Teaching Material – Monthly Updations

CONTEMPORARY

CORPORATE TRAINING & DEVELOPMENT INSTITUTE (CTDI)

Registration No. CHD / 0030 / 2009 - 11, RHI NO. CHAENG / 1997 / 4961

VOLUME - 24 No. 05 MAY 2024

The Reserve Bank of India has placed on its website “Guidance Note on
Operational Risk Management and Operational Resilience.’’ This Guidance
Note updates the “Guidance Note on Management of Operational Risk” dated
October 14, 2005. It has been prepared based on the Basel Committee on
Banking Supervision (BCBS) principles documents issued in March 2021, viz.,
(a) „Revisions to the Principles for the Sound Management of Operational Risk‟
to promote and further improve the effectiveness of Operational Risk
Management of the REs; and
 OPERATIONAL RISK MANAGEMENT & 1
(b) „Principles for Operational Resilience‟, while adopting the global best
OPERATIONAL RESILIENCE
practices including those on operational resilience given the interconnections
 FORENSIC AUDITING 3 and interdependencies, within the financial system, that result from the complex
 INCENTIVE FOR CURRENCY 4 and dynamic environment in which the REs operate.
DISTRIBUTION & EXCHANGE SCHEME. With the issuance of this Guidance Note the “Guidance Note on Management
 SCHEME OF PENALTIES – CURRENCY 5 of Operational Risk” dated October 14, 2005, stands repealed.
CHESTS. Operational Risk is defined in the capital framework as the risk of loss
 POLICY GUIDELINES 6
resulting from inadequate or failed internal processes, people and systems or
from external events. This definition includes legal risk, but excludes strategic
 TIT BITS 11 and reputational risk.
 BANKING & FINANCIAL NEWS 13 OBJECTIVES OF GUIDANCE NOTE:
 Operational Risk is inherent in all banking/ financial products, services,
 BRAIN STORMING 16
activities, processes, and systems. Effective management of Operational Risk
 RECOLLECTED QUESTIONS 19 is an integral part of the Regulated Entities‟ (REs) risk management framework.
 LATEST CURRENT GK 20 Sound Management of Operational Risk shows the overall effectiveness of the
Board of Directors and Senior Management in administering the RE‟s portfolio
of products, services, activities, processes, and systems.
TM
 An operational disruption can threaten the viability of an RE, impact its

CTDI
customers and other market participants, and ultimately have an impact on
financial stability. It can result from man-made causes, Information Technology
(IT) threats (e.g., cyber-attacks, changes in technology, technology failures,
etc), geopolitical conflicts, business disruptions, internal/external frauds,
execution/ delivery errors, third party dependencies, or natural causes (e.g.,
climate change, pandemic, etc.).
GURUKUL FOR BANKERS  An RE needs to factor in the entire gamut of risks (including the aforesaid
SCO 91, (1st & 2nd Floor), Sector 47-D, risks in its risk assessment policies / processes), identify and assess them
Chandigarh-160047, using appropriate tools, monitor its material operational exposures and devise
Mob: 9041086057, 9317723230 appropriate risk mitigation/management strategies using strong internal
Website: www.corporatetraininginstitute.com controls to minimize operational disruptions and continue to deliver critical
Email: [email protected] operations, thus ensuring operational resilience. The Guidance Note has
adopted a principle-based and proportionate approach to ensure smooth
CORPORATE TRAINING & implementation across REs of various sizes, nature, complexity, geographic
DEVELOPMENT INSTITUTE (CTDI) location and risk profile of their businesses.
Kachiguda Pride, Ground Floor, Nimboli The Guidance Note has been built on three pillars namely:
Adda, Kachiguda Station Road, PILLAR I: PREPARE AND PROTECT
Hyderabad-500027. Mob. 9395140742 PILLAR II: BUILD RESILIENCE PILLAR III: LEARN AND ADAPT
These pillars support a holistic approach of Operational Risk and Operational
SCAN THE QR CODE TO JOIN US ON
Resilience and create a feedback loop that fosters perpetual embedding of
TELEGRAM lessons learned into an RE‟s preparation for operational disruptions and its
performance during actual occurrence of disruptions.

SUCCESS IS NOT FINAL

FAILURE IS NOT FATAL
IT IS THE COURAGE TO CONTINUE THAT COUNTS
 KEY CHANGES:
Key changes carried out in this Guidance Note vis-à-vis the repealed
Guidance Note are given below:
1) Particulars: Focus
Repealed Guidance: Operational risk management.
Guidance Note: Operational resilience as an outcome of operational risk
management.
VOLUME 24 NO. 05 MAY 2024 2) Particulars: Applicability
Repealed Guidance: It is applicable to Scheduled Commercial Banks.
EDITORIAL BOARD Guidance Note: It is applicable to all Commercial Banks, all Non-Banking
Financial Companies (NBFCs), all Co-operative Banks, and All India Financial
DIRECTOR: Institutions (AIFIs).
3) Particulars: Three lines of defence model.
Dr. G.S. Bhalla Repealed Guidance: It does not contain guidance on „Three lines of defence‟ model.
Guidance Note: It explicates the „Three lines of defence model‟ wherein:
ASSOCIATES:  Business unit forms the first line of defence;
Harvinder Singh Bedi  Organizational operational risk management function (including compliance
function) forms the second line of defence, and
Harsimran Singh Bhalla  Audit function forms the third line of defence.
Ishwar Singh Negi 4) Particulars: Typical organisational set up.
Repealed Guidance: It provides a typical organisational setup for operational risk
DESIGNED BY: management.
Ankita Sharma Guidance Note: As now a variety of regulated entities (REs) are covered, for
TM whom the organisational setup would vary based on the size and nature of

CTDI
activities, the typical organisational setup has not been specified.
5) Particulars: Change management.
Repealed Guidance: It has not explicitly specified change management.
st nd
SCO 91, (1 & 2 Floor), Sector Guidance Note: It has an updated guidance on change management with a
47-D, Near PNB, Chandigarh specifically detailed Principle on it.
Pin - 160047. 6) Particulars: Mapping of internal and external interconnections and
MOB: 9041086057, 9317723230
interdependencies, Incident management, Information and communication
technology (ICT), and Disclosures.
RATES FOR HARD COPY Repealed Guidance: It is silent on the mapping of internal and external
interconnections and interdependencies, incident management, ICT, and
Magazine Rate Speed Post Total
Rs. Charges Rs Amount
disclosures.
Guidance Note: It has separate Principles for mapping of internal and external
Per copy 50 50 100
interconnections and interdependencies, incident management, ICT, and
One year 600 600 1200
disclosures.
FOR ONLINE MAGAZINE 7) Particulars: Third-party relationships.
Per Copy ………………. Rs 40.00 Repealed Guidance: It has scattered guidance on outsourcing.
For One Year …………. Rs 400.00 Guidance Note: It has a focused Principle on Third-party relationship, which is a
For Two Years………… Rs 750.00 broader concept than outsourcing.
For Three Years……… Rs 1000.00
8) Particulars: Lessons learned and feedback.
FOR ONLINE PAYMENT: Repealed Guidance: It has very limited/no guidance on lessons learnt exercise
a) BENEFICIARY CTDI and continuous feedback mechanism.
b) Current A/c Guidance Note: It has introduced separate Principles on lessons learned
No. 7718002100000011 exercise and continuous feedback mechanism.
c) IFSC Code PUNB0771800 Direction on Minimum Capital Requirements for Operational Risk” dated June 26,
d) Bank PNB, Sector 47-D, 2023, once the same comes into effect.
Chandigarh (160047)
9) Particulars: Approaches for operational risk capital calculation
Repealed Guidance: Included detailed approaches for operational risk capital
Please Note: After depositing the
calculation.
amount, please send us complete
mailing address with Pin code and
Guidance Note: It has dropped the approaches for operational risk capital
Mobile number through E-mail to our calculation for Local Area Banks, Small Finance Banks, Payments Banks,
E-mail ID: Regional Rural Banks, NBFCs, and Co-operative Banks, as they are not required
[email protected] to maintain separate regulatory capital for operational risk. For Public Sector
Banks, Private Banks, and Foreign Banks, the approach is detailed in the "Master
Circular – Basel III Capital Regulations" (April 1, 2024), which would be replaced
SCAN AND PAY by the "Master Direction on Minimum Capital Requirements for Operational Risk"
effective June 26, 2023.
10) Particulars: Operational Risk - Detailed loss event type classification.
Repealed Guidance: Provided a detailed operational risk loss event type
classification.
Guidance Note: Excludes detailed loss event type classification, as it is specified
in the "Master Direction on Minimum Capital Requirements for Operational Risk"
dated June 26, 2023, for REs to refer to.
UPI ID -: 93160092205m@pnb
MAY 2024 CTDI, GURUKUL FOR BANKERS
SCO 91, (1ST & 2ND FL) SEC. 47-D, 2
CHANDIGARH-160047,9317723230
 KNOWLEDGE PLUS
+
FORENSIC AUDITING (OUR SUCCESSFUL PARTICIPANTS)
‘FORENSIC AUDITING’ refers to the specific procedures aimed at legal determination of UNION BANK 2024
whether fraud has actually occurred and also to quantify the amount of fraud. It involves (SCALE 4-5)
examination of legalities by blending the techniques of propriety -Value For Money (VFM) NAME MOBILE
audit, regularity and investigative and financial audits. The objective is to find out whether or
1 MUNISH KUMAR 7042824614
not true business value has been reflected in the financial statements and in the course of
examination to find whether any fraud has taken place. 2 JITENDRA 9834820624
 Audit techniques are used to identify and to gather evidence to prove, for example, how 3 ANUP GARG 9958440460
long the fraud has been carried out, and how it was conducted and concealed by the 4 ESHLEEN 9654607226
perpetrators. Evidence may also be gathered to support other issues which would be relevant 5 K VENKAT 8333931679
in the court case. 6 PAWAN KUMAR 9324168353
 Such Issues could include: 7 K SIRISHA 9000828015
 The suspect’s motive and opportunity to commit fraud. 8 TAJ BASHA 8805629951
 Whether the fraud involved collusion between several suspects. 9 AMIT BHASKAR 9423864748
 Any physical evidence at the scene of the crime or contained in documents. (SCALE 3-4)
 Comments made by the suspect during interviews and/or at the time of arrest.
NAME MOBILE
 Attempts to destroy evidence.
1 ANKITA SINGAL 8447743747
 APPLICATION:
Forensic Accounting and Audit may be applied in the following areas besides fraud detection: 2 KUNAL SINGH 8800456729
a) Conducting due-diligence (especially for segment wise profitability analysis). 3 ASHA SUNIL 9702414350
b) Business valuation. 4 B. SUJANA 8179657317
c) Management auditing. 5 RUBEENA 6393594420
d) Assessing loss before settling insurance claims. 6 NITESH KAUR 9650982783
 The RBI has issued guidelines on conducting forensic audit in banks which aims to ensure 7 NISHANT KUMAR 7782858210
that forensic audits are conducted in a systematic and effective manner, and that the results 8 NITESH KAUR 9650982783
are reported to the appropriate authorities in a timely and accurate manner.
9 BHADAR RAM 9001361396
According to the RBI guidelines, banks and financial institutions should conduct forensic
audits in the following situations: 10 MANISH KUMAR 7229008852
a) Suspected Fraud or Financial Irregularity: When there is a suspicion of fraud or financial 11 PRADEEP 9569688851
irregularity, banks and financial institutions should conduct a forensic audit to determine the 12 LEELADHAR 9913972717
nature and extent of the irregularity. 13 BALWAN SINGH 9772212281
b) Regulatory Requirements: Banks and financial institutions may be required by regulatory
authorities to conduct forensic audits in certain situations, such as in cases of insider trading 14 SHITANSHU 9179652093
or market manipulation. 15 SANDEEP 9967762647
c) Internal Risk Management: Banks and financial institutions may conduct forensic audits 16 HARISH 9587898791
as part of their internal risk management process to identify and mitigate potential risks. (SCALE 2-3)
 The RBI guidelines also outline the scope and methodology of forensic audits. The scope NAME MOBILE
of a forensic audit should be determined based on the nature and extent of the suspected 1 V N SARATH 9985795745
irregularity. The methodology of the forensic audit should be designed to obtain and evaluate 2 JASWAN 7383114044
evidence in a manner that is legally admissible. 3 SHAHAMIR 919949065
 Additionally, the guidelines state that the forensic auditor should be independent and 4 RUCHIRA 9465224700
impartial, and should have the necessary expertise and experience to conduct a thorough
5 PANKAJ GUPTA 9896550679
forensic audit. The forensic auditor should also maintain confidentiality and adhere to ethical
standards during the audit process. 6 MANISH KUMAR 9412828713
 For Forensic Audit the limit of Rs. 50 Crores has to be considered for irrespective of the 7 PUSHPA 8799292189
lending agreement. i.e., Solo Banking or Consortium. As soon as Early Warning Signal (EWS) (SCALE 0-1)
is triggered in any such account the same has to be immediately reported to Central NAME MOBILE
Repository of Information on Large Credits (CRILIC) platform. Under existing norms, in the 1 PRIYANKA 8570876983
case of an account with multiple lenders, a forensic audit has to be completed within three 2 ASHISH 9974295633
months once authorised by the Joint Lenders Forum (JLF). Besides, within 30 days of the RBI 3 VENKATA 9703061083
reporting, the bank commissioning / initiating the forensic audit should lodge a complaint with 4 SURBHI LIMBA 9992974571
the CBI on behalf of all banks in the consortium / MBA. 5 MANJU BALA 887193058
 Overall, the RBI guidelines on forensic audit aim to promote transparency and 6 AMANDEEP 9654383438
accountability in the banking and financial sector in India, and to prevent and detect financial 7 REKHA 7015873181
irregularities that can have serious consequences for the economy and society at large. 8 GURHIRAT 6284970188
ASPECTS COVERED UNDER FORENSIC AUDITING: 9 TARUN KUMAR 8492968655
Forensic auditor shall have to exmine voluminous and in totality, records and witnesses, if 10 BHIM SINGH 7721090086
permitted by law. Proper documentation is vital in substantiating the findings. The outcome 11 DAVINDER 7015269131
shall focus on the following: 12 AKASH 9873847195
a) Proving the method / motive. 13 SANJAY 9812529103
b) Establishing guilt knowledge. 14 JAGDEEP 8302960145
c) Identifying other beneficiaries. 15 LOVEPREET 9988551290
d) Proving the responsibility for the loss. 16 DINESH SAINI 7891913930
(To be Cont’d in next month issue)

