Important Topic Wise Current Affairs –February 2024- Important Banking &

Economy News

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 Important Topic Wise Current Affairs –February 2024- Important Banking &
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RBI 'ban' on Paytm Payments Bank

 The Reserve Bank of India has instructed Paytm Payments Bank Ltd. (PPBL or the bank) to cease
onboarding new clients immediately, in accordance with its authority under section 35A of the
Banking Regulation Act, 1949.
 After February 29, 2024, no more deposits, credit transactions, top-ups, or withdrawals will be
permitted in any customer accounts, prepaid cards, wallets, FASTags, NCMC cards, etc,, as per
the RBI circular post from August 2023.
 The RBI has ordered the payments bank subsidiary of Paytm to halt the acceptance of fresh
deposits in its accounts and popular wallets from March onwards.
State Bank of India Reports 35% Decline in Q3 Net Profit Due to Pension Provision
 State Bank of India (SBI) reported a drop in net profit for the first time in 12 quarters, with its third
quarter (Q3FY24) standalone net profit declining 35.5 percent year-on-year (yoy) to ₹ 9,164 crore
as it absorbed one-time provisions relating to increase in pension liabilities and dearness relief
neutralisation.
 India’s largest bank had reported a net profit of ₹ 14,205 crore.
 Reasons for Profit Decline: The decline in profit was attributed to absorbing one-time provisions,
including ₹ 5,400 crore for correcting anomalies in pension liabilities dating back to 2002 and
₹ 1,700 crore for dearness relief neutralization for pre-2002 retirees.
About SBI :
 Established : 1 July 1955
 Headquarters : Mumbai, Maharashtra, India
 Chairman : Dinesh Kumar Khara
 CFO : Kameshwar Rao Kodavanti
RBI Issues Directive for Overhauling Internal Compliance Monitoring
 The Reserve Bank of India (RBI) issued a crucial directive (RBI/2023-24/117) on January 31, 2024
with an aim to bring about a significant transformation in the internal compliance monitoring
function across various financial institutions.
 Automation Necessity : The RBI observed the varying degrees of automation in Supervised Entities

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 Important Topic Wise Current Affairs –February 2024- Important Banking &
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(SEs) and highlighted the necessity for comprehensive and integrated technological solutions to
enhance the efficiency of compliance monitoring.
About RBI :

 Established : 1 April 1935

 Headquarters : Mumbai, Maharashtra, India
 Governor : Shaktikanta Das
Reserve Bank of India Imposes Rs 5 Lakh Penalty on Bajaj Housing Finance for Breaching Regulations
 The Reserve Bank of India (RBI) has imposed a penalty of Rs 5 lakh on Bajaj Housing Finance for
non-compliance with certain regulatory provisions.
 Regulatory Provisions: The penalty was levied due to the company's contravention of specific
provisions outlined in the 'Non-Banking Financial Company - Housing Finance Company (Reserve
Bank) Directions, 2021'.
RBI Reports 97.50% Return of ₹ 2,000 Banknotes in Circulation by January 31, 2024
 The Reserve Bank of India (RBI) announced that 97.50% of the ₹ 2,000 banknotes in circulation as
of May 19, 2023, have been returned as of January 31, 2024.
 The total value of ₹ 2,000 banknotes in circulation, which was ₹ 3.56 lakh crore at the close of
business on May 19, 2023, when the withdrawal of ₹ 2,000 banknotes was announced, has
declined to ₹ 8,897 crore at the close of business on January 31, 2024.

National Bank for Agriculture and Rural Development Forecasts 16% Increase in West Bengal's Priority
Sector Lending Potential to ₹ 3.15 Lakh Crore for FY25
 The National Bank for Agriculture and Rural Development (NABARD) projected a robust double-
digit growth in priority sector lending potential of ₹ 3.15 lakh crore in West Bengal for 2024-25.
 NABARD's Chief General Manager Usha Ramesh unveiled the West Bengal state focus paper
alongside bankers, State Chief Secretary B P Gopalika, and other officials.
 The paper projects a priority sector lending potential of ₹ 3.15 lakh crore in West Bengal in 2024-
25, marking a 16 per cent increase from the previous fiscal year's figure of ₹ 2.70 lakh crore.
About NABARD :
 Headquarters : Mumbai, Maharashtra, India
 Chairman : Shri. Shaji K V
 It was established on the recommendations of the B. Sivaraman Committee (by Act 61, 1981 of
Parliament) on 12 July 1982 to implement the National Bank for Agriculture and Rural Development

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 Important Topic Wise Current Affairs –February 2024- Important Banking &
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Act 1981.
 NABARD is an apex regulatory body for the overall regulation of regional rural banks and apex
cooperative banks in India.
 It is under the jurisdiction of the Ministry of Finance (MoF), Government of India (GoI).

Government Pegs FY'25 Disinvestment Target At Rs 50,000 Crore

 The government pegged the disinvestment target for 2024-25 fiscal at Rs 50,000 crore in the
interim budget for 2024-25, up from Rs 30,000 crore in the revised estimate for the current financial
year.
 During the current fiscal (2023-24), the revised estimates of disinvestment mop-up has been
pegged at Rs 30,000 crore, lower than Rs 51,000 crore budgeted at the time of the presentation of
the Budget last year.
 As per the Interim Budget 2024-25 document tabled in the Lok Sabha, the government is not
expected to receive any money from the monetisation of public assets in the current fiscal.
Pension Fund Regulatory and Development Authority Invites Bids for PFRDA-TRACE RFP in
Technology Architecture Project
 The Pension Fund Regulatory and Development Authority (PFRDA) has initiated a tendering
process, inviting bids from prospective bidders to participate in the PFRDA-TRACE RFP as part
of the Technology Architecture (TARCH) project.
 Purpose of PFRDA-TRACE: PFRDA-TRACE will function as a comprehensive tool facilitating
various functions including submitting regulatory and supervisory compliance reports by
intermediaries, sharing reports and data with PFRDA, and monitoring functions.
About PFRDA :
 Established : 2003
 Headquarters : New Delhi, Delhi
 Chairman : Deepak Mohanty
 PFRDA is the regulatory body for the overall supervision and regulation of pensions in India.
 It operates under the jurisdiction of the Ministry of Finance in the Government of India.

RBI's digital payments index jumps to 418.77 in September from 395.57 in March
 Digital payments across the country registered a growth of 10.94 per cent in a year through March
2023, as per RBI's index that measures the adoption of online transactions.
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 Important Topic Wise Current Affairs –February 2024- Important Banking &
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 The Reserve Bank of India’s (RBI) Digital Payments Index, a measure of the extent of digitisation
of payments across the country, increased to 418.77 in September 2023 from 395.57 in March
2023.
 The RBI-DPI has been constructed with March 2018 as the base period, that is, the DPI score for
March 2018 is set at 100.

AU Small Finance Bank names former RBI Deputy Guv HR Khan as part-time chairman

 AU Small Finance Bank (SFB) has announced the appointment of Reserve Bank of India's former
Deputy Governor Harun Rasid Khan as part-time chairman.
 Raj Vikash Verma has completed his tenure on 29 January, 2024 and will cease to be a part time
chairman and independent director of the bank with immediate effect.
 Harun Rasid Khan, Independent Director (Non-Executive) shall assume the position of Part Time
Chairman of the Bank w.e.f. January 30, 2024 till completion of his 1st tenure as Independent
Director of the Bank i.e. December 27, 2024.

RBI-backed TReDS logs quick growth after slow takeoff

 Reserve Bank of India-backed invoice discounting platform TReDS (Trade Receivables Electronic
Discounting System) has reported a jump in invoices financed by lenders in 2023.
 The electronic platform facilitates easy access to credit for small businesses that are vendors to
large corporations.
 TReDS was launched by the RBI in 2018.
 While it was slow to scale initially, traction has started picking up, with banks and non-banking
lenders participating in the ecosystem.

Bank of Baroda Limited Appoints Shri Sanjay Vinayak Mudaliar, as Executive Director
 The Appointments Committee of the Cabinet (ACC) has approved the Department of Financial
Services (DFS) proposal to post Sanjay Vinayak Mudaliar as Executive Director at Bank of
Baroda.
 Mudaliar is currently the Executive Director at Indian Overseas Bank.
 Mudaliar will serve his new post from the day he assumes charge for the remainder of his term,
i.e. up to December 31, 2025, or until further orders, whichever is earlier.

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 Important Topic Wise Current Affairs –February 2024- Important Banking &
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RBI to make available an additional ₹ 5,000 cr to Standalone Primary Dealers under Standing Liquidity
Facility

 In view of the liquidity deficit in the banking system, the Reserve Bank of India (RBI) has decided
to make available an additional aggregate amount of ₹ 5,000 crore to Standalone Primary
Dealers (SPDs) under the Standing Liquidity Facility at the prevailing repo rate starting from
January 31, 2024.
 The incremental limit for individual SPDs is being conveyed to them separately.
 The repo rate (the interest rate at which banks draw liquidity from the RBI to overcome short-term
liquidity mismatches) is at 6.50 per cent.
 The banking system has been facing a liquidity deficit since September 2024, with the deficit
standing at about ₹ 2.68 lakh crore as of January 29, 2024.

NABARD projects priority sector credit target of Rs 3.97 lakh cr for Karnataka in 2024-25
 The National Bank for Agriculture and Rural Development (Nabard) has pegged a credit potential
of ₹ 2.80 lakh crore for the priority sector for the financial year 2024-25, showing a whopping
growth of 51 per cent over the last year’s projections.
 This includes a credit potential of ₹ 1.33 lakh crore for agriculture.
 Of the total estimates, crop loans constituted 29 per cent, MSME (46 per cent) and Agri ancillary
activities (7 per cent.)
SBI to Down-sell 50% of ₹ 11,000 Crore Loan to Adani's Ganga Expressway Project
 More than a year after disbursing loans to Adani Group's Ganga Expressway project, State Bank of
India (SBI) is in the process of downselling half of the nearly ₹ 11,000-crore loan exposure to the
longest tolled road-project in the country.
 Talks with Financial Institutions : The lender is in talks with financial institutions, such as the
National Bank for Financing Infrastructure and Development (NaBFID), Punjab National Bank
(PNB) and some power finance companies, to down sell half of its exposure.
About SBI :
 Established : 1 July 1955
 Headquarters : Mumbai, Maharashtra, India
 Chairman : Dinesh Kumar Khara
 CFO : Kameshwar Rao Kodavanti

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Asian Development Bank Raises Rs 1,250 Crore in Largest-Ever Local Currency Green Bond Issue
 The Asian Development Bank (ADB) has raised Rs 1,250 crore (approximately
USD 150 million) through its largest local currency green bond issuance to date.

 Bond Structure:The issue is structured as a 4-year currency linked bond, with a one-time
repayment at maturity and carrying a fixed interest rate of 6.72% per year.
 Denomination and Settlement: While the bond is denominated in Indian rupees, it is settled in
United States dollars.
About ADB :

 Established : 1966
 Headquarters : Manila, Philippines
 President : Masatsugu Asakawa
 Membership : 68 members, including 49 regional members (countries in Asia and the Pacific) and
19 non-regional members (countries outside the region)

ESAF Small Finance Bank Collaborates with Edelweiss Tokio for Bancassurance Services
 ESAF Small Finance Bank announced a significant bancassurance partnership with Edelweiss
Tokio Life Insurance to enhance financial solutions for customers.
 Alignment of Organizational Values : The collaboration underscores the commitment of both
organizations to prioritize customer needs and foster growth and
innovation in the financial sector.

