Banking - General Knowledge Questions

Correct Answer :   Reserve Bank of India

The Reserve Bank of India on Thursday (17th August 2023) launched a centralised Web portal, UDGAM (Unclaimed Deposits Gateway to Access Information), for members of the public to make it easier to search their unclaimed deposits across multiple banks at one place.

UDGAM, which was launched by RBI Governor Shaktikanta Das, will aid users in identifying their unclaimed deposits and accounts and enable them to either claim the deposit amount or make their deposit accounts operational at their respective banks.

To begin with, users would be able to access the details of their unclaimed deposits in respect of seven banks (State Bank of India, Punjab National Bank, Central Bank of India, Dhanlaxmi Bank, South Indian Bank, DBS Bank India, and Citibank N.A.) presently available on the portal.

The search facility for the remaining banks on the portal would be made available in a phased manner by October 15, 2023.

RBI had announced the development of a centralised web portal for searching unclaimed deposits as part of the Statement on Developmental and Regulatory Policies dated April 6, 2023.

Reserve Bank Information Technology Pvt. Ltd. (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks have collaborated on developing the portal...

Source : The Hindu Businessline

Correct Answer :   Canara Jeevan Dhara

Canara Bank has introduced Canara Jeevan Dhara, a special savings bank account for pensioners, and prospective pensioners. All the employees who retired on a voluntary basis or normal retirements are also eligible.

(1/2) Introducing Canara Jeevan Dhara, a special savings bank account for pensioners, and prospective pensioners including all the employees who retired on a voluntary basis or normal retirements. pic.twitter.com/q3WYEqqrAT

— Canara Bank (@canarabank) August 16, 2023

The bank offers two variants depending on the pension credit. Diamonds account is for up to Rs 50,000 and Platinum account is for above Rs 50,000.


Canara Jeevan Dhara interest rate :

Interest rate on Jeevan Dhara savings account will be same as regular savings account which ranges from 2.90% to 4% depending on the balance in the account, according to the Canara Bank website.

The bank is offering an interest rate of 2.90% for savings accounts with an outstanding balance of less than Rs. 50 lakh and between Rs. 50 lakh and less than Rs. 5 crore. The bank offers the interest rate of 2.95% on savings account balances between Rs 5 crore to less than Rs 10 crore and the interest rate on savings account balances between Rs 10 crore to less than Rs 100 crore is 3.05%.

Canara Bank will now pay 3.50% interest on balances in outstanding savings accounts ranging from Rs 100 crore to less than Rs 500 crore. Canara Bank will now pay 3.10% interest on outstanding savings account balances between Rs 200 crore and Rs 500 crore.


Loan against deposit :

* Under this account, the bank will offer 0.75% above the deposit rate for senior citizens.

Top up facility :

* For customers of this account, the bank will offer top up facility on pension loans.


Concession on medical expenses :

* Concession on medical expenses up to 25 percent for Canara Bank Jeevan Dhaara customers.


Canara Bank FD interest rates :

* Canara Bank offers FDs maturing in 7 days to 10 years of 4 per cent to 7.25 per cent for the general public and 4 per cent to 7.75 per cent for senior citizens..

Source : Economic Times

Correct Answer :   Bank of Maharashtra

State-owned Bank of Maharashtra (BoM) has emerged as the top performer among public sector lenders in loan and deposit growth in percentage terms during the first quarter (Q1) of the current financial year FY2023-2024.

The deposit and advances of the Pune-based lender recorded nearly 25 per cent rise, the highest by any public sector bank during the April-June quarter.

With a growth rate of 24.98 per cent the gross domestic advances of the bank rose to Rs 1,75,676 crore at the end of June 2023, according to published quarterly numbers of the public sector banks (PSBs).

It was followed by UCO Bank with 20.70 per cent growth, while Bank of Baroda with 16.80 per cent and Indian Overseas Bank with 16.21 per cent growth were at third and fourth spot respectively.

Country's largest lender State Bank of India stood at fifth spot with 15.08 per cent rise in domestic advances growth..

Source : India Times

Correct Answer :   AU Small Finance Bank Limited

AU Small Finance Bank has achieved an unprecedented feat with the launch of its groundbreaking customer service 24x7 via Video Banking.

This service provides a virtual platform where customers can communicate with a video banker in real time via video calls, like video conferencing.

 “AU Small Finance Bank's foray into round-the-clock Video Banking represents a paradigm shift in modern banking. Even on holidays and weekends, AU’s dedicated team would ensure face-to-face, human-centric interactions, underscoring the bank's commitment to enhancing nationwide banking experiences.

We empower our customers in this digital epoch by elevating accessibility and convenience to unparalleled heights," said Uttam Tibrewal, Executive Director, of AU Small Finance Bank.

Security stands paramount in the realm of Video Banking, with AU Small Finance Bank raising the bar with advanced encryption, AI-powered facial recognition, OTP and signature verification, and video validation.

Every transaction and confidential piece of information is meticulously safeguarded, ensuring customers can engage with the platform with the utmost confidence.

Now, AU SFB’s customers could revel in the convenience of services such as real-time account support, demographic updates, hassle-free financial transactions, effortless loans and Credit Card inquiries, efficient issue resolution related to all banking relationships, and beyond.

