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Banking & Economy PDF 2019 - November
Table of Contents
Banking, Finance & Economy News: November 2019 ........................................................... 3
Banking, Finance & Economy Q&A: November 2019 .......................................................... 35
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Banking, Finance & Economy News: November 2019
Latha, MD and CEO of Dhanlaxmi Bank Resigns

On October 30, 2019, private sector lender Dhanlaxmi Bank, Managing Director (MD) and Chief
Executive Officer (CEO) T. Latha has resigned from her post due to personal reasons. The bank’s board
has accepted the resignation.
i.Ms Latha was appointed as MD and CEO of Dhanlaxmi Bank for three years due to the retirement of
former MD and CEO G Sreeram.
About Dhanlaxmi Bank:
Founded:1927.
Headquarters: Thrissur, kerala.
Chairman: Mr.Sanjeev Krishnan.
7th India-US economic and financial partnership dialogue 2019 held in New Delhi
On November 1, 2019,In order to deepen the economic partnership, the 7th meeting of India-US
(United States) Economic and Financial partnership (EFP) dialogue 2019 between the Ministry of
Finance of the Republic of India and the Department of the Treasury, United States of America (USA)
was held in New Delhi. The Indian side was led by Smt. Nirmala Sitharaman, Minister of Finance,
Government of India (GoI) & the U.S. delegation was led by Mr. Steven Mnuchin, U.S. Secretary of the
Treasury.
Key Points:
i.The meet focused on a range of issues such as the global, US, and Indian economic outlooks, global debt
sustainability, financial sector reforms, leveraging of capital flows and investment, and tackling money
laundering and combating the financing of terrorism.
ii.US reiterates its stand to support India for hosting a successful 2022 Presidency of the G20 (Group of
20) summit.
iii.The meet also witnessed the cooperation between the two nations to attract more private sector
capital to finance India’s infrastructure needs and further raise growth for both countries. India has set
up the National Infrastructure and Investment Fund (NIIF) to promote private institutional investment in
Indian infrastructure, for which the US has provided technical support.
India & US agreed to enhancing cooperation for money-laundering cases
On November 1, 2019, Both the nations of India & US (United States) have agreed to enhance cooperation
in tackling money laundering and combating the financing of terrorism, during 7th meeting of the
Economic and Financial Partnership (EFP) held in New Delhi.
Key Points:
i.India has affirmed its support for action against non-compliant countries, which are not cooperate to
work on developing AML/CFT (Anti-Money Laundering / Countering Financing of Terrorism)
frameworks to mitigate the associated illicit finance risks.
ii.Background: In June, 2019, India imposed tariffs on 28 American products, including walnuts and
almonds, in retaliation for the U.S. ending India’s preferential trade status.
GeM inks MoU with Indian bank & Canara bank for payment-related services
On November 1, 2019, Government e-Marketplace (GeM) ,a one stop portal to facilitate online
procurement of common use Goods & Services required by various government departments, has signed
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MoU (Memorandum of understanding) with Indian Bank and Canara Bank to provide a paperless,
cashless, and transparent payment system on its portal.
Key Points:
i.The agreement will create an efficient procurement system for government entities & will provide both
the banks an opportunity to offer stock of services, including fund transfer through GeM Pool Accounts
(GPA), advising of Performance Bank Guarantees (e-PBG), Earnest Money Deposit (EMD) and Payment
Gateway to the GeM’s registered users.
ii.In addition to these 2 banks , GeM also works with, Small Industries Development Bank of India
(SIDBI), other banks, and Trade Receivables electronic Discounting System (TReDs), with the aim to offer
financing of working capital and bill discounting.
iii.The MOU with Indian Bank was signed by S. Suresh Kumar, Addl. CEO, GeM and M Karthikeyan, GM,
Indian Bank. The MOU with Canara Bank was signed by Addl. CEO, GeM and R P Jaiswal, DGM, Canara
Bank along with Shantanu Kumar Mazumdar, GM, Canara Bank.
About Indian Bank:
Formation:15 August 1907
Headquarters: Chennai, Tamil Nadu
MD & CEO: Ms. Padmaja Chunduru
Tagline: Your Own Bank
About Canara Bank:
Founded: 1969
Headquarters: Bangalore, Karnataka
MD & CEO: R. A. Sankara Narayanan
Tagline: Together we Can
Tripura Gramin Bank associated with Stock holdings corporation launches e-stamp counter in
Agartala
On November 1, 2019, Tripura Gramin Bank in association with the Stock Holdings Corporation of
India Limited (SHCIL) started an e-stamp counter at the bank’s Abhyanagar branch in Agartala. The
bank is sponsored by United Bank of India (UBI) & is jointly owned by the Government of
India, Government of Tripura and UBI.
Key Points:
i.Customers will have to pay 10 rupees for purchasing e-stamps ranging from 10 rupees to 1,000 rupees
and 20 rupees for purchasing e-stamps of more than 1,001 rupees.
ii.With the availability of this e-stamp facility in banks, 100% of the stamp duty revenue will be moved to
the government fund, which will increase the government revenue.
About Tripura:
Capital: Agartala
Governor: Ramesh Bais
Chief minister: Biplab Kumar Deb
National Parks: Clouded Leopard National Park ,Rajbari National Park.
Guyana is expected to be fastest growing country in the world at 86% in 2020:IMF

According to International Monetary Fund (IMF), Guyana’s GDP is expected to be more at 86% in
2020 after expanding 4.4% in 2019.This growth expectaion had done after Exxon Mobil Corp.’s
discovery of oil at Guyana. The Guyana’s economy will grow more than three times within five
years. Guyana’ GDP is to get fourteen times as fast as China’s GDP in 2020.
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i.Exxon will start its first pumping from oil well at Guyana in December 2019. It will produce atleast
7,50,000 barrels in a day by 2025.
ii.Guyana is projecting $300 million petroleum revenue in 2020.It is a country of South America with
7,80,000 population and neighbour countries are Brazil & Venezuela.
iii.The oil sector will represent about 40% of the economy within five years.It crosses $4billion annual
Gross domestic product (GDP) and also it will expand to about $15 billion by 2024.
About IMF:
Founded: 1945.
Headquarters: Washington, d.c, usa.
MD and CEO: Kristalina Georgieva.
Chief Economist: Gita Gopinath.
India’s GDP to grow 6.6% in 2020-24 according to OECD’s report

On November 2, 2019 the Organisation for Economic Co-operation and Development(OECD) in its report
“Economic Outlook for Southeast Asia, China and India 2020: rethinking education for the digital era” has
predicted that India is likely to grow at 6.6% in 2020-24, which is lower than the average of 7.4% of
2013-17.
Key Points:
i.India’s GDP growth will be more modest in the medium term of 2020-24. China’s GDP growth will
continue to slow at 5.6% in the medium term from its 2013-17 average of 7.1%.
ii.Regional growth: Overall, the Southeast Asian region would grow at 5.7% on average in 2020-24 in
contrast to 6.7% of 2013-17.
iii.The report was presented at the Association of Southeast Asian Nations (ASEAN) summit in Bangkok,
Thailand.
About OECD:
Founded- 30 September 1961.
Headquarters- Paris, France.
Secretary-General- José Ángel Gurría.
IndusInd Bank named Sumant Kathpalia as its new MD & CEO

On November 1, 2019, A private sector lender, IndusInd Bank has appointed its consumer banking
head Suman Kathpalia, as its new Managing Director (MD) and Chief Executive Officer (CEO). He will
replace Romesh Sobti, who will retire in March 2020.
Key Points:
i.Before joining IndusInd Bank, Sumant Kathpalia headed consumer loans vertical at ABN Amro Bank
and joined IndusInd Bank in 2008.
ii.IndusInd Bank derives its name from the Indus valley civilization.
About IndusInd Bank:
Founded:1994.
Headquarters: Mumbai.
Tagline: we make you feel richer.
RBI tightens liquidity management framework for NBFCs

On November 4, 2019,In order to strengthen the asset-liability management following the liquidity crisis
faced by non-banking financial companies (NBFCs) in the past year, India’s central banking institution
the Reserve Bank of India (RBI) has tightened the liquidity management framework for these firms,
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which seeks to bring in a liquidity coverage ratio (LCR) of 100 % for them in a phased manner by
December 2024.RBI extends rollout date for LCR norms to Dec 2020.
Key Points:
i.New norms: As per the new rules, which is to be strictly enforced from December 1,2020, NBFCs with
assets of Rs 10,000 crore and above will have to maintain at least 50% of LCR as high quality liquid
assets (HQLA), while those with assets of Rs 5000-10,000 crore will have to maintain 30% LCR & and
build up to 100 % over four years.
ii.Exemption: The liquidity coverage ratio requirements were exempted to Core investment companies
(CIC), small non-deposit taking NBFCs, non-operating financial holding companies and standalone
primary dealers .
iii. ALM: RBI also proposed to revise the ALM (asset liability management) of NBFCs to ensure that the
difference between inflows and outflows .The net cumulative mismatches for theses firms during 1-7
days, 8-14 days, and 15-30 days shall not exceed 10%, 10% and 20% of the cumulative cash outflows in
the respective time period.
iv.Background: Earlier, the draft LCR guidelines had proposed that all non-banks will have to initially
maintain 60% LCR from April 2020.
About LCR:
It refers to the proportion of highly liquid assets held by financial institutions, to ensure their ongoing
ability to meet short-term obligations.
It is calculated by dividing a bank’s high-quality liquid assets by its total net cash flows, over a 30-day
stress period.
About RBI:
Headquarters- Mumbai, Maharashtra
Formation- 1 April 1935
Governor- Shaktikanta Das
RBI issues new rules for the pay scale of senior officials of private, foreign banks
On November 5, 2019, India’s central banking institution, the Reserve Bank of India (RBI) has released
new rules relating to the pay scales of full-time directors, Chief Executive Officers (CEOs) and
Material Risk Takers and Control Function staff of foreign, private, small finance, payment banks and
local area banks. These new guidelines will come into effect from April,2020.
Key Points:
i.The above category banks should adopt the overall pay system for all their employees and should also
review it yearly.
ii.If the non-payment is up to 200 % of the fixed salary, then at least 50 % of it should be paid in other
than cash mode. If non-cash pay exceeds 200 %, then 67 %of it should be paid in non-cash ways.
iii.As per the norm, whatever policy the above category banks adopt,the policy will cover all aspects of
compensation structure such as fixed salary, performance bonus , Share-linked instruments like
Guaranteed Bonus, Employee Stock Option Scheme, Pension Plan, Gratuity will also be included.
iv.Foreign banks working through the branch will have to continue to submit a declaration from their
head offices to the RBI every year. It should have the knowledge of principles set by the Stability
Board(FSB).
v.The board of directors of banks should form a ‘Nomination and Remuneration Committee’ (NRC) of the
board to oversee the framing, review and implementation of compensation policy of the bank on behalf
of the board.
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About RBI:
Deputy Governors- 4 (BP Kanungo, N S Vishwanathan, and Mahesh Kumar Jain, 1 is yet to be
appointed).
ADB approves $451mn loan for Chennai-Kanyakumari industrial corridor power links in Tamil
Nadu
On November 4, 2019, An international development finance institution,Asian Development Bank
(ADB) has approved a $451 million(mn) (about Rs 3,200 crore) loan to strengthen power connectivity
between the southern and northern parts of the Chennai–Kanyakumari Industrial Corridor (CKIC)
in Tamil Nadu(TN), which covers 23 of the state’s 32 districts and 70 % of the state population. The
completion of the project has been estimated at the end of 2024.
Key Points:
i.The state government will provide $202.5 million out of the total cost of the project $653.5 million.
ii.An extra-high voltage 765-kilovolt (kV) transmission link will be installed to transfer the 9,000 MW of
extra capacity from Virudhunagar in the southern CKIC northwards to Coimbatore and Chennai. It will be
undertaken by TANTRANSCO (Tamil Nadu Transmission Corporation Limited), the state-owned
company responsible for transmission.
iii.A 400-kV network will also be created to collect power generated at renewable and thermal power
plants in Thoothukudi district to Virudhunagar.
iv.It will help the state to boost economic development by providing a more reliable and competitive
power supply for industry and services, which will, in turn, increase the job opportunities.
v.With a gross domestic product of $250 billion, TN had the second largest economy among India’s states
in 2018.
About ADB:
Motto -Fighting Poverty in Asia and the Pacific
Formation -19 December 1966
Headquarters – Manila, Philippines
Membership -68 countries
MSTC signs agreement with Allahabad bank to develop e-auction platform

On November 5, 2019, An Indian state-owned e-commerce company,MSTC Limited (formerly known
as Metal Scrap Trade Corporation Limited) has signed an agreement with Allahabad Bank, a
nationalised bank for the process of developing an e-Auction platform aimed at selling non-performing
assets (NPAs).
Key points:
i.The platform will be directly linked with the Indian Banking Association’s (IBA) portal
(https://ibapi.net) for sale NPAs through the SARFAESI (Securitisation and Reconstruction of Financial
Assets and Enforcement of Securities Interest) Act,2002.
ii.once registered ,the bidder will be able to participate in auctions for all banks.
iii.It will also help banks oversee the NPAs through a streamlined process, which in turn, increase its
revenue generation.
SARFAESI Act,2002 :
i.It gives detailed provisions for the formation and activities of Asset Securitization Companies (SCs)and
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Reconstruction Companies (RCs) & give powers to banks and financial institutions to take over the
immovable property that is hypothecated or charged to enforce the recovery of debt.
ii.Securitization is the process of pooling and repackaging of financial assets (like loans given),Asset
reconstruction means the activity of converting a bad or non-performing asset into performing asset
& enforcement of security interests means, when the borrower defaults, to issue notice to the
defaulting borrower and guarantor, calling to repay the debt within 60 days from the date of the notice.
About MSTC:
Founded- 9 September 1964
Headquarters– Kolkata
Chairman & Managing Director– Bam Bahadur Singh
About Allahabad Bank
Founded– 24 April 1865
Headquarters– Kolkata ,West Bengal
MD & CEO- S. S. Mallikarjuna Rao
Tagline– A tradition of trust
50th World Economic Forum to be held in Switzerland in January 2020

