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Atul Kumar Goel Assumes Charge as Chief Executive of the Indian

Banking Awareness Current Affairs Banks’ Association (IBA)
16th March, 2025 ▪ He succeeded Sunil Mehta
▪ Atul Goel was MD and CEO of Punjab National Bank (PNB)
Revision points (LAST WEEK)
from February 2022 to December 2024
❑ RBI appoints Dr Ajit Ratnakar Joshi as new Executive Director
▪ The Indian Banks' Association (IBA) was formed on
❑ PB Fintech appoints Santosh Agarwal as CEO of Paisabazaar
September 26, 1946
❑ Ajay Bhadoo Appointed CEO of Government e Marketplace (GeM)
▪ It is a representative body of management of banking in India operating in India – an association of Indian
❑ Shyam Unnikrishnan to succeed Parijat Ghosh as MD of Bain & Co India business
banks and financial institutions based in Mumbai.
❑ SBI Life Appoints Dorababu Daparti as Deputy CEO
❑ PhonePe, one of India’s leading digital payment platforms, has launched its ‘Insuring HEROES’ campaign
SBI launches collateral free digital SME loan for women entrepreneurs
ahead of International Women’s Day (March 8, 2025).
▪ State Bank of India (SBI) has launched a collateral free digital SME
❑ HDFC Bank has launched Project HAKK (Hawai Anubhavi Kalyan Kendra) to provide support and services to
(small and medium enterprise) loan product ‘SBI Asmita’ for
Indian Air Force (IAF) pensioners, veterans and their families.
women entrepreneurs to help them expand their business.
❑ The Small Industries Development Bank of India (SIDBI) and The Federal Bank Limited (FBL) announced
▪ The product fetches and verifies the data footprints such as GSTIN,
that they have signed a Memorandum of Understanding (MoU) to provide financial support to micro, small,
customers’ bank statements, CIC data base, etc. of the borrower,
and medium enterprises (MSMEs).
thereby, eliminating the hassle of physical document verification
❑ The Reserve Bank of India (RBI), through its Department of Regulation (DoR), has published the "Regulations
▪ It also launched a ‘Nari Shakti’ platinum debit card to cater to the
at a Glance" handbook,
needs of women across various segments.
❑ Indian Overseas Bank (IOB) has launched a new facility enabling customers to download their housing loan
interest certificate directly from DigiLocker.
Rupee112 Launches India’s First Fully Automated WhatsApp Loan Disbursal
❑ Securities and Exchange Board of India (SEBI) launched a centralized database portal for corporate bonds
▪ Rupee112, a Gurgaon-based fintech startup, has launched India's first
called Bond Central.
fully automated loan disbursal service via WhatsApp.
❑ City Union Bank (CUB) on Saturday announced a strategic partnership with Chennai Super Kings (CSK), to
▪ The service enables salaried professionals to access instant unsecured
introduce a new co-branded credit card.
loans.
❑ Bank of Baroda (Bank), one of India’s leading public sector banks, has been awarded the ISO 22301:2019
▪ Borrowers can secure loans between ₹5,000 and ₹1,00,000 by
Business Continuity Management System (BCMS) certification from the British Standards Institution (BSI)
messaging Rupee112’s official WhatsApp number.
❑ Niti Aayog Launches Report On “From Borrowers To Builders: Women’s Role In India’s Financial Growth
Story”
Star Health Insurance Launches ‘SheTARA’ Campaign to Mark International
Women’s Day
QUESTION OF THE DAY
▪ Star Health Insurance launches the “SheTARA” health campaign in Tamil
Where is the headquarters of the Small Industries Development Bank of India (SIDBI) located?
Nadu to celebrate International Women’s Day.
a) Mumbai, Maharashtra
▪ This initiative aims to raise people’s awareness of preventative healthcare solutions and recruit more
b) New Delhi
women as insurance agents. This is a crucial step as Tamil Nadu’s factories employ nearly 42% of India’s
c) Lucknow, Uttar Pradesh
women workers (6.3 lakh).
d) Kolkata, West Bengal
▪ Star Health Insurance is one of India’s leading health insurance companies operating since 2006.
Answer: c

Finance Ministry Notifies Zero Coupon Bond (ZCB) for Power Finance
Federal Bank appoints Vidya Balan as brand ambassador
Corporation
Federal Bank has appointed actor Vidya Balan its first-ever brand
▪ The Finance Ministry has notified the issuance of Zero Coupon
ambassador.
Bonds (ZCBs) by Power Finance Corporation (PFC).
About Federal Bank
▪ The company has been authorized to raise up to ₹10,000 crore
• Founded- 23 April 1931
through these bonds, which will be issued at a discount and
• Founder- K.P Hormis
redeemed at full face value upon maturity.
• Headquarters – Kochi, Kerala.
▪ Issuance and Maturity: These bonds will be issued on or before March 31, 2027, with a maturity period of
• MD & CEO- – KVS Manian (replaced Shyam Srinivasan)
121 months (10 years and 1 month).
▪ Discounted Issue Price: The bonds will be issued at ₹49,546 per unit, with a face value of ₹1 lakh at maturity,
Takashi Nakajima named new president & CEO of Honda Cars India
In other words, the investor will pay ₹50,454 at the time of issuance, while get ₹1 lakh at maturity.
▪ Honda Motor Co., Ltd. has appointed Takashi Nakajima as the new
▪ Number of Bonds: The total issuance has been capped at 10 lakh bonds.
president & CEO of Honda Cars India Ltd (HCIL).
▪ Fixed Returns: If held until maturity, the investor will receive ₹1 lakh per bond.
▪ He will take charge from April 1, 2025

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What is a Zero Coupon Bond (ZCB)? Overall Claim Settlement Ratio for FY 2023-24
▪ A Zero Coupon Bond (ZCB) is a financial instrument that does not pay periodic interest (coupon) during its ▪ According to the latest IRDAI report, the overall CSR for individual death claims within 30 days across both
tenure. private insurers and the Life Insurance Corporation of India (LIC) stood at 96.82% for FY24.
▪ Instead, it is issued at a discount and redeemed at its face value upon maturity. ▪ India’s private life insurers recorded an impressive 99% CSR for individual death claims settled within 30
▪ The difference between the issue price and face value represents the return for investors. days.