 Diversification Strategy: The partnership reflects ESAF Small Finance Bank's strategic move to
diversify its offerings and extend financial security to a broader section of the unbanked and
underbanked population.
About ESAF Small Finance Bank :

 Established : 10 March 2017

 Headquarters : Thrissur, Kerala
 MD & CEO : Kadambelil Paul Thomas
About Edelweiss Tokio Life Insurance :

 MD & CEO : Sumit Rai

 Edelweiss Tokio Life Insurance is a joint venture between Edelweiss Group of India, and Tokio
Marine Holdings of Japan

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Indian Overseas Bank Achieves Rs 1 Lakh Crore Market Cap, Becomes Fifth PSU Bank to Do So
 Indian Overseas Bank (IOB), a state-owned bank, achieved a market capitalization exceeding Rs 1
lakh crore for the first time.
 This milestone comes after a remarkable 100% surge in the stock price over the last six months.
 Fifth PSU Bank to Cross Rs 1 Lakh Crore: IOB joins the ranks of State Bank of India (SBI), Bank of
Baroda, Punjab National Bank (PNB), and Union Bank of India as the fifth public sector lender to
surpass the Rs 1 lakh crore market capitalization mark.
 of the previous fiscal year, where the bank recorded a net profit of Rs 555 crore.
About IOB :

 Established : 10 February 1937

 Headquarters : Chennai, Tamil Nadu, India
 MD & CEO : Ajay Kumar Srivastava

RBI Revokes Registration of Three Non-Banking Financial Companies (NBFCs)

 The Reserve Bank of India (RBI), in the exercise of powers conferred on it under Section 45-IA (6)
of the Reserve Bank of India Act, 1934, has cancelled the
 Among the 9 NBFCs, S.M.I.L.E. Microfinance, JFC Impex Pvt Ltd, Cauvery Tradefin Pvt Ltd, and
Ginni Tradefin Ltd, surrendered their licence after exiting from business.
 JG Trading & Investment Pvt Ltd, SK Finserve Pvt Ltd, Microfirm Capital Pvt Ltd, Bohra & Co Pvt
Ltd, and Mahyco Grow Finance Pvt Ltd surrendered their licence as they ceased to be legal
entities after amalgamation/ merger/dissolution/ voluntary strike-off, etc.
About RBI :

 Established : 1 April 1935

 Headquarters : Mumbai, Maharashtra, India
 Governor : Shaktikanta Das
RBI Allows Indian Banks in GIFT-IFSC to Trade on Bullion Exchange and Obtain Special Category
Client Status
 Indian banks operating in the Gujarat International Finance Tec-City International Financial
Services Centre (GIFT-IFSC) have been granted permission by the Reserve Bank of India (RBI)
for bullion exchange trading and special category customer status.

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 The permission, granted on 9th February 2024, enables branches of Indian banks in GIFT-IFSC to
function as Trading Members (TM) or Trading and Clearing Members (TCM) of the International
Bullion Exchange IFSC Ltd.
bout GIFT IFSC :

 GIFT International Financial Services Centre (GIFT IFSC) is a financial centre and special
economic zone in Gujarat International Finance Tech-City (GIFT City).
 GIFT IFSC was established in April 2015 as a financial centre.
 GIFT IFSC is regulated by the International Financial Services Center Authority, the exclusive
independent regulator for the sector.

CCAvenue Expands Payment Offerings, Partners with IDFC First Bank to Provide EMI Solutions
 Infibeam Avenues Limited, a listed fintech company, announced a strategic alliance between its
flagship payment brand, CCAvenue, and IDFC First Bank.
 Aim : To provide extensive credit card EMI solutions, further enhancing the payment experience for
millions of Bank’s customers nationwide.
 With this collaboration, CCAvenue will offer easy payment services, complementing the existing
BNPL (Buy Now, Pay Later) facilities already offered to merchants.
About IDFC FIRST Bank :
 Founded : October 2015
 Headquarters : Mumbai, Maharashtra, India
 CEO: V. Vaidyanathan
 IDFC FIRST Bank is an Indian private sector bank formed by the merger of the banking arm of
Infrastructure Development Finance Company and Capital First, an Indian non-bank financial
institution.
 It is the first universal bank to offer monthly interest credit on savings accounts, lifetime free credit
cards with dynamic and low annual percentage rates.

EPFO Sets 8.25% Interest Rate for Employees' Provident Fund for 2023-24
 The Employees Provident Fund Organization (EPFO) has raised the interest rate on EPF deposits
to 8.25% for the financial year 2023-24, marking the highest level in three years.
 The decision to increase the interest rate was made during a meeting of the EPFO's apex decision-
making body, the Central Board of Trustees (CBT), held on 10th February, 2024.

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RBI Accelerates Central Bank Digital Currency (CBDC) Development with Enhanced Features
 The Reserve Bank of India (RBI) is intensifying its efforts to launch its Central Bank Digital
Currency (CBDC) and is introducing new features to enhance its functionality.
 As part of the CBDC pilot program, the RBI is introducing programmability and offline functionality
to the digital currency, aiming to improve its usability and versatility.
 The CBDC Retail (CBDC-R) pilot currently facilitates Person to Person (P2P) and Person to
Merchant (P2M) transactions using Digital Rupee wallets provided by selected banks.
bout CBDC :

 CBDC, also known as Digital Rupee or e₹ , represents a digital form of physical currency issued
by the RBI.
 The RBI creates tokens and distributes them to selected banks, referred to as Token Service
Providers (TSPs), which further distribute the tokens to interested parties and customers.
 Digital Rupee tokens will function similarly to physical cash, enabling users to conduct transactions
seamlessly without the need for paper currency.

RBI to Strengthen Oversight of Aadhaar Enabled Payment System, Framework to be Released Soon
 The Reserve Bank of India (RBI) Governor Shaktikanta Das emphasized the central bank is
vigilant to enhance the security of Aadhaar Enabled Payment System (AePS) transactions.
 The RBI proposes to streamline the onboarding process for AePS touchpoint operators, including
mandatory due diligence, to be followed by banks.
 Aadhaar Enabled Payment System (AePS), operated by NPCI, enables customers to perform
digital payment transactions in assisted mode.

Karnataka Bank Unveils 'Bharat Ka Karnataka Bank' Campaign to Commemorate Centennial

Anniversary
 Karnataka Bank has launched its centenary campaign, ‘Bharat Ka Karnataka Bank’, to mark its
100 years of service in banking.
 The campaign is jointly executed by Havas Media India and Havas Worldwide India and
underscores Karnataka Bank’s ability to adapt to the changing times while staying true to its core
values.
 To strengthen Karnataka Bank’s brand awareness, fostering a deeper connection with customers
while also inviting new patrons to be a part of its storied legacy.

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About Karnataka Bank :

 Founded : 18 February 1924
 Headquarters : Mangaluru, Karnataka.
 Managing Director (MD) and Chief Executive Officer (CEO) : Srikrishnan H
 Tagline : Your Family Bank Across India
 Karnataka Bank is a Scheduled Commercial Bank.

HDFC Bank and ICICI Bank Make Strategic Investments in Residential Mortgage-Backed Securities
Firm RDCL
 Two of India's biggest lenders HDFC Bank and ICICI Bank have invested in a company called
RMBS Development Company Limited to promote the residential mortgage-backed securities
market.
 The two lenders have acquired a 7% stake each in a newly formed company, they informed in
separate regulatory filings on February 2.
 Formation of RDCL : RMBS Development Company (RDCL) will have 10 banks and financial
institutions as its shareholders, the lenders informed exchanges. However, they have not named
other shareholders of the proposed company.
About HDFC Bank :
 Founded : 1st July 2023 (via the merger between HDFC-HDFC bank)
 Headquarters : Mumbai, Maharashtra, India
 MD & CEO : Sashidhar Jagdishan
 Tagline : We Understand Your World
About ICICI Bank :
 Founded : 5 January 1994
 Headquarters : Mumbai , Maharashtra, India
 MD & CEO : Sandeep Bakhshi
Reserve Bank of India Raises Annual Remuneration Limit for Non-Executive Directors in Private Sector
Banks by ₹ 10 Lakh to ₹ 30 Lakh
 In a bid to enable banks to sufficiently attract qualified competent individuals on their Boards, the
Reserve Bank of India (RBI) has revised upwards the ceiling in respect of remuneration of Non-
Executive Directors (NEDs), other than the Chair of the Board, to ₹ 30 lakhs per annum from ₹ 20
lakhs.

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 The ceiling has been raised only in respect of remuneration of Non-Executive Directors (NEDs),
other than the Chair of the Board.
About RBI :
 Established : 1 April 1935
 Headquarters : Mumbai, Maharashtra, India
 Governor : Shaktikanta Das

2 Additional Russian Banks Designated as Foreign Portfolio Investors

 Two additional Russian banks, Tinkoff Bank and CentroCredit Bank, have registered as foreign
portfolio investors (FPIs), bringing the total number of FPI registrations from Russia to 10.
 Profile of Registered Banks : Tinkoff Bank: Second largest credit card provider in Russia and the
world's largest digital bank in terms of customer base.
 CentroCredit Bank: Universal Bank is registered as a category II FPI.
Paytm Establishes Advisory Committee Led by Former SEBI Chairman M Damodaran
 The owner of fintech firm Paytm, One 97 Communications Limited, announced the formation of an
advisory committee chaired by former Securities and Exchange Board of India (SEBI) chairman M
Damodaran.
 The committee will work closely with the Board of Directors to further strengthen compliance and
regulatory matters.
 The committee includes M.M. Chitale, former president of the Institute of Chartered Accountants of
India (ICAI) and a former governing Council Member of the Banking Codes and Standards Board
of India nominated by RBI.
 R. Ramachandran is also part of the Group Advisory Committee.
About Paytm :
 Founded : August 2010
 Headquarters : Noida, Uttar Pradesh, India
 Founder & CEO : Vijay Shekhar Sharma

RBI keeps policy interest rates unchanged; FY 2024-25 inflation pegged at 4.5%, GDP growth at 7%
 On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary
Policy Committee (MPC) at its meeting (February 8, 2024) decided to:
 Keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.50 per cent.

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 Consequently, the standing deposit facility (SDF) rate remains unchanged at 6.25 percent and the
marginal standing facility (MSF) rate and the Bank Rate at 6.75 per cent.

IRDAI Clears Axis Bank's ₹ 1,612 Crore Investment in Max Life Insurance, Awaits CCI Approval
 Max Financial Services has received approval from the Insurance Regulatory and Development
Authority of India (IRDAI) for a capital infusion of Rs 1,612 crore by Axis Bank into the company's
material subsidiary, Max Life Insurance.
 Equity Shares Issuance: Max Life will issue approximately 14,25,79,161 equity shares to Axis Bank
as part of the deal, representing the aggregate investment amount mentioned.
About Max Life Insurance Company Limited :

 Founded : 2001
 Headquarters : New Delhi, Delhi, India
 MD & CEO : Mr Prashant Tripathy
 It is a 80:20 joint venture between Max Financial Services and Axis Bank.
 The company is a subsidiary of the publicly-listed Max Financial Services.

SBI Mutual Fund Introduces SBI Energy Opportunities Fund

 SBI Mutual Fund announced the launch of the SBI Energy Opportunities Fund.
 The scheme opened for public subscription on February 06, 2024, and will close on February 20,
2024.
 The scheme re-opens for continuous sale and repurchase within five business days from the date
of allotment.
 Minimum Investment: Investors can participate in the scheme with a minimum investment of
₹ 5000 per plan/option and in multiples of Re 1.
 There is no upper limit for investment.
About SBI Mutual Fund :
 Founded : 29 June 1987
 Headquarters : Mumbai, Maharashtra
 MD & CEO : Mr. Shamsher Singh

Federal Bank Introduces RuPay-Backed NCMC Wallet Debit Cards

 Federal Bank launched National Common Mobility Card (NCMC) integrated debit cards.

