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Banking - General Knowledge Questions
A)
Paytm Payments Bank
B)
Jio Payments Bank
C)
Fino Payments Bank
D)
Airtel Payments Bank

Correct Answer : Option (A) - Paytm Payments Bank

Paytm Payments Bank, which processes transactions for India’s digital payments giant Paytm, was barred from taking on new customers because it violated rules by allowing data to flow to servers abroad and didn’t properly verify its customers, according to a person familiar with the matter.
 
Annual inspections by the Reserve Bank of India found that the company’s servers were sharing information with China-based entities that indirectly own a stake in Paytm Payments Bank, the person said, asking not to be identified as the details are private. Paytm Payments Bank is a joint venture between Paytm and its founder Vijay Shekhar Sharma. China’s Alibaba Group Holding Ltd. and its affiliate, Jack Ma’s Ant Group Co., own shares of Paytm, according to exchange filings.
 
An email to the RBI wasn’t immediately answered.
 
Meanwhile, Paytm Payments Bank termed the Bloomberg report claiming data leak to Chinese firms being the reason behind RBI’s action on the company as “false and sensationalist.”
 
“Paytm Payments Bank is proud to be a completely homegrown bank, fully compliant with RBI’s directions on data localisation. All of the Bank’s data resides within India,” the company said in a tweet..

Source : Business Standard

A)
Kalpana Morparia
B)
Ashwani Bhatia
C)
Chanda Kochhar
D)
Chitra Ramkrishna

Correct Answer : Option (B) - Ashwani Bhatia

The government has appointed veteran banker Ashwani Bhatia as the whole time member of the Securities and Exchange Board of India (Sebi).
 
Bhatia, who is currently the managing director — stressed assets and information technology at State Bank of India, has been appointed for a period of three years.
 
Prior to his elevation as MD of SBI, Bhatia was the chief executive of SBI Mutual Fund. Bhatia, who started his career with SBI in 1985 as a probationary officer, will retire on May 31,2022.
 
The positions of two whole time members at Sebi were vacant at Sebi, after the tenures of G Mahalingam and Madhabi Puri Buch ended last year. Buch was appointed as the Sebi chairperson last month. The other two whole time members on the board of Sebi are SK Mohanty and Ananta Barua.
 
The government has also nominated two officials to the regulator’s board.
 
Ajay Seth, secretary, Department of Economic Affairs (DEA) has been appointed in place of Anand Mohan Bajaj, additional secretary, DEA. The government has nominated Rajesh Verma, secretary, Ministry of Corporate Affairs (MCA) in place of KVR Murthy, joint secretary, MCA..

Source : Economic Times

A)
SBI
B)
HDFC Bank
C)
ICICI Bank
D)
Axis Bank

Correct Answer : Option (D) - Axis Bank

Axis Bank has rolled out an initiative called ‘HouseWorkIsWork’ to offer opportunities to such urban educated women who want to rejoin the professional space.

A)
SBI
B)
Axis Bank
C)
ICICI Bank
D)
HDFC Bank

Correct Answer : Option (B) - Axis Bank

Due to a low participation of urban educated women in the workforce, Axis Bank has launched the ‘HouseWorkIsWork’ project, which provides possibilities for those who want to return to the workforce. In an interview about the bank’s recent hiring initiative ‘HouseWorkIsWork,’ Axis Bank President and Head (HR) Rajkamal Vempati said, “The intent behind this initiative is to give these women the confidence that they are employable, that they have skills, and that they can fit in various job roles in a bank, and it is about getting these women back to work.”

A)
Paytm Payments Bank
B)
Airtel Payments Bank
C)
NSDL Payments Bank
D)
India Post Payments Bank

Correct Answer : Option (C) - NSDL Payments Bank

ToneTag has partnered with NSDL Payments Bank and NPCI to launch its “VoiceSe UPI payments service” for feature phone users. This comes after the Reserve Bank of India has launched the UPI 123Pay facility that enables UPI payments for feature phone users. ToneTag is a sound-based proximity communication and payments service provider based in Bengaluru, Karnataka.
 
To access the “VoiceSe UPI payments service” feature phone users need to call on the IVRS number 6366 200 200.  Every user can only proceed with the financial transaction through UPI PIN. They do not require internet connectivity or a smartphone for making payments. This is an all-inclusive technology that fills the gap in the existing financial ecosystem and brings many benefits to the customers.

A)
RBI
B)
ADB
C)
SBI
D)
World Bank

Correct Answer : Option (A) - RBI

The Reserve Bank of India (RBI) on Monday(7th Mar 2022), released a booklet on modus operandi of financial frauds, titled ‘BE(A)WARE’, as a part of the public awareness initiative by its Consumer Education and Protection Department.
 
