri start-ups with investment sizes of up to ₹25 crore
each by the end of its term. The fund will provide support through investments in sector-specific, sector-agnostic, and debt
alternative investment funds (AIFs), as well as direct equity support to start-ups. NABARD has also announced “AgriSURE
Greenathon 2024”, a hackathon which is aimed at addressing three key problem statements: ‘Smart Agriculture on a
Budget’, ‘Turning Agri-Waste into Profitable Business Opportunities’, and ‘Tech Solutions Making Regenerative Agriculture
Remunerative’. {Read More}
Smart Points:
• NABARD – to launch “Agri fund for Start-Ups & Rural Enterprises (Agri-SURE)” | Managed by – NABVENTURES Ltd
• Initial corpus – ₹750 Cr | Share: NABARD – ₹250 Cr | MAFW – ₹250 Cr | Other institutions – ₹250 Cr
• It will support about 85 agri start-ups with investment sizes of up to ₹25 Cr each by end of its term
• NABARD – announced “AgriSURE Greenathon 2024,” a hackathon to address 3 key problem statements:
- ‘Smart Agriculture on a Budget’
- ‘Turning Agri-Waste into Profitable Business Opportunities’
- ‘Tech Solutions Making Regenerative Agriculture Remunerative’
• HQs of NABARD – Mumbai, Maharashtra | Chairman – Shaji K. V. | Founded in – 1982

232. Bank of India (BOI) has been felicitated with the “Atal Pension Yojana Annual
Award for FY2023-24” by PFRDA (Pension Fund Regulatory and Development
Authority Awards) for the second consecutive year. Additionally, the Bank has been
awarded the “APY Ultimate Champions Cup” while 3 of its branches have been
recognized among the top 5 branches across India. The State Level Bankers’
Committee (SLBC) Jharkhand, led by Bank of India, received the prestigious ‘Award of
Ultimate Leadership’ for exemplary contributions to APY enrolments in the state. BOI-sponsored Regional Rural Banks -
Aryavrat, MPGB, and VKGB - were also felicitated for their APY enrolment achievements. {Read More}
Smart Points:
• BOI – felicitated with “Atal Pension Yojana Annual Award for FY24” for 2nd consecutive year | By – PFRDA
• BOI – awarded “APY Ultimate Champions Cup” | 3 branches of BOI – are among top 5 branches across India
• SLBC Jharkhand – received ‘Award of Ultimate Leadership’ for exemplary contributions to APY enrolments in Jharkhand
• Aryavrat, MPGB & VKGB (BOI-sponsored RRBs) – felicitated for their APY enrolment achievements
• HQs of BOI – Mumbai, Maharashtra | CEO – Rajneesh Karnatak | Tagline – “Relationship Beyond Banking”

233. State Bank of India (SBI) has raised its benchmark marginal cost of fund-based lending rate
(MCLR) by 5-10 basis points with effect from 15 July 2024. The MCLR is for 1 month to 3 years,
and 1 basis point is 0.01 percentage point. With the increase in the MCLR, the interest rates on
loans are also likely to rise by a similar measure, and EMIs rise on linked loans. SBI hiked the MCLR
on 1 month by 5 basis points to 8.35%, while the 3-month MCLR has been hiked by 10 basis points
to 8.40%. The MCLR on 1-year loan tenures is increased by 10 basis points to 8.85%. Similarly, the MCLR on 3-month, 6-
month, and 2-year loan tenures is hiked by 10 basis points each to 8.4%, 8.75%, and 8.95%, respectively. The 3-year MCLR
is hiked by 5 basis points to 9%. This recent hike in MCLR is the 2nd consecutive hike in rates by SBI after a 10-basis point hike
announced in June 2024. Introduced on April 1, 2016, MCLR is the minimum interest rate below which banks cannot lend.
It reflects the increase in banks’ cost of funds. Mostly corporate loans are linked to MCLR while retail loans are mostly linked
to external benchmarks like the repo rate which has not been changed by RBI since February 2023. {Read More}

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234. The State Bank of India (SBI) has launched ‘Amrit Vrishti’ scheme that offers 7.25% interest on deposits for 444 days.
‘Amrit Vrishti’ also offers an additional 0.50% interest rate to senior citizens, bringing the total rate up to 7.75% per annum.
The special fixed deposit (FD) scheme is available for investment until March 31, 2025. The eligible deposits are Domestic
Retail Term Deposits including NRI Rupee Term Deposits (<Rs 3 crore). The bank’s earlier term deposit scheme, ‘Amrit
Kalash’, had a tenor of 400 days and offered 7.10% interest. {Read More}
Smart Points:
• SBI – launched ‘Amrit Vrishti’ scheme offering up to 7.25% interest for 444 days | Available till – March 31, 2025
• Additional interest rate offered to senior citizens – 0.50% (totalling 7.75% per annum)
• Eligible deposits – Domestic Retail Term Deposits including NRI Rupee Term Deposits (<Rs 3 crore)
• Amrit Kalash (SBI’s earlier term deposit scheme) – had a tenor of 400 days & offered 7.10% interest
• HQs of SBI – Mumbai, Maharashtra | Chairman – Dinesh Kumar Khara
MDs – Challa Sreenivasulu Setty | Alok Kumar Choudhary | Ashwini Kumar Tewari | Vinay M. Tonse

235. The Insurance Regulatory and Development Authority of India (IRDAI) has imposed a penalty of Rs 2 crore on Bajaj
Finance and Rs 1 crore on Aegon Life Insurance (now known as Bandhan Life), citing violations of norms. The insurance
regulator has fined Bajaj Finance Rs 1 crore concerning the reconciliation of commission and professional fees received and
reported to the authority. An additional penalty of Rs 1 crore was imposed concerning the maintenance of records of
customer documentation. While, the penalty on Bandhan Life is imposed for violating certain provisions under the Anti-
Money Laundering (AML) Master Circular. {Read More}
Smart Points:
• IRDAI – imposed a penalty of Rs 2 Cr on Bajaj Finance & Rs 1 Cr on Bandhan Life for citing violations of norms
• HQs of IRDAI – Hyderabad, Telangana | Chairman – Debasish Panda | Established in – 1999
• HQs of Bajaj Finance – Pune, Maharashtra | MD – Rajeev Jain | Established in – 1987
• HQs of Bandhan Life – Mumbai, Maharashtra | MD & CEO – Satishwar B.

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236. With the Consumer Price Index (CPI)-based inflation back at over 5% to touch 5.1%
in June 2024, Barclays Research expected the Reserve Bank of India (RBI) will go for the
first interest rate cut only in December 2024. Barclays Research observed that the
higher-than-expected seasonal increase in vegetable prices pulled CPI Inflation to 5.08%
in June and CPI inflation for July 2024 at 3% year-on-year, driven lower in part by a high
base. For the entire 2024-2025, Barclays Research expects inflation to average 4.3% (RBI:
4.5%). RBI Governor Shaktikanta Das at the last Monetary Policy Committee (MPC)
meeting in June 2024 raised India’s Gross Domestic Product (GDP) growth projection for the current fiscal from 7% to 7.2%.
RBI has kept policy rates unchanged for 8 consecutive MPC meetings, with RBI Governor signalling his reluctance to ease
rates unless inflation falls to its target of 4%. There are 3 upcoming MPC meetings between now and December 2024-August
6-8; October 7-9 and December 4-6. {Read More}
Smart Points:
• As per a Barclays Research, RBI will go for first interest rate cut only in Dec 2024
• CPI-based inflation – back at over 5.08% in June 2024 | CPI inflation for July 2024 – 3% year-on-year
• Expected inflation for FY25 – average 4.3% (RBI: 4.5%) | India’s GDP growth projection for FY25 – 7.2% (from 7%)
• RBI – kept policy rates unchanged for 8 consecutive MPC meetings
• 3 upcoming MPC meetings in 2024 – August 6-8; October 7-9 & December 4-6
• HQs of RBI – Mumbai, Maharashtra | Governor – Shaktikanta Das (25th) | Established on – 1st April, 1935
Total Deputy Governors (4) – S. Janakiraman | T. Rabi Sankar | Michael D. Patra | M. Rajeshwar Rao

237. The Reserve Bank of India (RBI) issued 3 revised “Master Directions on Fraud Risk
Management for the Regulated Entities” viz. Commercial Banks (including Regional Rural
Banks) and All India Financial Institutions; Cooperative Banks (Urban Cooperative Banks /
State Cooperative Banks / Central Cooperative Banks); and Non-Banking Finance
Companies (including Housing Finance Companies). These Master Directions are principle-
based and strengthen the role of the Board in overall governance and oversight of fraud
risk management in the Regulated Entities (REs). The directions mandate REs to comply with principles of natural justice in
a time-bound manner before classifying persons/entities as fraud, taking into account the March 2023 Supreme Court
Judgment on “State Bank of India versus Rajesh Agarwal”. The Framework on Early Warning Signals (EWS) and Red Flagging
of Accounts (RFA) is strengthened further for early detection and prevention of frauds in the REs and timely reporting to law
enforcement agencies and supervisors. Further, the requirement for a data analytics and market intelligence unit for
strengthening risk management systems has been mandated. With the issuance of these Master Directions, the existing 36
Circulars on the subject stand withdrawn. {Read More}
Smart Points:
• RBI – issued 3 revised “Master Directions on Fraud Risk Management for Regulated Entities”
- Commercial Banks (including RRBs) & All India Financial Institutions
- Cooperative Banks (UCBs / SCBs / CCBs)
- NBFCs (including Housing Finance Companies)
• HQs of RBI – Mumbai, Maharashtra | Governor – Shaktikanta Das (25th) | Established on – 1st April, 1935
Total Deputy Governors (4) – S. Janakiraman | T. Rabi Sankar | Michael D. Patra | M. Rajeshwar Rao

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238. The Export-Import Bank of India (EXIM Bank) has entered into an agreement dated February 29,
2024, with the Government of Guyana to provide a Line of Credit (LoC) worth $2.5 million for the
installation of a solar photovoltaic power plant at the Cheddi Jagan International Airport in Guyana.
The Agreement under the LoC is effective from June 24, 2024. Under the LoC, the last date for
disbursement will be 48 months after the scheduled completion date of the project. Of the total credit
provided by EXIM Bank, goods, works and services worth at least 75% of the contract price will be supplied by the seller
from India and the remaining 25% may be procured by the seller from outside India for the eligible contract. {Read More}
Smart Points:
• EXIM Bank + Guyana = a Line of Credit (LoC) worth $2.5 million for the installation of a solar photovoltaic power plant
• At – Cheddi Jagan International Airport, Guyana
• HQs of EXIM Bank – Mumbai, Maharashtra | MD – Harsha Bangari | Founded in – 1982
• Guyana – Georgetown – Guyanese Dollar | President – Mohamed Irfaan Ali

