Banking & Financial Current Affairs 2024

Current Affairs Updated Contact : 9098676936 Dewashish Sir Official
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Banking and Financial

Current Affairs
25th to 31st March 2024

1. In a recent report, “Global market Intelligence” released by S&P revises
India's growth forecast (GDP) to _____ for the fiscal year 2025.
A. 7.8 %
B. 7.2 %
C. 8.0 %
D. 6.8 %
E. 8.5 %
Answer – ( D ) 6.8 %
 Earlier, the rating agency predicted that India would grow at 6.6% during
FY24-25.
 S&P Global Market Intelligence also raised its global growth forecast for
2024 from 2.3% to 2.6%.
 What is Gross Domestic Product (GDP) ?
GDP measures the monetary value of final goods and services produced in a
country in a given period of time (say a quarter or a year). It counts all of the
output generated within the borders of a country.
2. According to recent report, PepsiCo a _______ based food and

beverage company, has committed to invest additional $ 400 million to
build two new plants powered by renewable energy in Vietnam.
A. Germany
B. USA
C. South Korea
D. Japan
E. China
Answer (B) USA
 About Vietnam :
3. As per the recent reports, NABARD & its subsidiary NAB Samruddhi Finance
Ltd (NSFL) launched a Climate Ready WASH funding awareness campaign for
women JLG ( joint Liability Group ) of micro finance Institution, how Much fund
will provide for the programme ?
A. $ 35 million
B. $ 45 million
C. $ 55 million
D. $ 25 million
E. $ 65 million
Answer – (B) $ 45 Million
 About NABARD :
( National Bank for Agriculture and Rural
Development )
 NABARD in News :
4. As per recent News, (March 23, 2024) the Insurance Regulatory and Development
Authority of India(IRDAI) has approved eight-principle-based regulation including Bima
Sugam marketplace. The IRDAI ( Bima Sugam Insurance Electronic Marketplace )
Regulation 2024, aims to establish a digital public infrastructure in Insurance sector. The
IRDAI’s vision Insurance for all by which year ?
A. 2030
B. 2035
C. 2047
D. 2045
E. 2037
Answer (C ) 2047
 About IRDAI :
(Insurance Regulatory and
Development Authority of India)
5. According to recent report, India’s forex reserves have surpassed the previous
record of $ 642.45 billion in September 2021 to $642.63 billion as of March 29, 2024
at a new high. India holds the ________ largest foreign exchange reserves in the
world.
A. 5th
B. 3rd
C. 6th
D. 4th
E. 7th
Answer (D) 4th Largest
 Additional Information :
 Forex reserves are asset that are hold by a nation’s central bank or
monetary authority.
 In India Foreign Exchange reserve maintain by Reserve Bank of India.
 China, Japan, Switzerland are top three holders of forex reserve.

6. India’s pension regulatory body PFRDA’s data show Government employees’ assets
have recorded 28 % year-on-year growth at Rs 8.95 Lakh crore as of March 16, 2024.
Non-government sector National Pension System (NPS) asset growth at what percent
?
A. 26 %
B. 32 %
C. 27 %
D. 35 %
E. 30 %
Answer (E) 30 %
7. Recently, India’s Executive director at International Monitory Fund (IMF),

K.V Subramanian, said Indian economy can grow at 8 % till 2047 and if India
grows at 8 % India can be _______ trillion Economy by 2047.
A.$ 55
B.$ 40
C.$ 35
D.$ 60
E. $ 45
Answer (A) $ 55 trillion

8. Recently, MGNREGS Scheme, which comes under (Ministry of Rural

Development, Government Of India) wage rates have revised, hikes range
between 4-10 % for different states. Which state has the highest wage rate for
unskilled workers under the scheme at Rs 374 a day.
A. Punjab
B. Maharashtra
C. Haryana
D. Karnataka
E. Uttar Pradesh
Answer (C) Haryana
 Goa sees highest hike of Rs 34 per day.
 UP and Uttarakhand see lowest at Rs 7 per day.
 The new wage rates, notified by the Ministry of Rural Development under
sub-section (1) of section 6 of MGNREGA 2005.
 It will become effective from April 1, 2024.