The 50th edition of the World Economic Forum(WEF) is to be held in Davos-Klosters, Switzerland, from
21-24 January 2020. The theme of the forum is fixed as ‘Stakeholders for a Cohesive and Sustainable
World.’
Telangana IT minister invited:
The president of the WEF Børge Brende, has invited Telangana Information and Technology(IT) minister
Kalvakuntla Taraka Rama Rao, to the forum appreciating his work of launching various IT initiatives in
the state.
About WEF:
Formation- January 1971.
Founder- Klaus Schwab.
Headquarters- Cologny, Switzerland.
Ujjivan SFB launches instant digital savings & fixed deposit account
On November 6, 2019, Finance service company, Ujjivan Small Finance Bank(SFB) has launched
an instant digital savings account (SA) along with Fixed Deposit (FD) and Privilege Savings
Account to offer distinctive banking and digital services to its customers.
Key Points:
i.Instant Digital SA account: This account has the restriction of Rs 1 lakh deposit & has the unlimited
free transactions on the bank’s own ATM (automated teller machine) and 6 free transactions for other
bank ATMs per month.
Additional deposits: Customers required to complete full KYC(Know Your Customer) details by visiting
the bank’s branch along with the documents, if they want to deposit more than Rs.1 lakh. Ujjivan bank
customers can open this account instantly from a mobile phone /computer by using only with Aadhaar
Card and Pan Card through Ujjivan Bank mobile app, which is available in 9 languages.
ii.Instant Fixed Deposit (FD) : With interest rate ranging from 5.5% (7days to 29 days) & up to
8.3% (799 days), the customers can invest in this account up to a maximum of Rs. 1 Lakh without a
Savings Account.
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iii.Privilege SA: This account comes with an eligibility of a monthly salary of Rs. 30,000 or above /on
maintaining a Monthly Average Balance of Rs 25,000 / opening a Fixed Deposit of Rs. 10 Lakh.
It provides higher accidental insurance cover of Rs. 2 Lakh ,Platinum Debit card, domestic airport lounge
access, home branch facility along with unlimited transaction on any ATM.
About Ujjivan Small Finance Bank:
Founded- 1 February 2017
Headquarters- Bangalore, Karnataka
MD & CEO- Nitin Chugh
Tagline- We believe in your belief
India gained the profit of $ 755 million due to US- China trade war -UNCTAD
In the first half of 2019, India has received profit amount of $755 million as an additional export, in
chemicals, metals and ore to US due to the trade diversion effects of Washington tariff between US and
China.
i.At the time of trade war with US, China was about $21billion in the first half of 2019 which indicates its
trade loss about 14million dollar. The traffic against them made the other investors more competitive in
the US market that leads to the trade diversion effect.
ii.UNCTAD (United Nations Conference on Trade and Development)– It is a part of United Nations
Secretariat dealing with trade, investment, and improvement concerns. The goal of this organization is
to: “explore the trade, investment and improves the opportunities of developing countries and support
them in their efforts to integrate into the world economy on an equitable basis”.
• Chinese Loss-Above $35 billion of Chinese exports have been lost in the US market, above $21
billion are diverted to other countries.
• Tariff increases- In June 2019, US increases the tariff to 25 percent, China has also increased
tariffs on US products, mainly hitting the agriculture sector.
Additional Information
India export detail to US:- Chemicals ($243 million), metals and ore are (USD181 million), electrical
machinery ($83 million) and numerous machinery ($68 million).
Fitch solutions raised India’s FY20 fiscal deficit forecast to 3.6% GDP from early 3.4%
On November 6, 2019, Fitch solutions has increased India’s fiscal deficit forecast to 3.6% of the Gross
Domestic Product(GDP) FY2020(Fiscal Year 2020) from its previous estimate of 3.4%. The increase in
the estimate was due to weak revenue collections, slowed economic growth and corporate tax rate cut by
the govt.
Key Points:
i.The corporate tax rate cut to 15% from the previous rate of 25%, favoured the companies that was
started after October 1, 2019. This resulted in great revenue loss of Rs 1.45Lakh crore for the
government FY20.
ii.Fiscal deficit: Shortfall of govt’s income compared to its spending is known as fiscal deficit.
About Fitch Solutions:
Launch- 2008.
President- Brian Filanowski
The Fitch solution was launched as part of the mission to help clients of Fitch Group research and data
and also help users in managing credit risks.
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RBI committee headed by Tapan Ray recommends tighter norms for Core Investment Companies
On November 7, 2019 the committee appointed by the Reserve Bank of India (RBI) on the supervisory
framework for Core Investment Companies (CICs) has recommended to tighten the corporate
governance norms in the CIC. The committee has suggested that entities should have only 2-tier
structure/layers and also recommended to strengthen the board structures with at least 50% of
independent directors.
The committee which was set up in July 2019, is headed by former corporate affairs secretary Tapan
Ray.
Key Points:
i.Other recommendations:
• Inorder to strengthen governance practices, the committee recommended constitution of
board level committees. They are “audit committee, nomination and remuneration committee
and group risk management committee”.
• The current asset size of Rs.100 crore and access to public funds for registration as CIC should
be retained.
• Any CIC within a group shall not make an investment through more than a total of two layers
of CICs, including itself. This was recommended due to the fact that more firms under a holding
CIC creates complexity in the holding structure.
About CIC:
CIC: CIC is a non-banking finance company (NBFC), holding equity shares and securities in group
companies, not less than 90% of its net assets, and not less than 60%of its net assets as equity shares in
group companies.
Bajaj Allianz General Insurance Launches ‘Farmitra’ – a mobile app for farmers
Bajaj Allianz General Insurance has introduced new mobile app called ‘Farmitra’ for the ease of
farmers.This app intends to help the farmers needs and address their worries. It also resolves with
relevant information, which they can use in optimizing their farming practices.
i.Motto of Farmitra- It was the first mobile app that cater to the specific needs of farmers and resolve
the day to day farming needs.
ii.Features of the App-Users can regularly see the weather forecast,the market price of crops, and news
related to agriculture development.
iii.The application is currently implemented in 6 states, namely Rajasthan, Madhya Pradesh, Uttar
Pradesh, Karnataka, Maharashtra and Haryana. In future, the company intends to add more States and
services for a larger geographical outreach.
About Bajaj Allianz
Headquartered-Pune
Managing Director- Tapan Singhel
Arun Alagappan was appointed as a Managing Director by Cholamandalam Investment and

Finance Company Ltd.
The Board of Directors of Cholamandalam Investment and Finance Company Ltd (CIFCL) have
accepted the appointment of Arun Alagappan as the Managing Director for a period of 5 years. He has
been the Executive Director of this company from August 19, 2017.
i.CIFCL-It was incorporated in the year of 1978, as the financial services arm of the Murugappa group.
Chola holds 1029 branches across India, with the assets of above INR-64000 crores under the
management level.
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ii.Career Starts- 1996, he started his career as GE Capital Services India (it is a non-banking financial
service). After two years he joined Murugappa Group in the year of 1999.
Posts Arun Alagappan Served:-
• 1996, he served as a Credit Manager,
• 1999, Head of Human Resource and Sourcing,
• 2005, Head of International Business,
• 2006, president of TI cycles in India, and
• 2017, Executive of CIFCL.
IRDAI prevents Reliance health insurance from selling new insurance policy
On November 7, 2019, IRDAI (Insurance Regulatory and Development Authority of India ), an
autonomous, statutory body tasked with regulating insurance and re-insurance, has barred Anil
Ambani’s company Reliance Health Insurance Ltd (RHICL) from selling new insurance policies due its
poor financial condition and only they can provide service to old policies.
Key Points:
i.Mandate: RHICL has also required to transfer its entire financial assets including current insurance
liabilities to to sister concern Reliance General Insurance Co Ltd (RGICL), which will settle claims of
existing insurance holders.
ii.Restriction: RHICL will stop selling insurance from November 15,2019 and will display it with clarity
on its website and all branches.
iii. Background: On June 30,2019, RHICL had reported a solvency ratio (the financial ability of an
insurer to service its obligations, including payment to claims)of 106 %. It was below 150 %, which is the
control level of solvency.It was asked to restore the required level of solvency margin by September
30,2019.
About RHICL:
Formation– 2017
Parent organization– Reliance Capital
Executive Director & CEO– Mr. Ravi Vishwanath
About IRDAI:
Formation– 1999
Headquarters– Hyderabad, Telangana
Chairman– Subhash Chandra Khuntia
Exim Bank grants $30 million line of credit to Ghana for potable water project
On November 7, 2019, Export-Import (Exim)Bank, the premier export finance institution of India has
given a $30 million (about Rs 210 crore) line of credit (LoC, a soft loan / loan with low interest rate) to
the Government of the Republic of Ghana for financing rehabilitation and up-gradation of Potable
Water System in Yendi, Ghana. The Agreement in this regard is effective from October 11, 2019.
Key Points:
i.Out of the total assistance by Exim Bank under the agreement,financing of eligible goods, works and
services of the value of at least 75 % of the contract price shall be supplied by the seller from India and
the remaining 25 % of goods and services may be procured by the seller for the purpose of eligible
contract from outside India. It will be subject to the eligibility for export under the Foreign Trade Policy
of India.
ii.As per the agreement,the terminal utilisation time is 60 months period after the scheduled completion
date of the project.
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iii.On April 05, 2019, Exim Bank has signed an agreement with Ghana for the purpose of potable water
project.
About Exim Bank:
Founded -1 January 1982
Headquarters -Mumbai, Maharashtra
Managing Director – David Rasquinha
About Ghana:
Capital- Accra
Currency- Ghanaian cedi
President -Nana Akufo-Addo
Indian Bank sign MoU with Muthoot microfinance to jointly lend MSME customers
On November 8, 2019, Indian Bank, an Indian state-owned financial services company has inked an
memorandum of understanding (MoU) with Muthoot Microfinance Ltd,a leading non-banking finance
company (NBFC) ,to jointly lend to the MSME (micro, small and medium enterprises) borrowers.
i.The agreement was signed by Sudhakar Rao, Indian Bank general manager-MSME &Praveen T, Muthoot
Microfin deputy CFO (Chief Financial Officer) in the presence of the bank’s managing director (MD) and
CEO (Chief Executive Officer) Padmaja Chunduru.
About Indian Bank:
Founded -15 August 1907
Headquarters -Chennai, Tamil Nadu
Tagline- Your Own Bank
About Muthoot microfinance:
Founded -2015
Headquarters Ernakulam, Kerala
Chief Executive Officer(CEO) -Sadaf Sayeed
GeM inks MoU with Central Bank of India for payment-related services
MoU (Memorandum of understanding) with Central Bank of India to provide various payments and
various banking services on its portal.
Key Points:
i.As per the MoU, the Central Bank of India will offer a number of services including transfer of funds
through GeM Pool Accounts (GPA), advising of electronic Performance Bank Guarantees (e-PBG) and
Earnest Money Deposit (EMD) to users registered on GeM portal.
ii.This integration will help sellers and MSMEs (Ministry of Micro, Small and Medium Enterprises) to get
easy credit and do better business with the government.
iii.GeM has already signed an MoU with 18 public and private banks in this regard.
iv.The MOU was signed by Rajeev Kandpal, CFO, GeM and A.K. Mishra, Field General Manager,Central
Bank of India in the presence of Talleen Kumar, CEO, GeM.
About Central Bank of India:
Formation- 21 December 1911
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MD & CEO- Pallav Mahapatra

Tagline- Central to you since 1911 , Build A Better Life Around Us
Moody’s revises India’s economic outlook to “negative” from “Stable”

On November 8, 2019 the American financial service company Moody’s has downgraded India’s
economic outlook to “Negative” from “Stable”. This downgrade was due to slow growth in the economy.
It also predicted that the slow growth would be prolonged and would also have debt rises.
i.Budget deficit: Moody’s has also predicted a budget deficit of 3.7% of the Gross Domestic Product
(GDP) in the year through March 2020, which is a breach in the govt’s target of 3.3%. This was due to
corporate tax rate cuts, slow growth etc.
ii.Foreign currency bond: The long term foreign currency bond and bank deposit ceilings were
unchanged at Baa1 and Baa2(both being 2nd lowest investment grade score), respectively.
About Moodys:
Founded- 1909.
Founder- John Moody.
Headquarters- New York, United States.
Chief Executive Officer(CEO)- Raymond W. McDaniel Jr.
About Bond ratings:
Moody’s created the rating system to provide the investors, the system of gradation to measure the
creditworthiness of securities. Baa1 and Baa2 are rated as medium grade, with some speculative
elements and moderate credit risk.
Reserve Bank raises income & lending limit for Micro Finance Institutions (MFIs)
On November 8, 2019, India’s central banking institution, the Reserve Bank of India (RBI) has raised
the household income eligibility limit for eligible borrowers from NBFC –MFIs (Non-Banking
Financial Companies- Micro finance Institutions) to Rs 1.25 lakh from the existing Rs 1 lakh in rural
areas and from Rs 1.6 lakh to Rs 2 lakh in urban /semi-urban areas.
Apart from this, RBI also increased the limit on disbursal of loans to Rs 75,000 from Rs 60,000 for the
1st cycle, and from Rs 1 lakh for the successive cycles to Rs 1.25 lakh.
Key Points:
i.MFIs are making a significant contribution to increase financial inclusion by delivering credit to those
people in the bottom of the economic pyramid and help them play their assigned role in a growing
economy.
ii.Background: The Reserve Bank had formed a sub-committee under the chairmanship of YH Malegam
in 2010 to study the issues and challenges of the microfinance sector. A separate category of NBFC-MFIs
was constituted on the basis of the suggestions of the sub-committee and detailed regulatory guidelines
were issued in December 2011.
About RBI:
Headquarters– Maharashtra
Established- 1 April 1935
Deputy Governors- 4 (BP Kanungo, N S Vishwanathan, and Mahesh Kumar Jain, 1 is yet to be appointed)
NBFC-MFI:
It is a non-deposit taking NBFC (other than a company licensed under Section 25 of the Indian
Companies Act, 1956) that fulfils minimum net owned Funds of Rs.5 crore.
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Banks cannot charge on NEFT transactions from January 2020: RBI

On November 8, 2019, As per the report titled “Furthering Digital Payments” released by the Reserve
Bank of India (RBI), Banks will not be able to charge any fee for online National Electronic Fund
Transfer (NEFT) transactions done by the savings bank account customers from January 2020. With a
view to promote digital transactions on the 3rd anniversary of demonetisation, the Reserve Bank has
moved a proposal in this regard.
Key Points:
i.Digital payments accounted for 96 % of the total non-cash retail payments between October 2018 and
September 2019. In the same period, the National Electronic Funds Transfer (NEFT) and Unified
Payments Interface (UPI) systems have generated transactions worth Rs 252 crore and Rs 874 crore
respectively. On an annual basis, their transactions have increased by 20 % and 263 % respectively.
ii.In order to increase acceptance infrastructure, RBI also plans to operationalise the ‘Acceptance
Development Fund’ with effect from January 1, 2020.
iii.RBI also plans to allow all authorised payment systems and instruments (non-bank PPIs- Prepaid
Payment Instruments, cards and UPI) for linking with National Electronic Toll Collection (NETC)
FASTags.
iv.Background:The central Government on November 8, 2016 banned the then Rs 500 and Rs 1,000 in
circulation & the RBI came out with new 2,000 and 500 currency notes.In July 2019, As per the
recommendation of Nandan Nilekani-led Committee on Digital Payments panel, RBI directed banks to
withdraw the charges levied on the NEFT transactions.
NEFT:
It is a payment system facilitating funds transfers from one bank account to another. One can access this
service either by using Internet banking or by visiting the bank branch.It is used for upto Rs.2 lakh
maintained by RBI & there is no maximum and minimum limit.
Reserve Bank withdraws some exemptions granted to HFCs

On November 11, 2019, India’s central bank, the Reserve of India (RBI) has come up with a master
direction & decided to withdraw some exemptions from the provisions of Chapter IIIB of Reserve Bank
of India Act, 1934 applicable to Housing Finance Companies (HFCs) in terms of complying with
regulations such as provisions and formation of reserve fund. It also decided to make provisions of
Chapter IIIB except Section 45-IA of RBI Act, 1934.This direction will put regulations of HFC’s on a par
with those of non-banking financial companies (NBFCs).
Key Points:
i.This comes after the Finance Act, 2019 amended the National Housing Bank Act, 1987, which conferred
certain powers for regulation of HFCs with the RBI.
ii.Mandate: With this, Now the HFCs are mandated to create a reserve fund and it should transfer at
least 20% of its net profit every year to the fund before the declaration of dividend. Earlier, they were
exempted from this clause.
iii.Prevention: Until any specific direction given by RBI, HFCs required to not appropriate sum from the
reserve fund. The winding up clause for NBFC will also be applicable to these entities if one fails to pay
the outstanding payment.
iv.Background: In July 2019, The government shifted the regulation of housing finance companies
(HFCs) from the National Housing Board (NHB) to the Reserve Bank of India (RBI).
About RBI:
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Deputy Governors- 4 (BP Kanungo, N S Vishwanathan, Mahesh Kumar Jain, 1 is yet to be appointed)
SBI’s EcoWrap report revised India’s FY20 GDP forecast to 5% from 6.1%
On November 12, 2019, the economic research team from the State Bank of India (SBI) in in it’s report
titled “EcoWrap” has revised India’s Gross Domestic Product(GDP) to 5% from its earlier estimate of
6.1% for the Fiscal Year 2020 (FY20). This downgrade was due to global slowdown in the Index of
Industrial Production (IIP).
Key Points:
i.The research team has projected the GDP growth at 4.2% for the second quarter (Q2- July to
September).
About SBI:
Formed- 1 July 1955.
Headquarters- Mumbai, Maharashtra.
Chairman- Rajnish Kumar.
Tagline- The banker to every Indian; With you all the way; Purely banking nothing else; The
nation banks on us.
Nomura revised India’s GDP to 4.9% from 5.7% for FY20