239. As per the data released by the Reserve Bank of India (RBI), Overseas Indians deposited close to $3 billion in non-
resident Indian (NRI) deposit schemes in April-May FY2025, which is over 4 times higher than the amount deposited in these
schemes in the same period last year. Inflows into NRI schemes totalled US$ 2.72 billion in April-May FY2025, compared to
US$ 623 million during the same period in the previous year. As of May, the total outstanding NRI deposits amounted to
US$ 154.72 billion. Notably, inflows in May alone reached US$ 1.7 billion, up from US$ 1.07 billion in April. The NRI deposit
schemes include foreign currency non-resident (FCNR) deposits, non-resident external (NRE) deposits, and non-resident
ordinary (NRO) deposits. During the April-May FY2025 period, NRE deposits attracted the largest inflows, with US$ 1.13
billion, compared to an outflow of US$ 10 million in the same period last year, bringing the total outstanding NRE deposits
to nearly US$ 100 billion. FCNR deposits saw an inflow of over US$ 1.10 billion, up from US$ 524 million a year ago, raising
the total outstanding to US$ 26.8 billion. Similarly, NRO deposits experienced significant inflows of US$ 481 million,
compared to US$ 109 million during the same period last year, with the total outstanding reaching US$ 28 billion. {Read
More}
Smart Points:
• As per data released by RBI:

• Overseas Indians – deposited close to $3 bn in NRI deposit schemes in Apr-May FY25 (4 times higher than FY24)
• Inflows into NRI schemes – totalled US$ 2.72 bn in Apr-May FY25 (from US$ 623 mn in FY24)
• Total NRI deposits (till May) – US$ 154.72 bn | Inflows in May – US$ 1.7 bn (from US$ 1.07 bn in April)
• NRI deposit schemes include – FCNR deposits, NRE deposits & NRO deposits
• HQs of RBI – Mumbai, Maharashtra | Governor – Shaktikanta Das (25th) | Established on – 1st April, 1935
• Total Deputy Governors (4) – S. Janakiraman | T. Rabi Sankar | Michael D. Patra | M. Rajeshwar Rao

240. Federal Bank has announced the appointment of Krishnan Venkat Subramanian as the next Managing Director and CEO
of the bank with effect from September 23, 2024. He will succeed Shyam Srinivasan, the incumbent and longest-serving
managing director and CEO of the bank. The RBI approved this appointment under Section 35B of the Banking Regulation
Act, 2013, for a period of 3 years. {Read More}
Smart Points:
• Krishnan Venkat Subramanian – appointed as MD & CEO of Federal Bank (succeeding - Shyam Srinivasan)
• Shyam Srinivasan – longest-serving MD & CEO of Federal Bank
• HQs of Federal Bank – Aluva, Kerala | MD & CEO – Krishnan Venkat Subramanian | Tagline – “Your Perfect Banking
Partner”

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241. The government backed National Asset Reconstruction Co Ltd (NARCL) has offered to acquire Rs 1.25 lakh crore of non-
performing assets (NPAs) from banks with offers at various stages of due diligence and evaluations. Of the Rs 1.25 trillion,
evaluations for assets valued at around Rs 40,000 crore are currently underway, as per the Economic Survey for 2023-24. So
far, NARCL has acquired stressed debt from 18 accounts, worth Rs 92,000 crore, including the acquisition of the ailing Srei
Infrastructure Finance and Srei Equipment Finance as resolution applicants. NARCL started operation in January 2022 and
acquires bad loans from banks, by paying 15% of the amount in cash and the rest in security receipts (SRs) which are to be
matched with recovery over time. These SRs are guaranteed by the government, valid for 5 years, to be invoked by banks in
case of resolution or liquidation of the bad loan. The survey has pointed out that ARCs are emerging as an alternative channel
for investors, including foreign portfolio investors (FPIs), to access the NPAs /distressed assets held by banks. Data shows,
in FY2023, ARCs acquired about 9.7% of the gross NPAs of banks, compared to 3.2% in FY2022. {Read More}
Smart Points:
• NARCL – to acquire Rs 1.25 lakh Cr of NPAs from banks with offers at various stages of due diligence & evaluations
• NARCL – acquired stressed debt from 18 accounts | Worth – Rs 92,000 Cr
• NARCL – started operation in Jan 2022 acquiring bad loans by paying 15% of amount in cash & rest in security receipts
• As per data, ARCs – acquired about 9.7% of gross NPAs of banks in FY23 (from 3.2% in FY22)
• HQs of NARCL – Mumbai, Maharashtra | Chairman – Diwakar Gupta | Established in – July 2021

242. The Finance Minister Nirmala Sitharaman in Budget 2024-2025 has made
relaxation in the income tax slabs in the new tax regime for the current FY 2024-2025.
Those falling in, Rs 0-3 lakh bracket requiring nil to pay; Rs 3-7 lakh income bracket
requiring to pay 5% as tax; Rs 7-10 lakh, Rs 10-12 lakh and Rs 12-15 lakh are required
to pay 10, 15 and 20%, respectively of their income as tax. More than 15 lakh income
will attract 30% as tax. The changes announced in the income tax slabs will lead to
savings of up to Rs 17,500 for taxpayers opting for the new tax regime. Additionally,
the standard deduction limit has been hiked to Rs 75,000 from Rs 50,000 in the new
tax regime only. For family pensioners, the standard deduction limit has been hiked to
Rs 25,000 from Rs 15,000 currently. The new tax regime is currently the default tax regime. This means that an individual’s
tax liability will be calculated on the basis of the new tax regime unless the taxpayer specifically opts for the old tax regime.
To pay tax under the old tax regime, an individual has to specifically opt for it or choose it. The old tax regime offers multiple
deductions and exemptions whereas the new tax regime offers very few. The new tax regime became effective from FY
2020-21 (from April 1, 2020). {Read More}
Smart Points:
• Relaxation in income tax slabs in new tax regime for FY25 – made in Union Budget 2024-2025
- Rs 0-3 lakh – nil | Rs 3-7 lakh – 5% | Rs 7-10 lakh – 10%
- Rs 10-12 lakh – 15% | Rs 12-15 lakh – 20% | Rs 15+ lakh – 30%
• These changes will lead to savings of – up to Rs 17,500 for taxpayers opting for new tax regime
• Standard deduction limit – hiked to Rs 75,000 in new tax regime only (from Rs 50,000)
- For family pensioners – hiked to Rs 25,000 (from Rs 15,000)
• New tax regime – became effective from FY21
• Minister of Finance & Corporate Affairs: Nirmala Sitharaman | Constituency – Karnataka
MoS in Ministry of Finance: Pankaj Chaudhary

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243. The Reserve Bank of India (RBI) has sold ₹34 billion ($406 million) of bonds in the Secondary market, likely to absorb
excess cash in the banking system resulting from inflows into the nation’s debt after being included in a global index,
according to Bloomberg Economics Index. Foreign investments in local bonds have surpassed $1 billion so far in July 2024.
Excess liquidity that banks deposit with the central bank stood at Rs 1.4 trillion. India became the 25th market to be included
in the index since its inception in June 2005. This inclusion is expected to attract global inflows of $20 billion to $25 billion
into the Indian bond market. {Read More}
Smart Points:
• As per Bloomberg Economics Index – RBI sold ₹34 billion of bonds in Secondary market
• To absorb excess cash in banking system resulting from inflows into nation’s debt after being included in a global index
• Foreign investments in local bonds – surpassed $1 billion in July 2024
• Excess liquidity that banks deposit with central bank – Rs 1.4 trillion
• India – became 25th market to be included in index since its inception in June 2005
- It expects to attract global inflows into Indian bond market of – $20 billion to $25 billion
• HQs of RBI – Mumbai, Maharashtra | Governor – Shaktikanta Das (25th) | Established on – 1st April, 1935
Total Deputy Governors (4) – S. Janakiraman | T. Rabi Sankar | Michael D. Patra | M. Rajeshwar Rao

244. The Insurance Regulatory and Development Authority of India (IRDAI) has revised its guidelines regarding the
commission for long-term motor insurance policies. The recent change in policy brings these long-term policies in line with
the standard one-year motor insurance policies. Under the updated regulation, insurers are now permitted to provide
commissions within the expense management framework for long-term policies. Previously, insurers were allowed to offer
a commission of up to 17.5% of the premium as the first-year commission for five-year comprehensive motor insurance
policies covering two-wheelers. Subsequently, the commission was adjusted to 10% for the second and third years, and
further reduced to 5% for the fourth and fifth years. For three-year comprehensive motor insurance policies for four-
wheelers, the commission cap was originally set at 15% for the first year, 10% for the second year, and 5% for the third year.
The recent guidelines have granted insurers the freedom to tailor commission structures according to their management
expenses. In June 2024, IRDAI issued a new master circular on general insurance, which would cover motor, home and travel
plans, to encourage products tailored to the individual needs of customers. {Read More}
Smart Points:
• IRDAI – revised its guidelines regarding commission for long-term motor insurance policies
• Insurers are now permitted to provide commissions within expense management framework for long-term policies
• Commission – adjusted to 10% for 2nd & 3rd years & reduced to 5% for 4th & 5th years
- Commission cap for 3-year motor insurance policies for 4-wheelers: 1st yr – 15% | 2nd yr – 10% | 3rd yr – 5%
• HQs of IRDAI – Hyderabad, Telangana | Chairman – Debasish Panda | Established in – 1999

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245. On the occasion of its 117th Foundation Day (20 July 2024), Bank of Baroda (BoB)
launched 11 products and services, including a Generative AI (GenAI)-powered virtual
relationship manager (VRM), and credit line on UPI for enhancing payments and banking
experience for customers. The theme for the Bank’s 117th Foundation Day was “Trusted
Today, Transforming Tomorrow.” The GenAI-powered VRM, a first-of-its-kind initiative in
the Indian banking sector, provides real-time information about the bank’s products and
services while also capturing customer requirements for specific banking services. BoB enabled the credit line on the UPI
feature. To begin with, the bank will enable this feature on Baroda Kisan Credit Card (BKCC) for customers. BKCC customers
can seamlessly access a pre-sanctioned credit line on UPI. They can link their KCC account to UPI and make specific merchant
payments using the credit line provided. Payments made to the credit line on UPI will be counted as repayment towards the
utilised limit. The bank integrated BKCC with the Reserve Bank Innovation Hub’s (RBIH) Public Tech Platform for frictionless
credit, to fetch digital land records and farm-related information, and to implement Digital BKCC. The detailed list of
initiatives is here. {Read More}
Smart Points:
• BoB – launched 11 products & services on the occasion of its 117th Foundation Day (July 20, 2024)
• Theme - “Trusted Today, Transforming Tomorrow”
• GenAI-powered virtual relationship manager – first-of-its-kind initiative in Indian banking sector
• HQs of BoB – Vododara, Gujarat | MD & CEO – Debadatta Chand | Tagline – “India’s International Bank”

