Latest Banking Dates General Knowledge(GK) Questions and answers

1 .

Reserve Bank of India (RBI) relaxed the limitations placed on which card in 2022?

A)

Visa Card

B)

RuPay card

C)

Mastercard

D)

American Express Card

Correct Answer : Mastercard

The Reserve Bank of India (RBI) relaxed the limitations placed on Mastercard Asia/Pacific Pte Ltd on onboarding new domestic clients. For non-compliance with RBI standards for data storage in India, Mastercard has been barred from onboarding new domestic users (debit, credit, or prepaid) onto its card network as of July 22, 2021. The RBI had given Mastercard almost three years to comply with the regulatory directives, but it was unable to do so.

About the Terms and Conditions imposed by the RBI :

* All system providers were directed to ensure that the entire data (full end-to-end transaction details, information collected, carried, or processed as part of the message or payment instruction) relating to payment systems operated by them is stored in a system only in India by the RBI circular on Storage of Payment System Data dated April 6, 2018.

* They were also expected to notify the RBI of their compliance and submit a board-approved system audit report done by a CERT-In empanelled auditor within the prescribed time frames.

* However, multinational credit and card companies have resisted the move, citing costs, security concerns, a lack of transparency, a tight schedule, and the prospect of data localization demands from other nations as reasons.

* The Reserve Bank of India had mandated that data be stored only in India, with no copies — or mirroring — stored in other countries.

* Payment companies that used to store and process Indian transactions outside of India claimed that their systems were centralised and that moving the data storage to India would cost them millions of dollars.

* The Reserve Bank of India has decided to allow non-bank entities such as Prepaid Payment Instrument (PPI) issuers, card networks, White Label ATM (WLA) operators, and Trade Receivables Discounting System (TReDS) platforms to join the centralised payment system (CPS) and conduct RTGS and NEFT transactions..

2 .

Which Bank 100X.VC sign MoU to collaborate on start-up support?

A)

HDFC Bank

B)

ICICI BAnk

C)

Axis Bank

D)

Kotak Mahindra Bank

Correct Answer : HDFC Bank

Private sector lender HDFC Bank has announced the signing of a memorandum of understanding with 100X.VC, a notable early-stage venture capital firm, to further its engagement with the start-up ecosystem in the country.

The bank announced the provision of its comprehensive package of specialised services and facilities customised for start-ups, branded as ‘Smart-Up’, for all enterprises affiliated with the venture capital firm. It also announced it would issue additional loans to these start-ups and evaluate their investment potential.

HDFC Bank and 100X.VC will collaborate in mutually advantageous areas as a result of this MoU. All of the venture capital firm's investee firms will be advised to use HDFC Bank as their primary bank. The bank seeks to improve the ecosystem by fostering innovation and entrepreneurship through such partnerships, the statement from the companies said.

The bank will also assess 100X.VC-recommended start-ups for investment and loan extension opportunities. Additionally, HDFC Bank and 100X.VC will also collaborate on initiatives such as Master Classes for start-up enterprises in the country.

The MoU was signed in the presence of Abhishek Deshmukh, Branch Banking Head - Maharashtra, and Yagnesh Sanghrajka, founder & CFO, 100X.VC and Sanjay Mehta, founder & Partner, 100X.VC; Ninad Karpe, Partner,100X.VC, among other senior bank officials..

Source : Business Today

3 .

Which card becomes 1st RBI licensed PPI(Prepaid Payment Instrument) to launch cash withdrawal in all ATM?

A)

Airtel Card

B)

OmniCard

C)

Paytm Card

D)

Amazon Gift Card

Correct Answer : OmniCard

OmniCard has announced that it became the 1st RBI licensed PPI (Prepaid Payment Instrument) to launch cash withdrawal using a RuPay-powered card from any ATMs across the country. The move came in after RBI permitted the non-bank licensed entities to enable cash withdrawals from the digital wallets.

OmniCard users can withdraw cash from any ATM at their convenience with full security from frauds like card theft, card cloning, and PIN skimming as the withdrawal facility comes with high safety & secure features and protects the user from exposing their money and bank account details, an official statement said.

Commenting on the announcement, Nalin Bansal, Chief of Corporate, Fintech Relationships and Key Initiatives, NPCI stated, "We are happy to partner with OmniCard in this endeavour of creating a more expanded line of available payments experiences for the RuPay customers. Prepaid RuPay cards act as a boon in augmenting the customer's financial inclusion, security, and convenience.

Sanjeev Pandey, Co-Founder & CEO, OmniCard, said, “OmniCard provides a compelling alternative platform for users today to keep their bank account safe where life savings are stored from cyber frauds using digital wallet linked with Rupay Card and UPI where the user can store money as per his spending needs. Cash withdrawal is an attempt further to enable customer needs in case of unforeseen spending requirements. I would like to thank RBI and NPCI for their direction and support.”.

Source : Zeebiz

4 .

Which Bank launches digital renewal scheme for Kisan credit card holders in June 2022?

A)

SBI

B)

Bank of India

C)

Canara Bank

D)

Indian Bank

Correct Answer : Indian Bank

Indian Bank launched its KCC Digital Renewal scheme, enabling eligible customers to renew their Kisan Credit Card accounts via digital modes.

The initiative is part of the bank’s digital transformation under project ‘WAVE’ - World of Advanced Virtual Experience.

The account renewals can be done using Indian Bank’s IndOASIS mobile app and internet banking.

Out of the total agriculture portfolio of â‚¹88,100 cr, KCC constitutes â‚¹22,300 cr with 15.84 lakh customers.

Source : The Hindu Businessline

5 .

Who has decided to increased the existing limits on individual housing loans provided by cooperative banks?

