Question. Banks Board Bureau is an autonomous body of the GOI tasked to improve the governance of Public Sector Banks. BBB was setup on the recommendation of which committee ? a) P.J. Nayak Committee b) Raja Chelliah Committee c) Vaghul Committee d) e) R. Jilani Committee Question. Banks Board Bureau is an autonomous body of the GOI tasked to improve the governance of Public Sector Banks. BBB was setup on the recommendation of which committee ? a) P.J. Nayak Committee Committee Related to b) Raja Chelliah Committee Vaghul Committee For Money Market In India c) Vaghul Committee Narasimham Committee For Banking Sector Reforms d) Narasimham Committee e) R. Jilani Committee Raja Chelliah Committee For Tax Reforms R. Jilani Committee Inspection System in Banks

▪ In February 2016, the NDA government approved the proposal for setting up BBB and it started functioning from April 2016

▪ Headquarters of Banks Board Bureau: , Maharashtra.

▪ Bhanu Pratap Sharma: Chairman of BBB Banks Board Bureau

➢ Banks Board Bureau (BBB) is an autonomous body of the tasked to improve the governance of Public Sector Banks, recommend selection of chiefs of government owned banks and financial institutions and to help banks in developing strategies and capital raising plans.

▪ In February 2016, the NDA government approved the proposal for setting up BBB and it started functioning from April 2016

▪ The BBB works as step towards governance reforms in Public Sector Banks (PSBs) as recommended by P.J. Nayak Committee

▪ Headquarters of Banks Board Bureau: Mumbai, Maharashtra.

▪ Bhanu Pratap Sharma: Chairman of BBB Banks Board Bureau

➢ The Banks Board Bureau headed by B P Sharma, recommended names of Ashwini Bhatia, M V Rao and P P Sengupta for the post of managing director of three state- owned lenders - State , of India and , respectively. Banking News

➢ President of India, Shri Ram Nath Kovind has promulgated the Banking Regulation (Amendment) Ordinance, 2020 which will amend section 45, and 56 of Banking Regulation Act, 1949 as applicable to Cooperative Banks

▪ Cabinet approval on June 24, 2020 regarding an ordinance to bring nearly 1,482 urban and 58 multi state cooperative banks under the ’s (RBI) supervision.

▪ These will also not apply to Primary Agricultural Credit Societies or co-operative societies whose primary object and principal business is long-term finance for agricultural development, and which do not use the word “bank and do not act as drawees of cheques. Banking News

➢ President of India, Shri Ram Nath Kovind has promulgated the Banking Regulation (Amendment) Ordinance, 2020 which will amend section 45, and 56 of Banking Regulation Act, 1949 as applicable to Cooperative Banks

▪ Currently, co-operative banks come under dual regulation of the RBI and the Registrar of Co-operative Societies (RCS). The above move has been taken after several instances of fraud and serious financial irregularities, including the major scam at the Punjab and Maharashtra Co-operative (PMC) Bank in 2019. Question. RBI recently stopped selling 7.75% govt savings bonds. what was the lock-in period of the bonds? a) Six b) Eight c) Seven d) Nine e) Ten Question. RBI recently stopped selling 7.75% govt savings bonds. what was the lock-in period of the bonds? a) Six Gov. of India ▪ The 7.75% Savings (Taxable) Bonds, b) Eight Name of Investor: Banti Tiwari 2018 Scheme was ceased for c) Seven subscription from the close of d) Nine Type : Fixed Rate banking business on May 28, 2020. e) Ten Face Value: 1 Lakh

Term: 7 Year

Rate: 7.75 %

• Guaranteed by GOI Bonds and Debentures

L&T Finance Ltd L&T Finance Ltd

Name of Investor: Monu Sharma Name of Investor: Sonu Sharma

Type : Fixed Rate Type : Non Covertable

Face Value: 5 Lakh Face Value: 5 Lakh Term: 1 Year Rate: 8.5 % Term: 1 Year

• Debt instrument is backed by Rate: 9.75 % the property of L&T, situated in sector 3 Anand Vihar New Delhi Types of Bonds • Fixed-Rate Bond: L&T Finance Ltd • Floating Rate Bonds Name of Investor: Monu Sharma • Zero-Coupon Bond:

Type : Fixed Rate Fixed-Rate Bond: Face Value: 5 Lakh • A fixed-rate bond is a bond that pays the Term: 1 Year same amount of interest for its entire Rate: 8 % term. • Debt instrument is backed by the property of L&T, situated in sector 3 Anand Vihara New Delhi Floating Rate Bonds: L&T Finance Ltd • It is a debt instrument with a variable Name of Investor: Monu Sharma interest rate. The interest rate for this bond is tied to a benchmark rate Type : Floating Rate

Face Value: 5 Lakh Term: 1 Year ( in 4 Slots ) Rate: 8.5 % Benchmark rate: 6 %

• Debt instrument is backed by the property of L&T, situated in sector 3 Anand Vihara New Delhi Zero-Coupon Bond: L&T Finance Ltd • A zero-coupon bond is a debt security Name of Investor: Monu Sharma that doesn't pay interest (a coupon) but is traded at a deep discount, Type : Zero-Coupon rendering profit at maturity when the bond is redeemed for its full face Face Value: 5 Lakh value. Term: 1 Year Rate: 0 % Discount: 40,000

• Debt instrument is backed by the property of L&T, situated in sector 3 Anand Vihara New Delhi Financial News

➢ Government has notified the new Floating Rate Savings Bonds 2020 (Taxable) Scheme in place of 7.75% Savings (Taxable) Bonds, 2018, with effect from July 1, 2020.

▪ An initial coupon of 7.15%, payable on January 1, 2021.

▪ Bonds will be issued by RBI on behalf of the Government of India ▪ Bond will be available at SBI and other nationalised banks, as well as four private sector banks viz. IDBI Bank Ltd, Ltd, HDFC and ICICI

▪ Interest on the Bonds will be taxable under the Income-tax Act, 1961 as amended from time to time.

▪ The bonds won’t be transferable, except to a nominee or legal heir in case of death of the holder of the bonds. Financial News

➢ Floating Rate Savings Bonds 2020 (Taxable) Scheme in place of 7.75% Savings (Taxable) Bonds, 2018, with effect from July 1, 2020.

▪ Minimum Amount: Rs 1000/- with no maximum limit

▪ The bonds will be available only for resident Indians, or to a Hindu undivided family

▪ The interest on the bonds is payable semi-annually on 1st Jan and 1st July every year.

▪ The Bonds shall be repayable on the expiration of 7 years from the date of issue. Premature redemption shall be allowed for specified categories of senior citizens. Treasury Bills (T-Bills): 3 types of treasury bills issued by the Government of India via auctions, which are 91-day, 182- day and 364-day treasury bills.

Cash Management Bills: Issue by the Central Government, with the maturity upto 90 days

Dated G-Secs • Dated G-Secs are securities which carry a fixed or floating coupon (interest rate) which is paid on the face value, on half-yearly basis. • Generally, the tenor of dated securities ranges from 5 years to 40 years Instrument Current Rates

Five-Year Post-Office Time Deposit 6.7

Five-Year Post-Office Recurring Deposits 5.8 Five Year Senior Citizen Savings Scheme 7.4

Pradhan Mantri Vaya Vandana Yojana 7.4

Five Year National Savings Certificate 6.8

Public Provident Fund 7.1 Kisan Vikas Patra 6.9 Sukanya Samriddhi Account Scheme 7.6 Question. RBI has slapped on penalty on Saraswat Bank on the ground of non-compliance with certain provisions. Where is the headquarters of Saraswat Co-Op Bank ? a) Allahabad b) Ahmedabad c) Mumbai d) Chennai e) Pune Question. RBI has slapped on penalty on Saraswat Bank on the ground of non-compliance with certain provisions. Where is the headquarters of Saraswat Co-Op Bank ? a) Allahabad b) Ahmedabad c) Mumbai d) Chennai e) Pune

➢ RBI imposed the penalty of Rs. 5 cr on Bank of India, Rs. 30 lakh on Saraswat Co-operative Bank Ltd and Rs. 1.20 cr on .

➢ The RBI has imposed the penalty on the ground of non-compliance with certain provisions of the directions issued by RBI. National News

➢ The World Bank has approved USD 500 million (about Rs 3,700 crore) loan to improve quality and governance of school education in six Indian states.

▪ The board approved the loan for Strengthening Teaching-Learning and Results for States Program (STARS).

▪ 6 States- HP, Kerala, MP, Maharashtra, Odisha, and Rajasthan.

▪ The STARS program: 1994. International News

➢ World Bank, has sanctioned $ 500 million for “Western Economic Corridor and Regional Enhancement (WeCARE) Phase I project” to improve road connectivity in Bangladesh’s Jashore-Jhenaidah corridor, which consists of four western districts to connect with the capital Dhaka as well as with India and Bhutan.

