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Table of Contents
Banking, Finance & Economy News: February 2021 ................................................................................................... 4
Banking, Finance & Economy Q&A: February 2021 ................................................................................................. 105
Reliance Jio Becomes World’s 5th Strongest Brand; Wechat Tops: Brand Finance’s Global 500 2021
As per the Global 500 2021, an annual report on the most valuable and strongest global brands of Brand
Finance, Reliance Jio has been ranked in 5th position as world’s strongest brand with a Brand Strength Index
(BSI) score of 91.7 out of 100 and AAA+ brand strength rating. Reliance Jio enters the ranking for the 1st time.
i.The list is topped by WeChat with a BSI score of 95.4 followed by Ferrari with 93.9 BSI score.
ii.Russian bank Sber is spotted in 3rd rank with 92.0 BSI score followed by Coca-Cola with 91.7 BSI score.
List of World’s Strongest Brand
Rank Brand Country BSI Score
5 Reliance Jio India 91.7
1 WeChat China 95.4
2 Ferrari Italy 93.9
3 Sber Bank Russia 92
4 Coca-Cola US 91.7
Note
Reliance launched Reliance Jio in 2016, after which a phenomenon namely, ‘Jio effect’ came into picture.
Highlights of the Report
Verizon Re-enters the List
The world’s most valuable telecoms brand, Verizon (up 8% to US$68.9 billion), has re-entered the top 10 for brand
value following its absence in 2020.
Top 500 most valuable global brands 2021
i.In the list of Top 500 most valuable global brands, Apple is ranked 1st after 5 years. Amazon is ranked 2nd followed
by Google.
ii.Among the 500 brands, 12 brands from India have been mentioned in the list.
• Among the Indian brands Tata Group topped in the 500 Most Valuable Global Brand 2021
• 12 Brands include Tata Group(77th rank), LIC(206th rank), Infosys(212th rank) among others.
Top 100 CEOs in Brand Guardianship Index 2021
i.In the list of top 100 CEOs in Brand Finance Brand Guardianship Index 2021, Mastercard’s Ajay Banga secures the
1st rank, followed by Nvidia’s Jensen Huang
Netflix’s Reed Hastings and Alibaba Group’s Yong Zhang “Daniel”
ii.Of the 100 CEOs, 3 from India have been named.
• 3 CEOs: 5th rank- Rajesh Gopinathan(TCS), 6th rank- Mukesh Ambani(Reliance), 17th rank- Salil
Parekh(Infosys)
Rama Mohan Rao Amara Appointed as the MD and CEO of SBI Card; Succeeds Ashwini Kumar Tewari
On January 30, 2021 Rama Mohan Rao Amara took charge as the Managing Director(MD) and Chief Executive
Officer(CEO) of SBI Cards and Payment Services Ltd for a period of 2 years. He succeeds Ashwini Kumar Tewari,
who was appointed as one of the 4 Managing Directors(MDs) of State Bank of India (SBI).
• Prior to his appointment, Rama Mohan Rao Amara served as the Chief General Manager, SBI Bhopal Circle,
where he managed two key states, Madhya Pradesh and Chhattisgarh.
About Rama Mohan Rao Amara:
i.He started his banking career with SBI in 1991 as a Probationary Officer(PO).
ii.He is an expert in the field of credit, risk, and International Banking, both, in India and abroad.
iii.He has held foreign posts in Singapore and in the US as the CEO of the Chicago branch.
iv.Apart from this, he also served as the President and CEO of SBI California, US.
About SBI Cards and Payment Services Ltd:
Headquarters– Gurgaon, Haryana
Launched– October 1998
India’s Transition towards EV in 2020-30 to cost around INR 19.7 Lakh Crore: NITI Aayog & RMI Report
According to the report ‘Mobilising Finance for EVs in India: A Toolkit of Solutions to Mitigate Risks and Address
Market Barriers, January 2021’ released by NITI Aayog & Rocky Mountain Institute (RMI), India’s transition towards
Electric Vehicles (EVs) adoption between the years 2020-2030 will need a capital of INR 19.7 Lakh Crores (USD 266
Billion) they will be utilized for construction of vehicles, charging stations, and batteries & other infrastructures.
• Immediate steps needed to be taken for India’s EV transition are Mobilisation of Capital & Finance towards
EV assets & infrastructure.
• Projected size of the Annual Loan Market for EVs will be around INR 3.7 lakh crore (USD 50 Billion) in 2030.
Main Purpose of the report – To provide Landscape assessment, Barrier Assessment & Solution Identification.
Key Findings:
i.India’s EV Transition is taking place at a rapid rate due to
• Demand Creation
• State EV Policies &
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• Domestic Manufacturing
ii.Initiatives taken by Government to improve EV Sector in India
• Production-Linked Incentive (PLI) Scheme, with a budget of INR 18, 100 Crore (USD 2.4 Billion) for Advanced
Chemistry Cell battery sector.
• To improve the Charging Infrastructure in India, Government has introduced the scheme ‘Faster Adoption and
Manufacturing of Electric Vehicles (FAME)’ with a budget of INR 1, 000 Crore (USD 135 Million)
• Promoting the Domestic manufacturing of EVs through National Mission on Transformative Mobility and
Battery Storage.
iii.Barriers towards EV adoption in India:
• Technology cost
• Policy Implementation
India to emerge as 2nd most Resilient Economy in 2021, Germany tops the list:PHDCCI IER Rankings
According to the PHD Chamber of Commerce and Industry (PHDCCI) International Economic Resilience (IER) India is
set to emerge as the 2nd Most Resilience Economy in 2021 among top-10 leading economies showcasing the strong
recovery of Indian Economy in the Post COVID-19 era. Germany took the top spot & South Korea took the 3rd spot.
Indicators:
It is based on 5 Macroeconomic indicators such as
• Real GDP growth rate
• Merchandise export growth rate
Investment in Upskilling has potential to boost Global GDP by USD 6.5 Trillion by 2030: WEF Report
According to the report ‘Upskilling for Shared Prosperity’ – January 2021 released by World Economic Forum
(WEF) in collaboration with PricewaterhouseCoopers (PwC), Investments in Upskilling can boost the Global Gross
Domestic Product (GDP) by USD 6.5 Trillion by 2030 also adding that it has the potential to boost India’s GDP by USD
570 Billion (INR 40 Lakh Crore) by 2030.
• Upskilling has the potential to create 5.3 Million new jobs by 2030 and will help in a more inclusive and
sustainable global economy.
• The report was released during WEF’s The Davos Agenda 2021.
• With proper upskilling & reskilling initiatives, India has the capacity for GDP gains equivalent to 6.8% of total
GDP.
Key Points:
• Reskilling & Upskilling will help people to get equipped with experience and skills needed for jobs created by
the Fourth Industrial Revolution, they will boost Global productivity by 3% on average by 2030.
• The report states that there is a disconnect between the current education programme & skill that employers
are looking for hiring.
• Upskilling i.e Learning new skills will be the key to recover from COVID-19.
Government approves INR 945 Crore for ‘Startup India Seed Fund Scheme (SISFS)’ for 2021-25
Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry has given the
approval for setting up of Startup India Seed Fund Scheme (SISFS) with a Corpus of INR 945 crores for the period
2021-25. The Scheme will come into force from April 1, 2021 & DPIIT will be the implementing agency of the scheme.
• The scheme will provide funds to startups for proof of concept, prototype development, product trials, market
entry & commercialization.
• The funds will be disbursed through selected Incubator facilities across India.
• During the Budget 2020-21, Union Finance Minister proposed the setting up of a National Seed Fund for
development of startups & provide Credit Guarantee for startups.
i.Experts Advisory Committee (EAC) will be constituted by DPIIT for execution & monitoring of SISFS. The EAC will
be led by an eminent individual, the committee will be responsible
• Evaluation and selection of Incubators for allotment of Seed Funds
• Monitoring progress
• Taking steps to ensure proper utilization of funds
ii.Criterias:
• Any startup recognised by DPIIT, incorporated not more than 2 years ago
• Preference will be given to startups who are working in sectors like Social Impact, Waste Management, Water
Management, Financial Inclusion, Education, Agriculture, Food Processing, Biotechnology, Healthcare, Energy,
mobility, defence, space, railways, oil and gas, textiles.
• The startups should also not have received more than INR 10 Lakh of monetary support from the Central or
State Government scheme (excludes prize money from competitions and grand challenges).
• Shareholding by Indian Promoters in the startup must be at least 51%.
• Startups who have already availed seed funds once will not be eligible.
Criteria for Incubators:
• It should be a legal entity
• Must have facilities to seat at least 25 individuals
• Should have at least five startups which are undergoing incubation physically.
• Must have a full-time Chief Executive Officer supported by a team.
Benefits
Selected Startups will receive an amount of up to INR 20 Lakhs after successful validation of their concepts, prototype
development & product trials.
• Amounts will be disbursed on anMilestone-based instalments.
• Startups would qualify for amounts of upto INR 50 Lakh through Convertible debentures or debt or debt-
linked instruments that can be used for market entry, commercialisation or scaling up process.
Recent Related News:
i.On September 11, 2020 DPIIT released the 2nd Edition of ‘States on Support to Startup Ecosystems 2019’. Gujarat,
Andaman & Nicobar Emerged as Best State &UT in providing Strong Ecosystem for Startups.
About Ministry of Commerce & Industry:
Union Minister – Piyush Goyal
Minister of State (MoS) – Hardeep Singh Puri, Som Parkash
PFC raises USD 500 Million: Largest Tenor Bond Issuance from India in 2021
Power Finance Corporation (PFC) has successfully raised USD 500 Million through issuance of USD Denominated
Bonds under ‘Reg S route’. The Bonds have a Fixed Coupon of 3.35% and will mature on May 16, 2031 making it
the Longest Tenor Bond Issuance from India since the start of 2021.
• Totally it has raised around USD 2.55 Billion, which is an oversubscription of 5.1 times.
• The funds will be used for the purpose of Lending to Power Sector Utilities.
• The proceeds will be utilized based on the External Commercial Borrowing regulations of the Reserve Bank of
India.
i.In January 2021, PFC had launched the maiden public bond sale for Retail Investors to raise INR 5, 000 Crore.
• It was the first such issuance since the State Bank of India floated public offer in 2010.
Recent Related News:
i.On November 26, 2020, Power Finance Corporation Ltd (PFC) & REC Limited signed a MoU with SJVN Thermal (P)
Limited (STPL) at for extending Term Loan of INR 8520.46 Crores for 2×660 MegaWatts (MW) Buxar Thermal Power
Project, Bihar.
About Power Finance Corporation Ltd (PFC):
It is a Government of India Undertaking company
Chairman & Managing Director (CMD) – Ravinder Singh Dhillon
Headquarters – New Delhi
Commerce Ministry Organised Udyog Manthan To Focus On Quality And Productivity in Indian Industry
On 3rd February 2021, the Ministry of Commerce and Industry has organised Udyog Manthan under which a series
of webinars were conducted on 45 sectors which includes pharma and electronics. Udyog Manthan focuses on
quality and productivity in all the major sectors of manufacturing services. Udyog Manthan started on 4th January
2021 and concluded on 2nd March 2021.
RBI Issued Risk-Based Internal Audit (RBIA) Guidelines for Select NBFCs & UCBs
On February 03, 2021 The Reserve Bank of India (RBI) issued guidelines on Risk-Based Internal Audit (RBIA) for
selected Non-Banking Financial Companies (NBFCs) and Primary (Urban) Co-operative Banks (UCBs). The
mentioned entities have to implement the RBIA framework by March 31, 2022. The guidelines also specified that
these entities may also set up a committee of senior executives to formulate a suitable action plan.
Aim: To strengthen the quality and effectiveness of the internal audit system of selected entities.
What is RBIA?
i.It is an audit methodology that links with an organisation’s overall risk management framework.
ii.This methodology provides assurance to the Board and its senior management about the quality and effectiveness
of the organisation’s internal controls, risk management and governance framework.
iii.Essential requirements of a strong internal audit function include, sufficient authority, proper stature,
independence, adequate resources and professional competence, etc.,
Note– At present, all institutions under the supervision of RBI have their own approaches to internal auditing,
resulting in some inconsistencies, risks and gaps in the system.
Guidelines of RBIA Framework:
Applicability
The RBIA framework is applicable for the following NBFCs and UCBs:
• All deposit taking NBFCs of all sizes
• All Non-deposit taking NBFCs (including Core Investment Companies) with asset size of Rs 5,000 crore and
above
• All UCBs that have asset sizes of Rs 500 crore and above.
Committee of senior executives
i.The committee can address the interim and change management issues.
ii.It also is liable to report about the progress to the Board and senior management periodically.
Implementation
The guidelines must be implemented within the limit under the supervision of the board.
Background
The RBIA system was mandated for all Scheduled Commercial Banks (except Regional Rural Banks) on December
27, 2002. Now, a decision has been taken to mandate the framework for the selected NBFCs and UBCs.
Click here to know more
What are Non-Banking Financial Companies (NBFCs)?
i.It is a company registered under the Companies Act, 1956.
ii.It must have a Net Owned Funds of Rs 2 crore.
iii.It engages in the business of loans and advances, acquisition of shares among others but does not have a banking
license.
What are Primary (Urban) Cooperative Banks (UCBs)?
i.It is registered as cooperative societies under the provisions of, either the State Cooperative Societies Act of the
State concerned or the Multi State Cooperative Societies Act, 2002.
ii.Under the provisions of Section 11 of the Banking Regulation Act, 1949 (As Applicable to Cooperative Societies)
UCBs must commence their business if the real or exchangeable value of its paid-up capital and reserves is more than
Rs 1 lakh.
Bharti AXA General Insurance Launches ‘Salute to Caregivers – Ek Naya Nazariya Campaign’ for Cancer
Survivors
Bharti AXA General Insurance has launched ‘Salute to Caregivers – Ek Naya Nazariya Campaign’ to support the
cancer survivors in the battle against cancer.
To commemorate the World Cancer Day(February 4, 2021) Bharti AXA General Insurance has collaborated with
poetess Priya Malik, who wrote a poem on the Campaign & she also expressed her experience as a caregiver.
Tagline of the Campaign– ‘Iss Jung Mein Hum Sang Hai’.
Data as per WHO
As per the World Health Organisation(WHO), 17 people die every minute from Cancer in the world.
About Bharti AXA General Insurance:
It is a joint venture company with a 51% stake from Bharti Enterprises and 49% stake of the AXA Group.
Established– 2008
HeadQuarters– Mumbai, Maharashtra
Managing Director(MD) and Chief Executive Officer(CEO)– Sanjeev Srinivasan
Tagline– Suraksha ka Naya Nazariya
Labour Ministry appointed SN Subrahmanyan, the CEO & MD of L&T Ltd as the Chairman of NSC
The Ministry of Labour and Employment has appointed SN Subrahmanyan, the CEO and Managing Director(MD) of
Larsen & Toubro Limited (L&T Ltd) as the new Chairman of National Safety Council(NSC).
He will be holding the position for a period of 3 years.
Satish Reddy was the last chairman of the NSC who served from 2015 to 2018.
About SN Subrahmanyan:
i.SN Subrahmanyan, was appointed as the CEO & MD of L&T Ltd in 2017, prior to his appointment he served as the
Deputy MD and President of the infrastructure business of L&T and contributed in making it as India’s largest and
World 14th largest construction organisation.
ii.He joined L&T as a project planning engineer in 1984.
According to the All Asia Executive team survey conducted by the Institutional Investor, SN iii.Subrahmanian ranked
as the Top CEO (Sell Side) and 3rd Best CEO (overall).
iv.He was recognized as the CEO of the Year 2019 by CNBC.
Roles of NSC:
i.The major role of NSC is to ensure safety in workplaces under the new Occupational Safety, Health and Working
Conditions Code, 2020 (OSH Code, 2020).
ii.The NSC will assist the Directorate General Factory Advice Service and Labour Institutes(DGFASLI) to re-write the
regulations that govern Occupational Safety, Health(OSH) in India.
iii.The NSC also plays a major role in framing the scheme for 3rd party audit and certification under the OSH code.
Note:
The OSH code in India has not been updated for more than 50 years.
Recent Related News:
On May 20,2020, The appointments committee of the union cabinet appointed Govinda Rajulu Chintala as Chairman
of National Bank for Agriculture and Rural Development (NABARD). He was the successor of Harsh Kumar Bhanwala.
About NSC:
The NSC was established on 4th March, 1966 by the Ministry of Labour, Government of India.
Director General– Lalit Gabhane
Headquarters– Belapur, Navi Mumbai, Maharashtra
Piyush Goyal Co-Chaired 1st High-Level Dialogue on India-EU Bilateral Trade and Investment Agreement
(BTIA) 2021 Virtually
On February 5, 2021 1st High-Level Dialogue(HLD) on India-European Union(EU) Bilateral Trade and Investment
Agreement (BTIA) 2021 Held virtually. It was co-chaired by Piyush Goyal, Union Minister of Commerce and
Industry and Valdis Dombrovskis, EU Executive Vice-President & Trade Commissioner.
Background
This dialogue has been established as an outcome of the 15th India-EU Leader’s Summit held in July 2020, which aims
to provide ministerial-level guidance on bilateral trade and investment relations.
Highlights of 1st HLD on India-EU BTIA:
Meet within next 3 months
The Ministers agreed to meet within the next three months to sign agreement for many bilateral trade & investment
cooperation issues namely:
• A bilateral Regulatory Dialogue
• An India-EU Multilateral Dialogue to explore further possibilities of cooperation, etc.,
Deepen Trade & Investment Relations
The Ministers also agreed to further deepen the bilateral trade and investment relationship through a series of
regular engagements aimed to provide deliverables for the businesses in COVID-19 times.
ICICI Bank Signs MoU with MUFG Bank, Japan to Jointly Cater Banking Needs of Japanese Corporates in India
On February 05, 2021 ICICI Bank has signed a Memorandum of Understanding (MoU) with MUFG Bank Ltd, Japan to
jointly cater the banking requirements of Japanese corporates present in India.
Key people
The MoU was signed by Vishakha Mulye, Executive Director, ICICI Bank and Mr. Junsuke Koike, Executive Officer and
Regional Executive for India and Sri Lanka, MUFG Bank at a virtual event.
Provisions of MoU:
i.It establishes a framework of partnership between the banks across various domains including trade, investment,
treasury, corporate and retail banking
ii.The 2 banks cater the needs of Japanese Corporates in India by combining their individual strengths.
FDI inflows in India:
i.Japan is the 5th largest investor in India’s economy with cumulative FDI inflows of $34.15 billion from April 2000 to
September 2020, contributing 7% to India’s total FDI inflows during the period.
ii.The maximum FDI Equity inflows during the period was from Mauritius, followed by Singapore, USA and
Netherlands.
ICICI Bank’s Recent Launch for Foreign Companies:
ICICI Bank Ltd launched ‘Infinite India’, an online platform for foreign companies who set up or expand business in
India. With this launch, ICICI bank becomes the 1st bank in India to offer such facilities. This initiative is an industry
first initiative.
Recent Related News:
On January 20, 2021 ICICI Bank launched a mobile app, ‘InstaFX’ that allows authorised money changers, who are the
partners of the bank to help customers of any bank to obtain ‘ICICI Bank Forex Prepaid Card’ quickly.
About ICICI Bank:
i.The bank was formed in 1955 at the initiative of the World Bank, the Government of India and representatives of
Indian industry.
ii.The consolidated total assets of the bank was Rs 15,19,353 crore at December 31, 2020.
Headquarters– Mumbai, Maharashtra
Managing Director (MD) and Chief Executive Officer(CEO)– Sandeep Bakhshi
Tagline– Hum Hai Na, Khayal Apka
Incorporated-1994
About MUFG Bank Ltd:
President & CEO– Kanetsugu Mike
Head Office– Tokyo, Japan
Union Finance Minister Nirmala Sitharaman Attended the 3rd Phase of Chah Bagicha Dhan Puraskar Mela in
Guwahati
On 6th February 2021, Nirmala Sitharaman, Union Finance Minister attended the 3rd phase of the Chah Bagicha
Dhan Puraskar Mela held in Guwahati, Assam. The event was organised at the Assam Veterinary College Playground
at Khanapara, Guwahati.
Key People:
Sarbananda Sonowal, Chief Minister of Assam; Rameshwar Teli, Union Minister of State for Food Processing
Industries and Biswa Sarma, Finance Minister of Assam participated in the event.
3rd phase of Chah Bagicha Dhan Puraskar Mela – Highlights:
i.The Finance Minister also distributed the 3rd tranche of financial assistance to the tea garden beneficiaries under
the Chah Bagicha Dhan Puraskar Scheme.
ii.The government of Assam distributed a financial assistance of Rs.3000 to around 7.5 lakh people of the tea garden
areas.
Chah Bagicha Dhan Puraskar Scheme:
The Chah Bagicha Dhan Puraskar scheme was launched by the Government of Assam in 2017-2018.
Aim:
To bring the tea labours closer to the banking sector and promote cashless transactions.
Benefits:
i.Around 6.3 lakh beneficiaries were provided financial assistance of Rs.2500 in their bank accounts as a part of the
first phase of the Chah Bagicha Dhan Puraskar Mela 2017-2018.
ii.In the 2nd phase of the scheme in 2018-2019, another Rs.2500 was credited to the accounts of around 7.15 lakh
accounts, which were uninterruptedly operated for 6 months,
Note:
In the Union Budget presented in February 2021, Presented by the Finance Minister, Rs.1000 crore was announced
for the welfare of the tea workers of Assam and West Bengal.
Recent Related News:
On 4th September 2020, The Government of Assam relaunched its old scheme Swami Vivekananda Assam Youth
Empowerment (SVAYEM) worth Rs.1000 crore. The scheme is aimed to provide self-employment opportunities to
more than 2 lakh youths of the state.
About Assam:
Biosphere Reserve– Manas Biosphere Reserve; Dibru Saikhowa Biosphere Reserve
UNESCO Heritage sites– Manas Wildlife Sanctuary, Kaziranga National Park
Market Size of Indian Pharma Industry is Expected to Reach US $130 Billion By 2030
On February 8, 2021 Union Minister for Chemicals and Fertilizers, D V Sadananda Gowda while addressing the Press
Conference on the 6th Edition of ‘India Pharma & India Medical Device 2021’ mentioned that the total market size of
the Indian Pharma Industry is expected to reach the US $ 130 billion(approximately Rs 9.47 lakh crore) by 2030.
He also mentioned that the medical devices industry in India is expected to reach $ 50 billion(approximately Rs
3.67 Lakh crore) by 2025.
In addition to him, Minister of State for Chemicals and Fertilizers Mansukh Mandaviya also addressed the press
conference.
6th Edition of ‘India Pharma & India Medical Device 2021’
General Info: It is annual program on Pharmaceuticals & Medical Device sector
Scheduled on: 25-26 February & 1-2 March 2021.
Bank of Maharashtra Entered into a Co-Lending Agreement with LoanTap Credit Products for MSME Loans
On February 8, 2021 Bank of Maharashtra(BoM) entered into a co-lending agreement with Non-Banking Financial
Company (NBFC), LoanTap Credit Products to extend credit to Micro, Small and Medium Enterprise(MSME) loans.
• Under this agreement, 80% of the loan will be braced by the bank and the remaining 20% by the Loan Tap.
Benefit of the Tie-up
• Already, BoM has partnership with fintech company Atyati Technologies, but is limited to sourcing proposals.
• BoM with this partnership will get faceless sanctions and disbursals using mobile app.
What is a Co-Lending Model?
Introduced
On November 5, 2020, the Reserve Bank of India (RBI) has revised the loan scheme of the Co-origination Model
between Banks and NBFC – Non-Deposit taking – Systemically Important (NBFC-ND-SIs) that was launched in
September 2018 and renamed as ‘Co-Lending Model (CLM)’.
Aim
To enhance the credit flow to the unserved and underserved sector and make available funds to the ultimate
beneficiary at an affordable cost
Purpose
To provide greater operational flexibility to the lending institution
Co-lend
Under the model, the bank can co-lend with all registered Non-Banking Financial Companies(NBFCs) including
Housing Finance Companies(HFCs) to priority sector borrowers based on a prior agreement.
Benefits
i.It enables banks to meet its priority sector lending target.
ii.It proves to be beneficial to all NBFCs that have wider outreach and customers, who will be facilitated with low cost
credit from banks.
iii.It paves way for a loan sanction that is done at the convenience of the borrower. The sanction is done through
digital lending platforms, from on-boarding of customers to loan disbursement and monitoring without manual
intervention.
Click here to know more about CLM
Recent Related News:
On January 16, 2021 IIFL Home Finance Ltd and Standard Chartered Bank entered into a co-lending arrangement to
extend credit to MSME loans (loan against property). It is to be noted that this is one of the 1st co-lending
arrangements in industry after Reserve Bank of India(RBI) launched Co-Lending Model (CLM).
About Bank of Maharashtra(BoM):
i.The Government of India holds 93.33% stake in the bank.
ii.It is the sponsor bank of Maharashtra Gramin Bank
• Aurangabad Jalna Gramin Bank & Thane Gramin Bank was amalgamated into Maharashtra Godavari Gramin
Bank.
• Maharashtra Gramin Bank came in to existence on 20th July 2009 after amalgamation of erstwhile
Maharashtra Godavari Gramin Bank and Marathawada Gramin Bank
HeadOffice– Pune, Maharashtra
Incorporated on– September 16, 1935
RBI sees 387% rise in complaints against NBFCs, 57.54% rise against banks: Banking Ombudsman Annual
Report
On February 9, 2021, Reserve Bank of India (RBI) released the Annual Report of the “Ombudsman Schemes of the
Reserve Bank for the year 2019-20” i.e. the period covering July 1, 2019 to June 30, 2020. In accordance with the
report, the complaints received at Office of Banking Ombudsman (OBO) recorded an increase of 57.54% Year-on-Year
(Y-o-Y) in FY19-20. There were a total of 308,630 complaints in the FY20 as against 195,901 in FY19.
• Complaints against NBFCs increased by 387%. The ombudsman for NBFCs received a total of 19,432
complaints in the same FY20 as against 3,991 in FY 19.
• Of these, 85.65% were received electronically i.e. through the online portal CMS and through email, as against
72.19% in the previous year.
The Annual Report covers the activities under the Banking Ombudsman Scheme (BOS), the Ombudsman Scheme for
Non-Banking Financial Companies (OSNBFC) and the Ombudsman Scheme for Digital Transactions (OSDT).
Key Highlights:
–There was an increase of 64.97% in the receipt of complaints under the three Ombudsman Schemes, from 2,00,362
complaints in 2018-19 to 3,30,543 complaints in 2019-20.
–The OBOs maintained a disposal rate of 92.36% in FY20 as against 94.03% in 2018-19.
— 72.27 per cent of the maintainable complaints were resolved through mediation and conciliation.
–The major grounds of complaints at OBOs were about digital modes of transactions viz. ATM/Debit Cards;
Mobile/Electronic banking constituting 44.66% of the total complaints received.
–The average cost of handling a complaint decreased by 23.31%, from Rs 3,145/- in 2018-19 to 2,412/- in 2019-20.
–The ombudsman disposed of 48,333 complaints against State Bank of India (SBI), 15,004 against HDCF Bank
Limited, 11,844 against ICICI Bank Limited, 10,457 against Axis Bank Limited and 9,928 against Punjab National
Bank.
• It should be noted that big banks will have more complaints as compared to others.
Complaints on Banks:
–The share of total complaints received against SBI and nationalised banks have decreased from 61.90% in 2018-19
to 59.65% in 2019-20, while the share of private sector banks increased from 28.04% to 31.96% in FY20.
–The highest number of complaints in NBFCs were against Bajaj Finance Limited followed by Indiabulls Consumer
Finance Limited, and HDB Financial Services Limited.
— The number of appeals received decreased from 78 in 2018-19 to 63 in 2019-20.