 Mahatma Gandhi National Rural Employment

Guarantee Act (MGNREGA) :
 Launched in 2005 by the Ministry of Rural

development.
 The primary objective of the scheme is to

guarantee 100 days of employment in every
financial year.
9. As per recent Report, by Ministry of Finance The Government of India, in consultation

with the Reserve Bank of India, has finalized its borrowing programme for the first half
(H1) of FY 2024-25. Out of Gross Market borrowing of ₹ 14.13 lakh crore projected for
FY 2024-25, What is Government planned to be borrowed in the first half (H1) ?
A. Rs 6.5 lakh crore
B. Rs 8.4 lakh crore
A. Rs 7.0 lakh crore
B. Rs 8.2 lakh crore
C. Rs 7.5 lakh crore

Answer (E) Rs 7.5 Lakh

Crore
10. Recently, Which of the following Bank has introduces digital opening
of US dollar fixed deposit at Gujarat’s GIFT City for NRI (Non-Resident
Indian) customers.
A. Yes Bank
B. ICICI Bank
C. State Bank of India
D. Axis Bank
E. Canara Bank
Answer (D) Axis Bank

 With this introduction, Axis Bank became the first bank to offer a digital
journey for GIFT City Deposits, the bank said in a statement.
 NRI customers of the bank can now open US dollar fixed deposits at GIFT
City through ‘Open by Axis Bank’; the mobile banking application of the
lender, it said.
 About Axis Bank :
11. Recently, which Small finance Bank Ties-up with Veefin Solutions
Ltd to Offer Better Supply chain chain finance to MSMEs ?
A. AU Small Finance Bank
B. Ujjivan Small Finance Bank
C. Suryoday Small finance Bank
D. Equitas Small Finance Bank
E. None of these
Answer (B) Ujjivan Small Finance Bank
 Ujjivan Small Finance Bank Ltd :

12. As per recent Report, The Expert Committee on developing the Gujarat
International Finance Tech-City International Financial Services Centre (GIFT IFSC) as
‘Global Finance and Accounting Hub’ has submitted its report to Chairperson,
International Financial Services Centre Authority, (IFSCA) on 26th March, 2024. The
Expert Committee, Chaired by
A. Ranjeet Kumar Agarwal
B. K Rajaraman
C. Aniket Sunil Talati
D. Dr. A.M. Sherry
E. Himanshu Jain
Answer (A) Ranjeet Kumar Agarwal
 Aniket Sunil Talati is Co-Chairperson of that

Committee.
13. Recently, which of the following company introduced a first-

of-its-kind Downpayment EMI (Equated Monthly Instalment)
solution for online retail.
A. Razorpay
B. Policybazaar
C. PayPal
D. PayU
E. FlexiLions
Answer (D) PayU

 About PayU :
 PayU is a Netherlands-based payment service provider to

online merchants.
 The company was founded in 2002.
 Its headquartered in Hoofddorp.
 Anirban Mukherjee is (CEO).

14. As per recent news, Among the following which organization and the
Government of Indonesia introduced the Biodiversity Master Plan for the new
capital city, Nusantara. The master plan guides the Nusantara Capital Authority
(NCA) in setting out the policy direction, programs, and targets for protecting
biodiversity over the next 5 years.
A. Asian Development Bank
B. World Bank
C. United Nations Environment Programme
D. International Monetary Fund
E. United Nations Development Programme

Answer (A) Asian Development Bank

(ADB)
 About Asian Development Bank (ADB):