MAY 2024 CTDI, GURUKUL FOR BANKERS

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 INCENTIVES
K

In terms of Section 45 of the RBI Act, 1934 and Sec 35-A of the Banking Regulation Act, 1949; RBI issues guidelines for
realising the objectives of Clean Note Policy as part of currency management. With a view to furthering these objectives, the
RBI has formulated a framework of incentives titled Currency Distribution and Exchange Scheme to encourage all the bank
branches to provide better customer services to the members of public keeping in view the objectives of Clean Note Policy.
As per the scheme, banks are eligible for the following financial incentives/service charges for setting up requisite
infrastructure and facilitating exchange/distribution of notes and coins:

Sr. NATURE OF SERVICE PARTICULARS OF INCENTIVES/SERVICE CHARGES

No.
i) Opening of and maintaining a) Capital Cost: Reimbursement of 50% of capital expenditure subject to
currency chests at centres a ceiling of Rs.50 lakh per currency chest (inclusive of all taxes). In the
having population of less North Eastern region, up to 100% of capital expenditure is eligible for
than Rs. 1 lakh, in reimbursement subject to the ceiling of Rs.50 lakh (inclusive of all taxes).
underbanked states. b) Revenue Cost: Reimbursement of 50% of revenue expenditure for the
first 3 years (inclusive of all taxes). In the North Eastern region, 50% of
revenue expenditure is eligible for reimbursement for the first 5 years
(inclusive of all taxes).
ii) Exchange of soiled notes / a) Exchange of soiled notes: Rs.2 per packet for exchange of soiled
adjudication of mutilated notes up to denomination of Rs.50
notes over the counter at b) Adjudication of mutilated notes: Rs.2 per piece
bank branches.
iii) Distribution of Coins. a) Rs.65 per bag for distribution of coins.
b) An additional incentive of Rs.10/- per bag shall be paid for coin
distribution in rural and semi-urban areas on the submission of a
Concurrent Auditor (CA) certificate to this effect.
iv) Cash deposit by non-chest Service charge to be levied by the Currency Chests (CCs) on the non-
branches under Linkage chest branches:
scheme with Currency a) Large modern CCs- Rs.8/- per 100 pieces.
Chests. b) Other CCs –Rs.5/- per 100 pieces.
Other Operational instructions on payment of Performance-based Incentives:
 The incentives shall be paid on the soiled notes actually received in the Issue Office of the RBI.
 Incentive shall be paid in respect of the adjudicated notes received along with the soiled note remittances or sent separately
by registered / insured post in a sealed cover to the RBI.
 The incentive for distribution of coins shall be paid on the basis of net withdrawal from the currency chest.
 Banks do not need to submit a separate claim for the incentives. Currency chest branch shall pass on the incentive to the
linked branches/chests for the soiled notes deposited / coins distributed/ mutilated notes adjudicated by them on pro-rata
basis.
 The distribution of coins shall be verified by RBI Regional Offices through inspection of currency chest / incognito visits to
branches, etc.
Banks to provide Coins to Bulk Customers: With a view to meet the coin requirements of bulk customers (requirement of
more than 1 bag in a single transaction) banks are advised to provide coins to such customers purely for business transactions.
The banks may also endeavour to provide such services as part of their Board approved policy on ‘Door Step Banking’
services. Such customers should be KYC compliant constituents of the bank and the record of coins supplied should be
maintained. Banks are advised to exercise due diligence to ensure that such facility is not misused. Disbursement of coins to
retail customers through counters of bank branches shall continue as hitherto.
Engaging Business Correspondents (BCs) for distribution of Coins: RBI has reiterated that banks should enhance the
engagement of their BCs for distribution of coins to public and may also incentivise such activities as per their Board approved
policy. To ensure steady supply of coins to bulk customers and BCs for onward distribution, all banks may ensure that each of
their branches maintains a minimum stock of one bag of coins in each denomination.
Engaging Cash in Transit (CIT) entities for distribution of Coins: With respect to distribution of Banknotes and Coins –
Alternative Avenues, banks were advised to explore the possibility of engaging the services of CIT entities for the purpose of
distribution of banknotes and coins. RBI has reiterated that banks may engage CIT entities to further enhance distribution of
coins to public. Implementation of coin distribution measures may be commented upon by officers deputed to undertake bi-
monthly and half-yearly verification as a part of internal control and supervision by the currency chest maintaining bank. Senior
Officers of banks on visits to currency chests and branches may be advised to specifically comment on the implementation of
the above measures in their visit reports.

MAY 20242 CTDI, GURUKUL FOR BANKERS

SCO 91, (1ST& 2ND FL) SEC. 47-D,
CHANDIGARH-160047, 9317723230
4
 PENALTIES K

In terms of the Section 45 of the RBI Act, 1934 and Section 35 A of the Banking Regulation Act, 1949; RBI issues guidelines for
realising the objectives of Clean Note Policy and enhancing the operational efficiency as part of currency management. The Scheme of
penalties for bank branches including currency chests has been formulated in order to ensure that all bank branches / currency chests
provide better customer service to the members of public / linked bank branches.
PENALTIES: Penalties to be imposed on banks for deficiencies in remittances sent to RBI, compliance with operational guidelines and
Memorandum of Agreement, exchange of notes and coins, operations of currency chests, replenishment of cash in ATMs, etc.
SR.NO. NATURE OF IRREGULARITY PENALTY
i) Shortages of notes in soiled note remittances and For notes in denomination up to Rs.50:
shortages of notes and coins in currency chest Rs.50/- per piece in addition to the loss.
balances. For notes in denomination of Rs.100 & above.
Equal to the value of the denomination per piece in addition to the
loss.
For Coins in all denominations:
Equal to the value of the denomination per piece in addition to the
loss. The recovery of loss and imposition of penalty shall be done
immediately on detection of shortage, irrespective of number of
pieces.
ii) Counterfeit notes detected in soiled note remittances Penalty shall be levied in terms of extant guidelines
and currency chest balances.
iii) Mutilated notes(including deliberately cut notes and Rs.50/- per piece irrespective of the denomination in addition
built-up notes) detected in soiled note remittances to the loss.The recovery of loss and imposition of penalty shall
and currency chest balances. be done immediately on detection, irrespective of number of
pieces.
iv) Non-compliance with operational guidelines by Penalty of Rs.5,000 for each instance of irregularity.
currency chests detected by RBI officials e.g. Penalty shall be enhanced to Rs.10,000 in case of repetition /
a) Non-functioning of CCTV, non-compliance with rules / recurrence of irregularity in consecutive inspection cycles or
guidelines pertaining to CCTV, recording preservation period earlier. Penalty shall be levied immediately.
and related issues.
b) Branch cash / documents kept in strong room (CC’s vault).
c) Non-utilization of Note Sorting Machines (NSMs) for sorting
of notes (NSMs not used for sorting of high denomination
notes, i.e., notes of denomination Rs.100 and above, received
over the counter or not used for sorting notes remitted to
chest/ RBI).
d) Non-conduct of surprise verification of currency chest
balances at
(i) bimonthly intervals by officials unconnected with the
operations of currency chest and
(ii) six-monthly intervals by officials from the Controlling
Office.
v) Violation of any of the terms of agreement with RBI (for Rs.10,000 for any violation of agreement or deficiency of
opening and maintaining currency chests) or deficiency service.
in service in providing exchange facilities, as detected by Rs.5 lakh in case there are more than 5 instances of violation
RBI officials e.g:
of agreement/deficiency in service by the currency chest
a) Non-issue of coins over the counter to any member of
/branch, in consecutive inspection cycles or earlier. The levy
public despite having stock.
b) Refusal by any bank branch to exchange soiled notes / of such penalty shall be placed in public domain.
refusal by any currency chest branch to adjudicate mutilated Penalty shall be levied immediately.
notes tendered by any member of public.
c) Denial of facilities / services to linked branches / linked
CCs of other banks.
d) Non acceptance of lower denomination notes (i.e.
denomination of Rs.50 and below) tendered by members of
public and linked bank branches for exchange/deposit.
e) Detection by RBI of mutilated, built up, counterfeit notes in
re-issuable packets prepared by the currency chest branches.
vi) Non-replenishment of ATMs: Penalty shall be levied in terms of extant guidelines.

COMPETENT AUTHORITY: The Competent Authority to decide the nature of irregularity shall be the Officer-in-Charge of the Issue
Department of the Regional Office under whose jurisdiction the defaulting currency chest/bank branch is located.
APPELLATE AUTHORITY: Appeal against the decision of the Competent Authority may be made by the Controlling Office of the
currency chest/branch to the Regional Director/CGM/Officer-in-Charge of the Regional Office concerned, within one month from the
date of debit, who shall decide whether the same can be accepted/ rejected.
Penalty waiver request would be considered new/untrained, lack of awareness, corrective action having been taken/ shall be taken,
etc., shall not be considered.