246. The Reserve Bank of India (RBI) prescribed a Prompt Corrective Action (PCA) framework for relatively weak urban co-
operative banks (UCBs), with deposits above Rs 100 crore (upper tier category), to nurse them back to health. This
framework, set to take effect from April 1, 2025, will replace the existing supervisory action framework (SAF), which had
been in place since January 6, 2020. The objective of the PCA Framework is to enable supervisory intervention at an
appropriate time and require the UCBs to initiate and implement remedial measures in a timely manner, to restore their
financial health. The revised framework seeks to provide flexibility to design entity-specific supervisory action plans based
on the assessment of risks on a case-by-case basis. It is largely principle-based with fewer parameters as compared to the
SAF, without any dilution in the supervisory rigour. It is also expected to give more focus to the larger UCBs requiring more
intensive monitoring by optimal utilisation of supervisory resources. Capital, asset quality and profitability will be the key
areas for monitoring in the revised PCA Framework. The PCA framework is applicable to all UCBs in Tier 2, Tier 3 and Tier 4
categories, except UCBs under All Inclusive Directions (AID). Reserve Bank has categorised UCBs into 4 tiers for regulatory
purposes. {Read More}
Smart Points:
• RBI – prescribed PCA framework for weak UCBs, with deposits above Rs 100 Cr to nurse them back to health
• W.e.f. – Apr 1, 2025 | To replace – existing supervisory action framework, in place since January 6, 2020
• Aim: To enable supervisory intervention at an appropriate time & require UCBs to initiate & implement remedial
measures in a timely manner, to restore their financial health
• It is applicable to – all UCBs in Tier 2, Tier 3 & Tier 4 categories | Except – UCBs under All Inclusive Directions
• HQs of RBI – Mumbai, Maharashtra | Governor – Shaktikanta Das (25th) | Established on – 1st April, 1935
Total Deputy Governors (4) – S. Janakiraman | T. Rabi Sankar | Michael D. Patra | M. Rajeshwar Rao

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247. The Reserve Bank of India (RBI) has released the “Report on Currency and Finance (RCF)” for the year 2023-24. The
theme of the Report is “India’s Digital Revolution”. As per the report, the positive role played by the regulatory framework
has led to increasing confidence of consumers in digital financial products, boosting operating and technical efficiencies of
financial institutions. India is leading the global digital revolution. Globally, India ranks first in biometric-based identification
(Aadhaar) and real-time payments volume; second in telecom subscribers; and third in terms of the start-up ecosystem.
{Read More}
Smart Points:
• “Report on Currency and Finance (RCF)” for 2023-24 – released by RBI | Theme - “India’s Digital Revolution”
• Global rank of India in various aspects:
- 1st – in biometric-based identification (Aadhaar) & real-time payments volume
- 2nd – in telecom subscribers | 3rd – in terms of start-up ecosystem
• HQs of RBI – Mumbai, Maharashtra | Governor – Shaktikanta Das (25th) | Established on – 1st April, 1935
Total Deputy Governors (4) – S. Janakiraman | T. Rabi Sankar | Michael D. Patra | M. Rajeshwar Rao

248. Digital payments across India have registered a 12.6% on-year rise as on March 31, 2024, according to the RBI’s “Digital
Payments Index (DPI)” that measures the adoption of online transactions. The RBI’s Digital Payments Index (RBI-DPI) stood
at 445.5 at the end of March 2024 compared to 418.77 in September 2023 and 395.57 in March 2023. The central bank had
announced the construction of a composite RBI-DPI in March 2018 as a base to capture the extent of digitisation of payments
across the country. The index comprises 5 broad parameters that enable the measurement of the deepening and
penetration of digital payments in the country over different periods. These parameters are Payment Enablers (weightage
25%); Payment Infrastructure Demand-side factors (10%); Payment Infrastructure Supply-side factors (15%); Payment
Performance (45%); and Consumer Centricity (5%). The index is published on a semi-annual basis from March 2021 onwards
with a lag of 4 months. {Read More}
Smart Points:
• “Digital Payments Index (DPI)” – released by RBI
• Digital payments across India have registered a 12.6% on-year rise as on March 31, 2024
• RBI-DPI stood at 445.5 at the end of March 2024 (from 395.57 in March 2023)
• The index comprises 5 broad parameters:
- Payment Enablers (weightage 25%)
- Payment Infrastructure Demand-side factors (10%)
- Payment Infrastructure Supply-side factors (15%)
- Payment Performance (45%)
- Consumer Centricity (5%)
• The index is published on a semi-annual basis from March 2021 onwards with a lag of 4 months
• HQs of RBI – Mumbai, Maharashtra | Governor – Shaktikanta Das (25th) | Established on – 1st April, 1935
Total Deputy Governors (4) – S. Janakiraman | T. Rabi Sankar | Michael D. Patra | M. Rajeshwar Rao

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249. The Center’s decision to increase its employees’ dearness allowance by 4% to 50% has resulted in a substantial revision
in other allowances, including retirement gratuity. As per para 6.2 of the OM dated 4-8-2016 issued by Department of
Pension and Pensioners’ Welfare, the maximum limit of Retirement gratuity and death gratuity shall be increased by 25%
whenever the dearness allowance rises by 50% of the basic pay. Accordingly, the maximum limit of Retirement Gratuity and
Death Gratuity under the ‘Central Civil Services (Pension) Rules, 2021’ or the ‘Central Civil Services (Payment of Gratuity
under National Pension System) Rules, 2021’, is now increased by 25%, from Rs 20 Lakh to Rs 25 Lakh, with effect from
January 1, 2024. {Read more}
Smart Points:
• Under ‘Central Civil Services (Pension) Rules, 2021’ / ‘Central Civil Services (Payment of Gratuity under NPS) Rules, 2021’:
• Maximum limit of Retirement gratuity & death gratuity – increased by 25% to Rs 25 Lakh (from Rs 20 Lakh)
- This revision is a result of dearness allowance increased by 4% – to 50%

250. P. Santhosh has been recommended by the board of the National Asset Reconstruction Company (NARCL) to take the
position of Managing Director and Chief Executive Officer of the state-owned ‘Bad Bank’ or NARCL. Since January, Santhosh
has served as NARCL’s acting CEO when N Sundar unexpectedly left the position before the end of his term. Santhosh has
been recommended for a 3-year term by the NARCL board. {Read more}
Smart Points:
• P. Santhosh – to take the position of MD & CEO of NARCL or ‘Bad Bank’ for 3 years (succeeding - N Sundar)
• MD & CEO of NARCL – P Santhosh | Chairman – Diwakar Gupta | Lead Sponsor – Canara Bank (12% equity)

251. The gross Goods and Services Tax (GST) revenue for the month of
May 2024 stood at Rs 1.73 lakh crore. This represents a 10% year-on-
year growth, driven by a strong increase in domestic transactions (up
15.3%) and slowing of imports (down 4.3%). The breakdown of May
2024 Collections is - Central Goods and Services Tax (CGST) at Rs 32,409
crore, State Goods and Services Tax (SGST) at Rs 40,265 crore,
Integrated Goods and Services Tax (IGST) at Rs 87,781 crore, and Cess
at Rs 12,284 crore. GST collections had touched a record high of Rs 2.10 lakh crore in April 2024. After accounting for refunds,
the net GST revenue in the FY 2024-25 till May 2024 stood at Rs 3.36 lakh crore. {Read more}
Smart Points:
• Gross GST revenue for May 2024 – Rs 1.73 lakh Cr (y-o-y growth of 10%)
• Breakdown of May 2024 GST total collection of Rs 1.73 lakh Cr:
- CGST – Rs 32,409 Cr | SGST – Rs 40,265 Cr | IGST – Rs 87,781 Cr | Cess – Rs 12,284 Cr
• Highest GST collection – Rs 2.10 lakh Cr (in April 2024)
• GST net revenue for FY 2024-25 – Rs 3.36 lakh Cr (as of May 2024)

252. According to the provisional estimate of the National Statistical Organisation (NSO), India’s GDP grew by 8.2% in the
financial year 2023-24, from 7% in FY in 2022-23. The Quarterly GDP Growth Rate in 2023-24 was 8.2% in Q1, 8.1% in Q2,
8.6% in Q3, and 7.8% in Q4. The Real GDP or GDP at constant price (base year 2011-2012), in 2023-24 was estimated at Rs
173.82 lakh crore, with a growth of 8.2% compared to 2022-23. The Nominal GDP or GDP at market price in 2023-24 was
estimated at Rs 295.36 lakh crore, registering a growth rate of 9.6%. The real Gross Value Added (GVA) was estimated at Rs
158.74 lakh crore in 2023-24, a growth of 7.2%. The nominal GVA was estimated at Rs 267.62 lakh Cr, 8.5% growth rate.
{Read more}

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253. For the first time, the Reserve Bank of India (RBI) has cancelled the auction of 10-year Green Bonds as traders refused
to pay greenium. Greenium signifies the premium investors are willing to pay for green bonds because of their sustainability
impact. Diverging from the pattern of issuing green bonds in the latter half, the government plans to issue green bonds
worth Rs 12,000 crore in the first half of the current financial year. The green bonds were planned to be issued in two
tranches of Rs 6,000 crore each for a period of 10 years. {Read more}
Smart Points:
• RBI – cancelled auction of 10-year Green Bonds for first time as traders refused to pay greenium
• Greenium is a premium that investors are willing to pay for green bonds because of their sustainability impact
• Govt – to issue green bonds worth Rs 12,000 Cr in first half of FY25
- Planned to be issued in two tranches of Rs 6,000 Cr each for a period of 10 years
• HQs of RBI – Mumbai, Maharashtra | Governor – Shaktikanta Das (25th) | Established on – 1st April, 1935
Total Deputy Governors (4) – S. Janakiraman | T. Rabi Sankar | Michael D. Patra | M. Rajeshwar Rao

