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The Correct Answer is State Bank of India
Other Information:
* The tenure of Dinesh Khara, the Chairman of the State Bank of India (SBI), has been extended till August 2024.
* Khara’s current tenure was scheduled to conclude on October 7.
* Khara was appointed at the head of the country’s largest public sector lender for a three year-period in 2020.
* The norms state that the chairman of SBI can continue in his post till the age of 63.
The correct option is SBI
• SBI Card and Reliance Retail came together to launch the co-branded Reliance SBI Card.
• The lifestyle-focused credit card will offer a holistic and rewarding shopping experience to customers.
• Aim: To leverage the extensive network of SBI Card with the vast consumer reach and unique retail proposition of Reliance Retail to bring a spectrum of exclusive rewards.
• To unlock rewards and benefits while transacting at Reliance Retail’s extensive and many more.
* Mahindra Finance, part of the Mahindra Group and one of India’s leading Non-Banking Finance Company, announced a strategic co-lending partnership with SBI.
* Aim: To harness the distribution strength of Non-Banking Financial Companies and the cost-efficient capital of banks, ensuring wider outreach and better interest rates for customers.
* Launched on a pan India level, this partnership is expected to offer affordable solutions to Mahindra Finance customers.
The correct option is Indian life insurance company
• IndiaFirst Life Insurance Company Ltd became the first Indian life insurance company to get the Gujarat International Finance Tec (GIFT) City’s International Financial Services Centre Registration.
• Aim: To enhance our market presence and capitalize on the customer outreach opportunities at a global level.
• Its foray into the hi-tech and ultra-modern financial ecosystem of GIFT City IFSC, will empower us to secure lives and create value for our international customers.
The correct option is ₹4.00 lakh
* The RBI has imposed monetary penalties on four co-operative banks and a non-banking financial company for deficiencies in regulatory compliance
* The banks are Shree Lodra Nagarik Sahakari Bank, Malpur Nagarik Sahakari Bank, Jolarpet Co-operative Urban Bank, Limbasi Urban Co-operative Bank
* The RBI imposed a monetary penalty of ₹4.00 lakh on Shree Lodra Nagarik Sahakari Bank Limited for non-compliance with the directions issued by RBI on ‘Loans and advances to directors
The correct option is Incremental Cash Reserve Ratio
* The RBI announced that it will discontinue the incremental cash reserve ratio (I-CRR) in a phased manner.
* Based on an assessment of current and evolving liquidity conditions, it has been decided that the amounts impounded under the I-CRR would be released in stages so that system liquidity is not subjected to sudden shocks and money markets function in an orderly manner
* RBI will release 25% of the I-CRR maintained on September 9 and another 25% on September 23.
The correct option is 6.3%
• Foreign brokerage UBS upgraded its FY24 real GDP growth estimate marginally to 6.3 per cent.
• It can be noted that the Reserve Bank has estimated growth to come at 6.5 per cent for FY24, while Governor Shaktikanta Das recently said that the number for the July-September 2023 period will surprise on the upside.
• The brokerage's chief India economist Tanvee Gupta Jain said domestic economic activities are fairing better than expected.
The correct option is PayGlocal
• PayGlocal, a cross-border focused payments platform provider has received in-principle approval from the Reserve Bank of India for Payment Aggregator (PA) license.
• Aim: To enable PayGlocal to onboard merchants onto its platform for online payment processing.
• PayGlocal offers its technology platform to various players in the market for payment processing and transaction risk management.
• This helps them accept online payments securely through various payment instruments
The correct option is Rs 72 lakh
* Reserve Bank of India imposed monetary penalties on Punjab National Bank, Federal Bank, Kosamattam Finance, and Mercedes-Benz Financial Services India for rule violations.
* The central bank has imposed a penalty of Rs 72 lakh on PNB, Rs 30 lakh on Federal Bank, Rs 13.38 lakh on Kosamattam Finance.
* PNB received the penalty due to several violations, including levying SMS charges on certain accounts despite maintaining invalid mobile numbers in the Core Banking Solution
The correct option is Hong Kong and Shanghai Banking Corporation
* Hong Kong and Shanghai Banking Corporation India has introduced Electronic Bank Guarantee (E-BG) services to facilitate digitization of trade finance.
* Aim: To simplify and expedite the guarantee issuance process by introducing electronic stamping and electronic signing , effectively eliminating the need for paper documentation.
* HSBC is the first foreign bank in the country to offer this facility which is made possible through a collaboration with National E-Governance Services Ltd.
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