In accordance with the Monetary Policy Statement on February 5, 2021, the three Ombudsman Schemes are being
merged and integrated into a single scheme which will be rolled out starting from June 2021. Click Here to Read
about Highlights of MPC
Click Here for Official report
About Banking Ombudsman Scheme (BOS):
The Banking Ombudsman Scheme (BOS) was first notified by the Reserve Bank in 1995 under Section 35 A of the
Banking Regulation Act, 1949. It is administered by the Reserve Bank of India (RBI) through 22 Offices of Banking
Ombudsman (OBOs) covering all states and union territories.
• It has undergone five revisions and also forms the basis for the launch of OSNBFC in 2018 and OSDT in 2019.
Recent Related News:
i.On January 1, 2021, the Reserve Bank of India (RBI) launched the January 2021 round of household surveys namely
“Inflation Expectations Survey of Households (IESH)” and “Consumer Confidence Survey (CCS)” to represent
inflation expectations and consumer confidence.
West Bengal Budget: Mamata Banerjee Presented Rs 2,99,688 cr Budget for FY22
On February 5, 2021, West Bengal Chief Minister (CM) Mamata Banerjee presented the state’s annual budget
worth Rs 2,99,688 crore (net) for FY2022 stating an increase of 17.21% over 2020. She has presented the budget in
place of Finance Minister Amit Mitra who is unwell. The state tax revenue is projected to increase to Rs 75,415.74
crore in FY22.
• As per the Budget, Gross state domestic product (GSDP) has increased by 2.7 times, state revenue has
increased 2.9 times, state plan expenditure has increased by 7.2 times, social sector expenditure by 5.6 times,
agri and allied sector expenditure by 6.1 times and physical infrastructure expenditure by 3.9 times.
• West Bengal’s debt to GSDP ratio is estimated to reduce to 34.81 in 2021-22.
• It should be noted that the state has allocated the maximum amount (highest) towards panchayat and rural
development at Rs 23,983.27 crore.
Infrastructure & Development projects:
The budget consisted of a host of infra projects which will entail investments around Rs 72,000 cr and provide jobs
to 3.29 lakh people. These include the following:
–The state has allocated Rs 500 cr for the construction of 46,000 km of rural roads in the next five years and for the
construction and repairing of 10,000 km rural roads in FY22 under “Pathashree scheme”.
AGSTTL & Mastercard Partnered to Introduce 1st-Ever ‘Contactless’ Cash Withdrawals on ATMs in India
On February 9, 2021 AGS Transact Technologies Ltd (AGSTTL) entered into partnership with Mastercard to
introduce First-Ever ‘Contactless’ Cash Withdrawals on Automated Teller Machines(ATMs) in India. The partnership
enables the Mastercard cardholders to withdraw cash at ATMs by scanning the Quick Response(QR) code that is
displayed on the ATM screen. The Cardless ATM is powered by Mastercard’.
Purpose: To offer more secured banking experience to the customers in India.
About the Partnership:
The partnership allows Mastercard cardholders to access any participating Bank ATM in India. They can carry out 3
transactions without any additional charges.
Highlights about Contactless QR Based Cash Withdrawal:
i.This withdrawal is enabled through Mastercard’s Masterpass and AGS QRCash.
ii.AGSTTL, in a phased manner, enables this withdrawal on all ATMs in its network.
iii.The cardholders of Mastercard can digitally locate the nearest enabled ATM and withdraw cash by scanning a QR
code using their banking app on the mobile phone.
iv.It eliminates the need to insert the physical debit/credit card into the ATM or entering an ATM Personal
Identification Number(PIN).
What is Masterpass?
Masterpass is a digital payment service that allows the customer to check out faster by storing all of your payment
and shipping information in one secure location.
Recent Related News:
On January 19, 2021 Paytm Payments Bank Ltd (PPBL) partnered with Suryoday Small Finance Bank(SFB) Ltd to
enable its account holders to avail Fixed Deposit(FD) services. It is to be recalled that PPBL has been offering FD
services in partnership with Induslnd bank with a minimum investment of Rs. 100.
PPBL with the partnership with Suryoday SFB has become the 1st payments bank in India to launch the multi-
partner FD service.
About AGS Transact Technologies Ltd (AGSTTL):
Chairman & MD– Ravi B Goyal
Headquarters– Mumbai, Maharashtra
About Mastercard:
Executive Chairman– Ajay Banga
CEO– Michael Miebach
Headquarters – New York, United States
Bharti AXA General Insurance Introduced Health AdvantEDGE, an Innovative Health Insurance Plan
Bharti AXA General Insurance introduced Health AdvantEDGE, an innovative health insurance plan. It is
specifically designed to cater the healthcare and wellness needs of customers.
• The insurer has launched the Bharti AXA Wellness Cuppa portal for its customers to boost customer
engagement and experience.
About Health AdvantEDGE:
Cover: It provides cover from pre-hospitalization(60 days) to post-hospitalization(90 days)
Sum Insured: From Rs 2 lakh to Rs 3 crore(with cashless facility and seamless claim procedure)
Age: The plan covers persons in the age group 91 days to 65 years, provides hospital cash benefits, air and road
ambulance with an additional premium.
Benefits:
Restore Benefit
i.The basic sum insured will automatically restore, if the basic sum insured expires within the policy year.
ii.Even if the policyholder makes full use of the sum insured, the company will restore 100% of the basic sum insured,
if the policyholder falls ill for the same or other illness or condition during the same year.
iii.This reduces the need for multiple policies and also ensures that policyholders have essential coverage at all times.
Reward points
i.The policyholder will get reward points for inculcating healthy habits, under the wellness program.
ii.The reward points can be redeemed for discounts on policy premiums or concession on medical bills or consulting
fees among others.
Ayush benefits
It provides Ayush benefits, that includes all expenses incurred on treatment in a hospital under Ayurveda, Yoga and
Naturopathy Unani, Sidha and Homeopathy, and organ donor expenses.
Bonus
Upon renewal, a 20% guaranteed cumulative bonus for policyholders will be given in a claim-free policy year.
Optional maternity benefits
It also offers optional maternity benefits for insured females between the age of 18 to 45 years, opting for a three-
year policy term.
Bharti AXA Wellness Cuppa portal
i.The policyholders through this wellness portal and app can avail full range of wellness features and services in a
single place.
ii.Besides the health rewards, the features also include video/teleconsultation, pharmacy, and diagnostic services,
online chat with doctors, doctor’s appointment, doctor on call, and medical second opinion.
Recent Related News:
On December 9, 2020 Max Life Insurance Company Limited launched ‘Max Life Critical Illness and Disability Rider’ is
a health insurance rider that offers customers protection from upto 64 critical illnesses. The company also launched
‘Max Fit’ , a comprehensive wellness programme(app).
About Bharti AXA General Insurance:
It is a joint venture company with a 51% stake from Bharti Enterprises and 49% stake of the AXA Group.
Established– 2008
HeadQuarters– Mumbai, Maharashtra
Managing Director(MD) and Chief Executive Officer(CEO)– Sanjeev Srinivasan
Tagline– Suraksha ka Naya Nazariya
Odisha Cabinet approves Implementation of ‘REWARD’ project with Assistance from World Bank
On February 9, 2021, Odisha Cabinet headed by its Chief Minister Naveen Patnaik approved the proposal for
implementation of the ‘Rejuvenating Watersheds for Agricultural Resilience through Innovative Development
(REWARD)’ project. The estimated expenditure for the project is INR 500 Crores, of which the World Bank will
provide assistance of INR 350 Crores.
The project is being implemented to ensure efficient water management & enhanced cropping area.
• The implementation period of the project is 6 years beginning from April, 2021.
• Around 1.9 Lakh People including 10, 000 Landless People will be benefited because of the ‘REWARD’ Projects.
• It will be implemented in 7 districts of Odisha – Sambalpur, Dhenkanal, Nayagarh, Deogarh, Koraput,
Nabarangpur & Sundargarh.
• Odisha’s Agriculture & Farmers Empowerment Department will implement the project with assistance from
Soil Conservation and Watershed Management Directorate.
‘REWARD’ Project:
i.Objectives:
• To improve land and water conservation and climate resilience in selected watersheds
• Strengthening capacities of national and state institutions to deliver effective science-based watershed
development programs.
ii.It is an initiative of Department of Land Resources, Government of India & World Bank
iii.The project will be funded in 70:30 proportion, where 70% will be funded by the World Bank & 30% by the State
Government.
iv.It is being implemented in the Indian States of Karnataka, Andhra Pradesh
v.The total allocation for the project is ~ USD 250 Million (~ INR 1,821.25 crore) of which USD 178.5 Million is
International Bank for Reconstruction and Development (IBRD) loan from World Bank & balance is funded by
Government of India & State Governments.
Expected Outcomes:
• Increase in productivity and net income of farmers
• Prevention of soil run-off
• Regeneration of natural vegetation
• Rain water harvesting
• Recharging of the ground water table
• Enables multi-cropping and introduction of diverse agriculture based activities
Recent Related News:
i.On September 5, 2020, the state cabinet of Karnataka approved INR 600 crore REWARD project with World Bank
(WB) assistance.
About Odisha:
Tribes – Bonda (also known as the Bondo), Gadabas, Sora (also known as saora)
Mountains & Peaks – Mahendragiri (Mountain), Deomali (Mountain Peak), Malayagiri (Mountain Peak)
IRDAI Annual Report 2019-20: LIC’s claim settlement ratio deteriorated in FY20 to 96.6%
In accordance with the data by Insurance Regulatory and Development Authority of India’s (IRDAI) annual report
2019-20, the claim settlement ratio of Life Insurance Corp. of India (LIC) declined in FY20 to 96.6% from 97.7% in
FY19. On the other hand, Private Insurers has increased their settlement ratio to 97.18% for FY20 from 96.6% in
FY19. LIC was ranked 17th among the 24 life insurers.
• Among, private sector life insurer Max Life had the highest claim settlement ratio for the industry at 99.2%
followed by HDFC Life and TATA AIA – with a settlement ratio above 99%.
• On the front of overall life insurance sector 8.46 lakh claims were paid on individual policies, with a total
payout of Rs 18042 crore in the FY20.
It should be noted that the annual report of IRDAI is prepared in accordance with the provisions of section 20 of the
IRDAI Act, 1999.
What is claim settlement ratio?
It is a percentage of life insurance claims an insurer has settled during a financial year against the number of claims it
receives in the period. The higher ratio represents better performance of insurer in addressing the claims.
Key Points:
–For FY20 the life insurance industry repudiated 8,927 claims worth Rs 555 crore and rejected 2,262 for an amount
of Rs 20 crore.
BRICS’ New Development Bank commits USD 100 Million to NIIF Fund of Funds;1st Ever Investment in FoF
National Investment and Infrastructure Fund Limited (NIIFL) has stated that New Development Bank (NDB)
(formerly known as BRICS Development Bank) has committed to invest USD 100 Million (~ INR 727 Crore) into the
NIIF Fund of Funds (FoF). This is the NDB’s 1st Equity Investment into India & the 1st ever Investment in an FoF.
• With this investment, FoF has secured USD 800 Million in commitments.
• The other investors in FoF apart from NDB are Government of India, Asian Infrastructure Investment Bank and
Asian Development Bank.
• FoF pumps capital into Indian private capital funds and will help Indian Companies which are looking for
equities to achieve long-term growth.
NIIF FoF:
i.It was established in 2018 for providing Indian private equity fund managers access to an India-focused
Institutional investor.
• Through FoF, NIIF aims to support private equity fund managers who have a good track record of delivering
returns to investors.
• The sectors in which FoF invests are Green Energy, Social Infrastructure, Mid-Income and affordable housing,
consumer services, financial services, technology and others.
ii.Until Now, FoF has made commitments of about INR 2, 750 Crore (~ USD 370 Million) into Four Funds which
focus on
• Green Energy and Climate
• Middle-income and Affordable Housing
• Entrepreneur-driven mid-market growth companies
• Affordable Healthcare
The managers of 4 funds have successfully raised ~ USD 1.1 Billion equivalent funds alongside NIIF’s commitments.
Benefits to Indian Economy:
• The Investments will hugely benefit the Indian economy which is facing difficulties due to pandemic.
• It will also support India’s efforts to boost investment in infrastructure.
• NDB’s support will further address issues like investment gaps, availability of institutional funding for
domestic private equity funds.
NIIF’s Funds:
• Totally, NIIF manages three funds – Master Fund, Fund of Funds and Strategic Fund.
• The funds have been established to make infrastructure investments in India by raising capital from domestic
and international investors.
Note: –
NIIFL is India’s 1st Infrastructure specific investment fund or a sovereign wealth fund.
• It was set up by the Government of India in February, 2015.
Recent Related News:
i.On December 21, 2020 NIIFL announced closure of NIIF Master Fund, as it had completed raising of the Fund by
achieving a rupee equivalent size USD 2.34 Billion exceeding its target of USD 2.1 Billion.
About National Investment and Infrastructure Fund Limited (NIIFL):
Managing Director & Chief Executive Officer (CEO) – Sujoy Bose
Headquarters – Mumbai, Maharashtra
PNB, IOCL sign 1st of its Kind MoU for providing up to INR 2 Crore Loan to Dealers
Punjab National Bank (PNB) has signed a First-of-its-kind Memorandum of Understanding (MoU) with Indian Oil
Corporation Ltd (IOCL) for providing up to INR 2 Crore Loan to IndianOil dealers through the PNB e-Dealer
scheme (PNB electronic dealer finance scheme).
• Under the scheme Dealers can avail loan of upto INR 2 Crore at lower interest rates, nil margin and with
minimum or Zero Collateral requirements.
• Collateral Security will not be asked to Individuals who are having dealerships with IndianOil for 5 years or
more.
Beneficiaries:
Existing Proprietorships, partnerships, LLP (Limited Liability Partnership) Companies, Trusts or Society entities
having dealership agreement with IndianOil can avail the scheme.
India’s MSME sector:
The agreement will be beneficial to the Indian MSME sector as it is gearing up to serve India’s rising demand in the
post-pandemic era.
Recent Related News:
i.On December 24, 2020 Punjab National Bank (PNB) introduced PNB e-Credit Card which is a digital imitation of a
physical Credit Card.
About Indian Oil Corporation Ltd (IOCL):
Chairman – Shrikant Madhav Vaidya
Headquarters – New Delhi
About Punjab National Bank (PNB):
Managing Director & CEO – S S Mallikarjuna Rao
Headquarters – New Delhi
Established – May 19, 1894
Tagline – The name you can bank upon
Sri Lanka Settles $400 million Currency Swap Facility with India
On February 4, 2021 The Central Bank of Sri Lanka (CBSL) repaid USD 400 million currency swap to the Reserve
Bank of India (RBI). RBI and Sri Lanka entered into this facility in July 2020 under the South Asian Association for
Regional Cooperation (SAARC) currency swap framework. This facility was got for an initial period of 3 months to
cope with the severe economic impact of COVID-19 pandemic. Further, RBI provided a three-month rollover at CBSL’s
request, until February 1, 2021.
SAARC currency swap framework
Came into operation- November 15, 2012
Purpose– To provide funding for short term foreign exchange liquidity requirements or for short-term balance of
payments until longer term arrangements are made.
CCI Approves BOI- BAIM & BATS Deal, SHS GmbH- Varian Deal & Ecom-CDC Deal
On February 10, 2021 The Competition Commission of India(CCI) has approved following deal:
BOI Acquires 49% Stake each in BOI AXA Investment Managers & BOI AXA Trustee Services
The CCI under Section 31(1) of the Competition Act, 2002 gave approval for the acquisition of 49% stake each in BOI
AXA Investment Managers Private Limited (BAIM)& BOI AXA Trustee Services Private Limited (BATS) by Bank of
India(BOI).
Note- Currently, BOI holds 51% equity shares each in BAIM and BATS.
Post Acquisition:
i.After the acquisition, BOI will become sole owner of BAIM & BATS and also the sole sponsor of BOI AXA Mutual
FUnd.
• Total Asset Under Management (AUM) of BOI AXA Mutual Fund was Rs 2,426 crore as of 30 November, 2020.
ii.In addition to this, BOI shall do banking business and continue to distribute Mutual Fund products including that of
the target entities.
Background:
For this purpose, BOI entered into a Share Purchase Agreement (SPA) with AXA Investment Managers Asia Holdings
Pvt Ltd (AXA IM), a part of AXA Group.
• AXA IM is a promoter of BAIM and BATS.
About Bank of India(BOI):
It is constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970.
Incorporated– September 7 1906 by group of eminent businessman from Mumbai
Managing Director & Chief Executive Officer(CEO)– Shri Atanu Kumar Das
Tagline-Relationship Beyond Banking
HeadOffice– Mumbai, Maharashtra
About BOI AXA Investment Managers Private Limited(BAIM):
CEO– Sandeep Dasgupta
Headquarters– Mumbai, Maharashtra
Siemens Healthineers Holding I Gmb Acquires 100% Shares of Varian Medical Systems, Inc
i.CCI gave approval for the acquisition of 100% shares of common stock and sole control of Varian Medical Systems,
Inc. (Varian) by Siemens Healthineers Holding I Gmb (SHS GmbH)
• The approval was given under Section 31(1) of the Competition Act, 2002.
BPCL to Buyout 36.62% Stake of BORL from OQ S.A.0.C. for Around Rs 2,399.26 crore
Bharat Petroleum Corporation Ltd (BPCL) to buyout 36.62% stake (88.86 crore equity shares) of Bharat Oman
Refineries Limited (BORL) from OQ S.A.0.C. (formerly known as Oman Oil Company S.A.0.C.) for approximately Rs
2,399.26 crore.
• BORL built and operates a 7.8 million tonne oil refinery at Bina in Madhya Pradesh.
Key Info
i.Currently, BPCL holds a 63.38% stake in BORL
ii.After the acquisition is completed, BPCL will hold 100% of the equity share capital(on a non-diluted basis) in
BORL.
iii.The Government of Madhya Pradesh holds 26,900,000 convertible share warrants in BORL.
BPCL to sell its 61.65% share to a consortium of Oil India Ltd and Engineers India Ltd & Govt of Assam
i.BPCL has announced that it will sell its 61.65% stake. Of the total, around 49% stake will be sold to consortium of
Oil India Ltd(OIL) and Engineers India Ltd and the rest around 13% to the government of Assam.
ii.The value for 61.65% in NRL is around Rs 7,000 crore.
iii.Currently OIL holds 26% equity in NRL and the government of Assam has around 12.35%.
iv.After the sale, BPCL will have 3 refineries in Mumbai, Maharashtra; Kochi, Kerala and Bina, Madhya Pradesh.
ICICI Lombard General Insurance Launched its 1st Corporate India Risk Index 2020
On February 11, 2021 ICICI Lombard General Insurance Co. Ltd launched its 1st ‘Corporate India Risk Index
2020’.India’s Corporate India Risk Index stands at 57.The HealthCare Sector topped among the sectors with the
highest score of 70, which indicates that it manages the risk well.
i.The Corporate India Risk Index 2020 uses a risk measurement tool that has been developed by ICICI Lombard in
partnership with Frost and Sullivan, a leading management consulting firm.
ii.The Corporate India Risk Index 2020 covers top 150 companies from its own investment portfolio across 15 Key
Sectors.
Aim: The index will enable companies to understand the level of risk and current readiness their business is facing.
To Help them to create successful risk mitigation plans.
Corporate India Risk Index 2020
Highlights of Corporate India Risk Index 2020
i.BFSI is in second place with the score of 65 followed by IT-ITES with the score of 64.
ii.The Only Company that scored below 50 was Logistics & it scored 47.
Scores obtained by Each Sector:
Sector Score Sector Score
Health Care 70 Chemical 55
Fast-Moving Consumer
Banking, Financial Services and Insurance(BFSI) 65 Goods(FMCG) 54
Star Health and Allied Insurance Launched its Arogya Sanjeevani Policy on PhonePe
On February 12, 2021 Star Health & Allied Insurance Co. Ltd launched its Arogya Sanjeevani policy on PhonePe.
This launch enables all the users of PhonePe to protect their families from financial burdens in case of any medical
emergency. This policy has been designed to cover the most necessary aspects of any kind of hospitalization in the
family.
Aim: To provide easy access to Star Health’s Arogya Sanjeevani health insurance policy, particularly to the
millennials.
Flipkart Signs MoU with Maharashtra Govt to Boost Growth of Small Scale Enterprises in State
On February 11, 2021 Flipkart signed a Memorandum of Understanding (MoU) with Maharashtra Small Scale
Industries Development Corporation (MSSIDC) and Maharashtra State Khadi & Village Industries Board (MSKVIB) to
bring Maharashtra’s artisans, weavers, craftsmen and Small and medium-size Businesses (SMBs) of the state into the
e-commerce strata. The MoU is signed under the Flipkart Samarth initiative.
• This partnership boosts the ‘Vocal for Local’ efforts of the Government of India.
India to Fund NR 142 million for Restoration of 3 Cultural Heritage Projects in Nepal
On February 12, 2021 India committed to Nepal that it will fund Nepali Rupees(NR) 142 million to restore 3
cultural heritage projects in Nepal. These projects are implemented as part of the US $50 million grant assistance
committed by the Government of India for post-earthquake reconstruction of the Cultural Heritage sites across 8
districts of Nepal.
3 Cultural Heritage Projects:
• Conservation and furnishing of Seto Machindranath Temple(Total cost- NRs 626 million)
• Construction of Dharamshala at Budhanilkantha (Total cost- NRs. 334 million)
• Conservation and development of Kumari Chhen and Kumari Niwas in Lalitpur district (Total cost- NRs 456
million)
Key People:
For this purpose, 3 contract agreements were signed by the Shyam Kishor Singh, Project Director of Central Level
Project Implementation Unit-CLPIU(Building) of National Reconstruction Authority(NRA), government of Nepal and
contractors of the heritage sites.
Key Info:
Seto Machindranath temple and Kumari Chhen & Kumari Niwas will be conserved as per Nepal’s Ancient Monument
Preservation Act 2013.
Implementing agencies
The Project Management Consultant of these 2 projects is Indian National Trust for Art and Cultural Heritage
(INTACH). It will supervise the work in close collaboration with the authorities of the Government of Nepal.
The implementing agency of Dharamshala is CLPIU (Building) of NRA
Gist about the Projects
Seto Machindranath Temple
It is a significant living heritage site located in Jana Bahal in central Kathmandu, Nepal.
It is one of the main shrines of the protector God of Kathmandu Valley.
It is worshiped by both Hindus and Buddhists.
Kumari Chhen & Kumari Niwas
Kumari Chhen lies south-west of the Kathmandu Durbar Square and is located inside Ratnakar Mahavihara.
It is the historic house of Living Goddess Kumari.
It is also called Kumari Bahal or Kumari Temple or Kumari Ghar.
The living goddess is central to culture and traditions of the Newar Buddhist community.
Kumari Niwas has an important place in the rituals associated with the living goddess
Dharamshala
It lies within the heritage area of Budhanilkantha temple locally known as Narayanthan
Note: In November 2019, India also built Mathadish building for Budhanilkantha temple at a cost of NRs 21.8 million.
ESFBL Partnered with MSRDC & Ocean Highway Facilities and Solutions to Launch India’s 1st FASTag
Powered Truck Terminal
On February 12, 2021 Equitas Small Finance Bank Ltd (ESFBL) has partnered with Maharashtra State Road
Development Corporation Limited (MSRDC) and Ocean Highway Facilities and Solutions Pvt Ltd. to launch India’s
first FASTag powered truck terminal at Khalapur, Maharashtra on the Yashwantrao Chavan Mumbai – Pune
Expressway.
About FASTag:
Launch
The National Highway Authority of India (NHAI) launched FASTag for Electronic Toll Collection on Toll Plazas
Brand Name
FASTag is a brand name owned by Indian Highways Management Company Ltd. (IHMCL), which carries out electronic
tolling and other ancillary projects of NHAI.
Features
RFID technology
It uses Radio-frequency Identification (RFID) technology to make toll payments directly from the prepaid account
linked to it.
Reloadable tag
It is a reloadable tag that enables automatic deduction of toll charges and allows people to pass through the toll plaza
without the need to stop for the cash transaction.
Payment mode
The National Electronic Toll Collection (NETC)’s common set of processes, business rules and technical specifications
enables the customer to use their FASTag as payment mode on any of the toll plazas regardless of who acquired the
toll plaza
What is NETC?
National Payments Corporation of India (NPCI) has developed the National Electronic Toll Collection (NETC) program
to meet the electronic tolling requirements of the Indian market.
Benefits
It offers convenience of cashless payment.
It also offers benefits like, savings on fuel and time as the customer is not required to stop at toll plaza.
Key Info about ESFBL:
i.It was originally incorporated as ‘V.A.P. Finance Private Limited’ on June 21, 1993.
ii.The bank was converted into a small finance bank (SFB) and commenced its operations on September 5, 2016.
iii.It is the 1st Private Sector Bank from Tamil Nadu to commence operations post Indian Independence.
iv.As per the CRISIL report, ESFBL is the largest small finance bank in India in terms of number of banking outlets as
of March 31, 2019.
Recent Related News:
On December 28, 2020 ICICI Bank collaborated with Google Pay to issue FASTag through Unified Payments Interface
(UPI) on the payments app. This allows Google Pay users to order, track and recharge ICICI Bank FASTag digitally on
the payments platform. With this partnership, ICICI Bank FASTag is now available on Google Pay.
About Equitas Small Finance Bank Limited(ESFBL):
MD and CEO– Vasudevan Pathangi Narasimhan (P N)
Headquarters– Chennai, Tamil Nadu
CREDAI, IPPB ink pact to Open Bank Accounts for Construction Workers
On the lines of the labour welfare initiatives by the Central Government, the Confederation of Real Estate
Developers’ Associations of India (CREDAI) has inked memorandum of understanding (MoU) with Indian
Payments and Postal Bank (IPPB) to facilitate opening of bank accounts for construction workers.
• This MoU will ensure accessible financial services for construction workers along with financial literacy and
digital inclusion.
Key Points:
–The aim of the pact is to cover around 10 lakh workers in a year from around current 3 crore workers engaged in
construction activities across real estate projects.
–This program will be implemented in coordination with contractors.
Recent Related News:
i.On January 12, 2021, IPPB has collaborated with the leading payment processor and provider of integrated payment
products, Financial Software and Systems (FSS) to promote Financial Inclusion in underserved and unbanked
segments of India.
ii.The Union Cabinet, chaired by Prime Minister Narendra Modi approved the signing of a Memorandum of
Cooperation (MoC) between the Indian and Japan that pertains to sending Indian “Specified Skilled Worker” to Japan.
About Confederation of Real Estate Developers’ Associations of India (CREDAI):
Establishment– 1999
Chairman– Jaxay Shah
Headquarter– New Delhi
About India Post Payments Bank (IPPB):
Establishment– 2018
Director and Chairman– Pradipta Kumar Bisoi
Tagline– Aapka Bank, Aapke Dwaar
ICICI Prudential Life Insurance Launched a New Savings Product, ‘ICICI Pru Guaranteed Income for
Tomorrow’ (GIFT)
On February 9, 2021 ICICI Prudential Life Insurance launched a new goal based savings product ‘ICICI Pru
Guaranteed Income for Tomorrow’ (GIFT). The non-participating savings product helps customers to eliminate the
uncertainty of future income streams to a large extent. It also provides financial security to the family.
Purpose: In order to help policyholders to achieve their long-term financial goals, it offers guaranteed income to
policyholders
Variants: Income, Early income, Single pay lump sum
‘Save The Date’ feature– Customers through this unique feature can choose to start receiving income on special
dates like their wedding anniversary, etc.,
RIL Gets world’s 1st Carbon-Neutral Oil from Oxy Low Carbon Ventures, US
Reliance Industries Limited (RIL) has received 2 million barrels cargo of ‘carbon-neutral oil’ from Oxy Low Carbon
Ventures (OLCV), a division of US oil major Occidental on January 28, 2021 at Jamnagar, Gujarat. It is the world’s 1st
consignment of carbon-neutral oil and is also the energy industry’s 1st major petroleum shipment.