254. The global unemployment rate is expected to fall slightly to 4.9% in 2024 from 5% in 2023, according to the “World
Employment and Social Outlook: May 2024 Update” released by the International Labour Organization (ILO). The revision is
mainly due to lower-than-expected unemployment rates in China, India, and high-income countries reported so far this year.
The report highlights that 183 million people are considered unemployed, while jobs gap (the number of those without a
job but wanting to work) stands at 402 million. Informal employment has risen to 2 billion in 2024, from 1.7 billion in 2005.
Globally, only 45.6% of working-age women are employed in 2024, compared to 69.2% of men. {Read more}
Smart Points:
• “World Employment and Social Outlook: May 2024 Update” – released by International Labour Organization (ILO)
• Global unemployment rate – expected to fall slightly to 4.9% in 2024 (from 5% in 2023)
• 183 million people are considered unemployed, while jobs gap stands at 402 million
• Informal employment has risen to 2 billion in 2024 (from 1.7 billion in 2005)
• Globally, only 45.6% of working-age women are employed in 2024, compared to 69.2% of men
• HQs of ILO – Geneva, Switzerland | DG – Gilbert F. Houngbo | Founded in – 1919

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255. The Union Government has contained the fiscal deficit, the gap between expenditure
and revenue, at 5.6% of the gross domestic product (GDP) in 2023-24 (FY24), compared with
the Revised Estimates of 5.8%. The fiscal deficit stood at Rs 16.54 trillion in FY24, against the
budgetary target of Rs 17.86 trillion. The fiscal deficit for April 2024 stood at Rs 2.1 trillion
or 12.5% of the full-year target. The Centre has set an FY25 fiscal deficit target of 5.1%, or
Rs 16.85 trillion, in order to achieve a fiscal deficit of 4.5% of GDP by FY26. According to the
data, net tax receipts for FY24 were above projections at Rs 23.27 trillion. The total amount
spent (expenditure) that year stood at Rs 44.43 trillion. India’s direct tax collections grew by
17.7% year-on-year to Rs 19.58 trillion in FY24, exceeding the Revised Estimates by Rs 13,000 crore and Budget Estimates
by Rs 1.35 trillion. {Read more}
Smart Points:
• Centre contained fiscal deficit at – 5.6% of GDP in FY24 (compared with Revised Estimates of 5.8%)
• Centre has set fiscal deficit target of 5.1% in FY25 & 4.5% in FY26
• Net tax receipts for FY24 – Rs 23.27 trillion | Total amount spent in FY24 – Rs 44.43 trillion
• India’s direct tax collections in FY24 – grew by 17.7% y-o-y to Rs 19.58 trillion
• Fiscal deficit for April 2024 – stood at Rs 2.1 trillion or 12.5% of full-year target

256. India received the highest foreign direct investment (FDI) from Singapore in
2023-24, according to the latest government data released by Department for
Promotion of Industry and Internal Trade (DPIIT). FDI from Singapore has dipped
by 31.55% to $11.77 billion in 2023-24. Since 2018-19, Singapore has been the
largest source of such investments for India. FDI equity inflows in India declined
3.49% to $44.42 billion in FY 2023-24, as against $46.03 billion in FY 2022-23.
During FY24, FDI equity inflows decreased from major countries, however, investments increased from the Netherlands and
Japan. FDI from Mauritius dipped to $7.97 billion in FY24, followed by the US with $4.99 billion at the third place. It was
followed by the Netherlands ($4.93 billion), Japan ($3.17 billion), the UAE ($2.9 billion), U.K. ($1.2 billion), Cyprus ($806
million), Germany ($505 million), and Cayman Islands ($342 million). {Read more}
Smart Points:
• As per the data released by DPIIT:
• India – received highest FDI from Singapore in FY24 & it dipped by 31.55% to $11.77 billion
- 2nd – Mauritius ($7.97 bn) | 3rd – US ($4.99 bn) | 4th – Netherlands ($4.93 bn) | 5th Japan ($3.17 bn)
• Overall FDI equity inflows in India in FY24 – declined by 3.49% to $44.42 billion (from $46.03 billion in FY23)
• In FY24, investments increased only from Netherlands & Japan

257. Securities and Exchange Board of India (SEBI) has set up a committee to review the ownership and economic structure
of Clearing Corporations and suggest measures to ensure that Clearing Corporations function as resilient, independent, and
neutral risk managers. The ad-hoc committee would be chaired by Usha Thorat, former Deputy Governor of the Reserve
Bank of India (RBI). The committee will examine the feasibility, and broadening the list of eligible investors, who are allowed
to take shareholding in a clearing corporation and suggest categories of investors who can acquire stakes in such
corporations. Additionally, it will examine the need to alter the caps on the shareholding of various entities in a clearing
corporation. {Read more}
Smart Points:
• SEBI – set up a committee to review the ownership & economic structure of Clearing Corporations

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258. Adani One, the digital platform of the Adani Group, and ICICI Bank have announced the launch of
two variants of co-branded credit cards in collaboration with card network Visa. This marks the Adani
Group’s foray into the retail financial sector. It is available in two variants - Adani One ICICI Bank
Signature Credit Card and Adani One ICICI Bank Platinum Credit Card. Cardholders can get up to 7%
Adani reward points on spends within the Adani Group ecosystem. {Read more}
Smart Points:
• Adani One + ICICI Bank + Visa = announced launch of two variants of co-branded credit cards
- ‘Adani One ICICI Bank Signature Credit Card’ & ‘Adani One ICICI Bank Platinum Credit Card’
• HQs of ICICI Bank – Mumbai | MD & CEO – Sandeep Bakhshi | Taglines – “Hum Hain Na!” & “Khayal Apka”
• HQs of Adani Group – Ahmedabad, Gujarat | Chairman – Gautam Adani | MD – Rajesh Adani
• HQs of Visa – Foster City, California | CEO – Ryan McInerney | Founded in – 1958

259. The State Bank of India (SBI) had become the 1st Public Sector Bank and the 7th Indian company to cross the Rs 8 trillion
market capitalisation (m-cap). HDFC Bank and ICICI Bank are the only other banks with m-cap of over Rs 8 trillion. At present,
six Indian companies are valued over Rs 8 trillion. Apart from SBI, Reliance Industries, TCS, HDFC Bank, Bharti Airtel, and
ICICI Bank are in the Rs 8 trillion league. Infosys had crossed Rs 8 trillion milestone, but is now valued at Rs 5.8 trillion. {Read
more}
Smart Points:
• SBI – became 1st Public Sector Bank & 7th Indian company to cross Rs 8 trillion market capitalisation (m-cap)
- Other 6 – Reliance Industries, TCS, HDFC Bank, Bharti Airtel & ICICI Bank | Infosys (excluded at present)
• HQs of SBI – Mumbai, Maharashtra | Chairman – Dinesh Kumar Khara
MDs – Challa Sreenivasulu Setty | Alok Kumar Choudhary | Ashwini Kumar Tewari | Vinay M. Tonse

260. The Economist Intelligence Unit’s (EIU) “Global Outlook Report” has forecast India to be the fastest growing major
economy in 2024-2028, with its growth expected to outpace China’s. The EIU has revised its forecast for India’s real GDP
growth for 2024 to 2.5%, up from 2.4% previously. Over the next 5 years, EIU has projected the global economy to grow by
2.8%, with more fragmentation and regionalisation in the world economy dragging the growth potential. {Read more}
Smart Points:
• “Global Outlook Report” – released by EIU
• As per report by EIU:
- India will be the fastest growing major economy in 2024-2028, outpacing China
- EIU has projected the global economy to grow by 2.8% over the next 5 years
- EIU has revised its forecast for India’s real GDP growth for 2024 to 2.5% (up from 2.4%)
• HQs of EIU – London, UK | MD – Robin Bew

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261. The Reserve Bank of India (RBI), in its annual report, reported a 17% increase in its FY24 income to Rs 2,75,572.32 crore.
Expenditure shrank by 56.3% to Rs 64,694.33 crore. The sharp contraction in spending helped the central bank end the year
with a transferrable surplus (net income) of Rs 2,10,873.99 crore, as against Rs 87,416.22 crore in the previous year, which
was fully paid to the government. The size of the RBI’s balance sheet increased by Rs 7,02,946.97 crore, or 11%, to Rs
70,47,703.21 crore. Domestic assets constituted 23.31% while foreign currency assets, gold and loans and advances to
financial institutions outside India constituted 76.69% of total assets in FY24. A provision of Rs 42,819.91 crore was made
and transferred to the Contingency Fund (CF). Besides, the RBI also reiterated its outlook for economic growth, projecting
real GDP growth for 2024-25 at 7%. {Read more}
Smart Points:
• As per annual report of RBI:
• In FY24, RBI’s: Income – increased by 17% to Rs 2,75,572.32 Cr | Expenditure – shrank by 56.3% to Rs 64,694.33 Cr
• Transferrable surplus (net income) – Rs 2,10,873.99 Cr (from Rs 87,416.22 Cr in FY23)
• RBI’s balance sheet – increased by 11% (Rs 7,02,946.97 Cr) to Rs 70,47,703.21 Cr
• Constitution of total assets in FY24:
- Domestic assets – 23.31% | Foreign currency assets, gold & loans & advances to FIs outside India – 76.69%
• Transferred to Contingency Fund – Rs 42,819.91 Crore | RBI projected real GDP growth for FY25 – at 7%
• HQs of RBI – Mumbai, Maharashtra | Governor – Shaktikanta Das (25th) | Established on – 1st April, 1935
Total Deputy Governors (4) – S. Janakiraman | T. Rabi Sankar | Michael D. Patra | M. Rajeshwar Rao

262. Federal Bank has announced a bancassurance tie up with Tata AIA Life Insurance Company to provide its customers
access to the insurance companies’ products. Similarly, Capital Small Finance Bank has announced a Bancassurance
Corporate Agency tie-up with ICICI Lombard to enhance its product offerings and provide a diversified range of general
insurance products to its customers. Sarvjit Singh Samra is the MD & CEO of Capital SFB. Bancassurance refers to the
agreement between a bank and an insurance company through which the bank sells the insurance product of the concerned
insurance company to its customers. {Read more}
Smart Points:
• Federal Bank + Tata AIA Life Ins. Com. = a bancassurance tie up
• Capital SFB + ICICI Lombard = a bancassurance tie up
• Bancassurance – an agreement between a bank & an insurance company through which bank sells insurance product of
insurance company to its customers
• HQs of Federal Bank – Aluva, Kerala | MD & CEO – Shyam Srinivasan | Tagline – “Your Perfect Banking Partner”
• HQs of Tata AIA Life – Mumbai, Maharashtra | MD & CEO – Venkatachalam H
• HQs of Capital SFB – Jalandhar, Punjab | Chairman – Madan Gopal Sharma | MD & CEO – Sarvjit Singh Samra
• HQs of ICICI Lombard – Mumbai, Maharashtra | MD & CEO – Sanjeev Mantri

