Latest Banking Dates General Knowledge(GK) Questions and answers

1 .

TurtleFin (India's insurtech platform) has collaborated with which bank to develop 'EasyNsure', a complete technology platform?

A)

ICICI Bank

B)

YES Bank

C)

IDFC FIRST Bank

D)

Bank of Baroda

Correct Answer : YES Bank

TurtleFin, (India’s top insurtech platform), has collaborated with YES BANK, one of India’s major private sector banks, to develop EasyNsure, a complete technological platform.

Turtlefin’s innovative API will enable the platform to provide a slew of holistic insurance solutions at the push of a button.

EasyNsure is a first-of-its-kind proposition for YES BANK that will bring multiple insurance partners onto a single platform, providing a slew of benefits including a seamless single point online insurance service, the ability to compare and select a suitable insurance cover based on the customer’s needs, and the ability to compare costs for rationalising purchase decisions, among others.

Turtlefin’s one-of-a-kind and customised technology solutions will allow the platform to provide a seamless customer experience to its customers.

The EasyNsure platform is now operational, with over 40 Life and General Insurance plans (as of November 28, 2022) readily available for review. So far, the platform has generated over 30,000 insurance quotes, including over 6,500 proposals and 5,200 policies. This has resulted in a total premium of INR 6,050 lakh for the platform.

Commenting on the partnership, Sanjiv Roy, Country Head – Fee Income, YES BANK, said, “We, at YES BANK are constantly exploring innovative ways to simplify the customer’s journey across products and services. Digitalization has played a key role in our endeavour to achieve this feat..

Source : BFSI

2 .

What percentage stake did YES Bank buy in JC Flowers Asset Reconstruction Company (ARC)?

A)

9.9%

B)

10.7%

C)

15.2%

D)

20.4%

Correct Answer : 9.9%

YES Bank has inked the share purchase agreement (SPA) with JC Flowers Asset Reconstruction Company (ARC), acquiring a 9.9 percent stake in the ARC at Rs 11.43 per share, the private sector lender informed bourses after market hours on 28th November 2022.

A subsequent acquisition of additional shareholding of 10 percent is subject to requisite regulatory approvals, the bank said.

On September 20, Yes Bank's board had approved the sale of stressed loans worth Rs 48,000 crore to JC Flowers, after receiving no other challenger bids.

The bank intends to participate as a minority shareholder in the ARC. "This will be an ancillary to the main line of business of the bank", it said. As of 31 March, 2022, JC Flowers ARC had Rs 595 crore in assets under management with annual turnover of Rs 19.9 crore.

For the three-month ended 30 September, 2022, Yes Bank's standalone net profit dropped by 32.2 percent year-on-year to Rs 152.8 crore. In the corresponding period of the past fiscal, the private lender's net profit stood at Rs 225.50 crore.

Total income during Q2 FY23, however, was higher at Rs 6,394.11 crore as against Rs 5,430.30 crore in the same period a year ago. Gross non-performing assets (NPAs or bad loans) came down to 12.89 percent of gross advances as against 14.97 percent in the year-ago period..

Source : Money Control

3 .

State Bank of India plans to raise _______ crore worth of infrastructure bonds during the current financial year(FY 2022-2023).

A)

Rs 6,000 Crore

B)

Rs 8,000 Crore

C)

Rs 10,000 Crore

D)

Rs 12,000 Crore

Correct Answer : Rs 10,000 Crore

The Executive Committee of the Central Board of State Bank of India at its meeting held on 29 November 2022 has accorded approval for raising Infrastructure Bonds up to an amount of Rs 10,000 crore (including green shoe option of Rs 5,000 crore) through a public issue or private placement, during FY 2022-23.

* The infrastructure bonds are likely to be of 10 years tenure according to the plans.

* Infrastructure bonds typically have an edge in such a scenario as the money raised through the issuance of these bonds will be excluded while maintaining a cash reserve ratio (CRR).

* With these, the banks will have more funds to lend.

* According to the RBI norms, long-term bonds with a minimum maturity of seven years raise resources for lending to long-term projects in infrastructure sub-sectors..

Source : Business Standard

4 .

RBI to launch of first pilot for retail digital Rupee on _________.