RBIH Launches DesignShaala Top Life Insurers by Number of Policies

▪ Reserve Bank Innovation Hub (RBIH) has launched DesignShaala an initiative ▪ Among the insurers, New Delhi-based Axis Max Life Insurance Limited emerged as the largest insurer in
aimed at promoting financial innovation through Human-Centered Design India in terms of the number of policies settled within 30 days.
(HCD). ▪ The company recorded a 99.79% CSR by settling 19,569 policies.
▪ The program was launched by Nandan Nilekani, Chairman and Co-Founder of ▪ Following Mumbai-based HDFC Life Insurance Company
Infosys, during the ‘Building for Billions’ event in Bengaluru.
▪ DesignShaala is designed to ensure financial solutions are built around real Top Life Insurers by Number of Policies Settled
user needs, behaviors, and experiences ▪ India’s largest public-sector insurer, Life Insurance Corporation of India (LIC), topped the list in terms of the
highest number of policies settled within 30 days. LIC settled a staggering 7,99,612 policies, achieving a CSR
Muthoot Microfin Wins Double Gold at SKOCH Awards 2025 of 96.42%.
▪ Muthoot Microfin, a leading microfinance institution committed to ▪ The second spot was secured by Mumbai-based SBI Life Insurance Company Limited
empowering women entrepreneurs, has achieved a remarkable
double victory at the SKOCH Awards 2025, securing two prestigious Insurers with a 100% Claim Settlement Ratio
Gold Awards. • Several insurers achieved a 100% CSR for individual death claims settled within 30 days.
▪ The accolades were presented to Sadaf Sayeed, CEO of Muthoot These include:
Microfin, by Sameer Kochhar, Chairman of SKOCH Group, and • Kotak Mahindra Life Insurance Company Limited (Mumbai)
Gursharan Dhanjal, Vice-Chairman of SKOCH Group, at a distinguished • Ageas Federal Life Insurance Company Limited (Mumbai)
ceremony in New Delhi. • Future Generali India Life Insurance Company Limited (Mumbai)
▪ The company was recognized for its excellence in digital financial • Aviva Life Insurance Company India Limited (Gurugram, Haryana)
inclusion and insurance solutions, winning:
▪ - Corporate Excellence - "Best Customer Application on Digital Financial Inclusion" for its groundbreaking Top Insurers by CSR Based on Benefit Amount
Mahila Mitra initiative. In terms of the total benefit amount paid out within 30 days, the leading insurers were:
▪ - BFSI Award - "Best Insurance Scheme" for its Griha Raksha Insurance Scheme. ▪ HDFC Life Insurance: Ranked first, with 99.98% of the total benefit amount paid out.
▪ The recognition at SKOCH Awards 2025 underscores Muthoot Microfin's commitment to innovation, ▪ Axis Max Life Insurance: Closely followed, with 99.97% of the total benefit amount paid out.
customer-centricity, and social impact, further strengthening its position as a leader in the microfinance ▪ Private insurers paid Rs 11,004.72 crore in total benefit amount in FY24.
industry. ▪ Exclusion of Sahara India Life Insurance Company Ltd (SILIC)
▪ Muthoot Microfin Ltd. is a part of Muthoot Pappachan Group (also known as Muthoot Blue) and is one of ▪ It is important to note that Sahara India Life Insurance Company Ltd (SILIC) was not included in the data for
the leading listed MFIs in India. FY24. This exclusion follows IRDAI’s directive on June 2, 2023, which transferred SILIC’s life insurance
business to SBI Life Insurance.
Digital Payment Transactions Grow by 46% from FY 2021-22 to FY 2023-24
▪ India's total digital payment transactions surged from 8,839 crore in FY 2021-22 to 18,737 crore in FY 2023- BoI Signs MoU with IA to Enhance ‘Rakshak Salary Package’ Benefits
24, reflecting a 46% Compound Annual Growth Rate (CAGR). ▪ Bank of India (BOI) signed a Memorandum of Understanding (MoU) with the Indian Army (IA) to extend the
▪ This expansion is largely fueled by the widespread adoption of UPI, increased fintech partnerships, and BOI ‘Rakshak Salary Package’ to Army Personnel, Veterans, and Agniveers recruited under the Agnipath
government efforts to encourage cashless. Scheme in New Delhi
▪ Increase in Banks Offering Digital Payment Services ▪ The Key Benefits of the Rakshak Salary Package includes enhanced free comprehensive Personal Accident
▪ FY 2021-22 – 216 banks. Insurance (PAI) coverage up to Rs.100 lakh and air accident coverage up to Rs.200 lakh
▪ FY 2023-24 – 572 banks
Bank of Baroda launches first savings account for women NRIs
IRDAI Releases Annual Claim Settlement Ratio Data in Handbook on Indian Insurance Statistics 2023-24 ▪ Bank of Baroda has launched a specialised savings account for women NRIs, becoming the first Indian public
▪ The Insurance Regulatory and Development Authority of India (IRDAI) has released its much-anticipated sector bank to offer such a product.
annual report, the ‘Handbook on Indian Insurance Statistics 2023-24’, in March 2025. The BoBGlobal Women NRE & NRO Savings Account provides benefits including:
▪ This report provides crucial insights into the Claim Settlement Ratio (CSR) of various insurers, helping ▪ concessional rates on home and auto loans, reduced processing fees, full waivers on
policymakers, stakeholders, and consumers make informed decisions about the reliability and efficiency of ▪ locker rent, and a customised debit card with complimentary airport lounge access.
different insurance companies in India. ▪ The account also comes with free personal and air accident insurance coverage.
▪ It represents the percentage of total claims settled by an insurance company within a specific time frame, ▪ Founded – 1908
ensuring timely financial support for policyholders and beneficiaries. ▪ Headquarters –Vadodara, Gujarat

