Banking - General Knowledge Questions

Correct Answer :   Federal Bank

The Reserve Bank of India has given its approval to the Federal Bank for the appointment of AP Hota as part-time chairman, with effect from June 29, 2023, till January 14, 2026.

* AP Hota has banking experience of over 27 years in Reserve Bank, mostly in technology and payment systems, from 1982- 2009.

* While at Reserve Bank of India, he served as nominee director to the Board of Vijaya Bank and subsequently Andhra Bank. “He was the architect of NPCI and served as its Managing Director and Chief Executive Officer between 2009- 2017,” the company said in the filing.

* He completed his masters degree in literature from Sambalpur University and is a Honorary Fellow of the Indian Institute of Banking and Finance.

* AP Hota was appointed as Independent Director of Federal Bank Limited with effect from January 15, 2018.

* Earlier this month, Federal Bank had elevated its wholesale banking head Harsh Dugar as executive director of the bank with immediate effect.

* RBI has approved Harsh Dugar’s appointment for three years, effective June 23..

Source : Financial Express

Correct Answer :   Indian Overseas Bank

Indian Overseas Bank (IOB) has signed a Memorandum of Understanding (MoU) with the Tamil Nadu State Rural Livelihood Mission (TNSRLM), on Tuesday (20th June 2023), to foster the growth of Self Help Groups (SHGs) in the State and provide them with vital financial support.

* Under the terms of the MoU, TNSRLM will facilitate eligible SHGs for credit linkage with IOB.

* This strategic collaboration aims to streamline access to financial resources for SHGs, enabling them to undertake entrepreneurial activities, expand their ventures, and contribute to the economic development of the State.

* The collaboration is expected to catalyse the growth of SHGs targeting ₹1,875 crore and increase the disbursal under DAY-NRLM (Deendayal Antyodaya Yojana-National Rural Livelihoods Mission) during this fiscal, effectively doubling the impact of financial assistance, according to a statement..

Source : The Hindu Businessline

Correct Answer :   Indian Bank

Manipal Technologies Limited on Thursday (22nd June 2023) said it has partnered with state-owned Indian Bank to drive financial inclusion by offering customised banking products.

The partnership aims to build a sustainable network of corporate business correspondents (CBCs) that will enhance the availability, affordability, and accessibility of financial services, particularly in underserved markets and rural areas.

As part of this association, Manipal Technologies Limited (MTL) will work closely with Indian Bank to offer tailor-made banking products in rural locations.

The initial focus will be serving more than 600 locations and gradually expanding the presence in newer regions in states such as Tamil Nadu, Chhattisgarh, Uttar Pradesh, Kerala, Maharashtra, Haryana, and Punjab, MTL said.

Bank Aim : We aim to empower individuals with seamless access to financial services, ranging from account opening, withdrawals, deposits, lead generation, opening FDs (fixed deposits), and applying for loans.

"Our alliance with MTL will further enable us to reach the last mile and serve the unbanked and underbanked customers of Bharat," Sujay Kumar, Project Leader for selection of Corporate Business Correspondent, Indian Bank.

Abhay Gupte, MD and CEO of MTL, said the company's extensive network of trained field business correspondents will enable Indian Bank in reaching out to individuals in remote areas and ensuring they have convenient access to financial services.

MTL has diversified businesses across domains, including fintech, financial inclusion, doorstep banking, fraud risk management, gold loans, digital solutions, print management, cards, commercial print, and secure solutions..

Source : Business Standard

Correct Answer :   Airtel Payments Bank

Airtel Payments Bank (APB) has partnered with Care Health Insurance to offer its customers health insurance products via the Airtel Thanks app.

* Customers of APB, the payments banking arm of Bharti Airtel, will have access to family health insurance products with a host of sum-insured options, ranging from Rs 50,000 to Rs 5 lakh.

* The offerings will also include coverage towards pre-existing ailments and day care treatment.

* Customers can opt for the health insurance services through the Airtel Thanks app and pay using an APB account, net banking or debit cards of other banks.

"Our tie up with Care Health Insurance will enable us to take benefits of health insurance to millions of under-insured and uninsured Indians through our extensive distribution network and digital reach,” Ganesh Ananthanarayanan, Chief Operating Officer, APB, said in a statement Wednesday (21st June 2023)..

Source : India Times

Correct Answer :   Axis Bank

Axis Bank 21st June 2023 announced the launch of its latest feature, ‘One-View’, on Axis Mobile Application. Axis Bank is the first private sector Bank to introduce this new-age banking feature leveraging the Account Aggregator ecosystem to create a seamless banking experience for its customers.

This feature simplifies the process of managing finances for customers, by providing them access to multiple bank accounts on one single platform, enabling them to track their balances and spending on a real-time basis.

“Axis Bank believes in the power of ‘OPEN’ Banking and we have been continuously investing in digital-first products that reimagine customer propositions.

In this endeavor, we are excited to launch the ‘One-View’ feature on Axis Mobile App leveraging the Account Aggregator ecosystem.