Purpose: RIL to become a net zero-carbon company by 2035.
Points to be Noted:
i.The transaction was arranged in conjunction with Macquarie Group’s Commodities and Global Markets group
(Macquarie).
Recykal Becomes 1st member from India for WEF’s The Circulars Accelerator Programme 2021
Recykal has been selected as the 1st Indian company to be a cohort member for the World Economic
Forum(WEF)’s Circulars Accelerator Programme 2021. The company has been selected for the category
‘Recovering Value’. This is Circulars Accelerator’s 1st cohort of leading circular innovators from around the world.
i.The 6 month program is headed by Accenture, in partnership with Anglo American, Ecolab and Schneider Electric,
and in collaboration with UpLink and the World Economic Forum(WEF).
ii.The programme will connect 17 circular economy entrepreneurs to upgrade the disruptive, cross-sector value
chain innovation.
iii.The other category of the programme include, Transforming Consumption & Innovating Products & Production.
Click here to know about other members
Circulars Accelerator Program
Transition
The Circulars, the world’s premier circular economy awards has now been transitioned to a Circulars Accelerator
program.
What Happens in the Program?
i.It connects innovators and entrepreneurs with industry leaders and circular experts who provide targeted
mentorship.
ii.The innovators will receive deep expertise through the key program elements including, workshops among others.
iii.It also supports innovators to develop plans to improve their circular solutions, championed and guided by cross-
industry leaders.
Central Government raises Upper Ceiling for Family Pensions to INR 1, 25, 000 per month
Dr Jitendra Singh, Minister of State for Ministry of Personnel, Public Grievances & Pensions stated that the upper
Ceiling for 2 Family Pensions has been increased to INR 1, 25, 000 per month from INR 45, 000 per month.
• The amount of 2 family pensions that a child can draw has been restricted to INR 1, 25, 000 per month after
taking into account the changes after the implementation of the 7th Central Pay Commission (CPC)
recommendations, in which the highest pay has been revised to INR 2, 50, 000.
• According to the sub-rule (11) of rule 54 of the Central Civil Services (Pension) Rules 1972, in case both
wife & husband are Government servants and are governed by the provisions of that rule, on their death, the
surviving child is eligible for 2 family pensions in respect of the deceased parents.
• Reflecting the recommendations of the 7th CPC, the amount prescribed in CCS (Pension) Rules has also been
revised to INR 1, 25, 000 per month ( 50% of 2, 50, 000) & INR 75, 000 per month (30% of 2, 50, 000).
i.The clarification was provided by the Department of Pension & Pensioners’ Welfare (DoPPW).
ii.Previously, the restrictions on the total amount of two family pensions in such cases were INR 45, 000 per month &
INR 27, 000 per month determined based on the Highest pay of INR 90, 000 as per 6th CPC recommendations.
• If both parents are Government servants & one of them dies while in service or after retirement, the family
pension will be payable to the surviving spouse, after death of the spouse, the surviving child will be granted
two family pensions.
iii.The announcement will bring ‘Ease of Living’ for family members of the deceased & provide ‘Financial Security’ to
them.
About Ministry of Personnel, Public Grievances & Pensions:
Union Minister – Narendra Modi (Lok Sabha MP, Constituency – Varanasi, Uttar Pradesh)
Minister of State – Dr Jitendra Singh (Lok Sabha MP, Constituency – Udhampur, UT of Jammu & Kashmir)
ESIC Partners with NHA to Upgrade Medical Infrastructure Available under AB PM-JAY in Maharashtra
The Employees’ State Insurance Corporation (ESIC) has partnered with National Health Authority (NHA) to upgrade
the medical infrastructure available under Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PM-JAY) in
the state of Maharashtra.
Purpose: To ensure better access to medical facilities for the beneficiaries of ESIC.
About the Partnership:
i.Initially, the partnership with PM-JAY was implemented on a pilot basis in Maharashtra in the district of
Ahmednagar.
ii.Now, it has been extended to the entire state except the south Mumbai region, Pune and Kolhapur districts.
iii.This means that, now 807 PM-JAY empanelled hospitals will be available to the already existing empanelled
hospitals in the state.
iv.This will provide medical care to the insured beneficiaries of the ESI Act, 1958 and their dependants.
What is Pradhan Mantri Jan Arogya Yojana?
General Info: It is the second component of Ayushman Bharat after Health and Wellness Centers (HWCs). It is
the largest health assurance scheme in the world.
With 1% of World’s Vehicles, India accounts for 11% of Global deaths in Road Accidents: World Bank report
According to the report ‘Traffic Crash Injuries and Disabilities:The Burden on Indian Society’ released by the World
Bank with 1% of World’s vehicles, India accounts for 11% of Global Road Accident deaths & 6% of total road crashes.
i.In India, annually around 4.5 Lakh road crashes take place out of which 1.5 Lakh people die.
ii.The World Bank report was prepared in association with Save LIFE Foundation (SLF).
• According to WHO, India topped the world in road crash deaths with more than 400 fatalities per day and
witnesses 53 road crashes every hour.
• In the last decade (2011-20), road crashes were the cause of death of 1.3 million people & has injured around 5
million in India.
• 76.2% of people who are killed in road crashes are in the prime working-age i.e 18-45 years.
• The report puts the total value of Crash costs due to accidents at INR 5.96 Lakh Crore or 3.14% of Gross
Domestic Product (GDP).
iii.Road Traffic Injuries (RTIs) is the 8th leading cause of death globally.
Socio-Economic Status & Road Use Pattern:
The report states that there is clear correlation between socio-economic status & road user patterns in low-and-
middle income countries like India.
• The report states that Poor People are more likely to be involved in road crashes.
• In India, Vulnerable road users are forced to share space with other less Vulnerable road users.
• The income level of an individual has a direct effect on the mode of transport used, which determines the
level of risk faced by a particular road user.
• Daily Wage Workers, Workers employed as casual labourers in Informal activities have been defined as a
Vulnerable group in the report.
Vulnerable Road Users (VRUs):
Male road-users of working age (18-45) represent the category of Vulnerable Road Users (VRUs) in India.
• VRUs face a large burden of road crashes & account for more than half of all road crash deaths & serious
injuries in India.
• Road crash injuries and deaths of individuals impose severe financial burdens, pushing the entire (non-poor)
households into poverty and already poor into further debts.
Kotak Mahindra Bank Launches Kotak Remit, its Outward Forex Remittance Service
On February 15, 2021 Kotak Mahindra Bank Ltd launched its outward forex remittance service, Kotak Remit. In
an industry-first move, Kotak Remit is live on the Kotak Mobile Banking App. With this the Kotak Mahindra Bank’s
customers for the 1st time can transfer the money internationally to their beneficiaries from their mobile.
Highlights about Kotak Remit
No physical documentation upto a Certain Amount
No physical documentation is required for transactions up to US$ 25,000 or equivalent, with Kotak Remit
Remittances
It offers remittances in 15 currencies.
Through the Kotak Remit, Customers can remit upto US$ 25,000 or equivalent per day and up to US$ 250,000 or
equivalent in a financial year.
Note: It caters to the growing mobile-first preferences of customers
Info about Outbound Remittances:
i.The outbound remittances under the Liberalised Remittance Scheme (LRS) for Resident Individuals has declined for
FY 21 due to pandemic.
ii.Remittance from India has been constantly growing prior to FY 2020-21.
iii.In 2019-20, outbound remittances from India grew by about 36% from about USD 13.8 billion in 2018-19 to about
USD 18.8 billion in 2019- 20.
Recent Related News:
On May 19, 2020, In view of the ongoing lockdown in the country due to Coronavirus (COVID-19), Kotak Mahindra
Bank has become the 1st bank in India to allow video Know your customer (KYC) facility for its customers
openingsavings account (SA) on Kotak 811 platform.
About Kotak Mahindra Bank Limited:
i.Kotak Mahindra Finance Ltd(KMFL) was established in 1985
ii.In February 2003, KMFL received banking license from the Reserve Bank of India (RBI), becoming the 1st non-
banking finance company in India to convert into a bank – Kotak Mahindra Bank Ltd
Founder, MD & CEO– Uday Kotak
Head Office– Mumbai, Maharashtra
Mastercard Launched “Priceless™ India”, to Provide the Rich Heritage of India to Domestic & Global
Travellers
On 11th February 2021, Mastercard launched its Flagship ‘Priceless’ program – “Priceless India”. The Priceless India
will enable the mastercard holders both domestic and global travellers to get exclusive access to various experiences
in the iconic cities of India. The program will be executed in 2 phases:
• Mastercard will launch 16 short films which showcase the unique aspects of the iconic cities.
• The card holders can get the experiences in real time through selected packages over online.
India needs USD 500 Billion to reach 2030 RE Target of 450 GW: IEEFA Report
According to the report ‘Capital Flows Underpinning India’s Energy Transformation’ released by Institute for Energy
Economics and Financial Analysis (IEEFA), India needs an Investment of USD 500 Billion to reach its target of 450
Gigawatts (GW) of Renewable Energy (RE) by 2030.
DoT to set up Digital Intelligence Unit & TAFCOP to tackle UCC, Financial Frauds
Department of Telecommunications (DoT), Ministry of Communications has set up a New Nodal Agency called
‘Digital Intelligence Unit (DIU)’ & Consumer protection mechanism called ‘Telecom Analytics for Fraud
Management and Consumer Protection (TAFCOP)’ for tackling Unsolicited Commercial Communication (UCC),
financial frauds involving telecom resources.
ADB Signs Rs 100 Crore Debt Financing Agreement with Medanta to Support COVID-19 Response in India
On February 15, 2021 The Asian Development Bank (ADB) signed Rs 100 crore(USD 13.7 million) debt financing
agreement with Multi-Specialty medical institute, Medanta to provide essential health care services and medical
equipment to India.
Purpose: To Support COVID-19 Response in India
About the funding:
i.This financing is part of the $20 billion assistance package announced by ADB in April 2020 to help its developing
members manage the pandemic.
ii.The funding enhances the sovereign support of ADB to India, including a $1.5 billion loan approved in April 2020 to
Combat COVID-19
Key People
Aniruddha Patil, head of Health and Education Investments at ADB’s Private Sector Operations Department, and
Naresh Trehan, Chairman and Managing Director of Medanta signed the agreement.
About the Project:
The project will support the following:
• Purchase of personal protective equipment, basic hygiene products, and patient care equipment such as
ventilators and beds.
• Training programs on Infection prevention and control for Staff.
Recent Related News:
On January 15, 2021, The Asian Development Bank (ADB) and the European Investment Bank (EIB) initiated a Clean
and Sustainable Ocean Partnership to achieve Sustainable Development Goals (SDGs) and the climate goals as advised
in the Paris Agreement. In this regard, both entities will support the initiatives in Asia and the Pacific.
About Medanta:
The Global Health Private Ltd. operates and manages hospitals across India under the Medanta brand.
Headquarters– Gurgaon, Haryana
Chairman & Managing Director– Dr. Naresh Trehan
Kerala Financial Corporation Becomes 1st Govt Financial Institution in Kerala to Launch Debit Card
On February 15, 2021 Kerala Financial Corporation(KFC) announced that it will introduce its own debit card. KFC
becomes the 1st government financial institution in Kerala to launch debit card. This 5 year Rupay platinum card
will be co-branded in association with public sector banks.
The card will be issued in accordance with the guidelines of Reserve Bank of India (RBI)
Note– Introduction of Debit card is a step to facilitate transition from currency transactions to a fully digitalised
system
About KFC Debit Cards
Usage: It can be used at Automated Teller Machine(ATMs), Point of Sale(PoS) machines, and online transactions like
other debit cards.
Linked to KFC Mobile App: To make high-value transactions, the card can be linked to KFC mobile app.
Loans: The disbursement of loans to KFC entrepreneurs and repayment will be done through this channel.
• KFC will be able to directly monitor when loans are disbursed through debit cards.
Repayments can be simplified
Earlier, every month the repayment of KFC loans was done. Now, repayments on major loans have been changed to a
weekly or daily basis by using Google Pay or other apps.
With the introduction of the card, such repayments can be further made simpler.
Issue debit cards to its employees:
KFC plans to issue debit cards to its employees, where their salaries and other allowances will be paid through the
card.
Recent Related News:
On January 7, 2021 Indian Oil Corporation Limited(IOCL) in partnership with State Bank of India (SBI) launched
‘IndianOil – SBI co-branded RuPay Debit Card’. This contactless card can be used anywhere in India.
About Kerala Financial Corporation(KFC):
i.It was established as the Travancore Cochin Financial Corporation on December 1, 1953.
ii.It was renamed as Kerala Financial Corporation in 1956.
iii.It is the first Public Sector Undertaking(PSU) in Kerala and first State Financial Corporation(SFC) in India to initiate
Corporate Social Responsibility(CSR) activity.
Mastercard and Razorpay partner to make digital payments more accessible for MSMEs and startups
Mastercard and Razorpay have joined hands to empower Indian micro, small and medium enterprises (MSMEs) and
startups especially in tier 2 and 3 cities in digitising their operations, maintaining business continuity in the
challenging environment, and preparing them for cashless future.
• It should be noted that Razorpay is India’s youngest unicorn (Company valuation exceedes $1 billion).
Reason behind this partnership:
Before COVID-19, around 90% of India’s retail payments were conducted in cash. This scenario has seen a massive
reform as the pandemic has accelerated the adoption of digital technologies.
• This provided opportunity to merchants, consumers, acquirers and fintech companies for collaborations in
expanding digital payments sector.
• SMEs and startups are front-runners in this. Now this partnership will aid them in in building their customer
base and meet demand for secure, convenient and touch-free transactions.
Recent Related News:
i.On December 17, 2020 IndusInd Bank in partnership with Mastercard launched its 1st metal credit card, ‘Pioneer
Heritage Credit Card’. This Contactless Credit Card is designed to meet the needs of High-Net-Worth-Individuals
(HNWIs), especially of the affluent Indian professionals and entrepreneurs.
ii.On January 18, 2021 Mastercard launched Digital Acceleration for Small Businesses Microsite across most of its
Asia Pacific websites. The one-stop resource site provides information and resources for Small and Medium
Enterprises (SMEs) to digitize and operate their business more efficiently.
About Mastercard:
Executive Chairman– Ajay Banga
CEO– Michael Miebach
Headquarters– New York, United States
About Razorpay:
CEO– Harshil Mathur
Headquarters– Bengaluru, Karnataka
India’s GDP to grow at 13.5% : Nomura & States’ fiscal deficit is 4.3% of GDP in FY22- IndRa
In accordance with Nomura, India’s Gross Domestic Product (GDP) will grow at 13.5% in FY22 as Nomura India
Business Resumption Index (NIBRI) increased to 98.1 for the week ending February 14, 2021 from 95.9% in the
preceding week.
• The real GDP to contract by 6.7% in FY21 and grow by 13.5% in FY22.
• Labour participation rate marginally decreased to 40.5% from 40.9% in the week before.
• Year-on-year GDP growth projected at 1.5% in Q4FY20 (from -7.5% in Q3) and 2.1% in Q1F21.
States’ fiscal at 4.3% of GDP in FY22: India Ratings & Research
On the other hand, India Ratings & Research (Ind-Ra) projected aggregate fiscal deficit of States for FY22 at 4.3% of
GDP compared to 4.6 %(Revised) in FY21. In this regard, the agency has revised the outlook on State finances for
FY22 from stable to negative.
• It had earlier forecast FY21 fiscal deficit of States to be at 4.5%.
• This revision was made due to severe contraction of 6.1% in the nominal GDP for FY21.
Key Points as per Ind-Ra Projections:
–The aggregate revenue receipt of the States to grow at 8.4% in FY22.
–The revenue deficit of States is estimated at 1.5% of GDP in FY22
–The states’ aggregate debt/GDP to rise to 33.9% in FY22 from 32.8% in FY21.
–The gross market borrowings of states will increase to Rs 8.38 lakh crore in FY22 from Rs 8.2 lakh crore in FY21.
–The net market borrowings will stand at Rs 6.4 lakh crore in FY22, up from Rs 6.8 lakh crore in FY21.
–The nominal GDP to grow 14.5% in FY22.
Nigeria’s Ngozi Okonjo-Iweala Appointed as 7th DG of WTO; Becomes the First Woman and First African to
Head WTO
On 15th February 2021, Ngozi Okonjo-Iweala from Nigeria was appointed as the 7th Director General of the World
Trade Organisation(WTO), multilateral trade body. She will hold the position from 1st March 2021 to 31st August
2025. She succeeds former Director-General Roberto Azevêdo who announced his retirement 1 year before the
expiry of his tenure.
• With this appointment, Ngozi Okonjo- Iweala became the first woman and the first African to head the
WTO.
About Ngozi Okonjo-Iweala:
i.Ngozi Okonjo-Iweala has twice served as the Finance Minister of Nigeria between 2011 and 2015 and she has also
served as the Foreign Minister of Nigeria in 2006, the first woman to hold both the positions.
ii.She served as the Managing Director of the World Bank overseeing an 82 billion USD portfolio in Africa, South Asia,
Europe and Central Asia.
iii.She is the Co-Chair of the Global Commission on the Economy and Climate and she is also a member of the Boards
of Standard Chartered PLC and Twitter Inc
iv.She has served as the Chair of the Board of Gavi, the Vaccine Alliance from 2016 to 2020 and African Risk
Capacity(ARC) from 2014 to 2020.
v.She was also appointed to the Special Envoys of the African Union (AU) on COVID-19 and World Health
Organisation WHO COVID-19 Special Envoy (ACT-Accelerator).
Books:
She has authored numerous articles on Finance and development.
She has also authored various books which includes,
• ‘Women and Leadership – Real Lives, Real Lessons’ (2020) co-authored with Julia Gillard
• Fighting Corruption is Dangerous: The Story Behind the Headlines
• Reforming the Unreformable: Lessons from Nigeria
• ‘The Debt Trap in Nigeria’ co-edited with Charles Soludo and Mansour Muhtar
Awards and Honours:
i.She has received the International Service Award 2020 of the World Affairs Councils of America and the Aminu Kano
Award for Leadership (2020).
ii.She was named Forbes African of the year 2020.
Preeti Sinha, Indian Origin Investment Banker was Appointed as the Executive Secretary of UNCDF
The United Nations Capital Development Fund (UNCDF) appointed Preeti Sinha, an Investment and development
Banker of Indian Origin as the New Executive Secretary of UNCDF. Sinha succeeds Judith Karl, who retired in
February 2021.
Preethi Sinha started her tenure on 15th February 2021.
Roles of Preeti Sinha as Executive Secretary:
i.Preeti Sinha will be overseeing the efforts of UNCDF in delivering scalable impacts to enable the international
financial architecture work for the world’s frontier and pre-frontier markets.
ii.She will focus on the sustainable development for women, youth and small and medium sized enterprises,
smallholder farmers and other underserved communities.
iii.She will also focus on harnessing the untapped growth potential of the Least Developed Countries (LDCs) to
support the communities, local government and small businesses to address the impacts of COVID-19.
iv.She will also oversee the “last mile” finance model of UNCDF which will unlock the public and private resources at
domestic level to reduce poverty and enhance local economic development.
About Preeti Sinha:
Preeti Sinha has served as the CEO & President of FFD Financing for Development LLC.
She has also served as the Senior President and Global Convenor of the YES Bank Institute.
Recent Related news:
Jayati Ghosh (65 years), Indian development economist has been appointed by the United Nations to its 2nd term of
High-level Advisory Board (HLAB-II) on Economic and Social Affairs.
She has been appointed for a 2-year term on the board of 20 prominent individuals which will provide
recommendations for the U.N. Secretary-General to respond to the current and future socio-economic challenges in
the post-COVID-19 world.
About UNCDF:
Executive Secretary– Preeti Sinha
Headquarters– New York
Established in 1966
PHDCCI Signs a MoU with SIDBI to Facilitate Credit Schemes for its MSME Members
On February 16, 2021 PHD Chamber of Commerce and Industry(PHDCCI) signed a Memorandum of
Understanding(MoU) with Small Industries Development Bank of India (SIDBI) to offer various credit &
other schemes of SIDBI to Micro, Small and Medium Enterprises (MSMEs), which is member of PHDCCI in India.
They can get the schemes with comparative ease and better terms.
Aim: To make available the SIDBI schemes to the MSMEs, which is member of PHDCCI.
Key Info:
i.PHDCCI has set up a specialized MSME Centre to provide mentoring & guidance to MSMEs
ii.It is entering into partnership with various organisations like Banks, Financial Institutions, Government e-
Marketplace (GeM), Trade Receivables Discounting System (TReDS), etc., to enable the member MSMEs to avail the
schemes of these organisations.
ICICI Bank to Buy 5.40% Stake in CityCash & 9.65% Stake in Thillais Analytical Solutions for Rs 6.03 Crore
On February 16, 2021 ICICI Bank announced that it will buy 5.40% stake in Tap Smart Data Information Services Pvt
Ltd (CityCash) for Rs 4.93 crore (Rs 49.34 million) and 9.65% stake in Thillais Analytical Solutions Pvt Ltd for Rs
1.1 crore (Rs 11 million).
Note: It is expected that both deals will be completed by the end of March 2021
Acquisition
ICICI Bank will buy the stakes through the following:
In CityCash– by acquiring 5,492 equity shares.
In Thillais Analytical– by acquiring 10 equity shares and 100 Compulsory Convertible Preference Shares(CCPS)
About CityCash:
It is a bus transit-focused payments technology company that provides ticketing system technology to state transport
corporations.
Founder & CEO– Vineet Toshniwal
Headquarters– Mumbai, Maharashtra
GoI to sell its 26.12% Stake in Tata Communications Ltd by March 20, 2021
Government of India (GoI) is set to sell its entire stake of 26.12% in Tata Communications Ltd (TCL) (formerly
known as VSNL) through an offer for sale and strategic sale route by March 20, 2021. Several Merchant Bankers like
Goldman Sachs, ICICI Securities, SBI Capital Markets & others have expressed interest in buying the stake and are
making presentations before the officials of the Department of Investment and Public Asset Management.
Google Partners with EIF, Inter-American Development Bank & Kiva to Invest $75 million in COVID-19 Hit
Small Businesses
Google has partnered with European Investment Fund (EIF), Inter-American Development Bank(IDB) and Kiva,
an organisation that crowdfunds loans to unlock capital for the underserved around the world to invest $75
million(about Rs. 545 crore) to small and medium-sized companies outside U.S who are suffering from the impact
of COVID-19.
Tata Group to Acquire 68% Stake in BigBasket for About Rs 9,500 Crore; Tata Communications Partners with
Google Cloud in India
Tata Group has signed a deal to acquire 68% stake in bigbasket for about Rs 9,500 crore. The stake will be
acquired by Tata Digital, a subsidiary of Tata Sons. Post acquisition, the enterprise value of BigBasket becomes more
than Rs 13,500 crore.
Tata Communications has partnered with Google Cloud in India to drive cloud adoption and transform Indian
businesses.
Arun Kumar Authors a New Book, ‘Indian Economy’s Greatest Crisis: Impact of Coronavirus and the Road
Ahead’
Arun Kumar has authored a new book titled, ‘Indian Economy’s Greatest Crisis: Impact of Coronavirus and the
Road Ahead’. The book is published by Penguin Random House.
Essence of the Book:
The book attempts to answer the following questions among others:
• People have experienced viral attacks-H1N1, Ebola and Nipah, but what is strange about Coronavirus?
• What are Ways through which COVID-19 has affected India and the world?
• How has India responded to COVID-19?
• Is life or livelihood important?
• What are the ways and means through which India can recover itself from the sudden economic shock caused
by the pandemic?
About Arun Kumar:
i.He is a veteran Indian economist.
ii.Currently, he is the Malcolm S. Adiseshiah chair professor at the Institute of Social Sciences, New Delhi.
iii.His popular books include:
• Indian Economy Since Independence: Persisting Colonial Disruption (2013), Understanding the Black
Economy and Black Money in India: An Enquiry into Causes, Consequences and Remedies (2017).
• Demonetization and the Black Economy (2017) and The Ground Scorching Tax (2019).
Bank of Maharashtra Partnered with Vayana Network Launches its Mahabank Channel Financing Scheme for
MSMEs
On February 18, 2021 Bank of Maharashtra(BoM) in partnership with Vayana Network, India’s largest Supply
Chain Financing (SCF) platform, launched its Mahabank Channel Financing Scheme, a Channel Financing solution
for Micro, Small and Medium Enterprises(MSMEs).
This partnership enables BoM to provide short term credit to meet funding requirements of corporate dealers and
vendors through its channel.
Purpose: To provide financial support to MSMEs
Provisions of the Partnership:
i.Under the partnership, Vayana Network will provide SCF solutions to more than 1,870 branches of BoM through its
technology and service knowledge. SCF solutions include vendor and dealer financing programs.
ii.The proprietary technology platform of Vayana assists to digitise the transactions of Supply Chain Financing, at the
same time helps market services to increase penetration in the under-served MSME segment.
Recent Related News:
On January 28, 2021 Department of Industries & Commerce, Government of Karnataka and Amazon India has signed
a Memorandum of Understanding (MoU) to help enhance e-commerce exports from the state and also to elevate
MSMEs in state to a global level through Amazon Global Selling, an exports program of Amazon.
About Bank of Maharashtra(BoM):
i.The Government of India holds 93.33% stake in the bank.
ii.It is the sponsor bank of Maharashtra Gramin Bank
• Aurangabad Jalna Gramin Bank & Thane Gramin Bank was amalgamated into Maharashtra Godavari Gramin
Bank.
• Maharashtra Gramin Bank came in to existence on 20th July 2009 after amalgamation of erstwhile
Maharashtra Godavari Gramin Bank and Marathawada Gramin Bank
HeadOffice– Pune, Maharashtra
Incorporated on– September 16, 1935
Commenced Operations– February 8, 1936
MD & CEO– A.S Rajeev
Indian Bank signs MoU with SID of IISc to Provide Credit Facility to Start-ups and MSME
On February 19, 2021 Indian Bank signed Memorandum of Understanding(MoU) with Society for Innovation and
Development (SID), an initiative of Indian Institute of Science(IISc), Bengaluru to provide exclusive credit
facility to start-ups and Micro, Small and Medium Enterprises(MSMEs). This initiative is a part of the Bank’s scheme
‘Ind Spring Board for financing Start-ups’
Objective– To empower start-ups & MSMEs to realise their research efforts by providing them financial support from
the Bank and offer incubation facilities offered by SID.
Key People:
Sudhakar Rao (GM, MSME, Indian Bank) and Prof B Gurumoorthy, Chief Executive, SID signed the MoU.
Provisions of MoU:
i.SID will identify the start-ups and MSME on the basis of credentials and past experience. After which they will refer
to the list of such members who require financial assistance to the Bank.
ii.The bank will provide loans up to Rs. 50 crores to these start-ups to cater their working capital requirements or to
purchase of machinery, equipment etc
How does SID support MSMEs?
It provides the joint Research and Development(R&D) arrangements with industries and also technical & financial
support to incubate and accelerate high end technology products under its department named ‘TIME2’(Technology
Innovation for Midsized Enterprises).
Recent Related News:
On October 6, 2020, Union Minister of Finance & Corporate Affairs, Nirmala Sitharaman, launched “MSME Prerana” an
online business mentoring programme for Micro, Small & Medium Enterprises (MSMEs) by Indian Bank in
collaboration with Poornatha & Co, at the bank’s headquarters in Chennai, Tamil Nadu.
About Society for Innovation and Development (SID):
Chief Executive– Prof B Gurumoorthy
Headquarters– Bengaluru, Karnataka
About Indian Bank:
On April 1, 2020, Allahabad Bank amalgamated with Indian Bank.
MD & CEO– Padmaja Chunduru
Tagline– Your Own Bank
Headquarters– Chennai, TamilNadu
PMs of India & Australia felicitated winners of Circular Economy Hackathon (I-ACE), 2021 virtually
On February 19, 2021, the valedictory session of India-Australia Circular Economy (I-ACE) Hackathon, 2021 was held
where Prime Minister (PM) Narendra Modi and his Australian counterpart Scott Morrison have felicitated the
participants of I-ACE at a virtual award ceremony.
