Latest Banking Dates General Knowledge(GK) Questions and answers

1 .

Which Bank introduces a new option, Face authentication-based electronic KYC?

A)

Jio Payments Bank

B)

Paytm Payments Bank

C)

Fino Payments Bank

D)

Airtel Payments Bank

Correct Answer : Airtel Payments Bank

Airtel Payments Bank has taken yet another step towards digital inclusion and announced the launch of Face Authentication-based savings bank account opening for customers. The facility will further ease the account opening process making it seamless & convenient for customers.

* Airtel Payments Bank is the first Payments Bank in the country to offer this facility.

* The new facility will help Business Correspondents (BCs) of the bank to open an account just by undertaking face authentication e-KYC.

* The authentication is processed using a newly developed mobile application by the Unique Identification Authority of India (UIDAI) as a result, the business correspondent will now only need a smartphone to open an account. The bank will make this facility available across all its 500,000 banking points by end of this year(2022).

* Speaking about the launch, Anubrata Biswas, MD & CEO of Airtel Payments Bank said, “We at Airtel Payments Bank believe in strengthening our bouquet of digital services with the latest technology and provide our customers access to improved digital banking solutions which are user-friendly.

* This safe and secure authentication process has been made possible by the efforts of the UIDAI, which is a huge step in furthering the cause of inclusive banking in the country."

* “This KYC facility uses AI/ML based Face Authentication RD Application, which helps in the prevention of fraudulent activities by cross-checking individual’s photo with the image captured in Aadhaar and allows secure customer onboarding," added Anubrata Biswas..

Source : Mint

2 .

Which Bank has launched two new products – loan against deposits(LAD) and dollar bonds – for Non-Resident Indians(NRIs) at its GIFT City branch in Gujarat?

A)

SBI

B)

Axis Bank

C)

HDFC Bank

D)

ICICI Bank

Correct Answer : ICICI Bank

ICICI Bank has launched two new products – Loan Against Deposits (LAD) and Dollar Bonds – for NRI customers at its branch in GIFT City (Gujarat).

* With this, ICICI Bank has become the first bank to offer these products in GIFT City, which is an emerging global financial and IT services hub based in Gujarat.

* “We are offering Dollar Bonds and Loan against Deposits to our NRI customers through our branch at GIFT City. Foreign currency bonds are one of the preferred investment options amongst NRI clients.

* We want to provide our customers with the ease of banking digitally, driving a seamless journey and a hassle-free experience,” said Sriram H Iyer, Head of International Banking Group, ICICI Bank,

What is Loan against Deposits?

Loan against Deposits (LAD) is like a loan in foreign currency against a deposit in India (including Rupee NRE FDs). ICICI Bank said that customers can avail LAD for their short-term cash requirement without having to prematurely close their Term Deposits and thereby avoid paying a penalty for breaking the deposit.

What is Dollar Bond?

Dollar Bonds is an alternate investment option for NRIs, where they can book dollar bonds through ICICI Bank in GIFT City. ICICI Bank said it is offering a cohort of over 50 marquee issuers/companies for these bonds..

Source : Financial Express

3 .

HDFC Bank, Canara Bank Get RBI Approval for Rupee Trade with Which country?

A)

Russia

B)

China

C)

United States

D)

United Kingdom

Correct Answer : Russia

In a bid to facilitate rupee trade with Russia, the Reserve Bank of India (RBI) has approved the opening of special vostro accounts by two more lenders, HDFC Bank and Canara Bank, according to media reports.

This paves the way for cross-border trade in the Indian currency, especially between New Delhi and Moscow.

Three other Indian banks — State Bank of India, IndusInd Bank and UCO Bank — had earlier received the necessary permissions from the regulator to roll out rupee trades.

In July, the central bank had introduced a new arrangement for settling international trades in rupees. The mechanism, enabling the invoicing, payment and settlement of exports and imports in rupees, is aimed at promoting trade.

It would also restrict dollar outflows at a time when the local unit has been depreciating. At the time, SBI had said it was opening a special rupee vostro account to handle Russia-related trade settlements.

The state-owned lender said it is “making necessary arrangements and processing requests received from various banks, including Russian banks, duly following RBI guidelines”.

A vostro account is an account a correspondent bank holds on behalf of another bank. These accounts are an essential aspect of correspondent banking in which the bank holding the funds acts as custodian for or manages the account of a foreign counterpart.

As is known, India has been importing bigger amounts of crude oil from Russia after sanctions imposed on the latter over Ukraine war. As such, enabling importers to pay for buying expensive oil and coal in rupees would help preserve dollar assets..

Source : Indian Express

4 .

Which bank has launched the 7th edition of knowledge summit 'Evolve' for MSMEs?

A)

ICICI Bank

B)

Axis Bank

C)

HDFC Bank

D)

Kotak Mahindra Bank

Correct Answer : Axis Bank

Axis Bank has launched the seventh edition of ‘Evolve’ for MSMEs with the theme of ‘Indian SMEs: Shifting Gears for Next Level Growth’.

