Banking - General Knowledge Questions

Correct Answer :   Ria Money Transfer

India Post Payments Bank (IPPB) has partnered with Ria Money Transfer to offer innovative remittance services in rural India.

This collaboration aims to provide accessible, affordable, and secure financial services directly to customers in remote areas, leveraging IPPB's extensive postal network and Ria Money Transfer's global expertise in cross-border money transfers.

The partnership facilitates international inward money transfer services at thousands of Post Office locations, enhancing financial inclusion and economic opportunities for rural communities across India.

Correct Answer :   Purvanchal Cooperative Bank

The Reserve Bank of India has cancelled the licence of Ghazipur-based Purvanchal Sahakari Bank in Uttar Pradesh as it does not have adequate capital and earning prospects.

RBI also said that as per the data submitted by Purvanchal Sahakari Bank, about 99.51 per cent of the depositors are entitled to receive the full amount of their deposits from DICGC.

Correct Answer :   SBI

The Ministry of External Affairs (MEA) and the State Bank of India (SBI) have formalized a Memorandum of Understanding (MoU) to integrate SBI’s payment gateway, SBIePay, with the eMigrate portal. This collaboration aims to bolster digital payment services for Indian migrant workers, recruiting agents, and users of the portal.

Integration Objective :

The integration seeks to expand the scope of safe and legal migration for Indian workers by enhancing digital payment options on the eMigrate portal. Launched in 2014, this portal facilitates transparent emigration processes, connecting foreign employers, registered agents, and insurance providers, thereby ensuring seamless migration under regulatory frameworks.

Key Features of the MoU :

Enhanced Digital Payment Services : The MoU enables the use of SBIePay on the eMigrate portal, allowing users to pay emigration-related fees conveniently. Payment options include UPI, credit/debit cards, and NEFT through net banking, with zero transaction charges for transactions made via these channels.

Operational Implementation : Following the successful integration of SBIePay, the enhanced digital payment service will be operational. This initiative aims to simplify financial transactions associated with overseas employment, promoting efficiency and compliance with emigration regulations.

Strengthening Migration Processes : By leveraging SBI’s robust payment infrastructure, the initiative underscores MEA’s commitment to ensuring secure and lawful migration pathways for Indian workers. This partnership is poised to streamline financial transactions critical to the emigration process, benefiting stakeholders involved in overseas employment.

Correct Answer :   $2.6 Billion

The Asian Development Bank (ADB) committed $2.6 billion in sovereign lending to India in 2023, aiming to bolster various sectors including urban development, power, industry, horticulture, connectivity, and climate resilience.

Focus Areas of ADB’s Sovereign Loans :

The loans target projects fostering India’s structural transformation, job creation, infrastructure enhancement, green growth, and socioeconomic inclusiveness, integrating smart technologies and innovations.

Key Projects Supported by ADB :

Funding includes initiatives such as the Visakhapatnam–Chennai Industrial Corridor, urban service improvement in Uttarakhand, Rajasthan, and Tripura, road connectivity in Madhya Pradesh and Bihar, horticulture development in Himachal Pradesh, and expansion of the Delhi–Meerut rapid rail transit corridor.

Knowledge-Based Support and Technical Assistance :

Beyond financial aid, ADB offers knowledge support through technical and operational studies, aiding in areas like national logistics costs calculation framework and urban sector development strategies for states like Assam.

Private Sector Engagement and Grants :

ADB also extended $23.53 million for technical assistance and a $4.1 million grant, alongside over $1 billion in loans to the private sector in 2023, with grants exempting repayment obligations.

India’s Relationship with ADB :

India, a member since the ADB’s inception in 1966, remains its largest borrower, receiving loans, grants, and technical assistance totaling $55.3 billion. India ranks fourth among ADB shareholders, with the United States, Japan, China, and Australia as the top shareholders.

About the Asian Development Bank :

Established in 1966 with India among its founding members, ADB operates as a regional multilateral institution, focusing on the Asia-Pacific region. With 68 members, it provides loans, grants, technical assistance, and equity investments to foster social and economic development, headquartered in Mandaluyong City, Philippines, under the presidency of Masatsugu Asakawa, a Japanese citizen.

Correct Answer :   HDFC Bank

HDFC Bank and Atal Innovation Mission, under NITI Aayog, have empowered social sector startups in India by providing grants totaling Rs 19.6 crore in FY24. This initiative, known as the ‘Parivartan Start-up Grants programme,’ supported 170 startups through 41 incubators, focusing on critical areas such as climate innovation, financial inclusion, agriculture, healthcare, education, livelihood enhancement, and gender diversity.

Empowering Social Innovation Across Tier 2 and 3 Cities :

A notable aspect of this initiative is its inclusive reach, with over half of the supported startups originating from more than 60 tier 2 and 3 cities. This underscores the program’s commitment to fostering innovation beyond metropolitan areas and ensuring a more equitable distribution of resources and opportunities.

Strategic Collaborations and Impact Amplification :

Nusrat Pathan, Head of Corporate Social Responsibility at HDFC Bank, emphasized the significance of strategic collaborations and targeted investments in nurturing and amplifying the impact of innovative social startups. By partnering with reputable incubators across the country, such as HTIC at IIT Madras, T-Hub in Hyderabad, and VJTI in Mumbai, the initiative aims to catalyze sustainable change and contribute to a more inclusive future for all.

Correct Answer :   ICICI Bank

ICICI Bank has unveiled a groundbreaking feature allowing non-resident Indian (NRI) customers to utilize Unified Payments Interface (UPI) transactions in India through their international mobile numbers. This innovation aims to simplify daily payments for NRIs by eliminating the need to register an Indian mobile number with their NRE/NRO accounts, thereby enhancing convenience.