A)

1st January 2023

B)

15th December 2022

C)

10th December 2022

D)

1st December 2022

Correct Answer : 1st December 2022

The Reserve Bank of India announced the launch of the first pilot for the retail digital Rupee on 1st December 2022.

* As per the RBI Press release, eight banks have been identified for phase-wise participation in this pilot.

* The first phase will begin with four banks including State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank in four cities across the country.

* Four more banks, including Bank of Baroda, Union Bank of India, HDFC Bank and Kotak Mahindra Bank will join this pilot subsequently.

* The pilot would initially cover four cities, including Mumbai, New Delhi, Bengaluru and Bhubaneswar and later extend to Ahmedabad, Gangtok, Guwahati, Hyderabad, Indore, Kochi, Lucknow, Patna and Shimla.

* The scope of the pilot may be expanded gradually to include more banks, users and locations as needed.

* The pilot would cover select locations in a closed user group - CUG comprising participating customers and merchants. The digital Rupee would be in the form of a digital token that represents legal tender. Users will be able to transact with digital Rupee through a digital wallet offered by the participating banks and stored on mobile phones. Transactions can be both Person to Person and Person Merchant.

* Payments to merchants can be made using QR codes displayed at merchant locations. The digital Rupee would offer features of physical cash like trust, safety and settlement finality.

* As in the case of cash, it will not earn any interest and can be converted to other forms of money, like deposits with banks. The pilot will test the robustness of the entire process of digital rupee creation, distribution and retail usage in real time. Different features and applications of the digital Rupee token and architecture will be tested in future pilots, based on the learnings from this pilot..

Source : AIR

5 .

Which Bank Signed Bancassurance Pact with Chola MS General and Max Life Insurance Company?

A)

Indian Overseas Bank

B)

Kotak Mahindra Bank

C)

Tamilnad Mercantile Bank

D)

Karur Vysya Bank

Correct Answer : Tamilnad Mercantile Bank

The old private sector bank Tamilnad Mercantile Bank (TMB) has entered into bancassurance partnerships with Cholamandalam MS General Insurance Company Ltd and Max Life Insurance Company to provide general insurance products and life insurance schemes respectively to TMB’s customers.

Under the agreement, Tuticorin-based TMB’s 500-plus branches will start retailing the insurance products of both companies.

Bancassurance : It is the selling of insurance products through banking channels. In Bancassurance a bank enters into an agreement with an Insurance company. The Bank makes its customer database available to the Insurance companies. If the bank customer buys the insurance products then the bank will receive a commission from the Insurance companies.

Here both the bank and the Insurance companies benefit. The Insurance companies get new customers and banks earn extra income.

Regulator of Bancassurance in India : Bancassurance sector is regulated by the Insurance Regulatory and Development Authority of India (IRDAI)..

Source : The Bindu Businessline

6 .

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs __________ crore on Zoroastrian Co-operative Bank, Bombay, for non-compliance with RBI directions.

A)

Rs 1.02 crore

B)

Rs 1.25 crore

C)

Rs 1.45 crore

D)

Rs 1.80 crore

Correct Answer : Rs 1.25 crore

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1.25 crore on Zoroastrian Co-operative Bank, Bombay, for non-compliance with RBI directions on ‘Discounting of Bills by UCBs – Restricted Letters of Credit’ and the provisions of the Co-operative Banks Rules, 1985.

This penalty had been imposed in exercise of powers vested in RBI, the central bank said in a statement released on Monday(28th Nov 2022) evening.

This action is based on a deficiency in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, the RBI said in the statement.

The RBI statement said the statutory inspection of the bank was done by RBI with reference to its financial position as on March 31, 2020, and examination of the risk assessment report pertaining to Forensic Audit Report (FAR) by an external auditor.

RBI said all related correspondence in the matter revealed that the bank had failed to comply with the central bank’s directions on Discounting of Bills by UCBs – Restricted Letters of Credit (LC) and the provisions of the Rules, as it discounted accommodation bills under LCs without establishing the genuineness of underlying transactions/documents and failed to preserve records in good order for a period of eight years..

Source : The Print

7 .

Which Bank has signed an agreement with Hyundai Construction Equipment India?

A)

Karnataka Bank

B)

Federal Bank

C)

South Indian Bank

D)

Indian Overseas Bank

Correct Answer : Karnataka Bank

Karnataka Bank signed a Memorandum of Understanding with Hyundai Construction Equipment India , construction and earthmoving equipment manufacturer.