‘Digitalisation to Building Indian SMEs’ and ‘Export Opportunities for SMEs in the New World Order’ were some of the other key themes at the launch.

The 7th edition of Evolve will delve into how technology and digitalization can help achieve exponential growth from exports, which is a major area of focus for increasing profitability and market presence for MSMEs, the bank said.

“Through Evolve, Axis Bank aims to provide a platform for MSMEs to interact and learn from industry thought leaders who have transformed their businesses over the years,” it added.

During the launch, Sangram Singh, President, Commercial Banking Coverage Group, Axis Bank said, “The bank strongly believes that MSMEs are the engines of growth for the nation and as partners in progress, we at Axis Bank endeavour to offer both financial and non-financial services to help MSMEs expand their businesses holistically.”

“With an aim to strengthen our commitment and role as a true partner in their journey, we have always extended our support to MSMEs beyond the traditional realm of banking’’, he added.

About The MSMEs Potential : The bank said the MSME sector has immense potential to bolster its export share and despite the industry challenges, positive trends such as government support, digital tools, improved access to finance and technology, trade facilitation and global markets have empowered MSMEs to leverage tailwinds and propel growth to the next level.

The bank is very bullish about the MSMEs sector and that the sector is a big driver of growth for the economy. The bank has extensive underwriting norms while lending to the sector.

About The Previous Edition : The topic for previous edition was “Gearing up for a US$5 Trillion Economy”. The edition highlighted key focus areas in envisioning SME’s role in India’s vision of achieving a $5 trillion economy. This platform provided a great opportunity to interact and learn with the thought leaders of the industry who have witnessed successful growth journeys over the years..

Source : Economic Times

5 .

Which Bank announced(17th Nov 2022) that it has partnered with JCB India to expand its loan portfolio and fund potential buyers of heavy construction equipment?

A)

Axis Bank

B)

IDFC First Bank

C)

Federal Bank

D)

Kotak Mahindra Bank

Correct Answer : Federal Bank

Federal Bank on Friday(18th Nov 2022) said it has tied up with JCB India to finance the prospective buyers of heavy construction equipment and boost its loan portfolio.

* The private sector lender said it has inked a memorandum of understanding (MOU) with JCB India, a leading manufacturer of earthmoving and construction equipment.

* This arrangement will boost the financing options for JCB's customers in India, Federal Bank.

* Under the arrangement, Federal Bank is the preferred finance partner of the construction equipment manufacturer, where JCB's customers can avail loans from the lender at competitive interest rates.

* With the government's focus on infrastructure development continuing to remain strong, there will be various opportunities to create synergies between the teams from JCB India and Federal Bank, Deepak Shetty, CEO and Managing Director of JCB India.

* "Importantly, it will give greater financing options to our customers while purchasing JCB machines both in urban and rural India".

* Shyam Srinivasan, Managing Director and CEO of Federal Bank, said the lender has officially become the financing partner for JCB India..

Source : Business Standard

6 .

Government of India has increased the maximum tenure of Managing Director (MD) and Chief Executive Officer (CEO) of Public Sector Banks (PSB) from five years to how many years?

A)

6 Years

B)

8 Years

C)

10 Years

D)

12 Years

Correct Answer : 10 Years

The government has raised the maximum tenure of the managing director (MD) and chief executive officer (CEO) of public sector banks (PSBs) to 10 years from 5 years, while retaining the superannuation age at 60.

The move will help the government retain talents, who rise through the ranks relatively quickly at state-run banks. It will also enable the PSBs to have relatively young leadership teams that will be in a better position to realise a longer-term vision.

The change in the rule also applies to the whole-time directors of central public-sector enterprises, a senior government official said. It will benefit those whole-time directors who have joined the board at a relatively young age of 45-50 years.

The Nationalised Banks (Management and Miscellaneous Provisions) Amendment Scheme, 2022, notified by the government, said : “A whole-time director, including the managing director, shall devote his whole time to the affairs of the nationalised bank and hold office for such initial term not exceeding five years and extendable up to a total period, including the initial term, not exceeding 10 years, as the central government may, after consultation with the Reserve Bank, specify and shall be eligible for reappointment.”..

Source : Indian Express

7 .

Which Bank has signed a 150 million euro (Rs 1,240 crore) loan agreement with the German development bank KfW for funding solar projects?

A)

Axis Bank

B)

Union Bank of India

C)

Reserve Bank of India

D)

State Bank of India

Correct Answer : State Bank of India

State Bank of India has signed a 150 million euro (Rs 1,240 crore) loan agreement with the German development bank KfW for funding solar projects.

The long-term loan, under the Indo-German solar partnership, will facilitate new and upcoming capacities in the solar sector and further contribute to the country's goals announced during the COP26, the bank said in a statement on Wednesday(16th Nov 2022).

