Quick Test Seven - Latest Banking News

The correct answer is State Bank of India because the question states that the Cabinet has approved the merger of five associate banks. State Bank of India is a well-known bank in India, and it is common for banks to merge with larger banks in order to strengthen their financial position and improve their services. Therefore, it is logical to conclude that the five associate banks mentioned in the question would merge with State Bank of India.

Punjab National Bank signed a memorandum of understanding with India Posts Payment Bank.

The government has launched its own QR code called BharatQR to facilitate cashless payments. This move aims to promote digital transactions and reduce the dependency on physical currency. By using BharatQR, individuals can make payments through their smartphones by scanning the QR code displayed at the merchant's outlet. This initiative is a step towards creating a more convenient and secure payment ecosystem in the country.

The new withdrawal limit from ATMs as specified by the Reserve Bank of India on January 16, 2017, is Rs. 10,000.

Bank branches that refuse to exchange soiled notes are subject to a penalty of Rs. 10,000. This penalty serves as a deterrent for banks to ensure that they comply with the requirement of exchanging soiled notes. By imposing a significant penalty, it encourages banks to actively participate in the process of exchanging soiled notes, which helps maintain the integrity and quality of the currency in circulation.

The World Bank has revised India's growth rate downward to 7%. This suggests that the World Bank believes that India's economy will expand at a slower pace than previously anticipated. This could be due to various factors such as a decline in investment, a slowdown in consumer spending, or external economic challenges. The revision in the growth rate indicates a less optimistic outlook for India's economic performance in the near future.

Airtel launches Payment Banks across India. This means that Airtel has introduced the concept of Payment Banks in various locations throughout India. Payment Banks are financial institutions that provide basic banking services such as accepting deposits and facilitating payments, but do not offer lending services like traditional banks. Airtel's initiative aims to provide accessible and convenient banking services to the masses, especially in rural and underserved areas.

The Reserve Bank of India (RBI) has decided to set up an inter-disciplinary panel on Cyber Security. This suggests that the RBI recognizes the increasing threat of cyber attacks in the financial sector and is taking proactive measures to safeguard against such attacks. By establishing an inter-disciplinary panel, the RBI aims to bring together experts from various fields to develop comprehensive strategies and policies to enhance cyber security in the banking system. This decision aligns with the global trend of prioritizing cyber security in the financial industry to protect sensitive information and maintain the stability of the banking sector.

PNB Housing Finance Limited has signed a Memorandum of Understanding (MOU) with CREDAI West Bengal to train 1000 construction workers in Kolkata and nearby villages. This partnership aims to provide skill development opportunities to construction workers and enhance their expertise in the field. By collaborating with CREDAI West Bengal, PNBHFL can contribute to the growth and development of the construction industry in the region, ultimately benefiting the workers and the overall economy.

M S Sahoo is the Chairperson of Insolvency and Bankruptcy Board of India (IBBI).

Visa has signed a memorandum of understanding with the government of Andhra Pradesh to make Vizag the first less-cash city. This means that Visa will work with the government to promote digital payments and reduce the use of cash in the city. This initiative is aimed at making transactions more convenient, secure, and transparent, while also promoting financial inclusion and economic growth in Andhra Pradesh.

The correct answer is Rs. 10 because the question states that RBI will introduce new notes with more security features. Since the options given are different denominations of Indian currency, it can be inferred that the new notes will be introduced in one of these denominations. Among the options, Rs. 10 is the most likely choice as it is a commonly used denomination and introducing more security features in this denomination would help in preventing counterfeiting and ensuring the safety of currency transactions.

The Catholic Syrian Bank has initiated the 'name and shame' campaign. However, without further information, it is unclear what this campaign entails or its purpose.

The Reserve Bank of India (RBI) prohibits Foreign Direct Investment (FDI) in Non-Cooperative Countries. This means that the RBI does not allow individuals or businesses from Non-Cooperative Countries to invest directly in India. This restriction is put in place to ensure the security and integrity of the Indian economy, as well as to prevent any potential risks or illegal activities that may arise from investment from these countries.