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▪ MD & CEO – Debadatta Chand SBI Life Insurance Expands Product Line with Two New Child Insurance Plans
▪ Chairman – Mukesh Kumar Bansal ▪ SBI Life Insurance, one of India's most trusted private life insurers, launched two new child products, 'SBI Life
- Smart Future Star' and 'SBI Life - Smart Platina Young Achiever’,
Axis Bank executes aircraft financing deal from GIFT City IFSC unit ▪ Launches 'SBI Life - Smart Future Star' and 'SBI Life - Smart Platina Young Achiever', specifically curated to
▪ Axis Bank has become the first Indian bank to execute an aircraft financing transaction through its secure child's future aspirations by providing assured financial safeguards
International Banking Unit (IBU) at GIFT City IFSC. ▪ designed to offer both security and financial growth, ensuring that children can confidently pursue their
▪ The deal was completed for AI Fleet Services Limited (AIFS), the leasing arm and wholly owned subsidiary of dreams without compromise."
Air India (a Tata Group Company).
▪ It involves a long-term USD Loan for the purchase of 34 training aircraft, which will be deployed at Air India’s SBI Life - Smart Future Star
upcoming pilot training institute in Amravati, Maharashtra. ▪ An Individual, Non-Linked, Participating, Life Insurance Savings Product
▪ For the first time, all key stakeholders in the transaction — Lender, Borrower, Law Firm, Facility Agent, and ▪ Long-term corpus growth through bonuses
Security Agent are GIFT City entities. ▪ In-built Waiver of Premium benefit on death or Accidental Total Permanent Disability of the proposer,
ensuring financial security
Air India has embarked on a five-year transformation journey Vihaan.AI, placing an order for 570 aircraft, and GIFT ▪ Flexible maturity pay-out options to meet changing financial needs
City will be important for financing of these aircraft.
• About Axis Bank SBI Life - Smart Platina Young Achiever
• Founded – 1993 ▪ An Individual, Non-Linked, Non-Participating, Life Insurance Savings Product
• Headquarters – Mumbai, Maharashtra ▪ Guaranteed maturity benefit, offering financial security for child's education, career aspirations or marriage
• Chairman – Rakesh Makhija ▪ Flexible maturity pay-out options to meet changing financial needs
• MD & CEO –Amitabh Chaudhary ▪ In-built Waiver of Premium benefit on death or Accidental Total Permanent Disability of the proposer,
ensuring financial security
Paytm introduces UPI Trading Blocks with auto payment from bank accounts ▪ Risk-free savings approach, catering to parents who prefer guaranteed returns
▪ Paytm has launched a new feature in Paytm UPI called UPI Trading
Blocks (also known as Single Block Multiple Debits). About SBI Life Insurance:
▪ This feature allows automatic payments directly from bank accounts ▪ SBI Life Insurance ('SBI Life' / 'The Company'), one of the most trusted life insurance companies in India, was
for stock trading. incorporated in October 2000 and is registered with the Insurance Regulatory and Development Authority of
▪ With this update, investors can block money in their bank accounts India (IRDAI) in March 2001.
instead of transferring large amounts to broker apps in advance. This
makes trading safer and more convenient. Valueattics Reinsurance Becomes India’s First Private Reinsurer, Ending GIC Re’s Monopoly
▪ Built on NPCI’s UPI system, the feature ensures that users’ money stays in their bank accounts and continues ▪ The Insurance Regulatory and Development Authority of India (IRDAI) granted Valueattics Reinsurance,
earning interest until a trade happens. Once a trade is completed, the exact amount needed is deducted backed by Prem Watsa and Kamesh Goyal, the first private reinsurance license in India.
automatically.
LIC, New India Assurance, GIC Re Retain D-SIIs Status for 2024-25
What are UPI trading blocks? ▪ State-owned Life Insurance Corporation of India (LIC), The New India
▪ Also known as Single Block Multiple Debits, UPI Trading Blocks allow investors to authorise fund blocking Assurance Company and General Insurance Corporation of India (GIC Re)
directly from their bank accounts while placing trade requests on brokerage apps. have retained the domestic systemically important insurers (D-SIIs) tag.
▪ The feature eliminates the need for repeated UPI PIN entries and offers greater flexibility by keeping funds ▪ The three insurers have been identified as D-SIIs for 2024-25, Insurance
accessible until required. Regulatory and Development Authority of India (IRDAI) said on the decisions
▪ Continue earning interest: Funds remain in the user’s bank account until needed, ensuring maximum and discussions at its 129th meeting on March 12.
interest earnings. ▪ D-Slls refer to insurers of such size, market importance and domestic as well as global inter connectedness
▪ Effortless fund management: Users can track and manage blocked amounts conveniently through the Paytm whose distress or failure would result in a significant dislocation in the domestic financial system,
app.
▪ Full transparency: Blocked and debited amounts are easily visible, allowing for seamless fund oversight.
REVISION QUESTIONS
SEBI’s Total Income Rises 48% to ₹2,075 Crore in 2023-24 What is a key characteristic of a Zero Coupon Bond (ZCB)?
▪ The Securities and Exchange Board of India (SEBI) experienced a 48% year-on-year rise in total income, A) Pays periodic interest during its tenure
reaching ₹2,075 crore in FY 2023-24, largely due to higher revenue from fees and subscriptions. B) Issued at face value and redeemed at a premium
▪ Major sources of income: Fees and subscriptions, investments, and other income. C) Offers fixed annual coupon payments to investors
▪ Fee income: Increased to ₹1,851.5 crore from ₹1,213.22 crore in FY 2022-23. D) Does not pay periodic interest and is issued at a discount
▪ Total expenditure: Increased to ₹1,006 crore, up from ₹851.33 crore in the previous year Answer: D

