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 Banking, Finance & Economy PDF 2023 – July

Table of Contents
Banking, Finance & Economy News: July 2023 ....................................................................................................... 6
Banking, Finance & Economy Q&A: July 2023 ....................................................................................................... 67

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 Banking, Finance & Economy News: July 2023
RBI IN NEWS

Highlights of RBI’s 27th Financial Stability Report, June 2023

On June 28, 2023, the Reserve Bank of India (RBI) released its half yearly publication(i.e) 27th Financial
Stability Report (FSR), June 2023, which assesses risks to financial stability and the resilience of the Indian
financial system. It reflects the collective evaluation of the Sub-Committee of the Financial Stability and
Development Council (FSDC).
• As per it, Indian economy and the domestic financial system remain resilient despite global
headwinds. This is due to the strong macroeconomic fundamentals.
• There is continuing growth momentum, moderating inflation, narrowing current account deficit,
rising foreign exchange reserves, ongoing fiscal consolidation and a robust financial system are
setting the economy on a path of sustained growth.
Highlights:
i.According to stress test results published in the FSR, under the baseline scenario, the aggregate Capital to
Risk-Weighted Assets Ratio (CRAR) of 46 major banks is projected to slip from 17.0% (historical high) in March
2023 to 16.1% by March 2024.
• CRAR of these banks may go down to 14.7% in the medium stress scenario and to 13.3% under the
severe stress scenario by March 2024, remaining above the minimum capital requirement, including
the capital conservation buffer (CCB), of 11.5%.
Note: Stress tests assess the resilience of banks’ balance sheets to unforeseen shocks emanating from the
macroeconomic environment.
ii.The CRAR of Urban Co-Operative Banks (UCBs) rose to 16.5% in March 2023 while that of NBFCs stood at
27.5 per cent.
iii.The Common Equity Tier 1 (CET1) ratio of Scheduled Commercial Banks (SCBs) rose to 13.9% in March
2023.
iv.The Provisioning Coverage Ratio (PCR) rose to 74% amid strong growth in net interest income and
significant reduction in provisions.
v.The profit after tax of SCBs registered a growth of 38.4% in 2022-23.
vi.None of the 46 SCBs would breach the minimum capital requirement of 9% in the next one year, even in a
severely stressed situation, although 7 SCBs may fall short of the minimum capital inclusive of the CCB (Capital
Conservation Buffer).
vii.Despite the recent step up in bank credit growth, India’s credit-to-GDP (Gross Domestic Product) gap
remains negative since March 2013, reflecting low credit absorption in India relative to advanced and emerging
market peers.
Banks’ bad loans at 10-year low
As per the report, the Bad loans in the banking sector have reached their lowest levels in a decade. SCBs’ Gross
Non-Performing Assets (GNPA) ratio continued its downtrend and fell to a 10-year low of 3.9% in March 2023
and the net non-performing assets (NNPA) ratio declined to 1% of total loans, the lowest figure since June
2011.
• It indicates that banks have been actively setting aside provisions to cover bad loans
Key Points:
i.A further decline in bad loans is also expected by March 2024 under RBI’s baseline stress test scenario.
• GNPA ratio of all SCBs may improve to 3.6% by March 2024 under the baseline scenario from the
March 2023 level of 3.9%.

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 • If, however, the macroeconomic environment worsens to a medium or severe stress scenario, the
GNPA ratio may rise to 4.1% and 5.1%, respectively.
ii.The system-level GNPAs ratio and NNPAs ratio have sharply fallen from a high of 11.5% and 6.1% in March
2018, respectively.
Deposit claims worth Rs 751.8cr settled in FY23
As per the report, the Deposit Insurance and Credit Guarantee Corporation (DICGC) settled claims of Rs 751.8
crore during FY23.
• With the present deposit insurance limit of Rs 5 lakh, 98.1% of the deposit accounts (estimated
three billion) and 46.3% of the assessable deposits (Rs 181.14 trillion) were insured.
• In absolute terms, the insured deposits amounted to Rs 83.89 trillion as of March 31, 2023.
Key Points:
i.The deposit insurance premium received by DICGC grew 9.7% (year-on-year/y-o-y) to Rs 21,381 crore during
FY23. Of this, the share of the commercial banks was 94%.
ii.The Deposit Insurance Fund(DIF) with DICGC rose 15.5% y-o-y during FY23 to reach Rs 1.70 trillion on
March 31, 2023.
iii.In FY22, DICGC had settled aggregate claims of Rs 8,516.6 crore under different channels. Of this, the largest,
of Rs 3,791.6 crore, was to Unity Small Finance Bank (USFB) for paying the depositors of the erstwhile Punjab
and Maharashtra Co-operative Bank.
States’ financial profile better in FY23; Debt stays High
The consolidated Gross Fiscal Deficit (GFD) of the states and Union Territories (UTs) declined from 4.1% of
GDP in FY21 to 2.8% in FY22 and FY23. This shows a sharp improvement in the fiscal position of the states in
FY23.
• This decline is driven by decline in revenue expenditure, and increase in the states’ tax revenue.
• For FY24, the states have budgeted a GFD-GDP ratio of 3.2%, which is significantly lower than the
indicative target of 3.5% set by the Central government.
Key Points:
i.The Capital Expenditure (capex) of the states had reached 2.5% of GDP in FY22 and remained at the same
level in FY23.
• It is budgeted to increase to 3.2% of GDP in FY24.
ii.Revenue expenditure declined from 14.2% of GDP in FY22 to 13.5% in FY23 (provisional). This has resulted
in improvement in the quality of expenditure.
iii.The revenue expenditure to capital outlay (RECO) ratio for the states has improved from 7.1 during 2020-21
to the Budget estimate of 5.1 in 2023-24.
iv.State’s outstanding liabilities have moderated after reaching a 15-year high of 31 % of GDP at the end March
2021 to 27.9% of GDP by the end of March 2023.
• However, it is still higher than the 20% limit recommended by the Fiscal Responsibility and Budget
Management (FRBM) Review Committee (2018) and warrants further consolidation.
RBI floating rate bonds interest rate hiked to 8.05% from July 1, 2023
The RBI hiked the interest rate on its floating rate savings bonds, 2020 (Taxable)/FRSB 2020 (T) to 8.05% for
period July 01, 2023 to December 31, 2023 and payable on January 01, 2024. The next interest rate review for
RBI floating rate bonds is now due on January 1, 2024.
Features of RBI’s FRSB 2020 (T)
RBI launched the floating rate bonds in lieu of the earlier withdrawn 7.75% taxable bonds. Its key features are:
• Resident individuals and Hindu Undivided Families (HUFs) can invest in these bonds.
• The minimum investment starts at Rs 1,000 with no limit on the maximum amount.
• The bonds have a fixed tenure of seven year. Premature withdrawals are allowed for individual
investors whose age is 60 years and above, subject to minimum lock-in period depending on the age
of the bond holder.
• The interest amount is paid out half-yearly on January 1 and July 1 every year.

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RBI injects Rs 75,000 crore into the banking system as liquidity tightens due to tax outflows
In June 2023, RBI conducted the Rs 75,000 crore 4-day variable rate repo(VRR) auction to address the expected
stress on liquidity ahead of goods and service tax outflows. The RBI received bids worth Rs 75,695 crore but
accepted only Rs 75,004 crore at a 6.51 percent cut-off rate.
• A repo auction is conducted by RBI to inject liquidity in the banking system, when it turns into
deficit mode or is expected to tighten.
• Repo rate is the interest rate which the central bank, such as the Reserve Bank of India (RBI), lends
money to commercial banks against government securities as collateral. It is a tool used by the
central bank to manage liquidity in the economy.
• In a repo transaction, the banks sell government securities to the central bank with an agreement to
repurchase them at a later date, usually the next day, at a slightly higher price, which includes the
interest cost. The difference between the selling price and the repurchase price represents the
interest cost or repo rate.
RBI upgrades info management system, launches next generation data warehouse CIMS
The RBI Governor Shaktikanta Das launched the Reserve Bank’s next generation data warehouse, viz., the
Centralised Information Management System (CIMS) during the 17th Annual Statistics Day Conference on June
30, 2023.
• The conference was held as a part of the ‘National Statistics Day’ celebrations in the memory of
Late Professor Prasanta Chandra Mahalanobis, who made invaluable contributions to the Indian
statistical system and economic planning.
Key Points:
i.The system will first be used by commercial banks, followed by urban cooperative banks (UCBs) and Non-
Banking Financial Companies (NBFCs).
ii.The CIMS will provide more data for public use and support online statistical analysis.
iii.It will also reduce regulatory compliance burden for regulated entities as reporting of data will become
easier.
iv.The Reserve Bank established its first enterprise-wide data warehouse, the Central Database Management
System (CDBMS) in 2002.

RBI cancels licenses of Malkapur Urban Co-operative Bank Ltd & Shushruti Souharda
Sahakara Bank Niyamita
On July 5, 2023, the Reserve Bank of India (RBI) has cancelled the banking licenses of two co-operative banks
viz. Malkapur Urban Co-operative Bank Ltd(Malkapur UCB) based in Buldhana, Maharashtra, and Shushruti
Souharda Sahakara Bank Niyamita(SSS Bank) based in Bengaluru, Karnataka.
• In this regard, these two co-operative banks ceased to carry on banking business as defined in
Section 5(b) read with Section 56 of the Banking Regulation (BR) Act, 1949 with effect from July 5,
2023.
However, on liquidation, every depositor is entitled to receive a deposit insurance claim amount of his/her
deposits up to Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC), subject to the
provisions of the DICGC Act, 1961.
Note:
i.As per the data submitted by the Malkapur UCB, 97.60% of the depositors are entitled to receive the full
amount of their deposits from DICGC.
• DICGC has already paid Rs 496.98 crore of the total insured deposits under the provisions of Section
18A of the DICGC Act, 1961.
ii.As per the data submitted by the SSS Bank, 91.92% of the depositors are entitled to receive the full amount
of their deposits from DICGC.
• As on May 31, 2023, DICGC has already paid Rs 54.16 crore of the total insured deposits.

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Reasons behind the cancellation of licenses of both banks:
i.The banks do not have adequate capital and earning prospects which means they do not comply with the
provisions of Section 11(1) and Section 22 (3) (d) read with Section 56 of the BR Act, 1949.
ii.They have failed to comply with the requirements of Sections 22(3) (a), 22 (3) (b), 22(3)(c), 22(3) (d) and
22(3)(e) read with Section 56 of the BR Act, 1949.
iii.The continuance of the banks are prejudicial to the interests of its depositors as they are unable to pay its
present depositors in full.
About Reserve Bank of India (RBI):
Governor – Shaktikanta Das
Deputy Governors – Swaminathan Janakiraman, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar
Establishment – 1st April 1935
Headquarters – Mumbai, Maharashtra

IBA sets up 5-member group to implement RBI committee’s recommendations on ARCs

Indian Banks’ Association (IBA) has formed a five-member working group for the Implementation of
recommendations from the Reserve Bank of India’s committee on the working of Asset Reconstruction
Companies (ARCs).
• The primary focus of the working group is to conduct a thorough review of assignment agreements
and trust deed templates related to the acquisition of distressed assets by ARCs from lenders.
• The aim of this review is to update these templates to align with the evolving changes and
expectations within the ARC sector, enabling them to meet the growing demands of the financial
industry.
Members:
1. Ajit Kumar, MD and CEO, Secondary Loan Market Association (SLMA)
2. Hari Hara Mishra, CEO, Association of ARCs in India
3. MythiliBalasubramanian, Executive Director, Edelweiss ARC;
4. Dharmendra Pali, senior official from State Bank of India
5. AnupamaRanade, senior official from ICICI Bank
RBI’s action on Sudarshan Sen Committee:
i. The formation of the working group follows the establishment of an RBI committee chaired by Sudarshan
Sen, a former Executive Director of RBI. The committee was tasked with conducting a comprehensive review of
the functioning of ARCs, and its report was released on November 2, 2021.
ii. The RBI has instructed the IBA and SLMA to form a Group to promptly implement the committee’s
recommendations, in consultation with lenders and ARCs.
Role of IBA & Secondary Loan Market Association (SLMA):
The central bank has directed the Indian Banks’ Association (IBA) and Secondary Loan Market Association
(SLMA) to proactively implement the committee’s recommendations without delay. The implementation
should be done in close coordination with the lenders and Asset Reconstruction Companies (ARCs), ensuring
their active involvement in the process.
i. IBA is anticipated to furnish lenders with a standardized procedural document to guarantee certainty and
transparency during their auctions.
ii. To ensure transparency and consistency in the sale of distressed assets (non-performing loans), there are
plans to potentially create a dedicated online platform. The infrastructure developed by SLMA could be utilized
for this purpose.
• In order to streamline documentation procedures, the Secondary Loan Market Association (SLMA)
will create standardized templates for documents.
About Asset Restructuring Company(ARC):
i.The ARC framework plays a vital role in the financial sector by allowing originators to focus on lending
activities while transferring distressed financial assets (non-performing loans) to ARCs.

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ii.ARCs act as primary agents for recovery after acquiring these assets. The framework also aims to assist
borrowers in revitalising their businesses, protecting viable and productive assets, and ensuring better returns
for banks and financial institutions from stressed assets.

RBI allows Card Network Portability from Oct 1, 2023

The Reserve Bank of India (RBI) has issued a ‘Draft Circular – Arrangements with Card Networks for issue of
Debit, Credit and Prepaid Cards’ empowering the debit, credit, and prepaid card users in India with Card
network portability w.e.f. October 1st, 2023.
• This means users can port their card network just like one can port switch/port mobile service
providers while retaining the same phone number.
• The Card network portability will keep their existing card accounts, balances, and credit history
intact.
• The RBI has invited opinions from various stakeholders for the same up to August 4, 2023.
This decision by RBI has been taken in exercise of its powers conferred under Section 18 read with Section
10(2) of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007), by ensuring the interest of payment
system and public interest.
What is under the new arrangement?
i.Card issuers are prohibited from making arrangements or agreements with card networks that restrict their
ability to utilize the services of other card networks.
ii.Card issuers are required to issue cards on multiple card networks.
iii.Card issuers must offer eligible customers the choice to select any one of the multiple card networks.
Customers can exercise this option either during card issuance or at a later time.
The above requirements should be adhered by the Card issuers and card networks during existing agreements
at the time of amendment or renewal thereof, and fresh agreements executed from the date of this circular.
Key Points:
i.The Authorised card networks in India are American Express Banking Corp., Diners Club International Ltd.,
MasterCard Asia/ Pacific Pte. Ltd., National Payments Corporation of India – Rupay, and Visa Worldwide
Pte. Limited.
ii.The RBI proposal will make it safer and easier for consumers to access, use and manage credit
iii.This proposed regulation will enhance flexibility and competition in the credit card market, thus, stimulate
innovation and drive improvements across the industry.
iv.According to RBI data, credit card outstanding has soared to Rs 2 lakh crore, a rise of 29.7% on a year-on-
year (yo-y) basis.
• Banks have issued 8.65 crore credit cards, as of April 2023.
• Monthly credit payments are now over Rs one lakh crore every month, with card payments touching
Rs 1.32 lakh crore in the month of April 2023.
What is the current scenario?
Debit or credit cards have always featured the logos of Visa, Mastercard, Diners Club, or RuPay. However,
individuals have had no control over which card network provider they could choose. This is because the bank
has been choosing the card network provider. But this new mandate by RBI will alter this situation.
Recent Related News:
i.According to RBI Monetary Policy Report (April 2023), credit growth continued to outpace deposit growth in
financial year 2022-23 (FY23) at an eleven-year high, despite banks fully transmitting lending rates linked to
external benchmarks [250 basis points (bps)], which now account for nearly half of floating-rate loans.

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ii.RBI has granted a non-banking financial company (NBFC) licence to the Neobanking platform Jupiter
enabling the latter to scale up its lending business.
About Reserve Bank of India (RBI):
i. It was established on April 1, 1935, in accordance with the provisions of the Reserve Bank of India Act, 1934.
ii.The Central Office of the Reserve Bank was initially established in Calcutta but was permanently moved to
Mumbai in 1937.
iii.Though originally privately owned, since nationalization in 1949, the Reserve Bank is fully owned by
the Government of India.
iv.Thus, 2023 marks the 75th year of public ownership of the Reserve Bank and its emergence as a national
institution.

RBI cancelled Licence of 2 co-operative banks, Harihareshwar Sahakari Bank and

Sri Sharada Mahila Cooperative Bank
On 11th July 2023, the Reserve bank of India (RBI) cancelled the banking licence of two cooperative
banks, Sri Sharada Mahila Co-operative Bank, Tumkur,
Karnataka and Harihareshwar Sahakari Bank,
Satara in Maharashtra.
• The licence were cancelled by RBI under
Section 22 of the Banking Regulation Act,
1949 as these cooperative banks do not have
adequate capital and earning prospects and
have failed to comply with the requirements
of the banking regulation act.
• RBI has asked these two lenders to cease
banking business from 11 July 2023 in two
separate statements.
Deposits in the 2 banks:
i. About 99.96% of the depositors of
HarihareshwarSahakari Bank are entitled to receive the
full amount of their deposits from Deposit Insurance and
Credit Guarantee Corporation (DICGC).
• As on March 8 2023, DICGC has already paid
Rs57.24 crore of the total insured deposits to the depositors of the Harihareshwar Sahakari Bank.
ii. About 97.82% of the depositors Sri SharadaMahila Cooperative Bank are entitled to receive full amount of
their deposits from DICGC.
• As on 12 June 2023, DICGC has already paid Rs 15.06 crore of the total insured deposits based on the
willingness received from the concerned depositors of the Sri Sharada Mahila Cooperative Bank.
RBI Statement:
i. AS pre RBI, on liquidation, every depositor of these 2 banks would be entitled to receive deposit insurance
claim amount of his/her deposits of up to a monetary ceiling of Rs 5 lakh from DICGC.
ii. Consequent to the cancellation of their licences, the banks have been prohibited from conducting the
business of ‘banking’ which includes, acceptance of deposits and repayment of deposits, among other things.
iii. The continuance of these banks was prejudicial to the interests of its depositors. With their present financial
position, these banks would be unable to pay their present depositors in full.

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Overview of PM Narendra Modi’s Visit to UAE
On July 15, 2023, Narendra Modi, Prime Minister (PM) of India, officially visited Abu Dhabi, United Arab
Emirates (UAE). This mark’s his 5th visit to UAE since 2015.
He was welcomed by Crown Prince of Abu Dhabi, HH Sheikh Khaled bin Mohamed bin Zayed Al Nahyan at the
airport and a ceremonial welcome and Guard of Honour were accorded to Modi.
• During his visit, PM Modi met with His Highness Sheikh Mohamed bin Zayed Al Nahyan President of
the UAE, in Abu Dhabi, UAE.
Here are the visit highlights:
PM meeting with Dr. Sultan Al Jaber, President-designate of CoP28
During the visit, the Indian PM met Dr. Sultan Al Jaber, President-designate of CoP28 (Conference of the Parties
to the UN Framework Convention on Climate Change) and Group CEO (Chief Executive Officer) of Abu Dhabi
National Oil Company.
Key Points:
i.The discussions took place on the forthcoming COP-28 of UNFCCC (United Nations Framework Convention on
Climate Change) under UAE’s Presidency where Indian side committed its full support to UAE for its COP-28
Presidency.
ii.The PM highlighted India’s efforts and initiatives to address climate change, including International
SolarAlliance, Coalition for Disaster Resilient Infrastructure, International Year of Millets and Mission Lifestyle
for Environment (LiFE).
iii.The discussions also covered energy cooperation between India and UAE.
RBI, CBUAE sign pacts to promote use of INR, UAE dirham for cross-border transactions
During the PM Modi visit to UAE visit, two agreements were inked between the Reserve Bank of India (RBI) and
Central Bank of UAE (CBUAE) to facilitating seamless cross border transactions and payments, and foster
greater economic cooperation between the two countries.
Signatories:
The agreements were signed by the RBI Governor Shaktikanta Das, and Governor of the Central Bank of
UAE, Khaled Mohamed Balama in the presence of PM Narendra Modi and Sheikh Mohamed Bin Zayed Al
Nahyan, President of the UAE.
The MoU are as follows:
i.Establishing a Framework to Promote the Use of Local Currencies viz. the Indian rupee (INR) and the
UAE Dirham (AED) for cross-border transactions
This MoU aims to put in place a Local Currency Settlement System (LCSS) to promote the use of INR and AED
bilaterally by covering covers all current account transactions and permitted capital account transactions.
• The LCSS creation facilitates domestic currency invoicing and payment for exporters and importers,
fostering an INR-AED forex market. It encourages investments and remittances between both
nations while minimizing transaction costs and settlement time, benefiting Indian residents in the
UAE.
ii.Cooperation for interlinking their payment and messaging systems
Under this, both Central Banks agreed to cooperate on the following
i. Linking their Fast Payment Systems (FPSs) – Unified Payments Interface (UPI) of India with Instant Payment
Platform (IPP) of UAE for fast, convenient, safe, and cost-effective cross-border funds transfers
ii. Linking the respective Card Switches (RuPay switch and UAESWITCH) to facilitate mutual acceptance of
domestic cards and processing of card transactions.
iii. Exploring the linking of payments messaging systems i.e., Structured Financial Messaging System (SFMS) of
India with the messaging system in the UAE to facilitate bilateral financial messaging between the two
countries, bypassing the SWIFT (Society for Worldwide Interbank Financial Telecommunications) messaging
system.

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India needs Average Annual growth rate of 7.6% for 25 years to Become Developed Nation:
RBI Paper
According to the article titled “India @ 100” published in Reserve Bank of India (RBI) Bulletin July 2023
published by RBI’s Economic Research Department, India needs to achieve an average annual real Gross
Domestic Product (GDP) growth rate of 7.6% over the next 25 years to become a developed nation by 2047-48.
This would require raising the current per capita GDP from USD2,500 to USD22,000, an increase of 8.8 times.
• This paper, authored by Harendra Behera, V. Dhanya, Kunal Priyadarshi, and Sapna Goel, is included
in the RBI’s July 2023 issue of its monthly Bulletin, released on July 17, 2023. Click Here for full
Monthly Bulletin
• Please note that this study does not represent the official view of the RBI.
Note: On India’s 75th year of independence (August 15, 2022), the Prime Minister (PM) Narendra Modi
expressed his vision for the next 25 years to turn India into a developed nation by 2047.
Basis of Assessment:
There is no unique criterion to define a country as ‘developed’. However, as per World Bank (WB) standards, a
country with a per capita income of US$ 13,205 or more in 2022-23 is classified as a high-income
country. Meanwhile, the International Monetary Fund (IMF) classifies countries into Advanced Economies
(AEs) and Emerging Market and Developing Economies (EMDEs) based on factors like per capita GDP, export
diversification, and global financial integration.
• Since Per Capita Income (PCI) is the only
common criterion, and the IMF doesn’t specify
a threshold for AEs, the lowest recorded per
capita income among AEs in 2022 (US$18,427
for Croatia) is used as a benchmark in this
article. Also, the analysis assumes an Average
Global Inflation Rate of 2% until 2047-48.
Highlights:
i.As per WB standards, India’s per capita income must be
more than $21,664 by 2047.
• To achieve this target, the required real GDP
compounded annual growth rate (CAGR) for
India needs to be 7.6% during 2023-24 to
2047-48;
ii.As per IMF standards, India’s per capita nominal GDP
must be more than US$ 30,351.
• To achieve this target, the real GDP CAGR
required for India should be 9.1% during 2023-24 to 2047-48.
iii.So as per above, India’s per capita GDP in nominal terms would have to record a CAGR of 10.6 (9.1%) to
become a high income country.
iv.It should be noted that the best India achieved over a period of consecutive 25 years in the past is a CAGR
of 8.1% during 1993-94 to 2017-18.
What does India need to do to become a Developed nation?
i.India’s industrial sector should increase its share from the current 25.6% to 35% by 2047-48, and
manufacturing should occupy 25% share in total value added.
• This would require the industrial sector to grow at a nominal CAGR of 13.4%.
ii.By sustaining a 13.3% growth rate in exports of goods and services (nominal), India can enhance its
comparative advantage in services exports. This would increase the share of goods and services exports in GDP
from 22.8% in 2022-23 to 30.5% by 2047-48.
iii.The agriculture sector would have to grow at a CAGR of 4.9% and the services sector by 13% in the coming
25 years to have a sectoral share of 5% and 60%, respectively, by 2047-48.

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iv.India needs to adopt a multipronged approach to attain a sustainable path to development that includes
structural and comprehensive reforms across sectors, investment in infrastructure, bolstering logistics,
digitalizing the economy, and upskilling the labour force.
v.A Collaboration between the government, private sector, civil society, and citizens is also required.
vi.There is a requirement of upskilling of younger generation in the newage manufacturing and services sectors
Growth Drivers for India:
The Services sector will continue as the main driver of economic growth, however, India must also focus on
widening its manufacturing base, and rebalance its economic structure by strengthening its industrial sector.
Recent Related News:
i.India, which presently holds the G20 Presidency, has entrusted IMF and the Financial Stability Board (FSB) to
jointly prepare a technical paper on cryptocurrency assets. This technical paper could be used to formulate an
all-inclusive policy to govern crypto assets.
ii.According to the RBI data, India’s Bank credit increased by 15% year-on-year (YoY) in the Financial year
2022-23 (FY23), against 9.6% YoY in 2021-22 (FY22).
About Reserve Bank of India (RBI):
i.It was established on April 1, 1935, in accordance with the provisions of the Reserve Bank of India Act, 1934.
ii.The Central Office of the Reserve Bank was initially established in Calcutta but was permanently moved to
Mumbai in 1937.
iii.Though originally privately owned, since nationalization in 1949, the Reserve Bank is fully owned by
the Government of India.
iv.Thus, 2023 marks the 75th year of public ownership of the Reserve Bank and its emergence as a national
institution.

RBI Sets Restrictions on Bengaluru based National Co-operative Bank

On 24th July 2023, Reserve Bank of India(RBI) imposed business limitations on Bengaluru’s one of the oldest
banks, National Co-operative Bank Limited because of its poor declining financial condition.
• Starting from July 24, 2023, the business restrictions will be in place for a duration of six months and
are subject to review.
• The restrictions are imposed under the provision of the Banking Regulation Act, 1949.
• Depositors will be entitled to receive deposit insurance claim amount up to Rs 5 lakh from the
Deposit Insurance and Credit Guarantee Corporation(DICGC)
Restriction imposed:
i.Withdrawal limit is capped at Rs.50,000 per account
ii.The RBI also prohibited the bank from renewing loans, engaging in investments, creating liabilities,
processing payments, or accepting fresh deposits.
Note: The imposition of business limits does not lead to the termination of the banking license. The bank will
continue to operate within these limits until its financial status improves.
Additional info:
i.In May 2023, the National Co-operative Bank was levied with a monetary penalty by the RBI, citing regulatory
infractions.
• The bank charged fixed penalties (rather than penalties appropriate to the extent of the failure) for
customers’ failing to maintain a minimum balance in their savings bank accounts.
ii.In January 2020, the RBI had conducted an inspection in Sri Guru Raghavendra Sahakara Bank and identified
discrepancies in its loan book and an escalation in non-performing assets (NPAs), leading to the imposition of
restrictions on the bank.
About National Co-operative Bank:
i.The bank was founded in 1975 by TR Shamanna
ii.Headquartered in Bengaluru, Karnataka
iii. Chairman – H C Krishna

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About Reserve Bank of India(RBI)
Governor – Shaktikanta Das (25th)
Headquarters – Mumbai, Maharashtra(earlier Kolkatta, West Bengal)
Established on – April 1, 1935
Established under – Reserve Bank of India Act, 1934.

SBI Ecowrap report: India set to become the world 3rd Largest Economy in 2027
According to the State Bank of India’s (SBI) economic research report Ecowrap dated on 27th July 2023, India is
set to become the world 3rd Largest Economy in 2027(Financial Year 2028) based on actual Gross domestic
product (GDP) data as on March 2023.
• India currently ranks 5th in the world’s largest economy, accounting for 3.4% of global GDP.
• As per the report, India will surpass both Japan and Germany in 2027 if it develops at the present
current rate of growth.
India’s GDP in FY24:
i.The report also states that India’s GDP is expected to grow
by more than 8% in the first Quarter of Financial Year 2024 (8.1-8.2%).
ii.It also predicted that India may surpass the 6.5% mark of overall growth (GDP)in FY24.
Top 5 Economies:
Nominal GDP
Rank Country (Billion in USD) Share (%)
United States of America
1 (USA) 25464 25.40%
2 China 18100 18.10%
3 Japan 4234 4.20%
4 Germany 4075 4.10%
5 India 3399 3.40%
Key points:
i.The incremental increase of USD 1.8 trillion estimated in the economy’s size between 2022-27 will be more
than the current size of the Australian economy.
ii.India is all set to touch $20 trillion by 2047 by adding 0.75 trillion USD in every 2 years.
• India’s global share in GDP will cross 4% by 2027.
iii.To achieve the 3rd place India needs to grow by CAGR of 8.4% till 2027 (in dollar terms). This translates into
11.0-11.5% nominal GDP growth per annum (in Rs
terms), which is achievable.
Comparison between 2014 and 2024:
i.The share of India’s GDP is now at 3.5%, as against 2.6% in 2014.
ii.It developed into the 5th largest economy from the 10th in 2014.
State-wise estimate:
i.Maharashtra and Uttar Pradesh set to break the $500 billion
mark in 2027 (or FY28).
ii.In 2027,the GDP size of major Indian states will be more than the size of some of the Asian and European
countries including Vietnam, Norway,Hungary,Qatar.
Estimation of top 3 States contributing to India’s GDP in FY28:
Estimated Size Estimated
State (Billion in USD) Share (%) Countries with equal size in 2027
Maharashtra 647 13% Vietnam

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Uttar Pradesh 515 10% Norway
Tamil Nadu 426 8% Chile
About State Bank of India (SBI):
Chairman – Dinesh Kumar Khara
Headquarters – Mumbai, Maharashtra
Established – 1 July 1955

RBI Includes S.Korea’s ‘NongHyup Bank’ in the list of Scheduled Banks under Schedule II of RBI
Act, 1934
Reserve Bank of India (RBI) released a notification addressing all the banks regarding the inclusion
of ‘NongHyup Bank’ in the Second Schedule to the Reserve Bank of India Act, 1934.
• As per the RBI notification, NongHyup Bank has been officially include in the Second Schedule of the
RBI Act 1934 and published in the Gazette of India (Part III – Section 4).
• The notification informs all the banks about the addition of NongHyup Bank to the regulated list.
Scheduled Banks:
i.Scheduled banks are those banks that are listed under Schedule II of the Reserve Bank of India Act, 1934.
ii.To qualify as a scheduled bank, the bank’s paid-up capital and collected funds must be at least Rs. 5 lakh.
iii.These banks are eligible for low interest loans from the RBI and also have membership in clearing-houses.
About NongHyup Bank (NH Bank):
i.NongHyup Bank (NH Bank), established in 2012, is a commercial bank headquartered in Seoul, South Korea.
ii.NH Bank is a 100% subsidiary of the NongHyup Financial Group Inc and it is owned by National Agricultural
Cooperative Federation (NACF), an umbrella organization for Korean agricultural cooperatives founded in
1961.
iv.NH Bank entered Indian market in 2016 and opened its 1st liaison office in Gurgaon, Haryana to strengthen
the competitiveness of the agriculture sector.
v.In 2022, it had started its commercial operations in India, following the in-principle approval from the RBI for
establishing its first branch in India.
vi.On 13th July 2023, NH Bank opened its first branch in Noida, Uttar Pradesh.
Note: NH Bank became the 6th Korean bank, conducting business in India. Others Korean banks are: Shinhan
Bank, KEB Hana, KB Kookmin, Woori and Industrial Bank of Korea (IBK).

APPOINTMENTS & RESIGNATIONS

Rajay Kumar Sinha appointed as MD & CEO of SBI Capital Markets Limited
Rajay Kumar Sinha, has been appointed as the Managing Director (MD) & Chief Executive Officer (CEO) of SBI
Capital Markets Limited (SBICAPS), one of the oldest investment banks in India, effective from July 14, 2023.
• Rajay Kumar Sinha succeeded Amitava Chatterjee, who moved to SBI Corporate Centre as Deputy
Managing Director, in charge of Commercial Clients Group.
About Rajay Kumar Sinha:
i. Rajay Kumar Sinha joined SBI as Probationary Officer (PO) in 1991.
ii. He is Deputy Managing Director at SBI, Corporate Centre, Mumbai, Maharashtra.
iii. Prior to this appointment, Rajay Kumar Sinha held the position of overseeing Treasury operations of SBI,
managing the bank’s investment portfolio, money market, equity, private equity, and forex operations.
About SBI Capital Markets Limited (SBICAPS):
SBICAPS, a wholly owned subsidiary and investment banking arm of State Bank of India (SBI).
It is registered with Securities and Exchange Board of India (SEBI) as a category I Merchant Banker and a
Research Analyst.

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Incorporated in– 1986
MD&CEO– Rajay Kumar Sinha
Non-Executive Chairman– Dinesh Kumar Khara
Headquarters– Mumbai, Maharashtra

Sat Pal Bhanoo appointed as MD of LIC; succeeds Siddhartha Mohanty

Sat Pal Bhanoo has been appointed as the Managing Director (MD) of Life Insurance Corporation of India (LIC)
with effect from the date of assumption of charge of office and up to the date of his superannuation on 31st
December 2025 or until further orders, whichever is earlier.
• He succeeds Siddhartha Mohanty, who was appointed as the Chairman of LIC in April 2023.
• Sat Pal Bhanoo is currently serving as the Additional Zonal Manager (In-Charge), LIC’s zonal office in
Bhopal, Madhya Pradesh(MP).
• Now, LIC has 4 MDs: Sat Pal Bhanoo, Mini Ipe; M Jagannath and Tablesh Pandey.
• In June 2023, MP Tangirala,Additional Secretary in the Department of Financial Services, Ministry of
Finance, was appointed as Government Director of LIC replacing Suchindra Misra.
Note:
• LIC has decided to phase out the chairman post to align with other publicly traded corporations.
• Siddhartha Mohanty will serve as the chairman of LIC till June 2024 and after that he will take
charge as the first CEO of LIC for the term from June 2024 to June 2025.
• The 4 MD’s of LIC will be reporting to the CEO.

Abhijit Chakravorty appointed as MD & CEO of SBI cards

SBI Cards and Payment Services Limited (SBICPSL), a subsidiary of State Bank of India (SBI) and India’s
second-largest credit card, provider appointed Abhijit Chakravorty as its Managing Director (MD) and Chief
Executive Officer (CEO) with effect from August 12, 2023 for a period of 2 years. He is currently serving as the
Deputy MD of SBI.
• He will succeed the incumbent MD & CEO Rama
Mohan Rao Amara, who tendered his
resignation with effect from 11th August 2023
owing to his transfer back to the SBI.
About Abhijit Chakravorty:
i. He started his banking career as a Probationary Officer
(PO) with SBI in 1988 and earned an experience of over 34
years in various fields.
ii. He oversaw the Bank’s Operations in Bangladesh as CEO
and Country Head and
iii. He also served as the vertical responsible for Information
Technology (IT) operations of the customer-facing channels
and payment systems.
iv. He served at the Hongkong branch of SBI and has played
a pivotal role in high-value Corporate Lending as a member
of the Commercial Credit Group.
v. He also took the role of Chief General Manager (Channels & Operations) at the Global IT Centre of SBI
About SBI Cards and Payment Services Limited:
SBI Card was launched as SBI Cards and Payment Services Private Limited in 1998 by the State Bank of India
and GE Capital.

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Chairman– Dinesh Kumar Khara
MD & CEO– Rama Mohan Rao Amara
Headquarters– Gurugram, Haryana

OTHER NEWS

Tata AIA Revolutionizes Insurance Payments with WhatsApp and UPI Integration
On 28th June, 2023, Tata AIA, the life insurance arm backed by Tata Group, has introduced a first of its kind
feature in the insurance industry by enabling digital payments through WhatsApp and Unified Payment
Interfaces (UPI). This allows policyholders to make instant premium payments using these popular platforms,
providing a hassle-free experience. This move showcases Tata AIA’s commitment to leveraging technology and
enhancing customer satisfaction.
Key Points:
i. The new feature ensures that both tech-savvy and non-tech-savvy consumers can easily pay their premiums
digitally and receive quick confirmation and acknowledgment.
ii. The collaboration with WhatsApp and PayU has resulted in the development of an in-house intelligent
platform, significantly enhancing the consumer experience and transactional ease.
iii. Tata AIA’s bottom-up approach, combined with technology, enables a deep understanding of customer
needs and continuous service improvement.
India’s widespread usage of WhatsApp and UPI as messaging and payment platforms makes this move by Tata
AIA particularly significant. With nearly 500 million WhatsApp users and over 300 million UPI users, Tata AIA
ensures that policyholders can conveniently use their preferred platforms for premium payments.
Additional Info:
Tata AIA has also implemented an analytics-driven approach to enhance renewal premium collections. The
company offers multiple digital channels for premium collections and supports five languages, including
English, Hindi, Tamil, Gujarati, and Bengali.
About Tata AIA Life Insurance:
MD & CEO – Mr. Naveen Tahilyani
Headquarters – Mumbai
Established – 2001

UST Joins Project Rosalind to Develop API Prototypes for CBDC

On 28 June 2023, Digital Transformation Solutions Provider UST joined Project Rosalind, an initiative led by
the Bank for International Settlements (BIS) and the Bank of England (BoE) to develop Application
programming interface (API) prototypes for central bank digital currencies (CBDC).
• The project aims to explore the potential impact of CBDCs on various sectors and to develop a well-
designed API layer that can enable interaction between a central bank ledger and private sector service
providers for safe and efficient retail CBDC payments.
About Project Rosalind:
Project Rosalind has advanced central bank innovation by exploring the role of API layers in supporting retail
CBDC systems and facilitating safe and secure CBDC payments through various use cases.
Key Points:
UST collaborated with BIS and BoE to develop an API layer comprising 33 API endpoints grouped into six
functional categories. The project has demonstrated the potential of API layers to securely distribute CBDCs
through private sector service providers.
i. UST has joined Project Rosalind to develop API prototypes for CBDC.
ii. The project has demonstrated the potential of API layers to securely distribute CBDCs through private sector
service providers.

