Correct Answer : Option (D) - HDFC Bank

HDFC Bank on Thursday (24th August 2023) partnered with Marriott Bonvoy, the esteemed travel program by Marriott, to launch 'Marriott Bonvoy HDFC Bank Credit Card'.

This pioneering co-branded card will operate on the Diners Club platform, which is a part of the globally recognized Discover Global Network.

The newly launched credit card comes packed with travel benefits, designed to elevate cardholders' travel journeys. Cardholders are entitled to Silver Elite Status with Marriott Bonvoy, ushering in a range of privileges including priority late checkouts, exclusive member rates, and bonus points, among other perks, the lender said in a press statement.

This partnership between HDFC Bank and Marriott Bonvoy signifies a strategic move to cater to the growing trend of post-pandemic "revenge spending" on both domestic and international travel.

Speaking at the HDFC Bank-Marriott credit card launch event, Parag Rao highlighted the efforts spanning over two years that culminated in the creation of this exceptional card. Given the shifting trends in consumer behavior post-pandemic, where travel aspirations are soaring, HDFC Bank seeks to tap into this market enthusiasm.

The bank currently boasts a substantial base of 18 million credit card users and considers the Marriott Bonvoy card a pivotal addition to its premium offerings.

Marriott said this is not an exclusive partnership and they can do more cards with HDFC bank or with other partners.

A look at key features of the card :

The Marriott Bonvoy HDFC Bank Credit Card comes with an array of annual benefits. As a gesture of welcome, new card members and those renewing their cards will receive a free night award, valued at up to 15,000 points. This award can be redeemed at Marriott Bonvoy's participating hotels globally, for a span of one year. Additionally, cardholders have the option to enhance the value of this award by utilizing up to 15,000 Marriott Bonvoy Points, the lender said.

The card will also provide Silver Elite Status accompanied by the privilege of receiving ten elite night credits annually. The rewards structure of the card is also designed to cater to diverse spending patterns.

Cardholders can earn 8 Marriott Bonvoy points for every Rs 150 spent on eligible purchases at participating Marriott Bonvoy hotels (excluding Homes and Villas), for monthly expenditures of up to Rs 10 Lakh. Furthermore, 4 Marriott Bonvoy points can be earned per Rs 150 spent on eligible travel, dining, and entertainment transactions, for up to Rs 5 lakh per month.

Card members who already earn 8 Marriott Bonvoy Points per Rs 150 for spending at participating Marriott Bonvoy and Marriott-branded properties will not accrue an additional 4 Marriott Bonvoy Points under this earning category...

Source : CNBC

Correct Answer : Option (B) - Yes Bank

Private lender YES Bank on Thursday (August 17, 2023) introduced its state-of-the-art mobile banking app 'iris' by YES Bank.

Designed to cater to both existing and new customers, the app offers access over 100 features and services in just a few clicks on a single platform, the bank said in a regulatory filing.

The iris app has a sleek and intuitive user interface that aims to offer a simplified banking experience for users of all age groups, and backgrounds.

Key features of iris mobile app :

Savings account : Users can open a savings account effortlessly in real-time through the app.

Credit cards : Users can apply for a YES Bank  credit card and choose from the wide range of card options offered by the bank.

Loan in seconds : Access to YES Bank's bouquet of lending products with quick approvals on the app itself.

Deposits : Recurring and fixed deposits can be booked through the app on the go.

Easy payments : Multiple digital modes can be availed for making seamless and hassle-free payments on the app.

Investments : Access to a wide range of investment options that can be customised based on individual risk appetite and financial goals.

Insurance : Users can choose from a range of insurance services integrated into the iris by the YES Bank app.

Prashant Kumar, Managing Director and CEO of YES Bank, said, "iris by YES Bank is yet another step in the same direction which aims to transform the way customers avail banking-related services. It is pertinent to note, that the app has been developed in-house based on feedback from our customers, which makes it a unique proposition in terms of features, user experience, and benefits."

The app is available on both Google Play Store and App Store and can be seamlessly downloaded on Android as well as iOS-based smartphones.

Correct Answer : Option (D) - Reserve Bank of India

The Reserve Bank of India on Thursday (17th August 2023) launched a centralised Web portal, UDGAM (Unclaimed Deposits Gateway to Access Information), for members of the public to make it easier to search their unclaimed deposits across multiple banks at one place.

UDGAM, which was launched by RBI Governor Shaktikanta Das, will aid users in identifying their unclaimed deposits and accounts and enable them to either claim the deposit amount or make their deposit accounts operational at their respective banks.

To begin with, users would be able to access the details of their unclaimed deposits in respect of seven banks (State Bank of India, Punjab National Bank, Central Bank of India, Dhanlaxmi Bank, South Indian Bank, DBS Bank India, and Citibank N.A.) presently available on the portal.

The search facility for the remaining banks on the portal would be made available in a phased manner by October 15, 2023.

RBI had announced the development of a centralised web portal for searching unclaimed deposits as part of the Statement on Developmental and Regulatory Policies dated April 6, 2023.

Reserve Bank Information Technology Pvt. Ltd. (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks have collaborated on developing the portal...