• The I-ACE Hackathon was organized jointly by Atal Innovation Mission, NITI Aayog, India and Commonwealth
Scientific and Industrial Research Organization (CSIRO), Australia with the aim of enabling students and start-
ups/MSMEs from both countries to present innovative solutions for the development of a circular economy
across the food system value chain.
• The Hackathon was held between 8th February, 2021 and 11th February, 2021 which saw a participation of
72 teams comprising of students and startup/ MSME from both India and Australia under four broad areas.
The Themes of the India-Australia Circular Economy (I-ACE) Hackathon, 2021 is
• Theme 1: Innovation in packaging reducing packaging waste
• Theme 2: Innovation in food supply chains avoiding waste
• Theme 3: Creating opportunities for plastics waste reduction
• Theme 4: Recycling critical energy metals and e-waste
Click Here to Read about I-ACE
RBI Puts Rs 1000 Withdrawal Cap on Deccan Urban Co-operative Bank Ltd. for Next 6 Months
On February 18, 2021 The Reserve Bank of India(RBI) on considering the present liquidity position of Deccan Urban
Co-operative Bank Ltd., has imposed a withdrawal cap of Rs 1,000 on the customers of the bank. But, customers
are allowed to set off loans against deposits subject to conditions. This is for the period of 6 months from the close of
business on February 19, 2021.
• This is part of certain directions given by RBI to the bank
Note: This direction has been imposed by RBI in exercise of powers vested in it under sub section (1) of Section 35 A
of the Banking Regulation Act, 1949 read with Section 56 of the Banking Regulation Act, 1949.
Other Directions for the Bank:
CEO of the bank only with prior approval from RBI in writing shall do the following:
i.Granting or renewing any loans and advance
ii.Make any investment, incur any liability including borrowing of funds and accepting of fresh deposits
iii.Disburse any payment whether in discharge of its liabilities or otherwise, or dispose of any of its assets except as
notified in the RBI direction.
99.58% of Depositors are fully covered by the DICGC Insurance Scheme
RBI also mentioned that 99.58% of the depositors are fully covered by the insurance scheme of Deposit Insurance
and Credit Guarantee Corporation (DICGC), a wholly-owned subsidiary of RBI. It provides insurance cover up to Rs 5
lakh on bank deposits.
What is DIGCC?
Purpose– To provide insurance of deposits and guarantee of credit facilities.
Functions are Governed by– The provisions of ‘The Deposit Insurance and Credit Guarantee Corporation Act, 1961’
(DICGC Act) and ‘The Deposit Insurance and Credit Guarantee Corporation General Regulations, 1961’
Recent Related News:
The Internal Working Group (IWG) of Reserve Bank of India (RBI) which was formulated on June 12, 2020 to review
extant ownership guidelines and corporate structure for Indian private sector banks has submitted its report on
November 20, 2020. It has recommended an increase in the promoters’ stake in Private Banks to 26% from 15% of
the paid-up voting equity share capital of the bank in 15 years.
About Deccan Urban Co-operative Bank Ltd.,
Headquarters– Vijayapura, Karnataka
SBI Payments Services Launched ‘YONO Merchant App’ to Expand digitization of Merchant Payments in India
On February 20, 2021 SBI Payment Services Pvt. Ltd launched YONO Merchant App to expand the digitization of
merchant payments in India. Through the app, merchants can turn their Near Field Communication (NFC)-enabled
Android smartphones into payment acceptance devices.
i.It is a brand extension of State Bank of India(SBI)’s YONO(You Only Need One) platform.
ii.SBI has also partnered with Visa on the Tap to Phone feature to boost acceptance infrastructure across India .
RBI has Brought State Bank of Sikkim Under its Regulatory Purview
The Reserve Bank of India (RBI) has brought the State Bank of Sikkim under its regulatory purview. The bank only
operates within Sikkim and is wholly-owned by the state government. The bank is also responsible to handle the
treasury function of the State. With this regulatory purview, the ownership structure of the bank will not be changed
and will be regulated by the RBI on a par with other banks.
Purpose: To protect the interest of depositors.
Why is the State Bank of Sikkim not under the RBI?
i.The bank was established in 1968 under the State Bank of Sikkim Proclamation, 1968.
ii.But in 1975, Sikkim was merged with India, by which the bank was given a special status under Article 371 F of the
constitution.
Benefits:
i.Consequent to which, the Banking Regulation Act 1949 and the Companies Act do not extend to Sikkim or the
residents of Sikkim.
ii.The people are not subject to Income Tax like the rest of Indian Citizens.
Risks:
i.The basic safety measures for depositors like provisions of the Deposit Insurance and Credit Guarantee
Corporation(DICGC) that offers an insurance cover of up to approximately 5 lakh does not apply to this bank.
ii.So in the event of a crisis, there is no fallback available.
Note:
i.The State Government transactions are carried out by RBI as per the agreement between RBI and with state
governments in terms of section 21 A of RBI Act 1934.
ii.As of now, such agreements exist between RBI and all the State Governments except Government of Sikkim
Future Enhancement:
RBI will expand the role of State Bank of Sikkim by which it can offer a variety of services to the north-eastern states,
which have low banking penetration.
Recent Related News:
On November 26, 2020 Reserve Bank of India(RBI) advised Lakshmi Vilas Bank(LVB) to fully write off the Series VIII,
Series IX and Series X Basel-III complaint tier -2 bonds worth Rs 318.20 crore, before its amalgamation with DBS
RBI Ropes in Punjabi Singer-Rapper Viruss to Drive its Public Awareness Campaigns on Cyber Frauds
Reserve Bank of India(RBI) has roped in Punjabi Singer-Rapper Viruss to drive its public awareness
campaigns on cyber frauds. On February 19, 2021 RBI in its official twitter handle, launched the campaign, featuring
Viruss. This is part of its awareness campaign ‘RBI Kehta Hai’: Jaankar Baniye, Satark Rahiye!(RBI Says: Be
knowledgeable, Be cautious) that was launched in 2016 and has been running in social media accounts on Twitter,
Facebook and Youtube .
• The latest campaign was different from others as it used peppy rap music to provide information to people.
Note: Viruss has done a video with peppy music for RBI. Viruss is popular for his original rap Bam Bhole in 2017,
which was recreated for the Akshay Kumar- Kiara Advani starred film Laxmii(2020).
About Awareness Campaign
i.The latest campaign of RBI with peppy music provides latest instructions to people about how they can and should
protect themselves against cyber crimes including those on the UPI and identity theft.
ii.The campaign encourages the public, especially tech-savvy netizens who show preference to transact online safely.
What is the ‘RBI Kehta Hai’ awareness campaign?
Launched– It was initiated and launched by RBI in 14 languages.
Purpose– To create awareness and educate the public about safe banking and financial practices.
Firsts– It was the 1st even 360 degree campaign initiated by RBI using all mass media, including media such as
television, radio, newspapers, hoardings, web banners, gifs, social media and SMS
Recent Related News:
On September 27, 2020 The Reserve Bank of India(RBI) roped in Indian Film Actor Amitabh Bachchan for the
customer awareness campaign to prevent naive account holders from being deceived by fraudsters.
About Reserve Bank of India(RBI):
Formation– 1 April 1935
Governor– Shaktikanta Das
Headquarters– Mumbai, Maharashtra
Deputy Governors– 4 (Bibhu Prasad Kanungo, Mahesh Kumar Jain, Michael Debabrata Patra, and M Rajeswar Rao)
Goa to become India’s First Fisheries Hub with an investment of INR 400 Crore
Union Minister for Fisheries, Animal Husbandry and Dairying, Giriraj Singh has stated that the Central Government is
set to Invest INR 400 crore in Goa to transform the state into India’s First Fisheries Hub.
• Of the INR 400 Crore Investment, The Union Minister has already sanctioned INR 41.7 Crores to Goa under the
Pradhan Mantri Matsya Sampada Yojana (PMMSY).
• Goa has the required coastline, inland waterways & saline Khazan lands for producing the large quantity of fish
in the country.
Planned Activities for making Goa as Fisheries Hub
Ornamental & Seaweed Clusters
• INR 30 Crore to be allocated for setting up Aquarium Cluster under ornamental fisheries for generating
employment and income. A Seaweed complex will also be set up for the same purpose.
• Globally, seaweed is a 15 Million dollar business. It is being dominated by Indonesia & China.
Fish Vending Kiosks, Hatchery & Diagnosis Lab
• INR 5 Crore for setting up 50 fish vending kiosks which will be beneficial for women and for further
development of retail fish markets.
• INR 50 Crore for upgrading the Margao Wholesale Fish Market.
• INR 2.5 Crore for construction of a marine hatchery
• A disease diagnosis referral lab for livestock will be set up at a cost of INR 10 Crore.
‘Sagar Mitra’
Sagar Mitras to be set up in 70 fishing villages of Goa for educating the population dependent on fishing.
Fishing Jetties & Harbour
• Creation of 30 Fish Landing Jetties to enable fishermen to anchor their boats near their villages. At present
there are 9 landing jetties in Goa which are being used for Tourism & Fishing purposes.
• A New Fishing Harbour is also set to be developed in Vasco bay with support from the Ministry of Shipping. It
will benefit around 300 fishing boats & 1, 200 people in the area.
Development of ‘Cage Culture’
CSIR-NIO (Council of Scientific & Industrial Research-National Institute of Oceanography), Dona Paula, Goa has
highlighted the enormous potential of Cage Culture fishing in Goa.
• Cage Culture is a kind of aquaculture production system in which fishes are reared in floating net pens.
• Central Marine Fisheries Research Institute has stated that around 72 Square Kilometres in Goa will be
brought under the Cage Culture.
• In the 72 Square Kilometre area, around 30 lakh cages can be installed, which will raise the capacity of fish
production in the state.
• The high production of fishes will also support the Goa-based fish processing units as they have always been
dependent on Maharashtra & Karnataka for the raw materials.
GoI, World bank sign USD 68 Million Project for Improving Education in Nagaland
Government of India, Government of Nagaland & the World Bank signed a USD 68 Million (~ INR 490 Crore) Project
for improving the governance of schools across Nagaland. The program is called ‘Nagaland: Enhancing Classroom
Teaching and Resources Project’.
• The project will also improve teaching practices and learning environments in select schools of Nagaland.
• Around 1, 50, 000 students & 20, 000 Teachers in the government education system in Nagaland will benefit
from the reforms.
• The project will support Nagaland Government’s efforts to develop a strong education system in the state.
Signatories:
• C S Mohapatra, Additional Secretary, Department of Economic Affairs, Ministry of Finance on behalf of
Government of India
• Shanavas C, Principal Director, Department of School Education on behalf of Government of Nagaland
• Junaid Ahmad, Country Director, India on behalf of the World Bank.
Mission of the Project:
• To improve Classroom instructions
• Create Opportunities for professional development of teachers
• Build Technology systems for providing students & teachers with access to both offline & online learning
systems
• Better Monitoring of policies & Programs.
UP FinMin Suresh Kumar Khanna presented Rs 5,50,270.78cr state budget for FY21-22 targeting
“Atmanirbhar”
On February 22, 2021, the Finance Minister of Uttar Pradesh (UP), Suresh Kumar Khanna, presented Rs 5,50,270.78
crore in the presence of UP Chief Minister (CM) Yogi Adityanath. Notably, this was the state’s and Adityanath
Odisha FM presents State Budget for FY 2021-22 with an outlay of INR 1.7 Lakh Crores
On February 22, 2021, Odisha’s Finance Minister Niranjan Pujari presented the State Budget for the Financial Year
2021-22 with an budget outlay of INR 1, 70, 000 Crores.
• The Budget was presented through the National e-Vidhan Application (NeVA) & Odisha Budget Mobile App.
• It was presented in 2 parts – ‘Agriculture Budget’ & ‘General Budget’.
The Major emphasis of the budget was ‘New Odisha-Empowered Odisha’. The major areas of focus were health,
agriculture, education, livelihoods, infrastructure & industries.
Key Points:
During the Budget presentation, Niranjan Pujari launched or introduced many key initiatives. Some of them are
• Introduction of Sustainable Development Goals (SDGs) Budget document.
• Conversion of SCB Medical College, Cuttack into ‘AIIMS plus Institute’ for providing world-class health care
facilities by spending INR 3500 Crores over 3 years.
• Allocation of INR 542 Crore under ABADHA (Augmentation of Basic Amenities and Development of Heritage
and Architecture (ABADHA)) scheme to transform Puri into a World Heritage City.
• Establishment of a New World Class Hockey Stadium in Rourkela with an outlay of INR 90 Crore.
• Introduction of Fiscal risk statement for managing risk exposures.
• INR 795 Crores for the construction of ‘In-stream Storage Structures (ISS)’ in all major rivers of Odisha
• Provision of INR 450 Crore under Rashtriya Krishi Vikas Yojana (RKVY).
Sector-wise Highlights
Education and Skill Sector
Education and skill development has received the highest allocation in the Budget for 2021-22 fiscal with the State
government earmarking a whopping Rs 24,370 crore with a major thrust on holistic development of schools, colleges
and skill training institutes.
• The budget for education sector this fiscal will focus on imparting quality education and providing employable
skills.
• An allocation of Rs 253 crore has been made under Mo School programme, six times more than the previous
fiscal.
• Department wise, budget provision of Rs 18.279 crore has been made for the SME department, while Rs
2,416.63 crore is allocated for Higher Education department and Rs 664 crore for Skill Development and
Technical Education department.
Health
The sum allocated for the Health Sector was INR 9, 164 crore, which was an increase of 19% from the budget of 2020-
21.
Defence Acquisition Council approves Procurement worth INR 13, 700 Crore
On February 23, 2021, The Defence Acquisition Council (DAC) headed by Defence Minister Rajnath singh approved 3
Acceptance of Necessities (AoNs) worth INR 13, 700 Crore for procurement of various
weapons/platforms/equipment/systems for the Indian Army, Indian Navy & Indian Air Force.
• All 3 AoNs have been placed under the ‘Buy [Indian-IDDM (Indigenously Designed, Developed and
Manufactured)]’ Category of India’s new Defence Acquisition Procedure (DAP) 2020.
• All equipment, systems, weapons & platforms to be procured will be indigenously designed, developed and
manufactured by the Defence Research and Development Organisation (DRDO).
Components cleared by DAC
i.Out of INR 13, 700 Crore, (~) INR 8, 300 Crore will be sent for procuring 118 indigenously developed Arjun Main
Battle Tank (MK-1A) placed order with OFB.
• The new tank will come with 71 upgrades over the existing variant including 14 major improvements.
• Prime Minister Narendra Modi handed over a prototype of the Arjun Mk-1A tank to army chief General Manoj
Mukund Naravane in Chennai on February 14 2021 .
GoI & AIIB sign agreement for $304mn for Assam Intra-State Transmission System Enhancement Project
On February 24, 2021, the Government of India (GoI) and the Asian Infrastructure Investment Bank (AIIB) signed a
loan agreement of $304 million (mn) for Assam Intra-State Transmission System Enhancement Project to strengthen
the quality, capacity and security of the 24*7 power supply in Assam along with reducing greenhouse gas emissions.
• The agreement was signed by Baldeo Purushartha, Joint Secretary, Department of Economic Affairs, Ministry
of Finance on behalf of GoI and Rajat Misra, Acting Director General, Investment Operations on behalf of the
AIIB.
Terms of Agreement:
Total estimated cost of Project- $365mn
AIIB Funding (Loan)- $304mn
Assam Funding- $61mn
Loan Maturity- 24 years
Grace Period- 5 years
How will Assam’s electricity transmission be strengthened under this agreement?
–By constructing 10 transmission substations and laying transmission lines with the associated infrastructure.
–By upgrading 15 existing substations, transmission lines and existing ground wire to optical power ground wire.
–By providing technical assistance to support project implementation.
Need for this Project:
There is power deficit scenario in Assam due to congestion of the electricity distribution and transmission networks.
Assam Electricity Grid Corporation Limited (AEGCL) is the sole transmission utility in Assam is responsible for the
operation, maintenance and development of the transmission system in the State.
NTPC Signs Share Purchase Agreement with GAIL to Buy GAIL’s 25.51% stake in RGPPL
On February 23, 2021 NTPC Ltd(formerly- National Thermal Power Corporation Limited) signed a share purchase
agreement with GAIL (India) Ltd. As per the agreement NTPC will buy GAIL’s 25.51% in Ratnagiri Gas and Power
Pvt Ltd (RGPPL), which is commonly known as Dabhol project. Apart from this, NTPC will sell its 14.82% stake in
Konkan LNG Ltd (KLL) on a fully diluted basis to GAIL.
Post Transaction
After the transaction, NTPC’s shareholding in RGPPL will stand at 86.49%. In addition to this, NTPC will exit from
KLL.
Note:
• Initially, NTPC and GAIl had 25.51% stake each in RGPPL.
• In January NTPC announced that it will acquire a 35.47% stake in RGPPL from its lenders.
About Ratnagiri Gas and Power Pvt Ltd (RGPPL):
i.It was incorporated under the Companies Act, 1956 on 08th July, 2005.
ii.It is promoted by NTPC Limited and GAIL (India) Limited.
iii.It was established to takeover and revive the assets of Dabhol Power Company Project.
iv.It is to be noted that RGPPL owns an Integrated Power generation and Re-gasified LNG facility. v.The power station
is one of India’s large gas based combined cycle power stations.
HeadOffice– New Delhi, Delhi
Chairman– Chandan Kumar Mondol
Konkan LNG Ltd
i.It is formerly known as Konkan LNG Private Limited – KLPL
ii.It was incorporated as a wholly owned subsidiary of RGPPL.
iii.It was formed to own the LNG assets at Ratnagiri after a demerger scheme for RGPPL was approved by the
National Company Law Appellate Tribunal (NCLAT) in February 2018.
iv.It became the subsidiary of GAIL and also become Government Company i.e.Central Public Sector Enterprise
(CPSE) in March 2020
Headoffice– Noida,Uttar Pradesh
CEO– Pankaj Patel
Recent Related News:
On May 23, 2020 ITC Limited entered into a Share Purchase Agreement(SPA) to acquire 100% of the equity share
capital of Sunrise Foods Private Ltd(SFPL), which is primarily engaged in spices under the trademark ‘Sunrise’. The
value of the deal is not disclosed but expects to be around Rs 1,800 crores to Rs 2,000 crores.
About NTPC Limited:
India’s largest energy conglomerate with roots planted way back in 1975 to accelerate power development in India.
Headquarters– New Delhi, India
Chairman and Managing Director(CMD)– Gurdeep Singh
About GAIL (India) Ltd:
CMD– Manoj Jain
Headquarters– New Delhi, Delhi
Tamil Nadu FM O Panneerselvam presents Interim State Budget for the year 2021-22
On February 23, 2021, Tamil Nadu’s Finance Minister O Panneerselvam presented the Interim State Budget for the
year 2021-22 at Chennai’s Kalaivanar Arangam. It was Paneerselvam’s 11th Budget presentation.
AP Cabinet approves ‘EBC Nestam’ Welfare Scheme for providing Financial Assistance to Women
On February 23, 2021, the Andhra Pradesh Cabinet headed by Chief Minister Y S Jagan Mohan Reddy approved a new
welfare scheme called ‘Economically Backward Classes (EBCs) Nestam’ for providing Financial Assistance to
women belonging to the EBCs.
• An assistance of INR 15, 000 per year will be extended to women in the age group of 45-60 for a period of 3
years.
• The scheme is set to be implemented from November, 2021 and will benefit 6 lakh women.
India hosts First Meeting of BRICS Finance and Central Bank Deputies under its 2021 Chairship
On February 24, 2021, India hosted the meeting of BRICS (Brazil, Russia, India, China, and South Africa) finance and
central bank deputies. Notably it was the first meeting on the BRICS Financial Cooperation under India Chairship in
2021.
• It was co-chaired by Economic Affairs Secretary Tarun Bajaj and RBI Deputy Governor Michael Patra along
with the participation of BRICS countries’ finance and central bank deputies.
• Notably, India assumed the chairship in the year of 15th anniversary of BRICS i.e. 2021.
Key Point:
–During the meeting, discussions were held on the issues Global Economic Outlook and Response to COVID-19, Social
Infrastructure Financing and Use of Digital Technologies, New Development Bank (NDB) Activities, Fintech for SME
and Financial Inclusion, BRICS Contingent Reserve Arrangement (CRA), among others.
— India’s approach is focused on strengthening collaboration through Continuity, Consolidation and Consensus
List of central banks of BRICS countries:
Brazil– Banco Central or Central Bank of Brazil
Russia– Central Bank of the Russian Federation or Bank of Russia
India– Reserve Bank of India (RBI)
China– People’s Bank of China
South Africa– South African Reserve Bank
Recent Related News:
i.On January 28, 2021, India & Japan held the 5th Joint Meeting of the India-Japan Act East Forum (AEF) at New Delhi.
Harsh Vardhan Shringla, Foreign Secretary of India & Suzuki Satoshi, Ambassador of Japan to India were the co-chairs
of the meeting.
ii.The 51st Edition of 2021 World Economic Forum (WEF) Annual Meeting called ‘The Davos Agenda 2021’ took place
virtually from January 25-29, 2021 on the theme “Davos Agenda – A Crucial Year to Rebuild Trust”.
About BRICS:
Establishment– 2009
Theme for India’s Chairship: BRICS @ 15: Intra-BRICS Cooperation for Continuity, Consolidation and Consensus
The 13th BRICS Summit is going to be held under India’s Chairship in 2021. It will be the third time that India will be
hosting the BRICS Summit after 2012 and 2016.
MCA & CBIC Signed MoU for Exchange of Data to Enhance Ease of Doing Business in India
On 25th February 2021, the Ministry of Corporate Affairs(MCA) and Central Board of Indirect Taxes and
Customs (CBIC), under the Department of Revenue, Ministry of Finance signed a Memorandum of
Understanding(MoU) for data exchange between the two organisations.
The MoU was signed by Manoj Pandey, Joint Secretary, MCA, and B. B. Gupta, ADG, CBIC.
ICICI Bank in Partnership with GCC and CSCL Launched ‘Namma Chennai Smart Card’
On February 23, 2021 ICICI Bank in partnership with the Greater Chennai Corporation (GCC) and Chennai Smart City
Limited (CSCL) launched ‘Namma Chennai Smart Card’, a Common Payment Card System (CPCS). The Rupay
powered co-branded, contactless prepaid card was unveiled by Tamil Nadu Chief Minister(CM) Edappadi K.
Palaniswami.
Aim: To enable residents of Chennai, Tamil Nadu to make seamless payments for various services within the city.
Note: The new proposition is a step towards transforming Chennai into a Smart City. It also has made Chennai a part
of the list of international cities that offer a Common Payment Card platform
Features of ‘Namma Chennai Smart Card’
Pay at GCC centres:
The residents can make tax/ utility bill payments using the card at the GCC centres. This option will be available
shortly.
Shopping
The card facilitates retail payments within Chennai and in retail stores and e-commerce websites across India.
Manage card:
• The card has many features to manage cards online including, card block/unblock, activation, pin-reset etc.
• In addition to this, the residents can also reload the card digitally through UPI on the customer portal or the
iSmart City app shortly.
Discounts:
The customers will also get exciting discount offers on the card.
About Contactless Payment:
• The term contactless payment refers to a secure method for consumers to purchase products or services using
a debit, credit or another payment device by using radio frequency identification (RFID) technology and near-
field communication (NFC).
• The Reserve Bank of India has hiked the limit for contactless payments from ₹2,000 to ₹5,000 effective from
January 1, 2021.
About Greater Chennai Corporation (GCC):
It is the civic body that governs the city of Chennai, TamilNadu. It is headed by the Mayor.
Recent Related News:
On January 28, 2021 StashFin entered into partnership with SBM Bank (India) Ltd to launch their co- branded
prepaid card, ‘StashFin SBM card’. The card is powered by Visa and has a contactless Europay, MasterCard, and
Visa(EMV) chip, enabling cardholders to have 24×7 access to funds. It has been designed through collaboration.
About Chennai Smart City Limited (CSCL):
Chairman and Director– G.Prakash, I.A.S.
CEO– Raj Cherubal
Headquarters– Chennai, TamilNadu
About ICICI Bank:
i.The bank was formed in 1955 at the initiative of the World Bank, the Government of India and representatives of
Indian industry.
ii.The Bank’s consolidated total assets stood at Rs 15,19,353 crore at December 31, 2020.
Social Alpha and SIDBI Partnered to Set up 1st of its Kind Swavalamban Divyangjan ATMA Fund
Social Alpha, a multistage innovation curation and venture development platform has partnered with Small
Industries Development Bank of India (SIDBI) to set up the Swavalamban Divyangjan Assistive Tech Market
Access (ATMA) fund, a Social Impact fund.
It is a first of its kind inclusion fund that offers financial grants to Social Alpha-incubated startups that work in the
Assistive Technology(AT) sector.
Purpose: To promote innovation and reduce the expenses for persons with disabilities to procure new technologies
What are Assistive Technologies?
It is an assistive, adaptive, and rehabilitative device, software, or equipment for people with disabilities or the elderly
population.
Note: About 40 to 80 million in India are Persons-With-Disabilities (PWDs). In other words, one in 12 households
has a family member with a disability.
About Swavalamban Divyangjan Assistive Tech Market Access (ATMA) fund:
i.Under the fund, each incubatee will get access to implementation support of up to Rs 20 lakh.
ii.The fund will finance upto 50% of product price for the initial users.
iii.The startups can apply for Social Alpha incubation throughout the year.
iv.Assistive Technologies that require support will be identified by Social Alpha and their business plan will be
evaluated
v.The incubatees will also be eligible for Social Alpha follow-on investment, subject to further due diligence.
Recent Related News:
On December 7, 2020, Kotak Mahindra Asset Management Company Limited (KMAMC) or Kotak Mutual Fund
launched India’s first diversified REIT (Real Estate Investment Trusts) Mutual Fund namely “Kotak International REIT
Fund of Funds”.
About Small Industries Development Bank of India (SIDBI):
HeadOffice– Lucknow, Uttar Pradesh
Deputy Managing Director– V Satya Venkata Rao
Set up– 2nd April 1990 under an Act of Indian Parliament
About Social Alpha:
Co-Founder, CEO– Manoj Kumar
Headquarters– Bangalore, Karnataka
IRDAI Forms 14 Member Committee Headed by Janakiram to Review its Information & Cyber Security
Guidelines
The Insurance Regulatory and Development Authority of India (IRDAI) has formed a 14 member committee to
review its information and cyber security guidelines. The committee is headed by Prof Janakiram, chairman of
Institute for Development and Research in Banking Technology (IDRBT). A R Nithiyanantham, CGM-IT, IRDAI will be
a member convenor of the working group.
• IRDAI issued cyber security guidelines in April 2017
Purpose: To address the cyber attacks in the financial sector and to have a structured reporting to analyse the issue
at industry level.
Need: The cyber attacks across the world have increased, especially in the financial sector due to the economic
situation caused by the COVID-19 pandemic.
Note: The committee is required to submit its report in 2 months.
What are the Guidelines on cyber security in April 2017?
i.Among others it mandate:
• Information Security Committee (ISC),
IRDAI Gives Nod to Acquisition of upto 12% Stake in Max Life Insurance by Axis Entities
The Insurance Regulatory and Development Authority of India (IRDAI) has given its formal approval to acquisition
of up to 12% stake in Max Life Insurance company ltd by Axis entities(Axis Bank ltd and its subsidiaries, Axis
Capital Ltd and Axis Securities Ltd ).
Note: In January 2021 CCI gave approval to this deal. The total premium generated through this deal has aggregated
to over Rs. 40,000 crore.
