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Banking & Financial Awareness PDF - by Smartkeeda
[November - 2024]

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

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• CGM – acts as an administrative & functional layer between GM & Executive Director in Nationalized Banks
• Number of CGM posts in all 11 Nationalised Banks – increased to 144 (from 80)
• Minister of Finance: Nirmala Sitharaman | Constituency – Karnataka
MoS in Ministry of Finance: Pankaj Chaudhary

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 5 th 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
• ‘Foreign Exchange Management (Non-debt Instruments) Rules, 2019’ prescribe that investment made by FPI should be
less than 10% of total paid-up equity capital on a fully diluted basis

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• Any FPI investing in breach of prescribed limit should have option of divesting their holdings or reclassifying such holdings
as FDI within 5 trading days from date of settlement of trades causing breach
• 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

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 16 th 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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 - Available in 4 variants – Signature, Elite, Premier & Enhanced Optional covers
• Aim: To address rising healthcare costs in India, which are growing by 10-15% annually
• HQs of Galaxy Health Insurance – Chennai, Tamil Nadu | MD & CEO – G Srinivasan

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. The Reserve Bank of India (RBI) has announced a Scholarship Scheme for faculty members from academic institutions.
Under the scheme, full-time faculty members teaching economics or finance at any University Grants Commission (UGC) or
All-India Council for Technical Education (AICTE)-recognized universities or colleges in India are eligible to apply for short-term
research. The areas included for the scholarship are monetary and financial economics, banking, real sector issues and other
topics of interest to RBI. Under the scheme, monthly allowance of Rs 50,000 will be paid for the duration of the project (not
more than 3 months), along with a Rs 2,00,000 honorarium upon project completion. {Read more}
Smart Points:
• RBI – announced a Scholarship Scheme for faculty members from academic institutions
• Eligible for short-term research – full-time faculty members teaching economics or finance at any UGC or AICTE-recognized
universities
• Areas included for scholarship – monetary & financial economics, banking, real sector issues & others
• Monthly allowance of Rs 50,000 – to be paid for duration of project (not >3 months)
- Along with – Rs 2,00,000 honorarium upon project completion
• 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

52. Matrimony.com, the company known for its leading matchmaking services, has announced the launch of
“WeddingLoan.com”, a fintech platform designed specifically to offer wedding loans. This new initiative fills a critical gap in
the market by creating a dedicated category for financing weddings, helping couples plan their big day without financial strain.
The company has partnered with leading financial institutions such as IDFC, Tata Capital, L&T Finance, to offer a
comprehensive loan solution. {Read more}
Smart Points:
• Matrimony.com – to launch “WeddingLoan.com”, a fintech platform designed specifically to offer wedding loans
• It partnered with financial institutions such as IDFC, Tata Capital, L&T Finance, to offer a comprehensive loan solution
• HQs of Matrimony.com – Chennai, Tamil Nadu | CEO – Murugavel Janakiraman

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53. The Reserve Bank of India (RBI) has proposed to create a data repository, namely “Reserve Bank -
Climate Risk Information System (RB-CRIS)”, in two parts, to bridge the gap in climate-related data that is
currently available in a fragmented manner. The first part will be a web-based directory, listing various
data sources such as meteorological and geospatial, which would be publicly accessible on the RBI’s
website. The second part will be a data portal comprising datasets (processed data in standardised
formats). The access to this data portal would be made available only to regulated entities in a phased manner. {Read more}
Smart Points:
• RBI – to create a data repository, “Reserve Bank - Climate Risk Information System (RB-CRIS)”, in 2 parts
- To bridge gap in climate-related data that is currently available in a fragmented manner
• 1st part – a web-based directory, listing various data sources, which would be publicly accessible on RBI’s website
• 2nd part – a data portal comprising datasets (processed data in standardised formats)
• 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

54. The Securities and Exchange Board of India (SEBI) has imposed a fine of Rs 26 crore on
Reliance Big Entertainment Pvt Ltd (now known as Rbep Entertainment Pvt Ltd) for failing
to clear penalties imposed by the regulator in a case pertaining to illegal diversion of
funds. The notice was issued after the entity (Reliance Big Entertainment) failed to pay
the Rs 25 crore fine imposed by the regulator in August this year. The SEBI had also barred industrialist Anil Ambani and 24
others from the securities market for 5 years on charges of diversion of funds from Reliance Home Finance Ltd (RHFL). {Read
more}
Smart Points:
• SEBI imposed a fine of Rs 26 crore on Reliance Big Entertainment (aka Rbep Entertainment)
• Reason: For failing to pay Rs 25 crore fine imposed by SEBI in Aug’24 for illegal diversion of funds from RHFL
• SEBI had also barred industrialist Anil Ambani and 24 others from the securities market for 5 years
• HQs of SEBI – Mumbai, Maharashtra | Chairman – Madhabi Puri Buch | Established in – 1992

55. State Bank of India (SBI) is negotiating a $1.25 billion dollar-denominated 5-year loan with an
interest rate margin of 92.5 basis points over the Secured Overnight Financing Rate (SOFR) from
CTBC Bank, HSBC Holdings Plc, and Taipei Fubon Bank. This is a landmark move as it would be the
largest overseas borrowing by India’s financial sector this year. The loan, initiated through SBI’s
Gujarat International Finance Tec-City (GIFT City) branch, will be used for general corporate needs. Besides SBI,
Cholamandalam Investment & Finance Company also aimed for a $300 million syndicated loan. Union Bank of India’s Sydney
branch is arranging a 3-year A$125 million loan, and Bank of Baroda is set to raise $750 million. Despite this activity, India’s
total dollar-denominated loan volume has seen a 27% drop to $14.2 billion in 2023, attributed to a pullback in large corporate
borrowings. This loan announcement also aligns with the RBI’s recent reaffirmation of SBI as a Domestic Systemically
Important Bank (D-SIB). SBI remains in the top D-SIB category (bucket 4), which mandates an extra 0.80% in Common Equity
Tier 1 (CET1) by April 2025. {Read more}
Smart Points:
• SBI – negotiating a $1.25 billion dollar 5-year loan with an interest rate margin of 92.5 basis points over SOFR
- From – CTBC Bank, HSBC Holdings Plc & Taipei Fubon Bank
- Largest overseas borrowing by India’s financial sector in 2024

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• Initiated through – SBI’s Gujarat International Finance Tec-City (GIFT City) branch
• Other loans by Indian banks:
- Cholamandalam Investment & Finance Company – aiming for a $300 million syndicated loan
- Union Bank of India’s Sydney branch – arranging a 3-year A$125 million loan | BoB – to raise $750 million
• India’s total dollar-denominated loan volume – dropped 27% to $14.2 billion in 2023
• SBI remains in top D-SIB category (bucket 4), which mandates an extra 0.80% in CET1 by April 2025
• HQs of SBI – Mumbai, Maharashtra | Chairman – Challa Sreenivasulu Setty
MDs – Rana Ashutosh Kumar Singh | Ashwini Kumar Tewari | Vinay M. Tonse

56. Canara Bank has classified the loan accounts of Anil Ambani’s bankrupt telecom venture, Reliance
Communications, and its subsidiary as “fraudulent”, alleging the misappropriation of Rs 1,050 crore loaned
in 2017. These loans were initially intended for capital expenditure and debt repayment. The bank claimed
the accounts were classified as fraudulent due to the non-utilization of funds as per the sanctioned terms
and inter-company transactions used to settle other debts. Reliance Communications went bankrupt in 2018. {Read more}
Smart Points:
• Canara Bank – classified loan accounts of Anil Ambani’s venture, Reliance Comm., & its subsidiary as “fraudulent”
- Alleged misappropriation of – Rs 1,050 Cr loaned in 2017
• Reliance Communications – went bankrupt in 2018
• HQs of Canara Bank – Bengaluru | MD & CEO – K. Satyanarayana Raju | Non-Ex Chairman – Vijay Srirangam

57. The latest retail inflation data for October 2024 released by the National Statistical
Office (NSO) showed that Chhattisgarh has recorded the highest inflation rate among states
and Union territories (UTs) with an inflation rate of 8.8%, followed by Bihar (7.8%), Odisha
(7.5%), Uttar Pradesh (7.4%) and Madhya Pradesh (7%). According to the latest data, retail
inflation surged to a 14-month high of 6.2% in October, led by soaring food prices -
particularly vegetables. Out of the 22 states and UTs for which data is available, half of them recorded an inflation rate above
6% - an upper tolerance band of RBI. Delhi had the lowest inflation rate of 4%, followed by West Bengal (4.6%) and
Maharashtra (5.4%). {Read more}
Smart Points:
• Latest retail inflation data for Oct 2024 – released by National Statistical Office (NSO)
• Highest inflation rate among states & UTs: 1st – Chhattisgarh (8.8%) | 2nd – Bihar (7.8%) | 3rd – Odisha (7.5%)
- 4th – Uttar Pradesh (7.4%) | 5th – Madhya Pradesh (7%)
• Retail inflation – surged to 6.2% in Oct 2024 (a 14-month high)
• Lowest inflation rate: 1st – Delhi (4%) | 2nd – West Bengal (4.6%) | 3rd – Maharashtra (5.4%)
• HQs of NSO – New Delhi | Chairperson – Prof. Rajeeva Laxman Karandikar

58. Punjab National Bank (PNB), a public sector bank, has launched “Palaash Debit Card”, a new Debit Card variant made from
recycled PVC plastic (rPVC) as part of their sustainability initiative. This eco-friendly card uses materials that would otherwise
end up in landfills, thereby reducing environmental harm. The PNB Palaash debit card offers all the features of the existing
RuPay Platinum Debit Card variant. {Read more}

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Smart Points:
• PNB – launched “Palaash Debit Card”, a new Debit Card variant made from recycled PVC plastic (rPVC)
• HQs of PNB – New Delhi | MD & CEO – Atul Kumar Goel | Tagline – “The Name You Can Bank Upon”

59. To create financial literacy awareness among the tribal population, the Reserve Bank of India (RBI),
Odisha office, has prepared 5 specific booklets in the Santali (Ol Chik) language (a.k.a. Santal or Santhali)
for school children, farmers, entrepreneurs, self-help groups and senior citizens to create awareness
about financial products and services, good financial practices, going digital and consumer protection.
Odisha Chief Minister Mohan Charan Majhi released the booklets at ‘Bali Jatra’ in Cuttack. The booklets were prepared to
commemorate 90 years of RBI’s operation in the country. The booklets will also be distributed in other states like Jharkhand,
Bihar, West Bengal, Assam and Tripura where a sizeable Santali-speaking population live. {Read more}
Smart Points:
• RBI, Odisha office – prepared 5 specific booklets in Santali (Ol Chik) language for school children, farmers, entrepreneurs,
SHGs & senior citizens
• To create awareness about financial products & services, good financial practices, going digital & consumer protection
• Released by – Mohan Charan Majhi, Odisha CM, at ‘Bali Jatra’ in Cuttack
• Odisha: Capital – Bhubaneswar | CM – Mohan Charan Majhi | Governor – Raghubar Das
• 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

