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Banking & Financial Awareness

1. Two Indian banks has decided to end their operations in Sri Lanka___ Axis Bank and ICICI Bank.

➢ The Central Bank of Sri Lanka has permitted these two Indian banks to close their operations in the island nation.
➢ The licenses issued to them will be canceled once the winding-up operations are complete.

2. The Reserve Bank of India (RBI) has revised the supervisory action framework for ____Urban co-operative banks (UCBs).
➢ According to the guidelines, UCBs, with deposits of Rs 100 crore and above, will constitute the BoM, which will be a mandatory requirement for opening new branches.
➢ The main functions of the Board of Management (BoM) include recommending action for recovery of NPAs, One Time Settlement and assisting the board in monitoring the same.

3. The Reserve Bank of India (RBI) has granted in-principle approval to Co-operative Bank to convert to a small finance bank (SFB)_____ Shivalik Mercantile Co-operative Bank Ltd.

➢ It becomes the first urban cooperative bank (UCB) to make the transition since the guidelines came out nearly two years ago.
➢ Approval granted will be valid for 18 months to enable the applicant to comply with the requirements under the scheme on the voluntary transition of the urban co-operative banks into a small finance bank.
➢ Under the scheme, UCBs with a minimum net worth of ₹50 crores and capital to risk (weighted) assets ratio of 9% and above are eligible to apply for the voluntary transition to SFB.

4. According to the National Statistics Office release, India’s GDP growth during fiscal 2019-20 is expected at ____5%.

➢ The estimated growth of real Gross Value Added (GVA) in 2019-20 is 4.9% as against 6.6% in 2018-19.
➢ The manufacturing sector is expected to grow at 2% in 2019-20 as compared to 6.9% in the previous year.
➢ The growth rate in per capita income is estimated at 4.3% during 2019-20, as against 5.6% in the previous year.
➢ The agriculture sector is expected to see a growth of 2.8% as compared to 2.9% in the previous year.

5. According to the Deutsche Bank report Imagine 2030, the Indian economy is likely to become $7 trillion by ___ 2030.

➢ The Indian economy is expected to grow almost two and half times from about $3 trillion now and thus it becomes the world’s third-largest economy.
➢ According to the report, India will grow with the Nominal GDP growth rate of just over 10% in the next decade.

6. Public sector bank has announced the 'Residential Builder Finance with Buyer Guarantee' (RBBG) scheme to give a push to residential sales and improve homebuyers' confidence___ State Bank of India.
Under this scheme, the SBI will issue a guarantee for the completion of select residential projects to customers who have availed home loans from it.
➢ The scheme will focus on affordable housing projects priced up to 2.50 crore rupees in 10 cities initially.
➢ Under RBBG, the guarantee would be given by the bank until the project gets the Occupation Certificate (OC).

7. Who has enabled selected banks in India to offer forex rates to Indian clients round-the-clock (24×7)___ Reserve Bank of India (RBI).

➢ In effect, this opens up the forex market in India round the clock, allowing Indians to hedge their foreign exchange risks at any time of the day.
➢ This will also make the offshore currency markets in Dubai and Singapore less attractive for Indian investors.

8. Who has amended the KYC norms allowing banks and other lending institutions regulated by it to use Video-based Customer Identification Process (V-CIP) ____Reserve Bank of India (RBI).

➢ The V-CIP will make it easier for banks and other regulated entities to adhere to the RBI's Know Your Customer (KYC) norms by leveraging digital technology.
➢ The regulated entities will have to ensure that the video recording is stored in a safe and secure manner and bears the date and time stamp.
➢ As per the circular, the reporting entity should capture a clear image of the PAN card to be displayed by the customer during the process.

9. Central govt raised India Overseas Bank’s authorized capital to___ Rs 25,000 crore.

➢ The Union government in consultation with the Reserve Bank of India (RBI) has announced an increase in the authorized capital of Indian Overseas Bank (IOB) to Rs. 25,000 crores from the previously authorized capital of Rs. 15,000 crores.
➢ The authorized capital of a company/bank/institution is the maximum amount of share capital a company is authorized to issue its shareholders.

