RBI has recently (Jan 2024) announced to impose new restrictions on which payment bank?

Daily Current Affairs

Paytm Payment Bank

Fino Payment Bank

Jio Payment Bank

Airtel Payment Bank

Correct Answer : Paytm Payment Bank

Reserve Bank of India has imposed restrictions on Paytm Payments Bank and barred the entity from offering incremental banking services effective March 2024, due to concerns regarding breach of and compliance with regulatory norms.

The Reserve Bank of India (RBI) has ordered Paytm Payments Bank, an associate of One 97 Communications (PAYT.NS), opens new tab, to stop accepting fresh deposits in its accounts or popular wallets from March, in a major blow to one of the country's largest payments firms.

Paytm will take steps immediately to comply with the RBI's directions, the fintech company said in a statement on Thursday (1st Feb 2024). As a result, it expects a worst-case impact of 3 billion Indian rupees ($36.12 million) to 5 billion rupees to its annual earnings before interest, tax, depreciation and amortisation (EBITDA).

One 97 will cease working with Paytm Payments Bank and start working only with other banks, it said.

The company has been informed that the RBI's action does not impact user deposits in their savings account, wallets, FASTags and NCMC (National Common Mobility Card) accounts, where they can continue to use existing balances, the statement added.

The RBI had in 2022 asked the bank to stop adding customers. A subsequent audit revealed "persistent non-compliances and continued material supervisory concerns in the bank", the central bank said on Wednesday, without disclosing details.

The regulator used a legal provision that allows it to act in the interest of depositors, and did not specify a timeline for reviewing the restrictions imposed on the bank.

"For all practical purposes, the above notifications end the operations of Paytm Payments Bank," Bernstein said in a note on Wednesday evening.

"This is a definite negative development and adds to the already heavy regulatory overhang on the business," Bernstein analysts said..

Source : Reuters

Published On : February 1, 2024

Which State of United States is Known as “The Centennial State”?

Colorado holds the distinction of being known as “The Centennial State” among the United States. This nickname stems from its admission into the Union in 1876, precisely 100 years after the signing of the Declaration of Independence. Symbolizing both historical significance and patriotic pride, the title highlights Colorado’s role in commemorating the nation’s centennial while underscoring its rich heritage and contributions to American history.

The Origin of the Nickname “The Centennial State” :

Colorado earned the moniker “The Centennial State” due to its admission into the Union in the year 1876. This year held special significance as it marked the centennial anniversary of the signing of the Declaration of Independence, a pivotal event in American history. The timing of Colorado’s statehood celebration perfectly aligned with the nation’s centennial celebrations, hence the fitting nickname.

Published On : May 13, 2024

Q .

International Day of Plant Health 2024 Observed on?

9th May

10th May

11th May

12th May

Correct Answer : Option (D) - 12th May

The International Day of Plant Health (IDPH) is observed annually on 12 May to raise awareness about the critical importance of protecting plant health. This global initiative aims to prevent hunger, reduce poverty, safeguard biodiversity, and promote economic development worldwide. This year, the International Day of Plant Health falls on Sunday, 12 May 2024, coinciding with Mother’s Day, an event that recognizes the love, care, and sacrifices of mothers.

Theme: ‘Plant Health, Safe Trade, Digital Technology’ :

The theme for the International Day of Plant Health 2024 is ‘Plant Health, Safe Trade, Digital Technology.’ This theme emphasizes the need for international collaboration, standards, and the integration of digital technologies to promote plant health and ensure safe trade practices.

History and Significance :

The United Nations established the International Day of Plant Health to draw public attention to the necessity of safeguarding plant health. The resolution was unanimously adopted by the UN General Assembly in March 2022 and co-sponsored by several countries, including Bolivia, Finland, Pakistan, the Philippines, Tanzania, and Zambia.

The resolution highlights the crucial role of healthy plants in sustainable agricultural development, supporting a growing global population by 2050. It also acknowledges the functions of plants in regulating ecosystems, providing food security and nutrition, and promoting biodiversity.

Published On : May 13, 2024

Q .

Which Indian City is Known as 'City of Bridges'?

Mumbai

Pune

Surat

Bengaluru

Correct Answer : Option (C) - Surat

Surat earned the title "City of Bridges" due to its extensive network of over 120 bridges, surpassing any other city in India.

Which Indian City is Known as “City of Bridges”?

The Indian city known as the “City of Bridges” is Surat, located in the state of Gujarat. Surat boasts an impressive number of bridges, surpassing any other city in India. With over 120 bridges spanning rivers and connecting various parts of the city, Surat’s infrastructure facilitates smooth transportation for its residents. This abundance of bridges has earned Surat its distinctive title, highlighting its significance as a hub of connectivity and urban development.

Why is Surat Known as the “City of Bridges”?

Surat earned the title “City of Bridges” due to its extensive network of over 120 bridges, surpassing any other city in India. Situated along the banks of the Tapi River and close to other water bodies, Surat’s strategic location necessitated the construction of numerous bridges for seamless connectivity. These bridges play a vital role in facilitating smooth transportation within the city, earning Surat its reputation as a hub of connectivity and urban development.

Published On : May 13, 2024