60. Public Sector Banks (PSBs) are set to launch a new ‘Credit Risk Assessment Model’ for micro,
small, and medium enterprises (MSMEs) seeking loans between Rs 25 lakh and Rs 5 crore. Bank of
India (BoI), Punjab & Sind Bank, Canara Bank, and Indian Bank plan to roll out the model on
November 25, while 6 other PSBs, including Bank of Baroda (BoB), Union Bank of India, UCO Bank,
and Punjab National Bank, aim to launch it by November 30. Indian Bank and State Bank of India
(SBI) will assess loans up to Rs 5 crore through this model. Initially, 9 PSBs, including BoB, Canara Bank, and Bank of
Maharashtra, will offer loans up to Rs 25 lakh, while BoI will provide loans up to Rs 1 crore. This model aims to be a significant
improvement over traditional methods, which focus on asset or turnover criteria. MSMEs play a crucial role in India’s economy,
contributing over 30% of the national Gross Domestic Product (GDP) and nearly 50% of its exports. This model will use digital
data and other factors to assess loan eligibility, making it more accurate than traditional models that only look at assets or
turnover. {Read more}
Smart Points:
• PSBs – to launch a new ‘Credit Risk Assessment Model’ for MSMEs seeking loans between Rs 25 lakh & Rs 5 Cr
• BoI, Punjab & Sind Bank, Canara Bank & Indian Bank – plan to roll out the model on Nov 25
• 6 other PSBs (including BoB, UBI, UCO Bank & PNB) – plan to roll out the model on Nov 30
• Indian Bank & SBI – to assess loans up to Rs 5 Cr through this model
• Initially, 9 PSBs (including BoB, Canara Bank & BoM) – to offer loans up to Rs 25 lakh | BoI – to offer loans up to Rs 1 Cr
• Aim: To be a significant improvement over traditional methods, which focus on asset or turnover criteria
• MSMEs – contribute over 30% of national GDP & nearly 50% of exports

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61. The urban unemployment rate among persons of age 15 years and above has
come down to 6.4% in the July-September 2024 quarter (Q2 FY25), compared to
6.6% in April-June quarter (Q1 FY25), according to the “Periodic Labour Force
Survey (PLFS) - Quarterly Bulletin of July - September 2024 (Q2 FY25)” released
by the National Sample Survey Office (NSSO), under Ministry of Statistics and
Program Implementation (MoSPI). This is the lowest unemployment rate
recorded in the recent past. The report shows urban unemployment among men
has come down to 5.7%, while that among women has come down to 8.4% during Q2. Out of 22 States and Union Territories,
14 have higher UR than national average, while 8 has lower than that. Jammu & Kashmir recorded highest UR with 11.8%,
followed by Odisha (10.6%) & Kerala (10.1%). Delhi recorded lowest UR at 2.6%. The unemployment rate is defined as the
percentage of persons unemployed among the persons in the labour force. The labour force participation rate (LFPR) has also
improved to 50.4% during Q2 (75% among male & 25.5% among female). LFPR is defined as the percentage of persons in
labour force in the population. The worker population rate (WPR) in urban areas was 47.2% in July-September 2024 for persons
of age 15 years in above (70.7% among male & 23.4% among female). WPR is defined as the percentage of employed persons
in the population. NSSO launched PLFS in April 2017. {Read more}
Smart Points:
• “Periodic Labour Force Survey (PLFS) - Quarterly Bulletin of Jul - Sep 2024 (Q2 FY25)” – released by NSSO, under MoSPI
• Urban unemployment rate among persons of age 15 years & above – 6.4% (from 6.6% in Q1 FY25)
- Men – 5.7% | Women – 8.4%
- Highest UR – J&K (11.8%) | Lowest UR – Delhi (2.6%)
- Unemployment rate – percentage of persons unemployed among the persons in the labour force
• Labour force participation rate (LFPR) – improved to 50.4% | Male – 75% | Female – 25.5%
- LFPR – percentage of persons in labour force in the population
• Worker population rate (WPR): Urban – 47.2% | Male – 70.7% | Female – 23.4%
- WPR – percentage of employed persons in the population
• PLFS – launched in April 2017 by NSSO
• MoS I/C of Ministry of Statistics & Programme Implementation: Rao Inderjit Singh | Constituency – Gurgaon, Haryana

62. Karnataka Bank Ltd (KBL) has launched 2 financial products - ‘KBL Peak’ & ‘KBL Genius’. ‘KBL Peak’ is an education loan to
students pursuing higher education in India and abroad with financing of up to Rs 2 crore and comprehensive coverage,
including credit life insurance for both the student and the parent. While ‘KBL Genius’ is a student savings account scheme
with 2 variants - ‘KBL Genius Signature’ and ‘KBL Genius Advantage’ - featuring free cyber insurance. {Read more}
Smart Points:
• Karnataka Bank Ltd – launched 2 financial products, ‘KBL Peak’ & ‘KBL Genius’
• ‘KBL Peak’ – education loan to students pursuing higher education in India & abroad with financing of up to Rs 2 Cr
• ‘KBL Genius’ – student savings account scheme with 2 variants, ‘KBL Genius Signature’ & ‘KBL Genius Advantage’
• HQs of Karnataka Bank – Mangalore, Karnataka | MD & CEO – Srikrishnan Harihara Sarma | Founded – 1924

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63. HDFC Bank has launched the “Stay Safe, Stay Vigil” campaign with ‘Vigil Aunty’, an HDFC
Bank social media influencer who helps people be aware and informed about the most
common and innovative cyber frauds. At the ‘Cyber Security Summit’, organized by HDFC Bank
in collaboration with Times Of India (TOI) in New Delhi, Vigil Aunty spoke about the role she
seeks to play in this important initiative. Vigil Aunty urged people to join her WhatsApp ‘Vigil
Army’ which has over 8 lakhs of followers. With an agenda to ‘Stay Safe, Stay Vigil’, the Vigil Army helps you stay up-to-date
with the latest financial frauds and their modus operandi. {Read more}
Smart Points:
• HDFC Bank – launched “Stay Safe, Stay Vigil” campaign with ‘Vigil Aunty’, an HDFC Bank social media influencer
• ‘Cyber Security Summit’ – held in New Delhi | Organized by = HDFC Bank + TOI
• HQs of HDFC Bank – Mumbai, MH | MD & CEO – Sashidhar Jagdishan | Tagline – “We understand your World”

64. India’s central bank, Reserve Bank of India (RBI), has announced to launch a pilot programme in 2025 offering local cloud
data storage to financial firms at affordable prices. The cloud platform will use local IT firms, pitting it against the likes of
Amazon Web Services, Microsoft Azure, Google Cloud and IBM Cloud, in a first-of-its-kind initiative from a major global central
bank. The burgeoning cloud services market in Asia’s third largest economy, India, was estimated at $8.3 billion in 2023 and is
expected to grow to $24.2 billion by 2028, according to a report by International Data Corporation (IDC). Initial work on the
cloud is being driven by the research wing of the central bank, called the Indian Financial Technology and Allied Services.
Consultancy firm, EY (Ernst & Young), has been appointed as an advisor to the project. The project will initially be funded by
the central bank’s asset development fund of Rs 229.74 billion ($2.72 billion). {Read more}
Smart Points:
• RBI – to launch a pilot programme in 2025 offering local cloud data storage to financial firms at affordable prices
• It will use local IT firms, pitting it against likes of AWS, Microsoft Azure, Google Cloud & IBM Cloud
• As per a report by International Data Corporation (IDC), estimation of cloud services market in India:
- $8.3 billion – in 2023 | $24.2 billion – by 2028
• Advisor to the project – Ernst & Young, Consultancy firm
• It will initially be funded by – RBI’s asset development fund of Rs 229.74 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

65. State Bank of India (SBI) has partnered with Jagriti Yatra 2024, a transformative 8,000-km, 15-day
entrepreneurial journey across India’s Tier 2 and Tier 3 regions. This initiative will support 500 young
aspirants in exploring entrepreneurial opportunities, receiving expert mentorship, and engaging in
practical learning experiences. Through this collaboration, SBI aims to nurture future innovators,
advancing India’s vision of a ‘Viksit Bharat’ (Developed India) by 2047. SBI continues to empower
individuals through skill development and financial inclusion. The bank has established 152 Rural Self Employment Training
Institutes (RSETIs), which have successfully trained over 11.5 lakh rural candidates, enabling 74% of them to become self-
employed. {Read more}
Smart Points:
• SBI + Jagriti Yatra 2024 = partnered to support 500 young aspirants in exploring entrepreneurial opportunities, receiving
expert mentorship & engaging in practical learning experiences
• Jagriti Yatra 2024 – a transformative 8,000-km, 15-day entrepreneurial journey across India’s Tier 2 & Tier 3 regions

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• SBI established 152 RSETIs & trained over 11.5 lakh rural candidates | 74% of them – became self-employed
• HQs of SBI – Mumbai, Maharashtra | Chairman – Challa Sreenivasulu Setty
MDs – Rana Ashutosh Kumar Singh | Ashwini Kumar Tewari | Vinay M. Tonse

66. The State Bank of India (SBI) celebrated 100 years of its historic Horniman Circle Branch in
Mumbai with the release of a Rs 100 commemorative coin. The coin was unveiled by Union Finance
Minister Nirmala Sitharaman. Alongside the coin launch, she also unveiled the 5th volume of “The
Evolution of the State Bank of India”, chronicling a transformative era in the bank’s journey between
1981 and 1996. The Horniman Circle Branch, originally part of the Bank of Bombay established in 1863, has been a cornerstone
of India’s banking history. SBI commands a 25% share in debit card spending, 22% in mobile banking transactions, and a 29%
ATM footprint. {Read more}
Smart Points:
• SBI – celebrated 100 years of its Horniman Circle Branch in Mumbai & released a Rs 100 commemorative coin
• Nirmala Sitharaman – unveiled coin & 5th volume of “The Evolution of the State Bank of India”
• Horniman Circle Branch – established in 1863 & was originally part of Bank of Bombay
• SBI commanded shares: 25% – in debit card spending | 22% – in mobile banking transactions | 29% – in ATM footprint
• HQs of SBI – Mumbai, Maharashtra | Chairman – Challa Sreenivasulu Setty
MDs – Rana Ashutosh Kumar Singh | Ashwini Kumar Tewari | Vinay M. Tonse