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 NCMC is a feature introduced on RuPay Contactless Debit Card which allows cardholders to make
payments across NCMC-enabled terminals at metro stations, buses, etc in an offline mode, just by
tapping the card on the card reader.
 Digitization of Payments: The initiative aims to streamline travel experiences by digitizing
payments, offering convenience to cardholders
About Federal Bank :
 Established : 23 April 1931
 Headquarters : Aluva, Kochi, Kerala, India
 MD & CEO : Shyam Srinivasan
 Tagline : Your Perfect Banking Partner

Bank of Maharashtra (BoM) Leads PSU Banks in Q3 with Highest Deposit Mobilization Growth
 Bank of Maharashtra (BoM) has recorded the highest growth rate in terms of deposit mobilisation
among public sector lenders at a time when most lenders are facing difficulty in achieving double-
digit growth.
 Out of 12 public sector banks, only BoM and State Bank of India (SBI) could log a double-digit
growth in deposits in the third quarter ended December 2023.
 The Pune-based lender BoM reported a 17.89 per cent growth in deposits followed by SBI at 12.84
per cent during the quarter, according to published quarterly numbers of the public sector banks
(PSBs).

Juspay, Zoho, and Decentro Receive RBI Approval for Payment Aggregator Business
 Fintech startups Juspay and Decentro have secured the final license to operate as payment
aggregators, joining the ranks of established players like Razorpay, Cashfree, and Zomato.
 Diverse Offerings: Juspay previously functioned as a payment gateway specializing in ecommerce
transactions, while Decentro focuses on enabling ecommerce and consumer-facing businesses to
provide financial services like lending and KYC verification.

Tata Group Achieves Milestone as the First Indian Conglomerate to Surpass Rs 30 Lakh Crore Market
Capitalization
 Tata Group has achieved a significant milestone by surpassing a combined market capitalization of
Rs 30 lakh crore, becoming the first Indian conglomerate to achieve this valuation.

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 With an overall valuation of Rs 30.6 lakh crore, Tata Group now holds the title of the most valued
conglomerate in India, surpassing competitors like Reliance Group and Adani Group in market
capitalization rankings.

HDFC Bank Introduces Four SME Credit Cards Catering to Entrepreneurs and Freelancers
 India's largest private sector bank, HDFC Bank, launched 4 new small and medium enterprises
(SME)-focused credit cards to cater to the specific needs of entrepreneurs, freelancers, and
professionals.
 55 Days Interest-Free Credit Period : The main highlight of the cards is that they will provide 55
days of interest-free credit, the highest number of days offered by any bank.
 Variants : The four variants include BizFirst, BizGrow, BizPower, and BizBlack, each designed to
cater to different business requirements.
State Bank of India Releases Electoral Bonds Valued at Rs 16,518 Crore Across 30 Tranches
 The State Bank of India (SBI) has issued Electoral Bonds totalling Rs 16,518 crore in 30 tranches
since the inception of the scheme in 2018.
 Objective of Electoral Bond Scheme : To ensure clean tax-paid money is coming into the system of
political funding through proper banking channels.
 Launch and Nature of Scheme : The Electoral Bond Scheme was introduced by the Union
government in 2018.
 It functions as a bearer instrument, similar to a promissory note, purchasable by Indian citizens or
companies incorporated in India.
About SBI :
 Established : 1 July 1955
 Headquarters : Mumbai, Maharashtra, India
 Chairman : Dinesh Kumar Khara
 CFO : Kameshwar Rao Kodavan

Reserve Bank of India imposes Rs 8.80 lakh fine on Power Finance Corporation for norm violation
 The Reserve Bank of India (RBI) has imposed a fine of Rs 8.80 lakh on Power Finance Corporation
Limited for violating norms pertaining to the 'Liquidity Risk Management Framework for Non-
Banking Financial Companies and Core Investment Companies'.
 During the statutory inspection conducted by the RBI, it was discovered that Power Finance

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Corporation had failed to maintain the mandated Liquidity Coverage Ratio (LCR) of 60 percent as
of March 31, 2022.
About RBI :

 Established : 1 April 1935

 Headquarters : Mumbai, Maharashtra, India
 Governor : Shaktikanta Das
About Power Finance Corporation Limited :

 Established : 1986
 Headquarters : New Delhi, India
 Chairman & Managing Director : Parminder Chopra
 Power Finance Corporation Ltd. is an Indian central public sector undertaking under the ownership
of the Ministry of Power, Government of India.

Yes Bank Partners with LeRemitt to Facilitate Seamless Cross-Border Transactions for Micro, Small and
Medium Enterprises
 Fintech startup LeRemitt and Yes Bank have partnered to introduce a cross-border platform that
enables micro, small and medium enterprises (MSMEs) to conduct international transactions in key
currencies, including US dollars and euros.
 In addition to multi-currency support, the platform offers transparency, efficiency, and cost benefits
for small businesses involved in global trade, making it more accessible for MSMEs.
About LeRemitt :
 Founded : 2022
 Co-founder and CEO : Sheetal Jain
 LeRemitt serves as a cross-border remittance platform, assisting MSMEs in sending and receiving
payments, besides offering various other services.
About Yes Bank :
 Established : 2004
 Headquarters : Mumbai, Maharashtra, India
 MD & CEO : Prashant Kumar
 Tagline : Experience our expertise
Life Insurance Corporation Unveils New Insurance-Cum-Savings Plan: LIC Index Plus Policy
 Life Insurance Corporation of India (LIC) announced the launch of its new unit linked life insurance
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product, LIC Index Plus.

 LIC’s Index fund is a unit linked, non-participating, individual life insurance plan.
 Minimum age at entry: 90 days (completed).
 Maximum age at entry: 50 or 60 years (nearer birthday) depending on the basic Sum Assured.
About LIC:
 Established: 1st September 1956
 Headquarters: Mumbai, India
 Chairperson : Siddharth Mohanty

Government Allocates Rs 9,000 Crore to Exim Bank Amid Rising NPAs from Loans Extended to Foreign
Countries
 Loans extended through Exim Bank of India to certain countries, particularly African nations, have
been classified as "doubtful debt" in the financial year 2023-24.
 The Ministry of External Affairs (MEA) has provided Rs 9,013.72 crore to Exim Bank after invoking
Government of India (GoI) guarantees on these loans.
 This indicates the involvement of the Indian government in backing these loans.
 Non-Performing Assets (NPAs): Some decade-plus old loans extended to African countries have
turned into NPAs, leading to the invocation of government guarantees by Exim Bank.
About Ministry of External Affairs :
 Cabinet Minister : Subrahmanyam Jaishankar
 Minister of State : V. Muraleedharan, Rajkumar Ranjan Singh, Meenakshi Lekhi
About Exim Bank :
 Established : 1982
 Headquarters : Mumbai, Maharashtra
 Managing Director : Harsha Bangari

Finance Ministry Introduces 'Direct Listing of Indian Companies' Equity Shares on International
Exchanges Scheme' through Amendment to Foreign Exchange Management Rules

 The Finance Ministry amended the Foreign Exchange Management (Non-debt Instruments) Rules,
2019, to introduce the 'Direct Listing of Equity Shares of Companies Incorporated in India on

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International Exchanges Scheme'.

 Investor Approval: Investors from countries such as China will require government approval to
participate in the direct listing of equity by Indian entities on international stock exchanges.
 Initial Jurisdiction and Exchanges: The scheme starts with GIFT IFSC as the permissible
jurisdiction and NSE International Exchange India International Exchange as the international
exchanges.

India Extends Unified Payments Interface Services to Sri Lanka and Mauritius
● India introduced its Unified Payments Interface (UPI) services in Sri Lanka and Mauritius during a
virtual event.
● The virtual ceremony was attended by Prime Minister Narendra Modi, Mauritian Prime Minister
Pravind Jugnauth, and Sri Lanka's President Ranil Wickremesinghe.
● Purpose of the Launch : The launch enables the availability of UPI settlement services for Indian
nationals travelling to Sri Lanka and Mauritius, as well as for Mauritian nationals travelling to
India.
● Expansion of UPI Services Worldwide : With the introduction of UPI payments in Sri Lanka and
Mauritius, UPI payments are now accepted in several countries, including France, the United
Arab Emirates (UAE), Singapore, Bhutan, and Nepal.
What is UPI?
● Unified Payments Interface, commonly referred as UPI, is an Indian instant payment system
developed by the National Payments Corporation of India (NPCI) in 2016.
● The interface facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M)
transactions.
Note :
● France is the first European country to accept UPI payments.
About NPCI :
● Established : 2008
● Headquarters : Mumbai, Maharashtra
● MD & CEO : Dilip Asbe
Reserve Bank of India Sets Sovereign Gold Bond's Next Tranche Issue Price at Rs 6,263 per Gram
● The Reserve Bank of India (RBI) announced that the issue price of the next tranche of Sovereign
Gold Bond has been fixed at Rs 6,263 per gram.

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● The Government of India in consultation with the Reserve Bank of India has decided to allow a
discount of ₹ 50 per gram from the issue price to those investors who apply online and the
payment is made through digital mode.
● For such investors the issue price of Gold Bond will be ₹ 6,213 per gram of gold.
What is a Sovereign Gold Bond?
● SGBs are government securities denominated in grams of gold.
● The SGB Scheme was first launched by the Government of India (GOI) on October 30, 2015.
● They are substitutes for holding physical gold.
● Investors have to pay the issue price, and the bonds will be redeemed upon maturity.
● The bond is issued by the Reserve Bank on behalf of the Government of India (GOI).
● The bonds are issued in denominations of one gram of gold and in multiples thereof.
● The minimum investment in the bond shall be one gram, with a maximum subscription limit of 4
kg for individuals, 4 kg for HUFs, and 20 kg for trusts and similar entities notified by the
government from time to time per fiscal year.
● Bonds are sold through offices or branches of Nationalised Banks, Scheduled Private Banks,
Scheduled Foreign Banks, designated Post Offices, Stock Holding Corporation of India (SHCIL),
and the authorised stock exchanges either directly or through their agents.
● These securities are eligible to be used as collateral for loans from banks, financial Institutions,
and Non-Banking Financial Companies (NBFCs).
Punjab & Sind Bank Partners with Warehousing Development Regulatory Authority to Provide Low-
Interest Loans for Farmers
● In a move to support farmers and traders with low-interest rate loans, the Warehousing
Development Regulatory Authority (WDRA) and Punjab & Sind Bank (PSB) have signed a
Memorandum of Understanding (MoU).
● Primary objective of the MoU : To raise awareness about funding against electronic Negotiable
Warehouse Receipts (e-NWRs).
What is Electronic Negotiable Warehouse Receipt (eNWR)?
● eNWR is a digital warehousing receipt issued by registered warehouses regulated and governed
by a statutory body -the Warehousing Development and Regulatory Authority (WDRA) of India.
● The eNWR can be used by farmers to finance and trade in settlements without physically
exchanging goods.
● eNWR can be used as a three-in-one instrument (finance, trading, and settlement).