AU SFB’s Video Banking transcends the conventional, catering effortlessly to a diverse spectrum of customer segments within the domestic market. In essence, AU’s 24x7 Video Banking extends the reach of banking services to areas with limited infrastructure and resources, offering a convenient and personalized banking experience that addresses the unique needs of tech-savvy millennials, new to banking customers, busy professionals, and senior citizens alike..

Source : Mint

Correct Answer :   Reserve Bank of India (RBI)

The Reserve Bank of India (RBI) has introduced Artificial Intelligence-powered conversational features on UPI, in August 2023.

* Thursday (10th August 2023) with the announcement by the Reserve Bank of India on the addition of conversational payments and offline capability to UPI Lite. The central bank increased the UPI light payment cap from ₹200 to ₹500.

* Aims : To enable digital payments through voice commands .

* The concept, known as “Conversational Payments,” introduces a dynamic and user-friendly approach to transactions.

* Objectives : To allow users to initiate payments seamlessly within chat or messaging conversations, transforming routine interactions into instant financial exchanges.

Source : Industry Wired

Correct Answer :   Airtel Payments Bank

Airtel Payments Bank has become the 1st Indian bank to launch an eco-friendly debit card for its new and existing customers with a savings bank account.

The debit cards will come in r-PVC material, a certified eco-friendly material. Every batch of 50,000 cards produced, will lead to a substantial reduction of 350 kgs of carbon emissions compared to the conventional PVC cards commonly used in the market.

Moreover, the r-PVC cards' production will result in a 43% decrease of hydrocarbon usage, effectively reducing petroleum consumption during manufacturing.

Different card types :

Airtel Payments Bank is launching two cards in the Classic variant – the Personalised Classic Card and the Insta Classic Card. Customers can request the Personalised Card through the Airtel Thanks app, while the Insta Card will be accessible at specific neighborhood banking points by the end of the current quarter. Both cards offer rewards, including e-commerce benefits of up to Rs 10,000, and complimentary One Dines experiences in major cities across India.

Speaking about the launch, Ganesh Ananthanarayanan, chief operating officer of Airtel Payments Bank said, “We are delighted to introduce our new eco-friendly Debit Cards, made using recycled PVC. Airtel Payments Bank believes in responsible consumption and production for a sustainable future. These cards demonstrate our support for sustainability and commitment to offer safe and convenient banking experience. Our aim is to provide India with accessible and inclusive banking by driving positive change in the financial industry and offering our customers a seamless and secure payment experience.”.

Source : Times of India

Correct Answer :   Bandhan Bank

Bandhan Bank partners with the state government for Odisha Tourism Development Corporation (OTDC)

This partnership aims to fortify the state’s tourism sector by facilitating digital payment options. To start with, Bandhan Bank will deploy Point of Sale (PoS) machines, offering tourists the convenience of card payments at various prime destinations. The bank will, in future, deploy UPI acceptance as well.

The locations where the bank will deploy its payment terminals include those in Puri, Bhubaneshwar, Konark, Chilka, and Gopalpur.

“Over the years, Odisha has held a special place in Bandhan Bank’s strategic map. Our collaboration with the Odisha Government is a testament to our commitment to deliver enhanced payment solutions to the state’s discerning tourists.

At Bandhan Bank, we remain steadfast in our endeavour to serve all segments of society, and this joint effort marks yet another stride towards that goal,” said Shantanu Sengupta, the head of retail banking at Bandhan Bank.

The private lender has approximately 150 banking outlets across Odisha; Nationwide, Bandhan Bank’s has over three crore customers through a network of 6,100 banking outlets spanning 34 states and union territories..


Source : Times of India

Correct Answer :   $200 million

The Government of India and Asian Development Bank (ADB) signed (28th July 2023) a $200 million loan as additional financing for the ongoing Rajasthan Secondary Towns Development Sector Project to expand water supply and sanitation systems and enhance urban resilience and heritage living in selected towns.

The signatories to the loan agreement were Mr. Vumlunmang Vualnam, Additional Secretary, Department of Economic Affairs, Ministry of Finance, for the Government of India, and Takeo Konishi, Country Director of ADB’s India Resident Mission, for ADB.

After signing the loan agreement, Mr Vualnam stated that the additional financing will support the Government of Rajasthan in its commitment to reduce basic infrastructure gaps in its secondary towns by expanding water supply and sanitation services and improving livability in selected urban local bodies.

“The project will incorporate various innovative and climate-resilient solutions for expanding basic urban services and incorporate nature-based solutions to rehabilitate heritage structures besides piloting public-private partnerships in the state’s water and sanitation sector to deepen private sector engagement,” said Mr. Konishi.

The ongoing project—approved in September 2020—has so far laid 1,451 kilometer (km) of water supply pipes, 1,110 km of sewer pipes, and connected 68,098 households to water services in selected secondary towns in Rajasthan.

The additional financing will improve water supply systems in at least seven towns by converting all groundwater sources to surface water, replacing about 700 km of leaking water pipes, installing 1,400 km of new water supply pipelines, and providing 77,000 households connections with water meters. It will also establish three new water treatment plants.

