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Weekly Banking -April First week

Revision points (LAST WEEK)

 Rahul Bhave Appointed as MD & CEO of Industrial Finance Corporation of India (IFCI).
 Parminder Chopra Assumes Additional Charge as Chairman & MD of REC Ltd for a period of three
months.
 Shri Ashok Singh Thakur elected as Chairman of INTACH for a period of three years.
 Yusuf Pachmariwala Appointed as Managing Director & CEO of Hitachi Cash Management Services
 Vikram Sahu to take over as the new Bank of America India Head, to replace Kaku Nakhate
 Canara Bank has appointed S. K. Majumdar as its Executive Director, effective March 24, 2025.
 RBI Announces 8.34% Rate for GOI Floating Rate Bond 2033
 The Insurance Regulatory and Development Authority of India (IRDAI) has appointed five new
members to the restructured Insurance Advisory Committee.
 IDFC FIRST Bank said it has incorporated an “Ace” feature on its mobile banking app that will provide
details on more than 2500 mutual funds.
 HDFC Bank has launched a special fixed deposit scheme. Its name is Diplomat or Embassy Scheme.
 U.S., U.K. Replace Gulf Nations as Top Source of Remittances into India: RBI Bulletin
 Gujarat International Finance Tec-City (GIFT City) has made significant progress in the latest Global
Financial Centers Index (GFCI 37), strengthening its position as an emerging global financial hub.
 The Reserve Bank of India (RBI) has raised interchange fees on ATM withdrawal, which will make it
more costly to withdraw cash from ATMs in India starting May 1, 2025.
 The Unique Identification Authority of India (UIDAI), in collaboration with IIIT-Hyderabad has launched
a large-scale competition to test age invariance in biometric algorithms.
 The Finance Ministry has discontinued the Gold Monetisation Scheme (GMS) for medium- and long-
term deposits from March 26, 2025.
 Govt notifies revised criteria for classifying MSMEs

Types of Enterprises Changes in Investment Limit Changes in Turnover Limit

Micro Enterprises From Rs 1 crore to Rs 2.5 crore From Rs 5 crore to Rs 10 crore

Small Enterprises From Rs 10 crore to Rs 25 crore From Rs 50 crore to Rs 100 crore

Medium Enterprises From Rs 50 crore to Rs 125 crore From Rs 250 crore to Rs 500 crore

 Government uses BAANKNET and e-BKray to enhance PSU Bank E-Auctions for Asset Sales
Parliament passes Banking Laws Bill, increasing option for nominees to four from one
 As per ILO’s World Social Protection Report (WSPR) 2024-26: India’s social protection coverage
doubled from 24.4 percent in 2021 to 48.8 per cent in 2024
 United Nations Conference on Trade and Development (UNCTAD) Released ‘A World of Debt Report
2024’ , Global Debt Surge: Public debt reached $97 trillion in 2023, with developing countries' debt
rising twice as fast as developed nations.

QUESTION OF THE DAY

What is the new maximum number of nominees allowed per bank account under the Banking Laws
(Amendment) Bill 2024?

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A) 1
B) 2
C) 3
D) 4 Answer: D

90th Anniversary of the Reserve Bank of India (RBI)

 RBI is the central bank of India.

 It was established on April 1, 1935, following the recommendations of
the Hilton Young Commission. It was established in accordance with the
provisions of the Reserve Bank of India Act, 1934.
 It was originally set up as a private entity in 1935, but it was
nationalized in 1949.
 First Governor - Sir Osborne Smith
Objectives: The Preamble of the RBI describes the basic functions of the
Reserve Bank as:
 To regulate the issue of Bank notes and keeping of reserves with a view to securing monetary stability
in India and generally to operate the currency and credit system of the country to its advantage.
 To have a modern monetary policy framework to meet the challenge of an increasingly complex
economy,
 To maintain price stability while keeping in mind the objective of growth.

SBI Chairman CS Setty Appointed as Chairman of Indian Banks Association (IBA)

 CS Setty replaced MV Rao, the Chief Executive of Central Bank of India,
as the Chairman of the Indian Banks' Association (IBA).
About Indian Banks’ Association (IBA):
 Formed in 1946.
 It is an association of Indian banks and financial institutions based in
Mumbai.
 IBA was formed for development, coordination and strengthening of
Indian banking

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L&T Finance Ltd. Names Jasprit Bumrah as Brand Ambassador

 L & T Finance Ltd. (LTF), one of the leading Non-Banking Financial
Company (NBFC), has named renowned Indian cricketer Jasprit
Bumrah as its brand ambassador.
 L & T Finance Ltd. Headquartered in Mumbai.

N Chandrasekaran Joins IMF Managing Director’s Advisory Council on Entrepreneurship and Growth
 N Chandrasekaran, the Chairman of Tata Sons, has been appointed as a
member of the International Monetary Fund (IMF) Managing Director’s
Advisory Council on Entrepreneurship and Growth.
 Objective of the Council :To enhance macroeconomic and financial
policies that support entrepreneurship, innovation, and economic
growth.
 ESTD :27 December 1945
 HQ :Washington, D.C., U.S.
 Member :190 countries (189 UN countries and Kosovo)
 Managing Director :Kristalina Georgieva

N Chandrasekaran Joins IMF Managing Director’s Advisory Council on Entrepreneurship and Growth
 N Chandrasekaran, the Chairman of Tata Sons, has been appointed as a member of the International
Monetary Fund (IMF) Managing Director’s Advisory Council on Entrepreneurship and Growth.
 Objective of the Council :To enhance macroeconomic and financial policies that support
entrepreneurship, innovation, and economic growth.
 ESTD :27 December 1945
 HQ :Washington, D.C., U.S.
 Member :190 countries (189 UN countries and Kosovo)
 Managing Director :Kristalina Georgieva

Sivasubramanian Ramann Appointed as New Chairperson of

PFRDA
 The government has appointed Deputy CAG S Ramann as
Chairperson of pension fund regulator PFRDA.
Ramann would replace incumbent Deepak Mohanty whose term
comes to an end in May 2025
 Ramann, presently serving as Deputy CAG, belongs to 1991
batch of Indian Audit & Accounts Service (IA&AS).
About Pension Fund Regulatory and Development Authority
 It is a statutory regulatory body set up under the PFRDA Act enacted in 2014.
 Objective: To promote old-age income security by establishing, developing, and regulating pension
funds and to protect the interests of subscribers to schemes of pension funds and related matters.
 It comes under the jurisdiction of the Ministry of Finance.
 PFRDA is headquartered in New Delhi,

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Poonam Gupta Appointed as RBI Deputy Governor Ahead of MPC Meeting

 The central government on Wednesday announced the appointment
of Dr Poonam Gupta, Director General, National Council of Applied
Economic Research, New Delhi to the post of Deputy Governor,
Reserve Bank of India (RBI) for a three-year term.
 Poonam Gupta will take over from Michael Patra who stepped down
from the position of Deputy Governor in January.
 She is also a member of the Prime Minister’s Economic Advisory
Council and serves as the Convener of the Advisory Council to the
16th Finance Commission.

Ambuj Chandna Joins DBS Bank India as MD & Head of Consumer Banking
Group

Salila Pande takes charge as MD and CEO of SBI Card

 SBI Card has appointed Salila Pande as its managing director and chief
executive officer with effect from April 1.

NPCI appoints Sohini Rajola as executive director-growth

 National Payments Corporation of India (NPCI) has appointed Sohini Rajola as its executive director in
charge of growth.
 NPCI is an umbrella organisation for all retail payments systems in India.
 It was established by RBI and Indian Banks' Association under the provisions of the Payment and
Settlement Systems Act, 2007.

Punjab & Sind Bank Wins Top Improvers Award in EASE 6.0 Reforms Index

Award Top Improvers in EASE 6.0 Reforms Index

Initiative Enhanced Access & Service Excellence (EASE)

Key Performance Areas Digital transformation, customer-

centric services, and financial inclusion

Bank’s Leadership Swarup Kumar Saha (MD & CEO)

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2% DA hike for central government employees

 7th Pay Commission DA Hike: The Union Cabinet, headed by Prime Minister Narendra Modi, has
approved a 2 per cent DA hike.
 With this 2% increase, DA will now increase from 53% to 55%. There will be a similar increase in
Dearness Relief (DR) for pensioners as well.
 The hike is applicable from January 1, 2025, and will benefit more than one crore employees and
pensioners
 8th Pay Commission will come into effect from January 1, 2026.