India Posts Payment Bank is the correct answer because it is the only option that specifically mentions starting pilot services. Canara Bank, Punjab National Bank, and ICICI Bank are regular banks and do not mention anything about pilot services. The option "None" is not a bank and therefore cannot start any services.

Ujjwan Small Finance Bank has recently expanded its operations by opening six new branches in Bengaluru. This indicates the bank's focus on expanding its presence in the city and catering to the financial needs of the people in Bengaluru. The decision to open new branches in Bengaluru suggests that the bank sees potential growth opportunities in this region and aims to tap into the market demand for banking services in the city.

FGII has announced an agency tie-up with Bank of Maharashtra. This means that FGII will now have a partnership with Bank of Maharashtra, allowing them to sell their insurance products through the bank's branches. This tie-up will help FGII expand its customer base and reach a wider audience, while also providing convenience to Bank of Maharashtra customers who can now easily access insurance products from FGII.

ZTE launched the world's first 5G supporting smartphone.

Apple is considered the most innovative company in 2016 because of its consistent track record of introducing groundbreaking products and technologies. Apple has a reputation for pushing the boundaries of design and functionality, with products like the iPhone, iPad, and Apple Watch revolutionizing their respective industries. The company's commitment to innovation is also evident in its software and services, such as the App Store and iCloud. Additionally, Apple's focus on user experience and attention to detail sets it apart from its competitors, making it a leader in innovation.

SIDBI, which stands for Small Industries Development Bank of India, has signed a memorandum of understanding with Vijaya Bank to provide concessional loans to micro, small units.

HDFC Bank increases cash transaction fees on saving accounts.

The World Bank Group conducts training programs for Non-Banking Finance Companies (NBFCs). NBFCs are financial institutions that provide banking services without meeting the legal definition of a bank. These companies play a crucial role in providing credit and financial services to individuals and businesses that may not have access to traditional banking services. By conducting training programs for NBFCs, the World Bank Group aims to enhance their capacity and improve their ability to provide efficient and effective financial services to their customers.

HDFC Bank and Kotak Mahindra Bank are live with the Bharat Bill Payment System. This means that both banks have integrated with the system and are now able to offer bill payment services to their customers. The Bharat Bill Payment System is a centralized platform that allows users to make multiple types of bill payments, such as electricity, water, and gas bills, through a single interface. By being live with this system, HDFC Bank and Kotak Mahindra Bank are providing their customers with a convenient and efficient way to pay their bills.

India and ADB have signed a loan pact worth $375mn to develop the 800km Vishakapatnam-Chennai Industrial Corridor. This loan agreement will provide financial assistance to India for the development and implementation of infrastructure projects along the industrial corridor, which aims to boost economic growth and create employment opportunities in the region. The loan will be used for the construction of roads, railways, and other necessary infrastructure to facilitate industrial development in the area.

Freecharge has announced Mutual Funds in partnership with Reliance. This means that Freecharge has collaborated with Reliance to offer their users the option to invest in Mutual Funds through the Freecharge platform. This partnership allows Freecharge users to easily access and invest in Mutual Funds offered by Reliance, providing them with a convenient and seamless investment option.

AIIMS, New Delhi won the 5Crores Govt. Award for Cleanliness.

Flipkart ranked among India's most trusted e-tailing brands.

Lakshmi Vilas Bank has partnered with Bangalore based fin-tech startup firm Fisdom for Mission FINFIT. This partnership implies that Lakshmi Vilas Bank has joined hands with Fisdom to provide financial fitness solutions to its customers. This collaboration will enable Lakshmi Vilas Bank to enhance its digital offerings and provide personalized financial planning and investment options to its customers through Fisdom's platform.

The correct answer is 2 lakhs. This means that the Reserve Bank of India (RBI) has increased the maximum limit for gold loans provided by Regional Rural Banks (RRBs) to Rs. 2 lakhs. This decision by the RBI will allow RRBs to provide higher loan amounts against gold collateral, which will benefit individuals in rural areas who rely on gold loans for their financial needs.