Proposed Transaction
i.Under the proposed transaction, Axis entities can acquire up to 19% stake in Max Life, of which Axis bank will
acquire up to 9% in Max Life.
ii.While, Axis Capital and Axis Securities will acquire up to 3% of the share capital of Max Life.
iii.In addition to this, Axis entities have the right to acquire an additional stake of up to 7% in Max Life, in one or more
tranches.
Background:
i.Axis entities agreed into a revised agreement with Max Financial Services (MFS) Ltd to acquire up to 19% of the
equity share capital of Max Life Insurance Co Ltd (Revised Agreements) on october 30, 2020.
ii.Prior to this, Axis bank was to acquire upto 17% in Max Life Insurance.
Recent Related News:
On November 11, 2020 Insurance Regulatory and Development Authority of India(IRDAI) gave its final approval for
the merger of HDFC ERGO Health Insurance (formerly Apollo Munich Health Insurance Co Ltd) with HDFC ERGO
General Insurance Co Ltd (HDFC ERGO).
Omega Seiki to Set up EV Manufacturing Facility in Bangladesh with Investment of Rs 100 Crore
Omega Seiki Pvt Ltd has announced that it will set up an Electric Vehicle(EV) manufacturing facility, known
as OSM-Bangladesh near Dhaka in Bangladesh with investment of Rs 100 crore.
This will be the 1st project of any Indian EV company in international markets. The EV manufacturing company will
be registered in Bangladesh.
i.The vehicles of Omega Seiki will be powered by Li-Ion batteries and with powertrains built in Bangladesh, with
technology transfer from India.
ii.The project will be a modern greenfield facility.
Focus: To manufacture two-wheelers, three-wheelers, and electric bicycles.
Note – Bangladesh has a zero-tax policy for exports to 39 countries including India.
Highlights about manufacturing Facility:
i.Under the OSM brand the vehicles that are manufactured in Bangladesh will be sold through local partners and
franchises.
ii.Omega Seiki intends to reduce traffic jam and pollution by manufacturing EVs
Key Info:
i.Omega Seiki Mobility is the mobility arm of the Omega Seiki Pvt Ltd will provide smart, green solutions for e-
commerce, cargo and logistics companies.
ii.Currently, Omega Seiki Mobility has 2 manufacturing plants in India, located at IMT Faridabad and IMT Manesar,
Haryana.
iii.Omega Seiki Mobility Ltd launched its 1st electric vehicle in India, Singha & Singha Max, a three-wheeled cargo
vehicle.
iv.It will also invest Rs 200 crore in India to focus on R&D and manufacture all cutting-edge technologies and IT-
driven businesses in the e-mobility segment. But now it focuses on electric mobility.
Recent Related News:
Ola Electric acquired the Netherlands-based Etergo BV, an innovative electric scooter company for an undisclosed
sum, as the former has planned to set its own line of premium electric two-wheelers, both globally and nationally. Ola
electric will launch its global electric two-wheeler in India in 2021.
About Omega Seiki Private Limited:
It is a member of the Anglian Omega Network.
Managing Director– Deb Mukherji, PhD
Headquarters– New Delhi, Delhi
Exim Bank to Support Construction of Social Housing Units in Maldives Through USD 130 Million Funding
Export-Import Bank of India (India Exim Bank) is set to support the construction of social housing units in
Maldives, through its USD 130 million loan to Fahi Dhiriulhan Corporation Limited. The funding is set to be
provided through the credit programme of the buyer under the National Export Insurance Account (NEIA Scheme).
The project is proposed to be executed by the NBCC (India) limited (formerly National Buildings Construction
Corporation Limited).
Background:
i.On 20th February 2021, India Exim Bank exchanged the Letter of Intent (LoI) with Fahi Dhiriulhan Corporation Ltd.,
the government of Maldives for the design and construction of 2000 social housing units in Hulhumale, Maldives at
the cost of USD 130 million.
ii.The LoI was exchanged in Male city, during the visit of S Jaishankar, External Minister of India, to Maldives.
NEIA Scheme:
The NEIA scheme is a unique financing mechanism that enables a safe mode of financing option to Indian project
exporters backed by cover from NEIA Trust.
Key Points:
Under the NEIA scheme India’s Exim Bank has supported various projects in different sectors like water, power,
railway and road in various countries like Ghana, Zambia, Cameroon, Mauritania and Senegal in Africa, Sri Lanka in
Asia as well as Suriname in Latin America.
About Export-Import Bank of India (India Exim Bank) :
Managing Director– David Rasquinha
Headquarters– Mumbai, Maharashtra
Established in 1982
HDFC Bank & Kotak Mahindra Bank to Pick up 9.99% Stake Each in Ferbine Pvt Ltd
On 25th February 2021, the HDFC bank and Kotak Mahindra Bank acquired 9.99% stakes each in Ferbine Private
Limited, a company promoted by Tata Sons, which plans to apply to the Reserve Bank of India to set up a Pan India
Umbrella entity(PUE) for retail payments.
HDFC Bank:
i.HDFC bank has executed an agreement to subscribe 4995 equity shares each of face value Rs.10 each fully paid up
issued by Ferbine for a consideration of Rs.10 per equity share.
ii.The acquisition of cash consideration of Rs.49950 will be completed by the end of February 2021.
Kotak Mahindra Bank:
Kotak Mahindra Bank has also subscribed 4995 equity shares for Rs.49950 which translated into an equity
shareholding of 9.99% on 25th February 2021.
Umbrella Entity:
• Umbrella Entity shall be a company authorised by RBI under Section 4 of the Payment and Settlement Systems
Act, 2007
• The umbrella entity shall have a minimum paid-up capital of Rs.500 crore.
• A minimum net-worth of Rs.300 crore shall be maintained at all times.
• RBI guidelines mandate that applicants have at least three years of experience in the payments space.
• Umbrella Entity will be entitled to set up, manage and operate new payment systems in the retail space
including ATMs, PoS, Aadhaar-based payments and remittance services.
• The PUE is expected to develop systems that able to interact and be interoperable to the extent possible with
the existing systems operated by NPCI.
• Unlike NPCI, the PUE can be a for-profit entity. No single promoter is allowed to have more than 40 percent
investment in the capital of the PUE, as per RBI guidelines.
• The promoter shareholding can be diluted to a minimum of 25 percent after five years of the commencement
of business of the umbrella entity.
Key Points:
i.Ferbine Private Limited was incorporated on 18th January 2021 to make an application to RBI for the PUE license.
ii.The main business of the company is to operate a pan India PUE for retail payment systems.
iii.The RBI’s last day for applying for an umbrella entity for retail payments
Recent Related News:
On May 30, 2020, Private sector lender Yes Bank Limited has acquired a 24.19% stake in Dish TV India Ltd, a
company providing Direct to Home (DTH) television service in India, following invocation of 44.53 crore pledged
shares due to default in payment of debt by Dish TV and some other companies.
It is to be noted that as of March 31, 2019, Dish TV’s debt stood at Rs 2,758 crore.
About HDFC Bank:
MD & CEO– Sashidhar Jagdishan
Headquarters– Mumbai, Maharashtra
Tagline– We Understand your World
Rajasthan CM Ashok Gehlot presents State Budget for the year 2021-22
On February 24, 2021, Rajasthan Chief Minister Ashok Gehlot who holds the Finance Portfolio presented the
state’s 1st Paperless Budget. Rajasthan is the 2nd State after Uttar Pradesh to table a paperless budget.
Fiscal Indicators
• Revenue Expenditure – INR 1, 89, 701.80 Crore
• Revenue Deficit – INR 41, 721.61 Crore
• Estimated Revenue Deficit – INR 23, 750.04 Crore in FY 2021-22
• Estimated Fiscal Deficit – INR 47, 652.77 Crore which is 3.98% of Gross State Domestic Product (GSDP) in FY
2021-22
Major Announcements
• A New Universal Health Care scheme worth INR 3, 500 Crore was announced, under the scheme every
family in the state will get medical insurance benefit of up to INR 5 Lakh.
• Launch of Indira Gandhi Urban Credit Card Scheme for self-employment & employment needs of street
vendors of urban areas & youth and unemployed people of all areas. An Interest free loan of up to INR 50, 000
will be provided to 5 lakh needy people.
• Announcement of Jeevan Rakshak Yojana, under which a prize of INR 5, 000 & citation will be given to good
citizens who save lives in road accidents.
• Increase in unemployment allowance to eligible youth by INR 1, 000 under the Chief Minister Youth Sambal
Yojana.
Other key allocations – Sector wise
Medical & Health
• Nursing colleges to be built at 25 district headquarters
Education
• Around 1, 200 Mahatma Gandhi Government Schools to be constructed in Villages with a population of 5, 000
in the next 2 years.
• A Fintech Digital University to be constructed at Jodhpur.
Sports
• Announcement of Major Dhyan Chand Stadium Scheme under which each block in the state will have its
own stadium
• INR 30 Crore has been allocated for organizing sports like Kabaddi, Volleyball, Cricket & Hockey at gram
panchayat, block & state-level.
Energy
• The CM also announced a new Energy Policy 2021-50.
• Green Corridor of 6.3 Gigawatts by Rajasthan Rajya Vidyut Prasaran Nigam Ltd. (RVPN)
Forest & Environment
• Development of Keoladeo National Park in Bharatpur as Wetland Birds Habitat Conservation Centre.
• Wildlife Management Training Centre at Talchapar Sanctuary, Churu
Special Package for COVID Management
During the budget, CM Gehlot announced a Special Package for COVID Management under which
• INR 2000 each to be provided to 33 Lakh Destitute families
• INR 50 Crore interest subsidy to 10, 000 entrepreneurs
• INR 5 Lakh as seed money to start-ups
• INR 470 Crore for Back to School programme, free uniform & textbooks
• 200 days of employment to Shahariya, Kathodi & specially-abled labourers.
Matam Venkata Rao Appointed as MD & CEO of the Central Bank of India, replaced the incumbent Pallav
Mahapatra
The Central Government has appointed Matam Venkata Rao, the Executive Director of Canara Bank as the new
Managing Director and Chief Executive Officer of the Central Bank of India for a period of 3 years.
• He replaces Pallav Mahaparta, the MD & CEO of Central Bank of India who retires on 28th February 2021.
• With this appointment of MV Rao, Canara bank will have only 2 executive directors.
About M V Rao:
i.Matam Venkata Rao took charge as one of the 3 executive directors of Canara Bank on 9th October 2017 for a period
of 3 years.
ii.The central government extended his term as the executive director of Canara Bank for a period of 2 years on the
completion of his 3 year term which ended on 8th October 2020.
iii.He has served as the General Manager of Allahabad Bank prior to his appointment in Canara Bank.
About Central Bank of India:
Central Bank of India was the first Indian commercial bank which was wholly owned and managed by Indians.
MD & CEO – Matam Venkata Rao
Headquarter – Mumbai, Maharashtra
Tagline – Central to you since 1911
Established – 1911
2. Which organisation recently (in Jan 2021), set up an ‘Innovation Sandbox’ web portal?
1) National Stock Exchange (NSE)
2) Life Insurance Corporation (LIC)
3) Reserve Bank of India (RBI)
4) Bombay Stock Exchange (BSE)
5) NITI Aayog
Answer- 4) Bombay Stock Exchange (BSE)
Explanation:
BSE (formerly Bombay Stock Exchange) has set up an ‘Innovation Sandbox’ web portal, a workflow based
platform. It is a testing environment that enables FinTech firms and individuals to do offline testing of their
applications. The innovation sandbox is set up as per the guidelines of Securities and Exchange Board of
India (SEBI). The applicants can access the APIs, test data of stock exchanges, depositories and Qualified
Registrar and Share Transfer Agents (QRTAs) etc. through this portal.
3. Which Indian Brand was ranked 5th as per the Global 500 – Brand Strength Index (BSI) 2021?
1) Bharti Airtel
2) Flipkart
3) Reliance Jio
4) Paytm
5) IRCTC
Answer- 3) Reliance Jio
Explanation:
As per the Global 500 2021, an annual report on the most valuable and strongest global brands of Brand
Finance, Reliance Jio has been ranked in 5th position as world’s strongest brand with a Brand Strength
Index (BSI) score of 91.7 out of 100 and AAA+ brand strength rating. Reliance Jio enters the ranking for the
1st time. The list is topped by WeChat with a BSI score of 95.4 followed by Ferrari with 93.9 BSI score.
Russian bank Sber is spotted in 3rd rank with 92.0 BSI score followed by Coca-Cola with 91.7 BSI score.
5. What was India’s rank in the ‘COVID Performance Index: Deconstructing Pandemic Responses’
report released by Lowy Institute?
1) 10
2) 21
3) 86
4) 74
5) 69
Answer- 3) 86
Explanation:
According to the ‘COVID Performance Index: Deconstructing Pandemic Responses’ released by Australia
based Lowy Institute, India with a score of 24.3 was ranked at 86 out of 98 Countries on basis of its
response towards tackling the Pandemic.
Rank Country Average
86 India 24.3
1 New Zealand 94.4
2 Vietnam 90.8
3 Taiwan 86.4
6. Where is the headquarters of SBI Cards and Payment Services Ltd located?
1) Mumbai, Maharashtra
2) Delhi
3) Gurgaon, Haryana
4) Chennai, Tamil Nadu
5) Pune, Maharashtra
Answer- 3) Gurgaon, Haryana
Explanation:
The headquarters of SBI Cards and Payment Services Ltd is located at Gurgaon, Haryana.
8. What was the estimated capital need for India between 2020-2030, for transition towards Electric
Vehicles (EVs) adoption, as per the report released by NITI Aayog & Rocky Mountain Institute (RMI)
in January 2021?
1) INR 10 Lakh Crores
2) INR 19.7 Lakh Crores
3) INR 15.5 Lakh Crores
4) INR 17 Lakh Crores
5) INR 21.7 Lakh Crores
Answer- 2) INR 19.7 Lakh Crores
Explanation:
According to the report ‘Mobilising Finance for EVs in India: A Toolkit of Solutions to Mitigate Risks and
Address Market Barriers, January 2021’ released by NITI Aayog & Rocky Mountain Institute (RMI), India’s
transition towards Electric Vehicles (EVs) adoption between the years 2020-2030 will need a capital of INR
19.7 Lakh Crores (USD 266 Billion) they will be utilized for construction of vehicles, charging stations, and
batteries & other infrastructures.
9. Which country received the contract for the construction of Nepal’s 679 MW Lower Arun
Hydropower Project?
1) China
2) Bangladesh
3) India
4) Japan
5) France
Answer- 3) India
Explanation:
On 30th January, 2021, During the 46th meeting of the Investment Board of Nepal (IBN) chaired by Nepal
Prime Minister K P Sharma Oli awarded the contract for construction of 679 MW (MegaWatt) Lower Arun
Hydropower Project to India’s Satluj Jal Vidyut Nigam (SJVN) Ltd under public-private partnership. It is
being constructed under the Build, Own, Operate and Transfer (BOOT) model and will cost around USD 860
Million (Nepali Rupees 100 Billion).
10. Which organisation released the ‘Upskilling for Shared Prosperity’ report, that estimated
investment in Upskilling can boost India’s GDP by USD 570 Billion (INR 40 Lakh Crore) by 2030?
1) World Bank
2) International Finance Corporation (IFC)
3) International Monetary Fund (IMF)
4) World Economic Forum (WEF)
5) UN – Global Compact
11. What was the total worth of benefits provided through the new phase (in Jan 2021) of health
insurance scheme, “Ayushman Bharat Mahatma Gandhi Rajasthan Swasthya Bima Yojana”?
1) INR 10 lakhs
2) INR 1 lakhs
3) INR 5 lakhs
4) INR 2.5 lakhs
5) INR 3.5 lakhs
Answer- 3) INR 5 lakhs
Explanation:
On 30th January, 2021 Rajasthan Chief Minister Ashok Gehlot, launched a new Phase of the state
government Insurance scheme “Ayushman Bharat Mahatma Gandhi Rajasthan Swasthya Bima Yojana” from
Jaipur. The scheme will provide free treatment to its beneficiaries in both private & state run hospitals. The
scheme will provide INR 5 lakhs worth benefits to 1.1 crore families. The Estimated cost of the Scheme is
₹1800 crore annually (₹1400 crore – State share & ₹400 crore – Center’s share).
12. What was India’s rank in the PHDCCI International Economic Resilience (IER) for 2021?
1) 5th
2) 3rd
3) 2nd
4) 4th
5) 1st
Answer- 3) 2nd
Explanation:
According to the PHD Chamber of Commerce and Industry (PHDCCI) International Economic Resilience
(IER), India is set to emerge as the 2nd Most Resilience Economy in 2021 among top-10 leading economies
showcasing the strong recovery of Indian Economy in the Post COVID-19 era. Germany took the top spot &
South Korea took the 3rd spot. The growth promising Sectors for the Indian economy in the new year 2021
include Agri & food processing, Real estate, Infrastructure, Automobiles, Information Technology, E-
Commerce, Health.
13. Who is the present Chairman of World Economic Forum (WEF), in February 2021?
1) Kristalina Georgieva
2) Klaus Schwab
3) Anshula Kant
4) David Malpass
5) Christine Lagarde
Answer- 2) Klaus Schwab
14. How many products were recently (in Feb 2021), added to Minor Forest Produce (MFP) under
the central government’s scheme that receive Minimum Support Price (MSP)?
1) 49
2) 63
3) 6
4) 9
5) 14
Answer- 5) 14
Explanation:
The Ministry of Tribal Affairs has included 14 additional Minor Forest Produce (MFP) items under the
Minimum Support Price (MSP) Scheme to ensure that Tribal Gatherers get fair prices for their Forest
Produces. The 14 items are Tasar Cocoon, Cashew Kernel, Elephant Apple Dry, Bamboo Shoot, Malkangani
Seed, Mahul Leaves, Nagod, Gokhru, Pipla/Uchithi, Gamhar/Gamari, Oroxylumindicum, Wild Mushroom
dry, Shringraj & Tree Moss. Previously, there were 49 items covered under the scheme, with the inclusion of
the 14 products, the total count jumps to 63.
15. Recently (in Feb 2021), a Corpus of INR 945 crores for the period 2021-25 was approved for
setting up a Startup India Seed Fund Scheme (SISFS). Which is the Implementing agency of SISFS?
1) NITI Aayog
2) Department for Promotion of Industry and Internal Trade (DPIIT)
3) Department of Food and Public Distribution (DFPD)
4) Food Corporation of India (FCI)
5) Department of Agricultural Research and Education (DARE)
Answer- 2) Department for Promotion of Industry and Internal Trade (DPIIT)
Explanation:
Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry has
given the approval for setting up of Startup India Seed Fund Scheme (SISFS) with a Corpus of INR 945
crores for the period 2021-25. The Scheme will come into force from April 1, 2021 & DPIIT will be the
implementing agency of the scheme. Selected Startups will receive an amount of up to INR 20 Lakhs after
successful validation of their concepts, prototype development & product trials.
19. Which district topped the Aspirational Districts Ranking of Niti Aayog for December 2020?
1) Shravasti, UP
2) Cuddalore, Tamil Nadu
3) Jamnagar, Gujarat
4) Aurangabad, Maharashtra
5) Baksa, Assam
Answer- 1) Shravasti district, UP
Explanation:
The Shravasti district of Uttar Pradesh (UP) topped the Aspirational Districts Ranking of Niti Aayog in
December 2020, the ranking is done every month. Health and nutrition, education, agriculture and water
resources, financial inclusion, skill development and basic infrastructure were the development areas that
were considered for the ranking.
20. Which bank’s IT infrastructure will be audited by a special audit team (as of Feb 2021),
constituting of professionals from external IT firms, appointed by RBI?
1) State Bank of India
2) Punjab National Bank
3) Indian Bank
4) HDFC Bank
5) ICICI Bank
Answer- 4) HDFC Bank
Explanation:
The Reserve Bank of India (RBI) has appointed an external professional IT firm to carry out a special audit
of the entire IT infrastructure of HDFC bank under Section 30 (1-B) of the Banking Regulation Act, 1949.
21. Recently (in Feb 2021), SEBI revised the objective and eligibility criteria of innovation sandbox.
As per the revised guidelines, an applicant can move from Stage-I to Stage-II only after a minimum of
____________.
1) 45 days
2) 50 days
3) 100 days
4) 120 days
5) 60 days
Answer- 5) 60 days
Explanation:
On February 3, 2021 The Securities and Exchange Board of India (SEBI) revised the objective and eligibility
criteria of innovation sandbox. It eases access to an environment (testing facilities and test data) that is
provided by Enabling Organizations like StockExchanges,Depositories andQualified Registrar and
ShareTransferAgents(QRTAs). The testing environment enables the applicants to do offline testing of their
applications.
Eligibility Criteria – An applicant if completed a minimum 60 days in the Stage-
I of Innovation Sandbox testing will be eligible to enter into stage 2 of the testing.
22. Federal Bank Ltd launched ‘FedFirst’, a special savings account. Who will be benefitted through
this initiative?
1) Front line workers
2) Elderly
3) Children
4) CRPF personnel
5) Indian Army
Answer- 3) Children
Explanation:
On February 3, 2021 Federal Bank Ltd launched FedFirst, a special savings account for children up to age of
18 years (both Resident and Non Resident Indians-NRIs). The account is designed to help children learn
about the importance of money management. FedFirst contactless Debit Card is given to this account
holder. The daily cash withdrawal limit at Automated Teller Machines (ATMs) is Rs 2,500. The daily
shopping limit at Point of Sale-PoS / E-com is Rs. 10,000.
23. Recently (in Feb 2021), SEBI issued guidelines to setup Limited Purpose Clearing Corporation
(LPCC) by Asset Management Companies (AMCs) of Mutual Funds (MFs). What is the capital share of
MF towards LPCC?
1) Rs 250 crore
2) Rs 200 crore
3) Rs 150 crore
4) Rs 100 crore
5) Rs 50 crore
Answer- 3) Rs 150 crore
24. Which organisation successfully raised USD 500 Million making it the Longest Tenor Bond
Issuance from India, as of February 2021?
1) Rural Electrification Corporation (REC) Limited
2) Power Finance Corporation (PFC)
3) Indian Oil Corporation
4) Power Grid Corporation of India
5) Coal India
Answer- 2) Power Finance Corporation (PFC)
Explanation:
Power Finance Corporation (PFC) has successfully raised USD 500 Million through issuance of USD
Denominated Bonds under ‘Reg S route’. The Bonds have a Fixed Coupon of 3.35% and will mature on May
16, 2031 making it the Longest Tenor Bond Issuance from India. Totally it has risen around USD 2.55
Billion, which is an oversubscription of 5.1 times. The funds will be used for the purpose of Lending to
Power Sector Utilities.
25. What was India’s Rank in the ‘Democracy Index 2020’ released by the Economist Intelligence
Unit (EIU)?
1) 9th
2) 44th
3) 11th
4) 14th
5) 53rd
Answer- 5) 53rd
Explanation:
According to the ‘Democracy Index 2020’ released by the Economist Intelligence Unit (EIU), India with a
score of 6.61 slipped two places to 53rd Rank (out of 167 countries) in the Index due to decline in Civil
Liberties. Norway topped the index followed by Iceland & Sweden. The handling of Corona virus Pandemic
has led to a further decline of civil liberties in 2020 in India, Asia and other regions of the world.
28. Which bank functions with the tagline “We understand your world”?
1) Federal Bank
2) HDFC Bank
3) SBI
4) Axis Bank
5) Citibank
Answer- 2) HDFC Bank
Explanation:
HDFC Bank functions with the tagline “We understand your world”.
29. Which bank functions with the tagline “Your Perfect Banking Partner”?
1) Federal Bank
2) HDFC Bank
3) SBI
4) Axis Bank
5) Citibank
Answer- 1) Federal Bank
Explanation:
Federal Bank functions with the tagline “Your Perfect Banking Partner”.
30. Which organisation(s) received guidelines on Risk-Based Internal Audit (RBIA) from RBI in
February 2021?
1) Urban Co-operative Banks
2) Small Finance Banks
3) Non-Banking Financial Companies
4) Only 1 & 2
5) Only 1 & 3
Answer- 5) Only 1 & 3
Explanation:
On February 03, 2021 The Reserve Bank of India (RBI) issued guidelines on Risk-Based Internal Audit
(RBIA) for selected Non-Banking Financial Companies (NBFCs) and Primary (Urban) Co-operative Banks
(UCBs). The mentioned entities have to implement the RBIA framework by March 31, 2022. The guidelines
also specified that these entities may also set up a committee of senior executives to formulate a suitable
action plan.
32. Recently (in Feb 2021), RBI imposed a penalty of Rs. 55 lakhs to ____________ for non-compliance to
certain directions, including 'Master Circular - Management of Advances -UCBs'.
1) Seva Vikas Cooperative Bank
2) Bhadran People's Cooperative Bank
3) Financial Cooperative Bank
4) Hindustan Coop Bank
5) Laxmi Vishnu Sahakari Bank
Answer- 1) Seva Vikas Cooperative Bank
Explanation:
RBI imposed a Rs 55 lakh penalty on Pune-based Seva Vikas Cooperative Bank Limited for non-compliance
with certain directions, including 'Master Circular - Management of Advances -UCBs' and 'Master Circular -
Income Recognition, Asset Classification, Provisioning and Other Related Matters - UCBs'.
33. Which Insurance company launched ‘Salute to Caregivers – Ek Naya Nazariya’ Campaign to
support the cancer survivors on World Cancer Day?
1) Bharti AXA General Insurance
2) Star Health and Allied Insurance
3) Reliance General Insurance
4) Bajaj Allianz Life Insurance
5) The Oriental Insurance Company
Answer- 1) Bharti AXA General Insurance
Explanation:
Bharti AXA General Insurance has launched ‘Salute to Caregivers – Ek Naya Nazariya Campaign’ to support
the cancer survivors in the battle against cancer. To commemorate the World Cancer Day (February 4,
2021) Bharti AXA General Insurance has collaborated with poetess Priya Malik, who wrote a poem on the
Campaign & she also expressed her experience as a caregiver. Tagline of the Campaign– ‘Iss Jung Mein Hum
Sang Hai’.
35. Who was recently (in Feb 2021), appointed as the Chairman of National Safety Council (NSC)?
1) Vivek Pawar
2) Satish Reddy
3) Vinayak Deshpande
4) SN Subrahmanyan
5) R. Shankar Raman
Answer- 4) SN Subrahmanyan
Explanation:
The Ministry of Labour and Employment has appointed SN Subrahmanyan, the CEO and Managing
Director(MD) of Larsen & Toubro Limited (L&T Ltd) as the new Chairman of National Safety Council(NSC).
He will be holding the position for a period of 3 years. Satish Reddy was the last chairman of the NSC who
served from 2015 to 2018. The major role of NSC is to ensure safety in workplaces under the new
Occupational Safety, Health and Working Conditions Code, 2020 (OSH Code, 2020).
36. What was the targeted Ground Level Credit (GLC) for agriculture & allied sectors set by Govt. of
India for 2021-22?
1) Rs. 15 lakh crore
2) Rs. 12 lakh crore
3) Rs. 13.50 lakh crore
4) Rs. 16.50 lakh crore
5) Rs. 15.75 lakh crore
Answer- 4) Rs. 16.50 lakh crore
Explanation:
Government has fixed the target of Rs. 16.50 lakh crore for Ground Level Credit (GLC) to agriculture for
2021-2022. It is an increase of 10% over the previous year’s Rs 15 lakh crore. The target has been fixed
considering the performance under GLC flow during 2013-14 to 2020-21. The corpus for micro-irrigation
has been doubled to Rs 10,000 crore from Rs 5,000 crore. The allocation for the Rural Infrastructure
Development Fund has been increased from Rs 30,000 crore to Rs 40,000 crore.
38. Which country recently (in Feb 2021), signed a $43 billion deal to establish World’s Biggest
offshore wind farm?
