- In terms of travel benefits, the Kotak Solitaire Credit Card stands out by offering unlimited lounge access to both primary and add-on cardholders, which includes domestic and international lounges. The card also offers 4 complimentary guest lounge visits annually (split between 2 domestic and 2 international lounges), ensuring that cardholders have a premium experience when traveling.

Main Point :-   (i) Furthermore, the card provides zero forex markup on international transactions, making it an ideal choice for frequent travelers who often make purchases abroad. Additionally, cardholders enjoy a 1% fuel surcharge waiver on transactions ranging from Rs. 400 to Rs. 7,500, with a maximum waiver of Rs. 10,000 per card anniversary year, offering extra savings for regular fuel users.

      (ii) The annual fee for the Kotak Solitaire Credit Card is Rs. 25,000 + taxes, though it is waived for customers who maintain the required eligibility under the Solitaire Program. There is also no joining fee, making it an attractive proposition for HNIs looking for a card with long-term benefits.

(iii) With these exclusive features, the Kotak Solitaire Credit Card is tailored to meet the needs of India's affluent individuals, offering them enhanced travel experiences, valuable rewards, and an array of privileges that align with their lifestyle.

Main Point :-   (i) For unregulated originators, a ₹1 crore minimum investment threshold applies even for subsequent transfers.

      (ii) Public offers of SDIs must remain open for a minimum of 3 days and a maximum of 10 days, with advertisement requirements aligned to SEBI norms for non-convertible securities.

(iii) SEBI also introduced an ‘Investor Charter’ for KYC Registration Agencies (KRAs), outlining services, investor rights, and grievance redress mechanisms.

      - The HAIDP also aims to upskill more than 50,000 professionals in areas such as Artificial Intelligence, Machine Learning, and Data Science, helping to transition the workforce towards high-demand, future-ready competencies.

Main Point :-   (i) Another major focus of the project is to integrate AI into public administration and service delivery. Furthermore, the scheme promotes AI-based startups through incubation programs, shared facilities, and a nurturing ecosystem for innovation.

      (ii) The project will follow the Program-for-Results (PforR) model, where funds will be disbursed based on the achievement of predefined Disbursement-Linked Indicators (DLIs). These indicators will be independently verified by an external agency to ensure accountability and transparency.

(iii) To manage the implementation of externally aided projects like HAIDP, the Cabinet also approved the formation of a Special Purpose Vehicle (SPV) under Section 8 of the Companies Act, 2013. The Haryana State Electronics Development Corporation Limited (HARTRON) will act as the Nodal Agency, overseeing the incorporation and operational framework of the SPV, which will function as a not-for-profit entity.

Main Point :-   (i) The report highlighted key insights on core inflation trends, noting that it increased from 3.28% in August 2024 to 3.77% in October 2024. It then remained steady, ranging between 3.6% and 3.7% from November 2024 to January 2025, before rising further to 4.1% in February and March 2025—marking the highest level in the past 15 months. When excluding gold, core inflation stood at 3.2%, which was lower than both the core and overall Consumer Price Index (CPI) inflation figures.

      (ii) SBI estimates that nominal Gross Domestic Product (GDP) growth for FY26 will be in the range of 9% to 9.5%, slightly lower than the Union Budget 2025-26’s projection of 10%.

(iii) SBI forecasts that the Reserve Bank of India (RBI) may consider aggressive rate cuts in FY26, potentially totaling 125 basis points, with 75 basis points in H1 FY26 and 50 basis points in H2 FY26.

      - When selling gold, customers deposit their gold into the machine, which then melts it. The purity and value of the gold are displayed, and once the customer accepts the value, the amount is transferred to their bank account.

Main Point :-   (i) The process of depositing and selling gold takes around 30 minutes, during which the machine takes the depositor's photograph and verifies their Aadhar card and ID proof.

      (ii) In case any criminal record is found in the transaction, the ATM will withhold the gold and automatically alert the police.

(iii) In 2022, Goldsikka launched India’s first real-time Gold ATM.

      - The MCP server allows AI assistants to perform essential payment-related tasks such as generating payment links, initiating refunds, and managing transactions—eliminating the need for traditional dashboards or Application Programming Interfaces (APIs).

Main Point :-   (i) With this integration, businesses using Razorpay can connect their AI tools—ranging from chat-based assistants to fully automated systems—directly to Razorpay’s backend. Payments can now be initiated and processed using simple commands, improving efficiency and reducing dependency on manual operations.

      (ii) Previously, payment processing through Razorpay required manual input via dashboards. With the MCP server, that process is now AI-powered and automated.

(iii) The Model Context Protocol (MCP) was developed by Anthropic as an open standard. It allows Large Language Models (LLMs) to interact effortlessly with external tools, systems, and data sources.

Main Point :-   (i) With this approval, Zaakpay, a leading fintech player, can now offer end-to-end digital payment solutions across multiple modes including credit/debit cards, net banking, Unified Payments Interface (UPI), wallets, pay later services, and Equated Monthly Installments (EMIs).

      (ii) Zaakpay currently serves enterprise clients in various sectors such as transit, e-commerce, digital lending, healthcare, and utility bill payments, providing tailored payment infrastructure.

(iii) Notably, Zaakpay had received in-principle approval from the RBI in 2023 and has now secured the final certification to function as a full-fledged Payment Aggregator.

Main Point :-   (i) RBI data showed services shipments rose by 18.6%, touching USD 35.6 billion in March 2025, up from USD 30 billion in March 2024.

      (ii) The growth was majorly fueled by key sectors such as telecommunication, computer and information services, transport, travel, and financial services.

(iii) Non-petroleum merchandise exports also hit a new record, climbing to USD 374.1 billion in FY25, up 6% from USD 352.9 billion in FY24, marking the highest-ever annual non-petroleum merchandise export figure.

      - Around 1,900 LPAI employees will receive SBI’s corporate salary packages, which include personal accident insurance, loan facilities, and discounted locker rentals. These benefits will also be extended to over 5,000 personnel from the BSF and Customs Department.

Main Point :-   (i) LPAI currently manages 15 land ports across 8 border states and plans to construct 11 additional ports in states such as Uttar Pradesh, Bihar, Mizoram, Uttarakhand, and West Bengal.

      (ii) The partnership is set to streamline cross-border transactions and support management of ₹71,000 crore worth of forex trade annually.

(iii) The MoU signifies a joint effort by SBI and LPAI under the Ministry of Home Affairs (MHA) to strengthen financial infrastructure and promote ease of doing border trade across India’s northeastern and eastern borders.

Main Point :-   (i) The collaboration focuses on enterprise financing by providing loans to Self-Help Groups (SHGs) and individual entrepreneurs who are not part of SHGs. It also aims to foster co-lending partnerships with Microfinance Institutions (MFIs) to enhance credit access for underserved segments, particularly in rural and semi-urban areas.

      (ii) Another major focus area is climate and green financing, where both Sa-Dhan and Bank of India will support initiatives promoting the adoption of climate-resilient technologies and investments in environmentally sustainable projects. The partnership also includes funding for WASH (Water, Sanitation, and Hygiene) programs to improve rural sanitation and access to clean drinking water.

(iii) In addition, the MoU emphasizes financial literacy, with plans to conduct workshops and awareness programs. These will aim to educate rural entrepreneurs about various government welfare schemes and promote the use of digital banking tools to improve financial inclusion.

      - The Rural Consumer Confidence Survey (RCCS) gathers perceptions and one-year-ahead expectations from rural and semi-urban households regarding the general economic situation, employment prospects, price levels, and income and spending. Spanning 31 states and Union Territories (UTs), this survey plays a vital role in understanding rural consumer confidence, which is critical for assessing the overall health of India’s economy, especially considering the significant contribution of the rural economy.

Main Point :-   (i) These surveys are essential for the RBI in understanding public perceptions and expectations about inflation, economic conditions, and consumer confidence across both urban and rural populations. The data collected helps the RBI make informed decisions regarding interest rates and other monetary policy measures. Such surveys are crucial for adjusting policies that aim to control inflation and promote sustainable economic growth.

      (ii) In April 2025, as part of the RBI's 1st Bi-monthly monetary policy for Financial Year 2025-26 (FY26), the central bank decided to reduce the repo rate by 25 basis points to 6.00%.

(iii) This decision was influenced by the findings from various surveys, including the IESH, UCCS, and RCCS, which provided insights into inflation expectations and consumer confidence, helping guide the RBI’s approach to monetary policy for the upcoming fiscal year.

      - The MoU was officially signed at Dak Bhawan, New Delhi, Delhi, by Manisha Bansal Badal from the Business Development Directorate (BDD), DoP, and Munish Sabharwal, Senior Vice President of SBIFM.

Main Point :-   (i) The initiative seeks to streamline the Know Your Customer (KYC) process for investors, ensuring a convenient, secure, and regulation-compliant experience for mutual fund investments across the country.

      (ii) Additionally, Union Minister Jyotiraditya Scindia, MoC and Minister for Development of the Northeastern Region (MDONER), launched 'Gyan Post'—a new postal service designed to make the delivery of educational, social, cultural, and religious books more affordable and accessible throughout India.

      - A strike is defined as a period when the AQI remains above 400 for at least three out of the previous five days.

Main Point :-   (i) ClimateSafe operates on a parametric insurance model, where automatic payouts are triggered once specific weather thresholds—such as temperature or rainfall levels—are breached, as recorded by the India Meteorological Department (IMD). The process requires no manual claims, and settlements are completed within 7 days, ensuring quick financial relief without customer intervention.

      (ii) The product is designed to compensate for income losses faced by daily wage and gig economy workers, while also covering additional expenses such as increased electricity bills or commuting costs. It also offers protection against supply chain disruptions, event cancellations, and damage to household items due to climate-induced events like floods or heatwaves.

(iii) Customers can personalize their insurance by selecting the location of risk, the risk period (ranging from 1 to 30 days), sum insured, and specific weather triggers like excessive rainfall or extreme temperatures. Premium pricing is dynamic, calculated in real-time based on climate data, making it responsive and adaptable to changing environmental conditions.

Main Point :-   (i) 'Niveshak Shivir' will be conducted in cities where companies hold a high volume of unclaimed dividends for a duration of 6 to 7 years.

      (ii) The pilot phase of the initiative is set to be launched in Ahmedabad (Gujarat) and Mumbai (Maharashtra) in May 2025.

(iii) During the session, IEPFA signed a Memorandum of Understanding (MoU) with Kotak Mahindra Bank Limited (KMBL), headquartered in Mumbai, Maharashtra, to advance investor education and protection via digital outreach efforts.

Main Point :-   (i) The exemption has been granted as NMCG qualifies under sub-clause (a) of clause (46A), which allows exemption for entities established under a Central or State Act and engaged in activities related to environmental conservation, sustainable development, or public welfare. ​

      (ii) NMCG was initially registered as a society on August 12, 2011, under the Societies Registration Act, 1860, and was later upgraded to an authority on October 7, 2016, under the Environment (Protection) Act, 1986.

(iii) The CBDT also allowed NMCG's application seeking condonation of delay in filing revised returns for Assessment Years 2021–22, 2022–23, and 2023–24, enabling it to avail income tax exemptions for previous years.

      - It was initially mandated that from May 01, 2025, only NSM models certified by BIS and adhering to the mentioned Indian Standards would be permissible for deployment by banks.

Main Point :-   (i) In April 2025, the RBI further directed that banks and WLAOs must ensure their ATMs dispense Rs.100 and Rs.200 denomination notes consistently.

      (ii) By September 30, 2025: At least 75% of all ATMs must dispense either Rs.100 or Rs.200 denomination notes from at least one cassette.

Main Point :-   (i) The Prepaid Card, linked to a Minimum KYC Wallet, supports both online and offline transactions such as transit payments, PoS purchases, and e-commerce transactions, while the Prepaid Payment Instrument for Mass Transit Systems (PPI MTS) Card is a standalone prepaid card created exclusively for transit-related payments.

      (ii) Airtel Payments Bank has launched three RuPay NCMC card variants to suit different user needs. The Debit Card is linked to a savings account and supports a variety of debit transactions, including transit fares, Point of Sale (PoS) purchases, e-commerce payments, and ATM withdrawals.

(iii) As of April 2025, Airtel Payments Bank has issued over 2.5 million RuPay ON-THE-GO cards integrated with NCMC features. The bank targets expanding this figure to 10 million over the next two years.

      - Cash withdrawals from ATMs worldwide are free of additional charges. However, some foreign banks or ATMs may impose their own service fees.

Main Point :-   (i) Under the “Crazy Cashback Sale”, users can earn up to ₹7,500 cashback on forex purchases through the card—offering savings of up to 3.3% per transaction.

      (ii) The card carries no issuance fee, no reload fee, and no annual maintenance charges. Students can use the card to pay tuition fees to universities abroad without incurring any additional charges.

(iii) The Global Forex Card enjoys wide international acceptance, making it ideal for travel to destinations including Vietnam, Indonesia, Central Asia, and South America.

      - The platform offers virtual interactions with leadership and gamified modules covering company history, values, and culture.

Main Point :-   (i) Uniform onboarding is provided for thousands of employees annually, regardless of their location, and modules are accessible for 60 days post-joining for ongoing learning.

      (ii) Real-time HR dashboards track employee progress and reduce onboarding time, resulting in faster employee productivity.

(iii) Axis Max Life Insurance is a joint venture (JV) between Max Financial Services Limited (MFSL) and Axis Bank Limited.

      - This penalty was imposed under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949.

Main Point :-   (i) Mahindra & Mahindra Financial Services Ltd (MMFSL) was fined Rs. 6.77 crore for non-compliance with certain provisions of the 'Non-Banking Financial Company - Systematically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016' and Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016.

      (ii) The penalty was imposed under Clause (b) of Sub-section (1) of Section 58G read with Clause (aa) of Sub-section (5) of Section 588 of the Reserve Bank of India Act, 1934.

Main Point :-   (i) The eKCC platform integrates: Land records, Aadhaar and eKYC (Electronic Know Your Customer), Core banking systems, and ePACS (Digital PACS).

      (ii) This enables end-to-end automation of loan disbursals, reducing processing time and enhancing transparency.

(iii) As of March 2025, India has 7.71 crore operational KCC holders, including 1.24 lakh for fisheries and 44.4 lakh for animal husbandry.

Main Point :-   (i) The bank posted a standalone net profit of Rs 17,616 crore in Q4 FY25, marking a 6.7% increase from Rs 16,512 crore in the same quarter of the previous year.

      (ii) NII grew by 10.3% year-on-year, reaching Rs 32,070 crore, compared to Rs 29,080 crore in Q4 of FY24.

(iii) The total income for the quarter was Rs 89,488 crore, slightly lower than Rs 89,639 crore recorded during the corresponding period last year.

      - Interestingly, remittances for the purchase of immovable property abroad rose by 28.32 per cent, reaching USD 277.7 million. In addition, investments in equity and debt under the LRS increased by 8.27 per cent to USD 1,392.55 million during the same period.

