Latest Banking Dates General Knowledge(GK) Questions and answers

1 .

Reserve Bank of India hiked its key repo rate by ____ basis points (bps) on 8th February 2023.

A)

25

B)

34

C)

42

D)

50

Correct Answer : 25

The Reserve Bank of India hiked its key repo rate by 25 basis points (bps) on Wednesday (8th February 2023) as expected, saying core inflation remained high. The central bank said that its policy stance remains focused on the withdrawal of accommodation.

In its December monetary policy review, the central bank had raised the key benchmark interest rate by 35 basis points (bps). Since May 2022, the Reserve Bank has increased the short-term lending rate by 250 basis points, including today's, to contain inflation.

RBI Monetary Policy Q1 FY23: New Rates
Following are the revised rates in the RBI Monetary Policy 2023:

Repo Rate : 6.50%
Standing Deposit Facility (SDF) : 6.25%
Marginal Standing Facility (MSF) : 6.75%

Important Takeaways from RBI Monetary Policy Q1 FY 2023 - 2024 :

Governor Shaktikanta Das Core inflation has not changed. As of January 27, 2023, non-food credit growth was up 16.7% from the prior corresponding period. In order to reduce the CPI, we must never waver.

* As the policy likely defied expectations of a dovish turn, bonds declined, with the yield on benchmark 10-year notes jumping by as far as four basis points to 7.36%, while the currency was trading higher.

* In 12 cities, RBI will roll out a prototype programme for coin-operated machines that use QR codes.

* After the RBI policy announcement, the Sensex was trading almost 300 points higher and the Nifty was up 0.6%.

* Current account deficit will remain eminently controllable and moderate in the second half of 2022–2023 : RBI Governor

* In 2022 and thus far this year, the Indian Rupee has remained the least volatile of its Asian counterparts : RBI Governor

* According to the RBI Governor, a rate increase of 25 bps is acceptable at this time, and monetary policy should remain flexible and responsive to inflation.

* According to the RBI, retail inflation will be 6.5% instead of 6.7% in FY23 and 5.3% in FY24.

* Estimated growth of the gross domestic product (GDP) for FY23 was raised to 7% from 6.8%.

* The RBI anticipates 6.4% GDP growth for 2023–2024.

* Rate adjustment for the SDF (Standing Deposit Facility) to 6.25% from 6%.

* Early trading sees the Indian rupee gain 4 paise to 82.66 against the US dollar as traders assess Jerome Powell’s remarks and wait for the Reserve Bank of India to announce its policy...

Source : Mint

2 .

Which Bank has launched a 'Wealth Management Platform' in partnership with Geojit Financial Services Ltd?

A)

Federal Bank

B)

South Indian Bank

C)

Karnataka Bank

D)

Bank of Baroda

Correct Answer : South Indian Bank

South Indian Bank announces the launch (7th Feb 2023) of a Wealth Management Platform in partnership with Geojit Financial Services Ltd.

SIB Wealth is an exclusive value-added service that will help the bank's high net worth (HNI) customers to invest their money in the best financial instruments available in the market. Under the platform, SIB will be offering the following products/services :

• Portfolio management services

• Alternative investment fund

* Systematic investment plan

* Mutual fund

* Bond

* Real estate funds

* Structured products

South Indian Bank has tied up with Geojit Financial Services Ltd, an investment services company with experience of over 35 years in providing effective financial solutions, to operationalise the service offering...

Source : Theweek

3 .

Which Payments Bank launched BizKhata for Small Merchants and Business partners across the country?

A)

Fino Payments Bank

B)

Paytm Payments Bank

C)

Airtel Payments Bank

D)

India Post Payments Bank

Correct Answer : Airtel Payments Bank

Airtel Payments Bank has launched its current account - BizKhata, which comes with unlimited transactions and instant activation for small merchants and business partners across the country.

Airtel Payments Bank, the only profitable full-scale payments bank, is raising the bar by ramping up the services offered by Payments Bank. Now, Airtel Payments Bank has announced its current account offering for small merchants and business partners.

Many small business owners continue using savings accounts for their business needs due to their inability to maintain the required minimum balance for business accounts. This creates difficulties in differentiating personal and business transactions.

Airtel Payments Bank's BizKhata Benefits :

Airtel Payments Bank's BizKhata has been designed specifically for these small merchants and business owners. It brings all business transactions to one platform and allows them to maintain clear records while enjoying multiple banking benefits.

Unlimited transactions : Merchants and partners can enjoy Unlimited credit and debit transactions. Please note that Unlimited Transactions are subject to the fair practices code to avoid fraudulent activity.

Instant Activation : The customer can start using the account within 5 minutes of opening it.

Zero Minimum Balance : The account has no minimum balance condition.

Safe and Seamless Payment digitization : Business owners can receive and make online payment transfers to any bank across India through IMPS, UPI, NEFT and IFT. In addition, the account comes linked to a QR code to receive payments from any UPI app.