MAY20242 CTDI, GURUKUL FOR BANKERS

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 POLICY GUIDELINES
(b) The quantity proposed to be hedged and the tenor of the
hedge are in line with the exposure.
HEDGING OF GOLD PRICE RISK IN OVERSEAS (c) In case of OTC derivatives, the requirement to undertake
MARKETS: OTC hedges is justified.
Resident entities were permitted to hedge their exposure to (d) In case of hedging using a benchmark price other than that
price risk of gold on exchanges in the International Financial of the commodity exposed to, the requirement to undertake such
Services Centre (IFSC) recognised by the International Financial hedges is justified.
Services Centres Authority (IFSCA). (e) Such hedging is taken up by the management of the entity
 Hedging refers to the activity of undertaking a derivative under a policy approved by the Board of Directors of a company
transaction to reduce an identifiable and measurable risk. For or equivalent forum for other.
the purpose of these directions, the relevant risks are (f) The entity has the necessary risk management policies in
commodity price risk and freight risk. place.
 To provide further flexibility to resident entities to (g) The entity has reasonable understanding of the utility and
hedge their exposures to price risk of gold, RBI vide likely risks associated with the products proposed to be used for
notification dated 15-4-2024 has decided to permit resident hedging.
entities to hedge their exposures to price risk of gold using OTC (ii) OTC contracts shall be booked with a bank or with non-bank
derivatives in the IFSC in addition to the derivatives on the entities which are permitted to offer such derivatives by their
exchanges in the IFSC, subject to the stipulated guidelines. regulators. For this purpose, a list of acceptable jurisdictions
Eligible entities: Eligible entities refers to residents other than shall be specified by FEDAI.
Individuals. (iii) Structured products may be permitted to eligible entities who
Direct Exposure to Commodity Price Risk: An eligible entity are
will be said to have direct exposure to commodity price risk if: (a) listed on recognized domestic stock exchanges, or
(a) It purchases/sells a commodity (in India or abroad) whose (b) fully owned subsidiaries of such entities, or
price is fixed by reference to an international benchmark; or (c) unlisted entities whose net worth is higher than INR 200
(b) It purchases/sells a product (in India or abroad) which crore, subject to the condition that such product are used for the
contains a commodity and the price of the product is linked to an purpose of hedging as defined under these directions.
international benchmark of the commodity. (iv) All payments/receipts related to hedging of exposure to
Indirect Exposure to Commodity Price Risk: An eligible commodity price risk and freight risk shall be routed through a
entity will be said to have indirect exposure to commodity price special account with the bank for this purpose.
risk if it purchases/sells a product (in India or abroad) which (v) Banks shall keep on their records full details of all hedge
contains the commodity and the price of the product is not linked transactions and related remittances made by the entity.
to an international benchmark of the commodity. (vi) Banks shall obtain an annual certificate from the statutory
Exposure to Freight Risk: An eligible entity will be said to auditors of the entity confirming that the hedge transactions and
have exposure to freight risk if it is engaged in the business of the margin remittances are in line with the exposure of the
refining oil or is engaged in the business of shipping. entity. The statutory auditor shall also comment on the risk
Eligible commodities: Commodities whose price risk may be management policy of the entity for hedging exposure to
hedged are: commodity price risk and freight risk and the appropriateness of
(i) In case of direct exposures to commodity price risk: All the methodology to arrive at the quantum of these exposures.
commodities (except Gems and Precious stones). Price risk of (vii) Banks shall undertake immediate corrective action in case
gold may only be hedged. of any irregularity or misuse of these Directions. All such cases
(ii) In case of indirect exposures to commodity price risk: should be reported to the Chief General Manager, Financial
Aluminium, Copper, Lead, Zinc, Nickel, and Tin. This list of Markets Regulation Department, Reserve Bank of India.
eligible commodities would be reviewed annually. Standby Letters of Credit (SBLC) / Guarantees: Banks are
Permitted products: Permitted products refer to the permitted to issue Standby Letters of Credit (SBLC) /
following: Guarantees, for a maximum period of one year, on behalf of
(i) Generic Products: their clients in lieu of making a remittance of margin money for
(a) Futures and forwards; commodity hedging transactions entered into by their
(b) Vanilla options (call option and put option); customers. Banks should ensure that these SBLCs /
(c) Swaps. Guarantees are used by their clients for the intended purposes.
(ii) Structured Products: Realisation and repatriation of foreign exchange:
(a) Products which are combination of either cash instrument Realisation and repatriation of foreign exchange due or accruing
and one or more generic products; to an eligible entity resulting from permitted transactions under
(b) Products which are combination of two or more generic this direction shall be guided by the provisions of the Foreign
products. Exchange Management (Realisation, repatriation and surrender
Hedging of Commodity Price Risk: of foreign exchange) Regulations, 2015.
(i) Eligible entities having exposure to commodity price risk for Report to RBI: Banks shall submit a quarterly report to CGM,
any eligible commodity may hedge such exposure in overseas Financial Markets Regulation Deptt., RBI through Centralised
markets using any of the permitted products. Information Management System (CIMS) in the format provided
(ii) Eligible entities having exposure to price risk of gold may by the 15th of the month following the end of the quarter.
hedge such exposure in the International Financial Services RBI CANCELS CERTIFICATE OF REGISTRATION OF
Centre (IFSC), subject to the stipulated guidelines. M/S ACEMONEY (INDIA) LIMITED:
Hedging of Freight risk: Eligible entities having exposure to In exercise of the powers conferred under Section 45-IA (6) of
freight risk may hedge such exposure in overseas markets by the Reserve Bank of India Act, 1934, the RBI has cancelled the
using any of the permitted products. Certificate of Registration (CoR) issued to the NBFC, M/s
Other Operational Guidelines: Acemoney (India) Limited on account of violation of RBI
(i) Banks may permit eligible entities to hedge commodity price guidelines on managing risks and code of conduct in
risk and freight risk overseas, including IFSC, using permitted outsourcing of financial services in its digital lending operations
products and may remit foreign exchange in respect of such undertaken through third party apps. The company was also not
transactions after satisfying themselves that: complying with the extant regulations pertaining to charging of
(a) The entity has exposure to commodity price risk or freight excessive interest and ensuring confidentiality of customer
risk, contracted or anticipated. information.
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KEY FACTS STATEMENT (KFS) FOR LOANS & DEALING IN RUPEE INTEREST RATE DERIVATIVE
ADVANCES: PRODUCTS - SMALL FINANCE BANKS:
 As announced in the Statement on Developmental and  Extant guidelines permit Small Finance Banks (SFBs) to
Regulatory Policies dated February 8, 2024, RBI vide use only Interest Rate Futures (IRFs) for the purpose of
notification dated 15-04-2024 has decided to harmonize the proprietary hedging.
instructions on the subject. This is done to enhance  In order to expand the avenues available to the SFBs for
transparency and reduce information asymmetry on financial hedging interest rate risk in their balance sheet and commercial
products being offered by different regulated entities, thereby operations more effectively as well as with a view to provide
empowering borrowers for making an informed financial them with greater flexibility, RBI vide notification dated 23-04-
decision. The harmonised instructions shall be applicable in 2024 has decided to allow them to deal in permissible rupee
cases of all retail and MSME term loan products extended by all interest rate derivative products for hedging interest rate risk in
regulated entities (REs). terms of the Rupee Interest Rate Derivatives (RBI) Directions,
 The guidelines are issued under Sec 21, 35A and 56 of the 2019 dated June 26, 2019, as amended from time to time.
B.R. Act, 1949, Sec 45JA, 45L and 45M of the RBI Act, 1934,  This circular is applicable to all Small Finance Banks and
and Sec 30A and 32 of the National Housing Bank Act, 1987. the instructions shall come into force with immediate effect.
Following terms have been defined in the circular: LIMITS FOR INVESTMENT IN DEBT AND SALE OF
a) Key Facts of a loan agreement between an RE/a group of CREDIT DEFAULT SWAPS BY FPIs:
REs and a borrower are legally significant and deterministic
 The RBI vide notification dated 26-04-2024 has decided
facts that satisfy basic information required to assist the
that the limits for Foreign Portfolio Investors (FPIs) investment in
borrower in taking an informed financial decision.
government securities (g-secs), state government securities
b) Key Facts Statement (KFS) is a statement of key facts of a
(SGSs) and corporate bonds shall remain unchanged at 6 per
loan agreement, in simple and easier to understand language,
cent, 2 per cent and 15 per cent respectively, of the outstanding
provided to the borrower in a standardised format.
stocks of securities for 2024-25.
c) Annual Percentage Rate (APR) is the annual cost of credit
 As hitherto, all investments by eligible investors in the
to the borrower which includes interest rate and all other
‘specified securities’ shall be reckoned under the Fully
charges associated with the credit facility.
Accessible Route (FAR) in terms of extant guidelines.
d) Equated Periodic Instalment (EPI) is an equated or fixed
 The allocation of incremental changes in the g-sec limit (in
amount of repayments, consisting of both the principal and absolute terms) over the two sub-categories: ‘General’ and
interest components, to be paid by a borrower towards
‘Long-term’ – shall be retained at 50:50 for 2024-25.
repayment of a loan at periodic intervals for a fixed number of
 The entire increase in limits for SGSs (in absolute terms)
such intervals; and which result in complete amortisation of the
has been added to the ‘General’ sub-category of SGSs.
loan. EPIs at monthly intervals are called EMIs.
 REs shall provide a KFS to all prospective borrowers to VOLUNTARY TRANSITION OF SMALL FINANCE
help them take an informed view before executing the loan BANKS (SFB) TO UNIVERSAL BANKS:
contract, as per the standardised format. The KFS shall be The RBI vide notification dated 26-04-2024 has issued
written in a language understood by such borrowers. Contents guidelines in exercise of the powers conferred on the Reserve
of KFS shall be explained to the borrower and an Bank of India under Section 22 (1) of the Banking Regulation
acknowledgement shall be obtained that he has understood the Act, 1949, for a transition path for Small Finance Banks (SFBs)
same. to convert into Universal Banks.
 Further, the KFS shall be provided with a unique proposal ELIGIBILITY CRITERIA FOR AN SFB TO TRANSITION INTO
number and shall have a validity period of at least three A UNIVERSAL BANK:
working days for loans having tenor of seven days or more, a) Scheduled status with a satisfactory track record of
and a validity period of one working day for loans having tenor performance for a minimum period of five years;
of less than seven days. Validity period refers to the period b) Shares of the bank should have been listed on a
available to the borrower, after being provided the KFS by the recognised stock exchange;
RE, to agree to the terms of the loan. The RE shall be bound by c) Having a minimum net worth of Rs.1,000 crore as at the
the terms of the loan indicated in the KFS, if agreed to by the end of the previous quarter (audited);
borrower during the validity period. d) Meeting the prescribed CRAR requirements for SFBs;
 The KFS shall also include a computation sheet of annual e) Having a net profit in the last two financial years; and
percentage rate (APR), and the amortisation schedule of the f) Having GNPA and NNPA of less than or equal to 3 percent
loan over the loan tenor. APR will include all charges which are and 1 percent respectively in the last two financial years.
levied by the RE. CONDITIONS WITH REGARD TO SHAREHOLDING
 Charges recovered from the borrowers by the REs on PATTERN:
behalf of third-party service providers on actual basis, such as a) There is no mandatory requirement for an eligible SFB to
insurance charges, legal charges etc., shall also form part of the have an identified promoter. However, the existing promoters of
APR and shall be disclosed separately. In all cases wherever the eligible SFB, if any, shall continue as the promoters on
the RE is involved in recovering such charges, the receipts and transition to Universal Bank.
related documents shall be provided to the borrower for each b) Addition of new promoters or change in promoters shall not
payment, within a reasonable time. be permitted for an eligible SFB while transitioning to Universal
 Any fees, charges, etc. which are not mentioned in the KFS, Bank.
cannot be charged by the REs to the borrower at any stage c) There shall be no new mandatory lock-in requirement of
during the term of the loan, without explicit consent of the minimum shareholding for existing promoters in the transitioned
borrower. The KFS shall also be included as a summary box to Universal Bank.
be exhibited as part of the loan agreement. d) There shall be no change to the promoter shareholding
 Credit card receivables are exempted from the provisions dilution plan already approved by the Reserve Bank.
contained under this circular. e) The eligible SFBs having diversified loan portfolio will be
 REs shall put in place the necessary systems and preferred.
processes to implement the above guidelines at the earliest. In  The eligible SFB may submit its application for transition to
any case, all new retail and MSME term loans sanctioned on or Universal Bank, in the prescribed form (Form III) in terms of
after Oct 1, 2024, including fresh loans to existing customers, Rule 11 of the Banking Regulation (Companies) Rules, 1949 to
shall comply with the above guidelines. Reserve Bank of India.

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 POLICY GUIDELINES
SUPERVISORY ACTION AGAINST KOTAK FAIR PRACTICES CODE FOR LENDERS – CHARGING
MAHINDRA BANK LIMITED: OF INTEREST:
In exercise of its powers under Section 35A of the Banking The Reserve Bank of India, through a notification dated April 29,
Regulation Act, 1949, RBI on 24-04-2024 has directed Kotak 2024, has reviewed the guidelines on the Fair Practices Code
Mahindra Bank Limited to cease and desist, with immediate issued to various Regulated Entities (REs) since 2003. These
effect, from: guidelines emphasize fairness and transparency in the charging
(i) On boarding of new customers through its online and mobile of interest by lenders, while granting REs sufficient autonomy
banking channels, and regarding their loan pricing policies.
(ii) Issuing fresh credit cards.  During the course of the onsite examination of REs for the
The bank shall, however, continue to provide services to its period ended March 31, 2023, RBI came across instances of
existing customers, including its credit card customers. lenders resorting to certain unfair practices in charging of
 RBI has found the actions necessitated which are based on interest. Some of the unfair practices observed are:
significant concerns arising out of Reserve Bank’s IT a) Charging of interest from the date of sanction of loan or date
Examination of the bank for the years 2022 and 2023 and the of execution of loan agreement and not from the date of actual
continued failure on part of the bank to address these concerns disbursement of the funds to the customer. Similarly, in the case
in a comprehensive and timely manner. of loans being disbursed by cheque, instances were observed
 The Reserve Bank’s decision to place certain business where interest was charged from the date of the cheque
restrictions on the bank is in the interest of customers and to whereas the cheque was handed over to the customer several
prevent any possible prolonged outage which may seriously days later.
impact not only the bank’s ability to render efficient customer b) In the case of disbursal or repayment of loans during the
service, but also the financial ecosystem of digital banking and course of the month, some REs were charging interest for the
payment systems. entire month, rather than charging interest only for the period for
 Serious deficiencies and non-compliances were observed in which the loan was outstanding.
the areas of IT inventory management, patch and change c)In some cases, it was observed that REs were collecting one
management, user access management, vendor risk or more instalments in advance but reckoning the full loan
management, data security and data leak prevention strategy, amount for charging interest.
business continuity and disaster recovery rigor and drill, etc.  These and other such non-standard practices of charging
 For two consecutive years, the bank was assessed to be interest are not in consonance with the spirit of fairness and
deficient in its IT Risk and Information Security Governance, transparency while dealing with customers. Wherever such
contrary to requirements under Regulatory guidelines. During practices have come to light, RBI through its supervisory teams
the subsequent assessments, the bank was found to be has advised REs to refund such excess interest and other
significantly non-compliant with the Corrective Action Plans charges to customers. REs are also being encouraged to use
issued by the Reserve Bank for the years 2022 and 2023, as the online account transfers in lieu of cheques being issued in a few
compliances submitted by the bank were found to be cases for loan disbursal.
inadequate, incorrect or not sustained.  Therefore, in the interest of fairness and transparency, RBI
 In the absence of a robust IT infrastructure and IT Risk has directed all REs to review their practices regarding mode of
Management framework, the bank’s Core Banking System disbursal of loans, application of interest and other charges and
(CBS) and its online and digital banking channels have suffered take corrective action, including system level changes, as may
frequent and significant outages in the last two years, the recent be necessary, to address the issues highlighted above.
one being a service disruption on April 15, 2024, resulting in RBI FLAGS UNAUTHORISED FOREX ENTITIES
serious customer inconveniences. The bank is found to be OFFERING EXORBITANT RETURNS:
materially deficient in building necessary operational resilience  The Reserve Bank of India has flagged unauthorised
on account of its failure to build IT systems and controls entities offering foreign exchange (forex) trading facilities with
commensurate with its growth. promises of exorbitant returns. The central bank said that
 RBI has also observed that, of late, there has been rapid authorised dealers should promptly report such transactions to
growth in the volume of the bank’s digital transactions, including the Enforcement Directorate when they detect such instances.
transactions pertaining to credit cards, which is building further  Upon investigation, the RBI noted that to facilitate
load on the IT systems. unauthorised forex trading, these entities have employed local
 The restrictions imposed by RBI will be reviewed upon agents to open accounts at various bank branches for the
completion of a comprehensive external audit to be purpose of collecting money related to margins, investments,
commissioned by the bank, and remediation of all deficiencies charges, and more. These accounts are established under the
that may be pointed out in the external audit as well as the names of individuals, proprietary concerns, trading firms, etc.
observations contained in the RBI Inspections, to the  The RBI observed that in several instances, the
satisfaction of the Reserve Bank. transactions conducted in these accounts do not align with the
RBI COMMEMORATES ITS 90TH YEAR: stated purpose for their establishment. Additionally, these
The RBI has set up under the RBI Act, 1934, commenced its entities are offering residents the option to remit or deposit funds
operations on April 1, 1935, marked the 90th year from its in Indian Rupees for engaging in unauthorised forex
establishment. A commemorative coin was released by the transactions via domestic payment systems such as online
Prime Minister to mark this special occasion of ‗RBI@90’. transfers and payment gateways.
The Prime Minister addressed the opening ceremony and  RBI has emphasized need for greater vigilance to prevent
highlighted the RBI's significant history, and praised its global the misuse of banking channels in facilitating unauthorised forex
reputation for professionalism and commitment. Modi stressed trading. The authorised dealers were advised to be more vigilant
the next decade's importance for achieving a "Viksit Bharat" and exercise greater caution in this regard.
(Developed India).
FORMATION OF NEW DISTRICT IN THE STATE OF
ALTERATION IN NAME OF "AB BANK LIMITED" TO "AB
ASSAM: –
BANK PLC" IN THE 2nd SCHEDULE TO THE RBI ACT:
The Government of Assam has notified formation of a new
RBI has advised that the name of "AB Bank Limited" has been
district, viz., Tamulpur in the state of Assam vide Gazette
changed to "AB Bank PLC" in the Second Schedule to the
Notification dated Sept. 07, 2023. Accordingly, it has been
Reserve Bank of India Act, 1934 by Notification dated January
decided to designate State Bank of India as the Lead Bank of
25, 2024.
the new district.
MAY 20242 CTDI, GURUKUL FOR BANKERS
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 POLICY GUIDELINES
SUBMISSION OF STATUTORY RETURNS (FORM A, FOREIGN EXCHANGE MANAGEMENT (FOREIGN
FORM VIII AND FORM IX) ON CIMS PORTAL: CURRENCY ACCOUNTS BY A PERSON RESIDENT IN
In terms of the Master Direction - Reserve Bank of India, Cash INDIA):
Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) The Reserve Bank of India has issued a notification amending
Directions - 2021, banks submit the statutory Form A, Form VIII the Foreign Exchange Management Act, 1999, which aims to
and Form IX (on unclaimed deposits) Returns in electronic form update regulations regarding foreign currency accounts for
on the extensible Business Reporting Language (XBRL) Portal. residents in India.
 Following the launch of Reserve Bank’s next generation As per the amendment, subject to compliance with the
data warehouse, viz., the Centralised Information Management conditions in regard to raising of External Commercial
System (CIMS), RBI vide notification dated 15-04-2024 has Borrowings (ECB) or raising of resources through American
decided to shift the submission of Form A, Form VIII and Form Depository Receipts (ADRs) or Global Depository Receipts
IX Returns from the XBRL Portal to the CIMS Portal. (GDRs) or through direct listing of equity shares of companies
Accordingly, banks shall submit the fortnightly Form A Return incorporated in India on International Exchanges, the funds so
from the Reporting Friday June 14, 2024, monthly Form VIII raised may, pending their utilisation or repatriation to India, be
Return from May 2024 and the annual Form IX Return from held in foreign currency accounts with a bank outside India.
December 31, 2024 respectively on the CIMS Portal only. RBI PROPOSES 'DIGITAL-VIEW' OF LOANS TO ENSURE
 Banks shall continue to submit Form A & Form VIII both on TRANSPARENCY TO BORROWERS:
XBRL as well as CIMS portals concurrently till the date/month
The RBI has come out with draft guidelines for ‘Digital Lending-
indicated above.
Transparency in Aggregation of Loan Products from Multiple
FOREX MANAGEMENT (MODE OF PAYMENT & Lenders’. This is to ensure that lending service providers (LSPs)
REPORTING OF NON-DEBT INSTRUMENTS): provide a digital view of the loans they offer to customers in
The Reserve Bank of India has made the following amendments partnership with other entities. It is set to bring in the much-
to the Foreign Exchange Management (Mode of Payment and needed transparency in the system.
Reporting of Non-Debt Instruments) Regulations, 2019:  The banking regulator, in a draft circular on digital lending,
Amendment to Regulation of the Principal Regulations: said the identity of a potential lender may not be known to a
A) Purchase or Subscription of Equity Shares of Companies borrower in cases where an LSP has arrangements with multiple
Incorporated in India on International Exchanges Scheme lenders.
by Permissible Holder:  This comes on the back of the RBI’s observation that many
The amount of consideration for purchase / subscription of LSPs offering aggregation services for loan products have
equity shares of an Indian company listed on an International outsourcing arrangements to multiple lenders.
Exchange shall be paid:  A digital view will provide a host of details to ensure that
(i) through banking channels to a foreign currency account of customers have prior information about potential lenders to
the Indian company held in accordance with the Foreign make an informed decision on a loan product.
Exchange Management (Foreign currency accounts by a person  These details will include names of the regulated entities
resident in India) Regulations, 2015, as amended from time to (REs) extending the loan offer, amount and tenor of loan, the
time; or annual percentage rate (APR) and other key terms and
(ii) as inward remittance from abroad through banking channels. conditions. These enable a borrower to make a fair comparison
Explanation: The proceeds of purchase / subscription of equity between various offers.
shares of an Indian company listed on an International  A link to the key facts statement (KFS) will also be provided
Exchange shall either be remitted to a bank account in India or in respect of each RE, the RBI said in its draft guidelines.
deposited in a foreign currency account of the Indian company  The RBI has stated that the content displayed by LSPs
held in accordance with the Foreign Exchange Management should be unbiased and not promote products of a particular
(Foreign currency accounts by a person resident in India) RE. They should not use any deceptive practices such as dark
Regulations, 2015, as amended from time to time. patterns that mislead borrowers into choosing a particular loan.
B) Remittance of Sale proceeds: The sale proceeds (net of  RBI has sought public comments on this draft circular by
taxes) of the equity shares may be remitted outside India or may May 31, 2024.
be credited to the bank account of the permissible holder RBI MANDATES OFFLINE PAYMENT AGGREGATORS
maintained in accordance with the Foreign Exchange TO VERIFY KYC FOR MERCHANTS:
Management (Deposit) Regulations, 2016.
The Reserve Bank of India’s has issued draft regulation for
C) In sub-regulation (8) of Regulation 4 of the Principal payment aggregators (PAs) which will enable PAs to manage
Regulations, the existing provision shall be substituted by risks on their platform with well-defined Know Your Customer
the following, namely: (KYC) norms for merchants.
“LEC(FII): (i) The AD Category I banks shall report to the  In the draft guidelines, the RBI outlined KYC procedures for
Reserve Bank in Form LEC (FII) the purchase / transfer of small and medium-sized merchants. RBI has stated that a PA
equity instruments by FPIs on the stock exchanges in India. will need to undertake Contact Point Verification (CPV) and duly
(ii) The Investee Indian company through an Authorised Dealer verify the bank account in which the funds of small merchants
Category I bank shall report to the RBI in Form LEC (FII) the are settled.
purchase/subscription of equity shares (where such purchase /  Physical merchants that are undertaking only proximity or
subscription is classified as Foreign Portfolio Investment under face-to-face transactions with business turnover less than the
the rules) by permissible holder, other than transfers between threshold limit of Rs. 5 lakh per annum and those not registered
permissible holders, on an International Exchange. under Goods and Services Tax (GST) are defined as ‘small
INTERNET BANKING FACILITIES TO CLIENTS OF IBUs: merchants’ as per the draft norms.
The International Financial Services Centres Authority (IFSCA)  RBI has added that for ‘medium merchants’, PAs shall carry
has directed all IFSC Banking Units (IBUs) situated within GIFT out the CPV. PAs shall also obtain and verify one Officially Valid
IFSC in Gandhinagar to mandatorily provide internet banking Document (OVD) of the proprietor, beneficial owner or person
services to their clients within the next six months. holding attorney. They will be required to verify one OVD of the
 IBUs are directed to benchmark their services against business.
global standards and submit implementation plans within 45  It has defined medium merchants as those with business
days. IFSCA has also asked IBUs to ensure secure, user-centric turnover less than the threshold limit of Rs.40 lakh per annum
platforms with minimal downtime. and those not registered under GST.