FM Nirmala Sitharaman to launch NITI NCAER States Economic Forum portal in New Delhi.
 Union Finance Minister Nirmala Sitharaman will launch a website on
State finances
 Developed by the NITI Aayog and the National Council of Applied
Economic Research (NCAER)
 The ‘NITI NCAER States Economic Forum’ portal has four main
components, including State reports, data repository, state fiscal and
economic dashboard and research and commentary.
 The portal will be a “comprehensive repository” of data on social,
economic and fiscal parameters, research reports, papers, and expert
commentary on the finances of States for about 30 years from 1990-91
to 2022-23.
 The portal will facilitate an understanding of macro, fiscal, demographic, and socio-economic trends;
easily accessible data and user-friendly format and will also address the ongoing need for consolidated
sectoral data in one place.
 The portal will serve as a comprehensive research hub, offering a wealth of data and analytical tools
for in-depth research studies.

RBI Revises Norms on Government-Guaranteed Security Receipts

 The Reserve Bank of India (RBI) has announced new prudential
guidelines for Government of India-guaranteed Security Receipts
(SRs) floated by Asset Reconstruction Companies (ARCs).
 intended to differentiate sovereign-backed SRs from ordinary SRs by
providing banks with enhanced flexibility in provisioning while
enhancing capital discipline.
 The new guidelines recognize the lower risk profile of government-
guaranteed SRs, allowing banks to optimize provisioning while
maintaining prudent capital buffers.

Key Provisions of the Circular

 Reversal of excess provisions: Banks and other financial institutions
that transfer stressed assets to ARCs can now reverse excess
provisions to their Profit & Loss (P&L) account as long as the sale
consideration is made in the form of cash and government-guaranteed SRs only.
 Capital treatment of SRs: The non-cash component (SRs) received in such transactions must be
deducted from Common Equity Tier 1 (CET1) capital, ensuring that unrealized gains do not inflate
capital reserves.

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 Additionally, banks cannot distribute dividends from this portion of capital.

 Revised valuation methodology: Government-backed SRs must be periodically valued based on the
Net Asset Value (NAV) declared by ARCs, with adjustments linked to recovery ratings.
 Any unrealized fair valuation gains must also be deducted from CET1 capital, restricting dividend
payouts from such gains.

Entities Covered Under the Circular

 The new norms apply to the following:
 Commercial banks (including Small Finance Banks, Regional Rural Banks, and Local Area Banks)
 Cooperative banks (urban, state, and central)
 All-India Financial Institutions (AIFIs)
 Non-Banking Financial Companies (NBFCs), including Housing Finance Companies (HFCs)

MGNREGS Wage Hike for 2025-26

 The Government of India has notified an increase in wage rates under the Mahatma Gandhi National
Rural Employment Guarantee Scheme (NREGS) for the financial year 2025-26.
 The hike ranges from 2.33% to 7.48%, with wages increasing by Rs 7 to Rs 26 per day depending on the
state.
The Wage Increase
 The NREGS wage hike ranges from Rs 7 to Rs 26 per day.
 Haryana has seen the highest absolute increase of Rs 26, taking its wage rate to Rs 400 per day.
 The lowest increase of Rs 7 per day has been recorded in Andhra Pradesh, Arunachal Pradesh, Assam,
Nagaland, and Telangana.
 The new wage rates will come into effect from April 1, 2025.
Wage Determination Under NREGS
 The NREGS wage rates are fixed based on changes in the Consumer Price Index for Agricultural
Labourers (CPI-AL), which reflects inflation in rural areas.
 This ensures that wages under the scheme keep pace with the cost of living.

Axis Bank, J.P. Morgan Roll Out Anytime Dollar Payments for Clients
 India’s Axis Bank has partnered with J.P. Morgan to launch real-time US
dollar payment capabilities for commercial clients in India.
 This initiative is powered by Kinexys, J.P. Morgan’s blockchain and digital
assets unit.
 The new service enables Indian companies to make or receive dollar
payments 24/7, marking a first-of-its-kind development in India.
 Launch Location :GIFT City, India
 Technology :Blockchain & digital assets

RRBs achieve a record Rs. 7,571 crore profit in FY 2023-24

 Record Profit: Regional Rural Banks (RRBs) posted a record
consolidated net profit of ₹7,571 crore in 2023-24 — the
highest-ever.
 Balance Sheet Growth: RRBs' total balance sheet size increased
from ₹7,04,556 crore in 2021-22 to ₹8,40,080 crore in 2023-24.
 Improved Financial Metrics: Key indicators such as CRAR

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(Capital to Risk-weighted Assets Ratio), deposits, and advances showed positive growth.
 Drop in NPAs: Net Non-Performing Assets (NPAs) declined significantly from 4.7% in 2021-22 to 2.4%
in 2023-24.
 Better CD Ratio: The credit-to-deposit (CD) ratio rose from 64.5% to 71.4%, reflecting improved
financial management.
 RRBs have advanced financial inclusion in rural areas, contributing to schemes like Pradhan Mantri Jan
Dhan Yojana, Suraksha Bima Yojana, Jeevan Jyoti Bima Yojana, and Atal Pension Yojana, as reviewed by
the government.
About RRB
 Genesis: Formed in 1975 under the RRB Act, 1976.
 Ownership: Jointly owned by Government of India(GOI), Sponsor Bank and concerned State
Government and with share proportion of 50%,35% & 15% respectively.
 Regulation: Regulated by Reserve Bank of India (RBI) and supervised by NABARD.
 Aim: Development of agriculture, trade, commerce, industry and other productive activities in the
rural areas.
 Priority Sector Lending: Revised to 75% in 2016 of total lending within the sub-targets set by RBI.


REVISION QUESTIONS
Who has been appointed as the new Chairperson of the Pension Fund Regulatory and Development
Authority (PFRDA)?
पे ंश फंड विनशयामक और विकास पाराकरक (PFRDA) के शए अधयय के रप मे ककसे नशयुक् ककया गया है ?
A) S. Ramann
B) Deepak Mohanty
C) T. V. Somanathan
D) Ajay Seth
Answer: a

Which Indian bank has partnered with J.P. Morgan to offer real-time US dollar payment services for
commercial clients?
ककस भार्ीय बैक शे िाणकज्यक गाहकह के लिए िास्विक समय अमेररकी डॉिर भग
ु ्ाश सेिाएं प्ाश करशे के लिए
जे.पी. मॉग्श के साथ साझे्ारी की है ?
A) ICICI Bank
B) HDFC Bank
C) Axis Bank
D) State Bank of India
Answer: C

The ‘NITI NCAER States Economic Forum’ portal is a joint initiative of NITI Aayog along with which of the
following institutions?
‘शीन् एशसीएईआर रा्य आरथ्क मंच’ पोर् ि शीन् आयोग और नशमशलिणख् मे से ककस संसथा की एक संयुक् पहि
है ?
A) Reserve Bank of India (RBI)
B) Central Statistics Office (CSO)
C) Securities and Exchange Board of India (SEBI)

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Banking Awareness Current Affairs

11th April, 2025
❑ CS Setty replaced MV Rao, the Chief Executive of Central Bank of India, as the Chairman of the Indian Banks'
Association (IBA).
❑ L & T Finance Ltd. (LTF), one of the leading Non-Banking Financial Company (NBFC), has named renowned
Indian cricketer Jasprit Bumrah as its brand ambassador.
❑ N Chandrasekaran Joins IMF Managing Director’s Advisory Council on Entrepreneurship and Growth
❑ The government has appointed Deputy CAG S Ramann as Chairperson of pension fund regulator PFRDA.
❑ Poonam Gupta Appointed as RBI Deputy Governor Ahead of MPC Meeting
❑ Ambuj Chandna Joins DBS Bank India as MD & Head of Consumer Banking Group
❑ NPCI appoints Sohini Rajola as executive director-growth
❑ Punjab & Sind Bank Wins Top Improvers Award in EASE 6.0 Reforms Index
❑ 7th Pay Commission DA Hike: The Union Cabinet, headed by Prime Minister Narendra Modi, has approved a 2
per cent DA hike.
❑ FM Nirmala Sitharaman to launch NITI NCAER States Economic Forum portal in New Delhi.
❑ The Reserve Bank of India (RBI) has announced new prudential guidelines for Government of India-
guaranteed Security Receipts (SRs) floated by Asset Reconstruction Companies (ARCs).
❑ The Government of India has notified an increase in wage rates under the Mahatma Gandhi National Rural
Employment Guarantee Scheme (NREGS) for the financial year 2025-26.
❑ India’s Axis Bank has partnered with J.P. Morgan to launch real-time US dollar payment capabilities for
commercial clients in India.
❑ RRBs achieve a record Rs. 7,571 crore profit in FY 2023-24

QUESTION OF THE DAY

Who has been appointed as the new Deputy Governor of the Reserve Bank of India (RBI) for a three-year term?
A) Michael Patra
B) Dr. Poonam Gupta
C) Urjit Patel
D) N. K. Singh

Viral Davda Appointed Deputy CIO at Bombay Stock Exchange (BSE)

▪ Viral Davda, a professional with more than 20 years of experience, has been appointed
as Deputy Chief Information Officer (CIO) at Bombay Stock Exchange
Limited (BSE).