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iii. Project Rosalind has advanced central bank innovation by exploring the role of API layers in supporting
retail CBDC systems.
About Bank for International Settlements (BIS):
The Bank for International Settlements (BIS) is an international financial institution that serves as a bank for
central banks.
Chairperson – François Villeroy de Galhau
Established – 1930
Headquarters – Basel, Switzerland.
About UST:
Headquarters – California, United States of America (USA)
Executive Chairman – Paras Chandaria

Kotak Bank partnered with NPCI to offer Rupay Credit Cards on UPI
Kotak Mahindra Bank Limited (KMBL/Kotak) partnered with the National Payments Corporation of India
(NPCI) to introduce the facility of linking its RuPay Credit Card to a Unified Payments Interface (UPI) with
UPI-enabled apps. The Kotak RuPay Credit Card will be linked to Virtual Payment Address (VPA), a UPI ID, to
enable safe and secure payment transactions. With this, Customers are no longer needed to carry their physical
credit cards.
• Customers of KMBL can select from 7 RuPay Credit Cards and scan Quick Response (QR) code or
perform transactions on Point of Sale (POS) throughout India.
• The linkage will also provide customers with a reward and an interest-free credit period of up to 50
days.

Paytm partnered with Shriram Finance to increase digital Financial Services and boost Loan
distribution
On 30th June 2023, Paytm announced a strategic partnership with Shriram Finance, a non-banking finance
company (NBFC) of the Chennai (Tamil Nadu)-based Shriram group, to extend financial services to its users,
including loan products. Under this partnership, Shriram Finance products will be made available on Paytm’s
platform digitally.
• This partnership combines Paytm’s wide reach and technology framework with Shriram Finance’s
lending expertise as the largest retail NBFC in rural areas of India.
• This strategy supports Paytm’s leadership as a loan service provider (LSP) focussing on compliance and
quality of loans.

Government raises interest rates on select small saving schemes by up to 0.3% for Q2 of FY24
The Department of Economic Affairs (DEA), Ministry of Finance (MoF) has announced an interest rate hike on
selected small savings schemes by up to 0.3% for the 2nd quarter of the financial year 2023-24 (Q2 FY24) (i.e
July 1, 2023-September 30, 2023).
• The rates are in line with the high-interest rates in the banking system.
Changed Interest Rates:
i.The interest rate for the five-year recurring deposit (RD) has been raised by 30 basis points (bps), resulting in
a highest increase of 0.3%. Earlier it was 6.2%, now it is 6.5%.
ii.Interest rate has increased by 10bps for
• Th One-year term deposits with post offices will now earn 0.1% reaching 6.9% (earlier 6.8%)
and,
• The two years tenor is 7% (earlier 6.9%).
Note: A basis point is equal to a 100th of a percentage point.

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Unchanged Interest Rates:
i.Interest rates on term deposits for three and five years have been retained at 7% and 7.5%.
ii.The interest rates for popular Public Provident Fund(PPF) and savings deposits are kept at 7.1% and 4%,
iii.The interest rate on the National Savings Certificate (NSC) remained unchanged at 7.7% for July 1 to
September 30, 2023.
iv.The girl child savings scheme Sukanya Samriddhi rate remained unchanged at 8%.
v.The interest rate on the senior citizen savings scheme and Kisan Vikas Patra (KVP) is 8.2% and 7.5%.
vi.There is no interest rate hike for the Monthly Income Scheme, and it gives investors a 7.4 percent gain.
Rate of interest from 01.04.2023 to Rate of interestfrom 01.07.2023 to
No. Classifications 30.06.2023 30.09.2023
1 Savings Deposit 4 4
1-Year Post Office Time
2 Deposits 6.8 6.9
2-Year Post Office Time
3 Deposits 6.9 7
3-Year Post Office Time
4 Deposits 7 7
5-Year Post Office Time
5 Deposits 7.5 7.5
6 5-Year Recurring Deposits 6.2 6.5
National Saving Certificates
7 (NSC) 7.7 7.7
8 Kisan Vikas Patra 7.5 (will mature in 115 months) 7.5 (will mature in 115 months)
9 Public Provident Fund 7.1 7.1
10 Sukanya Samriddhi Account 8 8
Senior Citizens Savings
11 Scheme 8.2 8.2
12 Monthly Income Account 7.4 7.4
click here for official notification
Rate hike by RBI:
i.The Reserve Bank of India (RBI) has raised the benchmark lending rate by 2.5% since May 2023 to 6.5%,
prompting banks to raise interest rates on deposits.
ii.The RBI has maintained the status quo on policy rate in the last two Monetary Policy Committee (MPC)
meetings.
About Small Savings Schemes:
i.Small Savings Schemes are savings instruments managed by the government to encourage citizens to save
regularly.
ii.The small savings schemes have three categories- savings deposits, social security schemes, and monthly
income plan.
Setting up of interest rates:
i.Interest rates for small savings schemes are notified on a quarterly basis by the government.
ii.The formula to arrive at the interest rates for small savings scheme was given by the Shyamala Gopinath
Committee in January 2023.
iii.The committee suggested that interest rates of different schemes should be 25-100 bps higher than the
yields of the government bonds of similar maturity.

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Report Errors in the PDF - [email protected] Copyright 2014-2023 @ AffairsCloud.com 21
iv.The interest rates on small savings instruments had remained unchanged for nine consecutive quarters —
from the second quarter of 2020-21 to the second quarter of 2022-23.
About Ministry of Finance:
Union Minister- Nirmala Sitharaman (Rajya Sabha-Karnataka)
Minister of State- Pankaj Chaudhary; Bhagwat Kishanrao Karad.

Highlights of SEBI Board Meeting: Reduction of public issue listing timelines; Board
representation for retail investors under REITS/InvITs
On June 28, 2023, the board of Securities and Exchange Board of India (SEBI) has approved a series of decisions
such as the reduction of public issue listing timelines, the introduction of regulations for non-convertible
debt securities(NCDs), and strengthening investor grievance handling mechanisms to improve the market
efficiency and investor protection.
-Reduction of public issue listing timelines
i.The board has approved the proposal for reducing the time period for listing of shares in a public Issue from
the existing six days to three days, from the date of issue closure (T Day).
ii.The revised timeline of T+3 days would be made applicable in two phases.
• Voluntary for all public issues opening on or after September 01, 2023
• Mandatory on or after December 01, 2023.
iii.The reduced timeline is expected to benefit issuers, allottees, subscribers, and stakeholders by expediting
the process and curbing kerb trading.
-Board representation for retail investors under REITS/InvITs
SEBI board also approves the amendments to the SEBI infrastructure investment trusts (InvITs) Regulations,
2014 and SEBI real estate investment trusts (REITs) Regulations, 2014 to provide nomination rights to
unitholders holding 10% or more of the total outstanding units of the InvIT/REIT, either individually or
collectively, on the board of directors of the Investment Manager/Manager.
SEBI approved a provision that ensures opinions of retail unitholders are fairly represented in the decisions
taken by InvITs and REITs.
Key Points:
i.The sponsor who sets up the InvIT/ REIT, monetizes its assets by transferring them to the InvIT/ REIT and
exerts control over the decisions of the InvIT/ REIT through a significant shareholding in the Investment
Manager/Manager.
ii.Currently, SEBI Regulations mandate the sponsor to hold a minimum of 15% units for a period of at least 3
years from the date of listing of units.
iii.The board has also approved the sponsor of InvIT/ REIT “be required to hold a certain minimum unitholding
on a reducing scale for the entire life of the InvIT/ REIT. The mandatory minimum unitholding shall be locked-
in and be unencumbered.
iv.To provide an additional exit option for the sponsor of InvIT/ REIT, the SEBI board approved the proposal
for introduction of self-sponsored investment manager/manager or an investment manager/manager who also
takes on the responsibilities of the sponsor of InvIT/ REIT.
-Additional disclosures from certain FPIs
i.SEBI has decided to mandate enhanced disclosures from certain class of foreign portfolio investors (FPIs),
including furnishing granular level details about ownership and economic interests.
• The new norms will be applicable for FPIs that concentrate holdings in a single corporate group.
ii.Under the proposed framework, FPIs with concentrated single group equity exposures or significant equity
holdings will be mandated to make additional granular disclosures.
iii.Such FPIs will be required to provide granular level disclosures regarding ownership, economic interest, and
control rights on a full look–through basis.

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iv.Applicability and Excemption:
• Thus the FPIs holding more than 50% of their equity Asset Under Management (AUM) in a single
corporate group or FPIs that individually, or along with their investor group hold more than Rs
25,000 crore in the Indian markets would be required to comply with the new requirements.
• The funds owned by the government, sovereign wealth funds, pension funds and public retail funds
will be exempted, said the market regulator.
-Better redressal for investor grievances
i.SEBI strengthened the investor-grievance mechanism by integrating the SEBI Complaint Redressal System
(SCORES) with the online dispute resolution (ODR) mechanism.
ii.SEBI plans to reduce timelines and introduce auto-routing of the complaint to concerned regulated entities
and auto-escalation of complaintsin case of non-adherence to the prescribed timelines by the regulated entity.
iii.2 levels of Review:
• SEBI is also providing two levels of review in which at the first review will be by the designated
body if investor is dissatisfied with resolution provided by concerned regulated entity.
• The second review will be by SEBI if the investor is still dissatisfied after the first review.
-Listing and voluntary delisting of NCDs
i.SEBI board has approved the introduction of provisions related to the listing of non-convertible debt
securities and voluntary delisting of NCDs. ‘
ii.If an entity with listed debt securities has outstanding unlisted NCDs as on December 31, 2023, the entity
would now have the option to list them, but it would not be mandatory to do so.
iii.Also, entities having privately placed, listed debt securities wherein the number of debt security holders is
less than 200, will be eligible to delist their debt securities under this framework.
-Direct participation by clients in Limited Purpose Clearing Corporation (LPCC)
i.Since timely availability of funds and securities is critical in a repo market, direct participation of both
borrowers and lenders can widen the market.
ii.The SEBI board has approved the proposal to additionally facilitate participation by entities desiring direct
participation (not through a clearing member) in repo transactions in corporate bonds of the Limited Purpose
Clearing Corporation (LPCC).
Note: In September 2020, the SEBI board approved the proposal to set up LPCC for clearing and settling repo
transactions in corporate debt securities.
-SEBI Annual Report
The board also considered and approved the SEBI Annual Report 2022-23. the report will be submitted to the
Government of India in compliance with section 18(2) of the SEBI Act 1992.
About Securities and Exchange Board of India:
Chairperson– Madhabi Puri Buch
Headquarters– Mumbai, Maharashtra
Establishment– 1992

World Bank Approves USD1.5 Billion to Support India’s Low-Carbon Transition

On 29th June 2023, The World Bank granted USD1.5 billion in financing to accelerate India’s development of
low-carbon energy sources. This funding aims to assist India in scaling up renewable energy, fostering the
growth of green hydrogen, and stimulating climate finance for investments in low-carbon energy.
• The program’s objectives include scaling up renewable energy supply to reduce costs and improve
grid integration.
• This will assist India in achieving its target of 500 GW of renewable energy capacity by 2030.
• The government plans to issue bids for 50 GW of renewable energy each year from FY23-24 to
FY27-28, which will avoid carbon emissions of 40 million tons per annum by 2026.

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Disbursement of loan
• The International Bank for Reconstruction and Development (IBRD) is providing a loan of USD 1.44
billion, supported by a USD 1 billion backstop from the United Kingdom, to enhance the World
Bank’s climate change financing to India.
• Additionally, a credit of USD 56.57 million from the International Development Association (IDA) is
sourced from the recommitment of previously cancelled IDA credit balances.
Background:
India, a rapidly growing economy, currently has lower per capita energy consumption compared to the global
average. To align with its objective of achieving net-zero emissions by 2070, India aims to gradually phase out
the use of fossil fuel-based energy sources.
Green Hydrogen production in India:
i.The Indian government has introduced highly anticipated incentive schemes, valued at over ₹17,000 crore, to
promote the production of green hydrogen.
• The First Low-Carbon Energy Programmatic Development Policy Operation, the first of two
planned operations, will facilitate India’s development of green hydrogen.
• Through this program, the implementation of the National Green Hydrogen Mission will be
supported. This mission aims to attract USD100 billion in private sector investments by 2030.
• This program will support the implementation of policies for a national carbon credit trading
scheme, facilitating the launch of a national carbon market.
ii. In January 2023, India issued its first sovereign green bond. The program will further support policy actions
to issue USD6 billion in sovereign green bonds by 2026.
• This lending is also in line with the Bank’s Hydrogen for Development (H4D) Partnership
launched during the 27th Conference of the Parties (CoP27).
World Bank Approves USD200 Million Loan to Boost Renewable Energy in Himachal Pradesh
On 27 June 2023, World Bank approved the USD200 million loan to Government of Himachal Pradesh with a
maturity period of 14.5 years, including a grace period of 4.5 years. The objective of the loan is to facilitate
power sector reforms in the state and accelerate the adoption of renewable energy (RE) in its electricity
generation.
• This will help to achieve the state’s objective of adding 10,000 megawatts (10 gigawatts) of
additional RE capacity to make the state’s power supply greener.
• The World Bank’s Himachal Pradesh Power Sector Development Program will contribute to
enhancing the utilisation of existing renewable energy resources, particularly hydropower, and
diversifying the state’s energy mix.
Key points:
i.Himachal Pradesh’s ambitious target is to become a ‘Green State’ by 2030, meeting all its energy needs
through renewable and green sources. Currently, over 80 percent of Himachal Pradesh’s energy demands are
fulfilled by hydropower.
ii.As part of the program, 150 megawatts of solar capacity will be added, resulting in a reduction of more than
190,000 metric tons of greenhouse gas emissions annually.
iii.This initiative also aligns with the National Apprentice Promotion Scheme implemented by the Ministry
of Skill Development and Entrepreneurship by providing training and hands-on exposure in the power sector
for about 700 female apprentice
About World Bank:
Establishment – July, 1944
Headquarters – Washington DC, United States of America(USA)
President – Ajay Banga
Five Institutions of World Bank Group:
1. International Bank for Reconstruction and Development (IBRD)
2. International Development Association (IDA)

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 3. International Finance Corporation (IFC)
4. Multilateral Investment Guarantee Agency (MIGA)
5. International Centre for Settlement of Investment Disputes (ICSID)

75th National Chartered Accountants Day – 1st July 2023

The National Chartered Accountants (CA) Day is annually observed across India on 1st July to commemorate
the establishment of the Institute of Chartered Accountants of India (ICAI) on 1st July 1949. It is also known as
ICAI Foundation Day which honors the work of all Chartered Accountants.
• 1st July 2023 marks the 75th anniversary of the ICAI.
Theme for 2023:
The theme for the year 2023 is ‘Empowering Financial Excellence’.
Event 2023:
i.To commemorate the 75th anniversary, President of India Droupadi Murmu attended the CA foundation day
and launched the new syllabus at Siri Fort Auditorium, New Delhi, Delhi
• The syllabus is formulated with the new Scheme of Education and Training in line with International
Education Standards and National Education Policy, 2020 (NEP).
• ICAI celebrated the event as Vishwaska Utsav showcasing ICAI’s name as an embodiment of
Independence, Integrity & Excellence.
ii.India Post, Ministry of Communication & Technology, released a commemorative stamp of ICAI on the
occasion of the CA Day 2023 to mark the beginning of its 75th year.
iii.ICAI also launched a Special logo to commemorate the beginning of its 75th year.
Feature of the logo:
i.The logo features a modern interpretation of the Garuda, the mythical bird-like creature that is a symbol of
strength, power, and wisdom in Indian mythology.
ii.The vibrant blue color on the logo represents the dynamism and innovation of the chartered accounting
profession.
iii.The logo also features the words “The Institute of Chartered Accountants of India” in a sans-serif font and a
tagline: ‘75 Years of Trust’.
ICAI:
i.The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament,
(The Chartered Accountants Act, 1949) to regulate the profession of Chartered Accountancy in the country.
• The ICAI is the 2nd largest professional body of CA’s in the world an it is the only licensing and
regulatory body for the financial audit and accounting profession in India.
ii.The Institute, functions under the administrative control of the Ministry of Corporate Affairs, Government of
India.
iii.The Council constitutes of 40 members, 32 are elected by the Chartered Accountants and 8 are nominated by
the Central Government representing the Comptroller and Auditor General of India(CAG), Securities and
Exchange Board of India(SEBI), Ministry of Corporate Affairs, Ministry of Finance and other stakeholders.
About Institute of Chartered Accountants of India (ICAI):
President- Aniket Sunil Talati
Headquarters- New Delhi, Delhi
Established in 1949

6th Goods and Services Tax Day – 1st July 2023

Goods and Services Tax (GST) Day is annually observed on 1st July to commemorate the implementation of the
GST system, a comprehensive indirect tax levied on the supply of goods and services in India.
• 1st July 2023 marks the observance of the 6th GST Day which commemorates the 6th anniversary
of GST coming into force (1st July 2017).

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Background:
i.On 1st July, 2017, GST laws were implemented, replacing multiple indirect taxes such as excise duty, service
tax, value-added tax (VAT), and others levied by the Central and State Governments.
ii.On 30th June 2018, the Government of India announced the decision to celebrate the 1st July of every year as
the GST Day.
• The first-ever GST day was observed on 1st July 2018, which marked the first anniversary of the
Implementation of GST.
Events 2023:
• Nirmala Sitharaman, Union Minister for Finance & Corporate Affairs presided over as the chief guest
of the celebrations of the 6th GST Day organised at the Vigyan Bhawan, New Delhi, Delhi.
• Two taxpayers, namely, Ji Shoji India Pvt. Ltd. and Rajan Agro Green Foods Pvt ltd also received
commendation from the MSME category.
Key People:
Pankaj Chaudhary, Minister of State (MoS) for Finance, Sanjay Malhotra, Secretary of Revenue; Vivek Johri,
Chairperson of CBIC, and Members of the GST Council also participated in the event.
Genesis of GST:
i.The idea of a nationwide GST in India was first proposed by the Kelkar Task Force on Indirect taxes in 2000.
Objective: To replace the existing complex and fragmented tax structure with a unified system which will
simplify compliance, reduce tax cascading, and promote economic integration.
ii.The Constitution (122nd Amendment) Bill, 2014, which aimed to amend the Constitution to enable the
implementation of GST, was introduced in Parliament and was passed in 2015.
iii.The bill was later passed in the Rajya Sabha and the Lok Sabha in August 2016 and received the assent of the
President on 8th September 2016.
iv.The GST Council was notified with effect from 15th September 2016 and the office of the GST Council
Secretariat was established to assist the GST Council.On 1st July 2017, GST laws were implemented.
Features of GST:
Dual Structure: The GST operates under dual structure: Central GST (CGST) levied by the Central Government
and the State GST (SGST) levied by the State Governments.
• For Inter-state transactions, Integrated GST (IGST) is applicable, which is collected by the Central
Government and apportioned to the respective State.
• GST is levied at each stage of the supply chain, from the manufacturer to the consumer.It is applied
to the value addition at each stage and reduce the burden on the end consumer.
Gross GST Revenue – June 2023:
The gross GST revenue collected by the end of June 2023 is Rs 1,61,497 crore. For the 4th time, the gross GST
collection has crossed Rs. 1.60 lakh crore mark.
• This includes Rs 31,013 crore CGST, Rs 38,292 crore SGST and Rs 80,292 crore IGST(including Rs
39,035 crore collected on import of goods) and Rs 11,900 crore cess (including Rs 1,028 crore
collected on import of goods).
• The government has settled Rs 36,224 crore to CGST and Rs 30,269 crore to SGST from IGST.
• The total revenue of the Centre and the States in the month of June 2023 after the regular settlement
is Rs 67,237 crore for CGST and Rs 68,561 crore for SGST.
• The revenue of June 2023 is 12% higher than the GST revenues of June 2022.
About GST Council :-
As per Article 279A (4), the GST Council will make recommendations to the Union and the States on important
issues related to GST, like the goods and services that may be subjected or exempted from GST, model GST
Laws, principles that govern Place of Supply, threshold limits.
• Chairperson of GST Council is Union Finance Minister Smt.Nirmala Sitharaman

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Indian Bank and NeSL Collaborate to Introduce Digital Services under Project WAVE
Indian Bank, a leading public sector lender, joined hands with National E-Governance Services Ltd (NeSL) to
roll out a range of digital services as part of its ambitious digital transformation initiative, Project WAVE
(World of Advance Virtual Experience), which was initiated in January 2022. These innovative services are
set to revolutionise the banking experience by significantly reducing the turnaround time for bank guarantee
issuance and delivery.
i. As part of their digital transformation efforts, Indian Bank and NeSL have introduced an electronic bank
guarantee (e-BG) service to replace traditional paper-based processes.
ii. This move eliminates the need for physical stamp paper and customer signatures, replacing them with digital
stamping and e-signing.
The result is a streamlined process that reduces the average turnaround time for bank guarantees from the
industry standard of 3-4 working days to just a few minutes.
Additional Info:
In addition, Indian Bank has launched a fully digital process for eligible individuals and businesses to access
pre-approved business loans.
• The digital vehicle loan product allows individual customers to obtain their desired vehicle with
ease, with loan values of up to Rs 25 lakh available.
Future Outcomes:
The partnership with NeSL and the implementation of Project WAVE will empower customers with faster and
more efficient processes, revolutionizing the way banking services are delivered.
About Indian Bank:
MD & CEO – Shanti Lal Jain
Headquarters – Chennai, Tamilnadu
Tagline – Your Own Bank
Established in – 1907

SBI Revamps YONO App; Launches Interoperable Cardless Cash Withdrawal facility
On 2nd July 2023, The State Bank of India (SBI) revamped its digital banking app, ‘YONO for Every Indian,’ and
introduced the Interoperable Cardless Cash Withdrawal (ICCW) facility, aimed at providing greater
convenience to customers. These updates were unveiled on SBI’s 68th Bank Day.
• The revamped YONO (You Only Need One) app aims to meet customer expectations for a seamless
and pleasant digital experience, turning the vision of ‘YONO for Every Indian’ into a reality.
• The enhanced YONO application now includes Unified Payment Interface (UPI) features like Scan
and Pay, Pay by Contacts, and Request Money, expanding SBI’s commitment to inclusive and
customer-centric digital banking services.
About Interoperable Cardless Cash Withdrawal (ICCW):
The Interoperable Cardless Cash Withdrawal (ICCW) facility allows both SBI customers and customers of other
banks to withdraw cash from any bank’s ATM using a single-use dynamic QR code. SBI aims to encourage
customers of other banks to join the YONO journey.
i. Users can easily withdraw cash by scanning the QR code using their UPI application’s Scan and Pay feature.
ii. This feature simplifies the cash withdrawal process and enhances security by eliminating the need for a PIN
or physical handling of a debit card, minimising risks such as shoulder surfing or card cloning.
About YONO – You Only Need One
• Since its launch in 2017, the YONO app has gained popularity, with over 60 million registered users.
In the fiscal year 2022-2023, 7.86 million savings accounts, accounting for 64% of total accounts,
were acquired digitally through YONO.
About State Bank of India
Chairman – Dinesh Kumar Khara
Headquarters – Mumbai

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Tagline – The Banker to Every Indian
Established in – 1955

Merger Between HDFC Ltd and HDFC Bank Ltd Receives Final Board Approval
In a significant development, the merger between Housing Development Finance Corporation (HDFC)Ltd
and HDFC Bank Ltd has successfully obtained final board approval . With a valuation of around USD 40 billion,
this unprecedented merger creates a financial services powerhouse.
Milestone Merger
i.Composite Scheme of Amalgamation for merger:
• HDFC Investments Limited and HDFC Holdings Limited merged with HDFC Limited.
• HDFC Limited merged with HDFC Bank Limited has became effective from July 1, 2023.
Background:
Competition Commission of India (CCI), the National Company Law Tribunal (NCLT) approved the merger on
March 17, 2023.The merger was initially approved by HDFC Bank’s board on April 4, 2022, in accordance
with Sections 230 to 232 of the Companies Act, 2013, and the associated regulations.
Key Points:
i. With a combined valuation of USD 172 billion, the merger will impact millions of customers, shareholders,
and various businesses associated with both HDFC and HDFC Bank, including group insurance and asset
management ventures.
ii. With an impressive asset base of approximately Rs 18 lakh crore, the merged entity aims to establish a
comprehensive ecosystem of financial services.
iii.The subsidies of HDFC Limited, including HDFC Life Insurance Company Limited, HDFC Asset Management
Company Limited and HDFC Ergo General Insurance Company Limited, have become subsidiaries of HDFC
Bank with effect from July 01, 2023.
iv.Now,HDFC Bank subsidiaries include HDFC Securities Ltd., HDB Financial Services Ltd., HDFC Asset
Management Co. Ltd, HDFC ERGO General Insurance Co. Ltd., HDFC Capital Advisors Ltd. and HDFC Life
Insurance Co. Ltd.
v.As a result of the merger, HDFC Bank has now become the promoter of the two insurance companies.
Furthermore, effective from July 1, 2023, HDFC Bank has taken over as the co-sponsor of HDFC Mutual Fund, a
mutual fund registered with SEBI under the SEBI (Mutual Funds) Regulations, 1996, replacing HDFC Limited.
Additional Info:
HDFC Bank has scheduled July 13, 2023 as the date for determining share allotments for HDFC shareholders.
Additionally, HDFC’s non-convertible debentures will be transferred to the bank on July 12, 2023, with
commercial papers to be transferred on July 7, 2023.
HDFC Bank to become India’s 2nd biggest company
After merging with mortgage lender HDFC, HDFC Bank is set to become the world’s fourth most valuable bank
based on market capitalization and emerge as the second biggest company in India.
• The merger’s completion will witness HDFC Bank securing its position as the second most valuable
company in India, just behind the formidable Reliance Industries, which held a market capitalization
of USD 210 billion.
• The merged entity holds a market capitalization of USD 172 billion, outshining banking giants
Industrial and Commercial Bank of China Ltd and Bank of America, and trailing only the formidable
JPMorgan Chase.
Chairman of HDFC Deepak Parekh Announces Retirement Ahead of Bank’s Merger
Deepak Parekh, the esteemed chairman of Housing Development Finance Corporation (HDFC), has announced
his retirement as HDFC prepares to merge with HDFC Bank, marking the end of his remarkable 45-year tenure.
Parekh played a pivotal role in transforming HDFC into India’s largest financial services conglomerate, covering
sectors like banking, asset management, insurance, and real estate.

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i. Parekh served on the boards of prestigious corporations globally, including DP World, Fairfax Financial
Holdings, and Economic Zones World.
ii. He was actively involved in influential economic groups and advisory committees, focusing on areas such as
infrastructure, housing, and capital markets.
Awards received:
Deepak Parekh received following awards such as
Country Award Year
India Padma Bhushan 2006
France Knight in the Order of the Legion of Honour 2010
Germany Bundesverdienstkreuz Cross of the Order of Merit 2014
He also received first international recipient of the Outstanding Achievement Award by Institute of Chartered
Accountants in England and Wales, in 2010
About Housing Development Finance Corporation (HDFC) Bank:
Chairman – Mr. Atanu Chakraborty
MD & CEO – Sashidhar Jagdishan
Established in – 1994
Tagline – We Understand Your World
Headquarters – Mumbai, Maharashtra

Indian Overseas Bank Launches RuPay Select Debit Card, Offering Exclusive Luxury Benefits
On 4th July 2023, Indian Overseas Bank (IOB) introduced the all-new RuPay Select Debit card, aiming to
provide customers with a comprehensive blend of luxury, convenience, and security. With a host of exclusive
benefits, including access to gyms, complimentary health check-ups, golf lessons, spa services, and lounge
privileges at select domestic and international airports, this new debit card promises a premium banking
experience for IOB customers.
• With the introduction of the RuPay Select Debit card, Indian Overseas Bank aims to enhance its
customers’ banking experience by offering a range of exclusive luxury benefits.
• This initiative not only provides convenience and security but also reflects IOB’s commitment to
meeting the evolving needs and expectations of its valued customers.
Eligibility Criteria:
i. To be eligible for the RuPay Select Debit card, individuals must maintain a savings bank account or a
certificate of deposit (CD) with IOB, with an average daily balance of Rs. 1 lakh.
ii. The cash withdrawal limit is set at Rs. 50,000, while the daily limit for merchant establishment usage (PoS) is
Rs. 5 lakh. For e-commerce transactions, users can spend up to Rs. 3.5 lakh per day.
The issuance fee for the card is Rs. 800, along with applicable GST, and an annual maintenance fee is also
charged.
Additional Info:
• IOB customers will enjoy five free transactions (both financial and non-financial) at IOB ATMs.
Subsequently, a charge of Rs. 10 plus GST will be levied for each financial transaction, including cash
withdrawals and deposits.
• Non-financial transactions, such as checking bank statements and mini statements, will incur a
charge of Rs. 5 plus GST.
About Indian Overseas Bank (IOB):
MD & CEO – Ajay Kumar Srivastava
Headquarters – Chennai, Tamil Nadu
Established in – 1937
Tagline – Good people to grow with

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Bank of India, 1st Bank, to roll out Mahila Samman Savings Certificate Scheme
On July 4, 2023, the Bank of India (BoI) became the first bank to officially roll out Mahila Samman Savings
Certificate (MSSC), 2023, and operationalizing this scheme at all its branches. The roll-out ceremony was
inaugurated by the Managing Director (MD) & Chief Executive Officer (CEO) Rajneesh Karnatak through a
Video Conference (VC).
• This means, BoI is authorized to open accounts under MSSC. So far, only post offices were authorized
to open accounts under MSSC.
Note: On June 27, 2023, the Department of Economic Affairs (DEA), Ministry of Finance, permitted all Public
Sector Banks (PSBs) and eligible Private Sector Banks to implement and operationalize the MSSC, 2023.
About Mahila Samman Savings Scheme (MSSC):
Announced by the Union Minister Nirmala Sitharaman, Ministry of Finance, during the Budget speech FY 2023-
2024, it commemorates the Azadi ka Amrit Mahotsav. MSSC is aimed at empowering girls and women through
financial savings. It is a one-time small saving scheme backed by the Central Government which is available
for two years, from April 2023-March 2025.
Eligibility and Account Opening:
i.Individual girls or women can open an account, or a guardian can open on behalf of a minor girl.
ii.Minimum investment of Rs 1000 and multiples of Rs 100, up to a maximum limit of Rs 200,000.
iii.Multiple accounts allowed with a three-month gap, subject to the overall investment cap.
Interest Rate and Taxation:
i.The Deposit under the scheme is eligible for 7.5% interest per annum which will be compounded quarterly
and credited in account and paid at the time of closure of account.
ii.All earnings under the MSSC are taxable as per existing income tax provisions. But TDS (Tax Deducted at
Source) will not be deducted under the scheme.
Account Duration and Closure:
i.Account matures after two years from the date of opening.
ii.MSSC can be closed after 6 months of opening the account without giving any reason. In such a case, an
interest of 5.5% will be given i.e. 2% penalty after six months.
iii.Premature closure allowed in case of account holder’s death or extreme compassionate grounds.
Partial Withdrawals:
i.Account holders can make partial withdrawals up to 40% of the eligible balance.
ii.Partial withdrawals allowed after one year from the date of opening the account.

India May 2023 services exports rise 7.7% to USD 27.06 billion: RBI
According to the Reserve Bank of India (RBI) provisional data on July 4, 2023, India’s services exports in May
2023 increased by 7.7% compared to May 2022, reaching USD ($)27.06 billion while imports rose 2% to USD
15.5 billion.
• The government’s initial estimates, released in mid-June, had indicated that services exports
amounted to USD 25.3 billion, with services imports at USD13.53 billion.
• It’s important to note that the RBI’s figures are provisional and subject to further updates which are
published quarterly as part of India’s overall balance-of-payments data.

Airtel Payments Bank, Park+ team up to enable FASTag-based parking solution at Varanasi
airport
On July 4, 2023, the Airtel Payments Bank has collaborated with Park+ to enable FASTag-based smart parking
at the Lal Bahadur Shastri Airport, Varanasi in Uttar Pradesh.
• This smart parking solution allows automatic cashless payments at airport parking.
• The parking fee payment is deducted through the FASTag associated with the vehicle, which
reduced the time required to make the payment.

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 • Amit Lakhotia is the Founder and CEO of Park+.

Education financing startup Propelld gets NBFC licence from RBI

Education financing startup, Propelld has procured a non-banking financial company (NBFC) license from the
Reserve Bank of India (RBI) to disburse loans worth Rs 2000 Cr by Financial Year(FY)24 and to bolster its
direct lending proposition.
• Previously, Propelld provided lending solutions by partnering with NBFCs but now the new license
will help the company to lend directly along with functioning as a loan service provider (LSP).
With the NBFC Licence, Propelld will provide tailored loan products, flexible repayment options and
competitive interest rates to its customers, particularly in tier two and tier three cities.

IDFC Ltd to merge with IDFC First Bank in a share exchange ratio of 155:100
On 3rd July 2023, the board of directors of IDFC First Bank Limited approved the scheme of amalgamation of
IDFC Limited with IDFC First bank and the share exchange ratio is fixed at 155:100.
• IDFC First Bank has proposed to complete the merger by the end of 2023.
The scheme is subjected to receipt of requisite approvals from e Reserve Bank of India (RBI), Securities and
Exchange Board of India (SEBI), the Competition Commission of India (CCI), the National Company Law
Tribunal(NCLT), BSE Limited (formerly Bombay Stock Exchange) and the National Stock Exchange of India
Limited (NSE India) and other statutory and regulatory authorities and shareholders.
About the Scheme of Amalgamation:
i.Following the merger, shareholders of IDFC Ltd will get 155 shares of IDFC First Bank for every 100 shares
held in the former
• The Share Exchange Ratio for the proposed merger shall be 155 equity shares of face value of Rs 10
each fully paid-up of IDFC FIRST Bank for every 100 equity shares of face value of Rs 10 each fully
paid-up of IDFC Limited.
ii. With this merger, the IDFC Limited’s shareholders will become the direct shareholders of IDFC First Bank.
Note: This will be the second major merger deal in the financial sector in 2023 after HDFC Bank merged with
Housing Development Finance Corporation (HDFC).
2 Step Process:
i.The IDFC group rejig scheme is a two-step process.
• First, IDFC Financial Holding Company Limited (HFCL) will be amalgamated with IDFC Limited.
• Second, the IDFC Limited will amalgamate with IDFC First Bank.
ii. The reduction of the securities premium account of IDFC First Bank is a part of the scheme.
iii. The companies have successfully completed all the stages of corporate simplifications, as stated in an
exchange filing, the next phase involves amalgamation with IDFC First Bank Limited.
Outcomes of the merger:
i. The merger will lead to simplification of the corporate structure of IDFC HFCL, IDFC Ltd, and IDFC First Bank
by consolidating them into a single entity and will help streamline the regulatory compliances of the previous
entities.
ii. This will also support the creation of an institution with diversified public and institutional shareholders
with no promoter holding.
iii. As a result of the proposed merger, the standalone book value per share of the IDFC First bank would
increase by 4.9% as calculated on audited financials as of March 31, 2023.
Additional Info:
As per RBI’s licensing rules on February 22, 2013, IDFC as a promoter was required to hold a minimum of 40%
equity in the bank for 5 years till September 30, 2020. Since then, IDFC got approval from RBI to merge IDFC
and its holding company (IDFC HFCL) with the bank.

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Flipkart with Axis Bank Launches Personal Loans to Attract New Customers
In collaboration with Axis Bank, Flipkart, the leading e-commerce company in India, has introduced a personal
loan service accessible through Flipkart’s app. This loan facility allows individuals to obtain up to Rs 5 lakh,
with a remarkable approval time of just 30 seconds and eliminates the need for document submission.
• By offering personal loans, Flipkart is hoping to attract new customers who may be unable to afford
large purchases outright.
• Expanding on the financing options available to customers alleviates the immediate burden of large
purchases, encouraging higher transaction volumes and fostering customer loyalty & trust
Other services :
i. In addition to personal loans, Flipkart also offers a “buy now, pay later” option, EMI payments, and a co-
branded credit card.
• This move gives Flipkart a competitive advantage in the long run, as more and more Indians turn to
online shopping and financial services.
About Axis Bank:
Managing Director (MD) & Chief Executive Officer (CEO) – Amitabh Chaudhry
Headquarters – Mumbai, Maharashtra
Established in – 1993 (begun operations in 1994)
Tagline – Badhti ka Naam Zindagi
About Flipkart:
Chief executive Officer (CEO) – Kalyan Krishnamurthy
Headquarters – Bengaluru, Karnataka
Established in – 2007

UNCTAD’s World Investment Report 2023: India and ASEAN top recipients of FDI
According to the United Nations Conference on Trade and Development (UNCTAD)’s “World Investment
Report 2023(WIR 2023): Investing in Sustainable Energy for All”, Foreign Direct Investment(FDI) in Asia’s
developing countries remained unchanged at USD 662 billion and India and Association of Southeast Asian
Nations (ASEAN) were the top recipients , with an increase of 10% and 5% respectively.
Asia accounted for more than 50% of the global FDI.
• The FDI increase in developing countries was unevenly shared and much of the growth was
concentrated in a few large emerging economies.
• India was among the five economies that accounted for almost 80 percent of the FDI flows to the
region. The four other economies were China, Singapore, Hong Kong(China) and the United Arab
Emirates(UAE).
• In South Asia, foreign direct investment (FDI) into India increased by 10 percent, reaching USD 49
billion. This rise in FDI made India the third-largest host country for greenfield project
announcements, and the second-largest for international project finance deals.Singapore was the
largest recipient of FDI in Southeast Asia region.
Key Points:
i.The 2023 report stated that the global flow of FDI declined by 12% to USD 1.3 trillion in 2022.
ii.The United States of America(USA) topped the list of top 20 host economies (FDI inflow) for 2022 with USD
285 billion. For the USA, FDI flow declined by 26% compared to 2021.
• In 2022, FDI flows to developed countries as a group fell by 37% largely in Europe and North
America.
iii.China, the 2nd largest FDI recipient in the world, witnessed an increase of 5%.
iv.In the Gulf region, the FDI declined but the number of project announcements increased by two third.
v.The FDI inflow was stagnant in several developing countries and the FDI to the least developed countries
(LDCs) also declined during the period.