Main Point :-   (i) In February alone, outward remittances fell by 2.44 per cent year-on-year to USD 1.96 billion from USD 2.01 billion in February 2024. This reflects a moderate decline in overall monthly remittance activity under the scheme.

      (ii) Despite the overall dip, the international travel segment grew by 3.5 per cent in February 2025, with remittances rising to USD 1.09 billion from USD 1.05 billion a year ago. However, remittances for overseas education declined sharply by 26.19 per cent to USD 182.17 million, and funds for maintenance of close relatives dropped by 11.78 per cent to USD 235 million.

(iii) The Liberalised Remittance Scheme was launched in 2004, initially with a remittance limit of USD 25,000. Over time, the limit has been revised in stages and currently allows all resident individuals, including minors, to remit up to USD 250,000 per financial year for permissible current or capital account transactions, or a combination of both.

      - The deployment will focus primarily on high-footfall branches, particularly those handling government salary accounts, pensions, and Direct Benefit Transfers (DBT).

Main Point :-   (i) SBI offers a wide range of alternate banking channels to enhance customer convenience and reduce branch dependency, including Automated Teller Machines (ATMs), Automated Deposit Cum Withdrawal Machines (ADWMs), self-service kiosks, SWAYAM barcode-based passbook printing kiosks, cheque deposit kiosks, internet banking, mobile banking through the You Only Need One (YONO) application, and WhatsApp banking services—ensuring 24/7 secure and seamless access to banking services.

      (ii) As of December 2024, 98.1% of all transactions at SBI were carried out through alternate banking channels, marking a substantial rise from 88.1% in March 2019 and highlighting the bank's successful shift towards digital banking solutions.

Main Point :-   (i) The Institute for Development and Research in Banking Technology (IDRBT), based in Hyderabad (Telangana), has been designated as the registrar for the '.bank.in' domain. IDRBT has been authorized by the National Internet Exchange of India (NIXI) under the Ministry of Electronics and Information Technology (MeitY).

      (ii) Banks are required to contact IDRBT at sahyog@idrbt.ac.in to begin their migration. IDRBT will provide technical and procedural guidance for the transition.

(iii) Banks will need to upgrade their IT infrastructure to comply with the new domain requirements, ensuring secure and uninterrupted digital banking experiences for users.

Main Point :-   (i) Banks will now be required to assign an additional 2.5% run-off factor on retail deposits enabled with internet and mobile banking (IMB) facilities.

      (ii) As a result, the stable retail deposits with IMB facilities shall carry a 7.5% run-off factor (up from the earlier 5%).

(iii) The less stable retail deposits with IMB shall now carry a 12.5% run-off factor (up from the earlier 10%). These changes aim to enhance the accuracy and resilience of liquidity risk management practices across the banking sector.

Main Point :-   (i) Banks are also allowed to offer additional banking facilities—such as internet banking, debit cards, and cheque book facilities—to minor accounts, depending on their risk management policies.

      (ii) RBI has permitted minors below the age of 10 to open accounts as well, only through their natural or legal guardians.

(iii) It has specifically clarified that such accounts can now also be opened with the mother as the guardian.

Main Point :-   (i) Employees will receive accidental insurance coverage of up to ₹1 crore in case of death or disability due to accidents.

      (ii) Additional health and life insurance benefits will be provided at no extra cost.

(iii) Earlier, about 70,000 police personnel were covered under similar benefits (as of September 2024). With this new MoU, an additional 1.05 lakh employees will be included, taking the total coverage to approximately 1.75 lakh state government employees.

Main Point :-   (i) The implementation of the PAN-based trading freeze mechanism will be carried out in two phases—Phase-I will begin on July 01, 2025, for the top 500 listed companies (based on market capitalization), while Phase-II will cover the remaining listed companies starting from October 01, 2025. Listed companies are required to confirm the submitted data at least two trading days (T-2) before the trading window closure date. Following this, the Designated Depository (DD) will forward the verified information to stock exchanges and depositories at least one day prior to the closure period.

      (ii) Depositories will issue standardized formats and submission timelines to maintain consistency in reporting and compliance.

(iii) Any discrepancies or disputes in the process will be resolved through coordination among depositories, stock exchanges, and listed companies, as per SEBI.

      - The service includes international travel planning, airport lounge access, and visa support, making travel smoother and more luxurious for premium clients.

Main Point :-   (i) Concierge services help in exclusive event organization, premium stadium seating, dining reservations, personalized shopping experiences, and even golf bookings for an elevated lifestyle.

      (ii) Clients also get access to business-related assistance such as conference updates, courier services, and other professional support solutions tailored to their needs.

(iii) To avail AU SFB’s Concierge Services, clients under the AU ivy program must maintain an average quarterly balance of ₹25 lakh in their savings account or have a Total Relationship Value (TRV) of ₹2 crore at the group level. Meanwhile, the AU Eternity program is tailored for individuals seeking high-interest returns and exclusive luxury privileges, with detailed eligibility criteria available on the official AU SFB website.

      - RBI found the bank’s continued operations detrimental to depositors, as it was unable to repay its depositors in full.

Main Point :-   (i) The Deposit Insurance and Credit Guarantee Corporation (DICGC) has disbursed ₹47.89 crore to eligible depositors under Section 18A of the DICGC Act, 1961.

      (ii) Depositors are insured for up to ₹5 lakh per account as per DICGC norms.

Main Point :-   (i) The product includes complimentary Health Management Services (HMS) worth Rs 36,500 per year, covering regular health check-ups, OPD consultations, pregnancy-related support, and nutrition counseling.

      (ii) As of March 31, 2024, the company reported a Claim Settlement Ratio (CSR) of 99.23% and a solvency ratio of 432%, highlighting its financial strength and reliability.

Main Point :-   (i) During her address, the Union Minister praised BSE's technological advancements and its critical role in India's economic growth, emphasizing that BSE processes orders worth Rs 1,500 crore daily, highlighting its seamless integration with cutting-edge technology.

      (ii) Additionally, the market capitalization of BSE has reached Rs 400 lakh crore, positioning it among the top stock exchanges in the world.

Main Point :-   (i) In March 2024, PB Fintech's board approved the incorporation of PB Pay Private Limited to carry out domestic and cross-border payment aggregation services, supporting merchants through both offline and digital payment infrastructure.

      (ii) The company was incorporated in April 2024 with a proposed authorised share capital of Rs 50 crore and a paid-up share capital of Rs 27 crore.

(iii) The RBI introduced the Payment Aggregator (PA) framework in March 2020, requiring entities to obtain a license to onboard merchants and offer digital payment acceptance services.

Main Point :-   (i) Capitalmind AMC plans to launch actively managed equity schemes based on proven quantitative models like Adaptive Momentum and Surge India, which have shown consistent post-fee performance over the past five years.

      (ii) Currently, the firm manages over Rs 2,200 crore in assets under management (AUM) for more than 1,400 clients, maintaining a 98% annual client retention rate.

      - HDFC Bank Limited also witnessed progress in the global chart, moving up one position to claim the 73rd spot. This reflects the bank’s steady performance and growing international stature in the banking industry.

Main Point :-   (i) China continues to dominate the global banking sector, with the top three spots on the list occupied by Chinese financial institutions. Leading the rankings is the Industrial and Commercial Bank of China Limited (ICBC) at rank 1, followed by the Agricultural Bank of China Ltd. (ABC) at rank 2, and China Construction Bank Corporation (CCB) at rank 3.

      (ii) The 2025 rankings provide crucial insight into the evolving dynamics of the global banking ecosystem, highlighting the increasing role of Asian banks and the gradual rise of Indian financial institutions on the world stage.

Main Point :-   (i) RBI cancelled the licence of Ahmedabad (Gujarat)-based Colour Merchants Co-operative Bank Limited due to inadequate capital adequacy, poor earnings prospects, and non-compliance with Section 11(1) and Section 22(3)(d) read with Section 56 of the Banking Regulation Act, 1949.

      (ii) RBI imposed penalties of Rs. 61.4 lakh on KMBL, Rs. 38.6 lakh on IDFC First Bank, and Rs. 29.6 lakh on PNB for regulatory non-compliance.

(iii) UK-based Revolut, a global financial application (App), received full authorization from the RBI to operate as a Prepaid Payment Instrument (PPI) issuer and enable Unified Payments Interface (UPI) transactions in India.

Main Point :-   (i) Tata Neu Infinity SBI Card: Joining & annual fees are ₹1,499, with a Spend-Based Annual Fee Reversal at ₹3,00,000.

      (ii) Tata Neu Plus SBI Card: Joining & annual fees are ₹499, with a Spend-Based Annual Fee Reversal at ₹1,00,000.

(iii) In April 2025, New York (United States of America, USA)-based Mastercard Inc. partnered with Kumbakonam (Tamil Nadu)-based City Union Bank Limited (CUB) to launch India’s first cricket-themed credit cards, offering exclusive benefits for fans of Indian Premier League (IPL) teams Chennai Super Kings (CSK) and Sunrisers Hyderabad (SRH).

Main Point :-   (i) The partnership aims to provide comprehensive insurance offerings, including home, health, motor, and engineering insurance, to customers of SIDBI through its 123 branches across the country.

      (ii) The initiative focuses on strengthening insurance accessibility among MSMEs, a sector considered crucial for India’s economic development and job creation.

(iii) This tie-up will enable MSMEs to access both financial and insurance services through an integrated platform, simplifying processes and boosting protection for small businesses.

Main Point :-   (i) ‘Amrit Vrishti’ was originally launched on 15th July 2024 and extended several times until its closure on 31st March 2025. The updated interest rates are effective from 15th April 2025.

      (ii) SBI has also revised interest rates for other FD tenures, implementing a 10 bps reduction effective from the same date — 15th April 2025.

(iii) The current interest rates for regular fixed deposits now range from 3.50% to 6.90% for tenures spanning 7 days to 10 years, while senior citizens receive between 4.00% and 7.50%, based on the duration.

Main Point :-   (i) The deposit schemes are specially designed for varied customer groups such as working professionals, women, armed forces personnel, farmers, NRIs, senior citizens, students, and the youth, catering to their unique financial needs.

      (ii) Among the digital solutions, notable introductions include a QR-code-based feedback mechanism, the intelligent live-chat assistant “Pihu,” and advanced internal banking tools aimed at elevating service standards for customers.

(iii) The event witnessed the presence of M Nagaraju, Secretary, Department of Financial Services (DFS) under the Ministry of Finance (MoF); along with Ashok Chandra, Managing Director (MD) and Chief Executive Officer (CEO) of PNB. He was joined by Executive Directors Kalyan Kumar, M. Paramasivam, Bibhu Prasad Mahapatra, and D. Surendran, among other senior officials.

      - NPCI has also capped domestic transactions involving QR Share & Pay payments to non-verified offline merchants at Rs. 2,000 per transaction. This measure is intended to prevent fraud and encourage merchants to undergo proper verification and registration.

Main Point :-   (i) By restricting the transaction limit with unverified merchants, NPCI hopes to foster trust and transparency in small-scale peer-to-merchant (P2M) digital transactions across India, particularly in informal retail sectors.

      (ii) Another critical revision includes the prohibition of "collect requests" for reloading wallets. Merchants can no longer send UPI requests asking users to load money into prepaid wallets or gift cards, which had been commonly exploited in scams.

(iii) Instead, users will now be required to manually initiate wallet recharges using push-based transactions. This change gives consumers greater control over their funds and helps reduce unauthorized deductions due to fraudulent requests.

      - As per the provisions of Section 11(3) of FEMA, the RBI exercised its authority to levy the fine, emphasizing the need for vigilance and compliance among authorized dealers of foreign exchange.

Main Point :-   (i) Prior to the imposition of the penalty, the RBI had issued a Show Cause Notice to Citibank N.A., requesting justification for the suspected violation. The bank submitted a written response and also provided oral submissions during the proceedings.

      (ii) After a thorough evaluation of the case and the explanations provided, the RBI determined that the violation was established, and thus proceeded with the monetary penalty.

(iii) This action highlights RBI’s ongoing commitment to enforcing strict compliance with FEMA guidelines to ensure transparency and due diligence in foreign exchange transactions.

Main Point :-   (i) MSMEs represent over 90% of all businesses worldwide, contribute 50% to global GDP, and account for 70% of employment. However, the MSME finance gap stands at USD 5.7 trillion, expanding to USD 8 trillion when informal enterprises are included.

      (ii) The facility targets Regulated Banks, Non-Banking Financial Institutions (NBFIs), and Microfinance Institutions (MFIs) authorized to conduct lending or leasing operations in their respective regions.

(iii) This initiative is aimed at fostering growth in the MSME sector by addressing financing challenges, with a specific focus on women and climate-conscious enterprises.

Main Point :-   (i) SEBI recently relaxed disclosure norms for Foreign Portfolio Investors (FPIs) by increasing the asset threshold for granular Beneficial Ownership (BO) disclosures from Rs 25,000 crore to Rs 50,000 crore.

      (ii) Mumbai-based hBits Investment Management Private Limited, a fractional investment platform in commercial real estate, received SEBI’s approval to launch a Small & Medium Real Estate Investment Trust (SM-REIT) public issue.

(iii) hBits plans to raise up to Rs 500 crore through its Initial Public Offering (IPO) by June 2025.

Main Point :-   (i) The MPC unanimously decided to reduce the policy repo rate by 25 basis points (bps) to 6.00%, effective immediately.

      (ii) The Standing Deposit Facility (SDF) rate under the Liquidity Adjustment Facility (LAF) was revised to 5.75%.

(iii) The Marginal Standing Facility (MSF) rate and the Bank Rate were both set at 6.25%.

      - SEBI’s revised framework allows investors to opt for Systematic Investment Plans (SIPs), Systematic Withdrawal Plans (SWPs), and Systematic Transfer Plans (STPs) under SIFs. However, if market fluctuations reduce investment value below ₹10 lakh, immediate redemption is required.

Main Point :-   (i) SIFs are structured to bridge the investment gap between Mutual Funds (MFs) and Portfolio Management Services (PMS). They are designed for High-Net-Worth Individuals (HNIs), offering tailored strategies such as long-short equity, sectoral rotation, and multi-asset diversification.

      (ii) To launch SIFs, AMCs must have at least 3 years of operational history and should maintain an average Assets Under Management (AUM) of ₹10,000 crore or more over the last three years.

(iii) In a related development from March 2025, SEBI revised the minimum investment requirement for Zero Coupon Zero Principal (ZCZP) instruments listed on the Social Stock Exchange (SSE), lowering it from ₹10,000 to ₹1,000.

Main Point :-   (i) The MoU outlines initiatives for joint seminars, workshops, and research to build institutional capabilities.

      (ii) NaBFID and NDB will work together on research and capacity-building initiatives to promote knowledge sharing and strengthen institutional capabilities in infrastructure financing.

(iii) The New Development Bank (NDB), established in 2015 by the BRICS nations (Brazil, Russia, India, China, and South Africa), supports infrastructure and sustainable development projects in emerging markets and developing countries (EMDCs).