Neelam Dhungana Timsina appointed as acting Governor of Nepal Rastra Bank

RBI Launches WhatsApp Channel for Verified Financial Updates

▪ The Reserve Bank of India recently launched an official WhatsApp channel to disseminate financial
information with greater ease.
▪ The move is intended to share important banking updates and financial news in a simplified manner —
managing to reach people in remote areas.
▪ The move is part of the RBI’s ongoing outreach campaign titled ‘RBI
Kehta Hai’

SC Ralhan Appointed as President of FIEO till 2027

▪ Appointed Person :Subhash Chander (SC) Ralhan
▪ Appointed as :President of the Federation of Indian Export
Organisations (FIEO)
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▪ Appointed till :Until March 31, 2027

▪ Replaced :Ashwani Kumar
▪ Founded: 1965

NPCI BHIM Services Limited (NBSL) introduced BHIM 3.0, the newest
version of the Bharat Interface for Money (BHIM) app
▪ It is optimized to function smoothly even on weak or unstable
internet connections.
▪ The new version will allow users to track, manage, and split
expenses, with features like spend analytics for better budgeting
and a split expenses option to share costs with friends or family.
▪ A new Family Mode will enable users to add multiple family members to a single account, assign payments,
and monitor household expenses
▪ BHIM 3.0 will also include ‘Action Needed’ alerts for pending bills, UPI Lite activation, and low balance
reminders.
▪ For businesses, BHIM Vega will allow merchants to accept payments directly within the app without
requiring third-party applications.
▪ BHIM 3.0 has enhanced accessibility and security with support for 15+ languages, lowinternet optimization,
and improved security features for safer transactions.
▪ This upgrade will be fully rolled out by April 2025, introducing new features to enhance digital transactions
and financial management.

BHIM 3.0: It is an upgraded version of BHIM.

▪ BHIM Unified Payment Interface (UPI) was launched in 2016 to provide a simple, fast, and secure method for
cashless payments using UPI technology.
▪ It enabled users to send and receive money instantly through mobile phones, without requiring bank
account details.
▪ NPCI: NPCI was founded in 2008 by the RBI and Indian Banks' Association under the Payment and Settlement
Systems Act, 2007, to oversee and manage retail payments and settlement systems in India.
▪ NPCI International Payments Ltd. has expanded UPI to 7 countries, including Bhutan, Mauritius, Nepal,
Singapore, Sri Lanka, and France with 20 apps like PhonePe, Paytm, and Google Pay supporting international
transactions.

SBI Withdraws Amrit Kalash FD Scheme from April 1, 2025

▪ SBI has discontinued its limited-period Amrit Kalash Fixed Deposit scheme,
which offered a 400-day deposit with interest rates of 7.10% for regular
investors and 7.60% for senior citizens.
▪ The scheme was withdrawn effective April 1, 2025, as per an official
update on the SBI website; it had been offering attractive returns since
April 12, 2023.
▪ Meanwhile, the Amrit Vrishti scheme will continue, providing interest
rates up to 7.85% for super senior citizens over a 444-day term

RBI Permits NPCI to Enhance UPI Transaction Limits for P2M Payments
▪ Reserve Bank of India approved a significant update to the UPI framework by allowing the National
Payments Corporation of India (NPCI) to raise transaction limits for person-tomerchant (P2M) payments •
Current Transaction Caps
▪ General UPI limit: ₹1 lakh for both P2P and P2M.
▪ Exceptions (P2M only): Up to ₹2 lakh or ₹5 lakh in specific use cases such as,
▪ Education
▪ Healthcare
▪ Credit card bill payments (via UPI)

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▪ P2P Payments Cap remains unchanged at ₹1 lakh.

Trump unveils ‘discounted’ reciprocal tariffs, India to be charged 27%

▪ On April 2, US President Donald Trump marked "Liberation Day"
by announcing reciprocal tariffs on major trading partners.
What is a Tariff?
▪ A tariff is a tax imposed by a government on imported goods and
services, collected at customs to regulate foreign trade and
protect domestic industries.
Why Countries Impose Tariffs?
▪ Protect Domestic Industry: Makes foreign goods more expensive to promote local products.
▪ Correct Trade Imbalances: Discourages excessive imports to reduce trade deficits.
▪ Revenue Generation: Tariffs provide income, especially for countries with low tax bases.
What are Reciprocal Tariffs?
▪ Reciprocal tariffs mirror or adjust to the tariff rate imposed by another country.
▪ If India levies 54% duty on U.S. goods, U.S. might impose 27% as a retaliatory reciprocal tariff.
▪ • Used to counter trade imbalances and perceived unfair trade practices
Impact on India
▪ India faces a 27% reciprocal tariff under the new U.S. policy.
▪ Export-heavy sectors like pharmaceuticals, steel, electronics, and textiles may suffer reduced market access.
Base Tariff
▪ A 10% base tariff will be imposed on all countries.
▪ This is a significant increase from the pre-Trump tariff rate of 2.5%.
▪ The base tariff will take effect from April 5

RBI Keeps FPI Investment Caps Unchanged for FY2025-26

▪ Reserve Bank of India (RBI) announced that it will retain the existing Foreign Portfolio Investor (FPI)
investment limits in government and corporate bonds for the financial year 2025-26.
Investment Caps Maintained by RBI (FY26)
▪ Government Securities (G-Secs): 6% of outstanding stock.
▪ State Development Loans (SDLs): 2% of outstanding stock.
▪ Corporate Bonds: 15% of outstanding stock.
Time Period & Investment Limits
▪ April – September 2025:

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▪ G-Secs: ₹2.79 trillion (~$32.71 billion)

▪ Corporate Bonds: ₹8.22 trillion
▪ October 2025 – March 2026
▪ G-Secs: ₹2.89 trillion
▪ Corporate Bonds: ₹8.80 trillion

Bandhan Bank’s Elite Plus, Bank of Baroda’s New Deposit Scheme,

and PMMY Expansion
▪ Bandhan Bank has launched the Elite Plus Savings Account,
targeting high net-worth individuals (HNIs).
▪ The savings account will allow customers to deposit
unlimited cash each month, with free RTGS, NEFT, and IMPS
transactions.
▪ The account will carry enhanced debit card insurance
coverage and personal accident cover of up to Rs 15 lakh.
▪ Separately, state-owned Bank of Baroda has launched a new retail term deposit scheme — the bob Square
Drive Deposit Scheme — offering an interest rate of 7.15 per cent per annum, with 50 basis points more for
senior citizens, for a 444-day tenor.
▪ Additionally, a 7.75 per cent interest rate will be offered to super senior citizens (aged 80 years and above),
and up to 7.80 per cent per annum on non-callable deposits.
▪ The scheme is effective April 7 and is applicable on retail term deposits below Rs 3 crore.

Government Set To Implement “One State, One RRB”

▪ The Ministry of Finance is set to roll out the ‘One State-One
RRB’ strategy to improve operational efficiency and reduce
costs that will bring down the number of Regional Rural Banks
(RRB) from 43 to 28.
▪ Under the proposed roadmap for One State-One RRB, 15 RRBs
functioning across various states will be amalgamated.
▪ States such as Andhra Pradesh, currently hosting the highest
number of RRBs at four, will undergo significant restructuring.
▪ Other states identified for consolidation include Uttar Pradesh and West Bengal (three RRBs each).
▪ At the same time, Bihar, Gujarat, Jammu & Kashmir, Karnataka, Madhya Pradesh, Maharashtra, Odisha and
Rajasthan, each with two RRBs, will also see mergers.
▪ The Centre had initiated the structural consolidation of RRBs in 2004-05, reducing their number from 196
to 43 over three phases.
▪ Currently, the 43 RRBs operate through 22,069 branches across 26 states and three Union Territories,
Puducherry, Jammu & Kashmir and Ladakh, reaching over 700 districts.
▪ RRBs, originally established under the RRB Act of 1976 to support rural credit for small farmers, artisans
and agricultural workers, underwent a significant transformation after the Act was amended in 2015 to
allow capital mobilisation from non-government sources.