This proposition offers a seamless banking experience and provides convenience to customers by eliminating the need for multiple mobile banking applications. We believe this is transformational and a step further towards the future of banking." said Sameer Shetty, President & Head – Digital Business & Transformation, Axis Bank.


Account Aggregator framework Key benefits for customers :

* Seamless onboarding process to link their non-Axis Bank accounts in the Axis Mobile app

* A comprehensive view of their account balances and transaction statements across multiple bank accounts

* Eliminates the need to manage multiple mobile banking applications

* Allows customers to download and email transaction details from their linked accounts

* Customers can delink any single or all non-Axis Bank accounts at their convenience

* Account Aggregator provides a secure way of sharing information which has customer consent and data privacy as its core design principles.

Source : Mint

Correct Answer :   $150 Million

The board of directors of the World Bank approved a $150 million loan to support Resilient Kerala programme to continue strengthening the state’s preparedness against natural disasters, climate change impacts, and disease outbreaks.

* This additional financing will further deepen the state’s resilience in critical areas of coastal erosion and water resource management.

* According to a statement released by the World Bank on Saturday (17th June 2023), this loan from the International Bank for Reconstruction and Development (IBRD) has a final maturity of 14 years, including a grace period of six years.

* This financing complements the bank’s earlier investment of $125 million. The overall support of the two projects is expected to protect nearly 5 million people from the impacts of floods.

* “Through this additional financing, the World Bank will continue supporting Kerala in increasing its resilience to climate change,” said Auguste Tano Kouame, World Bank’s country director for India. The project will focus on addressing coastal erosion along vulnerable areas of the state, impacting millions of lives.

* The additional financing will expand and deepen the state’s resilience to mitigate impacts of coastal erosion by building a shoreline management plan. The plan will assess the current and future shoreline changes in the state and create policies to address the risks to environmental resources, human settlements and infrastructure along the coast...

Source : TOI

Correct Answer :   Axis Bank

Axis Bank on Friday (16th June 2023) said it has appointed former Reserve Bank deputy governor NS Vishwanathan as the non-executive chairman.

* The third largest private sector bank's board of directors approved the appointment of Vishwanathan as an independent director and non-executive (part-time) chairman for three years, as per an official statement.

* His appointment will be effective from 27 October 2023 or the date of approval of his appointment by the Reserve Bank of India.

* Vishwanathan, a career central banker, was handling critical areas like regulation and quit ahead of his scheduled retirement in 2020.

* Amitabh Chaudhary, Managing Director and Chief Executive of the Bank, said, "His vast knowledge of the financial sector, understanding of the financial sector and expertise in navigating the regulatory landscape will enhance strategic decision-making, while further enhancing our commitment to uphold the highest standards of compliance and corporate governance..

Source : Outlookindia

Correct Answer :   KVGB

Karnataka Vikas Grameena Bank (KVGB) has launched a new deposit scheme 'Vikas Ashadeep 400 days' on Saturday (10th June 2023).

* KVGB chairman Shreekant Bhandiwad said the scheme is of a tenor of 400 days with interest rate of 7.5% for senior citizens and 7% for general public.

* Prospective customers of the scheme will earn higher interest for shorter period i.e. almost 13 months and it is the best competitive rate for the shorter period among the government and nationalised banks, he added.

* He also said that the aim of the bank, besides propping up deposits, was to encourage the habit of savings among the people. Under the scheme, a minimum of Rs 10,000 and maximum of Rs 2 crore can be deposited..

Source : Times of Iandia

Correct Answer :   Indian Overseas Bank

In a first-of-its-kind move in the banking sector, Indian Overseas Bank has launched a Unique feature named 'My Account My Name' for IOB SB HNI and IOB SB MAX account holders.

This feature allows customers to choose any name as their account number.

The account name can only be a numeric, alphabetic, or alphanumeric combination of seven characters.

For example, a customer's account number can be 'Jackson' or '1234567' or 'Jack123..

Source : Times Now News

Correct Answer :   Axis Bank

Axis Bank, in partnership with NGO Dhruvansh, organised a lake cleaning drive, ‘Cleanathon’, in Hyderabad on Saturday (10th June 2023). This initiative was recorded in the Asia Book of Record as it was the largest cleaning drive conducted across the country.

* In Hyderabad, over 100 volunteers participated in cleaning Mushki Cheruvu and Neknampur Lake to restore these water bodies.

* The Cleanathon was conducted across 20 cities including Mumbai, Bangalore, Chennai, and Varanasi.

* In collaboration with local NGOs, the initiative aimed to combat plastic pollution and promote responsible waste management practices. The campaign aligned with the United Nations’ theme for World Environment Day 2023, ‘Beat Plastic Pollution’.

* Participants included Axis Bank employees, local communities, activists, influencers, and volunteers who collected and disposed of plastic waste from beaches and water bodies.

* They also raised awareness about the harmful effects of plastic pollution and advocated for reducing single-use plastics. This collective effort aimed to create a cleaner and healthier environment for all..

Source : New Indian Express