10. Payment and fintech company PayU have decided to acquire a controlling stake in digital credit platform PaySense in a deal valued at ____USD 185 million.

➢ After that PayU has also decided to merge its consumer lending businesses, LazyPay with PaySense. , will merge their business operations to build a full-stack digital lending platform in India.
➢ The founder and CEO of PaySense Prashanth Ranganathan will lead the PayU’s credit business in India as the CEO of the new venture.

11. Who has been appointed as the deputy governor of the Reserve Bank of India (RBI) for a three-year term__ Michael Patra.

➢ At present, he is serving as an executive director at the Reserve Bank of India.
➢ He replaces Viral Acharya, who left office on July 23, 2019.
➢ He will take over as the fourth deputy governor at the Reserve Bank.

12. Former Flipkart CEO Sachin Bansal acquires _____ DHFL General Insurance.

➢ Sachin Bansal (Flipkart co-founder and former CEO) has acquired DHFL General Insurance from Kapil Wadhawan-led Wadhawan Group Capital (WGC) for around Rs 100 crore.
➢ WGC is the parent company of debt-laden Dewan Housing Finance Limited (DHFL) and this deal is seen as a distress sale.

13. The Global software major signed a 5-year deal with leading European automotive logistics firm GEFCO to digitize its worldwide operations___ Infosys.
➢ Infosys is partnering with the Paris-based GEFCO to digitize its multi-modal supply chain solutions and support its digital transformation over the next five years.

14. The State Bank of India’s research desk has released its report __Ecowrap.

➢ In its report, the SBI has lowered its GDP growth forecast for FY20 to 4.6 percent from the earlier 5 percent.
➢ Also, the latest SBI Ecowrap report even predicted the growth rate to remain below 6 percent for the two years in a row.

15. India's leading digital payments company announced the launch of its all-in-one QR for merchants across the country____ Paytm.

➢ The QR code will enable the business to accept unlimited payments through Paytm Wallet, Rupay Cards and all UPI-based payment apps directly into their bank account at zero percent fee
➢ The platform offers a single reconciliation of all payments through its 'Paytm for Business' app
➢ Paytm also launched ‘Paytm Business Khata’, a new service to promotes the Paytm merchant partners to maintain digital ledgers of all their customer transactions including cash and credit.

16. India’s leading private sector lender launched myApps application to boost digital payments in India___ HDFC Bank.

➢ myApps is a unique customized suite of banking products to benefit urban local bodies, housing societies, local clubs and gymkhanas, and religious institutions.
➢ At present HDFC Bank is offering four types of applications — mySociety, myClub, myPrayer and myCity.
➢ myApps will allow institutions to customize their branding and content. Moreover, the app can be customized in over 20 languages starting with Hindi and English


1. The King of Oman passed away due to years-long struggle with an illness__ Sultan Qaboos bin Said.

➢ Sultan Qaboos supported by Britain came to power in 1970 in a bloodless coup against his father.
➢ Sultan Qaboos followed a moderate and a stable foreign policy and is credited with turning Oman into a modern country.
➢ During his rule, Oman often became the neutral mediator in the otherwise volatile region.
➢ The written constitution Qaboos introduced requires the ruling family to choose a successor within three days of the throne falling vacant.

2. Daughter of late Bollywood actor-filmmaker Raj Kapoor passed away ___ Ritu Nanda.
➢ Ritu Nanda is the sister of Rishi Kapoor, Randhir Kapoor and Rajiv Kapoor.

Important Days

1. National Youth Day (Yuva Diwas) is celebrated in India on_____ 12th January.

➢ The National Youth Festival 2020 is organized by the Ministry of Youth Affairs and Sports and State Government of Uttar Pradesh.
➢ The theme of the 23rd National Youth Festival 2020 is “FIT YOUTH FIT INDIA”.

