Important Topic Wise Current Affairs – Nov 2024- Banking And Economy

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy

Reserve Bank of India's Diwali Initiative: Covertly Transporting 102 Tonnes of Gold from England to
India
• On Dhanteras the Reserve Bank of India (RBI)transported an additional 102 tonnes of gold
from the Bank of England to secure storage facilities within India.
• RBI's Gold Holdings:As per the RBI's 43rd Half Yearly Report on Management of Foreign
Exchange Reserves (April - September 2024), the RBI holds a total of 854.73 metric tonnes of
gold.
• 510.46 metric tonnes of this gold is stored domestically, while 324.01 metric tonnes are held
overseas with the Bank of England and the Bank for International Settlements (BIS).
About RBI :
• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
Axis Bank Partners with Mintoak to Provide SMEs with Merchant Payments and Business Solutions
• Mintoak and Axis Bank have partnered to promote financial inclusion and enhance digital
payment adoption among small and medium-sized enterprises (SMEs) in the digital
ecosystem.
• Platform Details: Axis Bank will use Mintoak’s white-labelled mobile SaaS platform to support
SMEs with merchant payment acceptance, access to transaction reports, and easy service
request submissions through a dedicated app.
• Launch of Neo for Merchants: This partnership has introduced the “neo for merchants” app, a
payment acceptance and commerce enablement solution aimed at simplifying digital payments
and business solutions for SMEs.
About Axis Bank :
• Established : 3 December 1993
• Headquarters: Mumbai, Maharashtra, India
• MD & CEO: Amitabh Chaudhry
• Tagline : Badhti Ka Naam Zindagi
Bank of Baroda launches bob Utsav Deposit Scheme
• Bank of Baroda launched the bob Utsav Deposit Scheme, a special term deposit for a tenure
of 400 days, applicable on deposits below ₹3 crore, effective from October 14, 2024.
• Interest Rates:

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy
• General Public: 7.30% p.a.
• Senior Citizens: 7.80% p.a.
• Super Senior Citizens (80+ years): 7.90% p.a.
• Non-Callable Deposits: Up to 7.95% p.a.
• Limited Period Offer: bob Utsav is a limited-time festive offer introduced by BoB.
About BoB :
• Established : 20 July 1908
• Headquarters : Vadodara, Gujarat, India
• MD & CEO : Debadatta Chand
• Tagline : India's International Bank
DBS Bank India: Pioneering Gender Equity Initiatives
• DBS Bank India has been awarded as one of the ‘Best Companies for Women in India’ (BCWI)
2024 for the ninth consecutive year.
• The bank is part of the “Best Companies – Hall of Fame,” recognizing its sustained
commitment to gender equity and diversity.
• Awarding Bodies:The award is presented by Avtar and Seramount, highlighting their
recognition of the bank's initiatives.
• Workforce Representation:Women make up 31% of DBS Bank India's workforce, with a target
to increase this representation to 35% in the next three years.
About DBS Bank India :
• Established : 1994
• Headquarters : Mumbai, Maharashtra
• MD & CEO : Surojit Shome
• Tagline : Live more, Bank less
Insolvency and Bankruptcy Board of India suggests a mediation process for operational creditors
under the IBC
• The Insolvency and Bankruptcy Board of India (IBBI) has proposed new regulations allowing
operational creditors (OCs) to opt for voluntary mediation before initiating insolvency
proceedings against a company.
• Purpose of Mediation: The aim of this proposal is to ease the burden on the judiciary, reduce
delays in the insolvency process, and expedite the Corporate Insolvency Resolution Process
(CIRP).

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy
• Mediation Process: If mediation fails, the mediator will prepare a non-settlement report, which
will be annexed to the application for initiating CIRP before the adjudicating authority (AA).
About IBBI :
• Formed : 1 October 2016
• Headquarters : New Delhi
• Chairperson : Ravi Mittal
Income Tax Department Introduces Monetary Cap for Officers to Waive or Reduce Interest
• The Income Tax Department has introduced a three-layered system for the reduction or waiver
of interest on unpaid taxes:
• According to an order issued by the Department, interest up to ₹50 lakhs can be reduced or
waived by the Principal Commissioner (Pr. CIT) or Commissioner (CIT).
• For amounts between ₹50 lakhs but below ₹1.5 crore, the Chief Commissioner (CCIT) or
Director General of Income Tax (DGIT) has been empowered to provide relief.
Regional Rural Banks Set for Fourth Round of Amalgamation; Number of Banks Expected to Drop
from 43 to 28
• Regional Rural Banks (RRBs) are likely to see a fourth round of amalgamation, with the
number of these Banks likely to come down from 43 to 28 through consolidation.
• Objective: This consolidation is part of the government’s ‘One State-One RRB’ goal to
streamline operations and reduce the number of RRBs across the country.
• Amalgamation Process:27 RRBs from 12 states may be consolidated into 12 RRBs.
• The finance ministry has drawn up a state-wise list for the proposed amalgamation.
CARE Ratings gives ‘AA’ rating to Karur Vysya Bank’s fixed deposit scheme
• 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.
• Rating Interpretation:‘A1+’ Rating: Indicates a very strong safety level for timely payment of
financial obligations, with the lowest credit risk
• ‘AA’ Rating: Denotes a high degree of safety for timely servicing of financial obligations, with
very low credit risk.
National Stock Exchange Eases Regulations for Dormant Trading Accounts
• The National Stock Exchange (NSE) has revised the period for marking a trading account as
inactive from 12 months to 24 months.
• Account Reactivation: Accounts previously marked as inactive under old guidelines may be

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy
reactivated if deemed active under the new 24-month rule, following an update of client details.
• Expanded Activity Consideration: The new guidelines include trading in IPOs, mutual funds,
sovereign gold bonds, OFS, and buybacks, in addition to equity, F&O, commodities, and
currencies, for determining account activity.
About NSE :
• Founded : 1992
• Location : Mumbai, Maharashtra, India
• Chairperson : Girish Chandr Chaturvedi
• MD & CEO : Ashishkumar Chauhan
Insolvency and Bankruptcy Board of India partners with Indian Banks’ Association to enable asset
auctions via the eBKray platform
• The Insolvency and Bankruptcy Board of India (IBBI) has issued a circular announcing a
collaboration with the Indian Banks’ Association (IBA) to facilitate the auction of assets through
the eBKray platform.
• Objective: To improve outcomes for creditors and bidders by leveraging technology to enhance
transparency and operational efficiency in asset auctions.
• eBKray Platform:A centralized auction platform providing comprehensive details on corporate
debtor assets, including photographs, videos, and geographical coordinates.
Unified Payments Interface Sets New Record in October 2024 with 16.58 Billion Transactions Worth
₹23.50 Lakh Crore, Driven by Festival Season Spending
• According to data shared by the National Payments Corporation of India (NPCI), India’s home-
grown Unified Payments Interface (UPI) technology hit a new record in October, with a total of
16.58 billion transactions amounting to ₹23.50 lakh crore,Festival season spending aided the
45% year-on-year (y-o-y) rise in October UPI transactions.
• Leading UPI Banks:State Bank of India (SBI), HDFC Bank, and YES Bank are the top remitter
and beneficiary banks in the UPI ecosystem.
• Monthly UPI Transaction Data:September 2024 recorded 15.04 billion transactions, totaling
₹20.64 lakh crore.
Securities and Exchange Board of India mandates mutual funds to utilise New Fund Offers proceeds
within 30 days of allotment
• The Securities and Exchange Board of India (SEBI) aims to improve the deployment of funds
raised by asset management companies (AMCs) during New Fund Offers (NFOs) to ensure

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy
timely investment and protect investor interests.
• Deployment Timeline: AMCs are required to deploy funds raised through NFOs within 30
business days of allotment.
• Consequences of Non-Compliance:If AMCs do not meet the 30-day deadline without
requesting an extension, they will be barred from launching new schemes until the funds are
deployed.
About SEBI :
• Established: 12 April 1988 as an executive body and was given statutory powers on 30
January 1992 through the SEBI Act, 1992
• Headquarters: Mumbai, Maharashtra
• Chairman: Madhabi Puri Buch
• SEBI is the regulatory body for securities and commodity markets in India under the ownership
of the Ministry of Finance, GoI.
Banks Request Integration with Reserve Bank of India Platform for Monitoring Liberal Remittance
Scheme Limits
• Banks have approached the Reserve Bank of India (RBI) to integrate with the Centralised
Information Management System (CIMS) for real-time verification of limit utilization under the
Liberal Remittance Scheme (LRS).
• Liberal Remittance Scheme (LRS):Under LRS, Indian citizens can remit up to $250,000 per
financial year for various permissible transactions.
• Real-Time Monitoring:The integration with CIMS will allow banks to track LRS transactions in
real time and flag breaches in the remittance limit.

Securities and Exchange Board of India Proposes ₹1 Crore Minimum Investment, Mandatory Demat
Format for Securitised Debt Instruments
• Markets regulator Securities and Exchange Board of India (SEBI) has proposed a minimum
ticket size or investment threshold of ₹1 crore for the Reserve Bank of India (RBI)-regulated
originators and unregulated entities engaged in securitisation activities.
• Investor Limitations: In private placements, the number of investors for SDIs is limited to a
maximum of 200.
• Exceeding this limit requires the issuance to be classified as a public issue.
About SEBI :

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy
• Established : 12 April 1988 as an executive body and was given statutory powers on 30
January 1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership
of the Ministry of Finance (MoF), GoI.
Banks and Fixed Income Money Market and Derivatives Association of India Explore Transition from
Mumbai Interbank Offer Rate to a Collateralized Rate Framework
• Banks have suggested phasing out the uncollateralized Mumbai Interbank Offer Rate (MIBOR)
and transitioning to a new benchmark for the interest rate derivatives market.
• The Reserve Bank of India (RBI) released a report on October 1, 2024 recommending
changes to MIBOR's methodology and proposing a shift to a new benchmark for derivative
products.
• FIMMDA Meeting: The Fixed Income Money Market and Derivatives Association of India
(FIMMDA) held a meeting with banks to discuss the transition from uncollateralized MIBOR to
a collateralized framework, reflecting international standards.
Punjab & Sind Bank Introduces Digital Bank Guarantee Service
• 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).
• The e-BG facility replaces the traditional paper-based bank guarantee issuance, which
requires physical stamping and signatures.
• Secure Transmission: The new facility ensures secure transmission of bank guarantees.
About Punjab & Sind Bank :
• Founded : 24 June 1908
• Headquarters : New Delhi, India
• MD & CEO : Swarup Kumar Saha
RBL Bank and Mahindra Finance receive RBI approval to introduce co-branded credit cards
• Non-bank lender Mahindra Finance announced that it will be launching a co-branded credit
card with RBL Bank.
• Mahindra Finance has received the RBI nod for launching the offering.
• A Mahindra group entity has 3.53% "strategic" stake in RBL Bank which was bought for Rs
417 crore, while RBL Bank is attempting to decrease its reliance on Bajaj Finance to distribute

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy
credit cards.
About RBL Bank, formerly known as Ratnakar Bank Limited :
• Founded : 1943
• Headquarters : Mumbai, Maharashtra
• MD & CEO : R Subramaniakumar
Reserve Bank of India Innovation Hub Launches MuleHunter Artificial Intelligence to Aid Banks in
Detecting Fraudulent Mule Accounts
• The Reserve Bank of India Innovation Hub (RBIH) has created an artificial intelligence and
machine learning (AI/ML) model named MuleHunter AI aimed at detecting mule accounts for
banks and financial institutions.
• The rise of fraud through mule accounts has raised concerns within the financial ecosystem,
prompting the need for effective detection mechanisms.
• The MuleHunter AI model and its applications were presented at the Global Fintech Fest in
August, highlighting its relevance and utility in the fintech space.
• Definition of Mule Accounts: Mule accounts are accounts that are created by one individual but
operated by another, often utilised for illicit activities such as money laundering and tax
evasion.
Reserve Bank of India announces 7.53% interest rate on GOI Floating Rate Bond 2034 for the next
six months
• The rate of interest on the Government of India Floating Rate Bond 2034 (GOI FRB 2034)
applicable for the half year October 30, 2024 to April 29, 2025 shall be 7.53% per annum.
• The RBI Floating Rate Savings Bonds are a type of government bond that offers a floating
interest rate.
• RBI Floating Rate Savings Bonds have a seven-year lock-in period.
• Premature withdrawal is generally not allowed, except for senior citizens who can withdraw
early with a penalty after a minimum lock-in period.
Reserve Bank of India Releases 43rd Half-Yearly Report on Foreign Exchange Reserves as of
September 2024
• The Reserve Bank of India (RBI) has released the 43rd half-yearly report on management of
foreign exchange reserves concerning end-September 2024.
• Reserve Growth: Forex reserves increased from $646.42 billion at the end of March 2024 to
$705.78 billion by the end of September 2024.