67. IndusInd Bank Ltd (IBL) and Bharat Financial Inclusion Ltd (BFIL), a wholly owned subsidiary of IBL, has announced a
collaboration with the Ministry of Agriculture and Farmers Welfare (MoAFW), to launch the “Bharat Sanjeevani Krishi Utthan”
initiative. This initiative aims to support the government’s flagship program, formation and promotion of 10,000 farmer
producer organizations (FPOs) providing a robust framework to empower FPOs across the country. This collaboration driven
through BFIL and IBL’s Corporate Social Responsibility (CSR) initiatives aims to enhance agricultural productivity, promote
sustainable farming practices, and improve farmers’ income consistently, across 11 states: Andhra Pradesh, Bihar, Jharkhand,
Karnataka, Madhya Pradesh, Maharashtra, Odisha, Rajasthan, Telangana, Uttar Pradesh, and West Bengal. Under this
initiative, BFIL and IBL will set up a Centralized Project Management Unit (CPMU) at the national level and in 11 target states
to effectively monitor, support, and guide the implementation of FPO projects. {Read more}
Smart Points:
• IndusInd Bank + BFIL + MoAFW = collaborated to launch “Bharat Sanjeevani Krishi Utthan” initiative
• Aim (initiative): To support government’s flagship program, formation & promotion of 10,000 FPOs
• Aim (collaboration): To enhance agricultural productivity, promote sustainable farming practices & improve farmers’
income consistently, across 11 states
- Andhra, Bihar, Jharkhand, Karnataka, MP, Maharashtra, Odisha, Rajasthan, Telangana, UP & WB
• HQs of IndusInd Bank – Mumbai, Maharashtra | MD & CEO – Sumant Kathpalia | Tagline – “We Make You Feel Richer”
• HQs of BFIL – Hyderabad, Telangana | Executive Vice-Chairman – J Sridharan
• Minister of Agriculture & Farmers Welfare: Shivraj Singh Chouhan | Constituency – Vidisha, Madhya Pradesh
MoS in Ministry of Agriculture & Farmers Welfare: Ram Nath Thakur & Bhagirath Choudhary

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68. The Central government is considering selling minority stakes in 4 state-run banks - Central Bank of India, Indian Overseas Bank, UCO
Bank, and Punjab and Sind Bank - to comply with public shareholding norms mandated by the country’s markets regulator,
SEBI. The Central government owns more than 93% in Central Bank of India, 96.4% in Indian Overseas Bank, 95.4% in UCO
Bank and 98.3% in Punjab and Sind Bank as of end-September 2024. The Securities and Exchange Board of India (SEBI) requires
listed companies to maintain a 25% public shareholding, but has exempted government-owned firms from meeting these
norms till August 2026. In the past, Public Sector Banks (PSBs) have launched Qualified Institutional Placements (QIP) to raise
capital which has in turn lowered the government’s stake in state-run banks. Punjab National Bank raised ₹5,000 crore through
a QIP in September, while Bank of Maharashtra raised ₹3,500 crore in October. {Read more}
Smart Points:
• Centre – considering selling minority stakes in 4 govt banks to comply with public shareholding norms mandated by SEBI
- Central Bank of India, Indian Overseas Bank, UCO Bank, and Punjab & Sind Bank
• As of end-Sep 2024, stake of Center in: CBoI – 93% | IOB – 96.4% | UCO Bank – 95.4% | Punjab & Sind Bank – 98.3%
• SEBI requires listed companies to maintain a 25% public shareholding, but exempted govt-owned firms till Aug 2026
• Amount raised by some banks through Qualified Institutional Placements (QIP), launched by SEBI:
- PNB – ₹5,000 Cr in September | Bank of Maharashtra – ₹3,500 Cr in October
• HQs of SEBI – Mumbai, Maharashtra | Chairman – Madhabi Puri Buch | Established in – 1992

69. Sachin Bansal-owned Navi has climbed the UPI leaderboard to become the 4th largest player in the
ecosystem. Navi processed 157.51 million transactions, covering 0.95% UPI market share, in October
2024, overtaking Bengaluru-based Cred, which recorded 152.28 million transactions in the same month.
PhonePe, Google Pay and Paytm dominate the UPI market. As of October, PhonePe’s market share on
UPI was pegged at 47.67%, followed by Google Pay and Paytm with 37.39% and 7.02% share, respectively.
Flipkart-backed Super.money is also growing at a breakneck pace. Super.money, which launched
operations in July, processed 49.68 million transactions in October. This was twice the number of
transactions in September. The company’s Founder & CEO, Prakash Sikaria, said the firm plans to be among the top 5
companies on UPI by the end of the year. {Read more}
Smart Points:
• Navi – became 4th largest player in UPI market share in Oct’24 with 157.51 million transactions (0.95% UPI market share)
• In UPI market, top players with market share: 1st – PhonePe (47.67%) | 2nd – Google Pay (37.39%) | 3rd – Paytm (7.02%)
• Super.money (backed by Flipkart) – processed 49.68 million transactions (twice from September)
• HQs of Navi – Bengaluru, Karnataka | Founder & CEO – Sachin Bansal

70. National Payments Corporation of India (NPCI) has signed up with 3 countries - Namibia,
Trinidad and Tobago, and Peru - to introduce the Unified Payments Interface (UPI) and RuPay.
Currently, UPI is available in 7 countries - France, the UAE, Singapore, Bhutan, Sri Lanka,
Mauritius and Nepal. At present, over 400 million people in the country use UPI for real-time
payments. The average daily UPI transaction count crossed 500 million in September 2024. The
payment ecosystem is looking at moving small payments to UPI Lite. UPI Lite allows users to make low-value transactions
without the need for a UPI pin. In October, the RBI increased the UPI Lite wallet limits, doubling the per-transaction cap from
Rs 500 to Rs 1,000 and raising the overall wallet limit from Rs 2,000 to Rs 5,000. {Read more}
Smart Points:
• NPCI – signed up with 3 countries (Namibia, Trinidad & Tobago, and Peru) to introduce UPI & RuPay
• Currently, UPI is available in 7 countries – France, UAE, Singapore, Bhutan, Sri Lanka, Mauritius & Nepal

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• 400+ million people in country – use UPI for real-time payments at present
• Average daily UPI transaction count – crossed 500 million in Sep 2024
• UPI Lite – allows users to make low-value transactions without need for a UPI pin
• In October, RBI increased UPI Lite wallet limits with per-transaction cap – to Rs 1,000 (from Rs 500)
- Overall wallet limit – to Rs 5,000 (from Rs 2,000)
• HQs of NPCI – Mumbai | Chairman – Ajay Kumar Choudhary | MD & CEO – Dilip Asbe | Established in – 2008

71. Ministry of Finance has brought in Central Public Sector Enterprises (CPSEs) classified as non-
banking financial companies (NBFCs) under the minimum annual dividend payout norm of 30% of
profit after tax (PAT) or 4% of the net worth, whichever is higher. Issuing the revised guidelines, the
Department of Investment and Public Asset Management (DIPAM) said, the revision is aligned to
reflect the evolution in the capital market conditions and financial/capital restructuring of CPSEs. As
per the latest guidelines, CPSEs, whose market price of the share has been less than the book value consistently for the last 6
months, and have a net-worth of at least Rs 3,000 crore and cash & bank balance of over Rs 1,500 crore may consider the
option to buy-back their shares. Further, every CPSE may consider the issue of bonus shares when its defined reserves and
surplus are equal to or more than 20 times of its paid-up equity share capital. The Ministry of Finance further said that the
revised guidelines on capital restructuring of CPSEs will be duly reviewed not later than 3 years to align the policy with
advancements in the Capital Market/regulatory and sectoral changes and to address any other concerns of CPSEs. In the
current fiscal year, the government has budgeted to collect Rs 56,260 crore as dividends from public sector enterprises, up
from Rs 50,000 crore in the 2023-24 fiscal. {Read more}
Smart Points:
• MoF brought in CPSEs classified as NBFCs under minimum annual dividend payout norm of – 30% of profit after tax (PAT)
or 4% of net worth, whichever is higher
• CPSEs that may consider option to buy-back their shares, should have:
- Market price of share – less than book value consistently for last 6 months
- Net-worth – at least Rs 3,000 Cr | Cash & bank balance – over Rs 1,500 Cr
• Every CPSE may consider issue of bonus shares when its defined reserves & surplus are ≥20 times of its paid-up equity
share capital
• In FY25, govt budgeted to collect Rs 56,260 Cr as dividends from PSEs (from Rs 50,000 Cr in FY24)
• Minister of Finance: Nirmala Sitharaman | Constituency – Karnataka
MoS in Ministry of Finance: Pankaj Chaudhary

72. One97 Communications (OCL), owner of Paytm, announced that Paytm users will be able to make UPI
payments at select international locations, including popular spots in six countries - UAE, Singapore, France,
Mauritius, Bhutan, and Nepal. The move allows users to conveniently pay for all use cases including shopping,
dining, and local experiences abroad using UPI through their Paytm app. {Read more}
Smart Points:
• Paytm users will be able to make UPI payments at select international locations – announced by One97 Communications
- Including popular spots in six countries – UAE, Singapore, France, Mauritius, Bhutan & Nepal
• HQs of One97 Communications – Noida, Uttar Pradesh | CEO – Vijay Shekhar Sharma

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73. According to a consultation paper released by the Securities and Exchange Board of India (SEBI), the
capital market regulator has proposed to at double the minimum subscription amount for initial public
offerings (IPO) of small and medium enterprises (SME) from ₹1 lakh to ₹2 lakh, as participation of retail
investors in these offers has been rising. Also, higher size will limit participation by smaller investors and
shall attract investors with risk taking appetite. In one of the other proposals, SEBI even suggested to
increase the amount to ₹4 lakh. The paper is open for public comments until 4 December. To tighten eligibility criteria, SEBI
proposed that SME companies seeking listing should have an operating profit (earnings before interest and tax) of at least ₹3
crore in 2 of the last 3 financial years. The SEBI also proposed extending the applicability of related-party transaction (RPT) norms
from SEBI’s Listing Obligations and Disclosure Requirements Regulations (LODR) to SME listed entities. The exception is
companies with a paid-up capital of less than ₹10 crore and a net worth of less than ₹25 crore. {Read more}
Smart Points:
• As per a consultation paper released by SEBI, it proposed to at double minimum subscription amount for initial public
offerings (IPO) of SMEs from ₹1 lakh to ₹2 lakh
• SEBI suggested to increase amount to ₹4 lakh | Paper is open for public comments – until Dec 4, 2024
• To tighten eligibility criteria, SEBI proposed that SME companies seeking listing should have an operating profit of at least
₹3 crore in 2 of last 3 FYs
• SEBI proposed extending applicability of RPT norms from SEBI’s LODR to SME listed entities
- Exception – companies with a paid-up capital of <₹10 Cr & net worth of <₹25 Cr
• HQs of SEBI – Mumbai, Maharashtra | Chairman – Madhabi Puri Buch | Established in – 1992