263. NSE Indices Limited, a subsidiary of NSE specializing in index services, has unveiled a new thematic index named the
“Nifty EV & New Age Automotive Index”. This index is designed to monitor the performance of businesses within the electric
vehicle (EV) sector and those engaged in the advancement of new-age automotive vehicles and associated technology. The
index’s base date is April 2, 2018, with a base value of 1000. It will undergo semi-annual reconstitution and quarterly
rebalancing. Currently, the NSE hosts 17 thematic indices, including Nifty Commodities, Nifty India Consumption, Nifty CPSE,
Nifty Energy, and Nifty Infrastructure. In addition to these thematic indices, the NSE oversees Broad Market Indices such as
Nifty, Nifty Next 50, Nifty 100, and others, along with 15 sectoral indices like Nifty Bank, Nifty IT, and Nifty Auto. Mukesh
Agarwal is the CEO of NSE Indices which was established in 1998. {Read more}

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264. SBI Mutual Fund (SBI MF) has made history by becoming the first fund house in India to achieve
the Rs 10 trillion milestone in assets under management (AUM). The sharp growth in SBI MF’s AUM
has been driven by the equity market rally and expanding MF investor base. As of April 2024, SBI
accounted for Rs 2 trillion of SBI MF’s AUM. Over Rs 5 trillion of the AUM was in direct plans, with the
remaining Rs 2.2 trillion linked to other distributors. ICICI Prudential MF, HDFC MF, Nippon India MF,
and Kotak MF complete the top five. {Read more}
Smart Points:
• SBI MF – became 1st fund house in India to achieve Rs 10 trillion milestone in assets under management (AUM)
• As of April 2024, SBI accounted for – Rs 2 trillion of SBI MF’s AUM
• Other 4 among Top 5: ICICI Prudential MF, HDFC MF, Nippon India MF, & Kotak MF
• HQs of SBI Mutual Fund – Mumbai, Maharashtra | MD & CEO – Shamsher Singh

265. Securities and Exchange Board of India (SEBI) has launched “Saarthi 2.0”, a focussed mobile app, on personal finance
for investors with comprehensive tools aimed at simplifying complex financial concepts. The first version of Saarthi was
introduced in January 2022, with the objective of engaging an investment-oriented public. The updated “Saarthi” app
introduces a user-friendly interface with comprehensive tools aimed at simplifying complex financial concepts. {Read more}
Smart Points:
• SEBI – launched “Saarthi 2.0”, with comprehensive tools aimed at simplifying complex financial concepts
• The first version of Saarthi was introduced in January 2022
• HQs of SEBI – Mumbai, Maharashtra | Chairman – Madhabi Puri Buch | Established in – 1992

266. The Defence Accounts Department (DAD) of the Ministry of Defence has signed MoUs with 4 banks - Bank of India,
Canara Bank, Central Bank of India and Utkarsh Small Finance Bank - to onboard them as “SPARSH” service centres across
1,128 branches of these banks in India. The System for Pension Administration - RAKSHA (SPARSH), an initiative of the
Ministry of Defence, is a web-based system for processing pension claims and crediting the pension directly into the bank
accounts of defence pensioners without any external intermediary. With these MoUs, SPARSH services would now be
available at over 26,000 branches of a total of 15 banks across the country. {Read more}
Smart Points:
• DAD (Ministry of Defence) – signed MoUs with BoI, Canara Bank, CBoI & Utkarsh SFB to onboard them as “SPARSH”
service centres across 1,128 branches
• SPARSH – System for Pension Administration - RAKSHA
• SPARSH – a web-based system for processing pension claims & crediting pension directly into bank accounts of defence
pensioners without any external intermediary
• Ministry of Defence: Rajnath Singh | Constituency – Lucknow, Uttar Pradesh
MoS in Ministry of Defence: Ajay Bhatt

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267. Asirvad Micro Finance Limited, a subsidiary of Manappuram Finance Limited (MAFIL), has
appointed Satish Nair as President and Chief Executive Officer (CEO). Asirvad, headquartered in Valapad,
Kerala, is the third largest microfinance institution (in terms of AUM as of June 2023), offering
microfinance loans to low-income women. As of June 2023, Asirvad has a presence in 22 States and 4
Union Territories in India through its network of 1,684 branches, with assets under management (AUM)
of over Rs 10,000 crore. VP Nandakumar is the Chairman of Asirvad. MAFIL currently owns 97.59% in
Asirvad. {Read more}
Smart Points:
• Satish Nair – appointed as President & CEO of Asirvad Micro Finance Ltd (a subsidiary of Manappuram Finance Ltd)
• HQs of Asirvad Micro Finance – Valapad, Kerala | President & CEO – Satish Nair | Chairman – VP Nandakumar

268. NPCI International Payments Limited (NIPL) has signed a pact with the Central Reserve Bank of Peru to develop the UPI-
like instant payments system. Peru is the first South American country to do so. This is NIPL’s second partnership with a
central bank to deploy the Unified Payments Interface (UPI) stack in the international market, after Bank of Namibia (BoN).
The partnership will facilitate instant payments between individuals and businesses, and expand the use of digital payments
to Peru’s unbanked population. In January 2024, NPCI announced the launch of the ‘UPI-PayNow’ linkage that enables
Indians to receive remittances directly into their bank accounts from Singapore and vice-versa. {Read more}
Smart Points:
• NIPL + Central Reserve Bank of Peru = to develop UPI-like instant payments system
• Peru – first South American country to do so
• This is NIPL’s 2nd partnership with a central bank | 1st – Bank of Namibia
• In Jan 2024, NPCI launched ‘UPI-PayNow’ to enable Indians to receive remittances from Singapore & vice-versa
• CEO of NIPL – Ritesh Shukla
• HQs of NPCI – Mumbai | Chairman – Ajay Kumar Choudhary | MD & CEO – Dilip Asbe | Established in – 2008

269. Securities and Exchange Board of India (SEBI) has proposed to enhance the threshold for the Basic Service Demat
Account (BSDA) to Rs 10 lakh from the current Rs 2 lakh in a bid to boost the participation of retail investors in the securities
market. The BSDA is a more basic version of a regular demat account. The facility was introduced by SEBI in 2012 for reducing
the burden of demat charges on investors with small portfolios. At present, an individual can hold debt securities worth up
to Rs 2 lakh and other than debt securities worth up to Rs 2 lakh in a single demat account to be eligible for BSDA. The
regulator proposed that the value of securities held in the demat account should not exceed Rs 10 lakh for debt and other
than debt securities combined at any point of time. For portfolio values up to Rs 4 lakh, SEBI has proposed that annual
maintenance charge for a BDSA should be nil and for portfolio values of between over Rs 4 lakh and up to Rs 10 lakh, the
charges should be Rs 100. However, if portfolio value exceeds Rs 10 lakh then BDSA should automatically be converted into
a regular demat account. {Read more}
Smart Points:
• SEBI – to enhance threshold for Basic Service Demat Account (BSDA) to Rs 10 lakh (from current Rs 2 lakh)
• BSDA – introduced by SEBI in 2012
• Value of securities held in demat account should not exceed – Rs 10 lakh for debt & other than debt securities combined
• Annual maintenance charge for portfolio values: Up to Rs 4 lakh – Nil | From Rs 4 lakh to Rs 10 lakh – Rs 100
• If portfolio value exceeds Rs 10 lakh then BDSA should automatically be converted into a regular demat account
• HQs of SEBI – Mumbai, Maharashtra | Chairman – Madhabi Puri Buch | Established in – 1992

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270. All India Bank Employees’ Association (AIBEA) has launched “Bank Clinic” initiative to help
customers address their grievances amid rapid expansion in technology and a series of Reserve Bank of
India (RBI) guidelines on retail banking. The initiative will guide retail customers about their rights and
remedies. It will not be liable to resolve the customer’s query but will guide them on available remedies.
{Read more}
Smart Points:
• AIBEA – launched “Bank Clinic” initiative to help customers address their grievances amid rapid expansion in technology
• HQs of AIBEA – Chennai, Tamil Nadu | General Secretary – C. H. Venkatachalam

271. Muthoot Microfin has announced a strategic co-lending partnership with the State Bank of India
(SBI) to extend its financial services to women in the economically weaker segment in rural and semi-
urban regions across India. The loan amounts will range from Rs 10,000 to Rs 3 lakh. Muthoot Microfin
and SBI will co-lend to members of joint liability groups who are engaged in agricultural and allied
activities as well as other income-generating enterprises. {Read more}
Smart Points:
• Muthoot Microfin + SBI = a strategic co-lending partnership to extend its financial services to women in rural areas
• The loan amounts will range from – Rs 10,000 to Rs 3 lakh
• HQs of Muthoot Microfin – Kochi, Kerala | CEO – Sadaf Sayeed
• HQs of SBI – Mumbai, Maharashtra | Chairman – Dinesh Kumar Khara
MDs – Challa Sreenivasulu Setty | Alok Kumar Choudhary | Ashwini Kumar Tewari | Vinay M. Tonse

272. The Reserve Bank of India (RBI) Governor Shaktikanta Das announced the 2nd bi-monthly
monetary policy of the financial year 2024-25. The RBI Governor headed 6-member
Monetary Policy Committee (MPC) decided to keep the benchmark repo rate unchanged at
6.5% for the 8th consecutive time. RBI raised its GDP growth forecast for FY25 to 7.2% from
7% earlier. The central bank retained CPI inflation forecast at 4.5% for FY25. During the MPC
meeting, RBI proposed to revise the definition of bulk deposits as ‘Single Rupee term deposit
of ₹3 crore and above’ for Scheduled Commercial Banks (excluding RRBs) and Small Finance Banks (SFBs). Further, it also
proposed to define the bulk deposit limit for Local Area Banks as ‘Single Rupee term deposits of ₹1 crore and above’. Besides,
the RBI announced the establishment of a “Digital Payments Intelligence Platform”. This platform will leverage advanced
technologies like AI and machine learning to identify and mitigate fraud risks, ultimately leading to a safer digital payments
environment. To advance this initiative, the RBI has also formed a committee, chaired by A. P. Hota, former MD & CEO of
NPCI. The RBI also announced the launch of the 3rd edition of the RBI’s global hackathon, “HARBINGER 2024 - Innovation for
Transformation”, aimed at enhancing the safety, security, and inclusivity of India’s financial ecosystem. The winners of this
hackathon will receive prize money of Rs 40 lakh across each problem statement. Special Prize worth Rs 20 lakh will be given
to the best all-women team across all problem statements. {Read more}
Smart Points:
• 2nd bi-monthly monetary policy of FY25 – announced by RBI Governor Shaktikanta Das
• 6-member MPC decided to keep benchmark repo rate unchanged at 6.5% for 8th consecutive time
• Latest rates:
- Repo rate – 6.50% | Reverse Repo Rate – 3.35% | Bank Rate or MSF – 6.75%
- CRR – 4.50% | SLR – 18% | SDF – 6.25%
• RBI’s new forecast for FY25: GDP – 7.2% (from 7%) | CPI inflation – 4.5%