      - BHIM Vega is a next-generation UPI plugin developed by NBSL, built upon the existing BHIM infrastructure to enable smoother in-app payment experiences.

Main Point :-   (i) The Razorpay Turbo UPI Plugin offers seamless in-app transactions by allowing users to complete payments without switching to third-party UPI applications. This feature reduces payment drop-offs and provides a smoother, more convenient user experience for customers making online transactions.

      (ii) The plugin is designed with enhanced reliability by using smart routing through multiple banking partners. This ensures higher success rates for transactions, even during downtimes or technical issues with one of the banks, making the payment process more stable and dependable.

(iii) For businesses, the plugin simplifies onboarding and integration. It enables companies to adopt the solution quickly and go live faster, helping them streamline operations and deliver a better payment experience to their customers.

Main Point :-   (i) The collaboration aims to deliver affordable credit solutions to borrowers residing in Tier 2 and Tier 3 cities, thereby supporting financial inclusion and contributing to economic growth across underserved regions.

      (ii) Piramal Finance brings its innovative ‘High Tech + High Touch’ model, blending advanced technology with personalized customer service, while ICICI Bank offers its deep financial and banking expertise, enhancing the partnership's overall effectiveness.

(iii) With a network of over 510 branches covering 13,000+ pin codes and catering to nearly 4.5 million customers across 26 states, Piramal Finance’s wide presence will significantly strengthen credit delivery and outreach under this alliance.

Main Point :-   (i) The PA license allows companies to facilitate online transactions for e-commerce, bringing them under RBI’s regulatory framework. It also enables them to offer early settlements, a form of short-term credit, and partner with NBFCs and banks to provide term loans.

      (ii) BharatPe has become the only fintech company in India to possess a unique combination of financial authorizations—holding an NBFC license through Trillion Loans, a stake in Unity Small Finance Bank (SFB), and now, the Payment Aggregator (PA) authorization from the Reserve Bank of India (RBI).

(iii) As of April 2025, the RBI has granted PA authorization to 41 companies, while over 28 firms have received in-principle approval to operate as payment aggregators in India.

Main Point :-   (i) The account also offers enhanced debit card insurance coverage, including up to Rs 15 lakh for personal accident cover and Rs 3 lakh for purchase protection.

      (ii) Customers enjoy domestic lounge access, with 2 visits per quarter for the cardholder and 1 for a companion.

(iii) To qualify for the 'Elite Plus' Savings Account, customers must be Indian residents and meet any of the following balance criteria: a monthly average savings account balance of Rs 15,00,000, a term deposit relationship of Rs 75,00,000, or a Total Relationship Value (TRV) of Rs 15,00,000 or above.

Main Point :-   (i) As per the notification, each newly formed RRB will inherit the properties, powers, rights, obligations, and duties of the previously existing banks.

      (ii) The goal of this consolidation is to enhance the operational efficiency of RRBs, avoid overlapping functions, and reduce competition among Public Sector Banks (PSBs) that sponsor them.

(iii) The ongoing consolidation process of RRBs began in 2005, following the recommendations of the Dr. Vyas Committee.

Main Point :-   (i) The newly launched 'BoB Square Drive Deposit Scheme' is available only under retail term deposit options and applies to deposits below ₹3 crore, offering an interest rate of 7.15% per annum for general citizens.

      (ii) For senior citizens and super senior citizens (aged 80 years and above), the scheme offers interest rates of 7.65% and 7.75% per annum, respectively.

(iii) These depositors will receive an additional 5 basis points (bps) on non-callable deposits (above ₹1 crore and below ₹3 crore).

Main Point :-   (i) Under the MoU, KMBL, as a Scheduled Commercial Bank (SCB), will extend tailored banking solutions, including support for export documentation, fundraising workshops, and masterclasses on financial management for startups.

      (ii) The bank will also utilize its international branch network to help Kerala-based startups connect with Non-Resident Indians (NRIs) and explore global business opportunities.

(iii) On its part, KSUM will provide a robust framework comprising incubation support, mentorship programs, funding assistance, and access to startup infrastructure. It will further aid startups by facilitating connections with investors, industry experts, and government schemes to accelerate their growth journey.

      - In March 2025, Piramal Enterprises Limited (PEL) infused ₹600 crore into PFL through a rights issue to support its business operations and corporate expansion.

Main Point :-   (i) PEL has also approved the issuance of secured, rated, listed, redeemable non-convertible debentures (NCDs) on a private placement basis.

      (ii) The issue includes a base size of ₹100 crore, with a green shoe option of ₹200 crore, aggregating to ₹300 crore.

(iii) These NCDs carry an annual coupon rate of 9.30%, and are redeemable by April 9, 2029. In case of payment defaults, a 1% penalty interest will be applicable. The minimum Net Owned Fund (NOF) required to operate as an NBFC-ICC is ₹5 crore.

Main Point :-   (i) The primary objective of this innovation is to combat growing cyber threats related to SMS-based OTPs. By generating OTPs on the user’s device, Axis Bank offers a device-bound, time-sensitive solution that enhances protection against cyber fraud.

      (ii) The Mobile OTP feature allows users to log in to internet banking and authenticate transactions securely. It is accessible globally via internet, making it especially useful for seafarers, international travelers, and Non-Resident Indians (NRIs) who face OTP delivery issues while abroad.

(iii) The bank has also introduced instant alerts for login and transaction attempts, giving customers real-time visibility and greater control over their account activities.

Main Point :-   (i) To function as a Past Risk and Return Verification Agency (PaRRVA), a Credit Rating Agency (CRA) must meet specific criteria. These include a minimum of 15 years of operational experience, a net worth of at least ₹100 crore, and a robust investor grievance redressal mechanism with an Online Dispute Resolution (ODR) system. Additionally, the CRA must have provided ratings to at least 250 issuers of debt securities.

      (ii) For a recognised Stock Exchange (SE) to serve as a PaRRVA Data Centre (PDC), it must also have a minimum of 15 years of experience, a net worth of ₹200 crore, and a nationwide presence through terminals.

(iii) The SE must further ensure an effective investor grievance redressal system, including an ODR mechanism, to qualify under SEBI’s operational framework.

      - The report also anticipates that India’s current account balance could record a surplus in Q4 FY25, driven by rising net service receipts despite a widening merchandise trade deficit.

Main Point :-   (i) In Q3 FY25, India's Current Account Deficit (CAD) stood at USD 11.5 billion, or 1.1% of GDP, rising from USD 10.4 billion in Q3 FY24.

      (ii) The merchandise trade deficit increased to USD 79.2 billion, up from USD 71.6 billion in the same quarter of the previous fiscal year.

      - An AI-powered credit assessment model will be used to evaluate applicants based on academic performance and financial indicators, ensuring responsible and inclusive lending.

Main Point :-   (i) The initiative is designed to bridge the credit access gap for teenagers, especially from underserved and financially weaker sections, supporting their educational aspirations and career development.

      (ii) To obtain the NBFC licence, Securis Finance fulfilled key regulatory requirements, including registration under the Companies Act, 2013, maintaining a minimum Net Owned Fund (NOF) of ₹2 crore, and demonstrating financial stability through a robust business plan and a clean CIBIL (Credit Information Bureau India Limited) history.

Main Point :-   (i) The initiative utilizes India Post’s vast network of over 1.5 lakh post offices to offer accessible and seamless KYC services, especially aiding senior citizens and individuals with mobility challenges.

      (ii) India Post has previously completed over 5 lakh KYC verifications for institutions like Unit Trust of India (UTI) and Specified Undertaking of UTI (SUUTI).

(iii) This initiative supports the Government of India’s Jan Nivesh campaign, which focuses on promoting financial inclusion and bridging the gap between the financially underserved population and formal financial systems.

Main Point :-   (i) The general investment limit for Government Securities (G-Secs) has been recently set at Rs 2.79 trillion (USD 32.71 billion) for the period April to September 2025, and Rs 2.89 trillion for October 2025 to March 2026.

      (ii) For corporate bonds, the investment ceiling stands at Rs 8.22 trillion for April to September 2025, and Rs 8.80 trillion for October 2025 to March 2026.

(iii) As of April 2025, Foreign Portfolio Investors (FPIs) have utilized only 22.3% of the G-Sec limit and 15.7% of the corporate bond limit, reflecting significant untapped potential for foreign capital inflows into Indian debt markets.

Main Point :-   (i) The company has committed to investing ₹1,200 crore over the next three years to scale operations in high-priority segments such as pipes, construction chemicals, and designer boards.

      (ii) To expand its global presence, BirlaNu will leverage Parador, the German flooring company it acquired in 2018, alongside exporting its India-made products.

(iii) In a pioneering move for the Indian market, BirlaNu has adopted Organic Based Stabilizers (OBS) in the manufacturing of Unplasticized Polyvinyl Chloride (UPVC) pipes, eliminating the use of heavy metals in the process.

      - Bihar leads in the number of women entrepreneurs under PMMY with 4.2 crore beneficiaries, followed by Tamil Nadu with 4.0 crore and West Bengal with 3.7 crore. Maharashtra has the highest share of women account holders at 79%, followed by Jharkhand (75%) and West Bengal (73%).

Main Point :-   (i) Overall, women constitute 68% of all PMMY account holders, showcasing the scheme’s strong impact on women’s empowerment at the grassroots level.

      (ii) The share of PMMY loans has also grown significantly in states like Bihar (from 5.67% in FY16 to 10.97% in FY25), Uttar Pradesh (from 9.27% to 11.30%), and Odisha (from 4.24% to 4.51%).

(iii) Under PMMY, collateral-free loans of up to ₹20 lakh are provided through Member Lending Institutions in four categories—Shishu (up to ₹50,000), Kishor (₹50,000–₹5 lakh), Tarun (₹5–10 lakh), and Tarun Plus (₹10–20 lakh).

      - It aims to boost agricultural output by facilitating better access to financial resources and promoting sustainable rural livelihoods.

Main Point :-   (i) The initiative supports broader goals of financial inclusion and economic empowerment of underserved farming communities.

      (ii) This collaboration is part of Citi’s global commitment to invest USD 1 trillion in sustainable finance by 2030, which includes support for 15 million low-income households globally.

Main Point :-   (i) The platform offers advanced insights into Travel and Expenses (T&E), which are typically unavailable through conventional promotional travel partnerships.

      (ii) India’s loyalty market is expected to grow and reach USD 7.92 billion by 202

Main Point :-   (i) The new algo trading norms were announced on February 4, 2025, targeting retail investors using automated software to place trading orders.

      (ii) The framework clearly defines the roles of brokers (as principals) and algo providers (as agents), where the latter operate using broker-authorized Application Programming Interfaces (APIs).

(iii) Every algo order must include a unique identifier for improved auditability and tracking.

      - Pensioners have the option to open a joint savings account with their spouse to ensure uninterrupted family pension payments.

Main Point :-   (i) The bank offers a range of benefits under its Savings Account for pensioners, including zero-fee banking on 36 services such as debit card issuance, IMPS, NEFT, RTGS, chequebooks, and ATM withdrawals.

      (ii) Senior citizens also receive ₹2 lakh cyber insurance, unlimited online health consultations, and free doorstep banking.

(iii) Additionally, the bank provides favourable fixed deposit terms with no penalty on premature withdrawals and an extra 0.5% interest on Fixed Deposits (FDs) for senior citizens.

Main Point :-   (i) The platform integrates with multiple ordering applications across sectors like Fast-Moving Consumer Goods (FMCG), Pharma, Automotives, and Healthcare.

      (ii) It enables wholesale distributors and retailers to make invoice payments directly from their applications.

(iii) Axis Bank acts as a Biller Operating Unit (BOU), offering a customizable and scalable solution.

Main Point :-   (i) The card integrates directly with Overdraft (OD) or Cash Credit (CC) accounts, offering limits up to Rs. 50 lakh. It enables transactions up to Rs. 3 lakh per day or up to the available OD/CC limit, ensuring seamless financial management for businesses.

      (ii) Equipped with advanced security features, it utilizes tokenization and encryption technologies for safe digital transactions. All transactions are automatically recorded in the OD/CC account, eliminating the need for separate statements and simplifying financial tracking.

(iii) With a validity of five years, the card is globally accepted via Visa and RuPay networks, allowing business customers to make secure transactions across India and internationally.

      - Additionally, CCI approved Groww's proposal involving the issuance of bonus shares and the relinquishment of extra voting rights by its founders. This restructuring includes eliminating differential voting rights and issuing bonus compulsorily convertible shares to its existing shareholders.

Main Point :-   (i) Groww's shareholders benefiting from this proposal include Peak XV Partners, Ribbit Capital, YC Holdings, Tiger Global, and ICONIQ Strategic Partners. These entities primarily invest in early-stage companies and startups across India, Southeast Asia, and the United States.

      (ii) 360 ONE Large Value Fund (LVF), which is registered with SEBI as a Category-II Alternative Investment Fund (AIF), will manage its investment in API Holdings through its investment manager, 360 ONE Alternates Asset Management Limited (AAML).

(iii) With these approvals, CCI has facilitated key investments and strategic acquisitions in India's healthcare and fintech sectors, supporting the growth of API Holdings and Groww while streamlining their corporate structures.

Main Point :-   (i) Vishakha Mulye has been appointed as Managing Director (MD) & Chief Executive Officer (CEO) of ABCL.

      (ii) Rakesh Singh has been appointed as Executive Director (ED) and CEO of ABCL.

(iii) Nagesh Pinge and Sunil Srivastav have been appointed as Independent Directors of ABCL.

      - Under this collaboration, NABARD and SBI have set a financing target of Rs. 500 crores for the Financial Year 2025-26 (FY26), with plans to increase it to Rs. 1,000 crores annually in the future.

Main Point :-   (i) The initiative will focus on providing financial assistance to the agricultural and rural sectors, ensuring better access to credit, infrastructure, and sustainable livelihood opportunities.

      (ii) This partnership is expected to play a crucial role in empowering rural Assam and fostering long-term economic growth.

(iii) NABARD also signed an MoU with Digital Bharat Nidhi (DBN), under the Department of Telecommunications (DoT), Ministry of Communications (MoC), for Digital Rural Empowerment across the country.

Main Point :-   (i) Loans were transferred via the IBPC market, a short-term instrument (typically 6 months) allowing banks to borrow/lend against loan collateral.

      (ii) Acquired loans carry an interest rate of 7.5-8%.

(iii) IndusInd Bank aims to secure liquidity to offset risks from a ₹2,000 crore net worth erosion linked to accounting irregularities.

      - The shares will be issued within 30 days after securing approvals from regulators, including the Securities and Exchange Board of India (SEBI).

Main Point :-   (i) Post-conversion, the GoI will become the single-largest shareholder, surpassing current promoters Aditya Birla Group (14.76%) and Vodafone Group (22.56%).

      (ii) The conversion addresses VIL's deferred spectrum liabilities, including dues for the Financial Year 2025-26 (FY26) amounting to ₹32,723.5 crore (covering 2015 spectrum auction shortfalls and adjusted gross revenue (AGR) obligations).

(iii) The GoI's enhanced stake reflects its commitment to sustaining competition in India's telecom sector.