74. The National Stock Exchange (NSE) has revised the eligibility criteria for stocks listed on other exchanges to get directly listed
on its mainboard platform. The exchange has raised minimum net worth of such companies to Rs 75 crore for each of the 3
previous years, from the existing Rs 10 crore. If not, the security should have a market capitalisation of over Rs 1,500 crore for 6
months prior to filing an application for listing on NSE. The NSE also said that a company should either have Rs 1,000 crore in
revenues or be EBITDA positive for each of the 3 previous years. The new norms will come into effect from December 1, 2024.
The existing norm for paid-up capital has been eased. As per the current norms, a company needs to have a minimum paid-up
capital of Rs 10 crore for three consecutive years. Now, a company will only need to have a minimum paid-up capital of Rs 10
crore at the time of filing the application for direct listing. The exchange has also increased the minimum number of public
shareholders on the date of application to 1,000 from the current 500. {Read more}
Smart Points:
• NSE – revised eligibility criteria for stocks listed on other exchanges to get directly listed on its mainboard platform
- W.e.f. – Dec 1, 2024
• Minimum net worth of such companies – raised to Rs 75 Cr for each of 3 previous years (from Rs 10 Cr)
• If not listed, security should have a market capitalisation of over Rs 1,500 Cr for 6 months prior to filing an application for
listing on NSE
• A company should either have Rs 1,000 Cr in revenues or be EBITDA positive for each of 3 previous years
- EBITDA - earnings before interest, taxes, depreciation, and amortization
• A company will only need to have a minimum paid-up capital of Rs 10 Cr at time of filing application for direct listing
• Minimum number of public shareholders on date of application – increased to 1,000 (from 500)
• HQs of NSE – Mumbai, Maharashtra | Chairman – Girish Chandra Chaturvedi | MD & CEO – Ashishkumar Chauhan

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75. Yes Bank has announced a partnership with Vegapay, a technology innovator in the banking software industry, to launch
a hyper-configurable platform called ‘Credit Line on UPI’. The platform includes a user-friendly dashboard and a customisable
app. Through this platform, Yes Bank can create customised credit programmes that suit customers’ needs. The collaboration
aims to redefine credit access across India, empowering banking institutions to deliver a modern credit experience to millions.
{Read more}
Smart Points:
• Yes Bank + Vegapay = partnered to launch a hyper-configurable platform called ‘Credit Line on UPI’
• Aim: To redefine credit access across India, empowering banking institutions to deliver a modern credit experience
• HQs of Yes Bank – Mumbai, Maharashtra | MD & CEO – Prashant Kumar | Tagline – “Experience our Expertise”
• HQs of Vegapay – Gurugram, Haryana | CEO – Gaurav Mittal

76. State Bank of India (SBI) has introduced a customised vehicle loan product for Uber’s fleet
partners to support the growth of the ride-hailing industry. This loan enables low-cost, tailored
financing solutions as well as hassle free loan disbursement to Uber’s fleet partners. Prabhjeet
Singh is the President of Uber India & South Asia. {Read more}
Smart Points:
• SBI – introduced a customised vehicle loan product for Uber’s fleet partners to support their growth
• President of Uber India & South Asia – Prabhjeet Singh
• HQs of SBI – Mumbai, Maharashtra | Chairman – Challa Sreenivasulu Setty
MDs – Rana Ashutosh Kumar Singh | Ashwini Kumar Tewari | Vinay M. Tonse

77. Delegates from 18 countries, including central bank governors, deputy governors and other central bank officials from the
Global South, attended a 2-day “High-Level Policy Conference of Central Banks from the Global South”, organised by the
Reserve Bank of India (RBI) in Mumbai, Maharashtra. RBI Governor Shaktikanta Das inaugurated the conference. The theme
of the conference was “Building Synergies”. This was the third international conference to be organised by RBI under its
‘RBI@90’ celebration. The first two conferences were organised in Bengaluru and New Delhi, respectively. ‘Global South’ term
was first time used by Carl Oglesby, a political activist, in 1969. {Read more}
Smart Points:
• Delegates from 18 countries – attended a 2-day “High-Level Policy Conference of Central Banks from the Global South”
• It was organised by RBI in Mumbai, Maharashtra | Theme – “Building Synergies”
• This was 3rd international conference to be organised by RBI under its ‘RBI@90’ celebration
• 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

78. The Central Bank of India (CBI) has received Reserve Bank of India’s (RBI) approval for its proposed foray into the life and
non-life insurance business through a joint venture with the Generali group under Future Generali India Insurance Company
(FGIICL) and Future Generali India Life Insurance Company (FGILICL). In October, the Competition Commission of India (CCI)
had approved the proposed combination. In October, the bank received the CCI approval to acquire 25.18% of equity shares
in the life insurance division of Future Generali and 24.91% in the non-life. {Read more}
Smart Points:
• CBI – received RBI’s approval for its proposed foray into life & non-life insurance business through a JV
• JV with – Generali group under Future Generali India Ins. Com. (FGIICL) & Future Generali India Life Ins. Com. (FGILICL)

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• CBI – received CCI approval to acquire 25.18% of equity shares in life insurance division of Future Generali & 24.91% in non-
life
• HQs of Central Bank of India – Mumbai, Maharashtra | MD & CEO – Matam Venkata Rao

79. The Reserve Bank of India (RBI) has imposed a fine of ₹61.4 lakh on RBL Bank for violating its ‘Know Your Customer’ or KYC
directions. The lender did not obtain officially valid documents (OVDs) while opening certain credit card accounts and was
found allotting multiple customer identification codes to certain customers instead of a unique customer identification code
(UCIC) for each customer. {Read more}
Smart Points:
• RBI imposed a fine of ₹61.4 lakh on RBL Bank for violating its ‘Know Your Customer’ (KYC) directions
• HQs of RBL Bank – Mumbai, Maharashtra | MD & CEO – R. Subramaniakumar | Chairman – Prakash Chandra

80. IndusInd Bank has announced a strategic partnership with UNICEF (United Nations Children’s
Fund) to strengthen climate risk management and community resilience across 5 Indian districts.
The collaboration, formalised through a Statement of Intent, will focus on developing disaster-
resilient communities in Dharashiv (Maharashtra), Begusarai (Bihar), Virudhunagar (Tamil Nadu),
Baran (Rajasthan), and Bahraich (Uttar Pradesh). The initiative is part of the bank’s Holistic Rural Development program’s
‘Climate Action’ segment. Key objectives include creating real-time monitoring systems, establishing early warning
mechanisms, and providing advisory services to mitigate climate risks like droughts, floods, and heatwaves. The program will
involve multiple stakeholders, including the CSR Trust for SDGs in India (CTSI), IIT Gandhinagar, Gorakhpur Environment Action
Group, and Mission Samriddhi. {Read more}
Smart Points:
• IndusInd Bank + UNICEF = partnered to strengthen climate risk management & community resilience in 5 Indian districts
- Dharashiv (Maharashtra), Begusarai (Bihar), Virudhunagar (TN), Baran (Rajasthan) & Bahraich (UP)
• Part of – IndusInd bank’s Holistic Rural Development program’s ‘Climate Action’ segment
• HQs of IndusInd Bank – Mumbai, MH | MD & CEO – Sumant Kathpalia | Tagline – “We Make You Feel Richer”
• HQs of UNICEF – New York, US | Executive Director – Catherine Russell | Established in – 1946

81. India’s digital payments provider, Paytm, has launched the automatic top-up feature for its UPI
LITE service, enabling PIN-less transactions for payments under Rs 500. The new feature, currently
available for select Yes Bank and Axis Bank users, automatically recharges the UPI LITE balance when
it falls below a predetermined limit. The service allows daily transactions up to Rs 2,000. The
company has also introduced a ‘UPI Statement Download’ feature, allowing users to track their transactions, including those
made through UPI LITE. Paytm’s UPI service operates in partnership with major Indian banks, including the SBI, HDFC Bank,
Axis Bank, and Yes Bank. The platform has expanded internationally, supporting UPI payments in several countries, including
the UAE, Singapore, France, Mauritius, Bhutan, Sri Lanka, and Nepal. UPI Lite was introduced by the National Payments
Corporation of India (NPCI) in September 2022 for small value transactions from a user’s on-device wallet without directly
accessing the main bank account and without OTP or PIN. {Read more}
Smart Points:
• Paytm – launched automatic top-up feature for UPI LITE, enabling PIN-less transactions for payments under Rs 500
• Currently available for select users of – Yes Bank & Axis Bank | It allows daily transactions up to – Rs 2,000
• Paytm – also introduced a ‘UPI Statement Download’ feature

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• Paytm’s UPI service – operates in partnership with major Indian banks, including SBI, HDFC Bank, Axis Bank & Yes Bank
• Paytm’s UPI service – expanded internationally, including UAE, Singapore, France, Mauritius, Bhutan, Sri Lanka & Nepal
• UPI Lite – introduced by NPCI in Sep 2022 for small value transactions without OTP or PIN
• HQs of Paytm – Noida, Uttar Pradesh | MD & CEO – Vijay Sekhar Sharma | Founded in – 2010

82. The Insolvency and Bankruptcy Board of India (IBBI) has announced a collaboration with the Indian Banks’ Association
(IBA) to facilitate the auction of assets through the “eBKray” platform. The eBKray is a centralized platform offering detailed
information on corporate debtor assets, including photographs, videos, and geographical coordinates. The platform aims to
increase bidder participation, streamline operations, and maximize returns for creditors. The platform is currently owned and
managed by PSB Alliance Private Limited, a consortium of 12 public sector banks (PSBs). The circular is effective from
November 1, 2024. {Read more}
Smart Points:
• IBBI + IBA = a collaboration to facilitate the auction of assets through the “eBKray” platform
• This platform offers detailed information on corporate debtor assets & aims to maximize returns for creditors
• The platform is currently owned & managed by – PSB Alliance Pvt Ltd (a consortium of 12 PSBs)
• HQs of IBBI – New Delhi | Chairperson – Ravi Mital | Members – 10
• HQs of IBA – Lausanne, Switzerland | President – Umar Kremlev

83. The capital requirement for the insurance regulator IRDAI’s ambitious project, “Bima Sugam”, an online marketplace to
buy, service, and sell insurance products, has increased to Rs 500 crore from the previously envisaged Rs 100-200 crore. During
the two-day ‘Bima Manthan’ held in Hyderabad, insurance companies were informed of the revised capital requirement for
Bima Sugam, amounting to Rs 500 crore over 4-5 years. Of this, Rs 330 crore must be provided immediately, with the remaining
Rs 170 crore to be contributed after two years. {Read more}
Smart Points:
• Capital requirement for “Bima Sugam” – increased to Rs 500 Cr over 4-5 years (from Rs 100-200 Cr)
- Rs 330 Cr – must be provided immediately | Remaining Rs 170 Cr – to be contributed after 2 years
• Bima Sugam – project of IRDAI | It is an online marketplace to buy, service & sell insurance products
• 2-day ‘Bima Manthan’ – held in Hyderabad
• HQs of IRDAI – Hyderabad, Telangana | Chairman – Debasish Panda | Established in – 1999

84. The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi,
has given its approval for the “PAN 2.0 Project” of the Income Tax Department with a financial outlay
of Rs 1,435 crore to make the permanent account number (PAN) a common business identifier for all
digital systems of government agencies. The PAN 2.0 Project enables technology-driven
transformation of taxpayer registration services and is aimed at ease of access and speedy service delivery with improved
quality. PAN cards will now feature an embedded QR code for enhanced functionality and security. Currently, about 78 crore
PANs have been issued, of which 98% are to individuals. {Read more}
Smart Points:
• CCEA – approved “PAN 2.0 Project” of IT Dept to make PAN a common business identifier for all digital systems of govt
agencies
- Financial outlay – Rs 1,435 Cr