MeitY launches Digital Threat Report 2024 for banking, financial services, insurance sector
▪ Computer Emergency Response Team (CERT-In) (MeitY),
CSIRT-Fin and SISA, a global Cybersecurity
company, collaborated to launch the Digital Threat Report
2024 for the BFSI sector
▪ BFSI - Banking, Financial Services, and insurance (BFSI)
sector.
▪ MeitY Secretary S. Krishnan emphasizes need for unified
cybersecurity framework to protect India's financial
backbone

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▪ The BFSI sector is at the heart of global digital transformation, with digital payments projected to generate
$3.1 trillion by 2028, accounting for 35% of total banking revenues. However, the rapid shift to digital
transactions has also expanded the attack surface for cybercriminals.
▪ Report Identifies Sector-wide security gaps and emerging cyber risks, empowering BFSI institutions to
strengthen defenses

RBI cut repo rate for the second time by 0.25% to six per cent
▪ The first bi-monthly monetary policy of the RBI for the 2025-26 financial year was announced by the RBI
Governor, Sanjay Malhotra, in Mumbai on 9 April 2025.
▪ RBI also announced a change in its monetary policy stance from neutral to accommodative.
▪ Accommodative stance entails easy monetary policy that is geared towards stimulating the economy
through softer interest rates
▪ The Reserve Bank of India (RBI) has cut its policy repo rate by 25 basis points (0.25%)
▪ Reduced the growth rate forecast for India's real gross domestic product (GDP) for the 2025-26 financial
year to 6.5 percent from the earlier forecast of 6.7 %.
▪ Repo rate - The interest rate that the RBI charges when commercial banks borrow money from it is called
the repo rate.
▪ Reverse repo rate - The interest rate the central bank pays commercial banks when they park their excess
cash is called the reverse repo rate

Policy Repo Rate - 6.00%

• Fixed Reverse Repo Rate- 3.35 % (No change)
• Standing deposit facility (SDF) - 5.75% (earlier 6%)
• Marginal Standing Facility (MSF)- 6.25% (earlier 6.5%)
• Bank Rate - 6.25% (earlier 6.50%)

Reserve Ratios
• Cash Reserve Ratio (CRR)- 4%
• Statutory Liquidity Ratio (SLR)- 18% (No change)

Monetary Policy Committee (MPC)

▪ The Monetary Policy Committee is a statutory body set up by the government of India under the provisions
of the Reserve Bank of India Act 1934.
▪ It was established on 29 September 2016.
▪ It sets the policy interest rate of the RBI to achieve the inflation target set by the government of India.
▪ As per the RBI Act, the MPC has to meet at least four times a year.
▪ It has six members - Sanjay Malhotra, RBI Governor, and chairman of the MPC.
▪ Other members are Dr. Nagesh Kumar, Prof. Ram Singh, Saugata Bhattacharya, Dr. Rajiv Ranjan, and M.
Rajeshwar Rao.

RBI’s Remittances Survey 2025

▪ The RBI’s 2023-24 Remittances Survey reveals a historic shift: Advanced Economies (AEs) now
contribute over 50% of India’s remittances, surpassing the Gulf (37.9%) for the first time. This reflects
changing migration patterns and economic priorities.
Key Findings of RBI’s Remittances Survey (2023-24)
• Dominance of Advanced Economies: USA (27.7%), UK (10.8%), Singapore (6.6%), Canada (3.8%), and
Australia (3.1%) lead remittance inflows.
E.g. The US alone contributes more than Saudi Arabia (6.7%) and Kuwait (3.9%) combined.
• Decline in Gulf Contributions: GCC’s share dropped from 46.7% (2016-17) to 37.9% (2023-24).
E.g. UAE’s share fell from 26.9% to 19.2% due to job nationalization policies like Saudisation.
• Skilled vs. Unskilled Remittances: 78% of Indian migrants in the US work in high-paying sectors (IT, finance,
healthcare), sending larger sums.

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E.g. One Silicon Valley engineer remits ≈10x Gulf construction worker’s earnings.
• Student Mobility Driving Flows: 13.4 lakh Indian students abroad (Canada: 32%, US: 25.3%) boost
remittances via education loans and post-study earnings.
• Resilience During Crises: Remittances from AEs stayed stable during COVID-19, while Gulf flows dipped
sharply.
Implications for India:
• Economic Stability: Remittances ($118.7B in 2023-24) fund 42% of India’s trade deficit, reducing forex
pressure.
• Reduced Dependence on Gulf: Lower exposure to oil-driven Gulf recessions and migrant worker crises (e.g.,
2020 Kuwait firings).
• Brain Drain Concerns: Skilled exodus to AEs may deplete domestic talent in critical sectors like healthcare
and tech.
• Regional Disparities: States like Kerala (Gulf-dependent) may face slowdowns, while Telangana/Karnataka
(US-focused) benefit.
• Digital Remittance Growth: UPI-PayNow linkage (India-Singapore) cuts transfer costs to 1%, boosting
inflows.
Way Forward:
• Skill Harmonization: Align Indian qualifications (e.g., NSQF) with global standards to prevent deskilling of
migrants.
• Bilateral Labor Agreements: Expand pacts like India-Japan SSW to secure fair wages and rights for low-
skilled workers.
• Cost Reduction: Scale Project Nexus (ASEAN-India FPS linkage) to cut remittance fees below 3% (UN SDG
target).
• Diversify Migration Destinations: Promote opportunities in East Asia (Japan, South Korea) to reduce over-
reliance on AEs/Gulf.
• Leverage Diaspora Bonds: Issue Resurgent India Bonds 2.0 to channel remittances into infrastructure
projects.

Release of Publication “Women and Men in India 2024: Selected Indicators and Data”
▪ Ministry of Statistics and Programme Implementation (MoSPI), Government of India, released the 26th
edition of its publication titled “Women and Men in India 2024: Selected Indicators and Data”.
The highlights of the publication are as follows:
Gender Parity in Education
▪ Primary and Higher Secondary levels have consistently maintained a high Gender Parity Index (GPI),
indicating strong female enrolment.

• Upper Primary and Elementary levels experienced minor fluctuations but stayed close to parity throughout
the years.
Literacy and Workforce Participation
• The Labour Participation Force Rate (LPFR) for individuals aged 15 years and above (usual status) improved
significantly from 49.8% in 2017–18 to 60.1% in 2023–24.

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Women in Financial Inclusion

• Women own 39.2% of all bank accounts and contribute 39.7% of total bank deposits.
• Rural areas show the highest participation, with women comprising 42.2% of account holders.
Rise in DEMAT Accounts and Stock Market Participation
• Between March 31, 2021, and November 30, 2024, the number of DEMAT accounts surged from 33.26
million to 143.02 million, marking a more than fourfold increase.
• While male account holders consistently outnumbered females, female participation has steadily grown:
• Male DEMAT accounts rose from 26.59 million to 115.31 million.
• Female DEMAT accounts increased from 6.67 million to 27.71 million during the same period.
Rise in Female-Headed Proprietary Establishments
• A steady increase in the percentage of female-headed proprietary establishments has been recorded
across the manufacturing, trade, and other services sectors during the years 2021–22, 2022–23, and 2023–
24, reflecting growing women-led economic participation.
Electoral Participation of Women
• The total number of electors rose from 173.2 million in 1952 to 978 million in 2024, with a notable increase
in female voter registration.
• Female voter turnout:
• 67.2% in 2019
• Slightly declined to 65.8% in 2024
• The gender gap in voting has narrowed, with female turnout surpassing male turnout in 2024—a significant
milestone in political participation.
Growth in Female-Led Startups
• A positive trend has emerged in female entrepreneurship, indicated by the rising number of startups
recognized by DPIIT with at least one woman director.
• The number of such startups grew from 1,943 in 2017 to 17,405 in 2024, highlighting women’s increasing
role in India’s innovation and startup ecosystem.

REVISION QUESTIONS
Which ministry launched the Digital Threat Report 2024 for the BFSI sector in collaboration with CERT-In, CSIRT-
Fin, and SISA?
A) Ministry of Electronics and Information Technology
B) Ministry of Home Affairs
C) Ministry of Finance
D) Ministry of Corporate Affairs
Answer: A

What is the current transaction limit for general Unified Payments Interface (UPI) payments, including both
person-to-person (P2P) and person-to-merchant (P2M) transactions?
A) ₹50,000
B) ₹1 lakh
C) ₹2 lakh
D) ₹5 lakh
Answer: B

What is the primary objective of imposing reciprocal tariffs?