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vi.It is noted that FDI inflow in developing countries were comparatively higher than the FDI inflow in the
developed economies.
Findings of the Report:
i.WIR 2023 revealed that the annual investment deficit is widening in the developing countries as they work to
achieve the Sustainable Development Goals (SDGs) by 2030. The largest gaps are in energy, water and
transport infrastructure.
• The gap is now about USD 4 trillion per year, increased from USD 2.5 trillion in 2015.
ii.WIR 2023 calls for urgent support to developing countries to enable them to attract significantly more
investment for their transition to clean energy.
iii.The report also proposed a compact setting out priority actions, ranging from financing mechanisms to
investment policies, to ensure sustainable energy for all.
About World Investment Report 2023
i.World Investment Report 2023 provides the latest trends in global foreign direct investment, greenfield
investment projects, and international project finance.
ii.This report also includes a key review of investment needs at the midpoint of the 2030 Agenda for
Sustainable Development.
The report features,
• Analysis of the trends in FDI during 2022, with especial emphasis on the development implications.
• Ranking of the largest transnational corporations in the world.
• In-depth analysis of a selected topic related to FDI.
• Policy analysis and recommendations.
• Statistical annex with data on FDI flows and stocks at the country level.
Recent Related News:
According to the State of World Population (SOWP) 2023 titled “8 Billion Lives, Infinite Possibilities: the case
for Rights and Choices” published by the United Nations Population Fund (UNFPA), India overtakes China to
become the most populous nation in the world, the population of India has grown by 1.56% in the past year
and it is estimated to be 142.86 crore.
About United Nations Conference on Trade and Development (UNCTAD):
UNCTAD is an intergovernmental organization which promotes the interests of developing countries in world
trade.
Secretary-General– Rebeca Grynspan
Headquarters– Geneva, Switzerland

PhonePe Launched One Stop POS Solution for its Merchants

On 6th July 2023, PhonePe launched its Point-of-sale (POS) device that enables merchants to accept payments
through Debit Cards, Credit Cards and UPI, with a simplified settlement experience.
• The device comes preloaded with the PhonePe POS App and supports transactions through
tap/swipe/dip and interoperable dynamic QR (Quick Response) codes.
• The POS device, built on the Android platform, can be accessed in areas of cellular coverage.
• Reliable and security being its top features, it has PCI-PTS 6(Payment Card Industry-PIN
Transaction Security) certification safeguarding both merchant and consumer data.

LIC Reduces 2% Stake in India Cements Through Open Market Transactions

Life Insurance Corp (LIC),Indian state-owned insurance group and investment company has reduced its stake
by 2% in India Cements Ltd from 5.87% to 3.83%. The reduction has taken place between November 2017 and
July 2023 through open market transactions.
• Post the sale of 63.28 lakh share, LIC currently holds 1.19 crore shares of India Cements.

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Note: India Cements currently runs eight integrated plants and two grinding units across India, with a total
cement production capacity of around 15.5Mta (million tons per annum).

Bajaj Allianz Life Insurance Wins Insurer Innovation Award 2023 at the World’s Digital
Insurance Awards
Bajaj Allianz Life Insurance Co. Ltd, has won the Insurer Innovation Award 2023 for the Asia Pacific(APAC)
region at The World’s Digital Insurance Awards . The award was presented to recognise Bajaj Allianz Life’s
ground-breaking WhatsApp Conversational Platform which empower customers to digitally service their
policies.
• TDI – The Digital Insurer, hosted the 8th edition of the World’s Digital Insurance Awards to
showcase some of the most innovative projects in the insurance industry.
The WhatsApp Conversational Platform:
Bajaj Allianz Life Insurance developed an customer BOT to self-serve and resolve queries while also offering
real-time human live agent support to its sales and distribution channels as well as employees.
i.In the last 3 years, 86% of Bajaj Allianz Life’s active customer base has opted for WhatsApp servicing.
ii.12% of total service transaction volumes are handled by the WhatsApp Business Platform.
iii.2.4 lac customers interact with the BOT monthly to fulfill their policy requirements.
About Bajaj Allianz Life Insurance:
i.Bajaj Allianz Life Insurance is one of India’s leading private life insurers began its operations from August
2001. It is headquartered in Pune, Maharashtra.
ii.It is a joint venture between Bajaj Finserv Limited, a non-banking financial institutions in India, and Allianz
SE, world’s leading global insurer and asset manager.

DoT Secretary K Rajaraman IAS Replaces Injeti Srinivas as Chairman of IFSCA

According to the notification released by The Department of Economic Affairs (DEA) under Ministry of Finance,
The Department of Telecommunications secretary and 1989-batch IAS officer of the Tamil Nadu
Cadre, K Rajaraman will be the next chairman of the International Financial Services Centres Authority
(IFSCA).
• He will be replacing Injeti Srinivas, the first chairperson of IFSCA (which acts as a unified authority
for the development and regulation of financial products, financial services and financial
institutions) appointed in 2020.
• Rajaraman is expected to join the IFSCA in the month of August 2023.
• His tenure will be for three years from the date of his assumption of charge of the post, or till
attaining the age of 65 years, or until further orders, whichever is the earliest.
• As per the IFSCA (salary, allowance, and other terms and conditions of service of chairperson
and members) Rules 2020, the proposal put forth by the Department of Economic Affairs to
appoint K Rajaraman, IAS, as the Chairperson of IFSCA has been approved by the Appointments
Committee of the Cabinet(ACC).
About K Rajaraman:
i. In October 2021, he assumed charge as the Telecom Secretary. He successfully conducted first-ever fifth
generation or 5G auction, with the government fetching more than Rs 1.5 lakh crore.
ii. He is also considered as a driving force behind the recently-launched Bharat 6G Alliance and in rolling out
Bharat Sanchar Nigam Limited (BSNL) 4G network
About International Financial Services Centres Authority(IFSCA):
Headquarters – Gandhinagar, Gujarat.
Established in – 2020
Established under – International Financial Services Centres Authority Act, 2019

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Ministry of Finance amends Small Saving Rules, allows NRIs as Nominees
The Ministry of Finance has amended the Government Savings Promotion General Rules, 2018 with
Government Savings Promotion General (Second Amendment) Rules, 2023, under which the Non-resident
Indians (NRIs) are made eligible to be nominated as nominee for government saving schemes.
• This is on the condition that payment to such nominee/s shall be on non-repatriation basis.
• This amendment has been added as sub-rule (9) in the principal rules, in rule 14, after sub-rule (8).
• The new rule indicates that the money needs to utilised in India.
Key Points:
i.The rule covers various schemes under the Government Savings Promotion Act, 1873, such as Public
Provident Fund (PPF), National Savings Certificate (NSC), Sukanya Samriddhi Yojana (SSY), Senior Citizens
Savings Scheme (SCSS), Mahila Samman Savings Certificate Scheme (MSSC), Post Office Time Deposits,
Kisan Vikas Patra (KVP), and Post Office Monthly Income Scheme.
ii.This amendment benefits NRIs by allowing them to invest in small saving schemes and addresses issues
related to their nomination.
iii.Another amendment allows for converting a joint account into a single account upon the death of an account
holder. Previously, this conversion was not allowed.
iv.Changes have been made to payment norms for the death of a depositor. For amounts up to Rs 5 lakh
without a nominee, specific documents must be provided within six months. In the absence of relevant
documents, the rightful claimant will be required to fill out Form 11.
• For amounts exceeding Rs 5 lakh, payment is based on the will or letter of succession, along with
other necessary documents.
v.Another Key Amendments include Changes to name/surname, Accounts on the names of minors, etc. Click
Here for Official full list of Amendments

Bajaj Allianz General Insurance sets Guinness World Records title at the first-ever General
Insurance Festival of India
On 3rd July 2023, Bajaj Allianz General Insurance Company (BAGIC), one of the leading private general insurers
of India, hosted the first-ever General Insurance Festival of India (GIFI) in Pune, Maharashtra, which officially
set a new Guinness World Records achievements for the largest attendance for an insurance conference.
There was a record turnout of 5235 attendees who contributed to creating history in the insurance
industry worldwide. This record-breaking achievement was announced at the main event of GIFI.
As a part of GIFI, Bajaj has established the GIFI Awards in India to recognise the top-ranked health and general
insurance advisors across the insurance industry.
Highlights:
i. GIFI started with the idea of creating a platform that brings together the best in the general insurance
industry and celebrates the industry’s contribution towards society’s well-being.
ii. The event included a remarkable performance by the comedian Sunil Grover and a musical performance by
the music composer Pritam among other spectacular performances.
iii. The event had various attractions like an automobile zone featuring manufacturers like Porsche, McLaren
Automotive, and Lamborghini.
Key People:
The event was graced by Sanjiv Bajaj, Chairman and Managing Director (CMD), Bajaj Finserv; Charu Kaushal –
Chief Executive Officer (CEO), Allianz Partners India and other eminent industry representatives.
GIFI Awards announced the top-ranked health and general insurance advisors across the insurance
industry
During GIFI, Bajaj Allianz General Insurance announced the winners and runners of the health and general
insurance advisors across the insurance industry.

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 • Based on a strict assessment process conducted by an independent process reviewer and a third-
party panel of judges, the company announced and honoured winners and runners-up for each
category at the GIFI.
• The judging panel for the GIFI Awards are Dr. S Prakash, MD of Star Health Insurance, Alice G
Vaidyan, former chairman and MD of General Insurance Corporation of India, and Nilesh Sathe,
Former Member of IRDAI.
Winners and Runners-up of the GIFI awards:
S.No Category Winner Runner
Best Health Insurance Advisor Mayank Chander Kothari Shakeel Ahmed (Mumbai,
1 of India (Ahmedabad, Gujarat) Maharashtra)
Best Motor Insurance Advisor Shiv Kumar Gupta (Varanasi, Uttar
2 in India Pradesh) Gaurav Sharma (Delhi)
Best Property Insurance Priyadarshini Sheshadri (Bengaluru, Bipin Kumar Patel (Mehsana,
3 Advisor in India Karnataka) Gujarat)
Best Multiline Insurance Prashant Shah (Mumbai,
4 Advisor in India Maharashtra) Charu Bharti (Delhi)
Best Woman Insurance Advisor Priti Sameer Shah (Mumbai,
5 in India Maharashtra) Karishma Chhabra (Delhi)

3 Multilateral Development Banks Have Pledged upto USD 27 bn for India’s Green Growth
During the International Conference on Green Hydrogen (ICGH-2023), three Multilateral Development Banks,
the European Investment Bank (EIB), the Asian Development Bank (ADB) and the World Bank have
contributed USD 27 billion for India’s Green Growth.
The funding allotment:
• The EIB has pledged Euro(€) 1 billion to develop a large-scale hydrogen industry hub
• The ADB intends to provide USD 20-25 billion over 5 years to support India’s green growth
• The World Bank approved USD 1.5 billion to aid India’s low-carbon transition journey.
International Conference on Green Hydrogen (ICGH-2023):
The 3 days ICGH-2023 held between 5th-7th July 2023 at Vigyan Bhawan, New Delhi, Delhi inaugurated by R. K.
Singh the Union Minister for Power and New and Renewable Energy (MNRE).
• The event was organised by MNRE, in partnership with the Ministry of Petroleum and Natural Gas,
the Council of Scientific and Industrial Research (CSIR) and the office of principal scientific advisor
to the Government of India.
• The conference held discussions in line with the objectives of India’s National Green Hydrogen
Mission to help achieve India’s target of Net Zero by the year 2070.
India towards Green Hydrogen:
i.India ranked 4th globally in terms of installed renewable energy capacity and achieving cost-effective solar
and wind power generation.
ii.With the recent launch of the National Green Hydrogen Mission the Government of India showcased its
dedication to ramping up green hydrogen production and aligning with global trends.
iii.The country also has many advantages on the renewable energy front due to its abundant solar energy,
investments in the power grid, favorable climate, sufficient resources, and strong supply chain for green
hydrogen production.
iv.The public sector units (PSUs) have set a target to produce over one million metric tonnes (MMT) of green
hydrogen by 2030 to facilitate the transition to a green hydrogen economy.
v.The government aims to promote the uptake of green hydrogen in refineries and city gas distribution (CGD)
through both public and private sector entities, phasing out fossil fuels and aiding decarbonisation efforts.

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About World Bank:
President- Ajay Banga
Headquarters– Washington, D.C. United States of America(USA)
Established- 1944

IDFC FIRST Bank, Club Vistara, & Mastercard has Introduced Travel Credit Card
IDFC FIRST Bank Ltd has collaborated with Club Vistara and Mastercard to introduce a travel credit card that
aims to enhance travel experiences and lifestyle-related offers to cardholders.
• The new card will provide banking services with travel incentives.
Features and Benefits:
i.The rewards structure is based on Club Vistara Points, with accelerated points for different spending
categories.
ii.Cardholders can receive Club Vistara Points, lounge benefits, birthday benefits, annual rewards, golf benefits,
and cover for canceled flight and hotel bookings.
iii.The joining benefits include a free Premium Economy flight ticket along with an upgrade voucher.
iv.The card offers CFAR(Cancel For Any Reason) Insurance, providing coverage for non-refundable
components of travel bookings.
v.The card offers tiered annual rewards based on cumulative annual spending. Cardholders who spend more
than Rs.1,50,000, Rs.3,00,000, Rs.4,50,000, Rs.9,00,000, or Rs.12,00,000 will unlock additional Premium
Economy Class tickets as a reward.
Additional info:
IDFC FIRST Bank– a bank founded by the merger of Capital First and IDFC Bank in December 2018.
Club Vistara– TATA SIA Airlines Limited, known by the brand name Vistara, is a 51:49 joint venture between
Tata Sons Private Limited and Singapore Airlines Limited (SIA).
MasterCard– a worldwide association of banks and financial institutions.
About IDFC FIRST Bank Ltd:
Managing Director(MD) & Chief executive officer(CEO)- V. Vaidyanathan
Headquarters- Mumbai, Maharashtra
Established- 2018

Citi Commercial Bank launches ‘CitiDirect Commercial Banking’ for Enhanced Digital Banking
Service
In a strategic move to meet the evolving global needs of their clients and to provide them with a truly digital
experience, Citi Commercial Bank (CCB) has unveiled a new platform called CitiDirect Commercial
Banking in the United States of America(USA).
i. By integrating the services such as banking relationships, spanning cash management, loans, trade, foreign
exchange (FX), servicing, and onboarding into a single platform, CCB aims to simplify and enhance the banking
experience for its commercial clients.
ii. Though this facility is available in the USA, CCB plans to introduce it across key global financial centres
including Hong Kong, India, Singapore, and the U.K in the second half of 2023.
iii. Clients can also digitally open accounts and request new products and services.
About Citi Commercial Bank:
Global Head – Tasnim Ghiawadwala
Headquarters – NewYork, United States of America (USA)
Established in – 1812

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Highlights of 50th meeting of GST Council held in New Delhi
On July 11, 2023, the 50th meeting of the Goods and Services Tax (GST) Council was held in New Delhi, Delhi
under the chairpersonship of Union Minister Nirmala Sitharaman, Ministry of Finance.
Matters Covered during the 50th GST Council meeting
i.Rate decisions taken on goods and services, as well as clarifications issued and rate regularizations
undertaken.
ii.Recommendations of various Group of Ministers (GoMs) were discussed.
iii.Clarification on compensation cess dues have been paid to the states that have submitted AG-certified
claims, and the states yet to submit their AG certificates will also be settled on submission of the same.
GST Council Meeting: The 50th milestone
i.To mark the milestone of 50th meeting of the GST Council, Union Minister Nirmala Sitharaman(Chairperson)
released a short video film titled ‘GST Council- 50 steps towards a journey’ in the presence of the Members of
the Council.
• The film showcases the evolution of the GST Council and is available in Hindi, English, and 11
regional languages.
ii.To commemorate this milestone, the Chief Post Master General (CPMG), Delhi, presented the Chairperson and
Members of the Council with a Special Cover and customised ‘My Stamp’.
Recommendations- The Key Part
The following are the recommendations relating to changes in GST tax rates, measures for facilitation of trade
and measures for streamlining compliances in GST were made:
Changes in GST Tax Rates:
I.Recommendations relating to GST rates on Goods
A.Changes in GST Rates of Goods:
The GST on snack pellets, the semi-finished ingredient that is used to manufacture snacking products is
decreased to 5% from 18%. This includes uncooked, unfried and extruded snack palettes.
• There will regularize payment of GST on uncooked /unfried snack pellets during the past period on
‘as is basis’.
B.Others Changes related to Goods:
i. Integrated Goods and Services Tax (IGST) exemption on imported Dinutuximab (Quarziba), a rare cancer
drug, for personal use.
ii.IGST exemption on medicines and Food for Special Medical Purposes (FSMP) for rare diseases enlisted under
the National Policy for Rare Diseases, 2021 when imported for personal use or by Centers of Excellence.
iii.Taxable reverse charge mechanism for supply of raw cotton by agriculturists to cooperatives.
iv.GST reduction on imitation zari thread or yarn from 12% to 5% and regularization of past GST payments on
‘as is basis’.
v.Inclusion of utility vehicles meeting specified parameters in compensation cess notification by amending its
entry 52B.
• These parameters are Length exceeding 4000 mm, Engine capacity exceeding 1500 cc and having
Ground Clearance of 170 mm & above and to clarify by way of explanation that ‘Ground clearance’
means Ground Clearance in un-laden condition.
vi.GST rate reduction on LD (Linz-Donawitz) slag from 18% to 5% for better utilization and environmental
protection.
vii.Regularization of trauma, spine, and arthroplasty implant matters prior to July 18, 2022 on ‘as is basis’.
viii.GST reduction on fish soluble paste from 18% to 5% and regularization of past GST payments on ‘as is
basis.
ix.Regularization of dessicated coconut matters from July 1, 2017 to July 27, 2017 on ‘as is basis’.
x.Notification of earlier ad valorem rate for pan masala, tobacco products, etc., for levy of Compensation Cess.
xi.Inclusion of RBL Bank and ICBC Bank in the list of specified banks for IGST exemption on gold, silver, or
platinum imports.

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 • Updation of the list of banks /entities eligible for such IGST exemption as per Annexure 4B (HBP) of
Foreign Trade Policy 2023.
xii.Consequential changes in notifications as per new Foreign Trade Policy 2023.
xiii.Regularization of GST issues on plates and cups made of areca leaves prior to October 1, 2019.
xiv.Regularization of GST issues on biomass briquettes from July 1, 2017 to October 12, 2017.
II.Recommendations relating to GST rates on Services
A.Changes in GST rates of services
GST exemption on satellite launch services supplied by Indian Space Research Organisation (ISRO), Antrix
Corporation Limited and New Space India Limited (NSIL) may be extended to similar services supplied by
organizations in the private sector.
B.Other changes relating to Services
i.Goods Transport Agencies (GTA) no longer need to file annual declarations for paying GST under forward
charge. If they choose this option for a specific financial year, it will automatically apply for future years unless
they choose to revert to reverse charge mechanism (RCM).
ii.The deadline for GTAs to exercise the option for paying GST under forward charge is moved to 31st March of
the previous financial year, starting from 1st January of the same year.
iii.Services provided by a director to a company in their personal capacity, like renting immovable property,
are not taxable under RCM.
iv.Food and beverages supplied in cinema halls are taxed as restaurant services if they are provided as part of a
service and separately from the cinema exhibition service.
• When cinema tickets and food/beverages are bundled as a composite supply, the entire supply is
taxed at the rate applicable to the cinema exhibition service.
III.Second Report of Group of Ministers (GoM) on Casinos, Race Courses and Online Gaming
According to the GST council, a uniform tax rate of 28% will be applied to Casino, Horse Racing, and Online
gaming. The tax will be based on the face value of purchased chips for casinos, on the full value of bets placed
with bookmakers/totalisators for horse racing, and on the full value of bets placed for online gaming.
Background:
A GoM was formed to address taxation on casinos, horse racing, and online gaming. They submitted two reports
(initial report in June 2022 during the 47th GST Council meeting and secondly before 50th GST meet), but no
consensus was reached on tax rates. Then the final decision of 28% tax rate was made by the GST Council.
Measures for Facilitation of Trade:
i.Goods and Services Tax Appellate Tribunal (Appointment and Conditions of Service of President and
Members) Rules, 2023:
• The Council recommended the rules for appointing the President and Members of the proposed GST
Appellate Tribunal to ensure its smooth establishment and functioning.
• Notification of Finance Act, 2023: The Council suggested that the provisions related to the GST
Appellate Tribunal in the Finance Act, 2023 be notified by the Centre, w.e.f. August 1, 2023, allowing
for the Tribunal’s prompt implementation.
• Nomination of Chief Secretary of Maharashtra: The Council recommended the nomination of the
Chief Secretary of Maharashtra as a member of the Search cum Selection committee, as per Section
110(4)(b)(iii) of the CGST Act, 2017.
• Phased Establishment of State Benches: The Council decided to establish State Benches of the GST
Appellate Tribunal gradually, in a phased manner.
ii.Annual Returns for FY 2022-23: The Council recommended continuing the relaxations provided in FY
2021-22 for various tables of FORM GSTR-9 and FORM GSTR-9C. Additionally, to ease compliance for smaller
taxpayers, the exemption from filing annual returns (FORM GSTR-9/9A) will be extended for FY 2022-23 for
taxpayers with an aggregate annual turnover up to Rs 2 crore.
iii.To ease compliance burden of the taxpayers, clause (f) of rule 46 of CGST Rules, 2017 amended to provide
for requirement of only name of the State of the recipient, and not the name and full address of the recipient, on

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the tax invoice in cases of supply of taxable services by or through an Electronic Commerce Operator (ECO) or
by a supplier of OIDAR (Online Information Database Access and Retrieval) services to an unregistered
recipient.
iv.Special procedure to be provided under section 148 of CGST Act, 2017 to enable manual filing of appeal
against the orders passed by proper officers in respect of TRAN-1/ TRAN-2 claims of the registered persons,
filed in pursuance of the directions of Hon’ble Supreme Court in case of the Union of India v/s Filco Trade
Centre Pvt. Ltd.
• Rule 108(1) and rule 109(1) of CGST Rules, 2017 to be amended to provide for manual filing of
appeal under certain specified circumstances.
v.Council recommended to extend the amnesty schemes regarding non-filers of FORM GSTR-4, FORM GSTR-9 &
FORM GSTR-10 returns, revocation of cancellation of registration and deemed withdrawal of assessment
orders issued under Section 62 of CGST Act, 2017, till August 31, 2023.
vi.ISD Mechanism Clarification: The Council recommended clarifying the Input Service Distributor (ISD)
mechanism. It proposed that the distribution of input tax credit for common input services from third parties to
distinct entities should not be mandatory as per current GST provisions. However, a prospective amendment to
the GST law may be introduced to make the ISD mechanism mandatory for such common input services.
Measures for streamlining compliances in GST:
i.The Council has recommended to insert rule 138F in CGST Rules, 2017, as well as in SGST Rules, 2017 of the
States, who want to mandate the requirement of generation of e-way bills for intra-State movement of gold and
precious stones under Chapter 71 within their States.
ii.There will be issuance of notification under section 148 of CGST Act, 2017 prescribing a special procedure to
be followed by the manufacturers of tobacco, pan masala & other similar items inter alia for registration of
machines and for filing of special monthly returns;
iii.There will be insertion of section 122A in CGST Act, 2017 providing for special penalty for non-registration
of machines by such manufacturers;
iv.Provisions of section 123 of Finance Act, 2021, amending section 16 of IGST Act, to be notified with effect
from October 1, 2023.
v.Notification to be issued under section 16(4) of IGST Act. 2017 to provide for restriction of IGST refund route
in respect of exports of tobacco, pan masala & other similar items, and mentha oil.
vi.The Council amendments in CGST Rules, 2017 to strengthen the registration process and to effectively deal
with the menace of fake and fraudulent registrations in GST.
Check Full amendments Here
vii.Mechanism for ITC Differences (FORM GSTR-2B and FORM GSTR-3B): The Council recommended a system-
based intimation to taxpayers regarding excess ITC claimed in FORM GSTR-3B compared to FORM GSTR-2B
above a specified threshold.
• Taxpayers will have an auto-compliance procedure to explain the reasons or rectify the difference.
Rule 88D and FORM DRC-01C will be added to the CGST Rules, 2017, along with an amendment in
rule 59(6) to minimize ITC mismatches and prevent misuse of the ITC facility in GST.
vii.Pilot to be conducted in Puducherry for risk-based biometric-based Aadhaar authentication of
registration applicants. Following the system’s readiness test in Gujarat and Puducherry, Andhra Pradesh is set
to join the pilot.
viii.The GST Council has recommended to form a State level coordination Committee comprising of GST
officers from both State and Central GST administrations for knowledge sharing on GST matters and
coordinated efforts towards administrative and preventive measures.
ix.The council also discussed about the 2nd interim report of the Group of Ministers (GoM) on IT System
Reforms.
• GoM has recommended the measures to reduce frauds in GST through System based measures for
strengthening registration process in GST, more use of third-party data for risk management and
controlling flow of fake Input Tax Credit down the supply chain.

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Manoj Ahuja Launched BHARAT Campaign for Mobilization of Funds Through Banks
On 12th July 2023, Manoj Ahuja, Secretary, Ministry of Agriculture & Farmers Welfare(MoA&FW), virtually
launched a new campaign for banks under Agriculture Infrastructure Fund (AIF) titled BHARAT (Banks
Heralding Accelerated Rural & Agriculture Transformation) to mobilize funds from banks
The 1 month long campaign, which will run from 15th July 2023 to 15th August 2023, was launched with a
target of Rs 7200 crore.
Key People:
The video conference was attended by banking executives of commercial Banks in the public and private sector,
Regional Rural Banks(RRBs), Small Finance Banks(SFB), Non-Banking Financial Companies (NBFC) and select
cooperative Banks.
Key Points:
i.The banks support to this scheme has created 31, 850 agriculture infrastructure projects with Rs 24750
crores as loan under AIF with an outlay of Rs 42,000 crores.
ii.Some of the top-performing Banks in the scheme include State Bank of India (SBI), Canara Bank, Punjab
National Bank (PNB), HDFC, Kotak Mahindra Bank, Madhya Pradesh Gramin Bank, Madhyanchal Gramin Bank
and Punjab Gramin Bank (PGB).
MoA&FW asks banks to promote Rs 1 Lakh Crore AIF
On 13th July 2023, the Ministry of Agriculture called upon the banks to promote Rs 1 lakh crore AIF for creation
of necessary infrastructure in the farm sector.
• Under this scheme, Rs 1 lakh crore is to be disbursed by financial year 2025-26 and the interest
subvention and credit guarantee assistance will be given till the year 2032-33.
About Agriculture Infrastructure Fund (AIF):
It is a financing facility launched on 8th July 2020, for creation of post-harvest management infrastructure and
community farm assets.
The scheme disburses Rs 1 lakh crore by financial year 2025-26 and the interest subvention and credit
guarantee assistance will be given till the year 2032-33.

UN Report: Global public debt hit record USD 92 trillion in 2022

On 12th July 2023, Antonio Guterres, the United Nations secretary-general (UNSG) launched “A world of debt.
A growing burden to global prosperity”, a new report from the UN global crisis response group and as per
the report nearly 40% of the developing countries in the World is in serious debt, as public debt reached a
record USD 92 trillion in 2022, which is five-fold since 2000.
• According to the report the Governments borrowed to country crises on development include the
COVID-19 pandemic, the cost-of-living crisis, and climate change.
• Some 3.3 billion people, almost half of humanity living in countries that spend more on debt interest
payments than on education or health.
• The report was jointly prepared by the UN Global Crisis Response Group, the United Nations
Conference on Trade and Development (UNCTAD), and the five United Nations Regional Economic
Commissions.
Developing Countries and Debt Burden:
i. Domestic and external debt worldwide has increased more than five times in the last two decades,
outstripping the rate of economic growth, with gross domestic product (GDP), which tripled at the same time
since 2002.
ii. Developing countries owe almost 30% of the total, of which roughly 70% is attributable to China, India and
Brazil.
iii. 59 developing countries are struggling a debt-to-GDP ratio above 60% – a threshold indicating high levels of
debt.Developing countries’ total public debt increased from 35% of GDP in 2010 to 60% in 2021. Similarly,
external public debt, the part of a government’s debt owed to foreign creditors, increased from 19% of GDP to
29% of GDP in 2021.

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iv. The report also added that debt has been translating into a substantial burden for developing countries due
to limited access to financing, rising borrowing costs, currency devaluations and sluggish growth.
v. The net interest debt payments exceeding 10% of revenues for 50 emerging economies worldwide.
vi. Private creditors, such as bondholders and banks, represent 62% of developing countries’ total external
public debt.
vii. African countries on average, pay 4 times more for borrowing than the United States of America (USA) and
8 times more than the wealthiest European countries.
Controlling measures:
i. As per UN, multilateral lenders should expand their financing, with measures such as a temporary suspension
of International Monetary Fund (IMF) surcharges, commissions charged to borrowers using its credit lines
extensively and increased financing access for countries in debt distress.
ii. A debt workout mechanism is also needed to address the slow progress of the G20 Common Framework.
• The debt treatment framework was adopted by the Group of 20 major economies and official
creditors in October 2020, and aims to include non-Paris club members such as China in debt relief.

Razorpay India launches first International payment gateway through Curlec in Malaysia
On 12 July 2023, Razorpay, a prominent Indian Full-Stack Payments and Business Banking Platform, unveiled
its first international Payment Gateway in Malaysia, in collaboration with Curlec, under the brand ‘Curlec By
Razorpay’ with the aims to bridge the gap between local and international payment gateways.
Key Points:
• Payment Gateway intends to cater to over 5,000 businesses, with a target of achieving an annualised
Gross Transaction Value (GTV) of Malaysian Ringgit 10 billion (USD 2.1 billion) by 2025.
• Razorpay bought the Malaysian startup Curlec in a USD($)20 Million deal in February, 2022.
Additional Info:
• Collaboration was driven by a shared vision to develop products that cater to the needs of the South
East Asian(SEA) region.
• Razorpay is eager to capitalise on Malaysia’s growing digital economy, as digital trade contributed
22.6% to the country’s total Gross Domestic product (GDP) in 2021, with an expected rise to 25.5%
by 2025.
• In May 2023, Razorpay launched ‘Turbo UPI’ – a one-step payment solution for the UPI network.
• In the last week of April 2023, it joined India’s Open Network for Digital Commerce
(ONDC) platform to streamline payment processes.
• Razorpay has roped in former RBI deputy governor NS Vishwanathan as the chairperson of the new
advisory board in April 2023..
About Razorpay India:
Founder & Managing Director(MD)- Harshil Mathur and Shashank Kumar
Headquarters – Bangalore, Karnataka
Established in – 2014

Max Life Insurance partnered with DCB Bank to offer insurance products
Max Life Insurance Company Ltd partnered with DCB Bank Ltd to offer different types of life insurance
products to the DCB bank customers including Term, Savings and Retirement Plans to secure their financial
future and increase their investment portfolio.
• The partnership aims to empower DCB Bank’s customers by providing them with innovative and
flexible life insurance products that cater to their needs.
• Under this partnership, DCB Bank customers will get access to Max Life’s protection and long-term
savings products, providing financial stability for themselves and their family.
Note: DCB Bank is a new-generation private sector bank with 427 branches (as on 31st March 2023) across
India.

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SEBI mandates Certification for ESG rating providers within 6 months; Tightens Disclosure
Norms for Listed Firms
The Securities and Exchange Board of India (SEBI) has mandated that all entities providing ESG
(Environmental, Social, Governance) rating services to Indian entities to get a certification from it within 6
months w.e.f. July 3, 2023.
• A person acting as an ESG rating may continue to do so for a period of six months from the date of
this regulation coming into force.
This information by SEBI is issued in exercise of the powers conferred by Section 11 (1) of
SEBI Act, 1992 read with the provisions of Regulation 20 of SEBI (Credit Rating Agencies) Regulations,
1999, to protect the interest of investors and to regulate the securities market.
Key Points:
i.To render their ESG rating services, institutions will have to be incorporated as a company under the
Companies Act, 2013, with ESG marked as the main object under their Memorandum of Association (MoA).
ii.That institution will have to disclose their methodologies for all ratings on their website, and declare the
weightage given to all ESG factors in the final score.
iii.Foreign entities too will have to attain certification from the SEBI. The foreign ESG rating provider will need
a minimum of 5 years of relevant experience before they can render services to Indian businesses.
iv.This new provision will led to transparency and reasoning, and help in minimizing biases as Indian
companies tend to get worse ratings compared to their European counterparts without complete and proper
explanation
Note: ESG Rating Providers are regulated under the provisions of SEBI
(Credit Rating Agencies) Regulations, 1999 (CRAR Regulations as amended with effect from
July 4, 2023) that inter-alia prescribe guidelines for registration of ERPs, general obligations of
ERPs, manner of inspection and code of conduct applicable to ERPs.
Click Here for Official Circular
SEBI tightens disclosure norms for listed firms
SEBI has also tightened the disclosure norms for listed companies with strict timelines and introduced criteria
for determining the materiality of events w.e.f. July 15, 2023.
• This information by SEBI
is issued in exercise of the powers conferred under sections 11(1) and 11A of the SEBI Act,
1992 and regulation 101 of SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015/LODR Regulations, 2015.
What is under the new framework?
i.Listed companies must reveal family settlement agreements that can affect their management and control to
stock exchanges. If the listed entity is involved in the agreement, it must be disclosed within 12 hours, and if it’s
not involved, within 24 hours.
ii.Disclosure time for important events or information, such as acquisitions, Scheme of Arrangement, share
consolidation, and securities buyback, has been reduced from 24 hours to 12 hours.
iii.Decisions made in a board meeting must be disclosed within 30 minutes after the meeting ends.
iv.If the information doesn’t originate from the listed entity, it should be disclosed within 24 hours of the event.
v.In case a company’s board grants in-principle approval or permission to explore (which isn’t final approval),
it doesn’t need to be disclosed.
Click Here for Official Notification
Recent Related News:
i.SEBI decided to establish the Corporate Debt Market Development Fund (CDMDF) in the form of an
Alternative Investment Fund (AIF) with an initial corpus of Rs 3,000 crore to act as a backdrop facility for the
purchase of investment-grade corporate debt securities during times of stress.

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ii.Emkay Global Financial Services has received in-principle approval from the Investment Management
Department of the Securities and Exchange Board of India (SEBI) for sponsoring a Mutual Fund (MF) business
and incorporate an Asset Management Company (AMC).
About Securities Exchange Board of India (SEBI):
Chairperson -Madhabi Puri Buch
Headquarters – Mumbai, Maharashtra
Establishment – 12 April 1992

HDFC Bank becomes first to offer interoperability between CBDC and UPI
On 13 July 2023, HDFC(Housing Development Finance Corporation) Bank, the largest private sector lender in
India launched UPI QR code(Unified Payments Interface Quick Response code)interoperable with India’s
sovereign digital currency, Central Bank Digital Currency (CBDC).
• With this, HDFC Bank became the first bank in the country to complete the integration process
between UPI payment system and Digital currency.
• HDFC Bank will enable Digital Rupee payments in several cities, including Mumbai, Delhi,
Chandigarh, Bhubaneswar, Bengaluru, Ahmedabad, Guwahati, and Gangtok.
Benefits:
i .This feature will benefit customers as it enables them to transact using the funds available in their CBDC
wallet through UPI QR codes.
ii.Previously, HDFC Bank customers had to scan two separate QR codes for their CBDC wallet and UPI payment
respectively, causing inconvenience.
iii.The new single UPI QR code allows customers to make CBDC wallet payments with a single scan. Merchants
also benefited by displaying only one QR code.
About Central bank digital currency (CBDC):
A Central Bank Digital Currency (CBDC) or national digital currency, is the digital form of a country’s fiat
currency. Instead of printing paper currency or minting coins, the central bank issues electronic tokens. This
token value is backed by the full faith and credit of the government.
• Reserve Bank of India Act, 1934 was amended to launch CBDC.
• Referred to as e₹ (digital Rupee), CBDC can be classified into two broad types viz. general purpose
for retail (CBDC-R) and wholesale (CBDC-W).
• RBI has started a pilot on CDBC on the wholesale side on November 1, 2022. Retail testing started on
December 1, 2022.
About Unified Payment Interface(UPI):
• Developed by the National Payments Corporation of India (NPCI), UPI is a widely used mobile
payment system and most popular digital payment mode in the country that enables seamless and
cost-free transfer of funds between bank accounts.
• UPI was launched in 2016 by then Reserve Bank of India(RBI) Governor Raghuram G Rajan.
About HDFC(Housing Development Finance Corporation) Bank
Managing Director(MD) & Chief Executive Officer(CEO) – Sashidhar Jagdishan
Headquarters – Mumbai, Maharashtra
Established in – 1994
Tagline – We understand your world

PayU, AWS India & Chiratae Ventures partners to launch ‘inFINity’ – a Fintech Accelerator for
Early-Stage Start-Ups
On July 12, 2023, PayU Payments Private Limited(PayU), leading payments solution provider, in collaboration
with Amazon Web Services(AWS) India and Chiratae Ventures, a venture capital firm, launched a 45-day
fintech accelerator program called ‘inFINity’ for early-stage startups in India.