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy
• Foreign Currency Assets (FCA) : The biggest contributor to India's Forex reserves is foreign
currency assets, followed by gold.
• FCA : FCA is maintained as a multi-currency portfolio comprising major currencies, such as,
US dollar, Euro, Pound sterling, Japanese yen, etc. and are valued in terms of US dollars.

Reserve Bank of India mandates Non-Banking Finance Companies to ensure a minimum of 25%
funding from capital market sources
• The Reserve Bank of India (RBI) has mandated that upper-layer Non-Banking Financial
Companies (NBFCs) must secure a minimum of 25% of their total borrowings from capital
market instruments.
• This includes instruments like:
• Commercial Papers (CPs)
• Non-Convertible Debentures (NCDs)
• External Commercial Borrowings (ECBs)
Reserve Bank of India establishes a net worth requirement of ₹300 crore for central counterparty
authorization
• The Reserve Bank of India (RBI) has updated the criteria for Central Counterparties (CCPs) as
of June 2019.
• Definition of CCP: A Central Counterparty (CCP) is a system provider that uses novation to act
as an intermediary between participants in transactions accepted for settlement.
• It acts as the buyer to every seller and the seller to every buyer, facilitating the settlement of
their transactions.
Securities and Exchange Board of India permits mutual funds to invest in foreign schemes with
exposure to India
• The Securities and Exchange Board of India (SEBI) has authorized mutual funds (MFs) to
invest in foreign funds and unit trusts (UTs) that have up to 25% exposure to Indian equities.
• This decision expands the investment options for domestic funds, particularly in prominent
global schemes, including passive funds that provide diversified market exposure.
• Increased Indian Equity Weight: Indian equities have been gaining higher weights in significant
global indices, making this move timely for investors seeking global diversification.
About SEBI :
• Established: 12 April 1988 as an executive body and was given statutory powers on 30

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy
January 1992 through the SEBI Act, 1992
• Headquarters: Mumbai, Maharashtra
• Chairman: Madhabi Puri Buch
• SEBI is the regulatory body for securities and commodity markets in India under the ownership
of the Ministry of Finance, GoI.
Franklin Templeton Mutual Fund Introduces New Arbitrage Fund
• Franklin Templeton (India) Mutual Fund has launched the Franklin India Arbitrage Fund.
• It is an arbitrage-focused, open-ended hybrid scheme that seeks to capitalize on arbitrage
opportunities in the cash and derivatives segments of the equity market.
• NFO Details:The New Fund Offer (NFO) period closes on November 18 and will reopen for
continuous sale and repurchase on November 21.
• Investment Strategy:The fund will employ an active investment strategy, adjusting its defensive
or aggressive posture based on available opportunities.
Finance Ministry Seeks Feedback from Sponsor Banks on Proposed Regional Rural Bank Merger
• The Union Finance Ministry has asked sponsor banks to submit comments on the proposed
RRB amalgamation by November 20, 2024.
• Transferee RRB Selection:The RRB with the largest business volume (total deposits and
advances) among those amalgamating in a state will be designated as the transferee RRB.
• The sponsor bank of this transferee RRB will be the one with the largest business volume and
branch network.
About Ministry of Finance :
• Cabinet Minister : Nirmala Sitharaman
• Minister of State : Pankaj Choudhary
Reserve Bank of India Reports That Only 2% of ₹2000 Notes Are Still in Circulation
• The Reserve Bank of India (RBI) initiated the withdrawal of ₹2000 banknotes on May 19, 2023,
citing that their objective of fulfilling currency needs post the demonetization of ₹500 and
₹1000 notes in 2016 had been achieved.
• Current Circulation: As of October 31, 2024, only 2% of the original ₹2000 notes remain in
circulation, equating to ₹6,970 crore, down from ₹3.56 lakh crore on May 19, 2023.
About RBI :
• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy
• Governor : Shaktikanta Das
SBI Mutual Fund Becomes the First to Exceed ₹10 Lakh Crore in Asset Under Management ,
Leading ICICI and HDFC
• SBI Mutual Fund (SBI MF) became the first fund house in India to surpass ₹10 lakh crore in
Assets Under Management (AUM), reaching ₹10.99 lakh crore in the September quarter of
2024.
• Growth Comparison:SBI MF saw an 11% growth in AUM from ₹9.88 lakh crore in the June
quarter.
About SBI Mutual Fund :
• Founded : 29 June 1987
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Shamsher Singh
Finance Minister Nirmala Sitharaman leads review meeting on Income Tax Act
• Finance Minister Nirmala Sitharaman chaired a meeting on November 4, 2024 to conduct a
comprehensive review of the Income Tax Act 1961, in line with the announcement made
during the last Union Budget.
• The meeting included key officials from the finance ministry, such as Revenue Secretary
Sanjay Malhotra and Ravi Agarwal, Chairman of the Income Tax Department.
• Sub-Committees Formation: Revenue Secretary Malhotra reported that 22 specialized sub-
committees have been created to evaluate different aspects of the Income Tax Act.
Securities and Exchange Board of India suggests increasing the threshold for high-value debt listed
entities to ₹1,000 crore
• Markets regulator Securities and Exchange Board of India (SEBI) has proposed raising the
threshold for identifying High Value Debt Listed Entities (HVDLEs) to Rs 1,000 crore from Rs
500 crore at present to reduce compliance burdens.
• Currently, an entity having outstanding value of listed non-convertible debt securities of Rs 500
crore and above are referred to as 'High Value Debt Listed Entities'.
• Sunset Clause : Sebi has proposed introducing a sunset clause that would end governance
obligations if an HVDLE's outstanding debt falls below the threshold for a specified period,
providing more flexibility.
Securities and Exchange Board of India to Broaden Scope of Unpublished Price Sensitive
Information

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy
• Securities and Exchange Board of India (SEBI) intends to broaden the scope of Unpublished
Price Sensitive Information (UPSI) by including additional items like restructuring plans,
proposed fundraising activities, one-time bank settlements, and other significant corporate
actions.
• SEBI has proposed that listed entities disclose outcomes of board meetings discussing price-
sensitive information within 30 minutes of meeting closure.
About SEBI :
• Established : 12 April 1988 as an executive body and was given statutory powers on 30
January 1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership
of the Ministry of Finance (MoF), GoI.
Government to Provide Protection for Bankers Against Probe Agencies in Bonafide Decisions
• The Centre plans to amend the Prevention of Corruption Act, 1988 to address concerns from
bankers regarding post-retirement harassment by investigating agencies over bona fide
decisions.
• The amendment aims to improve the credit climate, which is crucial for supporting high
economic growth.
• Improvement in Public Sector Bank NPAs:Gross Non-Performing Assets (NPAs) of public
sector banks have reduced significantly from 14.5% in March 2016 to 2.8% in March 2024,
reflecting the positive impact of earlier reforms and efforts to address bad loans.
Reserve Bank of India Issues Operational Framework for Reclassifying foreign portfolio investment to
foreign direct investment in Case of Investment Limit Breach
• The Reserve Bank of India (RBI) issued an operational framework for the reclassification of
foreign portfolio investment (FPI) to foreign direct investment (FDI) if an FPI breaches the
prescribed investment limit.
• The new directions for reclassification are operative with immediate effect.
• Investment Limit: The prescribed limit for an FPI's investment in an Indian company is less
than 10% of the total paid-up equity capital on a fully diluted basis.
About RBI :
• Established : 1 April 1935

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
Star India to Produce Web Series on the Reserve Bank of India
• Star India will produce a web series on the Reserve Bank of India's 90-year journey, aimed at
enhancing public understanding of the RBI's role in India’s economy and contributing to
financial literacy.
• The Reserve Bank of India was established in 1935 and completed 90 years in April 2023.
• Selection Process:The RBI issued a Request for Proposal (RFP) in July 2023 for the web
series.
Securities and Exchange Board of India directs qualified stock brokers to implement UPI payment
mechanism starting February 1
• The Securities and Exchange Board of India (SEBI) has mandated that qualified stock brokers
(QSBs) offer either a UPI-based block mechanism for trading or a 3-in-1 trading account facility
to clients.
• The new mandate will come into effect on February 1, 2025.
• QSBs are larger brokers considered systemically important due to the number of clients and
volumes generated through them.
About SEBI :
• Established : 12 April 1988 as an executive body and was given statutory powers on 30
January 1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership
of the Ministry of Finance (MoF), GoI.
Shriram Mutual Fund to introduce India's first multi-sector rotation fund
• Shriram Mutual Fund is launching an industry-first Multi-Sector Rotation Fund, which will invest
in 3-6 sectors that are expected to outperform in the near-to-long term.
• The fund will adopt a quantamental approach—a blend of quantitative and fundamental
analysis.
• The sectors selected will be based on the proprietary Enhanced Quantamental Investment
(EQI) framework, factoring in momentum, fundamentals, macroeconomic indicators, and
sentiment.