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About WDRA :
● Established : 2010
● Headquarters : New Delhi, Delhi
● Chairman : T K Manoj Kumar
About Punjab & Sind Bank :
● Established : 1908
● Headquarters : New Delhi, Delhi
● MD & CEO : Swarup Kumar Saha
Government of India and Asian Development Bank Ink $200 Million Loan Deal to Address Flood and
Erosion Threats Along Brahmaputra River
● The Government of India (GoI) and the Asian Development Bank (ADB) have finalised a $200
million loan agreement.
● Purpose of the loan agreement : To strengthen flood and riverbank erosion risk management on
or beside the 650 km long region of the Brahmaputra River in Assam.
● Project Details : The loan agreement pertains to the Climate Resilient Brahmaputra Integrated
Flood and Riverbank Erosion Risk Management Project in Assam.
● Project Basis and Progress : The project draws upon the achievements and experiences gained
from the Assam Integrated Flood and Riverbank Erosion Risk Management Investment
Programme, laying a foundation for further advancements in the region
● Previous Programme : The Assam Integrated Flood and Riverbank Erosion Risk Management
Investment Programme, funded by ADB and implemented from 2010 to 2020, serves as a
precursor to the current initiative.
About ADB :
● Established : 1966
● Headquarters : Manila, Philippines
● President : Masatsugu Asakawa
● Membership : 68 members, including 49 regional members (countries in Asia and the Pacific) and
19 non-regional members (countries outside the region).
RBI Directs Visa and Mastercard to Cease Business Payments via Commercial Cards
● The Reserve Bank of India (RBI) has instructed major international payment players Visa and
Mastercard to halt card-based commercial transactions conducted by both small and large
businesses.

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● Reason for Action: The directive from RBI arises from concerns related to compliance with Know
Your Customer (KYC) regulations.
● This action comes in the wake of recent regulatory measures taken by RBI against Paytm
Payments Bank.
● Role of BPSPs: Business Payment Solution Providers (BPSPs) are regulated and licensed by the
RBI under the PA-PG (Payment Aggregators - Payment Gateways) guidelines.
● Current Payment Methods for Businesses : Currently, fintech companies like Cred, Paytm and
Nobroker allow rent and tuition fee payments through commercial, credit and debit cards.
● It should be noted that companies mostly make their business payments through net
banking/NEFT or RTGS for large transfers which are now 24x7.
● Fintech players like Enkash and Paymate allow process payments made through commercial
cards for business needs like paying vendors and suppliers.
About RBI :
● Established : 1 April 1935
● Headquarters : Mumbai, Maharashtra, India
● Governor : Shaktikanta Das
About Mastercard :
● Founded : 1966
● Headquarters : New York, U.S
● CEO : Michael Miebach
Indian Overseas Bank Marks 88th Foundation Day with Opening of 88 New Branches and Introduction
of New Rupay and CASA Variants
● The Indian Overseas Bank (IOB) has launched new products on the occasion of the Bank’s 88th
Foundation Day, celebrated on February 10, 2024 in Chennai, Tamil Nadu (TN).
● Credit Card Variants: IOB launched three new credit card variants: RuPay Classic, RuPay
Platinum, and RuPay Select, offering various reward points and benefits.
● The premium variant, RuPay Select, includes personal accident coverage of up to ₹ 10 lakhs.
● Green Deposit Scheme: IOB has introduced the Green Deposit Scheme under Retail Term
Deposits (less than ₹ 2 crore) to promote Green Finance EcoSystem India. The tenor of the
deposit shall be 999 days with an interest rate of 6.85 per cent, 5 bps higher than the regular term
deposit. w.e.f February 10, 2024.
● Senior citizens (aged 60 years and above) will get an additional interest rate of 0.50 per cent and

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super senior citizens (aged 80 years and above) will get an additional interest rate of 0.75 per
cent above the card rates.
About IOB :
● Founded : 10 February 1937
● Headquarters : Chennai, Tamil Nadu, India
● MD & CEO : Ajay Kumar Srivastava
● Tagline : Good people to grow with
SIDBI Introduces 'Prabhaav' - An Impact Study of the Fund of Funds for Startups
● The Small Industries Development Bank of India (SIDBI) has unveiled the report of the impact
assessment of the Fund of Funds for Startups (FFS), a key component of the startups namely
Prabhaav.
● Shri S. Ramann, Chairman & Managing Director, SIDBI along with Shri S P Singh, Chief General
Manager (CGM) Venture Finance, presented the report to Dr Vivek Joshi, Secretary, Dept. of
Financial Services, Ministry of Finance, GoI, Shri Rajesh Kumar Singh, IAS, Secretary, DPIIT and
Shri Sanjiv, IRS, Joint Secretary, Department for Promotion of Industry and Internal Trade
(DPIIT), Ministry of Commerce & Industry.
● As of November 30, 129 Alternative Investment Funds (AIFs) have been sanctioned out of FFS
across different segments.
● The scheme has already catalyzed investments to the tune of ~4x of the amount drawn with
₹ 17,534 crore invested in 938 unique startups.
● While FFS largely focuses on early-stage funding in young companies, as many as 18 of its
startups have already become unicorns.
About FFS :
● FFS is a flagship programme of DPIIT (Department for Promotion of Industry and Internal Trade)
and a key component of the Startup India Action Plan launched in 2016.
● It is managed by the Small Industries Development Bank of India (SIDBI).
● It has facilitated investments in startups, particularly in emerging sectors, and has promoted
diversity and inclusiveness, supporting startups beyond Tier 1 cities and women-led startups.
About Small Industries Development Bank of India :
● Established : 2 April 1990
● Headquarters : Lucknow, Uttar Pradesh, India
● Chairman & MD : Sivasubramanian Ramann

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● The SIDBI is the apex regulatory body for overall licensing and regulation of micro, small and
medium enterprise finance companies in India.
● It is under the jurisdiction of the Ministry of Finance , Government of India (GoI).
● The SIDBI was established under the Act of the Parliament in 1988.

Finance Standing Committee Advocates 'Open Architecture' for Insurance Agents

● The Standing Committee on Finance, chaired by BJP MP Jayant Sinha, has proposed the
adoption of an 'open architecture' concept for insurance agents to enhance the outreach of
insurance products and strengthen distribution infrastructure in the country.
● Open Architecture Definition: Open architecture allows insurance agents to offer services from
multiple insurance companies, aiming to expand the availability of insurance products and bolster
distribution nationwide.
● Current Limitations: Presently, the Insurance Act 1938 limits agents to working with only one life,
one non-life, and one health insurance company.
● Urging for a rationalization of the 18% GST rate on insurance, particularly for health and term
insurance.
Reserve Bank of India and Nepal Rastra Bank Sign Terms of Reference for Integration of Unified
Payments Interface and National Payments Interface for Cross-Border Remittances
● The Reserve Bank of India (RBI) and Nepal Rastra Bank (NRB) signed and exchanged Terms of
Reference (ToR) to integrate fast payment systems of India and Nepal through the Unified
Payments Interface (UPI) of India and National Payments Interface (NPI) of Nepal, respectively.
● Aim of the integration : To facilitate cross-border remittances between India and Nepal by
enabling users of the two systems to make instant, low-cost fund transfers.
What is meant by Terms of reference (TOR)?
● Terms of reference (TOR) define the purpose and structures of a project, committee, meeting,
negotiation, or any similar collection of people who have agreed to work together to accomplish a
shared goal.
● Terms of reference show how the object in question will be defined, developed, and verified.
Forensic Audit by National Credit Guarantee Trustee Company on Bandhan Bank Investigates the
Practice of Evergreening Loans
● The National Credit Guarantee Trustee Company (NCGTC) has initiated a forensic audit at
Bandhan Bank due to concerns about the evergreening of loans and fictitious loan accounts
within certain portfolios covered under credit guarantee schemes.
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● Loan Amount Covered: The audit encompasses ₹ 23,300 crore of loans that were extended
under credit guarantee schemes.
● Credit Guarantee Schemes Covered : ₹ 2,500 crore of loans insured by the government's
Emergency Credit Line Guarantee Scheme (ECLGS).
● ₹ 20,800 crore covered by the Credit Guarantee Fund for Micro Units (CGMFU).
About NCGTC :
● National Credit Guarantee Trustee Company Ltd (NCGTC) was set up by the Department of
Financial Services, Ministry of Finance, Government of India.
● It was set up as a common trustee company to operate and manage various credit guarantee
trust funds.
● It was incorporated on March 28, 2014 with a paid-up capital of ₹ 10 crore.
Mirae Asset Mutual Fund Introduces India's Inaugural Multi-Factor ETF Based on Nifty Smallcap250
Index
● Mirae Asset Mutual Fund announces India’s first Multi factor-based Exchange Traded Fund (ETF)
on the Nifty Smallcap250 Index, ‘Mirae Asset Nifty Smallcap 250 Momentum Quality 100 ETF’, an
open-ended scheme replicating/tracking Nifty Smallcap 250 Momentum Quality 100 Total Return
Index, and the ‘Mirae Asset Nifty Smallcap 250 Momentum Quality 100 ETF Fund of Fund’, an
open-ended fund of fund scheme investing in units of Mirae Asset Nifty Smallcap 250 Momentum
Quality 100 ETF.
● Aim : To provide investors with sector-agnostic exposure within the smallcap category by
leveraging a combination of factors.
● NFO Dates : The New Fund Offer (NFO) for the Mirae Asset Nifty Smallcap 250 Momentum
Quality 100 ETF will open for subscription on February 12, 2024, and close on February 21,
2024.
● Mirae Asset Nifty Smallcap 250 Momentum Quality 100 ETF Fund of Fund will open for
subscription on February 15, 2024, and close on February 28, 2024.
● Type of Schemes: Both are open-ended schemes benchmarking the Nifty Smallcap 250
Momentum Quality 100 Total Return Index.
● Fund Managers: The schemes will be managed by Ekta Gala and Vishal Singh.
● Minimum Investment : The minimum initial investment during NFO in both the schemes will be
₹ 5,000.
● Further investments can be made in multiples of Re 1 thereafter.

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About Mirae Asset Investment Managers (India) Pvt. Ltd :

● Established : 2008
● Headquarters : Mumbai, Maharashtra
● Chairman & Independent Director : Yogesh Chadha
● CEO : Swarup Anand Mohanty
● Mirae Asset Mutual Fund is one of India’s fastest-growing fund houses.
● Mirae Asset Investment Managers (India) Pvt. Ltd. is the Asset Management Company (“AMC")
of Mirae Asset Mutual Fund.
Indian Highways Management Company Limited excludes Paytm Payments Bank from the list of
authorized banks for issuing FASTags
● Indian Highways Management Company Ltd (IHMCL), toll collecting arm of state-owned NHAI,
has advised highway users to buy FASTags from 32 authorised banks sans Paytm Payments
Bank for hassle-free travel.
● The 32 authorised banks include Airtel Payments Bank, Allahabad Bank, Bank of Baroda, HDFC
Bank, ICICI Bank, IDBI Bank, Punjab National Bank, State Bank of India, and Yes Bank, among
others.
● India has over 8 crore FASTag users and Paytm Payments Bank (PPBL) has around 30 per cent
market share.
What is FASTag?
● FASTag is an electronic toll collection system in India operated by the National Highways
Authority of India (NHAI).
● It employs Radio Frequency Identification (RFID) technology for allowing toll payments directly
from the linked bank accounts.
● A FASTag is valid for 5 years, and can be recharged as required.
About IHMCL :
● Indian Highways Management Company Limited. (IHMCL), a company promoted by NHAI is
implementing the National Electronic Toll Collection Program (NETC) in the country under the
brand name “FASTag” which was launched in April 2016.
Supreme Court Orders Immediate Halt to State Bank of India's Electoral Bond Issuance
● The Supreme Court directed the State Bank of India (SBI) to stop issuing electoral bonds
immediately.
What are Electoral bonds?

