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• RBI’s Digital Payments Index (RBI-DPI) Surges to 418.77

in September 2023. This remarkable uptick aligns with a
10.94% annual rise in digital payments by the end of
March 2023

• AU Small Finance Bank Appoints HR Khan as Non-

Executive Chairman

• IMF raises India's growth forecast to 6.5% for next

financial year. The IMF also revised its projections for
GDP growth in the world's fifth largest economy during
the current financial year to 6.7% from 6.3% in October.
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RBI/SEBI Website
Financial Terms of the Day
Digital Payment Index
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• ESAF Small Finance Bank and Edelweiss Tokio Life
Insurance Partner to Offer Life Insurance.

• Insurance regulator IRDAI has recently issued directions

to all insurance companies telling them to cover AYUSH
treatment just as other treatments. AYUSH refers to the
treatment given under alternative therapies of Ayurveda,
Yoga, Unani, Siddha and Homeopathy.
• The directions issued on Jan 31 will come into effect
from April 1, 2024.
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• Indian tourists can now purchase tickets for the iconic
Eiffel Tower and pay via Unified Payments Interface (UPI).
NPCI International partnered with Lyra Network, a French
leader in securing e-commerce and proximity payments,
to launch a UPI payment mechanism in France

• Global ratings agency Fitch predicted that the fiscal

deficit will reach 5.4% of the GDP in FY25, more than the
government's target of 5.1% announced by Finance
Minister Nirmala Sitharaman in the interim budget on
Thursday, February 1.
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• HDFC Bank and its group entities received RBI’s Approval
to acquire an aggregate stake of up to 9.5% in ICICI Bank,
Axis Bank, IndusInd Bank, YES Bank, Bandhan Bank, and
Suryoday Small Finance Bank (SFB).

• Banking System Liquidity Deficit Shrinks to ₹1.40 Lakh

Crore: RBI Data Analysis
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• Govt gives Rs 9,000 crore to Exim Bank as loans extended
to foreign countries turn NPAs

• Indian economy to grow at 6.7% between fiscals 2024 to

2031: CRISIL

• Federal Bank introduces new RuPay-enabled NCMC

wallet debit cards
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• RBI Grants Payment Aggregator Licences to Juspay,
Zoho, and Decentro

• State Bank of India, the largest lender in India, has

partnered with Flywire Corporation to ease Indian
student's international education payments.

• Private lender HDFC Bank has launched a new set of

business range of credit cards aimed at entrepreneurs,
freelancers, and professionals in the SME sector. The
credit cards are available in four variants — BizFirst,
BizGrow, BizPower, and BizBlack.
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• RBI to Introduce Offline Capability for E-Rupee
Transactions

• The Organisation for Economic Co-operation and

Development (OECD) raised its forecast for India's GDP
growth in fiscal year 2024-25 to 6.2 per cent from 6.1 per
cent projected earlier. For 2025-26, OECD has kept its
growth forecast for India unchanged at 6.5 per cent.
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Department for Promotion of Industry and Internal Trade (DPIIT) has created an Experts Advisory Committee (EAC) to execute and monitor the Startup India
Seed Fund Scheme. The EAC will select eligible incubators who will be provided grants of upto Rs 5 Crores each. In turn, the selected incubators will provide
startups with up to Rs 20 lakhs for validation of Proof of Concept, prototype development, product trials to startups.

Moreover, up to Rs 50 lakhs shall be provided to the startups for market entry, commercialization, or scaling up through convertible debentures or debt-linked
instruments. Detailed guidelines of the Startup India Seed Fund Scheme are available on the Startup India portal.
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RBI/SEBI Circular
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• Indian Renewable Energy Development Agency Ltd
(IREDA) has received an approval from Reserve Bank of
India (RBI) to set up its wholly-owned subsidiary in the
International Financial Services Centre (IFSC) situated in
GIFT City, Gujarat.

• India's HDFC Bank has raised $300 million through its

debut sustainable finance dollar-denominated bond issue.
The fund raise is part of an overall raise of $750 million
through Regulation S Bonds.
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Launch Year 2015
Implemented by • RBI
Objective • To reduce the demand of Physical Gold as a part of Gold Monetization Scheme
• Bonds are sold through offices or branches of Nationalised Banks, Scheduled Private
Banks, Scheduled Foreign Banks, designated Post Offices, Stock Holding Corporation of
India Ltd. (SHCIL) and the authorised stock exchanges either directly or through their
agents.
• Persons resident in India as defined under Foreign Exchange Management Act, 1999
are eligible to invest in SGB. Eligible investors include individuals, HUFs, trusts,
universities and charitable institutions.
Key Features • Bonds are issued under Government Securities Act 2006.