A) To promote foreign direct investment
B) To encourage international tourism
C) To eliminate tariffs from all countries
D) To mirror tariffs imposed by another country
Answer: d

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Banking Awareness Current Affairs

18th April, 2025
Revision points (LAST WEEK)
❑ Viral Davda, a professional with more than 20 years of experience, has been appointed as Deputy Chief
Information Officer (CIO) at Bombay Stock Exchange Limited (BSE).
❑ Neelam Dhungana Timsina appointed as acting Governor of Nepal Rastra Bank
❑ RBI Launches WhatsApp Channel for Verified Financial Updates
❑ SC Ralhan Appointed as President of FIEO till 2027
❑ NPCI BHIM Services Limited (NBSL) introduced BHIM 3.0, the newest version of the Bharat Interface for
Money (BHIM) app
❑ SBI has discontinued its limited-period Amrit Kalash Fixed Deposit scheme, which offered a 400-day deposit
with interest rates of 7.10% for regular investors and 7.60% for senior citizens.
❑ Reserve Bank of India approved a significant update to the UPI framework by allowing the National
Payments Corporation of India (NPCI) to raise transaction limits for person-tomerchant (P2M) payments •
❑ Trump unveils ‘discounted’ reciprocal tariffs, India to be charged 27%
❑ Reserve Bank of India (RBI) announced that it will retain the existing Foreign Portfolio Investor (FPI)
investment limits in government and corporate bonds for the financial year 2025-26.
❑ Bandhan Bank has launched the Elite Plus Savings Account, targeting high net-worth individuals (HNIs).
❑ The Ministry of Finance is set to roll out the ‘One State-One RRB’ strategy to improve operational efficiency
and reduce costs that will bring down the number of Regional Rural Banks (RRB) from 43 to 28.
❑ MeitY launches Digital Threat Report 2024 for banking, financial services, insurance sector
❑ The first bi-monthly monetary policy of the RBI for the 2025-26 financial year was announced by the RBI
Governor, Sanjay Malhotra, in Mumbai on 9 April 2025.
❑ The RBI’s 2023-24 Remittances Survey reveals a historic shift: Advanced Economies (AEs) now
contribute over 50% of India’s remittances, surpassing the Gulf (37.9%) for the first time. This reflects
changing migration patterns and economic priorities.
❑ Ministry of Statistics and Programme Implementation (MoSPI), Government of India, released the 26th
edition of its publication titled “Women and Men in India 2024: Selected Indicators and Data”.

QUESTION OF THE DAY

Who has been appointed as the Deputy Chief Information Officer (CIO) at Bombay Stock Exchange Limited (BSE) ?
A) Sanjay Malhotra
B) Viral Davda
C) Neeraj Mittal
D) Arvind Subramanian

TCS appoints Aarthi Subramanian as Executive Director President & COO

▪ Tata Consultancy Services (TCS), India’s largest information technology
services firm, announced the appointment of Aarthi Subramanian as executive
director-president and chief operating officer of the company.
▪ She will be the first woman to take over as the COO in the software company.
▪ The appointment is for a term of five years, commencing from May 1, 2025, to
April 30, 2030.
▪ N Chandrasekaran, Chairman, Tata Sons

Former Finance Secretary Pandey appointed vice-president at AIIB

▪ Ajay Bhushan Pandey, former Finance Secretary and CEO of Aadhaar, has
been appointed as the Vice President of Investment Solutions at the
Asian Infrastructure Investment Bank (AIIB), headquartered in Beijing.
▪ Jin Liqun of China is the AIIB's president and chair of the board of
directors
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BharatPe-controlled Trillionloans appoints Sandeep Singh the Chief

Executive Officer
▪ Digital-first RBI-regulated NBFC Trillionloans Fintech, a subsidiary
of BharatPe, has appointed Sandeep Singh as its chief executive
officer (CEO).

Bank of Maharashtra install India’s first ATM on a Train

▪ The public sector bank, Bank of Maharashtra, has become the first bank to
install an automated teller machine (ATM) on a train in india.
▪ The ATM was installed on the Mumbai-Manmad Panchavati Express. This is
the first time an ATM has been installed on an Indian Railway train.
▪ The Panchavati Express is an intercity train that connects Mumbai’s
Chhatrapati Shivaji Maharaj Terminus (CSMT) to Manmad in Nashik district.
▪ If the experiment proves successful, it will be extended to other trains.

About ATM in India

▪ John Shepherd-Barron of Great Britain is credited with inventing the ATM. In
1967, the British Bank, Barclays, was the first in the world to install an ATM
in London.
▪ Another British Bank, HSBC, installed the first ATM in India in Mumbai on 27th June 1987.
▪ In 2004, SBI installed India’s first floating ATM aboard a ferry travelling from Ernakulam to Vypeen in Kochi,
Kerala.
▪ India’s highest ATM, situated at 13200 feet, has been installed by the private sector bank Axis Bank at Nahtu-
La in Sikkim.
▪ India’s first UPI-enabled ATM was launched by Hitachi Payment Services, a subsidiary of Hitachi Limited of
Japan.

Zepto renames parent entity Kiranakart Tech, ahead of

possible IPO
▪ The quick-commerce startup Zepto has officially
changed the name of its parent company from
KiranakartTechnologies Private Limited to Zepto
Private Limited, a move aimed at preparing for a
potential stock market debut.
▪ Aadit Palicha and Kaivalya Vohra are the co-founders
of Zepto

State of Social Protection Report 2025

▪ State of Social Protection Report 2025 was released
recently by the World Bank.
▪ It reveals that 1.6 billion individuals receive no social
protection at all. As of 2025, nearly two billion people
in low- and middle-income countries lack adequate
social protection.
▪ The report emphasises the urgent need for reforms to
address these gaps and improve the lives of the poor.
Current State of Social Protection
▪ According to the report, over 80 per cent of people in low-income countries (LICs) lack access to social
protection.
▪ In lower-middle-income countries (LMICs), more than 30 per cent are inadequately covered.
▪ The crisis is more pronounced in sub-Saharan Africa, where over 70 per cent of the population has no access
to any form of social protection.

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Progress and Challenges

▪ Between 2010 and 2022, LICs and LMICs made progress in expanding social protection. Coverage increased
from 41 per cent to 51 per cent. Most advancements stemmed from social assistance programmes like cash
transfers.
▪ Despite improvements, gaps remain, with 75 per cent of people in LICs still lacking coverage.
▪ If current trends persist, it may take until 2043 to fully cover those living in extreme poverty.
▪ The report warns that without acceleration, achieving Sustainable Development Goals by 2030 will remain
unattainable.
▪ Climate change exacerbates vulnerabilities, potentially pushing an additional 130 million people into
extreme poverty.
Financing and Resource Allocation
▪ Countries currently spend an average of 5.3 per cent of their GDP on social protection.
▪ High-income countries spend more, creating disparities in support.
▪ Most low-income countries allocate only 0.8 per cent of GDP to social assistance. Redirecting subsidies from
fossil fuels and agriculture could free up resources for targeted support.

Automotive Industry Landscape in India

▪ India’s premier think tank, NITI Aayog, in collaboration with CRISIL, released the
report titled “Automotive Industry: Powering India’s Participation in Global
Value Chains”, outlining a strategic roadmap to make India a key global auto
component manufacturing hub.
• Global Ranking & Output: India is the 4th largest automobile producer globally,
with 28 million vehicles manufactured in 2023–24 across all segments (two-
wheelers to commercial vehicles).
• Export Trends: Auto component exports reached $20 billion, forming 3% of global
trade in 2023. India aims to triple exports to $60 billion by 2030.
• Domestic Market Growth: A booming middle class and policy incentives have led
to increased demand for EVs and small cars.
• Value Chain Positioning: India’s trade ratio of auto components is 0.99 (balanced
import-export), highlighting untapped export potential.
• Policy Support: Key government schemes include PLI, FAME-II, PM E-Drive,
and ACC Battery Storage—catalysts for manufacturing scale-up.

J&K: Campaign under ‘SVANidhi Se Samriddhi’ and ‘Main Bhi Digital’ initiatives concluded
▪ Organiser:Housing and Urban Development Department, Jammu & Kashmir.Campaign
▪ Duration:Held from April 7 to 12 across 17 Urban Local Bodies.
▪ Campaigns Involved:‘SVANidhi Se Samriddhi’‘Main Bhi Digital’
Main Bhi Digital’
• Aimed to empower vendors with digital payment tools.
• Provided training and support from:
• Banks
• Digital aggregators
Campaign under ‘SVANidhi Se Samriddhi’
▪ To uplift street vendors by: Linking them to central welfare schemes, and Enhancing their access to digital
financial services.
Focused on financial and social inclusion through key welfare schemes:
• PM Jeevan Jyoti Bima Yojana (PMJJBY)
• PM Suraksha Bima Yojana (PMSBY)
• Ayushman Bharat
• PM Matru Vandana Yojana
• Janani Suraksha Yojana
• Jan Dhan Yojana

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Cargo traffic on India’s inland waterways surges to all-time high of 145.5

million tonnes in 2024-25
▪ The Inland Waterways Authority of India (IWAI) has achieved a record-
breaking 145.5 million tonnes of cargo movement on the country’s
national waterways during the fiscal year 2024-25
▪ The all-time high cargo movement has come along with the total
number of operational waterways increasing from 24 to 29 during the
year
▪ Cargo traffic on National Waterways has increased from 18.10 MMT to
145.5 MMT between FY-14 and FY-25, recording a compound annual
growth (CAGR) of 20.86 per cent.
▪ In FY-25, traffic movement registered a growth of 9.34 per cent year-
on-year from FY-24.
▪ Five key commodities, including coal, iron ore, iron ore fines, sand and
fly ash, constituted over 68 per cent of the total cargo moved on national waterways (NWs) during the year.