The partnership with Hyundai is expected to broaden the Bank's MSME funding prospects.

This MoU will allow both Hyundai and Karnataka Bank to provide consumers with customised financial solutions. With this tie up, Bank will be designated as a financial partner and will be able to meet the needs of its customers by providing loans at competitive interest rates for purchase of a wide range of equipments from the product line of Hyundai Construction Equipments India..

Source : Business Standard

8 .

Which Bank has launched an Electronic Bank Guarantee (e-BG) in partnership with National E-Governance Services Limited (NeSL)?

A)

Indian Bank

B)

Canara Bank

C)

Bank of Baroda

D)

Union Bank of India

Correct Answer : Canara Bank

On its 117th Founder’s day, Canara Bank launched an Electronic Bank Guarantee (e-BG) in partnership with National E-Governance Services Limited (NeSL).

With this Canara Bank now offers an API based digital workflow of Bank guarantees which will eliminate physical issuance, stamping, verification and paper-based record maintenance of Bank Guarantees paving the way to augment integration of Environmental and Social Governance (ESG) framework into Business.

This platform offers several advantages such as greater transparency, better monitoring triggers, secured transmission of Bank Guarantee to beneficiary which shall lead to a higher degree of compliance.

"To achieve the milestone of being the first public sector bank to roll out electronic bank guarantee on our 117th founder’s day is a proud moment for the entire Canara Bank family.

The issuance of e-BG shall reduce turnaround time for our customers and contribute towards the ease of doing business for business houses associated with us," said Mahesh M Pai, Canara Bank's General Manager..

Source : Economic Times

9 .

Which bank has launched India's first sticker-based debit card?

A)

HDFC Bank

B)

ICICI Bank

C)

State Bank of India

D)

IDFC First Bank

Correct Answer : IDFC First Bank

IDFC First Bank has issued FIRSTAP, a sticker-based debit card 24th nov 2022. The launch is in collaboration with the National Payments Corporation of India (NPCI) to facilitate transactions by simply tapping the sticker on a point-of-sale terminal that supports Near Field Communication (NFC).

* Sumit Madan, head, retail liabilities and branch banking, IDFC First Bank, on the occasion of the launch said, The launch of sticker-based debit card is in line with the bank’s customer-centric philosophy.

* The number of transactions being carried out via contactless cards are growing fast. As a customer-first bank, we are committed to using contactless technology for frictionless digital transactions.

* With sticker as the form factor in the wearable category, the debit card is convenient to carry around and enables fast check-out.

* According to the business, the sticker-based debit card is one-third the size of a traditional debit card, making it usable to a wide range of devices and objects and considerably improving client convenience. Madan went on to say that this form factor has a wide range of applications..

Source : BFSI

10 .

Who has been appointed executive director of the state-owned Bank of India with effect from 21 November 2022?

A)

Ashwani Kumar

B)

Sanjay Kuma

C)

Subrat Kumar

D)

Debashish Mukherjee

Correct Answer : Subrat Kumar

Subrat Kumar has been appointed Executive Director of the state-owned "Bank of India" with effect from 21 November 2022.

In his long stint in the banking industry, Kumar gained extensive experience in all facets of operational and strategic banking, with a focus on treasury and investment banking, risk management, credit monitoring and corporate banking.

He has over 27 years of experience in commercial banks and asset management companies. "He was successful in his roles as regional head for Patna, head of treasury management, audit ad inspection, credit monitoring, and corporate credit. He also served as the bank's chief risk officer (eVB) and chief financial officer (CFO)".

He also served on the boards of Fixed Income Money Market and Derivatives Association of India (FIMMDA) and BoB Capital Markets Ltd.

Other ED appointments (by govt) :

* Lalit Tyagi (BoB)

* Binod Kumar (PNB)

* Ashok Chandra (Canara Bank)

* Ramasubramanian (Union Bank)

* Mahesh Bajaj (Indian Bank)

* M Paramasivan (PNB)

* Malladi Venkat Murali Krishna (CBI)

* Rahendra Saboo (UCO)

* Sanjay Mudaliyar (Indian Overseas Bank)

Source : Money Control

Banking - General Knowledge Questions