MAY 20242 CTDI, GURUKUL FOR BANKERS

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10
 TIT BITSK
UNION BANK RAISES RS. 42,000 CR FROM DIFC: Union
Bank of India has raised $500 million (about Rs.4,200 crore) from
DIVIDEND FROM PSUs EXCEED TARGET: According to data foreign markets to fund overseas business growth through Dubai
from the Department of Investment and Public Asset International Financial Centre (DIFC), Dubai Branch, UBI.
Management (DIPAM), dividend collected by the Govt. from FINMIN SETS VEHICLE CONDEMNATION, SCRAP
public sector undertakings (PSUs) has touched Rs.62,929.27 TIMELINE: The Finance Ministry has fixed a timeline for
crore and exceeded the target by nearly 26 per cent during scrapping various types of vehicles. According to Delegation of
financial year 2023-24. Financial Power Rules (DOFR) 2024, the life of a motorcycle will
WHOLLY OWNED SUBSIDIARY OF CRISIL GETS SEBI NOD: be 7 years or covering a distance of 1.20 lakh kms, whichever is
CRISIL ESG Ratings & Analytics Ltd., a wholly owned subsidiary earlier. In case of LCVs, it will be 6 ½ years or 1.5 lakh kms of
of CRISIL Ratings Ltd., has got approval of SEBI as a Category 1 running and for HCVs, the duration would be 10 years or 4 lakh
provider of environmental, social and governance (ESG) ratings. kms of running. For all other categories, the maximum life
In July 2023, the market regulator amended the Credit Rating duration is 15 years. Vehicles that have been condemned also
Agencies Regulations to include a chapter on ESG Rating need to be scrapped once they are 15 years old.
Providers, to ensure that no entity provides ESG Rating unless it INDIAN TRAVELLERS CAN NOW USE PHONE-PE TO MAKE
is certified by SEBI.
PAYMENTS VIA UPI IN SINGAPORE: Fintech firm Phone-Pe
INSURANCE POLICIES IN ELECTRONIC FORMAT: The
has stated that its users can now make payments through UPI in
Insurance Regulatory and Development Authority of India (IRDAI) Singapore under a pact signed by the company with The
has made it mandatory for insurers to issue fresh policies digitally.
Singapore Tourism Board. The collaboration has been built upon
At present, four insurance repositories: CAMS Repository, Karvy, the existing Unified Payments Interface (UPI) linkage between
NSDL Database Management and Central Insurance Repository India and Singapore, which allows customers to instantly make
of India facilitate the opening of e-insurance accounts. cross-border transactions between the two countries directly from
HIGHER OFFICIALS CAN PROBE INTO GST, OTHER their existing Indian bank accounts.
SENSITIVE MATTERS: The Central Board of Indirect Taxes and CANARA BANK LAUNCHES LOANS FOR HEALTHCARE,
Customs (CBIC) has made it mandatory for higher officials of the SAVINGS ACCOUNTS FOR WOMEN: Canara Bank has
rank of principal commissioner or above, to approve launched healthcare focused loan product ‘Canara Heal’, which
investigations, searches, or questioning in GST matters related to will meet the shortfall in hospitalization expenditure while settling
large industrial houses, multinationals, and those with national insurance claims of self and/or dependents. Bank has also
implications. launched a customized savings account for women ‘Canara
SBI CARD MILES LAUNCHES THREE TRAVEL-FOCUSED Angel’ with unique features like Cancer Care policy, pre-approved
CREDIT CARD VARIANTS: SBI Card has introduced three personal loan ‘Canara Ready Cash’ and an Online Loan against
variants of its travel-centric credit card, SBI Card MILES, catering term deposit product ‘Canara My Money’.
to diverse travel needs. The variants - SBI Card MILES ELITE, GOVT. LAUNCHES MY-CGHS APP TO EXPAND ACCESS TO
SBI Card MILES PRIME, and SBI Card MILES are designed to ELECTRONIC HEALTH RECORDS AND SERVICES: The Union
offer curated benefits to travelers, from frequent flyers. Health Ministry has launched the innovative ‘my-CGHS’ app
DIGITAL INDIA TRUST: The RBI is considering establishing a aiming to boost access to Electronic Health Records, information,
Digital India Trust Agency (DIGITA) to stop the mushrooming of and resources for the beneficiaries of the Central Government
illegal lending apps. DIGITA will enable verification of digital Health Scheme (CGHS). Developed by the technical teams of the
lending apps and maintain a public register of verified apps. Apps National Informatics Centre (NIC) Himachal Pradesh and NIC
not carrying the 'verified' signature of DIGITA should be Health Team, the my-CGHS app brings many health services to
considered unauthorised for the purpose of law enforcement. the fingertips of CGHS beneficiaries.
MUTUAL FUND RECORDS DOMESTIC STOCKS IN MARCH: COMMERCIAL PAPER ISSUANCES TOUCH A 4-YEAR HIGH:
Domestic mutual funds injected a record of Rs.45,120 crore into Issuances of commercial papers (CP) have hit a four-year high,
domestic stocks in March 2024, marking their highest ever buying touching Rs.1.2 lakh crore, as companies seek to diversify
in a month. This surge in domestic fund inflows took place amid a funding sources. CP issuances are still not as high as 2018 levels
selloff in small cap and midcap stocks, and the execution of large when they touched Rs 3.1 lakh crore in July-September, as
block trades in blue chip companies. NBFCs look for other funding avenues like securitisation, where
ADANI GREEN ENERGY - INDIA’S 1ST ‘DAS HAZARI’ IN volumes peaked in FY24 at Rs. 1.9 lakh crore.
RENEWABLES SECTOR: Adani Green Energy Ltd has STOP USING THE TERM 'HEALTH DRINK OR ENERGY
commissioned 2,000 MW of solar capacity at the Khavda solar DRINK' FOR MALT BASED DRINKS: The Food Safety and
park in Gujarat that has made it the first company in India with an Standards Authority of India (FSSAI) has directed all ecommerce
operating portfolio of 10,934 MW of renewable energy capacity. companies to not to refer to dairy based beverages, cereal based
HOUSEHOLDS SHIFTING SAVINGS FROM FINANCIAL TO beverages or malt based beverages as 'health drink or energy
REAL ASSETS: V Anantha Nageswaran, Chief Economic Advisor drink' as the term 'health drink' has not been defined under the
has stated that Indian households are moving their savings from food laws of the country and 'energy drink' refers to carbonated
financial assets to real assets. RBI data shows that the growth of and non-carbonated water based flavoured drinks under the laws.
household financial liabilities went up from 3.8 per cent in 2021-22 'INFLATION EXPECTATIONS' & 'CONSUMER CONFIDENCE'
to 5.8% in 2022-23 and financial assets increased from 10.99 % SURVEYS FOR MONETARY POLICY INPUTS: The RBI has
to 11.1%. This is an accretion to household financial savings. launched two new surveys, the 'Inflation Expectations Survey of
INDIA'S DEMAT TALLY CROSSES PAST 150 MILLION Households' and the 'Consumer Confidence Survey,' ahead of its
MARK: The number of dematerialised (demat) accounts required June monetary policy review. The 'Inflation Expectations Survey'
to hold shares and other securities in electronics format, crossed will collect data on price changes and inflation expectations from
the 150 million mark for the first time. In March 2024, 3.12 million households in 19 cities. Meanwhile, the 'Consumer Confidence
new demat accounts have been added, taking the total count to Survey' will gather views on the general economic situation,
151.4 million. employment, prices, income, and spending.