RBI, while enhancing customer convenience, furthered that “as the speed and ease of doing financial transactions has improved, the number of frauds reported in retail financial transactions has also gone up. Fraudsters have been using innovative methods to defraud the common and gullible people of their hard-earned money, especially the new entrants in the use of digital platforms who are not entirely familiar with the techno- financial eco-system.”
 
RBI claims that this booklet, which has been compiled from various incidents of frauds reported as also from complaints received at the offices of RBI Ombudsmen, provides information to those who are inexperienced, or not so experienced, in digital and electronic modes of financial transactions.
 
RBI’s Ombudsmen Offices and the Consumer Education and Protection Cells (CEPCs) also revealed that sharing of confidential information by the customers, knowingly or unknowingly, is one of the major causes leading to financial fraud.
 
India’s central bank describes that this “booklet is intended to create awareness among the members of public about the modus operandi adopted by fraudsters to defraud and mislead them, while also informing them about the precautions to be taken while carrying out financial transactions.”

Source : Business Today

A)
123Pay
B)
129Pay
C)
157Pay
D)
234Pay

Correct Answer : Option (A) - 123Pay

RBI Governor "Shaktikanta Das" launched a new UPI payments service for feature phones named UPI 123Pay on March 8, 2022. The UPI payments gateway involves a three-step method to initiate and execute services for users.The service will benefit an estimated 40 crore feature phone users and enable them to undertake digital payments in a secure manner.

A)
Go Digital, Go Secure
B)
Smarter Digital Payments
C)
Unified Payments Interface
D)
Outreach and Availability of Digital Payments

Correct Answer : Option (D) - Outreach and Availability of Digital Payments

The Reserve Bank of India will observe Digital Payments Awareness Week (DPAW) from March 7-11, 2022.

The theme of Digital Payments Awareness Week (DPAW) 2022 is: “Outreach and Availability of Digital Payments”.

A)
USD 100 million
B)
USD 150 million
C)
USD 175 million
D)
USD 200 million

Correct Answer : Option (B) - USD 150 million

Axis Bank on Thursday(3rd March 2022) said it has committed a USD 150 million (about Rs 1,140 crore) loan for strengthening the healthcare infrastructure in the country in association with IPE Global, in the aftermath of the pandemic.
 
The continued threat of new variants has reinforced the need to boost investments and partnerships in the health sector.
 
Axis Bank has committed to strengthening India's healthcare infrastructure by signing an MoU with IPE Global for the SAMRIDH Healthcare Blended Finance Facility, the bank said in a release.
 
"Under this partnership, Axis Bank will provide affordable finance of up to USD 150 million through SAMRIDH, to support health enterprises and innovators who would otherwise not have access to affordable debt financing," said the country's third largest private sector bank..

Source : Business Standard

A)
Buoyant Capital
B)
Pipara & Co LLP Mumbai
C)
Ambit Finvest Private Limited
D)
Boyden India Advisory Services LLP

Correct Answer : Option (C) - Ambit Finvest Private Limited

Ambit Finvest Private Limited, the systematically important Non-Deposit taking Non-Banking Financial Company (NBFC) of the Ambit Group has signed a co-lending agreement with Union Bank of India (UBI) for lending to Micro, Small and Medium Enterprise (MSME) customers.
 
Shri Lal Singh, CGM, MSME, Union Bank said, “The partnership with Ambit Finvest Pvt Ltd. is part of UBI’s strategy to bring synergy between both the companies that will help us serve the most deserving and underserviced businesses. This initiative is a part of Union Bank’s commitment to support the MSMEs by providing tailor-made financial solutions and accelerating the growth of MSMEs to contribute to the country’s economic development.”
 
Sanjay Dhoka, COO & CFO, Ambit Finvest said that Ambit Finvest is delighted to be partnering with Union Bank of India, in increasing the reach of credit to service the needs of the MSME segment. With this alliance, Ambit Finvest and Union Bank of India aim to facilitate speedy disbursal of credit across different geographies.
 
This alliance will ensure underwriting for originations, positively impacting the creditworthiness of MSMEs, in 11 states that are currently covered by Ambit Finvest. Many MSMEs face challenges of higher interest rates or are excluded from access to banking services. Through this innovative model of lending, MSMEs will now enjoy a blended lower rate of interest, translating into a lower cost of funds, helping them deploy capital more effectively in their business..

Source : IBS Iintelligence