Source : The Hindu Businessline

Correct Answer : Option (C) - Canara Jeevan Dhara

Canara Bank has introduced Canara Jeevan Dhara, a special savings bank account for pensioners, and prospective pensioners. All the employees who retired on a voluntary basis or normal retirements are also eligible.

(1/2) Introducing Canara Jeevan Dhara, a special savings bank account for pensioners, and prospective pensioners including all the employees who retired on a voluntary basis or normal retirements. pic.twitter.com/q3WYEqqrAT

— Canara Bank (@canarabank) August 16, 2023

The bank offers two variants depending on the pension credit. Diamonds account is for up to Rs 50,000 and Platinum account is for above Rs 50,000.


Canara Jeevan Dhara interest rate :

Interest rate on Jeevan Dhara savings account will be same as regular savings account which ranges from 2.90% to 4% depending on the balance in the account, according to the Canara Bank website.

The bank is offering an interest rate of 2.90% for savings accounts with an outstanding balance of less than Rs. 50 lakh and between Rs. 50 lakh and less than Rs. 5 crore. The bank offers the interest rate of 2.95% on savings account balances between Rs 5 crore to less than Rs 10 crore and the interest rate on savings account balances between Rs 10 crore to less than Rs 100 crore is 3.05%.

Canara Bank will now pay 3.50% interest on balances in outstanding savings accounts ranging from Rs 100 crore to less than Rs 500 crore. Canara Bank will now pay 3.10% interest on outstanding savings account balances between Rs 200 crore and Rs 500 crore.


Loan against deposit :

* Under this account, the bank will offer 0.75% above the deposit rate for senior citizens.

Top up facility :

* For customers of this account, the bank will offer top up facility on pension loans.


Concession on medical expenses :

* Concession on medical expenses up to 25 percent for Canara Bank Jeevan Dhaara customers.


Canara Bank FD interest rates :

* Canara Bank offers FDs maturing in 7 days to 10 years of 4 per cent to 7.25 per cent for the general public and 4 per cent to 7.75 per cent for senior citizens..

Source : Economic Times

Correct Answer : Option (A) - Bank of Maharashtra

State-owned Bank of Maharashtra (BoM) has emerged as the top performer among public sector lenders in loan and deposit growth in percentage terms during the first quarter (Q1) of the current financial year FY2023-2024.

The deposit and advances of the Pune-based lender recorded nearly 25 per cent rise, the highest by any public sector bank during the April-June quarter.

With a growth rate of 24.98 per cent the gross domestic advances of the bank rose to Rs 1,75,676 crore at the end of June 2023, according to published quarterly numbers of the public sector banks (PSBs).

It was followed by UCO Bank with 20.70 per cent growth, while Bank of Baroda with 16.80 per cent and Indian Overseas Bank with 16.21 per cent growth were at third and fourth spot respectively.

Country's largest lender State Bank of India stood at fifth spot with 15.08 per cent rise in domestic advances growth..

Source : India Times

Correct Answer : Option (C) - AU Small Finance Bank Limited

AU Small Finance Bank has achieved an unprecedented feat with the launch of its groundbreaking customer service 24x7 via Video Banking.

This service provides a virtual platform where customers can communicate with a video banker in real time via video calls, like video conferencing.

 “AU Small Finance Bank's foray into round-the-clock Video Banking represents a paradigm shift in modern banking. Even on holidays and weekends, AU’s dedicated team would ensure face-to-face, human-centric interactions, underscoring the bank's commitment to enhancing nationwide banking experiences.

We empower our customers in this digital epoch by elevating accessibility and convenience to unparalleled heights," said Uttam Tibrewal, Executive Director, of AU Small Finance Bank.

Security stands paramount in the realm of Video Banking, with AU Small Finance Bank raising the bar with advanced encryption, AI-powered facial recognition, OTP and signature verification, and video validation.

Every transaction and confidential piece of information is meticulously safeguarded, ensuring customers can engage with the platform with the utmost confidence.

Now, AU SFB’s customers could revel in the convenience of services such as real-time account support, demographic updates, hassle-free financial transactions, effortless loans and Credit Card inquiries, efficient issue resolution related to all banking relationships, and beyond.

AU SFB’s Video Banking transcends the conventional, catering effortlessly to a diverse spectrum of customer segments within the domestic market. In essence, AU’s 24x7 Video Banking extends the reach of banking services to areas with limited infrastructure and resources, offering a convenient and personalized banking experience that addresses the unique needs of tech-savvy millennials, new to banking customers, busy professionals, and senior citizens alike..

Source : Mint

Correct Answer : Option (C) - Reserve Bank of India (RBI)

The Reserve Bank of India (RBI) has introduced Artificial Intelligence-powered conversational features on UPI, in August 2023.

* Thursday (10th August 2023) with the announcement by the Reserve Bank of India on the addition of conversational payments and offline capability to UPI Lite. The central bank increased the UPI light payment cap from ₹200 to ₹500.

* Aims : To enable digital payments through voice commands .

* The concept, known as “Conversational Payments,” introduces a dynamic and user-friendly approach to transactions.