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What is the maximum Personal Accident Insurance (PAI) coverage offered under the Bank of India (BOI) ‘Rakshak
Salary Package’? Banking Awareness Current Affairs
A) ₹50 lakh 8th March
B) ₹75 lakh
Revision points (LAST WEEK)
C) ₹100 lakh
❑ Sabyasachi Kar Named Director of Institute of Economic Growth
D) ₹200 lakh
❑ Finance Secretary Tuhin Kanta Pandey appointed as new SEBI Chairman
Answer: C
❑ The Insurance Regulatory and Development Authority of India (IRDAI) has allowed policyholders to set
aside funds for premiums through a new payment mechanism called Bima-ASBA (Applications Supported by
Which Indian bank recently became the first to execute an aircraft financing transaction through its International
Blocked Amount) via Unified Payments Interface (UPI).
Banking Unit (IBU) at GIFT City IFSC?
❑ The 2025 Financial Literacy Week was initiated by the Reserve Bank of India, an annual initiative aimed at
A) Axis Bank
promoting financial awareness among the people from February 24 to 28 under the theme “Financial
B) ICICI Bank
Literacy—Women’s Prosperity.”.
C) HDFC Bank
❑ IRDAI Forms Committee Under Ex-SBI Chairman Dinesh Khara to Review Insurance Law Amendments
D) State Bank of India
❑ The Reserve Bank of India (RBI) imposed monetary penalties on Citibank, Asirvad Micro Finance, and JM
Answer: A
Financial Home Loans for violating regulatory norms.
❑ Reserve Bank of India (RBI) reduced the risk weights of bank loans to NBFCs and Microfinance
What is the key benefit of Paytm UPI’s new UPI Trading Blocks feature?
Institutions to boost credit flow and enhance lending to the retail sector of the economy.
A) Transfers large sums to broker apps in advance
❑ Muthoot Finance has received approval from the Reserve Bank of India (RBI) to open 115 new branches.
B) Money stays in the bank and is debited only on trade execution
❑ Axis Bank hosted the 9th edition of Evolve, aimed at preparing MSMEs for the future through digital
C) Eliminates UPI for stock trading transactions
transformation, innovation, and operational resilience.
D) Blocks the entire bank balance for investments
❑ Market regulator Securities and Exchange Board of India (Sebi) slapped a Rs 5 crore penalty on Indian
Answer: B
Clearing Corporation (ICCL) for non-compliance of certain norms related to network and cyber audits.
❑ the Reserve Bank of India (RBI) raised the ceiling these banks have on small-value loans per borrower and
What is a key feature of 'SBI Life - Smart Platina Young Achiever’?
increased the limit for a UCB’s aggregate exposure to the real estate sector.
A) It is a linked life insurance product
B) It provides guaranteed maturity benefits ❑ The Association of Mutual Funds in India (AMFI) launched three strategic initiatives – Chhoti SIP -
C) It offers market-linked returns with equity investments Sachetization of Mutual Funds, Tarun Yojana, and MITRA - Mutual Fund Investment Tracing and Retrieval
D) It does not have a waiver of premium benefit Assistant — to advance financial inclusion, promote investor awareness, and simplify trace and retrieve
Answer: B forgotten investment.
❑ Punjab National Bank (PNB) has signed a Memorandum of Understanding (MoU) with the Indo-Tibetan
Which company recently became the first private reinsurer to receive a reinsurance license from the Insurance Border Police (ITBP) to provide exclusive financial benefits and insurance coverage for ITBP personnel,
Regulatory and Development Authority of India (IRDAI)? pensioners, and their families.
A) Swiss Re India ❑ IndusInd Bank has announced its partnership with the Professional Golf Tour of India (PGTI) as its official
B) GIC Re Banking Partner.
C) Valueattics Reinsurance ❑ Markets regulator SEBI has launched a centralised database portal for corporate bonds in a bid to create a
D) Munich Re single, authentic source of information on such securities.
Answer: C ❑ The government of Rajasthan has launched Shiksha Sanjeevani Bima Yojana to provide accidental insurance
to schoolchildren in the state.
QUESTION OF THE DAY ❑ As per the recently released Indus Valley Report 2025,India has emerged as the global leader in the Initial
Which public sector bank is the first in India to introduce a dedicated savings account for women NRIs? Public Offering (IPO) in 2024.
A) State Bank of India ❑ India's leading payments and financial services company, has introduced India's first solar-powered
B) Punjab National Bank soundbox for merchants.
C) Bank of Baroda
D) Union Bank of India RBI appoints Dr Ajit Ratnakar Joshi as new Executive Director
▪ The Reserve Bank of India (RBI) appointed Dr Ajit Ratnakar Joshi as
Executive Director (ED) with effect from March 03, 2025, to look after
Department of Statistics and Information Management and Financial
Stability Department.
▪ Dr. Joshi will oversee two key departments – Department of Statistics and
Information Management (DSIM) and the Financial Stability Department.

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PB Fintech appoints Santosh Agarwal as CEO of Paisabazaar app until March 9, 2025, the campaign provides discounts of up to 30% on term life insurance and 15% on
▪ PB Fintech Ltd has announced that Ms. Santosh Agarwal will health insurance.
take over as CEO and Key Managerial Personnel (KMP) of
Paisabazaar, effective March 1, 2025 HDFC Bank Signs MoU with Indian Air Force and CSC Academy; Launches Project HAKK
▪ Naveen Kukreja, will be replaced by Santosh Agarwal ▪ HDFC Bank has launched Project HAKK (Hawai Anubhavi Kalyan Kendra) to provide support and services to
▪ Meanwhile, Vivek Audichya's tenure as the Chief Financial Indian Air Force (IAF) pensioners, veterans and their families.
Officer of Paisabazaar will also come to an end, Neeraj ▪ 25 centres have been proposed across the Air Force units, including New Delhi, Bengaluru, Gurgaon, Pune,
Tripathi will take over from Audichya as Chief Financial Officer & Key Managerial Personnel of Paisabazaar Secunderabad, Guwahati, Jodhpur, and Chandigarh.
from March 1. ▪ The bank, in association with CSC Academy (promoted by Common Service Centre E-Governance Limited),
▪ Further, Ashutosh Mishra has resigned from the post of Chief Financial Officer of Policybazaar and will be will provide skill development and training across financial products and services, empowering defence
effective March 31, 2025; service veterans and next of kin to be financially independent.
▪ Audichya will now replace Mishra as Chief Financial Officer & Key Managerial Personnel of Policybazaar April ▪ HDFC Bank was incorporated in August 1994 in the name of HDFC Bank Limited, with its registered office in
1. Mumbai, India.
▪ The bank commenced operations as a Scheduled Commercial Bank in January 1995.
Ajay Bhadoo Appointed CEO of Government e Marketplace (GeM)
▪ The Government of India has appointed Ajay Bhadoo, Additional SIDBI and Federal Bank Partner to Strengthen MSME Financing
Secretary in the Department of Commerce, as the Chief ▪ The Small Industries Development Bank of India (SIDBI) and The Federal Bank Limited (FBL) announced that
Executive Officer (CEO) of Government e Marketplace (GeM), they have signed a Memorandum of Understanding (MoU) to provide financial support to micro, small, and
effective March 3, 2025 medium enterprises (MSMEs).
▪ GeM facilitates online procurement of common use Goods & ▪ This partnership aims to strengthen the MSME ecosystem by offering various financial services, including
Services required by various Government Departments / project finance, machinery and equipment finance, working capital support, and loans against property.
Organisations / PSUs. ▪ Under this agreement, both institutions will also explore joint financing options to extend credit facilities to
▪ The initiative was launched in August 2016, by MSMEs.
the Ministry of Commerce and Industry, Government of India.
▪ The current version of GeM, i.e., GeM 3.0 was launched on January 26, 2018. About Small Industries Development Bank of India (SIDBI):
• It was set up on 2nd April, 1990, under an Act of the Indian Parliament.
Shyam Unnikrishnan to succeed Parijat Ghosh as MD of Bain & Co • Purpose: To act as the principal financial institution for promotion, financing, and development of the
India business Micro, Small and Medium Enterprise (MSME) sector, as well as for the co-ordination of functions
▪ Global management consulting firm Bain & Company of institutions engaged in similar activities.
announced the appointment of Shyam Unnikrishnan as • It is under the jurisdiction of the Ministry of Finance, GoI.
managing partner for its India business effective April 1, • It was incorporated in initially as a wholly owned subsidiary of the Industrial Development Bank of India
2025. (IDBI).
▪ Unnikrishnan will succeed Parijat Ghosh, • Currently the shares of SIDBI are held by the Government of India (GoI) and 22 other
institutions/PSBs/insurance companies owned or controlled by the Central Government.
SBI Life Appoints Dorababu Daparti as Deputy CEO • Headquarters: Lucknow, Uttar Pradesh
▪ SBI Life Insurance Company said that its board has approved the appointment of Dorababu Daparti as
Deputy chief executive officer (CEO) with effect from 24 February 2025. Jio Finance to buy entire SBI Stake in Jio Payment Bank
▪ The bank descends from the Imperial Bank of India, which was formed by merging Bank of Calcutta, Bank of ▪ The Jio Financial Service Limited board has approved the purchase of 7.9
Madras and the Bank of Bombay in 1806. cores of shares of the Jio Payment bank from the State Bank of India for Rs
▪ The Imperial Bank of India became the State Bank of India in 1955 after Government of India took control of 104.54 crore. At present, the State Bank of India holds 17.8 % shares in the
it with Reserve Bank of India (RBI) Jio Payment Bank.
▪ In 2008, the government took over the stake held by the RBI. ▪ Jio Payment Bank is a joint venture of Jio Financial Service Limited and SBI,
and it started its operation in April 2018.
PhonePe Launches ‘Insuring HEROES’ Campaign for ▪ Headquarters of Jio Payment Bank: Mumbai
International Women’s Day 2025 ▪ Chairman and Managing Director: Vinod Easwaran
▪ PhonePe, one of India’s leading digital payment
platforms, has launched its ‘Insuring HEROES’ campaign Payment Banks in India
ahead of International Women’s Day (March 8, 2025). ▪ Payment Banks were set up in India on the recommendation of the Nachiket Mor committee on
▪ The initiative aims to promote financial security among “Comprehensive Financial Services for Small Businesses and Low-Income Households.”
women by offering exclusive discounts on select term life ▪ Airtel Payment Bank was the first to start operations in 2017, and at present, there are five payment
and health insurance plans. Available on the PhonePe banks- Airtel Payments Bank, Fino Payments Bank, India Post Payments Bank, NSDL Payments Bank, and
Jio Payments Bank- in India.