      - While the central government's external debt declined, the non-government sector saw an increase.

Main Point :-   (i) Among non-government sectors, non-financial corporations held the largest share at 36.5%, followed by deposit-taking corporations (excluding the central bank) at 27.8%.

      (ii) The central government held 22.1%, and other financial corporations accounted for 8.7%.

Main Point :-   (i) According to the latest data from RBI, India's Current Account Deficit (CAD) slightly increased to USD 11.5 billion, accounting for 1.1% of the country's Gross Domestic Product (GDP) during Q3FY25, compared to USD 10.4 billion (1.1% of GDP) in Q3FY24, largely due to a rise in service exports.

      (ii) The data further revealed that India's foreign exchange reserves (FER) declined by USD 37.7 billion on a Balance of Payments (BoP) basis in Q3FY25, compared to an increase of USD 6.0 billion in Q3FY24.

      - SPDs were also allowed to participate in other operations, such as long-term Variable Rate Repo (VRR) operations and daily VRRs, on a case-by-case basis.

Main Point :-   (i) A Primary Dealer (PD) refers to an RBI-registered Non-Banking Financial Company (NBFC) authorized to buy and sell Government Securities (G-Secs), as per the 'Guidelines for Primary Dealer in Government Securities Market' dated March 29, 1995.

      (ii) PDs in India are classified into two categories: Standalone Primary Dealers (SPDs) and Bank PDs. SPDs are entities either incorporated abroad, subsidiaries of Scheduled Commercial Banks (SCBs), or registered under the Companies Act as NBFCs.

(iii) The Standing Liquidity Facility is a window that allows SPDs to borrow money from RBI at the repo rate. Variable Rate Repo (VRR) is used to infuse short-term liquidity into the banking system, allowing banks to borrow at a rate lower than the repo rate for up to 14 days.

      - The platform leverages blockchain technology to enable multi-currency, 24/7 payment movements with programmable payments, reducing liquidity costs and enhancing cash management efficiency.

Main Point :-   (i) The round-the-clock USD clearing facility will be managed from Gujarat International Finance Tec-City (GIFT City), reinforcing India's position as a global financial hub.

      (ii) The integration of Kinexys Digital Payments (KDP) enables Axis Bank’s clients to streamline payments, unlock liquidity, and execute cross-border transactions seamlessly, while automated cash management and no-deduction payment rails further optimize payments and liquidity.

Main Point :-   (i) The acquisition is subject to signing a Share Purchase Agreement (SPA), fulfilling conditions outlined in the SPA, and obtaining necessary regulatory approvals.

      (ii) AFLIC is a joint venture between Ageas Insurance International NV and Federal Bank Limited, offering life insurance products and services across India.

      - SEBI has proposed new position limits for index derivatives to better reflect actual market risks.

Main Point :-   (i) For index options, the end-of-day limits are set at Rs 500 crore (net) and Rs 1,500 crore (gross), while intraday limits are Rs 1,000 crore (net) and Rs 2,500 crore (gross).

      (ii) For index futures, the end-of-day limit has been increased from Rs 500 crore to Rs 1,500 crore, with an intraday limit of Rs 2,500 crore.

(iii) SEBI has extended the deadline for Regulated Entities (REs) to adopt the Cybersecurity and Cyber Resilience Framework (CSCRF) until June 30, 2025, providing a 3-month extension from the original deadline.

Main Point :-   (i) The banking system has faced a persistent liquidity deficit despite RBI’s recent liquidity injections using tools such as daily VRR auctions, long-term VRRs, USD/INR Buy/Sell swap auctions, and Open Market Operations (OMOs).

      (ii) RBI is addressing the prevailing liquidity deficit of Rs. 1.58 lakh crore (as of March 2025), enhancing the ability of SPDs to efficiently manage short- and long-term liquidity needs.

Main Point :-   (i) The company plans to offer a diverse range of mutual fund products aligned with its research-driven investment approach.

      (ii) The new mutual fund venture will cater to various investor segments, including retail investors, High Net-worth Individuals (HNI), Ultra High Net-worth Individuals (UHNI), and institutional investors.

(iii) According to the Association of Mutual Funds in India (AMFI) January 2025 report, the Assets Under Management (AUM) of Indian mutual funds have experienced significant growth, rising from Rs. 24 lakh crore in March 2019 to Rs. 67 lakh crore in January 2025.

      - In March 2025, Atul Kumar Goel, former MD of Punjab National Bank (PNB), was named Chief Executive (CE) of IBA, taking over from Sunil Mehta.

Main Point :-   (i) Challa Sreenivasulu (C.S.) Setty began his career at State Bank of India (SBI) in 1988 as a Probationary Officer (PO). He later joined the SBI Board as Managing Director (MD) in January 2020, where he led the Retail & Digital Banking (RDB) vertical from 2020 to 2022.

      (ii) Before becoming MD, C.S. Setty headed the Stressed Assets Resolution Group (SARG) as Deputy Managing Director (DMD). He assumed charge as Chairman of SBI in August 2024.

(iii) The Indian Banks' Association (IBA) is an industry body representing both Public Sector Banks (PSBs) and Private Sector Banks (PVBs). It is not a statutory body but serves as a premier service organization and association for Indian banks and financial institutions.

Main Point :-   (i) MSBPL will function as a securities broking firm, focusing on trading in shares, stocks, securities, debt instruments, commodities, currencies, and derivatives.

      (ii) This strategic expansion aims to enter the stock broking and derivatives trading business, positioning MobiKwik alongside established players in the sector.

Main Point :-   (i) Upon completion of this transaction, ISARC will become a subsidiary of Authum Investment. The RBI has also granted approval for Authum Investment to nominate two directors to ISARC's board.

      (ii) The deal takes place amid a turbulent phase for the Asset Reconstruction Company (ARC) sector, with multiple firms exiting the market.

(iii) Notable departures include Blackstone-backed International Asset Reconstruction Company and Aditya Birla Asset Reconstruction Co. Additionally, Arcion Revitalization (supported by Apollo Global and ICICI Bank) and Lonestar India have also shut down operations.

Main Point :-   (i) As part of the recently signed ODA loan agreements, JICA has allocated funds for key development projects across India: Delhi Metro Phase 4 has been allocated ₹4,649 crore to enhance urban mobility, reduce traffic congestion, and lower air pollution in the National Capital Region.

      (ii) Chennai Seawater Desalination Plant (II) will receive ₹3,065 crore to develop desalination and water transmission infrastructure, ensuring a reliable water supply.

(iii) ₹2,106 crore is allotted for the Tamil Nadu Investment Promotion Program (Phase 3) to enhance infrastructure and skill development, while ₹669 crore is allocated to the Punjab Biodiversity and Natural Resources Conservation Project for afforestation, wetland management, and climate resilience.

Main Point :-   (i) Punjab & Sind Bank (PSB) (based in New Delhi, Delhi) was fined Rs. 68.20 lakh for two reasons: not reporting borrowers with non-fund exposures of Rs. 5 crore or more to RBI’s Central Repository of Information on Large Credits (CRILC), and allowing Basic Savings Bank Deposit Account (BSBDA) holders to open extra savings accounts.

      (ii) KLM Axiva Finvest Limited (based in Hyderabad, Telangana) was fined Rs. 10 lakh for not following the rules related to dividend declaration.

      - Policyholders can check their driving scores through the Zuno app, which gives real-time feedback and tips for improving driving behavior.

Main Point :-   (i) Zuno General Insurance’s ‘PHYD’ model offers personalized premiums, allowing safe drivers to reduce their insurance costs based on actual driving performance. This approach ensures that responsible driving is rewarded with lower premiums, making motor insurance fairer and more transparent.

      (ii) Additionally, policyholders can benefit from a rewards system that grants weekly and monthly incentives. They can also participate in a leaderboard within the app, fostering healthy competition among drivers while encouraging safer driving habits.

(iii) Zuno’s innovative approach enhances cost control by allowing drivers to influence their premiums through better driving behavior. By moving away from traditional fixed pricing models, this data-driven system aligns with global trends in motor insurance, leveraging technology for more accurate risk assessment and fairer premium structures.

      - This is an unsecured loan facility with a 5-year term, and the full amount will be repaid in a single payment at maturity. It is expected to enhance IREDA's presence in international financial markets.

Main Point :-   (i) According to IREDA, after hedging, the total cost of the loan is expected to be less than 7%. This makes it more cost-effective compared to similar loans with the same tenure in the domestic market.

      (ii) The overallotment or green shoe option allows the underwriter to buy back a certain number of shares at a fixed price to support the share price.

      - The Bank of India (BOI) signed its first-ever Memorandum of Understanding (MoU) with the Indian Air Force (IAF) to offer customized banking benefits through the ‘BoI Rakshak Salary Package’ to IAF personnel, veterans, and Agniveers under the Agnipath scheme.

Main Point :-   (i) The MoU exchange ceremony took place at the IAF Headquarters in New Delhi, with Air Vice Marshal Updesh Sharma, Assistant Chief of Air Staff (Accounts & Air Veterans), presiding over the event.

      (ii) The package includes enhanced financial perks, such as Personal Accident Insurance (PAI) coverage of ₹100 lakh, providing security in case of unforeseen incidents. Additionally, it offers Air Accident Coverage of ₹200 lakh, ensuring substantial financial protection for IAF personnel. The package also includes special benefits on debit and credit cards, enhancing convenience and financial flexibility for account holders.

(iii) This partnership reflects BOI's commitment to providing tailored financial solutions to defense personnel, ensuring greater financial security and convenience for IAF members and their families.

Main Point :-   (i) This partnership further strengthens Bandhan Bank’s role as a SPARSH (System for Pension Administration Raksha) Service Centre for defence personnel.

      (ii) In collaboration with the Controller General of Defence Accounts (CGDA), MoD, the bank operates 557 designated branches for processing pensions and supporting defence pensioners and their families.

(iii) The Reserve Bank of India (RBI) has appointed Bandhan Bank as an Agency Bank, authorizing it to handle tax collections under the Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC) and to disburse Central Civil Pensions and Railway Pensions on behalf of the Ministry of Finance (MoF), GoI.

Main Point :-   (i) NTPC REL has secured an unsecured loan, backed by a negative lien with limited exceptions. The funds will support the company’s Renewable Energy (RE) expansion in solar, wind, energy storage, and green hydrogen sectors.

      (ii) Indian Railways (IR), one of the largest electricity consumers, is committed to achieving net zero carbon emissions by 2030.

(iii) This agreement aligns with India’s target of reaching 450 Gigawatts (GW) of RE capacity by 2030, highlighting the vital role of public sector entities like IRFC in facilitating the country’s green energy transition.

Main Point :-   (i) The $150 million loan is part of a $306 million financing package led by ADB, which includes $150 million co-financing from Japan International Cooperation Agency (JICA), Tokyo (Japan). Additionally, ₹500 million ($5.80 million) has been contributed by Export-Import Bank of India (EXIM Bank), Mumbai (Maharashtra).

      (ii) The loan will support MSMEs, which contribute 30% of India's GDP and provide employment to 123 million people. This financial aid aims to enhance credit access, particularly in rural and semi-urban areas, empowering small businesses and entrepreneurs.

(iii) Furthermore, the funding will boost EV adoption in line with India's EV30@30 initiative, which targets 30% electric vehicle sales by 2030. It will also help reduce air pollution by financing Bharat Stage-VI (BS-VI) compliant low-emission vehicles, promoting sustainable and eco-friendly transportation.

Main Point :-   (i) The solution integrates AI with human oversight to automate loan application assessments. It analyzes multiple data points, ensuring efficiency, accuracy, and scalability while prioritizing risk management. By minimizing manual intervention, the system accelerates credit approvals and strengthens PFL’s risk management framework.

      (ii) The system utilizes Large Language Models (LLMs) and Machine Learning (ML) algorithms to interpret complex data patterns, enabling more refined and data-driven lending decisions.

(iii) PFL anticipates a 40% increase in productivity for credit managers in retail lending, a sector crucial to advancing financial inclusion.

      - The minimum deposit amount is $5,000, with additional investments in multiples of $1,000. The bank has not specified a maximum deposit limit.

Main Point :-   (i) Interest rates are tenure-based and are revised monthly on the 1st of every month.

      (ii) Premature withdrawals are permitted, but a penalty fee applies. Investors cannot modify the FD tenure after making the investment.

Main Point :-   (i) The funds will be used to repower existing solar assets, improving their efficiency and operational performance.

      (ii) Backed by an $800 million investment from Actis' Energy Fund 5, BluPine Energy aims to develop a renewable energy portfolio exceeding 4 Gigawatts (GW) in India.

(iii) NaBFID, a specialized bank established by an Act of Parliament in 2021, has structured this transaction to support India’s transition to renewable energy by facilitating long-term infrastructure financing.

      - 360 ONE Private Equity Fund, registered with SEBI as a 'Category-II Alternative Investment Fund (AIF),' is also part of the combination.

Main Point :-   (i) The proposal includes the acquisition of certain road assets belonging to the Ashoka Buildcon Group.

      (ii) Mumbai-based Epic Concesiones 2 Private Limited (ECP2PL) has been approved to acquire a 100% equity stake in 11 road SPVs (Target SPVs).

(iii) These 11 road SPVs are currently owned by Nashik-based Ashoka Concessions Limited (ACL) and Ashoka Buildcon Limited (ABL).

      - This move aims to ensure high standards of transparency, accountability, and ethical conduct of members and officials of the board.

Main Point :-   (i) The Board of SEBI has eased investment restrictions for Category-II Alternative Investment Funds (AIFs), including private equity and debt funds, enabling them to invest in listed debt securities rated 'A' or below.

      (ii) It has introduced key changes regarding the appointment of Public Interest Directors (PIDs) and the cooling-off period for key management personnel (KMP) and directors for Market Infrastructure Institutions (MIIs).

(iii) It has clarified that the earlier process of appointment of PIDs, which requires the approval of SEBI but not shareholders, will continue.

Main Point :-   (i) The data highlighted that the combined net profit of 12 Indian PSBs was at ₹1.41 lakh crore in FY24 against a net profit of ₹1.05 lakh crore in FY23 and earned ₹1.29 lakh crore in nine months (April-December) of FY25.

      (ii) As per the data, State Bank of India (SBI) emerged as the largest contributor to the overall net profit registered by PSBs during FY24, accounting for over 40% (₹61,077 crore), which marks an increase of 22% compared to the previous FY (₹50,232 crore).

Main Point :-   (i) Tier 1 Capital of RRBs will remain unaffected by unamortised pension expenses.

      (ii) RRBs were previously allowed to amortise their pension liability on account of the RRB (Employee) Pension Scheme 2018 for 5 years, beginning with the financial year ending March 31, 2019.

Main Point :-   (i) CIRL, which now partners with 43 insurance companies (including 23 life insurers), will leverage LIC's inclusion to expand value-added services for policyholders nationwide.

      (ii) Notably, LIC holds a 4.4% stake in CDSL and 8.3% in CIRL, while CDSL maintains 51% direct ownership and 3.25% via its subsidiary CDSL Ventures Limited.