Enhanced Convenience for NRIs :

Previously, NRIs had to link an Indian mobile number to their NRE/NRO accounts to use UPI, restricting their payment capabilities. With ICICI Bank’s new offering, NRIs can now leverage their international mobile numbers registered with their accounts for seamless UPI transactions, transforming their payment experience.

Activation Process :

To activate UPI on their international mobile numbers, customers can follow a straightforward process through the iMobile Pay app. By verifying their mobile number, creating a UPI ID, and selecting their account number, NRIs can easily initiate UPI transactions without switching to an Indian mobile number.

Empowering Global Transactions :

Sidharatha Mishra, Head of Digital Channels and Partnerships at ICICI Bank, highlighted the bank’s commitment to leveraging the UPI infrastructure provided by the National Payments Corporation of India (NPCI) to enhance the global digital payments landscape. This initiative signifies a significant stride towards facilitating seamless financial transactions for NRIs and fostering broader adoption of UPI across international borders.

Correct Answer :   YES Bank

YES Bank has partnered with ANQ to introduce two innovative credit cards, Pi and Phi, aiming to blend traditional banking with fintech solutions. The Pi card offers digital-only credit on UPI for domestic transactions, while the Phi card provides physical access for both domestic and international purchases.

Key Features of YES Bank ANQ Pi Credit Card :

* Digital-Only Convenience : Seamless credit transactions on UPI for domestic purchases.
* No Joining Fees : Easy access without any upfront charges.
* Reward Points : Earn 8 reward points on UPI transactions above Rs 2000, coupled with RuPay Platinum Benefits.
* Enhanced Rewards : More rewards on UPI spending, making each transaction more valuable.
* EMI Conversion : Convert purchases into EMIs for greater flexibility.

Key Features of YES Bank ANQ Phi Credit Card :

* Domestic and International Usage : Physical card usable for both domestic and international transactions.
* No Joining Fees : Access without initial costs.
* Multi-Reward Benefits : Rewards for dining, travel, and other categories.
* Additional Perks : Fuel surcharge waivers, international lounge access, and more.
* High Reward Potential : Earn up to 24 reward points on selected categories for spends of Rs 200.

RuPay Announces Cashback Offer for JCB Cardholders :

RuPay, in collaboration with JCB International Co. Ltd, offers a special cashback offer for international RuPay JCB debit and credit cardholders, promoting spending in eight countries.

Cashback Offer Details :

* 25% Cashback : Available on purchases in select countries from May 1, 2024, to July 31, 2024.
* Expansion Strategy : Part of RuPay and JCB’s broader plan to expand globally and introduce more such offers.
* Tax Implications : TCS applies to international debit card spending exceeding Rs 7 lakh per year, while credit card payments are exempt under LRS.

Correct Answer :   Airtel Payments Bank

Airtel Payments Bank has introduced NCMC-aligned debit and prepaid cards in collaboration with NPCI, powered by RuPay. These cards are designed to support India’s One Nation, One Card initiative. Savings account holders can avail NCMC-enabled debit cards, while wallet users can opt for prepaid cards. Crafted from eco-friendly e-PVC material, these cards offer versatility in payment options, including offline transit transactions, online shopping, and enhanced security with EMV Chip protection.

Key Benefits of NCMC Enabled Card :

SBI NCMC Card Integration with Bharat BillPay Platform :

* State Bank of India (SBI) has integrated NCMC cards on its Bharat BillPay platform in collaboration with NPCI Bharat BillPay Ltd. Commuters can now recharge their NCMC cards online, with amounts up to Rs 10,000, using prepaid, debit, or credit cards.

* This integration extends convenience to travelers, with the service already live for various metro networks and more platforms set to follow suit. Noopur Chaturvedi, CEO of NPCI Bharat BillPay, highlights the move as a step towards easing digital payments, backed by the reliability and safety of the Bharat BillPay platform.

Correct Answer :   India Post Payments Bank

India Post Payments Bank (IPPB) has implemented service charges for Aadhaar Enabled Payment System (AePS) transactions, effective from June 15, 2022. AePS is a bank-led model allowing online financial transactions at Point of Sale (PoS) terminals through Aadhaar authentication, enabling various banking services.

IPPB AePS Service Charges :

* The first three AePS issuer transactions per month, including cash withdrawal, cash deposit, and mini statement, will be free.
* Transactions exceeding the free limit will incur charges: ?20 plus GST per transaction for cash withdrawals and deposits, and ?5 plus GST per transaction for mini statements.

Services Provided by AePS :

Banking Services :

Other Services :

IPPB NEFT/RTGS Transactions :

* IPPB has signed a sub-membership agreement with the Department of Post to facilitate NEFT/RTGS transactions for their customers.
* A dedicated IFS code, “IPOS0000DOP,” has been created exclusively for transactions in DoP Customer accounts.
* For inward transactions to IPPB accounts, the IFS code “IPOS0000001” should be used, while for Post Office Savings Account (POSA) accounts in DoP, “IPOS0000DOP” is to be used.
* Customers are advised to ensure accurate beneficiary account numbers to facilitate proper credit, as IPPB account numbers and POSA account numbers may share similar structures in some branches.

Correct Answer :   HDFC Bank

HDFC Bank's initiative to open a branch in Lakshadweep, specifically at Kavaratti Island, marks a milestone as it becomes the first private sector bank to establish a presence in the Union Territory.

This move underscores HDFC Bank's commitment to expanding its reach and offering banking services, including personalized digital solutions, to the residents and businesses of Lakshadweep.