Correct Answer :   HDFC Bank

HDFC Bank and Atal Innovation Mission, under NITI Aayog, have empowered social sector startups in India by providing grants totaling Rs 19.6 crore in FY24. This initiative, known as the ‘Parivartan Start-up Grants programme,’ supported 170 startups through 41 incubators, focusing on critical areas such as climate innovation, financial inclusion, agriculture, healthcare, education, livelihood enhancement, and gender diversity.

Empowering Social Innovation Across Tier 2 and 3 Cities :

A notable aspect of this initiative is its inclusive reach, with over half of the supported startups originating from more than 60 tier 2 and 3 cities. This underscores the program’s commitment to fostering innovation beyond metropolitan areas and ensuring a more equitable distribution of resources and opportunities.

Strategic Collaborations and Impact Amplification :

Nusrat Pathan, Head of Corporate Social Responsibility at HDFC Bank, emphasized the significance of strategic collaborations and targeted investments in nurturing and amplifying the impact of innovative social startups. By partnering with reputable incubators across the country, such as HTIC at IIT Madras, T-Hub in Hyderabad, and VJTI in Mumbai, the initiative aims to catalyze sustainable change and contribute to a more inclusive future for all.

Correct Answer :   ICICI Bank

ICICI Bank has unveiled a groundbreaking feature allowing non-resident Indian (NRI) customers to utilize Unified Payments Interface (UPI) transactions in India through their international mobile numbers. This innovation aims to simplify daily payments for NRIs by eliminating the need to register an Indian mobile number with their NRE/NRO accounts, thereby enhancing convenience.

Enhanced Convenience for NRIs :

Previously, NRIs had to link an Indian mobile number to their NRE/NRO accounts to use UPI, restricting their payment capabilities. With ICICI Bank’s new offering, NRIs can now leverage their international mobile numbers registered with their accounts for seamless UPI transactions, transforming their payment experience.

Activation Process :

To activate UPI on their international mobile numbers, customers can follow a straightforward process through the iMobile Pay app. By verifying their mobile number, creating a UPI ID, and selecting their account number, NRIs can easily initiate UPI transactions without switching to an Indian mobile number.

Empowering Global Transactions :

Sidharatha Mishra, Head of Digital Channels and Partnerships at ICICI Bank, highlighted the bank’s commitment to leveraging the UPI infrastructure provided by the National Payments Corporation of India (NPCI) to enhance the global digital payments landscape. This initiative signifies a significant stride towards facilitating seamless financial transactions for NRIs and fostering broader adoption of UPI across international borders.

Correct Answer :   YES Bank

YES Bank has partnered with ANQ to introduce two innovative credit cards, Pi and Phi, aiming to blend traditional banking with fintech solutions. The Pi card offers digital-only credit on UPI for domestic transactions, while the Phi card provides physical access for both domestic and international purchases.

Key Features of YES Bank ANQ Pi Credit Card :

* Digital-Only Convenience : Seamless credit transactions on UPI for domestic purchases.
* No Joining Fees : Easy access without any upfront charges.
* Reward Points : Earn 8 reward points on UPI transactions above Rs 2000, coupled with RuPay Platinum Benefits.
* Enhanced Rewards : More rewards on UPI spending, making each transaction more valuable.
* EMI Conversion : Convert purchases into EMIs for greater flexibility.

Key Features of YES Bank ANQ Phi Credit Card :

* Domestic and International Usage : Physical card usable for both domestic and international transactions.
* No Joining Fees : Access without initial costs.
* Multi-Reward Benefits : Rewards for dining, travel, and other categories.
* Additional Perks : Fuel surcharge waivers, international lounge access, and more.
* High Reward Potential : Earn up to 24 reward points on selected categories for spends of Rs 200.

RuPay Announces Cashback Offer for JCB Cardholders :

RuPay, in collaboration with JCB International Co. Ltd, offers a special cashback offer for international RuPay JCB debit and credit cardholders, promoting spending in eight countries.

Cashback Offer Details :

* 25% Cashback : Available on purchases in select countries from May 1, 2024, to July 31, 2024.
* Expansion Strategy : Part of RuPay and JCB’s broader plan to expand globally and introduce more such offers.
* Tax Implications : TCS applies to international debit card spending exceeding Rs 7 lakh per year, while credit card payments are exempt under LRS.