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● Electoral bonds are interest-free bearer bonds or money instruments that can be purchased by
companies and individuals in India from authorised branches of the State Bank of India (SBI).
● The bonds are similar to bank notes that are payable to the bearer on demand and are free of
interest.
● Purchase and denominations : These bonds are sold in multiples of Rs 1,000, Rs 10,000, Rs 1
lakh, Rs 10 lakh, and Rs 1 crore.
● Usage period : EBs have a life of only 15 days during which it can be used for making donations
to political parties.
● Tax exemptions: Donations made through electoral bonds are considered tax-exempt under
Section 80 GG and Section 80 GGB of the Income Tax Act.
● Eligibility for political parties: Only political parties registered under Section 29A of the
Representation of the People Act, 1951, and those securing at least 1% of votes polled in the last
general election to the House of the People or the Legislative Assembly of the State are eligible
to receive electoral bonds.
Rupee Co-operative Bank Limited Excluded from Second Schedule of the Reserve Bank of India Act,
1934
● The Reserve Bank of India (RBI) has officially excluded "Rupee Co-operative Bank Limited" from
the Second Schedule of the Reserve Bank of India Act, 1934.
● This exclusion was communicated by the RBI through an official notification issued for the
purpose.
● Scheduled banks are those financial institutions that are listed under Schedule II of the Reserve
Bank of India Act, 1934.
Electoral Bonds Amass a Total of ₹ 16,518 Crore Across 30 Tranches
● With the latest tranche last month, 30 tranches of electoral bonds issued so far have collected
over ₹ 16,518 crore.
● Introduction and Purpose : The scheme, introduced in 2018, aims “to ensure clean tax-paid
money is coming into the system of political funding through proper banking channels.”
● No Additional Charges : As per clause 10 of the Electoral Bond Scheme (Gazette Notification
dated 02.01.2018), no commission, brokerage or any other charges for the issue of a bond shall
be payable by the buyer against the purchase of the bond.
● The total value of Electoral Bonds purchased (Phase-I to Phase –XXX) from State Bank of India
is about ₹ 16,518 crores.

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● Eligibility to Purchase : These bonds may be purchased by a person who is a citizen of India or
incorporated or established in India.
● Purchase Options : An individual can buy electoral bonds singly or jointly with others.
● Eligibility to Receive : Only the Political Parties registered under Section 29A of the
Representation of the People Act, 1951 (43 of 1951) and which secured not less than 1% of the
votes polled in the last General Election to the House of the People or the Legislative Assembly
of the State, shall be eligible to receive the Electoral Bonds.
● Encashment Process : These will be encashed by an eligible Political Party only through a Bank
account with the Authorized Bank.
● Availability and Validity : The bonds under the scheme shall be available for purchase for 10 days
each in January, April, July and October, as may be specified by the Central Government.
LIC Introduces 'Amritbaal': A Traditional Savings Life Insurance Plan Tailored for Children
● The Life Insurance Corporation of India (LIC) has launched “Amritbaal”, an insurance plan for
children.
● The new “non-linked, non-participating, individual, savings, life insurance” plan is specifically
designed to have an adequate corpus to meet the higher education and other needs of a child.
● The minimum sum assured (SA) for this policy is ₹ 2 lakh and there is no maximum SA (subject
to underwriting decision).
● This policy will facilitate the accumulation of corpus through guaranteed additions at the rate of
₹ 80 per thousand basic sum assured at the end of each policy year from the inception till the
end of the policy term, provided the policy is in force.
● Age at entry/ exit : The minimum and maximum age at entry are 30 days (completed) to 13 years
(last birthday), respectively.
● The minimum and maximum age at maturity are 18 years (last birthday) and 25 years (last
birthday), respectively.
● The minimum policy term for limited premium payment is 10 years and for single premium
payment is 5 years.
● The maximum policy term for both limited and single premium payment is 25 years.
● Mode of instalment : It can be monthly, quarterly, half-yearly or yearly where the minimum
instalment amount can be ₹ 5,000, ₹ 15,000, ₹ 25,000 or ₹ 50,000, respectively.
SBI Introduces Digital Enrollment for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan
Mantri Suraksha Bima Yojana Schemes for Customers

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● State Bank of India (SBI) has launched a self-subscribing journey for enrolment under Pradhan
Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana
(PMSBY) schemes for its customers.
About Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) :
● Duration: It is a one-year life insurance scheme renewable from year to year.
● Coverage: Provides coverage for death due to any reason.
● Administered by: Either LIC or any other life insurance company in partnership with banks/Post
offices.
● Eligibility: Individuals aged between 18-50 years holding a savings bank or a post office account
are eligible to enrol.
● Sum Assured: Offers a life cover of Rs. 2 Lakhs against a premium of Rs. 436/- per annum.
About Pradhan Mantri Suraksha Bima Yojana (PMSBY) :
● Duration: Similar to PMJJBY, it is a one-year accidental insurance scheme renewable annually.
● Coverage: Provides coverage for death or disability due to an accident.
● Administered by: Public Sector General Insurance Companies (PSGICs) or any other general
insurance company in partnership with banks/Post offices.
● Eligibility: Individuals aged between 18-70 years holding a savings bank or a post office account
are eligible to enrol.
● Sum Assured: Offers an accidental death cum disability cover of Rs. 2 lakhs (Rs. 1 lakh in case of
partial disability) against a premium of Rs. 20/- per annum.
About SBI :
● Established : 1 July 1955
● Headquarters : Mumbai, Maharashtra, India
● Chairman : Dinesh Kumar Khara
● CFO : Kameshwar Rao Kodavanti
IRDAI Suggests Implementation of a 30-Day 'Free Look' Period for Policies Starting from Receipt Date
● The insurance regulator IRDAI (Insurance Regulatory and Development Authority of India) has
proposed to extend the free look period for the policies from the current 15 days to 30 days now.
● This proposal is included in the draft of IRDAI (Protection of Policyholders' Interests and Allied
Matters of Insurers) Regulations, 2024.
● Definition of Free Look Period: The 'free look' period refers to the duration within which a
policyholder can cancel the policy without incurring surrender charges.

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About IRDAI :
● Established : 1999
● Headquarters : Hyderabad, Telangana
● Chairperson : Debasish Panda
● The IRDAI is a statutory body under the jurisdiction of the Ministry of Finance (MoF), Government
of India (GoI) and is tasked with regulating and licensing the insurance and reinsurance industries
in India.
Federal Bank Introduces Stellar Savings Account for Customer Base
● Federal Bank has launched its latest banking product, the Stellar Savings Account, to
revolutionize the banking sector by offering exceptional benefits and innovative features.
● Objective: The introduction of the Stellar Savings Account aims to enhance customer experience,
promote financial wellness, and encourage eco-friendly banking practices.
About Federal Bank :
● Established : 1931
● Headquarters : Aluva, Kochi, Kerala
● CEO: Shyam Srinivasan
● Tagline : Your Perfect Banking Partner
Electoral Bond Sales: Mumbai Reigns with Over ₹ 4000 Crore, While Delhi Takes the Lead in
Encashment
● Mumbai emerged as the city with the largest share of electoral bond sales since the inception of
the donation scheme in 2018.
● However, most of the bonds were encashed in Delhi during the period.
● According to data compiled by Election Watchdog, Association for Democratic Reforms (ADR),
Mumbai contributed about 24% of the now-scrapped bonds worth ₹ 16,518 crore sold across
cities in India until January 2024, with 5,426 bonds worth ₹ 4,009.4 crore.
● Following Mumbai, Hyderabad ( ₹ 3,554 cr), Kolkata ( ₹ 3,333 cr), New Delhi ( ₹ 2,324 cr), and
Chennai ( ₹ 1,524 cr) were the top cities in terms of bond sales.
● These five cities together accounted for over ₹ 14,744 crore, close to 90 percent worth of 28,030
bonds sold across 18 cities.
● The court directed the State Bank of India (SBI), the sole issuer of bonds, to provide details such
as names of bond buyers, dates of purchase, and amounts donated to the Election Commission
(EC) by March 6, 2024.

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● The EC is required to publish this information on its website by March 13, 2024.
Insurance Regulatory and Development Authority of India Publishes Exposure Draft for Bima Sugam
Insurance E-Marketplace
● The Insurance Regulatory and Development Authority (IRDAI) has introduced an exposure draft
proposal for an insurance electronic marketplace named Bima Sugam.
● This platform aims to serve as a central hub for all insurance-related activities, catering to
customers, insurers, intermediaries, and insurance agents alike.
● Bima Sugam will be a one-stop solution for all insurance stakeholders including customers,
insurers, intermediaries or insurance intermediaries and insurance agents to promote
transparency, efficiency, collaboration across the entire insurance value chain and technological
innovation in the insurance sector.
● Vision for "Insurance for all by 2047": Bima Sugam contributes to the vision of achieving
"Insurance for all by 2047" in India.
● Bima Trinity is made up of three components:
➢ Bima Sugam: A digital portal that integrates distributors and insurers into a single platform
➢ Bima Vistaar: An all-in-one insurance product that offers comprehensive insurance coverage at
affordable prices
➢ Bima Vahak: A women-led field distribution force
Paymart Collaborates with 5 Indian Banks to Introduce Innovative Virtual Cash Withdrawal Service,
Eliminating Need for Cards and Hardware
● Paymart, a fintech startup, has collaborated with 5 prominent Indian banks, namely IDBI Bank,
Indian Bank, Jammu & Kashmir Bank, and Karur Vysya Bank, to introduce a novel virtual,
cardless, and hardware-less cash withdrawal service.
● Current Availability: Presently, the virtual ATM service is accessible in select locations across
Chandigarh, Delhi, Hyderabad, Chennai, and Mumbai, as mentioned by Amit Narang, the
Founder & CEO of Paymart India Pvt Ltd.
● Transaction Limits : A user can withdraw a minimum amount of Rs 100 and a maximum amount
of Rs 2,000 per transaction, using this facility.
● The maximum limit has been set at Rs 10,000 per month for withdrawing through virtual ATMs.
BOBCARD and NPCI Introduce India's Second Corporate Credit Card on the RuPay Network
● BOBCARD (formerly known as BOB Financial Solutions), a wholly-owned subsidiary of Bank of
Baroda, and National Payments Corporation of India (NPCI) has announced the launch of

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Corporate Credit Card on RuPay Network.