On November 9, 2019, the Japanese brokerage firm Nomura revised the Gross Domestic Product(GDP)
forecast of India to 4.9% from its previous estimate of 5.7% FY20 (fiscal year 20). The downgrade in the
forecast was due to slowed economic growth of 5% in the June quarter (1st quarter) of 2019, which is a
6-year low. This is by far, the lowest estimate of Nomura.
About Nomura:
Founded- December 25, 1925.
Headquarters- Tokyo, Japan.
President- Toshio Morita.
Moody’s revised India’s GDP growth forecast to 5.6% from 5.8% FY20
On November 14, 2019 American business and financial services company Moody’s has revised India’s
Gross Domestic Product (GDP) growth forecast to 5.6% from its previous estimate of 5.8% for FY20
(fiscal year 20). The 5.6% GDP estimate was much lower than it was in 2018 of 7.4%.
Key Points:
i.The Moody’s in its recent report Global Macro Outlook 2020-21, has stated that India’s economic
growth would ride in 2020 to 6.6% and then to 6.7% in 2021.
ii.The downgrade in the GDP was due to slowdown in investments driven by financial stress.
iii.Currently in 2019 the economic growth is 6-year low with 5% of slowed growth in the June quarter
(1st quarter).
About Moody’s:
Founded- 1909
Founder- John Moody.
Headquarters- New York, United States(US).
Chief Executive Officer(CEO)- Raymond Whitehead McDaniel.
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Merger of BNP Paribas mutual fund & Bank of Baroda (BOB) mutual fund gets CCI nod
On November 14, 2019, Competition Commission of India (CCI),a statutory body of the Government of
India (GoI), has approved the amalgamation of the BNP (Bank of Paris and the Netherlands) Paribas-
BNPP Mutual Fund and Bank of Baroda (BOB) Mutual Fund, under Section 31(1) of the Competition
Act, 2002.
The strategic alliance would allow both companies to merge (i) BOB Asset Management Company (AMC)
into BNPP AMC (ii) BNPP Trustee Company (TC) into BOB TC. After this arrangement, BNPP AMC and
BOB TC will be the surviving entities.
Key Points:
i.Both the surviving entities (BNPP AMC & BOB TC) will act as the investment manager for their
respective Mutual fund (MF).
ii.Registered as a Portfolio Manager under SEBI (Securities and Exchange Board of India) Regulations,
BNPP AMC will offer portfolio management services and advisory activities.
iii.BNPP TC is the trustee company of BNPP Mutual Fund, while BOB TC will be the trustee for BOB
Mutual Fund.
iv.Mutual Fund: It is a type of financial platform made up of a pool of money collected from many
investors to invest in securities like stocks, bonds, money market instruments, and other assets
BNP Paribas mutual fund:
Formation- Apr-15-2004
Sponsor– BNP Paribas Asset Management Asia Limited
Trustee– BNP Paribas Trustee India Private Limited
Managing Director– Mr. Sharad Kumar Sharma
BOB Mutual Fund :
Baroda Asset Management India Limited,an investment manager to BoB MF,is a wholly owned subsidiary
of Bank of Baroda and is positioned to serve the varied asset management needs of investors in India
through a range of equity, debt and money market offerings.
About Section 31(1) of the Competition Act, 2002:
Under this act , the CCI is of the opinion that any combination does not, or is not likely to have an
appreciable adverse effect on competition, it shall, by order, approve that combination including the
combination in respect of which a notice has been given under sub-section (2) of section 6.
About CCI:
Formation- 14 October 2003
Headquarters- New Delhi
Chairman– Ashok Guptha
Karnataka Bank launches CASA campaign 2019

On November 15, 2019, Karnataka Bank Ltd, an ‘A’ Class Scheduled Commercial Bank has launched a
nationwide account mobilization campaign called “CASA (current account savings account)
campaign of FY(fiscal year) 2019-2020”. The campaign will remain in force till February 29, 2020.
Key Points:
i.Objective: It has been organized with the aim to open 4.18 lakhs Current & Savings accounts by active
involvement of its 8000 plus workforce in all the 846 branches across India.
ii.On Nov 15, 2018, the Bank introduced a savings bank (SB) scheme ‘KBL SB – TASC (Trust, Association,
Society and Club).It also launched SB product ‘KBL SB Salary’ designed with 3 variants namely, SB Salary
Executive, SB Salary Prime and SB Salary Classic to cater the financial needs of an employer-employee
ecosystem.
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iii. The Bank also offers Personal Accident Insurance cover of upto ₹ 10lakh under “KBL Suraksha”,
Mobile Banking [KBL Mobile Plus], KBL BHIM UPI App, KBL ApnaApp, SMS Banking, Debit / Credit Cards
etc.
About Karnataka Bank:
Founded -1924
Headquarters -Mangaluru, Karnataka
MD & CEO -Mahabaleshwara M. S
Tagline- Your Family Bank, Across India.
India pledged to contribute $13.5 million for 2020 UN Development Activities

On November 15, 2019 the United Nations (UN), has announced India’s pledge to contribute $13.5
million for UN development activities 2020 for various operational activities of the UN. It was
announced at the UN General Assembly (UNGA) pledging conference for development activities by Anjani
Kumar, Counsellor at India’s Permanent Mission to the UN.
Key Points:
i.A total of $516 million was pledged from over 16 countries at the pledging conference for development
activities.
ii.India’s contribution: $ 5million will be contributed to the UN Relief and Works Agency for Palestine
Refugees in the Near East; $4.5 million to UN Development Programme(UNDP); $1.92 million to World
Food Programme(WFP); $900,000 to UN International Children’s Emergency Fund(UNICEF); $150,000
to UN Commission on Human Settlements Programme(UN-HABITAT); $100,000 each for UN voluntary
contributions for financial and technical assistance for the implementation of Universal Periodic
Review(UPR), UN Environment Programme(UNEP) and the UN Office on Drugs and Crime(UNODC).
iii.Recently in September 2019, Prime Minister shri Narendra Modi had announced a $ 14 million grant
for community development projects in the Caribbean Community and Common Market(CARICOM)and
another 150-million-dollar Line of Credit(LoC) for solar, renewable energy and climate-change related
projects.
Asian Infrastructure Investment Bank (AIIB) approves 75 million for renewable energy sector
On November 16, 2019, Asian Infrastructure Investment Bank (AIIB), a multilateral development
bank that aims to support the building of infrastructure in the Asia-Pacific region, has approved $75-
million loan to Mumbai based Tata Cleantech Capital Limited (TLLC) to help mobilize private capital
into renewable energy, power transmission and water infrastructure.
AIIB mulls $2.2-billion loan for Indian infra projects
The bank also extended the loans worth over $2.2 billion for funding power transmission and
distribution projects in Assam, metro rail projects in Chennai, Mumbai and rural water supply system
in Karnataka.
It covers, A credit line of $500 million to Mumbai’s suburban railway network that was approved on
October 2019. It will be used for the Mumbai Urban Transport Project (MUTP) for the quadrupling of the
Virar-Dahanu Road corridor of 64 kilometers.
AIIB will start disbursing $400-million loan for strengthening electricity distribution in Assam & an
equal amount in two phases for a transmission project in the eastern State.
Approval of $800-million loan for Chennai metro, $400-million loan for a rural water supply system
in Karnataka and a few road projects.
Key Points:
i.AIIB also committed $50 million loan for Oriental Infra Trust, an infrastructure investment trust
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sponsored by Oriental Structural Engineers Pvt Ltd and Oriental Tollways Pvt Ltd .
ii.It will also disburse $ 455 million in Andhra Pradesh (AP) Rural Roads Project and $ 450 million in AP
Urban Water Supply Project.
AIIB Investments in India:
India is the largest borrower from AIIB as the total funding India received from AIIB, so far, is $2.894
billion for 13 projects .
AIIB plans to increase lending operations to $10 billion every year by 2025 from an annual target of $4.5
billion at present. In the last 3 years, it has approved 55 projects with a total investment of $10 billion. Of
this, India’s share in the total borrowing is about 30% / $3 billion.
About AIIB:
Formation -January 16, 2016
Headquarters -Beijing, China
Membership -75 Members
ADB signs $91 million loan agreement with India for comprehensive water management in
Karnataka
On November 18, 2019, The Government of India (GoI) & the Asian Development Bank (ADB) has
signed a $ 91 million loan agreement under Karnataka Integrated and Sustainable Water Resources
Management Investment Program (IWRM) to renovate the Vijayanagara Channel irrigation systems
in Karnataka. The fund will also be used to prepare the river basin management plan of the Krishna
River that would help in using irrigation water effectively and it would also help in sustaining the water
security of the state of Karnataka.
Key Points:
i.It will benefit the Government in the modernization of over 442 kilometres of major and minor
distributaries and canals.
ii.The loan agreement was signed by Mr. Sameer Kumar Khare, Additional Secretary, Department of
Economic Affairs, Ministry of Finance on behalf of Government of India & Mr. Kenichi Yokoyama,
Country Director of ADB’s India Resident Mission, on behalf of ADB.
About ADB:
Formation -19 December 1966; President – Takehiko Nakao
Headquarters – Manila, Philippines
Membership- 68 countries
India-Russia-China to explore an alternative to SWIFT payment mechanism

On November 14, 2019 India, China and Russia have partnered together to explore an alternative to
the SWIFT (Society for Worldwide Interbank Financial Telecommunication) payment mechanism in-
order to smoothen the trade with countries that face American sanctions.
Payment system linkage: As part of this exploration, Russia will link its financial messaging system
SPFS (System for Transfer of Financial Messages) with Chinese Cross-border Interbank Payment System
(CIPS). As India doesn’t have its own domestic financial payments system, it is in plan to link the Central
Bank of Russia’s platform with a service that is under development.
Key Points:
i.The new system by the three nations, is expected to work as a “gateway” model. The messages on
payments will be transcoded in accordance with a certain financial system.
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ii.The model is also believed to be developed on the 11th BRICS (Brazil, Russia, India, China and South
Africa) summit agenda as the BRICS nations are planning to have seperate trade exploration among
themselves in national currencies.
About Society for Worldwide Interbank Financial Telecommunication(SWIFT):
Fact- SWIFT provides a network that enables financial institutions worldwide to send and receive
information about financial transactions in a secure, standardized and reliable environment.
Code length- It is a 8-11 character alphabetic code.
Founded- 1973.
Chief Executive Officer(CEO)- Javier Pérez-Tasso.
Sundaram BNP Paribas Home Finance renamed as Sundaram Home Finance Ltd
With effect from November 18, 2019 Sundaram BNP Paribas Home Finance which is the subsidiary of
non-banking finance company Sundaram Finance Ltd has been renamed to “Sundaram Home
Finance”. The change in name was due to the acquisition by Sundaram Finance of BNP( Banque
Nationale de Paris) Paribas Personal Finance’s stake in Sundaram BNP Paribas Home Finance Ltd.
Key Points:
i.In September 30,2019, BNP Paribas personal finance sold 49.9% stake in Sundaram BNP Paribas Home
Finance Ltd to Sundaram Finance Ltd.
Recently in October 2019, the company elevated D Lakshminarayanan as whole-time director on the
Board of Sundaram Home Finance.
About Sundaram Finance Ltd:
Founded- 1954.
Founder- T.S.Santhanam.
Headquarters- Chennai, Tamil Nadu.
ICICI Lombard & Fino payments bank tie up to offer sachet based insurance products
On November 18, 2019, ICICI (Industrial Credit and Investment Corporation of India) Lombard has
announced its partnership with Fino Payments Bank to offer several sachet based insurance products
to its customers. Some of the offerings include Hospicash which provides customers the solution to
cover loss of their income. This product will specially benefit migrant workers,when they are
hospitalized.
Dengue and Malaria policy: ICICI Lombard and Fino also launched Dengue and Malaria policy which
covers treatment to Dengue and Malarial diseases upto Rs. 10,000 at a premium as low as Rs. 49.
Key Points:
i.2-wheeler insurance: Comprehensive insurance for bikes and scooters, providing the customers of the
Fino Payments banks to access ICICI Lombard’s motor insurance solutions were introduced.
ii.ICICI Lombard has been partnering with Fino Payments Bank since 2017 offering non-life insurance.
Apart from that, these new insurance products which have now been introduced is based on innovative
insurance solutions complement Fino’s technology-enabled platforms.
iii.Apart from the insurance products introduced, the insurance purchasing process has also been
simplified. The Fino Payments Bank provide only 5-7 minutes of total time to complete the customer
enrolment process.
About Fino Payment Bank:
Fact – The bank was incorporated on 4th April, 2017 with the name Fino Payments Bank Limited.
Chairman- Mahendra Kumar Chouhan; Headoffice – Mumbai
Managing Director (MD) & Chief Executive Director (CEO)- Rishi Gupta.
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NCAER forecasts India’s GDP growth for FY20 to 4.9%

On November 16, 2019, National Council of Applied Economic Research (NCAER),a New Delhi based
non-profit think tank of economics & and the National Institute of Public Finance and Policy, have jointly
projected India’s gross domestic product (GDP) growth for 2019 (or Fiscal year (FY)-20) at 4.9 % as
against 6.8 % in 2018 (or FY -19). It lowers its outlook due to the slowdown in almost all sectors & it is
primarily driven by a simultaneous deceleration of all the drivers of aggregate demand.
Key Points:
i.The report further states that monetary policy measures are not expected to improve growth but the
farm sector and agriculture output had been looking up. It also suggested providing fiscal stimulus for
better growth. Till October 2019, Reserve Bank of India (RBI) had cut the repo rate by 135 basis points
(bps).
ii.This outlook is the lowest among the recent forecasts by rating agencies, multilateral institutions,
research firms, and government institutions.
iii.The report forecasts gross value added (GVA) growth at 4.9 per cent July-September quarter 2019
(Q3).
Other ratings: Earlier global ratings agency Moody’s cut its GDP forecast for India to 5.6 % for 2019
from 6.2 %.It also cut India’s credit rating outlook to ‘negative’ from ‘stable’.
The State Bank of India (SBI) and CLSA (formerly known as Credit Lyonnais Securities Asia) predict a
growth rate of 5 % for FY20.
OECD (Organisation for Economic Co-operation and Development), World bank , IMF (International
Monetary Fund) India’s GDP growth for 2019-20 at 5.9 % , 6.0 %, 6.1 % respectively.
About NCAER
Founded– 1956
NBFCs with Rs 500 crore assets now under the purview of IBC
On November 18, 2019, In exercise of the powers conferred by section 227 of the Insolvency and
Bankruptcy Code (IBC), 2016 (31 of 2016), the Ministry of corporate affairs, Government of India
(GoI) in consultation with the Reserve Bank of India (RBI) issued a notification that enumerates the
category of financial services providers (FSP) who can go for “generic framework” under IBC.
Key Points:
i.Now the Non-Banking Financial Companies -NBFCs (which include housing finance companies-HFCs)
with assets worth at least Rs 500 crore can be taken for debt resolution & liquidation
proceedings under the provisions of the IBC, 2016 read with the Insolvency and Bankruptcy (Insolvency
and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority)
Rules, 2019.
ii.This move will help to overcome the problems in the NBFC sector which are currently facing liquidity
crisis.
About Ministry of corporate affairs:
Headquarters– New Delhi
Union Minister -Nirmala Sitharaman
Minister of State for Corporate Affairs– Anurag Thakur
About RBI:
Founded-April 1, 1935
Headquarters: Mumbai, Maharashtra
Governor– Shaktikanta Das
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RBI dissolves the board of troubled mortgage lender DHFL