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• Aim: To ease access and speedy service delivery with improved quality
• Currently, issued PANs – 78 Cr (of which 98% are to individuals)

85. CSB Bank has unveiled the “SME Turbo Loan” to streamline the lending process and provide access to credit for MSMEs
across various sectors. With loan amounts of up to ₹5 crores, it provides various financing options, including overdraft (OD),
term loan (TL), and trade facilities. It also has instant in-principle sanction, allowing businesses to access funds quickly. This
product also aligns with the bank’s, ‘Sustain, Build, Scale 2030’ goal. {Read more}
Smart Points:
• CSB Bank – unveiled the “SME Turbo Loan” to streamline the lending process & provide access to credit for MSMEs
• Loan amount – up to ₹5 Cr | It aligns with the bank’s, ‘Sustain, Build, Scale 2030’ goal
• HQs of CSB Bank – Thrissur, Kerala | MD & CEO – Pralay Mondal

86. Mahindra & Mahindra Financial Services Limited (Mahindra Finance) has launched its first co-
branded credit card in association with RBL Bank Limited. The co-branded card will target Mahindra
Finance’s diverse customer base and provide benefits, loyalty programs, and milestone rewards.
Through this co-brand partnership, Mahindra Finance aims to increase growth opportunities by
aligning with the rise of e-commerce and technological advancements in non-metro areas. {Read more}
Smart Points:
• Mahindra Finance + RBL Bank = launched first co-branded credit card of Mahindra Finance
• Aim: To increase growth opportunities by aligning with rise of e-commerce & technological advancements in non-metro
areas
• HQs of Mahindra Finance – Mumbai, Maharashtra | MD & CEO – Raul Rebello
• HQs of RBL Bank – Mumbai, Maharashtra | MD & CEO – R. Subramaniakumar | Chairman – Prakash Chandra

87. According to the official data shared by the Finance Ministry for the top 10 banks in terms
of the highest amount of loans written off in the financial year 2023-2024 (F24), the loan write-
offs by Scheduled Commercial Banks (SCBs) reduced by 18.2%, amounting to ₹1.70 lakh crore,
in the FY2024. As per the data, 6 out of the top 10 banks - Punjab National Bank, Canara Bank,
HDFC Bank, Bank of India, Indian Bank and Axis Bank - recorded an increase in the loan write-
offs during FY24. Punjab National Bank registered the highest amount of loan write-offs among 77 scheduled commercial
banks (SCBs), with a 10.5% year-on-year increase in the loan write-off amount to Rs 18,317 crore. It was followed by Canara
Bank, which saw its loan write-off amount increase by 164.5% to Rs 11,827 crore, and HDFC Bank by 2.4% to Rs 11,030 crore.
Bank of India’s loan write-off amount increased by 13.8% year-on-year to Rs 9,897 crore, while Indian Bank and Axis Bank
registered an increase of 9.8% and 33.6%, respectively, to Rs 8,734 crore and 8,346 crore in FY24. The rest of the top 10 banks
bucked this trend, with Union Bank of India registering a 4.8% decrease in the amount of loan write-offs to Rs 18,264 crore in
FY2024, followed by State Bank of India with a 32.8% decrease in the loan write-off amount to Rs 16,161 crore, and Bank of
Baroda to Rs 10,518 crore, down 41.6% from the previous year, while the same for the Central Bank of India reduced by 2.5%
to Rs 10,001 crore. The total amount of loan write-offs has been Rs 9.90 lakh crore during the last 5 financial years 2019-2020
to 2023-2024. A bank writes off a loan after the borrower has defaulted on the loan repayment and there is a very low chance
of recovery. A loan becomes a Non-Performing Asset (NPA) when the principal or interest payment remains overdue for 90
days. Separately, data shared by the Finance Ministry for 64 banks showed that gross NPAs stood at Rs 4.81 lakh crore as on
March 31, 2024, with the highest amount of gross NPAs reported by the State Bank of India at Rs 84,276 crore, followed by
Punjab National Bank at Rs 56,343 crore. Total Gross NPAs had stood at Rs 5.72 lakh crore at the end of March 2023. The
amount recovered by SCBs including recovery from written-off loans stood at a 3-year low of Rs 1.23 lakh crore in FY24. {Read
more}

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Smart Points:
• As per official data shared by MoF for top 10 banks in terms of highest amount of loans written off in FY24:
• Loan write-offs by SCBs – reduced by 18.2%, amounting to ₹1.70 lakh Cr in FY24
• 6 out of top 10 banks recorded an increase in loan write-offs
- PNB, Canara Bank, HDFC Bank, Bank of India, Indian Bank & Axis Bank
• Highest amount of loan write-offs among 77 SCBs – PNB (10.5% y-o-y increase amount to Rs 18,317 Cr)
- 2nd – Canara Bank (164.5% to Rs 11,827 Cr) | 3rd – HDFC Bank (2.4% to Rs 11,030 Cr)
- 4th – BoI (13.8% to Rs 9,897 Cr) | 5th – Indian Bank (9.8% to Rs 8,734 Cr) | 6th – Axis Bank (33.6% to Rs 8,346 Cr)
• Rest of top 10 banks – registered a decrease in the amount of loan write-offs in FY24
- Union Bank of India – 4.8% to Rs 18,264 Cr | SBI – 32.8% to Rs 16,161 Cr
- Bank of Baroda – 41.6% to Rs 10,518 Cr | Central Bank of India – 2.5% to Rs 10,001 Cr
• Total amount of loan write-offs – Rs 9.90 lakh Cr during last 5 financial years FY20 to FY24
• Loan becomes a Non-Performing Asset (NPA) when principal or interest payment remains overdue for 90 days
• Gross NPAs – stood at Rs 4.81 lakh Cr as on Mar 31, 2024 (from Rs 5.72 lakh Cr at end of Mar 2023)
- Highest amount of gross NPAs reported by – SBI (Rs 84,276 Cr) | 2nd – PNB (Rs 56,343 Cr)
• Amount recovered by SCBs including recovery from written-off loans in FY24– stood at Rs 1.23 lakh Cr
• Minister of Finance: Nirmala Sitharaman | Constituency – Karnataka
MoS in Ministry of Finance: Pankaj Chaudhary

88. The National Stock Exchange (NSE) has relaxed norms regarding the definition of an inactive trading account. The period
for marking an account as inactive has been changed from 12 to 24 months. Earlier, only trading in equity, F&O, commodities
and currencies was considered for allowing the account to be considered as active. The NSE circular now allows trades in IPO,
mutual funds, sovereign gold bonds, OFS and buybacks to be considered as well. Existing clients who are inactive as per earlier
guidelines, but are active as per revised guidelines, may be considered as active for trading after updating their details. Any
account once marked inactive, can be activated by the broker only after doing an in-person verification either physically or in
digital mode. {Read more}
Smart Points:
• NSE – relaxed norms regarding the definition of an inactive trading account
• Period for marking an account as inactive – changed to 24 months (from 12)
• NSE circular now allows trades in IPO, mutual funds, sovereign gold bonds, OFS & buybacks to be considered
• HQs of NSE – Mumbai, Maharashtra | Chairman – Girish Chandra Chaturvedi | MD & CEO – Ashishkumar Chauhan

89. Cashfree Payments has received the Prepaid Payment Instrument (PPI) licence from the Reserve
Bank of India (RBI). With the PPI licence, the Bengaluru-based payment aggregator can offer digital
payment solutions such as mobile wallets, prepaid cards and vouchers, which customers can load
with funds and use for transactions. With this, RBI has so far issued the PPI licences to 46 entities.
In December 2023, the company was authorised to operate as a Payment Aggregator (PA). It was one of the first non-banks
to receive the PA-CB licence. {Read more}

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Smart Points:
• Cashfree Payments – received Prepaid Payment Instrument (PPI) licence from RBI
• Now, it can offer digital payment solutions which customers can load with funds & use for transactions
• RBI – issued PPI licences to 46 entities (including this)
• Cashfree Payments – authorised to operate as a Payment Aggregator in Dec 2023
• HQs of Cashfree Payments – Bengaluru, Karnataka | CEO & Co-founder – Akash Sinha

90. HDFC Bank has launched “Pragati” savings account, targeting semi-urban and rural (SURU) people pan-India, as the lender
enhances focus on deposit mobilisation. With 51% of its branches in semi-urban and rural areas, HDFC Bank continues to
support rural economies and drive financial inclusion. The Pragati Savings Account aims to build a comprehensive banking
ecosystem for India’s agricultural sector, including farmers, self-employed individuals, rural residents, self-help groups, and
cooperatives. The new product has industry-first features, such as a partnership with BigHaat, aiding 17 million farmers with
discounts and access to farming resources for improved productivity. {Read more}
Smart Points:
• HDFC Bank – launched “Pragati” savings account, targeting semi-urban & rural (SURU) people pan-India
• Aim: To build a comprehensive banking ecosystem for India’s agricultural sector
• HQs of HDFC Bank – Mumbai, MH | MD & CEO – Sashidhar Jagdishan | Tagline – “We understand your World”

91. The Securities and Exchange Board of India (SEBI) has announced the interoperability of stock exchanges to ensure business
continuity in the face of a technical glitch or an outage. The interoperability for cash, derivatives, currency derivatives, and
interest rate derivatives will be effective from April 1, 2025. Stock exchanges have been directed to issue a Standard Operating
Procedure (SOP) regarding it in the next two months. According to the mandate, in case of an outage, the exchanges would
have to intimate SEBI within 75 minutes of the occurrence and invoke the business continuity plan. The alternative trading
venue would be invoked within 15 minutes of such intimation. {Read more}
Smart Points:
• SEBI – announced the interoperability of stock exchanges to ensure business continuity, in case of tech glitch or outage
• Interoperability for cash, derivatives, currency derivatives, & interest rate derivatives will be effective from April 1, 2025
• In case of an outage, the exchanges would have to intimate SEBI within 75 minutes of the occurrence
• Alternative trading venue would be invoked within 15 minutes of such intimation
• HQs of SEBI – Mumbai, Maharashtra | Chairman – Madhabi Puri Buch | Established in – 1992

92. The Union Finance Ministry has released a consultation paper proposing to raise the
Foreign Direct Investment (FDI) limit in the insurance sector from 74% to 100%, and enabling
an insurer to carry on one or more classes of insurance business, as well as activities related
or incidental to insurance. The FDI limit in the insurance sector was previously increased
from 49% to 74% in February 2021. The proposal further mentioned that the requirement
of Net Owned Funds for foreign reinsurers is also proposed to be reduced from Rs 5,000
crore to Rs 1,000 crore. Additionally, the Insurance Regulatory and Development Authority of India (IRDAI) is being empowered
to specify lower entry capital (not less than Rs 50 crore) for underserved or unserved segments on a special-case basis.
According to the IRDAI Chairman, Debasish Panda, the insurance sector needs to infuse approximately Rs 50,000 crore
annually to double insurance penetration in the country. Insurance penetration refers to the ratio of insurance premiums
written in a particular year to the gross domestic product (GDP). {Read more}