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy
Reserve Bank of India Expands Forex Transactions Reporting Requirements to Include Spot Deals
• The Reserve Bank of India (RBI) has expanded the reporting of forex transactions to include
foreign exchange spot deals to enhance completeness in the trade repository (TR) of the
Clearing Corporation of India (CCIL).
• USD 1 Million Threshold: FX contracts with clients valued at or above USD 1 million (or
equivalent) must be reported by May 12, 2025.
• USD 50,000 Threshold: FX contracts with clients valued at or above USD 50,000 (or
equivalent) must be reported by November 10, 2025.
Reserve Bank of India Introduces New Domestic Money Transfer Framework with Enhanced Know
Your Customer Standards for Regulated Entities
• The Reserve Bank of India (RBI) had issued a new framework on Domestic Money Transfer
(DMT) in July 2024 for regulated enterprises, requiring stronger Know Your Customer (KYC)
record standards and focusing on banking services and payment systems.
• The new guidelines are effective from November 1, 2024, as per the RBI’s July 24, 2024
circular.
National Payments Corporation of India Launches Auto Top-Up Feature and Raises Transaction
Limits for UPI Lite from November 1, 2024
• The National Payments Corporation of India (NPCI) has launched an auto top-up feature and
increased transaction limits for UPI Lite, effective from November 1, 2024.
• Transaction Limit Update:The transaction limit for UPI Lite has been raised to Rs 1,000 without
entering a PIN, up from the previous limit of Rs 500.
• Wallet Balance Limit:The maximum wallet balance for UPI Lite has been increased from Rs
2,000 to Rs 5,000.
Life Insurance Corporation of India’s New Endowment Plan Age Limit Reduced to 50 Years from 55
Years
• The Life Insurance Corporation of India (LIC) reduced the upper age limit for purchasing its
New Endowment Plan (Plan-914) from 55 years to 50 years, effective October 1, 2024.
• Plan Details:LIC’s New Endowment Plan-914 is a participating endowment policy offering a
combination of protection and savings.
• Minimum entry age is 8 years.
About LIC :
• Founded : 1 September 1956

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Siddhartha Mohanty
Reserve Bank of India Updates Know Your Customer Norms to Comply with Anti-Money Laundering
Regulations
• The Reserve Bank of India (RBI) has announced amendments to the Master Directions on
Know Your Customer (KYC) on November 6, 2024 and the amended provisions in the Master
Direction shall come into force with immediate effect.
• According to the Amendment to the Master Direction - KYC Direction, 2016, regulated entities
(REs) will have to apply the customer due diligence (CDD) procedure at the unique customer
identification code (UCIC) level.
IFC partners with Bajaj Finance to invest $400 million in climate finance initiatives
• The International Finance Corporation (IFC), a part of the World Bank Group, will provide a
$400 million loan to Bajaj Finance Limited (BFL).
• This investment is part of BFL's $1 billion fundraising initiative aimed at climate finance
expansion in India.
• Climate Finance Goals:The loan will help BFL increase its outstanding climate loans from $150
million in 2024 to $600 million by 2027, aiding India's low carbon future and national climate
targets.
• It aligns with India’s commitment to cut emissions intensity by 45% by 2030, especially as
EECG is critical to reducing energy consumption and greenhouse gas emissions.
About IFC :
• Formation : July 20, 1956
• Headquarters : Washington, D.C., United States
• Managing Director : Makhtar Diop
• The IFC is an international financial institution that offers investment, advisory, and asset-
management services to encourage private-sector development in less developed countries.
About Bajaj Finance Limited :
• Founded : 25 March 1987
• Headquarters : Pune, Maharashtra
• Chairman : Sanjiv Bajaj
• BFL is a deposit-taking Indian non-banking financial company.
Deutsche Bank invests ₹5,113 crore in its Indian operations

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy
• Deutsche Bank has infused an additional ₹5,113 crore into its Indian operations, marking its
largest capital allocation to India in recent years.
• Purpose of Capital Infusion:The funds will be used to expand Deutsche Bank’s business lines
in India, including corporate banking, investment banking, and private banking.
• Presence in India:Deutsche Bank has been operating in India for 45 years with 17 branches
across the country.
• Its balance sheet size in India was reported at ₹1.45 lakh crore as of March 31, 2024, making it
one of the largest foreign banks in India.
About Deutsche Bank :
• Founded : 10 March 1870
• Headquarters : Frankfurt, Germany
• CEO : Christian Sewing
India and Asian Development Bank Sign $200 Million Loan for Urban Infrastructure Development in
Uttarakhand
• The Government of India (GoI) and the Asian Development Bank (ADB) signed a $200 million
loan to upgrade water supply, sanitation, urban mobility, and other urban services in
Uttarakhand.
• The signatories to the loan agreement for the Uttarakhand Livability Improvement Project were
Ms. Juhi Mukherjee, Joint Secretary, Department of Economic Affairs, Ministry of Finance, for
the Government of India, and Ms. Mio Oka, Country Director of India Resident Mission, for
ADB.
• Objective of the Project:To align with the Government of India’s urban development agenda
and the Government of Uttarakhand’s initiatives for improving urban services.
About ADB :
• Established : 1966
• Headquarters : Manila, Philippines
• President : Masatsugu Asakawa
• Membership : 68 members, including 49 regional members (countries in Asia and the Pacific)
and 19 non-regional members (countries outside the region)
Securities and Exchange Board of India Proposes ₹1 Crore Minimum Investment and Mandatory
Demat Format for Securitized Debt Instruments
• Market regulator Securities and Exchange Board of India (SEBI) has proposed new regulations

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy
that include a minimum investment threshold of Rs 1 crore for participants engaged in
securitisation activities.
• This initiative, targeting both RBI-regulated originators and unregulated entities, seeks to
streamline investment processes and protect investor interests.
• Investor Limit:The proposal also introduced limitations on the number of investors in private
placements, allowing securitized debt instruments (SDIs) issued privately to be offered to a
maximum of 200 investors.
About SEBI :
• Established : 12 April 1988 as an executive body and was given statutory powers on 30
January 1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership
of the Ministry of Finance (MoF), GoI.
Reserve Bank of India Approves 10-Year Sovereign Green Bonds for Non-Resident Investment
under Fully Accessible Route
• The Reserve Bank of India (RBI) has expanded the list of specified Government securities that
non-residents can invest in under the Fully Accessible Route (FAR) by including 10-year
Sovereign Green Bonds (SGrBs).
• The 10-year SGrBs, to be issued by the Government of India in the second half of the fiscal
year 2024-25, are designated as specified securities under FAR.
• Eligible investors include Foreign Portfolio Investors (FPIs), Non-Resident Indians (NRIs),
Overseas Citizens of India (OCIs), and other entities allowed to invest in Government
securities under Debt Regulations.
About RBI :
• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
Cashfree Payments Pilots Cross Border Payments
• Months after receiving the Payment Aggregator Cross Border (PA-CB) licence, Cashfree
Payments has launched a pilot program enabling overseas customers to transact with key
Indian merchants using UPI and RuPay options, typically restricted to domestic use.

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy
Key Partnerships with Major Indian Brands
• Cashfree has partnered with several well-known Indian brands, including:
• Swiggy (foodtech)
• Zepto (quick commerce)
• Nature’s Basket (premium grocery)
• Nykaa (beauty and fashion)
• Bookmyshow (online ticketing)
• Redbus (travel reservations)
• Vedantu (edtech)
IRDAI Chairman Calls For 100% FDI In Insurance
• Debasish Panda, Chairman of the Insurance Regulatory and Development Authority of India
(IRDAI), recently proposed allowing 100% foreign direct investment (FDI) in the insurance
sector to accelerate the goal of achieving 'insurance for all' by 2027.
• Panda emphasized that insurance is a capital-intensive industry, which requires substantial
financial input to grow.
RBI imposes penalty on South Indian Bank
• The Reserve Bank of India (RBI) has imposed a penalty of Rs 59.20 lakh on South Indian
Bank due to non-compliance with directives on interest rate on deposits and customer service
standards.
• South Indian Bank failed to notify certain customers via SMS, e-mail, or letter regarding penal
charges levied for non-maintenance of minimum/average minimum balance.
• The bank placed liens against specific Non-Resident External (NRE) savings accounts, which
was found to be against RBI’s regulatory norms.
Insurance Regulatory and Development Authority of India to Revise Regulatory Sandbox Guidelines
Following Committee's Recommendations
• The Insurance Regulatory and Development Authority of India (IRDAI) has proposed
amendments to the Regulatory Sandbox norms.
• The changes aim to incorporate a principle-based approach instead of the current rule-based
approach.
• Purpose of Amendments:The amendments are designed to facilitate the adoption of innovative
ideas and new concepts across the entire insurance value chain.
• The goal is to support innovation in insurance products, services, and processes by offering a

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy
more flexible regulatory framework.
About IRDAI :
• Established : 1999
• Headquarters : Hyderabad, Telangana
• Chairperson : Debasish Panda
• The IRDAI is a statutory body under the jurisdiction of the Ministry of Finance (MoF),
Government of India (GoI) and is tasked with regulating and licensing the insurance and
reinsurance industries in India.
HDFC Bank Increases Lending Rates By 5 Basis Points For Certain Tenures
• HDFC Bank has revised its Marginal Cost of Funds-Based Lending Rates (MCLR) for select
short-term tenures.
• The revision, effective from November 3, 2024, includes an increase of up to 5 basis points
(bps) for the overnight, one-month, and three-year tenures.
• New MCLR Rates:
• Overnight MCLR: Increased to 9.15% from 9.10%.
• One-month MCLR: Increased to 9.20% from 9.15%.
• Three-year MCLR: Increased to 9.50% from 9.45%.
About HDFC Bank :
• Founded : August 1994
• Headquarters : Mumbai, Maharashtra, India
• CEO : Sashidhar Jagdishan
Securities and Exchange Board of India to Review Proposal for Demerging Equity Exchanges and
Clearing Corporations
• The Securities and Exchange Board of India (SEBI) is evaluating the demerger of equity stock
exchanges and their associated equity clearing corporations (CCs) to ensure more diversified
ownership and enhance independence.
• Objective for Independence and Self-Sufficiency:The proposal aims to make Clearing
Corporations (CCs) independent and self-sufficient, with broad-based ownership and risk-
based participation from clearing members to ensure fairness across Market Infrastructure
Institutions (MIIs).
Public Sector Banks (PSBs) Report 11% Year-on-Year Growth in First Half of FY 2024-25
• Under the leadership of Prime Minister Shri Narendra Modi and Finance Minister Nirmala

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy
Sitharaman, major banking reforms were implemented, including:
• Enhanced Access and Service Excellence (EASE).
• Insolvency and Bankruptcy Code (IBC).
• Establishment of National Asset Reconstruction Company Ltd. (NARCL).
• Amalgamation of Public Sector Banks (PSBs).
Pension Fund Regulatory and Development Authority Calls for Bids to Select System Integrator for
Design, Development, and Maintenance of PFRDA Connect Website
• The Pension Fund Regulatory and Development Authority (PFRDA) launched the PFRDA-
Connect project as part of its Technology Architecture (TARCH) initiative.
• The goal is to enhance PFRDA's digital presence by overhauling its official website to improve
the user experience.
• Bid Invitation and Timeline:PFRDA has invited bids for selecting a System Integrator (SI) to
design, develop, implement, and maintain the PFRDA-Connect platform.
About PFRDA :
• Established : 2003
• Headquarters : New Delhi, Delhi
• Chairman : Deepak Mohanty
• PFRDA is the regulatory body for the overall supervision and regulation of pensions in India.
• It operates under the jurisdiction of the Ministry of Finance in the Government of India.
Visa partners with Affirm to introduce flexible payment card in the US
• Visa has partnered with fintech company Affirm to introduce a single card in the U.S. that
supports both debit transactions and “Buy Now, Pay Later” (BNPL) purchases, catering to the
demand for flexible payment options.
• Visa is also launching this feature in the United Arab Emirates with Liv Bank, with plans to
expand into Europe in the coming months.
• Flexible Credential Feature: Visa's "Flexible Credential" feature, which allows this multi-
functionality, is already available in six Asian markets: Hong Kong, Japan, the Philippines,
Singapore, Thailand, and Vietnam, with plans for expansion over the next year.
About Visa Inc :
• Founded : September 18, 1958
• Headquarters : San Francisco, California, United States
• CEO : Ryan McInerney

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy
About Affirm Holdings, Inc :
• Founded : 2012
• Headquarters : San Francisco, CA, United States
• Chairman & CEO : Max Levchin
Federal Bank raises ₹1,500 crore through inaugural 10-year infrastructure bond issue
• Federal Bank raised ₹1,500 crore through its first 10-year infrastructure bonds, issued on a
private placement basis.
• The bonds carry a coupon rate of 7.76%.
• The issuance included a base amount of ₹750 crore with an additional ₹750 crore greenshoe
option, allowing for extra subscription.
• The bonds were priced with a spread of approximately 80 basis points over the 10-year
benchmark Government Security.
About Federal Bank :
• Founded : 23 April 1931
• Headquarters : Aluva, Kochi, Kerala, India
• MD & CEO : KVS Manian
• Tagline : Your Perfect Banking Partner
Securities and Exchange Board of India Streamlines Registration Process for Select Foreign Portfolio
Investors
• The Securities and Exchange Board of India (SEBI) has announced the introduction of an
abridged application form for Foreign Portfolio Investors (FPIs), which includes auto-populated
fields for certain categories, making the process quicker and easier.
• The simplified form will be implemented after three months, following the release of
implementation standards by the Custodians and Designated Depository Participants
Standards Setting Forum (CDSSF).
About SEBI :
• Established : 12 April 1988 as an executive body and was given statutory powers on 30
January 1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership
of the Ministry of Finance (MoF), GoI.