• Issue Price: The Bonds are issued in denominations of one gram of gold and in
multiples thereof. Minimum investment in the Bond shall be one gram with a
maximum limit of subscription of 4 kg for individuals, 4 kg for Hindu Undivided Family
(HUF) and 20 kg for trusts and similar entities notified by the government from time to
time per fiscal year (April – March). In case of joint holding, the limit applies to the first
applicant.
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• The nominal value of Gold Bonds shall be in Indian Rupees fixed on the basis of simple
average of closing price of gold of 999 purity, published by the India Bullion and Jewelers
Association Limited, for the last 3 business days of the week preceding the subscription
period.

• the tenor of the bond is 8 years, early encashment/redemption of the bond is allowed after
Features fifth year from the date of issue

• The Bonds bear interest at the rate of 2.50 per cent (fixed rate) per annum on the amount of
initial investment. Interest will be credited semi-annually. Interest on the Bonds will be
taxable as per the provisions of the Income-tax Act, 1961.
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• Punjab & Sind Bank, WDRA agreement to offer low-
interest loans for farmers.
• The primary objective of the MoU is to raise awareness
about funding against electronic Negotiable Warehouse
Receipts (e-NWRs). The NWR system enables farmers
to store the produce safely and scientifically at
warehouses near their farms.
• Farmers can avail loans of up to Rs 75 lakh, while
borrowers from other categories can access loans of
up to Rs 5 crore under the agriculture sector.
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• India-based Yes Bank has announced its partnership with
fintech startup LeRemitt in order to deliver optimised
cross-border transactions for MSMEs.
• HSBC partners with Google to hit $1 billion climate tech
finance goal
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Q.1) According to recent RBI Data, Banking System Liquidity
Deficit Shrinks to ₹_________Crore.
a. 1.4 Lakh
b. 2.4 Lakh
c. 3.4 Lakh
d. 5 Lakh
e. None of the above

Answer: A
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Q.2) __________ received RBI’s Approval to acquire an aggregate
stake of up to 9.5% in ICICI Bank, Axis Bank, IndusInd Bank, YES
Bank, Bandhan Bank, and Suryoday Small Finance Bank (SFB).
a. HDFC
b. ICICI
c. Axis
d. SBI
e. None of the above

Answer: A
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Q.3) Which regulatory body in India oversees the administration of the Guarantee
Redemption Fund?
a) Securities and Exchange Board of India (SEBI)
b) Reserve Bank of India (RBI)
c) Ministry of Finance
d) Insurance Regulatory and Development Authority of India (IRDAI)
e) None of the above

Answer: B
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Q.4) According to CRISIL, Indian economy to grow at ________between fiscals 2024 to
2031.
a) 6.1%
b) 5.9%
c) 6.9%
d) 7.2%
e) 6.7%

Answer: E
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Q.5) PACS are regulated and supervised by which institution in India?
a) Ministry of Agriculture and Farmers Welfare
b) Reserve Bank of India (RBI)
c) National Bank for Agriculture and Rural Development (NABARD)
d) State Cooperative Department
e) None of the above

Answer: D
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Q.6) What does ONDC stand for in the context of India's digital
infrastructure?
a) Online Network for Digital Currency
b) Open Network for Digital Commerce
c) Official Network for Digital Connectivity
d) Operational Network for Data Centers
e) None of the above

Answer: B
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Q.7) What is the purpose of the Offer for Sale Document in an IPO?
a) To provide information about the company's financial performance.
b) To outline the allotment process for shares to investors.
c) To facilitate the sale of shares by existing shareholders.
d) To disclose the underwriting arrangements for the IPO.
e) None of the above

Answer: C
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Q.8) What does RHP stand for in the context of Initial Public Offerings (IPOs)?
a) Revised Holding Protocol
b) Red Herring Prospectus
c) Regulatory Host Platform
d) Risky Holding Portfolio
e) None of the above

Answer: B
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Q.9) Recently, _________ has partnered with Flywire
Corporation to ease Indian student's international education
payments.
a) SBI
b) RBI
c) Axis
d) HDFC
e) None of the above

Answer: A
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Q.10) Recently, The Organisation for Economic Co-operation and
Development (OECD) raised its forecast for India's GDP growth in fiscal year
2024-25 to __________ per cent from 6.1 per cent projected earlier.
a. 6.2%
b. 6.5%
c. 6.7%
d. 7.1%
e. None of the above