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Key Points:
i.The deadline to apply for the program is August 11, 2023. Selected applicants will be announced on August 17,
and the program will begin on August 31 with a three-day in-person boot camp in Bengaluru(Karnataka),
followed by four weeks of intensive online training.
ii.Startups applying for the program should either be self-funded or have raised less than $5 million in funding.
They should also be seeking Seed to Series A funding and have a minimum viable product (MVP) already
developed.
iii.The cohort will receive training and mentorship sessions, including access to PayU experts who will guide
them in scaling their business operations and expanding their customer base.
About PayU Payments Private Limited(PayU):
CEO of PayU India– Anirban Mukherjee
Headquarters– Gurugram, Haryana

Fincare Small Finance Bank launched “The Great Indian FD Fest” campaign
On 10th July 2023, Fincare Small Finance Bank Limited (FSFBL) launched its new multilingual Television
Commercial (TVC) campaign “The Great Indian Fixed Deposit (FD) Fest” to raise awareness about the bank’s
interest rate offering for all categories of customers and highlight the significance of fixed deposit (FD) as a
stable and long-term investment suitable for everyone. The media campaign features FSFBL’s Brand
Ambassador Grand Master (GM) Viswanathan Anand.
• Currently the bank is offering the highest interest rate of 9.11% for senior citizens on an investment
of as little as Rs 5000 for a tenure of 1000 days and 8.51% for general citizens.
• The Great Indian FD Fest campaign celebrates the spirit of financial empowerment and gives a
golden opportunity for every Indian to secure their financial future through FDs.

Bajaj Allianz Life launched ‘First Time Ever’ a Flexible and Rewarding Life Insurance Plan
Bajaj Allianz Life Insurance has launched a new life insurance plan called Bajaj Allianz Life ACE, a plan that is
non-linked, participating, and offers early-income benefits, empowering customers to customise their cash
flows. This is the first plan which allows such a customisation.
• Unique feature is that the plan offers an early or deferred income option, allowing customers to start
receiving income from the beginning of the policy or defer it for up to 5 years.
Key Features:
i. The plan offers the Goal Protection Benefit, ensuring that even in the unfortunate event of the
policyholder’s death, their family continues to receive the income throughout the policy term.
ii. The customers have the flexibility to choose between a higher income to generate additional cash flow, a
higher lump sum for creating a legacy, or a balance of both regular income and lump sum payouts.
Four product options:
1. Deferred Income: Customers receive income after the premium-payment term, with the flexibility
to delay its start for up to 5 years.
2. Early Income: Policyholders receive income from the first policy month or year after the deferment
period, along with cash bonuses (if declared) and guaranteed income.
3. Increasing Income: This option provides higher income after the premium-payment term,
combining guaranteed income and potential cash bonuses.
4. Wealth: Customers receive a lump sum amount at the end of the policy term, including the maturity
sum assured, accrued simple reversionary bonus and terminal bonus.
The death benefit is guaranteed to be at least 105% of total premiums paid, with the sum assured on death
being 11 times the annualized premium.
About Life Insurance:
Insurance serves as a protective measure against potential (financial) losses. The insurance industry comprises

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two main sectors: life insurance and general insurance. Life insurance pertains to the policyholder’s life, while
general insurance covers various other aspects.
• The introduction of life insurance in India can be attributed to British influence. In 1818, a British
company established the Oriental Life Insurance Company in Calcutta (now Kolkata).
About Bajaj Allianz Life:
A Joint Venture between Bajaj Finserv Limited and Allianz SE (world’s leading global insurer and asset
manager)
Managing Director(MD) & Chief Executive Officer(CEO) – Tarun Chugh
Headquarters – Pune, Maharashtra
Established in – 2001

IFSCA & BITS Pilani PIEDS Finxcelerator signed MoU to support FinTech & TechFin entities
On 13th July 2023, the International Financial Services Centers Authority (IFSCA) and Pilani Innovation &
Entrepreneurship Development Society (PIEDS), Birla Institute of Technology and Science
(BITS), Pilani (Rajasthan) signed a Memorandum of Understanding (MoU) at BITS Pilani PIEDS Finxcelerator,
Pilani Campus in Rajasthan.
• The MoU aims to set up a framework for cooperation and understanding between IFSCA and BITS
Pilani PIEDS Finxcelerator to collaborate in supporting and facilitating FinTech and TechFin entities.
• The MoU will enable cooperation and collaboration on diverse initiatives regarding FinTech.
Note:
• Finxcelerator is the joint initiative by the Reserve Bank Innovation Hub (RBiH) and PIEDS, BITS
Pilani.
• IFSCA is responsible for development and regulation of international financial services, including
that of the insurance sector, in the Indian Financial System Code (IFSC), which is treated as a
separate international financial jurisdiction, distinct from the rest of India.

Google Pay Introduced UPI LITE to Boost Small Value Transactions

On 13th July 2023, Google Pay introduced its Unified Payments Interface (UPI) LITE payment (on-device
wallet) feature to allow users to make small payments without entering the UPI personal identification number
(PIN).
• Using Google Pay’s UPI Lite, users can make payments of up to Rs(INR) 200 without the use of a UPI
PIN. Users maintain a balance of Rs 2000 (Maximum balance) in their UPI Lite wallet, which can be
loaded up to twice in a day and can spend up to a total of Rs 4000 within 24 hours.
• This is possible because the LITE account is linked to the user’s bank account but does not rely on
the issuing bank’s core banking system in real time.
Note: The UPI LITE support feature was launched by the Reserve Bank of India (RBI) along with the National
Payments Corporation of India (NPCI) in September 2022, and currently it is supported by 15 banks. Paytm,
PhonePe and BHIM(Bharat Interface for Money), have the UPI LITE feature already.

IRDAI appointed Tata AIG General Insurance as Lead insurer for Maharashtra
On 13th July 2023, The Insurance Regulatory and Development Authority of India (IRDAI) selected Tata AIG
General Insurance Company Limited as the lead non-life insurer for the State of Maharashtra to
collaborate with all other non-life and health insurance companies to increase insurance penetration in
Maharashtra in line with its vision “Insurance for all by 2047”.
• Under this collaboration,Tata AIG will leverage its expertise, technology, and partnerships to
develop innovative insurance products and services that cater to the evolving needs of the people of
Maharashtra.

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Key features:
i. As the lead insurer, Tata AIG will also collaborate with the IRDAI and the Maharashtra Government to raise
awareness of existing government schemes, enhancing insurance reach and accessibility at the Gram Panchayat
(GP), district and state levels.
ii. The IRDAI has also identified key segments such as Motor Insurance, Health Insurance, Crop Insurance,
support of Ministry of Micro, Small & Medium Enterprises (MSMEs) and employment related insurance
solutions to drive overall insurance penetration in Maharashtra.
iii. Tata AIG will also assist in promoting the adoption of flagship government schemes such as Pradhan Mantri
Jan Arogya Yojana (PMJAY) in Maharashtra.
iv. The collaboration is to create a society, which is insured and aware of the list of coverage offered by their
insurance policy. Maharashtra, with a strong socio-economic profile, certainly requires exponential adoption of
insurance
About Tata AIG General Insurance Company Limited:
Tata AIG General Insurance Company Limited, a joint venture between the Tata Group and the American
International Group (AIG), started operations on January 22, 2001.
Chairman– Saurabh Agrawal
MD&CEO– Neelesh Garg
Headquarters– Mumbai, Maharashtra

Bajaj Allianz Life launched ‘First Time Ever’ a Flexible and Rewarding Life Insurance Plan
Bajaj Allianz Life Insurance has launched a new life insurance plan called Bajaj Allianz Life ACE, a plan that is
non-linked, participating, and offers early-income benefits, empowering customers to customise their cash
flows. This is the first plan which allows such a customisation.
• Unique feature is that the plan offers an early or deferred income option, allowing customers to start
receiving income from the beginning of the policy or defer it for up to 5 years.
Key Features:
i. The plan offers the Goal Protection Benefit, ensuring that even in the unfortunate event of the
policyholder’s death, their family continues to receive the income throughout the policy term.
ii. The customers have the flexibility to choose between a higher income to generate additional cash flow, a
higher lump sum for creating a legacy, or a balance of both regular income and lump sum payouts.
Four product options:
1. Deferred Income: Customers receive income after the premium-payment term, with the flexibility
to delay its start for up to 5 years.
2. Early Income: Policyholders receive income from the first policy month or year after the deferment
period, along with cash bonuses (if declared) and guaranteed income.
3. Increasing Income: This option provides higher income after the premium-payment term,
combining guaranteed income and potential cash bonuses.
4. Wealth: Customers receive a lump sum amount at the end of the policy term, including the maturity
sum assured, accrued simple reversionary bonus and terminal bonus.
The death benefit is guaranteed to be at least 105% of total premiums paid, with the sum assured on death
being 11 times the annualized premium.
About Life Insurance:
Insurance serves as a protective measure against potential (financial) losses. The insurance industry comprises
two main sectors: life insurance and general insurance. Life insurance pertains to the policyholder’s life, while
general insurance covers various other aspects.
• The introduction of life insurance in India can be attributed to British influence. In 1818, a British
company established the Oriental Life Insurance Company in Calcutta (now Kolkata).
About Bajaj Allianz Life:
A Joint Venture between Bajaj Finserv Limited and Allianz SE (world’s leading global insurer and asset

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manager)
Managing Director(MD) & Chief Executive Officer(CEO) – Tarun Chugh
Headquarters – Pune, Maharashtra
Established in – 2001

IFSCA & BITS Pilani PIEDS Finxcelerator signed MoU to support FinTech & TechFin entities
On 13th July 2023, the International Financial Services Centers Authority (IFSCA) and Pilani Innovation &
Entrepreneurship Development Society (PIEDS), Birla Institute of Technology and Science
(BITS), Pilani (Rajasthan) signed a Memorandum of Understanding (MoU) at BITS Pilani PIEDS Finxcelerator,
Pilani Campus in Rajasthan.
• The MoU aims to set up a framework for cooperation and understanding between IFSCA and BITS
Pilani PIEDS Finxcelerator to collaborate in supporting and facilitating FinTech and TechFin entities.
• The MoU will enable cooperation and collaboration on diverse initiatives regarding FinTech.
Note:
• Finxcelerator is the joint initiative by the Reserve Bank Innovation Hub (RBiH) and PIEDS, BITS
Pilani.
• IFSCA is responsible for development and regulation of international financial services, including
that of the insurance sector, in the Indian Financial System Code (IFSC), which is treated as a
separate international financial jurisdiction, distinct from the rest of India.

Google Pay Introduced UPI LITE to Boost Small Value Transactions

On 13th July 2023, Google Pay introduced its Unified Payments Interface (UPI) LITE payment (on-device
wallet) feature to allow users to make small payments without entering the UPI personal identification number
(PIN).
• Using Google Pay’s UPI Lite, users can make payments of up to Rs(INR) 200 without the use of a UPI
PIN. Users maintain a balance of Rs 2000 (Maximum balance) in their UPI Lite wallet, which can be
loaded up to twice in a day and can spend up to a total of Rs 4000 within 24 hours.
• This is possible because the LITE account is linked to the user’s bank account but does not rely on
the issuing bank’s core banking system in real time.
Note: The UPI LITE support feature was launched by the Reserve Bank of India (RBI) along with the National
Payments Corporation of India (NPCI) in September 2022, and currently it is supported by 15 banks. Paytm,
PhonePe and BHIM(Bharat Interface for Money), have the UPI LITE feature already.

EIB commits € 1 billion loan to support India’s National Green Hydrogen Mission
European Investment Bank(EIB) is set to support India’s National Green Hydrogen Mission with a
substantial loan of up to EURO 1 billion to boost green hydrogen and renewable energy projects in India.
• The EIB aims to boost India’s renewable energy ambitions by supporting renewable energy
generation, energy storage technologies, power transmission and distribution infrastructure.
• EIB Vice-President Kris Peeters is set to confirm EIB’s interest to support NGHM during his visit to
India to attend G20(Group of Twenty) Infrastructure Investors Dialogue (IID), which takes place
during the 3rd meeting of finance ministers and central bank governors in Gandhinagar, Gujarat,
India.
Key Highlights:
i.The investments align with the European Green Deal, the EU Global Gateway strategy, and India’s own agenda
on climate change, renewable energy, connectivity, and sustainable finance.
ii.The EIB’s support to this mission demonstrates its commitment to facilitating private and public investment
in India, improving access to finance for entrepreneurs, and addressing the challenges posed by climate change.
India’s National Green Hydrogen Mission:

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i.It aims to boost green hydrogen production and ecosystem.
ii.The government has set a target to build capabilities for producing at least 5 million metric tonnes of green
hydrogen per annum by 2030.
About European Investment Bank(EIB):
The EIB is the lending institution of the European Union(EU).
EIB is one of the biggest multilateral financial institution in the world and one of the largest providers of
climate finance.
President- Werner Hoyer
Headquarters– Luxembourg city, Luxembourg
Established- 1958

PNB Partners with Amul to Support Finance Dealership Network

On 1st July 2023, Punjab National Bank (PNB) has signed a Memorandum of Understanding(MoU) with the
Gujarat Cooperative Milk Marketing Federation Ltd (GCMMFL), known as “AMUL” to offer financial services to
Federation’s supply network pan India under the Micro Units Development & Refinance Agency Ltd (MUDRA)
scheme.
The MoU was signed at PNB’s corporate office Dwarka, New Delhi, Delhi in the presence of Jayen Mehta,
Managing Director(MD), GCMMFL, M. Paramasivam, Executive Director, PNB and other senior officials of PNB
and Amul.
• Under this MoU, PNB will finance Amul’s retailers, wholesale dealers/area milk distributors and
exclusive Amul preferred outlets-milk parlours through small ticket financing under MUDRA.
• PNB will integrate with various digital channels like QR codes, POS (point of sale), UPI (Unified
Payment Interface), etc., supply chain finance and EMI (Equated Monthly Instalment) collection
digitally, and providing working capital limits.
• This partnership aims to support 11 lakh retailers, wholesale dealers and others.

PhonePe Launches India’s First Health Insurance Platform with Monthly Subscriptions
On 18th July 2023, PhonePe Insurance Broking Services Private Limited (PIBS), a wholly owned subsidiary of
PhonePe Private Limited, launched the health insurance plans offering comprehensive insurance in partnership
with leading insurers.
• With this launch, PhonePe Insurance became the first and only Platform in India to enable
customers to pay for insurance in easy monthly installments through Unified Payments Interface
(UPI) on the PhonePe app.
• These health insurance plans come with coverage up to Rs 1 crore.
Note: PhonePe Insurance Is Registered With IRDAI (Insurance Regulatory And Development Authority) As A
Direct Broker (Life And General).
Other benefits:
i. PhonePe Insurance Broking’s health insurance plans offer innovative features, such as a bonus cover that
increases up to 7 times the base cover amount for each claim-free year.
ii. Alongside these comprehensive plans, PhonePe provides users with pre and post-sales assistance, guiding
them in making informed decisions, facilitating the claim process, and accessing other essential services.
Additional Info
i. PhonePe sold over 5.6 million policies to date.
ii. PhonePe Insurance platform has extended its services across 98% of India’s PIN codes.
iii. Additionally, the platform has facilitated more than 200 million vehicle insurance quotes.
About PhonePe Insurance Broking Services Private Limited (PIBS)
Headquarters – Bengaluru, Karnataka
Established in – 2020

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IIFL Home Finance raises loan of USD 50 million from US International Development Finance
Corp
IIFL Home Finance Limited (IIFLHFL), a digital first home finance company and a subsidiary of IIFL Finance,
secured a USD 50 million loan from the United States of America (US) International Development Finance
Corp (DFC) in order to expand its portfolio of affordable home financing specifically targeting sustainable
housing.
• The fund was raised at a concessional rate of 5.72%, which includes the hedging cost. Its funding
cost on average is 8.4%.
• The deal marks the growing confidence that foreign investors have in India’s affordable housing
market, which is growing rapidly with government focus.
Note: For the second time in 2023, IIFLHFL, the mortgage lender is raising debt. It had obtained USD 68 million
from the Asian Development Bank in January 2023.

ADO July 2023: ADB Retained India’s GDP Growth Forecast at 6.4% in FY2023
Asian Development Outlook (ADO) July 2023: Robust Growth with Moderating Inflation published by the Asian
Development Bank (ADB) has retained India’s Gross Domestic Product (GDP) growth forecast at 6.4% in
FY2023 and 6.7% in FY2024, as projected in ADO April 2023.
• The inflation projection for India in FY2023 is reduced slightly from 5.0% in ADO April 2023 to 4.9%
and maintained at 4.5% in FY2024.
• This is driven by continued domestic demand that supports India’s recovery.
• The growth in South Asia is projected at 5.5% in 2023 and 6.1% in 2024.
Highlights:
i.Inflation in developing Asia is forecast at 3.6% for FY2023, compared with an April 2023 forecast of 4.2%. The
inflation outlook for 2024 is raised to 3.4% from an earlier estimate of 3.3%.
ii.For economies in developing Asia, as domestic demand remains robust, the regional growth forecast is
maintained at 4.8% for 2023 and revised down to 4.7% for 2024 from 4.8% in April 2023 forecast.
• Developing Asia consists of 46 economies in the Asia-Pacific and excludes Japan, Australia and New
Zealand.
iii.Growth in Southeast Asia is now expected at 4.6% in 2023 and 4.9% in 2024, down from 4.7% and 5%
previously.
iv.The forecast for Caucasus and Central Asia is revised down marginally to 4.3% from 4.4% for 2023, and to
4.4% from 4.6% in 2024 after oil production in Azerbaijan fell more than expected.
v.The growth forecasts for East Asia are maintained at 4.6% in 2023 and at 4.2% in 2024; and for the Pacific at
3.3% in 2023 and 2.8% in 2024.
vi.Headline inflation eased toward pre-pandemic averages as fuel and food prices waned.
About ADO:
i.Asian Development Outlook is the main economic forecasting product from ADB.
ii.It is published each April with an update published in September and brief reports published in July and
December.
Other Forecasts for India:
i.The Reserve Bank of India’s (RBI) Monetary Policy Committee projected GDP growth of 2023-24 at 6.5%.
ii.Fitch Ratings raised its forecast for India’s economic growth to 6.3% for FY24.
iii.World Bank (WB) had also pegged India’s GDP growth forecast to 6.3% in FY24.

SEBI Expands Scope of ESG Investing, Allows Six New Strategies for Mutual Funds
On 20 July 2023, the Securities and Exchange Board of India(SEBI), the regulator of the securities market,
through a circular allowed Asset Management Companies(AMC) to introduce six new strategies under the
Environmental, Social and Governance (ESG) category.

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 • Currently, mutual funds are restricted to offer only one scheme with ESG investing under the
thematic category for equity schemes.
• The six sub-categories to the ESG theme, namely exclusion, integration, best-in-class and positive
screening, impact investing, sustainable objectives, and transition-related investments.
• The move aims to accommodate the growing demand for green financing.
Six new strategies:
i.‘Exclude’ securities based on specific ESG-related activities, business practices, or segments, with
characteristics like adverse impact, controversy, or faith-based criteria.
ii.‘Integration‘ themed funds consider ESG-related factors alongside traditional financial factors when making
investment decisions.
iii.‘Best-in-class & Positive Screening’ strategy aims to invest in companies outperforming peers on ESG-
related performance metrics.
iv.‘Impact‘ investing seeks a positive, measurable social or environmental impact alongside a financial return,
with fund managers detailing the methodology used and monitoring non-financial impacts.
v.‘Sustainable‘ objective funds invest in sectors, industries, or companies expected to benefit from long-term
macro or structural ESG-related trends.
vi.‘Transition or Transition Related’ schemes focus on companies supporting environmental transition and
just transition.
Mutual funds will be required to clearly disclose the name of the ESG strategy in the name of the respective ESG
fund or scheme.
Criteria:
SEBI introduced a more comprehensive framework for ESG rating called ‘BRSR Core’ (Business Responsibility
and Sustainability Reporting Core) to establish the basic criteria and metrics that companies need to disclose
and comply with to receive an ESG rating.
• SEBI has issued a mandate for ESG schemes, requiring them to invest a minimum of 65% of their
Assets Under Management (AUM) in listed entities(against present 80%) that provide assurance on
the BRSR (Business Responsibility and Sustainability Reporting) Core. The remaining AUM of the
scheme can be invested in companies with BRSR disclosures. This requirement will come into effect
from October 1, 2024.
• If there is a change in Environmental, Social, and Governance Rating Provider(ERP), the reason for
such a change must be disclosed in the next monthly portfolio statements of ESG schemes.
Note: BRSR or Business Responsibility and Sustainability Report requires listed companies in India to disclose
information under the nine principles of the National Guidelines on Responsible Business Conduct.

Indian Bank Launched “Resources Acquisition Centres” to build-up Deposit Portfolio

On 20th July 2023, the Indian Bank, India’s 7th largest Public Sector Bank launched “Resources Acquisition
Centre” (RAC) to bolster its retail deposit business portfolio, which encloses Current Deposit, Savings Bank,
and Term Deposit accounts.
• The bank plans to establish 20 RACs at Ultra Potential Centres in Phase-I to strengthen its deposit
portfolio. The inaugural ceremony of the first RAC took place in Mumbai, Maharashtra.
Key People:
Mahesh Kumar Bajaj, Executive Director, Indian Bank and SSP Roy, Field General Manager of Mumbai
(Maharashtra) Field General Managers Office (FGMO).
Key Points:
i.The dedicated RAC team of responsive and digitally empowered relationship managers will focus on
Relationship Banking, aiming to increase existing client relationships and attract potential high-value clients.
ii.The bank will target specific customer segments, such as High Net Worth Individuals (HNIs),
Government/Institutional Clients, Salaried Class, Corporates, Business community, Traders, and Pensioners.
iii.The introduction of RACs is expected to deliver significant and innovative results by offering strong

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Relationship Banking services to both existing and potential high-value clients.
iv.The transformation roadmap of Indian bank focuses on the State-of-the-Art technology, pioneering and
customized products/processes, and delivering delightful customer experiences through Relationship Banking.
About Indian Bank:
Incorporated on– March 5, 1907
Started business on– August 15, 1907
MD & CEO– Shanti Lal Jain
Headquarters– Chennai, Tamil Nadu

Income Tax Day 2023- July 24

Income Tax Day or ‘Aaykar Diwas’ is observed annually in India on 24th July
to commemorate the introduction of the provision of Income Tax (IT) in India in the year 1860.
• The day aims to raise awareness about the significance of taxation and to motivate individuals to
contribute to the nation’s development through tax payments.
• 24th July 2023, marks 164th anniversary of IT Day.
Union Finance Minister Nirmala Sitharaman presided over the 164th IT Day celebrations in the presence of
Union Minister of State for Finance Pankaj Chaudhary at Plenary Hall, Vigyan Bhawan in New Delhi, Delhi.
History of Income Tax Day:
i.The IT system was introduced on 24th July 1860, by the then Finance Minister of British India, Sir James
Wilson.
ii.The scheme was introduced to compensate for the losses incurred by the government during the revolt of
1857.
iii.In 1961, the IT Act-1961 was passed to clearly lay out the framework for the current income tax system in
India.
iv.In 2010, the government of India decided to observe the 1st IT Day on 24 July to commemorate
the 150th anniversary of the introduction income tax system in India.
Additional information:
i.In 2023, the IT department achieved 3-crore income tax returns (ITRs) milestone days ahead of the deadline
surpassing the 2022 target.
ii.As of July 18, 2023, over 3.06 crore ITRs were filed for income earned in the fiscal year 2022-23 and over
1.50 crore e-verified ITRs have been processed.
About Central Board of Direct Taxes (CBDT):
The CBDT is the apex body that heads the IT Department. The IT Department functions under the Department
of Revenue, Ministry of Finance.
Chairman- Nitin Gupta
Headquarters- New Delhi, Delhi
Established- 1963

Central Govt approves 8.15% interest rate on Employees’ Provident Fund for FY23
On 24th July 2023, The Ministry of Finance, Government of India(GoI) has approved Employees’ Provident
Fund Organisation (EPFO)’s Central Board of Trustees’ recommendation to set the annual interest
rate of 8.15% on Employees’ Provident Fund (EPF) accounts for the financial year 2022-2023(FY23).
• This move will cover over 6 crore subscribers of EPFO.
• The current rate is 0.05% higher than the FY22 when it was 8.10%.
Ministry of Labour and Employment (MoL&E) has conveyed this approval of the Central Government under
para 60(1) of EPF Scheme, 1952 by crediting the interest to the account of each member of the EPF Scheme as
per the provisions under Para 60 of EPF Scheme, 1952.
Key Points:
i. Employees Provident Fund Organisation (EPFO) is a statutory body under the Ministry of Labour and

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Employment, Government of India. It manages the Employees’ Provident Fund (EPF), a social security scheme
for salaried employees in India.
ii. Each month, an employee contributes 12 per cent of their earnings to their EPF account, with the entire
contribution directed towards the EPF account. On the employer's part, only 3.67 per cent is deposited into the
EPF account, while the remaining 8.33 per cent is allocated to the Employees Pension Scheme (EPS).
iii. According to EPFO’s latest provisional payroll data released on July 20, 2023, the top 5 states in terms of net
member addition are Maharashtra, Tamil Nadu, Karnataka, Haryana, and Gujarat.

Indian Banks Receive Rs.5,729 Crore DEA Fund for Unclaimed Deposit Settlement
On 24th July 2023, Bhagwat Kisanrao Karad, the Union Minister of State(MoS) for Finance Ministry, announced
that over the past five years Indian banks have been allocated a sum of Rs.5,729 crore from the “Depositor
Education and Awareness” (DEA) Fund, as an effort to reunite unclaimed deposits with their claimants.
• As of 31st March 2023, Rs. 36,185 crores is transferred from Public Sector Banks to DEA Fund and
Rs. 6,087 crores is transferred from Private banks as well.
• The Reserve Bank of India (RBI) has initiated the “100 Days 100 Pays” campaign, aiming to help
banks locate and settle the top 100 unclaimed deposits of each bank in every district across the
country within a 100-day timeframe. This campaign commenced on June 1, 2023, and is scheduled
to conclude on September 8, 2023.
Other steps taken by RBI to reduce unclaimed deposits:
i.Displaying the list of unclaimed deposits which are inactive/inoperative for ten years or more on the bank’s
websites
ii.Finding the whereabouts of the customers and their legal heirs to return unclaimed deposits to the rightful
claimants
iii.Formulating board approved policy on classification of unclaimed deposits
iv.Framing grievance redressal mechanism for quick resolution of complaints, record keeping, and periodic
review of unclaimed deposit accounts.
Additional Info:
RBI is set to launch a centralized web portal that will allow the public to inquire about such deposits across
multiple banks.

HDFC Mutual Fund launches HDFC Charity Fund for Cancer Cure
HDFC Asset Management Company (HDFC AMC), investment manager to HDFC Mutual Fund (HDFC MF), has
launched its fourth fund the HDFC Charity Fund For Cancer Cure in partnership with the Indian Cancer
Society (ICS) for the treatment of underprivileged cancer patients.
• The New Fund Offer (NFO) will open on July 28, 2023, and close on August 08, 2023. It is a closed-
ended income scheme and a f Fixed Maturity Plan(FMP) with a tenure of 1,196 days.
Key highlights:
i.The HDFC Charity Fund for Cancer Cure offers investors the option to donate 50% or 75% of Income
Distribution cum Capital Withdrawal (IDCW) to the ICS.
• These donations will be eligible for deduction under Section 80G of the Income-tax Act, 1961 (under
the old regime).
ii.HDFC AMC will match donations with an equal amount directly contributed to ICS (subject to limit of Rs 16
crore per financial year).
iii.HDFC AMC has waived all investment management and advisory fees and ensured that the maximum benefit
goes towards supporting cancer patients.

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Bajaj Finserv launches first equity scheme in flexi-cap category
Bajaj Finserv Asset Management launched its first equity Fund ‘Bajaj Finserv Flexi Cap Fund’ in the flexi-cap
category, an open-ended and dynamic equity scheme.
• The New Fund Offer (NFO) opens for subscription on July 24 and closes on 7th August 2023.
• Bajaj Finserv Asset Management Limited is a wholly-owned subsidiary of Bajaj Finserv Limited.
Investment Approach
i.Flexi-cap fund invests across companies of any market capitalizations including large-caps, mid-caps, and
small-caps companies.
ii.Bajaj Finserv Flexi Cap Fund will follow an investment philosophy based on INQUBE – the Asset Management
Company (AMC)’s proprietary framework that adds the layer of behavioural finance to the informational and
quantitative edges.
iii.It also invests based on Megatrends investing approach and their experts spot across sectors, themes,
market capitalization and geographies.
Fund Manager: The scheme will be managed by Nimesh Chandan (Chief Investment Officer),Sorbh
Gupta(Senior Fund Manager – Equity) and Siddharth Chaudhary (Senior Fund Manager – Fixed Income)
Megatrends
Megatrends are long-term developments that impact various aspects of society significantly such as
technological advancements, changing consumer behaviors, demographic shifts, environmental concerns and
more.

World Bank Approves Bank of Israel’s Membership to Join the ICCR

The World Bank on June 2023 issued an official approval for the Bank of Israel to join the International
Committee on Credit Reporting (ICCR), a permanent structure of the World Bank, constituting a unique
worldwide committee on credit reporting.
Background:
i.Since November 2022, the World Bank has taken internal steps to approve the Bank of Israel’s membership to
the ICCR.
ii.Voting was held among the Committee members at the winter meeting of the ICCR in November 2022 and it
was decided unanimously to approve the Bank of Israel’s accession as a member of the ICCR.
About International Committee on Credit Reporting ICCR:
i.The World Bank (WB) with the support from the Bank for International Settlements (BIS) created and
coordinated the ICCR in 2009.
ii.ICCR is the only recognized international standard setter and guideline issuer on credit reporting, which
includes representatives of central banks around the world and private financial regulators.
iii.It supports a broad, forward-looking, approach to issues in the world of credit reporting, achieving
agreements regarding policy aspects that affect the public interest.
iv.It sets out recognized international credit reporting standards with regard to credit reporting and credit data
sharing, which can be implemented by the member countries.
Responsibilities of ICCR:
The Committee is responsible to:
• Further develop the international agreed framework in its general principles
• Identify areas of further consideration and
• Dedicate resources to the elaboration of papers, reports, guidelines and other relevant materials
that will effectively support the adequate implementation of the General Principles.
Chair of ICCR– Jean Pesme
About Bank of Israel:
Governor– Amir Yaron
Director General– Shulamit Geri

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Headquarters– Jerusalem, Israel
Established in– 1954

Canara Bank Leads PSBs in Lending with Rs 187,813cr to State PSUs & Corp.; TN holds Highest
Debt
According to the Parliamentary Questions and Answers data (Lok Sabha) on Outstanding Debt of States and
Union Territories (UTs), Canara Bank topped the list of Public Sector Banks (PSBs) with the highest
lending of Rs 187,813 crore in FY23 to Corporations and Public Sector Undertakings (PSUs) of States and
Union Territories (UTs) for the 5th consecutive time.
• This information was revealed in a written statement by the Union Minister Nirmala Sitharaman,
Ministry of Finance, on July 24, 2023, in response to questions raised by Member of Parliament
(MP), Velusamy P.
• Out of the 12 PSBs, 10 reduced their lending to PSBs in FY23. Only two banks viz. Canara Bank and
Central Bank of India, increased their exposure in FY23.
Highlights of Lending Detail:
i.Canara Bank lending amount of ₹187,813 crore to government-backed entities, alone accounting for over 45%
of the total lending of all PSBs in the financial year 2022-2023(FY23).
ii. This lending amount was 11% higher compared to the ₹1,69,532 crore the bank had lent to government
entities in the previous financial year (FY22).
iii.Punjab National Bank (PNB) has notified as second highest lender in FY23 with a total loan disbursal of Rs
70,142.5 crore.
iv.State Bank of India (SBI) as 3rd highest lender, lent Rs 66,523.2 crore to State enterprises in FY23, down
from Rs 81,735 crore in FY22.
v.PNB and SBI are followed by Bank of India (Rs 25,147 crore), Bank of Baroda (Rs 15,706.8 crore), Union Bank
of India (Rs 12,584.8 crore), Bank of Maharashtra ( Rs 10,822.7 crore), Indian Bank (Rs 9,021 crore), Indian
Overseas Bank (Rs 7,490 crore), Central Bank of India (Rs 3,949 crore from Rs 1,475 crore in FY22), UCO
Bank (Rs 2,939.4 crore), Punjab and Sind Bank (Rs 87.7 crore).
• Punjab & Sind Bank had the lowest exposure to State PSUs and corporations in FY23 as compared to
Rs 3,570 crore in FY22.
Key Points:
i.The total lending by 12 PSBs to government entities fell to Rs 4.12-lakh crore (Rs 4.12 trillion) in FY23 from
4.93-lakh crore in FY22.
• This lending is declined about 20% year-on-year (y-o-y) in FY23 on the back of continuous growth
for four years.
ii.It was Rs 2.51 trillion in FY19, Rs 3.11 trillion in FY20, and Rs 3.98 trillion in FY21.
iii.In FY23, the Public Sector Banks (PSBs) achieved a record aggregate net profit of Rs 1.04 trillion.
iv.PM SVANidhi scheme, aimed at supporting COVID-affected street vendors to restart their businesses, as of
July 20, 2023, amounting to Rs 6,482 crore, have been disbursed to 38.5 lakh street vendors.
V.As of July 17, 2023, the National Asset Reconstruction Company Ltd (NARCL) has acquired three borrower
entities, namely Jaypee Infratech Ltd, SSA International Ltd, and Helios Photo Voltaic Ltd, with a combined debt
exposure of Rs 21,349 crore.
vi.In the last five financial years, the government and the Reserve Bank of India (RBI) have implemented
extensive actions to recover bad debts amid which scheduled commercial banks have managed to recover a
substantial amount of Rs 7.16 trillion (provisional data for FY 2022-23).
• The nationalized banks have not disbursed loans to State governments in the last five years.
Click Here to get Official Lok Sabha Q/A List
Tamil Nadu has highest Outstanding Debt in India
As per the RBI’s ‘State finances: A study of budgets of 2022-23’ report published in 2023, Union Minister of
Finance Nirmala Sitharaman shared data on outstanding liabilities, highlighting that Tamil Nadu(TN) has the

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highest amount of outstanding debt among all States and Union Territories in India, at Rs 7.54-lakh crore (as
per budget estimates for FY23).
• TN is followed by Uttar Pradesh (UP) at 7.10-lakh crore outstanding debt.
• Odisha is the only state in the country to reduce its debt consistently over the past three years: 1.8%
in 2019-20, 8.4% in 2020-21, and 12% in FY 2022-23.
Key Points:
i.TN has consistently been the highest market borrower in the last three years which is done through issue of
bonds under State Development Loans (SDLs).
• According to RBI data, TN’s gross market borrowings through SDLs stood at Rs 87,000 crore in FY23
and FY22 after raising Rs 87,977 crore in FY21.
iii.As per 2023-24 budget, TN government plans to borrow a total amount of Rs 1.43-lakh crore in 2023-24 and
make repayments of Rs 51,331.79 crore.
iv.The outstanding liabilities of Maharashtra, measured in terms of Gross State Domestic Product (GSDP), stood
at Rs 6.80-lakh crore as per budget estimates for FY23.
• It was followed by West Bengal (Rs 6.08-lakh crore), Rajasthan (Rs 5.37-lakh crore) and Karnataka
(Rs 5.35-lakh crore).
v.The UT of Puducherry had the lowest outstanding debt of Rs 11,651 crore.
Recent Related News:
i.According to the Reserve Bank of India’s (RBI) Monetary Policy Report (April 2023), credit growth continued
to outpace deposit growth in financial year 2022-23 (FY23) at an eleven-year high, despite banks fully
transmitting lending rates linked to external benchmarks [250 basis points (bps)], which now account for
nearly half of floating-rate loans.
ii.According to the Reserve Bank of India (RBI) data, India’s Bank credit increased by 15% year-on-year (YoY)
in the Financial year 2022-23 (FY23), against 9.6% YoY in 2021-22 (FY22).
About Ministry of Finance:
Union Minister– Nirmala Sitharaman (RajyaSabha- Karnataka)
Ministers of State (MoS)– Pankaj Chaudhary; Dr. Bhagwat Kishanrao Karad
Departments– Department of Expenditure; Department of Economic Affairs (DEA); Department of Revenue;
Department of Financial Services; Department of Investment and Public Asset Management (DIPAM) &
Department of Public Enterprises.

Union Bank of India Partners with IBM India to co-create Digital Business Platform
Union Bank of India (UBI), one of the leading public sector bank (PSB) in India, partnered with IBM India
Private Limited to create a state-of-the-art Digital Business Platform, focusing on Omni-channel experiences
and data-driven hyper-personalization and a comprehensive financial services superstore designed for
seamless cross-selling and upselling.
This partnership promotes digital revolution in the banking industry and paves the way for a brighter, more
convenient future of banking services.
Features:
i.Omni-Channel Experience ensures the flexibility of the customers to engage with the bank through various
channels, including mobile, online, and in-branch.
• This multi-dimensional approach enables users to access their accounts anytime, anywhere,
ensuring exceptional convenience.
ii.The integration of data-driven hyper-personalization allows UBI to serve the unique financial needs of each
individual customer.
Key Points:
i.The Digital Business Platform will also facilitate full digital transfers, providing exceptional convenience and
efficiency to the customers.
ii.Union Bank of India will support Open Banking capabilities, allowing for perfect integration of services across

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multiple partnerships.
iii.This digital-first approach provides faster and more efficient transactions, contributing to enhanced
customer satisfaction.
iv.The bank ensures a hassle-free experience for its customers by making more efficient processes and
eliminating unnecessary paperwork.
About Union Bank of India:
MD&CEO– A. Manimekhalai
Headquarters– Mumbai, Maharashtra
Established on– 11th November 1919
Tagline– Good people to bank with

IMF WEO July 2023 Update projects Indian Economy Growth at 6.1% in 2023
On July 25, 2023, the International Monetary Fund (IMF) in its ‘July 2023 World Economic Outlook (WEO)
Update- Near-Term Resilience, Persistent Challenges‘ projected a growth rate of 6.1% for India in 2023, which
is a 0.2 percentage point upward revision compared with the April 2023 projection of 5.9%.
• This shows a stronger-than-expected growth in the Q4 of 2022 driven by robust domestic
investment.
• For 2024, it remained at 6.3%, as projected in April 2023 WEO Update. India grew at 7.2% in 2022.
Note: In this update, for India, data and projections are presented on a fiscal year basis, with FY 2022-23
(starting in April 2022).
• As per Calendar Year, India’s growth projections are 6.6% in 2023 and 5.8% in 2024.
The Global Scenario:
i.The global growth is projected to fall at 3% in both 2023 and 2024 from an estimated 3.5% in 2022.
ii.Global headline inflation is projected to fall to 6.8% in 2023 and 5.2% in 2024 from 8.7% in 2022.
iii.The global recovery is slowing amid increased dissimilarity among economic sectors and regions.
iv.The forecast for 2023 is modestly higher than predicted in the April 2023 WEO, however, it remains weak by
historical standards.
v.The outlook projected the moderation of adverse risk globally as the United States (US) debt ceiling standoff,
and strong action by authorities to contain turbulence in US and Swiss banking which reduced the immediate
risks of financial sector turmoil.
Regional Highlights:
i.On the regional front, Emerging market and Developing Economies will grow at 4% in 2023, and 4.1% in
2024.
ii.Emerging and Developing Asia will grow at 5.3% in 2023, and 5% in 2024.
• China and India are part of this region.