1) India
2) Japan
3) South Korea
4) Denmark
5) France
Answer- 3) South Korea
Explanation:
On February 5, 2021 South Korean President Moon Jae-in announced a $43 billion deal to create World’s
Biggest offshore wind farm, a major component of South Korea’s Green New Deal. With this deal the South
Korean government plans to attain Carbon neutrality by 2050. The plant is planned at the south western
coastal town of Sinan. Maximum production capacity- 8.2 Gigawatts (GW) which is equivalent to the
generation capacity of 7 Nuclear power generators.
39. Which bank recently (in Feb 2021), signed an MoU with MUFG Bank Ltd, Japan to jointly cater
the banking requirements of Japanese corporates in India?
1) HDFC Bank
2) Citibank
3) Axis Bank
4) Central Bank of India
5) ICICI bank
Answer- 5) ICICI bank
Explanation:
On February 05, 2021 ICICI Bank has signed a Memorandum of Understanding (MoU) with MUFG Bank Ltd,
Japan to jointly cater the banking requirements of Japanese corporates present in India. It establishes a
framework of partnership between the banks across various domains including trade, investment, treasury,
corporate and retail banking. Japan is the 5th largest investor in India’s economy. ICICI Bank Ltd launched
‘Infinite India’, an online platform for foreign companies who set up or expand business in India.
42. Which state govt. provides financial assistance of Rs. 3000 to promote cashless transaction
among tea labours through ‘Chah Bagicha Dhan Puraskar Scheme’?
1) Karnataka
2) Kerala
3) Assam
4) Tamil Nadu
5) West Bengal
Answer- 3) Assam
Explanation:
The Finance Minister distributed the 3rd tranche of financial assistance to the tea garden beneficiaries
under the Chah Bagicha Dhan Puraskar Scheme. The government of Assam distributed a financial assistance
of Rs.3000 to around 7.5 lakh people of the tea garden areas. The scheme is aimed at bringing the tea
labours closer to the banking sector and promote cashless transactions.
43. What was the Nominal GDP growth of India for FY 22, as per the projections of credit rating
agency, Moody, in its “Government Policy – India: Budget provides broad support; fiscal
consolidation prospects still weak” report?
1) 17%
2) 14.4%
3) 7.5%
44. What was India’s GDP growth rate projected by RBI for FY 2021-22, as of Feb’21?
1) 5.2%
2) 10.5%
3) 6.0%
4) 26.2%
5) 8.3%
Answer- 2) 10.5%
Explanation:
The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) met on 3rd, 4th and 5th February,
2021 which projected India’s gross domestic Product (GDP) growth at 10.5% for the FY2021-22, 26.2 to
8.3% in H1FY22 and 6.0 % in Q3FY22. The projection of Consumer Price Index (CPI) inflation has been
revised to 2% for the Q4FY21, 5.2 % to 5.0 % in H1FY22 and declined to 4.3% by Q3FY22.
46. For how many days the deadline for meeting the last tranche of Capital Conservation Buffer
(CCB) has been extended, as of Feb’21?
1) 1 year
2) 45 days
3) 60 days
4) 3 months
5) 6 months
47. As per RBI guidelines, India became the 1st country to allow access to govt. securities by an
entity or a person including ‘a person resident outside India’ through __________.
1) FCNR account
2) Money Market Deposit Account
3) Gilt Account
4) Checking Account
5) Ledger Account
Answer- 3) Gilt Account
Explanation:
The retail investors are allowed to access government securities (G-Secs) market both primary and
secondary – directly through the Reserve Bank (‘Retail Direct’) along the facility to open their gilt securities
account. With this, India has become the first country to do so. A “Gilt Account” means an account opened
and maintained for holding Government securities, by an entity or a person including ‘a person resident
outside India’ with a “Custodian” permitted by the RBI.
48. Which represents the rate, that RBI uses to lends money overnight to scheduled banks in an
emergency situation?
1) Statutory Liquidity Ratio (SLR)
2) Marginal Standing Facility (MSF) Rate
3) Repo Rate
4) Reverse Repo Rate
5) Liquidity Adjustment Facility (LAF)
Answer- 2) Marginal Standing Facility (MSF) Rate
Explanation:
The Marginal Standing Facility (MSF) Rate is the rate at which RBI lends funds overnight in an emergency
situation to scheduled banks, against government securities.
49. Which organisation signed a contract worth over Rs 1,000 crore with Ministry of Defence for
delivery of Software Defined Radio Tactical (SDR-Tac)?
1) Bharat Dynamics Ltd (BDL)
2) Mahindra Defence Systems (MDS)
3) Ordnance Factory Board (OFB)
4) Honeywell International
5) Bharat Electronics Limited (BEL)
Answer- 5) Bharat Electronics Limited (BEL)
Explanation:
On February 8, 2021, the Ministry of Defence (MoD) and the Defence Public Sector Undertaking (DPSU)
Bharat Electronics Limited (BEL) have signed a contract for procurement of Software Defined Radio
Tactical (SDR-Tac) worth over Rs 1,000 crore in New Delhi. SDR-Tac is a four-channel, multi-mode, multi-
50. During the Aero India 2021, a Contract worth INR 48, 000 Crore for manufacturing of 83 Fighter
planes was handed to Hindustan Aeronautics Limited (HAL). Which fighter planes will be
manufactured by HAL as per the contract?
1) MiG-21
2) HAL Dhruv
3) LCA Tejas
4) Chinook
5) Netra Aircraft
Answer- 3) LCA Tejas
Explanation:
During the inaugural event of 13th Edition of the Biennial Military Exercise – Aero India 2021, a Contract
worth INR 48, 000 Crore for manufacturing of 83 LCA Tejas was handed over to Hindustan Aeronautics
Limited (HAL). It is the largest ever Defence Contract for Indigenous manufacture till date in India. The
delivery of 83 Aircraft is expected to be completed in 8 years. The cost of 1 LCA Tejas Mk-1A Fighter Jet is
INR 309 Crore & INR 280 Crore for the trainer version.
51. Which is the Target year set by India, to bring down its Defence Equipment Import bill by at least
~ USD 2 Billion?
1) 2021
2) 2025
3) 2024
4) 2022
5) 2023
Answer- 4) 2022
Explanation:
Rajnath Singh stated that India is aiming to bring down its Defence Equipment Import bill by at least ~ USD
2 Billion by 2022. As part of boosting Domestic Manufacturers, Indian Companies were awarded contracts
worth USD 37 Billion during the period 2016-19. He also stated that during 2015-20, Defence Exports in
India grew from INR 2, 000 Crore to INR 9, 000 Crore. To achieve the ambitious Atmanirbhar Bharat India
has raised the Foreign Direct Investment (FDI) in Defence from 49% to 74%.
52. When is the Indian Aero Components Sector expected to double its size from the present INR 30,
000 Crore to INR 60, 000 Crore?
1) 2022
2) 2025
3) 2030
4) 2024
5) 2028
Answer- 4) 2024
Explanation:
The Defence Minister stated that the Aero Components Sector in India is expected to double to INR 60, 000
Crore from INR 30, 000 Crore by 2024. Rajnath Singh also stated that India is aiming to achieve Domestic
Defence Production worth USD 25 Billion & to create an Export Market in India worth USD 5 Billion by
53. Which bank entered (in Feb’21) into a co-lending agreement with NBFC – LoanTap Credit
Products, extending credits to Micro, Small and Medium Enterprise(MSME) sector?
1) Bank of Maharashtra
2) United Bank of India
3) UCO Bank
4) Syndicate Bank
5) Oriental Bank of Commerce
Answer- 1) Bank of Maharashtra
Explanation:
On February 8, 2021 Bank of Maharashtra(BoM) entered into a co-lending agreement with Non-Banking
Financial Company (NBFC), LoanTap Credit Products to extend credit to Micro, Small and Medium
Enterprise(MSME) loans. Under this agreement, 80% of the loan will be braced by the bank and the
remaining 20% by the LoanTap. The co-lending model will provide greater operational flexibility to the
lending institution.
54. Against which bank the highest number of complaints were received as per RBI’s “Ombudsman
Schemes of the Reserve Bank for the year 2019-20” annual report?
1) HDFC Bank
2) ICICI Bank
3) Axis Bank
4) Punjab National Bank
5) State Bank of India
Answer- 5) State Bank of India
Explanation:
On February 9, 2021, Reserve Bank of India (RBI) released the Annual Report of the “Ombudsman Schemes
of the Reserve Bank for the year 2019-20” i.e. the period covering July 1, 2019 to June 30, 2020. Which
recorded that the ombudsman disposed of 48,333 complaints against State Bank of India (SBI), 15,004
against HDFC Bank Limited, 11,844 against ICICI Bank Limited, 10,457 against Axis Bank Limited and 9,928
against Punjab National Bank. The highest number of complaints in NBFCs were against Bajaj Finance Ltd.
55. Which bank partnered with PhonePe (in Feb’21), enabling PhonePe to use the banks Unified
Payments Interface (UPI) ID on a multi-bank model?
1) HDFC Bank
2) ICICI Bank
3) Axis Bank
4) Citibank
5) Yes Bank
Answer- 3) Axis Bank
Explanation:
The digital payment platform PhonePe has partnered with India’s third largest bank, Axis Bank on a Unified
Payments Interface (UPI) multi-bank model. It will enable the PhonePe users to create and use multiple UPI
IDs with Axis Bank’s “@axl” handle. Until now, the PhonePe’s key banking partner was Yes Bank. In
56. Which state government announced the setting up of Rs. 100 crore Jangalmahal industrial town?
1) Assam
2) Tamil Nadu
3) Gujarat
4) Karnataka
5) West Bengal
Answer- 5) West Bengal
Explanation:
On February 5, 2021, West Bengal Chief Minister (CM) Mamata Banerjee presented the state’s annual
budget worth Rs 2,99,688 crore (net) for FY2022. The CM also announced the setting up of the first 2,483
acre Jangalmahal industrial town in Purulia’s Raghunathpur with an outlay of Rs 100 crore. This project will
boost employment generation in Jangalmahal and put Jangalmahal on the industrial map of India.
59. Recently (in Feb’21), Investor Education and Protection Fund (IEPF) Authority signed an MoU
with IGNOU for telecasting Investor Awareness Programme (IAPs) through distance learning mode.
Which TV channel will be used for telecasting?
1) DD Bharati
2) Kalvi Tholaikatchi TV
3) Swayam Prabha TV
4) NIOS: Gyanamrit
5) Gyan Darshan Channel
Answer- 5) Gyan Darshan Channel
60. What was the total amount allocated by central government for FY22, for its crop insurance
program, Pradhan Mantri Fasal Bima Yojana (PMFBY)?
1) Rs. 15000 crores
2) Rs. 13150 crores
3) Rs. 16000 crores
4) Rs. 11500 crores
5) Rs. 3050 crores
Answer- 3) Rs. 16000 crores
Explanation:
On February 7, 2021, the Central Government has allocated Rs 16000 crores for Pradhan Mantri Fasal Bima
Yojana (PMFBY) for FY22, an increase of around Rs 305 crore as compared to FY21. The reason behind an
increase in the amount is to boost the safety of farmers’ crops and ensure maximum benefit of crop
insurance. Under this farmer can report crop loss within 72 hours of occurrence of any event through the
Crop Insurance App, CSC Centre or the nearest agriculture officer.
61. What is the theme of RBI’s Financial Literacy Week (FLW) – 2021 that was celebrated from
February 8 to 12?
1) KYC, Exercising Credit Discipline, Grievance Redressal and Going Digital
2) Consumer Protection
3) Credit Discipline and Credit from Formal Institutions
4) Micro, Small and Medium Enterprises
5) Farmers
Answer- 3) Credit Discipline and Credit from Formal Institutions
Explanation:
The Reserve Bank of India (RBI) observes Financial Literacy Week(FLW) annually since 2016 to promote &
spread awareness about financial education messages on a particular theme through a focused campaign
across India. FLW 2021 is being celebrated from February 8 to 12. The 5-day event was launched by Ajay
Kumar, Regional Director, RBI. Theme of FLW 2021– Credit Discipline and Credit from Formal Institutions.
The strategy recommends the ‘5 C’ approach to disseminate financial education in the country. 5 C–
Content, Capacity, Community, Communication and Collaboration.
62. Which financial service provider partnered with AGS Transact Technologies Ltd (AGSTTL) to
introduce India’s 1st Contactless ATM’s that allows cash withdrawal through QR code?
1) Mastercard
2) American Express
3) Visa
4) PayPal
5) Maestro
Answer- 1) Mastercard
63. Recently (in Feb’21), Working Group Committee (WGC) of IRDAI recommended the introduction
of index-linked insurance policies (Ilips). What is the lock-in period for an index-linked insurance
plan?
1) 10 years
2) 15 years
3) 25 years
4) 5 years
5) 12 years
Answer- 4) 5 years
Explanation:
The Working Group Committee (WGC) set up by the Insurance Regulatory and Development Authority of
India (IRDAI) has recommended the introduction of index-linked insurance policies (Ilips). The report is
opened for comments till March 8, 2021. Index linked policies are subject to change as the returns are
linked to the benchmark indices such as the 10-year Sovereign Bond Index, Sensex or Nifty. The index-
linked insurance plan provides a lock-in period of 5-years.
64. In February 2021, NPCI launched a Global level Hackathon ‘NPCI PayAuth Challenge’ supported
by APIX. What is the aim of Hackathon?
1) Enhance Innovation in Cardless Transaction
2) Promote Cashless Economy
3) Find alternate authentication for UPI transaction
4) Distributed Security handling of Online Transaction
5) Smoother & Secured RTGS Transaction
Answer- 3) Find alternate authentication for UPI transaction
Explanation:
National Payments Corporation of India (NPCI) launched a Global level Hackathon ‘NPCI PayAuth
Challenge’, to find out the alternatives for the authentication of UPI (Unified Payments Interface)
transaction for eg: Biometric. This Challenge is supported by APIX, world’s first cross-border, open
architecture API marketplace and sandbox platform. The Challenge is an open for global Fintechs, solution
providers and developers and can submit unique solutions that simplify authorization.
65. Which Insurance provider launched an innovative insurance plan, “Health AdvantEDGE”, to
carter the pre & post hospitalization needs of its customers?
1) Reliance Health Insurance Ltd.
2) ICICI Prudential Life Insurance Co. Ltd.
3) Bharti AXA General Insurance Co. Ltd.
4) Max Bupa Health Insurance Co. Ltd.
5) SBI Life Insurance Co. Ltd.
Answer- 3) Bharti AXA General Insurance Co. Ltd.
66. “SmartUp grants” is the Corporate Social Responsibility (CSR) program of __________.
1) Citibank
2) HDFC Bank
3) ICICI Bank
4) Axis Bank
5) RBL Bank
Answer- 2) HDFC Bank
Explanation:
Private sector lender HDFC Bank is inviting applications from start-ups and individual entrepreneurs for its
SmartUp grants. SmartUp grants are a part of the bank’s Corporate Social Responsibility(CSR).
67. What was India’s GDP growth predicted for FY-21, as per SBI’s Ecowrap report?
1) – 6.3%
2) – 7%
3) – 7.4%
4) – 5.2%
5) – 7.7%
Answer- 2) – 7%
Explanation:
On February 10, 2021 Ecowrap report of the State Bank of India (SBI) has estimated that India’s Gross
Domestic Product(GDP) for FY-21 will contract by 7%(-7%) from -7.4% projected earlier. The GDP growth
in FY22 will remain at 11%. The gross tax collections in 2021-22 will be higher than the Budgeted Rs 22.17
lakh crore, or 9.9% of GDP.
68. Which company recently (in February 2021), acquired 5% stake of Indian Energy Exchange Ltd
(IEX) in Indian Gas Exchange Ltd (IGX)?
1) GAIL Limited
2) Adani Total Gas
3) Torrent Gas
4) Oil and Natural Gas Corporation
5) Oil India
Answer- 1) GAIL Limited
Explanation:
GAIL (India) Limited has acquired a 5% stake of Indian Energy Exchange Ltd (IEX) in Indian Gas Exchange
Ltd (IGX). GAIL becomes the 3rd strategic investor in IGX after Adani Total Gas & Torrent Gas. With this
disinvestment, IEX will hold 85% stake in IGE. Indian Gas Exchange (IGX) is India’s 1st automated national
level trading platform for physical delivery of natural gas. It is the 1st gas exchange to receive authorization
69. When was the National Payments Corporation of India (NPCI) established?
1) 2008
2) 2010
3) 2015
4) 2016
5) 2005
Answer- 1) 2008
Explanation:
National Payments Corporation of India (NPCI) was established in 2008.
70. Which company got approval from Cabinet Committee on Economic Affairs (CCEA) with a
financial assistance of Rs.100 crores for developing its Urea manufacturing unit?
1) Deepak Fertilisers and Petrochemicals Corporation Ltd (DFPCL)
2) Krishak Bharati Cooperative Ltd (KRIBHCO)
3) Hindustan Fertilizer Corporation Ltd (HFCL)
4) Brahmaputra Valley Fertilizers Corporation Ltd (BVFCL)
5) Gujarat State Fertilizers & Chemicals Ltd (GSFC)
Answer- 4) Brahmaputra Valley Fertilizers Corporation Ltd (BVFCL)
Explanation:
On February 10, 2021, the Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister (PM)
Narendra Modi has approved Grant-in-aid of Rs.100 crores to Brahmaputra Valley Fertilizers Corporation
Limited (BVFCL), Namrup (Assam) for the strengthening of its urea manufacturing units. BVFCL is India’s
first gas based urea manufacturing unit equipped with relevant infrastructure and feedstock availability.
71. Which Life Insurance company has the highest claim settlement ratio for FY20 as per IRDAI’s
annual report 2019-20?
1) ICICI Prudential Life Insurance
2) HDFC Life
3) Tata AIA Life Insurance
4) Max Life Insurance
5) Life Insurance Corporation (LIC)
Answer- 4) Max Life Insurance
Explanation:
In accordance with the data by Insurance Regulatory and Development Authority of India’s (IRDAI) annual
report 2019-20, the claim settlement ratio of Life Insurance Corp. (LIC) declined in FY20 to 96.6% from
97.7% in FY19. LIC was ranked 17th among the 24 life insurers. Among, private sector life insurer Max Life
had the highest claim settlement ratio for the industry at 99.2%, which is the highest overall score, followed
by HDFC Life and TATA AIA – with a settlement ratio above 99%.
72. Which bank recently (in Feb’21) got restrictions from RBI for grant or renew any loans and
advances without prior approval of RBI in writing?
1) Independence Co-operative Bank
2) Janalaxmi Co-operative Bank
73. Which bank committed (in Feb’21) to invest USD 100 Million into the National Investment and
Infrastructure Fund (NIIF’s) Fund of Funds (FoF)?
1) Asian Infrastructure Investment Bank (AIIB)
2) World Bank
3) International Monetary Fund (IMF)
4) New Development Bank (NDB)
5) The Hongkong and Shanghai Banking Corporation (HSBC)
Answer- 4) New Development Bank (NDB)
Explanation:
National Investment and Infrastructure Fund Limited (NIIFL) has stated that New Development Bank
(NDB) (formerly known as BRICS Development Bank) has committed to invest USD 100 Million (~ INR 727
Crore) into the NIIF Fund of Funds (FoF). This is the NDB’s 1st Equity Investment into India & the 1st ever
Investment in an FoF. NIIF FoF was established in 2018 for providing Indian private equity fund managers
access to an India-focused Institutional investor.
74. Which bank recently (in Feb’21) signed an MoU with Indian Oil Corporation Ltd (IOCL) to
provide interest free loans upto Rs. 2 crores to IndianOil dealers?
1) Punjab National Bank (PNB)
2) HDFC Bank
3) Oriental Bank of Commerce
4) Bank of Baroda (BOB)
5) State Bank of India (SBI)
Answer- 1) Punjab National Bank (PNB)
Explanation:
Punjab National Bank (PNB) has signed a First-of-its-kind Memorandum of Understanding (MoU) with
Indian Oil Corporation Ltd (IOCL) for providing up to INR 2 Crore Loan to IndianOil dealers through the
PNB e-Dealer scheme. Under the scheme Dealers can avail loan of upto INR 2 Crore at lower interest rates,
nil margin and with minimum or Zero Collateral requirements. The agreement will be beneficial to the
Indian MSME sector.
75. Which country’s central bank (in Feb’21) repaid USD 400 million currency swap to the Reserve
Bank of India (RBI)?
1) Nepal
2) Sri Lanka
3) Maldives
76. What will be India’s GDP in FY22, as per the predictions of India Ratings and Research (Ind-Ra)
Ltd? (as of February 2021)
1) 8.8%
2) 23.5%
3) 7.8%
4) 10.4%
5) 15.5%
Answer- 4) 10.4%
Explanation:
On February 10, 2021 India Ratings and Research (Ind-Ra) Ltd estimated that India’s real Gross Domestic
Product(GDP) will bounce back to 10.4% in FY22, primarily based on the base effect. The GDP growth of Q1
to Q3 of FY 21 was negative, the agency expects that the growth will be positive in Q4 at 0.3%. Earlier, Ind-
Ra had projected the GDP for FY 21 as -7.8%.
77. Which organisation got approval (in Feb’21) from the Competition Commission of India (CCI) for
acquiring 49% stake in BOI AXA Investment Managers Private Limited (BAIM) & BOI AXA Trustee
Services Private Limited (BATS)?
1) ICICI Lombard
2) Bharti Axa General Insurance Company
3) Acko General Insurance
4) Bank of India
5) IndusInd Bank
Answer- 4) Bank of India
Explanation:
The Competition Commission of India (CCI) gave approval for the acquisition of 49% stake each in BOI AXA
Investment Managers Private Limited (BAIM)& BOI AXA Trustee Services Private Limited (BATS) by Bank
of India(BOI). After the acquisition, BOI will become sole owner of BAIM & BATS. CCI also gave approval for
the acquisition of 100% shares of common stock and sole control of Varian Medical Systems, Inc. (Varian)
by Siemens Healthineers Holding I Gmb (SHS GmbH).
78. Which company (in Feb’21) acquired 36.62% stake of Bharat Oman Refineries Limited (BORL)
from OQ S.A.0.C.?
1) Hindustan Petroleum Corporation Ltd (HPCL)
2) GAIL India
3) Bharat Petroleum Corporation Ltd (BPCL)
4) Oil and Natural Gas Corporation (ONGC)
5) Indian Oil Corporation Ltd (IOCL)
79. Which company signed (in September 2020) a definitive agreement with SoftBank Group Corp.
(SBG) to acquire Arm Limited from SBG?
1) GeForce
2) NVIDIA
3) Microsoft
4) Qualcomm
5) Honeywell
Answer- 2) NVIDIA
Explanation:
NVIDIA and SoftBank Group Corp. (SBG) announced a definitive agreement under which NVIDIA will
acquire Arm Limited from SBG and the SoftBank Vision Fund for USD 40 billion in September 2020. This
will be the largest-ever deal in the semiconductor industry. This acquisition will combine NVIDIA’s leading
Artificial Intelligence(AI) computing platform with Arm’s vast ecosystem to form the foremost computing
company for the age of AI.
80. Central government is planning to sell 20% stake of National Fertilizers Ltd (NFL) through an
Offer For Sale (OFS) method for ________.
1) Rs 400 crore
2) Rs 250 crore
3) Rs 2400 crore
4) Rs 1500 crore
5) Rs 900 crore
Answer- 1) Rs 400 crore
Explanation:
The Central Government is all set to sell 20% stake in National Fertilizers Ltd (NFL) out of its shareholding
of 74.71% through an Offer For Sale (OFS) method of shares, which can fetch about Rs 400 crore. To initiate
the sale process, the Department of Investment and Public Asset Management (DIPAM) has invited tenders
from merchant banks. It should be noted that NFL is the second largest producer of Urea in the country with
a share of about 15% of total Urea production in the country.
81. Which bank signed an MoU with Meghalaya Police for implementation of e-Challan in Shillong
Traffic Police (STP) jurisdiction?
1) HDFC Bank
2) State Bank of India
3) Canara Bank
4) Indian Bank
5) Bank of India
82. Which Indian organisation has organized the India-Australia Circular Economy (I-ACE)
Hackathon, 2021?
1) Department of Science and Technology
2) Data Security Council of India (DSCI)
3) Ministry of Skill Development and Entrepreneurship
4) Federation of Indian Chambers of Commerce & Industry (FICCI)
5) NITI Aayog
Answer- 5) NITI Aayog
Explanation:
The India-Australia Circular Economy (I-ACE) Hackathon, 2021 was organized virtually on February 11,
2021 by the NITI Aayog’s Atal Innovation Mission in collaboration with Australia’s Commonwealth
Scientific and Industrial Research Organisation (CISRO).
I-ACE Themes:
• Innovation in packaging reducing packaging waste
• Innovation in food supply chains avoiding waste
• Creating opportunities for plastics waste reduction
• Recycling critical energy metals and e-waste
83. What is the maximum project loan limit allocated per FPO under the Credit Guarantee Facility of
Central govt. ‘Formation and Promotion of 10, 000 new FPOs’ scheme?
1) Rs. 2 Lakhs
2) Rs. 2 Crore
3) Rs. 20 Lakhs
4) Rs. 15 Lakhs
5) Rs. 5 Crore
Answer- 2) Rs. 2 Crore
Explanation:
The Ministry of Agriculture & Farmers Welfare stated that the Government of India (GoI) has launched a
New Central Sector Scheme named ‘Formation and Promotion of 10, 000 new Farmer Producer
Organizations (FPOs)’. The FPOs will be provided financial assistance of upto INR 18 Lakh per FPO for a
period of 3 years. Additionally, GoI will also provide A matching equity grant upto INR 2, 000 per farmer
member of FPO with a limit of INR 15 Lakh per FPO. A Credit Guarantee Facility of upto INR 2 Crore per FPO
for project loan will be provided.
84. Which country received (in Feb’21) a financial assistance of $400 million from Export-Import
Bank of India (EXIM Bank) for construction of 6.7 km Connectivity Project?
1) Maldives
2) Sri Lanka
85. To ease the liquidity conditions in money market, the Reserve Bank of India (RBI) (in Feb’21)
purchased _________ of government securities under Open Market Operations (OMO).
1) Rs 20,000 crore
2) USD 2 Million
3) Rs 2 lakh crore
4) USD 10 Million
5) Rs 10 lakh crore
Answer- 1) Rs 20,000 crore
Explanation:
In order to boost liquidity in the economy, On February 10, 2021, the Reserve Bank of India (RBI) purchase
Rs 20,000 crore ($2.74 billion) of government securities under Open Market Operations (OMO). This
purchase will also boost government’s borrowing programme worth Rs 12.06 lakh crore which will initiate
in April 2021. OMO is a part of “Operation Twist” to ease pressure evolving liquidity and market conditions.
The main purpose of the OMO is to bring down the yields at the longer end.
86. Which sector of Indian companies received the highest score in ICICI Lombard General
Insurance Co. Ltd.’s 1st ‘Corporate India Risk Index 2020’?
1) Banking
2) Pharmaceuticals and Biotech
3) Information Technology(IT)/Information Technology enabled Services(ITeS)
4) Manufacturing
5) HealthCare
Answer- 5) HealthCare
Explanation:
On February 11, 2021 ICICI Lombard General Insurance Co. Ltd launched its 1st ‘Corporate India Risk Index
2020’. India’s Corporate India Risk Index stands at 57. HealthCare Sector manage the risk well than the
other 14 sectors with the score of 70. The index will enable companies to understand the level of risk and
current readiness their business is facing. To Help them to create successful risk mitigation plans. The
Corporate India Risk Index 2020 covers top 150 companies from its own investment portfolio across 15 key
sectors.
87. Which payment service provider partnered with Star Health & Allied Insurance Co. Ltd to
provide ‘Arogya Sanjeevani policy’ in its app?
1) Google Pay
2) Paytm
88. Where is a new Science city planned at the cost of Rs. 173 crores, as per the MoU signed (in
Feb’21) between the state’s council for science & Tech. and National Council of Science Museums
(NCSM)?