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy
Razorpay introduces venture investment initiative to back early-stage B2B startups
• Fintech major Razorpay has launched its venture investment arm, Razorpay Venture
Investment Program, to support the growth of early-stage B2B startups.
• The program is developed in collaboration with Peak XV Partners and Lightspeed.
• Funding Scope: Each startup can receive up to $1 million in funding, targeting over 50 B2B
founders.
• Target Stage: Focused on startups from pre-seed to Series A across sectors like fintech, e-
commerce, healthcare, education, and logistics.
About Razorpay :
• Founded : 2014
• Headquarters : Bangalore, Karnataka
• Co-founder & CEO : Harshil Mathur
Finance Minister Nirmala Sitharaman Launches National MSME Cluster Outreach Programme,
Opens New SIDBI Branches in Bengaluru, Karnataka
• Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman launched the
National Micro, small and medium enterprises (MSME) Cluster Outreach Programme,
organised jointly by the Department of Financial Services (DFS), Ministry of Finance,
Government of India, and Small Industries Development Bank of India (SIDBI).
• Nari Shakti Branches of Union Bank of India:Four Nari Shakti Branches of Union Bank of India
were inaugurated in Bengaluru, Chennai, Jaipur, and Vishakhapatnam to empower women
entrepreneurs.
State Bank of India, HDFC Bank, and ICICI Bank Included in RBI's 2024 List of Domestic
Systemically Important Banks (D-SIBs)
● The Reserve Bank of India (RBI) announced that State Bank of India (SBI), HDFC Bank and
ICICI Bank will continue to be identified as Domestic Systemically Important Banks (D-SIBs).
● The D-SIB designated banks have to maintain additional Common Equity Tier 1 (CET1) in
addition to the capital conservation buffer.
● In order to be listed as a D-SIB, a bank needs to have assets that exceed 2% of the national
GDP.
● Banks are classified into five buckets under Domestic Systemically Important Banks (D-SIBs).
● Surcharge on CET1:SBI: Additional CET1 requirement of 0.80% (effective from April 1, 2025).
● HDFC Bank: Additional CET1 requirement of 0.40% (effective from April 1, 2025).

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy
● ICICI Bank: Additional CET1 requirement of 0.20% as a percentage of their Risk Weighted
Assets (RWAs)
● Criteria for Identifying D-SIBs:Banks are classified based on size, interconnectedness,
substitutability, and complexity.
About RBI :
● Established : 1 April 1935
● Headquarters : Mumbai, Maharashtra, India
● Governor : Shaktikanta Das
Securities and Exchange Board of India Exempts infrastructure investment trusts, real estate
investment trusts from Allotment Rules in Employee Benefit Schemes
● Markets Regulator Securities and Exchange Board of India (SEBI ) has exempted
infrastructure investment trusts (InvITs) and real estate investment trusts (REITs) from specific
lock-in and allotment restrictions when issuing units to an employee benefit trust under unit-
based employee benefit (UBEB) schemes.
● This will facilitate easier acquisition and distribution of units to employees.
● Objective: The exemption is part of SEBI's efforts to promote ease of doing business, allowing
more straightforward acquisition and distribution of units to employees under UBEB schemes.
About SEBI :
● Established : 12 April 1988 as an executive body and was given statutory powers on 30
January 1992 through the SEBI Act, 1992
● Headquarters : Mumbai, Maharashtra
● Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
● SEBI is the regulatory body for securities and commodity markets in India under the ownership
of the Ministry of Finance (MoF), GoI.
Securities and Exchange Board of India Advocates Relaxation of Angel Fund Regulations to Support
Startup Financing
● Market regulator Securities and Exchange Board of India (Sebi) may soon allow angel funds to
expand the scope of investors by including Hindu undivided families (HUFs), family trusts, and
sole proprietorships, among others.
● Accredited Investor Focus: Angel funds may soon be limited to accredited investors (those with
verified net worth and risk understanding), with accreditation verified by a third-party agency.
● Removal of Minimum Investment Requirement: SEBI proposes eliminating the minimum

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy
investment requirement of Rs 25 lakh for angel investors, reducing entry barriers for startup
investments.
● Adjusted Investment Limits:SEBI suggests increasing the cap for investment in a single startup
from Rs 10 crore to Rs 25 crore.
● The minimum investment limit may be reduced from Rs 25 lakh to Rs 10 lakh.
Securities and Exchange Board of India reviews custodian norms, proposes measures to streamline
operations
● The capital market regulator, Securities and Exchange Board of India (SEBI), has proposed
measures to ease operations and compliance for custodians,entities that manage foreign
portfolio investors (FPIs).
● Review of Net Worth Criteria: SEBI has proposed increasing the net worth requirement for
custodians from Rs 50 crore (set in 1996) to Rs 100 crore.
● Existing custodians who do not meet the new threshold will have three years to comply.
● According to SEBI data, custodians managed assets worth Rs 278.5 trillion as of September
2024, a significant increase from Rs 2.7 trillion in March 2002.
Generative Artificial Intelligence Projected to Boost India’s GDP by $359-$438 Billion by FY30: RBI
Deputy Governor Patra
● Generative artificial intelligence (AI) is projected to add between $359 billion and $438 billion
to India's GDP by FY30 (2029-30).
● Increased AI Adoption in Indian Firms: AI integration in production processes by Indian
companies increased from 8% in 2023 to 25% in 2024.
● Digital Banking Integration in Indian Banks:
○ All Indian banks have implemented mobile and internet banking.
○ 75% provide online account opening, digital KYC, and doorstep banking.
○ 60% offer digital lending services, and 50% provide payment aggregator services.
○ 41% use chatbots, 24% have adopted open banking, and 10% have integrated IoT
technology.
○ Private sector banks are leading in technology adoption.
● Global AI Impact on GDP: Generative AI is expected to contribute $7-10 trillion to global GDP
over the next three years.
Reserve Bank of India Issues Directive on Deployment of Note Sorting Machines (NSMs) by Banks in
India

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy
● The Reserve Bank of India (RBI) issued a new directive mandating banks to deploy Note
Sorting Machines (NSMs) that comply with updated standards.
● This directive builds on the guidelines from RBI's circular on July 1, 2022, which specified
authentication and sorting requirements for NSMs.
● RBI, in collaboration with the Bureau of Indian Standards (BIS) and other stakeholders,
developed new standards for NSMs, published as IS 18663: 2024 in the Gazette of India on
March 19, 2024.
● The note sorting machines are used for counting, sorting and bundling of banknotes. These
are primarily used in banks handling currency.
Reserve Bank of India Report Calls for Major Reforms in Civic Bodies to Boost Revenue Generation
● According to a report released by the Reserve Bank of India (RBI), the Municipal corporations
(MCs) in the country need comprehensive reforms to boost their own sources of revenue
through tax reforms, rationalisation of user charges, and strengthening of collection
mechanisms to plug leakages.
● The RBI report, titled ‘Own Sources of Revenue Generation in Municipal Corporations:
Opportunities and Challenges’, analysed budget data from 232 MCs, covering over 90% of
India’s total MCs.
● Revenue Growth: MCs' revenue receipts increased by 20.1% year-over-year to Rs 1.7 trillion
in FY24 (up from Rs 1.42 trillion in FY23 and Rs 1.37 trillion in FY22).
● Own Resource Contribution: The share of own resources in receipts stood at 61.9% in FY24,
up from 59.7% in FY23.
● Revenue Expenditure: The revenue expenditure for MCs increased by 13.9% to Rs 1.49 trillion
in FY24 (from Rs 1.31 trillion in FY23 and Rs 1.23 trillion in FY22).
● Surplus Trends: MCs’ revenue account surplus decreased to Rs 1,034 crore in 2020-21 (from
Rs 4,914 crore in 2019-20) but was budgeted at Rs 20,819 crore in FY24.
State Bank of India Aims for $1.25 Billion in India's Biggest Dollar-Denominated Loan of 2024
● State Bank of India (SBI) is reportedly planning to borrow $1.25 billion, which would be the
largest dollar-denominated loan by India’s financial sector in 2024.
● Loan Arrangement and Interest Margin:The five-year loan is being arranged by CTBC Bank,
HSBC Holdings Plc, and Taipei Fubon Bank.
● The interest margin is set at 92.5 basis points above the Secured Overnight Financing Rate
(SOFR), a benchmark rate used in the US for short-term lending.

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy
● Purpose and Location:The loan is being secured for general corporate purposes through SBI’s
branch in the Gujarat International Finance Tec-City (GIFT City).
● Other institutions, such as Cholamandalam Investment & Finance Co. ($300 million loan) and
Union Bank of India’s Sydney branch (A$125 million loan), have also sought foreign funds
recently.
● Designation as a Domestic Systemically Important Bank (D-SIB):The Reserve Bank of India
reaffirmed SBI’s designation as a D-SIB, requiring it to hold additional capital buffers.
● SBI is in the top D-SIB category (bucket 4), which mandates an extra 0.80% in Common
Equity Tier 1 (CET1) by April 2025.
About SBI :
● Established : 1 July 1955
● Headquarters : Mumbai, Maharashtra, India
● Chairman : Challa Sreenivasulu Setty
State Bank of India Increases Marginal Cost of Fund-Based Lending Rate by 0.05%
● State Bank of India (SBI) has increased the Marginal Cost of Fund-Based Lending Rate
(MCLR) by 0.05% for certain tenors.
● One-Year MCLR: The one-year MCLR, which is commonly linked to long-term loans like home
loans, has been raised to 9%.
What is the Marginal Cost of a fund based lending rate?
● Marginal Cost of Funds based Lending Rate (MCLR) is the minimum lending rate below which
a bank is not permitted to lend.
● MCLR replaced the earlier base rate system to determine the lending rates for commercial
banks.
Karnataka Bank Unveils Two New Financial Products: 'KBL Peak' Education Loan and 'KBL Genius'
Student Savings Account
● Karnataka Bank Limited. has launched two financial products – ‘KBL Peak’, an education loan
with financing of up to ₹2 crore and comprehensive coverage, and ‘KBL Genius’, a student
savings account featuring free cyber insurance.
KBL Peak:
● Purpose: Education loan designed to support students pursuing higher education in India and
abroad.
● Loan Limit: Up to ₹2 crore.