KSUM & IFSCA Signs MoU to Support Fintech and Techfin firms
Kerala Startup Mission(KSUM) and the International Financial Services Centres Authority (IFSCA) has signed a
memorandum of understanding (MoU) for stronger support to budding fintech and techfin firms through
increased capital and a wider global network in the next three years.
• The MoU was signed between KSUM Chief Executive Officer(CEO) Anoop Ambika and IFSCA Chief
Technology Officer Joseph Joshy at the Integrated Startup Complex in Kalamassery, Kerala.
Highlights of the MoU:
i.The MoU seeks input relating to the fintech industry and collaborate on global hackathons, education
programs.
ii.The MoU allows KSUM & IFSCA to hold symposia, webinars, and conferences for the growth of fintech at IFSC
in GIFT (Gujarat International Financial Tec-City) of Gandhinagar, Gujarat to know about the global trend.
iii.As per the MoU, KSUM-registered fintechs

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 • can be found listed on international exchanges within IFSC to raise capital
• will get access to IFSCA’s Regulatory and Innovation Sandbox
• can also apply to the IFSCA FinTech Incentive Scheme 2022 for grants.
Additional Information:
Fintechs & Techfins:
Fintechs are businesses that use technology to modify, enhance, or automate financial services for businesses
or consumers, while techfins provide software solutions that are not primarily finance-related.
Kerala Startup Mission(KSUM):
KSUM is Kerala government’s nodal agency established in 2006 for entrepreneurship development and
incubation activities in Kerala.
About International Financial Services Centres Authority (IFSCA):
Chairman- Injeti Srinivas (as of July 2023)
Established- 2020
Headquarters- Gandhinagar, Gujarat.
Note – K Rajaraman will be the next chairperson after Injeti Srinivas who was the first chaiperson of IFSCA

CRISIL’s 2023 Greenwich Share and Quality Leaders: HDFC Bank tops in 3 Categories
On July 24, 2023, a list of Coalition Greenwich’s (a division of CRISIL) Share and Quality Leaders, and
Greenwich Excellence Awards 2023 was released in which HDFC Bank (among India’s local banks) has
overtaken the State Bank of India (SBI) as a top ranked bank in the 3 categories of Share and Quality Leaders
Award list.
• This list is a part of a study ‘Indian Corporates Turn to Big Banks to Fund Ambitious Growth- 2023
Greenwich Leaders: Indian Corporate Banking‘.
Highlights:
i.In the list of Greenwich Share Leader 2023(Large Corporate), HDFC Bank has overtaken State Bank of India
(SBI) and topped the list of Indian Large Corporate Banking Market Penetration – Local Banks.
ii.ICICI Bank has topped the Indian Large Corporate Banking Quality – Local Banks and emerged as the sole
designation for Greenwich Quality Leader 2023(Large Corporate).
iii.In the list of Greenwich Share Leader 2023 (Middle Market), HDFC Bank has again topped the list of Indian
Middle Market Banking Market Penetration(Local Banks). The bank previously topped the list in 2022.
1. In the lit of Greenwich Quality Leader 2023 (Middle Market) HDFC Bank shared a top spot
with ICICI Bank in the category of ‘Indian Middle Market Banking Quality – Local Banks’.
Assessment:
This study is premised upon the interviews conducted by Coalition Greenwich from September 2022 to March
2023, with 177 large corporates and 455 middle market businesses in India. The interviews focused on areas
such as banking relationships, quality perceptions of the respective relationships and products used including
corporate lending, cash management, trade services and finance, foreign exchange, structured finance, interest-
rate derivatives, and investment banking.
Greenwich Share Leader 2023; Greenwich Quality Leaders 2023; and Greenwich Excellence 2023
The following tables present the 2023 Greenwich Share and Quality Leaders in Indian Large Corporate and
Middle Market Banking and the winners of the 2023 Greenwich Excellence Awards in different categories.
• The column of Market Penetration in the table shows the proportion of companies interviewed that
consider each bank an important provider of corporate banking services.
Greenwich Share and Quality Leaders — 2023
Greenwich Share Leader 2023
Ranking Bank Market Penetration
Indian Large Corporate Banking Market Penetration – Local Banks

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 1 HDFC Bank 69%
2 SBI 60%
3T (Tie) Axis Bank 55%
3T ICICI Bank 54%
Indian Large Corporate Banking Market Penetration – Foreign Banks
1T Standard Chartered Bank 51%
1T HSBC 50%
3T Citi 44%
3T DBS 42%
Indian Middle Market Banking Market Penetration—Local Banks
1 HDFC Bank 70%
2 ICICI Bank 64%
3 Axis Bank 47%
Indian Middle Market Banking Market Penetration—Foreign Banks
1T Standard Chartered Bank 20%
1T HSBC 19%
1T Citi 18%
Greenwich Quality Leaders 2023
Category Bank
Indian Large Corporate Banking Quality—Local Banks ICICI Bank
Indian Large Corporate Banking Quality—Foreign Banks Bank of America, HSBC, J.P. Morgan
Indian Middle Market Banking Quality—Local Banks HDFC Bank & ICICI Bank
Indian Middle Market Banking Quality—Foreign Banks HSBC
Greenwich Excellence Awards 2023
For the 6th year, Coalition Greenwich has recognized excellence in Indian corporate banking through 2023
Greenwich Excellence Awards to identify the top-ranked banks in a series of product and service categories.
2023 Greenwich Excellence Awards for Indian Large Corporate Banking:
In this, more than 70 banks evaluated but only the following 4 featured with distinctive quality.
Category Bank
Overall Digital Experience Citi
Ability to Streamline KYC Processes
Coordination of Product Specialists
Frequency of Contact
Knowledge of Transaction Banking Needs
Timely Follow-Up ICICI Bank
Proactive Provision of Advice ICICI Bank, Bank of America
Knowledge of International Banking Needs Standard Chartered Bank
2023 Greenwich Excellence Awards for Indian Middle Market Banking
In this, more than 70 Banks Evaluated but only 3 have distinctive quality.

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 Category Bank
Ability to Digitize KYC Processes
Ease of Doing Business
Overall Digital Experience
Ability to Streamline KYC Processes
Coordination of Product Specialists
Knowledge of Transaction Banking Needs HDFC Bank & ICICI Bank
Frequency of Contact
Effective Senior Management Support
Timely Follow-Up Axis & ICICI Bank
Knowledge of International Banking Needs
Proactive Provision of Advice ICICI Bank
Key Points:
i.Between 2021 and 2022, 38% of Indian companies used one of the largest Indian private banks for overall
corporate banking services, up from 33%.
ii.From 2021 to 2022, the number of companies using at least one large foreign bank for their banking needs
increased to 21% from 18%.
iii.From 2021 to 2022, the percentage of Indian companies working with at least one of the smaller private
banks dropped to 18% from 21%.
iv.The overall revenue in the banking industry grew by 16% year on year (y-o-y).
v.In 2023, 46% of Indian companies used large private banks for domestic cash management, compared to 40%
in 2022. This resulted in increased penetration of large private sector banks.
• Foreign banks’ usage for cash management also increased to 21% from 18%.
vi.Over two years, the share of Indian companies engaged in international business and needing bank support
rose from 73% to 81%.
Recent Related News:
i.The Airports Council International (ACI) World published the ‘Top 10 Busiest Airports Worldwide for 2022,’
which ranked Delhi Airport [Indira Gandhi International Airport (IGIA)] as the 9th busiest airport in the world
in 2022, surpassing Paris Charles de Gaulle (CDG) airport in France.
ii.According to the Global Unicorn Index 2023 published by Hurun Research Institute, India is ranked 3rd on
the index with 68 unicorns (up 14 compared to 2022). Online educator BYJU’S worth USD 22 billion topped
the list of Indian Unicorns, followed by on-demand delivery start-up Swiggy and fantasy sports platform travel-
stay finder Dream11 (USD 8 billion each).
About CRISIL Limited :
CRISIL Ltd was formerly known as Credit Rating Information Services of India Limited. It is a leading, agile and
innovative global analytics company owned(majority) by S&P Global Inc.
Managing Director and CEO– Amish Mehta
Headquarter– Mumbai, Maharashtra

Federal Bank launches Non-Resident SB Account ‘NRE Eve+’ for NRI Women
The Federal Bank Limited (the erstwhile Travancore Federal Bank Limited) launched a unique Non-Resident
(NR) Saving Bank (SB) account scheme, named SB NRE (Non-Resident External) Eve+ designed exclusively for
the financial needs of Non-Resident Indian (NRI) women.
• The scheme provides variety of benefits geared at enhancing the financial journeys of the NRI
women.

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Launch of SB NRE Eve+:
i.During the global virtual launch, the product theme as well as the prototype of the customised debit was
revealed and a debit card was presented to the first NRE Eve+ customer (Suni Paul) of the Federal Bank.
ii.The release of NRE Eve+ Savings Account was announced at the ‘Nurses Day Out’ Event conducted as part of
Nikai Angel Awards 2023 held at the De Montfort University, Dubai, United Arab Emirates (UAE) on 23rd July
2023.
• First Account Holders: The first NRE Eve + account holders from Abu Dhabi, UAE were Dr. Jean
Shahdadpuri, Managing Director, Nikai Group of Companies; Mrs. Beena Muraleedharan, Executive
Director, SFC Group and Mrs. Danesa Thandassery Raghulal, Executive Director, Elite Foods Pvt Ltd.
Some Features of the Account:
i.Customers get free access to domestic and international airport lounges.
ii.The NRE Eve+ debit card provide customised offers including exclusive discounts on beauty, health care,
dining, shopping, travel, and entertainment, all of which are served to the tastes of women.
iii.Safe Deposit Locker and Portfolio Investment Services available at concessional rates.
iv.Zero balance savings accounts for two children below 12 years of age.
v.Complimentary Insurance up to Rs.78 lakhs that includes child education benefits, accidental health, hospital
cash & card protection.
vi.50% concession on Processing Fee / Administration Fee for Home Loans & Car loans.
vii.Free Mobile Alerts & Mobile Banking, Free Email alerts and Free unlimited at par cheque books.
About Federal Bank Ltd:
Tagline– Your Perfect Banking Partner
Chairman– C. Balagopal
MD&CEO– Shyam Srinivasan
Headquarters– Aluva, Kerala
Established on– April 23, 1931

HDFC Bank partners with Davara KGFS for Co-lending Loans to Micro Enterprises
Dvara Kshetriya Gramin Financial Services (KGFS), Chennai(Tamil Nadu) based Non-Banking Financial
Company (NBFC), and HDFC Bank Limited have entered into a co-lending partnership to provide business
capital to micro enterprises operating primarily in the unorganised sector, that have limited access to formal
sources of finance.
• The partnership aligns with the Dvara KGFS’s 2023 Annual Operating Plan (AOP) looking to enable
credit for micro businesses across the 10 states that it serves.
• This partnership will increase Dvara KGFS’s capabilities in empowering the operations of micro
business in rural areas.
• The co-lending collaboration between banks and NBFCs encouraged by the Reserve Bank of India
(RBI) has been a promising development to address the credit gap in the Micro, Small & Medium
Enterprises (MSME) sector.
Dvara KGFS launched its Enterprise Loans vertical in 2020 with focus on 3 value chains namely grocery, dairy
and agriculture. It has assisted numerous beneficiaries with working capital and business growth loans so far.

ICICI Prudential Life Insurance launches ICICI Pru Protect N Gain, a Protection based Saving
Life Insurance Plan
On 24th July 2023, ICICI Prudential Life Insurance Company Limited (ICICI Prudential Life), launched
‘ICICI Pru Protect N Gain‘, a protection-oriented life insurance plan that offers life protection against
Accidental Death and Accidental Disability (Permanent disability due to accident) along with market-linked
returns.

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 • The scheme offers the dual benefits of protection and long-term savings to achieve the fundamental
needs of customers.
• The product provides the opportunity to offer life insurance protection of up to 100 times the
annual premium and enables customers to maximise returns through 18 funds options spread
across equity and debt.
• It provides the customers a life insurance cover for the entire policy time and ensures financial
security to their families during the policy tenure and significant lump sum for self on survival.
Note: ICICI Prudential Life Insurance Company Limited is promoted by ICICI Bank Limited and Prudential
Corporation Holdings Limited.

M&M buys 3.5% stake in RBL Bank for Rs 417 crore

On 26th July 2023, Mahindra & Mahindra Limited (M&M), automotive manufacturing company of Mahindra
group, acquired a 3. 53% stake in Mumbai(Maharashtra) based RBL Bank, formerly known as Ratnakar Bank,
for Rs 417 crore.
• This is the first significant move by a manufacturing sector to venture into a private bank, after new
norms of Reserve Bank of India(RBI) in 2021.
• There is also a scope for further investments of Mahindra & Mahindra subjected to the cap of 9. 9%
New norms of Reserve Bank of India(RBI) – 2021:
i.Industrial houses can hold upto 10% stake in banks, but cannot be their promoters.
ii.Financial institutions, supranational institutions, public sector undertaking and central/state government can
hold upto 10% stake in banks, but cannot be their promoters.
iii.Banking company(after the completion of business of 15 years) can hold upto 26% stake in banks, but can be
their promoters.
Additional Info:
As per RBI norms, any entity looking to acquire over 5% stake in a bank needs to seek prior approval from the
regulator.
About RBL Bank:
Managing Director(MD) & Chief Executive Officer(CEO) – R Subramaniakumar
Headquarters – Mumbai, Maharashtra
Tagline – Apno ka Bank

SEBI Rolled out Framework for CDMDF; mandates FPIs to disclose LEI Code
On July 27, 2023, the Securities and Exchange Board of India (SEBI) rolled out the Framework for Corporate
Debt Market Development Fund (CDMDF) which aims to establish a Backstop Facility to purchase
investment-grade corporate debt securities, enhance secondary market liquidity, and boost confidence among
the participants in the Corporate Debt Market during periods of stress.
• It complies with the Guarantee Scheme for Corporate Debt (GSCD) notified by the Ministry of
Finance on July 26, 2023.
• This information by SEBI was provided in the exercise of its powers conferred under Section 11 (1)
of the SEBI Act, 1992, read with the provisions of
regulations 77 of SEBI (Mutual Funds) Regulations, 1996, to protect the interest of investors in
securities and to promote the development of securities market.
Points to note:
In June 2023, Chapter III-C was inserted vide amendments to SEBI (Alternative Investment Funds) Regulations,
2012 to facilitate the constitution of CDMDF, an Alternative Investment Fund.
On 28th July 2023, Finance Minister Nirmala Sitharaman launched CDMDF with the aim of advancing the
corporate bond market.

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Key features of CDMDF:
The Subscribers:
CDMDF units will be subscribed by AMCs (Asset Management Companies) of Mutual Funds (MFs), and specified
debt-oriented Mutual Fund (MF) schemes excluding overnight funds and Gilt funds and including conservative
hybrid funds.
MF Contribution:
i.MF will contribute 25 basis points (bps) of the specified debt Asset under Management (AUM) to CDMDF. This
will lead to a contribution of Rs 2,242 crore by MFs to CDMDF.
• Incremental contributions will be made by specified debt schemes as their AUM increases every 6
months to maintain the 25 bps investment in CDMDF.
ii.Association of Mutual Funds in India (AMFI) will calculate and inform each MF scheme of their contributions,
starting from this December 2023.
Key Guidelines:
i.It is a close-ended scheme with an initial tenure of 15 years after contributions from all Asset Management
Companies (AMCs).
ii.CDMDF will purchase securities only from the secondary market that are investment-grade, listed, have a
credit rating, and have a residual maturity of up to 5 years.
iii.It will not buy unlisted, below investment grade, defaulted securities, or those with a material possibility of
default or adverse credit news/views.
iv.During normal times, the fund will deal in only securities such as low-duration government securities (G-
Sec), treasury bills, tri-party repo on G-sec and Guaranteed corporate bond repo with a maturity not exceeding
seven days.
v.The sellers will receive 90% of the consideration in cash and 10% in the form of CDMDF units, bearing the
risk of first loss and redeemable during the scheme’s tenure.
vi.If the debt AUM decreases, there will be no return or redemption from CDMDF, and delayed contributions
will incur an annual interest of 15%.
Note: Within a period of 3 months, stock exchanges must create a distinct window on the current Request for
Quote (RFQ) platform to enable purchases, while clearing corporations are also instructed to establish the
necessary infrastructure for corporate debt trade settlement by CDMDF during market dislocation.
Disclosure and Fees:
i.CDMDF will disclose the Net Asset Value (NAV) by 9:30 pm on all business days on its investment manager’s
website and AMFI’s website.
ii.CDMDF will charge 0.15% of the portfolio value charged on a daily pro-rata basis during normal times, and
0.2% during market stress.
Click Here for Full Official Framework by SEBI
SEBI Mandates Non-Individual FPIs to Disclose Legal Entity Identifier Code
SEBI mandates all non-individual Foreign Portfolio Investors (FPIs) to disclose their Legal Entity Identifier
(LEI) code to improve the quality and accuracy of financial data systems for better risk management.
• Presently, FPIs are required to provide their LEI details in the Common Application Form (CAF),
used for registration, KYC (Know Your Customer) and account opening of FPIs on a voluntary basis.
What is LEI?
LEI is a unique 20-character global code, that is used to identify legally distinct entities involved in financial
transactions.
Key Points:
i.RBI requires non-individual borrowers with aggregate exposure above Rs 25 crore to obtain an LEI code.
ii.SEBI mandates all existing FPIs (including those applying for renewal) to provide their LEIs to their
designated depository participant (DDPs) within 180 days.
• If failure, their accounts are blocked for further purchases until the LEI is provided.
iii.FPIs must ensure that their LEI is always active.

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 • Accounts of FPIs with expired or lapsed LEI codes will be blocked for further purchases until the LEI
code is renewed.
This information by SEBI was provided in the exercise of its powers conferred under Section 11 (1) of the SEBI
Act, 1992, read with Regulations3(2), 22(1)(j) and 44 of SEBI (FPI) Regulations,2019, to protect the interest of
investors in securities and to promote the development the securities market.
Recent Related News:
i.SEBI has mandated alternative investment funds (AIFs) to provide investors with the option of a “direct plan”
and introduced a trail model for distribution commission. The framework for direct investments will go into
effect on May 1, 2023.
ii.Due to the rise of dependence on cloud computing for delivering IT (Information Technology) services, SEBI
drafted a cloud framework for the adoption of Cloud Services by SEBI Regulated Entities (REs).
About Securities Exchange Board of India (SEBI):
Chairperson– Madhabi Puri Buch
Headquarters – Mumbai, Maharashtra
Establishment – 12 April 1992

LIC launches Jeevan Kiran to offer Life Cover with Premium Return
On 28th July 2023, Life Insurance Corporation of India (LIC) launched a new term assurance plan “Jeevan
Kiran”, a non-linked, non-participating, individual, savings, and life Insurance plan that offers a combination of
protection and savings.
Eligibility & Restrictions:
• Age(Entry): Minimum 18 years to Maximum 65 years.
• Age (Maturity): Minimum 28 years to Maximum 80 years.
• Policy Term : 10 years to 40 years
• Minimum Basic Sum Assured: Rs 15 Lakhs.
• Maximum Basic Sum Assured: No Limit
• Minimum Premium: Rs 3000 for Regular Premium Policies & Rs 30000 for Single Premium Policies.
Features:
i.This policy will provide financial support to the family in case of unfortunate death of the life assured during
the policy term and returns the total premiums paid in case of survival till maturity.
ii.This is a non-participating product under which benefits payable on death or maturity are guaranteed and
fixed irrespective of actual experience.
Benefits payable in case of death
i.For policies with Regular Premium Payments, the “Sum Assured on Death” will be highest of Seven times the
Annualised Premium (or) 105% of the “Total Premium Paid” up to the date of death (or) Basic Sum Assured.
ii.For policies with Single Premium Payment, the “Sum Assured on Death” is determined as the greater of
125% of the Single Premium (or) Basic Sum Assured.
It is to be noted that the Death benefits can be received as lump sum or in five equal instalments with intervals
of annually, half-yearly, quarterly or monthly
Maturity benefit
Upon maturity, if the policy is still active, the “Sum Assured on Maturity” will be equivalent to the “Total
Premiums Received by LIC” (after deducting any excess premium, rider premium, taxes, etc.) under both
Regular Premium and Single Premium Payment Policies.
Additional Info:
i.The plan offers differential premium rates for Smoker/Non-Smoker lives.
ii.Housewives and pregnant ladies are not eligible for this plan. Female lives proposals may be submitted only
after six months from the date of their last delivery.
iii.The policy offers two optional riders(supplementary benefits added in the primary life insurance policy)
availed by paying an extra premium

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 • Accidental Death and Disability Benefit Rider
• Accident Benefit Rider
About Life Insurance Corporation(LIC) of India:
Chairperson – Siddhartha Mohanty
Headquarters – Mumbai, Maharashtra
Established in – 1956

Razorpay launches ‘MoneySaver Export Account’ for Indian exporters to save 50% on overseas
bank transfers
On 26th July 2023, Razorpay, a Finetech company announced the launch of its ‘MoneySaver Export Account‘,
built specifically for small and mid-size exporters by offering up to 50% savings on international bank transfers
for the Indian exporters. The facility allows exporters to open an account in any country of their choice (over
160 countries).
• The exporters receive international payments locally via the Razorpay platform such as FedWire,
Automated Clearing House (ACH) and more in order to save from high transfer costs, chargebacks
and payment failures.
• With the MoneySaver Export Account, Indian exporters can experience consistent wire transfer
from their international customers over 200 countries and have their funds settled directly in their
Indian bank accounts.
• By using the Razorpay dashboard, users can access the features and all the payments will come with
an electronic Foreign Inward Remittance Statement (FIRS).

Max Life Appointed as Lead Insurer for UP under State Insurance Plan of IRDAI
Max Life Insurance Company Ltd (Max Life) has been appointed as the “Lead Insurer” for the State of Uttar
Pradesh (UP) by the Insurance Regulatory and Development Authority of India (IRDAI). This move is part
of IRDAI’s state insurance plan to enhance financial awareness and insurance inclusion.
Note:
• Max Life has also been appointed as the Lead Insurer for Arunachal Pradesh.
• Liberty General Insurance Ltd was appointed as the Lead Insurer for Delhi by the IRDAI under
State Insurance plan.
Features of Max Life as a Lead Insurer:
i.Max Life, by supporting this vision, aims to create awareness, accessibility of affordable insurance coverage
across UP in the first phase via digital insurance awareness activities, initiated by Max Life in Chandauli and
Varanasi of UP.
ii.It plans to introduce similar initiatives to other districts of Balrampur, Bahraich, Chitrakoot, Fatehpur,
Kaushambi, Siddharthnagar, and Shravasti, in the next 6 months.
• These districts are also a part of the Government of India’s (GoI) ‘Aspirational Districts Programme’
that aims to increase financial inclusion and skill development.
iii.It uses the approach of digitally managed distribution ecosystem with custom-made policies.
iv.It aims to support micro-entrepreneurship and employment opportunities, especially for women by
adopting the IRDAI’s Bima Vahak model in the near future.
Recent Survey of Max Life:
Max Life recently conducted a survey in association with KANTAR, ‘India Protection Quotient (IPQ), an annual
survey of Rural edition in 113 villages to drive awareness and adoption of life insurance in rural India
It was revealed that rural India scored low of 12 points on the protection quotient scale, as compared to urban
India’s score of 43

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IRDAI State Insurance Plan:
i.The IRDAI’s state insurance plan is a collaborative effort with insurers by assigning two state governments to
each insurer to increase financial awareness and drive insurance inclusion.
ii.The initiative aims to enable insurance for all by 2047, where every citizen has an appropriate life, health and
property insurance cover, and every enterprise is supported by appropriate insurance solutions.
Cholamandalam MS Insurance Appointed as a Lead Insurer for West Bengal by IRDAI
Cholamandalam (Chola) MS General Insurance Company Ltd, a joint venture (JV) of the Murugappa Group
and Mitsui Sumitomo Insurance Company Ltd, Japan, has been appointed ‘Lead Insurer‘ for the state of West
Bengal by the IRDAI in line with the its vision of “Insurance for All by 2047” (State Insurance Plan) to increase
insurance awareness and penetration throughout West Bengal.
Key Points:
i.Under this plan, Chola MS Insurance will focus on various aspects of health protection, coverage against
natural calamities, increasing employment opportunities, and protecting the business of Micro Small and
Medium Enterprises (MSMEs) through comprehensive insurance offerings.
ii.The company has devised a bunch of initiatives to ensure the benefits of insurance reach the people including
awareness and outreach programs, strengthening the insurance distribution network, and ensuring speedy
grievance redressal and efficient claim settlement processes.
iii.Chola MS Insurance has opened a 10,000 square feet state headquarters in Kolkata (West Bengal), which will
serve as a hub, offering comprehensive insurance products and services to all subdivisions in West Bengal.
• The State headquarters was inaugurated by Mr. M.M Murugappan, Chairman of Chola MS Insurance,
and Mr. V. Suryanarayanan, Managing Director (MD) Chola MS Insurance.
Recent Related News:
On June 2, 2023, The Insurance Regulatory and Development Authority of India (IRDAI) identified SBI Life
Insurance Company Limited (SBI Life) as the acquirer–insurer of the business of Sahara India Life Insurance Co.
(SILIC).
• In this regard, SBI Life shall take over the policy liabilities of around two lakh policies of SILIC,
About Insurance Regulatory and Development Authority of India (IRDAI)
It is a statutory body formed under an Act of Parliament, i.e., Insurance Regulatory and Development Authority
Act, 1999 (IRDAI Act 1999) .It is a public authority as defined in the Right to Information Act, 2005
Chairman– Debasish Panda
Headquarters– Hyderabad, Telangana
Incorporated in– 2000

Future Generali India Life partnered with JM Financial to Elevate Insurance Products
Future Generali India Life Insurance Company Limited (FGILI), a joint venture (JV) between the Generali
Group and the Future Group, partnered with JM Financial Services Limited (JM Financial), an integrated and
diversified financial services group, to expand its product offerings and market presence across India.
• The partnership will help the insurer expand its product portfolio and leverage the distribution and
financial advisory capabilities of JM Financial to offer innovative products.
• It will enable FGILI to reach a larger customer base of 2.20 lakh and serves to the various needs of
individuals, corporations, and financial institutions.

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 Banking, Finance & Economy Q&A: July 2023
1. Which of the following points is/are “Incorrect” with respect to the Tax Collection at Source
(TCS), as of June 2023?
A) The Ministry of Finance announced that there will be no changes in the rate of TCS for all
purposes under Liberalised Remittance Scheme (LRS) and for overseas travel tour packages,
regardless of the mode of payment, for amounts up to Rs 7 lakh per individual per annum.
B) Beyond the Rs 7 Lakh threshold, TCS shall be 0.5% for remittance for education financed by
education loan; 5% for remittance for education or medical treatment and 20% for others.
C) The changes in the TCS rates which were set to be implemented with effect from 1st July
2023 will now come into effect from 1st December 2023 with the above-mentioned
modifications.
1) Only A
2) Only B
3) Only C
4) Only A & B
5) Only B & C
Answer- 3) Only C
Explanation:
On 28th June 2023, the Ministry of Finance announced that there will be no changes in the rate of Tax
Collection at Source (TCS) for all purposes under Liberalised Remittance Scheme (LRS) and for
overseas travel tour packages, regardless of the mode of payment, for amounts up to Rs 7 lakh per
individual per annum.
• It was also announced that more time will be provided for the implementation of the revised
TCS rates and also for the inclusion of credit card payments in LRS.
i. The government has postponed the implementation of its 16th May 2023 e-gazette notification
which brought credit card expenses under LRS.
ii. The changes in the TCS rates which were set to be implemented with effect from 1st July 2023 will
now come into effect from 1st October 2023 with the above-mentioned modifications.
Overview of Changes in TCS Rates:
Nature of Payment Rates before Finance New rates wef 1st
Act 2023 October 2023

LRS for education financed by a loan Nil upto Rs 7 lakh Nil upto Rs 7 lakh

0.5% above Rs 7 Lakh 0.5% above Rs 7 Lakh

LRS for Medical treatment/ education (other Nil upto Rs 7 lakh Nil upto Rs 7 lakh
than financed by loan)
5% above Rs 7 Lakh 5% above Rs 7 Lakh

LRS for other purposes Nil upto Rs 7 lakh Nil upto Rs 7 lakh

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 5% above Rs 7 Lakh 20% above Rs 7 Lakh

Purchase of Overseas tour program package 5% (without 5% till Rs 7 Lakh, 20%

threshold) thereafter

2. Name the life insurance company that has recently (in June ‘23) introduced Industry’s 1st
digital payments via WhatsApp and Unified Payment Interfaces (UPI).
1) Tata AIA Life Insurance
2) ICICI Prudential Life Insurance
3) Max Life Insurance
4) Bajaj Allianz Life Insurance
5) HDFC Life Insurance
Answer- 1) Tata AIA Life Insurance
Explanation:
Tata AIA, the life insurance arm backed by Tata Group, has introduced a first of its kind feature in
the insurance industry by enabling digital payments through WhatsApp and Unified Payment
Interfaces (UPI).
i. This allows policyholders to make instant premium payments using these popular platforms,
providing a hassle-free experience. This move showcases Tata AIA’s commitment to leveraging
technology and enhancing customer satisfaction.
ii. The new feature ensures that both tech-savvy and non-tech-savvy consumers can easily pay their
premiums digitally and receive quick confirmation and acknowledgment.
iii. The collaboration with WhatsApp and PayU has resulted in the development of an in-house
intelligent platform, significantly enhancing the consumer experience and transactional ease.

3. In June 2023, UST joined _______ (project), an initiative led by the Bank for International
Settlements (BIS) and the Bank of England (BoE) to develop Application programming
interface (API) prototypes for central bank digital currencies (CBDC).
1) Project Nevon
2) Project Rosalind
3) Project Mariana
4) Project Rapid
5) Project Pyxtrial
Answer- 2) Project Rosalind
Explanation:
Digital Transformation Solutions Provider UST joined Project Rosalind, an initiative led by the Bank
for International Settlements (BIS) and the Bank of England (BoE) to develop Application
programming interface (API) prototypes for central bank digital currencies (CBDC).
i. The project aims to explore the potential impact of CBDCs on various sectors and to develop a well-
designed API layer that can enable interaction between a central bank ledger and private sector
service providers for safe and efficient retail CBDC payments.
Note- Project Rosalind has advanced central bank innovation by exploring the role of API layers in
supporting retail CBDC systems and facilitating safe and secure CBDC payments through various use
cases.

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4. Name the bank that has recently (in June ‘23) partnered with the National Payments
Corporation of India (NPCI) to introduce the facility of linking its RuPay Credit Card to a
Unified Payments Interface (UPI).
1) YES Bank
2) ICICI Bank
3) HDFC Bank
4) IDBI Bank
5) Kotak Mahindra Bank
Answer- 5) Kotak Mahindra Bank
Explanation:
Kotak Mahindra Bank Limited (KMBL/Kotak) partnered with the National Payments Corporation of
India (NPCI) to introduce the facility of linking its RuPay Credit Card to a Unified Payments Interface
(UPI) with UPI-enabled apps.
i. The Kotak RuPay Credit Card will be linked to Virtual Payment Address (VPA), a UPI ID, to enable
safe and secure payment transactions. With this, Customers are no longer needed to carry their
physical credit cards.
ii. The linkage will also provide customers with a reward and an interest-free credit period of up to 50
days.

5. Which company has recently (in June ‘23) partnered with Shriram Finance to increase digital
Financial Services?
1) PhonePe
2) BharatPe
3) Freecharge
4) Paytm
5) Razorpay
Answer- 4) Paytm
Explanation:
Paytm announced a strategic partnership with Shriram Finance, a non-banking finance company
(NBFC) of the Chennai (Tamil Nadu)-based Shriram group, to extend financial services to its users,
including loan products. Under this partnership, Shriram Finance products will be made available on
Paytm’s platform digitally.
i. This partnership combines Paytm’s wide reach and technology framework with Shriram Finance’s
lending expertise as the largest retail NBFC in rural areas of India.

6. In June 2023, the Department of Economic Affairs (DEA) raised the interest rates on select
small saving schemes for the second quarter (Q2) of FY24.
Which of the following points is ‘Incorrect’ with respect to Small Saving Schemes (SSS) & their
interest rates, as of June 2023?
1) The DEA, Ministry of Finance (MoF) has announced an interest rate hike on selected small savings
schemes by up to 0.3% for the Q2 FY24 (i.e July 1, 2023-September 30, 2023).
2) The interest rate has been raised by 30 basis points (bps) for the 5-Year Post Office Time Deposits
to 7.5% from 7.2%.
3) The interest rate has increased by 10 basis points for the 1-year term deposits to 6.9% from 6.8%
and for the 2-year term deposits to 7% from 6.9%.

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4) The interest rates for Public Provident Fund (PPF) and savings deposits are kept unchanged at
7.1% and 4%,
5) The National Savings Certificate (NSC) has remained unchanged with the interest rate of 7.7%.
Answer- 2) The interest rate has been raised by 30 basis points (bps) for the 5-Year Post Office
Time Deposits to 7.5% from 7.2%.
Explanation:
The Department of Economic Affairs (DEA), Ministry of Finance (MoF) has announced an interest rate
hike on selected small savings schemes by up to 0.3% for the 2nd quarter of the financial year 2023-
24 (Q2 FY24) (i.e July 1, 2023-September 30, 2023).
• The rates are in line with the high-interest rates in the banking system.
• The interest rate for the five-year recurring deposit (RD) has been raised by 30 basis points
(bps), resulting in a highest increase of 0.3%. Earlier it was 6.2%, now it is 6.5%.
• Interest rate has increased by 10bps for the One-year term deposits with post offices will now
earn 0.1% reaching 6.9% (earlier 6.8%) and, the two years tenor is 7% (earlier 6.9%).
• The interest rates for popular Public Provident Fund(PPF) and savings deposits are kept
unchanged at 7.1% and 4%,
• The interest rate on the National Savings Certificate (NSC) remained unchanged at 7.7% for
July 1 to September 30, 2023.
• There is no interest rate hike for the Monthly Income Scheme, and it gives investors a 7.4
percent gain.

7. Which of the following points is/are “correct” with respect to the steps taken by the
Securities and Exchange Board of India (SEBI) in June 2023?
A) SEBI has approved the proposal for reducing the time period for listing of shares in a public
Issue from the existing six days to three days, from the date of issue closure (T Day).
B) SEBI has approved the introduction of provisions related to the listing of non-convertible
debt securities and voluntary delisting of non-convertible debt securities(NCDs).
C) SEBI also approves the amendments to the SEBI InvITs Regulations, 2014 and SEBI REITs
Regulations, 2014 to provide nomination rights to unitholders holding 10% or more of the
total outstanding units of the InvIT/REIT, either individually or collectively, on the board of
directors of the Investment Manager/Manager.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Answer- 5) All A, B & C
Explanation:
On June 28, 2023, the board of Securities and Exchange Board of India (SEBI) has approved a series of
decisions such as the reduction of public issue listing timelines, the introduction of regulations for
non-convertible debt securities (NCDs), and strengthening investor grievance handling mechanisms
to improve the market efficiency and investor protection.
• The board has approved the proposal for reducing the time period for listing of shares in a
public Issue from the existing six days to three days, from the date of issue closure (T Day).

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 • SEBI board has approved the introduction of provisions related to the listing of non-
convertible debt securities and voluntary delisting of NCDs. ‘
• SEBI board also approves the amendments to the SEBI infrastructure investment trusts
(InvITs) Regulations, 2014 and SEBI real estate investment trusts (REITs) Regulations, 2014 to
provide nomination rights to unitholders holding 10% or more of the total outstanding units of
the InvIT/REIT, either individually or collectively, on the board of directors of the Investment
Manager/Manager.
• SEBI has decided to mandate enhanced disclosures from certain class of foreign portfolio
investors (FPIs), including furnishing granular level details about ownership and economic
interests.
• SEBI strengthened the investor-grievance mechanism by integrating the SEBI Complaint
Redressal System (SCORES) with the online dispute resolution (ODR) mechanism.

8. Name the organisation that has recently (in June ‘23) granted USD1.5 billion to accelerate
India’s development of low-carbon energy sources.
1) United Nations Development Programme
2) Asian Development Bank
3) World Bank
4) International Monetary Fund
5) United Nations Environment Programme
Answer- 3) World Bank
Explanation:
On 29th June 2023, The World Bank granted USD1.5 billion in financing to accelerate India’s
development of low-carbon energy sources. This funding aims to assist India in scaling up renewable
energy, fostering the growth of green hydrogen, and stimulating climate finance for investments in
low-carbon energy.
• This will assist India in achieving its target of 500 GW of renewable energy capacity by 2030.
• The government plans to issue bids for 50 GW of renewable energy each year from FY23-24 to
FY27-28, which will avoid carbon emissions of 40 million tons per annum by 2026.
i. The International Bank for Reconstruction and Development (IBRD) is providing a loan of USD 1.44
billion, supported by a USD 1 billion backstop from the United Kingdom, to enhance the World Bank’s
climate change financing to India.
ii. Additionally, a credit of USD 56.57 million from the International Development Association (IDA) is
sourced from the recommitment of previously cancelled IDA credit balances.