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▪ All the payment banks are private banks and licensed by the RBI under the Banking Regulation Act 1949. Securities and Exchange Board of India (SEBI) launched a centralized database portal for corporate bonds called
Bond Central.
Jio Financial Services Limited ▪ Markets regulator Sebi has launched a centralised database portal for corporate bonds in a bid to create a
▪ Jio Financial Services was demerged from Reliance Industries Limited in 2023. single, authentic source of information on such securities.
▪ The company is a non-banking finance company (NBFC) that operates in the areas of financing, investing, ▪ The portal -- Bond Central-- has been developed by Online Bond Platform Providers Association (OBPP
insurance broking, payment banking, payment aggregator, and payment gateway services. Association) in collaboration with Market Infrastructure Institutions (MIIs) comprising stock exchanges and
▪ Chairman and Managing Director: Hitesh Kumar Sethia depositories.
▪ Headquarters: Mumbai ▪ The Bond Central aims to create a single, authentic source of information on corporate bonds issued in India
and is intended as an information repository for the public at large and is accessible free of cost,
RBI’s ‘Regulations at a Glance’: Key Insights for Cooperative Banks
▪ The Reserve Bank of India (RBI), through its Department of Regulation (DoR), has published the "Regulations What is SEBI?
at a Glance" handbook, providing a concise overview of essential regulatory guidelines for different banking • The Securities and Exchange Board of India was constituted as a non-statutory body on April 12, 1988
entities, including cooperative banks through a resolution of the Government of India.
▪ The handbook summarizes major regulations in a tabular format for easy reference but does not replace • The basic functions of the Securities and Exchange Board of India is to protect the interests of investors in
official circulars, Master Circulars, or Master Directions. securities and to promote and regulate the securities market.
• Before the establishment of SEBI, the Indian securities market was regulated by the Controller of Capital
Licensing of New No new UCB licenses since 2004, rural cooperative bank licensing based on NABARD & Issues (CCI), a body created under the Capital Issues (Control) Act of 1947.
Institutions RBI approval.
Branch Licensing UCBs can open limited branches under automatic route; StCBs & DCCBs require NABARD City Union Bank, CSK tie up for co-branded credit card
FSWM & RBI approval. ▪ City Union Bank (CUB) on Saturday announced a strategic
Governance RBI applies BR Act, 1949; UCBs must have an Audit Committee; Fit & Proper criteria for partnership with Chennai Super Kings (CSK), to introduce a new
Framework directors & CEOs. co-branded credit card.
Credit Risk Max loan against shares/bonds: ₹10 lakh (UCBs), ₹5 lakh (Rural CBs); securitization ▪ This collaboration offers fans of the franchise a chance to
Management allowed only for specific institutions. enhance their financial journey while enjoying exclusive perks
Interest Rate Uniform interest rates across branches, no negotiation, NRE/NRO deposit rates cannot related to their love for cricket.
Regulations exceed domestic deposit rates. ▪ City Union Bank Limited was incorporated as a Limited Company
Mergers & RBI oversees voluntary amalgamations under BR Act, depositors’ funds must be on 31 October 1904 with the name The Kumbakonam Bank Limited. In January 1930 the first Branch of the
Amalgamations protected for UCB mergers. Bank was opened at Mannargudi in Tamil Nadu.
Resolution Framework RBI can restructure failing banks under Section 45; it has the authority to remove ▪ In April 1965, The City Forward Bank Ltd. and The Union Bank Ltd. were amalgamated with the Bank.
directors, cancel licenses, and impose governance controls. ▪ Following the amalgamation, the Bank was renamed The Kumbakonam City Union Bank Ltd.In November
1965, the Bank opened its first branch in Chennai
IOB bank user can access Housing Loan Interest Certificate on DigiLocker
▪ Indian Overseas Bank (IOB) has launched a new facility enabling customers to download their housing loan Bank of Baroda Achieves ISO 22301:2019 Certification for Business
interest certificate directly from DigiLocker. Continuity Management
▪ This initiative eliminates the need for branch visits, providing a seamless, secure, and efficient way to access ▪ Bank of Baroda (Bank), one of India’s leading public sector
financial documents. banks, has been awarded the ISO 22301:2019 Business
▪ The integration of Housing Loan Interest Certificate downloads on DigiLocker is a step forward in making Continuity Management System (BCMS) certification from
banking more accessible, secure, and convenient for our customers. the British Standards Institution (BSI) reaffirming that the
Bank’s Operational Resilience, Business Continuity Planning
The bank has now made four key financial documents available via DigiLocker. Customers can already generate their and Risk Management capabilities are consistent with global
savings and loan account statements, as well as download Form 16 for depositors. best practices.
What is DigiLocker? ▪ The ISO 22301:2019 BCMS accreditation recognises the
▪ DigiLocker is an initiative under the central government digital India programme, which provides a secure Bank’s ability to maintain robust business continuity
platform for users to store and access important documents anytime, anywhere. practices, ensure uninterrupted services even during
▪ By integrating with DigiLocker, Indian Overseas Bank is making financial document retrieval faster, paperless, unforeseen disruptions and effectively manage risk.
and more environmentally sustainable. ▪ Founded in 1901, the British Standards Institution (BSI) is the UK's national standards body and is a leading
Indian Overseas Bank certification body for management systems and standards.
▪ Indian Overseas Bank (IOB) was founded on 10th February 1937 by Shri. M.Ct.M. Chidambaram Chettyar ▪ ISO 22301:2019 is recognised as the international benchmark for business continuity management and is
▪ Headquaters: Chennai being adopted by banks and other financial institutions to ensure operational resilience and continuity of
services