Main Point :-   (i) The MoU was exchanged between Dr. Rishikesh Patankar, Vice President, NSDC, and Srini Venkatesan, Global Chief Technology Officer (CTO), PayPal.

      (ii) New Delhi (Delhi)-based NSDC was established on 31 July 2008. It operates as a unique Public-Private Partnership (PPP) model under the Ministry of Skill Development & Entrepreneurship (MSDE).

Main Point :-   (i) The RBI fined IDBI Bank a penalty of Rs 36,30,000 for failing to conduct due diligence while processing inward remittances from a Foreign Currency Account (FCA) opened by a constituent, leading to a violation of Section 10(4) of FEMA, 1999.

      (ii) The RBI fined Citibank N.A. a penalty of Rs 36,28,000 for failing to comply with RBI's guidelines on reporting transactions under the Liberalised Remittance Scheme (LRS), which permits Indian residents to remit funds abroad. The penalty was imposed under Section 11(3) of FEMA, 1999.

      - The IAC plays a crucial role in advising IRDAI on regulatory matters concerning the insurance industry.

Main Point :-   (i) The committee comprises members from various sectors, including commerce, industry, and consumer groups.

      (ii) The IAC can have a maximum of 25 members, excluding IRDAI's chairperson and other ex-officio members.

(iii) As part of ongoing reforms, the IAC will submit its report within three months for review by the Department of Financial Services (DFS), which may include proposals for composite licenses for insurers and an increase in the foreign direct investment (FDI) limit to 100%. The IAC was established in 2000 under the Insurance Regulatory and Development Authority Act, 1999.

Main Point :-   (i) According to RBI data, outflows from ECBs due to principal repayments reached USD 23.9 billion in the first 10 months of FY25.

      (ii) The data revealed that net inflows from ECBs were USD 9.5 billion in FY24, which is much higher than the inflows seen in FY23.

(iii) The RBI highlighted a continuous decrease in the Secured Overnight Financing Rate (SOFR) since August 2024. This reduction has played a key role in lowering the overall costs of raising funds through ECBs.

      - The health insurance JV will be led by Amar Joshi, who is the CEO of Prudential India.

Main Point :-   (i) The health insurance industry saw a 10.44% Year-on-Year (YoY) increase in gross direct premium income, reaching Rs 1 lakh crore in the first 10 months of Financial Year 2025 (FY25). Standalone health insurers made up about one-third of this total. Currently, India has seven standalone health insurance companies.

      (ii) Prudential plc already operates in India through its joint venture with ICICI Bank, known as ICICI Prudential Life Insurance Company Limited. This company is the third-largest private life insurer in India by premium, after SBI Life Insurance and HDFC Life Insurance.

(iii) As of February 2025, the Foreign Direct Investment (FDI) limit for the Indian insurance sector has increased from 74% to 100%.

Main Point :-   (i) The MoU will be valid for 3 years, with an option for both parties to extend it if desired.

      (ii) The MoU includes joint events, research partnerships, policy representation, exchange programs, and digital collaboration.

(iii) AIBI (previously called the Association of Merchant Bankers in India or AMBI) was recognized by the Securities and Exchange Board of India (SEBI) to set professional standards, ensure efficient services, and establish best practices in investment banking.

Main Point :-   (i) Bain Capital will buy the stake through its affiliates, BC Asia Investments XXV Limited and BC Asia Investments XIV Limited, in partnership with existing promoters, who will remain fully invested.

      (ii) The transaction will trigger a mandatory open offer for the purchase of an additional 26% stake in the company on an expanded capital basis (excluding warrants) at ₹236 per share.

(iii) Following the completion of the acquisition, the existing promoters will hold 28.9%, while Bain Capital will hold up to 41.7% stake in the company.

      - The change also amends SEBI's circular from September 19, 2022, updated on December 28, 2023. This reform is based on recommendations from the public and the Social Stock Exchange Advisory Committee, chaired by Dr. R. Balasubramaniam.

Main Point :-   (i) The SSE, introduced in the Union Budget 2019-20, is a dedicated segment under existing stock exchanges to connect social enterprises with donors and investors. Its purpose is to channel funds to NPOs and for-profit social enterprises (FPSEs) while ensuring transparency through impact assessment reports and financial disclosures.

      (ii) ZCZP instruments are donation-based financial instruments where investors fund NPOs without expecting interest or principal repayment. They are issued only by SSE-listed NPOs, with funds used for predefined social welfare projects, and have a minimum maturity period of 5 years as per SEBI norms.

Main Point :-   (i) The event brought together government officials, industry leaders, researchers, and experts to explore strategies for achieving Net-Zero emissions in Bhubaneswar.

      (ii) A Memorandum of Understanding (MoU) was signed between Dr. Vibha Dhawan, Director General of TERI, and Dr. Debi Dutta Tripathy, Additional Secretary to the Government of Odisha, to accelerate Odisha's clean energy transition.

(iii) Odisha has set specific milestones for its energy transition, aiming for completion by 2036, the 100th year of the state’s formation, and 2047, marking 100 years of India’s independence.

      - BPCL will play a key role by establishing Hydrogen Refueling Infrastructure (HRI) for VTOL aircraft, with upcoming Hydrogen Refueling Stations (HRS) in Kochi and Thiruvananthapuram, Kerala, to support sustainable aviation and enhance the Hydrogen Valley Program.

Main Point :-   (i) BPCL will also engage in Research and Development (R&D) initiatives to develop an Indigenous Proton Exchange Membrane (PEM) Hydrogen Fuel Cell (HFC) with high power density to enable efficient vertical lift-off for the VTOL aircraft.

      (ii) As part of its Net Zero goal by 2040, BPCL plans to invest ₹21 lakh crore and will set up electric vehicle charging stations at approximately 7,000 fuel stations across India in the next five years.

(iii) BPCL, the second-largest Indian Oil Marketing Company (OMC) and a Fortune Global 500 company, will collaborate with ANERT and CIAL in this pioneering initiative, contributing to the country’s clean energy transition and sustainable transportation solutions.

Main Point :-   (i) The first World Day of Theatre for Children and Young People was observed on March 20, 2001.

      (ii) An initiative by ASSITEJ International, celebrating a series of global art-focused days from March 20 to March 27, in collaboration with other international organizations involved in live performance arts.

      - The first two recipients of the program are SeaPAC Pte Ltd, a leading saltwater prawn producer in Fiji, which received funding to expand production and enhance food security, and Kahuto Pacific, an aerial mapping company, which will use the funding to develop coastal mapping technologies for climate adaptation and disaster resilience.

Main Point :-   (i) The Frontier Seed (Pacific) program, supported by various partners, focuses on agriculture, renewable energy, fisheries, and technology to foster sustainable development and economic resilience in the Pacific region.

      (ii) ADB has allocated USD 2 million for the program, with an additional USD 2 million from the Philippines-based Ocean Resilience and Coastal Adaptation (ORCA) Trust Fund.

(iii) The program is supported by key partners, including the Finland-based Nordic Development Fund (NDF) and the United Kingdom’s Foreign, Commonwealth, and Development Office (FCDO).

Main Point :-   (i) This initiative allows investors to store and access information on their demat and mutual fund (MF) holdings, along with Consolidated Account Statement (CAS) through DigiLocker, a key Digital Public Infrastructure (DPI).

      (ii) The DigiLocker system will be notified about the user’s death by Know Your Customer (KYC) Registration Agencies (KRAs), and the system will automatically notify the data access nominees.

Main Point :-   (i) In January 2025, NIPL also partnered with Middle East-based payment solution provider Magnati to expand QR-based UPI merchant payments in the United Arab Emirates (UAE).

      (ii) UPI is now operational in Singapore, Maldives, Qatar, Sri Lanka, Mauritius, Bhutan, Nepal, UAE, and Canada.

(iii) HitPay is a comprehensive payments infrastructure platform designed for growing businesses across the Asia Pacific (APAC) region, providing unified solutions for e-commerce, point-of-sale (POS), and business-to-business (B2B) payments.

Main Point :-   (i) The acquisition aims to expand IIHL's footprint in India’s Banking, Financial Services, and Insurance (BFSI) sector, with a focus on long-term value creation.

      (ii) The acquisition process follows IIHL's successful bid in April 2023 under the Corporate Insolvency Resolution Process (CIRP), which was initiated by the Reserve Bank of India (RBI) due to financial irregularities in the Anil Ambani-led Reliance Group.

Main Point :-   (i) Post-acquisition, BFS will hold 75.01% in both ventures, while the promoter entities will hold 24.99%. This will increase Bajaj Group’s ownership in the JVs to 100%.

      (ii) The acquisition is subject to regulatory approvals. Under the Share Purchase Agreement (SPA), BFS will directly acquire approximately 1.01% of each company, Bajaj Holdings & Investment will acquire approximately 19.95%, and Jamnalal Sons (promoter entities) will acquire approximately 5.04%.

(iii) Once the acquisition is completed, Allianz will no longer be a promoter of these JVs, and the JV agreements between Allianz SE and BFS will be terminated, marking the end of a 24-year partnership between Bajaj and Allianz.

Main Point :-   (i) This agreement aims to enhance bilateral trade by facilitating the use of INR and MUR for payments in all current account transactions and permissible capital account transactions.

      (ii) It will enable exporters and importers to invoice and settle payments in their respective domestic currencies, thereby fostering a market for INR-MUR exchange.

Main Point :-   (i) This scheme allows individuals to start investing with as little as ₹250, offering daily, weekly, or monthly SIP options to cater to diverse financial needs.

      (ii) The scheme, starting at just ₹250, makes investing accessible for first-time investors and small savers. Investors can set up SIPs through the Paytm application (app), SBI You Only Need One (YONO), and other digital platforms.

(iii) This initiative aims to democratize investing and contribute to long-term financial security for millions of Indians, particularly those in rural, semi-urban, and urban areas.

Main Point :-   (i) Paytm Money is now authorized to provide expert-backed research and advisory services for retail and institutional investors.

      (ii) The platform continues to support Mutual Funds (MF), stocks, Initial Public Offerings (IPOs), Exchange-Traded Funds (ETFs), and the National Pension System (NPS), promoting financial inclusion.

(iii) Paytm Money has integrated features such as Unified Payments Interface (UPI) Trading Blocks for seamless payment deductions and advanced tools to assist investors in making informed decisions.

Main Point :-   (i) The agreement intends to offer customized credit solutions with attractive interest rates, focusing on Tier 2 and Tier 3 cities to improve access to formal loans.

      (ii) Punjab & Sind Bank, with 1,575 branches, brings strong financial expertise, while Piramal Finance, with over 514 branches covering 13,000 pin codes, serves 4.5 million customers across 26 states.

(iii) Together, they combine solid underwriting practices with advanced credit evaluation tools to provide efficient credit solutions.

Main Point :-   (i) To simplify the process, SEBI has simplified the Letter of Offer (LoF), which will now only require key details like the purpose of the issue, price, record date, and entitlement ratio.

      (ii) A monitoring agency must now oversee how the funds raised from all types of rights issues are used. Previously, issuers raising less than Rs 50 crore through rights issues didn’t need to appoint a monitoring agency.

(iii) With the new system, companies can raise funds more quickly than through the preferential allotment route, which takes 40 working days. This makes rights issues more efficient and investor-friendly.

Main Point :-   (i) The total estimated cost for Amaravati's development is Rs 50,000 crore.

      (ii) The World Bank (WB) and the Asian Development Bank (ADB) have committed Rs 15,000 crore for the project.

(iii) Additionally, HUDCO has sanctioned Rs 4,400 crore for Township and Infrastructure Development Corporation (TIDCO) housing projects in AP.

      - The startup will now work with Category-1 banks (RBI licensed banks that can deal in foreign exchange) to handle export and import collection accounts, allowing businesses to make secure payments.

Main Point :-   (i) Currently, BRISKPE processes around 10,000 export transactions monthly. With the addition of import services, the company expects this number to increase to 100,000 transactions by the end of the next financial year (2025-26).

      (ii) This development aims to improve the efficiency, security, and transparency of international payment systems for businesses involved in global trade.

Main Point :-   (i) According to the MoU, J&K Grameen Bank will establish and finance 2,000 JLGs across the Union Territories (UTs) of J&K and Ladakh.

      (ii) Additionally, NABARD will provide a promotional grant of Rs 4,000 to each JLG through J&K Grameen Bank, helping to strengthen financial empowerment in the region.

      - Value Attics Reinsurance is promoted by Oben Ventures LLP, led by Kamesh Goyal, and Mauritius-based FAL Corporation, associated with Prem Watsa, the CEO of Canada-based Fairfax Financial Holdings Limited. The company will begin operations with a paid-up capital of Rs. 210 crore.

Main Point :-   (i) Before this approval, General Insurance Corporation of India (GIC Re), a public-sector company based in Mumbai, was the sole domestic reinsurer in India since 1972. GIC Re became the national reinsurer post-2001 insurance sector liberalization.

      (ii) In the same meeting, IRDAI designated Life Insurance Corporation of India (LIC), New India Assurance Company, and GIC Re as Domestic Systemically Important Insurers (D-SIIs) for the financial year 2024-25, recognizing their critical importance in the Indian insurance sector.

(iii) India currently hosts 13 foreign reinsurance branches, including global players like Munich Re, Swiss Re, and Lloyd's of London, contributing to the diversity and competition within the Indian reinsurance market.

      - This was discovered after an inspection of the company’s financial position as of March 31, 2023, and a review of its response to a show-cause notice.

Main Point :-   (i) Experian Credit Information Company of India Private Limited (ECICI) has been fined Rs 2 lakh for not following certain provisions of the Credit Information Companies (Regulation) Act, 2005 (CICRA) and the Credit Information Companies (CIC) Rules, 2006.

      (ii) The RBI clarified that these penalties were due to regulatory issues and do not affect the validity of any agreements or transactions the companies have with their customers.

(iii) Additionally, the RBI announced that new Rs 100 and Rs 200 banknotes will be released soon, featuring the signature of the new Governor, Sanjay Malhotra.

      - RBI has developed the FAME booklet, which provides standardized content on key banking topics. The booklet is designed for various target groups, including senior citizens, to enhance financial awareness.

Main Point :-   (i) The NCFE, in collaboration with financial sector regulators, has formulated and implemented the NSFE, focusing on conducting Financial Education (FE) programs for individuals under 18 years and above 60 years.

      (ii) NCFE, in partnership with the Centre for Financial Literacy (CFL), has conducted 54 financial literacy sessions in North Eastern States over the past three years, receiving positive feedback from participants.

(iii) In 2017, RBI conducted a nationwide survey using the OECD/INFE Toolkit to measure financial literacy across 29 states and 5 Union Territories, focusing on knowledge, attitudes, and behavior to ensure reliable and internationally comparable results.

      - The eligible entity must not hold 10% or more of its paid-up capital either individually or in collaboration with others.

Main Point :-   (i) The SRO-AA will operate within the existing regulatory framework for the AA ecosystem.