9. The _______ Goods and Services Tax (GST) 2023 was observed across India on 1st July 2023.
1) 2nd
2) 5th
3) 4th
4) 6th
5) 3rd
Answer- 4) 6th

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Explanation:
Goods and Services Tax (GST) Day is annually observed on 1st July to commemorate the
implementation of the GST system, a comprehensive indirect tax levied on the supply of goods and
services in India.
• 1st July 2023 marks the observance of the 6th GST Day which commemorates the 6th
anniversary of GST coming into force (1st July 2017).
• The first-ever GST day was observed on 1st July 2018, which marked the first anniversary of
the Implementation of GST.
i. Nirmala Sitharaman, Union Minister for Finance & Corporate Affairs presided over as the chief guest
of the celebrations of the 6th GST Day organised at the Vigyan Bhawan, New Delhi, Delhi.
ii. Two taxpayers, namely, Ji Shoji India Pvt. Ltd. and Rajan Agro Green Foods Pvt ltd also received
commendation from the MSME category.
iii. The gross GST revenue collected by the end of June 2023 is Rs 1,61,497 crore. For the 4th time, the
gross GST collection has crossed Rs. 1.60 lakh crore mark.

10. Which of the following points is/are “correct” with respect to the 27th Financial Stability
Report (FSR) released by the Reserve Bank of India (RBI) in June 2023?
A) The aggregate Capital to Risk-Weighted Assets Ratio (CRAR) of 46 major banks is projected
to slip from 17.1% (historical high) in March 2023 to 16.1% by March 2024.
B) The CRAR of Urban Co-Operative Banks (UCBs) rose to 16.5% in March 2023 while that of
NBFCs stood at 27.5 per cent.
C) As per the report, Scheduled Commercial Banks (SCBs) Gross Non-Performing Assets (GNPA)
ratio continued its downtrend and fell to a 10-year low of 3.9% in March 2023.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Answer- 5) All A, B & C
Explanation:
On June 28, 2023, the Reserve Bank of India (RBI) released its half yearly publication(i.e) 27th
Financial Stability Report (FSR), June 2023, which assesses risks to financial stability and the
resilience of the Indian financial system. It reflects the collective evaluation of the Sub-Committee of
the Financial Stability and Development Council (FSDC).
• According to stress test results published in the FSR, under the baseline scenario, the aggregate
Capital to Risk-Weighted Assets Ratio (CRAR) of 46 major banks is projected to slip from
17.1% (historical high) in March 2023 to 16.1% by March 2024.
• The CRAR of Urban Co-Operative Banks (UCBs) rose to 16.5% in March 2023 while that of
NBFCs stood at 27.5 per cent.
• As per the report, the Bad loans in the banking sector have reached their lowest levels in a
decade. Scheduled Commercial Banks (SCBs)’ Gross Non-Performing Assets (GNPA) ratio
continued its downtrend and fell to a 10-year low of 3.9% in March 2023 and the net non-
performing assets (NNPA) ratio declined to 1% of total loans, the lowest figure since June
2011.

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 • As per the report, the Deposit Insurance and Credit Guarantee Corporation (DICGC) settled
claims of Rs 751.8 crore during FY23.
• The consolidated Gross Fiscal Deficit (GFD) of the states and Union Territories (UTs) declined
from 4.1% of GDP in FY21 to 2.8% in FY22 and FY23. This shows a sharp improvement in the
fiscal position of the states in FY23.
• The RBI hiked the interest rate on its floating rate savings bonds, 2020 (Taxable)/FRSB 2020
(T) to 8.05% for period July 01, 2023 to December 31, 2023 and payable on January 01, 2024.
• In June 2023, RBI conducted the Rs 75,000 crore 4-day variable rate repo auction to address
the expected stress on liquidity ahead of goods and service tax outflows.
• The RBI Governor Shaktikanta Das launched the Reserve Bank’s next generation data
warehouse, viz., the Centralised Information Management System (CIMS) during the 17th
Annual Statistics Day Conference on June 30, 2023.

11. Name the bank that has recently (in July ‘23) partnered with National E-Governance
Services Ltd (NeSL) to introduce digital services Project WAVE (World of Advance Virtual
Experience).
1) Bank of Baroda
2) State Bank of India
3) Indian Bank
4) Canara Bank
5) Punjab National Bank
Answer- 3) Indian Bank
Explanation:
Indian Bank, a leading public sector lender, joined hands with National E-Governance Services Ltd
(NeSL) to roll out a range of digital services as part of its ambitious digital transformation initiative,
Project WAVE (World of Advance Virtual Experience), which was initiated in January 2022.
i. These innovative services are set to revolutionise the banking experience by significantly reducing
the turnaround time for bank guarantee issuance and delivery.
ii. In addition, Indian Bank has launched a fully digital process for eligible individuals and businesses
to access pre-approved business loans.
iii. The digital vehicle loan product allows individual customers to obtain their desired vehicle with
ease, with loan values of up to Rs 25 lakh available.

12. Which bank has recently (in July ‘23) revamped its digital banking app and introduced the
Interoperable Cardless Cash Withdrawal (ICCW) facility?
1) ICICI Bank
2) State Bank of India
3) HDFC Bank
4) Axis Bank
5) Kotak Mahindra Bank
Answer- 2) State Bank of India
Explanation:
On 2nd July 2023, The State Bank of India (SBI) revamped its digital banking app, ‘YONO for Every
Indian,’ and introduced the Interoperable Cardless Cash Withdrawal (ICCW) facility, aimed at
providing greater convenience to customers. These updates were unveiled on SBI’s 68th Bank Day.

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i. The revamped YONO (You Only Need One) app aims to meet customer expectations for a seamless
and pleasant digital experience, turning the vision of ‘YONO for Every Indian’ into a reality.
ii. The enhanced YONO application now includes Unified Payment Interface (UPI) features like Scan
and Pay, Pay by Contacts, and Request Money, expanding SBI’s commitment to inclusive and
customer-centric digital banking services.

13. Which of the following points is/are “correct” with respect to the HDFC Bank Ltd, as of July
2023?
A) HDFC Investments and HDFC Holdings have been amalgamated with and into HDFC Limited
on July 1, 2023,
B) HDFC Limited merged with HDFC Bank Limited, with this HDFC Bank is set to become the
world’s fourth most valuable bank based on market capitalization and emerge as the second
biggest company in India.
C) Deepak Parekh, the esteemed chairman of Housing Development Finance Corporation
(HDFC), has announced his retirement as HDFC prepares to merge with HDFC Bank.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Answer- 5) All A, B & C
Explanation:
In a significant development, the merger between Housing Development Finance Corporation (HDFC)
Ltd and HDFC Bank Ltd has successfully obtained final board approval . With a valuation of around
USD 40 billion, this unprecedented merger creates a financial services powerhouse.
i. Composite Scheme of Amalgamation for merger:
• HDFC Investments Limited and HDFC Holdings Limited merged with HDFC Limited.
• HDFC Limited merged with HDFC Bank Limited has became effective from July 1, 2023.
ii. After merging with mortgage lender HDFC, HDFC Bank is set to become the world’s fourth most
valuable bank based on market capitalization and emerge as the second biggest company in India.
iii. Deepak Parekh, the esteemed chairman of Housing Development Finance Corporation (HDFC),
has announced his retirement as HDFC prepares to merge with HDFC Bank, marking the end of his
remarkable 45-year tenure.

14. Which bank has recently (in July ‘23) introduced the all-new RuPay Select Debit card?
1) Bank of Baroda
2) Canara Bank
3) Bank of Maharashtra
4) Indian Overseas Bank
5) Bank of India
Answer- 4) Indian Overseas Bank
Explanation:
On 4th July 2023, Indian Overseas Bank (IOB) introduced the all-new RuPay Select Debit card,
aiming to provide customers with a comprehensive blend of luxury, convenience, and security.

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i. With a host of exclusive benefits, including access to gyms, complimentary health check-ups, golf
lessons, spa services, and lounge privileges at select domestic and international airports, this new
debit card promises a premium banking experience for IOB customers.
ii. With the introduction of the RuPay Select Debit card, Indian Overseas Bank aims to enhance its
customers’ banking experience by offering a range of exclusive luxury benefits.

15. In July 2023, ____________ (Bank) became the first bank to officially roll out Mahila Samman
Savings Certificate (MSSC), 2023.
1) Indian Bank
2) Bank of Baroda
3) Bank of India
4) Punjab National Bank
5) Bank of Maharashtra
Answer- 3) Bank of India
Explanation:
On July 4, 2023, the Bank of India (BoI) became the first bank to officially roll out Mahila Samman
Savings Certificate (MSSC), 2023, and operationalize this scheme at all its branches. The roll-out
ceremony was inaugurated by the Managing Director (MD) & Chief Executive Officer (CEO) Rajneesh
Karnatak through a Video Conference (VC).
i. This means, BoI is authorized to open accounts under MSSC. So far, only post offices were
authorized to open accounts under MSSC.
ii. MSSC is aimed at empowering girls and women through financial savings. It is a one-time small
saving scheme backed by the Central Government which is available for two years, from April 2023-
March 2025.

16. According to the Reserve Bank of India (RBI) provisional data in July, 2023, India’s services
exports in May 2023 increased by _________ to USD 27.06 billion.
1) 7.0%
2) 6.9%
3) 7.5%
4) 7.7%
5) 6.5%
Answer- 4) 7.7%
Explanation:
According to the Reserve Bank of India (RBI) provisional data on July 4, 2023, India’s services exports
in May 2023 increased by 7.7% compared to May 2022, reaching USD ($)27.06 billion while
imports rose 2% to USD 15.5 billion.
i. The government’s initial estimates, released in mid-June, had indicated that services exports
amounted to USD 25.3 billion, with services imports at USD13.53 billion.
ii. It’s important to note that the RBI’s figures are provisional and subject to further updates which are
published quarterly as part of India’s overall balance-of-payments data.

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17. Name the Payments Bank that has recently (in July ‘23) collaborated with Park+ to enable
FASTag-based parking solution at the Lal Bahadur Shastri Airport, Varanasi in Uttar Pradesh.
1) Airtel Payments Bank
2) India Post Payments Bank
3) Fino Payments Bank
4) Paytm Payment Bank
5) Jio Payment Bank
Answer- 1) Airtel Payments Bank
Explanation:
On July 4, 2023, the Airtel Payments Bank collaborated with Park+ to enable FASTag-based smart
parking at the Lal Bahadur Shastri Airport, Varanasi in Uttar Pradesh.
i. This smart parking solution allows automatic cashless payments at airport parking.
ii. The parking fee payment is deducted through the FASTag associated with the vehicle, which
reduces the time required to make the payment.

18. Which company has recently (in July ‘23) procured a non-banking financial company
(NBFC) license from the Reserve Bank of India (RBI) to disburse loans worth Rs 2000 Cr by
Financial Year(FY)24?
1) Leap Finance
2) Eduvanz
3) Propelld
4) Avanse
5) Gyandhan
Answer- 3) Propelld
Explanation:
Education financing startup, Propelld has procured a non-banking financial company (NBFC) license
from the Reserve Bank of India (RBI) to disburse loans worth Rs 2000 Cr by Financial Year (FY)24
and to bolster its direct lending proposition.
i. Previously, Propelld provided lending solutions by partnering with NBFCs but now the new license
will help the company to lend directly along with functioning as a loan service provider (LSP).
ii. With the NBFC Licence, Propelld will provide tailored loan products, flexible repayment options
and competitive interest rates to its customers, particularly in tier two and tier three cities.

19. In July 2023, IDFC Limited merged with IDFC First Bank in a share exchange ratio of 155:
___________.
1) 130
2) 100
3) 120
4) 140
5) 110
Answer- 2) 100
Explanation:
On 3rd July 2023, the board of directors of IDFC First Bank Limited approved the scheme of
amalgamation of IDFC Limited with IDFC First bank and the share exchange ratio is fixed at
155:100.

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 • IDFC First Bank has proposed to complete the merger by the end of 2023.
• With this merger, the IDFC Limited’s shareholders will become the direct shareholders of IDFC
First Bank.

20. Which of the following cooperative bank licences has/have recently (in July ‘23) cancelled
by the Reserve Bank of India (RBI)?
1) Kalupur Commercial Co-operative Bank
2) Malkapur Urban Co-operative Bank Ltd
3) Shushruti Souharda Sahakara Bank Niyamita
4) Both 1 & 2
5) Both 2 & 3
Answer- 5) Both 2 & 3
Explanation:
On July 5, 2023, the Reserve Bank of India (RBI) cancelled the banking licenses of two co-operative
banks viz. Malkapur Urban Co-operative Bank Ltd (Malkapur UCB) based in Buldhana, Maharashtra,
and Shushruti Souharda Sahakara Bank Niyamita (SSS Bank) based in Bengaluru, Karnataka.
i. In this regard, these two co-operative banks ceased to carry on banking business as defined in
Section 5(b) read with Section 56 of the Banking Regulation (BR) Act, 1949 with effect from July 5,
2023.
ii. However, on liquidation, every depositor is entitled to receive a deposit insurance claim amount of
his/her deposits up to Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation
(DICGC), subject to the provisions of the DICGC Act, 1961.

21. Name the bank that has recently (in July ‘23) partnered with Flipkart to introduce a
personal loan service accessible through Flipkart’s app.
1) ICICI Bank
2) HDFC Bank
3) Axis Bank
4) YES Bank
5) IndusInd Bank
Answer- 3) Axis Bank
Explanation:
In collaboration with Axis Bank, Flipkart, the leading e-commerce company in India, has introduced
a personal loan service accessible through Flipkart’s app. This loan facility allows individuals to
obtain up to Rs 5 lakh, with a remarkable approval time of just 30 seconds and eliminates the need for
document submission.
i. By offering personal loans, Flipkart is hoping to attract new customers who may be unable to afford
large purchases outright.

22. Which of the following points is/are “correct” with respect to the United Nations
Conference on Trade and Development (UNCTAD)’s World Investment Report 2023(WIR
2023): Investing in Sustainable Energy for All released in July 2023?
A) Foreign Direct Investment (FDI) in Asia’s developing countries remained unchanged at USD
662 billion.

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B) India and Association of Southeast Asian Nations (ASEAN) were the top recipients , with an
increase of 10% and 5% respectively.
C) The global flow of FDI declined by 10% to USD 1.3 trillion in 2022 & China topped the list of
top 20 host economies (FDI inflow) for 2022.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Answer- 2) Only A & B
Explanation:
According to the United Nations Conference on Trade and Development (UNCTAD)’s “World
Investment Report 2023 (WIR 2023): Investing in Sustainable Energy for All”, Foreign Direct
Investment (FDI) in Asia’s developing countries remained unchanged at USD 662 billion.
i. India and Association of Southeast Asian Nations (ASEAN) were the top recipients , with an
increase of 10% and 5% respectively.
ii. The 2023 report stated that the global flow of FDI declined by 12% to USD 1.3 trillion in 2022.
iii. The United States of America (USA) topped the list of top 20 host economies (FDI inflow) for 2022
with USD 285 billion. For the USA, FDI flow declined by 26% compared to 2021.
• In 2022, FDI flows to developed countries as a group fell by 37% largely in Europe and North
America.
iv. China, the 2nd largest FDI recipient in the world, witnessed an increase of 5%.

23. In July 2023, Indian Banks’ Association (IBA) formed a _________ member working group for
the Implementation of recommendations from the Reserve Bank of India’s committee on the
working of Asset Reconstruction Companies (ARCs).
1) 8
2) 4
3) 6
4) 5
5) 3
Answer- 4) 5
Explanation:
Indian Banks’ Association (IBA) has formed a five-member working group for the Implementation of
recommendations from the Reserve Bank of India’s committee on the working of Asset
Reconstruction Companies (ARCs).
i. The primary focus of the working group is to conduct a thorough review of assignment agreements
and trust deed templates related to the acquisition of distressed assets by ARCs from lenders.
ii. The aim of this review is to update these templates to align with the evolving changes and
expectations within the ARC sector, enabling them to meet the growing demands of the financial
industry.
Members:
• Ajit Kumar, MD and CEO, Secondary Loan Market Association (SLMA)
• Hari Hara Mishra, CEO, Association of ARCs in India
• MythiliBalasubramanian, Executive Director, Edelweiss ARC;

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 • Dharmendra Pali, senior official from State Bank of India
• AnupamaRanade, senior official from ICICI Bank

24. Which company has recently (in July ‘23) launched its Point-of-sale (POS) device that
enables merchants to accept payments?
1) BharatPe
2) PhonePe
3) Freecharge
4) Paytm
5) Razorpay
Answer- 2) PhonePe
Explanation:
PhonePe launched its Point-of-sale (POS) device that enables merchants to accept payments through
Debit Cards, Credit Cards and UPI, with a simplified settlement experience.
i. The device comes preloaded with the PhonePe POS App and supports transactions through
tap/swipe/dip and interoperable dynamic QR (Quick Response) codes.
ii. The POS device, built on the Android platform, can be accessed in areas of cellular coverage.
iii. Reliable and security being its top features, it has PCI-PTS 6(Payment Card Industry-PIN
Transaction Security) certification safeguarding both merchant and consumer data.

25. In July 2023, Life Insurance Corp (LIC) reduced its stake by _________ in India Cements Ltd to
3.83%.
1) 4%
2) 5%
3) 3%
4) 6%
5) 2%
Answer- 5) 2%
Explanation:
Life Insurance Corp (LIC),an Indian state-owned insurance group and investment company, has
reduced its stake by 2% in India Cements Ltd from 5.87% to 3.83%. The reduction has taken place
between November 2017 and July 2023 through open market transactions.
i. Post the sale of 63.28 lakh shares, LIC currently holds 1.19 crore shares of India Cements.

26. In July 2023, Rajnath Singh, Union Minister of Defence, launched the National Cadet Corps
(NCC) Integrated Software (NIS), a single window interactive software for Cadets, in New Delhi,
Delhi.
During the event, which bank has recently (in July ‘23) signed an MoU with NCC to open zero
balance accounts for all NCC Cadets?
1) Punjab National Bank
2) State Bank of India
3) Bank of Baroda
4) Indian Bank
5) Bank of Maharashtra
Answer- 2) State Bank of India

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Explanation:
On 7th July 2023, Rajnath Singh, Union Minister of Defence, launched the National Cadet Corps (NCC)
Integrated Software (NIS), a single window interactive software for Cadets, in New Delhi, Delhi.
i. During the event, NCC and State Bank of India (SBI) signed a Memorandum of Understanding
(MoU) to open zero balance accounts for all NCC Cadets with debit card, cheque book & passbook
facility under the “Pahli Udaan” scheme, SBI savings account for minors.
ii. NIS, designed on the ‘Entry to Exit Model’, was developed in partnership with Bhaskaracharya
Institute for Space Applications and Geo Informatics (BISAG).
Note: About 5 lakh Cadets will be benefitted by this MoU every year.

27. Name the Life Insurance company that has recently (in July ‘23) won the Insurer Innovation
Award 2023 for the Asia Pacific (APAC) region at The World’s Digital Insurance Awards.
1) Exide Life Insurance
2) HDFC Life Insurance
3) Max Life Insurance
4) Tata AIA Life Insurance
5) Bajaj Allianz Life Insurance
Answer- 5) Bajaj Allianz Life Insurance
Explanation:
Bajaj Allianz Life Insurance Co. Ltd, has won the Insurer Innovation Award 2023 for the Asia
Pacific(APAC) region at The World’s Digital Insurance Awards. The award was presented to recognise
Bajaj Allianz Life’s ground-breaking WhatsApp Conversational Platform which empower customers to
digitally service their policies.
i. TDI – The Digital Insurer, hosted the 8th edition of the World’s Digital Insurance Awards to
showcase some of the most innovative projects in the insurance industry.
ii. Bajaj Allianz Life Insurance developed an customer BOT to self-serve and resolve queries while also
offering real-time human live agent support to its sales and distribution channels as well as
employees.

28. Who has been recently (in July ‘23) appointed as the chairman of the International
Financial Services Centres Authority (IFSCA)?
1) Shubham Goyal
2) K Rajaraman
3) Arjun Prasad
4) Injeti Srinivas
5) Saurabh Kumar
Answer- 2) K Rajaraman
Explanation:
According to the notification released by The Department of Economic Affairs (DEA) under the
Ministry of Finance, The Department of Telecommunications secretary and 1989-batch IAS officer of
the Tamil Nadu Cadre, K Rajaraman will be the next chairman of the International Financial Services
Centres Authority (IFSCA).
i. He will be replacing Injeti Srinivas, the first chairperson of IFSCA (which acts as a unified authority
for the development and regulation of financial products, financial services and financial institutions)
appointed in 2020.

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ii. Rajaraman is expected to join the IFSCA in the month of August 2023.

29. In July 2023, the Reserve Bank of India (RBI) has issued a ‘Draft Circular – Arrangements
with Card Networks for issue of Debit, Credit and Prepaid Cards’ empowering the debit, credit,
and prepaid card users in India with Card network portability with effect from ____________.
1) 1st December 2023
2) 1st October 2023
3) 1st September 2023
4) 1st November 2023
5) 1st August 2023
Answer- 2) 1st October 2023
Explanation:
The Reserve Bank of India (RBI) has issued a ‘Draft Circular – Arrangements with Card Networks for
issue of Debit, Credit and Prepaid Cards’ empowering the debit, credit, and prepaid card users in India
with Card network portability w.e.f. October 1st, 2023.
• This means users can port their card network just like one can port switch/port mobile service
providers while retaining the same phone number.
• The Card network portability will keep their existing card accounts, balances, and credit
history intact.
• The RBI has invited opinions from various stakeholders for the same up to August 4, 2023.
i. This decision by RBI has been taken in exercise of its powers conferred under Section 18 read with
Section 10(2) of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007), by ensuring the
interest of payment system and public interest.

30. Which of the following points is/are “correct” with respect to the Bajaj Allianz General
Insurance Company, as of July 2023?
A) Bajaj Allianz General Insurance Company (BAGIC) hosted the first-ever General Insurance
Festival of India (GIFI) in Pune, Maharashtra, which officially set a new Guinness World
Records achievement for the largest attendance for an insurance conference.
B) Mayank Chander Kothari (Ahmedabad, Gujarat) won the GIFI awards in the Best Health
Insurance Advisor of India.
C) Shiv Kumar Gupta (Varanasi, Uttar Pradesh) won the GIFI awards in the Best Motor
Insurance Advisor in India.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Answer- 5) All A, B & C
Explanation:
On 3rd July 2023, Bajaj Allianz General Insurance Company (BAGIC), one of the leading private
general insurers of India, hosted the first-ever General Insurance Festival of India (GIFI) in Pune,
Maharashtra, which officially set a new Guinness World Records achievements for the largest
attendance for an insurance conference.

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 • During GIFI, Bajaj Allianz General Insurance announced the winners and runners of the health
and general insurance advisors across the insurance industry.
i. Mayank Chander Kothari (Ahmedabad, Gujarat) won the GIFI awards in the Best Health Insurance
Advisor of India.
ii. Shiv Kumar Gupta (Varanasi, Uttar Pradesh) won the GIFI awards in the Best Motor Insurance
Advisor in India.

31. According to the United Nations Development Programme (UNDP) and the Oxford Poverty
and Human Development Initiative (OPHI)'s Global Multidimensional Poverty Index (MPI)
released in July 2023, a total of ____________ people moved out of poverty in India within just 15
years (2005/2006 to 2019/2021).
1) 167 million
2) 150 million
3) 415 million
4) 280 million
5) 321 million
Answer- 3) 415 million
Explanation:
The latest update of the Global Multidimensional Poverty Index (MPI) was released by the United
Nations Development Programme (UNDP) and the Oxford Poverty and Human Development Initiative
(OPHI) at the University of Oxford.
i. As per it, a total of 415 million people moved out of poverty in India within just 15 years from
2005/2006 to 2019/2021 showing 55.1% decrease in 2005-06 to 16.4% in 2019-2021.
ii. In India, multidimensional poverty declined from 645 million people in 2005-2006 to 370 million in
2015-2016, and further to 230 million in 2019-2021. Deprivation decreased across all indicators.
iii. The proportion of people multidimensionally poor and deprived of nutrition decreased from
44.3% in 2005-2006 to 11.8% in 2019-2021, and child mortality fell from 4.5% to 1.5%.
iv. Over 18% of the global population (1.1 billion people) live in acute multidimensional poverty
across 110 countries, with Sub-Saharan Africa and South Asia housing the majority of the poor.

32. Which of the following banks has recently (in July ‘23) contributed USD 27 billion for
India’s Green Growth, during the International Conference on Green Hydrogen (ICGH-2023)?
1) World Bank
2) European Investment Bank
3) Asian Development Bank
4) Both 1 & 3
5) All 1, 2 & 3
Answer- 5) All 1, 2 & 3
Explanation:
During the International Conference on Green Hydrogen (ICGH-2023), three Multilateral
Development Banks, the European Investment Bank (EIB), the Asian Development Bank (ADB) and
the World Bank have contributed USD 27 billion for India’s Green Growth.
The funding allotment:
• The EIB has pledged Euro (€) 1 billion to develop a large-scale hydrogen industry hub
• The ADB intends to provide USD 20-25 billion over 5 years to support India’s green growth

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 • The World Bank approved USD 1.5 billion to aid India’s low-carbon transition journey.
i. The 3 days ICGH-2023 held between 5th-7th July 2023 at Vigyan Bhawan, New Delhi, Delhi
inaugurated by R. K. Singh the Union Minister for Power and New and Renewable Energy (MNRE).

33. Which bank has recently (in July ‘23) collaborated with Club Vistara and Mastercard to
introduce a travel credit card?
1) ICICI Bank
2) Axis Bank
3) IndusInd Bank
4) IDFC FIRST Bank
5) HDFC Bank
Answer- 4) IDFC FIRST Bank
Explanation:
IDFC FIRST Bank Ltd has collaborated with Club Vistara and Mastercard to introduce a travel credit
card that aims to enhance travel experiences and lifestyle-related offers to cardholders.
i. The new card will provide banking services with travel incentives.
ii. The rewards structure is based on Club Vistara Points, with accelerated points for different
spending categories.

34. Name the bank that has recently (in July ‘23) launched a new platform ‘Commercial
Banking’ in the United States of America(USA).
1) Standard Chartered Bank
2) Citi Commercial Bank
3) DBS Bank
4) HSBC Bank
5) Barclays Bank
Answer- 2) Citi Commercial Bank
Explanation:
In a strategic move to meet the evolving global needs of their clients and to provide them with a truly
digital experience, Citi Commercial Bank (CCB) has unveiled a new platform called CitiDirect
Commercial Banking in the United States of America (USA).
i. By integrating the services such as banking relationships, spanning cash management, loans, trade,
foreign exchange (FX), servicing, and onboarding into a single platform, CCB aims to simplify and
enhance the banking experience for its commercial clients.
ii. Though this facility is available in the USA, CCB plans to introduce it across key global financial
centres including Hong Kong, India, Singapore, and the U.K in the second half of 2023.

35. Who has been recently (in July ‘23) appointed as the Managing Director (MD) and Chief
Executive Officer (CEO) of SBI Cards and Payment Services Limited (SBICPSL)?
1) Shriniwas Yeshwant Joshi
2) Abhijit Chakravorty
3) Tejendra Mohan Bhasin
4) Anuradha Shripad Nadkarni
5) Rajendra Kumar Saraf
Answer- 2) Abhijit Chakravorty

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Explanation:
SBI Cards and Payment Services Limited (SBICPSL), a subsidiary of State Bank of India (SBI) and
India’s second-largest credit card, provider appointed Abhijit Chakravorty as its Managing Director
(MD) and Chief Executive Officer (CEO) with effect from August 12, 2023 for a period of 2 years. He is
currently serving as the Deputy MD of SBI.
i. He will succeed the incumbent MD & CEO Rama Mohan Rao Amara, who tendered his resignation
with effect from 11th August 2023 owing to his transfer back to the SBI.

36. Which of the following points is/are “correct” with respect to the 50th meeting of the Goods
and Services Tax (GST) Council held at New Delhi, Delhi in July 2023?
A) The GST on snack pellets, the semi-finished ingredient that is used to manufacture snacking
products, is decreased to 12% from 28%.
B) GST exemption on satellite launch services supplied by Indian Space Research Organisation
(ISRO), Antrix Corporation Limited and New Space India Limited (NSIL).
C) A uniform tax rate of 28% will be applied to Casino, Horse Racing, and Online gaming.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Answer- 3) Only B & C
Explanation:
On July 11, 2023, the 50th meeting of the Goods and Services Tax (GST) Council was held in New
Delhi, Delhi under the chairpersonship of Union Minister Nirmala Sitharaman, Ministry of Finance.
i. To mark the milestone of the 50th meeting of the GST Council, Union Minister Nirmala
Sitharaman(Chairperson) released a short video film titled ‘GST Council- 50 steps towards a journey’
in the presence of the Members of the Council.
ii. The GST on snack pellets, the semi-finished ingredient that is used to manufacture snacking
products, is decreased to 5% from 18%. This includes uncooked, unfried and extruded snack
palettes.
iii. GST exemption on satellite launch services supplied by Indian Space Research Organisation
(ISRO), Antrix Corporation Limited and New Space India Limited (NSIL) may be extended to similar
services supplied by organizations in the private sector.
iv. According to the GST council, a uniform tax rate of 28% will be applied to Casino, Horse Racing,
and Online gaming.
• The tax will be based on the face value of purchased chips for casinos, on the full value of bets
placed with bookmakers/totalisators for horse racing, and on the full value of bets placed for
online gaming.

37. In July 2023, Manoj Ahuja, Secretary of Ministry of Agriculture & Farmers Welfare,
launched a new campaign for banks under Agriculture Infrastructure Fund (AIF) titled
BHARAT (Banks Heralding Accelerated Rural & Agriculture Transformation) to ___________.
1) Provide information about National Mission on Natural Farming
2) Provide information about bouquet of schemes from bank
3) Mobilize funds from banks

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4) Provide information about Insurance scheme to crops
5) Provide information related to institutional credit available for farmers.
Answer- 3) Mobilize funds from banks
Explanation:
On 12th July 2023, Manoj Ahuja, Secretary, Ministry of Agriculture & Farmers Welfare(MoA&FW),
virtually launched a new campaign for banks under Agriculture Infrastructure Fund (AIF) titled
BHARAT (Banks Heralding Accelerated Rural & Agriculture Transformation) to mobilize funds from
banks.
• The 1 month long campaign, which will run from 15th July 2023 to 15th August 2023, was
launched with a target of Rs 7200 crore.
i. The banks support to this scheme has created 31, 850 agriculture infrastructure projects with Rs
24750 crores as loan under AIF with an outlay of Rs 42,000 crores.
ii. On 13th July 2023, the Ministry of Agriculture called upon the banks to promote Rs 1 lakh crore AIF
for creation of necessary infrastructure in the farm sector.
iii. Under this scheme, Rs 1 lakh crore is to be disbursed by financial year 2025-26 and the interest
subvention and credit guarantee assistance will be given till the year 2032-33.

38. Which company has recently (in July ‘23) collaborated with Curlec to launch its first
International Payment Gateway in Malaysia?
1) Razorpay
2) BharatPe
3) PhonePe
4) Paytm
5) Freecharge
Answer- 1) Razorpay
Explanation:
On 12 July 2023, Razorpay, a prominent Indian Full-Stack Payments and Business Banking Platform,
unveiled its first international Payment Gateway in Malaysia, in collaboration with Curlec, under
the brand ‘Curlec By Razorpay’ with the aims to bridge the gap between local and international
payment gateways.
i. Payment Gateway intends to cater to over 5,000 businesses, with a target of achieving an annualised
Gross Transaction Value (GTV) of Malaysian Ringgit 10 billion (USD 2.1 billion) by 2025.
ii. Razorpay bought the Malaysian startup Curlec in a USD($)20 Million deal in February, 2022.

39. Name the insurance company that has recently (in July ‘23) partnered with the DCB Bank
Ltd to offer insurance products.
1) HDFC Life Insurance
2) Kotak Mahindra Life Insurance
3) Max Life Insurance
4) Exide Life Insurance
5) SBI Life Insurance
Answer- 3) Max Life Insurance

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Explanation:
Max Life Insurance Company Ltd partnered with DCB Bank Ltd to offer different types of life
insurance products to the DCB bank customers including Term, Savings and Retirement Plans to
secure their financial future and increase their investment portfolio.
i. The partnership aims to empower DCB Bank’s customers by providing them with innovative and
flexible life insurance products that cater to their needs.
ii. Under this partnership, DCB Bank customers will get access to Max Life’s protection and long-term
savings products, providing financial stability for themselves and their family.

40. Which of the following points is/are “correct” with respect to the steps taken by the
Securities and Exchange Board of India (SEBI) in July 2023?
A) The SEBI has mandated that all entities providing ESG (Environmental, Social, Governance)
rating services to Indian entities to get a certification from it within 6 months w.e.f. July 3,
2023.
B) SEBI has also tightened the disclosure norms for listed companies with strict timelines and
introduced criteria for determining the materiality of events w.e.f. July 15, 2023.
C) Disclosure time for important events or information, such as acquisitions, Scheme of
Arrangement, share consolidation, and securities buyback, has been reduced from 24 hours to
12 hours.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Answer- 5) All A, B & C
Explanation:
The Securities and Exchange Board of India (SEBI) has mandated that all entities providing ESG
(Environmental, Social, Governance) rating services to Indian entities to get a certification from it
within 6 months w.e.f. July 3, 2023.
• A person acting as an ESG rating may continue to do so for a period of six months from the date
of this regulation coming into force.
i. SEBI has also tightened the disclosure norms for listed companies with strict timelines and
introduced criteria for determining the materiality of events w.e.f. July 15, 2023.
• Listed companies must reveal family settlement agreements that can affect their management
and control to stock exchanges. If the listed entity is involved in the agreement, it must be
disclosed within 12 hours, and if it’s not involved, within 24 hours.
• Disclosure time for important events or information, such as acquisitions, Scheme of
Arrangement, share consolidation, and securities buyback, has been reduced from 24 hours to
12 hours.
• Decisions made in a board meeting must be disclosed within 30 minutes after the meeting
ends.

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41. In July 2023, ___________ became the first bank in India to offer interoperability
between Central Bank Digital Currency (CBDC) and Unified Payment Interface(UPI).
1) ICICI Bank
2) Axis Bank
3) HDFC Bank
4) YES Bank
5) IndusInd Bank
Answer- 3) HDFC Bank
Explanation:
HDFC(Housing Development Finance Corporation) Bank, the largest private sector lender in India
launched UPI QR code(Unified Payments Interface Quick Response code)interoperable with India’s
sovereign digital currency, Central Bank Digital Currency (CBDC).
i. With this, HDFC Bank became the first bank in the country to complete the integration process
between UPI payment system and Digital currency.
ii. HDFC Bank will enable Digital Rupee payments in several cities, including Mumbai, Delhi,
Chandigarh, Bhubaneswar, Bengaluru, Ahmedabad, Guwahati, and Gangtok.

42. Which of the following cooperative bank licences has/have recently (in July ‘23) cancelled
by the Reserve Bank of India (RBI)?
1) Kalupur Commercial Co-operative Bank (Ahmedabad, Gujarat)
2) Harihareshwar Sahakari Bank (Satara, Maharashtra)
3) Sri Sharada Mahila Co-operative Bank (Tumkur, Karnataka)
4) Both 1 & 2
5) Both 2 & 3
Answer- 5) Both 2 & 3
Explanation:
On 11th July 2023, the Reserve bank of India (RBI) cancelled the banking licence of two cooperative
banks, Sri Sharada Mahila Co-operative Bank, Tumkur, Karnataka and Harihareshwar Sahakari
Bank, Satara in Maharashtra.
• The licence were cancelled by RBI under Section 22 of the Banking Regulation Act, 1949 as
these cooperative banks do not have adequate capital and earning prospects and have failed to
comply with the requirements of the banking regulation act.
• RBI has asked these two lenders to cease banking business from 11 July 2023 in two separate
statements.
i. About 99.96% of the depositors of HarihareshwarSahakari Bank are entitled to receive the full
amount of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC).
ii. About 97.82% of the depositors of Sri SharadaMahila Cooperative Bank are entitled to receive the
full amount of their deposits from DICGC.

43. Name the company that has recently (in July ‘23) collaborated with Amazon Web
Services(AWS) India and Chiratae Ventures to launch ‘inFINity’, a 45-day fintech accelerator
program.
1) PayU
2) Freecharge
3) Razorpay

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4) Pine Labs
5) PhonePe
Answer- 1) PayU
Explanation:
PayU Payments Private Limited(PayU), leading payments solution provider, in collaboration with
Amazon Web Services(AWS) India and Chiratae Ventures, a venture capital firm, launched a 45-day
fintech accelerator program called ‘inFINity’ for early-stage startups in India.
i. The deadline to apply for the program is August 11, 2023. Selected applicants will be announced on
August 17, and the program will begin on August 31 with a three-day in-person boot camp in
Bengaluru(Karnataka), followed by four weeks of intensive online training.

44. Which Small Finance Bank has recently (in July ‘23) launched its new multilingual
Television Commercial (TVC) campaign “The Great Indian Fixed Deposit (FD) Fest”?
1) Utkarsh Small Finance Bank.
2) Ujjivan Small Finance Bank
3) Equitas Small Finance Bank
4) Fincare Small Finance Bank
5) Capital Small Finance Bank
Answer- 4) Fincare Small Finance Bank
Explanation:
Fincare Small Finance Bank Limited (FSFBL) launched its new multilingual Television Commercial
(TVC) campaign “The Great Indian Fixed Deposit (FD) Fest” to raise awareness about the bank’s
interest rate offering for all categories of customers and highlight the significance of fixed deposit (FD)
as a stable and long-term investment suitable for everyone.
i. The media campaign features FSFBL’s Brand Ambassador Grand Master (GM) Viswanathan Anand.
ii. Currently the bank is offering the highest interest rate of 9.11% for senior citizens on an investment
of as little as Rs 5000 for a tenure of 1000 days and 8.51% for general citizens.