▪ It is a $1.4bn programme to convert the 110km long two-lane road to a four-lane highway in western Bangladesh. State in News

➢ According to the Chief Minister of West Bengal Mamata Banerjee, the World Bank (WB) has granted loan worth of Rs. 1,950 crore to the state for tackling coronavirus (COVID- 19) situation and developmental work.

▪ Out of the total amount, Rs. 1,100 crore will be allocated for creating Industrial infrastructures and the balance Rs. 850 crore will be spent for various Social-Welfare schemes. International News

➢ IMF Executive board has approved an emergency financial assistance worth 356.5 million dollars for Myanmar to address challenges posed by the COVID 19 pandemic.

▪ Assistance is approved under the Rapid Credit Facility and Rapid Financing Instrument.

▪ Myanmar Capital- Naypyitaw ▪ Currency- Kyat. International News

➢ IMF Executive Board approved an emergency financial assistance worth dollar 732 million for Bangladesh to address the COVID-19 pandemic in the country.

▪ IMF in a press release said that the assistance has been approved for Bangladesh to meet its urgent Balance of payment and fiscal needs as Corona pandemic has led to sharp decline in its exports and income from remittances.

▪ Earlier ADB provided 500 million assistance to Bangladesh to deal with the Corona pandemic. Question. Which e-commerce payment system has partnered with ICICI Lombard to launch a domestic trip insurance? a) b) c) Mobikwik d) Bhim Pay e) PhonPe Question. Which e-commerce payment system has partnered with ICICI Lombard to launch a domestic trip insurance? a) Paytm b) Google Pay c) Mobikwik d) Bhim Pay e) PhonPe

▪ The cost of the insurance is Rs 499/ year. Provides cover against death or hospitalisation due to an accident during the journey, with a sum of Rs 5 lakh.

▪ For trip cancellation due to hospitalisation and up to Rs 1,000 payout for trip cancellation due to government lockdown.

➢ PhonePe CEO: Sameer Nigam ➢ HQ: Bengaluru, Karnataka ➢ ICICI Lombard CEO: Bhargav Dasgupta National News

➢ HDFC ERGO General Insurance Company has joined hands with UK based tech firm TropoGo Limited to launch India’s ‘Pay as you Fly’ insurance for drone-owners in India.

▪ Members of this policy can claim an insurance cover of up to Rs 10 lakh on TropoGo mobile app & they can opt for 4 hours, one-day, or a one-month cover to insure themselves against third-party liabilities. Banking News

➢ Airtel launched ‘Suraksha Salary Account’ for the MSMEs.

▪ The account will enable the MSMEs & other organisations to make cashless payments & provide financial security to their employees.

▪ The product is now only available to new bank customers.

▪ No charge for certain amount of withdrawal & deposit– There is no charge for cash withdrawal up to Rs 50,000 and deposit up to Rs 20,000 in a month. ▪ The account holder gets free of charge group accidental cover of Rs 1 lakh, which ensures additional financial protection for the family.

▪ Hospicash Insurance: Upon hospitalization the account holder is given a fixed cover of Rs.400 per day for a maximum of 10 days. State in News

➢ UP government has signed a memorandum of understanding (MoU) with the Indian Industries Association (IIA) and the National Real Estate Development Council to ensure employment for 9.5 lakh workers.

▪ NAREDCO may employ 2.5 lakh people in the realty sector, the IIA will create jobs for around 500,000 migrant workers in MSMEs, and the CII (Confederation of Indian Industry) will help employ 200,000 workers.

▪ UP has seen inflow of around 26 lakh migrants. National News

➢ Nirmala Sitharaman launches facility for instant allotment of e-PAN based on

▪ As announced in the Budget earlier, FM launched the facility for instant allotment of PAN card using Aadhaar-based e-KYC.

▪ The facility is now available for all applicants who possess a valid Aadhaar number and a mobile number registered in UIDAI database. National News

➢ Pradhan Mantri Bhartiya Janaushdhi Kendra's -PMBJKs has achieved an impressive sales of Rs 100.40 Crore in first two months of 2020-21 as compared to Rs 44.60 Crore in same period of 2019-20.

▪ Kendra's have sold approx. Rs 144 Crore worth of affordable & quality medicines in the month of March, April & May 2020 which saved around Rs 800 Crore of citizens during the period when COVID-19 pandemic has affected the country.