A)

World Bank

B)

Reserve Bank of India

C)

State Bank of India

D)

Asian Development Bank

Correct Answer : Reserve Bank of India

The Reserve Bank of India (RBI) raised the upper limit of the home loans provided by cooperative banks to the individual borrowers by at least 100%. The limits have been revised after almost a decade, considering the rise in housing prices. The decision will help increase the demand for housing loans and facilitate better credit flow to the housing sector.

The RBI also allowed Urban Cooperative Banks (UCBs) to provide doorstep banking services to meet customers’ needs, especially senior citizens and differently-abled persons.

The upper limit for individual housing loans granted by tier-I UCBs has been revised from Rs 30 lakh to Rs 60 lakh. For tier-II UCBs, the upper limit for individual housing loans has been revised from Rs 70 lakh to Rs 1.40 crore. These limits were last revised in 2011 and 2009 for UCBs and RCBs, respectively.

For Rural Cooperative Banks (RCBs) with an assessed net worth of less than Rs 100 crore, the limits for individual borrowers have been revised to Rs 50 lakh from Rs 20 lakh, and for other RCBs, the limits have been increased to Rs 75 lakh from Rs 30 lakh..

Source : Clear Tax

6 .

Which Bank appoints R Subramaniakumar as new MD and CEO in June 2022?

A)

Axis Bank

B)

Indian Bank

C)

RBL Bank

D)

IDBI Bank

Correct Answer : RBL Bank

RBL Bank slumped 16.19% to Rs 95 after the bank appointed R Subramaniakumar as the new Managing Director and CEO of the bank for three years.

R Subramaniakumar is a banker with 40 years of experience. He is an Independent Director of the LIC Pension Fund. He is a physics graduate with PGDCA (post graduate diploma in computer application). He has acquired CISA (certified information system audit) & CISM (certified information security manager) from ISACA, USA. He is a banker with CAIIB (certified associate of indian institute of bankers) and also holds advanced banking certificate from University of Maryland, USA.

Shares of RBL Bank have tumbled 16.55% in two trading sessions from its previous closing high of Rs 113.85 on 9 June 2022. The stock has lost 58% from its 52-week high of Rs 226.45 recorded on 8 July 2021.

Shares of the private sector bank hit an all time low of Rs 92.75 in intraday today on the BSE..

Source : Business Standard

7 .

Which Bank Partners With "ZestMoney" To Expand Its 'Cardless EMI' Facility?

A)

ICICI

B)

HDFC

C)

Axis Bank

D)

Union Bank of India

Correct Answer : ICICI

ICICI Bank on Thursday(9th June 2022) announced that it has partnered with ZestMoney to expand its ‘Cardless EMI’ facility for purchases at retail and e-commerce platforms. The partnership enhances affordability of millions of customers of the bank who can use pre-approved cardless credit to instantly buy products/ services using ZestMoney and take care of the cost into Equated Monthly Installments (EMIs).

Customers can convert transactions up to Rs 10 lakh into EMIs by simply putting their registered mobile number, PAN and OTP (received on registered mobile number) at the check-out of the e-commerce website/app or at the PoS machine in retail outlets, without using cards. The facility, in partnership with ZestMoney, is live on select e-commerce websites and will soon be available at retail stores.

With this partnership, the bank’s customers will be able to use ZestMoney's wide merchant base. They will also be able to use ZestMoney’s flagship ‘Pay-in-3’ offering, where they can split the bill into three EMIs without extra cost.

Source : Business World

8 .

RBI has increased policy repo rate to how much in 8th June 2022?

A)

4.90%

B)

5.20%

C)

5.50%

D)

5.74%

Correct Answer : 4.90%

The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) on Wednesday(8th June 2022) voted unanimously to increase the repo rate by 50 basis points to 4.90% in a bid to slow inflation that it estimates will average 7.5% in the current April-June quarter.

The MPC also decided to remain focused on the withdrawal of accommodation which had been provided to support the COVID-19 hit economy, to ensure that inflation remains within the target going forward, while supporting growth, RBI Governor Shaktikanta Das said while announcing the rate increase.

Source : The Hindu

9 .

Which bank announced the results of the 1st Global Hackathon "HARBINGER 2021"?

A)

State Bank of India

B)

Union Bank of India

C)

Central Bank of India

D)

Reserve Bank of India

Correct Answer : Reserve Bank of India

The Reserve Bank of India had launched its first global hackathon – “HARBINGER 2021 – Innovation for Transformation” with the theme ‘Smarter Digital Payments’ which was communicated. The hackathon received encouraging response with 363 proposals submitted by teams from within India and from 22 other countries including the USA, UK, Sweden, Singapore, Philippines, and Israel.

The Hackathon ran in three phases with shortlisting of proposals in the first phase, solution development in the second phase followed by the final evaluation in the third phase.

The third phase of final evaluation was held on May 26-27, 2022 in Bengaluru wherein 24 finalist teams presented their solutions for the problem statements to the jury of external experts who evaluated and selected the winners and runners-up based on parameters like innovation, technology, demonstration, user experience, security, ease of implementation.

Source : India Times

10 .

Which bank has announced the collaboration with global information technology services and consulting firm, Accenture to digitally transform its lending business?

A)

Axis Bank

B)

HDFC Bank

C)

ICICI Bank

D)

Kotak Mahindra Bank

Correct Answer : HDFC Bank

NBFC giant, HDFC on Thursday(2nd June 2022) announced the collaboration with global information technology services and consulting firm, to digitally transform its lending business. The tie-up will revamp HDFC’s customer experience and business processes to provide greater operational agility and efficiency, and drive business growth..

Source : F T L