● With this, BOBCARD has become the second credit card issuer in the ecosystem to have a
Corporate Credit Card on RuPay.
● A corporate credit card on the RuPay network is a financial instrument designed specifically for
corporate clients, offering benefits and features tailored to meet the needs of businesses.
Note :
● In December 2023, IndusInd Bank launched ‘IndusInd Bank eSvarna’, India’s first Corporate
Credit Card on RuPay network to facilitate transactions at merchant outlets and allows users the
flexibility to make UPI payments by linking the card with UPI-enabled apps.
HDFC Bank Leads Profit Race, Outpaces State Bank of India in Current Fiscal Year
● HDFC Bank emerged as the most profitable company in the ongoing financial year, surpassing
State Bank of India (SBI) and Indian Oil Corporation (IOC) with a net profit of Rs 44,300 crore
during the initial nine months of the fiscal year.
● SBI reported a robust profit of Rs 40,378 crore, securing the second position in the profit
rankings, while Indian Oil Corporation (IOC) was third with a net profit of Rs 34,781 crore during
the same period.
● TCS and ONGC were among the top five companies in terms of net profit.
Investor Education and Protection Fund Authority Collaborates with DBS Bank to Promote Investment
Awareness and Combat Fraudulent Schemes
● A Memorandum of Understanding (MoU) was signed between the Investor Education and
Protection Fund Authority (IEPFA) under the aegis of the Ministry of Corporate Affairs (MCA), and
DBS Bank, a prominent financial institution with a strong presence in Asia and Southeast Asia in
New Delhi.
● According to the MoU, DBS Bank aims to support IEPFA's investor awareness activities by
disseminating safety messages via its various digital platforms.
● During the ceremony, Smt. Anita Shah Akella, Joint Secretary, MCA, and CEO of the IEPFA,
underscored the objectives behind the signing of the MoU and emphasised the proactive
approach adopted by the IEPFA to engage with users through various channels, aiming to
enhance responsiveness regarding the authority's mandate through its awareness initiatives.
● The MoU, formalising collaboration between the IEPF Authority and DBS Bank, was carried
under the leadership of Lt. Col. Tushar Anand, General Manager of the IEPF Authority, and Shri
Rajiv Bagga, Executive Director, and India Head of Government Business at DBS Bank.

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● Previously, IEPFA has also signed MoUs with the Bank of Baroda and ICICI Bank for similar
activities.
About IEPFA :

● The IEPFA was set up on September 7, 2016, under the aegis of the Ministry of Corporate
Affairs, Government of India, for administering the Investor Education and Protection Fund for
making refunds of shares, unclaimed dividends, and matured deposits/debentures, among other
things, to investors.

IREDA Partners with Punjab National Bank to Co-Finance Renewable Energy Projects

● Indian Renewable Energy Development Agency Limited. (IREDA) and Punjab National Bank
(PNB) has signed a Memorandum of Understanding (MoU) aimed at advancing renewable
energy initiatives across the nation.
● The MoU was signed at IREDA's registered office in New Delhi.
● Aim : To facilitate joint efforts in co-lending and loan syndication for a diverse range of renewable
energy projects across the nation.
● Signatories : Dr. R. C. Sharma, General Manager of IREDA, and Shri Rajeeva, Chief General
Manager of PNB, signed the MoU.
● Key Provisions of the MoU : The MoU includes provisions for joint lending, loan syndication,
underwriting, management of Trust and Retention Account (TRA) for IREDA borrowers, and
working towards competitive terms of sanction, including pricing on IREDA borrowings.
● Previous Partnerships : This collaboration strengthens IREDA's successful partnerships with
other prominent financial institutions, including Bank of Baroda, Union Bank of India, Bank of
India, India Infrastructure Finance Company Limited, Bank of Maharashtra, and Indian Overseas
Bank.
Unauthorised Business Payment Solution Providers Operations Limited to a Single Card Network
● The Reserve Bank of India (RBI) has disclosed that only one card network has unauthorized
Business Payment Solution Providers (BPSP) operations.
● The RBI has refrained from explicitly naming the card network involved in these unauthorized
operations.
● BPSP Operations Overview : Under the BPSP arrangement, an intermediary receives payments
from corporates via commercial cards and subsequently transfers the funds to receivers who do
not accept cards, utilizing IMPS, RTGS, or NEFT.

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● Lack of Authorization : Such payment systems are required to obtain authorization under Section
4 of the Payment and Settlement Systems (PSS) Act, 2007, which the identified card network has
not secured.
Insolvency and Bankruptcy Board of India Expert Panel Advocates Specialized Insolvency Mediation in
Insolvency and Bankruptcy Code
● An expert panel convened by the Insolvency and Bankruptcy Board of India (IBBI) has
recommended specialized insolvency mediation within the framework of the Insolvency and
Bankruptcy Code (IBC).
● The panel proposed the gradual introduction of voluntary mediation as an additional dispute
resolution method under the IBC.
● Currently, the Insolvency and Bankruptcy Code (IBC) lacks legal provisions pertaining to
mediation.
● Expert Committee Head and Report Submission : TK Viswanathan, a former Law Secretary,
chaired the expert committee appointed by the IBBI.
● The committee submitted its report to IBBI Chairman Ravi Mital at the Insolvency and Bankruptcy
Board of India (IBBI) office in Delhi on January 31.
● Definition of Mediation : Mediation is described as the involvement of an impartial third party to
facilitate the settlement of disputes between two or more parties.
● Inclusion of Voluntary Mediation Mechanism : The expert committee suggested incorporating a
"voluntary" mediation mechanism into the Insolvency and Bankruptcy Code, aligning with the
provisions of the Mediation Act, 2023.
About IBBI :
● Headquarters : New Delhi, Delhi
● Chairman : Ravi Mittal
● IBBI is the regulator for overseeing insolvency proceedings and entities like Insolvency
Professional Agencies (IPA), Insolvency Professionals (IP) and Information Utilities (IU) in India.
● It was established on 1 October 2016 and given statutory powers through the Insolvency and
Bankruptcy Code, which was passed by Lok Sabha on 5 May 2016.
Banks Seek Alternatives to Current Account Deposits Due to Government's Cash Management Strain
● All scheduled commercial banks witnessed a decrease in current account deposits, which
dropped from 10.43 percent of total deposits in 2022 to 10.13 percent in 2023.
● This information is sourced from the Reserve Bank of India's (RBI) report on the development and

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trend of Indian banking.

● Implementation of JIT Concept : The Center has adopted the just-in-time (JIT) concept for the
release of money for all payments, including those funded centrally.
Kotak Life Unveils Digital-First Campaign for Guaranteed Wealth Builder Plans
● Kotak Mahindra Life Insurance Company (Kotak Life) unveiled its digital-centric campaign for the
Guaranteed Wealth Builder Plans (GWBP) by Kotak Life.
● The campaign showcases a range of reliable investment options provided by Kotak Life.
● Its goal is to tackle consumers' primary concerns regarding investments, specifically addressing
uncertainties surrounding returns and emphasizing the importance of investing in tax-efficient
instruments.
● The campaign features Bollywood actor Rajkummar Rao.

India's Foreign Direct Investment (FDI) Surges by 25.7% to Reach $2.1 Billion in January 2024

● India’s outward foreign direct investment (FDI) commitments rose by 25.7% on a year-on-year (Y-
o-Y) basis to $2.09 billion in January 2024, compared to over $1.66 billion in January 2023.
● However, there was a sequential decline from $2.5 billion in December 2023, as reported by the
Reserve Bank of India (RBI).
● Components of Outbound FDI: Outbound FDI commitments include equity, loans, and
guarantees.
● Equity Commitments: Equity commitments rose to $760.9 million in January 2024 from $597.4
million in January 2023, but were lower than the $834.7 million recorded in December 2023.
● Debt Commitments: Debt commitments increased to $306.2 million in January 2024 from $215.6
million a year ago, but decreased significantly from $687.9 million in December 2023.
● Guarantees: Guarantees for overseas units increased to $1.02 billion in January 2024 from
$854.1 million in January 2023.
● They also saw a slight increase from $988.4 million in December 2023, according to RBI data.
What is Foreign Direct Investment (FDI)?
● Foreign Direct Investment meaning is a type of investment in which a company or individual from
one country invests in a company or asset in another country.
● The purpose of FDI is to gain long-term involvement in the foreign market, generate profits,
access new markets, and transfer technology and expertise.
● This includes the purchase of shares, bonds, or other securities; the establishment of a new

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business; or the acquisition of an existing business.

● The importance of FDIs in the stock market is not only to bring money with them but also skills,
technology and knowledge.
What are the Types of FDI?

● Horizontal FDI: This occurs when a company invests in another country to produce the same
products or services that it produces in its home country.
● For example, a U.S. car manufacturer might build a new factory in China to produce cars for the
Chinese market.
● Vertical FDI: When a company invests in another country to acquire a supplier or distributor for its
products or services.
● For example, a U.S. clothing company might acquire a textile mill in India to produce the fabric for
its clothes.
● Conglomerate FDI: It occurs when a company invests in another country to produce products or
services that are unrelated to its core business.
● For example, a U.S. telecommunications company might invest in a hotel chain in Europe.
IRDAI Grants Policybazaar In-Principle Approval to Upgrade License, Expand into Reinsurance Sales

● PB Fintech announced that insurance regulator Insurance Regulatory and Development Authority
(IRDAI) has granted in-principle approval to its wholly owned subsidiary Policybazaar Insurance
Brokers (Policybazaar) to upgrade its license from a direct insurance broker (Life and General) to
a composite insurance broker.
● This approval is expected to pave the way for Policybazaar to sell reinsurance products besides
being a pure play platform focused on insurance buying.
● PB Fintech reported its first-ever net profit of ₹ 37.2 crore for the quarter ending December 31,
2023.
● For the nine months ending December 31, 2023, PB Fintech's net profit stood at ₹ 4.2 crore.
● PB Fintech’s revenue from operations grew 43 per cent to ₹ 871 crore in the third quarter ended
December 31, 2023.
About IRDAI :
● Established : 1999
● Headquarters : Hyderabad, Telangana
● Chairperson : Debasish Panda
● The IRDAI is a statutory body under the jurisdiction of the Ministry of Finance (MoF), Government

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of India (GoI) and is tasked with regulating and licensing the insurance and reinsurance industries
in India.
Bandhan Bank granted official authority to collect state revenues on behalf of the West Bengal

government
● Private lender Bandhan Bank has been authorised by the West Bengal government to collect tax
and non-tax receipts on its behalf.
● The mandate will enable the bank to collect revenues through the Government Receipt Portal
System (GRIPS).
● GRIPS is an online internet-based platform for making various tax and non-tax payments to the
West Bengal government.
About Bandhan Bank :

● Founded : 2015
● Headquarters : Kolkata, West Bengal, India
● MD & CEO : Chandra Shekhar Ghosh
PayPal Registers With India’s Financial Intelligence Unit
● US-based online payment gateway PayPal has officially registered its operations with the
Financial Intelligence Unit of India, six years after a legal battle between both entities.
● PTI reported that the company has completed the formal procedure of being designated as a
reporting entity under the Prevention of Money Laundering Act (PMLA) recently and has
submitted the requisite documents to the Financial Intelligence Unit (FIU).
● PayPal has also appointed a principal officer to communicate with the FIU, as required by the
anti-money laundering law.
● In December 2020, the federal anti-money laundering agency levied a penalty of INR 96 Lakh
against the global online payments giant, alleging non-compliance with the PMLA by failing to
register as a reporting entity.
● Earlier, PayPal refused to register itself as a reporting entity under the provisions of the PMLA,
arguing that it only operated in India as an Online Payment Gateway Service Provider (OPGSP)
or a payment intermediary, and therefore, does not come under the definition of a payment
system operator under the PMLA provisions.
● The Delhi High Court has set aside a penalty of INR 96 Lakh imposed on online payment major
PayPal by the finance ministry’s Financial Intelligence Unit-India for allegedly violating India’s
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anti-money laundering law.