NITI Aayog Report on India’s Hand and Power Tools Sector Potential
▪ NITI Aayog has released a report titled “Unlocking Rs. 2,13,925+ crore (US$ 25+ billion) Export potential -
India’s hand & power tools sector”.
▪ The global trade market for power and hand tools, valued at $100bn, is projected to reach Rs. 16,25,830
crore (US$ 190 billion) by 2035.
▪ Hand tools are expected to expand from Rs. 2,90,938 crore (US$ 34 billion) to Rs. 5,13,420 crore (US$ 60
billion).
▪ In contrast, power tools, including tool accessories, are anticipated to surge from Rs. 5,39,091 crore (US$ 63
billion) to Rs. 11,46,638 crore (US$ 134 billion).
Current Export Status:
▪ Hand Tools: ₹5,134 crore (US$ 600 million) – 1.8% global share
▪ Power Tools: ₹4,022 crore (US$ 470 million) – 0.7% global share
Future Potential:
▪ Target exports of ₹2,13,925 crore (US$ 25 billion) over the next 10 years
▪ Aiming for 10% global share in power tools and 25% in hand tools
Job Creation:
▪ Estimated 35 lakh jobs through market share expansion

NFO Tracker: Nippon Life India Asset Management launches two

index funds
▪ Nippon Life India Asset Management (NAM India) has
launched two new open-ended index funds - Nippon India
Nifty 500 Quality 50 Index Fund and Nippon India Nifty
500 Low Volatility 50 Index Fund.
▪ The funds aim to provide investors with unique, cost-
effective and diversified exposure to the Indian equity
market by tracking the Nifty 500 Quality 50 Index and Nifty 500 Low Volatility 50 Index respectively
▪ The New Fund Offer (NFO) for both funds will open for subscription on April 16, 2025 and close on April 30,
2025.
▪ Investors would require a minimum investment amount of ₹1,000 during the NFO and in multiples of ₹1
thereafter.
▪ These funds are designed to provide investors with diversified exposure to top-performing companies across
large, mid, and small-cap segments while providing targeted benefits such as low-cost entry, lower volatility,
and better risk-adjusted returns.
▪ Jitendra Tolani serves as the designated fund manager for both schemes.

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NITI Aayog Releases Report on Automotive Sector’s Global Competitiveness

▪ NITI Aayog released a report titled ‘Automotive Industry: Powering India’s Participation in Global Value
Chains’, launched by Vice Chairman Shri Suman Bery, senior members, and the CEO of NITI Aayog.
▪ The report outlines India’s Global Value Chain (GVC) potential in the automotive sector and highlights
strategic pathways for global leadership.
▪ India’s automotive industry is a cornerstone of the nation’s manufacturing and economic growth,
contributing 7.1% to India’s Gross Domestic Product (GDP) and 49% to manufacturing GDP.
Global Automotive Component Market (2022)
• Total Market Value: $2 trillion
• International Trade Volume: $700 billion (i.e., 35% of the global market is traded across borders)
India’s Position in Global Auto Component Trade
• Global Trade Share: Only 3% (~$20 billion)
• Implication: Despite a strong manufacturing base, India has low global integration in the auto component
value chain.
• Trade Ratio: Approximately 0.99, indicating a near balance between exports and imports of auto
components.
Segmental Penetration – High-Precision & High-Value Components
• India's Global Trade Share:
• Engine & Engine Components: Only 2–4%
• Drive Transmission & Steering Systems: Only 2–4%
• Inference: India’s domestic manufacturing still lacks global competitiveness and depth in high-precision,
high-tech segments.
Strategic Importance of the Automotive Sector
• Contributes 7.1% to India’s GDP and 49% to manufacturing GDP.
• Employs millions and supports critical linkages across steel, electronics, and IT sectors.
• India's current share in globally traded auto components is approximately 3% or 20 billion.
Rise of Electric Vehicles (EVs):
• EVs are reshaping manufacturing priorities, with China producing over 8 million EVs in 2023.
• The EU and the US are accelerating EV adoption through regulatory mandates and subsidies.
Digital and Advanced Manufacturing:
• Integration of AI, robotics, digital twins, Internet of Things (IoT), and 3D printing is driving efficiency.
Sustainability and Circular Economy:
• Automakers are moving toward carbon neutrality, material recycling, and energy efficiency.

Sectoral Interdependence:
• Auto industry is a major consumer of steel, electronics, rubber, glass, textiles, and IT services.
• Increasing reliance on semiconductors and AI-driven software for innovative mobility solutions.
Major Government Interventions
▪ Make in India: Launched in 2014, the Make in India initiative has provided a significant boost to the
country’s manufacturing sector, particularly in automobiles.
▪ This policy promotes domestic manufacturing, reduces reliance on imports, and encourages foreign direct
investment.
▪ Atmanirbhar Bharat: The Atmanirbhar Bharat initiative aims to foster self-sufficiency in manufacturing and
reduce the country’s dependence on foreign components.
▪ FAME India Scheme (Phases I & II): The Faster Adoption and Manufacturing of Hybrid and Electric Vehicles
(FAME) scheme has been pivotal in promoting clean mobility in India. Phase II, with an outlay of ₹11,500
crore, focuses on demand incentives for electric two-wheelers, three-wheelers, buses, and the development
of public charging infrastructure.
PM E-Drive Scheme (2024–26): Launched to accelerate EV adoption and reduce urban pollution, this scheme has a
budget of ₹10,900 crore and targets large-scale procurement of electric vehicles:
• 24.79 lakh electric two-wheelers
• 3.2 lakh electric three-wheelers

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• Procurement of 14,028 electric buses by State Transport Undertakings (STUs)/public transport agencies
• ₹2,000 crore earmarked for national-level charging infrastructure expansion.

BharatPe Gets RBI Approval for Payment Aggregator Business

▪ BharatPe, a prominent Indian fintech company, has achieved a significant milestone by receiving final
approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator.
▪ BharatPe announced the upcoming launch of its online PA platform -- 'BharatPe X’.
▪ This development allows BharatPe to expand its ecommerce transaction settlement services, now under RBI
regulation
▪ Founders: Ashneer Grover, Shashvat Nakrani
▪ CEO: Nalin Negi (3 Jan 2023–)
▪ Parent: Resilient Innovations Private Limited
▪ Founded: April 2018

Razorpay Launches ‘Turbo UPI’ Plugin to Revolutionize Digital

Payments
▪ Fintech firm Razorpay has partnered with NPCI BHIM
Services Ltd (NBSL) and Axis Bank to launch the Razorpay
Turbo UPI plugin on the BHIM Vega platform.
▪ The solution enables businesses to offer seamless in-app
payment experiences, allowing customers to complete
transactions instantly without switching to third-party apps
▪ Single source for dispute resolution and refund handling in case of payment failure or refunds
▪ 5x faster UPI payment versus regular UPI payments.

Centre launches ‘Global Tariff and Trade Helpdesk’ to assist stakeholders in

navigating trade issues
▪ The Directorate General of Foreign Trade (DGFT) has launched a
dedicated ‘Global Tariff and Trade Helpdesk’.
▪ To help stakeholders navigate emerging trade issues amid the evolving
global trade landscape, including new tariff and counter-tariff
measures.
▪ The helpdesk aims to assist in identifying - New export opportunities, and Import pressures from specific
countries or product sectors.
▪ The ‘Global Tariff Challenges Helpdesk’ would look into issues relating to Import and Export Challenges,
Import Surges or Dumping, EXIM Clearance, Logistics or Supply Chain Challenges, Financial or Banking issues,
Regulatory or Compliance Issues, and Other Issues or Suggestions

REVISION QUESTIONS
Which organization released the "State of Social Protection Report 2025"?
A. United Nations Development Programme
B. World Bank
C. International Labour Organization
D. World Economic Forum
Answer: B

Which bank has partnered with Razorpay to launch the Turbo UPI plugin on the BHIM Vega platform?
A. HDFC Bank
B. ICICI Bank
C. State Bank of India
D. Axis Bank
Answer: D

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Banking Awareness Current Affairs