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Smart Points:
• MoF – released a consultation paper proposing to raise FDI limit in insurance sector to 100% (from 74%)
- Also enabling an insurer to carry on one or more classes of insurance business & activities related to insurance
• FDI limit in insurance sector – previously increased to 74% in February 2021 (from 49%)
• Requirement of Net Owned Funds for foreign reinsurers – to be reduced to Rs 1,000 Cr (from Rs 5,000 Cr)
• IRDAI – being empowered to specify lower entry capital (not <Rs 50 Cr) for underserved segments on a special-case basis
• Insurance sector – needs to infuse approx. Rs 50,000 Cr annually to double insurance penetration in the country
• Insurance penetration – ratio of insurance premiums written in a particular year to GDP
• HQs of IRDAI – Hyderabad, Telangana | Chairman – Debasish Panda | Established in – 1999
• Minister of Finance: Nirmala Sitharaman | Constituency – Karnataka
MoS in Ministry of Finance: Pankaj Chaudhary

93. Union Minister for Finance and Corporate Affairs Nirmala Sitharaman chaired a meeting
to review the performance of 8 Regional Rural Banks (RRBs) of the Eastern Region covering
the 4 states of Bihar, Jharkhand, Odisha and West Bengal in Patna. The RRB review meeting
focused on business performance, upgrading digital technology services, and fostering
business growth in activities allied to agriculture and micro and small industries. The Union
Finance Minister also directed these RRBs to increase credit disbursement with a special focus
on allied agriculture activities like dairy, animal husbandry, fisheries etc. RRBs in the Eastern Region have posted a consolidated
profit of Rs 625 crore during FY2024 against a net loss of Rs. 690 crore in FY 2023. On the recommendation of the ‘Working
Group on Rural Banks’, headed by M. Narasimham, RRBs were established in India in 1975 to provide banking facilities and
cheap credit to people in rural areas. The Regional Rural Bank Act was enacted in 1976 and was further amended in 2015. The
RRBs are owned by the central government, the state government and the sponsoring banks. The 1st 5 RRBs were established
on 2 October 1975 through an ordinance issued by the Indian President. The 1st RRB, Prathama Bank, was established in
Moradabad (UP) and sponsored by Syndicate Bank. There are 43 RRBs in the country, sponsored by 11 Public sector banks and
1 private sector bank, Jammu and Kashmir Bank. Only 2 states - Sikkim and Goa - have no RRB. Punjab and Sindh Bank is the
only public sector bank that has never sponsored any RRB. {Read more}
Smart Points:
• Nirmala Sitharaman – chaired a meeting to review performance of 8 RRBs of Eastern Region in Patna
- 8 RRBs of Eastern Region cover – 4 states of Bihar, Jharkhand, Odisha & West Bengal
• These RRBs – posted a profit of Rs 625 Cr during FY24 (from a net loss of Rs. 690 Cr in FY 23)
• RRBs – established in India in 1975 | Recommended by – ‘Working Group on Rural Banks’, headed by M. Narasimham
• Regional Rural Bank Act – enacted in 1976 & amended in 2015
• 1st 5 RRBs – established on Oct 2, 1975 through an ordinance issued by Indian President
• 1st RRB, Prathama Bank – established in Moradabad, UP | Sponsored by – Syndicate Bank
• Now, there are 43 RRBs in India | Sponsored by – 11 PSBs & 1 private sector bank, Jammu & Kashmir Bank
• States with no RRB – Sikkim and& Goa | Only PSB that has never sponsored any RRB – Punjab & Sindh Bank

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94. AU Small Finance Bank (AU SFB) and Bharti AXA Life Insurance have announced a bancassurance partnership to provide
AU SFB’s customers with comprehensive life insurance and financial security solutions, featuring life insurance, term
insurance, ULIP plans, savings plans, child education plans and retirement plans. This partnership is expected to significantly
enhance AU SFB’s offerings in Southern India. {Read more}
Smart Points:
• AU SFB + Bharti AXA Life Insurance = bancassurance partnership to provide AU SFB’s customers with life insurance &
financial security solutions
• HQs of AU SFB – Jaipur, Rajasthan | MD & CEO – Sanjay Agarwal | Executive Director & Deputy CEO – Uttam Tibrewal
• HQs of Bharti AXA Life Insurance – Mumbai, Maharashtra | MD & CEO – Parag Raja | Chairman – Akhil Gupta

95. The Reserve Bank of India (RBI) has decided to expand the reporting requirement of forex
transactions and include foreign exchange spot (including value cash and value TOM) deals to ensure
completeness of transaction data in the trade repository (TR) of the Clearing Corporation of India Limited
(CCIL). Currently, authorised dealers report all over-the-counter (OTC) foreign exchange derivative
contracts and foreign currency interest rate derivative contracts undertaken by them directly or through
their overseas entities to the TR of CCIL. Accordingly, transactions in foreign exchange cash; foreign
exchange tom; and foreign exchange spot, involving the rupee or otherwise shall now be reported to the TR. However, money-
changing transactions are not in the scope of the latest directions. Authorised dealers have been asked to report all inter-bank
foreign exchange contracts undertaken by them to the TR of CCIL with effect from February 10, 2025, as per defined timelines.
The RBI also said there would be no requirement to match transactions with overseas counterparties and client transactions
in the TR as the overseas counterparties and clients are not required to report/confirm the transaction details. An authorised
dealer would be responsible for ensuring the accuracy with respect to transactions reported. {Read more}
Smart Points:
• RBI – to expand reporting requirement of forex transactions & include foreign exchange spot deals to ensure completeness
of transaction data in trade repository (TR) of CCIL
• Currently, authorised dealers report all OTC foreign exchange derivative contracts & foreign currency interest rate
derivative contracts to TR of CCIL
• Now, transactions in foreign exchange cash; foreign exchange tom; & foreign exchange spot – to be reported to TR
- Money-changing transactions – not in scope of latest directions
• Authorised dealers are asked to report all inter-bank foreign exchange contracts undertaken by them to TR of CCIL
- W.e.f. – February 10, 2025, as per defined timelines
• 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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96. The Reserve Bank of India (RBI) has imposed business restrictions on 4 non-banking finance
companies (NBFCs) - Asirvad Micro Finance Ltd, Arohan Financial Services Ltd, DMI Finance Pvt Ltd
and Navi Finserv Ltd, asking them to cease and desist from sanction and disbursal of loans. The action,
which is effective from the close of business on October 21, is based on material supervisory concerns
observed in the pricing policy of these companies in terms of their Weighted Average Lending Rate (WALR) and the interest
spread charged over their cost of funds, which were found to be excessive. Further, their pricing policy is not in adherence
with the regulations as laid down in the Master Direction (MD) relating to regulatory framework for microfinance loans and
MD relating to NBFC-scale based regulation. The pricing policy was also found to be not in conformity with the provisions laid
down under Fair Practices Code issued by the Reserve Bank. These business restrictions do not preclude these companies from
servicing their existing customers and carrying out collection and recovery processes in accordance with the extant regulatory
guidelines. {Read more}
Smart Points:
• RBI – imposed business restrictions on 4 NBFCs, asking them to cease & desist from sanction & disbursal of loans
- Asirvad Micro Finance Ltd, Arohan Financial Services Ltd, DMI Finance Pvt Ltd & Navi Finserv Ltd
• Effective from – close of business on Oct 21
• 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

97. As of October 2024, India’s total exports of $73.22 billion (Merchandise $39.20
billion + Services $34.02 billion) registered a positive growth of 19.08% vis-à-vis
October 2023, while India’s total imports of $83.34 billion (Merchandise $66.34
billion + Services $17 billion) registered a positive growth of 7.77% vis-à-vis October
2023. Overall, India’s total exports during April-October 2024 (H1 FY25) are
estimated at $468.26 billion (Merchandise $252.28 billion + Services $215.98 billion)
and registered a positive growth of 7.28%, while total imports during April-October 2024 are estimated at $531.50 billion
(Merchandise $416.93 billion + Services $114.57 billion) and registered a growth of 7.05%. The merchandise trade deficit
during April-October 2024 was $164.65 billion, as compared to $149.67 billion during April-October 2023. The estimated value
of services export for October 2024 is $34.02 billion as compared to $28.05 billion in October 2023, while the overall estimated
value of service exports during April-October 2024 is $215.98 billion as compared to $191.97 billion in April-October 2023. The
estimated value of services imports for October 2024 is $17 billion as compared to $13.46 billion in October 2023, while the
overall estimated value of service imports during April-October 2024 is $114.57 billion as compared to $102.32 billion in April-
October 2023. The services trade surplus for April-October 2024 is $101.41 billion as compared to $89.64 billion in April-
October 2023. Top 5 export destinations, in terms of change in value, exhibiting positive growth in October 2024 vis a vis
October 2023 are Singapore (197.39%), UAE (43.32%), USA (11.47%), UK (42.12%) and Australia (60.41%). While the Top 5
import sources are UAE (70.37%), Russia (25.98%), Taiwan (82.76%), Peru (142.69%) and Angola (425.33%). Top 5 export
destinations, in terms of change in value, exhibiting positive growth in April-October 2024 (H1 FY25) vis a vis April-October
2023 are Netherland (32.92%), UAE (15.86%), USA (6.31%), Singapore (20.78%) and UK (16.23%). While, the Top 5 import
sources during this period are UAE (55.12%), China (9.8%), Russia (8.85%), Taiwan (45.45%) and Angola (99.84%). {Read more}
Smart Points:
• India’s total trade during October 2024:

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• Trade during April-October 2024 (H1 FY25):

• Merchandise trade deficit during Apr-Oct 2024 – $164.65 billion (from $149.67 billion during Apr-Oct 2023)
• Services trade surplus for Apr-Oct 2024 – $101.41 billion (from $89.64 billion in Apr-Oct 2023)
• Top 5 export destinations, in terms of change in value, exhibiting positive growth in Oct 2024:
- 1st – Singapore (197.39%) | 2nd – UAE (43.32%) | 3rd – USA (11.47%) | 4th – UK (42.12%) | 5th – Australia (60.41%)
• Top 5 import sources: 1st – UAE (70.37%) | 2nd – Russia (25.98%) | 3rd – Taiwan (82.76%)
- 4th – Peru (142.69%) | 5th – Angola (425.33%)
• Top 5 export destinations, in terms of change in value, exhibiting positive growth in Apr-Oct 2024 (H1 FY25):
- 1st – Netherland (32.92%) | 2nd – UAE (15.86%) | 3rd – USA (6.31%) | 4th – Singapore (20.78%) | 5th – UK (16.23%)
• Top 5 import sources: 1st – UAE (55.12%) | 2nd – China (9.8%) | 3rd – Russia (8.85%)
- 4th – Taiwan (45.45%) | 5th – Angola (99.84%)

