Correct Answer :   HDFC Bank

HDFC Bank, a major private sector bank, and UAE-based Lulu Exchange have signed an MoU to strengthen cross-border payments between India and the Gulf Cooperation Council (GCC) region.

* In the first phase of the partnership, Lulu Exchange's expertise and regulatory framework would be utilised to launch a digital inward remittance service titled 'RemitNow2India'.

* It will allow UAE individuals resident to send money to any bank account in India via IMPS and NEFT through HDFC digital banking channels. a release issued by the bank on Tuesday (21st Feb 2023).

* The partnership will also look to strengthen the existing relationship between the two entities in India, where LuLu Financial Group operates LuLu Forex and the NBFC division LuLu Finserv.

* Arvind Vohra, Group Head of Retail Branch Banking in HDFC Bank, said the partnership will build on each other's strengths. "While HDFC Bank potentially gains access to remittances from Lulu Exchange's employees, customers and other stakeholders, Lulu Exchange can capitalise on a trusted name with a vast network"..

Source : Economic Times

Correct Answer :   State Bank of India

* A real-time payments system linkage was established between India and Singapore using the UPI platform, State Bank of India on Wednesday (22nd Feb 2023) announced a partnership with PayNow, the online payment system of the city state, for cross-border payments.

* The facility is offered through SBI's Bhim SBIPay mobile application and the linkage will allow fund transfers from India to Singapore through registered mobile numbers, and from Singapore to India using the UPI ID.

* The UPI-PayNow linkage is a significant milestone towards developing an infrastructure for cross-border payments between the two countries and the initiative closely aligns with the G20's priorities of driving faster, cheaper, and more transparent cross-border payments.

* The inward bilateral remittance between the two countries was around USD 949 million in 2021 according to the World Bank bilateral remittances matrix, the bank said.

* SBI chairman Dinesh Khara said the initiative will go a long way in boosting the digitisation initiatives, providing easy, seamless cross-border payment facility to users.

Source : India Times

Correct Answer :   Central Bank of India

Central Bank of India said that it has entered into a strategic co-lending partnership with Moneywise Financial Services Pvt Ltd (MFSPL) to offer micro, small, and medium-sized enterprises (MSMEs) Loans at competitive rates.

* The said loans would be subject to compliance with the applicable laws and guidelines issued by Reserve Bank of India (RBI).

* "The participation by both the entities in this co-lending arrangement will result in greater expansion of portfolio by Central Bank of India and Moneywise Financial Services, the public sector bank said in a statement.

* Moneywise Financial Services (MFSPL) is an RBI regulated non banking financial company focused on MSME Lending.

* MFSPL's AUM as on December 2022 stood approximately at Rs 800 crore.

* Under the arrangement, Moneywise Financial Services will originate and process MSME loan proposals under MSME Sector as per jointly formulated credit parameters and eligibility criteria and Central Bank of India will take into its books 80% of the MSME Loans under mutually agreed terms.

* Moneywise Financial Services will service the loan account throughout the life cycle of the loan.

* The co-lending arrangement is expected to help both the entities to expand their reach across India.

* Central Bank of India is engaged in providing banking and financial services with wide range of products and services to individuals, commercial enterprises, large corporates, public bodies and institutional customers...

Source : Business Standard

Correct Answer :   Bank of Maharashtra (BoM)

Bank of Maharashtra (BoM) has emerged as the top performer among state-owned lenders in terms of loan growth percentage during the third quarter of 2022-23.

* The Pune-based lender recorded a 21.67% increase in gross advances on a year-on-year basis, according to the latest quarterly numbers of the public sector bank (PSB).

* The bank has maintained the top slot in credit growth in percentage terms consistently for the past 10 quarters despite COVID-19 pressures.

* BoM was followed by the Union Bank of India with 19.80 per cent growth. Country's largest lender State Bank of India (SBI) stood at fourth spot with 16.91 per cent rise in advances growth.

* However, SBI's total loans were about 17 times higher at Rs 26,47,205 crore as compared to Rs 1,56,962 crore of BoM in absolute terms.

* In terms of Retail-Agriculture-MSME (RAM) loans, BoM has recorded the highest growth of 19.18 per cent, followed by Punjab & Sind Bank with 19.07 per cent and Bank of Baroda with 18.85 per cent on an annual basis.

* Gross NPAs reported by BoM and SBI were 2.94 per cent and 3.14 per cent of their total advances, respectively, as on December 31, 2022. Net NPAs for these two banks came down to 0.47 per cent and 0.77 per cent.

* With regard to Capital Adequacy Ratio, BoM recorded 17.53 per cent, the highest among PSBs, followed by Canara Bank at 16.72 per cent and Indian Bank at 15.74 per cent as on December 31, 2022..

Source : The Hindu Businessline

Correct Answer :   Indian Overseas Bank

Public sector Indian Overseas Bank has launched the facility of issuance of e-BG (Electronic Bank Guarantee) scheme in association with the National e-Governance Services Ltd, the bank said on Wednesday (15th Feb 2023).

* e-BG : The e-BG is an instrument issued by the city-headquartered bank in which the bank undertakes to guarantee a specific amount against the non-fulfillment of some action/performance of the applicant.

* Features : The main features of the e-BG are completely paperless mode with digital stamping and digital signature.

* Real time issuance of e-BG would make it available for the beneficiary instantly leading to time saving which in turn would fast track all the business purpose for which it is issued..