▪ Jan Aushadhi Kendra Scheme to all districts offering 2,000 medicines and 300 surgical by 2024 Cabinet approvals on June 1, 2020: Hot Topic

1. PM SVANidhi (PM वनिधि ) – PM Street Vendor’s AtmaNirbharNidhi under which the street vendors, who had their businesses operational on or before 24 March, 2020 can avail a working capital loan of up to Rs. 10,000. The loaning will commence from July 2020.

2. Minimum Support Prices for Kharif Crops for marketing season 2020-21 increased • MSPs at a level of at least 1.5 times of the all-India weighted average cost of production, aiming at reasonably fair remuneration for the farmers. • The expected returns to farmers over their cost of production are estimated to be highest in case of bajra (83%) followed by urad (64%), tur (58%) and maize (53%). • For the rest of the crops, return to farmers over their cost of production is estimated to be at least 50%. Cabinet approvals on June 1, 2020: Hot Topic

3. MSME

• Rs 20000 crore package for Distressed MSMEs • Rs 50,000 crore equity infusion through Fund of Funds

Category New Capital New Turnover Old Capital Old Turnover Micro 1 Crore 5 Crore 25 Lakh 10 Lakh Small 10 Crore 50 Crore 5 Crore 2 Crore Medium 50 Crore 250 Crore 10 crore 5 Crore Question. Consider the correct statement about Insta Flexicash facility of ICIC Bank.

1. It is an online Cash Credit facility 2. for its pre-approved salary account & Current account customers 3. A credit limit worth up to 3 times their net salary or turnover a) 1 & 3 b) 2 & 3 c) Only 2 d) All of the above e) None of these Question. Consider the correct statement about Insta Flexicash facility of ICIC Bank.

1. It is an online Cash Credit facility 2. for its pre-approved salary account & Current account customers 3. A credit limit worth up to 3 times their net salary or turnover a) 1 & 3 b) 2 & 3 c) Only 2 d) All of the above e) None of these

▪ No foreclosure charges & Auto sweep-in facility ▪ an online overdraft facility for its pre-approved salary account ▪ Benefit of Auto renewal & Auto enhancement– There is a benefit of automated process enhancement & renewal of OD limit every 12 months. Question. Which of the following statements is INCORRECT with respect to the Essential Commodities Act? a) The Essential Commodities Act was enacted in 1955. b) It was established to ensure the delivery of certain commodities or products the supply of which would be obstructed owing to hoarding. c) The Centre can include new commodities and remove them from the list once added. d) The government can fix the Maximum Retail Price (MRP) of the product, it declares an "essential commodity". e) All of the above are correct Question. Which of the following statements is INCORRECT with respect to the Essential Commodities Act? a) The Essential Commodities Act was enacted in 1955. b) It was established to ensure the delivery of certain commodities or products the supply of which would be obstructed owing to hoarding. c) The Centre can include new commodities and remove them from the list once added. d) The government can fix the Maximum Retail Price (MRP) of the product, it declares an "essential commodity". e) All of the above are correct National News

➢ Amendments to the Essential Commodities Act-2020

▪ Essential Commodities Act is an act of Parliament of India which was established to ensure the delivery of certain commodities or products, the supply of which if obstructed owing to hoarding or black-marketing would affect the normal life of the people.

▪ EC Act. Section 2(A) of the act states that an “essential commodity” means a commodity specified in the “Schedule” of this Act.

▪ Under the amendments, essentials like cereals, pulses, oilseeds, edible oils, onion and potatoes have been excluded from the Essential Commodities Act. ➢ Amendments to the Essential Commodities Act-2020

Benefits:

1. This will remove fears of private investors of excessive regulatory interference in their business operations. 2. The freedom to produce, hold, move, distribute and supply will lead to harnessing of economies of scale and attract private sector/foreign direct investment into agriculture sector. 3. It will help drive up investment in cold storages and modernization of food supply chain.

