Latest Banking Dates General Knowledge(GK) Questions and answers

1 .

Which bank inks MoU with Warehousing Development Regulatory Authority (WDRA)?

A)

Yes Bank

B)

Bank of India

C)

Union Bank of India

D)

State Bank of India

Correct Answer : State Bank of India

State Bank of India (SBI) has inked a memorandum of understanding (MoU) with Warehousing Development Regulatory Authority (WDRA) to help farmers in getting low interest rate loans.

The MoU was signed with the intent of promoting awareness about the new loan product called 'Produce Marketing Loan' to exclusively fund against e-NWRs (electronic Negotiable Warehouse Receipt) with features such as nil processing fee, no additional collateral and attractive interest rates.

Combined with the inherent security and negotiability of the e-NWR system, the 'Produce Marketing Loan' will go long way in improving rural liquidity and increasing farmers income.

SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc...

Source : Moneyworks4me

2 .

Which Indian public sector bank got the approval from RBI to hold special rupee Vostro accounts of three banks from Sri Lanka?

A)

Canara Bank

B)

Federal Bank

C)

Union Bank of India

D)

Indian Bank

Correct Answer : Indian Bank

Indian Bank has received the Reserve Bank of India (RBI) regulatory approval to hold special rupee vostro accounts of three banks from Sri Lanka.

The lenders are struggling against serious foreign exchange crunch.

The Chennai-headquartered public sector bank, which has had a long presence in the South Asian island nation, is expected to activate the special vostro accounts in about a week.

A vostro account in local currency would allow Sri Lanka to import from India without dipping into its declining dollar supply.

The INR vostro facility is part of the special trade settlement mechanism finalised by the RBI in July 2022.

The arrangement allows Indian importers to deposit rupees in vostro accounts that overseas banks open with banks in India and clearing of dues to Indian exporters from the surplus balances in the vostro accounts..

Source : Money Control

3 .

Which Bank has launched a MSME online portal providing instant online ‘In Principle’ approval of up to ₹1 crore?

A)

South Indian Bank

B)

Indian Overseas Bank

C)

Bank of India

D)

IDFC FIRST Bank

Correct Answer : South Indian Bank

The South Indian Bank launched a MSME online portal providing instant online ‘In Principle’ approval of up to ₹1 crore.

MSME enterprises are the most important pillars of the economy and the government is working towards making the sector stronger. This development is at the backdrop of central government considering to make India a $5 trillion economy.

South Indian Bank is facilitating MSMEs to get instant funds. This initiative will help thousands of micro and small businesses avail loans quickly.

Murali Ramakrishnan, MD & CEO, South Indian Bank said, “India is a hub for MSME’s and we are truly determined to serve this sector by providing instant facility. This initiative will help domestic sector to achieve their dream of scaling up businesses who had difficulty in securing loans..

Source : The Hindu Businessline

4 .

Which Bank has signed a MoU with the Indian Institute of Science (IISc), Bengaluru to establish a Centre for Mathematics and Computing at the Institute?

A)

SBI

B)

Axis Bank

C)

Yes Bank

D)

RBL Bank

Correct Answer : Axis Bank

Axis Bank announced signing a Memorandum of Understanding (MoU) with the Indian Institute of Science (IISc), Bengaluru to establish a Centre for Mathematics and Computing at the Institute.

The centre spread over 1.6 lakh square feet will have labs and programmes benefitting faculty and students. Additionally, it will host the new IISc BTech programme in Mathematics and Computing and the ongoing Interdisciplinary PhD programme in Mathematical Sciences.

Over 500 engineers and scientists are estimated to be benefited annually.

Govindan Rangarajan, Director, IISc, said, “Mathematics and Computing are at the core of critical disciplines like Computational Fluid Dynamics, Computational Biology, Quantum Computing, Precision Medicine, Digital Health, Climate Science, Materials Genomics, Cybersecurity, AI, ML, and Data Science.

The centre will provide a platform for exploring and advancing research and innovation in the above areas and serve as a training ground for the next generation of leaders in these fields, offering a range of educational and professional development opportunities for students and faculty.”

The centre will play a vital role in building the country’s future as many contemporary and futuristic areas such as Artificial Intelligence and Data Science rely on the foundations of mathematics and computing, said the company in a press release.

“The higher education ecosystem is a space that is constantly evolving, especially post-Covid, and India has huge potential to stand out as a global hub for new-age, innovative, and quality education. For us, this is one small way to play our part in supporting and nurturing the future generations of the country,” said Amitabh Chaudhry, MD and CEO, Axis Bank..

Source : The Hindu Businessline

5 .

Which Bank Enters into Revised Pact with Max Financial Services for Acquiring Additional 7% Stake in Max Life?