45. Which of the following points is/are “correct” with respect to the steps taken by the
Securities and Exchange Board of India (SEBI) in July 2023?
A) The SEBI has mandated that all entities providing ESG (Environmental, Social, Governance)
rating services to Indian entities to get a certification from it within 6 months w.e.f. July 3,
2023.
B) SEBI has also tightened the disclosure norms for listed companies with strict timelines and
introduced criteria for determining the materiality of events w.e.f. July 15, 2023.
C) Disclosure time for important events or information, such as acquisitions, Scheme of
Arrangement, share consolidation, and securities buyback, has been reduced from 24 hours to
12 hours.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Answer- 5) All A, B & C

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Explanation:
The Securities and Exchange Board of India (SEBI) has mandated that all entities providing ESG
(Environmental, Social, Governance) rating services to Indian entities to get a certification from it
within 6 months w.e.f. July 3, 2023.
• A person acting as an ESG rating may continue to do so for a period of six months from the date
of this regulation coming into force.
i. SEBI has also tightened the disclosure norms for listed companies with strict timelines and
introduced criteria for determining the materiality of events w.e.f. July 15, 2023.
• Listed companies must reveal family settlement agreements that can affect their management
and control to stock exchanges. If the listed entity is involved in the agreement, it must be
disclosed within 12 hours, and if it’s not involved, within 24 hours.
• Disclosure time for important events or information, such as acquisitions, Scheme of
Arrangement, share consolidation, and securities buyback, has been reduced from 24 hours to
12 hours.
• Decisions made in a board meeting must be disclosed within 30 minutes after the meeting
ends.

46. In July 2023, ___________ became the first bank in India to offer interoperability
between Central Bank Digital Currency (CBDC) and Unified Payment Interface(UPI).
1) ICICI Bank
2) Axis Bank
3) HDFC Bank
4) YES Bank
5) IndusInd Bank
Answer- 3) HDFC Bank
Explanation:
HDFC(Housing Development Finance Corporation) Bank, the largest private sector lender in India
launched UPI QR code(Unified Payments Interface Quick Response code)interoperable with India’s
sovereign digital currency, Central Bank Digital Currency (CBDC).
i. With this, HDFC Bank became the first bank in the country to complete the integration process
between UPI payment system and Digital currency.
ii. HDFC Bank will enable Digital Rupee payments in several cities, including Mumbai, Delhi,
Chandigarh, Bhubaneswar, Bengaluru, Ahmedabad, Guwahati, and Gangtok.

47. Which of the following cooperative bank licences has/have recently (in July ‘23) cancelled
by the Reserve Bank of India (RBI)?
1) Kalupur Commercial Co-operative Bank (Ahmedabad, Gujarat)
2) Harihareshwar Sahakari Bank (Satara, Maharashtra)
3) Sri Sharada Mahila Co-operative Bank (Tumkur, Karnataka)
4) Both 1 & 2
5) Both 2 & 3
Answer- 5) Both 2 & 3

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Explanation:
On 11th July 2023, the Reserve bank of India (RBI) cancelled the banking licence of two cooperative
banks, Sri Sharada Mahila Co-operative Bank, Tumkur, Karnataka and Harihareshwar Sahakari
Bank, Satara in Maharashtra.
• The licence were cancelled by RBI under Section 22 of the Banking Regulation Act, 1949 as
these cooperative banks do not have adequate capital and earning prospects and have failed to
comply with the requirements of the banking regulation act.
• RBI has asked these two lenders to cease banking business from 11 July 2023 in two separate
statements.
i. About 99.96% of the depositors of HarihareshwarSahakari Bank are entitled to receive the full
amount of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC).
ii. About 97.82% of the depositors of Sri SharadaMahila Cooperative Bank are entitled to receive the
full amount of their deposits from DICGC.

48. Name the company that has recently (in July ‘23) collaborated with Amazon Web
Services(AWS) India and Chiratae Ventures to launch ‘inFINity’, a 45-day fintech accelerator
program.
1) PayU
2) Freecharge
3) Razorpay
4) Pine Labs
5) PhonePe
Answer- 1) PayU
Explanation:
PayU Payments Private Limited(PayU), leading payments solution provider, in collaboration with
Amazon Web Services(AWS) India and Chiratae Ventures, a venture capital firm, launched a 45-day
fintech accelerator program called ‘inFINity’ for early-stage startups in India.
i. The deadline to apply for the program is August 11, 2023. Selected applicants will be announced on
August 17, and the program will begin on August 31 with a three-day in-person boot camp in
Bengaluru(Karnataka), followed by four weeks of intensive online training.

49. Which Small Finance Bank has recently (in July ‘23) launched its new multilingual
Television Commercial (TVC) campaign “The Great Indian Fixed Deposit (FD) Fest”?
1) Utkarsh Small Finance Bank.
2) Ujjivan Small Finance Bank
3) Equitas Small Finance Bank
4) Fincare Small Finance Bank
5) Capital Small Finance Bank
Answer- 4) Fincare Small Finance Bank
Explanation:
Fincare Small Finance Bank Limited (FSFBL) launched its new multilingual Television Commercial
(TVC) campaign “The Great Indian Fixed Deposit (FD) Fest” to raise awareness about the bank’s
interest rate offering for all categories of customers and highlight the significance of fixed deposit (FD)
as a stable and long-term investment suitable for everyone.
i. The media campaign features FSFBL’s Brand Ambassador Grand Master (GM) Viswanathan Anand.

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ii. Currently the bank is offering the highest interest rate of 9.11% for senior citizens on an investment
of as little as Rs 5000 for a tenure of 1000 days and 8.51% for general citizens.

50. In July 2023, __________ (Small Finance Bank) will be the fifth in the small finance bank
category to be listed on the bourses with its Rs 500-crore initial public offer.
1) Utkarsh Small Finance Bank
2) Ujjivan Small Finance Bank
3) Equitas Small Finance Bank
4) Fincare Small Finance Bank
5) Capital Small Finance Bank
Answer- 1) Utkarsh Small Finance Bank
Explanation:
Utkarsh Small Finance Bank will be the fifth in the small finance bank category to be listed on the
bourses with its Rs 500-crore initial public offer, which is going to open for subscription in July 2023.
i. The price band for the IPO was fixed at Rs 23 to Rs 25 per equity share with face value Rs 10. The
fundraising is expected to take care of Utkarsh's business expansion for the next 18-24 months.
ii. The shares are priced at between INR23 and INR25, with a face value of INR10. Jana and Fincare
are among other small finance banks looking to raise equity via a public offering.

51. Name the Life Insurance company that has recently (in July ‘23) launched a Flexible and
Rewarding Life Insurance Plan.
1) Max Life Insurance
2) Kotak Mahindra Life Insurance
3) HDFC Life Insurance
4) Bharti AXA General Insurance
5) Bajaj Allianz Life Insurance
Answer- 5) Bajaj Allianz Life Insurance
Explanation:
Bajaj Allianz Life Insurance has launched a new life insurance plan called Bajaj Allianz Life ACE, a
plan that is non-linked, participating, and offers early-income benefits, empowering customers to
customise their cash flows. This is the first plan which allows such a customisation.
i. Unique feature is that the plan offers an early or deferred income option, allowing customers to start
receiving income from the beginning of the policy or defer it for up to 5 years.
ii. The plan offers the Goal Protection Benefit, ensuring that even in the unfortunate event of the
policyholder’s death, their family continues to receive the income throughout the policy term.

52. Which of the following companies/Institutes has/ have recently (in July ‘23) signed an MoU
with International Financial Services Centers Authority (IFSCA) to support FinTech & TechFin
entities?
1) Pilani Innovation & Entrepreneurship Development Society
2) Birla Institute of Technology and Science
3) Hindustan Institute of Technology and Science
4) Both 1 & 2
5) Both 2 & 3
Answer- 4) Both 1 & 2

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Explanation:
On 13th July 2023, the International Financial Services Centers Authority (IFSCA) and Pilani
Innovation & Entrepreneurship Development Society (PIEDS), Birla Institute of Technology and
Science (BITS), Pilani (Rajasthan) signed a Memorandum of Understanding (MoU) at BITS Pilani
PIEDS Fin Xcelerator, Pilani Campus in Rajasthan.
i. The MoU aims to set up a framework for cooperation and understanding between IFSCA and BITS
Pilani PIEDS Finxcelerator to collaborate in supporting and facilitating FinTech and TechFin entities.
ii. The MoU will enable cooperation and collaboration on diverse initiatives regarding FinTech.

53. Which company has recently (in July ‘23) introduced its Unified Payments Interface (UPI)
LITE payment feature to allow users to make small payments without entering the UPI
personal identification number (PIN)?
1) PhonePe
2) Google Pay
3) Freecharge
4) BharatPe
5) Razorpay Software
Answer- 2) Google Pay
Explanation:
On 13th July 2023, Google Pay introduced its Unified Payments Interface (UPI) LITE payment (on-
device wallet) feature to allow users to make small payments without entering the UPI personal
identification number (PIN).
i. Using Google Pay’s UPI Lite, users can make payments of up to Rs(INR) 200 without the use of a UPI
PIN. Users maintain a balance of Rs 2000 (Maximum balance) in their UPI Lite wallet, which can be
loaded up to twice in a day and can spend up to a total of Rs 4000 within 24 hours.

54. In July 2023, the Insurance Regulatory and Development Authority of India (IRDAI)
selected Tata AIG General Insurance Company Limited as the lead non-life insurer for ___________
(state).
1) Odisha
2) Maharashtra
3) Gujarat
4) Madhya Pradesh
5) Uttar Pradesh
Answer- 2) Maharashtra
Explanation:
The Insurance Regulatory and Development Authority of India (IRDAI) selected Tata AIG General
Insurance Company Limited as the lead non-life insurer for the State of Maharashtra to collaborate
with all other non-life and health insurance companies to increase insurance penetration in
Maharashtra in line with its vision “Insurance for all by 2047”.
i. Under this collaboration,Tata AIG will leverage its expertise, technology, and partnerships to
develop innovative insurance products and services that cater to the evolving needs of the people of
Maharashtra.
ii. Tata AIG will also assist in promoting the adoption of flagship government schemes such as
Pradhan Mantri Jan Arogya Yojana (PMJAY) in Maharashtra.

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55. Which Bank has recently (in July ‘23) announced its support for India's National Green
Hydrogen Mission with a substantial loan of up to EURO 1 billion to boost green hydrogen and
renewable energy projects in India?
1) European Investment Bank
2) Asian Development Bank
3) World Bank
4) New Development Bank
5) Asian Infrastructure Investment Bank
Answer- 1) European Investment Bank
Explanation:
The European Investment Bank (EIB) is set to support India’s National Green Hydrogen Mission
with a substantial loan of up to EURO 1 billion to boost green hydrogen and renewable energy
projects in India.
i. The EIB aims to boost India’s renewable energy ambitions by supporting renewable energy
generation, energy storage technologies, power transmission and distribution infrastructure.
ii. EIB Vice-President Kris Peeters is set to confirm EIB’s interest to support NGHM during his visit to
India to attend G20(Group of Twenty) Infrastructure Investors Dialogue (IID), which takes place
during the 3rd meeting of finance ministers and central bank governors in Gandhinagar, Gujarat,
India.

56. Name the bank that has recently (in July ‘23) signed an MoU with the Gujarat Cooperative
Milk Marketing Federation Ltd (GCMMFL) to offer financial services to Federation’s supply
network pan India under the Micro Units Development & Refinance Agency Ltd (MUDRA)
scheme.
1) Canara Bank
2) Bank of India
3) Bank of Baroda
4) Punjab National Bank
5) Indian Bank
Answer- 4) Punjab National Bank
Explanation:
On 1st July 2023, Punjab National Bank (PNB) has signed a Memorandum of Understanding(MoU)
with the Gujarat Cooperative Milk Marketing Federation Ltd (GCMMFL), known as “AMUL” to offer
financial services to Federation’s supply network pan India under the Micro Units Development &
Refinance Agency Ltd (MUDRA) scheme.
i. The MoU was signed at PNB’s corporate office Dwarka, New Delhi, Delhi in the presence of Jayen
Mehta, Managing Director(MD), GCMMFL, M. Paramasivam, Executive Director, PNB and other senior
officials of PNB and Amul.
ii. PNB will integrate with various digital channels like QR codes, POS (point of sale), UPI (Unified
Payment Interface), etc., supply chain finance and EMI (Equated Monthly Instalment) collection
digitally, and provide working capital limits.

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57. According to the article “India @ 100” published by RBI’s Economic Research Department
in July 2023, India needs to achieve an average annual real Gross Domestic Product (GDP)
growth rate of _________ over the next 25 years to become a developed nation by 2047-48.
1) 6.9%
2) 7.6%
3) 7.3%
4) 6.2%
5) 6.0%
Answer- 2) 7.6%
Explanation:
According to the article titled “India @ 100” published in Reserve Bank of India (RBI) Bulletin July
2023 published by RBI’s Economic Research Department, India needs to achieve an average annual
real Gross Domestic Product (GDP) growth rate of 7.6% over the next 25 years to become a
developed nation by 2047-48. This would require raising the current per capita GDP from USD2,500
to USD 22,000, an increase of 8.8 times.
• This paper, authored by Harendra Behera, V. Dhanya, Kunal Priyadarshi, and Sapna Goel, is
included in the RBI’s July 2023 issue of its monthly Bulletin, released on July 17, 2023. Please
note that this study does not represent the official view of the RBI.
i. As per WB standards, India’s per capita income must be more than $21,664 by 2047.
• To achieve this target, the required real GDP compounded annual growth rate (CAGR) for India
needs to be 7.6% during 2023-24 to 2047-48;
ii. As per IMF standards, India’s per capita nominal GDP must be more than US$ 30,351.
• To achieve this target, the real GDP CAGR required for India should be 9.1% during 2023-24 to
2047-48.
iii. India’s industrial sector should increase its share from the current 25.6% to 35% by 2047-48, and
manufacturing should occupy 25% share in total value added.

58. Name the company that has recently (in July ‘23) launched India’s First Health Insurance
Platform with Monthly Subscriptions.
1) Paytm
2) BharatPe
3) Freecharge
4) Razorpay
5) PhonePe
Answer- 5) PhonePe
Explanation:
PhonePe Insurance Broking Services Private Limited (PIBS), a wholly owned subsidiary of PhonePe
Private Limited, launched the health insurance plans offering comprehensive insurance in partnership
with leading insurers.
i. With this launch, PhonePe Insurance became the first and only Platform in India to enable
customers to pay for insurance in monthly installments through Unified Payments Interface (UPI)
on the PhonePe app.
ii. These health insurance plans come with coverage up to Rs 1 crore.

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59. Which company has recently (in July ‘23) secured a USD 50 million loan from the United
States of America (USA) International Development Finance Corp (DFC)?
1) Reliance Home Finance Limited
2) India Shelter Finance Corporation Limited
3) IIFL Home Finance Limited
4) Indiabulls Housing Finance Limited
5) Tata Capital Housing Finance Limited
Answer- 3) IIFL Home Finance Limited
Explanation:
IIFL Home Finance Limited (IIFLHFL), a digital first home finance company and a subsidiary of IIFL
Finance, secured a USD 50 million loan from the United States of America (USA) International
Development Finance Corp (DFC) in order to expand its portfolio of affordable home financing
specifically targeting sustainable housing.
i. The fund was raised at a concessional rate of 5.72%, which includes the hedging cost. Its funding
cost on average is 8.4%.

60. In July 2023, Asian Development Bank (ADB) retained India’s Gross Domestic Product
(GDP) growth forecast at ________ in FY2023.
1) 5.5%
2) 6.4%
3) 6.7%
4) 5.9%
5) 6.0%
Answer- 2) 6.4%
Explanation:
Asian Development Outlook (ADO) July 2023: Robust Growth with Moderating Inflation published by
the Asian Development Bank (ADB) has retained India’s Gross Domestic Product (GDP) growth
forecast at 6.4% in FY2023 and 6.7% in FY2024, as projected in ADO April 2023.
• The inflation projection for India in FY2023 is reduced slightly from 5.0% in ADO April 2023 to
4.9% and maintained at 4.5% in FY2024.
• This is driven by continued domestic demand that supports India’s recovery.
• The growth in South Asia is projected at 5.5% in 2023 and 6.1% in 2024.
i. Inflation in developing Asia is forecast at 3.6% for FY2023, compared with an April 2023 forecast of
4.2%. The inflation outlook for 2024 is raised to 3.4% from an earlier estimate of 3.3%.

61. The _________ Foundation Day of National Bank for Agriculture and Rural Development
(NABARD) was observed on 12th July 2023.
1) 50th
2) 25th
3) 42nd
4) 35th
5) 49th
Answer- 3) 42nd

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Explanation:
On July 12, 2023, the National Bank for Agriculture and Rural Development (NABARD) celebrated its
42nd Foundation Day. Amit Shah, the Union Home Minister and Minister of Cooperation was the chief
guest of the event held at Pragati Maidan in New Delhi, Delhi.
i. The day was marked by a series of events throughout the country, including a webinar on the theme
of “NABARD: 42 Years of Rural Transformation.”
ii. The webinar was addressed by the Union Minister of Agriculture and Farmers’ Welfare, Narendra
Singh Tomar, who highlighted the important role that NABARD has played in the development of rural
India by enhancing agricultural production, developing infrastructure, and fostering financial
inclusion.

62. In which city, the 3rd G20 Finance Ministers and Central Bank Governors (FMCBG) 2023
meeting under the Indian Presidency was held in July 2023?
1) Bengaluru, Karnataka
2) Mumbai, Maharashtra
3) Noida, Uttar Pradesh
4) Gandhinagar, Gujarat
5) Indore, Madhya Pradesh
Answer- 4) Gandhinagar, Gujarat
Explanation:
On July 17-18, 2023, the 3rd G20 Finance Ministers and Central Bank Governors (FMCBG) 2023
meeting under the Indian Presidency was held in Gandhinagar, Gujarat. It was jointly chaired by
Union Minister Nirmala Sitharaman, Ministry of Finance, and Reserve Bank of India (RBI) Governor
Shaktikanta Das.
i. This FMCBG meeting was preceded by the 3rd G20 Finance and Central Bank Deputies (FCBD)
meeting during 14-15 July 2023 in Gandhinagar.
• To review the outcomes of the G20 Finance Track and to seek guidance from Ministers and
Governors on the way forward.
• 520 participants across 66 delegations including Finance Ministers and Central Bank
Governors from G20 member countries, Invitee Countries, and Heads of various International
Organisations (IOs).
• The members also endorsed the new G20 2023 Financial Inclusion Action Plan (FIAP) for the
three years 2024-26.
• During the meeting, the Indonesian Finance Minister Sri Mulyani Indrawati and her Indian
counterpart Nirmala Sitharaman jointly inaugurated the India-Indonesia Economic and
Financial Dialogue (EFD) in Gandhinagar, Gujarat to enhance collaboration on bilateral and
international economic and financial matters.
• The discussions held during the Third G20 FMCBG meeting will inform the Leaders for the G20
Summit to be held in India in September, 2023. The G20 FMCBGs will meet next in October
2023 in Marrakesh, Morocco on the sidelines of 2023 Annual Meetings of the World Bank
Group (WBG) and International Monetary Fund (IMF) from October 9 – 15, 2023.

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63. Which of the following organisations/statutory bodies has recently (in July ‘23) decided to
lift trading curbs on micro-cap stocks that come under Enhanced Surveillance Measures
(ESM)?
1) Securities and Exchange Board of India
2) National Stock Exchange
3) Bombay Stock Exchange
4) Both 1 & 2
5) All 1, 2 & 3
Answer- 5) All 1, 2 & 3
Explanation:
On July 18, 2023, a joint discussion of Bombay Stock Exchange (BSE), National Stock Exchange (NSE)
and Securities and Exchange Board of India (SEBI) decided to lift trading curbs on micro-cap stocks
that come under Enhanced Surveillance Measures (ESM).
• The revised framework is applicable from July 24, 2023.
i. This will ease rules for trading in stocks that remain under ESM framework and also enhance their
liquidity.
ii. Changes in ESM Framework:
• The rule of 100% margin remains unchanged.
• Now, the stocks under ESM Stage-II are allowed trade-for-trade (T2T) settlement on daily basis
(trading days) from Monday with +/- 2% price band under Periodic Call Auction. Earlier, these
were allowed to trade only once a week with Periodic Call Auction.

64. In July 2023, Reserve Bank of India(RBI) cancelled the licence of ________________ (Co-
operative Bank) due to lack of adequate capital and earning prospects.
1) Abhyudaya Co-operative Bank Limited
2) Kalupur Commercial Co-operative Bank
3) Shamrao Vithal Co-operative Bank
4) Bharat Co-operative Bank
5) United India Co-operative Bank Limited
Answer-5) United India Co-operative Bank Limited
Explanation:
Reserve Bank of India (RBI) cancelled the licence of United India Co-operative Bank Limited,
Nagina( Bijnor, Uttar Pradesh) as the bank does not have adequate capital and earning prospects to
pay its present depositors in full.
i. The bank also does not comply with the provisions of Section 11(1) and bank has failed to comply
with the requirements of Sections 22(3) (a), 22 (3) (b), 22(3)(c), 22(3) (d) and 22(3)(e) read with
Section 56 of the Banking Regulation Act, 1949.
ii. The bank is prohibited from engaging in any ‘banking’ activities, including the acceptance and
repayment of deposits, as defined in Section 5(b) in conjunction with Section 56 of the Banking
Regulation Act, 1949.

65. Which bank has recently (in July ‘23) launched ‘Project Palaash’, an eight-month campaign
to promote environmental sustainability?
1) Bank of Baroda
2) Bank of India

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3) Punjab National Bank
4) State Bank of India
5) Indian Bank
Answer- 3) Punjab National Bank
Explanation:
Punjab National Bank (PNB), India’s leading Public Sector Bank, launched an environmental
initiative ‘Project PNB Palaash’, an eight-month campaign to promote sustainability aimed at
reducing costs and enhancing operational efficiencies through measures such as energy and resource
conservation, paper reduction, waste management and optimised digital processes.
i. The goal of this initiative is to actively contribute to conservation activities, encourage the adoption
of sustainable practices, and promote active employee engagement.
ii. The campaign is in line with the Reserve Bank of India’s (RBI) vision of sustainable finance and the
6th iteration of Enhanced Access and Service Excellence (EASE 6.0), an initiative by the Department of
Financial Services (DFS),Government of India.

66. Name the bank that has recently (in July ‘23) crossed USD 100 Billion Valuation
and emerged as the World’s 7th largest lender.
1) Deutsche Bank
2) HDFC Bank
3) China Construction Bank
4) Citigroup
5) Morgan Stanley
Answer- 2) HDFC Bank
Explanation:
On 14th July 2023, following its reverse merger with its parent company, Housing Development
Finance Corporation (HDFC) limited, HDFC Bank crossed the USD 100 billion market
capitalization(m-cap) and traded at a market value of around USD 152 billion.
i. With this, HDFC Bank has emerged as the World’s 7th largest lender, moving ahead of Bank of
China ( and Morgan Stanley, and Goldman Sachs.
ii. HDFC bank has entered the list of the world’s top 10 banks by market capitalization. JPMorgan
Chase (USD 438 billion) tops the list followed by Bank of America at 2nd (USD 232 billion) and ICBC at
3rd (USD 224 billion).

67. Name the organisation that has recently (in July ‘23) introduced six new strategies under
the Environmental, Social and Governance (ESG) category.
1) Insurance Regulatory and Development Authority of India
2) Securities and Exchange Board of India
3) Reserve Bank of India
4) Small Industries Development Bank of India
5) Association of Mutual Funds in India
Answer- 2) Securities and Exchange Board of India
Explanation:
On 20 July 2023, the Securities and Exchange Board of India(SEBI), the regulator of the securities
market, through a circular allowed Asset Management Companies(AMC) to introduce six new
strategies under the Environmental, Social and Governance (ESG) category.

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 • Currently, mutual funds are restricted to offer only one scheme with ESG investing under the
thematic category for equity schemes.
• The six sub-categories to the ESG theme, namely exclusion, integration, best-in-class and
positive screening, impact investing, sustainable objectives, and transition-related investments.
i. SEBI introduced a more comprehensive framework for ESG rating called ‘BRSR Core’ (Business
Responsibility and Sustainability Reporting Core) to establish the basic criteria and metrics that
companies need to disclose and comply with to receive an ESG rating.
ii. SEBI has issued a mandate for ESG schemes, requiring them to invest a minimum of 65% of their
Assets Under Management (AUM) in listed entities(against present 80%) that provide assurance on
the BRSR (Business Responsibility and Sustainability Reporting) Core.

68. In July 2023, India contributed USD _________ to the United Nations (UN) for promoting use of
Hindi language in the UN.
1) 3 million
2) 4 million
3) 2 million
4) 5 million
5) 1 million
Answer- 5) 1 million
Explanation:
India contributed USD 1 million as part of a voluntary contribution to the United Nations (UN)
towards expansion of usage of the Hindi language in the UN and to encourage inclusive dialogue and
understanding.
i. Ruchira Kamboj, Permanent Representative of India to the UN handed over a cheque of USD 1
million to Ms. Melissa Fleming, Under Secretary General of the UN Department of Global
Communications.
ii. Hindi@UN project, in collaboration with the UN Department of Public Information of the UN, was
launched in 2018, with the goal of increasing the public outreach of the UN in the Hindi language, and
spreading greater awareness about global issues among millions of Hindi-speaking people around the
world.

69. Name the personality who has recently (in July ‘23) appointed as the Managing Director
(MD) & Chief Executive Officer (CEO) of SBI Capital Markets Limited (SBICAPS).
1) Jayanth Kumar
2) Dinesh Kumar Khara
3) Rajeev Krishnan
4) Pushpendra Rai
5) Rajay Kumar Sinha
Answer- 5) Rajay Kumar Sinha
Explanation:
Rajay Kumar Sinha, has been appointed as the Managing Director (MD) & Chief Executive Officer
(CEO) of SBI Capital Markets Limited (SBICAPS), one of the oldest investment banks in India, effective
from July 14, 2023.
i. Rajay Kumar Sinha succeeded Amitava Chatterjee, who moved to SBI Corporate Centre as Deputy
Managing Director, in charge of Commercial Clients Group.

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ii. SBICAPS, a wholly owned subsidiary and investment banking arm of State Bank of India (SBI). It is
registered with Securities and Exchange Board of India (SEBI) as a category I Merchant Banker and a
Research Analyst.

70. Who has been recently (in July’ 23) appointed as the Managing Director (MD) of Life
Insurance Corporation of India (LIC)?
1) Gurumoorthy Mahalingam
2) M. Jagannath
3) Suchindra Mishra
4) Sat Pal Bhanoo
5) Siddhartha Mohanty
Answer- 4) Sat Pal Bhanoo
Explanation:
Sat Pal Bhanoo has been appointed as the Managing Director (MD) of Life Insurance Corporation of
India (LIC) with effect from the date of assumption of charge of office and up to the date of his
superannuation on 31st December 2025 or until further orders, whichever is earlier.
i. He succeeds Siddhartha Mohanty, who was appointed as the Chairman of LIC in April 2023.
ii. Sat Pal Bhanoo is currently serving as the Additional Zonal Manager (In-Charge), LIC’s zonal office
in Bhopal, Madhya Pradesh(MP).
iii. In June 2023, MP Tangirala,Additional Secretary in the Department of Financial Services, Ministry
of Finance, was appointed as Government Director of LIC replacing Suchindra Misra.

71. In July 2023, __________ became the first country in Africa to roll out a central bank digital
currency.
1) Tanzania
2) Nigeria
3) Kenya
4) Ethiopia
5) Uganda
Answer- 2) Nigeria
Explanation:
Nigeria was the first country in Africa to roll out a central bank digital currency. The eNaira was
launched in October 2021.
i. The main reasons were to promote financial inclusion, increase cross-border transactions, facilitate
diaspora remittances and complement existing payment systems.
ii. But adoption has been low so far. Less than 0.5 per cent of Nigerians were using it a year after it
was launched.

72. Who is the current (as of July ‘23) Managing Director (MD) & Chief Executive Officer (CEO)
of National Stock Exchange (NSE)?
1) K Narasimha Murthy
2) Girish Chandra Chaturvedi
3) Ashishkumar Chauhan
4) S Ravindran
5) Bishnu Charan Patnaik

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Answer- 3) Ashishkumar Chauhan
Explanation:
About National Stock Exchange (NSE):
Managing Director (MD) & Chief Executive Officer (CEO) – Ashishkumar Chauhan
Headquarters– Mumbai, Maharashtra

73. In July 203, the Securities and Exchange Board of India(SEBI) allowed Asset Management
Companies(AMC) to introduce six new strategies under the Environmental, Social and
Governance (ESG) category.
The SEBI has issued a mandate for ESG schemes, requiring them to invest a minimum of ________
of their Assets Under Management (AUM) in listed entities(against present 80%) that provide
assurance on the BRSR (Business Responsibility and Sustainability Reporting) Core.
1) 45%
2) 65%
3) 60%
4) 72%
5) 59%
Answer- 2) 65%
Explanation:
On 20 July 2023, the Securities and Exchange Board of India(SEBI), the regulator of the securities
market, through a circular allowed Asset Management Companies(AMC) to introduce six new
strategies under the Environmental, Social and Governance (ESG) category.
• Currently, mutual funds are restricted to offer only one scheme with ESG investing under the
thematic category for equity schemes.
• The six sub-categories to the ESG theme, namely exclusion, integration, best-in-class and
positive screening, impact investing, sustainable objectives, and transition-related
investments.
• SEBI introduced a more comprehensive framework for ESG rating called ‘BRSR Core’ (Business
Responsibility and Sustainability Reporting Core) to establish the basic criteria and metrics
that companies need to disclose and comply with to receive an ESG rating.
• SEBI has issued a mandate for ESG schemes, requiring them to invest a minimum of 65% of
their Assets Under Management (AUM) in listed entities(against present 80%) that provide
assurance on the BRSR (Business Responsibility and Sustainability Reporting) Core. The
remaining AUM of the scheme can be invested in companies with BRSR disclosures. This
requirement will come into effect from October 1, 2024.

74. Name the bank that has recently (in July ‘23) launched “Resources Acquisition Centres” to
build-up Deposit Portfolio.
1) Bank of India
2) State Bank of India
3) Indian Bank
4) Punjab National Bank
5) Bank of Baroda
Answer- 3) Indian Bank

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Explanation:
The Indian Bank, India’s 7th largest Public Sector Bank launched “Resources Acquisition Centre”
(RAC) to bolster its retail deposit business portfolio, which encloses Current Deposit, Savings Bank,
and Term Deposit accounts.
i. The bank plans to establish 20 RACs at Ultra Potential Centres in Phase-I to strengthen its deposit
portfolio. The inaugural ceremony of the first RAC took place in Mumbai, Maharashtra.
ii. The dedicated RAC team of responsive and digitally empowered relationship managers will focus
on Relationship Banking, aiming to increase existing client relationships and attract potential high-
value clients.

75. When was the Income Tax Day or ‘Aaykar Diwas’ 2023 observed across India?
1) 22nd July 2023
2) 20th July 2023
3) 23rd July 2023
4) 21st July 2023
5) 24th July 2023
Answer- 5) 24th July 2023
Explanation:
Income Tax Day or ‘Aaykar Diwas’ is observed annually in India on 24th July to commemorate the
introduction of the provision of Income Tax (IT) in India in the year 1860.
• The day aims to raise awareness about the significance of taxation and to motivate individuals
to contribute to the nation’s development through tax payments.
i. 24th July 2023, marks 164th anniversary of IT Day.
ii. Union Finance Minister Nirmala Sitharaman presided over the 164th IT Day celebrations in the
presence of Union Minister of State for Finance Pankaj Chaudhary at Plenary Hall, Vigyan Bhawan in
New Delhi, Delhi.
iii. The IT system was introduced on 24th July 1860, by the then Finance Minister of British India, Sir
James Wilson.

76. In July 2023, the Government of India(GoI) approved to set the annual interest rate of
________ on Employees’ Provident Fund (EPF) accounts for the financial year 2022-2023 (FY23).
1) 7.50%
2) 8.20%
3) 8.15%
4) 7.90%
5) 8.10%
Answer- 3) 8.15%
Explanation:
On 24th July 2023, The Ministry of Finance, Government of India (GoI) has approved Employees’
Provident Fund Organisation (EPFO)’s Central Board of Trustees’ recommendation to set the annual
interest rate of 8.15% on Employees’ Provident Fund (EPF) accounts for the financial year 2022-
2023(FY23).
• This move will cover over 6 crore subscribers of EPFO.
• The current rate is 0.05% higher than the FY22 when it was 8.10%.

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i. The Ministry of Labour and Employment (MoL&E) has conveyed this approval of the Central
Government under para 60(1) of EPF Scheme, 1952 by crediting the interest to the account of each
member of the EPF Scheme as per the provisions under Para 60 of EPF Scheme, 1952.

77. In July 2023, Indian Banks received Rs. _______ from the “Depositor Education and
Awareness” (DEA) Fund for unclaimed deposit settlement.
1) 6,231 Crore
2) 2,876 Crore
3) 5,729 Crore
4) 4,213 Crore
5) 3,567 Crore
Answer- 3) 5,729 Crore
Explanation:
On 24th July 2023, Bhagwat Kisanrao Karad, the Union Minister of State(MoS) for Finance Ministry,
announced that over the past five years Indian banks have been allocated a sum of Rs. 5,729 crore
from the “Depositor Education and Awareness” (DEA) Fund, as an effort to reunite unclaimed
deposits with their claimants.
• As of 31st March 2023, Rs. 36,185 crores is transferred from Public Sector Banks to DEA Fund
and Rs. 6,087 crores is transferred from Private banks as well.
i. The Reserve Bank of India (RBI) has initiated the “100 Days 100 Pays” campaign, aiming to help
banks locate and settle the top 100 unclaimed deposits of each bank in every district across the
country within a 100-day timeframe.
ii. This campaign commenced on June 1, 2023, and is scheduled to conclude on September 8, 2023.

78. Name the company that has recently (in July ‘23) launched the Charity Fund For Cancer
Cure in partnership with the Indian Cancer Society (ICS) for the treatment of underprivileged
cancer patients.
1) ICICI Prudential Asset Management
2) HDFC Asset Management
3) Kotak Mahindra Asset Management
4) UTI Asset Management
5) Tata Asset Management
Answer- 2) HDFC Asset Management
Explanation:
HDFC Asset Management Company (HDFC AMC), investment manager to HDFC Mutual Fund (HDFC
MF), has launched its fourth fund the HDFC Charity Fund For Cancer Cure in partnership with the
Indian Cancer Society (ICS) for the treatment of underprivileged cancer patients.
The New Fund Offer (NFO) will open on July 28, 2023, and close on August 08, 2023. It is a closed-
ended income scheme and a Fixed Maturity Plan(FMP) with a tenure of 1,196 days.

79. Which company has recently (in July ‘23) launched its first equity Fund in the flexi-cap
category?
1) Bajaj Finserv Asset Management
2) ICICI Prudential Asset Management
3) Kotak Mahindra Asset Management

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4) HDFC Asset Management
5) Edelweiss Asset Management
Answer- 1) Bajaj Finserv Asset Management
Explanation:
Bajaj Finserv Asset Management launched its first equity Fund ‘Bajaj Finserv Flexi Cap Fund’ in the
flexi-cap category, an open-ended and dynamic equity scheme.
i. The New Fund Offer (NFO) opens for subscription on July 24 and closes on 7th August 2023.
ii. Bajaj Finserv Asset Management Limited is a wholly-owned subsidiary of Bajaj Finserv Limited.
iii. Bajaj Finserv Flexi Cap Fund will follow an investment philosophy based on INQUBE – the Asset
Management Company (AMC)’s proprietary framework that adds the layer of behavioural finance to
the informational and quantitative edges.

80. Which country’s bank has recently (in July ‘23) joined the International Committee on
Credit Reporting (ICCR), a permanent structure of the World Bank?
1) Bank of Thailand
2) Bank of Hungary
3) Bank of Indonesia
4) Bank of Ghana
5) Bank of Israel
Answer- 5) Bank of Israel
Explanation:
The World Bank in June 2023 issued an official approval for the Bank of Israel to join the
International Committee on Credit Reporting (ICCR), a permanent structure of the World Bank,
constituting a unique worldwide committee on credit reporting.
About International Committee on Credit Reporting ICCR:
i. The World Bank (WB) with the support from the Bank for International Settlements (BIS) created
and coordinated the ICCR in 2009.
ii. ICCR is the only recognized international standard setter and guideline issuer on credit reporting,
which includes representatives of central banks around the world and private financial regulators.

81. As of July 2023, __________ (Bank) topped the list of Public Sector Banks (PSBs) with the
highest lending of Rs 187,813 crore in FY23 to Corporations and Public Sector Undertakings
(PSUs) of States and Union Territories (UTs) for the 5th consecutive time.
1) Canara Bank
2) Bank of India
3) Punjab National Bank
4) State Bank of India
5) Bank of Baroda
Answer- 1) Canara Bank
Explanation:
According to the Parliamentary Questions and Answers data (Lok Sabha) on Outstanding Debt of
States and Union Territories (UTs), Canara Bank topped the list of Public Sector Banks (PSBs) with
the highest lending of Rs 187,813 crore in FY23 to Corporations and Public Sector Undertakings
(PSUs) of States and Union Territories (UTs) for the 5th consecutive time.

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i. Canara Bank lending amount of ₹187,813 crore to government-backed entities, alone accounting for
over 45% of the total lending of all PSBs in the financial year 2022-2023(FY23).
ii. As per the RBI’s ‘State finances: A study of budgets of 2022-23’ report published in 2023, Union
Minister of Finance Nirmala Sitharaman shared data on outstanding liabilities, highlighting that Tamil
Nadu(TN) has the highest amount of outstanding debt among all States and Union Territories in India,
at Rs 7.54-lakh crore (as per budget estimates for FY23).
ii. TN is followed by Uttar Pradesh (UP) at 7.10-lakh crore outstanding debt.