Auto Sweep-out : Day-end balance above Rs 200,000 will be auto sweep-out to a current account with the partner bank. With a single click, the user can transfer the sweep amount back to the business account.

One-click transaction history : Business owners can download the transaction history with a single click and reconcile transactions...

Source : Telecomtalk

4 .

Which bank tie-up with NIIT for training program for relationship management roles?

A)

SBI

B)

Axis Bank

C)

HDFC Bank

D)

ICICI Bank

Correct Answer : HDFC Bank

HDFC Bank, one of the leading private sector banks of India, has partnered with NIIT Limited, a global talent development corporation, to build a large pool of skilled Virtual Relationship Management professionals for the banking industry.

* Spanning over a period of four weeks, the program is designed to build in-demand and advanced sales skills among the learners which will enable them to acquire new customers for multiple services and products.

* The immersive program is designed to develop a ready-to-deploy pool of skilled Virtual Relationship Managers. The extensive practice on real-life scenarios will equip the new professionals with the advanced sales skills and the confidence required for their job roles in the banking sector.

* Any Graduate/Postgraduate with 0-2 years of experience will be eligible for the program.

* The training will take place virtually using various online collaborative platforms.

* The Post Graduate Program in Virtual Relationship Management will empower learners to start an assured banking career with HDFC Bank and have an opportunity for consistent career growth.

* Commenting on the partnership, Ranga Subramanian, Senior Vice President, Human Resources, HDFC Bank, said, “We are extremely delighted to announce this partnership with NIIT to build a robust talent pipeline for HDFC Bank.

* This program has been carefully crafted to produce a thorough training module that emphasizes important skills required for Virtual Relationship Management roles. With this partnership, we are confident of creating the perfect launch pad for those wishing to pursue a career in Banking and relationship management.”

* Speaking on the launch of the program, Bimaljeet Singh Bhasin, President, Enterprise Business India, NIIT Ltd. said, We are delighted to partner with HDFC Bank towards building highly skilled and contemporary talent for the Bank.

* Learners who complete the program will be well-positioned to pursue rewarding careers at HDFC Bank.

* We are committed to constantly work towards our shared goal with leading enterprises of building talented force in line with organizations business and people goals through NIIT’s outcome-driven and technology led learning interventions.

* The program contains a two-rounds assessment process to filter the most deserving candidates, who will go through further upskilling and training rounds throughout the course. This way, the learners will be developed into a pool of up-to-date skilled Virtual Relationship Management professionals for HDFC Bank...

Source : Businesswireindia

5 .

Reserve Bank of India release, India’s foreign exchange reserves increased by ______to ______ in the week ended January 20, 2023.

A)

$1.275 billion to $513.364 billion

B)

$1.421 billion to $524.32 billion

C)

$1.575 billion to $501.52 billion

D)

$1.727 billion to $573.727 billion

Correct Answer : $1.727 billion to $573.727 billion

India’s foreign exchange reserves increased by $1.727 billion to $573.727 billion in the week ended 20 January 2023, the Reserve Bank of India (RBI) said on Friday (27th January 2023).

* India’s forex reserves stood at $561.583 billion as on January 13, 2023.

* The Foreign Currency Assets stood at $503.65 billion. FCA is a major component of the overall reserves. Expressed in dollar terms, FCA includes the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

* At the start of 2022, the overall forex reserves were at $633.61 billion and dropped to a two-year low in October.

* Much of the decline can be attributed to RBI's intervention and a rise in the cost of imported goods. It is still down sharply from a peak of over $642 billion touched in September last year (2022)...

Source : Economic Times

6 .

Which Bank Transfers Entire 40% Shareholding in Russian Joint Venture(JV) to SBI.

A)

Canara Bank

B)

Indian Bank

C)

Bank of India

D)

Union Bank of India

Correct Answer : Canara Bank

Canara Bank on Friday (20th January 2023) said it plans to sell its stake in Russian joint venture (JV) Commercial Indo Bank LLC (CIBL) to the other venture partner State Bank of India (SBI) for about Rs 114 crore.

* CIBL, incorporated in 2003, is a joint venture in Russia between SBI (60 per cent) and Canara Bank (40 per cent).

* Canara Bank has entered into a share sale agreement in relation to sale of equity shares held by it in Moscow-based CIBL with SBI, the bank said in a regulatory filing.

* The Bengaluru-based state-owned bank entered into the agreement for sale on November 11, 2022, it said.

* Based on share sale agreement and with the consent of Central Bank of Russia, entire shares held by Canara Bank have been transferred to SBI on November 30, 2022, it said.

* "However, consideration in USD as agreed by the parties is not yet received. Expected to complete the transaction on or before March 31, 2023," it said.

* Canara Bank is expected to receive USD 14.67 million or about Rs 114 crore from SBI for its 40 per cent stake transfer...

Source : Business Standard

7 .

Which bank has bagged the prestigious Inclusive Finance India Awards 2022?