About PayPal:
● Headquarters: California, US
● Founders: Peter Thiel, Max Levchin, Ken Howery, Luke Nosek, Yu Pan
● Founded: December 1998
● President: Dan Schulman
● CEO: Alex Chriss
India Inc raised 15% more via corporate bond issuances in 9M FY24 vis-a-vis year ago period
● In what could be considered as a sign of investment demand gathering steam, India Inc raised
₹ 80,000 crore more via corporate bond issuances in the first nine months (9M) of FY24 vis-a-vis
a year ago.
● Corporate bond issuances during 2023-24 (from April 1 up to November-end 2023) were 15 per
cent higher year-on-year (yoy) at ₹ 6.1-lakh crore compared with ₹ 5.3-lakh crore a year ago, per
RBI data.
● Easing long term yields and relative stability in the bond market amidst a healthy economic
outlook has prompted issuers to raise funds for investments through debt issuances, per an
article “State of the Economy” in RBI’s latest monthly bulletin.
● RBI Governor Shaktikanta Das, in his February 8th bi-monthly monetary policy statement,
observed that investment cycle is gaining steam, aided by sustained thrust on government
capex (capital expenditure); increasing capacity utilisation; rising flow of resources to the
commercial sector; and policy support from schemes such as production linked incentive (PLI).
Corporate Bond:
● A corporate bond is debt issued by a company in order for it to raise capital.
● An investor who buys a corporate bond is effectively lending money to the company in return for a
series of interest payments, but these bonds may also actively trade on the secondary market.
● Corporate bonds are typically seen as somewhat riskier than U.S. government bonds, so they
usually have higher interest rates to compensate for this additional risk.
● The highest quality (and safest, lower yielding) bonds are commonly referred to as "Triple-A"
bonds, while the least creditworthy are termed "junk".
SEBI slaps ₹ 3-lakh fine on Kotak Alternate Investment Fund
● Market regulator SEBI has levied a penalty of ₹ 3 lakhs on Kotak Alternate Investment Fund and

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its trustees for extending the tenure of its close-ended venture capital fund Kotak SEAF India
beyond the prescribed tenure.
● The corpus of VCF was ₹ 698 crore and had invested ₹ 577 crore in 18 portfolio companies.
● Per the first closing of the fund in March 2005, the tenure of the fund was for nine years and
extendable by one year.
● It was supposed to end on March 30, 2015 with a one-year extension.
● However, the fund took three extensions of seven years and it finally closed on March 30, 2022
with a super majority of 75 per cent from investors.
● SEBI ruled that after the maturity of the fund, as per the Private Placement Memorandum, the
trustees have no control over the fund.
About SEBI :
● Established: 12 April 1988 as an executive body and was given statutory powers on 30
January 1992 through the SEBI Act, 1992
● Headquarters: Mumbai, Maharashtra
● Chairman: Madhabi Puri Buch
● SEBI is the regulatory body for securities and commodity markets in India under the ownership
of the Ministry of Finance, Government of India.
GDP growth to moderate to 6.0% in Q3 FY2024, led by agriculture and industry: ICRA
● India’s real GDP growth likely slowed to 6% in the third quarter of this fiscal year, from 7.6% in
Q2, rating firm ICRA stated, citing the uneven monsoon, slowing government capex and flagging
momentum in some indicators, including industrial activity.
● The National Statistical Office, which has estimated GDP growth for 2023-24 at
● 7.3%, will release its national income estimates for Q3 at the end of this month.
● ICRA also expects the economy’s Gross Value Added (GVA) to ease to 6%, from 7.4% in Q2,
with the expansion in agriculture GVA pegged at a mere 0.5% and industrial GVA growth seen
easing to 8.8%, from 13.2% in the preceding quarter.
About ICRA:
● The full form of ICRA is Investment Information and Credit Rating Agency.
● It was founded as an independent & competent investing information and credit score company
by leading banks, financial institutions and financial institutions in 1991.
● The Investment Information and Credit Rating Agency (ICRA) has its headquarters in Gurugram,
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Haryana.

RBI Levies Monetary Penalty on Hanamasagar Urban Co-operative Bank Ltd., Karnataka
● The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹ 50,000 on Hanamasagar
Urban Co-operative Bank Limited., Karnataka.
● Reason : Penalty imposed for non-compliance with RBI directions regarding monitoring and
reporting mechanisms for frauds, as well as reporting of frauds on XBRL-FMR submission.
● Legal Basis for Penalty :RBI's action is based on the powers conferred under the provisions of
section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.
Other Penalties :
● Transport Co-operative Bank Limited., Indore, Madhya Pradesh, faced a monetary penalty of
₹ 1.00 lakh for non-compliance with RBI's directions on loans and advances to directors,
relatives, and firms/concerns in which they are interested, as well as on investments by
cooperative banks.
● Janseva Co-operative Bank Limited, Nashik, Maharashtra, received a penalty of ₹ 50,000 for
similar non-compliance.
● G P Parsik Sahakari Bank Ltd, Thane, faced a penalty of ₹ 26.60 lakh for non-compliance with
RBI's directions on customer protection regarding unauthorized electronic banking transactions
and Basic Savings Bank Deposit Account (BSBD Account).
About RBI :
● Established : 1 April 1935
● Headquarters : Mumbai, Maharashtra, India
● Governor : Shaktikanta Das
Paytm Teams Up with Axis Bank for Merchant Payment Settlement Amid Reserve Bank of India's
Actions on Payments Banks
● Paytm has partnered with Axis Bank for the settlement of merchant payments.
● The company issued a release stating that One97 Communications has shifted its nodal account
to Axis Bank via an escrow account that it has opened with it.
● The shift of nodal accounts to Axis Bank will ensure seamless merchant settlements as before.
● According to One97 Communications, the parent company of Paytm, Paytm QR, Soundbox and
card machines will continue to operate seamlessly for all their merchant partners.
● The RBI extended the deadline for Paytm Payments Bank Ltd (PPBL) to stop accepting fresh
deposits and do credit transactions to March 15 from February 29.

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● Nodal accounts or nodal bank accounts are special internal bank accounts that are mandated by
the RBI for businesses that are intermediaries, connecting customers to sellers.
● An escrow account is a temporary pass through account held by a third party during the process
of a transaction between two parties.
About Paytm :
● Founded : August 2010
● Headquarters : Noida, Uttar Pradesh, India
● Founder & CEO : Vijay Shekhar Sharma
About Axis Bank :
● Established : 3 December 1993
● Headquarters: Mumbai, Maharashtra, India
● MD & CEO: Amitabh Chaudhry
● Tagline : Badhti Ka Naam Zindagi
India contributes $1 million to IBSA Fund for poverty and hunger alleviation
● India announced to contribute $1 million to the Poverty and Hunger Alleviation Fund established
by India, Brazil, and South Africa (IBSA).
● The fund is aimed at alleviating poverty and hunger.
● India’s Permanent Representative to the UN, Ambassador Ruchira Kamboj handed over the
cheque to the Director of the UN Office for South-South Cooperation (UNOSSC) Dima Al-Khatib.
● The IBSA countries - India, Brazil and South Africa - each contribute one million dollars annually
to the Fund in a spirit of partnership and support for demand-driven, transformational projects in
developing countries.
● The IBSA Facility for Poverty and Hunger Alleviation (IBSA Fund) was established jointly by
grouping in March 2004 and it became operational in 2006.
● The purpose of the fund is to identify replicable and scalable projects that can be disseminated to
developing countries on a demand-driven basis.
Pension Fund Regulatory and Development Authority Announces Amendments to Trustee Bank (TB)
and Central Recordkeeping Agency (CRA) Regulations to Prioritise Subscriber Protection, Reduce
Compliance Costs, and Improve Business Ease

● The Pension Fund Regulatory and Development Authority (PFRDA) has notified the Trustee
Bank (TB) (Amendment) Regulations, 2023 and the Central Recordkeeping Agency (CRA)
(Amendment) Regulations, 2023.

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● The amendments to Trustee Bank (TB) Regulations simplify and strengthen the provisions
related to the implementation of fraud prevention and mitigation policy, compensation to the
subscriber, invitation of application for new registration and surrender of certificate of registration.
● Amendments to CRA Regulations simplify and strengthen the provisions related to the
governance of CRA in line with the Companies Act, 2013, and enhanced disclosure of information
by CRA.
What is meant by Trustee Bank?

● Trustee Bank as an intermediary provides day to day banking of the funds and banking facilities
in accordance with the provisions of the guidelines and directions issued by PFRDA.
● The service levels of Trustee banks are monitored by NPS Trust.
About Ministry of Finance :
● Cabinet Minister : Nirmala Sitharaman
● Minister of State : Bhagwat Karad, Pankaj Choudhar
About PFRDA :
● Established : 2003
● Headquarters : New Delhi, Delhi
● Chairman : Deepak Mohanty
● PFRDA is the regulatory body for the overall supervision and regulation of pensions in India.
● It operates under the jurisdiction of the Ministry of Finance in the Government of India.
Japan Pledges ¥232.209 Billion Official Development Assistance Loan for 9 Projects Across Various

Sectors in India
● The Japanese government has committed an Official Development Assistance (ODA) loan of
232.209 billion yen (about Rs 12,800 crore) for 9 projects across various sectors in India.
● The exchange of notes formalizing the loan commitment took place between Mr. Vikas Sheel,
Additional Secretary, Department of Economic Affairs, Ministry of Finance, Government of India,
and Mr. Suzuki Hiroshi, Ambassador of Japan to India.
● The ODA loan assistance has been committed to:
● The North East Road Network Connectivity Improvement Project (Phase 3) (Tranche II): Dhubri-
Phulbari bridge (JPY 34.54 billion)
● The North East Road Network Connectivity Improvement Project (Phase 7): NH 127B (Phulbari-
Goeragre section) (JPY 15.56 billion)
● The Project for Promoting Start-up and Innovation in Telangana (JPY 23.7 billion)
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● The Project for the Construction of Chennai Peripheral Ring Road (Phase 2) (JPY 49.85 billion)
● The Project for Promoting Sustainable Horticulture in Haryana (Tranche I) (JPY 16.21 billion)
● The Project for Climate Change Response and ecosystem Services Enhancement in Rajasthan
(JPY 26.13 billion)
● The Project for the Establishment of the Medical College Hospital at Nagaland Institute of Medical
Sciences and Research, Kohima (JPY 10 billion)
● The Project for the Improvement of Urban Water Supply System in Uttarakhand (JPY 16.21
billion)
● The Dedicated Freight Corridor Project (Phase 1) (Tranche V) (JPY 40 billion)
Note :

● India and Japan have had a long and fruitful history of bilateral development cooperation since
1958.
About Japan :
● Prime Minister: Fumio Kishida
● Capital: Tokyo
● Currency: Japanese yen
About JICA :
● Established : October 1, 2003
● Headquarters : Tokyo, Japan
● President : Akihiko Tanaka
Alternative Investment Fund Commitments Exceed Rs 10 Trillion for the First Time, Driven by Increasing
Demand from High Net Worth Individuals
● Investment commitments received by Alternative Investment Funds (AIFs) have exceeded Rs 10
trillion for the first time, showcasing a significant increase in demand from investors seeking
higher returns compared to traditional investment options.
● Growth Trends: As of December 2023, the investment commitments reached Rs 10.84 trillion,
marking a quarter-on-quarter (Q-o-Q) increase of 13.6% and a year-on-year (Y-o-Y) increase of
over 40%.
What is meant by AIF?
● Alternative Investment Fund (AIF) is a special investment category that differs from conventional
investment instruments.

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● It is a privately pooled fund.

● Generally, institutions and HNIs invest in AIFs as substantial investments are required.
● These investment vehicles adhere to the SEBI (Alternative Investment Funds) Regulations, 2012.
● AIFs can be formed as a company, Limited Liability Partnership (LLP), trust, etc.
● Resident Indians, Non-Resident Indians (NRIs), and foreign nationals can invest in these funds.
● AIFs come with a minimum lock-in period of 3 years.
● The number of investors in every scheme is restricted to 1000, except angel funds, where the
number of investors goes up to 49.