Source : Business Standard

Correct Answer :   Karnataka Bank

Karnataka Bank was awarded with ‘Prathista Puraskar’ under ‘Digidhan Awards 2021-22’ by Ministry of Electronics and Information Technology (MeitY), government of India for achieving target with highest percentage in BHIM-UPI transactions in private sector bank category.

* Shri. Mahabaleshwara M.S, Managing Director & CEO of Karnataka Bank said “We are happy to receive this award from the Govt. of India and consider it as a recognition for our efforts to carry out our Nation’s vision to strengthen the Digital Payment Ecosystem in the Indian economy.

* Labelled as ‘KBL-NxT’, the Bank is currently undertaking an accelerated digital drive under its Transformation Journey ‘KBL VIKAAS 2.0’. This award is an ideal tribute to the founding fathers of this great institution as Karnataka Bank is stepping into its 100th year of its fruitful existence.”

* Shri. Gokuldas Pai, Chief Business Officer and Shri. Jagadeesh K S, Deputy General Manager, Delhi-Region received the award from Shri. Ashwini Vaishnaw, The Minister for Electronics & Information Technology, Communications and Railways, Govt of India in a function held at New Delhi.


About the Karnataka Bank Limited : Karnataka Bank Limited was incorporated on 18 February 1924, and commenced business on 23 May 1924. Its founders established it at Mangalore, a coastal town in the Dakshina Kannada district of Karnataka.

Karnataka Bank Limited is an Indian private sector bank based in Mangalore. It is an ‘A’ Class Scheduled Commercial Bank with a network of 898 branches, 1 extension counter, 885 ATMs, 563 cash recyclers and 546 e-lobbies/mini e-lobbies across 22 states and 2 union territories. It has 8,519 employees and over 11 million customers throughout the country. Its shares are listed on the NSE and BSE. The tagline of the bank is “Your Family Bank Across India.”..

Source : Karnataka Bank

Correct Answer :   South Indian Bank

South Indian Bank has announced (13th February 2023) the signing of an MoU with Maruti Suzuk India (MSIL) for dealer and retail car financing to help dealer partners streamline vehicle inventory funding and offer comprehensive retail financing solutions to the customers of Maruti Suzuki.

Murali Ramakrishnan, MD, and CEO, South Indian Bank,  sharing his views on the partnership, said "With our diverse finance solutions, we aim to provide convenient and comprehensive finance options for a great synergistic effect.”

The MoU was signed in the presence of Shashank Srivastava, Senior Executive Officer, Marketing and Sales, MSIL, Bhuvan Dheer, Executive Vice President, Sales, MSIL; Vikas Kohli, Vice President, MSIL; Murali Ramakrishnan, MD and CEO, South Indian Bank, and other senior officials from both organizations...

Source : Ten News

Correct Answer :   HDFC Bank

* HDFC Bank has proposed monday(13th Feb 2023) to sell its entire stake of 9.95% (1,65,731 shares) in Softcell Technologies Global Pvt Ltd for ₹9.94 crore at ₹600.36 per share.

* In March 2020, HDFC Bank sold a 2.05% stake (34,150 shares) in  Softcell Technologies Global for Rs 1.47 crore.

* Softcell was founded on 6h September 2018 to sell Information Technology products and offers software and related services...

Source : Free Press Journal

Correct Answer :   Paytm Payments Bank

Paytm Payments Banks Limited (PPBL) has launched Wednesday (15th February 2023) Unified Payments Interface (UPI) LITE, enabled by National Payments Corporation of India (NPCI) for multiple small-value UPI transactions.

* The UPI LITE feature will help with faster real-time transactions with a single click through Paytm as the bank aims to drive the adoption of digital payments across the country.

* The NPCI designed the feature which was launched by Reserve Bank of India (RBI) in September 2022.

* The small value transactions would now only show in the Paytm balance and history section, and not in the bank passbook.

* As a part of its efforts to drive innovation, the Bank said it is the first payments bank to launch such UPI LITE feature.

* "Once loaded, a UPI LITE wallet allows a user to do instant transactions of up to ₹200, making the entire experience quick and seamless. A maximum of ₹2,000 can be added twice in a day to UPI LITE, making the cumulative daily usage up to ₹4,000".

* "We are very excited to launch UPI LITE on Paytm Payments Bank. UPI LITE provides users a faster, secure, and seamless low-value transaction experience.

* With more than 50 per cent of transactions through UPI below ₹200, UPI LITE will successfully provide a distributed way of authorising low-value transactions, moving them away from core banking," said Praveena Rai, COO, NPCI...

Source : Mint

Correct Answer :   Reserve Bank of India

The Reserve Bank of India on Tuesday(14th February 2023) announced its second global hackathon -- 'HARBINGER 2023 - Innovation for Transformation'

Theme : The theme is 'Inclusive Digital Services'.

* Fintechs have been invited to develop solutions that have the potential to make digital financial services accessible to the differently-abled, facilitate efficient compliance, extend the reach of Central Bank Digital Currencies and enhance the scalability of blockchains.

* "Being part of HARBINGER 2023 gives an opportunity to the participants to get mentored by industry experts and exhibit their innovative solutions before an eminent jury and win exciting prizes in each category".

* Registration for the hackathon starts from February 22, 2023.

* The RBI has invited innovative ideas in four segments.

* Winner of the hackathon will be given a prize of Rs 40 lakh and runner-up Rs 20 lakh..

Source : Zeebiz