On November 20, 2019, In exercise of the powers conferred under Section 45-IE (I) of the Reserve
Bank of India Act, 1934, India’s central bank, the Reserve Bank of India (RBI) has superseded the
board of deposit-taking housing finance company- Dewan Housing Finance Limited (DHFL), which is
struggling with difficulties due to administrative concerns and default of several loans.
Along with this, RBI has appointed R Subramaniakumar, former managing director (MD) & chief
executive of Indian Overseas Bank (IOB), as the administrator of DHFL under Section 45-IE (2) of the Act.
Key Points:
i.With this move, DHFL is become the first non-bank lender to be referred to the National Company Law
Tribunal (NCLT) under new rules issued by the Ministry of Corporate Affairs, by amending section 227 of
the Insolvency and Bankruptcy Code (IBC),2016 stating that now NBFC companies with a value of at least
Rs 500 crore can be taken for debt resolution & liquidation proceedings.
ii.The insolvency process will soon be initiated under the IBC, 2016 read with the Insolvency and
Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to
Adjudicating Authority) Rules, 2019 by a new administrator appointed by the RBI.
iii.DHFL has a total debt of Rs 83,873 crore, of which Rs 38,342 crore was owed to banks.
About DHFL:
Founded -11 April 1984
Headquarters –Mumbai
Chairman & Managing director -Kapil Wadhawan
About RBI:
Established -1 April 1935
Governor– Shaktikanta Das
IBBI notifies Regulations for Insolvency Resolution and Bankruptcy Proceedings of Personal
Guarantors to Corporate Debtors
On November 20, 2019, Insolvency and Bankruptcy Board of India (IBBI) has notified Regulations for
Insolvency Resolution and Bankruptcy Proceedings of Personal Guarantors to Corporate Debtors (CDs).
This has been done on the sidelines of the notification by Central Government on proceedings of Personal
Debtors to Corporate Debtors. These provisions would be effective from December 1.
Key Points:
• Title of Regulations:
i.These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Resolution
Process for Personal Guarantors to Corporate Debtors) Regulations, 2019.
ii.Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate
Debtors) Regulations, 2019 specifying the details of the bankruptcy process for personal guarantors to
CDs
• Applicability – These rules will be applicable to insolvency resolution process for personal
guarantors to corporate debtors (CDs).
• Under the Insolvency and Bankruptcy Code (IBC), 2016, individuals are classified into three
classes – personal guarantors to corporate debtors, partnership firms and proprietorship
firms, and other individuals.
How they will be helpful?
These rules state process and forms of making applications for initiating insolvency resolution and
bankruptcy proceedings against personal guarantors to CDs, withdrawal of such applications, forms for
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public notice for inviting claims from the creditors, etc. It envisages reorganisation and insolvency
resolution of corporate persons, partnership firms and individuals in a time bound manner. You can go
through the rules from here:
• http://www.ibbi.gov.in/uploads/legalframwork/d727db4d09515bd8035f373009a9eb02.pdf
• http://www.ibbi.gov.in/uploads/legalframwork/d7e1477e5793b4195e29585d21d5dfb0.pdf
About IBBI:
Establishment- 1st October, 2016 under Insolvency and Bankruptcy Code, 2016
Headquarter- New Delhi
Chairperson- MS Sahoo
SEBI tightens loan default disclosure norms for listed companies

On November 20, 2019, The Regulator for the Securities market in India, SEBI (Securities and
Exchange Board of India) has approved strict provision criteria for listed companies on debt default.
As per new rules, the listed company will have to inform SEBI within 24 hours after the completion of
the 30-day period for any loan default. This rule will come into effect from January 1, 2020. This means
that if a listed company is unable to repay the principal or interest of the loan taken from the bank on the
due date, it will have to make this information public within the next 24 hours after the completion of 30
days.
Key Points:
i.It has increased the requirement of Business Responsibility Report (BRR) for the top 1000 companies
to 500 & doubled the minimum investment norm for clients of portfolio management services (PMS)
to Rs 50 lakh.
ii.It has also enhanced the networth requirement for PMS from Rs 2 crore to Rs 5 crore & changed the
norms for issuing shares on the basis of right for existing shareholders. Its time period will be reduced
from 55 days to the current 31 days.
iii.Further, ASBA (Applications Supported by Blocked Amount) facility will be mandatory for all
investors applying to a rights issue. In ASBA, an applicant's bank account doesn't get debited until shares
are allotted to investors.
iv. This step will increase transparency & will help investors as they are troubled due to a lack of
information about loan default at the right time.
About SEBI:
Formation- April 12, 1988
Chairman- Ajay Tyagi
RBI constitutes a three-member advisory committee for DHFL

On November 22, 2019, In exercise of powers conferred under section 45 IE 5(a) of the RBI Act 1934,
India central bank, the Reserve Bank of India(RBI) has set up a 3-member committee consisting of
IDFC First Bank non-executive chairman Rajiv Lall, ICICI Prudential Life Insurance chief executive NS
Kannan and the mutual funds body AMFI (Association of Mutual Funds in India) chief executive NS
Venkatesh, before formally sending the case of the troubled deposit-taking housing finance company-
Dewan Housing Finance Limited (DHFL) for bankruptcy proceedings.
This committee will serve as advisor to the DHFL administrator.
Key Points:
i. Earlier on November 20, 2019, The RBI had dissolved the board of DHFL and placed it under the
administrator, R Subramaniakumar, former managing director (MD) & chief executive of Indian
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Overseas Bank (IOB).

ii.The home loan company is the first non-banking financial company (NBFC) to go through the
insolvency process under the IBC, 2016 read with the Insolvency and Bankruptcy (Insolvency and
Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules,
2019.
iii.DHFL has a total debt of ₹83,873 crore, of which ₹38,342 crore was owed to banks.
About DHFL:
Founded -11 April 1984
Headquarters –Mumbai
Chairman &Managing director -Kapil Wadhawan
About RBI:
Established -1 April 1935
RBI disclosed major wilful defaulter details under RTI act 2005
On November 21, 2019 The Reserve Bank of India (RBI) has disclosed list of 30 major wilful defaulters of
India. The list was disclosed by RBI in response to Right to Information(RTI) application of the RTI act
2005, filed by Indian news website ‘The Wire’ in May 2019.
Data:
• 3 companies of fugitive diamond manufacturer & businessman Mehul Choksi, were among the
30 major wilful defaulters.
• Company outstandings: These 30 companies added up to over Rs 50,000 crores of total
outstanding advances (amounts drawn down under the loan but not repaid).
• Defaulter companies: Some of the companies that has been added to the list include Gitanjali
Gems, Rotomac Global, Zoom Developers, Deccan Chronicle Holdings, Winsome Diamonds, REI
Agro, Siddhi Vinayak Logistics and Kudos Chemie.
• The list of the companies has been sourced by RBI from Central Repository of Information on
Large Credits (CRILC)which is a centralised banking database.
Key Point:
i.It is also to be noted that the report has been released 4 years after it was directed by the Supreme
Court(SC). The RBI previously ignored RTI complaints for over 10 years stating the fact that it would be
against the interest of the country and also that ‘fiduciary relationship’ of the banks disallows it from
doing so.
ii.Despite the fact that RBI was reluctant to release the data, many individual banks released the data on
wilful defaulters in form of suits(case) filed for recovery of their dues. These data over the years was
collated(collected) by the TransUnion Cibil ltd which is a credit information company operating in India.
iii.As of December 2018, over 11,000 companies had willfully defaulted on amounts worth over Rs 1.61
lakh crore, according to TransUnion Cibil data.
About RTI act:
RTI- Right to Information Act 2005 mandates timely response to citizen requests for government
information.
Fact- Aruna Roy is the mastermind behind the formation of RTI Act 2005.
In force- 12 October 2005.
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About Fiduciary relationship:

It is a relationship in which one party places special trust, confidence, and reliance in and is influenced by
another who has a fiduciary duty to act for the benefit of the party
About TransUnion CIBIL:
CIBIL former name: Credit Information Bureau (India) Limited.
Founded- August 2000.
Headquarters- Mumbai.
OECD cuts global growth forecast for 2020 to 2.9 % from 3%

According to the latest Economic Outlook 2019 released by OECD (Organisation for Economic Co-
operation and Development) on November 21, 2019, World GDP(Gross domestic product) growth is
expected to be at 2.9% in 2020, its lowest annual rate due to the risk posed by trade stress. This is 0.1%
lower than the earlier estimate released in September 2019. It also forecasts global economic growth
to 3.0% for the year 2021.
Key Points:
i.Reason: Global growth results and prospects have sharply decreased since the global financial crisis in
2007 due to continued policy uncertainty and weak trade and investment flows.
ii.Other economies: The US (United States) economy, the world’s largest economy , is expected to slow
by 2.0 % in 2020& 2021. In Japan and Euro area, it is about 0.7 %and 1.2% respectively. China, the
world’s 2nd -largest economy, is expected to grow at around 5.5 % in 2021 compared with 6.6% in 2018.
iii. Policy-making:The central banks have taken decisive and timely decisions on the monetary policy
front. This helped to cope to some extent from the effects of trade stress. But most governments did
nothing on the fiscal front.
About OECD:
Formation -16 April 1948
Headquarters– Paris, France
Membership -36 states
Secretary–General -José Ángel Gurría
PM Modi addressed Accountants general and deputy accountants general conclave 2019 held in
New Delhi
Prime Minister (PM) Narendra Damodardas Modi has addressed the 2-day Accountants General and
Deputy Accountants General Conclave 2019 held in New Delhi From November 21-22, 2019 based on
the theme ‘Transforming Audit and Assurance in a Digital World’. It was held with the aim to
consolidate experience and learning, and layout the plan of the Indian Audit and Accounts Department
for the next few years.
Key Points:
i.As per Mr.Modi, the responsibility of the CAG (Comptroller and Auditor General)is even more as they
play an important role in keeping the economic conduct of the country and society at a better level.
ii.CAG should develop new technical methods to investigate fraud in government departments and play
an important role in making the country a $5 trillion economy.The centre wants to make evidence-
backed policymaking a part of governance by 2022.
Modi unveils statue of Mahatma Gandhi at CAG office in New Delhi
Prime Minister (PM) Narendra Modi unveiled the statue of the Father of the Nation Mahatma Gandhi in
the office premises of the Controller and Auditor General of India (CAG) in New Delhi.
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About CAG:
The CAG of India is an authority, established by Article 148 of the Constitution of India, which audits all
receipts and expenditures of the Government of India and the state governments.
The current / 13th CAG of India is Rajiv Mehrishi, who assumed office on 25 September 2017.
RBI expands SNRR account to popularize domestic rupee abroad

On November 23, 2019, India’s Central Bank, the Reserve Bank of India (RBI) took steps to expand the
scope of Special Non-Resident Rupee Accounts (SNRR) and popularize the domestic currency abroad
by allowing overseas Indians to open such accounts for rupee denominated external commercial
borrowings (ECBs), taking trade credits and trade (Export/ Import) Invoicing in India, and business-
related transactions outside the International Financial Service Centre (IFC), all in rupees.
In addition to this, the current 7 years time period of SNRR account has also been removed by RBI, in
consultation with the central government.
Key Points:
i.The regulations regarding re-export of unsold rough diamonds from special notified zone of Customs
without export declaration form (EDF) formality was also modified by RBI. Only after being satisfied
with the bona-fides of the transaction , the Banks will allow such import payments.
About SNRR account:
Any person who lives outside India and has a business interest with India can open a SNRR account with
a bank for bona fide and not earn any interest. This account can be transacted in rupees.
Opening of SNRR accounts by Pakistan and Bangladesh nationals and entities incorporated in Pakistan
and Bangladesh requires prior approval of Reserve Bank.
It is operated as non-interest earning account, while an NRO (Non Resident Ordinary) account can earn
interest. The balances in SNRR is repatriable, while NRO account are non-repatriable (except for current
income and to the extent permissible for NRIs- Non Resident Indian / PIOs- Persons of Indian Origin).
India’s GDP growth to be lower at 4.7% in Q2 quarter FY2020: ICRA

On November 21, 2019, An Indian independent credit rating agency,ICRA (originally named
Investment Information and Credit Rating Agency of India Limited) has projected India’s GDP(Gross
Domestic Product) growth to be 4.7 % in the second quarter (Q2 – 1 April – 30 June) of FY -Fiscal Year
2020 due to weak industrial production. The rating agency also forecasted a further decline in gross
value added (GVA) and is expected to be 4.5 % for the quarter ending September of FY20.
Key Points:
i.India’s GDP and GVA stood at 5% and 4.9 % in the Q1 quarter. However, sectors such as agriculture and
services may be able to maintain the growth rate recorded in the first quarter of FY 2020.
ii. Earlier, an American credit rating agency,Moody’s Investors Service reduced India’s GDP estimate for
2019 by 5.6% . As per Moody’s, government measures have failed to address the weakness of
consumption demand.
iii.GVA is the measure of the value of goods and services produced in an area, industry or sector of an
economy,while GDP is a monetary measure of the market value of all the final goods and services
produced in a specific time period.
About ICRA:
Founded -1991
Headquarters –Gurugram, Haryana
Chairman– Dhruba Narayan Ghosh
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Muthoot Finance acquired IDBI’s MF business for Rs 215 crore

On November 22, 2019 Kerala-based gold loan non-banking financial company Muthoot Finance (MFIN)
has entered into an agreement with IDBI bank (Industrial Development Bank of India) in acquiring
its Mutual Fund (MF) business for Rs 215 crore. With this acquirement Muthoot Finance’ foray gets
into Rs 26-trillion MF space.
Other acquirements:
The MFIN will also acquire a 100% stake in both IDBI Asset Management Company(AMC) and IDBI MF
trustee company by the end of February 2020.
Key Points:
i.IDBI has been selling its non-core assets in order to ease pressure on the balance sheet. Previously in
January 2019, the Life Insurance Corporation(LIC) has acquired a 51% stake in IDBI Bank.
ii.As per market regulator SEBI (Securities and Exchange Board of India), an entity cannot hold more
than 10% in more than one MF. The MFIN deal will help LIC avoid legal issues with Sebi.
About Muthoot Finance:
Founded- 1939.
Headquarters- Kochi, Kerala.
Managing Director(MD)- George Alexander Muthoot.
P.S Rajan General manager of Union Bank of India appointed as the CEO of Kerala Bank
General Manager of Union Bank of India P.S Rajan was appointed as the CEO of Kerala Bank by the
Government of India in Thiruvananthapuram. The Cabinet members also appointed the Managing
Director of KWA (kerala Water Authority) Mr. Kausigan as the Land Board Secretary with the additional
charge of Joint Commissioner, Water Resources Secretary B. Ashok has been given additional charge of
MD in KWA (kerala Water Authority) and the Project Director of KSTP (Kerala State Transport
Project) Rajamanikyam will hold additional charge of MD in KSIDC (Kerala State Industrial
Development Corporation).
Key Points:
i.The Cabinet also granted administrative sanction for the construction of a finger jetty on the Gopalpet
side of the Thalassery fishing harbour to enable fishermen to anchor their boats safely. The estimated
cost of the project is ₹5.23 crore.
About Kerala Bank:
i.Kerala Bank has been formed by merging of 13 district co-operative banks receiving its final nod for the
formation from the Reserve Bank of India (RBI).
ii.With its formation Kerala Bank will be the largest banking network in the state.
Indian Railway Institute of Financial Management (IRIFM) inaugurated in Hyderabad

On November 25, 2019 The Indian Railway Institute of Financial Management (IRIFM) by the Indian
Railways (IR) has been set up in Hyderabad, Telangana. The institute will provide professional training
in railway finances management. It was inaugurated by Vinod Kumar Yadav, Chairman of the Railway
Board. IRIFM has been constructed by Rail Vikas Nigam Ltd (RVNL) at a cost of Rs.85 crores.
Key Points:
i.IRIFM is a green building that can generate 90% of its own power needs with solar installations on the
campus besides a water-recycling plant. It is based on a 14-acre campus at Moula-Ali, Secunderabad,
Telangana.
About Rail Vikas Nigam Ltd(RVNL):
Fact- RVNL is a mini-ratna Central Public Sector Enterprise(CPSE) under the Ministry of Railways.
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Founded- 2003.
Headquarters- New Delhi.
Chairman and Managing Director(MD)- Pradeep Gaur.
PSBs recovers Rs 1,996.46 crore from account holders in FY -19 for not maintaining minimum
balance
On November 25, 2019, Minister of state (MoS) for finance Anurag Singh Thakur informed that Public
sector banks (PSBs) received Rs 1,996.46 crore as penalty for not keeping minimum monthly
balance in the account in 2018-19.
Key Points:
i.Previous years: In the financial year 2017-18 (or 2017), 18 state-owned banks received Rs 3,368.42
crore as minimum balance penalty. At the same time, in the financial year 2016-17 (or 2016) , the public
banks recovered Rs 790.22 crore from the account holders.
ii.Reason: One of the reasons for the decline in the minimum deposit amount penalty by PSBs is the
penalty reduced by SBI(State Bank of India)from October 1, 2017 for non-maintenance of minimum
deposit in savings account.
iii.BSBD A/C: Banks do not charge any penalty for not having a minimum monthly balance in Basic
Savings Bank Accounts (BSBD). These include open accounts under the Pradhan Mantri Jan Dhan Yojana
(PMJDY).
iv.According to RBI, as of March 2019, there were 57.3 crore BSBD accounts in the country, of which
35.27 crore were Jan Dhan accounts.
About BSBD accounts:
The BSBD account means an account that does not require customers to maintain a minimum or average
monthly balance.
Restrictions: If a customer already has a savings account in that bank, he must have to close that
savings account within 30 days from the opening of BSBD account.
Only four cash withdrawal is permitted either from bank branch or from ATMs (Automated Teller
Machines) or together in a month.
U GRO Capital signed loan co-origination partnership with SBI