2. The National Youth Festival will increase the EK BHARAT SHRESTHA BHARAT bonding and it will prove as a The World Hindi day being celebrated across the world every year on _____10th January.
➢ Hindi is the fourth most spoken language in the world.
➢ The first World Hindi Conference was organized in Nagpur on 10th January 1975.
➢ The National Hindi Divas is being observed on 14th September every year across India.
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3. Armed Forces Veterans Day is celebrated every year on ____14th January.

➢ The day is being celebrated since 2017 and the day was initially called Armistice Day.
➢ Every year, January 14 is marked as Armed Forces Veteran Day as the Field Marshal KM Cariappa, the first Commander-in-chief of Indian Armed Forces retired on the day.
➢ The fourth Army Forces Veteran Day, 2020 is to be celebrated at National War Memorial.

New Appointments

1. Who has won the presidential election of Croatia____ Zoran Milanovic.

➢ Zoran Milanovic is the former Prime Minister of Croatia, who has pledged to make Croatia a tolerant country.
➢ The Social Democrat candidate, Milanovic took 52.7 percent of the vote, while President Kolinda Grabar-Kitarovic garnered 47.3 percent.
➢ Kolinda Grabar-Kitarovic was the first female President of Croatia.

2. Who has appointed as the new chairman of the organization___ A Sakthivel.
➢ He has been appointed for the period 2020-2021.
➢ He is also the first person in the history of AEPC, who is sworn-in for the fourth time as Chairman of the AEPC.
➢ Sakthivel along with some exporters had founded Tirupur Exporters Association in 1990.

3. Who took over as Sultan of Oman ___ Haitham bin Tariq al-Said.
➢ Late Sultan Qaboos bin Saeed had ruled Oman since 1970 as the 8th Sultan of the House of Al Said.
➢ The late sultan had himself chose Haitham Bin Tareq Al Saeed (cousin of late Sultan Qaboos) as his successor, as the Sultan had no children.
➢ He was the longest-serving monarch among the recent Arab rulers.

4. Who won the Taiwan presidential election__ Tsai Ing-wen.
➢ Tsai won 8.17 million votes, while her main rival Han Kuo-yu bagged 5.52 million votes (38.6 percent).
➢ Her Democratic Progressive party retained control of the legislature, according to final results.

5. Noted chemist has been elected as a bureau member (2020-23) of the International Union of Pure and Applied Chemistry (IUPAC) ___ Bipul Behari Saha.
➢ Bipul Behari Saha is the second Indian after CNR Rao (former Director of the Indian Institute of Science and Bharat Ratna) to be elected for this position in a century.
➢ IUPAC has the responsibility of naming all new elements and compounds, declare atomic weights and physical constants, update Periodic table and carry out research projects.

6. Who has been appointed the Director of the National Book Trust (NBT) ___ Lt Col Yuvraj Malik

➢ He replaced Sahitya Akademi-awardee writer Rita Chowdhury.
➢ Malik has also served with the Ministry of Defence, Ministry of Home Affairs, Raj Bhawan in Jammu & Kashmir, United Nation Missions in Africa and several operational areas in administrative and operational assignments including Jammu and Kashmir, Sikkim, Punjab and Rajasthan.

7. Who sworn in as the 14th Prime Minister of Malta ____Robert Abela.

➢ He replaced ruling PM Joseph Muscat, who resigned amid accountability over the murder of an investigative journalist.
➢ Abela is the son of former President of Malta George Abela.
➢ Robert Abela secured a surprising victory in Malta’s governing party’s internal leadership contest to be elected as the new leader.

8. Who has been appointed as the Chairman and Managing Director (CMD) of the state-owned Housing and Urban Development Corporation (HUDCO)___M Nagaraj.

➢ He will replace Ravi Kanth. Nagaraj is also the Director (Corporate Planning) of the company.
➢ HUDCO provides loans for housing and urban infrastructure projects.

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