1) Guwahati, Assam
2) Dehradun, Uttarakhand
3) Gangtok, Sikkim
4) Cuttack, Odisha
5) Coimbatore, Tamil Nadu
Answer- 2) Dehradun, Uttarakhand
Explanation:
Uttarakhand State Council for Science & Technology (UCOST) & National Council of Science Museums
(NCSM) haved signed a Memorandum of Understanding (MoU) for the establishment of INR 173 Crore
Science City in Jhajhra area of Dehradun. The Science city will be a Centre of Excellence (CoE) for Science
Communication. The Science City will have galleries on Astronomy and Space Sciences, Robotics, Science
and Technology heritage, geological life, climate change, Artificial Intelligence (AI), Virtual Reality (VR),
Augmented Reality (AR) & others.
89. Which state/UT govt. signed 4 Letter of Intents (LoIs) with French companies bring investment
of Rs. 200 crores to the state, during the IFCCI Indo-French Investment Conclave 2021 (in Feb’21)?
1) Maharashtra
2) Haryana
3) Ladakh
4) Gujarat
5) Tamil Nadu
Answer- 5) Tamil Nadu
Explanation:
During the IFCCI Indo-French Investment Conclave 2021, French companies namely, A.Raymond
Fasterners, Cryolor, Precia Molen and Timac Agro signed 4 Letter of Intents (LoIs) with the Tamil Nadu
government to invest Rs 200 crore in the state. Letter of Intent (LoI) is a document that declares the
preliminary commitment of one party to do business with another.
91. Which Small Finance Bank (SFB) partnered with Maharashtra State Road Development
Corporation Ltd (MSRDC) to launch India’s 1st FASTag powered ‘truck terminal’ in Maharashtra?
1) Ujjivan SFB
2) Equitas SFB
3) Fincare SFB
4) Janalakshmi SFB
5) Suryoday SFB
Answer- 2) Equitas SFB
Explanation:
On February 12, 2021 Equitas Small Finance Bank Ltd (ESFBL) has partnered with Maharashtra State Road
Development Corporation Limited (MSRDC) and Ocean Highway Facilities and Solutions Pvt Ltd. to launch
India’s first FASTag powered truck terminal at Khalapur, Maharashtra on the Yashwantrao Chavan Mumbai
– Pune Expressway. FASTag uses Radio-frequency Identification (RFID) technology to make toll payments
directly from the prepaid account linked to it.
92. Which bank (in Feb’21) partnered with the Confederation of Real Estate Developers’
Associations of India (CREDAI) to launch a new of bank account specially for Construction Workers?
1) Airtel Payments Bank
2) Indian Payments and Postal Bank
3) NSDL Payments Bank
4) Paytm Payments Bank
5) Fino Payments Bank
Answer- 2) Indian Payments and Postal Bank
Explanation:
On the lines of the labour welfare initiatives by the Central Government, the Confederation of Real Estate
Developers’ Associations of India (CREDAI) has inked memorandum of understanding (MoU) with Indian
Payments and Postal Bank (IPPB) to facilitate opening of bank accounts for construction workers. The aim
of the pact is to cover around 10 lakh workers in a year from around current 3 crore workers engaged in
construction activities across real estate projects.
93. Which Insurance provider has launched a new goal based savings product, ‘Guaranteed Income
for Tomorrow’ (GIFT)?
1) ICICI Prudential Life Insurance
2) Bajaj Allianz General Insurance
3) SBI Life Insurance
4) HDFC ERGO General Insurance Company
5) IFFCO Tokio General Insurance Company
Answer- 1) ICICI Prudential Life Insurance
94. Which Indian oil producer, recently (in Jan’21) bought 2 million barrels cargo of ‘carbon-neutral
oil’ from Occidental, an US based oil producer?
1) Reliance Industries Ltd (RIL)
2) Vedanta Ltd
3) Bharat Petroleum
4) Indian Oil Corporation Ltd (IOCL)
5) Hindustan Petroleum
Answer- 1) Reliance Industries Ltd (RIL)
Explanation:
Reliance Industries Limited (RIL) has received 2 million barrels cargo of ‘carbon-neutral oil’ from Oxy Low
Carbon Ventures (OLCV), a division of US oil major Occidental on January 28, 2021 at Jamnagar, Gujarat. It
is the world’s 1st consignment of carbon-neutral oil and is also the energy industry’s 1st major petroleum
shipment. The greenhouse gas (GHG) emissions that are associated with the entire crude lifecycle will be
offset with Carbon-Neutral Oil.
95. What was India’s retail inflation rate in January 2021, as per NSO’s Consumer Price Index (CPI)?
1) 4%
2) 4.59%
3) 5.32%
4) 1.39%
5) 4.06%
Answer- 5) 4.06%
Explanation:
The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI)
released the All India Consumer Price Index (CPI) for January 2021. As per the index, India’s retail inflation
eased to a 16-month low at 4.06% in January 2021. The retail inflation was 4.59% in December 2020. The
food inflation fell to a 20-month low of 1.89% in January 2021.
96. Which is the 1st Indian company that became a cohort member of the World Economic Forum’s
(WEF’s) Circulars Accelerator Programme 2021?
1) Vermigold
2) Green Power Systems
3) Greenobin
4) Recykal
5) Eco-Wise
Answer- 4) Recykal
Explanation:
Recykal has been selected as the 1st Indian company to be a cohort member of the World Economic
Forum’s (WEF’s) Circulars Accelerator Programme 2021. The company has been selected for the category
‘Recovering Value’. This is Circulars Accelerator’s 1st cohort of leading circular innovators from around the
98. Where is the headquarters of Equitas Small Finance Bank Limited (ESFBL) located?
1) Mumbai, Maharashtra
2) Kochi, Kerala
3) Chennai, Tamil Nadu
4) New Delhi
5) Bangalore, Karnataka
Answer- 3) Chennai, Tamil Nadu
Explanation:
The headquarters of Equitas Small Finance Bank Limited (ESFBL) is located at Chennai, Tamil Nadu.
99. Which state govt (in Feb’21) signed an MoU with Indian Economic Trade Organization (IETO) for
effective implementation of the Sustainable Development Goals (SDGs) of the state?
1) Karnataka
2) Odisha
3) Telangana
4) Maharashtra
5) Gujarat
Answer- 1) Karnataka
Explanation:
On February 9, 2021 The Indian Economic Trade Organization (IETO) and the Government of Karnataka
signed a Memorandum of Understanding(MoU) at Bengaluru, Karnataka to work closely to implement the
Sustainable Development Goals(SDGs) more effectively in the state and to expand the scope of the
sustainable future. This partnership will improve Karnataka’s ranking at United Nations Development
Programme (UNDP). 17 SDGs were fixed by the United Nations General Assembly(UNGA) in 2015 under its
2030 Agenda.
100. What is the revised upper ceiling amount for a 2 Family Pensions, as of February 2021?
1) Rs 45,000/month
2) Rs 50,000/month
3) Rs 100,000/month
4) Rs 150,000/month
5) Rs 125,000/month
101. Which State’s medical infrastructure will be upgraded as per the recent (in Feb’21) partnership
between National Health Authority (NHA) & Employees’ State Insurance Corporation (ESIC)?
1) Gujarat
2) Tamil Nadu
3) West Bengal
4) Jharkhand
5) Maharashtra
Answer- 5) Maharashtra
Explanation:
The Employees’ State Insurance Corporation (ESIC) has partnered with National Health Authority (NHA) to
upgrade the medical infrastructure available under Ayushman Bharat Pradhan Mantri Jan Arogya Yojana
(AB PM-JAY) in the state of Maharashtra. Initially, the partnership with PM-JAY was implemented on a pilot
basis in Maharashtra in the district of Ahmednagar. Now, it has been extended to the entire state except the
south Mumbai region, Pune and Kolhapur districts.
102. Which organisation released the ‘Traffic Crash Injuries and Disabilities: The Burden on Indian
Society’ report, that estimated India accounts to 11% of Global Road Accident deaths?
1) World Health Organization (WHO)
2) UNICEF
3) World Economic Forum (WEF)
4) World Bank
5) World Road Association
Answer- 4) World Bank
Explanation:
According to the report ‘Traffic Crash Injuries and Disabilities: The Burden on Indian Society’ released by
the World Bank with 1% of World’s vehicles, India accounts for 11% of Global Road Accident deaths & 6%
of total road crashes. The income level of an individual has a direct effect on the mode of transport used,
which determines the level of risk faced by a particular road user. Daily Wage Workers, Workers employed
as casual labourers in Informal activities have been defined as a Vulnerable group in the report. The World
Bank report was prepared in association with Save LIFE Foundation (SLF).
103. Recently (in Feb’21), RBI revised the rules for investment in NBFCs from non- FATF countries.
As per the revised rules, what is the maximum holdings limit by a new Investor from these
countries?
1) 20%
2) 25%
3) 12%
4) 17%
104. Which bank recently (in Feb’21) introduced its Forex Remittance Services offering remittance
in 15 currencies with maximum remittance upto US$ 25,000/day to its customers?
1) Kotak Mahindra Bank
2) Karur Vysya Bank
3) IDFC FIRST Bank
4) ICICI Bank
5) Federal Bank
Answer- 1) Kotak Mahindra Bank
Explanation:
On February 15, 2021 Kotak Mahindra Bank Ltd launched its outward forex remittance service, Kotak
Remit. In an industry-first move, Kotak Remit is live on the Kotak Mobile Banking App. With this the kotak
customers for the 1st time can transfer the money internationally to their beneficiaries from their mobile. It
offers remittances in 15 currencies. Through the Kotak Remit, Customers can remit upto US$ 25,000 or
equivalent per day and up to US$ 250,000 or equivalent in a financial year.
105. Which organisation launched its Flagship ‘Priceless’ program – “Priceless India”, in February
2021?
1) Netflix
2) Mastercard
3) Amazon Pay
4) Google Pay
5) Maestro
Answer- 2) Mastercard
Explanation:
On 11th February 2021, Mastercard launched its Flagship ‘Priceless’ program – “Priceless India”. The
Priceless India will enable the mastercard holders both domestic and global travellers to get exclusive
access to various experiences in the iconic cities of India. Mastercard will launch 16 short films which
showcase the unique aspects of the iconic cities.
106. How much of investment amount needed for India to reach its target of 450 Gigawatts (GW) of
Renewable Energy (RE) by 2030 according to report released by released by Institute for Energy
Economics and Financial Analysis (IEEFA)?
1) USD 100 Billion
2) USD 200 Billion
3) USD 300 Billion
4) USD 400 Billion
107. Department of Telecommunications (DoT), Ministry of Communications has set up a New Nodal
Agency called DIU & Consumer protection mechanism called ‘TAFCOP’ for tackling Unsolicited
Commercial Communication (UCC), financial frauds involving telecom resources.What is I in DIU?
1) Information
2) Intergrate
3) Interface
4) Intelligence
5) Infotainment
Answer - 4) Intelligence
Explanation:
Department of Telecommunications (DoT), Ministry of Communications has set up a New Nodal Agency
called ‘Digital Intelligence Unit (DIU)’ & Consumer protection mechanism called ‘Telecom Analytics for
Fraud Management and Consumer Protection (TAFCOP)’ for tackling Unsolicited Commercial
Communication (UCC), financial frauds involving telecom resources. The decision to set up DIU & TAFCOP
was taken at a high-level meeting chaired by Ravi Shankar Prasad, Union Minister of Communications.
108. Who headed the Reserve Bank of India (RBI) formulated 8-member Expert Committee (EC) on
Urban Cooperative Banks (UCBs) on the lines of the “Statement on Developmental and Regulatory
Policies” released on February 05, 2021?
1) N. S. Vishwanathan
2) Shri B.P. Kanungo
3) Dr. M. D. Patra
4) Dr. Urjit R. Patel
5) S. S. Mundra
Answer - 1) N. S. Vishwanathan
Explanation:
On the lines of the “Statement on Developmental and Regulatory Policies” released with the Monetary
Policy Statement on February 05, 2021, the Reserve Bank of India (RBI) formulated an 8-member Expert
Committee (EC) on Urban Cooperative Banks (UCBs). The former Deputy Governor of RBI, N. S.
Vishwanathan, is the chairman of the committee. The Committee is required to submit its report within
three months.
109. Name the financial body which signed Rs 100 crore(USD 13.7 million) debt financing
agreement with Medanta, multi-specialty medical institute to provide essential health care services
and medical equipment to India.
1) International Monetary Fund
2) New Development Bank
3) World Bank
110. In accordance with the Reserve Bank of India’s (RBI) data on Scheduled Banks’ Statement of
Position in India, bank credit growth in FY21 up to January 29, 2021 has reached about __________of
the same period of F20.
1) 75%
2) 80%
3) 85%
4) 90%
5) 95%
Answer – 4) 90%
Explanation:
In accordance with the Reserve Bank of India’s (RBI) data on Scheduled Banks’ Statement of Position in
India, bank credit growth in FY21 up to January 29, 2021 has reached about 90% of the same period of
F20.This states that credit demand is coming back to normalcy after severe economic impact amid COVID-
19.
111.Which of the below state has recently introduced its own debit card and became 1st
government financial institution in the state on February 15, 2021?
1) Tamilnadu
2) Karnataka
3) Kerala
4) AndhraPradesh
5) Odisha
Answer- 3) Kerala
Explanation:
On February 15, 2021 Kerala Financial Corporation(KFC) announced that it will introduce its own debit
card. KFC becomes the 1st government financial institution in Kerala to launch debit card.This 5 year Rupay
platinum card will be co-branded in association with public sector banks.
112. Find the entity which has joined hands with Razorpay recently to empower Indian MSMEs and
Startups to make digital payments more accessible.
1) Maestro
2) Paypal
3) American Express
4) Mastercard
5) Capital One
Answer – 4) Mastercard
113.As per the Nomura, India’s Gross Domestic Product (GDP) will grow at ______ in FY22 for the
week ending February 14, 2021.
1) 11.5%
2) 12%
3) 12.5%
4) 13%
5) 13.5%
Answer – 5)13.5%
Explanation:
In accordance with Nomura, India’s Gross Domestic Product (GDP) will grow at 13.5% in FY22 as Nomura
India Business Resumption Index (NIBRI) increased to 98.1 for the week ending February 14, 2021 from
95.9% in the preceding week.The real GDP to contract by 6.7% in FY21 and grow by 13.5% in FY22.Labour
participation rate marginally decreased to 40.5% from 40.9% in the week before.
114.What is the estimated India’s GDP growth rate for the year FY22 compared to the revised 4.6%
in FY21 according to India Ratings & Research (Ind-Ra)?
1) 4.2%
2) 4.3%
3) 4.4%
4) 4.5%
5) 4.7%
Answer – 2) 4.3%
Explantion:
India Ratings & Research (Ind-Ra) projected aggregate fiscal deficit of States for FY22 at 4.3% of GDP
compared to 4.6 %(Revised) in FY21. In this regard, the agency has revised the outlook on State finances for
FY22 from stable to negative.It had earlier forecast FY21 fiscal deficit of States to be at 4.5%.
115.Ngozi Okonjo-Iweala ,who was appointed as the 7th Director General of the World Trade
Organisation(WTO) is from which country?
1) Africa
2) Jamaica
3) Nigeria
4) West Indies
5) Sudan
Answer – 3) Nigeria
Explanation:
Ngozi Okonjo-Iweala from Nigeria was appointed as the 7th Director General of the World Trade
Organisation(WTO), multilateral trade body.She will hold the position from 1st March 2021 to 31st August
2025.She succeeds former Director-General Roberto Azevêdo who announced his retirement 1 year before
116.Who of the below Indian origin woman has been appointed as New Executive Secretary of
United Nations Capital Development Fund (UNCDF)?
1) Anita Bhatia
2) Arora Akanksha
3) Preeti Sinha
4) Kamala Harris
5) V.Shanta
Answer – 3) Preeti Sinha
Explanation:
The United Nations Capital Development Fund (UNCDF) appointed Preeti Sinha, an Investment and
development Banker of Indian Origin as the New Executive Secretary of UNCDF. Sinha succeeds Judith Karl,
who retired in February 2021.Preethi Sinha started her tenure on 15th February 2021. Preeti Sinha will be
overseeing the efforts of UNCDF in delivering scalable impacts to enable the international financial
architecture work for the world’s frontier and pre-frontier markets.
118.Which state has recently unveiled the Industrial Policy 2021-2025 & MSME policy 2021,also 28
MoUs with a cumulative investment of Rs 28,053 crores across various sectors, including Electric
Vehicles, Wind Energy, Auto Components, City Gas, Textiles etc?
1) Gujarat
2) Maharashtra
3) Uttarkhand
4) Tamilnadu
5) Andhra Pradesh
Answer – 4) Tamilnadu
Explanation:
On February 16, 2021, the Chief Minister (CM) of Tamil Nadu (TN), Edappadi Karuppa Palaniswami,
unveiled “Tamil Nadu Industrial Policy 2021-2025” and MSME (Micro, Small & Medium Enterprises) Policy
2021 during a grand event in Chennai. He also launched and laid foundation stones for projects. The state
government of TN signed a total of 28 Memoranda of Understanding (MoUs) with a cumulative investment
of Rs 28,053 crores across various sectors, including Electric Vehicles, Wind Energy, Auto Components, City
Gas, Textiles etc.
120.RBI has released the Draft Reserve Bank of India (Credit Derivatives) Directions, 2021 in
exercise of the powers conferred under section ___________ of the RBI Act 1934 read with section 45U.
1) 45J
2) 45M
3) 45K
4) 45W
5) 45L
Answer -4) 45W
Explanation:
As per the central bank’s announcement regarding the review of credit default swaps (CDS) guidelines on
December 2020, Reserve Bank of India (RBI) has released the Draft Reserve Bank of India (Credit
Derivatives) Directions, 2021 in exercise of the powers conferred under section 45W of the RBI Act 1934
read with section 45U.
The guidelines are for allowing derivatives trading in the credit default swaps (CDS) in over-the-counter
(OTC) markets and on recognised stock exchanges in the country.
RBI invited comments on the Draft Directions by March 15, 2021.
121.Which e-commerce giant has partnered with ICICI Lombard General Insurance Company Ltd to
offer Group Safeguard insurance, a group insurance policy to its consumers and their families?
1) Amazon
2) Myntra
3) Flipkart
4)ebay
5) Walmart
Answer- 3) Flipkart
Explanation:
Flipkart partnered with ICICI Lombard General Insurance Company Ltd to offer Group SafeGuard insurance,
a group insurance policy to its consumers and their families.
Through this partnership Flipkart consumers will get Hospicash benefit under Group SafeGuard insurance.
123.What is the estimated GDP forecast of India for the FY22 as per the recent report released by
S&P (Standard & Poors) Global Ratings?
1) 10%
2) 11.3%
3) 10.5%
4) 7.7%
5) 11.6%
Answer – 1) 10%
Explanation:
On February 16, 2021 S&P (Standard & Poors) Global Ratings released a report titled, ‘Cross-Sector
Outlook: India’s Escape From Covid’, where it estimated that India will have an economic recovery at 10%
in FY22, on a lower base. Earlier, it had revised India’s Real GDP Forecast for FY21 to -7.7%(contract by
7%) from -9%.
124.What is the name of Financial Organisation which tends to buy 5.40% Stake in CityCash &
9.65% Stake in Thillais Analytical Solutions?
1) Axis Bank
2) ICICI Bank
3) HDFC Bank
4) City Bank
5) Standard Chartered Bank
Answer-2) ICICI Bank
Explanation:
On February 16, 2021 ICICI Bank announced that it will buy 5.40% stake in Tap Smart Data Information
Services Pvt Ltd (CityCash) for Rs 4.93 crore (Rs 49.34 million) and 9.65% stake in Thillais Analytical
Solutions Pvt Ltd for Rs 1.1 crore (Rs 11 million).It is expected that both deals will be completed by the end
of March 2021.
126.When was the Small Industries Development Bank of India (SIDBI) established?
1) 1990
2) 1985
3) 1978
4) 1963
5) 1950
Answer- 1) 1990
Explanation:
Small Industries Development Bank of India (SIDBI) is a development financial institution in India,
headquartered at Lucknow and having its offices all over the country. Its purpose is to provide refinance
facilities and short-term lending to industries, and serves as the principal financial institution in the Micro,
Small and Medium Enterprises (MSME) sector. It was established on 2 April 1990.
127.Name the only former Prime Minister of India who also served as the Governor of RBI in Indian
History.
1) Atal Bihari Vajpayee
2) Indira Gandhi
3) Vishwanath Pratab Singh
4) Manmohan Singh
5) Jawaharlal Nehru
Answer – 4) Manmohan Singh
Explanation:
Manmohan Singh born 26 September 1932 is an Indian economist, academic, and politician who served as
the 13th Prime Minister of India from 2004 to 2014. He also served as the RBI governor from 1982–1985.
128. Which of the following Act of Indian Government got approval from the Union Cabinet chaired
by PM Modi (in Feb’21) for its amendment?
1) The Central Goods and Services Tax (Extension to Jammu and Kashmir) Act, 2017
2) The National Green Tribunal Act, 2010
3) The Juvenile Justice (Care and Protection of Children) Act, 2015
4) The Mental Healthcare Act, 2017
129. Union Cabinet chaired by PM Modi gave approval (in Feb’21) for the signing of a
Comprehensive Economic Cooperation and Partnership Agreement (CECPA). As per the approval,
which country will become the 1st African country to have a deal with India?
1) Mauritius
2) South Africa
3) Morocco
4) Egypt
5) Seychelles
Answer- 1) Mauritius
Explanation:
On February 17, 2021, the Union Cabinet Chaired by Prime Minister Narendra has gave its approval to the
signing of India’s first Comprehensive Economic Cooperation and Partnership Agreement (CECPA) with a
country in Africa i.e. Mauritius. The CECPA between India and Mauritius covers 310 export items for India,
covering Trade in Goods, Rules of Origin, Trade in Services, Technical Barriers to Trade (TBT), Sanitary and
Phytosanitary (SPS) measures and others. Under CECPA, Indian service providers will have access to
around 115 sub-sectors from the 11 broad service sectors.
130. Which of the following web-portal(s) was/were launched to promote Ease of Doing Business in
India?
A) Car-D B) Bharatmarket C) eOffice D) PANI
1) Only A
2) Only B & C
3) Only A & D
4) Only C
5) All A, B, C & D
Answer- 3) Only A & D
Explanation:
In February 2021, PM Modi launched 2 e-portals namely Car-D (Cargo Data) & PANI (Portal for Asset and
Navigation Information) for promoting Ease of Doing Business. Car-D Portal will collect Cargo and Cruise
Data of the National Waterway on a real time basis. PANI portal will act as a single platform for providing all
information regarding river navigation and infrastructure. He also laid the Foundation Stone for the
Construction of North East’s First National Data Centre (NDC-NER) at Guwahati, Assam.
131. Which state is the top destination for Foreign Direct Investment (FDI) from United Kingdom, as
per Grant Thornton Bharat’s Britain Meets India report?
1) Karnataka
2) Delhi
132. Which company partnered (in Feb’21) with European Investment Fund (EIF), Inter-American
Development Bank(IDB) and Kiva to provide loans to small and medium-sized companies outside
U.S?
1) PayPal
2) Facebook
3) Google
4) Microsoft
5) Amazon
Answer- 3) Google
Explanation:
Google has partnered with European Investment Fund (EIF), Inter-American Development Bank(IDB) and
Kiva, an organisation that crowdfunds loans to unlock capital for the underserved around the world to
invest $75 million (about Rs. 545 crore) to small and medium-sized companies outside U.S who are
suffering from the impact of COVID-19. Google also plans to invest $15 million in India to support the small
and micro enterprises across the country. Google will invest in two EIF funds and becomes the 1st company
to do so.
133. As per RBI’s guidelines (in Feb’21) to Housing Finance Company (HFC), minimum Liquidity
Coverage Ratio (LCR) of 100% is targeted to be achieved by ___________.
1) December 1, 2021
2) December 1, 2030
3) December 1, 2025
4) December 1, 2035
5) December 1, 2028
Answer- 3) December 1, 2025
Explanation:
On February 17, 2021, the RBI has issued “Master Direction – Non-Banking Financial Company – Housing
Finance Company (Reserve Bank) Directions, 2021” in exercise of the powers conferred under sections 45L
and 45MA of the Reserve Bank of India Act, 1934. In this regard, all non-deposit taking HFCs with an asset
size of Rs 10,000 crore and above, and all deposit taking HFCs irrespective of their asset size will have to
achieve a minimum Liquidity Coverage Ratio (LCR) of 50% by December 1, 2021 and gradually to 100% by
December 1, 2025.
135. Which country (in Feb’21) received a 15 million USD worth Line of Credit from India’s Export-
Import (Exim) Bank?
1) Ghana
2) Sierra Leone
3) Kenya
4) Tanzania
5) Seychelles
Answer- 2) Sierra Leone
Explanation:
On 18th February 2021, the Export-Import (Exim) Bank, Government of India, extended a Line of
Credit(LOC) of 15 million USD (around Rs. 109.11 crore) to the government of the Republic of Sierra Leone.
The LOC will be used for the expansion of the projects for the rehabilitation of existing portable water
facilities in 4 communities of Sierra Leone. This will also be used for the implementation of the projects by
Indian companies which will benefit more than 1 lakh residents of those 4 communities.
136. Indian Govt. has decided to infuse Rs 1,500 crore capital into EXIM Bank for FY 22. Which
among the following is NOT one of the functionaries of EXIM Bank?
1) Financing of joint ventures in foreign countries
2) Post Shipment Finance
3) Export credit insurance support to Indian exporters
4) Offer short-term loans to foreign banks
5) Underwriting of stocks of Indian companies engaged in export or import
Answer- 3) Export credit insurance support to Indian exporters
Explanation:
The government has decided to infuse Rs 1,500 crore capital into Export-Import Bank of India (EXIM Bank)
in FY 22. This equity support/subscription is to maximise the paid up capital of the bank to the level of its
authorised capital. Amount is Higher than amount earmarked in FY 21.
Export credit insurance support to Indian exporters is provided by Export Credit Guarantee Corporation of
India (ECGC).
138. Who authored the book, “Indian Economy’s Greatest Crisis: Impact of Coronavirus and the Road
Ahead”?
1) Jayati Ghosh
2) Amartya Sen
3) Arun Kumar
4) Tirthankar Roy
5) Kaushik Basu
Answer- 3) Arun Kumar
Explanation:
Arun Kumar has authored a new book, ‘Indian Economy’s Greatest Crisis: Impact of Coronavirus and the
Road Ahead’. Arun Kumar is a veteran Indian economist. His popular books include:
• Indian Economy Since Independence: Persisting Colonial Disruption (2013)
• Understanding the Black Economy and Black Money in India: An Enquiry into Causes, Consequences
and Remedies (2017)
• Demonetization and the Black Economy (2017)
• The Ground Scorching Tax (2019)
141. When was the United Nations Development Programme (UNDP) formed?
1) 1945
2) 1955
3) 1965
4) 1975
5) 1985
Answer- 3) 1965
Explanation:
United Nations Development Programme (UNDP) was founded in 1965.
142. Which organisation partnered (in Feb’21) with Bank of Maharashtra (BoM) to launch
“Mahabank Channel Financing Scheme”, a Channel Financing solution for MSME’s?
1) Priority Vendor
2) Tradeshift
3) Orbian
4) Vayana Network
5) UniCredit
Answer- 4) Vayana Network
Explanation:
On February 18, 2021 Bank of Maharashtra(BoM) in partnership with Vayana Network, a Supply Chain
Financing (SCF) platform, launched its Mahabank Channel Financing Scheme, a Channel Financing solution
for Micro, Small and Medium Enterprises(MSMEs). This partnership enables BoM to provide short term
credit to meet funding requirements of corporate dealers and vendors through its channel. The Government
of India holds 93.33% stake in the bank. It is the sponsor bank of Maharashtra Gramin Bank.
143. Which bank (in Feb’21) signed an MoU with Society for Innovation and Development (SID), an
initiative of IISc, Bengaluru to provide loans to startups & MSMEs?