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About Bank of Baroda Which bank has been awarded the ISO 22301:2019 Business Continuity Management System (BCMS) certification
▪ Founded on 20th July, 1908 by Sir Maharaja Sayajirao Gaekwad III, Bank of Baroda is one of the leading by the British Standards Institution (BSI)?
commercial banks in India. a) State Bank of India
b) Punjab National Bank
Niti Aayog Launches Report On “From Borrowers To Builders: c) Bank of Baroda
Women’s Role In India’s Financial Growth Story” d) Canara Bank
▪ The report has been published by TransUnion CIBIL, Women Answer: c
Entrepreneurship Platform’s (WEP) of NITI Aayog and
MicroSave Consulting (MSC). QUESTION OF THE DAY
▪ As of December 2024, 27 million women were monitoring their Where is the headquarters of the Small Industries Development Bank of India (SIDBI) located?
credit, marking a 42% increase from the previous year, a) Mumbai, Maharashtra
▪ The report highlights that women’s share of the total self- b) New Delhi
monitoring base increased to 19.43% in December 2024, up from 17.89% in 2023. c) Lucknow, Uttar Pradesh
▪ More women from non-metro regions are actively self-monitoring their credit compared to those in metro d) Kolkata, West Bengal
areas, with growth of 48% in non-metro regions and 30% in metro areas. Answer: c
▪ In 2024, Maharashtra, Tamil Nadu, Karnataka, Uttar Pradesh and Telangana accounted for 49% of all self-
monitoring women, with the southern region leading at 10.2 million.
▪ Northern and central states, including Rajasthan, Uttar Pradesh, and Madhya Pradesh, saw the highest
compounded annual growth rates (CAGR) in active women borrowers over the past five years.
▪ Since 2019, women’s share in business loan origination has increased by 14% and their share in gold loans
has grown by 6%, with women accounting for 35% of business borrowers by December 2024.

REVISION QUESTIONS
A new facility allowing customers to download their housing loan interest certificate from DigiLocker has been
introduced by which bank?
a) Punjab National Bank
b) Indian Overseas Bank
c) Bank of Baroda
d) Canara Bank
Answer: b

The ‘Insuring HEROES’ campaign has been launched by which financial platform?
a) PhonePe
b) HDFC Bank
c) ICICI Bank
d) Axis Bank
Answer: a

Project HAKK (Hawai Anubhavi Kalyan Kendra) has been launched to support Indian Air Force pensioners,
veterans, and their families. It is an initiative by which bank?
a) ICICI Bank
b) Axis Bank
c) State Bank of India
d) HDFC Bank
Answer: d

‘Bond Central,’ a centralised database portal for corporate bonds, has been launched by which organization?
a) Reserve Bank of India (RBI)
b) Securities and Exchange Board of India (SEBI)
c) Ministry of Finance
d) Insurance Regulatory and Development Authority of India (IRDAI)
Answer: b

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ICICI Bank Appoints Kamal Wali as Head of Security Operations