82. Which Co-operative Bank has recently (in July ‘23) received the restriction for poor
financial conditions from the Reserve Bank of India?
1) Bharat Co-operative Bank
2) Cosmos Co-operative Bank
3) Saraswat Co-operative Bank
4) National Co-operative Bank
5) Abhyudaya Co-operative Bank
Answer- 4) National Co-operative Bank
Explanation:
On 24th July 2023, Reserve Bank of India (RBI) imposed business limitations on Bengaluru’s one of
the oldest banks, National Co-operative Bank Limited because of its poor declining financial
condition.
• Starting from July 24, 2023, the business restrictions will be in place for a duration of six
months and are subject to review.
i. The restrictions are imposed under the provision of the Banking Regulation Act, 1949.
ii. Depositors will be entitled to receive deposit insurance claim amount up to Rs 5 lakh from the
Deposit Insurance and Credit Guarantee Corporation(DICGC).
iii. Withdrawal limit is capped at Rs.50,000 per account.

83. Name the bank that has recently (in July ‘23) partnered with IBM India Private Limited to
co-create Digital Business Platform.
1) State Bank of India
2) Bank of Baroda
3) Union Bank of India
4) Punjab National Bank
5) Canara Bank
Answer- 3) Union Bank of India
Explanation:
Union Bank of India (UBI), one of the leading public sector bank (PSB) in India, partnered with IBM
India Private Limited to create a state-of-the-art Digital Business Platform, focusing on Omni-
channel experiences and data-driven hyper-personalization and a comprehensive financial services
superstore designed for seamless cross-selling and upselling.
i. This partnership promotes digital revolution in the banking industry and paves the way for a
brighter, more convenient future of banking services.
ii. Omni-Channel Experience ensures the flexibility of the customers to engage with the bank through
various channels, including mobile, online, and in-branch.

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84. The International Monetary Fund (IMF) in its ‘July 2023 World Economic Outlook (WEO)
Update Near-Term Resilience, Persistent Challenges‘ projected a growth rate of ________ for
India in 2023.
1) 5.7%
2) 6.1%
3) 5.9%
4) 6.3%
5) 6.6%
Answer- 2) 6.1%
Explanation:
On July 25, 2023, the International Monetary Fund (IMF) in its ‘July 2023 World Economic Outlook
(WEO) Update- Near-Term Resilience, Persistent Challenges‘ projected a growth rate of 6.1% for
India in 2023, which is a 0.2 percentage point upward revision compared with the April projection of
5.9%.
i. This shows a stronger-than-expected growth in the Q4 of 2022 driven by robust domestic
investment.
ii. For 2024, it remained at 6.3%, as projected in April 2023 WEO Update. India grew at 7.2% in 2022.
iii. As per Calendar Year, India’s growth projections are 6.6% in 2023 and 5.8% in 2024.

85. In July, 2023, a list of Coalition Greenwich’s (a division of CRISIL) Share and Quality
Leaders, and Greenwich Excellence Awards 2023 was released in which _________(Bank) has
overtaken the State Bank of India (SBI) as a top ranked bank in the 3 categories of Share and
Quality Leaders Award list.
1) Axis Bank
2) YES Bank
3) ICICI Bank
4) IndusInd Bank
5) HDFC Bank
Answer- 5) HDFC Bank
Explanation:
On July 24, 2023, a list of Coalition Greenwich’s (a division of CRISIL) Share and Quality Leaders, and
Greenwich Excellence Awards 2023 was released in which HDFC Bank (among India’s local banks)
has overtaken the State Bank of India (SBI) as a top ranked bank in the 3 categories of Share and
Quality Leaders Award list.
• In the list of Greenwich Share Leader 2023(Large Corporate), HDFC Bank has overtaken State
Bank of India (SBI) and topped the list of Indian Large Corporate Banking Market Penetration –
Local Banks.
• ICICI Bank has topped the Indian Large Corporate Banking Quality – Local Banks and emerged
as the sole designation for Greenwich Quality Leader 2023(Large Corporate).
• In the list of Greenwich Share Leader 2023 (Middle Market), HDFC Bank has again topped the
list of Indian Middle Market Banking Market Penetration(Local Banks). The bank previously
topped the list in 2022.
• For the 6th year, Coalition Greenwich has recognized excellence in Indian corporate banking
through 2023 Greenwich Excellence Awards to identify the top-ranked banks in a series of
product and service categories.

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 • Citi won the Greenwich Excellence Awards 2023 under the Overall Digital Experience
category.

86. Which bank has recently (in July ‘23) launched SB NRE (Non-Resident External) Eve+, a
unique Non-Resident (NR) Saving Bank (SB) account scheme for Non-Resident Indian (NRI)
women?
1) ICICI Bank
2) Axis Bank
3) Federal Bank
4) HDFC Bank
5) Kotak Mahindra Bank
Answer- 3) Federal Bank
Explanation:
The Federal Bank Limited (the erstwhile Travancore Federal Bank Limited) launched a unique Non-
Resident (NR) Saving Bank (SB) account scheme, named SB NRE (Non-Resident External) Eve+
designed exclusively for the financial needs of Non-Resident Indian (NRI) women.
i. The scheme provides a variety of benefits geared at enhancing the financial journeys of the NRI
women.
ii. During the global virtual launch, the product theme as well as the prototype of the customised debit
was revealed and a debit card was presented to the first NRE Eve+ customer (Suni Paul) of the Federal
Bank.
iii. The release of NRE Eve+ Savings Account was announced at the ‘Nurses Day Out’ Event conducted
as part of Nikai Angel Awards 2023 held at the De Montfort University, Dubai, United Arab Emirates
(UAE) on 23rd July 2023.

87. Name the bank that has recently (in July ‘23) partnered with Dvara Kshetriya Gramin
Financial Services (KGFS) to enter into a co-lending partnership to provide business capital to
micro enterprises.
1) YES Bank
2) HDFC Bank
3) ICICI Bank
4) Axis Bank
5) IndusInd Bank
Answer- 2) HDFC Bank
Explanation:
Dvara Kshetriya Gramin Financial Services (KGFS), Chennai(Tamil Nadu) based Non-Banking
Financial Company (NBFC), and HDFC Bank Limited have entered into a co-lending partnership to
provide business capital to micro enterprises operating primarily in the unorganised sector, that have
limited access to formal sources of finance.
i. The partnership aligns with the Dvara KGFS’s 2023 Annual Operating Plan (AOP) looking to enable
credit for micro businesses across the 10 states that it serves.
ii. This partnership will increase Dvara KGFS’s capabilities in empowering the operations of micro
business in rural areas.

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88. Which Life Insurance company has recently (in July ‘23) launched a protection-oriented life
insurance plan that offers life protection against Accidental Death and Accidental Disability
along with market-linked returns?
1) ICICI Prudential Life Insurance Company
2) HDFC Life Insurance Company
3) SBI Life Insurance Company
4) Tata AIA Life Insurance
5) Max Life Insurance Company
Answer- 1) ICICI Prudential Life Insurance Company
Explanation:
On 24th July 2023, ICICI Prudential Life Insurance Company Limited (ICICI Prudential Life),
launched ‘ICICI Pru Protect N Gain‘, a protection-oriented life insurance plan that offers life protection
against Accidental Death and Accidental Disability (Permanent disability due to accident) along with
market-linked returns.
i. The scheme offers the dual benefits of protection and long-term savings to achieve the fundamental
needs of customers.
ii. The product provides the opportunity to offer life insurance protection of up to 100 times the
annual premium and enables customers to maximise returns through 18 funds options spread across
equity and debt.

89. In July 2023, Mahindra & Mahindra (M&M) Limited acquired a 3. 53% stake in ___________
(Bank) for Rs 417 crore.
1) Axis Bank
2) RBL Bank
3) IndusInd Bank
4) ICICI Bank
5) HDFC Bank
Answer- 2) RBL Bank
Explanation:
On 26th July 2023, Mahindra & Mahindra (M&M) Limited, automotive manufacturing company of
Mahindra group, acquired a 3. 53% stake in Mumbai(Maharashtra) based RBL Bank, formerly
known as Ratnakar Bank, for Rs 417 crore.
i. This is the first significant move by a manufacturing sector to venture into a private bank, after new
norms of Reserve Bank of India(RBI) in 2021.
ii. There is also a scope for further investments of Mahindra & Mahindra subject to the cap of 9. 9%
iii. Banking companies (after the completion of business of 15 years) can hold upto 26% stake in
banks, but can be their promoters.

90. Which of the following points is/are “correct” with respect to the Framework for Corporate
Debt Market Development Fund (CDMDF), as of July 2023?
A) The Securities and Exchange Board of India (SEBI) rolled out the Framework for Corporate
Debt Market Development Fund (CDMDF) which aims to establish a Backstop Facility to
purchase investment-grade corporate debt securities.
B) Mutual Funds (MFs) will contribute 15 basis points (bps) of the specified debt Asset under
Management (AUM) to CDMDF.

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C) SEBI mandates all non-individual Foreign Portfolio Investors (FPIs) to disclose their Legal
Entity Identifier (LEI) code to improve the quality and accuracy of financial data systems for
better risk management.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Answer- 4) Only A & C
Explanation:
On July 27, 2023, the Securities and Exchange Board of India (SEBI) rolled out the Framework for
Corporate Debt Market Development Fund (CDMDF) which aims to establish a Backstop Facility to
purchase investment-grade corporate debt securities, enhance secondary market liquidity, and boost
confidence among the participants in the Corporate Debt Market during periods of stress.
• It complies with the Guarantee Scheme for Corporate Debt (GSCD) notified by the Ministry of
Finance on July 26, 2023.
• This information by SEBI was provided in the exercise of its powers conferred under Section
11 (1) of the SEBI Act, 1992, read with the provisions of regulations 77
of SEBI (Mutual Funds) Regulations, 1996, to protect the interest of investors in securities
and to promote the development of securities market.
i. Mutual Funds (MFs) will contribute 25 basis points (bps) of the specified debt Asset under
Management (AUM) to CDMDF. This will lead to a contribution of Rs 2,242 crore by MFs to CDMDF.
• Incremental contributions will be made by specified debt schemes as their AUM increases
every 6 months to maintain the 25 bps investment in CDMDF.
ii. SEBI mandates all non-individual Foreign Portfolio Investors (FPIs) to disclose their Legal Entity
Identifier (LEI) code to improve the quality and accuracy of financial data systems for better risk
management.
• Presently, FPIs are required to provide their LEI details in the Common Application Form
(CAF), used for registration, KYC (Know Your Customer) and account opening of FPIs on a
voluntary basis.

91. Name the new term assurance plan that has been recently (in July ‘23) launched by Life
Insurance Corporation of India (LIC) to offer life cover with premium return.
1) Jeevan Labh
2) Jeevan Anand
3) Jeevan Kiran
4) Jeevan Umang
5) Jeevan Lakshya
Answer- 3) Jeevan Kiran
Explanation:
On 28th July 2023, Life Insurance Corporation of India (LIC) launched a new term assurance plan
“Jeevan Kiran”, a non-linked, non-participating, individual, savings, and life Insurance plan that offers
a combination of protection and savings.
i. This policy will provide financial support to the family in case of unfortunate death of the life
assured during the policy term and returns the total premiums paid in case of survival till maturity.

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ii. For policies with Regular Premium Payments, the “Sum Assured on Death” will be the highest of
Seven times the Annualised Premium (or) 105% of the “Total Premium Paid” up to the date of death
(or) Basic Sum Assured.
iii. For policies with Single Premium Payment, the “Sum Assured on Death” is determined as the
greater of 125% of the Single Premium (or) Basic Sum Assured.

92. Which company has recently (in July ‘23) launched ‘MoneySaver Export Account’ for Indian
exporters to save 50% on overseas bank transfers?
1) PhonePe
2) Razorpay
3) Paytm
4) Freecharge
5) BharatPe
Answer- 2) Razorpay
Explanation:
On 26th July 2023, Razorpay, a Finetech company announced the launch of its ‘MoneySaver Export
Account‘, built specifically for small and mid-size exporters by offering up to 50% savings on
international bank transfers for the Indian exporters. The facility allows exporters to open an account
in any country of their choice (over 160 countries).
i. The exporters receive international payments locally via the Razorpay platform such as FedWire,
Automated Clearing House (ACH) and more in order to save from high transfer costs, chargebacks and
payment failures.
ii. With the MoneySaver Export Account, Indian exporters can experience consistent wire transfer
from their international customers over 200 countries and have their funds settled directly in their
Indian bank accounts.

93. According to the State Bank of India’s (SBI) Ecowrap report dated on 27th July 2023, India
is set to become the world 3rd Largest Economy in _________ (year).
1) 2027
2) 2028
3) 2029
4) 2030
5) 2026
Answer- 1) 2027
Explanation:
According to the State Bank of India’s (SBI) economic research report Ecowrap dated on 27th July
2023, India is set to become the world 3rd Largest Economy in 2027(Financial Year 2028) based on
actual Gross domestic product (GDP) data as on March 2023.
• India currently ranks 5th in the world’s largest economy, accounting for 3.4% of global GDP.
The United States of America (USA) ranks 1st in the Top 5 followed by China.
• As per the report, India will surpass both Japan and Germany in 2027 if it develops at the
present current rate of growth.
• The report also states that India’s GDP is expected to grow by more than 8% in the first
Quarter of Financial Year 2024 (8.1-8.2%).
• Maharashtra and Uttar Pradesh set to break the $500 billion mark in 2027 (or FY28).

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94. Which of the following points is/are “correct” with respect to the step taken by the
Insurance Regulatory and Development Authority of India (IRDAI), as of July 2023?
A) Tata AIA Life Insurance Company Ltd has been appointed as the “Lead Insurer” for the State
of Uttar Pradesh & Arunachal Pradesh by the Insurance Regulatory and Development
Authority of India (IRDAI).
B) Liberty General Insurance Ltd was appointed as the Lead Insurer for Delhi by the IRDAI
under State Insurance plan.
C) Cholamandalam (Chola) MS General Insurance Company Ltd has been appointed ‘Lead
Insurer‘ for the state of West Bengal by the IRDAI.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Answer- 3) Only B & C
Explanation:
Max Life Insurance Company Ltd (Max Life) has been appointed as the “Lead Insurer” for the State of
Uttar Pradesh (UP) by the Insurance Regulatory and Development Authority of India (IRDAI). This
move is part of IRDAI’s state insurance plan to enhance financial awareness and insurance inclusion.
i. Max Life has also been appointed as the Lead Insurer for Arunachal Pradesh.
ii. Liberty General Insurance Ltd was appointed as the Lead Insurer for Delhi by the IRDAI under
State Insurance plan.
iii. Cholamandalam (Chola) MS General Insurance Company Ltd, a joint venture (JV) of the
Murugappa Group and Mitsui Sumitomo Insurance Company Ltd, Japan, has been appointed ‘Lead
Insurer‘ for the state of West Bengal by the IRDAI in line with the its vision of “Insurance for All by
2047” (State Insurance Plan) to increase insurance awareness and penetration throughout West
Bengal.

95. Name the bank that has recently (in July ‘23) included by the Reserve Bank of India (RBI) in
the list of Scheduled Banks under Schedule II of RBI Act, 1934.
1) Mizuho Bank (Japan)
2) NongHyup Bank (South Korea)
3) Suncorp Bank (United Kingdom)
4) Commonwealth Bank (Australia)
5) Shinhan Bank (South Korea)
Answer- 2) NongHyup Bank (South Korea)
Explanation:
Reserve Bank of India (RBI) released a notification addressing all the banks regarding the inclusion of
‘NongHyup Bank’ in the Second Schedule to the Reserve Bank of India Act, 1934.
i. As per the RBI notification, NongHyup Bank has been officially included in the Second Schedule of
the RBI Act 1934 and published in the Gazette of India (Part III – Section 4).
ii. The notification informs all the banks about the addition of NongHyup Bank to the regulated list.
iii. NongHyup Bank (NH Bank), established in 2012, is a commercial bank headquartered in Seoul,
South Korea.

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96. Name the Insurance Company that has recently (in July ‘23) partnered with JM Financial
Services Limited (JM Financial) to expand its product offerings and market presence across
India.
1) ICICI Prudential Life Insurance
2) HDFC Life Insurance
3) Max Life Insurance
4) Future Generali India Life Insurance
5) Bajaj Allianz Life Insurance
Answer- 4) Future Generali India Life Insurance
Explanation:
Future Generali India Life Insurance Company Limited (FGILI), a joint venture (JV) between the
Generali Group and the Future Group, partnered with JM Financial Services Limited (JM Financial),
an integrated and diversified financial services group, to expand its product offerings and market
presence across India.
i. The partnership will help the insurer expand its product portfolio and leverage the distribution and
financial advisory capabilities of JM Financial to offer innovative products.
ii. It will enable FGILI to reach a larger customer base of 2.20 lakh and serve the various needs of
individuals, corporations, and financial institutions.

STATIC BANKING QUESTIONS

1. In which year, the World Bank was established?

1) 1919
2) 1969
3) 1961
4) 1944
5) 1948
Answer- 4) 1944
Explanation:
About World Bank:
Establishment – July, 1944
Headquarters – Washington DC, United States of America(USA)
President – Ajay Banga

2. Who is the current (as of July ‘23) President of Institute of Chartered Accountants of India
(ICAI)?
1) Jayanth Kumar
2) Jai Kumar Batra
3) Ranjeet Kumar Agarwal
4) Aniket Sunil Talati
5) Atish Mathur
Answer- 4) Aniket Sunil Talati

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Explanation:
About Institute of Chartered Accountants of India (ICAI):
President- Aniket Sunil Talati
Headquarters- New Delhi, Delhi
Established in 1949

3. Who is the current (as of July ‘23) Managing Director (MD) & Chief Executive Officer (CEO) of
Indian Bank?
1) A Manimekhalai
2) Shanti Lal Jain
3) Atul Kumar Goel
4) A. S. Rajeev
5) Rajneesh Karnatak
Answer- 2) Shanti Lal Jain
Explanation:
About Indian Bank:
Managing Director (MD) & Chief Executive Officer (CEO) – Shanti Lal Jain
Headquarters – Chennai
Tagline – Your Own Bank
Established in – 1907

4. In July 2023, _____________became the first company in the world to reach a market value of
USD 3 trillion.
1) Microsoft Corporation
2) Twitter
3) Walmart
4) Google LLC
5) Apple Inc
Answer- 5) Apple Inc
Explanation:
Apple Inc became the first company in the world to reach a market value of USD 3 trillion, buoyed
by hopes over its expansion in new markets coupled with expectations of a more moderate approach
to interest rate hikes by the Federal Reserve.
i. The iPhone maker's advance was among the most eye-catching in a month marked by investor
interest in the potential of artificial intelligence, with share buyers also particularly favouring
companies with strong balance sheets and cash flows.

5. What is the Tagline of State Bank of India?

1) Build a better life around us
2) One Family One Bank
3) The Banker to Every Indian
4) Together We Can
5) Good people to grow with
Answer- 3) The Banker to Every Indian

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Explanation:
About State Bank of India:
Chairman – Dinesh Kumar Khara
Headquarters – Mumbai
Tagline – The Banker to Every Indian
Established in – 1955

6. Who is the current (as of July ‘23) Managing Directors (MD) & Chief Executive Officer (CEO)
of Indian Overseas Bank (IOB)?
1) Shyam Srinivasan
2) Prashant Kumar
3) Sandeep Bakhshi
4) Sumant Kathpalia
5) Ajay Kumar Srivastava
Answer- 5) Ajay Kumar Srivastava
Explanation:
About Indian Overseas Bank (IOB):
Managing Directors (MD) & Chief Executive Officer (CEO) – Ajay Kumar Srivastava
Headquarters – Chennai,Tamil Nadu
Established in – 1937
Tagline – Good people to grow with

7. Name the Bank that has recently (in July ‘23) joined the Plotch's Open Network for Digital
Commerce (ONDC) accelerator to offer banking support to companies.
1) ICICI Bank
2) HDFC Bank
3) YES Bank
4) IDFC FIRST Bank
5) Axis Bank
Answer- 4) IDFC FIRST Bank
Explanation:
Plotch.ai, a leading technology enabler of Open Network for Digital Commerce (ONDC), has announced
that IDFC FIRST Bank has joined the Plotch ONDC-focused accelerator – an initiative launched
earlier this year by the start-up in partnership with Microsoft.
i. IDFC First will offer banking and fintech support to startups building solutions and businesses
around ONDC.
ii. IDFC First Bank will offer startups lending solutions for credit and working capital needs. It will
also give access to their sandbox environment to access IDFC First via APIs for fintech products.
iii. The bank has created banking products for the ONDC network, which will be available to startups
through priority channels.

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8. IndusInd International Holdings Limited (IIHL), the promoter of IndusInd Bank Ltd has
recently (in July ‘23) raised up to USD _________ to increase its shareholding in the lender to 26%
from the current 15% and fund Reliance Capital acquisition.
1) 1.2 billion
2) 1.5 billion
3) 1.3 billion
4) 2.1 billion
5) 1.9 billion
Answer- 2) 1.5 billion
Explanation:
IndusInd International Holdings Ltd. (IIHL), the promoter of IndusInd Bank, announced the board has
approved capital raising of up to USD 1.5 billion as well as to expand business horizons in India and
other global geographies in the BFSI sector.
i. The first objective of the capital-raising is to increase its promoter shareholding in IndusInd Bank
from the current 15% to the proposed 26%.
ii. The second objective of the capital raising is towards equity participation for the Reliance Capital
acquisition.
iii. IIHL is the sole Resolution Applicant with a bid amount of USD 1.2 billion (Rs. 9,650 crore) in the
process run under IBC for Reliance Capital Ltd.

9. In June 2023, the National Bank for Financing Infrastructure Development (NaBFID) expects
to end FY24 with final loan sanctions of Rs.__________ and disbursements of close to Rs. 60,000
crore.
1) 5 lakh crore
2) 2 lakh crore
3) 4 lakh crore
4) 1 lakh crore
5) 3 lakh crore
Answer- 4) 1 lakh crore
Explanation:
The National Bank for Financing Infrastructure Development (NaBFID) expects to end FY24 with
final loan sanctions of Rs.1 lakh crore and disbursements of close to Rs. 60,000 crore.
i. The development finance institution, which made its first loan disbursement in December 2022, has
so far disbursed about Rs. 15,000 crore to projects mostly in the road and energy (primarily
renewable energy and transmission projects) sectors.
ii. By March 2026, Rajkiran Rai, MD and CEO, expects NaBFID’s sanctions to swell to Rs.3 lakh crore.

10. In June 2023, the Union Government declared that All panchayats to be Unified Payments
Interface (UPI)-enabled from _____________ 2023.
1) 15th August
2) 23rd September
3) 1st August
4) 16th August
5) 2nd October
Answer- 1) 15th August

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Explanation:
All panchayats across the country will mandatorily use digital payments for all development work and
revenue collection and will be declared Unified Payments Interface (UPI)-enabled from August 15,
2023 onwards.
i. Secretary, Panchayati Raj Ministry, Sunil Kumar announced almost 98 per cent panchayats have
already started using UPI-based payments.
ii. A list with details of contact persons from UPI platforms GPay, PhonePay, PayTm, BHIM, Mobikwik,
WhatsApp Pay, Amazon Pay and Bharat Pe has been shared by the ministry.

11. Name the cloud computing services company that has recently (in June ‘23) launched an
artificial intelligence (AI)-powered anti-money laundering (AML) product.
1) Amazon Web Services
2) Oracle Cloud Infrastructure
3) Google Cloud
4) IBM Cloud
5) Microsoft Azure
Answer- 3) Google Cloud
Explanation:
Google Cloud, offered by Google, is a suite of cloud computing services that has announced the launch
of an artificial intelligence (AI)-powered anti-money laundering (AML) product.
i. The tool is designed to aid global financial institutions to detect money laundering more effectively
and efficiently.
ii. Google Cloud announced that its AI tool cut the number of alerts HSBC received by more than 60%.

12. Which country’s top lender is Sberbank, which has recently (in June ‘23) announced,
individuals can now open accounts in Indian rupee?
1) Germany
2) Russia
3) United States of America
4) Nepal
5) France
Answer- 2) Russia
Explanation:
Sberbank, Russia’s top lender, has announced that individuals can now open accounts in Indian
rupees, as the bank looks to decrease its reliance on the US dollar and euro. Sberbank has more than
100 million retail clients and already offers deposits in China’s yuan and UAE dirhams.
i. The bank's finance chief stated that Sberbank will issue bonds in Chinese yuan if the opportunity
arises and will continue borrowing in rubles. In addition, rival VTB has announced plans for yuan
savings to make up a significant portion of Russia’s foreign exchange portfolio by 2025.

13. Name the bank that has recently (in July ‘23) launched a virtual branch Metaverse.
1) Punjab National Bank
2) State Bank of India
3) Bank of Baroda
4) Indian Bank

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5) Bank of Maharashtra
Answer- 1) Punjab National Bank
Explanation:
State-owned Punjab National Bank (PNB) announced the launch of a virtual branch, PNB
Metaverse. It is a virtual branch of the bank, which will deliver a unique experience of banking to
existing and new customers who can now explore the bank's products and services such as bank
deposits, retail/MSME loans, digital products, women/senior citizens, 'Do It Yourself' and government
flagship schemes.

14. In which state, the Reserve Bank of India (RBI) has recently (in June ‘23) opened a sub-
office?
1) Arunachal Pradesh
2) Sikkim
3) Nagaland
4) West Bengal
5) Odisha
Answer- 3) Nagaland
Explanation:
The Reserve Bank of India (RBI) opened a sub-office at Kohima the capital of Nagaland, and
announced its aim to soon have an office in Itanagar to strengthen its presence in North East India.
i. The newly inaugurated sub-office in Nagaland is headed by general manager Paresh Chauhan.
ii. RBI now has a presence in Assam, Manipur, Meghalaya, Mizoram, Tripura and Nagaland.

15. In June 2023, UBS completed its emergency takeover of embattled local rival Credit Suisse,
creating a giant Swiss bank with a balance sheet of USD __________ and greater muscle in wealth
management.
1) 1.0 trillion
2) 2.1 trillion
3) 2.5 trillion
4) 1.6 trillion
5) 1.2 trillion
Answer- 4) 1.6 trillion
Explanation:
UBS has completed its emergency takeover of embattled local rival Credit Suisse, creating a giant
Swiss bank with a balance sheet of USD 1.6 trillion and greater muscle in wealth management.
i. The group will oversee USD 5 trillion of assets giving UBS, the world's largest wealth manager, a
leading position in key markets it would otherwise have needed years to grow in size and reach. The
merger also brings to an end Credit Suisse's 167-year history, marred in recent years by scandals and
losses.
ii. The two banks jointly employ 120,000 worldwide, although UBS has already said it will be cutting
jobs to take advantage of synergies and reduce costs.

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16. Who is the current (as of July ‘23) Managing Director (MD) & Chief executive officer (CEO)
of IDFC FIRST Bank?
1) Sanjiv Chadha
2) Atanu Kumar Das
3) Rakesh Sharma
4) Shanti Lal Jain
5) V. Vaidyanathan
Answer- 5) V. Vaidyanathan
Explanation:
About IDFC FIRST Bank Ltd:
Managing Director (MD) & Chief executive officer (CEO)- V. Vaidyanathan
Headquarters- Mumbai, Maharashtra
Established- 2018

17. Who is the current (as of July ‘23) Managing Director(MD) & Chief Executive Officer(CEO) of
HDFC Bank?
1) Debadatta Chand
2) Rajneesh Karnatak
3) Sashidhar Jagdishan
4) K Satyanarayana Raju
5) Ajay Kumar Srivastava
Answer- 3) Sashidhar Jagdishan
Explanation:
About HDFC(Housing Development Finance Corporation) Bank:
Managing Director(MD) & Chief Executive Officer(CEO) – Sashidhar Jagdishan
Headquarters – Mumbai, Maharashtra
Established in – 1994
Tagline – We understand your world

18. Which Bank has been recently (in July ‘23) named as World's Best Bank for Corporate
Responsibility in the prestigious Euromoney Awards for Excellence 2023?
1) Standard Chartered Bank
2) Deutsche Bank
3) DBS Bank
4) Citibank
5) HSBC International Limited
Answer- 3) DBS Bank
Explanation:
DBS, a leading financial services group in Asia, has been named the World's Best Bank for
Corporate Responsibility in the prestigious Euromoney Awards for Excellence 2023. In the same
awards, DBS was also recognised as Asia's Best Bank for Wealth Management for a second consecutive
year.
i. The Euromoney Awards for Excellence are widely regarded as one of the most esteemed accolades
in the global banking industry and are seen as an endorsement of excellence and best practices.

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19. In July 2023, Michele Bullock became the first woman governor of the Reserve Bank of
_________(country).
1) Switzerland
2) England
3) Argentina
4) Australia
5) Canada
Answer- 4) Australia
Explanation:
Michele Bullock has been announced as the next governor of the Reserve Bank of Australia (RBA),
making her the first woman to lead the central bank.
i. The government decided not to give a second term to Philip Lowe, who has headed the RBA since
2016. Bullock, the RBA’s current deputy governor, will begin her seven-year term from September 18.

20. Which Bank has recently (in July ‘23) announced its support for India's National Green
Hydrogen Mission with a substantial loan of up to EURO 1 billion to boost green hydrogen and
renewable energy projects in India?
1) European Investment Bank
2) Asian Development Bank
3) World Bank
4) New Development Bank
5) Asian Infrastructure Investment Bank
Answer- 1) European Investment Bank
Explanation:
The European Investment Bank (EIB) is set to support India’s National Green Hydrogen Mission
with a substantial loan of up to EURO 1 billion to boost green hydrogen and renewable energy
projects in India.
i. The EIB aims to boost India’s renewable energy ambitions by supporting renewable energy
generation, energy storage technologies, power transmission and distribution infrastructure.
ii. EIB Vice-President Kris Peeters is set to confirm EIB’s interest to support NGHM during his visit to
India to attend G20(Group of Twenty) Infrastructure Investors Dialogue (IID), which takes place
during the 3rd meeting of finance ministers and central bank governors in Gandhinagar, Gujarat,
India.

21. Name the bank that has recently (in July ‘23) signed an MoU with the Gujarat Cooperative
Milk Marketing Federation Ltd (GCMMFL) to offer financial services to Federation’s supply
network pan India under the Micro Units Development & Refinance Agency Ltd (MUDRA)
scheme.
1) Canara Bank
2) Bank of India
3) Bank of Baroda
4) Punjab National Bank
5) Indian Bank
Answer- 4) Punjab National Bank

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Explanation:
On 1st July 2023, Punjab National Bank (PNB) has signed a Memorandum of Understanding(MoU)
with the Gujarat Cooperative Milk Marketing Federation Ltd (GCMMFL), known as “AMUL” to offer
financial services to Federation’s supply network pan India under the Micro Units Development &
Refinance Agency Ltd (MUDRA) scheme.
i. The MoU was signed at PNB’s corporate office Dwarka, New Delhi, Delhi in the presence of Jayen
Mehta, Managing Director(MD), GCMMFL, M. Paramasivam, Executive Director, PNB and other senior
officials of PNB and Amul.
ii. PNB will integrate with various digital channels like QR codes, POS (point of sale), UPI (Unified
Payment Interface), etc., supply chain finance and EMI (Equated Monthly Instalment) collection
digitally, and provide working capital limits.

22. Who is the current (as of July ‘23) Managing Director (MD) & Chief Executive Officer (CEO)
of Indian Bank?
1) Atanu Kumar Das
2) Shanti Lal Jain
3) K Satyanarayana Raju
4) Matam Venkata Rao
5) A. S. Rajeev
Answer- 2) Shanti Lal Jain
Explanation:
About Indian Bank:
Incorporated on– March 5, 1907
Started business on– August 15, 1907
Managing Director (MD) & Chief Executive Officer (CEO)– Shanti Lal Jain
Headquarters– Chennai, Tamil Nadu

23. In July 2023, ___________ (Bank) proposed to participate in the initial public offering (IPO) of
NSDL through an offer for sale (OFS) of up to a 2% stake.
1) Axis Bank
2) YES Bank
3) HDFC Bank
4) IndusInd Bank
5) ICICI Bank
Answer- 3) HDFC Bank
Explanation:
Private lender HDFC Bank proposed to participate in the initial public offering (IPO) of NSDL through
an offer for sale (OFS) of up to a 2% stake.
i. This is in addition to the past divestment of a 1% stake in NSDL via definitive agreements in
December last year, which was within the materiality threshold. The Bank held an 8.95% stake in
NSDL.

24. Who is the current (as of July ‘23) chairman of Central Board of Direct Taxes (CBDT)?
1) Ajay Kumar
2) Jayanth Kumar

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3) Anita Kapur
4) Nitin Gupta
5) Atish Mathur
Answer- 4) Nitin Gupta
Explanation:
About Central Board of Direct Taxes (CBDT):
Chairman- Nitin Gupta
Headquarters- New Delhi, Delhi
Established- 1963

25. Which company has recently (in July ‘23) launched a feature to pay Income Tax through its
app?
1) Freecharge
2) PhonePe
3) BharatPe
4) Paytm
5) Razorpay
An6swer- 2) PhonePe
Explanation:
Digital payments and fintech platform PhonePe launched a feature to pay income tax through its app.
i. Individuals and businesses can pay self-assessment and advance tax through UPI or credit card via
the application, without logging into the income tax portal, PhonePe said.
ii. The amount will be credited to the tax portal within two working days.

26. Who is the current (as of July ‘23) Managing Director(MD) & Chief Executive Officer(CEO) of
RBL Bank?
1) Deepak Gaddhyan
2) Amrut Palan
3) R Subramaniakumar
4) Rajeev Ahuja
5) Brijesh Mehra
Answer- 3) R Subramaniakumar
Explanation:
About RBL Bank:
Managing Director(MD) & Chief Executive Officer(CEO) – R Subramaniakumar
Headquarters – Mumbai, Maharashtra
Tagline – Apno ka Bank

27. Name the bank that has recently (in July ‘23) launched Unified Payments Interface (UPI)
payments through RuPay Credit Cards.
1) IDBI Bank
2) Kotak Mahindra Bank
3) RBL Bank
4) Bandhan Bank
5) YES Bank

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Answer- 5) YES Bank
Explanation:
YES Bank announced the launch of Unified Payments Interface (UPI) payments through RuPay
Credit Cards.
i. With this, customers can now link their YES BANK RuPay Credit Card with UPI-enabled apps such as
BHIM, PhonePe, Paytm, Google Pay, Slice, MobiKwik, PayZapp, among others, making credit card-
based transactions easier with enhanced security, the Bank in a statement said.
ii. The launch of UPI Payments through RuPay Credit Cards empowers customers to now enjoy the
‘credit-free’ period feature on a UPI platform, which was earlier only limited to POS/eCom based
transactions.

28. What is the Tagline of Federal Bank?

1) Your Perfect Banking Partner
2) Together We Can
3) Support All the Way
4) Relationship Beyond Banking
5) We Understand Your World
Answer- 1) Your Perfect Banking Partner
Explanation:
About Federal Bank Ltd:
Tagline– Your Perfect Banking Partner
Chairman– C. Balagopal
MD & CEO– Shyam Srinivasan
Headquarters– Aluva, Kerala
Established on– April 23, 1931

29. Who is the current (as of July ‘23) Chairperson of Life Insurance Corporation (LIC)?
1) Anil Kumar
2) Ranjan Sharma
3) Vinod Kumar Verma
4) M Jagannath
5) Siddhartha Mohanty
Answer- 5) Siddhartha Mohanty
Explanation:
About Life Insurance Corporation(LIC) of India:
Chairperson – Siddhartha Mohanty
Headquarters – Mumbai, Maharashtra
Established in – 1956

30. In July 2023, ___________ became the first life insurance company in India to enter Metaverse.
1) Aditya Birla Sun Life Insurance
2) Max Life Insurance
3) SBI Life Insurance
4) HDFC Life Insurance
5) Bajaj Allianz life Insurance

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Answer- 1) Aditya Birla Sun Life Insurance
Explanation:
Aditya Birla Sun Life Insurance (ABSLI), the life insurance subsidiary of Aditya Birla Capital Limited
(ABCL), announced has become the first life insurance company in the country to enter Metaverse,
offering its customers a multisensory experience by enabling them to interact with life insurance
experts & agents.
i. The launch of a 3D virtual lounge in Metaverse InsureVerse will empower the company to make
'customer servicing' omnipresent.

31. What is the Tagline of State Bank of India (SBI)?

1) Good People to Grow With
2) The Banker to Every Indian
3) Live more, Bank less
4) Banking With Personal Touch
5) Let’s Make Money Simple
Answer- 2) The Banker to Every Indian
Explanation:
About State Bank of India (SBI):
Chairman – Dinesh Kumar Khara
Headquarters – Mumbai, Maharashtra
Established – 1 July 1955
Tagline- ‘The Banker to Every Indian’

32. Who is the current (as of July ‘23) Chairman of Insurance Regulatory and Development
Authority of India (IRDAI)?
1) Rakesh Joshi
2) S. N. Rajeswari
3) Parmod Kumar Arora
4) Suchindra Misra
5) Debasish Panda
Answer- 5) Debasish Panda
Explanation:
About Insurance Regulatory and Development Authority of India (IRDAI):
It is a statutory body formed under an Act of Parliament, i.e., Insurance Regulatory and Development
Authority Act, 1999 (IRDAI Act 1999)
It is a public authority as defined in the Right to Information Act, 2005
Chairman– Debasish Panda
Headquarters– Hyderabad, Telangana
Incorporated in– 2000

33. When was the International Monetary Fund (IMF) established?

1) 1965
2) 1948
3) 1944
4) 1974

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5) 1961
Answer- 3) 1944
Explanation:
About International Monetary Fund (IMF):
Managing Director – Kristalina Georgieva
Headquarters– Washington, D.C, USA
Establishment– 1944

Aspirant Queries

Aspirant: Does Affairscloud covers all the Current affairs topics

related to examinations?
Affairscloud: We Guaranteed All the Important topics related to
examination are covered in Our Daily CA content and Daily CA
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Aspirant: Why is there a delayal in news?
Affairscloud: As some of the major news sites doesn't provide the
required data on the exact day, we take extra time for important
data to be presented to the aspirants on the examination basis to
ensure nothing is missed.

Example: In 'Important Days' topics the International

Organisations publish their reports and Rankings in the evenings, to
make sure every data is covered, we delay the topics to the next day

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GA Questions Asked in Exams

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