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 TIT BITSK
GOVT EXTENDS FREE IMPORT DUTY REGIME ON YELLOW NFRA TAKES ACTION AGAINST AUDITORS OF RELIANCE
PEAS: According to a Directorate General Foreign Trade (DGFT) CAPITAL FOR LAPSES AND FRAUD: The National Financial
notification, Govt. has extended duty-free import of yellow peas Reporting Authority (NFRA), the regulatory body overseeing
used as substitute of chana (gram) by two months i.e. upto auditors and audit firms for listed and large companies, has taken
th
30 June 2024. All imports of yellow peas where the bill of lading action against Pathak HD & Associates (PHD), the joint auditor for
(shipped on board) is dated on or before June 30 shall be subject Reliance Capital, formerly an Anil Ambani group company, along
to compulsory registration under the online import monitoring with its two auditors. This move comes in response to multiple
system. failures highlighted by the resigning auditor, Price Waterhouse
GEM MODEL FOR PUBLIC PROCUREMENT: The scorching (PW), which also flagged suspected fraud amounting to Rs
growth of India’s public procurement portal Government e Market 12,571 crore by the company.
place (GEM) has drawn the attention of countries in Africa and UPI CREDIT LINE: NPCI MAY GO EASY ON INTERCHANGE
Asia and many of them are looking to replicate the model. In FEE FOR TRANSACTIONS: To increase the adoption of credit
2023-24, government procurement through GeM touched Rs.4 UPI, National Payments Corporation of India (NPCI) is looking at
trillion, which was double of what was achieved in 2022-23. an interchange fee for transactions lower than that for a credit-
HDFC CREDILA RAISES USD 100 MN THROUGH ECB: card transaction which could be 1-1.2 per cent. Fintech
HDFC Credila Financial Services has raised USD 100 million in participants concur with the view that the interchange fee is
external commercial borrowing (ECB). The funds will be used for expected to be lower than that for a credit-card transaction.
growing the retail education loan franchise. CASH WITHDRAWALS FROM ATMs INCREASE BY 5.51%:
CAMS GETS RBI’S NOD TO OPERATE AS AN ONLINE India's leading cash logistics company and CMS Info systems
PAYMENT AGGREGATOR: Computer Age Management have revealed a notable 5.51% growth in the monthly average
Services (CAMS) Ltd. has been granted RBI’s authorisation to cash withdrawals from ATMs, reaching Rs 1.43 crore in FY24.
operate as an online payment aggregator after the business Despite the increasing popularity of digital payment modes like
became regulated consequent to the issue of ‘Guidelines on UPI, which has led to speculation about a decline in cash usage,
Regulation of Payment Aggregators and Payment Gateways’ the report indicates a steady demand for cash across the country.
(Guidelines) in March 2020. RIL AS A FIRST INDIAN COMPANY TO CROSS RS. 1 LAKH
INDIGO BECOMES WORLD'S 3RD LARGEST AIRLINE BY M- CRORE PRE-TAX PROFIT THRESHOLD: Reliance Industries
CAP: Shares of Inter Globe Aviation Limited scaled fresh record Ltd. (RIL) has become the first Indian company to cross the Rs. 1
high on April 10 by trading 5 percent higher at Rs. 3,801 a piece, lakh crore mark in annual pre-tax profit driven by continued
thus extending their gains for fourth day in a row. The 22 percent growth momentum in consumer businesses and upstream
rally in the last one month has taken the stock of Inter Globe business. Net profit for this year rose by 7% to Rs.79,020 crore
Aviation, the operator of IndiGo airline in India, to over Rs from last year.
1,46,000 cr in total value, as per Bloomberg data. LIBERALISED FDI NORMS FOR SPACE SECTOR TO BOOST
INDIAN UNIVERSITIES MAKE IT TO QS WORLD FOREIGN INVESTMENT: Govt. has made amendments to the
UNIVERSITY RANKINGS: A total of 69 Indian universities with foreign direct investment policy in the space sector to attract
424 entries have made it to the QS World University Rankings by offshore investors in satellite manufacturing and satellite launch
subject, marking a 19.4% rise from the previous year's 355 vehicles segments. The gazette notification dated April 16, 2024
entries achieved by 66 universities. India is the second most of the Govt., prescribes liberalized entry route and provides clarity
represented country in Asia for the number of ranked universities for FDI in satellites, launch vehicles and associated systems or
(69), after mainland China with 101. subsystems, creation of spaceports.
RBI EXTENDS KEY FACT STATEMENT RULES TO ALL CHANGES IN NET-WORTH FOR PAYMENT AGGREGATORS:
RETAIL, MSME BORROWERS: RBI has extended the RBI has proposed the net-worth norms for payment aggregators
applicability of Key Fact Statement or KFS to borrowers of all (PAs) which facilitate face-to-face or proximity payment
retail and micro, small and medium enterprise (MSME) term loans transactions. The entities providing services need to have a
as part of enhancing transparency in loan deals. As per the RBI minimum net worth of Rs.15 crore at present while applying to the
direction, banks cannot charge additional fees which are not RBI for authorization. According to draft norms, they should have
mentioned in the KFS of loans from the borrower without the a minimum net worth of Rs. 25 crore by March 2028.
consent from borrower. NEW EPF RULE ON AUTO WITHDRAWAL CLAIMS: The
BANK OF INDIA PARTNERS WITH IMGC FOR MORTGAGE Employees' Provident Funds Organization (EPFO) has increased
GUARANTEE BACKED PRODUCTS: Bank of India and India the qualifying limit from Rs 50,000 to Rs 1 lakh for auto claims
Mortgage Guarantee Corporation (IMGC) have partnered to offer processing. EPF subscribers can apply for the EPF Scheme for
mortgage guarantee backed home loan products, focusing on their own and their dependents' medical expenses.
salaried and self employed customers in the affordable housing AGE LIMIT OF 65 YEARS FOR INDIVIDUALS BUYING
segments. The Bank has launched a Home Loan product with a HEALTH INSURANCE POLICIES REMOVED: The Insurance
mortgage guarantee provided by IMGC to strengthen the credit Regulatory and Development Authority of India (IRDAI) has lifted
delivery system and facilitate flow of credit to the housing sector. the age cap on purchasing health insurance policies, effective
NEARLY HALF OF POPULATION HAVE PAN: As per latest from April 1, 2024. Previously, individuals were restricted to
data from the Income Tax Department, approx. half of India‘s buying new insurance policies only until the age of 65 years.
population has got Permanent Account Number (PAN). According IRDAI has also directed health insurance providers to introduce
to the data, over 74.67 crore PANs have been issued till March tailored policies for specific demographics, such as senior
31, 2024 which is 10 per cent higher that 67.67 crore as of March citizens, and establish dedicated channels for handling their
31, 2023. claims and grievances.
ALL-IN-ONE PAYMENT DEVICE - BHARATPE ONE: Indian PAYMENT FRAUDS RISING SHARPLY: As per RBI data
fintech major BharatPe has launched BharatPe One, an all-in-one domestic payment frauds jumped by 70.64 per cent to Rs. 2,604
payment product that integrates POS (point of sale), QR code, crore during the six-month period ended March 2024 from Rs.
and speaker into one device. 1,526 crore in the same period of last year.