Banking Awareness Current Affairs ▪ ICICI Bank Limited has appointed Kamal Wali as the Head of its
21st March, 2025 Security Operations Center.
▪ ICICI Bank was originally promoted in 1994 by ICICI Limited, an
Revision points (LAST WEEK)
Indian financial institution, and was its wholly-owned subsidiary.
❑ Federal Bank has appointed actor Vidya Balan its first-ever brand ambassador.
❑ Honda Motor Co., Ltd. has appointed Takashi Nakajima as the new president & CEO of Honda Cars India Ltd
IIFL Finance Launches ‘Shakti’ All-Women Branches on Women’s Day
(HCIL).
▪ IIFL Finance, one of India’s largest non-banking financial
❑ Atul Kumar Goel Assumes Charge as Chief Executive of the Indian Banks’ Association (IBA)
companies, has rebranded seven existing branches into all
❑ State Bank of India (SBI) has launched a collateral free digital SME (small and medium enterprise) loan
women staffed ‘Shakti’ branches on the occasion of Women’s
product ‘SBI Asmita’ for women entrepreneurs to help them expand their business. also launched a ‘Nari
Day.
Shakti’ platinum debit card to cater to the needs of women across various segments.
▪ The seven rebranded branches are located across the Delhi
❑ Rupee112, a Gurgaon-based fintech startup, has launched India's first fully automated loan disbursal service
National Capital Region and Mumbai Metropolitan Region,
via WhatsApp.
underscoring IIFL Finance’s commitment to empowering women
❑ Star Health Insurance launches the “SheTARA” health campaign in Tamil Nadu to celebrate International
in financial services.
Women’s Day.
▪ ‘Shakti’ branches celebrate the strength and resilience of women who drive social and economic change in
❑ The Finance Ministry has notified the issuance of Zero Coupon Bonds (ZCBs) by Power Finance Corporation
their communities. These branches will cater to all borrowers and offer financial literacy programs tailored
(PFC).
for female entrepreneurs.
❑ Reserve Bank Innovation Hub (RBIH) has launched DesignShaala an initiative aimed at promoting financial
▪ These seven ‘c, staffed entirely by women will provide employment opportunities to female professionals,
innovation through Human-Centered Design (HCD).
thereby bolstering diversity, equity and inclusion (DEI).
❑ Muthoot Microfin, a leading microfinance institution committed to empowering women entrepreneurs, has
▪ Beyond financial services, these branches will offer skill development programs designed to support women
achieved a remarkable double victory at the SKOCH Awards 2025, securing two prestigious Gold Awards.
entrepreneurs in scaling their businesses.
❑ India's total digital payment transactions surged from 8,839 crore in FY 2021-22 to 18,737 crore in FY 2023-
24, reflecting a 46% Compound Annual Growth Rate (CAGR).
RBI Wins Digital Transformation Award 2025 for Pravaah and Sarthi
❑ The Insurance Regulatory and Development Authority of India (IRDAI) has released its much-anticipated
Initiatives
annual report, the ‘Handbook on Indian Insurance Statistics 2023-24’, in March 2025.
▪ The Reserve Bank of India – RBI has been selected for the Digital
❑ Bank of India (BOI) signed a Memorandum of Understanding (MoU) with the Indian Army (IA) to extend the
Transformation Award 2025 by Central Banking at London in UK.
BOI ‘Rakshak Salary Package’ to Army Personnel, Veterans, and Agniveers recruited under the Agnipath
▪ Sarthi, launched in January 2023, digitised RBI’s internal
Scheme in New Delhi
workflows, enabling its employees to store and share documents
❑ Bank of Baroda has launched a specialised savings account for women NRIs, becoming the first Indian public
securely, improving record management, and increasing the
sector bank to offer such a product.
options for data analysis through reports and dashboards.
❑ Axis Bank has become the first Indian bank to execute an aircraft financing transaction through its
▪ Launched in May 2024 as Pravaah, a digitised means was created for external users to submit regulatory
International Banking Unit (IBU) at GIFT City IFSC.
applications to the RBI.
❑ Paytm has launched a new feature in Paytm UPI called UPI Trading Blocks (also known as Single Block
Multiple Debits).
❑ The Securities and Exchange Board of India (SEBI) experienced a 48% year-on-year rise in total income,
reaching ₹2,075 crore in FY 2023-24, largely due to higher revenue from fees and subscriptions.
❑ SBI Life Insurance, one of India's most trusted private life insurers, launched two new child products, 'SBI Life
- Smart Future Star' and 'SBI Life - Smart Platina Young Achiever’,
❑ State-owned Life Insurance Corporation of India (LIC), The New India Assurance Company and General
Insurance Corporation of India (GIC Re) have retained the domestic systemically important insurers (D-SIIs)
tag.

QUESTION OF THE DAY

Which public sector bank is the first in India to introduce a dedicated savings account for women NRIs?
A) State Bank of India
B) Punjab National Bank
C) Bank of Baroda
D) Union Bank of India

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Cabinet approves Incentive scheme for promotion of low-value BHIM-UPI transactions (P2M) New Minimum ₹1,000 (Reduced from ₹10,000)
• The Union Cabinet chaired by the PM Modi approved the ‘Incentive Scheme for promotion of low-value Investment
BHIM-UPI transactions Person to Merchant (P2M)’ for the financial year 2024-25 in the following manner: Instrument Type Zero Coupon Zero Principal (ZCZP) Instruments
• will be implemented at an estimated outlay of 1,500 crore, from 01.04.2024 to 31.03.2025. Purpose of ZCZP Funding non-profit organizations (NPOs)
• Only the UPI (P2M) transactions upto 2,000/- for Small Merchants are covered under the scheme. Target Sectors Education, Healthcare, Social Welfare
• Under this initiative, small merchants accepting UPI payments will receive an incentive at the rate of 0.15% Implementation Date Immediate effect
per transaction. Previous Amendments September 19, 2022, and December 28, 2023
• The scheme covers transactions up to Rs 2,000/- for small Merchants, will be implemented for one year, Significance of SSE Facilitates funding and transparency for social enterprises
from April 1, 2024, to March 31, 2025 Government’s Role Introduced in Union Budget 2019-20
• Objective - Promotion of indigenous BHIM-UPI platform. Achieving the target of 20,000 crore
total transaction volume in FY 2024-25. Bonds
• A bond is a fixed income instrument that represents a loan made by an investor to a borrower. In simpler
Deena Mehta Re-appointed as Independent Director of Fino Payments words, a bond acts as a contract between the investor and the borrower.
Bank • Mostly Companies and Government issue bonds and Investors buy those bonds as a savings and security
About Payments Bank option.
▪ A payments bank is like any other bank but operates on a smaller • These bonds have a maturity date and when once that is attained, the issuing company needs to pay back
scale without involving any credit risk. the amount to the investor along with a part of the profit.
▪ It was set up based on the recommendations of the Nachiket Mor Zero Coupon Bonds:
Committee. Zero-Coupon Bond, also known as the pure discount bond or deep discount bond, is purchased at a discounted price
▪ Objective: To advance financial inclusion by offering banking and financial services to the unbanked and and does not pay any coupons or periodic interests to the fundholders.
underbanked areas, helping the migrant labour force, low-income households, small entrepreneurs, etc.
▪ It is registered as a public limited company under the Companies Act 2013 and licensed under Section 22 of PFRDA notifies regulations for operationalisation of Unified Pension Scheme
the Banking Regulation Act 1949. ▪ The Pension Fund Regulatory and Development Authority (PFRDA) has notified regulations for the
▪ It is governed by a host of legislation, such as the Banking Regulation Act, 1949; RBI Act, 1934; Foreign operationalisation of the Unified Pension Scheme (UPS).
Exchange Management Act, 1999, etc ▪ This follows the UPS notification in January this year by the Government of India for Central Government
Activities that cannot be performed: Employees covered under NPS.
• It cannot issue loans and credit cards. ▪ The regulations will come into effect from 1st of next month.
• It cannot accept time deposits or NRI deposits. Instrument Type Zero Coupon Zero Principal (ZCZP) Instruments
• It cannot set up subsidiaries to undertake non-banking financial activities.
Purpose of ZCZP Funding non-profit organizations (NPOs)
Target Sectors Education, Healthcare, Social Welfare
India’s first industry-led digital detox initiative called “Beyond
Implementation Date Immediate effect
Screens”
Previous Amendments September 19, 2022, and December 28, 2023
▪ The programme, Digital Detox Initiative (DDI) – Beyond
Significance of SSE Facilitates funding and transparency for social enterprises
Screens, focuses on reducing digital addiction through
Government’s Role Introduced in Union Budget 2019-20
structured interventions.
▪ The initiative will offer structured solutions through
Fitch Affirms Union Bank of India, PNB Rating at BBB- with Stable Outlook
short, medium, and long-term objectives. It will provide
▪ Fitch Ratings on Tuesday affirmed the ratings of two public sector banks -- Union Bank of India and Punjab
immediate support for those struggling with digital
National Bank -- at 'BBB-' with a stable outlook.
addiction
▪ Also, the agency has upgraded the banks' viability rating to 'bb-' from 'b+', and affirmed the Government
▪ Developed in partnership between the Karnataka government and the All India Gaming Federation (AIGF),
Support Rating (GSR) at 'BBB-’.
and powered by Kahamind Healthcare, the initiative will raise awareness and formulate research-driven
▪ The VR upgrade is supported by ongoing improvements in the banks' risk profile, which are reflected in their
strategies to address the issue at both individual and community levels
financial performance.
SEBI Reduces Minimum Investment in SSE to ₹1,000
Canara Bank becomes the first bank to introduce Online Digital Balance
▪ The Securities and Exchange Board of India (SEBI) has reduced the
Confirmation Certificate
minimum investment amount for Zero Coupon Zero Principal
▪ In a significant step toward digitisation and operational efficiency,
(ZCZP) instruments on the Social Stock Exchange (SSE) from
Canara Bank has become the first bank in India to introduce an
₹10,000 to ₹1,000.
Online Digital Balance Confirmation Certificate through the PSB
Alliance Pvt. Ltd portal.