26th April, 2025
Revision points (LAST WEEK)
❑ Tata Consultancy Services (TCS), India’s largest information technology services firm, announced the
appointment of Aarthi Subramanian as executive director-president and chief operating officer of the
company.
❑ Ajay Bhushan Pandey, former Finance Secretary and CEO of Aadhaar, has been appointed as the Vice
President of Investment Solutions at the Asian Infrastructure Investment Bank (AIIB), headquartered in
Beijing.
❑ Digital-first RBI-regulated NBFC Trillionloans Fintech, a subsidiary of BharatPe, has appointed Sandeep
Singh as its chief executive officer (CEO).
❑ The public sector bank, Bank of Maharashtra, has become the first bank to install an automated teller
machine (ATM) on a train in india.
❑ The quick-commerce startup Zepto has officially changed the name of its parent company from
KiranakartTechnologies Private Limited to Zepto Private Limited, a move aimed at preparing for a potential
stock market debut.
❑ State of Social Protection Report 2025 was released recently by the World Bank, It reveals that 1.6 billion
individuals receive no social protection at all. As of 2025, nearly two billion people in low- and middle-
income countries lack adequate social protection.
❑ India’s premier think tank, NITI Aayog, in collaboration with CRISIL, released the report titled “Automotive
Industry: Powering India’s Participation in Global Value Chains”, outlining a strategic roadmap to make
India a key global auto component manufacturing hub.
❑ J&K: Campaign under ‘SVANidhi Se Samriddhi’ and ‘Main Bhi Digital’ initiatives concluded
❑ Cargo traffic on India’s inland waterways surges to all-time high of 145.5 million tonnes in 2024-25
❑ NITI Aayog has released a report titled “Unlocking Rs. 2,13,925+ crore (US$ 25+ billion) Export potential -
India’s hand & power tools sector”.
❑ Nippon Life India Asset Management (NAM India) has launched two new open-ended index funds - Nippon
India Nifty 500 Quality 50 Index Fund and Nippon India Nifty 500 Low Volatility 50 Index Fund.
❑ NITI Aayog released a report titled ‘Automotive Industry: Powering India’s Participation in Global Value
Chains’, launched by Vice Chairman Shri Suman Bery, senior members, and the CEO of NITI Aayog.
❑ BharatPe, a prominent Indian fintech company, has achieved a significant milestone by receiving final
approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator.
❑ Fintech firm Razorpay has partnered with NPCI BHIM Services Ltd (NBSL) and Axis Bank to launch the
Razorpay Turbo UPI plugin on the BHIM Vega platform.
❑ The Directorate General of Foreign Trade (DGFT) has launched a dedicated ‘Global Tariff and Trade
Helpdesk’.

QUESTION OF THE DAY

What is the current global market share of India in hand tools exports, according to the NITI Aayog report titled
“Unlocking Export potential - India’s hand & power tools sector”?
A. 0.5%
B. 1.2%
C. 1.8%
D. 2.5%
Answer: C

Campbell Wilson to Step Down as Air India Express Chairman

▪ Air India’s Chief Executive Officer and Managing Director
Campbell Wilson will step down as the chairman of the
Tata group’s budget airline Air India Express.

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▪ And will be replaced by Air India’s Chief Commercial Officer Nipun Aggarwal.
▪ Air India Express is a fully-owned subsidiary of Air India, and was acquired from the government by the Tata
group along with the parent airline in 2022.

Stacie Sire Appointed as Vice President and Managing Director of Boeing

(BIETC)
▪ American Aerospace and Defence giant Boeing has appointed
Stacie Sire as its new Vice President and Managing Director for
Boeing India Engineering & Technology Center (BIETC) and also as
the chief engineer for Boeing India.
▪ Sire succeeds Ahmed Elsherbini, who led this position from April
2021 to January 2025.
▪ American Aerospace and Defence giant Boeing has appointed
Stacie Sire as its new Vice President and Managing Director for
Boeing India Engineering & Technology Center (BIETC) and also as
the chief engineer for Boeing India.
▪ Sire succeeds Ahmed Elsherbini, who led this position from April
2021 to January 2025.

Santosh Kumar Appointed Deputy CFO of IndusInd Bank

▪ Private sector lender IndusInd Bank has elevated Santosh Kumar,
currently serving as chief accountant, to the role of deputy chief
financial officer (CFO) and special officer – finance and accounts,
effective April 18.
▪ Following the resignation of Gobind Singh in January, who served as the
bank’s CFO for over three years, Arun Khurana, deputy chief executive
officer and whole-time director, took on the responsibilities, effective
January 21.

Klaus Schwab Resigns as Chairman of World Economic Forum After

Five Decades
▪ Klaus Schwab, the visionary behind the World Economic Forum
(WEF), has officially stepped down from his roles as Chair and
Trustee after more than five decades of leadership.
▪ Klaus Schwab, the German economist and engineer who
founded the World Economic Forum (WEF) in 1971
▪ Interim Chair: Vice Chairman Peter Brabeck-Letmathe assumes
interim leadership

About World Economic Forum:

• It was established in 1971 as a not-for-profit foundation by German engineer and economist Klaus Schwab.
It was originally known as the European Management Forum.
• It introduced the concept of stakeholder capitalism.
• Events in 1973, namely the collapse of the Bretton Woods fixed exchange rate mechanism and the Arab-
Israeli War, saw the Annual Meeting expand its focus from management to economic and social issues.
• In 1987, the European Management Forum formally became the World Economic Forum and sought to
broaden its vision to include providing a platform for dialogue.
• In 2015 it was formally recognised as an international organization.
• Funding: The WEF is largely funded by its partnering corporations. These are generally global enterprises
with annual turnover greater than $5 billion.

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• Reports published by the World Economic Forum: Global Competitiveness Report, Global Information
Technology Report, Global Gender Gap Report, Global Risks Report, Global Travel and Tourism Report,
Global Enabling Trade Report.
• It has headquarters in Geneva, Switzerland and offices in New York and San Francisco in the United States,
in Beijing, China and in Tokyo, Japan.

‘Grahak Mitras’
▪ The State Bank of India (SBI), India’s largest public sector
bank, has unveiled a new customer engagement initiative
by introducing ‘Grahak Mitras’ at select branches.
▪ These specially trained personnel, drawn from SBI’s
subsidiary, State Bank Operations Support Services (SBOSS),
will assist walk-in customers with alternate banking
channels, helping to decongest busy branches and promote
digital banking.
Who are Grahak Mitras?
▪ Grahak Mitras are dedicated support personnel stationed at
SBI branches to offer firstlevel assistance to customers.
▪ Their primary role is to educate and guide customers in
using self-service and digital banking platforms, thereby
reducing the footfall for routine transactions at counters.
Key targets for FY26:
▪ Replacement/upgrade of 40,000 ATMs/ADWMs, accounting for approximately 62% of its network
▪ Installation of 5,500 new SWAYAM kiosks across various branches
Deployment Plan:
▪ Around 4,500 SBI branches will have Grahak Mitras
▪ This covers nearly 20% of SBI’s 22,740 branches
▪ Focus areas include branches with high footfall, particularly those managing government salary, pension,
and benefit transfer accounts

IMF slashes India’s growth rate forecast to 6.2 % for FY 26

▪ The IMF has also reduced its growth projection for the Indian
economy to 6.3% in 2026- 27.
▪ Despite the reduction in the Indian economy's growth rate ,
India will remain the fastestgrowing major economy in the
world.
▪ According to the IMF, the world economy is expected to
grow by 2.8 in 2025.
▪ These projections for the world economy and India were made by the IMF in its latest edition of the World
Economic Outlook Report, released on April 22, 2025.
IMF expect India to have a stable economic growth rate
▪ It expects India to grow by 6.2 % in 2025-26.
▪ The current account deficit of India is expected to be 0.9% of the gross domestic product (GDP) in 2025-26
and 4.1% in 2026-27.
▪ The unemployment rate in India is expected to be 4.9%
IMF on World Economy
▪ According to the IMF, the threat of reciprocal tariffs by the United States is unprecedented in a century and
has created a highly unpredictable global economic environment.
▪ The world economy is expected to grow by 2.8% in 2025 and 3% in 2026.
▪ The United States Economy is expected to grow by 1.8% in 2025

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Why World Bank slashed India’s growth forecast to 6.3% for

FY26
▪ The World Bank has cut India’s growth forecast by 0.4
percentage points to 6.3 per cent from 6.7 per cent for
the current financial year 2025-26, citing global
economic weakness and policy uncertainty.
▪ It is seen slowing from 6.5 per cent growth estimate
(7.0 per cent earlier) in FY25.
▪ In India, growth is expected to slow from 6.5 per cent in
FY25 to 6.3 per cent as in FY26

PNB Celebrates 131st Foundation Day with Launch of 34 New

Initiatives
▪ Punjab National Bank (PNB) marked its 131st
foundation day by launching 34 innovative products
and services designed to boost financial inclusion,
digital banking, and customer satisfaction.
▪ Founded: April 12, 1895, Lahore (now in Pakistan), as
part of the Swadeshi Movement
▪ First Account Holder: Lala Lajpat Rai, housed opposite Arya Samaj Mandir in Anarkali, Lahore
▪ PNB MD & CEO Ashok Chandra

12 Deposit Schemes for,

• Salaried individuals
• Women
• Defence personnel
• Farmers
• NRIs
• Senior citizens
• Pensioners
• Students and youth
• 10 Digital Transformation Products, including,
• QR code-based customer feedback system
• AI-powered live chat assistant “Pihu”
• Internal banking system upgrades to improve service delivery

RBI’s Directive To Banks on Migration to ‘.bank.in’ Domain

▪ The Reserve Bank of India (RBI) has established a deadline
of October 31, 2025, for all banks to transition their digital
operations to the domain 'Bank.in’.
▪ This directive is intended to improve the security
infrastructure of online banking services across the
nation.
▪ By standardising the domain name, the RBI aims to make
digital banking more secure and user-friendly, reducing
the potential for confusion among consumers and increasing trust in digital transactions.