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• RBI proposed to revise:
- Bulk deposits limit for SCBs (excluding RRBs) & SFBs – ₹3 Cr & above
- Bulk deposit limit for Local Area Banks – ₹1 Cr & above
• RBI also launched “Digital Payments Intelligence Platform” – to leverage advanced technologies like AI & ML to identify
& mitigate fraud risks
- a committee, chaired by A. P. Hota, is formed to advance this initiative
• RBI launched 3rd edition of its global hackathon, “HARBINGER 2024 - Innovation for Transformation”
- Aim: To enhance safety, security & inclusivity of India’s financial ecosystem
- Winner Prize: Rs 40 lakh | Special Prize to the best all-women team – Rs 20 lakh

273. New York-based credit ratings and research giant, Moody’s, has affirmed the “Baa3”
ratings on three Indian public sector banks, including Bank of Baroda (BOB), Canara Bank, and
Punjab National Bank (PNB). The rating agency maintained a stable outlook on the long-term
ratings of all three banks. The banks’ non-performing loan (NPL) ratios have also declined. It is
a ratio of bad or unpaid loans to total loans. {Read more}
Smart Points:
• Moody’s (US) – affirmed “Baa3” ratings on 3 Indian public sector banks, including BOB, Canara Bank & PNB
• Non-performing loan (NPL) ratio: a ratio of bad or unpaid loans to total loans
• HQs of BoB – Vododara, Gujarat | MD & CEO – Debadatta Chand | Tagline – “India’s International Bank”
• HQs of Canara Bank – Bengaluru | MD & CEO – K. Satyanarayana Raju | Non-Ex Chairman – Vijay Srirangam
• HQs of PNB – New Delhi | MD & CEO – Atul Kumar Goel | Tagline – “The Name You Can Bank Upon”

274. Hong Kong has launched trading of Asia’s first Spot Bitcoin and Ether Exchange-Traded Funds (ETFs) to become a
regional virtual asset investment hub. Hong Kong’s pioneering crypto ETFs on the city’s bourse include 6 funds issued by 3
managers - Bosera Funds, China Asset Management (Hong Kong) Limited and Harvest Global Investments. Each company
issued a spot bitcoin and a spot ether ETF. Hong Kong also allows investors to carry out in-kind creation and redemption
through eligible dealers. {Read more}
Smart Points:
• Hong Kong – launched trading of Asia’s 1st Spot Bitcoin & Ether ETFs to become a regional virtual asset investment hub
• Hong Kong’s pioneering crypto ETFs include 6 funds issued by 3 managers – Bosera Funds, China Asset Management
(Hong Kong) Limited & Harvest Global Investments

275. Axis Bank has launched “NFC Soundbox” in collaboration with Mastercard. The new soundbox is expected to act as an
all-in-one solution allowing the users to accept Bharat QR, UPI, Tap & Pay and Tap + Pin payments. With this launch, Axis
Bank will be the first bank in India to introduce a Soundbox that can accept “Tap + Pin” payments, enabling merchants to
accept transactions greater than Rs 5000 via card instruments. The new device will also be available on all leading payment
networks, such as Visa, RuPay, and American Express. {Read more}
Smart Points:
• Axis Bank + Mastercard = launched an all-in-one solution, “NFC Soundbox”
• It allows users to accept Bharat QR, UPI, Tap & Pay and Tap + Pin payments

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276. The Securities and Exchange Board of India (SEBI) has issued a framework for Financial Disincentive in Case of
Surveillance Related Lapses (FDSRL) for Market Infrastructure Institutions (MIIs). The framework will come into effect from
July 1, 2024. MIIs such as stock exchanges, clearing corporations and depositories may now have to pay a fine if there are
any surveillance-related lapses. Penalties may vary from 1 lakh to Rs 1 crore for each instance of surveillance related lapse
during the Financial Year. In case of penalty, the MII is required to deposit the penalty within the 15 days to the Investor
Protection and Education Fund (IPEF) of SEBI. {Read more}
Smart Points:
• SEBI – issued a framework for “Financial Disincentive in Case of Surveillance Related Lapses for MIIs” w.e.f. July 1, 2024
• Now, MIIs have to pay a fine for any surveillance-related lapses:
- Penalties vary from 1 lakh to Rs 1 Cr for each instance of surveillance related lapse during Financial Year
- In case of penalty, MII is required to deposit penalty within 15 days to Investor Protection & Education Fund of SEBI
• HQs of SEBI – Mumbai, Maharashtra | Chairman – Madhabi Puri Buch | Established in – 1992

277. Bank of India (BOI) has launched a “666 Days Fixed Deposit (FD)”, which offers returns of up
to 7.95% per annum for senior citizens on deposit amounts less than ₹2 crore. On this 666-day
FD, Senior Citizens will get 7.80% p.a., Other age customers will get 7.30% p.a., while Super Senior
Citizens will get 7.95% p.a. A super senior citizen is an individual whose age is 80 years or more,
according to ClearTax. The revised interest rates are applicable for domestic, NRO and NRE Rupee Term deposits, which are
made effective from June 1, 2024. {Read more}
Smart Points:
• BOI – launched “666 Days FD”, offering returns up to 7.95% p.a. for senior citizens on deposit amounts less than ₹2 Cr
• Returns p.a. on this FD: Senior Citizens – 7.80% | Other age customers – 7.30% | Super Senior Citizens – 7.95%
• HQs of BOI – Mumbai, Maharashtra | CEO – Rajneesh Karnatak | Tagline – “Relationship Beyond Banking”

278. PhonePe has partnered with Sri Lankan ride-hailing platform, PickMe, to enable UPI-based
payments for Indian travellers in Sri Lanka. This collaboration not only enhances the convenience for
Indian travellers but also supports the mission to drive digital transformation in Sri Lanka’s
transportation sector. In May 2024, PhonePe entered into a partnership with LankaPay to allow its
users to pay using UPI across Sri Lanka. {Read more}
Smart Points:
• PhonePe + PickMe (Sri Lanka) = to enable UPI-based payments for Indian travellers in Sri Lanka
• PhonePe + LankaPay (Sri Lanka) = allowed its users to pay using UPI across Sri Lanka (in May 2024)
• HQs of PhonePe – Bangalore, Karnataka | MD & CEO – Sameer Nigam | Founded in – 2015
• Sri Lanka – Colombo/Sri Jayawardenepura Kotte – Sri Lankan Rupee
PM – Dinesh Gunawardena | President – Ranil Wickremesinghe

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279. The Central Government has announced the interest rate on the General Provident Fund (GPF) and other government
retirement funds at 7.1% for the April-June quarter (Q1) of FY 2024-25. It is the 17th consecutive quarter where the interest
rate has remained unchanged. GPFs are specialised provident funds exclusively available to Indian government employees.
All government personnel are eligible to allocate a portion of their salaries towards the General Provident Fund. Employees
are entitled to withdraw their GPF funds for various purposes after they have completed 10 years of continuous service, or
if there are 10 years remaining until their superannuation date. {Read more}
Smart Points:
• Centre announced interest rate on GPF & other government retirement funds at 7.1% for Q1 of FY25
- 17th consecutive quarter where interest rate has remained unchanged
• General Provident Funds (GPF): Specialised provident funds exclusively available to Indian government employees
• Employees can withdraw their funds:
- after they have completed 10 years of continuous service
- if there are 10 years remaining until their superannuation date

280. In order to streamline arbitration process to resolve commercial dispute having government or PSE is one party, the
Ministry of Finance has recommended restricting arbitration clauses in government contracts to disputes of less than Rs 10
crore (upper limit), stating that the arbitration processes are expensive and time-consuming. Arbitration as a method of
dispute resolution should not be routinely or automatically included in large contracts. The guidelines also call for setting
up a High-Level Committee to resolve high value cases. The committee should have a retired judge and a retired top official
or technical expert. Arbitration in India is governed primarily by the ‘Arbitration and Conciliation Act, 1996’, which aligns
with the ‘UNCITRAL Model Law on International Commercial Arbitration’. {Read more}
Smart Points:
• MoF – recommended restricting arbitration clauses in government contracts to disputes of less than Rs 10 Cr
• Aim: To streamline arbitration process to resolve commercial dispute having government or PSE
• Arbitration in India is governed primarily by – ‘Arbitration and Conciliation Act, 1996’
• Ministry of Finance: Nirmala Sitharaman | Constituency – Karnataka
MoS in Ministry of Finance: Pankaj Chaowdhary & Bhagwat Kishanrao Karad

281. Bank of India (BoI) has signed an MoU with the Indian Coast Guard (ICG), offering a Defence service Salary Package with
best-in-class features under its “BOI Rakshak Salary/ Pension Savings Scheme”. Through this package, Bank of India will offer
numerous benefits to all ranks of the Indian Coast Guard, veterans, recruits and Agniveers including personal accidental
insurance coverage up to 150 lakhs, Permanent Total Disability cover up to Rs 50 lakhs, Air Accidental Cover up to Rs 100
lakhs and Permanent Partial Disability Cover of Rs 25 lakhs. Apart from this the Bank will also offer Concessions in Retail
Loans, Processing Charges and Locker Rentals. BOI’s digital Initiative and BOI Mobile Omni Neo app will also enable the
defence personnel at borders and other remote areas. {Read more}
Smart Points:
• BoI + ICG = an MoU to offer a Defence service Salary Package under “BOI Rakshak Salary/ Pension Savings Scheme”
• BoI will offer benefits to all ranks of ICG, veterans, recruits & Agniveers including:
- Personal accidental insurance coverage – up to Rs 150 lakhs
- Permanent Total Disability cover – up to Rs 50 lakhs
- Air Accidental Cover – up to Rs 100 lakhs