On November 25, 2019 capital market company NewQuest’s U GRO Capital has entered into a Loan co-
origination partnership with the State Bank of India(SBI) in order to provide widened credit outreach
and faster disbursal.
Through U GRO Capital’s platform “GRO-Xstream”, in-principle loan approval will be done within 60
minutes. The partnership was signed by Mr. Jayanta Deb Majumdar, General Manager(GM) of SBI and Mr.
Shachindra Nath, Executive Chairman of U GRO Capital.
Key Points:
i.Co origination: co-origination means selling of loan of a bank/any entity through other banks/entity.
In short co-origination is a form of loan participation where two or more lenders lend money to a
borrower.
About U GRO capital
Fact- U GRO Capital is a BSE listed technology-enabled small business lending platform
Formerly known as- Chokhani securities.
Founder- Mr. Shachindra Nath.
Chief Executive Officer(CEO)- Abhijit Ghosh.
Launch- December 2017.
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IndiaFirst life insurance join hands with Spice money for ‘Insurance Khata’ product
On November 23, 2019, IndiaFirst Life Insurance, a leading life insurance company in India has
partnered with Spice Money, a tech-led financial services provider, for distribution and marketing of
‘insurance khata’, a micro-insurance plan aims at the informal sector & agricultural labourers with
seasonal incomes.
Key Points:
i.Under this partnership, Spice Money will work for IndiaFirst Life &market of ‘insurance khata’
products to its customers base of over three lakh in semi-urban and rural India.
ii.The new insurance product will allow a customer to create and increase protection cover while also
having certain amount of return of premium. It enables consumers to actually putting the money when
they have it rather than committing to premium payments when they don’t have committed flow of
income
iii.Through this tie-up, Spice Money will deepen the penetration of its product offers and enable more
customers to access their risk solutions.
About IndiaFirst Life Insurance:
Founded -2009
MD & CEO -Ms.R.M.Vishakha
About Spice Money:
Headquarters- Noida, Uttar Pradesh.
Chairman -Dilip Modi
SBI card ties-up with Vistara for co-branded credit card

On November 26, 2019, SBI (State Bank of India) card, a payment solutions provider in India has
partnered with Vistara, an Indian full-service airline, to provide premium, co-branded credit card to its
customers with the benefits like free cancellations, lounge access, and extra frequent flyer points.
Key Points:
i.The co-branded credit card available in 2 variants- Club Vistara SBI Card PRIME and Club Vistara SBI
Card.
ii.The prime variant provides benefits such as one-way Premium Economy tickets on joining and
achieving a spends-based milestone, complimentary Club Vistara Silver tier membership, up to six free
cancellations of flight tickets booked on Vistara channels such as website, app and helpline, and also
complimentary lounge access up to four international and eight domestic, etc.
iii.From both variants, customers can earn CV (Club Vistara ) Points that can be redeemed for domestic
and international flights on Vistara and its partner airlines.
About SBI card:
Founded -1998
Headquarters -Gurgaon, Haryana
CEO -Hardayal Prasad
It has a credit card customer base of over 9 million.
About Vistara:
Founded -2013
Slogan -Fly the new feeling
Headquarters - Gurgaon , Haryana
CEO -Leslie Thng
It a joint venture of Tata Sons Private Limited and Singapore Airlines Limited (SIA).
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RIL, 1st Indian Company to cross Rs 9.5 lakh cr Market Capital; nearing Rs 10 lakh crore m-cap
Reliance Industries Limited (RIL) is the first Indian company to cross Rs.9.5 lakh crore in market
capitalization (m-cap). Recently Vodafone India and Bharti Airtel had announced their tariff hike which
will be implemented from December 2019. This has increased the share price of RIL in market and is
believed to attract more subscribers for Reliance Jio. On 26 Nov 2019, its m-cap touched Rs 9,99,045
crore nearing the Rs 10 lakh crore mark.
Key Points:
i.The share price of Reliance Industries hiked up to 3.66% to Rs.1,511.9 when compared to the previous
share price of Rs. 1,458.50 on BSE (Bombay Stock Exchange). Share price of RIL has risen to 34% on a
year to date basis.
ii.Tata Consultancy Services (TCS), RIL’s closest rival in market capital had a share price of Rs.2,110, 2%
lower on BSE and m-cap of Rs.7,71,996.87 crore.
About RIL (Reliance Industries Limited):
Founded – 8 May 1973
Founder – Dhirubhai Ambani; CEO – Mukesh Ambani
Headquarters – Mumbai, Maharashtra
BSE (Bombay Stock Exchange):
Founded – 9 July 1875; Managing Director & CEO – Ashishkumar Chauhan
Location – Mumbai, Maharashtra
ADB approves 2nd tranche of $150 mn loans for West Bengal to boost capital investment, infra
On November 26, 2019, Asian Development Bank (ADB), an international development finance
institution has approved 2nd tranche of policy based programme loan $150 million (about Rs 1,065
crore) for West Bengal to boost capital investment and infrastructure in the state.
Key Points:
i.In September 2017, The board of ADB approved a loan of $300 million (about Rs 2,130 crore) to
continue a comprehensive series of fiscal reforms in West Bengal to revive financial health of public
sector enterprises, introduction of medium-term expenditure frameworks in two departments, and
implementation of an integrated tax monitoring system, among others.
About ADB:
Formation- 19 December 1966
Headquarters - Manila, Philippines
Membership- 68 countries
Earlier in September 2019, ADB’s president Takehiko Nakao has announced his resignation which will
be effective from January 16, 2020.
Ashok Leyland ink pact with Axis bank & ICICI bank for commercial vehicle financing
On November 27, 2019, Ashok Leyland (ALL), an Indian automobile company has tied-up with Axis
Bank,the fifth-largest bank in India for vehicle loans for a period of two years.
Key Points:
i.The partnership will enable both the partners to provide customised financial solution to customers
across the country with focus on semi-urban and rural geographies.
ii.On November 25, 2019, Ashok Leyland has also signed a two year memorandum of understanding
(MoU) with ICICI (Industrial Credit and Investment Corporation of India) Bank for vehicle financing.
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About Ashok Leyland:

Founded -7 September 1948
Headquarters -Chennai, Tamil Nadu
Parent organization- Hinduja Group
Founder-Raghunandan Saran
About Axis bank:
Founded- 1993
Chairman -Shri Rakesh Makhija
Tagline- Badhti Ka Naam Zindagi
About ICICI bank:
Founded -5 January 1994
Headquarters - Mumbai, Maharashtra
MD & CEO -Sandeep Bakhshi
Tagline- Hum Hai Na, Khyal Apka
Three UP regional rural banks amalgamated to form Baroda UP Bank: Finance ministry
On November 28, 2019, According to a notification issued by the finance ministry, Government of India, 3
Uttar Pradesh (UP) regional rural banks(RRB) - Baroda Uttar Pradesh Grameen Bank, Kashi Gomti
Samyut Gramin Bank and Purvanchal Bank will be amalgamated into a single regional rural bank on
April 1, 2020 which will be called as “Baroda UP Bank”
Bank of Baroda (BoB) will sponsor new Baroda UP Bank, which will have the headquarters
Gorakhpur.
Key Points:
i.Bank of Baroda is sponsor of Baroda Uttar Pradesh Grameen Bank, Union Bank of India is sponsor of
Kashi Gomti Samyut Gramin Bank while State Bank of India is sponsor of Purvanchal Bank.
ii.The move comes after the government had consultations with the National Bank for Agriculture and
Rural Development (NABARD) and the sponsor banks of the concerned regional rural banks with the aim
to increase the operational efficiency.
About RRB:
RRBs came into existence on Gandhi Jayanti in 1975 with the formation of a Prathama Grameen Bank.
The rural banks had the legislative backing of the RRB Act 1976.
These banks were set up on the basis of the recommendations of the Narasimham Working Group.
Ind-Ra revised FY20 GDP growth forecast to 5.6% from 6.1%

On November 26, 2019, Fitch group’s firm India Ratings and Research(Ind-Ra) has downgraded India’s
Gross Domestic Product(GDP) forecast FY20 (Financial year 20) to 5.6% from the previous estimate of
6.1%. The new projection also suggests that FY20 GDP growth for the second quarter(Q2) to likely be at
4.7%. Q2 denotes period from July-September.
Key Points:
i.This weakened economic growth was due to the crunch in the non-banking finance institutions
spreading to retail businesses, car-makers, home sales, and heavy industries.
ii.Ind-Ra also expects the current account deficit(CAD) to decline to 1.8% of GDP in FY20 aided by the
softer crude oil prices, lower capital goods import, etc.
iii.It is also to be noted that currently in 2019 the economic growth is 6-year low with 5% of slowed
growth in the June quarter (1st quarter).
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About (Ind-Ra):
Ind-Ra is a 100% owned subsidiary of the Fitch Group.
Managing Director(MD) & Chief Executive Officer(CEO)-Rohit Karan Sawhney.
RIL became 1st Indian Firm to hit Rs 10 Lakh crore Market-Capitalisation

On November 28, 2019, Mukesh Ambani-led Reliance Industries Ltd (RIL) crossed Rs 10 lakh crore
market capitalisation (m-cap) thus creating a record of becoming the first Indian company to achieve this
feat. Previously the oil-to-telecom giant, RIL hit Rs 9 lakh crore mark on October 18,2019 also being the
first company in India to do so.
Key Points:
i.Tata Consultancy Services(TCS) is the 2nd most valued with m-cap of Rs 7.81 lakh crore.
ii.It is also to be noted that RIL was also the first company to hit Rs 8 lakh crore market capitalisation in
August 2018 and the first company to hit the $100 billion mark in market-cap in 2007.
iii.American multinational oil and gas corporation Exxon Mobil, is the most valued energy company in
the world at $290 billion.
About Reliance Industries Ltd(RIL):
Founded- 8 May 1973.
Founder- Dhirubhai Ambani.
Headquarters- Mumbai, Maharashtra.
Chairman & Managing Director(MD)- Mukesh Dhirubhai Ambani.
Moody's estimates centre’s fiscal deficit for FY20 to be 3.7%

On November 27, 2019, Moody’s, American credit rating agency, has estimated the Center's fiscal
deficit to be 3.7 % of the gross domestic product (GDP) in 2019-20, which will be slightly wider than
the 3.4 % posted in FY (fiscal year) 2019. For all the state governments, the fiscal deficit estimated to be
around 3 %.
Key Points:
i.Reason: The government's fiscal deficit may increase due to increased spending pressure and sluggish
economic growth.
ii.The government has set a fiscal deficit target of 3.3 for 2019-20, but it has already reached 92.6 % of
the Budget estimate in first 6 months of the current fiscal.
iii.Some state governments will be impacted by the medium term consolidation targets of the central
government due to rising fiscal deficit. The states that are unable to collect revenue to meet their
expenses depend on the central government grant for their needs.
About Fiscal deficit:
A fiscal deficit is a shortfall in a government's income compared with its spending. It is calculated as a
percentage of GDP, or simply as total dollars spent in excess of income.
About Moody’s:
Founded- 1909
Founder- John Moody
Headquarters- New York City, United States
Microfinance firm CreditAccess grameen will acquire Madura micro finance for Rs 876 crore
On November 27, 2019, As part of the two-step transaction, CreditAccess Grameen Limited –CAGL
(formerly known as Grameen Koota Financial Services Pvt. Ltd) has decided to acquire 100 %
stake in Madura Micro Finance Limited (MMFL), a leading NBFC-MFI (Non Banking Finacial Company-
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Micro Finance Institution) for Rs 876 crore.

In this plan, CAGL will acquire up to 76.2% stake for Rs 666.4 crore in MMFL from its current
shareholders for all-cash deal in 1st stage & in the second stage, MMFL will be merged into CAGL through
a scheme of arrangement, in which Madura’s remaining shareholders will get shares of CAGL.
Key Points:
i.This 2-step transaction is subject to the approval of the Reserve Bank of India (RBI), the Securities and
Exchange Board of India (SEBI) and other regulators.
ii.After the amalgamation, MMFL’s promoter, Dr. Tara Thiagarajan, will act as an adviser to the board of
directors of CAGL & all employees of MMFL will work for CAGL.
iii.As on September 30, 2019, MMFL has gross loan portfolio (GLP) of Rs 2,053 crore, 11.1 lakh
borrowers and 430 branches, while CAGL, owned by CreditAccess Asia, had Rs 7,905 crore of
outstanding loans.
About CAGL:
Founded– 1991
Headquarters– Bengaluru , Karnataka
Managing Director & CEO– Udaya Kumar Hebbar
About MMFL:
Founded– 2005
Headquarters– Chennai,Tamil Nadu
GoI & ADB inked $451 Million Loan to enhance Power Connectivity in Tamil Nadu
On November 28, 2019, Asian Development Bank (ADB) and the Government of India signed a $451
million loan agreement to strengthen power connectivity between the southern and northern parts of
the Chennai–Kanyakumari Industrial Corridor (CKIC), a part of the East Coast Economic Corridor
(ECEC), in Tamil Nadu. ADB is acting as the lead partner of the Government of India for developing ECEC.
Signatories to the loan agreement:
The agreement was signed by Mr. Sameer Kumar Khare, Additional Secretary (Fund Bank and ADB),
Department of Economic Affairs in India’s Ministry of Finance, and Mr. Kenichi Yokoyama, Country
Director of ADB’s India Resident Mission.
Benefits of Agreement:
• It will aid the Tamil Nadu Government in meeting the increasing demand for power supply
from industry and commercial enterprises in the state through the transfer of power from new
generation facilities.
• It will also boost the industrial phase of CKIC.
State’s initiatives for further economic development:
• To develop the northern Chennai-Tiruchirappalli area of CKIC as a manufacturing center.
• To build the operational capacity of TANTRANSCO (Tamil Nadu Transmission Corporation
Limited), the state-owned company responsible for transmission, by supporting a financial
restructuring plan, better facilities and work environment for women workers, and improved
monitoring system for social and environmental impacts.
• For the TANTRANSCO project, ADB has approved a complimentary technical assistance grant
of $650,000.
About ADB:
Established- 1966
Members- 68 Headquarters- Mandaluyong, Philippines
President- Takehiko Nakao
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Aditya Birla Finance Ltd (ABFL)-1st company to list commercial papers (CPS) on exchanges
On November 28, 2019, Aditya Birla Finance Ltd (ABFL), the NBFC arm of Aditya Birla Capital became
the first company to list its commercial papers on the stock exchanges with value date of November 28
and maturity date on February 7, 2020. The move followed the new framework of Bombay Stock
Exchange (BSE) and National Stock Exchange of India (NSE) for listing of commercial papers (CPs) to
broaden the investors’ participation in such securities.
• Companies, NBFCs (Non-Banking Financial Company), other entities with a net worth of at
least Rs 100 crore and any other security specifically allowed by Reserve Bank of India (RBI)
are eligible to list commercial papers.
What are commercial papers?
They are unsecured money market instrument issued in the form of a promissory note and transferable
between Primary Dealers (PDs) and the All-India Financial Institutions (FIs). They are issued at a high
value. These can be issued for maturities ranging from minimum of seven days and a maximum of one
year from the date of issue.
About ABFL:
i.It is a non-banking finance company (NBFC) with a long-term credit rating of AAA (stable) from both
ICRA as well as India Ratings. It is led by Kumarmangalam Birla.
ii.Managing director and CEO: Rakesh Singh
Former RBI deputy governor HR Khan appointed as 1st chairman of micro-finance panel
On November 29, 2019, Former Deputy Governor of Reserve Bank of India (RBI), Harun Rashid
Khan has been appointed as the first chairman of the steering committee of the Code for Responsible
Lending (CRL) in micro-credit. Members of the steering committee include Harsh Shrivastava of MFIN
(Microfinance Institutions Network), P Satish of Sa-Dhan, Srinivas Bonam of IndusInd Bank and Sonia
Krishnankutty of L&T Finance among others.
About Code for Responsible Lending (CRL):
i.In September 2019, lenders engaged in micro-lending including large banks have come together to form
CRL to safeguard their loan asset by preventing over-leveraging of micro borrowers.
ii.It was launched by MFIN and Sa-Dhan, an RBI-recognised association of MFIs, along with Finance
Industry Development Council (FIDC), an association of NBFCs (Non-Banking Financial Company).
iii.It specifies that not more than two NBFC-MFIs lend to a specific borrower, but there is no cap on the
number of banks lending to the same borrower.
iv.RBI set the lending limit for NBFC-MFIs to Rs 1.25 lakh per borrower.
v.RBI also defines a microfinance customer as a person who has annual household income of Rs 1 lakh in
rural India and Rs 1.6 lakh in urban India.
vi.CRL committee: The CRL is to be guided and supervised by a steering committee representing banks,
SFBs (Small Finance Banks), NBFC-MFIs, NBFCs and industry associations under an eminent
independent chair. Therefore, HR Khan has been appointed as its 1st chair.
SEBI comes out norms for debt ETFs and index funds
On November 30, 2019, Market regulator Securities and Exchange Board of India has come up with
norms for debt exchange traded funds (ETFs) and index funds, as a part of the government's efforts to
enhance depth in the bond market and draw retail investors to debt products. The norms followed the
former finance minister Arun Jaitley 2018-19 budget speech, who first announced the plan for debt ETF.
These norms will not be applicable to debt ETFs, tracking debt indices having constituents as
government securities, treasury bills and tri-party repo.
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Key ETF Norms:

i.Index created for debt ETF must have a minimum of eight companies.
ii.No single issuer will have more than 15% weight in the index.
iii.All the constituents of the index must be investment grade as well as have a defined credit rating and
defined maturity.
iv.Any new debt ETF that is launched should replicate the index completely.
v.As per the rules, the duration of the debt ETF or index fund should not deviate more than 5% from the
duration of the index.
vi.In the event where the credit rating of an issuance falls below the investment grade, rebalancing by
the debt ETF must be done within five working days.
vii.All debt ETF issuers should also ensure compliance to the rules for rebalancing at the end of every
quarter. These rules will be applicable to all debt ETFs tracking debt indices.
About SEBI:
Establishment- 1992
Headquarters- Mumbai
Chairman- Ajay Tyagi
DHFL becomes first financial services firm to be taken to NCLT