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy
● Coverage: Tuition fees, accommodation, travel, books, and laptops.
● Additional Features:Pre-admission sanction letter to simplify the admission process.
● Credit life insurance for both the student and the parent for financial protection.
KBL Genius:
● Purpose: A student savings account aimed at helping students manage their finances
effectively.
● Variants: Two variants – KBL Genius Signature and KBL Genius Advantage.
About Karnataka Bank :
● Founded : 18 February 1924
● Headquarters : Mangalore, Karnataka, India
● MD & CEO : Srikrishnan Hari Hara Sarma
IDFC First Bank enables real-time tracking for international money transfers via SWIFT
● IDFC First Bank has become the first Indian bank to offer real-time tracking for international
money transfers via SWIFT, enhancing cross-border payment transparency.
● The service is accessible through the bank's mobile application and internet banking platforms,
aligning with the increasing demand for real-time updates on digital financial transactions.
● The new feature is particularly beneficial for transactions under RBI’s LRS, which allows Indian
residents to send up to USD 2,50,000 per financial year for various purposes, including gifts,
education, medical expenses, and investments.
About IDFC First Bank :
● Founded : October 2015
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : V. Vaidyanathan
Asian Development Bank Boosts Climate Financing Following World’s First Sovereign Guarantees by
U.S. and Japan
● The Asian Development Bank (ADB) will expand its climate-related lending by up to $7.2
billion following sovereign guarantees from the United States and Japan.
● The U.S. and Japan are the first countries to provide sovereign guarantees for climate finance,
covering risks on certain existing ADB loans to allow for increased lending.
● This strategy could serve as a model for other development banks to follow, especially in line
with the U.N. COP29 climate summit held in Baku, Azerbaijan, focusing on enhancing climate
finance for developing nations.

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy
About ADB :
● Established : 1966
● Headquarters : Manila, Philippines
● President : Masatsugu Asakawa
● Membership : 68 members, including 49 regional members (countries in Asia and the Pacific)
and 19 non-regional members (countries outside the region)
Reserve Bank of India Extends Deadline for Banks and ATM Operators to Implement Cassette Swap
Mechanism
● The Reserve Bank of India (RBI) has given banks and ATM operators some wiggle room for
implementing the cassette swap mechanism for cash replenishment in ATMs.
● The banking regulator 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.
● Now, the RBI has asked banks to expeditiously implement the roadmap for cassette swap
implementation by March 31, 2025.
● Cassette Swap Mechanism : Under the cassette swap mechanism, lockable cassettes filled
with banknotes are used in ATMs that are swapped at the time of cash replenishment.
● This move to exclude the cash recyclers from the cassette swap process is, in fact, a step
back and needs further discussion and debate.
Galaxy Health Insurance launches its first insurance product, 'Galaxy Promise'
● Galaxy Health Insurance Company Limited has launched its first health insurance product,
'Galaxy Promise'.
● The product targets families seeking affordable health coverage.
● The company is jointly promoted by Venu Srinivasan, Chairman Emeritus of TVS Motor
Company and Sundaram-Clayton Ltd, and V Jagannathan, founder of Star Health and Allied
Insurance Company Ltd.
● Managing Director and CEO of Galaxy Health Insurance : G Srinivasan
JPMorgan establishes GIFT City unit to create derivative products
● JPMorgan Chase & Co. has set up a unit in India's Gujarat International Finance Tec-City
(GIFT City), becoming the first global bank to establish such a unit aimed at developing
derivative products.

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy
● The unit will focus on creating derivative products to be offered to clients across Asia-Pacific
and Europe.
About JPMorgan Chase & Co :
● Founded : December 1, 2000
● Headquarters : New York City, United States
● Chairman & CEO : Jamie Dimon
World Bank Increases Lending Capacity by 50%, Pledges $150 Billion for Green Projects and
Developing Economies Over the Next Decade
● The World Bank has increased its lending capacity by 50%, enabling it to offer a record $150
billion over the next decade.
● The World Bank’s primary focus will be on supporting developing economies through this
increased capacity.
● A major portion of the funding will be directed towards green projects, supporting climate
action and the achievement of the Sustainable Development Goals (SDGs).
About World Bank :
● Established : July 7, 1944
● Headquarters : Washington, D.C., United States
● President : Ajay Banga
Asian Development Bank issues first biodiversity and nature-themed bond to fund projects across
Asia and the Pacific
● The Asian Development Bank (ADB) has issued its first biodiversity and nature theme bond to
finance a pool of eligible projects across Asia and the Pacific.
● The bond, valued at A$150 million (approximately US$100 million), has a 10-year maturity and
was purchased by Dai-ichi Life Insurance Company of Japan. It was arranged by Credit
Agricole CIB.
● The bond was issued under ADB's Theme Bonds for Sustainable Development program, in
collaboration with its Environment group.
About ADB :
● Established : 1966
● Headquarters : Manila, Philippines
● President : Masatsugu Asakawa
● Membership : 68 members, including 49 regional members (countries in Asia and the Pacific)

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy
and 19 non-regional members (countries outside the region)
IDFC FIRST Bank unveils exclusive Startup Lounge to support and empower early-stage
entrepreneurs in India
● IDFC FIRST Bank has launched a new Startup Lounge to support early-stage startups and
entrepreneurs in India.
● The lounge is located in Koramangala, Bangalore.
About IDFC FIRST Bank:
● Founded: October 2015.
● Headquarters: Mumbai, Maharashtra, India.
● MD & CEO: V. Vaidyanathan.
● IDFC FIRST Bank was formed through the merger of the banking arm of Infrastructure
Development Finance Company (IDFC) and Capital First, a non-bank financial institution.
HDFC Bank and TOI Host Cyber Security Summit in New Delhi to Mark Fifth Year of Participation in
International Fraud Awareness Week
● HDFC Bank and Times of India (TOI) organized the Cyber Security Summit in New Delhi to
mark the fifth year of HDFC Bank's participation in International Fraud Awareness Week.
● Cyber frauds or cyber crimes are increasingly grabbing headlines and the need for individuals
and institutions to stay vigilant has never been more pressing.
● HDFC Bank launched the 'Stay Safe, Stay Vigil' campaign, featuring 'Vigil Aunty,' a social
media influencer who educates people on recognizing and avoiding common and innovative
cyber frauds.
About HDFC Bank :
● Founded : August 1994
● Headquarters : Mumbai, Maharashtra, India
● CEO : Sashidhar Jagdishan
Public Sector Banks to Introduce Micro, small and Medium Enterprises Credit Model with Loan
Range of ₹25 Lakh to ₹5 Crore
● Most Public Sector Banks (PSBs) are set to launch a credit risk assessment model for MSMEs
(Micro, Small, and Medium Enterprises) to assess loans ranging from ₹25 lakh to ₹5 crore.
● Launch Timeline:November 25, 2024: Bank of India, Punjab & Sind Bank, and Indian Bank to
launch the model.
● November 30, 2024: Six other PSBs (Bank of Baroda, Union Bank of India, UCO Bank,

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy
Central Bank of India, Indian Overseas Bank, and Punjab National Bank) to roll out the model.
● Budget Provisions for MSMEs:Introduction of a ₹100 crore credit guarantee scheme for
MSMEs to improve financial access and recovery post-pandemic.
● Significance of MSMEs in the Economy:MSMEs contribute over 30% of GDP and nearly 50%
of exports in India, making them vital for economic growth.
Government Set to Urge Banks to Return Unclaimed Deposits to Beneficiaries
● The government will nudge banks to begin a new campaign to trace unclaimed account
holders or their legal heirs to return their deposits.
● The total amount of unclaimed deposits has crossed ₹78,000 crore.
What is the meaning of unclaimed deposits?
● Balances in savings / current accounts which are not operated for 10 years, or term deposits
not claimed within 10 years from date of maturity are classified as “Unclaimed Deposits”.
● These amounts are transferred by banks to the “Depositor Education and Awareness” (DEA)
Fund maintained by the Reserve Bank of India.
● As of March 31, 2024, the DEA Fund holds ₹78,812.25 crore.
Canara Bank designates RCom and its subsidiary as 'fraud' accounts
● Canara Bank has classified Reliance Communications (RCom) and its subsidiary, Reliance
Telecom, as "fraud" accounts due to non-utilization of funds as per the sanctioned terms.
● Canara Bank had sanctioned a loan of Rs 1,050 crore to Reliance Communications.
● Non-Performing Asset (NPA):Reliance Communications was classified as a non-performing
asset (NPA) in March 2017.
● Insolvency Process:Ericsson India initiated insolvency proceedings against Reliance
Communications, leading to the company's admission into the Corporate Insolvency
Resolution Process (CIRP) in May 2018.
About Canara Bank :
● Founded : 1906
● Headquarters : Bengaluru, Karnataka, India
● MD & CEO : K Satyanarayana Raju
● Tagline : Together we can
Unifi Asset Management receives SEBI approval to launch mutual fund operations
● Unifi Asset Management Private Limited, a subsidiary of Unifi Capital, has received final
approval from the Securities and Exchange Board of India (SEBI) to launch its mutual fund

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy
operations.
● Company Background:Unifi Capital, established in 2001 as a portfolio manager, currently
manages assets worth Rs 27,000 crore as of October 31, 2024.
● Founder of Unifi Capital : Sarath Reddy
● CEO of Unifi Mutual Fund : George Alexander
Public Sector Banks Focus on Expanding Corporate Loan Portfolio and Infrastructure Lending
● Large Public Sector Banks (PSBs) like State Bank of India (SBI), Punjab National Bank (PNB),
Canara Bank, and Bank of India are expanding their corporate loan books, particularly in
sectors such as infrastructure, energy, and renewable energy.
● Loan Growth : State Bank of India (SBI) reported an 18.35% YoY growth in its corporate loan
book for the September quarter and is targeting 14-16% growth in FY25, supported by a
corporate pipeline worth Rs 6 lakh crore.
● Canara Bank aims for a 10% growth in its corporate loan book.
● Bank of India saw a 9.16% growth in its corporate book for Q2 FY25, with a strong focus on
energy sector demand.
Reserve Bank of India cancels licence of Vijayawada-based Durga Co-operative Urban Bank
● The Reserve Bank of India (RBI) cancelled the licence of Vijayawada-based The Durga Co-
operative Urban Bank as the lender does not have adequate capital and earning prospects.
● The Commissioner for Cooperation and the Registrar of Cooperative Societies, Andhra
Pradesh, has been instructed to initiate the winding-up process and appoint a liquidator.
● Deposit Insurance:Depositors will be entitled to insurance claims up to ₹5,00,000 under the
Deposit Insurance and Credit Guarantee Corporation (DICGC) Act, 1961.
Reserve Bank of India to Launch Cloud Services in 2025, Aiming to Challenge Global Firms'
Dominance
● The Reserve Bank of India (RBI) plans to launch a pilot programme for cloud services in 2025
to offer local cloud data storage for financial firms at affordable rates.
● Competitors:The initiative will challenge global cloud giants like Amazon Web Services,
Microsoft Azure, Google Cloud, and IBM Cloud in India’s growing cloud services market.
● Market Insights:India’s cloud services market was valued at $8.3 billion in 2023 and is
projected to grow to 24$.2 billion by 2028.
● Currently, the market is dominated by foreign firms.
● Development and Funding:The project is spearheaded by the RBI's research wing, Indian

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy
Financial Technology and Allied Services (IFTAS).
● EY has been appointed as an advisor to the project.
● Initial funding of ₹229.74 billion will come from the RBI's Asset Development Fund.
State Bank of India Raises ₹10,000 Crore Through Seventh Infrastructure Bond Issuance at 7.23%
Coupon Rate for 15-Year Tenure
● State Bank of India (SBI) has raised ₹10,000 crore at a coupon rate of 7.23 per cent through
its seventh infrastructure bond issuance, payable annually for a tenor of 15 years.
● The instrument is rated AAA with stable outlook.
● Funds raised through infrastructure bonds are exempt from regulatory reserve requirements
like the Statutory Liquidity Ratio (SLR) and Cash Reserve Ratio (CRR).
● Unlike deposits, where banks must maintain 4.5% CRR and invest approximately 18% in
securities for SLR compliance, the proceeds from infrastructure bonds can be fully deployed
for lending activities, providing greater flexibility.
State Bank of India to open 300-400 branches annually in the medium term
● The State Bank of India (SBI) plans to open 300-400 branches annually in the medium term.
● The bank aims to increase financial service penetration in India by setting up branches in
residential colonies and underserved areas.
● SBI conducted an extensive micro-market survey to identify areas lacking financial services,
leading to the target of 500 new branches.
● As of September 2024, SBI has 22,640 branches, an increase from 15,870 branches in March
2014.
● SBI is ranked 17th in the world in terms of market capitalization.
Securities and Exchange Board of India proposes major revisions to small and medium enterprises
listing norms to improve transparency and governance
● The Securities and Exchange Board of India (SEBI) has proposed stricter listing regulations for
small and medium enterprises (SMEs) due to concerns over misuse of funds and inflated
prices in initial public offerings (IPOs).
● The proposals include measures such as enhanced eligibility conditions, tighter corporate
governance, and increased scrutiny of IPO fund usage.
● Enhanced Eligibility Conditions: Proposed increase in minimum issue size to Rs 10 crore.
● SMEs must show a minimum operating profit of Rs 3 crore in at least two of the last three
financial years before filing for an IPO.

