Correct Answer : Karnataka Bank
Karnataka Bank has partnered with ICICI Lombard General Insurance to provide its customers with a diverse range of insurance products, including health, motor, travel, and home insurance. This strategic collaboration aims to address the various insurance needs of individuals and businesses. The partnership also focuses on digital insurance solutions, offering online policy purchases, real-time claims processing, and personalized advisory services to enhance customer convenience and provide best-in-class insurance solutions.
Correct Answer : IDFC First Bank
LIC has entered into a partnership with IDFC First Bank to provide online life insurance policies. This collaboration enables over 1 crore customers of IDFC First Bank to purchase LIC policies directly through the bank's website. IDFC First Bank, led by CEO V. Vaidyanathan, is facilitating this offering, showcasing its role in expanding insurance access through digital channels. The partnership with LIC, chaired by Siddharth Mohanty, aims to enhance customer convenience and broaden the reach of life insurance products.
Correct Answer : Asian Development Bank
The Asian Development Bank (ADB) approved a loan of USD 240.5 million to support the deployment of rooftop solar systems in India. This financing aids the government's renewable energy expansion efforts and aligns with India's goal of achieving 50% of its cumulative electric power capacity from non-fossil fuel sources by 2030. The funds will be allocated to the State Bank of India (SBI) and the National Bank for Agriculture and Rural Development (NABARD) to provide loans for installing these systems, contributing significantly to India's renewable energy targets and carbon emission reduction commitments.
Correct Answer : Punjab National Bank
Punjab National Bank (PNB) has introduced the 'Safety Ring' security feature to combat rising cyber fraud incidents. This optional mechanism allows customers to set daily transaction limits for term deposits (TDs) specifically for online closures or overdraft facilities. By enabling customers to define these limits, PNB aims to provide an additional layer of protection against unauthorized access and potential financial losses. The initiative underscores PNB's commitment to enhancing security measures for its internet and mobile banking users.
The Asian Development Bank (ADB) partnered with Aadhar Housing Finance Limited (AHFL) through a $60 million financing agreement aimed at providing housing loans to low-income women in India. This initiative addresses the financing gap in affordable housing and promotes financial inclusion, particularly in states like Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Odisha, Rajasthan, Uttar Pradesh, and West Bengal. ADB's support underscores its commitment to inclusive and sustainable development across Asia and the Pacific region, focusing on critical sectors such as housing and infrastructure.
Correct Answer : ICICI Bank
ICICI Bank launched the Student Sapphiro Forex Card, specifically designed for students travelling abroad for higher education. This prepaid forex card, powered by Visa, offers various benefits including ease of use, digital activation options, and the ability to reload funds digitally, catering to the financial needs of students and their parents managing expenses overseas.
Correct Answer : State Bank of India
The State Bank of India (SBI) introduced "MSME Sahaj," an innovative online loan solution designed specifically for MSMEs. This platform allows MSMEs to obtain loans up to ?1 lakh against their GST-registered sales invoices within 15 minutes, leveraging automated processing and data-driven credit assessments through SBI's digital platform Yono. The initiative aims to enhance cash flow for micro SME units efficiently.
Correct Answer : 28%
The RBI increased the Ways and Means Advances (WMA) limit for State governments and Union Territories (UTs) by 28%, raising it from ?47,010 crore to ?60,118 crore. This adjustment aims to assist States and UTs in managing temporary mismatches in their cash flow, based on recommendations from State Finance Secretaries and recent expenditure data. The revised limit underscores RBI's proactive measures to support regional financial liquidity during economic fluctuations and fiscal challenges.
Correct Answer : Federal Bank
Federal Bank has introduced the RuPay Wave Credit Card, leveraging NPCI's UPI technology for seamless transactions. This card allows customers to conduct payments via mobile devices using the FedMobile application. It features benefits such as no annual fees, cashback on initial UPI transactions, and bonus reward points for quarterly expenditures exceeding ?50,000, enhancing customer convenience and transaction efficiency.
Correct Answer : Axis Bank
Axis Bank has approved a proposal to acquire additional equity shares in Max Life Insurance for up to ?336 crore, increasing its collective shareholding from 19.02% to 19.66%. This move is part of Axis Bank's strategy to strengthen its presence in the insurance sector, following previous investments aimed at enhancing its strategic position and influence within Max Life Insurance.