Raytheon Company has signed an agreement with Tata Advanced Systems for the production of Stinger Missile components.

HDFC Bank has launched India's first Artificial Intelligence based banking chatbot Electronic Visual Assistant for customer services.

Oriental Bank of Commerce, based in Haryana, has signed a corporate agency agreement with Cholamandalam General Insurance Company. This agreement allows Oriental Bank of Commerce to sell insurance products of Cholamandalam General Insurance Company to its customers.

In the financial year 2017-18, the Centre allocated Rs. 500 Crore to India Post Payment Bank.

Axis Bank becomes the third lender to offer blockchain service. This means that Axis Bank has implemented blockchain technology in its operations, allowing for secure and transparent transactions. The use of blockchain can help streamline processes, reduce costs, and enhance security in the banking industry. Other banks, such as Federal Bank and ICICI Bank, may also offer blockchain services, but Axis Bank is specifically mentioned as the third lender to do so. HDFC Bank and None are not relevant to the question.

IDFC Bank has launched India's first biometric based payment system called 'Aadhar Pay'. This system allows customers to make payments using their Aadhar card and biometric authentication, eliminating the need for physical cards or cash. This innovative payment system aims to make transactions more convenient and secure for customers.

Citibank has launched voice verification for Phone Banking. This means that customers can now use their voice as a means of authentication when accessing their accounts over the phone. This technology uses voice biometrics to verify the identity of the customer, providing a secure and convenient way to access banking services. By implementing voice verification, Citibank aims to enhance the customer experience and improve the security of their phone banking services.

Airtel Payments Bank started its operations with an initial investment of Rs. 3000 Crore. This investment indicates the amount of capital that was infused into the bank to fund its operations and establish its infrastructure. It shows that Airtel was committed to launching a robust and well-funded payments bank to cater to the financial needs of its customers.

HDFC Life Insurance has launched an exclusive Data-Led Group term Insurance Plan in partnership with personal finance app 'ET Money'. This means that HDFC Life Insurance has collaborated with ET Money to offer a group term insurance plan that utilizes data analytics to provide personalized coverage to customers. This partnership allows HDFC Life Insurance to leverage the data collected by ET Money to offer more tailored insurance solutions to its policyholders.

Bank of Baroda is planning to launch a supply chain financing product for the industry on a pilot basis. This means that they are testing the product in a limited capacity to assess its feasibility and effectiveness before fully implementing it. This shows that Bank of Baroda is actively working towards providing financial solutions for the supply chain industry.

IDFC Bank has collaborated with fintech startup IndiaLends. This collaboration suggests that IDFC Bank has partnered with IndiaLends to provide financial services and solutions to customers. This partnership can benefit both parties by leveraging the expertise and technology of IndiaLends in the fintech space and the banking infrastructure and customer base of IDFC Bank.

Muthoot Exim has tied up with Divine Solitaires Pratham to retail Swarnavarsham diamond jewellery.

Dena Bank introduced RFID-enabled banking cards to serve valued clients better.

Punjab National Bank launched the Contactless Credit Card.

SBI has launched SBI Exclusif in Kochi.

Karnataka Vikas Grameen Bank brings 13 villages under Digital Banking.

ICICI Bank blocked transactions on payments app PhonePe.

Apollo Munich Health Insurance has expanded its presence in the country through a banc assurance tie-up with Dena Bank. This partnership allows Apollo Munich to offer its health insurance products to Dena Bank customers, thereby increasing its customer base and reach. This tie-up is beneficial for both parties as it enables Dena Bank to provide additional value-added services to its customers while Apollo Munich gains access to a wider market and potential customers.

The correct answer is 119. This means that there are 119 banks that are connected with the Aadhaar-Enabled payment system.

The correct answer is Andaman & Nicobar Islands. Digi Dhan Mela was launched specifically in Andaman & Nicobar Islands.

None of the given options is correct because the question asks for the first cashless island in India, and none of the options provided fulfill that criteria. Therefore, the correct answer is None.