A)

HDFC Bank

B)

ICICI Bank

C)

Axis Bank

D)

Bank of India

Correct Answer : Axis Bank

Axis Bank on Tuesday (10th Jan 2023) said it has entered into a revised agreement with Max Financial Services to acquire an additional 7 per cent stake in Max Life Insurance at fair market value using discounted cash flow method.

The revision in agreement follows the guidance issued by the Insurance Regulatory and Development Authority (IRDAI) in October 2022.

Axis Bank and its subsidiaries -- Axis Securities and Axis Capital -- had in 2021 entered into definitive agreements with Max Financial Services Ltd for acquiring 20 per cent stake in its subsidiary Max Life Insurance Co Ltd.

Axis Entities had collectively acquired 12.99 per cent of the equity share capital of Max Life.

In a regulatory filing on Tuesday (10th Jan 2023), Axis Bank said Axis Entities have entered into revised agreements with Max Financial on January 9, 2023..

Source : India Times

6 .

For many rupees, RBI will issue the Sovereign Green Bonds on 6th Jan 2023?

A)

Rs 16,000 crores

B)

Rs 18,000 crores

C)

Rs 21,000 crores

D)

Rs 25,000 crores

Correct Answer : Rs 16,000 crores

On January 6, 2023, the Reserve Bank of India announced that it will sell sovereign green bonds worth Rs 16,000 crores, in two tranches of 8,000 crores each.

The auction proceeds, which will be conducted on January 25 and February 9, 2023, will be used to fund public-sector projects that reduce the economy's carbon intensity.

Green bonds are issued by any sovereign authority, inter-governmental organizations or alliances, or corporations with the intention of using the bond profits to fund ecologically friendly initiatives..

Source : Economic Times

7 .

Which Bank has received banking regulator RBI's nod to appoint Surinder Chawla as its Managing Director and CEO from January 2023?

A)

Jio Payments Bank

B)

Fino Payments Bank

C)

Airtel Payments Bank

D)

Paytm Payments Bank

Correct Answer : Paytm Payments Bank

Paytm Payments Bank has received the Reserve Bank of India’s approval to appoint veteran banker Mr. Surinder Chawla as its new Managing Director (MD) and Chief Executive Officer (CEO).

The appointment has been approved by the Reserve Bank of India for a period of three years. Mr. Chawla brings with him an illustrious career in Retail Banking spanning over 28 years across marquee institutions such as HDFC Bank, RBL Bank, ABN Amro Bank and Standard Chartered Bank.

A merit-listed Chartered Accountant, Mr. Chawla joins our associate PPBL from RBL Bank, where he served as Head – Branch Banking and focused on expanding the CASA base, fee revenue, and cross-selling across channels.

Prior to joining RBL Bank in 2013, Mr. Chawla spent about 12 years in key senior management positions at HDFC Bank, culminating in his role as Head of the Retail Liabilities Product Group.

As Senior Executive Vice President at HDFC Bank, Mr. Chawla also worked as the head for the Southern, Eastern and Northern regions at different points in his career..

Source : Paytm

8 .

India's foreign exchange reserves fell by ______ billion in 2022

A)

$59.7 Billion

B)

$62.4 Billion

C)

$67.9 Billion

D)

$70.1 Billion

Correct Answer : $70.1 Billion

Forex Reserves at $562.9 bn; Fall by $70 bn in 2022 : India’s foreign exchange reserves fell by $70.1 billion in 2022, data released by the Reserve Bank of India (RBI) shows. In the week ending December 30, the foreign exchange reserves were $562.9 billion.

The RBI’s intervention in the currency markets to combat volatility and the depreciation of other important currencies that the central bank holds are both contributing factors to the fall in foreign exchange reserves. The RBI net sold $33.42 billion till September, Union finance minister Nirmala Sitharaman said. The RBI holds major currencies including pound sterling, yen and euro in its reserves, which are expressed in US dollar terms.

Fall of The Rupee Through-out the Year :

* The rupee depreciated 10.2% against the US dollar in calendar year 2022.

* The rupee breached 80 against the dollar in September and has remained at Rs 81-82 levels since then.

* The rupee is likely to trade with an appreciating bias in the range of 81-83 against the dollar till March.

* In 2023, the Indian currency is expected to remain in the range of 80-83, the forex reserves and forward cover will aid in ensuring that the rupee will remain range bound.

A Reducing Import Cover :

By September 2021, forex reserves had reached a peak of $642.5 billion, before dropping to a low of $631.5 billion by the end of February 2022, when the conflict between Ukraine and Russia broke out.

RBI had said that FX reserves of $564.1 billion as on December 9 are equivalent to 9.2 months worth of imports, lower than the projected 15 months of imports at the peak levels.

A Further Deteriorating Trend :

With the US Federal Reserve retaining a hawkish stance on interest rates, the rupee might breach 83 levels, according to analysts. On the trade front, the rupee will continue to be under pressure from imports of crude oil and other commodities.