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy
● Minimum application value to be doubled to Rs 2 lakh.
● Restrictions on Offer for Sale (OFS):OFS limit to be restricted to 20% of the issue size.
Paytm UPI Expands Globally; Users Can Now Make Payments at Select International Locations
● One97 Communications Limited (OCL), which owns the brand Paytm, has enabled Paytm
users to make UPI payments at select international locations.
● Indian travellers can now use their Paytm app to make seamless, cashless payments at
destinations where UPI is accepted, including popular spots in the UAE, Singapore, France,
Mauritius, Bhutan, and Nepal.
● This enhancement allows users to conveniently pay for all use cases including shopping,
dining, and local experiences abroad using UPI through their Paytm app.
● Travellers can choose a usage period from 1 to 90 days based on their trip and can deactivate
the service anytime to ensure payments are only made when intended.
About One97 Communications Limited :
● Founded : 2000
● Headquarters : Noida, Uttar Pradesh, India
● CEO : Vijay Shekhar Sharma
Sachin Bansal's Navi Surpasses Cred to Become the 4th Largest UPI App
● Navi, a fintech app owned by Sachin Bansal, grew 31% in October 2024 compared to
September, overtaking Cred to become the fourth-largest UPI app in India.
● Navi registered 158 million UPI transactions in October, up from 120 million in September.
UPI Market Share Breakdown (October 2024):
● PhonePe: 47.67% market share (dominates UPI transactions).
● Google Pay: 37.39% market share.
● Paytm: 7.02% market share.
● Navi and Cred each hold around 1% market share.
● super.money: Approximately 0.3% market share, marking a 3x growth from the previous
month.
Finance Minister Nirmala Sitharaman Releases ₹100 Commemorative Coin Celebrating 100 Years of
SBI's Horniman Circle Branch
● Finance Minister Nirmala Sitharaman unveiled a specially minted ₹100 commemorative coin to
mark the centenary of SBI's Horniman Circle Branch.
● Along with the coin, the 5th edition of "The Evolution of the State Bank of India" was released,

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy
covering the transformative period between 1981 and 1996 in SBI's history.
● Commemorative Coin Details:The ₹100 coin is the 19th commemorative coin of 2024, minted
by the India Government Mint, Mumbai.
● The metal composition of the coin includes 50% Silver, 40% Copper, 5% Nickel, and 5% Zinc.
● The coin weighs 35 grams and has a diameter of 44 mm, with 200 serrations along the edge.
● This is the second commemorative coin issued for SBI, following the ₹100 and ₹5 coins
released during the Bicentenary Year of SBI in 2006.
Matrimony.com Launches 'Weddingloans.com' Platform to Provide Wedding Loans
● Matchmaking service provider Matrimony.com has launched a new financial technology
platform, Weddingloans.com, designed to provide financial assistance for marriages.
● The platform has partnered with prominent financial institutions such as IDFC, Tata Capital,
and Larsen & Toubro Finance to offer a comprehensive loan solution for wedding-related
expenses.
About Matrimony.com :
● Founded : 14 April 1997
● Headquarters : Chennai, Tamil Nadu, India
● CEO : Murugavel Janakiraman
IndusInd Bank Limited, Bharat Financial Inclusion Limited partner with Agriculture and Farmers
Welfare Ministry to launch an initiative supporting Farmer Producer Organizations
● IndusInd Bank Limited (IBL) and Bharat Financial Inclusion Limited (BFIL) have partnered with
the Ministry of Agriculture and Farmers Welfare to launch the Bharat Sanjeevani Krishi Utthan
initiative.
● Objective of the Initiative:Supports the government’s flagship program, "Formation and
Promotion of 10,000 Farmer Producer Organizations (FPOs)".
● Geographic Coverage:The initiative will be implemented across 11 states:
● Andhra Pradesh, Bihar, Jharkhand, Karnataka, Madhya Pradesh, Maharashtra, Odisha,
Rajasthan, Telangana, Uttar Pradesh, West Bengal.
About IndusInd Bank Limited :
● Founded : April 1994
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Sumant Kathpalia
● Tagline : We care Dil se; we make you feel Richer

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy
About Bharat Financial Inclusion Limited :
● Founded : 1997
● Headquarters : Hyderabad, India
● Founder : Vikram Akula
Reserve Bank of India Extends Supersession of Abhyudaya Cooperative Bank Ltd.'s Board for 12
More Months Starting November 24, 2024
● The Reserve Bank of India (RBI) has exercised its powers under Section 36AAA and Section
56 of the Banking Regulation Act, 1949 (as applicable to Co-operative Societies) to take action
against the governance issues at Abhyudaya Cooperative Bank Limited.
● Legal Framework: The supersession is in line with the provisions of the Banking Regulation
Act, 1949, specifically Section 36AAA and Section 56, which allows the RBI to intervene in the
governance of cooperative banks to ensure proper management and protect public interest.
Department of Investment and Public Asset Management Releases Updated Capital Restructuring
Guidelines for Central Public Sector Enterprises
● The Finance Ministry has come out with revised guidelines regarding capital restructuring of
Central Public Sector Enterprises (CPSEs).
● These “include norms related to dividend payout, split of shares, buyback, and issuance or
bonus of shares among others.
● Minimum Dividend Payout: Every CPSE must pay a minimum annual dividend of 30% of its
Profit After Tax (PAT) or 4% of its net worth, whichever is higher, subject to existing legal
provisions.
● Specific Guidelines for CPSE NBFCs: CPSEs in the financial sector, such as Non-Banking
Financial Companies (NBFCs), are required to pay a minimum annual dividend of 30% of PAT
or 5% of net worth, whichever is higher.
About Ministry of Finance :
● Cabinet Minister : Nirmala Sitharaman
● Minister of State : Pankaj Choudhary
Reserve Bank of India Creates Booklets in Santali Language to Promote Financial Awareness
Among Tribals
● To create financial literacy awareness among the tribal population, the Reserve Bank of India
(RBI), Odisha office has prepared five specific booklets in Santali (Ol Chik) language.
● Odisha's Chief Minister, Mohan Charan Majhi, unveiled the booklets at the Bali Jatra festival in

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy
Cuttack.
● In addition to Odisha, the booklets will be distributed in states like Jharkhand, Bihar, West
Bengal, Assam, and Tripura, where there is a significant Santali-speaking population.
Private Consumption Resumes as Key Driver of Domestic Demand: Reserve Bank of India
● As per the Reserve Bank of India’s (RBI) article ,the slowdown in the second quarter of FY
2024-25 has been overcome, with private consumption once again driving domestic demand.
● Festival-related consumption and a recovering agriculture sector are contributing to the
economy's resilience.
● In October 2024, the Consumer Price Index (CPI) surged to a 14-month high of 6.21%, higher
than 5.5% in September.
● Direct-to-Consumer (D2C) and Quick-Commerce:D2C brands are seeking funds to expand,
particularly in the quick-commerce (q-com) platform, a growing sector expected to reach $30
billion by 2029-30.
Top Banks Compete for ₹27,000 Crore Loan from PSU Refinery
● India’s top lenders are vying to finance a ₹39,000 crore refinery project being developed by
Chennai Petroleum Corporation (CPCL) and Indian Oil Corporation (IOC) in Tamil Nadu.
● The loan constitutes about 70% of the project cost (₹27,000 crore), with the remaining 30%
(₹12,000 crore) being financed through equity.
● Project Details:The refinery project is being set up by Cauvery Basin Refinery and
Petrochemicals Ltd (CBRPL), a joint venture established in January 2023 between Indian Oil
Corp. (IOC) and Chennai Petroleum Corp. (CPCL), with a 75:25 shareholding ratio.
● The proposed refinery will have a capacity of 9 million tonnes per annum (mtpa) and will be
located at Nagapattinam, Tamil Nadu.
Insolvency and Bankruptcy Board of India Suggests Mandatory Monitoring Committees for Resolution
Plans
● The Insolvency and Bankruptcy Board of India (IBBI) has proposed the introduction of
monitoring committees for implementing resolution plans under the Insolvency and Bankruptcy
Code (IBC).
● Purpose: The move aims to address challenges in the implementation of resolution plans and
increase transparency and confidence in the insolvency resolution process.
● This proposal follows a Supreme Court ruling on November 7, 2024, which emphasized the
need for statutory recognition of monitoring committees for smooth plan implementation.

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy
● Constitution of Monitoring Committees:These committees are currently formed based on
directions from adjudicating authorities.
● The court recommended empowering the committee of creditors (CoC) to constitute these
committees.
● Role and Composition:The monitoring committees will consist of representatives from the CoC,
resolution applicants, and an insolvency professional serving as the chairperson.
About IBBI :
● Formed : 1 October 2016
● Headquarters : New Delhi, India
● Chairman : Shri Ravi Mital
● Parent Department : Ministry of Corporate Affairs
SEBI Unveils Six Measures to Strengthen Equity Index Derivatives (F&O) Framework
● Markets regulator Securities and Exchange Board of India (Sebi) released a set of six
measures to strengthen the equity index derivatives, also known as equity futures & options
(F&O), framework.
● Immediate Measures: Three measures will take effect from November 20, 2024:
● Recalibration of Contract Size: SEBI will recalibrate the minimum contract size for index
futures to ₹15 lakh.
● Position Limit Rules: Under the new F&O rules:Client Position Limit: Clients can hold a
maximum of 5% of the total number of contracts for any particular underlying.
● Broker Position Limit: Brokers can hold up to 15% of the total contracts for a particular
underlying.
About SEBI :
● Established : 12 April 1988 as an executive body and was given statutory powers on 30
January 1992 through the SEBI Act, 1992
● Headquarters : Mumbai, Maharashtra
● Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
● SEBI is the regulatory body for securities and commodity markets in India under the ownership
of the Ministry of Finance (MoF), GoI.
Securities and Exchange Board of India removes 1% mandatory security deposit requirement for
public issues
● The Securities and Exchange Board of India (SEBI), abolished the mandatory requirement for

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy
companies to deposit 1% of the issue size with stock exchanges before launching a public
issue.
● The change is applicable immediately, as per SEBI's circular.
● The move aims to enhance the ease of doing business for issuer companies and reduce
procedural requirements for public offerings.
● SEBI proposed this change in a February 2024 consultation paper, emphasizing that the
deposit requirement was no longer necessary due to reforms.
● Advances in public issue mechanisms, such as:
o ASBA (Application Supported by Blocked Amount).
o UPI mode of payment.
o Mandatory allotment in dematerialised (demat) form, has reduced the likelihood of such
complaints.
● Regulations Amended:The change applies to SEBI's Issue of Capital and Disclosure
Requirements (ICDR) Regulations, 2018.
Reserve Bank of India and Maldives Monetary Authority sign agreement to boost local currency
usage
● The Reserve Bank of India (RBI) and the Maldives Monetary Authority (MMA) have signed a
Memorandum of Understanding (MoU) to promote the use of local currencies (Indian Rupee -
INR and Maldivian Rufiyaa - MVR) in cross-border transactions.
● The MoU aims to facilitate invoicing and settlement of transactions in INR and MVR, reducing
costs and improving efficiency by reducing settlement time.
● The MoU was signed by RBI Governor Shaktikanta Das and MMA Governor Ahmed Munawar.
About MMA :
● Established : July 1, 1981
● Headquarters : Male
● Governor : Ahmed Munawar
Reserve Bank of India Infuses ₹25,000 Crore Through VRR Auction to Enhance Liquidity in Banking
System
● The Reserve Bank of India (RBI) injected ₹25,000 crore into the banking system via a variable
rate repo auction (VRR) to manage liquidity and prevent increased borrowing costs for banks.
● Call Rate and Repo Rate: The weighted average call rate rose by 23 basis points above the
policy repo rate, reaching 6.73%.