      (ii) Technical specifications will continue to be framed and published by the Reserve Bank Information Technology Private Limited (ReBIT) based in Mumbai.

(ii) Interested and eligible parties must apply via the PRAVAAH (Platform for Regulatory Application, Validation, and Authorisation) portal before June 15, 2025.

Main Point :-   (i) To secure an NBFC license from the Reserve Bank of India (RBI), entities must meet certain eligibility criteria. The company must have a minimum Net Owned Funds (NOF) of Rs. 10 Crores, applicable for non-deposit-taking NBFCs.

      (ii) Additionally, the company must be registered under the Companies Act, 2013. These guidelines ensure that the entities applying for the license are financially sound and comply with the legal framework established by the RBI.

(iii) This new development positions Kuhoo alongside other fintechs like Fi, Groww, Jupiter, and CRED that have entered the lending space through the NBFC route.

Main Point :-   (i) The goal is to provide financial security to borrowers and their families, protecting them from loan liabilities in case of unforeseen circumstances.

      (ii) Canara HSBC Life Insurance is a joint venture (JV) comprising Canara Bank Limited (51%), HSBC Insurance (Asia Pacific) Holdings Limited (26%), and Punjab National Bank (PNB) (23%).

      - New Delhi-based Axis Max Life Insurance Limited topped the chart with the highest CSR of 99.79%, settling 19,569 policies.

Main Point :-   (i) HDFC Life Insurance Company Limited, based in Mumbai, followed closely with 99.97% CSR, settling 19,333 policies within 30 days.

      (ii) LIC, India's largest public-sector insurer, led in terms of the most number of policies settled within 30 days. It settled 7,99,612 policies in less than 30 days with a CSR of 96.42%.

(iii) SBI Life Insurance came second, settling 37,344 policies within 30 days.

Main Point :-   (i) The initiative will provide training in financial products and services to veterans and their families, fostering financial independence.

      (ii) Supported by HDFC Bank’s Parivartan programme, the project aims to promote economic inclusiveness for defense service veterans.

(iii) The MoU was signed by Mr. Satyen Modi, Executive Vice President, and Business Head of Alternate Banking Channels & Partnerships at HDFC Bank, Mr. Pravin Chandekar, CEO of CSC Academy & Brigadier at the Directorate of Indian Army Veterans, along with senior officials from HDFC Bank, CSC Academy, and the Indian Army.

Main Point :-   (i) The total OFS component of the IPO is capped at 20%, ensuring that the primary purpose of the IPO remains to raise funds for the company.

      (ii) The promoters' shareholding over the Minimum Promoter Contribution (MPC) will be subject to a phased lock-in-period. Fifty percent of the excess holding will be released after one year, with the remaining 50% being released after two years.

(iii) These changes are designed to ensure that only SMEs with a strong financial track record are allowed to raise public funds, thus safeguarding investor interests.

Main Point :-   (i) Bank of Baroda serves a global customer base of over 165 million across 17 countries and five continents through around 60,000 touchpoints.

      (ii) In addition, BoB has revamped its flagship NRI products, the 'bob Premium NRE and NRO Savings Account,' to enhance features and provide an improved banking experience for its customers.

Main Point :-   (i) The key benefits of the Rakshak Salary Package include enhanced free comprehensive Personal Accident Insurance (PAI) coverage up to Rs. 100 lakh and air accident coverage up to Rs. 200 lakh.

      (ii) It offers attractive deals and concessions on BOI debit and credit cards, along with a range of other benefits tailored for defence personnel, paramilitary, and state police forces.

(iii) The Agnipath Scheme, launched by the Government of India (GoI) in June 2022, is a recruitment initiative for soldiers below the rank of commissioned officers across the IA, Indian Navy (IN), and Indian Air Force (IAF).

Main Point :-   (i) The company will also invest in upgrading its AI-powered debt resolution platform to optimize collections while maintaining compliance with financial regulations.

      (ii) CredResolve, founded in August 2023, currently serves over 20 lenders and has an annual recurring revenue (ARR) of USD 1 million. In February 2024, CredResolve raised USD 100K in an angel funding round.

(iii) Its automated workflows improve efficiency, enhance borrower communication, and align with Reserve Bank of India (RBI) regulations.

Main Point :-   (i) These penalties were imposed due to non-compliance with certain provisions of the 'NBFC - P2P Lending Platform (Reserve Bank) Directions, 2017'.

      (ii) A penalty of Rs 40 lakh was imposed on Gurugram (Haryana)-based Fairassets Technologies India Private Limited, and penalties of Rs 10 lakh each were imposed on Mumbai-based Bridge Fintech Solutions Private Limited and Bengaluru (Karnataka)-based Rang De P2P Financial Services Private Limited.

(iii) The RBI also imposed a penalty of Rs 16.6 lakh on Mumbai-based Visionary Financepeer Private Limited.

Main Point :-   (i) This collaboration will empower startups, innovators, and entrepreneurs by providing them with the resources to develop cutting-edge technologies that will benefit society.

      (ii) Structured programs will be launched to offer startups crucial infrastructure, mentorship, funding, and market access. Additionally, the partnership seeks to promote international collaborations and facilitate the exchange of knowledge.

      - The 'SBI Life - Smart Future Star' is an individual, non-linked, participating life insurance savings product that offers long-term corpus growth through bonuses and includes an in-built Waiver of Premium benefit in case of the proposer's death or Accidental Total Permanent Disability (ATPD). It also provides flexibility with multiple maturity payout options to cater to changing financial needs.

Main Point :-   (i) The 'SBI Life - Smart Platina Young Achiever' is an individual, non-linked, non-participating life insurance savings product that ensures guaranteed maturity benefits to support children's education, career, or marriage aspirations. It also includes an in-built Waiver of Premium benefit under specified conditions, providing financial security for the child's future.

      (ii) This plan follows a risk-free savings approach, making it an ideal choice for parents seeking guaranteed returns and financial stability to help their children achieve their life goals.

Main Point :-   (i) This partnership aims to strengthen the MSME ecosystem by offering various financial services, including project financing, machinery and equipment financing, working capital support (such as letters of credit and bank guarantees), and loans against property.

      (ii) Under this agreement, both institutions will explore joint financing options to extend credit facilities to MSMEs.

      - The MoU was signed by Satyen Modi, Executive Vice President and Business Head, Alternate Banking Channels & Partnerships, HDFC Bank, Air Vice Marshal Updesh Sharma VSM - Assistant Chief of the Air Staff (Accounts & Air Veterans), and Pravin Chandekar, Chief Executive Officer (CEO) of CSC Academy.

Main Point :-   (i) The bank will establish 25 centers across IAF units in cities like Bengaluru (Karnataka), Gurgaon (Haryana), Pune (Maharashtra), Secunderabad (Telangana), Guwahati (Assam), Jodhpur (Rajasthan), and Chandigarh (Punjab).

      (ii) The project will provide access to over 500 Government-to-Citizen (G2C) and Business-to-Customer (B2C) services, including Aadhaar services, National Pension System (NPS), Permanent Account Number (PAN) card, passport services, and bill collection.

(iii) In collaboration with CSC Academy, HDFC Bank will offer skill development programs under its Parivartan programme, focused on financial products and services, empowering veterans and their families to achieve financial independence.

Main Point :-   (i) SEBI has extended the deadline for reporting differential rights issued by Alternative Investment Funds (AIFs) to March 31, 2025 (previously it was February 28, 2025). This extension followed requests from the industry for more time to comply.

      (ii) This change comes from amendments to the SEBI (Alternative Investment Funds) Regulations, 2012, which were notified on November 18, 2024. The goal is to ensure that investors receive their rights and share of proceeds in proportion to their investments within a scheme, while maintaining equal treatment (pari-passu).

Main Point :-   (i) In December 2022, the Reserve Bank of India (RBI), based in Mumbai (Maharashtra), started a pilot program for the e-rupee, which is a digital alternative to physical currency. The program expanded in April 2024 to include payment firms, allowing companies like Mintoak to actively participate.

      (ii) Mintoak aims to make digital payment processes simpler for merchant acquirers and support the growth of Small and Medium Enterprises (SMEs) by helping them access digital financial services.

(iii) In January 2025, CRED (based in Bengaluru, Karnataka) and MobiKwik (based in Gurugram, Haryana) became the first non-banking companies to offer India's CBDC, the e-Rupee (eRs).

Main Point :-   (i) ARCIL started the deal with its anchor bid, which led to a 'Swiss Challenge' auction for the loan portfolio.

      (ii) Ujjivan SFB invited counterbids, offering a 5% higher bid than the anchor bid. However, no higher bids came in, and ARCIL's offer was accepted.

(iii) This sale is part of Ujjivan SFB's ongoing efforts to clean up its balance sheet and improve asset quality by reducing Non-Performing Assets (NPAs).

Main Point :-   (i) SEBI has directed the Association of Mutual Funds in India (AMFI) to issue necessary guidelines and standards for SIFs by March 31, 2025.

      (ii) Investors are required to maintain a minimum investment of Rs 10 lakh across all strategies under an SIF, which will not include investments made in regular MF schemes of the same AMC.

(iii) To launch SIFs, Asset Management Companies (AMCs) are required to have a minimum of 3 years of operation and an average Asset Under Management (AUM) of Rs 10,000 crore over the last 3 years.

Main Point :-   (i) The product was recently launched by Shalini Warrier, Executive Director (ED), Federal Bank.

      (ii) To open an annuity deposit, the minimum investment required is Rs. 15 lakh, while the maximum investment limit is Rs. 2 crore.

(iii) The product is designed for customers seeking a reliable, pension-like income over an extended period, with the flexibility to prematurely close their accounts in case of emergencies.

Main Point :-   (i) SEBI has directed the Association of Mutual Funds in India (AMFI) to issue necessary guidelines and standards for SIFs by March 31, 2025.

      (ii) Investors are required to maintain a minimum investment of Rs 10 lakh across all strategies under an SIF, which will not include investments made in regular MF schemes of the same AMC.

(iii) To launch SIFs, Asset Management Companies (AMCs) are required to have a minimum of 3 years of operation and an average Asset Under Management (AUM) of Rs 10,000 crore over the last 3 years.

Main Point :-   (i) The product was recently launched by Shalini Warrier, Executive Director (ED), Federal Bank.

      (ii) To open an annuity deposit, the minimum investment required is Rs. 15 lakh, while the maximum investment limit is Rs. 2 crore.

(iii) The product is designed for customers seeking a reliable, pension-like income over an extended period, with the flexibility to prematurely close their accounts in case of emergencies.

      - The project’s support reflects India’s longstanding and multifaceted collaboration with Lao PDR.

Main Point :-   (i) The Fund adheres to the principles of South-South cooperation, prioritizing national ownership, sustainability, and the development of local competence.

      (ii) The Government of India has invested USD 150 million into this Fund, which has supported 85 projects across 65 countries.

(iii) The India-UN Development Partnership Fund was established by the GOI in 2017 to support projects in developing countries aimed at contributing to the achievement of the Sustainable Development Goals (SDGs).

Main Point :-   (i) The RBI also imposed a monetary penalty of Rs 1 lakh each on two other co-operative banks: Business Co-operative Bank Limited (Nashik, Maharashtra) and Lasalgaon Merchant Co-operative Bank Limited (Nashik).

      (ii) These two banks were found violating certain provisions and failing to adhere to directions issued by the RBI regarding "Income Recognition, Asset Classification, Provisioning, and Other Related Matters for Urban Co-operative Banks (UCBs)."

      - Pharmacies, grocery stores, and local retailers can customize their loyalty campaigns by adjusting the duration, cashback percentage, and expiry date.

Main Point :-   (i) Customers using the digital rupee app for purchases will receive cashback in the form of programmable CBDC. This offer is currently available only to BoB account holders. The cashback can be redeemed at the same merchant outlet before its expiry.

      (ii) The initiative aims to promote the usage of CBDC by making digital payments more attractive to both retailers and customers. It also seeks to support small businesses by improving customer retention and driving repeat business.

Main Point :-   (i) The BSA is a two-way financial arrangement allowing both countries to swap their local currencies in exchange for United States (US) dollars.

      (ii) This arrangement ensures liquidity support during market stress and plays a critical role in strengthening the financial systems of both nations.

(iii) The renewed agreement, effective from February 28, 2025, enhances regional and global financial stability, contributing to a long-term strategy for fostering economic ties and maintaining financial resilience during crises.

Main Point :-   (i) The RBI also imposed a monetary penalty of Rs 1 lakh each on two other co-operative banks: Business Co-operative Bank Limited (Nashik, Maharashtra) and Lasalgaon Merchant Co-operative Bank Limited (Nashik).

      (ii) These two banks were found violating certain provisions and failing to adhere to directions issued by the RBI regarding "Income Recognition, Asset Classification, Provisioning, and Other Related Matters for Urban Co-operative Banks (UCBs)."

      - Pharmacies, grocery stores, and local retailers can customize their loyalty campaigns by adjusting the duration, cashback percentage, and expiry date.

Main Point :-   (i) Customers using the digital rupee app for purchases will receive cashback in the form of programmable CBDC. This offer is currently available only to BoB account holders. The cashback can be redeemed at the same merchant outlet before its expiry.

      (ii) The initiative aims to promote the usage of CBDC by making digital payments more attractive to both retailers and customers. It also seeks to support small businesses by improving customer retention and driving repeat business.

Main Point :-   (i) The BSA is a two-way financial arrangement allowing both countries to swap their local currencies in exchange for United States (US) dollars.

      (ii) This arrangement ensures liquidity support during market stress and plays a critical role in strengthening the financial systems of both nations.

(iii) The renewed agreement, effective from February 28, 2025, enhances regional and global financial stability, contributing to a long-term strategy for fostering economic ties and maintaining financial resilience during crises.

      - The project’s support reflects India’s longstanding and multifaceted collaboration with Lao PDR.

Main Point :-   (i) The Fund adheres to the principles of South-South cooperation, prioritizing national ownership, sustainability, and the development of local competence.

      (ii) The Government of India has invested USD 150 million into this Fund, which has supported 85 projects across 65 countries.

(iii) The India-UN Development Partnership Fund was established by the GOI in 2017 to support projects in developing countries aimed at contributing to the achievement of the Sustainable Development Goals (SDGs).

Main Point :-   (i) The project includes 84 kilometers (km) of trunk and secondary sewerage & drainage pipelines, 176 km of lateral sewerage & drainage pipelines connecting homes, 50,000 new domestic sewer connections, the construction of one sewage treatment plant, and five new pumping stations to prevent waterlogging.

      (ii) This project will enhance living conditions and health outcomes, particularly for vulnerable groups such as women and children, by lowering exposure to waterborne and vector-borne diseases and mitigating flood risks.

(iii) Additionally, the project will assist Kolkata Municipal Corporation (KMC) in developing a comprehensive IT-based asset management system, increasing property tax revenue, expanding an earlier ADB intervention's early flood warning system, raising community awareness on water, sanitation, and hygiene, and promoting women's employment through skill training and internship programs.