At least eight towns will be covered for improvement to sanitation systems by rehabilitating at least 580 km of sewers, building seven sewage treatment plants with co-treatment units to process fecal sludge and septage, and connecting at least 54,000 households to the sewage system.

A new feature in ADB’s support is the water facility development for urban resilience improvement and heritage-sensitive urban development in at least eight heritage towns or towns with strong tourism potential. This includes the reconstruction of water structures with heritage value, incorporating nature-based solutions to improve climate resilience. It will also rehabilitate at least 20 heritage or heritage-like structures to improve the living environment and attract more tourists.

In addition, it will create a special purpose vehicle through a public–private partnership to address water security issues in Rajasthan’s manufacturing industry and to encourage private sector investments and financing. This will establish designated pipe networks to carry treated wastewater from the sewage treatment plants to industrial facilities..

Source : PIB

Correct Answer :   Union Bank of India

Union Bank of India has joined forces with IBM India Pvt Ltd to embark on a comprehensive digital transformation. This strategic partnership signifies a significant milestone in the evolution of the bank and promises to revolutionize the way customers interact with their financial services.

The primary objective of this collaboration is to establish a state-of-the-art Digital Business Platform that caters to the ever-evolving needs of modern-day banking.

By embracing the power of cutting-edge technology, Union Bank of India aims to provide its customers with seamless and efficient banking experiences. This forward-thinking approach focuses on three key elements: omni-channel experiences, data-driven hyper-personalization, and a comprehensive financial services superstore.

The introduction of an omni-channel experience ensures that customers have the flexibility to engage with the bank through various channels, including mobile, online, and in-branch. This multi-dimensional approach enables users to access their accounts anytime, anywhere, ensuring unparalleled convenience.

Furthermore, the integration of data-driven hyper-personalization allows Union Bank of India to cater to the unique financial needs of each individual customer. By utilizing customer data, the bank can offer tailored products and services that align with their preferences and requirements. This level of personalization enhances customer satisfaction and builds long-term relationships between the bank and its clientele.

The Digital Business Platform also introduces a comprehensive financial services superstore, which serves as a one-stop-shop for all banking needs.

This innovative concept enables cross-selling and upselling of financial products, providing customers easy access to a wide range of services. By offering a diverse portfolio within a single platform, Union Bank of India enhances financial inclusion and simplifies the banking experience for its customers.

The commitment to full digital journeys further sets Union Bank of India apart in the competitive banking landscape. By streamlining processes and eliminating unnecessary paperwork, the bank ensures a hassle-free experience for its customers. This digital-first approach allows for faster and more efficient transactions, contributing to enhanced customer satisfaction.

It is worth noting that Union Bank of India’s vision for a future-ready banking ecosystem goes beyond the traditional boundaries of banking. By embracing open banking capabilities.

Aim : The bank aims to foster collaboration with external partners to offer a broader range of services and create a seamless integration experience for customers. This approach showcases the bank’s commitment to innovation and adaptability in an ever-changing digital landscape.

Overall, Union Bank of India’s collaboration with IBM India Pvt Ltd marks a significant step towards a more customer-centric, technologically advanced banking experience. By leveraging cutting-edge technology and focusing on personalized solutions, the bank demonstrates its commitment to meeting the evolving expectations of its customers. This partnership sets the stage for a digital revolution in the banking industry and paves the way for a brighter, more convenient future of banking services..

Source : Media info line

Correct Answer :   Federal Bank

Federal Bank, on the occasion of the start of the FIFA Women’s World Cup, has announced the launch of an exclusive NR savings account scheme, specifically curated for NRI women.

* This scheme, named NRE Eve+, is designed to cater to the unique financial needs of NRI women, offering a range of benefits tailored to enhance the financial journey of NRI women.

* The global virtual launch witnessed the unveiling of the product theme by Shyam Srinivasan, MD & CEO, Federal Bank.

* A prototype of the exclusively designed debit card was unveiled and presented to its first NRE Eve+ customer by Shalini Warrier, Executive Director of Federal Bank.

* The first NRE Eve+ holders from Abu Dhabi included Beena Muraleedharan, Executive Director, SFC group, and Danesa Thandassery Raghulal, ED, Elite Foods Pvt Ltd and from Dubai, Jean Shahdadpuri, MD, Nikai Group of Companies.

* With NRE Eve+, account holders will enjoy complimentary access to international and domestic airport lounges, providing a seamless and luxurious travel experience.

* The power-packed NRE Eve+ debit card unlocks a world of customised offers, including exclusive deals on beauty, healthcare, shopping, dining, travel, and entertainment, tailored to suit women’s preferences. Zero balance savings accounts are available for two children below 12 years of age.

* Complimentary insurance coverage is available up to ₹78 Lakh, including child education benefits, accidental death, hospital cash, and card protection.

* Shalini Warrier, Executive Director of Federal Bank, said, this product is designed to incorporate unique features and benefits which will surely be an attractive proposition to our valued women in the diaspora and will contribute to their financial well-being, making a meaningful impact in their lives...

Source : The Hindu Businessline