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy
● Surplus Liquidity: Surplus liquidity in the banking system dropped to ₹84,154.75 crore due to
monthly GST outflows, highlighting the need for RBI intervention to maintain balance.
Axis Mutual Fund Introduces Momentum Fund; New Fund Offer Available Until December 6, 2024
● Axis Mutual Fund has launched the Axis Momentum Fund, an open-ended equity scheme
based on the momentum investment strategy.
● The New Fund Offer (NFO) is open from November 22, 2024, to December 6, 2024.
● The fund aims to generate long-term capital appreciation by investing in equity and equity-
related securities with strong price momentum.
About Axis Mutual Fund :
● Founded : 2009
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : B Gopkumar
India Infrastructure Finance Company Limited Explores USD 600 Million Funding from Asian
Development Bank and Korean Exim Bank
● India Infrastructure Finance Company Limited (IIFCL) is in talks with the Asian Development
Bank (ADB) and Korean Exim Bank to raise USD 600 million in blended finance.
● The purpose is to expand its investor base and reduce borrowing costs.
● The agreement is expected to be signed in December 2024, and the funding will be raised in
stages, with about USD 200 million expected this fiscal year (FY 2024-25) and the remaining
portion in FY 2025-26.
● IIFCL also plans to raise USD 200 million via external commercial borrowings (ECB) by
January 2025.
About ADB :
● Established : 1966
● Headquarters : Manila, Philippines
● President : Masatsugu Asakawa
Jammu Kashmir Bank Introduces Virtual ATM Service
● Jammu and Kashmir Bank (J&K Bank) has launched the Virtual ATM (vATM) facility, aimed at
leveraging technology for financial empowerment, especially in rural areas lacking ATMs and
other banking channels.
● The vATM service is developed in collaboration with Paymart India Pvt Ltd. This initiative is
designed to make banking more accessible to customers, particularly in ATM-deficient areas.

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy
● The virtual ATM platform was inaugurated by J&K Bank’s Managing Director and CEO, Baldev
Prakash, alongside Amit Narang, Director and CEO of Paymart India Private Limited.
About Jammu and Kashmir Bank :
● Founded : 1 October 1938
● Headquarters : Srinagar, Jammu and Kashmir, India
● MD & CEO : Baldev Prakash
Government Revises PLI Scheme for public sector banks Executives to Reward Value Creation
● The central government has revised the PLI scheme for whole-time directors (WTDs) and
senior executives of public sector banks (PSBs) to incentivize employees for significant value
creation.
● Scope of the Revised Scheme:The scheme now applies not only to Whole-Time Directors
(MDs & CEOs) and Executive Directors but also to senior executives at the Chief Manager
level and above.
● PLI Ceiling:Chief General Manager and General Manager can receive up to 90% of their
annual basic pay.
● Deputy General Manager and Assistant General Manager have a ceiling of 80% of their annual
basic pay.
● The Chief Manager has a ceiling of 70%.
Eligibility Criteria for Banks:
● For a bank to be eligible for the PLI scheme, it must meet at least three out of four criteria:
○ Return on Assets (RoA) must be positive.
○ Net NPA must be ≤ 1.5%, or if higher, a reduction of 25 basis points or more from the
opening net NPA of the financial year.
○ Cost to Income Ratio (CIR) must be ≤ 50%, or show year-on-year improvement if higher
than 50%.
○ Capital to Risk (Weighted) Assets Ratio must meet the minimum regulatory
requirements.
● Effective Date:The scheme will come into force retrospectively from the financial year 2023-24.
Delegates from 18 Countries Attend RBI Conference for Central Banks of the Global South
● A high-level policy conference for central banks of the Global South was organized by the
Reserve Bank of India (RBI) as part of its 90th anniversary celebrations.
● Delegates from 18 countries, including central bank governors and officials, attended.

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy
Central Bank of India Gets Reserve Bank of India Approval to Enter Insurance Sector via JV with
Future Generali
● The Reserve Bank of India (RBI) approved the Central Bank of India’s (CBI) entry into life and
non-life insurance businesses through a joint venture with Generali Group, subject to
compliance with conditions and sectoral regulator IRDAI’s approval.
● CCI Clearance:In October, the Competition Commission of India (CCI) cleared the Central
Bank of India’s acquisition of stakes in:
○ Future Generali India Insurance Company Ltd (FGIICL) (non-life insurance).
○ Future Generali India Life Insurance Company Ltd (FGILICL) (life insurance).
● Stake Acquisition:Central Bank of India to acquire:
○ 25.18% equity shares in the life insurance division (FGILICL).
○ 24.91% equity shares in the non-life insurance division (FGIICL).
About CBI :
● Founded : 21 December 1911
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Matam Venkata Rao
Punjab National Bank Joins Partnership for Carbon Accounting Financials (PCAF) to Enhance
Climate Responsibility
● Punjab National Bank (PNB) has joined the globally recognized Partnership for Carbon
Accounting Financials (PCAF), signalling its commitment to sustainability and climate action.
● By joining PCAF, PNB will use internationally recognized standards to measure and disclose
greenhouse gas (GHG) emissions linked to its lending and investment activities.
About PNB :
● Founded : 19 May 1894
● Headquarters : Delhi, India
● MD & CEO : Atul Kumar Goel
● Tagline : The Name You Can Bank Upon
Reserve Bank of India Raises UPI 123Pay Transaction Limit to Rs 10,000 for Higher-Value Payments
via Feature Phones
● The Reserve Bank of India (RBI) has increased the transaction limit for UPI 123Pay from Rs
5,000 to Rs 10,000, allowing users to make higher-value digital payments via feature phones.
What is UPI 123Pay?

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy
● UPI 123Pay facilitates digital payments on feature phones, enabling users to access UPI
services without an internet connection.
● It supports four payment methods:
1. IVR (Interactive Voice Response): Users interact with a voice-based system to carry out
transactions.
2. Missed Calls: A feature where users can make payments by dialing specific numbers and
hanging up, triggering a payment process.
3. OEM (Original Equipment Manufacturer) Apps: Special apps installed on feature phones that
allow users to make payments.
4. Sound Technology: Using sound waves to securely transfer payment information between
devices
● Implementation Timeline:The new transaction limit of Rs 10,000 is effective immediately, but
full compliance with the new limit must be completed by January 1, 2025.
Reserve Bank of India Introduces Scheme for Writing Original Hindi Books on Economics, Banking,
and Finance
● The Reserve Bank of India (RBI) has introduced a scheme for awarding professors who write
original books in Hindi on Economics, Banking, and Financial subjects.
● Purpose of the Scheme: The scheme aims to encourage the creation of academic literature in
Hindi on crucial subjects like Economics, Banking, and Finance.
● Eligibility Criteria:Professors (including Assistant and Associate Professors) working or retired
from UGC-recognized Indian Universities are eligible.
● Authors must have written at least one book of a minimum of 200 pages on
Economics/Banking/Finance subjects, originally in Hindi.
● Award Details:Three prizes of ₹1,25,000 each will be awarded to the authors.
Yes Bank Collaborates with Vegapay to Enable Credit Line on UPI
● Yes Bank has partnered with Vegapay, a banking software technology innovator, to launch a
hyper-configurable platform called ‘Credit Line on UPI’.
● Platform Features:The platform enables Yes Bank to create customised credit programs
tailored to customer needs.
About YES Bank :
● Founded : 2004
● Headquarters : Mumbai, Maharashtra, India

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy
● MD & CEO : Prashant Kumar
Sohan Lal Commodity Management Partners with Bank of Baroda to Offer Collateral Management
Services for Agri Financing
● Warehousing and collateral management firm Sohan Lal Commodity Management (SLCM)
has entered into a partnership with the Bank of Baroda (BoB) to provide collateral
management services for agricultural financing.
● This partnership will allow farmers to access credit against their crops through Bank of
Baroda’s nationwide network.
About Bank of Baroda :
● Founded : 20 July 1908
● Headquarters : Vadodara, Gujarat, India
● MD & CEO : Debadatta Chand
Sri Lanka's New Government Secures International Monetary Fund Approval for Fourth Instalment of
USD 3 Billion Bailout Package
● Sri Lanka secured approval for the fourth tranche of the $2.9 billion Extended Fund Facility
(EFF) from the International Monetary Fund (IMF).
● Once the review is approved, Sri Lanka will access approximately $333 million.
● The economy grew by an average of 4% in the four quarters ending June 2024.
About IMF :
● Formation : 1 July 1944
● Headquarters : Washington, D.C., United States
● Managing Director : Kristalina Georgieva
● Membership : 191 countries (190 UN countries and Kosovo)
About Sri Lanka :
● President : Anura Kumara Dissanayake
● Prime Minister : Harini Amarasuriya
● Capital : Sri Jayawardenepura Kotte (legislative), Colombo (executive and judicial)
● Currency : Sri Lankan rupee (Rs)
ICICI Prudential Life Introduces 'Increasing Income' Option in Annuity Plan
● ICICI Prudential Life Insurance launched the industry’s first "Increasing Income" feature in its
regular pay annuity product, ICICI Pru Guaranteed Pension Plan Flexi.
● The Increasing Income feature provides a 5% annual increase in the annuity pay-out, helping