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  The cabinet secretary chaired a meeting to review the
progress of the 100-day agenda and discussed how other flagship
INDIAN BANKS AMONG BEST-PERFORMING reforms were hindered by the lack of digital land records, such as
LENDERS VERSUS PEERS IN ASIA: S&P GLOBAL land-monetization and agricultural reforms.
 Three Indian banks made it to the list of top 50 banks by  The Unique Land Parcel Identification Number (ULPIN)
assets in the Asia-Pacific region in 2023, up from two in 2022, system, which assigns a unique 14-digit ID to each land parcel
according to a report by S&P Global Market Intelligence. These based on geo-coordinates, is already in place and adheres to
Indian banks are the SBI, HDFC Bank, and ICICI Bank. international standards. The government plans to expand the
HIGHLIGHTS: database by including ownership, usage, and risk information.
 According to the financial information and analytics firm, Indian  This reform will have a multiplier effect, once the land record is
banks have been among the best performing lenders among digitized, it will also reduce land disputes, will give exact
peers in Asia. Improvement in financial metrics, coupled with high ownership and usage patterns with exact data.
credit growth in a robust economic environment, has boosted FIVE PSBs ASKED TO RAISE PUBLIC
banks' assets in recent years. SHAREHOLDING TO 25% BY AUGUST:
 The aggregate assets of the banks rose sharply by 50.5 per  The Finance Ministry has directed five public sector banks to
cent to USD 1.510 trillion in 2023. A large part of the increase was increase their minimum public shareholding to 25% by August 1,
due to the merger of HDFC Bank Ltd. with its parent Housing in line with regulatory requirements. This initiative follows the
Development Finance Corp. HDFC Bank's assets jumped 51.3 per Securities Contract (Regulation) Rules, which mandate that all
cent to USD 466.35 billion after the merger, propelling the bank up listed companies, including public sector entities, maintain a
13 places to 33 in the top 50 ranking. minimum public shareholding of 25%. Among the 12 public sector
 S&P Global Market Intelligence, quoting RBI data, noted that banks under review, five have not yet met this requirement. These
credit growth in India, currently the world's fastest-growing major banks are UCO Bank, Central Bank of India, Punjab & Sind Bank,
economy, stood at 15.6 per cent as of December 29, 2023. The Bank of Maharashtra, and Indian Overseas Bank, with public
credit growth was 14.9 per cent a year ago, according to Reserve shareholdings ranging from 1.75% to 13.54%.
Bank of India data, as reported by S&P.  The Securities and Exchange Board of India (SEBI) may
 According to India's official data, the country grew at a massive consider granting exemptions to some public sector banks and
8.4 per cent during the October-December quarter of the financial other public sector undertakings (PSUs) to gradually achieve
year 2023-24 and the country continued to remain the fastest- compliance with the 25% minimum public shareholding norms by
growing major economy. August 2024.
INDIA MUST INVEST MORE IN EDUCATION, HEALTH  The five state-run banks have government stakes exceeding
TO CAPITALISE ON DEMOGRAPHIC DIVIDEND: IMF 75%, amounting to unsold government stakes valued at over Rs
 The IMF has emphasized the importance of India making 65,000 crore at current market prices. Additionally, several other
substantial investments in education and healthcare to ensure that government enterprises, including IRFC and SJVN, also have
its burgeoning young population is effectively employed. government stakes exceeding 75%.
 The World Bank, the IMF’s counterpart in the realm of The dilution of Govt. stake may be achieved primarily through
multilateral institutions, previously highlighted that India and other the following methods:
South Asian nations are not fully capitalizing on their demographic a) Qualified Institutional Placement (QIP): This involves selling
dividend. Krishna Srinivasan, head of the IMF’s Asia and Pacific shares to institutional investors such as mutual funds, insurance
Department, noted, “We have 15 million people being added to the companies, and pension funds. This method helps in raising
labour force every year. If India truly wants to benefit from this capital without going through a public offering, thereby diluting the
influx, it must make significant investments in both education and government’s stake and increasing public shareholding.
health.” With around 65% of the Indian population under the age b) Follow-on Public Offer (FPO): This is an additional issue of
of 35, equipping the labor force with the necessary skills to shares by a company that is already publicly listed. It helps in
compete in an AI-driven world is crucial. increasing the public shareholding and provides an opportunity for
 Despite the high youth unemployment rate estimated at just retail investors to participate.
above 40% for 2022-23, the IMF projects India’s economy to grow c) Offer for Sale (OFS): This method allows the promoters (in this
at a rate of 6.8% in FY2024-25. This growth is driven by public case, the government) to sell their shares through the stock
investment and private consumption. Although public capital exchange mechanism. It is a fast and efficient way to dilute the
expenditure, such as infrastructure spending, has had a very government's stake and meet regulatory requirements.
beneficial impact on growth, the IMF official questioned whether it d) Rights Issue: Existing shareholders are given the right to
had effectively stimulated private investment. purchase additional shares at a discount to the market price. This
 Thus, for India to fully leverage its demographic dividend, it method ensures that the shareholding pattern changes, with an
must significantly increase its investment in education and health increase in public ownership.
sectors. IMPACT ON SHARE PRICES:
ALL LAND RECORDS TO BE DIGITIZED - TOP 100  Initial Dilution Effect: When additional shares are issued
through QIP or FPO, it may lead to a temporary dilution of the
DAY AGENDA: share price due to an increase in the number of shares.
 The Government is prioritizing the digization of land records as  Increased Market Liquidity: An increase in public
a key reform initiative for the upcoming administration. The Centre shareholding typically leads to higher trading volumes and
may allocate a budget of Rs. 1,035 crore to support the proposed improved liquidity in the stock. This can attract more investors and
plan, which aims to complete the digization process for all land potentially stabilize or increase the share price over time.
record by 2026. This Initiative is expected to streamline land  Market Perception: The market’s perception of the bank’s
acquisition procedures and accelerate project timelines. future prospects plays a crucial role. If investors view the increase
 The digitization process will include rejigging land-use policies in public shareholding as a positive move towards better
for urban, forest, and agricultural land, which is expected to governance and efficiency, it could lead to a rise in the share
expedite key infrastructure projects that are often delayed due to price.
land acquisition and litigation issues.
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 Supply and Demand Dynamics: The impact on share price RBI STEPS UP GOLD BUYING AMID US DOLLAR
will also depend on the demand for these shares. If the new VOLATILITY:
shares are absorbed well by the market, the negative impact on
 The RBI has stepped up gold purchases to help diversify its
the share price can be minimized.
foreign exchange reserves base amid US dollar volatility. The rise
 Regulatory Compliance: Achieving compliance with
in the value of outstanding gold reserves made up more than four-
regulatory requirements is often viewed positively by the market,
fifths of the near $3-billion increase in forex reserves at a record $
as it reduces regulatory risks and may enhance the bank’s
648.5 billion as of April 5. In January-February this year the RBI
credibility and attractiveness to investors.
bought 0.43 million troy ounce, or close to 13.3 tonnes of gold,
 Overall, while there might be short-term volatility in the share
from the market. That is over 80% of the total gold purchases of
prices due to the increase in supply, the long-term impact is
0.52 million troy ounce in 2023 by the central bank.
positive if the banks are able to improve their performance and
 The RBI governor Shaktikanta Das in the post policy media
governance standards. through increased public participation.
conference stated that India is building up gold reserves. The
INDIA WANTS TO BECOME THE TOP central bank's stated objective of holding gold in reserves is mainly
MANUFACTURING ALTERNATIVE TO CHINA: to diversify its foreign currency assets base, as a hedge against
 India wants to be the top manufacturer in Asia as companies inflation and foreign currency risks.
shift away from China, but first it needs to dethrone Vietnam.  RBI has started to accumulate gold regularly from the market
Analysts narrowed down the two biggest problems that must be since December 2017. Its stock of gold as of end February, 2024
solved for India to be on par or even overtake Vietnam’s is 26.26 million troy ounce, up from $17.94 million troy ounce in
manufacturing strength - lowering import taxes and improving December 2017. RBI holds only a portion of the reserves locally.
supply chain efficiency. Further, productivity, capacity, and skill According to the latest Report on Foreign Exchange reserves, of
sets are some of the things that stop India from replacing China in the total 800.79 metric tonnes of gold (including gold deposits of
the world market as a global manufacturing hub. Despite these 39.89 metric tonnes) RBI held 388.06 metric tonnes of gold
challenges, Vietnam’s warm relationship with China could be an overseas in custody with Bank of England and Bank of
advantage to India. International Settlements (BIS), and 372.84 metric tonnes of gold
 The U.S. has pursued a “friend shoring” agenda as competition is being held domestically, as of Sep’2023.
with China increases. The U.S. administration has encouraged INDIA OVERTAKES CHINA IN DIGITAL SERVICES
American companies to move electronics and technology EXPORTS: KEY FINDINGS FROM WTO REPORT
manufacturing operations out of China and into friendlier
 In 2023, India emerged as a leader in digital services exports,
countries, particularly Vietnam and India in Asia-Pacific.
surpassing China, as highlighted in a World Trade Organisation
 India and Vietnam are appealing manufacturing destinations
(WTO) report. The report noted significant growth in digitally
for foreign investors and companies, primarily due to their low
delivered services globally, with India's exports reaching $257
labor costs. However, Vietnam is currently leading, with 2023
billion, a 17 percent increase from the previous year. This growth
exports reaching $96.99 billion, compared to India’s $75.65 billion.
outpaced that of Germany and China, which each saw only a 4
Vietnam's proficiency in electronics manufacturing gives it a
percent increase. The report emphasizes a robust growth
significant competitive edge.
trajectory for digitally delivered services, despite a decline in
 Additionally, Vietnam benefits from economies of scale in
global goods trade. Specifically, exports in Europe and Asia
manufacturing, particularly in sectors reliant on manual labor.
surged by 11 percent and 9 percent, respectively.
Industries requiring intensive manual labor and yielding low profit
 Overall, digitally delivered services accounted for $4.25 trillion
margins, such as apparel manufacturing, are not significantly
in global exports, representing 13.8 percent of world exports of
advantageous for India.
goods and services. The breakdown of these services shows that
 U.S. tech giants are increasingly bringing part of their supply
business, professional, and technical services made up the
chains to the South Asian country. The Financial Times reported
majority, followed by computer services, financial services, and
in December that Apple told component suppliers it will source
intellectual property-related services.
batteries from Indian factories for its upcoming iPhone 16.
 The report also underscores the increasing integration of
Google is also set to begin Pixel phone production in India by the
artificial intelligence (AI) in various sectors, which contributes to
second quarter.
enhanced efficiency, innovation, and economic growth. AI-driven
 One hurdle for India’s manufacturing hub ambitions is the
technologies are expected to revolutionize the economy, offering
country’s 10% import duty for information and communication
opportunities for cost savings, personalization, and job creation.
technologies. This is higher than Vietnam’s average import duties
FITCH AFFIRMS RATINGS OF PSBs:
of around 5%. India’s import taxes were intended to protect
domestic manufacturers, but lowering those duties will be part of  Global ratings firm Fitch has affirmed the ratings of the public
the government’s efforts to attract foreign firms to manufacture sector banks it covers, maintaining a stable outlook for them.
goods within the country. These rating decisions are consistent with India's sovereign rating,
 What foreign investors tend to be more concerned about is to which these banks' ratings are linked. Fitch has affirmed the
ease-of-doing business issues - especially the flexibility to hire and ratings of Canara Bank, SBI, Bank of Baroda New Zealand, UBI,
fire workers; than taxes and tariffs. This is Vietnam’s main source PNB, Bank of India, and Bank of India New Zealand at BBB-.
of long-term advantage over India.  Fitch has also affirmed the banks' Viability Rating (VR) at 'bb'
 Although India wants to be a developed economy by 2047, its and Government Support Rating (GSR) at 'bbb-'. The key factors
infrastructure is still lacking, leading to lengthy shipment and road driving SBI's ratings include strong government support, a robust
delivery times. A ship in Singapore can be unloaded in eight hours operating environment, a dominant market presence, double-digit
and be on a truck to prospective factories, but the same ship in loan growth, a lower impaired loan ratio, strong profitability, a
India will be stuck in a custom warehouse for days. dominant position in deposits, and modest capital buffers. For
 China is probably 10 years ahead of India on its infrastructure. Canara Bank, additional factors such as a strong franchise and
India is well on that path of modernizing systems in logistics to growing risk appetite were influential. For BOB New Zealand,
enhance on-demand supply chain models for importers and factors like loan growth above peers and strong local reach were
exporters and these factors in all kinds of new roads and ports. significant. For PNB and UBI, robust funding and liquidity were
 also key drivers.
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THIRTY THREE LOSS-MAKING FIRMS DONATED Interest Litigation (PIL). This can lead to more robust judicial
ELECTORAL BONDS WORTH RS.582 CRORE: oversight and pressure on the government to strengthen its
climate actions.
 Thirty-three companies that recorded losses or no profit over a
 The Court’s directive to the government to formulate a
seven-year period donated a total of Rs. 581.7 crore through
comprehensive climate change policy, aligned with international
electoral bonds, of which Rs. 434.2 crore was encashed by the
commitments, can drive the development of a more holistic and
Bharatiya Janata Party. At least 45 companies that donated
ambitious climate action plan.
electoral bonds to the ruling BJP have questionable funding
 This has the potential to accelerate India’s transition towards a
sources.
Category A - Loss-Making Companies: low-carbon economy and build resilience against the impacts of
climate change.
 33 companies donated Rs.576.2 crore in electoral bonds. BJP
encashedRs.434.2 crore (nearly 75%). These companies had NOW, PRIVATE BANKS MUST SEEK CEIB CLEARANCE
negative or near zero profit after tax from 2016-17 to 2022-23. FOR HIGH-VALUE:
Aggregate net losses of these companies were over Rs.1 lakh The Central Economic Intelligence Bureau has mandated that
crore. 16 out of these 33 companies paid zero or negative direct private banks, like government banks, must obtain clearance from
taxes in aggregate. CEIB before issuing high-value loans to companies. This measure
 Substantial donations by these loss-making companies aims to ensure that no enforcement cases are pending against
suggest potential fronts for other firms or profit/loss misreporting, these firms. The "antecedent verification report" is crucial for risk
indicating possible money laundering. assessment and helps banks avoid granting loans to companies
Category B - Companies with Positive Net Profits but under investigation or classified as Non-Performing Assets.
Excessive Donations:  In FY 2022-23, over 6,000 such reports were generated for
 Six companies donated Rs.646 crore in total. BJP encashed loan requests amounting to more than Rs. 39 lakh crore, a
Rs.601 crore (93%). significant increase from 1,300 applications totaling Rs. 4.5 lakh
 Despite having positive net profits from 2016-17 to 2022-23, crore in FY 2021. These reports are based on data from 18
the donations exceeded their aggregate net profit significantly. enforcement agencies and will soon be part of the National
These companies could also have acted as fronts for other firms Economic Offence Record. Additionally, CEIB plans to introduce a
or misreported profits and losses. Unique Economic Offender Code for individuals and companies
Category C - Companies with Positive Net Profits but accused of economic offences, linked to Aadhaar or PAN for
Negative Direct Taxes: better tracking and surveillance.
 Three companies donated Rs.193.8 crore in total. BJP FITCH DOWNGRADES OUTLOOK ON CHINA TO
encashed Rs.28.3 crore (around 15%). Congress received NEGATIVE ON ECONOMIC GROWTH RISKS:
Rs.91.6 crore (47%), Trinamool Rs.45.9 crore (24%), BRS and  Ratings agency Fitch has revised its outlook on China's
BJD Rs.10 crore (5% each), and AAP Rs.7 crore (3.6%). sovereign credit rating to negative, citing risks to public finances
 These companies had positive net profits but reported negative amid economic uncertainty. The agency predicts the general
direct taxes from 2016-17 to 2022-23. These companies might government deficit will increase to 7.1% of GDP in 2024 from
have engaged in tax evasion. 5.8% in 2023, the highest since 2020's 8.6%. Despite the outlook
SUPREME COURT RECOGNIZES RIGHT TO BE FREE downgrade, Fitch affirmed China's IDR rating at 'A+'.
FROM ADVERSE EFFECTS OF CLIMATE CHANGE:  Fitch expects China's economic growth to slow to 4.5% in
 In its first, the Supreme Court, through its judgment dated 2024, down from 5.2% in 2023, contrasting with upward revisions
March 21, has recognized a right to be free from the adverse from Citi and the IMF. Early 2024 indicators for factory output,
effects of climate change as a distinct right. The Court said that retail sales, exports, and consumer inflation have been better than
Articles 14 (equality before law and the equal protection of laws) expected, supporting China's 5.0% GDP growth target.
and 21 (right to life and personal liberty) of the Indian Constitution  Fitch's revision highlights the risks associated with China's shift
are important sources of this right. from property-reliant growth to a more sustainable model.
The Supreme Court passed its judgment in a case titled M K Previously, Moody's also issued a downgrade warning citing
Ranjitsinh & Ors versus Union of India &Ors. financial burdens from local govt. bailouts and the property crisis.
 The case was regarding the protection of two critically PSBs DON'T HAVE POWER TO ISSUE 'LOOK OUT
endangered bird species on the IUCN Red List – the great Indian CIRCULARS' AGAINST DEFAULTERS:
bustard (GIB) and the lesser florican. Both the bird species are A division bench of Bombay High Court held as unconstitutional
listed under Part III of Schedule I of the Wild Life (Protection) Act, the clause of an office memorandum issued by the central
1972. government empowering the chairpersons of public sector banks
 The Supreme Court has extended the ambit of Articles 14 and to issue 'Look Out Circulars' (LOCs) against default borrowers.
21 of the fundamental right and ruled that people have the right to The court passed its verdict on a bunch of petitions challenging
be free from the adverse effects of climate change. Articles 14 validity of the said clause.
and 21 of the Indian Constitution guarantee fundamental rights to  The bench said the Bureau of Immigration shall not act upon
equality and life respectively. In a very recent event, the right to a such LOCs (issued by banks against defaulters). The court also
clean environment was also considered a fundamental right under said its judgment would not affect the orders issued against any
the Right to Life of Article 21. defaulter by a tribunal or a criminal court restraining them from
 The court also highlighted the interconnection between climate travelling abroad. While the office memorandum issued by the
change and various human rights, including the right to health, Centre was not ultra vires the Constitution, the clause empowering
indigenous rights, gender equality, and the right to development. the chairperson of a public sector bank to issue LOC was
 The Supreme Court’s landmark judgment on the right against "arbitrary and without power in law", the HC said.
the adverse effects of climate change has far-reaching  The petitioners contended that the words "economic interest
implications for India’s climate policy and governance. The of India" cannot be equated with the "financial interests" of bank.
judgment opens the door for increased climate litigation in India, SOURCE: RBI / GOVT. NOTIFICATIONS, BUSINESS
as individuals and civil society organizations can now challenge STANDARD, ECONOMIC TIMES, FINANCIAL EXPRESS,
the government’s climate policies and measures through Public LIVEMENT ETC.

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14) Risk-o-meter- risk levels are categorised into ____ levels.
a) 2 b) 5 c) 6 d) 10
INDIAN ECONOMY & FINANCIAL SYSTEM 15) What is Venture Capital?
1) Which category does the Indian economy fall under in terms of per a) Long-term investment in businesses with low risk and steady financial
capita income? returns.
a) Low-income economy b) Lower-middle-income economy b) Short-term investment in established industries with predictable growth.
c) Upper-middle-income economy d) Higher-income economy c) Long-term investment in businesses with potential for significant growth and
2) Which of the following is an example of soft infrastructure? high financial returns
a) Roads b) Airports c) Hospitals d) Bridges e) Power plants d) Short-term investment in new and unexplored markets with uncertain
3) Why does a bank calculate Fixed Obligation to Income Ratio (FOIR)? returns.
a) To encourage excessive borrowings e) Financing provided by banks exclusively to entrepreneurs with proven track
b) To ensure a minimum net take-home pay is maintained after loan records.
repayments 16) What is a Floater Mutual Fund?
c) To increase interest rates on loans I. A fund that invests primarily in fixed-rate bonds
d) To assess the borrower's credit history II. A fund that invests only in equities
4) Which Sustainable Development Goal (SDG) focuses on climate III. A fund that invests primarily in floating-rate debt instruments
action? IV. A fund that invests only in government securities
a) SDG 7 b) SDG 11 c) SDG 13 d) SDG 15 e) SDG 17 a) Only I b) Only II c) Only III d) I, II, III, IV
5) Which measure of money supply includes currency with the public, 17) The Fiscal Deficit is:
demand deposits, and 'other' deposits with the RBI? I. Total income of the government minus total expenditure
a) Narrow Money (M1) b) M2 c) Broad money (M3) ` d) M4 II. Fiscal deficit = Total Expenditure – Total revenue (Excluding the
6) What were the main factors that led to the implementation of economic borrowings)
reforms in India in 1991? III. The difference between total revenue and interest payments
a) Excessive foreign exchange reserves IV. Total income of the government minus total expenditure excluding
b) Strong performance of the public sector borrowing
c) Decrease in government debts a) Only I b) Only II c) II, III d) I, II, III, IV
d) Adverse balance of payments, poor public sector performance, drop in 18) The term 'Primary Territory' in marketing refers to:
foreign exchange reserves, large government debts, and inflationary pressure I. The market segment where the business aims to be the market
e) Favorable conditions set by the World Bank and IMF leader
7) According to Adam Smith, the father of modern Economics, what is II. The market segment that the business plans to enter in the future
the subject matter of Economics? III. The geographical area where a business makes the majority of its
a) The study of human behavior b) The study of wealth sales
c) The study of well-being d) The study of resources IV. The geographical area where the business has its production units
e) The study of choices a) Only I b) Only II c) Only III d) I, II, III, IV
8) Which of the following is the correct full form of OSOWOG initiative of 19) Which among the following explains 'Sunrise Sector'?
the Indian Government? a) It is the sector which includes all those activities the end purpose of which
(a) One Sun, One World, One Grid (b) One Sun, One World, One Goal consists in exploiting natural resources
(c) One Source, One World, One Grid (d) None of the above b) It is the sector that covers all those activities consisting in varying degrees
9) According to the concept of diminishing marginal utility, what is the of processing of raw materials.
relationship between the quantity consumed and the utility derived from c) It includes all those activities in which an industry that has existed for a long
each additional unit of a good? time and that is less successful and making less profit than previously
a) The utility derived from each additional unit consumed remains constant. d) It is one that is still in its infancy but has the potential for significant growth.
b) The utility derived from each additional unit consumed increases 20) The Marginal Cost of Funds Based Lending Rate (MCLR) comprise of
proportionally. which among the following components?
c) The utility derived from each additional unit consumed decreases 1. Marginal cost of funds
d) The utility derived from each additional unit consumed fluctuates randomly. 2. Negative carry on the Cash Reserve Ratio (CRR)
e) The utility derived from each additional unit depends on the price of the 3. Operating costs
good. 4. Tenor premium
10) Which DFI was transformed into a Universal Bank? a) 1, 2 and 3 only b) 1, 2, 3 and 4
a) Industrial Finance Corporation of India (IFCI) c) 1, 3 and 4 only d) 2, 3 and 4 only
b) Industrial Credit and Investment Corporation of India (ICICI) 21) Which of the following is not a Credit Rating agency?
c) Industrial Development Bank of India (IDBI) a) Moody's Investors Service
d) Small Industries Bank of India (SIDBI) b) Standard & Poor's Global Ratings
e) Export-Import Bank of India (Exim Bank) c) Fitch Ratings
11) What are the distinctive features of Infrastructure? d) Credit Rating Information Services of India Ltd.
a) Short gestation period and small investment e) Central Credit Rating Agency of India (CCR)
b) No economies of scale and absence of externalities 22) What is a critical area that India needs to prioritize for Infrastructure
c) Large investment and long gestation period development?
d) Lack of government regulation and natural monopoly a) Transportation b) Housing c) Education d) Health
e) Indirect benefits and absence of externalities 23) Microeconomics primarily focuses on the behavior of:
12) Which among the following is/are the characteristics of the Boom of a) Individual consumers and firms b) National or regional economies
Business Cycle? c) Aggregate indicators d) Government policies
1. An accelerated and prolonged increase in demand. 24) What is Demand-pull inflation?
2.Demand peaks to levels that exceed sustainable output/production levels. a) Inflation caused by increasing aggregate demand
3.Economy heats up and a demand-supply lag becomes apparent. b) Inflation caused by increasing aggregate supply
a) 1 and 2 b) 2 and 3 c) 3 only d) 1, 2 and 3 c) Inflation caused by decreasing aggregate demand
13) What is market equilibrium? d) Inflation caused by decreasing aggregate supply
a) A situation where demand exceeds supply 25) Who manages the funds and makes investments in various securities
b) A situation where supply exceeds demand in a Mutual Fund?
c) A situation where supply equals demand a) Custodians b) Sponsors c) Trustees
d) A situation where prices continuously rise d) Asset Management Companies (AMCs)
e) A situation where prices continuously fall e) Credit Rating Agencies (CRAs)