PhonePe Introduces Indus Appstore to Compete with Google Play Store in India

● Walmart-backed Indian fintech PhonePe launched its app store for Android called Indus
Appstore, becoming the first Indian rival to Google’s Play Store.
● PhonePe has informed us that no app listing fees will be charged for one year, until 1 April 2025,
for developers.
● Indus App Store allows Indian consumers to download over 2 lakh mobile apps and games,
across 45 categories.
● Users will be able to discover these apps conveniently in 12 Indian languages, thereby catering to
95% of Indians’ language preferences.
About Phonepe :
● Founded : 2015
● Headquarters : Bangalore, Karnataka
● CEO : Sameer Nigam
RBI Report: Local Taxes and Fees Contribute 1.1% to Panchayats' Total Revenue
● According to a report by the Reserve Bank of India (RBI), Local taxes and fees contribute only
1.1% to Panchayats' total revenue.
● Non-Tax Revenue Composition: Non-tax revenue, primarily from Panchayati Raj programs and
interest earnings, makes up 3.3% of the total revenue receipts.
● States with Higher Non-Tax Revenue: States like Tamil Nadu, Himachal Pradesh, Maharashtra,
and Telangana reported higher non-tax revenue compared to others, as per the RBI report.
● Limited Own Revenue: Own revenues of Panchayats, generated through local taxes, fees, and
charges, constitute only 1.1% of their total revenue
● Ratio of Revenue Receipts: The ratio of Panchayats' revenue receipts to states' revenues varies,

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ranging from 0.1% in Andhra Pradesh to 2.5% in Uttar Pradesh.

● Utilization of eGramSwaraj Platform: Over 2.5 lakh Panchayati Raj Institutions (PRIs) utilize the
eGramSwaraj platform for accounting purposes as of September 2023.
About eGramSwaraj Platform:

● Introduced : 2020
● eGramSwaraj serves as a simplified, work-based accounting application for PRIs, addressing
various aspects of Panchayat operations including planning, accounting, budgeting, and online
payments through the eGramSwaraj-PFMS interface.
Pension Fund Regulatory and Development Authority Announces Revisions to National Pension System
Trust (NPST) and Pension Fund Regulations to Enhance Governance

● The Pension Fund Regulatory and Development Authority (PFRDA) has notified the National
Pension System Trust (Second Amendment) Regulations 2023 and Pension Fund (Amendment)
Regulations 2023 .
● The amendments to NPS Trust Regulations aim to simplify various provisions related to the
appointment of Trustees, their terms and conditions, conducting Board meetings, and the
appointment of the CEO of NPS Trust.
● Amendments to Pension Fund Regulations aim to simplify governance provisions aligning with
the Companies Act, 2013, and enhance disclosure requirements by Pension Funds.
● The above amendments are in line with the Union Budget 2023-24 announcement to review
regulations to reduce the cost of compliance and enhance the ease of doing business.
HDFC Bank Successfully Raises $300 Million through Inaugural Sustainable Finance Bond Issue
● Largest private sector lender HDFC Bank has raised $300 million in its maiden sustainable
finance bond issue.
● The country's biggest private lender by market capitalisation priced its three-year sustainability
bond at a yield of 5.196%.
● This is 95 basis points (bps) over the 3-year U.S. Treasury yield, sharply lower than the initial
guidance of a 125-bps spread.
● The money raised is part of the $750 million bond-raise that will be listed on the GIFT City.
About HDFC Bank :
● Founded : 1st July 2023 (via the merger between HDFC-HDFC bank)
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Sashidhar Jagdishan

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● Tagline : We Understand Your World

State Bank of India Funds Appeals to Reserve Bank of India for Increase in Industry's Overseas
Investment Limit
● SBI Funds Management, India's largest fund house with assets under management (AUM) of
₹ 8.51-lakh crore, has approached the Reserve Bank of India (RBI) to increase the overseas
investment limit due to growing investor interest and India's comfortable forex position.
● Current Limit: According to current RBI rules, domestic mutual funds can invest up to $7 billion in
overseas stocks, with an additional $1 billion allowed in exchange-traded funds.
● Limit Set in 2007-08: The current investment limit for the industry was established in 2007-08 and
has not been revised despite significant economic growth and a substantial increase in investor
appetite over the years.
● Forex Reserve Growth: When the $7 billion limit was set, India's forex reserves were around $300
billion.
● However, the forex reserves have more than doubled since then, reaching $600 billion.
Reserve Bank of India Directs National Payments Corporation of India to Assess Potential Third-Party
Application Provider Status for Paytm Parent Company; Unveils Supplementary Measures
● The Reserve Bank of India (RBI) has asked the National Payment Council of India (NPCI) to
examine the request of One97 Communications’ (OCL), which owns Paytm, to become a Third-
Party Application Provider (TPAP) for continued Unified Payments Interface operation of the
Paytm application.
● Importance of TPAP Approval : A TPAP approval is mandatory to provide UPI-based payment
transactions to customers.
● Currently, all UPI transactions on the Paytm app are being routed through Paytm Payments Bank
(PPBL), an associate company of OCL, which is registered as TPAP.
● RBI Directive on PPBL Operations : As the RBI has asked the PPBL to shut its operations by
March 15, 2024, there will be no TPAP registration for the Paytm app to be able to provide UPI
payment services.
● Definition and Role of TPAP : A Third-Party Application Provider is an entity that provides the UPI
compliant app(s) to the end-user customers to facilitate UPI-based payment transactions.
● These applications could be mobile wallets, merchant apps, or any other platform that utilises UPI
for payments.
● Current NPCI-Approved TPAPs : Currently, there are 22 NPCI-approved 3rd party Unified

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Payments Interface (UPI) apps that can be used to send and receive money from other UPI users
by using UPI IDs.
Reserve Bank of India Permits Authorized Fintech Entities to Issue Prepaid Wallets and Cards for Public
Transport Systems
● The Reserve Bank of India (RBI) has allowed banks and non-banks to issue prepaid payment
instruments (PPIs) specifically for public transit services, including metro, buses, rail, waterways,
tolls, and parking.
● Amendment of Guidelines: The regulator has amended the guidelines for PPIs for mass transit
systems (MTS), stating that such PPIs can be issued without the need for a "know your customer"
(KYC) verification of the holder.
● Scope of Usage: These PPIs, known as PPI-MTS, can be used across various modes of public
transport immediately, including metro, buses, rail, waterways, tolls, and parking.
● Account Limitations: While these PPI accounts may be reloadable, the outstanding amount
cannot exceed ₹ 3,000 at any given time.
● Additionally, no cash withdrawal, refund, or funds transfer will be permitted.
● Validity and Regulation: The amended guidelines specify that these PPIs will have perpetual
validity.
● Definition of PPIs: PPIs are instruments that facilitate various transactions such as purchases of
goods and services, financial services, and remittance facilities against the stored value in them.
RBI Issues 2024 Master Direction on Filing Supervisory Returns
● The Reserve Bank of India (RBI) has consolidated all relevant instructions regarding Supervisory
Returns into a single Master Direction.
● Objective : To create a unified reference for all Supervisory Returns and to streamline the
timelines for their filing.
● Legal Authority:The issuance of this Master Direction is in exercise of powers conferred under
various sections of the Banking Regulation Act, 1949, as well as other relevant banking and
financial regulations.
● Legal Basis:This action is taken under sub section (2) of section 27 and section 35A of the
Banking Regulation Act, 1949, among other legal provisions.
● Applicability : These Directions shall apply to the following entities:
➢ All Commercial Banks excluding Regional Rural Banks. Commercial Banks include Public Sector
Banks (PSBs), Private Sector Banks (PVBs), Small Finance Banks (SFBs), Payment Banks

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(PBs), Local Area Banks (LABs) and Foreign Banks (FBs).

➢ All Primary (Urban) Co-operative Banks.
➢ Select All India Financial Institutions (Exim Bank, NABARD, NHB, SIDBI and NABFID).
➢ All Non-Banking Financial Companies [excluding Housing Finance Companies (HFCs)] and all
Asset Reconstruction Companies (ARCs).
Timelines for filing of Returns :

Periodicity Reference Date Timeline for Return

Submission

Weekly Friday of the week On or before Wednesday

of the following week

Fortnightly 15th and Last day (28th/ 29th/ 30th/ Within 7 days from the
31st) of the respective month Reference Date

Monthly Last day (28th/ 29th/ 30th/ 31st) of a Within 15 days from the
respective month Reference Date

Quarterly Last day of the Calendar Quarter Within 21 days from the
(i.e., March 31st, June 30th, Reference Date
September 30th, and December
31st)

Half yearly March 31st, and September 30th Within 21 days from the
Reference Date

Yearly March 31st Within 21 days from the

Reference Date

Note:
1) All audited returns, wherever applicable, shall be filed within 5 working days
from the date of signing of the Auditor’s report in terms of section 134 of the
Companies Act, 2013 (solo/ group level as per applicability of the return), as
applicable.

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2) All ad-hoc returns/ data must be submitted within the timelines as indicated
in the communication issued by the RBI.

Pension Fund Regulatory and Development Authority Introduces Amendments to Retirement Adviser
(RA) Regulations to Enhance Good Governance and Simplify Compliance
● The Pension Fund Regulatory and Development Authority (PFRDA) has issued amendments to
the Retirement Adviser (RA) Regulations, 2023.
● Aim : To simplify eligibility criteria and registration processes, streamline timelines, and eliminate
the requirement of security deposits to promote Ease of Doing Business.
Key Amendments:
● Expansion of Eligibility: Non-individual applicants regulated by other financial regulators are now
eligible to apply.
● Removal of Security Deposit: The necessity of submitting security deposits has been eliminated.
● Timely Disposal: Applications are to be processed and disposed of within 30 days of submission.
● These amendments are in accordance with the directives outlined in the Union Budget 2023-24 to
review regulations, reduce compliance costs, and enhance the Ease of Doing Business
environment.
RBI Levies Penalties Totaling Nearly Rs 3 Crore on SBI, Canara Bank, and City Union Bank
● The Reserve Bank of India (RBI) has imposed penalties totalling nearly Rs 3 crore on State Bank
of India (SBI), Canara Bank, City Union Bank (CUB), and Ocean Capital Market Limited for
various violations of regulatory norms.
● In each case, the RBI stated that the penalties are based on the deficiencies in regulatory
compliance and is not intended to pronounce upon the validity of any transaction or agreement
entered into by the entities with their customers.
Penalty Amounts:
● SBI: Penalty of Rs 2 crore.
● City Union Bank: Penalty of Rs 66 lakh.
● Canara Bank: Penalty of Rs 32.30 lakh.
● Ocean Capital Market Ltd: Penalty of Rs 16 lakh.
RBI Promotes Financial Literacy for Securing Individuals' Financial Future
● The Reserve Bank of India (RBI) has been propagating financial literacy in various forms,
recognizing its crucial role in securing individuals' financial future.
● By promoting financial literacy, RBI aims to empower people with knowledge of basic financial

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concepts and enable them to make well-informed decisions, understand the importance of
saving and investing, and navigate the digital financial landscape with confidence.
● Eligibility Criteria:The competition is open to all postgraduate students (excluding doctoral and
postdoctoral students) currently enrolled in recognized educational institutions.
● Submission Requirements:Participants are required to submit an ideation paper on the subject
‘Money Matters for Young Adults: Rethinking Outreach Strategies’.
● The RBI's Public Awareness Campaign 'RBI Kehta Hai' plays a significant role in educating the
public about banking facilities and services. It focuses on informing individuals about their rights
and responsibilities among other relevant topics.

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