What is the ‘.bank.in’ domain?

The .bank.in domain is a secure and exclusive internet domain introduced by RBI specifically for Indian banks to help
curb digital payment fraud and enhance trust in online banking services.

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RBI Cancels Licence of Ajantha Urban Co-op Bank Maryadit

▪ The Reserve Bank has cancelled the licence of Ajantha Urban Co-operative Bank Maryadit, Aurangabad, as
the lender does not have adequate capital and earning prospects.
▪ Consequently, the bank ceases to carry on banking business.
▪ The Registrar of Cooperative Societies, Maharashtra, has also been requested to issue an order for winding
up the bank and appoint a liquidator for the bank.
▪ On liquidation, every depositor would be entitled to receive deposit insurance claim amount of his/her
deposits up to a monetary ceiling of Rs 5 lakh from Deposit Insurance and Credit Guarantee Corporation
(DICGC).

SEBI Revises Cut-Off Timing for Overnight Mutual Funds

▪ The Securities and Exchange Board of India (SEBI) has
revised the cut-off timing for redemption in overnight and
liquid mutual fund schemes, effective June 1, 2025.
For Offline (Physical) Mode
• Redemption requests submitted before 3:00 PM: Get the
closing NAV of the day preceding the next business day.
• Redemption requests submitted after 3:00 PM: Get the
NAV of the next business day.

For Online Mode (Only Overnight Funds)

• Redemption requests submitted before 7:00 PM: Eligible for the same-day NAV benefit.
• Redemption requests submitted after 7:00 PM: Will receive the NAV of the next business day.

Government Re-Appoints T. Rabi Sankar as RBI Deputy Governor

▪ The Indian government has re-appointed T. Rabi Sankar for another term as the
Deputy Governor of the Reserve Bank of India (RBI), effective from May 3, 2025.
▪ This marks his second extension since his initial appointment in May 2021.
Extra info:
▪ The Centre has appointed Poonam Gupta, Director General of the National Council of
Applied Economic Research (NCAER), as the Deputy Governor of the Reserve Bank of
India (RBI) for a three-year term

RBI Permits Minors Above 10 to Operate Bank Accounts Independently

▪ The Reserve Bank permitted banks to allow minors above the age of 10
years to open and operate savings/term deposit accounts
independently.
▪ Guardian Account for Minors: Minors may be allowed to open
accounts with their mother as the guardian.
▪ Eligibility for Independent Accounts: Minors aged 10 years or above
can open and operate savings or term deposit accounts independently,
subject to terms and conditions set by banks.
▪ Bank’s Risk Management Policy: Banks will fix the amount and terms
for minor accounts based on their risk management policies.
▪ Bank’s Discretion on Facilities: Banks have the discretion to offer
additional facilities such as internet banking, ATM/debit cards, and
cheque books to minor account holders.
▪ Suitability of Additional Services: The availability of additional services will be based on the bank’s
assessment of product suitability and customer appropriateness.

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RBI Eases LCR Norms, Imposes 2.5% Additional Run-Off Factor on Digital Deposits
▪ The Reserve Bank of India (RBI) has mandated 2.5 per cent additional run-off factor for retail deposits linked
to internet and mobile banking (IMB) facilities for commercial banks.
▪ This was stated in its final guidelines for computation of liquidity coverage ratio (LCR) compared to 5 per
cent proposed in the draft norms issued in July 2024.
▪ In addition, funding from non-financial entities like trusts (educational, charitable and religious),
partnerships and LLPs, among others, will attract a lower run-off rate of 40 per cent against 100 per cent
currently.
▪ The impact of banks’ LCR — which they need to maintain at 100 per cent — will be much lower compared to
what the draft norms proposed.

SBI Card and Tata Digital Launch Co-branded Tata Neu SBI Card
▪ SBI Card has collaborated with Tata Digital to introduce the
Tata Neu SBI Card, a co-branded credit card designed to
provide customers with a rewarding shopping experience.
▪ The card comes in two variants: Tata Neu Infinity SBI Card
and Tata Neu Plus SBI Card.
▪ Both cards are available on the RuPay and Visa platforms.

SBI Reviving the ‘Amrit Vrishti’ FD Scheme with New Rates

▪ The State Bank of India (SBI), the country's largest public
sector lender, has announced a revision in its Fixed Deposit
(FD) interest rates.
▪ The bank has cut interest rates by 10 basis points for select
medium-term deposits, specifically in the 1 to 3-year range,
applicable to both general customers and senior citizens.
▪ Alongside this revision, SBI has also reintroduced its special
“Amrit Vrishti” FD scheme with modified rates for a 444-day
tenure.
▪ SBI offers interest rates between 3.50% and 6.9% (without special deposit) for tenures ranging from 7 days
to 10 years.
▪ For senior citizens, the bank offers interest rate between 4% to 7.50%.

SBI has reduced interest rates on these tenures

▪ For the general public, the rate for FDs with tenures ranging from 1 year to less than 2 years has been
reduced from 6.80% to 6.70%, while for FDs with tenures from 2 years to less than 3 years now have an
interest rate of 6.90%, down from the earlier 7.00%.
Senior citizens FD interest rates
▪ For senior citizens, the rate of interest for fixed deposits with tenures from 1 year to less than 2 years has
been revised downward from 7.30% to 7.20%, and the interest rate has been cut from 7.50% to 7.40% for
FDs with tenures ranging from 2 years to less than 3 years.

SIAM: Automobile export from India increases 19.2 % in 2024-25

▪ According to the Society of Indian Automotive Manufacturers (SIAM), automobile exports from India in
2024-25 increased by 19.2% compared to the previous year.
▪ The export, which includes passenger vehicles, two-wheelers, and commercial vehicles, stood at 53,63,089
units in 2024-25
▪ Leading Exporter Companies
▪ Passenger Vehicle Segment Exporters
▪ Maruti Suzuki India Limited was the leading exporter of passenger vehicles from India.
▪ The main markets of Maruti were Africa, West Asia, Latin America and Japan.
▪ In second place was Hyundai India Limited.

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Two Wheeler Exporters

▪ Bajaj Auto, TVS and Honda Motorcycles & Scooters India Ltd were the top three in the two-wheeler
segment.
▪ The African region and Latin America were key export markets.

India Imposes 12% Tariff on Steel Imports

▪ In a decisive step to protect its domestic steel industry, the
Government of India has announced the imposition of a 12%
provisional safeguard duty on select categories of steel imports.
▪ The decision, which came into effect on April 21, 2025, is aimed
at countering a surge in low-cost steel imports, especially from
China, South Korea, and Japan.
▪ In the financial year 2024–25, India imported approximately 9.5
million metric tons of finished steel, the highest volume in
nearly a decade.
▪ This dramatic increase led to India becoming a net importer of
finished steel for the second consecutive year.

Scope of the 12% Safeguard Duty

▪ The 12% tariff is a provisional measure effective for 200 days
and applies specifically to a range of non-alloy and alloy steel
flat products. These include:
▪ Hot-rolled coils, sheets, and plates
▪ Hot-rolled plate mill plates
▪ Cold-rolled coils and sheets
▪ Metallic-coated steel coils and sheets
▪ Colour-coated steel products

REVISION QUESTIONS
Who are Grahak Mitras?
a) Branch managers at SBI branches
b) Digital banking trainers
c) Dedicated support personnel stationed at SBI branches
d) Employees from SBI's head office
Answer: c

What age group of minors has the Reserve Bank of India allowed to open and operate savings/term deposit
accounts independently?
a) Minors aged 5 years or above
b) Minors aged 18 years or above
c) Minors aged 15 years or above
d) Minors aged 10 years or above
Answer: d

What is the maximum amount a depositor can claim as deposit insurance from the DICGC after the liquidation of
Ajantha Urban Co-operative Bank?
a) Rs 1 lakh
b) Rs 5 lakh
c) Rs 10 lakh
d) Rs 15 lakh
Answer: b

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