Main Point :-   (i) The company sells A/Cs under the O General brand and operates in India through its subsidiary Fujitsu General (India).

      (ii) CCI approved the acquisition under the green channel route, as per Section 6(4) of the Competition Act, 2002, read with Rule 3 of the Competition (Criteria of Combination) Rules, 2024.

(iii) The green channel mechanism provides automatic approval for combinations that do not significantly impact competition once the involved parties file a notice for the combination.

Main Point :-   (i) The account offers Cyber Fraud Protection covering up to Rs. 25,000 for account holders. It also provides Family Benefits, allowing up to five family members to open zero-balance salary accounts.

      (ii) Additionally, it includes Insurance Coverage, featuring a health insurance plan with OPD benefits, Rs. 15 lakh accident insurance, and top-up plans of up to Rs. 30 lakh.

(iii) The account extends Loan Benefits, offering additional home loans beyond company-set limits for Maharatna PSU employees. It also provides an Exclusive Debit Card, which comes with a free Platinum Debit Card and offers eight complimentary domestic airport lounge visits per year.

Main Point :-   (i) The Prepaid Citizen Card will enable seamless, cashless transactions for essential services within GIFT City and will be accepted nationwide. It will serve as a secure digital identity and payment solution for GIFT City’s growing population and workforce.

      (ii) The VMS will ensure enhanced security in the Special Economic Zone (SEZ) by tracking, verifying, and regulating visitor access. It will integrate identity verification, visitor pre-registration, and a streamlined check-in/check-out process, allowing only authorized individuals to enter the premises.

      - Additionally, microfinance loans extended by Regional Rural Banks (RRBs) and Local Area Banks (LABs) will now attract a risk weight of 100%. The revised risk weight for loans to Microfinance Institutions (MFIs) has been implemented with immediate effect.

Main Point :-   (i) The Reserve Bank of India (RBI) has clarified that microfinance loans, which are not classified as consumer-type credit and meet certain criteria, will be categorized under the Regulatory Retail Portfolio (RRP). Additionally, banks are required to implement appropriate policies and Standard Operating Procedures (SOPs) to ensure compliance with the qualifying criteria.

      (ii) The reduction in risk weights is expected to free up to Rs 40,000 crore in capital, allowing banks to extend loans of up to Rs 4 lakh crore to 'AAA-rated' companies.

(iii) In November 2023, RBI raised risk weights for bank loans to NBFCs to 125% to curb unsecured loans, including consumer credit, but excluding housing, education, and vehicle loans.

Main Point :-   (i) In 2025, the 'Evolve' initiative is being hosted in 10 key cities across India, including New Delhi (Delhi), Mumbai (Maharashtra), Lucknow (Uttar Pradesh, UP), Kolkata (West Bengal, WB), Chennai (Tamil Nadu, TN), Hyderabad (Telangana), Bengaluru (Karnataka), Kochi (Kerala), Indore (Madhya Pradesh, MP), and Ahmedabad (Gujarat).

      (ii) Launched in 2014, 'Evolve' is a transformative platform designed to empower India's MSMEs, having positively impacted over 9,000 entrepreneurs across more than 50 cities.

(iii) Through 'Evolve,' Axis Bank aims to provide MSMEs with strategies to optimize operations, boost competitiveness, and expand market presence.

      - The policy stipulates that a "strike" is defined when the AQI remains above 400 for at least three of the five preceding days, with a minimum 25-day gap between strikes.

Main Point :-   (i) Construction bans are often enforced through government and court orders to address severe pollution levels in the region.

      (ii) Parametric insurance offers a straightforward, transparent, and effective solution to address the financial challenges faced by workers due to environmental factors in the area.

      - Additionally, the agreement also provides coverage for death during operations, offering Rs. 10 lakhs, and covers the cost of imported medicines, including transportation, up to Rs. 10 lakhs. Furthermore, the ITBP personnel will also benefit from air ambulance costs of up to Rs. 10 lakhs.

Main Point :-   (i) PNB has extended its Rakshak Account benefits to ITBP pensioners receiving their pension from PNB, offering lifetime Personal Accidental Insurance (PAI) coverage of Rs. 50 lakhs and Air Accidental Insurance (AAI) coverage of Rs. 100 lakhs.

      (ii) PNB has demonstrated its commitment to supporting India’s armed forces, particularly the ‘Himveers’ (personnel) of ITBP, by providing specialized financial products and services.

Main Point :-   (i) SIB QUICKPL is integrated with the Account Aggregator (AA) framework and the Income Tax portal for instant verification.

      (ii) The platform eliminates the need for document uploads, ensuring that the approved loan amount is credited directly to the applicant’s savings account.

(iii) This platform offers a fast, transparent, and customer-centric financing solution, tailored to the evolving financial needs of modern Indians.

      - The RBI launched this initiative in 2016, and it has been observed annually across the country to promote financial awareness among the people.

Main Point :-   (i) As part of FLW 2025, banks have been directed to spread financial literacy awareness by displaying RBI-developed posters on their web portals, Automated Teller Machines (ATMs), mobile applications (apps), and display boards at their branches.

      (ii) The campaign will cover topics such as risk diversification, responsible borrowing, maintaining a good credit score, and household budgeting, with a special focus on homemakers, working women, and women entrepreneurs.

(iii) This year's FLW includes multimedia campaigns by RBI to raise awareness about the importance of financial literacy for women.

Main Point :-   (i) Under the revised norms, housing loans under Priority Sector Lending (PSL) will no longer be included in the exposure to commercial real estate (CRE).

      (ii) This exclusion aims to differentiate between priority sector housing and other real estate loans to streamline the exposure guidelines.

(iii) In terms of caps, the new norms allow residential mortgages (non-PSL) to be up to 25% of total loans, compared to the previous limit of 10%. For other real estate loans, excluding housing loans, the cap is now set at 5% of total loans. Additionally, loans to builders and developers are restricted to 5% of total loans.

Main Point :-   (i) The global firm has forecasted India's GDP to slow down further to 6.2% in FY27, with an expected increase to 6.6% in FY28.

      (ii) The firm emphasized that the tax relief measures announced by the Ministry of Finance (MoF) in the Union Budget for FY25, coupled with the 25 basis point (bps) policy rate cut by the Reserve Bank of India (RBI) in February 2025, are expected to support domestic demand in FY25.

(iii) However, they may not be enough to completely counterbalance the impact of external headwinds on growth.

      - The bank will actively support PGTI tournaments, helping expand the sport's reach and strengthen professional golf in India. Over 20 tournaments are held each year, led by Kapil Dev, President of PGTI, and Amandeep Johl, CEO of PGTI.

Main Point :-   (i) These include personal banking, business banking, wealth management, and Non-Resident Indian (NRI) banking.

      (ii) This program provides tailored financial solutions such as investment products, wealth management, and exclusive golf privileges for members.

(iii) The bank offers various investment products like Mutual Funds, Alternate products, Sovereign Gold Bonds, and the National Pension System (NPS).

Main Point :-   (i) AMFL was penalized Rs 6.20 lakh for failing to report household income details of certain borrowers to CICs.

      (ii) Additionally, it did not provide factsheets to certain gold loan customers and lacked an auto-escalation mechanism for complaints that were partially or fully denied by its internal grievance resolution system, preventing their escalation to the internal ombudsman for final resolution.

(iii) JMFHL received a penalty of Rs 1.50 lakh for violating multiple provisions of the "Non-Banking Financial Company Housing Finance Company (Reserve Bank) Directions, 2021."

      - This initiative aims to integrate financial literacy into school curriculums. Educating students about investment principles early on will help create a financially aware generation capable of making informed financial decisions in the future.

Main Point :-   (i) MITRA is a platform designed to help investors and their legal heirs trace, recover, and reclaim inactive or forgotten investments, ensuring rightful ownership and transparency in the investment process.

      (ii) India's Mutual Fund (MF) industry has seen significant growth, with assets under management (AUM) surpassing Rs 65 lakh crore in December 2024, up from Rs 10.51 lakh crore in December 2014, as per the 'Where the Money Flows' study by Motilal Oswal Asset Management Company (MOAMC).

      - This reduces the chances of fraud and unauthorized access, ensuring that investors receive accurate and legitimate information.

Main Point :-   (i) By consolidating all financial data, the platform simplifies the management and transfer of assets, streamlining processes like inheritance and asset transmission.

      (ii) Investors can easily view their holdings and recent transactions using a single login, enabling quicker decision-making based on up-to-date financial information.

(iii) The app incorporates robust security features, including two-factor authentication, ensuring a secure and safe user experience. Both the CDSL MyEasi and NSDL SPEED-e apps offer access to the unified platform's features.

Main Point :-   (i) As per RBI data, outward remittances increased by 3.3% Y-o-Y in the 3rd Quarter (October-December) of FY25 to USD 6,670.4 million compared to the same period last financial year.

      (ii) The RBI data also revealed that remittances for the maintenance of close relatives dropped by approximately 25.2% to USD 2,757 million, while remittances for gifts decreased by 21.38% to USD 2,215.5 million.

Main Point :-   (i) TCP will accelerate progress and optimize the impact of JICA's ongoing Official Development Assistance (ODA) loan with the department, focusing on improving supply chains, strengthening Farmer Producer Organizations (FPOs), and increasing the productivity of high-value crops.

      (ii) The Smallholder Horticulture Empowerment and Promotion (SHEP) strategy, a market-driven farming model developed by JICA, is expected to grow with the support of the new TCP.

(iii) This initiative will improve agricultural productivity, contribute to broader socio-economic development by promoting sustainable livelihoods, expanding rural economies, and building long-term resilience of the horticulture industry in Uttarakhand.

Main Point :-   (i) The committee, led by Dinesh Kumar Khara, is tasked with reviewing the proposed amendments and suggesting a framework for their implementation. The report is expected to be submitted within 3 months.

      (ii) Based on the committee’s recommendations, the IRDAI will forward proposals to the Ministry of Finance (MoF), and the Department of Financial Services (DFS), MoF will draft a new bill for stakeholder feedback.

Main Point :-   (i) The digital onboarding procedure follows the Reserve Bank of India's (RBI) Aadhaar OTP-based eKYC (electronic Know Your Customer) guidelines, providing a secure and smooth experience for customers.

      (ii) Customers can open accounts easily through the bank's website with minimal documentation, subject to regulatory transaction limits.

(iii) API Banking allows corporates to streamline, automate, and improve financial processes by integrating transactions initiated in corporate accounting systems with the bank’s core banking system, reducing the need for manual data entry and duplication.

      - Furthermore, KBL inaugurated a centenary building and two museums at its headquarters in Mangaluru (Karnataka), showcasing the bank's 100-year journey.

Main Point :-   (i) P Pradeep Kumar, Chairman of KBL; Srikrishnan K, Managing Director (MD) and Chief Executive Officer (CEO) of KBL; and spiritual leader Sadguru Madhusudan Sai were present at the event.

      (ii) 'KBL Stri' is a savings bank account designed to empower women in determining their success, whether they are homemakers, professionals, or entrepreneurs. The account offers two variants: the Signature account and the Premium account.

      - Bima-ASBA allows insurers to offer a One-Time Mandate (OTM) via UPI to block a specific amount in the bank account of the prospect, transferring money only after the insurance coverage is granted.

Main Point :-   (i) The insurance premium amount will be deducted when the insurer accepts the proposal. If the insurer rejects the proposal, the funds will be unblocked and released.

      (ii) The blocked funds remain in the policyholder's account until an underwriting decision is made. The premium is deducted after the insurance is issued. If rejected, the funds will be unlocked within one business day. The block remains valid for up to 14 days or until the underwriting decision is made.

(iii) Insurers must send a proposal form with a standard declaration to policyholders to block the amount using UPI, and the UPI-OTM service allows consumers to authorize a block on money instead of a direct debit, ensuring faster transaction processing.

Main Point :-   (i) The insurance coverage is provided by Mumbai, Maharashtra-based TATA AIG General Insurance Company Limited.

      (ii) Customers of the Prospera NRE Savings Account must maintain an Average Monthly Balance (AMB) of Rs 25,000. This balance can be maintained in either the NRE Prospera Savings Account alone or in the NRE Prospera and Non-Resident Ordinary (NRO) accounts together (with a maximum of one NRO account permitted).

(iii) The account follows the Savings Bank (SB) interest rate slab of Federal Bank and comes with a Mastercard Prospera Debit Card. There are no Account Maintenance Charges (AMC) for Prospera NRE Savings Account holders.

      - SHPL is involved in investing in equity shares, preference shares, and other securities. It is an unregistered Core Investment Company as per the Core Investment Companies (Reserve Bank) Directions, 2016.

Main Point :-   (i) CIFCPL and SMPL provide microfinance and personal loans to low-income individuals and households in rural and semi-urban areas, while SMHFCL offers secured housing loans, loans against property, and loans to corporations/institutions for construction and real estate projects.

      (ii) NS Blackwater and JFE Steel BW are newly formed special-purpose vehicles created for the proposed combination, while BW Coal Mine imports and supplies coking coal.

(iii) The acquisition aligns with India's growing demand for high-quality coking coal, a key raw material in steel production.

Main Point :-   (i) FMO fully subscribed to the INR-denominated NCD issuance, showing its commitment to supporting sustainable growth and helping entrepreneurs succeed.

      (ii) A successful transaction in December 2023, which mainly supported green finance with an unlisted NCD issue of USD 30 million (Rs 2,490 million), has strengthened UGRO Capital's reputation as a trusted partner for impact financing.

(iii) UGRO Capital has raised Rs 1.5 billion from both global and domestic development financial institutions and impact funds, including IFU (Denmark Government Sovereign Fund), Asian Development Bank (ADB), ResponsAbility, Calvert Impact Capital, Enabling Qapital, GMO, Water Equity, Microvest, and Indian Renewable Energy Development Agency Limited (IREDA).

      - As part of the agreement, Eurobank S.A. has chosen LTIMindtree as the service partner for the Temenos implementation program at Eurobank Luxembourg.

Main Point :-   (i) LTIMindtree will handle services such as maintenance, data migration, quality assurance, and post-production support.

      (ii) In addition, LTIMindtree will work on advancing the technology for Eurobank Group's operations in Cyprus, Luxembourg, and Greece.

(iii) As part of this partnership, LTIMindtree and Eurobank launched a new Global Delivery Center in Pune (Maharashtra), reaffirming their commitment to developing new banking technologies.

      - It is integrated with the ANANDA (Atma Nirbhar Agents New Business Digital Application) platform from LIC. ANANDA helps agents onboard clients and forms the basis for this service.

Main Point :-   (i) OMO provides features like a Premium calculator, benefit illustrations, Electronic National Automated Clearing House (E-NACH) registration, address change, online loan requests, premium renewal payments, claim-related submissions, and more.

      (ii) Additionally, it offers a knowledge center, various health and insurance-related calculators, an office locator, National Electronic Funds Transfer (NEFT) search, and other tools to help agents serve their customers better.

Main Point :-   (i) Under the new rules, SEBI has made it mandatory for listed companies to provide the audit committee with the required information, as specified in the new standards, when submitting any proposal for the review and approval of an RPT.