Despite its slide, the rupee has been more resilient compared to its peers in other emerging markets due to RBI intervention. However, it has come at the cost of significant depletion in the foreign exchange reserves. According to reports, the foreign reserves slightly increased by $44 million over the week ending December 30.

The increase was mainly due to increase in the gold reserves of $354 million, which was offset by decline of $302 million in the foreign currency assets. The RBI held 785.35 metric tonne of gold as of September 30..

Source : Financial Express

9 .

Which Bank partners with "OPEN" to launch (5th Jan 2023) a fully digital current account proposition for businesses?

A)

ICICI Bank

B)

Axis Bank

C)

HDFC Bank

D)

Kotak Mahindra Bank

Correct Answer : Axis Bank

Private lender, Axis Bank announced joining hands with the digital banking fintech company, OPEN on Thursday (5th Jan 2023) to launch a digital current account for its customers including SMEs (small and medium enterprises), freelancers, homepreneurs, influencers and others.

The current account holders will get access to Axis bank’s over 250 banking services along with OPEN’s financial automation tools for business management including payments, accounting, payroll, compliance, expense management and other such services.

“Business banking is opening up to newer and niche segments like homepreneurs, influencers etc. and we look forward to creating tailored products for them in partnership with Axis Bank.

We will further work on integrating value-add services like term loans, revenue-based financing and more for these users,” said Anish Achuthan, co-founder and chief executive officer, OPEN.

The authentication process of the digital current account will be completely online using PAN (permanent account number) and Aadhaar followed by a Video KYC (know your customer), said the company’s statement..

Source : Financial Express

10 .

Which Bank has launched (4th Jan 2023) 'digital solutions for exporters', a comprehensive set of banking and value-added services on a single platform?

A)

SBI

B)

Axis Bank

C)

ICICI Bank

D)

HDFC Bank

Correct Answer : ICICI Bank

ICICI Bank 4th Jan 2023 announced the launch of digital solutions for exporters, a comprehensive set of banking and value-added services on a single platform.

In a first-of-its-kind initiative in the industry, the suite of solutions digitise the entire export life-cycle-- from discovery of export markets, export finance, foreign exchange services to receipt of export incentives.

The initiative aims : To simplify the journey of exporters by decongesting the current time-intensive manual procedures, thereby significantly improving their operational efficiency.

The key services and offerings of the digital solutions for exporters are :

Insta EPC : Exporters, having relationship with the Bank, will get the convenience of Export Packing Credit (EPC) instantly and digitally. This facility can be availed through Trade Online, the Bank’s flagship digital platform for export-import transactions. Insta EPC enables instant disbursal of credit in a matter of minutes compared to the industry practice of a few working days. This facility offers significant advantage to exporters as it gives access to funds instantaneously for same day use, enhancing their operational efficiency.

Trade accounts : The solution offers foreign currency accounts namely Exchange Earners’ Foreign Currency Account (EEFC). This is a Current Account that allows exporters to hold their foreign currency earnings in the account, without converting it to the local currency. This feature of the account helps exporters to reduce their foreign exchange transaction cost. It also offers specialised Current Account like One Globe Trade Account (OGTA) for export and import related transactions.

Paperless exports solutions : The Bank’s digital solutions like e-Softex (catering to IT/ITeS exporters) and e-DOCs have simplified exporters’ journey across various stages by offering digital filing of documents, settlement and reconciliation of export invoices, among others. It brings in the significant convenience of reduced turn-around time for these transactions from the existing industry practice of a few days to near real time. The simplified digital solutions enable exporters to claim their export incentives faster.

Foreign exchange solution : Exporters can book forex deals over phone or online through digital platforms to get flexibility and transparency in booking rates.

Digital Letter of Credit facility (e-LC) : The exporters can avail e-LC facility, which acts as a digital repository as well as makes LC available on real-time basis, for verification of trade terms.

Electronic Bills of Lading (e-BL) : The Bank has partnered with leading e-BL service providers to facilitate end-to-end digital movement of trade documents across the world. This results in efficient working capital management by reducing turnaround time to a couple of days from existing industry practice of 8-10 days.

Value added services : Exporters can avail value-added services from Trade Emerge, the Bank’s one-stop platform that offers a comprehensive digital suite of various banking and beyond banking services for companies. The platform facilitates an end-to-end journey from business incorporation, regulatory guidelines, partner discovery, logistics and cargo tracking through a blend of services provided by trusted alliance partners.

Trade APIs : The Bank offers Trade APIs, a future-ready industry-first solution, for seamless handling of export bills. The range of APIs include Remittances, Letters of Credit and Bank Guarantees. The Trade API solution provides the exporters with a simplified ‘Do-It-Yourself (DIY)’ experience anytime anywhere. With APIs in place, exporters can initiate transactions via their ERPs directly with the Bank, thereby enhancing productivity..

Source : ICICI

Banking - General Knowledge Questions