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282. India and UAE have introduced the “Local Currency Settlement System (LCSS)” to revolutionize how transactions are
conducted between these two vibrant economies. During the PM Narendra Modi’s visit last year, the Reserve Bank of India
and the Central Bank of the UAE signed an MoU to this effect. This LCSS system will allow exporters and importers to invoice
and pay for goods and services in their respective domestic currencies-Indian Rupees and UAE Dirhams. This step reduces
dependency on intermediary currencies like the US Dollar, thereby cutting down transaction costs and settlement times.
Besides, the deployment of the RuPay Stack as a domestic card scheme called ‘JAYWAN’ in the UAE is scheduled, with the
customer roll-out beginning in July 2024. India’s UPI is also integrated with the UAE’s Aani service to facilitate personal
remittances and money transfers. All these efforts support the ambitious target of $100 billion in non-oil trade between
India and the UAE by 2030. {Read more}
Smart Points:
• India + UAE = introduced “LCSS” to revolutionize how transactions are done | LCSS - Local Currency Settlement System
• RBI + Central Bank of UAE = signed an MoU for this effect in 2023
• Aim: To allow exporters & importers to invoice & pay for goods & services in Indian Rupees & UAE Dirhams
• Deployment of RuPay Stack as a domestic card scheme called ‘JAYWAN’ in UAE – scheduled in July 2024
• UPI (India) + Aani service (UAE) = integrated to facilitate personal remittances & money transfers
• Target: 100 billion in non-oil trade between India & UAE by 2030
• UAE – Abu Dhabi – Dirham | President – Khalifa bin Zayed Al Nahyan

283. India has reclaimed the 4th biggest global equity market tag from Hong Kong. India’s market capitalisation soared 10%
to reach $5.20 trillion (BSE-listed companies). In comparison, Hong Kong’s equity market cap is $5.17 trillion. This comes as
the Indian stock market has seen a significant rally in recent months and is now attracting global funds which are going to
accelerate in the near future. The US leads the chart with $56.49 trillion, followed by China with $8.84 trillion and Japan
with $6.30 trillion at 2nd & 3rd places. {Read more}
Smart Points:
• India – reclaimed 4th biggest global equity market tag from Hong Kong
• India’s m-cap – rose 10% to reach $5.20 trillion (BSE-listed companies) | Hong Kong’s m-cap – $5.17 trillion
• 1st – US ($56.49 trillion) | 2nd – China ($8.84 trillion) | 3rd – Japan ($6.30 trillion)

284. Reserve Bank of India (RBI) is awarded the “Risk Manager of the Year Award 2024” by
Central Banking, headquartered in London, UK. This prestigious accolade highlights the
RBI’s significant progress in cultivating a robust risk culture and heightened awareness,
solidifying its essential role in maintaining the stability of India’s financial system. The RBI
established a Regulatory Sandbox to facilitate controlled experimentation with new
financial technology products and services. This allows fintech companies to test their
innovations in a limited environment, enabling the RBI to assess potential risks before widespread adoption. {Read more}
Smart Points:
• RBI – is awarded “Risk Manager of the Year Award 2024” by Central Banking (London, UK)
• The award highlights the RBI’s significant progress in cultivating a robust risk culture & heightened awareness

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285. Ministry of External Affairs (MEA) and State Bank of India (SBI) have signed an MoU for digital payment aggregation
services by integration of ‘SBIePay’ with ‘eMigrate’ portal. The MoU is aimed at providing additional digital payment services
of the SBI through payment gateway called SBIePay to Indian migrant workers, Recruiting Agents (RAs) and other users of
the eMigrate portal. Since its launch in 2014, the eMigrate project has been assisting Indian workers going to Emigration
Check Required (ECR) countries for employment. {Read more}
Smart Points:
• MEA + SBI = an MoU for digital payment aggregation services by integration of ‘SBIePay’ with ‘eMigrate’ portal
• Aim: To provide additional digital payment services of SBIePay to Indian migrant workers, Recruiting Agents, etc.
• ‘eMigrate’ project – assisting Indian workers going to ECR countries for employment | Launched in – 2014
• Minister of External Affairs: S. Jaishankar | Constituency – Gujarat
MoS in Ministry of External Affairs: Kirtivardhan Singh & Pabitra Margherita
• HQs of SBI – Mumbai, Maharashtra | Chairman – Dinesh Kumar Khara
MDs – Challa Sreenivasulu Setty | Alok Kumar Choudhary | Ashwini Kumar Tewari | Vinay M. Tonse

286. India Post Payments Bank (IPPB) has partnered with Ria Money Transfer (Ria) to offer unique remittance services across
Rural India. The ease of access brought by this collaboration will provide customers in remote areas across India with
convenient and affordable doorstep financial services. 65% of India’s population lives in rural areas with limited financial
infrastructure. Through this partnership, the Internationals Inward Money Transfer service will become available at more
than 25,000 Post Office locations immediately with an expected reach to over 1 lakh locations through the Post Offices.
{Read more}
Smart Points:
• IPPB + Ria Money Transfer (US) = partnership to offer unique remittance services across Rural India
• It will provide customers in remote areas across India with convenient & affordable doorstep financial services
• Internationals Inward Money Transfer service – will become available at more than 25,000 Post Office locations
• HQs of IPPB – New Delhi | MD & CEO – Venkatram Jayanthy | Established on – 1st Sep, 2018

287. Karnataka Bank has launched “KBL WISE Senior Citizens Savings Bank Account”, a unique banking product designed to
cater to the Banking, Healthcare and Wellness needs of senior citizens. The Wellness, Investments, and Savings for Elderly
(WISE) product is available in two variants - KBL Wise Signature, a regular variant; and KBL Wise Advantage, a premium
variant. The product offers an array of bundled features, including free top-up health insurance up to ₹10 lakh. The bank
has partnered with Care Health Insurance Co Ltd., and MediBuddy, a digital healthcare platform to bring together the
proposition on the health and wellness front. {Read more}
Smart Points:
• Karnataka Bank – launched a unique banking product, “KBL WISE Senior Citizens Savings Bank Account”
• Aim: To cater to Banking, Healthcare & Wellness needs of senior citizens
• WISE – Wellness, Investments, and Savings for Elderly | It is available in two variants
• Karnataka Bank + Care Health Insurance Co Ltd + MediBuddy = to bring together proposition on health & wellness front
• HQs of Karnataka Bank – Mangalore, Karnataka | MD & CEO – Srikrishnan Harihara Sarma | Founded – 1924

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288. Karnataka Vikas Grameena Bank (KVGB), a regional rural bank sponsored by Canara Bank, has
been honoured with a national award by Pension Fund Regulatory and Development Authority (PFRDA)
for significant enrolment under the Atal Pension Yojana (APY). Shreekant M Bhandiwad, Chairman of
KVGB, received the award from Vivek Joshi, Secretary, Department of Financial Services, Government
of India, and Deepak Mohanty, Chairman of PFRDA, in New Delhi. APY provides a safety net for workers
in the informal sector, ensuring a pre-defined pension after 60 years. During 2023-24, the bank enrolled
86,350 accounts against a target of 67,932, achieving the target well ahead of schedule. {Read more}
Smart Points:
• KVGB (sponsored by Canara Bank) – honoured with a national award by PFRDA for significant enrolment under APY
• KVGB – enrolled 86,350 accounts during 2023-24 (against the target of 67,932)
• APY – provides a safety net for workers in informal sector, ensuring a pre-defined pension after 60 years
• HQs of KVGB – Dharwad, Karnataka | Chairman – Shreekant M Bhandiwad | Founded in – 2005

289. The RBI has revised its priority sector guidelines to encourage banks to provide small loans in economically
disadvantaged districts with low average loan sizes. The new norms discourage lending in districts with high average loan
sizes. Starting from FY25, more weight (125%) will be given to fresh priority sector loans in districts where the loan
availability is low (less than Rs 9,000 per person). In districts with high loan availability (more than Rs 42,000 per person),
the loans will have a weight of 90%. With the exception of outlier districts with low credit availability and those with high
loan sizes, all other districts will continue to have the current importance level of 100%. {Read more}
Smart Points:
• RBI – revised its priority sector guidelines to encourage banks to provide small loans in economically disadvantaged
districts with low average loan sizes
• From FY25, loan weight will be 125% in districts with low loan availability, 90% in high loan availability, & 100% in others
• HQs of RBI – Mumbai, Maharashtra | Governor – Shaktikanta Das (25th) | Established on – 1st April, 1935
Total Deputy Governors (4) – S. Janakiraman | T. Rabi Sankar | Michael D. Patra | M. Rajeshwar Rao

290. HDFC Bank has launched a new digital investment platform, “SmartWealth”, to take wealth services to every Indian
and make investments simple and transparent. This new platform comes loaded with first-ever features that allow investors
to make the right investment decisions and plan their financial journey. Users can create SmartJars, which gives users
personalised portfolio plans that can be modified or paused anytime. The Portfolio Analytics feature on SmartWealth
analyses asset distribution and alerts users to overexposure in a particular fund, thereby mitigating risk. {Read more}
Smart Points:
• HDFC Bank – launched a new digital investment platform, “SmartWealth”
• Aim: To take wealth services to every Indian & make investment simple & transparent
• SmartJars – gives users personalised portfolio plans that can be modified or paused anytime
• Portfolio Analytics feature – analyses asset distribution & alerts users to overexposure in a particular fund
• HQs of HDFC Bank – Mumbai, MH | MD & CEO – Sashidhar Jagdishan | Tagline – “We understand your World”

291. NSE’s index services subsidiary, NSE Indices Limited, has launched a new thematic index, called “Nifty India Tourism”,
which will track the performance of a maximum of 30 stocks in Nifty 500 index representing the travel and tourism theme.
The index comprises 17 stocks. The base date for the index is April 1, 2005 and the base value is 1,000. The index will be
reconstituted semi-annually and rebalanced on a quarterly basis. Mukesh Agarwal is the CEO of NSE Indices. {Read more}

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292. Mirae Asset Investment Managers has introduced India’s first exchange-traded fund (ETF) specialising in Electric
Vehicles (EVs) and the Emerging Automotive sector, named the “Mirae Asset Nifty EV and New Age Automotive ETF”. This
open-ended scheme is crafted to harness the sector’s promising long-term growth potential. Investors have the flexibility
to trade units on stock exchanges, akin to other securities. The fund will follow the Nifty EV and New Age Automotive Total
Return index. During the new fund offer (NFO) period, the scheme requires a minimum initial investment of ₹5,000, with
additional investments in multiples of Re 1. Ekta Gala and Akshay Udeshi will serve as the managers for this scheme. Swarup
Anand Mohanty is the Vice Chairman & CEO of Mirae Asset Investment Managers (India). {Read more}
Smart Points:
• Mirae Asset Investment Managers – introduced the “Mirae Asset Nifty EV & New Age Automotive ETF”
• It is India’s first exchange-traded fund (ETF) specialising in Electric Vehicles (EVs) & Emerging Automotive sector
• During the NFO period, the scheme requires a minimum initial investment of ₹5,000
• Managers – Ekta Gala & Akshay Udeshi
• HQs of Mirae Asset Investment Managers –Mumbai, Maharashtra | CEO – Swarup Anand Mohanty