A)

Ujjivan Small Finance Bank

B)

ESAF Small Finance Bank

C)

AU Small Finance Bank

D)

IDFC First Bank Limited

Correct Answer : ESAF Small Finance Bank

ESAF Small Finance Bank has bagged the prestigious Inclusive Finance India Awards 2022 for its contributions in advancing the goal of financial inclusion and supporting inclusive growth.

K. Paul Thomas, MD and CEO, ESAF Bank, received the award from Anantha Nageshwaran, Chief Economic Advisor at the 19th Inclusive Finance India Summit held in New Delhi.

The Inclusive Finance India Awards is an initiative of ACCESS Development Services constituted in 2009 in partnership with HSBC India.

“This valued recognition is a great encouragement for us to reach out to more deserving people who are still out of the banking purview in our country.

ESAF Bank has successfully fostered a culture of financial discipline and also encouraged those people, especially women, to become financially stable in the unbanked and underbanked regions of the country.”

This award is a recognition of ESAF’s unique spectrum of Financial Inclusion projects ESAF Dhansree, ESAF Udyog Jyothi, LSEDP (Local Sustainable Economic Development Project), ESAF Balajyothi, ESAF Vayojyothi, and ESAF Garshom...

Source : The Hindu Businessline

8 .

SBI board raises Rs ____ Cr via second infrastructure bond issuance on 18th Jan 2023.

A)

Rs 9,718 Cr

B)

Rs 9,999 Cr

C)

Rs 10,542 Cr

D)

Rs 10,957 Cr

Correct Answer : Rs 9,718 Cr

The country's largest lender SBI has raised Rs 9,718 crore through its second infrastructure bond issuance on Wednesday (18 January 2023) at coupon rate of 7.70%.

* The proceeds of bonds will be utilized in enhancing long term resources for funding infrastructure and affordable housing segment. The tenor of these bonds is 15 years.

* The issue attracted bids of Rs 14,805 crore and was oversubscribed by about 2.96 times against the base issue. The total number of bids received was 118 indicating wider participation.

* The investors were across mutual funds, provident & pension funds & insurance companies. The bank has AAA credit rating from domestic credit rating agencies for these instruments.

* Based on the response, SBI decided to accept Rs 9,718 crore at a coupon rate of 7.70% payable annually for a tenor of 15 years.

* Prior to this bank had raised infrastructure bonds of Rs 10,000 crore on 6 December 2022 at a spread of 17 bps over the corresponding FBIL G-Sec par curve.

* This is the first time any bank in India is issuing a 15 years long term infra bond and it will help the bank in lending long term to infrastructure.

* SBI is banking and financial services statutory body engaged in providing a wide range of products and services to individuals, commercial enterprises, large corporates, public bodies, and institutional customers.

* The bank's net profit jumped 73.9% to Rs 13,624.52 crore on 14.2% rise in total income to Rs 88733.86 crore in Q2 FY23 over Q2 FY22.

* The scrip was down 0.53% to Rs 588.25 on the BSE...

Source : Business Standard

9 .

Which Bank won Best Small Bank Award 2022?

A)

Karur Vysya Bank

B)

Tamilnad Mercantile Bank

C)

City Union Bank

D)

South Indian Bank

Correct Answer : Tamilnad Mercantile Bank

Tamilnad Mercantile Bank (TMB) was awarded the Best Small Bank Award 2022 in the 'Best Banks Survey for the year 2022’, conducted by Business Today-KPMG (BT-KPMG Best banks survey).

The award was presented by Union Minister, Nitin Gadkari to S.Krishnan (TMB MD and CEO).

TMB was awarded under the category of banks with a book size of less than ₹1 lakh crore.

BT-KPMG : It is conducting BT-KPMG Best banks survey and awarding the best banks with 37 parameters..

Source : The Hindu

10 .

Which Payments Bank has received final approval from RBI to operate as a Bharat Bill Payment Operating Unit (BBPOU) on 16th Jan 2023?

A)

Jio Payments Bank

B)

Fino Payments Bank

C)

Paytm Payments Bank

D)

Airtel Payments Bank

Correct Answer : Paytm Payments Bank

Paytm Payments Bank on Monday (16th Jan 2023) said it has received final approval from the Reserve Bank of India to operate as a Bharat Bill Payment Operating Unit (BBPOU).

Under Bharat Bill Payment System (BBPS), a BBPOU is allowed to facilitate bill payment services of electricity, phone, DTH, water, gas insurance, loan repayments, FASTag recharge, education fees, credit card bill and municipal taxes.

BBPS is owned by the National Payments Corporation of India.

So far, Paytm Payments Bank Ltd (PPBL) has been undertaking this activity under in-principle authorisation from RBI.

"PPBL has got the final approval from RBI to operate as Bharat Bill Payment Operating Unit (BBPOU) under the Payment and Settlement Systems Act, 2007.

As an entity under Bharat Bill Payment System (BBPS), PPBL has got the final authorization to conduct bill payment and aggregation business as a BBPOU," the company said in a statement...

Source : Mint

Banking - General Knowledge Questions