15. Recently, which of the following Bank launch its digital payments
product “Spring” in India ?
A. ICICI Bank
B. Standard Chartered Bank
C. Sberbank of Russia
D. Citibank
E. HDFC Bank
Answer (D) Citibank
 About Citibank :
16. According to Recent Data released by Ministry of Commerce & Industry, The
Combined Index of Eight Core Industries increases by 6.7% (provisional) in Feb 2024
as compared to Index of Feb 2023. Out of These Eight Core Industries only which
Industry's Index of Industrial Production(IIP) has declined ?
A. Cement
B. Crude Oil
C. Petroleum Refinery Products
D. Fertilizers
E. Electricity
Answer (d) Fertilizers
 The Combined Index of Eight Core Industries increases by 6.7% in Feb 2024 as
compared to Index of Feb 2023.
 These Eight Core Industries are Coal, Natural Gas, Cement, Steel, Crude Oil,
Electricity and Refinery Products record positive growth in Feb2024.
 Index of Eight Core Industries Base year is : 2011-12.
 FOR FEBRUARY, 2024 The Eight Core Industries comprise 40.27 percent of the
weight of items included in the Index of Industrial Production(IIP).
1. Cement - Cement production (weight: 5.37 per cent) increased by 10.2 per cent in February, 2024 over February
2023.
2. Coal - Coal production (weight: 10.33 per cent) increased by 11.6 per cent in February, 2024 over
February, 2023.
3. Crude Oil - Crude Oil production (weight: 8.98 per cent) increased by 7.9 per cent in February, 2024 over
February, 2023.
4. Electricity - Electricity generation (weight: 19.85 per cent) increased by 6.3 per cent in February,
2024 over February, 2023.
5. Fertilizers - Fertilizer production (weight: 2.63 per cent) declined by 9.5 per cent in February 2024
over February, 2023.
6. Natural Gas - Natural Gas production (weight: 6.88 per cent) increased by 11.3 per cent in February, 2024
over February, 2023.
7. Petroleum Refinery Products - Petroleum Refinery production (weight: 28.04 per cent) increased by 2.6
per cent in February, 2024 over February, 2023.
8. Steel - Steel production (weight: 17.92 per cent) increased by 8.4 per cent in February, 2024 over February, 2023.
17. Recently, Reserve Bank of India (RBI), Grants Payment Aggregator Licences
to Offline point-of-sales deploying company Innoviti Payments and payment
gateway Vegaah, which is run by Concerto Software and Systems. ________ is the
online payment system named of Innoviti Payments.
A. Innoviti share
B. Innoviti Pay
C. Innoviti Link
D. Innoviti open
E. None of these
Answer ( D) “Innoviti Link”
 About Reserve Bank of India :

18. Which bank has recently launched a RuPay smart key chain called
‘Flash Pay’ for contactless NCMC (National Common Mobility Card)
payments at enabled metro stations and PoS terminals.
A. HDFC Bank
B. Karur Vysya Bank
C. Federal Bank
D. Yes Bank
E. Axis Bank
Answer (C) Federal Bank

 Customers can make payments up to ₹ 5,000 without a PIN, whereas

those over ₹5,000 will require PIN authentication.
 The per day limit at any PoS terminal has been capped at ₹ 1 lakh.
 About Federal Bank :

19. According to recent report, Private sector lender Kotak Mahindra Bank Ltd,
has acquired _______ stake of the issued and paid-up capital of Sonata Finance
Pvt Ltd for a total consideration of approximately Rs. 537 crore.
A. 51 %
B. 65 %
C. 71 %
D. 85 %
E. 100 %
Answer (E) 100 %

 With this acquisition, Sonata has become a wholly-owned subsidiary of
the bank.
 Sonata Finance is a non-banking finance company, or a micro finance

institution registered with the Reserve Bank of India (RBI).
 About Kotak Mahindra Bank :

20. Recently insurance regulatory body, The Insurance Regulatory and

Development Authority of India (IRDAI) has announced the final set of surrender
charges in non-linked or linked life insurance products — traditional endowment
policies. These charges are going to be effective from
A. 1st July 2024
B. 1st April 2024
C. 1st October 2024
D. 1st August 2024
E. 1st November 2024

Answer (B) 1st April 2024
the proposed slabs for the surrender

value percentages :
1) 30% of total premiums paid if surrendered during the second year.
2) 35% of total premiums paid if surrendered during the third year.
3) 50% of total premiums paid if surrendered between the fourth and
seventh years.
4) 90% of total premiums paid if surrendered during the last two years.
For instance, if a policyholder who pays a premium of Rs 1 lakh for a policy

wants to surrender it after two years, she will get only 30% of the premiums
paid till that time. So, she will be entitled to get only Rs 60,000 back after
paying two annual premiums amounting to Rs 2 lakh.
21. According to recently released Brand Finance Insurance Report 2024,