On November 30 2019, a corporate insolvency resolution process (IRP) will be initiated by National
Company Law Tribunal (NCLT), following Reserve Bank of India (RBI) application, against Dewan
Housing Finance Corp. Ltd (DHFL) under Section 227 read with clause (zk) of sub-section (2) of Section
239 of the Insolvency and Bankruptcy Code (IBC), 2016 read with Rules 5 and 6 of the Insolvency and
Bankruptcy Rules, 2019.
Key Points:
i.RBI has appointed R. Subramaniakumar as administrator for DHFL, will take over the lender’s affairs
once his appointment is approved by the NCLT.
ii.With this, DHFL becomes the first financial services firm to be sent to the bankruptcy tribunal after the
government rules for referring financial services providers (FSPs) on 15 November.
iii.As per the rules, the FSP creditor or debtor cannot approach the tribunal unlike insolvency
proceedings for companies from other sectors. FSP firm has to be referred by a regulator, like here DHFL
referred by RBI through administrator R. Subramaniakumar.
DHFL status:
As of July 2019, it owed Rs.83,873 crore to banks, the National Housing Board (NHB), mutual funds and
bondholders/retail bondholders. Of this secured debt is Rs.74,054 crore and Rs.9,818 crore is unsecured.
Parent organization- Wadhawan Global Capital
CEO- Vaijinath M Gavarshetty
RBI excluded Vijaya Bank, Dena bank from 2nd schedule of RBI Act, 1934
On November 28 2019, Reserve Bank of India (RBI) has excluded Vijaya Bank and Dena Bank from the
second schedule of the RBI Act, 1934 with effect from April 1, 2019, as they have ceased to carry on
banking business.
Reason behind exclusion from the act:
The above mentioned public sector banks (PSBs) were merged into Bank of Baroda on April 1, 2019
hence, they were ceased to operate as banking companies separately. It should be noted that in the 2nd
Schedule of the RBI Act, 1934, only those banks are included which satisfy the criteria mentioned on
section 42 (6) (a) of the RBI Act. Those banks included in this schedule are known as scheduled banks in
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India while banks not under this schedule are called non-scheduled banks.
About Bank of Baroda:
Headquarters- Alkapuri, Vadodara
Chairman- Hasmukh Adhia
Tagline- India's International Bank
Banking, Finance & Economy Q&A: November 2019
Name the Managing Director (MD) and Chief Executive Officer (CEO) of Dhanlaxmi Bank, who
resigned from the post on October 30, 2019 .
Answer-T. Latha
Explanation:
On October 30, 2019, private sector lender Dhanlaxmi Bank, Managing Director (MD) and Chief Executive
Officer (CEO) T. Latha has resigned from her post due to personal reasons. The bank’s board has
accepted the resignation.Ms Latha was appointed as MD and CEO of Dhanlaxmi Bank for three years due
to the retirement of former MD and CEO G Sreeram.
Where was the 7th meeting of India-US (United States) Economic and Financial partnership (EFP)
dialogue 2019 held ?
Answer-New Delhi, India
Explanation:
On November 1, 2019,In order to deepen the economic partnership, the 7th meeting of India-US (United
States) Economic and Financial partnership (EFP) dialogue 2019 held in New Delhi.
Which portal has signed MoU (Memorandum of understanding) with Indian Bank and Canara
Bank to provide a paperless, cashless, and transparent payment system on its portal ?
Answer- Government e-Marketplace (GeM)
Explanation:
MoU (Memorandum of understanding) with Indian Bank and Canara Bank to provide a paperless,
cashless, and transparent payment system on its portal.
Name the Regional Rural Bank which has collaborated with the Stock Holdings Corporation of
India Limited to launch e-stamp counter in Agartala .
Answer-Tripura Gramin Bank
Explanation:
On November 1, 2019, Tripura Gramin Bank in association with the Stock Holdings Corporation of India
Limited (SHCIL) started an e-stamp counter at the bank’s Abhyanagar branch in Agartala. The bank is
sponsored by United Bank of India (UBI) & is jointly owned by the Government of India, Government of
Tripura and UBI.
Which country’s GDP is expected to be more at 86% in 2020 as per the International Monetary
Fund (IMF) ?
Answer-Guyana
Explanation:
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On November 4 2019, According to International Monetary Fund (IMF), Guyana’s GDP is expected to
grow at 86% in 2020 after expanding 4.4% in 2019.This growth expectation had done after Exxon Mobil
Corp.’s discovery of oil at Guyana. The Guyana’s economy will grow more than three times within five
years. Guyana’ GDP is to get fourteen times as fast as China’s GDP in 2020.
What is the GDP growth of India in the year 2020-24 as per Organisation for Economic Co-
operation and Development(OECD’s) report titled “Economic Outlook for Southeast Asia, China
and India 2020: rethinking education for the digital era” ?
Answer- 6.6%
Explanation:
On November 2, 2019 the Organisation for Economic Co-operation and Development(OECD) in its report
“Economic Outlook for Southeast Asia, China and India 2020: rethinking education for the digital era” has
predicted that India is likely to grow at 6.6% in 2020-24, which is lower than the average of 7.4% of
2013-17.
What is the theme of the 50th edition of the World Economic Forum(WEF) that is to be held in
Davos-Klosters, Switzerland in the year 2020 ?
Answer- Theme – ‘Stakeholders for a Cohesive and Sustainable World’
Explanation:
The 50th edition of the World Economic Forum(WEF) is to be held in Davos-Klosters, Switzerland, from
21-24 January 2020. The theme of the forum is fixed as ‘Stakeholders for a Cohesive and Sustainable
World.’ The president of the WEF Børge Brende, has invited Telangana Information and Technology(IT)
minister Kalvakuntla Taraka Rama Rao, to the forum appreciating his work of launching various IT
initiatives in the state.
For which entities India’s central banking institution the Reserve Bank of India (RBI) has
tightened the liquidity management framework ?
Answer- Non-banking financial companies (NBFCs)
Explanation:
On November 4, 2019,In order to strengthen the asset-liability management following the liquidity crisis
faced by non-banking financial companies (NBFCs) in the past year, India’s central banking institution
the Reserve Bank of India (RBI) has tightened the liquidity management framework for these firms,
which seeks to bring in a LCR of 100 % for them in a phased manner by December 2024.
LCR was in news recently, what does ‘C’ stands for ______?
Answer-C –Coverage
Explanation:
C stands for Coverage in LCR.The full form of LCR is Liquidity Coverage Ratio (LCR).
How much percent of Liquidity Coverage Ratio (LCR) should be maintained as high quality liquid
assets (HQLA) by non-banking financial companies (NBFCs) whose assets over Rs.10,000 crore ?
Answer- 50%
Explanation:
As per the new rules of Reserve Bank of India(RBI),which is to be strictly enforced from December
1,2020, NBFCs with assets of Rs.10,000 crore and above will have to maintain at least 50% of LCR as high
quality liquid assets (HQLA), while those with assets of ₹5000-10,000 crore will have to maintain 30%
LCR & and build up to 100 % over four years.
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What does ‘L’ stands for in ALM ?

