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6. Which Indian bank has launched a fully digital, TAB-based onboarding process for NRIs to open NRE and NRO accounts?
[A] SBI
[B] ICICI Bank
[C] Axis Bank
[D] HDFC Bank
Correct Answer: A [SBI]
Notes:
The State Bank of India (SBI) has launched a TAB-based digital onboarding process for Non-Resident Indians (NRIs) to make it easier to open Non-Resident External (NRE) and Non-Resident Ordinary (NRO) accounts. This new system, which started on January 2, 2025, is designed to remove the need for physical paperwork and speed up account creation using digital document checks.
7. Which bank has issued detailed guidelines for lenders participating in the Government Debt Relief Scheme?
[A] SBI
[B] RBI
[C] Axis Bank
[D] Bank of Baroda
Correct Answer: B [RBI]
Notes:
The Reserve Bank of India (RBI) has released clear guidelines for lenders involved in the Government Debt Relief Scheme. This program is designed to offer organized help to borrowers in financial trouble. It is part of the RBI’s continuous work to improve financial stability and aid in economic recovery.
Components of the Schemes:
Eligibility Criteria: This program is aimed at borrowers who have a good track record of repaying loans but are now experiencing financial challenges due to unexpected events.
Restructuring Framework: Lenders can modify loans by lengthening repayment terms, lowering interest rates, or changing part of the debt into equity, as long as certain conditions are met.
Regulatory Oversight: The RBI will oversee the scheme’s execution to ensure it follows the set rules and supports financial stability.
8. Who has released the Report “State Finances: A Study of Budgets of 2024-25”?
[A] RBI
[B] Ministry of Statistics and Programme Implementation
[C] Ministry of Finance
[D] NITI Aayog
Correct Answer: A [RBI]
Notes:
The recent report from the Reserve Bank of India (RBI), titled “State Finances: A Study of Budgets of 2024-25,” shows that state governments have made notable progress in their financial health after the pandemic, but some areas still need improvement.
Gross Fiscal Deficit (GFD): States have managed to keep their overall GFD below 3% of GDP for the years 2022-23 and 2023-24, with a planned GFD of 3.2% for 2024-25.
Revenue Deficit: This has been kept low at 0.2% of GDP for both 2022-23 and 2023-24.
Capital Expenditure: This has risen from 2.4% of GDP in 2021-22 to 2.8% in 2023-24, with a projected increase to 3.1% in 2024-25, showing a commitment to developmental spending.
9. Recently, State Bank of India (SBI) has launched which two innovative deposit schemes?
[A] Har Ghar Lakhpati & SBI Patrons
[B] Har Ghar Crorepati & Jeeva-Sanjeevini
[C] Only A
[D] Only B
Correct Answer: C [Only A]
Notes:
The State Bank of India (SBI) has introduced two new deposit schemes: ‘Har Ghar Lakhpati’ and ‘SBI Patrons,’ aimed at improving financial inclusion and meeting various customer needs.
‘Har Ghar Lakhpati’ is a recurring deposit plan that helps customers save up to ₹1 lakh or more. This scheme makes it easier for customers to reach their financial goals by allowing them to plan and save efficiently. It is also open to minors, promoting early savings and financial planning.
SBI has also launched ‘SBI Patrons,’ a fixed deposit scheme specifically for senior citizens aged 80 and above. This scheme offers higher interest rates, acknowledging the long-term relationship many seniors have with the bank. SBI Patrons is available for both new and existing term deposit customers.
10. India’s which fintech company has planned to sell 25% of its 49% stake in Unity Small Finance Bank?
[A] BharatPe
[B] PhonePe
[C] Paytm
[D] None of the above
Correct Answer: A [BharatPe]
Notes:
India’s top fintech firm, BharatPe, intends to sell up to 25% of its 49% ownership in Unity Small Finance Bank. This action aims to generate about $800 million (around Rs 6,500 crore) and is part of BharatPe’s strategy to comply with RBI’s regulations. As a key player in digital payments and financial services, BharatPe has engaged Rothschild & Co to manage the sale of the stake.