LIC is the world's strongest insurance brand with its brand value at _______.
A. USD 9.2 billion
B. USD 8.8 billion
C. USD 7.8 billion
D. USD 9.8 billion
E. USD 6.8 billion

Answer (D) 9.8  Top 3 Strongest Insurance Brand 2024 :

billion
 Most valuable Insurance Brand 2024 :

22. According to recent news, Government of India has allocated Rs 6,200

crore for recapitalization of which organization ?
A. NABARD
B. SEBI
C. SIDBI
D. RRB’s (Regional Rural Bank)
E. Exim Bank
Answer (D) RRB’s
 The Union government has allocated Rs 6212.03 crore to regional rural
banks under the recapitalization scheme.
 The performance of RRBs has improved significantly, with a consolidated

CRAR (Capital to Risk-weighted Assets Ratio) at an all-time high of 13.83
per cent as of December 31, 2023.
 About RRB’s :
 The Narasimham Committee had recommended the creation of Regional Rural Banks.
 RRBs were established in 1975.
 RRB’s were established under Regional Rural Banks Act, 1976.
 RRB’S are Regulated by the Reserve Bank of India.
 Stake holders are :
 Central Government holds a 50 %

 Sponsoring Bank holds a 35 % and
 State Government holds a 15 % stake.
 Prathama Grameen Bank, the first Regional Rural Bank was established on 2nd October
1975, it was sponsored by Syndicate Bank.
 There are 43 RRB’s sponsored by 12 scheduled commercial banks in India.

23. Recently, Which Bank has given approval ta raise Rs 10,000 Crore
through long-term Infrastructure Bond to fund Infrastructure project in
2024-25.
A. State Bank of India
B. Bank of India
C. Bank of Maharashtra
D. Canara Bank
E. Central Bank of India

Answer (B) Bank of India
 About Bank of India :

24. Recently which Bank has Partnered with Mumbai Based tech
company Aurionpro Solutions for the licence, implementation and
support of its transaction banking platform iCashpro + .
A. Punjab National Bank
B. Bank of Maharashtra
C. Bank of India
D. State Bank of India
E. Canara Bank
Answer - (D) State Bank of India

 Additional Information:
 This agreement value closed to Rs 100 Crore.

 Agreement period is for 6 years.
 About State Bank of India (SBI) :

25. Who among the following has been recently elected as the new
Chairman of the Indian Banks’ Association (IBA) ?
A. Dinesh Kumar Khara
B. M V Rao
C. Atul Kumar Goel
D. M. R. Kumar
E. None of these
Answer – (B) M V Rao
Three Deputy Chairman for IBA would be –
 Dinesh Kumar Khara, Chairman of State Bank

of India
 S L Jain, MD & CEO of Indian Bank and
 N Kamakodi MD & CEO of City Union Bank.
26. Recently, NTPC signs a pact with which organization for

securing foreign currency loan of USD 200 million to NTPC’s
capital expenditure requirements for renewable energy projects.
A. JBIC (Japan Bank for International Cooperation)
B. IMF (International Monitory Fund)
C. ADB (Asian Development Bank)
D. WB (World Bank)
E. None of these
Answer (A) JBIC (Japan Bank for

International Cooperation)
 The loans of USD 200 million (JPY 30 billion or around Rs 1,650 crore) Japan Bank for
International Cooperation (JBIC).
 JBIC will provide 60 per cent of the facility amount and the balance amount will be
provided by other commercial banks under JBIC guarantee.
 The agreements have been signed for a JPY 15 billion loan each for NTPC Ltd and
NTPC Renewables Energy Ltd (NREL).
 The facility has been extended under JBIC's initiative entitled 'Global action for
Reconciling Economic growth and Environment preservation' ("GREEN") for projects
which ensure the conservation of the global environment
27. Recently, The Ministry of Finance on March 27, appointed Nidhu