      (ii) SEBI also announced that it has relaxed the timeline for Alternative Investment Funds (AIFs) to hold investments in dematerialized (demat) form.

(iii) All provisions of SEBI's circular have come into effect immediately.

      - Deposits made through the 'SIB Quick FD' service are insured under the Deposit Insurance and Credit Guarantee Corporation (DICGC), offering coverage up to Rs. 5 lakh per depositor, ensuring a secure and reliable investment experience for customers.

Main Point :-   (i) Individuals do not need a savings account with South Indian Bank to open a Fixed Deposit (FD), providing greater flexibility and accessibility for all customers. The entire process is digital and paperless, allowing customers to set up an FD in just 5 minutes.

      (ii) The UPI fund transfer feature streamlines the payment process, making it more convenient. Only two documents, PAN and Aadhaar, are required to open an FD, and the service is available 24/7, offering customers flexibility to manage their investments at any time.

(iii) The minimum investment amount to start an FD is just Rs. 1,000, making it accessible to a wide range of investors. South Indian Bank also offers competitive interest rates on its FDs, with the added benefit of flexibility for premature withdrawals, catering to various customer needs.

Main Point :-   (i) A pioneering composite insurance product that provides coverage for life, personal accidents, property, and surgical hospitalization.

      (ii) A localized, women-centric insurance field sales force aimed at improving insurance penetration in underserved areas. Bima Vahaak is set for a soft launch in April 2025.

(iii) The Bima Sugam India Federation (BSIF), established to develop and operate this platform, has completed its foundational processes and is now prepared for industry participation and capitalization.

Main Point :-   (i) Ujjivan Small Finance Bank (USFB), based in Bengaluru, Karnataka, received a penalty of Rs 6.70 lakh for non-compliance with RBI's directions regarding 'Loans and Advances Statutory and Other Restrictions.'

      (ii) Shriram Finance Limited (SFL), an NBFC based in Chennai, Tamil Nadu, was fined Rs 5.80 lakh for violations related to 'Know Your Customer' (KYC) guidelines and 'Data Format for Furnishing Credit Information to Credit Information Companies (CICs).'

      - A chargeback is a process that reverses a completed UPI transaction due to disputes, fraud, or technical errors. It is initiated by the payer's bank, and upon approval, the transaction amount is refunded to the payer.

Main Point :-   (i) Currently, remitting banks can initiate chargebacks from 'T+0' onwards in the UPI Dispute Resolution System (URCS), which doesn’t provide sufficient time for beneficiary banks to reconcile transactions, leading to rejected Return Requests (RET).

      (ii) In some instances, chargebacks are closed automatically with deemed acceptance, resulting in penalties imposed by the Reserve Bank of India (RBI).

(iii) The new UPI rule applies solely to bulk upload options and the Unified Dispute Resolution Interface (UDIR), excluding front-end dispute resolution options, and allows beneficiary banks to reconcile transactions more effectively before chargebacks are automatically deemed approved.

Main Point :-   (i) Key benefits of this innovation include 80% faster processing, 75% lower compliance costs, and zero vendor dependencies.

      (ii) CERSAI was established under Section 20 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act, 2002) and incorporated as a company under Section 25 of the Companies Act, 1956. The Government of India (GoI) holds a 51% stake in the company.

      - RBI has allowed New India Co-operative Bank to incur essential expenses like employee salaries, rent, and electricity bills, while ensuring eligible depositors receive up to Rs 5 lakh insurance from DICGC as per the provisions of the DICGC Act, 1961.

Main Point :-   (i) The RBI superseded the Board of Directors (BoDs) of New India Co-operative Bank for 12 months to address governance issues under Section 36 AAA and Section 56 of the Banking Regulation Act, 1949.

      (ii) Shreekant, a former Chief General Manager of State Bank of India (SBI), has been appointed as the administrator to manage the bank’s affairs.

(iii) A committee of advisors, including Ravindra Sapra (former GM of SBI) and Abhijeet Deshmukh (Chartered Accountant), has been formed to assist in stabilizing operations, examining the financial situation, and working towards the bank’s revival.

Main Point :-   (i) The company also operates 22,395 Vakrangee Kendra outlets, with 81% of them situated in Tier-4 to Tier-6 locations.

      (ii) Vakrangee has set a target of achieving a revenue of USD 1 billion and a gross transaction value of USD 150 billion by 2030.

(iii) As of December 2024, the Life Insurance Corporation of India (LIC) held a 4.41% stake in Vakrangee Limited.

Main Point :-   (i) To address these issues, KMB implemented corrective measures, submitted compliance reports, and conducted an external audit with RBI's approval. After evaluating the bank's improvements and compliance efforts, the RBI decided to remove the restrictions.

      (ii) Consequently, the "cease and desist" directive has been lifted for all banks and non-banking financial companies (NBFCs), except for Paytm Payments Bank.

      - If Zulia increases its stake, it may become the largest foreign investor in the bank.

Main Point :-   AU SFB, established in April 2017, focuses on providing credit to retail customers and MSMEs (Micro, Small, and Medium Enterprises) and offers deposit and branch banking services.

Main Point :-   (i) Cube InvIT raised funds through long-term non-convertible debentures, offering a 7.67% coupon, with a tenure of 17 years and 10 months. The debentures include an anchor portion of Rs 258 crore.

      (ii) IFC’s investment will mobilize additional capital, driving advancements in India’s road infrastructure while maintaining adherence to international Environmental, Social, and Governance (ESG) standards.

(iii) Cube InvIT is an irrevocable trust formed under the Indian Trusts Act, 1882 and is registered with the Securities and Exchange Board of India (SEBI) as an InvIT.

Main Point :-   (i) Additionally, the bank signed another agreement for a LoC of USD 120 million for the procurement of high-speed guard boats.

      (ii) Both agreements are effective from January 20, 2025, with the last date for disbursement being 60 months after the scheduled completion of the project.

Main Point :-   (i) Earlier, Easebuzz expanded into B2B (business-to-business) payments and launched an invoice management and payments platform in collaboration with the National Payments Corporation of India (NPCI) Bharat BillPay (NBBL).

      (ii) Easebuzz has also been certified as a Biller Operating Unit (BOU) under Bharat Connect (formerly known as Bharat Bill Payment System, BBPS).

(iii) A PA license allows companies to handle e-commerce transactions, offer early settlements to select merchants, and provide credit in the form of term loans in partnership with Non-Banking Financial Companies (NBFCs) and banks.

Main Point :-   (i) The project is being developed on the Marusudar River, located in the Kishtwar District of J&K.

      (ii) The project has a capacity of 1,000 megawatts (MW), with an estimated total cost of ₹12,669.67 crore.

(iii) CVPPL is a joint venture established in 2011 between National Hydroelectric Power Corporation (NHPC) Limited (51%) and J&K State Power Development Corporation (JKSPDC) (49%).

Main Point :-   (i) As per SEBI’s circular, the platform will help investors recover investments that may have been forgotten, lost, or left unclaimed due to outdated Know Your Customer (KYC) details or the demise of the original investor.

      (ii) The platform will be jointly hosted by two Qualified Registrar and Transfer Agents (QRTAs): Chennai (Tamil Nadu)-based Computer Age Management Services Limited (CAMS) and Hyderabad (Telangana)-based KFin Technologies Limited. These QRTAs will act as agents for Asset Management Companies (AMCs).

(iii) SEBI has mandated SEBI-registered brokers to establish a separate business unit (SBU) for trading in Government Securities (G-secs) through the Negotiated Dealing System Order Matching (NDS-OM).

      - The initiative aims to support businesses in transitioning to a low-carbon economy by reducing greenhouse gas emissions and promoting renewable energy adoption.

Main Point :-   (i) MSMEs play a crucial role in India's commitment to achieving carbon neutrality by 2070, and this collaboration aligns with the efforts of the Greening Indian Financial System (GIFS) Platform.

      (ii) The GIFS Platform focuses on incorporating sustainability and climate considerations into the strategies of Indian financial stakeholders.

(iii) This partnership highlights the increasing significance of sustainable finance in fostering inclusive and resilient economic growth.

      - The Unified Payments Interface (UPI) is a digital payment tool that can help achieve the goals of the Pradhan Mantri Jan Dhan Yojana (PMJDY) and promote equitable economic growth.

Main Point :-   (i) In September 2023, the RBI expanded the scope of UPI by allowing pre-sanctioned credit lines to be linked through the platform. However, this feature was initially limited to commercial banks, excluding Payments Banks, Small Finance Banks (SFBs), and Regional Rural Banks (RRBs).

      (ii) Customers must provide explicit consent before availing credit lines, ensuring transparency. SFBs determine credit limits, interest rates, and repayment tenure under their board-approved policies. Customers are required to review the terms and conditions before opting in.

(iii) This facility aims to support 'new-to-credit' (NTC) customers, including farmers, small entrepreneurs, and rural businesses, helping reduce dependence on informal lenders charging high-interest rates.

Main Point :-   (i) AMSL has also entered into an MoU with Kanpur (Maharashtra)-based Troop Comforts Limited (TCL) under MoD to jointly develop, manufacture, and market next-generation air defence systems, including anti-drone and anti-aircraft solutions.

      (ii) These partnerships aim to address the current and future needs of the Indian Defence Forces, paramilitary forces, police organizations, central and state government agencies, the civil sector, and international export markets.

(iii) AMSL, established in 1985, manufactures advanced electronic and electro-mechanical solutions for industries such as infrastructure, transportation, aerospace, and defence.

      - The initiative aims to support businesses in transitioning to a low-carbon economy by reducing greenhouse gas emissions and promoting renewable energy adoption.

Main Point :-   (i) MSMEs play a crucial role in India's commitment to achieving carbon neutrality by 2070, and this collaboration aligns with the efforts of the Greening Indian Financial System (GIFS) Platform.

      (ii) The GIFS Platform focuses on incorporating sustainability and climate considerations into the strategies of Indian financial stakeholders.

(iii) This partnership highlights the increasing significance of sustainable finance in fostering inclusive and resilient economic growth.

Main Point :-   (i) Axis Bank Limited will act as the PSP bank for RediffPay, facilitating UPI-based transactions. This partnership aims to ensure secure, real-time inter-bank payments, leveraging Axis Bank's banking infrastructure and Infibeam's fintech expertise.

      (ii) The TPAP license follows Infibeam Avenues' acquisition of a 54% stake in Rediff.com in August 2024 for Rs. 500 million (USD 5.7 million).

(iii) NPCI (National Payments Corporation of India) is a non-profit umbrella organization responsible for operating retail payments and settlement systems in India, regulated by the Reserve Bank of India (RBI) and the Indian Banks' Association (IBA), and owned by a consortium of major Indian banks, including public, private, and foreign banks.

      - Consequently, the Standing Deposit Facility (SDF) rate was adjusted to 6.00%, while the Marginal Standing Facility (MSF) rate and the Bank Rate were set at 6.50%.

Main Point :-   (i) RBI projected real GDP growth for FY 26 at 6.7% in Q1 (April-June 2025), 7.0% in Q2 (July-September 2025), and 6.5% in Q3 & Q4.

      (ii) RBI projects retail inflation at 4.2% for FY 26 while retaining the 4.8% forecast for FY 25; introduces 'bank.in' and 'fin.in' domains to enhance cybersecurity.

(iii) RBI to implement AFA for cross-border digital transactions, allow non-bank brokers access to NDS-OM, form a panel on market timings, and defer LCR & project financing norms to 2026.

Main Point :-   (i) Both funds aim to track 750 stocks from the Nifty 500 and Nifty Microcap 250 indices across 22 sectors, covering large (60%), mid (19%), small (10%), and microcap (4%) segments, accounting for 93% of India's total market capitalization.

      (ii) The NFO is priced at Rs 10 per unit with no exit load. The minimum investment amount is Rs 1,000, with subsequent investments allowed in multiples of Re 1.

Main Point :-   (i) Federal Bank was fined ₹27.30 lakh for violating RBI guidelines on interest rates of deposits. An inspection found that the bank had opened savings deposit accounts for ineligible entities.

      (ii) Karur Vysya Bank faced a ₹8.30 lakh penalty for non-compliance with RBI's loan system for bank credit delivery. The bank failed to maintain the required proportion of outstanding loan amounts in line with sanctioned working capital limits for certain borrowers.

(iii) The penalties were imposed under Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949. The RBI carried out statutory inspections and compliance reviews before taking action against both banks.

Main Point :-   (i) Before this acquisition, SBI MF held a 4.9878% stake in Axis Bank, equivalent to 15,44,18,049 shares.

      (ii) After the acquisition, SBI Mutual Fund (SBI MF) increased its stake in Axis Bank to 5.0238%, equivalent to 15,55,32,209 shares.

      - IDFC FIRST Bank recently introduced the Senior Citizen Savings Account, eliminating over 30 charges associated with regular savings accounts. This account is tailored to meet the financial needs of senior citizens, ensuring greater convenience and cost savings.

Main Point :-   (i) The bank has also launched Senior Citizen Fixed Deposits (FDs), offering an additional 0.5% interest rate compared to regular deposits. This initiative aims to provide higher returns and financial security to senior customers.

      (ii) A new feature, Senior Citizen Specials, has been integrated into the bank’s mobile banking application. It includes customized investment solutions, cyber insurance coverage of ₹2 lakh, and a complimentary 1-year MediBuddy membership, which offers unlimited doctor video consultations for up to four family members, up to 15% discounts at network pharmacies, a full-body health checkup covering 50+ parameters, and a ₹500 wallet balance for healthcare expenses. Additionally, seniors can access a simplified mutual fund investment option backed by research to modify investments based on their risk-reward appetite.

(iii) To provide greater financial flexibility, IDFC FIRST Bank has also waived penalties on premature FD closures, allowing senior citizens to withdraw their funds anytime without incurring any charges.

Main Point :-   (i) The plan provides coverage for Infertility Treatment, Assisted Reproductive Technology, Maternity Expenses, Adoption Expenses, Pre-natal Health (In-Utero Treatment), and Congenital Disability Cover, among others. It also extends coverage to surrogate mothers, oocyte donors, and live-in partners, while also covering legal expenses for sexual assault, kidnapping, and acid attacks.

      (ii) HERizon Care includes two key components, Vita Shield and Cradle Care, along with a range of optional covers to address specific healthcare requirements.

(iii) Women aged 18 to 80 years and children from 90 days to 35 years are eligible to avail the benefits of this new health insurance product.

      - SBI’s total advances surpassed ₹40 lakh crore, marking a 13.49% YoY growth, while total deposits recorded a 9.81% YoY increase.

Main Point :-   (i) SBI’s Gross Non-Performing Assets (NPA) ratio declined to 2.07%, while the Net NPA ratio improved to 0.53%, indicating stronger asset quality.

      (ii) The bank’s Capital Adequacy Ratio (CAR) stood at 13.03%, reinforcing a stable financial position.

(iii) SBI strengthened its digital footprint, with 64% of new Savings Accounts (SA) opened via YONO (You Only Need One).