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98. The Reserve Bank of India (RBI) has asked banks and ATM operators to implement the cassette swap
mechanism for cash replenishment in ATMs by March 31, 2025. The RBI has exempted cash recycler
machines (CRMs) from the cassette swap requirement for cash replenishment. Additionally, this
exemption applies when banks don’t engage outsourced agencies for cash replenishment in ATMs. In 2018, the RBI had asked
banks to implement the cassette swap mechanism by March 31, 2021. However, the implementation has been tardy. Under
the cassette swap mechanism, lockable cassettes filled with banknotes are used in ATMs that are swapped at the time of cash
replenishment. As per estimates, each ATM will require 3 sets of 5 cassettes – 1 set in the ATM, 1 in transit, and another at
the branch/cash-in-transit (CIT) company (ready for loading the next day). The cost of each cassette is in the range of Rs 15,000
to Rs 20,000. As of August 2024, there were 2.55 lakh ATMs in the country. Of these, 2.20 lakh were bank-owned ATMs, and
35,000 were owned by White Label ATM Operators. {Read more}
Smart Points:
• RBI – asked banks & ATM operators to implement cassette swap mechanism for cash replenishment in ATMs by Mar 31,
2025
• Exempted – cash recycler machines (CRMs) from cassette swap requirement for cash replenishment
- This exemption applies when banks don’t engage outsourced agencies for cash replenishment in ATMs
• RBI – asked banks to implement cassette swap mechanism by March 31, 2021 in 2018
- Lockable cassettes filled with banknotes are used in ATMs that are swapped at time of cash replenishment
• Each ATM will require 3 sets of 5 cassettes – 1 set in ATM, 1 in transit, & another at branch/cash-in-transit (CIT) company
- Cost of each cassette – Rs 15,000 to Rs 20,000
• As of August 2024, there were 2.55 lakh ATMs in the country with ownership:
- 2.20 lakh – bank-owned | 35,000 – owned by White Label ATM Operators
• 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. The Asian Development Bank (ADB) has approved a $241.3 million loan to improve electricity distribution in West Bengal
in order to help enhance people’s quality of life by ensuring reliable and sustainable power supply. This ADB programme is
aligned with the government’s ‘Revamped Distribution Sector Scheme’, which aims to strengthen the operational efficiency
of power distribution companies. The programme will improve electricity distribution for 8.96 million consumers in 7 districts
in the state. {Read more}
Smart Points:
• ADB – approved a $241.3 million loan to improve electricity distribution in West Bengal to help enhance quality of life
• It aligned with govt’s ‘Revamped Distribution Sector Scheme’ to strengthen operational efficiency of power discoms
• It will improve electricity distribution for 8.96 million consumers in 7 districts in state
• HQs of ADB – Mandaluyong, Philippines | President – Masatsugu Asakawa | Members – 69
• West Bengal: Capital – Kolkata | CM – Mamta Banerjee | Governor – C. V. Ananda Bose

100. The Government of India and the Asian Development Bank (ADB) have signed a $200 million loan to help upgrade water
supply, sanitation, urban mobility, and other urban services in Uttarakhand, under the ‘Uttarakhand Livability Improvement
Project’. The project aims to create urban infrastructure that is resilient to climate and environmental risks such as floods and
landslides, ensuring the safety and health of Uttarakhand’s population. The project will enhance transportation, urban
mobility, drainage, flood management, and overall public services in Haldwani, the economic hub of the state. The European
Investment Bank is cofinancing the project with $191 million on a parallel basis. {Read more}

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Smart Points:
• GoI + ADB = $200 million loan to upgrade water supply, sanitation, urban mobility & other urban services in Uttarakhand
- Under – ‘Uttarakhand Livability Improvement Project’
• Aim: To create urban infrastructure resilient to climate & environmental risks ensuring safety & health to residents
• European Investment Bank – cofinancing with $191 million on a parallel basis
• HQs of ADB – Mandaluyong, Philippines | President – Masatsugu Asakawa | Members – 69
• Uttarakhand: Capital – Dehradun & Gairsain | CM – Pushkar Singh Dhami | Governor – Lt. Gen. Gurmit Singh

101. International Finance Corporation (IFC), an entity of the World Bank, has partnered with Bajaj Finance to invest $400 million
out of the $1 billion fundraising to aid in the expansion of the latter’s EV fleet, energy-efficient consumer goods (EECG) and
women empowerment. The funding is aimed at increasing competitiveness in the climate finance market, supporting the
country’s climate goals, and promoting financial inclusion. IFC is a member of the World Bank Group with focus on the private
sector in the emerging market. In the financial year 2024, IFC committed $56 billion to private companies and financial
institutions in developing countries. Imad N. Fakhoury is Regional Director for South Asia, IFC. {Read more}
Smart Points:
• IFC (World Bank) + Bajaj Finance = partnered to invest $400 million out of the $1 billion fundraising
• Aim: To aid in the expansion of the latter’s EV Fleet, Energy-Efficient Consumer Goods (EECG) & Women Empowerment
• It also aims to increase competitiveness in the climate finance market
• In 2024, IFC has committed $56 billion to private companies & financial institutions in developing countries
• HQs of IFC – Washington, U.S. | MD – Makhtar Diop | IFC India’s Head – Wendy Werner (an arm of World Bank)
• HQs of Bajaj Finance – Pune, Maharashtra | MD – Rajeev Jain | Established in – 1987

102. Housing and Urban Development Corporation Ltd (HUDCO), a navaratna central public sector enterprise, has announced to
lend Rs 11,000 crore to Andhra Pradesh Capital Region Development Authority (AP CRDA) for the construction of Amaravati
greenfield capital city in Andhra Pradesh. Out of the Rs 26,000 crore needed for constructing Amaravati Phase-1, the World Bank
and Asian Development Bank (ADB) came forward to lend Rs 15,000 crore and Rs 11,000 crore loan is being lent by by HUDCO.
{Read more}
Smart Points:
• HUDCO – to lend Rs 11,000 Cr to AP CRDA for construction of Amaravati greenfield capital city in Andhra Pradesh
• Total outlay for construction of Amaravati Phase-1 – Rs 26,000 Cr | Out of this, Rs 15,000 Cr – by World Bank & ADB
• Andhra Pradesh: Capital – Amaravati | CM – N Chandra Babu Naidu | Governor – Syed Abdul Nazeer

103. The European Investment Bank (EIB) formally announced a €300 million ($323.76 million) loan
for the under-construction Bengaluru Suburban Railway Project (BSRP). BSRP is proposed to be
implemented on an equity-funded model with equal contribution from the Centre (20%) and the
state government (20%), and the remaining amount (60%) raised from multilateral agencies. EIB has
already granted a €500 million loan to build the 23 km-long Bengaluru Metro R6 line and purchase a fleet of about 96 Metro
cars. BSRP is divided into 4 corridors. EIB estimates that once the BSRP project is fully operational, the Bengaluru transport
system will see a 43% drop in CO2 emissions. Additionally, a loan agreement of €500 million for BSRP was also signed with
Germany-based KfW on December 15, 2023. {Read more}

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Smart Points:
• EIB – announced €300 million ($323.76 million) loan for under-construction Bengaluru Suburban Railway Project (BSRP)
• BSRP is proposed to be implemented on – equity-funded model | It is divided into 4 corridors
- Contribution of: 20% – Centre | 20% – State govt | 60% – raised from multilateral agencies
• EIB – granted €500 million loan to build 23 km-long Bengaluru Metro R6 line & purchase a fleet of about 96 Metro cars
• After this project became fully operational – Bengaluru transport system will have 43% drop in CO2 emissions
• BSRP + KfW (Germany) = signed a loan agreement of €500 million on Dec 15, 2023
• HQs of EIB – Luxembourg | President – Nadia Calvino

104. The World Bank and the Asian Development Bank (ADB) have granted the loan wroth Rs 13,500 crore ($1.6 billion) for
Andhra Pradesh’s capital city Amaravati development project. Each of these two banks will provide ₹6,750 crore (US $800
million each) under the Program for Results (PforR) and Result-Based Lending (RBL) programs, respectively. The ‘Amaravati
Inclusive and Sustainable Capital City Development Program’ focuses on creating a safe and sustainable urban ecosystem
through key infrastructure activities. It will also develop roads, utilities, and green spaces in LPS zones, and establish a 24x7
clean water supply system and sewerage system. {Read more}
Smart Points:
• World Bank + ADB = granted loan for Andhra’s capital city Amaravati development project
• Worth – ₹13,500 Cr | ₹6,750 Cr – by each
• HQs of World Bank – Washington D.C., US | President – Ajay Banga | MD/CFO – Anshula Kant | Members – 189
• HQs of ADB – Mandaluyong, Philippines | President – Masatsugu Asakawa | Members – 69

105. The Asian Development Bank has announced to increase its climate-related lending by up to $7.2 billion after the United
States and Japan agreed to underwrite risk for some existing loans, marking the first ever sovereign guarantees for climate
finance. The ADB has set a long-term cumulative climate finance lending target of $100 billion between 2019 and 2030. In
2023, it lent $9.8 billion. Under the ADB plan, the world’s richest country, the US, would guarantee up to $1 billion of existing
loans from ADB, while Japan would underwrite $600 million - freeing the bank to lend more for climate-related projects. The
extra lending headroom the guarantees generate will be deployed over the next 5 years, while the duration of the guarantees
themselves will be 25 years. {Read more}
Smart Points:
• ADB – announced to increase its climate-related lending by up to $7.2 billion
- after US & Japan agreed to underwrite risk for some existing loans
- It marks the first ever sovereign guarantees for climate finance
• ADB has set a long-term cumulative climate finance lending target of $100 billion between 2019 & 2030
- It lent $9.8 billion in 2023
• Under the ADB plan, US would guarantee up to $1 billion of existing loans from ADB | Japan – $600 million
• Duration of the guarantees – 25 years
• HQs of ADB – Mandaluyong, Philippines | President – Masatsugu Asakawa | Members – 69

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106. India has fulfilled its annual contribution of $5 million for the year 2024-25 to the United Nations Relief and Works Agency
for Palestine Refugees in the Near East (UNRWA), with the release of the second tranche of $2.5 million. This financial support
aims to assist the UN agency in providing vital services to Palestinian refugees. Over the years, India has contributed a total of
$40 million to UNRWA’s core programs, including education, healthcare, and relief services. In October 2024, India also sent
30 tons of medical supplies, including life-saving and anti-cancer drugs, to Palestine as part of its humanitarian assistance.
{Read more}
Smart Points:
• India – released second tranche of $2.5 million for 2024-25 to UNRWA & fulfilled its annual contribution of $5 million
- UNRWA – United Nations Relief and Works Agency for Palestine Refugees in the Near East
• Aim: To assist UN agency in providing vital services to Palestinian refugees
• India – contributed $40 million to UNRWA’s core programs till date
• India – sent 30 tons of medical supplies to Palestine as part of its humanitarian assistance in Oct 2024
• HQs of UNRWA – Amman, Jordan & Gaza, Palestine | SG – Philippe Lazzarini | Established in – 1949