1) DBS Bank
2) Indian Bank
3) State Bank of India
4) HDFC Bank
5) ICICI Bank
Answer- 2) Indian Bank
Explanation:
On February 19, 2021 Indian Bank signed an MoU with Society for Innovation and Development (SID), an
initiative of Indian Institute of Science(IISc), Bengaluru to provide exclusive credit facility to start-ups and
144. Who is the MD & CEO of Larsen & Toubro (L&T), as of February 2021?
1) Anil Manibhai Naik
2) R. Shankar Raman
3) Rajesh Gopinathan
4) S. N. Subrahmanyan
5) Natarajan Chandrasekaran
Answer- 4) S. N. Subrahmanyan
Explanation:
S. N. Subrahmanyan is the MD & CEO of Larsen & Toubro (L&T), as of February 2021.
146. Where is the headquarters of South Asian Association for Regional Cooperation (SAARC)
located?
1) New Delhi, India
2) Dhaka, Bangladesh
3) Kathmandu, Nepal
4) Islamabad, Pakistan
5) Jakarta, Indonesia
Answer- 3) Kathmandu, Nepal
Explanation:
The headquarters of South Asian Association for Regional Cooperation (SAARC) is located at Kathmandu,
Nepal.
147. Which country/countries virtually participated with India in a Macroeconomic dialogue (in
Feb’21) that discussed on signing the Bilateral Trade and Investment Agreement (BTIA)?
1) SAARC
2) Japan
3) BRICS
4) EU
5) Singapore
Answer- 4) EU
148. Who virtually awarded the winners of India-Australia Circular Economy (I-ACE) Hackathon,
2021 on its valedictory session?
1) S. Jaishankar
2) Narendra Modi
3) Rajnath Singh
4) Ravi Shankar Prasad
5) V. Muraleedharan
Answer- 2) Narendra Modi
Explanation:
On February 19, 2021, the valedictory session of India-Australia Circular Economy (I-ACE) Hackathon, 2021
was held where Prime Minister (PM) Narendra Modi and his Australian counterpart Scott Morrison have
felicitated the participants of I-ACE at a virtual award ceremony. The PM also virtually addressed the
Convocation Ceremony of Visva-Bharati University.
149. RBI (in Feb’21) has imposed a withdrawal cap of Rs. 1,000 on customers of ______________ for a
period of 6 months.
1) Shivalik Mercantile Co-operative Bank
2) Deccan Urban Co-operative Bank
3) SVC Co-operative Bank
4) Mantha Urban Co-operative Bank
5) Ashoknagar Co-operative Bank
Answer- 2) Deccan Urban Co-operative Bank
Explanation:
On February 18, 2021 The Reserve Bank of India(RBI) on considering the present liquidity position of
Deccan Urban Co-operative Bank Ltd., has imposed a withdrawal cap of Rs 1,000 on the customers of the
bank. But, customers are allowed to set off loans against deposits subject to conditions. This is for the
period of 6 months from the close of business on February 19, 2021.
150. SBI Payment Services Pvt. Ltd (in Feb’21) launched “YONO Merchant App” to expand the
digitization of merchant payments in India. What does ‘N’ stands for in YONO?
1) Network
2) National
3) Near
4) Need
5) Next
Answer- 4) Need
Explanation:
On February 20, 2021 SBI Payment Services Pvt. Ltd launched YONO Merchant App to expand the
digitization of merchant payments in India. Through the app, merchants can turn their Near Field
151. Which state govt. (in Fe’21) signed an MoU with the Swedish company, “IKEA” bringing an
investment of Rs. 5500 crores in next 5 years?
1) Tamil Nadu
2) Maharashtra
3) Telangana
4) Gujarat
5) Uttar Pradesh
Answer- 5) Uttar Pradesh
Explanation:
On 19th February 2021, the Government of Uttar Pradesh (UP) signed a Memorandum of Understanding
with IKEA, a Swedish furniture and home applications company, which is set to invest Rs.5500 crores in the
state during the next 5 years. IKEA plans to open around 25 center’s in India by 2025 by investing Rs.10500
crore, most of these stores will be in UP.
152. As per the revised Income Tax slab for FY 2020-21, employees with annual income less than
_________ are exempted from paying Tax.
1) 1 lakh
2) 5 lakhs
3) 3 lakhs
4) 2.5 lakhs
5) 1.5 lakhs
Answer- 4) 2.5 lakhs
Explanation:
As per the revised Income Tax slab for FY 2020-21, employees with annual income less than 2.5 lakhs are
exempted from paying Tax.
153. Indian Govt. has approved (in Feb’21) for the creation of 8 toy manufacturing clusters at a cost
of Rs 2,300 crore. Which organisation(s) will be developing the toy clusters?
1) Ministry of Micro, Small and Medium Enterprises
2) Department for Promotion of Industry and Internal Trade
3) Department of Children, Equality, Disability, Integration and Youth
4) Only 1 & 2
5) All 1, 2 & 3
Answer- 4) Only 1 & 2
Explanation:
On February 22, 2021, the Central Government approved 8 toy manufacturing clusters at a cost of Rs 2,300
crore viz. three clusters in Madhya Pradesh, two in Rajasthan, and one each in Karnataka, Uttar Pradesh and
Tamil Nadu. Planned under “National Action Plan for Indian Toy Story” that seeks to reduce import
dependence of toys which was around $1.5 billion in FY2020 of which 90% of imports was from China and
Taiwan. Department for Promotion of Industry and Internal Trade (DPIIT) and the Ministry of Micro, Small
and Medium Enterprises (MSME) will develop toy clusters.
155. Which Bank was recently (in Feb’21) bought under RBI’s regulatory purview, making the bank
comply with Banking Regulation Act 1949 and the Companies Act?
1) Bharatiya Mahila Bank
2) Jammu and Kashmir Bank
3) State Bank of Sikkim
4) China Merchants Bank
5) DBS Bank
Answer- 3) State Bank of Sikkim
Explanation:
The Reserve Bank of India (RBI) has brought the State Bank of Sikkim under its regulatory purview. The
bank only operates within Sikkim and is wholly-owned by the state government. The bank is also
responsible to handle the treasury function of the State. With this regulatory purview, the ownership
structure of the bank will not be changed and will be regulated by the RBI on a par with other banks.
Previously, the Banking Regulation Act 1949 and the Companies Act do not extend to Sikkim or the
residents of Sikkim and they are not subject to Income Tax.
156. Which company launched (in Feb’21) the ‘Bima Jyoti’ insurance Plan that offers Guaranteed
addition at a rate of 5% at the end of each policy year?
1) Max Life Insurance
2) Life Insurance Corporation of India
3) United India Insurance
4) HDFC ERGO General Insurance Company
5) The Oriental Insurance Company
Answer- 2) Life Insurance Corporation of India
Explanation:
Life Insurance Corporation (LIC) of India launched a new plan ‘Bima Jyoti’ Plan will be effective from
February 22, 2021. Bima Jyoti is a Non-linked, Non-Participating, Individual, Limited Premium Payment,
Life Insurance Savings Plan. The Plan offers a Guaranteed addition at a rate of 5% at the end of each policy
year. The Minimum Basic Sum assured in INR 1, 00, 000 & multiple of INR 25, 000 after that. The plan
includes Maturity Benefits & Death Benefits with Tax Free returns.
158. In February 2021, Govt of Jammu and Kashmir (J&K) formally launched __________ payments
system of RBI replacing all existing types of Govt. payments?
1) eMudhra
2) PayBima
3) Sachet
4) e-Kuber
5) TReDS
Answer- 4) e-Kuber
Explanation:
On February 18, 2021 Dr Arun Kumar Mehta, IAS, Financial Commissioner, Finance Department, Govt of
Jammu and Kashmir (J&K) formally launched e-Kuber payments system of Reserve Bank of India (RBI) in
J&K. The e-Kuber payment platform will replace the existing system for all types of Government payments
including employee’s salaries and pensioner’s pensions. It enables each bank to connect their single current
account across the country.
159. Where did Indian Govt. invested Rs. 400 crores to create India’s 1st Fisheries Hub under the
Pradhan Mantri Matsya Sampada Yojana (PMMSY)?
1) Tamil Nadu
2) Gujarat
3) Kerala
4) West Bengal
5) Goa
Answer- 5) Goa
Explanation:
Union Minister for Fisheries, Animal Husbandry and Dairying, Giriraj Singh has stated that the Central
Government is set to Invest INR 400 crore in Goa to transform the state into India’s First Fisheries Hub
under the Pradhan Mantri Matsya Sampada Yojana (PMMSY). Of this, INR 30 Crore to be allocated for
setting up Aquarium Cluster, INR 50 Crore for upgrading the Margao Wholesale Fish Market. Sagar Mitras
to be set up in Goa for educating the Fishermen community.
161. Which organisation has signed an MoU (in Feb’21) with Power System Operation Corporation
(POSOCO) to promote research & development in Power Sector?
1) The Energy and Resources Institute (TERI)
2) Centre for Science and Environment
3) World Resources Institute
4) Power Grid Corporation of India
5) Confederation of Indian Industry (CII)
Answer- 1) The Energy and Resources Institute (TERI)
Explanation:
The Energy and Resources Institute (TERI), New Delhi signed an MoU with Power System Operation
Corporation (POSOCO), New Delhi for promoting research in the domestic power sector. The entities will
work towards addressing the challenges of the Power Sector. Integrated resource planning which includes
demand and supply on a short-term, long-term & medium-term perspective.
162. Which organisation has signed an MoU with Marine Products Export Development Authority
(MPEDA) to promote the exports of India’s fishery produces?
1) National Small Industries Corporation
2) Department for Promotion of Industry and Internal Trade
3) National Cooperative Development Corporation
4) National Institute of Micro, Small and Medium Enterprises
5) NITI Aayog
Answer- 3) National Cooperative Development Corporation
Explanation:
On 22nd February 2021, the Marine Products Export Development Authority (MPEDA), under the Ministry
of commerce and Industry, signed an MoU with the National Cooperative Development Corporation (NCDC)
to coordinate their programs in export oriented captures and culture of fisheries and allied sectors to bring
better value to the stakeholders. This will enhance the infrastructure created for primary production and
harvest management in the marine products export sector.
164. Which organisation signed for a USD 68 Million project, ‘Nagaland: Enhancing Classroom
Teaching and Resources Project’ with Indian Govt. (in Feb’21)?
1) Bill and Melinda Gates Foundation
2) World Bank
3) UNESCO
4) Asian Development Bank
5) International Bureau of Education
Answer- 2) World Bank
Explanation:
Government of India, Government of Nagaland & the World Bank signed a USD 68 Million Project for
improving the governance of schools across Nagaland through ‘Nagaland: Enhancing Classroom Teaching
and Resources Project’. The project will also improve teaching practices and learning environments in
select schools of Nagaland. Around 1, 50, 000 students & 20, 000 Teachers in the government education
system in Nagaland will benefit from the reforms. The project is aimed at developing a strong education
system in the state.
165. Who was appointed as the Managing Director General of Asian Development Bank (ADB) in
February 2021?
1) Masatsugu Asakawa
2) Rajesh Khullar
3) Takeo Konishi
4) Marcos Prado Troyjo
5) Woochong Um
Answer- 5) Woochong Um
Explanation:
On 22nd February 2021, Woochong Um of Republic of Korea was appointed as the new Managing Director
General of Asian Development Bank (ADB). He assumed office on 22nd February and will be reporting to
Masatsugu Asakawa, President of ADB. He will assist the President of ADB to institute the bank wide
coherence on various key initiatives and issues.
168. Recently (In Feb’21), The Defence Acquisition Council (DAC) approved INR 8, 300 Crore for
procurement of 118 indigenously developed Arjun Mark – 1A (MK-1A). What is Arjun MK-1A?
1) Cruise Missile
2) Stealth Submarine
3) Laser Cannon
4) Battle Tank
5) Stealth Bomber
Answer- 4) Battle Tank
Explanation:
On February 23, 2021, The Defence Acquisition Council (DAC) headed by Defence Minister Rajnath singh
approved 3 Acceptance of Necessities (AoNs) worth INR 13, 700 Crore for defence procurement to Indian
Army, Navy & Air Force. Out of INR 13, 700 Crore, (~) INR 8, 300 Crore will be sent for procuring 118
indigenously developed Arjun Main Battle Tank (MK-1A) which was handed over to the Indian Army by
Prime Minister Narendra Modi in Chennai in February, 2020.
169. What is the Total monetary benefit given to farmers through PM KISAN scheme?
1) Rs. 3000/year
2) Rs. 6000/year
3) Rs. 10000/year
4) Rs. 15000/year
5) Rs. 9000/year
170. Recently (in Feb’21), Cochin Shipyard Ltd (CSL) got Rs. 10,000 crore order from Indian Navy for
construction of 6 Next-Generation Missile Vessels (NGMV). Which is India’s 1st Indigenous Aircraft
Carrier that was built by CSL?
1) INS Vikrant
2) INS Kolkata
3) INS Viraat
4) INS Arihant
5) INS Vikramaditya
Answer- 1) INS Vikrant
Explanation:
Cochin Shipyard Ltd (CSL) emerged as the Lowest Bidder in a tender floated by the Ministry of Defence for
construction of 6 Next-Generation Missile Vessels (NGMV) to be utilized by the Indian Navy. The order is
estimated to be around INR 10, 000 Crore. At Present, CSL is building India’s First Indigenous Aircraft
Carrier called ‘INS Vikrant’ (also known as Indigenous Aircraft Carrier 1 (IAC-1)).
171. Which country received a $50mn line of credit (LoC) from EXIM bank (in Feb’21) for building
its defence capability?
1) Sri Lanka
2) Maldives
3) Seychelles
4) Sierra Leone
5) Madagascar
Answer- 2) Maldives
Explanation:
External Affairs Minister S Jaishankar, had a 4-day visit to Maldives and Mauritius in February 2021. Where
India handed over 100,000 additional doses of COVID-19 vaccines to Maldives and also inked 5 pacts for its
development. India also extended a $50-mn line of credit (LoC) to the Maldives for defence projects. This
will facilitate defence capability building in the maritime domain of Maldives.
172. Which Bank provides loan worth $304 mn for Assam Intra-State Transmission System
Enhancement Project?
1) World Bank
2) Asian Development Bank
3) New Development Bank
4) Asian Infrastructure Investment Bank
5) International Monetary Fund
Answer- 4) Asian Infrastructure Investment Bank
173. Which bank (in Feb’21) signed an MoU with Stellapps, an IIT Madras incubated dairy-tech
startup to digitize milk procurement?
1) Equitas Small Finance Bank
2) India Post Payments Bank
3) Federal Bank
4) Karur Vysya Bank
5) Airtel Payments Bank
Answer- 2) India Post Payments Bank
Explanation:
Stellapps, an IIT Madras incubated dairy-tech startup signed an MoU with India Post Payments Bank (IPPB)
to digitize the dairy milk procurement value chain and improve banking facilities at milk collection centres.
Recently, Stellapps launched mooPay in Bhilwara district of Rajasthan. It is a first-of-its-kind fully
automated direct payment platform for dairy processors, including cooperatives.
174. Which organisation signed an agreement (in Feb’21) with GAIL to purchase its 25.51% share in
Ratnagiri Gas and Power Pvt Ltd (RGPPL)?
1) NTPC Ltd
2) Indian Oil Corporation Ltd
3) NHPC
4) NLC India Ltd
5) ONGC
Answer- 1) NTPC Ltd
Explanation:
On February 23, 2021 NTPC Ltd (formerly- National Thermal Power Corporation Limited) signed a share
purchase agreement with GAIL (India) Ltd. As per the agreement NTPC will buy GAIL’s 25.51% in Ratnagiri
Gas and Power Pvt Ltd (RGPPL), which is commonly known as Dabhol project. Apart from this, NTPC will
sell its 14.82% stake in Konkan LNG Ltd (KLL) on a fully diluted basis to GAIL.
175. What is the predicted GSDP growth of Tamil Nadu in 2020-21, as per the state’s interim budget?
1) – 7.7%
2) – 2.9%
3) 4.99%
4) 2.02%
5) – 3.77%
Answer- 4) 2.02%
Explanation:
On February 23, 2021, Tamil Nadu’s Finance Minister O Panneerselvam presented the Interim State Budget
for the year 2021-22 at Chennai’s Kalaivanar Arangam. The State’s Fiscal Deficit is expected to be at 4.99%.
176. Which state govt. launched a new welfare scheme, ‘Economically Backward Classes (EBCs)
Nestam’ to provide financial assistance to EBC women?
1) Tamil Nadu
2) Telangana
3) West Bengal
4) Gujarat
5) Andhra Pradesh
Answer- 5) Andhra Pradesh
Explanation:
On February 23, 2021, the Andhra Pradesh Cabinet headed by Chief Minister Y S Jagan Mohan Reddy
approved a new welfare scheme called ‘Economically Backward Classes (EBCs) Nestam’ for providing
Financial Assistance to women belonging to the EBCs. An assistance of INR 15, 000 per year will be
extended to women in the age group of 45-60 for a period of 3 years.
177. Union Cabinet approved (in Feb’21) the Production Linked Incentive (PLI) Scheme with an
outlay of Rs 15,000 crore for the pharmaceuticals, on a move to increase exports. What is India’s
rank globally in pharmaceutical production?
1) 1st
2) 5th
3) 4th
4) 3rd
5) 2nd
Answer- 4) 3rd
Explanation:
On February 24, 2021, the Union Cabinet chaired by PM Modi approved the Production Linked Incentive
(PLI) Scheme with an outlay of Rs 15,000 crore for the pharmaceuticals and with Rs 7,350 crore for IT
(Information Technology) hardware. PLI scheme for pharmaceuticals is aimed at Production of high-value
products and increase in exports with the outlay for 9 years. India ranks 3rd worldwide for production by
volume and 14th by value. Globally it is the largest provider of Generic Medicines.
178. Which country hosted the 2021’s BRICS Financial Cooperation Meeting?
1) Brazil
2) Russia
3) India
4) China
5) South Africa
Answer- 3) India
Explanation:
On February 24, 2021, India hosted the meeting of BRICS (Brazil, Russia, India, China, and South Africa)
finance and central bank deputies. Notably it is the 1st meeting on the BRICS Financial Cooperation under
India Chairship in 2021. India assumed the chairship of 2021 coinciding with 15th anniversary of BRICS.
Theme for BRICS-2021: BRICS @ 15: Intra-BRICS Cooperation for Continuity, Consolidation and Consensus
180. Which bank partnered with Greater Chennai Corporation (GCC) and Chennai Smart City Ltd
(CSCL) to launch, ‘Namma Chennai Smart Card’?
1) HDFC Bank
2) Union Bank of India
3) ICICI Bank
4) Canara Bank
5) UCO Bank
Answer- 3) ICICI Bank
Explanation:
ICICI Bank in partnership with the Greater Chennai Corporation (GCC) and Chennai Smart City Limited
(CSCL) launched ‘Namma Chennai Smart Card’, a Common Payment Card System (CPCS). The Rupay
powered co-branded, contactless prepaid card was unveiled by Tamil Nadu Chief Minister(CM) Edappadi K.
Palaniswami. This card enables the residents of Chennai to make tax/ utility bill payments at the GCC
centres.
181. Which organisation(s) partnered (in Feb’21) with Social Alpha to set up, Swavalamban
Divyangjan Assistive Tech Market Access (ATMA) fund?
1) Industrial Investment Bank of India
2) National Bank for Agriculture and Rural Development (NABARD)
3) Small Industries Development Bank of India (SIDBI)
4) Only 1 & 2
5) Only 1 & 3
Answer- 3) Small Industries Development Bank of India (SIDBI)
Explanation:
Social Alpha, a multistage innovation curation and venture development platform has partnered with Small
Industries Development Bank of India (SIDBI) to set up the Swavalamban Divyangjan Assistive Tech Market
Access (ATMA) fund, a Social Impact fund. It is a 1st of its kind inclusion fund that offers financial grants to
Social Alpha-incubated startups that work in the Assistive Technology (AT) for persons with disabilities.
The fund will finance upto 50% of product price for the initial users.
183. Who was appointed (in Feb’21) as the head of IRDAI’s review committee on Information and
cyber security guidelines?
1) Subhash Chandra Khuntia
2) Janakiram
3) Jayanth Kumar
4) M R Kumar
5) Nithiyanantham
Answer- 2) Janakiram
Explanation:
The Insurance Regulatory and Development Authority of India (IRDAI) has formed a 14-member committee
to review its information and cyber security guidelines. The committee is headed by Prof Janakiram,
chairman of Institute for Development and Research in Banking Technology (IDRBT). The committee will
discuss on Information Security Committee (ISC), Board-approved information and cyber security policy,
Appointment of Chief Information Security Officer(CISO), Cyber Crisis Management Plan(CCMP).
184. Recently (in Feb’21), IRDAI gave approval for acquisition of 12% stake in Max Life Insurance
company ltd by Axis entities. Who is the present MD & CEO of Axis Bank?
1) Chanda Kochhar
2) Aditya Puri
3) Sandeep Bakhshi
4) Dinesh Kumar Khara
5) Amitabh Chaudhry
Answer- 5) Amitabh Chaudhry
Explanation:
The Insurance Regulatory and Development Authority of India (IRDAI) has given its formal approval to
acquisition of up to 12% stake in Max Life Insurance company ltd by Axis entities. Under the proposed
transaction, Axis entities can acquire up to 19% stake in Max Life, of which Axis bank will acquire up to 9%
in Max Life. Amitabh Chaudhry is the Managing Director and Chief Executive Officer of Axis Bank.
185. When was Small Industries Development Bank of India (SIDBI) formed?
1) 1988
2) 1973
186. When was Securities and Exchange Board of India (SEBI) established?
1) 1992
2) 1985
3) 1990
4) 1982
5) 2003
Answer- 1) 1992
Explanation:
Securities and Exchange Board of India (SEBI) was founded on 12 April 1992.
187. ___________ is a situation, where the inflation rate is high and the economic growth rate is low.
1) Hyper Inflation
2) Cost – Push Inflation
3) Demand – Pull Inflation
4) Stagflation
5) Reflation
Answer- 4) Stagflation
Explanation:
Stagflation is a situation in which the inflation rate is high and the economic growth rate is low.
189. What is India’s Rank in the World Bank’s, “Ease of doing Business Report – 2020”?
1) 79
2) 114
190. In which country Omega Seiki Pvt Ltd is planning (as of Feb’21) to set up an Electric Vehicle(EV)
manufacturing unit, making it the 1st Indian EV company to invest in International market?
1) Sri Lanka
2) Vietnam
3) Nepal
4) Myanmar
5) Bangladesh
Answer- 5) Bangladesh
Explanation:
Omega Seiki Pvt Ltd has announced that it will set up an Electric Vehicle(EV) manufacturing facility, known
as OSM-Bangladesh near Dhaka in Bangladesh with investment of Rs 100 crore. This will be the 1st project
of any Indian EV company in international markets. Currently, Omega Seiki Mobility has 2 manufacturing
plants in India, located at IMT Faridabad and IMT Manesar, Haryana.
191. What is the Nomenclature given to IRDAI’s new Standard Personal Accident Insurance Product,
that was launched in February 2021?
1) Jan Suraksha Laghu Bima
2) Fasal Bima Yojana
3) Jeevan Jyoti Bima Yojana
4) Saral Suraksha Bima
5) Sampoorna Suraksha Bima
Answer- 4) Saral Suraksha Bima
Explanation:
On February 25, 2021 The Insurance Regulatory and Development Authority of India (IRDAI) issued
guidelines on Standard Personal Accident Insurance Product under the provisions of Insurance Act, 1938.
IRDAI has directed all the general and Health Insurers to offer this product from April 1, 2021. The
nomenclature of the product will be ‘Saral Suraksha Bima’, succeeded by name of insurance company.
Under the product, the minimum sum insured will be Rs.2.5 lakhs and maximum sum insured will be Rs.1
Crore.
192. Recently (in Feb’21), India’s Exim bank provided a financial support of USD 130 mn for
construction of social housing units in Maldives. Who is the present MD of Exim bank?
1) David Rasquinha
2) G.R. Chintala
3) Mohammad Mustafa
4) M R Kumar
5) Ajay Tyagi
Answer- 1) David Rasquinha
193. What is the estimated growth rate of India for FY-2022, as per the Moody’s Credit Rating agency
(as of Feb’21)?
1) 10.8%.
2) 7.5%
3) 6.7%
4) 13.7%
5) 12.9%
Answer- 4) 13.7%
Explanation:
On February 25, 2021 Moody’s projected India’s growth at 13.7% for FY 22. Earlier it was estimated at
10.8%. Moody’s also projected that Indian economy will contract by 7%(-7%) in FY21, which is lower than
the previous estimate of -10.6%.
Other Recent Estimates:
GDP Projected by Projected GDP for FY 2021
RBI -7.50%
India Ratings and Research (Ind-Ra) Ltd -7.80%
SBI’s Ecowrap report -7%
Nomura projects -6.70%
194. Which bank (in Feb’21) acquired 9.99% stake in Ferbine Private Ltd to set up a Pan India
Umbrella entity (PUE) for retail payments?
1) HDFC Bank
2) ICICI Bank
3) Kotak Mahindra Bank
4) Both 1 & 2
5) Both 1 & 3
Answer- 5) Both 1 & 3
Explanation:
On 25th February 2021, the HDFC bank and Kotak Mahindra Bank acquired 9.99% stakes each in Ferbine
Private Limited, a company promoted by Tata Sons, which plans to apply to the Reserve Bank of India to set
up a Pan India Umbrella entity(PUE) for retail payments. The umbrella entity shall have a minimum paid-up
capital of Rs.500 crore.
196. Which state govt. (in Feb’21) signed an MoU with SIDBI to set up a project management unit
(PMU) for developing its MSME ecosystem?
1) Assam
2) Rajasthan
3) Maharashtra
4) Tamil Nadu
5) Andhra Pradesh
Answer- 5) Andhra Pradesh
Explanation:
On 25th February 2021, the Small Industries Development Bank of India(SIDBI), signed a Memorandum of
Understanding (MoU) with the Government of Andhra Pradesh(AP) to develop the micro, small and
medium enterprises (MSME) ecosystem in AP. SIDBI will set up a project management unit (PMU) which
will design schemes and programme in the areas like equity support, interest subvention resolution of
stressed MSME and supporting MSME entrepreneurs.
197. Which organisation launched ‘mooPay’, a direct payment platform for Dairy farmers?
1) HDFC Bank
2) Stellapps
3) ICICI Bank
4) Financial Software Systems (FSS)
5) PolicyBazaar
Answer- 2) Stellapps
Explanation:
Stellapps, an IIT (Indian Institute of Technology) Madras launched ‘mooPay’, a fully automated direct
payment platform is for dairy farmers.
200. Which country received a USD 7.35 mn worth Line of Credit (LOC) from Export-Import Bank of
India (Exim Bank) in February 2021?
1) Maldives
2) Nicaragua
3) Seychelles
4) Honduras
5) Madagascar
Answer- 2) Nicaragua
Explanation:
On February 26, 2021 The Export-Import Bank of India (Exim Bank), on behalf of the Government of India,
extended 5 Line of Credit (LOC) with total value of USD 7.35 million (about 54 crore) to the Government of
the Republic of Nicaragua. These LOCs cover projects in the Power and Healthcare sectors in Nicaragua.
Export-Import Bank of India (Exim Bank) was established in 1982.
201. Who recently (in Feb’21), became the MD & CEO of the Central Bank of India?
1) Matam Venkata Rao
2) Pallav Mahaparta
3) Rajkiran Rai G
4) Vikram Pandit
5) Subramanian Sundar
Answer- 1) Matam Venkata Rao
202. What is India’s rank in the “Henley Passport Index: Q1 2021 Global Ranking”?
1) 58
2) 27
3) 106
4) 67
5) 85
Answer- 5) 85
Explanation:
Henley & Partners released “Henley Passport Index: Q1 2021 Global Ranking” where India was ranked 85th
with visa-free score of 58.