The successful closure of the phase-1 under the solar partnership- promotion of solar/PV between SBI and KfW, paves the way for the current phase-2 in our partnership with this German lender, Ashwini Tewari, a managing director at SBI said.

With this facility, he added, the bank has taken another step towards sustainable financing arrangements for meeting the nation's renewable capacity goals and upholding environmental and social standards.

In 2015, New Delhi and Berlin had signed a memorandum of understanding to foster solar energy through technical as well as financial cooperation. Through this agreement, Germany had expressed its willingness to provide the concessional loans to India in the range of 1 billion euros through KfW..

Source : Business Standard

8 .

The Reserve Bank of India (RBI) has announced(15th Nov 2022) that the government has nominated ________ to its director on central board.

A)

Vivek Joshi

B)

C.S. Setty

C)

Ashwani Kumar

D)

A. Manimekhalai

Correct Answer : Vivek Joshi

The Reserve Bank of India (RBI) on Tuesday(15th Nov 2022) announced that the government had nominated Vivek Joshi to its central board.

* Vivek Joshi, who is the Secretary in the Department of Financial Services, will hold the position of Director at the central bank. The nomination has come into effect from November 15, 2022, until further orders.

* "The Central Government has nominated Shri Vivek Joshi, Secretary, Department of Financial Services, Ministry of Finance, Government of India, as a Director on the Central Board of Reserve Bank of India vice "Shri Sanjay Malhotra".

* The nomination of Shri Vivek Joshi is effective from November 15, 2022 and until further orders," a Finance Ministry release said.

* Vivek Joshi took charge as Secretary, Department of Financial Services (DFS), Ministry of Finance on November 1, 2022. Between 2014 and 2017, he served as joint secretary with the Department of Expenditure, where his responsibilities included formulation of public procurement policies for the Centre and appraisal of publicly funded projects and schemes..

Source : NDTV

9 .

Which bank marked its 104th foundation day on 11 November 2022?

A)

State Bank of India

B)

Union Bank of India

C)

Bank of India

D)

Reserve Bank of India

Correct Answer : Union Bank of India

Union Bank of India, the country’s fifth largest public sector bank, marked its 104th foundation day on 11 November 2022 at MMRDA Ground, BKC, Mumbai, after being founded on 11 November 1919 and having its first head office inaugurated by the Father of the Nation, Mahatma Gandhi.

* On this occasion, the bank introduced a super app called "Union Vyom", as well as several other digital products.

* Union Vyom App, the bank’s super app, is a one-stop shop for all financial goods. The Vyom app is equipped to provide consumers with a one-of-a-kind banking experience in which they may conduct transactions that go beyond traditional banking.

* Aside from online transactions, customers can obtain Retail, MSME loan, credit card, invest in 5000+ mutual fund schemes, and purchase insurance goods without requiring any assistance.

* Anil Kuril, Chief Technology Officer, Union Bank of India, said, “On the occasion of our 104th foundation day, we have launched ‘Uni-verse 2.0 – Metaverse of Banking’ in a glittering celebration.

* Our MD&CEO has made grand entry through Metaverse in real transition from virtual to physical world.” (Sourced from Anil Kuril’s LinkedIn handle)

* Rajnish Khare, Chief Digital Officer, Union Bank of India, said, “VYOM Mobile Banking Launch on our Foundation Day by our Dynamic, Dashing, Dazzling Leader Respected MD Ma’am, Union Bank of India! “Good people to Bank with!”(Sourced from Rajnish Khare’s LinkedIn handle).

Source : BFSI

10 .

Which Bank commits to finance 1000 entrepreneurs in Nagaland through a partnership with Business Association?

A)

State Bank of India

B)

Indian Overseas Bank

C)

Union Bank of India

D)

Central Bank of India

Correct Answer : State Bank of India

Business Association of Nagas (BAN) has signed a memorandum of understanding (MoU) with State Bank of India (SBI) at the concluding day of National Integrate Innovate Expand (NIIE) Trade Fair held at NER Agri Expo on Sunday(6th Nov 2022).

The MoU envisages targeting of 1,000 Micro, Small and Medium Enterprises (MSMEs) for financing in the next two years, which is expected to create huge employment opportunities and contribute Rs 3 billion to the GDP.

As per the MoU, BAN will facilitate identification and preparation of MSMEs through project screening, documentation and submission to SBI.

Once the loan is sanctioned, BAN will be responsible in providing training on book keeping, GST filing, statutory compliances, etc.

BAN will also closely monitor, handhold and actively intervene to avoid any loan becoming irregular. Quarterly performance review of all beneficiary will be held between SBI and BAN.

BAN general secretary Dr Yan Murry, through a press statement, said that the MoU would bring hope and huge respite to genuine entrepreneurs of the State.

Source : Nagaland Post

Banking - General Knowledge Questions