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26) Which of the following is incorrect regarding Call & Put Option? RETAIL BANKING & WEALTH MANAGEMENT
a) A call option is a right to buy an underlying asset at a fixed price at a future 38) Which of the following are the implementation models followed
date. by Banks for retail banking:
b) A put option is the right to sell an underlying asset at a fixed price at a future
a) Horizontally Organised Model b) Vertically Organised Model
date.
c) Predominantly Vertically Organised Model
c) A put option is the obligation of the option buyer to buy an underlying asset
d) Predominantly Horizontally Organised Model e) All of above
at a fixed price at a future date.
d) A call option is the obligation of the option writer to sell an underlying asset 39) Horizontally Organized Model is a structure using different
at a fixed price at a future date. process models for different products offering end to end solution
product wise:
27) Which among the statement(s) given below is/are correct?
1. A Reverse repo transaction involves the buying of securities and lending of a) Modular b) Circular c) Conventional d) None
short-term surplus in the 1st leg and selling the security at a predetermined 40) Vertical Organized Model provides across products
rate in the 2nd leg. with customer data base orientation and centralized customer data
2. The seller promises to repurchase in a Repo transaction. base is used across products:
3. The seller of the security receives funds, while the buyer of the security a)Transparency b) Functionality c) Duplicacy d) None
receives collateral for the funds that has been lent in a Repo transaction. 41) Under Segmented Approach branches are classified as:
4. Repo is a repurchase agreement, entered between eligible counterparties a) Resource Centres b) Profits Centres c) Priority Centres
for borrowing and lending of funds, on a collateralized basis. d) General Centres e) All of above
a) 1, 2 and 3 only b) 2, 3 and 4 only 42) Price Structuring is a _______ strategy to entice the customer
c) 1, 3 and 4 only d) 1, 2, 3 and 4 to avail more products so that profitability per customer is enhanced:
28) What is Cost-push inflation? a) Cross Selling b) Electronic Selling c) Channel Selling d) None of these
a) Inflation caused by increasing aggregate demand 43) Which of the following are the parts of Technology Model
b) Inflation caused by increasing aggregate supply basically adopted by the Banks:
c) Inflation caused by decreasing aggregate demand a) In House Model b) Outsourced Models
d) Inflation caused by decreasing aggregate supply c) Partially in House and Partially Outsourced Model d) All of above
e) Inflation caused by substantial increases in production costs 44) Recovery of loans through Lok Adalats can be resorted to by
29) What is the impact of an increase in the Money Supply on interest banks upto a limit of:
rates? a) Rs.10 lacs b) Rs.15 lacs c) Rs.20 lacs d) None
a) Increase b) Decrease c) Remain unchanged d) Fluctuate 45) In Retail banking risk is widespread as customer base is huge
30) How does an increase in nominal income affect the money demand
whereas in corporate banking, the risk is though
or Liquidity Preference curve?
the customer base is relatively :
a) It causes a rightward shift in the curve
a) More ; small b) Small ; more c) Equal ; equal. d) None of the above.
b) It causes a leftward shift in the curve
46) The customer segment, in retail banking, whose income level is
c) It results in a movement along the curve
between Rs. to Rs. lac is referred to as Mass Affluent.
d) It has no effect on the curve
e) Cannot be determined from the information provided a) 10 lac to 20 lac b) 10 lac to 50 lac c) 10 lac to 30 lac d) None
31) What type of repo arrangement involves a tripartite agreement 47) In Retail banking in case a customer fails to pay the risk is called
between three parties? ______ and loss due to wrong strategies.
a) Buy-sell back repo b) Hold in custody repo c) Classic repo a) Administrative risk b) Business risk c) Credit risk d) None
d) Bond borrowing and lending e) Tri-Party Repo (TREPS) 48) In Retail banking in case of change in market price the risk
32) What is the minimum paid-up equity share capital required for Tri- occurring is called ________ but loss due to processing failure and
party Agents? frauds, the risk is called ____________:
a) ₹10 crores b) ₹25 crores c) ₹50 crores a) Credit risk ; Market risk b) Operations risk ; market risk.
d) ₹100 crores e) There is no minimum capital requirement c) Credit risk ; business risk. d) Market risk ; operational risk
33) What is the minimum paid-up equity capital required for an entity to 49) In the Retail banking, while following the procedure of lender‟s
set up and operate TReDS? appraisal in mortgage by deposit of the title deed, there must be an
a) Rs. 10 crores b) Rs. 15 crores c) Rs. 20 crores debt or __debt.
d) Rs. 25 crores e) Rs. 30 crores a) Existing ; future b) Agriculture ; industrial.
34) What is the purpose of a commitment fee in a Forfaiting transaction? c) Standard ; sub standard. d) None of the above.
a) To cover the interest cost payable by the exporter. 50) The banks are supposed to get the _______and ______ of the
b) To provide 100% financing to the exporter. title deeds offered by the borrowers as security investigated from the
c) To compensate the exporter for assuming various risks, such as interest- advocates of their choice.
rate risk and currency risk. a) System ; procedure b) Title ; scrutiny c) Rule ; regulation. d) None
d) To pay the exporter for the transfer of the forfaiting transaction to 3rd party. 51) Marketing Mix refers to:
e) To secure the forfaiter's commitment to execute the forfaiting transaction a) Product & Price b) People & Place c)Promotion & Place
within a specified time d) People & Process& Physical evidence e)All the above
35) What does the Expense Ratio represent in a Mutual Fund scheme? 52) Which of the following stages are covered in Product Life
a) The annual fund operating expenses as a percentage of the fund's daily net Cycle PLC):
assets a) Introduction b) Growth c) Maturity d) Decline e) All of above
b) The total return generated by the mutual fund scheme 53) From the two statements given below, which of the following
c) The number of units held by an investor in the scheme is true:
d) The time taken to reach the break-even point on the investment Statement 1- In the Introduction stage of a product, the sales volume
e) The cost of entry or exit load charged by the mutual fund will be low and revenue from the products will not be sufficient to
36) The Prudential Limit for Scheduled Commercial Banks for transacting cover the cost of producing, marketing and servicing it.
as part of Call and Notice Money market is _______ % of capital funds on Statement 2- In the Growth stage which is the second stage in the
a daily average basis in a reporting fortnight. product life cycle, the sales volumes is picked up and the product is
a) 100% b) 125% c) 225% d) 150% likely to break-even and start generating profits for the organization
e) Discretion of the Bank. a) Statement 2 is true b)Both the Statement are true
37) A _______ fund is an Open-ended debt scheme investing in c) Statement 1 is true. d) Both are false.
government securities across maturity.
54) The Generic Product is an _ _ and undifferentiated commodity:
(a) Gilt fund (b) Conservative Hybrid Fund
a) Branded b) Differentiate c) Unbranded d) None
(c) Fund of Funds (d) Floater Fund