* Objectives : To allow users to initiate payments seamlessly within chat or messaging conversations, transforming routine interactions into instant financial exchanges.

Source : Industry Wired

Correct Answer : Option (D) - Airtel Payments Bank

Airtel Payments Bank has become the 1st Indian bank to launch an eco-friendly debit card for its new and existing customers with a savings bank account.

The debit cards will come in r-PVC material, a certified eco-friendly material. Every batch of 50,000 cards produced, will lead to a substantial reduction of 350 kgs of carbon emissions compared to the conventional PVC cards commonly used in the market.

Moreover, the r-PVC cards' production will result in a 43% decrease of hydrocarbon usage, effectively reducing petroleum consumption during manufacturing.

Different card types :

Airtel Payments Bank is launching two cards in the Classic variant – the Personalised Classic Card and the Insta Classic Card. Customers can request the Personalised Card through the Airtel Thanks app, while the Insta Card will be accessible at specific neighborhood banking points by the end of the current quarter. Both cards offer rewards, including e-commerce benefits of up to Rs 10,000, and complimentary One Dines experiences in major cities across India.

Speaking about the launch, Ganesh Ananthanarayanan, chief operating officer of Airtel Payments Bank said, “We are delighted to introduce our new eco-friendly Debit Cards, made using recycled PVC. Airtel Payments Bank believes in responsible consumption and production for a sustainable future. These cards demonstrate our support for sustainability and commitment to offer safe and convenient banking experience. Our aim is to provide India with accessible and inclusive banking by driving positive change in the financial industry and offering our customers a seamless and secure payment experience.”.

Source : Times of India

Correct Answer : Option (B) - Bandhan Bank

Bandhan Bank partners with the state government for Odisha Tourism Development Corporation (OTDC)

This partnership aims to fortify the state’s tourism sector by facilitating digital payment options. To start with, Bandhan Bank will deploy Point of Sale (PoS) machines, offering tourists the convenience of card payments at various prime destinations. The bank will, in future, deploy UPI acceptance as well.

The locations where the bank will deploy its payment terminals include those in Puri, Bhubaneshwar, Konark, Chilka, and Gopalpur.

“Over the years, Odisha has held a special place in Bandhan Bank’s strategic map. Our collaboration with the Odisha Government is a testament to our commitment to deliver enhanced payment solutions to the state’s discerning tourists.

At Bandhan Bank, we remain steadfast in our endeavour to serve all segments of society, and this joint effort marks yet another stride towards that goal,” said Shantanu Sengupta, the head of retail banking at Bandhan Bank.

The private lender has approximately 150 banking outlets across Odisha; Nationwide, Bandhan Bank’s has over three crore customers through a network of 6,100 banking outlets spanning 34 states and union territories..


Source : Times of India

Correct Answer : Option (A) - $200 million

The Government of India and Asian Development Bank (ADB) signed (28th July 2023) a $200 million loan as additional financing for the ongoing Rajasthan Secondary Towns Development Sector Project to expand water supply and sanitation systems and enhance urban resilience and heritage living in selected towns.

The signatories to the loan agreement were Mr. Vumlunmang Vualnam, Additional Secretary, Department of Economic Affairs, Ministry of Finance, for the Government of India, and Takeo Konishi, Country Director of ADB’s India Resident Mission, for ADB.

After signing the loan agreement, Mr Vualnam stated that the additional financing will support the Government of Rajasthan in its commitment to reduce basic infrastructure gaps in its secondary towns by expanding water supply and sanitation services and improving livability in selected urban local bodies.

“The project will incorporate various innovative and climate-resilient solutions for expanding basic urban services and incorporate nature-based solutions to rehabilitate heritage structures besides piloting public-private partnerships in the state’s water and sanitation sector to deepen private sector engagement,” said Mr. Konishi.

The ongoing project—approved in September 2020—has so far laid 1,451 kilometer (km) of water supply pipes, 1,110 km of sewer pipes, and connected 68,098 households to water services in selected secondary towns in Rajasthan.

The additional financing will improve water supply systems in at least seven towns by converting all groundwater sources to surface water, replacing about 700 km of leaking water pipes, installing 1,400 km of new water supply pipelines, and providing 77,000 households connections with water meters. It will also establish three new water treatment plants.

At least eight towns will be covered for improvement to sanitation systems by rehabilitating at least 580 km of sewers, building seven sewage treatment plants with co-treatment units to process fecal sludge and septage, and connecting at least 54,000 households to the sewage system.

A new feature in ADB’s support is the water facility development for urban resilience improvement and heritage-sensitive urban development in at least eight heritage towns or towns with strong tourism potential. This includes the reconstruction of water structures with heritage value, incorporating nature-based solutions to improve climate resilience. It will also rehabilitate at least 20 heritage or heritage-like structures to improve the living environment and attract more tourists.

In addition, it will create a special purpose vehicle through a public–private partnership to address water security issues in Rajasthan’s manufacturing industry and to encourage private sector investments and financing. This will establish designated pipe networks to carry treated wastewater from the sewage treatment plants to industrial facilities..

Source : PIB