107. World Bank has approved a Rs 2,365.5-crore project submitted by the State Agriculture Department for the ‘Kerala
Climate Resilient Agri-Value Chain Modernisation (KERA)’ Project. World Bank sanctioned Rs 1,655.85 crore ($200 million),
while Rs 709.65 crore was sanctioned by the Kerala government for this project. The World Bank assistance also includes Rs
76 crore for small and medium farming enterprises led by women. KERA project will be implemented in the state over the
next 5 years and has 5 components: (i) climate resilience in agriculture (Rs 790.43 Cr), (ii) enhancing small-holder
commercialisation for value addition (Rs 899.13 Cr), (iii) strengthening agribusiness and food system (Rs 508.89 Cr), (iv) project
management unit and, (v) the contingent emergency response component. Climate-smart initiatives under KERA will benefit
4 lakh farmers directly, while about 10 lakh farmers stand to gain indirect benefits. The KERA project is designed to energise
the State’s farm sector, integrate the value networks in the sector and also help build alliances between farming groups and
agribusinesses. {Read more}
Smart Points:
• World Bank – approved ‘Kerala Climate Resilient Agri-Value Chain Modernisation (KERA)’ Project submitted by State
Agriculture Department
- Worth – Rs 2,365.5 Cr
• Amount sanctioned for this project: Rs 1,655.85 Cr – World Bank | Rs 709.65 Cr – Kerala government
• World Bank assistance also includes Rs 76 Cr for small & medium farming enterprises led by women
• KERA project – to be implemented in Kerala over next 5 years & has 5 components
- Climate resilience in agriculture – Rs 790.43 Cr | Strengthening agribusiness & food system – Rs 508.89 Cr
- Enhancing small-holder commercialisation for value addition – Rs 899.13 Cr
- Project management unit & contingent emergency response component
• HQs of World Bank – Washington D.C., US | President – Ajay Banga | MD/CFO – Anshula Kant | Members – 189

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108. The Government of India and the Asian Development Bank (ADB) have signed a $98 million loan to improve horticulture
crop farmers’ access to certified disease-free planting materials, which will boost their crops’ yield, quality, and resilience to
climate impacts. The loan agreement, part of the “Building India’s Clean Plant Programme (CPP),” was signed by Juhi
Mukherjee, Joint Secretary, Department of Economic Affairs, Ministry of Finance, and Kai Wei Yeo Officer-in-Charge of ADB’s
India Resident Mission, for ADB. The project supports the Government of India’s Atmanirbhar CPP which enhances plant health
management. This will be achieved by establishing clean plant centres dedicated to maintaining disease-free foundation
materials. It will be implemented by the Ministry of Agriculture and Farmers Welfare through the National Horticulture Board
and the Indian Council of Agricultural Research. {Read more}
Smart Points:
• India + ADB = a $98 million loan to improve horticulture crop farmers’ access to certified disease-free planting materials
• Part of – “Building India’s Clean Plant Programme (CPP)”
• To be implemented by – MoAFW through National Horticulture Board & ICAR
• HQs of ADB – Mandaluyong, Philippines | President – Masatsugu Asakawa | Members – 69

109. The Appointments Committee of the Cabinet (ACC) has recently approved significant appointments
within the Ministry of Electronics & Information Technology (MeitY). The Department of Personnel &
Training (DoPT) has mandated IAS Akash Tripathi to take charge of additional responsibilities as Managing
Director and Chief Executive Officer (MD & CEO) of Digital India Corporation (DIC). Mr Tripathi was last
posted as the CEO of MyGov. Mr Tripathi’s tenure at DIC will be for 6 months or until a permanent
appointment is made, whichever is earlier. In addition to this, Tripathi has also been appointed as President and Chief
Executive Officer (CEO) of the National eGovernance Division (NeGD). {Read more}
Smart Points:
• Akash Tripathi (CEO of MyGov) – appointed as President & CEO of NeGD & given additional charge as MD & CEO of Digital
India Corporation (DIC)
• HQs of NeGD – New Delhi | President & CEO – Akash Tripathi | Founded in – 2009 | Works under – MeitY
• HQs of DIC – New Delhi | MD & CEO – Akash Tripathi (additional charge)

110. The State Bank of India (SBI) has appointed Debasish Mishra as the Chief General Manager of its New
Delhi Circle, effective from November 1, 2024. He replaced Kalpesh K Avasia who recently retired. Mishra
has experience across Credit, Operations, Forex, IT, HR, and MSME sectors, both in India and overseas.
Mishra’s appointment comes at a time when SBI’s New Delhi Circle, comprising over 1,700 branches
catering to NCT of Delhi, Uttarakhand, Western U.P. and 5 districts of Haryana, aims to reinforce its market
position in alignment with the nation’s growth. SBI currently has 17 local head offices, which are headed by Chief General
Managers, overseeing its network of 22,600-odd branches across the country. {Read more}
Smart Points:
• Debasish Mishra – appointed as CGM of SBI’s New Delhi Circle w.e.f. Nov 1, 2024 (replacing - Kalpesh K Avasia)
• SBI’s New Delhi Circle – comprises 1,700 branches of NCT of Delhi, Uttarakhand, Western UP & 5 districts of Haryana
- Aim: To reinforce its market position in alignment with the nation’s growth
• Currently, SBI has – 17 local head offices, headed by Chief General Managers
• HQs of SBI – Mumbai, Maharashtra | Chairman – Challa Sreenivasulu Setty
MDs – Rana Ashutosh Kumar Singh | Ashwini Kumar Tewari | Vinay M. Tonse

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111. Pension regulator PFRDA (Pension Fund Regulatory and Development Authority) has appointed Chitra
Jayasimha as the Chairperson of the Board of National Pension System (NPS) Trust in the place of erstwhile
Chairman Venkata Rao Yadagani. She has been serving the NPS Trust Board as a Trustee since December 2020.
The NPS Trust is administered by a Board of Trustees. NPS is a market-linked, voluntary, portable and flexible
scheme that helps people save for retirement. As of mid-October, overall assets under the management of NPS and Atal
Pension Yojana (APY) stood at about Rs 13.40 lakh crore. The members of the NPS Trust are appointed by the PFRDA from
time to time. {Read more}
Smart Points:
• Chitra Jayasimha – appointed as Chairperson of Board of NPS Trust (replacing - Venkata Rao Yadagani)
• NPS – a market-linked, voluntary, portable & flexible scheme that helps people save for retirement
• As of mid-October, overall assets under management of NPS & APY – stood at Rs 13.40 lakh Cr
• HQs of PFRDA – New Delhi | Chairperson – Deepak Mohanty | Founded in – 2003

112. Digital payments company Visa has appointed Rishi Chhabra as the country manager for
India. In his new role, Chhabra will be responsible for the India business, owning senior client
relationships and leading and executing the firm’s strategic initiatives for the market. Before
joining Visa, he served as country head-India and Sri Lanka at Fiserv. Previously, he has held
leadership positions in organisations like First Data and PayPal. {Read more}
Smart Points:
• Rishi Chhabra – appointed as the country manager for India of Visa
• HQs of Visa – Foster City, California | CEO – Ryan McInerney | Founded in – 1958

113. Morgan Stanley Chief Executive Officer (CEO) Ted Pick is announced to become Chairman of the board in
January 2025, replacing his predecessor, James Gorman. Mr Gorman will take on the title of “Chair Emeritus”
after leaving the board. The long-time former CEO, James Gorman, was recently named as Chairman of the
Walt Disney Company. {Read more}
Smart Points:
• Ted Pick (CEO of Morgan Stanley) – to become Chairman of Morgan Stanley in Jan 2025 (replacing - James Gorman)
• James Gorman – to take on the title of “Chair Emeritus” | Gorman – also became Chairman of Walt Disney Company
• HQs of Morgan Stanley – New York, US | Chairman – James P. Gorman (from Jan’25 – Ted Pick) | CEO – Ted Pick

114. DBS India has nominated its head of institutional banking, Rajat Verma, to be the bank’s new Chief
Executive Officer. His nomination has been submitted to the Reserve Bank of India (RBI). He is slated to
replace Surojit Shome, who plans to retire after leading DBS Bank India since 2015. Before joining DBS, Mr
Verma spent more than 26 years at HSBC, where he was head of commercial banking in India. Last year, DBS
had more than 530 branches in 19 Indian states. {Read more}
Smart Points:
• Rajat Verma – nominated to be the new CEO of DBS Bank India (to replace - Surojit Shome)
• In 2023, DBS had >530 branches in 19 Indian states
• HQs of DBS Bank India – Mumbai, Maharashtra | MD & CEO – Surojit Shome (to be succeeded by - Rajat Verma)

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115. The Securities and Exchange Board of India (SEBI) has approved the appointment of Vijay Chandok as
the managing director and chief executive officer (MD & CEO) of National Securities Depository (NSDL), the
country’s largest depository. Chandok currently serves as the MD & CEO of ICICI Securities, the broking and
investment banking arm of ICICI Bank. Chandok’s appointment has been approved for the next 5 years or
until he attains the age of 65, whichever is earlier. {Read more}
Smart Points:
• Vijay Chandok (MD & CEO of ICICI Securities) – appointed as MD & CEO of NSDL for 5 years
• HQs of NSDL – Mumbai, Maharashtra | MD & CEO – Vijay Chandok | Chairman – Parveen Kumar Gupta

116. The Financial Services Institutions Bureau (FSIB) has recommended Binod Kumar for the post of
Managing Director and Chief Executive Officer (MD & CEO) of Chennai-based Indian Bank. Kumar, who is
serving as Executive Director of Punjab National Bank, will replace S L Jain on his superannuation next month.
Earlier in April, the bureau had selected Asheesh Pandey for the position but RBI had raised some reservation
over his name. The final decision on the FSIB recommendation would be taken by the appointments
committee of the Cabinet headed by Prime Minister Narendra Modi. FSIB is headed by Bhanu Pratap Sharma, Former Secretary
of Department of Personnel and Training. Other members of the FSIB are Animesh Chauhan, Deepak Singhal, and Shailendra
Bhandari. {Read more}
Smart Points:
• Binod Kumar (ED of PNB) – recommended for MD & CEO of Indian Bank (to replace – S L Jain)
• FSIB – headed by Bhanu Pratap Sharma, Former Secretary of DoPT
- Other members of FSIB – Animesh Chauhan, Deepak Singhal & Shailendra Bhandari
• HQs of Indian Bank – Chennai, Tamil Nadu | MD & CEO – Shanti Lal Jain | Tagline – “Your Own Bank”

117. SBI Funds Management has appointed Nand Kishore as Managing Director & Chief Executive Officer.
Kishore was Deputy Managing Director (Global Markets) at SBI’s Corporate Centre in Mumbai. He will take
over from Shamsher Singh. Kishore has over 34 years of experience working with SBI across major banking
verticals such as Branch Banking, International Operations, Treasury Operations and Investment Banking,
Corporate Banking and Retail Operations. {Read more}
Smart Points:
• Nand Kishore – appointed as MD & CEO of SBI Funds Management (replacing - Shamsher Singh)
• HQs of SBI Funds Management – Mumbai, Maharashtra | MD & CEO – Nand Kishore

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 A GLIMPSE OF SOME GENUINE TESTIMONIALS

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 A GLIMPSE OF SOME GENUINE TESTIMONIALS

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