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55) The Expected Product represents the customer’s minimal 70) If you wish an annuity to grow to Rs. 20,000 over 4 years so that
________ condition and what the customer expects from the you can then replace your car. What monthly savings would be
product: required, if you could invest @15% p.a. compounded monthly:
a) Purchase b) Capacity c) Sales d) Level of Income a) Rs. 315 b) Rs. 307 c) Rs. 410 d) Rs. 300
56) The Augmented Product is augmenting or the product 71) A plant has been installed at a cost of Rs. 3,50,000. Assume its
voluntarily: salvage value to be Rs. 50,000 at the end of 5 years. Determine the
a) Enhanced b) Entitled c) Enriching d) None amount of depreciation for each year under straight line method.
57) Any Score over will be considered as excellent credit score a) Rs. 40,000 b) Rs. 58,300 c) Rs. 60,000 d) Rs. 45,000
across the board: 72). What is the key difference between the Financial Year (FY) and the
a) 800 b) 700 c) 500 d) 600 Assessment Year (AY) in the context of taxation?
58) The Credit Information Bureau broadly uses which of the following a) FY starts on April 1st, while AY starts on January 1st.
weightage to arrive at the score: b) FY is when taxes are paid, and AY is when income is earned.
a) Payment History-35% b) Amount Owed- 30% c) FY is when income is assessed, and AY is when taxes are filed.
c) Length of credit history-15% d) New Credit-10% e) All of above d) FY is the year income is earned, and AY is the year income is assessed for
59) ___ ATMs in India will be owned and operated by Non Bank tax and taxes are paid
entities. From such ATMs customer from any bank will be able to 73). In the context of wealth management, what does "Assets Under
withdraw money, but will need to pay a fee for the services. These Management (AUM)" refer to?
ATMs will not display logo of any particular bank and are likely to be a) The fees charged for financial services
located in non traditional places. b) The total wealth of the wealth management advisor
c) The total value of assets that a wealth management firm manages on behalf
a) White Label b) Brown label c) Plastic Label d) Code label of clients
60) ____ ATMs are those Automated Teller Machines where hardware d) The client's financial liabilities
and the lease of the ATM machine is owned by a service provider, but 74). ____ Portfolio Management involves the PMS suggesting investment
cash management and connectivity to banking networks is provided ideas, while the investor makes the final decisions and timing.
by a sponsor bank whose brand is used on the ATM. a) Active b) Non-discretionary c) Discretionary d) Passive
a) White Label b) Brown label c) Plastic Label d) Code label 75) A home loan for Rs. 10 lacs at an interest rate of 10% with tenure
61 ) Which of the following major distinctions are of 15 years is sanctioned by ABC Bank to Mr. Sunil. You are required
available between Retail and Wholesale Banking? to calculate yearly equated instalment for this case?
a) Retail Banking targets at the individual segment while corporate banking a) 1,31,476 b) 1,10,000 c) 1,66,667 d) None
deals mainly in corporate clients. 76) Which of the following is not a characteristic of Retail Banking:
b) Retail Banking is a mass market banking model whereas wholesale / a) Banking facilities targeted at individual customers.
corporate banking looks at a relatively smaller segment of business. b) Retail Banking focuses on B2B (Business to business).
c) Retail Banking is a B2C approach whereas corporate banking is a B2B c) Extended to small and medium size business
approach (Business to Business) d) Focuses on mass market segment covering a large population of
d) The ticket size of loans in retail banking is low whereas the ticket size is individual.
high in corporate loans. e) All the above. 77) Which of the following are the approaches of Retail Banking
62) Which of the following ways a bank attempts to settle Price activities followed by Banks:
structuring for products and services? a) Strategic Business Unit (SBU) Approach b) Departmental Approach
a) Stand alone pricing for different products and services. c) Integrated Approach d) All of above
b) Special quotes for high value deposits and retail assets. 78) Which of the following statements regarding contactless cards are
c) Bundled pricing / Holistic pricing based on total relationship correct?
d) None of the above e)All the above. I. These cards work on Near Field Communication Technology
63) The customer segment whose income level is between Rs.10 lacs to II. The maximum transaction value for a contactless card is capped at
Rs.50 lacs is referred to as Rs. 1,00,000.
a)Mass Affluent b) Super Affluent c) HNW d) All the above. III. The customer can pay through a contactless card without entering a
64) Customer Relationship Management (CRM) basically takes care of PIN (for amount under Rs. 5000)
which of the following factors: (a) I and II only (b) II and III only
a) Views customer profile. b) Dynamically tracking their requirements. (c) I and III only (d) I, II and III
c) Offering matching products and services. d) Cross selling relevant products. 79) Which of the following statements are correct regarding Sovereign
e) All of above Gold Bonds?
65 ) Which of the following are fundamental ingredients of an effective I. Interest on Bonds as well as capital gains are exempted.
marketing mix in Retail Banking? II. The maximum subscription limit for individuals is 4kg.
a) Product and Price. b) Promotion and Place. c) Place, People III. The Bond is issued by Reserve Bank of India on behalf of
d) Process and Physical evidence. e) All the above. Government of India.
a) I and II only b) I and III only c) II and III only d) I, II and III
66) Product architecture consists of the following component/s:
ANSWER KEY
a) The Generic Product -the core product. 1 B 2 C 3 B 4 C 5 A
b) The Expected Product – adding additional features. 6 D 7 B 8 A 9 C 10 B
c) The Augmented Product - adding value in addition to features. 11 C 12 D 13 C 14 C 15 C
d) The Potential Product –futuristic features in anticipation. e) All the above 16 C 17 B 18 C 19 D 20 B
21 E 22 D 23 A 24 A 25 D
67) Baby boomers are described for babies born
26 C 27 D 28 E 29 B 30 A
a) After World War II upto early 1960s b) Before World War II 31 E 32 B 33 D 34 E 35 A
c) After World War I d) None of the above 36 E 37 A 38 E 39 A 40 B
68) A construction company plans to purchase a new earthmover for 41 E 42 A 43 D 44 C 45 A
Rs.5 lac in 10 years. Determine the annual savings required to 46 B 47 C 48 D 49 A 50 B
purchase the earthmover if the return on investment is 10% p.a.: 51 E 52 E 53 B 54 C 55 A
a) Rs. 33,545 b) Rs. 32,546 c) Rs. 31,374 d) Rs. 32,741 56 C 57 A 58 E 59 A 60 B
69) What is the maximum transaction limit per day for a single bank 61 E 62 D 63 A 64 E 65 E
account linked to BHIM? 66 E 67 A 68 C 69 A 70 B
a) 100,000 b) 20,000 c) 30,000 d) 10,000 71 C 72 D 73 C 74 B 75 A
76 B 77 D 78 C 79 C
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 RECOLLECTED QUESTIONS
13) A shared, immutable ledger using cryptography to keep
exchanges secure, _______ provides a decentralized
1) In cybersecurity, a _______ is a security tool that can database, or digital ledger, of transactions that everyone on
help computer systems defend against cyber attacks in the network can see:
unique ways. This network-attached system is used as a a) Cryptochain b) Blockchain
decoy to distract cyber attackers from their real targets, c) Distributed Ledger chain d) Unicornchain
deflect and study hacking attempts to gain unauthorized 14) Which is the website of PSB59Loans?
access to information systems. a) psbloansin59minutes.com b) psbloanin59minutes.co.in
a) Honeycomb b) Hackpot c) Honeypot d) Sweetpot c) psbloansin59minute.com d) None of the above
2) TDS on salary is deducted as per which section of IT 15) NPS offers investors two types of accounts to invest in
Act? Tier I and Tier II. Tier I is a mandatory account for all NPS
a) 189 b) 190 c) 191 d) 192 investors while Tier II is voluntary. NPS Tier I account is a
3) ________(RAT) is malware designed to allow an attacker mandatory account for all NPS investors. Additional
to remotely control an infected computer. Once the RAT is deductions of up to Rs. ______ can be claimed for self-
running on a compromised system, the attacker can send contribution.
commands to it and receive data back in response. Full a) 25000 b) 50000 c) 75000 d) 100000
form of RAT is: 16) Issue of Lookout circular is regulated by
a) Remote access Trojan b) Rural access Tenacious a) Police b) High Court c) Ministry of Home Affairs d) None
c) Rural access Torjan d) None 17) What is the maximum loan KCC limit for interest
4) All cross border wire transfers of the value of more than subvention in case of Animal Husbandry and Fisheries?
_____ lakh rupees or its equivalent in foreign currency a) Rs.2 lac b) Rs.3 lac c) Rs.4 lac d) Rs.5 lac
where either the origin or destination of fund is in India 18) Under the ECB framework, all eligible borrowers can
needs to be reported by the 15th of the succeeding month raise ECB up to USD 750 million or equivalent per financial
to FIU-IND. year under the automatic route. The automatic route limit
a) 3 b) 4 c) 5 d) 6 stands increased from USD 750 million or equivalent to
5) All eligible borrowers can raise External Commercial USD _____ billion or equivalent. This relaxation is available
Borrowing up to USD _____ million or equivalent per for ECBs to be raised till December 31, 2022.
financial year under the automatic route. a) 1 b) 1.5 c) 2 d) 2.5
a) 500 b) 750 c) 800 d) 1000 19) The claim period for invocation of guarantee by Banks
6) A ________ is a rough numerical estimate or for loans covered under ‘Credit Guarantee Scheme for Skill
approximation of the value of something that is otherwise Development’ is _____ year from date of NPA, if NPA is
unknown. These are commonly used by accountants, after lock-in period or within ______ year of lock-in period,
salespersons, and other professionals to estimate current if NPA is within lock-in period.
or future results. A stockbroker could use a ballpark figure a) 1, 1 b) 2, 2 c) 3, 3 d) None
to estimate how much money a client might have at some 20) The commission payable by RBI to Banks on
point in the future, given a certain rate of growth. receipt/deposit of challans is Rs. _____ per transaction in
a) Estimating figure b) Regression physical mode and Rs. _____ per transaction in electronic
c) Correlation coefficient d) Ballpark figure mode and for Pension payments it is Rs. ______:
7) Under Prepacked Insolvency Resolution Process (PIRP), a) 40, 9, 55 b) 45, 9, 60 c) 40, 9, 60 d) 40, 9, 75
the debtor must obtain approval of at least ______% of its 21) AD Category-I banks are permitted to allow Startups to
financial creditors (in value of debt due to creditors) who raise ECB under the automatic route upto USD ____ million
are not related parties of the debtor. or equivalent per financial year either in INR or any
a) 65 b) 66 c) 67 d) 68 convertible foreign currency or a combination of both with
8) What is the interest payable by Bank in case of delay in minimum average maturity period of ____ years. The
outstation cheque collection after 14 days upto 90 days? borrowing should be denominated in any freely convertible
a) Term Deposit rate currency or in Indian Rupees (INR) or a combination
b) Savings Bank (SB) rate thereof. In case of borrowing in INR, the non-resident
c) Term Deposit rate or SB rate whichever is less for the lender, should mobilise INR through swaps/outright sale
corresponding period undertaken through an AD Category-I bank in India.
d) None of the above a) 3 ; 3 b) 5 ; 3 c) 3 ; 5 d) 3 ; 7
9) With reference to SLR securities kept by banks, the 22) An Expert Group on Foreign Exchange Markets in India
enhanced Held to Maturity (HTM) limit of 23 per cent shall was set up, which submitted its report in June 1995,
be restored to ____ percent by 31st March 2025 in a phased provided additional impetus to the development of the
manner, beginning from the quarter ending June 30, 2024. Indian foreign exchange market. The committee was named
a) 18 b) 18.5 c) 19 d) 19.5 as _________:
10) What is meant by AgroSilvopasture system? a) HR Khan Committee
a) Reserved Forest for wood and grazing animals b) Abid Hussain Committee
b) Reserved Forest for rubber and grazing animals c) Sodhani Committee
c) Reserved Forest for wood and wild animals d) Bhave Committee
d) Reserved Forest for rubber and wild animals 23) As per PML Act Banks should preserve the records
11) Govt has launched ________ on the national crop pertaining to the identification of the customers and their
insurance portal aimed at expediting the disbursement of addresses obtained while opening the account and during
insurance claims to farmers who have availed themselves the course of business relationship, for at least___years.
of crop insurance under PMFBY: a) 4 b) 5 c) 6 d) 7
a) On-lineINSClaim b) DigitalClaim ANSWER KEY
c) DigiClaim d) PMFBYDigiClaim 1 C 2 D 3 A 4 C 5 B
12) Which of the following is not a part of ‘Cyber security 6 7 8 9 10
D B C D A
management strategy’?
11 C 12 G 13 B 14 A 15 B
a) Identify b) Protect c) Detect d) Respond
16 C 17 A 18 B 19 A 20 D
e) Recover f) Learn g) Teach
21 A 22 C 23 B

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 GENERAL KNOWLEDGELK
SIDBI has forged a partnership with fintech platform KarmaLife to extend:
Micro loans to gig workers
________ has been reappointed as Deputy Governor of the RBI for a one-year ______ has become the first nation to introduce the innovative Men5CV
term by the Appointments Committee of the Cabinet (ACC): T. Rabi Sankar vaccine, recommended by the WHO, targeting five strains of meningococcal
The World Bank Group has appointed former RBI deputy governor ______ bacteria: Nigeria
as a member of its Economic Advisory Panel: Rakesh Mohan _______ has been included in TIME Magazine‟s „100 Most Influential People
_______ has been re-appointed as MD of IMF for a new 5-year term: of 2024‟ which underscores her remarkable ascent as a global icon: Alia Bhatt
Kristalina Georgieva _________ has secured the top position in the QS World University Rankings
Former Revenue Secretary, ________ has been appointed as the head of the by Subject 2024: Jawaharlal Nehru University (JNU)
US-India Tax Forum by the US-India Strategic and Partnership Forum (USISPF): In 2023, _____emerged as a frontrunner in digital services exports, surpassing
Tarun Bajaj China, as outlined in the World Trade Organisation (WTO) report: India
_______ has been appointed as President of ASSOCHAM: Sanjay Nayar RBI data reveals _______ breach of 100 Million Mark in India: Credit Cards
________ has assumed charge as the Principal Director General, Press ________ becomes First Private Bank to Open its Branch at Kavaratti Island in
Information Bureau: Ms Sheyphali B. Sharan Lakshadweep: HDFC Bank
The RBI has approved the appointment of ______ as MD & CEO of Dhanlaxmi ________ has been honored with the „Best Airport Staff in India & South Asia
Bank: Ajith Kumar KK 2024‟ award by Skytrax: GMR Hyderabad International Airport Ltd (GHIAL)
________Principal of Kalindi College, Delhi University, has been awarded the Ministry of Education, through the UDISE+ (Unified District Information System
„International Culture Award‟ for the year 2024: Meena Charanda for Education Plus) portal has made the use of ___by every student mandatory
_____MD of the Times Group has received the Exchange4 Media News from the academic year 2024-25: Permanent Education Number (PEN)
Broadcasting Awards‟ Lifetime Achievement Award 2023: Vineet Jain RuPay, in collaboration with the NPCI, introduces the _____ campaign during
_________, a Maharatna Central Public Sector Enterprise, has been bestowed the Indian Premier League (IPL) 2024: ‘Link it, Forget it’
with the SKOCH ESG Award 2024 in the „Renewable Energy Financing‟ Bandhan Life Insurance has rebranded itself with the tagline ______, reflecting
category: REC Limited its commitment to empowering the aspirations of India: ‘Bharat Ki Udaan,
_______ has been honored with 15th CIDC Vishwakarma Award in the Bandhan Se’
„Achievement Award for Best Construction Projects‟ category: GAIL (India) Ltd. Airtel Payments Bank has introduced NCMC-aligned debit and prepaid cards
________has been honored with American President‟s Volunteer Award 2024 in collaboration with NPCI, powered by RuPay to support India‟s ______
for his work which impacted communities and inspired those around him: Jain initiative: One Nation, One Card
Acharya Lokesh Muni In celebration of Earth Day, the Council of Scientific & Industrial Research
_______, convenor of Chhattisgarh Bachao Andolan, has been selected for (CSIR) unveiled India‟s largest ________ at its headquarters in New Delhi:
the prestigious 2024 Goldman Environmental Prize, known as the Green Nobel Climate Clock
Prize: Alok Shukla _____ ranks as the second cheapest worldwide, with the UAE passport
Indian-American actress, _______, has been honored with the “South Asian claiming the top spot for affordability as per study conducted by Australian firm
Person of the Year” award by Harvard University for her role in musical comedy „Compare the Market AU‟: Indian passport
“Mean Girls”: Avantika Vandanapu ________ have won the “Crash and Burn” and the “Rookie of the Year” awards
______has won National Women‟s Carrom Title for the 12th time in the Indian respectively at the NASA Human Exploration Rover Challenge (HERC): „KIET
carrom history: Rashmi Kumari Group of Institutions’ from Delhi-NCR and ‘Kanakia International School’
The traditional products from Tripura, ___________ have received the from Mumbai
Geographical Indication (GI) tag: „Matabari pera prasad and Rignai pachara _______ has received Authorized Economic Operator (AEO) status from the
textiles’ Ministry of Finance: The Gem & Jewellery Export Promotion Council
________ of Miraj in Maharashtra‟s Sangli district have been awarded (GJEPC)
Geographical Indication (GI) tags: Sitars and Tanpuras _____ snatches the crown of 4th largest private bank from Kotak Mahindra
__________of Varanasi have been included in the Geographical Indication Bank in market value terms: Axis Bank
(GI) category: Tiranga Barfi and Dhalua Murti Metal ______ secures contract worth Rs 233 crore from NABARD for core banking
The Indian Space Research Organisation (ISRO)‟s ______ has been awarded solution upgradation & migration on ASP Model: Dynacons
the 2024 John L. “Jack” Swigert, Jr. Award for Space Exploration by the US- ______ gets RBI„s nod to operate as an online payment aggregator:
based Space Foundation: Chandrayaan-3 mission team Computer Age Management Services (CAMS)
__________, a renowned Kannada poet, writer, academic and activist has won CBDT extends due date for filing _______ up to June 30, 2024: Form
the World Literary Prize from the World Organization of Writers (WOW): Mamta 10A/10AB for charitable and religious trusts
G. Sagar ____ranks highest for global implementation of AI projects as per a report by
Global Hepatitis Report 2024 of The World Health Organisation (WHO) reveals NetApp: India
that ____ is second only to China with 3.5 crore cases of Hepatitis B and C ____ pips China to become the largest electric 3W market globally in 2023:
infections: India India
___________has been honoured with the prestigious „Best Scientific Poster _______ becomes India„s 1st „das hazari‟ in renewable sector with over 10,000
Award‟ at the 2024 Annual Meeting of the American Society for Cataract and MW portfolio: Adani Green Energy
Refractive Surgery: Dr. Agarwal’s Eye Hospital’s research team ______ builds World„s Largest Renewable Energy Park in Khavda, Gujarat:
Fitch Ratings has upheld issuer default rating (IDR) of “BBB-” for both the Adani Green Energy
______ and also maintains a “stable” outlook for these state-run lenders: SBI KEY INDICATORS
and Canara Bank FOREX RESERVES- Rs.
The World Economic Forum has named _______, the co-founder of Nykaa REPO RATE 6.50%
(in Cr) 5317256
and CEO of Nykaa Fashion, as a „2024 Young Global Leader‟: Adwaita Nayar FOREX RESERVES US ($
Delhi‟s ________ secured the tenth position among the busiest airports CRR 4.50%
Million) 637922
worldwide in 2023, according to the report released by the Airports Council SCB’s AGGREGATE
International (ACI): Indira Gandhi Airport SLR 18.00%
DEPOSITS - (Cr) 20643270
______ chairperson, Hindustan Zinc, and non-executive director, Vedanta BANK RATE & SCB’s BANK CREDIT -
Limited, has been selected as one of the five Indians to join the prestigious MSF
6.75%
(Cr) 15973464
Young Global Leaders Class of 2024 by the World Economic Forum: Priya FIXED RATE REVERSE
SDF 6.25% 3.35%
Agarwal Hebbar. REPO

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