Answer: A
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Q.11) Which government entity is responsible for implementing the
Startup India Seed Fund Scheme?
a) Ministry of Finance
b) Ministry of Commerce and Industry
c) Ministry of Micro, Small and Medium Enterprises
d) Ministry of Electronics and Information Technology
e) None of the above

Answer: B
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Q.12) Recently, RBI has revised the upper limit for renumerations
of non-executive directors to ________.
a) 30 Lakh
b) 40 Lakh
c) 20 Lakh
d) 50 Lakh
e) None of the above

Answer: A
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• RBI Directs Visa and Mastercard to Halt Commercial Card
Payments: Compliance Concerns
• Life Insurance Corporation of India (LIC) has augmented
its shareholding in SBI Cards & Payments Services
Limited from 4.99% to 5.02% of the paid-up capital
through open market purchases.
• South Indian Bank Wins Best Technology Bank of the Year
Award
• Fintech giant PayU has collaborated with the National
Payments Corporation of India (NPCI) to introduce a
groundbreaking feature called ‘Credit Lines on UPI’ for
merchants.
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• Pradeep Kumar Sinha Appointed as Non-Executive Part-
time Chairman of ICICI Bank
• Bima Sugam: IRDAI's draft regulations on one-stop online
shop for all insurance policies
• Bima Sugam shall be a one stop solution for all
Insurance stakeholder’s visa-vis customers, insurers,
intermediaries or insurance intermediaries and
insurance agents to promote transparency, efficiency,
collaboration across the entire insurance value chain,
technological innovation in insurance sector,
universalize and democratize insurance and to achieve
the vision of “Insurance for all by 2047”.
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Regulatory framework for establishment, governance, functioning of the Bima Sugam -
Insurance Electronic Marketplace with following is proposed to be laid down:-
a) Not for profit company shall be formed as per Sec 8 of Companies Act, 2013.
b) The company shall establish, facilitate, develop, operate and maintain the Marketplace
for providing various services to the insurance stakeholders.
c) Shareholding of the company widely held amongst life, general and health insurers and
no single entity having controlling stake. Shareholders shall contribute to capital as and
when required.
d) IRDAI would nominate two members on the Board of Company.
e) Board to constitute a Risk Management Committee to mitigate various risks.
f) Prior approval of Authority for appointment of Chairperson & CEO of the Company.
g) Consent based architecture for the services.
h) Consumers shall not be charged for availing services of Bima Sugam.
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• Reserve Bank of India and Nepal Rastra Bank signed
and exchanged Terms of Reference for integration of
fast payment systems of India and Nepal, viz., Unified
Payments Interface (UPI) of India and National Payments
Interface (NPI) of Nepal, respectively. The integration is
aimed at facilitating cross-border remittances between
India and Nepal by enabling users of the two systems to
make instant, low-cost fund transfers.
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• HDFC Bank emerges as the most profitable company in
the first nine months of the current fiscal year, with a net
profit of Rs 44,300 crore. State Bank of India (SBI) and
Indian Oil Corporation (IOC) follow closely, reporting
profits of Rs 40,378 crore and Rs 34,781 crore,
respectively.
• Insurance Regulatory and Development Authority of India
(IRDAI) has granted In-principle approval to Policybazaar
Insurance Brokers Private Limited (Policybazaar), a
wholly owned subsidiary of the company for upgradation
of license from direct insurance broker (Life and General)
to composite insurance broker
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• PayNearby launches platform Digital Naari to generate
self-employment for women.
• The initiative, named by the company Digital Naari, is
aimed at providing additional income generation
opportunities for women in rural and semi-urban
areas.
• Aligned with the government's ‘Lakhpati Didi’
initiative, the platform seeks to onboard and uplift
100,000 women by the end of 2025, facilitating their
economic empowerment
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• Union Finance Minister Smt. Nirmala Sitharaman
presides over 19th Foundation Day celebrations of
Security Printing and Minting Corporation of India
Limited (SPMCIL) in New Delhi
• The Union Finance Minister also launched three
souvenir coins:
1. Coloured souvenir coin on Endangered Animals of
India - Greater One Horned Rhino;
2. Bi-metallic clad souvenir coin on Enlightenment of
Buddha; and
3. Coloured souvenir coin of Ram Lalla and Ayodhya
Ram Mandir
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• Fintech Startup ‘Paymart’ Partners With Five Indian
Banks For Virtual ATM Service. The partnered banks
include IDBI Bank, Indian Bank, Jammu & Kashmir Bank,