293. APIX, a leading global collaborative innovation platform for financial institutions and fintechs, has partnered with the
Reserve Bank of India (RBI) to host the prestigious “HaRBInger 2024” hackathon. This landmark collaboration aims to bring
together the brightest minds from around the world to develop cutting-edge solutions that enhance the security and
inclusivity of the financial ecosystem. “Zero Financial Frauds” and “Being Divyang Friendly” are the themes of HaRBInger
2024. The hackathon challenges participants to tackle 4 critical problem statements focused on real-time fraud detection,
ensuring transaction anonymity, identifying mule accounts, and empowering the visually impaired in financial transactions.
Umang Moondra is the CEO of APIX. {Read more}
Smart Points:
• APIX + RBI = partnership to host the prestigious “HaRBInger 2024” hackathon
• Aim: To bring together the brightest minds from around the world to develop cutting-edge solutions
• Themes – “Zero Financial Frauds” and “Being Divyang Friendly”
• HQs of APIX – Singapore | CEO – Umang Moondra
• HQs of RBI – Mumbai, Maharashtra | Governor – Shaktikanta Das (25th) | Established on – 1st April, 1935
Total Deputy Governors (4) – S. Janakiraman | T. Rabi Sankar | Michael D. Patra | M. Rajeshwar Rao

294. Mindspace Business Parks raised funds by issuing Sustainability-linked bonds worth Rs 650 crore from the International
Finance Corporation (IFC). With this, it has become the first Indian Real Estate Investment Trust (REIT) to issue such bonds.
The bonds have been issued for the tenure of 7 years. This investment would help Mindspace enhance the sustainability of
its portfolio of business parks and reduce greenhouse gas emissions year-on-year. {Read more}
Smart Points:
• Mindspace Business Parks – raised funds by issuing Sustainability-linked bonds worth Rs 650 Cr from IFC for 7 years

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295. ICICI Bank has become the 6th Indian company to achieve a market capitalisation of $100 billion. ICICI Bank is the second-
largest bank in India by market capitalisation, after HDFC Bank. At present, it is also the 5 th largest entity by market value.
The other five companies that have reached the $100 billion market capitalisation milestone are Reliance Industries, Tata
Consultancy Services (TCS), HDFC Bank, Bharti Airtel, and Infosys. Notably, Infosys reached this milestone in January 2022
but could not maintain that level for long. Currently, Reliance Industries is leading the list with a market capitalisation of
$236 billion, followed by TCS with a market value of $166 billion. {Read more}
Smart Points:
• ICICI Bank – became 6th Indian company to achieve a m-cap of $100 billion (5th largest entity by market value at present)
• Other 5 companies to reach $100 bn m-cap: Reliance ($236 bn), TCS ($166 bn), HDFC Bank, Bharti Airtel & Infosys
• ICICI Bank – 2nd largest bank in India by m-cap | 1st – HDFC Bank
• HQs of ICICI Bank – Mumbai | MD & CEO – Sandeep Bakhshi | Taglines – “Hum Hain Na!” & “Khayal Apka”

296. India’s current account registered a surplus in the final quarter (Q4) of the previous fiscal (FY24) boosted by higher
services, while its current account deficit lowered in FY24 overall owing to lower merchandise trade deficit. India has
recorded a current account surplus of $5.7 billion or 0.6% of GDP in the March quarter (Q4) of FY 2023-24. For FY24, the
current account deficit (CAD) narrowed to $23.2 billion or 0.7% of GDP, against $67 billion or 2% of GDP in FY23, the RBI said
in a release on the Developments in India’s Balance of Payments. In FY24, the portfolio investment recorded a net inflow of
$44.1 billion against an outflow of $5.2 billion a year ago, while net FDI plummeted to $9.8 billion from $28 billion in FY23.
India’s foreign exchange reserves saw an accretion of $63.7 billion in FY24. Merchandise trade deficit in Q4 stood at $50.9
billion. Net services receipts, at $42.7 billion, contributed to the surplus in current account balance in Q4 FY24. {Read more}
Smart Points:
• ‘Developments in India’s Balance of Payments’ – released by RBI
• India recorded a current account surplus of $5.7 billion or 0.6% of GDP in Q4 of FY24
• For FY24, CAD narrowed to $23.2 billion or 0.7% of GDP (from $67 billion or 2% of GDP in FY23)
• Portfolio investment in FY24 – $44.1 bn against an outflow of $5.2 bn in FY23 | Net FDI – $9.8 bn (from $28 bn in FY23)
• India’s foreign exchange reserves in FY24 – $63.7 billion | Merchandise trade deficit in Q4 FY24 – $50.9 billion
• Net services receipts ($42.7 billion) contributed to surplus in current account balance in Q4 FY24

297. Globally, the size of the non-bank financial intermediation (NBFI) sector declined by 3% in 2022, However, India’s non-
banking financial sector registered a growth of 10%, as per the report published by State Bank of India (SBI). The report
highlighted India as the 3rd largest entities in the non-banking financial sector, following the United States and the United
Kingdom. The improvement in asset quality and the strong macroeconomic fundamentals have played a crucial role in
improving the Indian banking sector. {Read more}
Smart Points:
• SBI: Globally, the size of non-bank financial intermediation (NBFI) sector declined by 3% in 2022 (India - 10% growth)
• India – 3rd largest entities in the non-banking financial sector | 1st – US, 2nd – UK

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298. KisanKraft Ltd, the Bengaluru-based agri-firm has joined the “Low Methane Rice” project by World Bank’s 2030 Water
Resource Group (WRG) under UP-PRAGATI Accelerator programs to promote direct seeded rice (DSR) cultivation in Uttar
Pradesh. Also, KisanKraft Ltd has recently entered into agreement with seed companies Delta Agri Genetics and Savannah
Seeds to offer its DSR seed varieties for multi-location trials. Over the past few years, KisanKraft has developed 15 new
varieties of paddy that are suited for DSR method of cultivation that uses less water for growing the cereal crop. KisanKraft
has also entered into agreements to provide their dry-DSR technologies to Hyderabad-based “Delta Agri Genetics” and
Gurugram-based “Savannah Seeds Private Ltd”. Besides, Uttar Pradesh has launched an acclerator program, named “Uttar
Pradesh Program for Agricultural Transformation and Increased Incomes (UP-PRAGATI)”, in collaboration with the 2030
Water Resources Group, Bill and Melinda Gates Foundation (BMGF) and the private sector. It aims to bring about significant
agricultural advancements and boost incomes across the state by promoting water-use efficiency and low-carbon practices
through technological and institutional innovations. Ravindra Agrawal is the Chairman of KisanKraft. {Read more}
Smart Points:
• KisanKraft – joined the “Low Methane Rice” project by World Bank’s 2030 Water Resource Group (WRG) under ‘UP-
PRAGATI’ acclerator program
• KisanKraft – also entered into agreement with Delta Agri Genetics and Savannah Seeds to offer its DSR seed varieties for
multi-location trials
• KisanKraft – developed 15 new varieties of paddy that are suited for DSR method of cultivation
• KisanKraft – also entered into agreements to provide their dry-DSR technologies to Hyderabad-based “Delta Agri
Genetics” and Gurugram-based “Savannah Seeds Private Ltd”
• UP – launched ‘UP-PRAGATI’ acclerator program in collaboration with 2030 Water Resources Group & BMGF
• HQs of KisanKraft – Bengaluru, Karnataka | Chairman – Ravindra Agrawal

299. Flipkart has launched Unified Payments Interface (UPI) app “super.money” to further the group’s fintech ambitions.
The Walmart-backed company has its own UPI handle within the shopping app and the launch of a separate app indicates
the group’s aggressive intent in the fintech space. The app offers up to 5% cashback on food, travel and other merchant
payments using the app. {Read more}
Smart Points:
• Flipkart – launched Unified Payments Interface (UPI) app, “super.money”
• The app offers up to 5% cashback on food, travel and other merchant payments using the app
• HQs of Flipkart – Bangalore, Karnataka | Chairperson – Binny Bansal | CEO – Kalyan Krishnamurthy

300. The government has monetised assets worth ₹1.56 lakh crore under the “National Monetisation Pipeline (NMP)” in
2023-24, lower than the target of ₹1.8 lakh crore. The total target for the first two years, 2021-22 & 2022-23, under the
NMP, was around ₹2.5 lakh crore, against which about ₹2.30 lakh crore was achieved. Under the NMP, the aggregate
monetisation potential of the central government’s brownfield infrastructure assets has been estimated at Rs 6 lakh crore
over a 4-year period, from FY22 to FY25. Asset monetisation is aimed at tapping private sector investment to create new
infrastructure. In August 2021, Union Minister for Finance and Corporate Affairs launched the asset monetisation pipeline
of Central Ministries and Public Sector Entities (PSEs) as ‘National Monetisation Pipeline’. The Ministries of Road Transport,
and Highways monetised assets, worth ₹40,314 crore in FY24, while the amounts for coal ministry was ₹56,794 crore, power
(₹14,690 crore), mines (₹4,090 crore), petroleum, and natural gas (₹9,587 crore), urban (₹6,480 crore), and shipping (₹7,627
crore). All these ministries achieved 70% of their monetisation targets. The NMP listing potential core assets of the central
government ministries/PSEs for monetisation during 2021-22 to 2024-25 was prepared by NITI Aayog, in collaboration with
the infrastructure ministries concerned. {Read more}

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Page | 128 SBI | RBI | IBPS |RRB | SSC | NIACL | EPFO | UGC NET | LIC | Railways | CLAT | RJS Join us
Smart Points:
• Govt monetised assets worth ₹1.56 lakh Cr under “National Monetisation Pipeline (NMP)” in FY24 (Target - ₹1.8 lakh Cr)
• Total target for the first two years, 2021-22 & 2022-23, under the NMP, was – ₹2.5 lakh Cr | achieved - ₹2.30 lakh Cr
• Under the NMP, aggregate monetisation potential is estimated at Rs 6 lakh Cr from FY22 to FY25
• Ministry-wise monetised assets (all these ministries achieved 70% of their monetisation targets):
- MoRTH – ₹40,314 Cr | Coal – ₹56,794 Cr | Power – ₹14,690 Cr | Mines – ₹4,090 Cr | MoPNG – ₹9,587 Cr
- MoHUF – (₹6,480 Cr) | MoPSW – ₹7,627 Cr
• NMP listing potential core assets of the Ministries/PSEs for monetization during FY22-25 – prepared by NITI Aayog
• NMP was launched by Minister for Finance and Corporate Affairs in August 2021

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6. According to data shared by the National Payments Corporation of India

99. Zeta, a provider of next-gen banking technology to financial institutions globally,

• The survey covered 22 states & UTs

198. A Trade Receivables Discounting System (TReDS) platform, Receivables Exchange of

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