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▪ This initiative reduces the time required for auditors to complete the auditing process by replacing the ▪ Apart from this, the intermediaries who will be involved in implementing this scheme will have to maintain
traditional manual approach with a seamless digital solution. the consistency of data, follow the instructions of PFRDA, and inform about any change if there is any.
▪ Previously, auditors had to approach banks individually with authority letters to obtain Balance Confirmation What is UPS, and who can opt for it?
Certificates, a time-consuming process. ▪ The PFRDA notification clarified that the scheme will be available to those central government employees
▪ With this digital service, confirmation will flow directly to auditors through the online portal after obtaining who already come under the NPS.
online consent from the customer, eliminating the need for manual intervention. ▪ This includes employees already in service, newly recruited employees and those retired employees who
• Founded – 1906 were earlier under the NPS.
• Headquarters- Bengaluru, Karnataka
• MD & CEO – K Satyanarayana Raju REVISION QUESTIONS
Which private sector bank has recently introduced a Goods and Services Tax (GST) payment facility to expand its
Moody’s Projects India’s GDP Growth to Exceed 6.5% in FY 2025-26
digital banking services?
▪ India to become world’s third-largest economy by 2028: Morgan Stanley
A) YES Bank
▪ Global credit rating agency Moody’s Ratings has projected that India’s economic growth will surpass 6.5% in
B) ICICI Bank
the fiscal year 2025-26, up from 6.3% in FY 2024-25.
C) HDFC Bank
▪ Economic Survey’s GDP growth projection for FY 2025-26: 6.3% to 6.8%.
D) Axis Bank
Answer: A
YES Bank launches seamless GST payment facility for businesses and individuals
▪ Private sector lender YES Bank Ltd has introduced a Goods and Services Tax (GST) payment facility, further
What economic growth rate has Moody’s Ratings projected for India in the fiscal year 2025-26?
expanding its digital banking services.
A) 6.3%
▪ Taxpayers, through this integration, can now generate GST challans on
B) 6.5%
the official GST portal (www.gst.gov.in) and pay GST by either selecting
C) Above 6.5%
Yes Bank NetBanking for instant online payments, ensuring real-time
D) 7.0%
confirmations and downloadable e-challans
Answer: C
▪ The service is authorised by the Government of India
▪ Prashant Kumar, Managing Director & CEO, Yes Bank
What is the primary objective of the Digital Detox Initiative (DDI) – Beyond Screens?
A) Promoting digital literacy
SEBI, Digilocker partnership to address unclaimed fin assets
B) Reducing digital addiction through structured interventions
▪ To enhance investor protection and financial transparency, the Securities
C) Enhancing online gaming experiences
and Exchange Board of India (SEBI) has announced its collaboration with
D) Expanding internet accessibility in rural areas
DigiLocker, a digital document storage service.
Answer: B
▪ This partnership aims to address the persistent issue of unclaimed financial
assets in the Indian securities market by enabling investors to securely store
What is the revised minimum investment amount for Zero Coupon Zero Principal (ZCZP) instruments on the Social
and access their demat holdings, mutual fund statements, and consolidated
Stock Exchange (SSE) as per SEBI’s new guidelines?
account statements (CAS) through DigiLocker.
A) ₹10,000
▪ DigiLocker users will soon be able to fetch and store statements of their demat accounts, including shares
B) ₹5,000
and mutual fund holdings, as well as their CAS.
C) ₹1,000
▪ This initiative is an extension of DigiLocker’s existing services, which currently include bank account
D) ₹500
statements, insurance policy documents, and National Pension System (NPS) account statements.
Answer: C

PFRDA notifies regulations for operationalisation of Unified Pension Scheme

Which bank is the first in India to launch an Online Digital Balance Confirmation Certificate?
▪ The Pension Fund Regulatory and Development Authority (PFRDA) has issued new rules for implementing
A) State Bank of India
the Unified Pension Scheme (UPS) under the National Pension System (NPS).
B) Punjab National Bank
▪ These rules, called “Pension Fund Regulatory and Development Authority (Operationalisation of Unified
C) Bank of Baroda
Pension Scheme under National Pension System) Regulations, 2025” have been notified on March 19, 2025,
D) Canara Bank
and will come into force on April 1, 2025.
Answer: d
▪ This scheme will be an option for those central government employees who are already covered under NPS.
▪ This includes existing employees, newly recruited employees, and those retired employees who were earlier
QUESTION OF THE DAY
under NPS.
Which non-banking financial company (NBFC) has transformed seven of its branches into all-women staffed
▪ Also, if a retired employee who had opted for NPS dies, then his duly married wife will also get the right to
‘Shakti’ branches?
avail the benefits of UPS.
A) Bajaj Finserv B) Muthoot Finance C) IIFL Finance D) Tata Capital
▪ These rules issued by PFRDA also clarify some important terms and definitions, such as “admissible payout”,
“family payout” and “default pattern”.

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