and Karur Vyasa Bank, with discussions underway with
four additional banks for further collaboration.
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• Morgan Stanley economists expect India's GDP growth
to "remain healthy" and to average 6.9 percent in FY24
and 6.5 percent in FY25.
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The full form of PRAN is Permanent Retirement Account Number and it is a unique 12-digit number that identifies those
individuals who have registered themselves under the National Pension Scheme (NPS).
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• Fintech Startup ‘Paymart’ Partners With Five Indian
Banks For Virtual ATM Service. The partnered banks
include IDBI Bank, Indian Bank, Jammu & Kashmir Bank,
and Karur Vyasa Bank, with discussions underway with
four additional banks for further collaboration.
• The Asian Development Bank (ADB) has greenlit a USD 23
million loan to foster the growth of fintech education,
research, and innovation at the Gujarat International
Finance Tec-City (GIFT) in India. ADB will see the
establishment of an inclusive, sustainable, and climate-
resilient International Fintech Institute (IFI) within GIFT's
premises.
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• India to grow 6.5% in FY25, down from 6.9% this fiscal:
Ind-Ra.
• As part of ease of doing business and to mitigate risk in
case of high-value banking loans, the Central Economic
Intelligence Bureau, an arm of the finance ministry, with
the help of SBI launched a digital platform that would
help all govt banks to obtain mandatory intelligence
clearance from CEIB within 7-10 days which earlier took
months, delaying disbursement of funds.
• Antecedent Verification Report: Essentially for High
value loan approval, undergoes a through data check
for economic offenders.
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• Ride-hailing platform Uber has inked a pact with the
government-backed open network for digital commerce
(ONDC) to explore integration with the network to
expand its range of mobility offerings.
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The Household Consumption Expenditure Survey (HCES) is conducted by the National Statistical Office (NSO) every 5 years.
It is designed to collect information on the consumption of goods and services by households.
The findings of the last HCES, conducted in 2017-18 were not released after the government cited “data quality” issues.
• It reveals a 33.5% increase in MPCE in urban households since 2011-12, reaching ₹3,510, while rural India's MPCE increased by
40.42% to ₹2,008.
• In 2022-23, 46% of rural household expenditure and 39% of urban household expenditure were on food items.
• The bottom 5% of India’s rural population, ranked by MPCE, has an average MPCE of Rs. 1,373 while it is Rs. 2,001 for the same
category of population in the urban areas.
• The top 5% of India’s rural and urban population, ranked by MPCE, has an average MPCE of Rs. 10,501 and Rs. 20,824,
respectively.
• Sikkim has the highest MPCE in both rural (₹7,731) and urban areas (₹12,105), while Chhattisgarh has the lowest with ₹2,466
for rural households and ₹4,483 for urban households.
• The rural-urban difference in average MPCE, among the states is the highest in Meghalaya (83%) followed by Chhattisgarh
(82%).
• Among the UTs, MPCE is the highest in Chandigarh (Rural Rs. 7,467 and Urban Rs. 12,575), whereas, it is the lowest in
Ladakh (Rs. 4,035) and Lakshadweep (Rs. 5,475) for rural and urban areas respectively.
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Financial Term of the day
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Scheme of the Day - 'Lakhpati Didi' Scheme
Launch Year Sept 2023
Objective • to encourage women to start micro-enterprises.
Aim • to create two crore "lakhpati didis" (prosperous sisters) in villages.
• NRI women are not eligible to apply for this program; only Indian
women are.
Eligibility
• Women must be affiliated with self-help organizations in order to
benefit from this initiative.

• Initiative has been initiated under DAY-NRLM.

• Skills covered: plumbing, LED bulb making, and operating and repairing
drones, among others.
Key Features
• Drones will be provided to women SHGs for agricultural activities
• Around 15,000 women's SHGs will be given training in operating and
repairing drones
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• Vijay Shekhar Sharma Steps Down from Paytm Payments
Bank Board
• RBI imposes nearly Rs 3 cr fine on SBI, Canara Bank, and
City Union Bank
• RBI said a penalty of Rs 2 crore has been imposed on the
State Bank of India (SBI) for contravention of certain norms
related to the Depositor Education Awareness Fund Scheme,
2014.
• A penalty of Rs 66 lakh has been imposed on City Union Bank
Limited for non-compliance with certain directions issued by
the RBI on ‘Prudential Norms on Income Recognition, Asset
Classification and Provisioning Pertaining to Advances —
Divergence in NPA Accounts’ and Know Your Customer
Directions
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RBI/SEBI Circular