With whom has car manufacturer Maruti Suzuki India signed an agreement for financial solutions related to dealers?

Banking - General Knowledge Questions

IDBI Bank

Axis Bank

State Bank of India

Punjab National Bank

Correct Answer : IDBI Bank

Maruti Suzuki India, the country's leading auto manufacturer, has entered into an initial agreement with IDBI Bank to offer tailored financial solutions and comprehensive inventory funding options.

The Memorandum of Understanding (MoU), signed on Wednesday (11th Oct 2023), is aimed at addressing the working capital needs of more than 4,000 Maruti Suzuki sales outlets across India.

Shashank Srivastava, Maruti's Senior Executive Officer (Marketing & Sales), underscored the crucial role that dealer partners play in their business model during Wednesday's announcement. He also reiterated the company's steadfast commitment to bolstering their capacities, particularly in light of the rapidly growing Indian passenger vehicle market.

This collaboration between Maruti Suzuki India and IDBI Bank underlines the auto manufacturer's strategic move to ensure its dealer network has the necessary financial support to meet increasing demand. By providing customized financial solutions and extensive inventory funding options, Maruti hopes to enhance its dealers' ability to operate effectively and efficiently in the expanding market..

Source : Investing

Published On : October 12, 2023

Recent Updates in Banking - General Knowledge Questions

Q .

Which Payments Bank Launches NCMC-enabled Debit and Prepaid Cards?

Fino Payments Bank

Jio Payments Bank

Airtel Payments Bank

PhonePe Payments Bank

Correct Answer : Airtel Payments Bank

Airtel Payments Bank has introduced NCMC-aligned debit and prepaid cards in collaboration with NPCI, powered by RuPay. These cards are designed to support India’s One Nation, One Card initiative. Savings account holders can avail NCMC-enabled debit cards, while wallet users can opt for prepaid cards. Crafted from eco-friendly e-PVC material, these cards offer versatility in payment options, including offline transit transactions, online shopping, and enhanced security with EMV Chip protection.

Key Benefits of NCMC Enabled Card :

* All-in-One Travel Solution : Seamlessly use the card for offline transit transactions like metros, buses, tolls, and parking.

* Versatile Usage : From offline shopping to e-commerce purchases, ticket bookings, and fuel payments, the card covers various transaction needs.

* Flexible Payment Options : Enjoy multiple fare options, including pay-per-ride and purchase passes.

* Enhanced Security : Ensure better security with the highly secured EMV Chip-protection feature.

SBI NCMC Card Integration with Bharat BillPay Platform :

* State Bank of India (SBI) has integrated NCMC cards on its Bharat BillPay platform in collaboration with NPCI Bharat BillPay Ltd. Commuters can now recharge their NCMC cards online, with amounts up to Rs 10,000, using prepaid, debit, or credit cards.

* This integration extends convenience to travelers, with the service already live for various metro networks and more platforms set to follow suit. Noopur Chaturvedi, CEO of NPCI Bharat BillPay, highlights the move as a step towards easing digital payments, backed by the reliability and safety of the Bharat BillPay platform.

Published On : April 20, 2024

Category : Banking

Q .

Which Bank has implemented service charges for Aadhaar Enabled Payment System (AePS) transactions, effective June 15, 2022?

India Post Payments Bank

Paytm Payments Bank

Punjab National Bank

Indian Overseas Bank

Correct Answer : India Post Payments Bank

India Post Payments Bank (IPPB) has implemented service charges for Aadhaar Enabled Payment System (AePS) transactions, effective from June 15, 2022. AePS is a bank-led model allowing online financial transactions at Point of Sale (PoS) terminals through Aadhaar authentication, enabling various banking services.

IPPB AePS Service Charges :

* The first three AePS issuer transactions per month, including cash withdrawal, cash deposit, and mini statement, will be free.
* Transactions exceeding the free limit will incur charges: ?20 plus GST per transaction for cash withdrawals and deposits, and ?5 plus GST per transaction for mini statements.

Services Provided by AePS :

Banking Services :

* Cash Deposit

* Cash Withdrawal

* Balance Enquiry

* Mini Statement

* Aadhaar to Aadhaar Fund Transfer

* Authentication

* BHIM Aadhaar Pay

Other Services :

* eKYC

* Best Finger Detection

* Demographic Authentication

* Tokenization

* Aadhaar Seeding Status

IPPB NEFT/RTGS Transactions :

* IPPB has signed a sub-membership agreement with the Department of Post to facilitate NEFT/RTGS transactions for their customers.
* A dedicated IFS code, “IPOS0000DOP,” has been created exclusively for transactions in DoP Customer accounts.
* For inward transactions to IPPB accounts, the IFS code “IPOS0000001” should be used, while for Post Office Savings Account (POSA) accounts in DoP, “IPOS0000DOP” is to be used.
* Customers are advised to ensure accurate beneficiary account numbers to facilitate proper credit, as IPPB account numbers and POSA account numbers may share similar structures in some branches.

Published On : April 16, 2024

Category : Banking

Q .

Which bank became the first private bank to open a branch in Lakshadweep?

Axis Bank

HDFC Bank

ICICI Bank

State Bank of India

Correct Answer : HDFC Bank

HDFC Bank's initiative to open a branch in Lakshadweep, specifically at Kavaratti Island, marks a milestone as it becomes the first private sector bank to establish a presence in the Union Territory.

This move underscores HDFC Bank's commitment to expanding its reach and offering banking services, including personalized digital solutions, to the residents and businesses of Lakshadweep.

Published On : April 11, 2024

Category : Banking