➢ At present, the “Schedule” contains 9 commodities — drugs; fertilisers, foodstuffs, including edible oils; hank yarn made wholly from cotton; petroleum and petroleum products; raw jute and jute textiles; seeds of food-crops and seeds of fruits and vegetables, seeds of cattle fodder, jute seed, cotton seed; face masks; and hand sanitisers. Question. Which of the following insurance companies recently launched telematics-based motor insurance to save premiums? a) Bajaj Allianz Insurance Company b) Tata AIG Insurance Company c) Aviva Insurance Company d) Bharti AXA Insurance Company e) Star Insurance Company Question. Which of the following insurance companies recently launched telematics-based motor insurance to save premiums? a) Bajaj Allianz Insurance Company b) Tata AIG Insurance Company c) Aviva Insurance Company d) Bharti AXA Insurance Company e) Star Insurance Company

➢ The new policy called 'AutoSafe' uses telematics-based next-gen application and device to track the usage of the car and decide on the premium. Question. ______entered into a partnership with First Alliance Bank (Z) Ltd in Zambia, Africa, to provide mobile point of sale solution to small and medium enterprises and other businesses. a) ET Money b) Paytm c) Fino Tech d) Alpha Payments e) ePaisa Question. ______entered into a partnership with First Alliance Bank (Z) Ltd in Zambia, Africa, to provide mobile point of sale solution to small and medium enterprises and other businesses. a) ET Money b) Paytm c) Fino Tech d) Alpha Payments e) ePaisa

▪ POS (Point of Sale ) solution provider in India, ePaisa CEO- Pravinkumar Bhandari

▪ First Alliance Bank Head office – Lusaka, Zambia ▪ Zambia Currency: Zambian kwacha Banking News

➢ Empays Payment Systems has joined hands with Mastercard to launch “Cardless ATM powered by Mastercard” in India based on the standards of EMV (Europay, Mastercard, and Visa).

▪ India will be the first country outside the United States (US) where this product will be launched.

▪ This cardless ATM (automated teller machine) will enable the users to withdraw their money just by scanning a (Quick Response) code on the mobile phone, using their banking app.

• Empays Payment Systems Headquarter– Mumbai, Maharashtra • Founder and Chief Executive Officer (CEO)– Ravi Rajagopalan

• Mastercard CEO– Ajaypal Singh Banga (Michael Miebach will take over Ajay Banga in Jan 2021) Banking News

➢ Mastercard, Axis Bank & Worldline launched Soft POS to become the first financial payments service in India to transform smartphones into merchant Point of Sale terminals.

➢ Soft POS provides a cost-effective card acceptance solution for micro-merchants. Business

➢Maruti Suzuki has partnered with HDFC Bank to offer Flexi EMI options under which a customer can avail low EMI for 3 months every year, up to 100 per cent on-road funding and instalments starting from Rs 899 per month, per lakh, for the first six months.

➢Maruti Suzuki India announced partnership with Cholamandalam Investment & Finance Company: 'Buy Now Pay Later Offer’

➢Maruti Suzuki partners with ICICI bank to offer customers specially curated, flexible EMI financing schemes. Question. Who has been appointed as the Senior Advisor at the World Bank by the ACC? a) Brajendra Navnit b) Rajiv Topno c) Abhas Jha d) Carmen Reinhart e) Arun Singhal Question. Who has been appointed as the Senior Advisor at the World Bank by the ACC? a) Brajendra Navnit b) Rajiv Topno c) Abhas Jha d) Carmen Reinhart e) Arun Singhal ➢ Carmen Reinhart : Vice President and Chief Economist

▪ Abhas Jha : Practice Manager on climate change and disaster management in South Asia

▪ Anshula Kant: Group Managing Director and CFO

▪ Arun Singhal: CEO of food regulator FSSAI

▪ Brajendra Navnit: India’s Ambassador to the Geneva-based WTO Question. Consider the correct statements with respect to Turant Customs

1. It is launched by Central Board of Indirect Taxes and Customs 2. launched at Bengaluru and Hyderabad 3. Leap forward to leverage technology for faster Customs clearance of imported goods 4. First phase of the All India roll out which would get completed by 31st March 2021 a) Only 1,2,3 b) Only 1,3,4 c) Only 2 & 4 d) Only 1 & 3 e) All of the Above Question. Consider the correct statements with respect to Turant Customs

1. It is launched by Central Board of Indirect Taxes and Customs 2. launched at Bengaluru and Hyderabad 3. Leap forward to leverage technology for faster Customs clearance of imported goods 4. First phase of the All India roll out which would get completed by 31st March 2021

a) Only 1,2,3 b) Only 1,3,4 c) Only 2 & 4 d) Only 1 & 3 e) All of the Above

▪ Chairman of Central Board of Indirect Taxes & Customs: M. Ajit Kumar ▪ launched at Bengaluru and Chennai ▪ First phase of the All India roll out which would get completed by 31st December 2020