Saxena as Managing Director and Chief Executive Officer of which Bank ?
A. Punjab National Bank
B. Punjab and Sind Bank
C. Canara Bank
D. Bank of Maharashtra
E. Bank of India
Answer (D) Bank of Maharashtra

 Nidhu Saxena as Managing Director and Chief
Executive Officer of Bank of Maharashtra.
 Nidhu Saxena is currently Executive Director of
Union Bank of India.
 He will be replacing AS Rajeev
About Bank of Maharashtra :

 Headquarters : Pune, Maharashtra
 Established : 16th September 1935.
28. What penalty has been imposed by the Income Tax Department on
Bank of India for Assessment Unit, pertaining to AY 2018-19 ?
A. Rs 568.44 crore
B. Rs 672.85 crore
C. Rs 564.44 crore
D. Rs 485.65 crore
E. Rs 745.54 crore
Answer (C) Rs 564.44 Crore
 About Bank of India :

29. According to Recent data by The Ministry of Commerce & Industry, Government e
Marketplace (GeM) has closed this financial year with ₹ 4 lakh crore in Gross
Merchandise value (GMV) - doubling its GMV clocked at the end of previous Fiscal Year.
How many government buyers are currently integrated with GeM’s procurement
Ecosystem ?
A. Over 2.5 Lakh
B. Over 1.5 Lakh
C. Over 3.5 Lakh
D. Over 4.5 Lakh
E. Over 5.5 Lakh

Answer (B) Over 1.5 Lakh


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Current Affairs Updated Contact : 9098676936 Dewashish Sir Official

Banking and Financial

25th to 31st March 2024

2. According to recent report, PepsiCo a _______ based food and

Answer (B) USA

Answer – (B) $ 45 Million

Answer (D) 4th Largest

 In India Foreign Exchange reserve maintain by Reserve Bank of India.

 China, Japan, Switzerland are top three holders of forex reserve.

7. Recently, India’s Executive director at International Monitory Fund (IMF),

Answer (A) $ 55 trillion

8. Recently, MGNREGS Scheme, which comes under (Ministry of Rural

Answer (C) Haryana

 Goa sees highest hike of Rs 34 per day.

 UP and Uttarakhand see lowest at Rs 7 per day.

 It will become effective from April 1, 2024.

 Mahatma Gandhi National Rural Employment

 Launched in 2005 by the Ministry of Rural

 The primary objective of the scheme is to

9. As per recent Report, by Ministry of Finance The Government of India, in consultation

A. Rs 6.5 lakh crore

B. Rs 8.4 lakh crore

A. Rs 7.0 lakh crore

B. Rs 8.2 lakh crore

C. Rs 7.5 lakh crore

Answer (E) Rs 7.5 Lakh

C. State Bank of India

Answer (D) Axis Bank

A. AU Small Finance Bank

B. Ujjivan Small Finance Bank

C. Suryoday Small finance Bank

D. Equitas Small Finance Bank

Answer (B) Ujjivan Small Finance Bank

 Ujjivan Small Finance Bank Ltd :

A. Ranjeet Kumar Agarwal

C. Aniket Sunil Talati

D. Dr. A.M. Sherry

Answer (A) Ranjeet Kumar Agarwal

 Aniket Sunil Talati is Co-Chairperson of that

13. Recently, which of the following company introduced a first-

Answer (D) PayU

 PayU is a Netherlands-based payment service provider to

 The company was founded in 2002.

 Its headquartered in Hoofddorp.

 Anirban Mukherjee is (CEO).

A. Asian Development Bank

C. United Nations Environment Programme

D. International Monetary Fund

E. United Nations Development Programme

Answer (A) Asian Development Bank

 About Asian Development Bank (ADB):

B. Standard Chartered Bank

Answer (D) Citibank

C. Petroleum Refinery Products

Answer (d) Fertilizers

 Index of Eight Core Industries Base year is : 2011-12.

Answer ( D) “Innoviti Link”

 About Reserve Bank of India :

B. Karur Vysya Bank

Answer (C) Federal Bank