Answer-L – Liability
Explanation:
L stands for Liability in ALM.The full form of ALM is Asset Liability Management.
Which bank approved to provide $451mn loan for Chennai-Kanyakumari industrial corridor
power links in Tamil Nadu ?
Answer-Asian Development Bank (ADB)
Explanation:
On November 4, 2019, An international development finance institution,Asian Development Bank (ADB)
has approved a $451 million(mn) (about Rs 3,200 crore) loan to strengthen power connectivity between
the southern and northern parts of the Chennai–Kanyakumari Industrial Corridor (CKIC) in Tamil
Nadu(TN), which covers 23 of the state’s 32 districts and 70 % of the state population. The completion of
the project has been estimated at the end of 2024.
Name the bank , which has signed an agreement with MSTC Limited (formerly known as Metal
Scrap Trade Corporation Limited) for the process of developing an e-Auction platform aimed at
selling non-performing assets (NPAs) .
Answer-Allahabad Bank
Explanation:
On November 5, 2019, An Indian state-owned e-commerce company,MSTC Limited (formerly known as
Metal Scrap Trade Corporation Limited) has signed an agreement with Allahabad Bank, a nationalised
bank for the process of developing an e-Auction platform aimed at selling non-performing assets (NPAs).
If the non-payment is up to 200 % of the fixed salary, then how much percent of it should be paid
in other than cash mode as per the Reserve Bank of India (RBI)’s new guidelines ?
Answer-50%
Explanation:
On November 5, 2019, India’s central banking institution, the Reserve Bank of India (RBI) has released
new rules relating to the pay scales of full-time directors, Chief Executive Officers (CEOs) and Material
Risk Takers and Control Function staff of foreign, private, small finance, payment banks and local area
banks. These new guidelines will come into effect from April,2020. If the non-payment is up to 200 % of
the fixed salary, then at least 50 % of it should be paid in other than cash mode. If non-cash pay exceeds
200 %, then 67 %of it should be paid in non-cash ways.
Name the Small Finance Bank(SFB), which has launched an instant digital savings account (SA)
along with Fixed Deposit (FD) and Privilege Savings Account .
Answer- Ujjivan Small Finance Bank
Explanation:
On November 6, 2019, Finance service company, Ujjivan Small Finance Bank(SFB) has launched an
instant digital savings account (SA) along with Fixed Deposit (FD) and Privilege Savings Account to offer
distinctive banking and digital services to its customers.
What is the maximum limit of deposit in Instant Digital SA account of newly launched Ujjivan
Small Finance Bank ?
Answer-Rs 1 lakh
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Explanation:
Instant Digital SA account of Ujjivan Small Finance Bank(SFB) has the restriction of Rs 1 lakh deposit &
has the unlimited free transactions on the bank’s own ATM (automated teller machine) and 6 free
transactions for other bank ATMs per month.
What is the fiscal deficit growth of India for the year 2020 which was forecasted based on the
Gross Domestic Product(GDP) by Fitch solutions ?
Answer- 3.6%
Explanation:
On November 6, 2019, Fitch solutions has increased India’s fiscal deficit forecast to 3.6% of the Gross
Domestic Product(GDP) FY2020(Fiscal Year 2020) from its previous estimate of 3.4%. The increase in
the estimate was due to weak revenue collections, slowed economic growth and corporate tax rate cut by
the govt.
Who chaired the committee constituted by Reserve Bank of India(RBI) that recommended to
tighten the corporate governance norms in the Core Investment Companies (CICs) ?
Answer-Tapan Ray
Explanation:
Reserve Bank of India (RBI) constituted a committee headed by Tapan Ray.On November 7, 2019 the
committee appointed by the Reserve Bank of India (RBI) on the supervisory framework for Core
Investment Companies (CICs) has recommended to tighten the corporate governance norms in the CIC.
The committee has suggested that entities should have only 2-tier structure/layers and also
recommended to strengthen the board structures with at least 50% of independent directors.
Which insurance firm has released the app named ‘Farmitra’ to help the farmers needs and
address their worries ?
Answer-Bajaj Allianz General Insurance
Explanation:
Bajaj Allianz General Insurance has introduced new mobile app called ‘Farmitra’ for the ease of
farmers.This app intends to help the farmers needs and address their worries. It also resolves with
relevant information, which they can use in optimizing their farming practices.
Name the bank which has signed an MoU (Memorandum of understanding) with Government e-
Marketplace (GeM) to provide various payments and various banking services .
Answer-Central Bank of India
Explanation:
MoU (Memorandum of understanding) with Central Bank of India to provide various payments and
various banking services on its portal.As per the MoU, the Central Bank of India will offer a number of
services including transfer of funds through GeM Pool Accounts (GPA), advising of electronic
Performance Bank Guarantees (e-PBG) and Earnest Money Deposit (EMD) to users registered on GeM
portal.
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Which insurance firm was barred by IRDAI (Insurance Regulatory and Development Authority of
India) from selling new insurance policies ?
Answer- Reliance Health Insurance Ltd (RHICL)
Explanation:
On November 7, 2019, IRDAI (Insurance Regulatory and Development Authority of India ), an
autonomous, statutory body tasked with regulating insurance and re-insurance, has barred Anil
Ambani’s company Reliance Health Insurance Ltd (RHICL) from selling new insurance policies due its
poor financial condition and only they can provide service to old policies.
To which country, Export-Import (Exim)Bank has given a $30 million (about Rs 210 crore) line of
credit (LoC) for financing rehabilitation and up-gradation of Potable Water System ?
Answer-Republic of Ghana
Explanation:
On November 7, 2019, Export-Import (Exim)Bank, the premier export finance institution of India has
given a $30 million (about Rs 210 crore) line of credit (LoC, a soft loan / loan with low interest rate) to
the Government of the Republic of Ghana for financing rehabilitation and up-gradation of Potable Water
System in Yendi, Ghana. The Agreement in this regard is effective from October 11, 2019.
Which public sector bank has inked an memorandum of understanding (MoU) with Muthoot
Microfinance Ltd, to jointly lend to the MSME (micro, small and medium enterprises) borrowers ?
Answer-Indian Bank
Explanation:
On November 8, 2019, Indian Bank, an Indian state-owned financial services company has inked an
memorandum of understanding (MoU) with Muthoot Microfinance Ltd,a leading non-banking finance
company (NBFC) ,to jointly lend to the MSME (micro, small and medium enterprises) borrowers.
Name the financial service company that has downgraded India’s economic outlook to “Negative”
from “Stable” on November 8, 2019 .
Answer-Moody’s Corporation
Explanation:
On November 8, 2019 the American financial service company Moody’s has downgraded India’s
economic outlook to “Negative” from “Stable”. This downgrade was due to slow growth in the economy.
It also predicted that the slow growth would be prolonged and would also have debt rises.Moody’s has
also predicted a budget deficit of 3.7% of the Gross Domestic Product (GDP) in the year through March
2020, which is a breach in the govt’s target of 3.3%. This was due to corporate tax rate cuts, slow growth
etc.
What is the raised household income limit for borrowers of NBFC –MFIs (Non-Banking Financial
Companies- Micro finance Institutions) in rural India ?
Answer-Rs 1.25 lakh
Explanation:
On November 8, 2019, India’s central banking institution, the Reserve Bank of India (RBI) has raised the
household income eligibility limit for eligible borrowers from NBFC –MFIs (Non-Banking Financial
Companies- Micro finance Institutions) to Rs 1.25 lakh from the existing Rs 1 lakh in rural areas and from
Rs 1.6 lakh to Rs 2 lakh in urban /semi-urban areas.
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Which online transaction fee of savings bank account will be not charged by Banks from January
2020 ?
Answer- National Electronic Fund Transfer (NEFT) transactions
Explanation:
On November 8, 2019, As per the report titled “Furthering Digital Payments” released by the Reserve
Bank of India (RBI), Banks will not be able to charge any fee for online National Electronic Fund Transfer
(NEFT) transactions done by the savings bank account customers from January 2020. With a view to
promote digital transactions on the 3rd anniversary of demonetisation, the Reserve Bank has moved a
proposal in this regard.
Which entities are mandated by RBI to create a reserve fund and it should transfer at least 20% of
its net profit every year to the fund ?
Answer- Housing Finance Companies (HFC)
Explanation:
On November 11, 2019, India’s central bank, the Reserve of India (RBI) has come up with a master
direction & decided to withdraw some exemptions from the provisions of Chapter IIIB of Reserve Bank of
India Act, 1934 applicable to Housing Finance Companies (HFCs) in terms of complying with regulations
such as provisions and formation of reserve fund. It also decided to make provisions of Chapter IIIB
except Section 45-IA of RBI Act, 1934.
What is the revised India’s Gross Domestic Product(GDP) for the Fiscal Year 2020 (FY20), as per
State Bank of India (SBI)’s report titled “EcoWrap” ?
Answer-5%
Explanation:
On November 12, 2019, the economic research team from the State Bank of India (SBI) in in it’s report
titled “EcoWrap” has revised India’s Gross Domestic Product(GDP) to 5% from its earlier estimate of
6.1% for the Fiscal Year 2020 (FY20). This downgrade was due to global slowdown in the Index of
Industrial Production (IIP).
Name the Indian Unified Payment Interface (UPI) based App, which was launched in Singapore &
become internationally available for the first time .
Answer- Bharat Interface for Money (BHIM)
Explanation:
soft launch was scheduled of the acceptance of BHIM-UPI QR (Bharat Interface for Money- Unified
Payments Interface Quick Response) based payments in Singapore. With this transaction, BHIM usage for
the first time enters an international country.
What is the revised Gross Domestic Product(GDP) of India for the FY20 (fiscal year 20) forecasted
by the Japanese brokerage firm Nomura ?
Answer-4.9%
Explanation:
On November 9, 2019, the Japanese brokerage firm Nomura revised the Gross Domestic Product(GDP)
forecast of India to 4.9% from its previous estimate of 5.7% FY20 (fiscal year 20). The downgrade in the
forecast was due to slowed economic growth of 5% in the June quarter (1st quarter) of 2019, which is a
6-year low. This is by far, the lowest estimate of Nomura.
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What is the Gross Domestic Product (GDP) growth of India for FY20 (fiscal year 20) forecasted by
Moody’s ?
Answer-5.6%
Explanation:
On November 14, 2019 American business and financial services company Moody’s has revised India’s
Gross Domestic Product (GDP) growth forecast to 5.6% from its previous estimate of 5.8% for FY20
(fiscal year 20). The 5.6% GDP estimate was much lower than it was in 2018 of 7.4%.
Under which act, Competition Commission of India (CCI), has approved the amalgamation of the
BNP (Bank of Paris and the Netherlands) Paribas- BNPP Mutual Fund and Bank of Baroda (BOB)
Mutual Fund ?
Answer-Competition Act, 2002
Explanation:
On November 14, 2019, Competition Commission of India (CCI),a statutory body of the Government of
India (GoI), has approved the amalgamation of the BNP (Bank of Paris and the Netherlands) Paribas-
BNPP Mutual Fund and Bank of Baroda (BOB) Mutual Fund, under Section 31(1) of the Competition Act,
2002. The strategic alliance would allow both companies to merge (i) BOB Asset Management Company
(AMC) into BNPP AMC (ii) BNPP Trustee Company (TC) into BOB TC. After this arrangement, BNPP AMC
and BOB TC will be the surviving entities.
Which bank has launched a nationwide account mobilization campaign called “CASA (current
account savings account) campaign of FY(fiscal year) 2019-2020” ?
Answer-Karnataka Bank Ltd
Explanation:
On November 15, 2019, Karnataka Bank Ltd, an ‘A’ Class Scheduled Commercial Bank has launched a
nationwide account mobilization campaign called “CASA (current account savings account) campaign of
FY(fiscal year) 2019-2020”. The campaign will remain in force till February 29, 2020.
Which bank has approved $75-million loan to Tata Cleantech Capital Limited (TLLC) to help
mobilize private capital into renewable energy, power transmission and water infrastructure ?
Answer-Asian Infrastructure Investment Bank (AIIB)
Explanation:
On November 16, 2019, Asian Infrastructure Investment Bank (AIIB), a multilateral development bank
that aims to support the building of infrastructure in the Asia-Pacific region, has approved $75-million
loan to Mumbai based Tata Cleantech Capital Limited (TLLC) to help mobilize private capital into
renewable energy, power transmission and water infrastructure.
Which state will receive $400-million loan from Asian Infrastructure Investment Bank (AIIB) for
strengthening electricity distribution in the state ?
Answer- Assam
Explanation:
Asian Infrastructure Investment Bank (AIIB) will start disbursing $400-million loan for strengthening
electricity distribution in Assam & an equal amount in two phases for a transmission project in the
eastern State.
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SWIFT was in news recently, what does ‘T’ stands for _______ .
Answer- T – Telecommunication
Explanation:
T stands for Telecommunication.The full form of SWIFT is Society for Worldwide Interbank Financial
Telecommunication .
Which of the following countries have partnered together to explore an alternative to the SWIFT
(Society for Worldwide Interbank Financial Telecommunication) payment mechanism in-order to
smoothen the trade with countries ?
Answer-India, China and Russia
Explanation:
On November 14, 2019 India, China and Russia have partnered together to explore an alternative to the
SWIFT (Society for Worldwide Interbank Financial Telecommunication) payment mechanism in-order to
smoothen the trade with countries that face American sanctions.
System for Transfer of Financial Messages(SPFS) is a financial messaging system of which country
?
Answer- Russia
Explanation:
On November 14, 2019 India, China and Russia have partnered together to explore an alternative to the
SWIFT (Society for Worldwide Interbank Financial Telecommunication) payment mechanism. As part of
this exploration, Russia will link its financial messaging system SPFS (System for Transfer of Financial
Messages) with Chinese Cross-border Interbank Payment System (CIPS). As India doesn’t have its own
domestic financial payments system, it is in plan to link the Central Bank of Russia’s platform with a
service that is under development.
Which bank has signed $ 91 million loan agreement under Karnataka Integrated and Sustainable
Water Resources Management Investment Program (IWRM) to renovate the Vijayanagara
Channel irrigation systems ?
Explanation:
On November 18, 2019, The Government of India (GoI) & the Asian Development Bank (ADB) has signed
$ 91 million loan agreement under Karnataka Integrated and Sustainable Water Resources Management
Investment Program (IWRM) to renovate the Vijayanagara Channel irrigation systems in Karnataka. The
fund will also be used to prepare the river basin management plan of the Krishna River that would help
in using irrigation water effectively and it would also help in sustaining the water security of the state of
Karnataka.
What is the new name of Sundaram BNP Paribas Home Finance ?

Answer-Sundaram Home Finance
Explanation:
With effect from November 18, 2019 Sundaram BNP Paribas Home Finance which is the subsidiary of
non-banking finance company Sundaram Finance Ltd has been renamed to “Sundaram Home Finance”.
The change in name was due to the acquisition by Sundaram Finance of BNP( Banque Nationale de Paris)
Paribas Personal Finance’s stake in Sundaram BNP Paribas Home Finance Ltd.
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Which payment bank has announced its partnership with ICICI Lombard to offer several sachet
based insurance products to its customers ?
Answer- Fino payments bank
Explanation:
On November 18, 2019 ICICI Lombard has announced its partnership with Fino Payments Bank to offer
several sachet based insurance products to its customers. Some of the offerings include Hospicash which
provides customers the solution to cover loss of their income. This product will specially benefit migrant
workers,when they are hospitalized.
What percent of Gross Domestic Product (GDP) growth of India for the year 2019-20 was
forecasted by National Council of Applied Economic Research (NCAER) ?
Answer- 4.9%
Explanation:
On November 16, 2019, National Council of Applied Economic Research (NCAER),a New Delhi based non-
profit think tank of economics & and the National Institute of Public Finance and Policy, have jointly
projected India’s gross domestic product (GDP) growth for 2019 (or Fiscal year (FY)-20) at 4.9 % as
against 6.8 % in 2018 (or FY -19). It lowers its outlook due to the slowdown in almost all sectors & it is
primarily driven by a simultaneous deceleration of all the drivers of aggregate demand.
What is the minimum asset value of Non-Banking Financial Companies(NBFC), which was now
placed under the Insolvency and Bankruptcy Code (IBC) ?
Answer-Rs.500 crore
Explanation:
Non-Banking Financial Companies -NBFCs (which include housing finance companies-HFCs) with assets
worth at least Rs 500 crore can be taken for debt resolution & liquidation proceedings under the
provisions of the IBC, 2016 read with the Insolvency and Bankruptcy (Insolvency and Liquidation
Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019.
Which finance entities board was taken over by Reserve Bank of India on November 20, 2019 ?
Answer-Dewan Housing Finance Limited (DHFL)
Explanation:
On November 20, 2019, In exercise of the powers conferred under Section 45-IE (I) of the Reserve Bank
of India Act, 1934, India’s central bank, the Reserve Bank of India (RBI) has superseded the board of
deposit-taking housing finance company- Dewan Housing Finance Limited (DHFL), which is struggling
with difficulties due to administrative concerns and default of several loans. Along with this, RBI has
appointed R Subramaniakumar, former managing director (MD) & chief executive of Indian Overseas
Bank (IOB), as the administrator of DHFL under Section 45-IE (2) of the Act.
For which class, Insolvency and Bankruptcy Board of India (IBBI) notifies Regulations for
Insolvency Resolution Process and Bankruptcy Proceedings?
Answer-Personal guarantors to corporate debtors
Explanation:
On November 20, 2019, Insolvency and Bankruptcy Board of India (IBBI) has notified Regulations for
Insolvency Resolution and Bankruptcy Proceedings of Personal Guarantors to Corporate Debtors (CDs).
This has been done on the sidelines of the notification by Central Government on proceedings of Personal
Debtors to Corporate Debtors. These provisions would be effective from December 1.
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What is the maximum time limit given by Securities and Exchange Board of India(SEBI) to banks if
any listed companies hadn’t pay the debt after 30 days ?
Answer- 24 hours
Explanation:
On November 20, 2019, The Regulator for the Securities market in India, SEBI (Securities and Exchange
Board of India) has approved strict provision criteria for listed companies on debt default. As per new
rules, the listed company will have to inform SEBI within 24 hours after the completion of the 30-day
period for any loan default. This rule will come into effect from January 1, 2020. This means that if a
listed company is unable to repay the principal or interest of the loan taken from the bank on the due
date, it will have to make this information public within the next 24 hours after the completion of 30
days.
How many member advisory committee was formed by Reserve Bank of India(RBI) to assist
Dewan Housing Finance Limited (DHFL) administrator ?
Answer- 3
Explanation:
On November 22, 2019, In exercise of powers conferred under section 45 IE 5(a) of the RBI Act 1934,
India central bank, the Reserve Bank of India(RBI) has set up a 3-member committee consisting of IDFC
First Bank non-executive chairman Rajiv Lall, ICICI Prudential Life Insurance chief executive NS Kannan
and the mutual funds body AMFI (Association of Mutual Funds in India) chief executive NS Venkatesh,
before formally sending the case of the troubled deposit-taking housing finance company- Dewan
Housing Finance Limited (DHFL) for bankruptcy proceedings. This committee will serve as advisor to the
DHFL administrator.
Under which act, Reserve Bank of India (RBI) has disclosed list of 30 major wilful defaulters of
India ?
Answer-RTI act 2005
Explanation:
On November 21, 2019, The Reserve Bank of India (RBI) has disclosed list of 30 major wilful defaulters of
India. The list was disclosed by RBI in response to the Right to Information(RTI) application of the RTI
act 2005, filed by the Indian news website ‘The Wire’ in May 2019. Some of the companies that has been
added to the list include Gitanjali Gems, Rotomac Global, Zoom Developers, Deccan Chronicle Holdings,
Winsome Diamonds, REI Agro, Siddhi Vinayak Logistics and Kudos Chemie.
What is the World GDP(Gross domestic product) growth for the year 2020 forecasted by OECD
(Organisation for Economic Co-operation and Development) in its Economic Outlook 2019 ?
Answer- 2.9 %
Explanation:
According to the latest Economic Outlook 2019 released by OECD (Organisation for Economic Co-
operation and Development) on November 21, 2019, World GDP(Gross domestic product) growth is
expected to be at 2.9% in 2020 ,its lowest annual rate due to the risk posed by trade stress. This is 0.1 %
lower than the earlier estimate released in September,2019.
What was the theme of the Accountants General and Deputy Accountants General Conclave 2019
that held in New Delhi ?
Answer-Theme – ‘Transforming Audit and Assurance in a Digital World’
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Explanation:
Prime Minister (PM) Narendra Damodardas Modi has addressed the 2-day Accountants General and
Deputy Accountants General Conclave 2019 held in New Delhi From November 21-22, 2019 based on the
theme ‘Transforming Audit and Assurance in a Digital World’. It was held with the aim to consolidate
experience and learning, and lay out the plan of Indian Audit and Accounts Department for the next few
years.
SNRR account was in news recently, what does ‘S’ stands for ______________.
Answer-S – Special
Explanation:
S stands for Special. The full form of SNRR is Special Non-Resident Rupee Accounts (SNRR).
What is the scope of Special Non-Resident Rupee Accounts (SNRR) Account ?