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy
retirees combat inflation and maintain their standard of living.
About ICICI Prudential Life Insurance :
● Founded : 2000
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Anup Bagchi
● It is established as a joint venture between ICICI Bank Limitedand Prudential Corporation
Holdings Limited.
Public Sector Banks Gear Up to Raise Capital Through AT-1 and Tier-2 Bonds
● Public Sector Banks (PSBs) have proposed raising ₹54,800 crore in FY25 through Additional
Tier-1 (AT-1) and Tier-2 bonds.
● This amount is 37% higher than the ₹39,880 crore raised in FY24.
● Both AT-1 and Tier-2 bonds are regulatory capital instruments used by banks to fulfil capital
adequacy requirements under Basel III norms.
● Tier-1 bonds are considered more risky due to the lack of a fixed maturity date, and they can
be written off in cases of financial distress.
● Tier-2 bonds are generally considered lower risk compared to AT-1 bonds.
● AT-1 Bond Issuance:In FY25, only State Bank of India (SBI) and Canara Bank have issued
AT-1 bonds totaling ₹8,000 crore.
Canara HSBC Life Insurance Unveils OmniGen AI, a Pioneering Generative AI Solution for
Enhancing Underwriting Risk Assessment
● Canara HSBC Life Insurance introduced OmniGen AI, a first-of-its-kind Generative AI-driven
solution, leveraging Amazon Web Services (AWS) Bedrock platform.
● The solution is designed to optimize risk evaluation and enhance the underwriting process.
About Canara HSBC Life Insurance :
● Established : 2008
● Headquarters : Gurgaon, Haryana, India
● MD & CEO : Anuj Mathur
● Canara HSBC Life Insurance is a joint venture:
➔ Canara Bank: 51% shareholding.
➔ HSBC Insurance (Asia Pacific) Holdings Ltd: 26% shareholding.
➔ Punjab National Bank: 23% shareholding.
Telecom Operators' Bank Guarantee Waiver Subject to Conditions

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy
● The Union Cabinet has agreed in principle to waive the bank guarantee requirement for
deferred spectrum payments by telecom operators.
● The waiver applies to spectrum acquired by telcos in auctions held between 2012 and 2022,
with exceptions for 2022 and 2024 auctions where the requirement was already removed.
● The government will forgo bank guarantees worth ₹30,000 crore, which were previously
required upfront from telecom operators.
● Telecom operators like Airtel and Jio were set to submit guarantees worth ₹2,300 crore and
₹4,000 crore, respectively.
Banks target ₹1 trillion from infrastructure bond issuances in FY25
● Commercial banks are expected to raise over ₹1 trillion through infrastructure bond issuances
in FY25, nearly doubling the ₹51,081 crore raised in FY24.
● Funds Raised So Far: By November 2024, ₹74,256 crore has been raised through
infrastructure bonds, with the total expected to exceed ₹1 trillion by the end of FY25.
● Role of State-Owned Banks: State-owned banks like State Bank of India, Bank of Baroda,
Canara Bank, and others have been active in tapping the domestic capital market to raise
funds via infra bonds to support credit growth amidst challenges in deposit mobilization.
Reserve Bank of India Infuses ₹6,956 Crore as Liquidity Shifts to Deficit
● After a prolonged period of surplus liquidity (₹1.4 lakh crore for over two months), the banking
system experienced a decline in cash.
● The Reserve Bank of India (RBI) injected ₹6,956 crore into the system to address the liquidity
deficit.
● Factors Contributing to Liquidity Deficit:The balance of payments (BoP) turned negative at $23
billion in the ongoing quarter due to:
○ Persistent outflows from Foreign Portfolio Investors (FPIs).
○ RBI is selling dollars to support the rupee.
● Impact on Borrowing Costs:The liquidity deficit caused the weighted average call rate (WACR)
to rise by 22 basis points to 6.72% above the policy repo rate.
Banks' Proportion of High-Cost Deposits Increases in Q2
● According to the latest data released by the Reserve Bank of India, the share of high-cost
deposits (over 7% interest rate) increased to 68.8% in the September 2024 quarter, up from
54.7% a year ago.
● In March 2023, the share was only 33.7%, reflecting a significant shift during the monetary

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy
policy tightening cycle.
Public Sector Banks (PSBs) vs. Private Banks:
● Deposit Growth:
○ PSBs' deposit growth rose to 9.0% YoY (September quarter) from 8.1% YoY (June
quarter).
○ Private sector banks outpaced PSBs with a deposit growth rate of above 15%.
● Credit Growth:
○ PSBs: Credit share at 53.2%, with a 13.0% YoY growth.
○ Private Banks: Credit share at 11.9%, with an 11.9% YoY growth.
● Term Deposits and CASA:Term deposits' share in total deposits rose to 61.4% in September
2024 from 59.8% a year ago, as they offered more attractive returns.
Angel One's Asset Management Arm Receives Securities and Exchange Board of India Nod to
Launch Mutual Fund Operations
● Angel One Asset Management Company has received the Securities and Exchange Board of
India’s (SEBI) approval to act as the asset management company for Angel One Mutual Fund.
● The mutual fund business will focus exclusively on passive investment solutions, including
index funds and exchange-traded funds (ETFs).
● In Nov 2024, Unifi Asset Management Private Limited, a subsidiary of Unifi Capital, also
received SEBI approval to launch its mutual fund operations.
● Mutual Fund Industry:Currently, 45 mutual fund houses operate in India, managing over ₹66
lakh crore in assets under management (AUM).
● Chairman and Managing Director of Angel One : Dinesh Thakkar
● Executive Director and CEO of Angel One Asset Management Company : Hemen Bhatia
National Payments Corporation of India Plans Rupay and Unified Payments Interface Expansion
Across 10 Countries
● The National Payments Corporation of India (NPCI) is in discussions with 10 countries to
expand the reach of Unified Payments Interface (UPI) and RuPay.
● Currently, UPI is operational in seven countries including France, UAE, Singapore, Bhutan, Sri
Lanka, Mauritius, and Nepal.
● Commercial agreements for UPI implementation have already been signed with Namibia,
Trinidad and Tobago, and Peru.
About NPCI :

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy
● Founded : 2008
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Dilip Asbe
● The NPCI is an umbrella organization for operating retail payments and settlement systems in
India.
● It is an initiative of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under
the provisions of the Payment and Settlement Systems Act, 2007, to create a robust Payment
& Settlement Infrastructure in India.
Public Sector Banks to raise ₹25,000 crore through equity market
● Public Sector Banks (PSBs) have received approval from the finance ministry to raise ₹25,200
crore in FY25 from the equity markets.
● Purpose of Fundraising: The funds raised will help PSBs in their growth and to meet the
regulatory requirement of 25% minimum public shareholding (MPS).
● Amount Raised So Far: As of FY25, PSBs have already raised ₹8,500 crore through Qualified
Institutional Placement (QIP).
● Punjab National Bank (PNB): PNB has raised ₹5,000 crore by diluting 3.15% of the
government stake.
● Bank of Maharashtra (BoM): BoM has raised ₹3,500 crore in the current financial year.
About Ministry of Finance :
● Cabinet Minister : Nirmala Sitharaman
● Minister of State : Pankaj Choudhary
Bank of India, Bank of Baroda raise Rs 8,500 crore through bond issuance due to high demand
● Bank of India (BoI) raised Rs 5,000 crore through a 10-year infrastructure bond issuance at a
7.41% coupon rate.
● Bank of Baroda (BoB) raised Rs 3,500 crore through the issuance of Basel III-compliant Tier-2
bonds, also at a 7.41% coupon rate.
● The bonds had a base size of Rs 1,000 crore and a green shoe option of Rs 2,500 crore.
● The issuance was oversubscribed, with bids totalling Rs 9,500 crore, nearly three times the
issue size.
● Both bond issues were rated AAA/stable by CRISIL and India Ratings, with BoB's Tier-2 bonds
having a 15-year tenure and a 10-year call option.
About Bank of India (BoI) :

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy
● Founded : 7 September 1906
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Rajneesh Karnatak
About Bank of Baroda (BoB) :
● Founded : 20 July 1908
● Headquarters : Vadodara, Gujarat, India
● MD & CEO : Debadatta Chand
India's Fiscal Deficit Estimated at 4.75% of GDP in FY25; Government Capex May Fall by ₹62,000
Crore: Ind-Ra
● The government's fiscal deficit in FY25 is expected to be 4.75% of GDP, which is 0.19% lower
than the budget estimate.
● The government plans to control revenue expenditure, excluding subsidies, which will be
0.12% lower than the budget estimate.
● The government's capital expenditure is projected to be ₹62,000 crore lower than the
budgeted amount of ₹11.11 lakh crore, though still 10.6% higher than the previous year.
State Bank of India raises Rs 50,000 crore through bond issuance in FY25 so far
● State Bank of India (SBI) has raised a total of Rs 50,000 crore in the current financial year
through various bond issuances.
● In the latest move, SBI raised Rs 10,000 crore from infrastructure bonds, bringing its total
fundraising in FY25 to Rs 50,000 crore.
Breakdown of Issuances:
● Rs 5,000 crore raised via AT1 Bonds (perpetual bonds).
● Rs 15,000 crore raised through Tier 2 Bonds.
● Rs 30,000 crore raised via Long Term Bonds.
● The bonds issued have a 15-year tenor, except for the AT1 Bonds, which are perpetual.
Axis Bank's Asset Book at GIFT City IFSC Unit Doubles to $4 Billion Since 2019
● Axis Bank announced that the asset book of its IFSC Banking Unit (IBU) at Gujarat
International Finance Tec-City (GIFT City) has doubled from $2 billion in 2019 to $4 billion.
● The bank also has $1 billion in deposits, making it one of the highest deposits at GIFT City.
● GIFT City is India's first International Financial Services Centre (IFSC), designed to provide
world-class banking services locally and reduce India’s reliance on offshore financial hubs.
About Axis Bank :

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy
● Established : 3 December 1993
● Headquarters: Mumbai, Maharashtra, India
● MD & CEO: Amitabh Chaudhry
● Tagline : Badhti Ka Naam Zindagi
HDFC Bank introduces savings account targeting rural and semi-urban customers
● HDFC Bank introduced the Pragati Savings Account to cater to the banking needs of rural and
semi-urban populations across India.
● The account is aimed at farmers, including those involved in traditional farming, cattle
breeding, fisheries, poultry, and dairy farming, as well as self-employed individuals, rural
residents, self-help groups, and cooperatives.
About HDFC Bank :
● Founded : August 1994
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Sashidhar Jagdishan
Asian Development Bank commends India for reducing fossil fuel subsidies to promote green energy
● The Asian Development Bank (ADB) praised India for adopting policies that reduce fossil fuel
subsidies and create fiscal space for renewable energy initiatives and electric vehicles.
● India has implemented a “remove, target, and shift” approach to reduce subsidies on
petroleum products, effectively lowering fiscal subsidies in the oil and gas sector by 85% since
2010.
Reserve Bank of India Deputy Governor Swaminathan announces efforts to build data analytics
ecosystem for enhancing supervisory functions
● The Reserve Bank of India (RBI) is working on creating a robust data analytics ecosystem to
support its supervisory functions, aimed at improving agility and ensuring forward-looking
supervision.
● RBI is dedicated to developing a global model of risk-focused supervision, emphasizing strong
risk discovery, compliance culture, and a "through-the-cycle" risk assessment framework.
● RBI has introduced a "Calibrated Supervisory Approach"to effectively focus on high-risk
institutions and practices, enhancing flexibility and scalability in its supervisory methods.
Groww Mutual Fund Launches Multicap Fund: NFO Monitor
● Groww Mutual Fund has introduced Groww Multicap Fund, an open-ended equity scheme
aiming to capture growth across large, mid, and smallcap stocks.

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 Important Topic Wise Current Affairs – Nov 2024- Banking And Economy
● NFO Timeline : The New Fund Offer (NFO) is open for subscription and will close on
December 10, 2024.
● The scheme will reopen on or before December 24, 2024.
● The scheme is benchmarked against the Nifty 500 Multicap 50:25:25 Index TRI.
About Groww Mutual Fund :
● Established : 2017
● Headquarters : Bangalore, Karnataka
● CEO : Varun Gupta

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