Answer- All the above
Explanation:
On November 23, 2019, India’s central Bank, the Reserve Bank of India (RBI) took steps to expand the
scope of Special Non-Resident Rupee Accounts (SNRR) and popularize the domestic currency abroad by
way of allowing overseas Indians to open such accounts for rupee denominated external commercial
borrowings (ECBs), taking trade credits and trade (Export/ Import) Invoicing in India, and business-
related transactions outside the International Financial Service Centre (IFC),all in rupees. In addition to
this, the current 7- years time period of SNRR account has also been removed by RBI, in consultation
with the central government.
What is the GDP(Gross Domestic Product) of India in the second quarter (Q2) of FY -Fiscal Year
2020 as per the ICRA (originally named Investment Information and Credit Rating Agency of India
Limited) ?
Answer-4.7 %
Explanation:
On November 21, 2019, An Indian independent credit rating agency,ICRA (originally named Investment
Information and Credit Rating Agency of India Limited) has projected India’s GDP(Gross Domestic
Product) growth to be 4.7 % in the second quarter (Q2) of FY -Fiscal Year 2020 due to weak industrial
production. The rating agency has forecast a further decline in gross value added (GVA) is expected to be
4.5 % for the quarter ending September on a year-on-year basis.
Which firm has entered into an agreement with IDBI bank (Industrial Development Bank of
India) for acquiring its Mutual Fund (MF) business for Rs 215 crore ?
Answer- Muthoot Finance (MFIN)
Explanation:
On November 22, 2019 Kerala-based gold loan non-banking financial company Muthoot Finance (MFIN)
has entered into an agreement with IDBI bank (Industrial Development Bank of India) in acquiring its
Mutual Fund (MF) business for Rs 215 crore. With this acquirement Muthoot Finance’ foray gets into Rs
26-trillion MF space. Other acquirements: The MFIN will also acquire a 100% stake in both IDBI Asset
Management Company(AMC) and IDBI MF trustee company by the end of February 2020.
Who was appointed as the Chief Executive Officer (CEO) of Kerala Bank ?
Answer-P.S Rajan
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Explanation:
General Manager of Union Bank of India P.S Rajan was appointed as the CEO of Kerala Bank by the
Government of India in Thiruvananthapuram. The Cabinet members also appointed the Managing
Director of KWA (kerala Water Authority) Mr. Kausigan as the Land Board Secretary with the additional
charge of Joint Commissioner, Water Resources Secretary B. Ashok has been given additional charge of
MD in KWA (kerala Water Authority) and the Project Director of KSTP (Kerala State Transport Project)
Rajamanikyam will hold additional charge of MD in KSIDC (Kerala State Industrial Development
Corporation).
By which of the following scenario, Public sector banks (PSBs) received Rs 1,996.46 crore as
penalty ?
Answer- For not keeping minimum monthly balance
Explanation:
Public sector banks (PSBs) received Rs 1,996.46 crore as penalty for not keeping minimum monthly
balance in the account in 2018-19. In the financial year 2017-18 (or 2017), 18 state-owned banks
received Rs 3,368.42 crore as minimum balance penalty. At the same time, in the financial year 2016-17
(or 2016) , the public banks recovered Rs 790.22 crore from the account holders. Reason: One of the
reasons for the decline in the minimum deposit amount penalty by PSBs is the penalty reduced by SBI
(State Bank of India)from October 1, 2017 for non-maintenance of minimum deposit in savings account.
Which account will not be penalized by banks for not maintaining minimum monthly balance ?
Answer- Basic Savings Bank Accounts (BSBD)
Explanation:
Banks do not charge any penalty for not having a minimum monthly balance in Basic Savings Bank
Accounts (BSBD). These include open accounts under the Pradhan Mantri Jan Dhan Yojana (PMJDY).
According to RBI, as of March 2019, there were 57.3 crore BSBD accounts in the country, of which 35.27
crore were Jan Dhan accounts.
Which firm has entered into a co-origination partnership with the State Bank of India (SBI) in
order to provide widened credit outreach and faster disbursal ?
Answer-U GRO Capital
Explanation:
On November 25, 2019 capital market company NewQuest’s U GRO Capital has entered into a co-
origination partnership with the State Bank of India(SBI) in order to provide widened credit outreach
and faster disbursal. Through U GRO Capital’s platform “GRO-Xstream”, in-principle loan approval will be
done within 60 minutes. The partnership was signed by Mr. Jayanta Deb Majumdar, General
Manager(GM) of SBI and Mr. Shachindra Nath, Executive Chairman of U GRO Capital.
Name the firms, which has partnered & launched a micro-insurance plan, ‘insurance khata’ that
aims to boost informal sector & agricultural labourers with seasonal incomes .
Answer-India First Life Insurance & Spice Money
Explanation:
On November 23, 2019, India First Life Insurance, a leading life insurance company in India has
partnered with Spice Money, a tech-led financial services provider, for distribution and marketing of
‘insurance khata’, a micro-insurance plan aims at the informal sector & agricultural labourers with
seasonal incomes. Under this partnership, Spice Money will work for India First Life & market of
‘insurance khata’ products to its customers base of over three lakh in semi-urban and rural India.
46 | P a g e
Which payment solutions provider has partnered with “Vistara” to provide co-branded credit
card to latter’s customers ?
Answer-State Bank of India(SBI) card
Explanation:
On November 26, 2019, SBI (State Bank of India) card, a payment solutions provider in India has
partnered with Vistara, an Indian full-service airline, to provide premium, co-branded credit card to its
customers with the benefits like free cancellations, lounge access, and extra frequent flyer points.
Name the first Indian company to cross Rs.9.5 lakh crore & almost nears 10 lakh crore in market
capitalization (m-cap) .
Answer-Reliance Industries Limited (RIL)
Explanation:
Reliance Industries Limited (RIL) is the first Indian company to cross Rs.9.5 lakh crore in market
capitalization (m-cap). Recently Vodafone India and Bharti Airtel had announced their tariff hike which
will be implemented from December 2019. This has increased the share price of RIL in market and is
believed to attract more subscribers for Reliance Jio. On 26 Nov 2019, its m-cap touched Rs 9,99,045
crore nearing the Rs 10 lakh crore mark.
Which bank has approved 2nd tranche of loan $150 million (about Rs 1,065 crore) for West
Bengal to boost capital investment and infrastructure ?
Explanation:
On November 26, 2019, Asian Development Bank (ADB) ,an international development finance
institution has approved 2nd tranche of policy based programme loan $150 million (about Rs 1,065
crore) for West Bengal to boost capital investment and infrastructure in the state.
Name the intergovernmental organization, whose currency swap arrangement framework was
revised by Reserve Bank of India (RBI)
Answer- South Asian Association for Regional Cooperation (SAARC)
Explanation:
On November 26, 2019, Country’s apex bank Reserve Bank of India (RBI) has revised the SAARC (South
Asian Association for Regional Cooperation) currency swap arrangement framework for a period of
November 14, 2019 to November 13, 2022. The revision has been made for financial stability and
economic cooperation within the SAARC region. As per the new framework, RBI continues to offer a
swap arrangement within the overall corpus of USD 2 billion. The drawls can be made in US Dollar, Euro
or Indian Rupee. There are certain concessions for swap drawals in Indian Rupee. The SAARC central
banks, who want to avail swap facility, subject to their signing the bilateral swap agreements, RBI will
make bilateral swap agreements.
Which bank has inked a pact with Ashok Leyland (ALL) for commercial vehicle financing ?
Answer- Axis bank & ICICI bank
Explanation:
On November 27, 2019, Ashok Leyland (ALL), an Indian automobile company has tied-up with Axis Bank,
the fifth-largest bank in India for vehicle loans for a period of two years. On November 25, 2019, Ashok
Leyland has also signed a two¬ year memorandum of understanding (MoU) with ICICI (Industrial Credit
and Investment Corporation of India) Bank for vehicle financing.
47 | P a g e
What is the Gross Domestic Product (GDP) of India for the financial year 20 (FY 20) as per India
Ratings and Research (Ind-Ra) projection ?
Answer- 5.6%
Explanation:
On November 26, 2019 Fitch group’s firm India Ratings and Research(Ind-Ra) has downgraded India’s
Gross Domestic Product(GDP) forecast FY20 (Financial year 20) to 5.6% from the previous estimate of
6.1%. The new projection also suggests that FY20 GDP growth for second quarter(Q2) to likely be at
4.7%. Q2 denotes period from July-September.
Name the three regional rural banks (RRB) of Uttar Pradesh that is to be amalgamated into a
single regional rural bank on April 1, 2020 & called as “Baroda UP Bank” .
Answer-Baroda Uttar Pradesh Grameen Bank, Kashi Gomti Samyut Gramin Bank and Purvanchal Bank
Explanation:
On November 28, 2019, According to a notification issued by the finance ministry, Governmnet of India, 3
Uttar Pradesh (UP) regional rural banks (RRB) – Baroda Uttar Pradesh Grameen Bank, Kashi Gomti
Samyut Gramin Bank and Purvanchal Bank will be amalgamated into a single regional rural bank on April
1, 2020 which will be called as “Baroda UP Bank” .Bank of Baroda (BoB) will sponsor new Baroda UP
Bank, which will have the headquarter in Gorakhpur.
Which is the first Indian company to cross Rs 10 lakh crore market capitalisation(m-cap) on
November 28, 2019 ?
Answer-Reliance Industries Ltd (RIL)
Explanation:
On November 28, 2019, Mukesh Ambani-led Reliance Industries Ltd (RIL) crossed Rs 10 lakh crore
market capitalization (m-cap) thus creating a record of becoming the first Indian company to achieve this
feat. Previously the oil-to-telecom giant, RIL hit Rs 9 lakh crore mark on October 18,2019 also being the
first company in India to do so. Tata Consultancy Services (TCS) is the 2nd most valued with m-cap of Rs
7.81 lakh crore.
What is the Center’s fiscal deficit of India for the FY2020 as per the Moody’s estimation ?
Answer-3.7 %
Explanation:
On November 27,2019, Moody’s, American credit rating agency, has estimated the Center’s fiscal deficit
to be 3.7 % of the gross domestic product (GDP) in 2019-20, which will be slightly wider than the 3.4 %
posted in FY (fiscal year) 2019. For all the state governments, the fiscal deficit estimated to be around 3
%.
Which firm has decided to acquire 100 % stake in Madura Micro Finance Limited (MMFL) for Rs.
876 crore ?
Answer-Credit Access Grameen Limited (CAGL)
Explanation:
On November 27, 2019, As part of the two-step transaction, CreditAccess Grameen Limited –CAGL
(formerly known as Grameen Koota Financial Services Pvt. Ltd) has decided to acquire 100 % stake in
Madura Micro Finance Limited (MMFL), a leading NBFC-MFI (Non Banking Finacial Company-Micro
Finance Institution) for Rs 876 crore. In this plan, CAGL will acquire up to 76.2% stake for Rs 666.4 crore
in MMFL from its current shareholders for all-cash deal in 1st stage & in the second stage, MMFL will be
48 | P a g e
merged into CAGL through a scheme of arrangement, in which Madura’s remaining shareholders will get
shares of CAGL.
Which bank has signed a $451 million loan agreement to strengthen power connectivity between
the southern and northern parts of the Chennai–Kanyakumari Industrial Corridor (CKIC), in
Tamil Nadu ?
Explanation:
On November 28, 2019, Asian Development Bank (ADB) and the Government of India signed a $451
million loan agreement to strengthen power connectivity between the southern and northern parts of
the Chennai–Kanyakumari Industrial Corridor (CKIC), a part of the East Coast Economic Corridor (ECEC),
in Tamil Nadu. ADB is acting as the lead partner of the Government of India for developing ECEC.
Which firm has became the first company to list its commercial papers on the stock exchanges ?
Answer- Aditya Birla Finance Ltd (ABFL)
Explanation:
On November 28, 2019, Aditya Birla Finance Ltd (ABFL), the NBFC arm of Aditya Birla Capital became
the first company to list its commercial papers on the stock exchanges with value date of November 28
and maturity date on February 7, 2020. The move followed the new framework of Bombay Stock
Exchange (BSE) and National Stock Exchange of India (NSE) for listing of commercial papers (CPs) to
broaden the investors’ participation in such securities.
What should be the minimum net worth of Companies, NBFCs (Non-Banking Financial Company)
& other entities allowed by Reserve Bank of India (RBI) to list commercial papers ?
Answer- Rs.100 crore
Explanation:
Companies, NBFCs (Non-Banking Financial Company), other entities with a net worth of at least Rs.100
crore and any other security specifically allowed by Reserve Bank of India (RBI) are eligible to list
commercial papers.
Name the former Deputy Governor of Reserve Bank of India (RBI), who has been appointed as the
first chairman of micro-finance panel .
Answer-Harun Rashid Khan
Explanation:
On November 29, 2019, Former Deputy Governor of Reserve Bank of India (RBI), Harun Rashid Khan has
been appointed as the first chairman of the steering committee of the Code for Responsible Lending
(CRL) in micro-credit. Members of the steering committee include Harsh Shrivastava of MFIN
(Microfinance Institutions Network), P Satish of Sa-Dhan, Srinivas Bonam of IndusInd Bank and Sonia
Krishnankutty of L&T Finance among others.
Which bank have excluded from the second schedule of the RBI Act, 1934 with effect from April 1,
2019 ?
Answer-Vijaya Bank and Dena Bank
Explanation:
On November 28 2019, Reserve Bank of India (RBI) has excluded Vijaya Bank and Dena Bank from the
second schedule of the RBI Act, 1934 with effect from April 1, 2019, as they have ceased to carry on
banking business. Reason behind exclusion from the act: The above mentioned public sector banks
49 | P a g e
(PSBs) were merged into Bank of Baroda on April 1, 2019 hence, they were ceased to operate as banking
companies separately.
Name the section, of RBI Act which should be satisfied by the bank in order to be listed as the
scheduled bank in India .
Answer-Section 42 (6) (a)
Explanation:
Vijaya Bank and Dena Bank public sector banks (PSBs) were merged into Bank of Baroda on April 1,
2019 hence, they were ceased to operate as banking companies separately. It should be noted that in the
2nd Schedule of the RBI Act, 1934, only those banks are included which satisfy the criteria mentioned on
section 42 (6) (a) of the RBI Act. Those banks included in this schedule are known as scheduled banks in
India while banks not under this schedule are called non-scheduled banks.
Which became the first financial services firm to be taken to National Company Law Tribunal
(NCLT) ?
Answer-Dewan Housing Finance Corp. Ltd (DHFL)
Explanation:
On November 30 2019, a corporate insolvency resolution process (IRP) will be initiated by National
Company Law Tribunal (NCLT), following Reserve Bank of India (RBI) application, against Dewan
Housing Finance Corp. Ltd (DHFL) under Section 227 read with clause (zk) of sub-section (2) of Section
239 of the Insolvency and Bankruptcy Code (IBC), 2016 read with Rules 5 and 6 of the Insolvency and
Bankruptcy Rules, 2019.
What was the gross domestic product (GDP) of India in second quarter (Q2: July-September) as
per the National Statistical Office (NSO) ?
Answer- 4.5%
Explanation:
On November 29, 2019, as per the National Statistical Office (NSO), India’s second quarter (Q2: July-
September) gross domestic product (GDP) slipped down to 4.5% from 5% in June quarter (Q: April-
June). The reason behind this 6-year low downfall is weak consumer demand and private investment,
deceleration in manufacturing output, and subdued farm sector activity. It is lowest since January-March
of 2012-13 when it was at 4.3 percent.
50 | P a g e
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Banking & Economy PDF 2019 - November

Banking, Finance & Economy Q&A: November 2019 .......................................................... 35

Banking, Finance & Economy News: November 2019

Latha, MD and CEO of Dhanlaxmi Bank Resigns

Guyana is expected to be fastest growing country in the world at 86% in 2020:IMF

India’s GDP to grow 6.6% in 2020-24 according to OECD’s report

IndusInd Bank named Sumant Kathpalia as its new MD & CEO

RBI tightens liquidity management framework for NBFCs

MSTC signs agreement with Allahabad bank to develop e-auction platform

50th World Economic Forum to be held in Switzerland in January 2020

Arun Alagappan was appointed as a Managing Director by Cholamandalam Investment and

MD & CEO- Pallav Mahapatra

Moody’s revises India’s economic outlook to “negative” from “Stable”

Banks cannot charge on NEFT transactions from January 2020: RBI

Reserve Bank withdraws some exemptions granted to HFCs

Governor- Shaktikanta Das

Nomura revised India’s GDP to 4.9% from 5.7% for FY20

Karnataka Bank launches CASA campaign 2019

India pledged to contribute $13.5 million for 2020 UN Development Activities

India-Russia-China to explore an alternative to SWIFT payment mechanism

NCAER forecasts India’s GDP growth for FY20 to 4.9%

RBI dissolves the board of troubled mortgage lender DHFL

SEBI tightens loan default disclosure norms for listed companies

RBI constitutes a three-member advisory committee for DHFL

Overseas Bank (IOB).

About Fiduciary relationship:

OECD cuts global growth forecast for 2020 to 2.9 % from 3%

RBI expands SNRR account to popularize domestic rupee abroad

India’s GDP growth to be lower at 4.7% in Q2 quarter FY2020: ICRA

Muthoot Finance acquired IDBI’s MF business for Rs 215 crore

Indian Railway Institute of Financial Management (IRIFM) inaugurated in Hyderabad

U GRO Capital signed loan co-origination partnership with SBI

SBI card ties-up with Vistara for co-branded credit card

About Ashok Leyland:

Ind-Ra revised FY20 GDP growth forecast to 5.6% from 6.1%

RIL became 1st Indian Firm to hit Rs 10 Lakh crore Market-Capitalisation

Moody's estimates centre’s fiscal deficit for FY20 to be 3.7%

Micro Finance Institution) for Rs 876 crore.

Key ETF Norms:

DHFL becomes first financial services firm to be taken to NCLT

Banking, Finance & Economy Q&A: November 2019

What does ‘L’ stands for in ALM ?

What is the new name of Sundaram BNP Paribas Home Finance ?

What is the scope of Special Non-Resident Rupee Accounts (SNRR) Account ?

Good Luck with Your Exams!!!!!

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