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521. Which bank becomes the first Indian bank to implement Clari5’s NCRP Integration Solution?
[A] State Bank of India
[B] Canara Bank
[C] Union Bank
[D] Punjab National Bank
Correct Answer: D [Punjab National Bank]
Notes:
Punjab National Bank (PNB) has distinguished itself as the inaugural Indian financial institution to adopt Clari5’s National Cybercrime Reporting Portal (NCRP) solution. This innovative solution was created in collaboration with the Indian Cyber Crime Coordination Centre (I4C) to streamline the processing of cybercrime complaints. It is designed to function seamlessly across various retail banking platforms, including Internet and Mobile Banking, ATMs, UPI, and NEFT/RTGS. Key features of the solution encompass automated lien marking, intelligent account freezes, and customizable whitelisting, all aimed at enhancing customer protection. Rivi Varghese, the CEO of Clari5, commended PNB’s pioneering efforts, asserting that this integration sets a new standard for innovation within the Indian banking sector.
522. Which country’s foreign exchange (forex) reserves have experienced fluctuations in recent weeks?
[A] India
[B] Pakistan
[C] Bangladesh
[D] Sri Lanka
Correct Answer: A [India]
Notes:
India’s foreign exchange reserves have shown variability in recent weeks. As of January 17, 2025, the reserves were reported at $623.983 billion, reflecting a decrease of $1.88 billion compared to the previous week. This reduction follows a more significant decline of $8.714 billion noted in the week ending January 10. The Reserve Bank of India (RBI) has indicated that these fluctuations are a result of market interventions designed to stabilize the Indian rupee, as well as adjustments in asset valuations. Foreign exchange reserves consist of assets maintained by a nation’s central bank in foreign currencies. These reserves play a vital role in ensuring currency stability, supporting international trade, and managing foreign debt obligations. They generally encompass foreign currency assets, gold reserves, and Special Drawing Rights (SDRs).
523. Which bank has won seven awards at the 20th Annual Technology Conference, Expo, & Citations 2024?
[A] City Union Bank
[B] ICICI Bank
[C] HDFC Bank
[D] Axis Bank
Correct Answer: A [City Union Bank]
Notes:
City Union Bank (CUB) has won seven awards at the 20th Annual Technology Conference, Expo, & Citations 2024, held in Mumbai on January 24.
Winner Categories:
Best AI & ML Bank: Acknowledging CUB for its innovative use of Artificial Intelligence and Machine Learning to improve banking services.
Best Fintech & Digital Payment Index (DPI) Adoption: Recognizing the bank’s successful use of fintech solutions and support for digital payment systems.
Best Financial Inclusion: Praising efforts to provide banking services to those who are underserved or unbanked.
Runner-Up Categories:Best Digital Engagement: Recognizing efforts to improve customer interaction through online platforms.
Best IT Risk Management: Acknowledging strong strategies to identify and reduce information technology risks.
Best Technology Talent: Celebrating the development and retention of skilled tech professionals at the bank.
Special Category:Best Technology Bank: A recognition of CUB’s overall excellence in using technology to foster banking innovation.
524. The Government of India has approved a ₹500 crore capital infusion into the Industrial Finance Corporation of India (IFCI) for which fiscal year?
[A] 2024-25
[B] 2025-26
[C] 2026-27
[D] 2024-26
Correct Answer: A [2024-25]
Notes:
The Indian Government has approved a capital injection of ₹500 crore into the Industrial Finance Corporation of India (IFCI) for the 2024-25 financial year. This decision is intended to strengthen IFCI’s financial position before its upcoming restructuring and consolidation. The funding was authorized through the first Supplementary Demand for Grants for 2024-25 in the Lok Sabha. Of this amount, ₹499.99 crore is designated for ‘Subscription to the Share Capital of IFCI’. Furthermore, savings of ₹50.07 crore from the same category and ₹449.92 crore from the capital section of Demand No.30-DEA will be used, ensuring there is no extra cash outflow.
525. Which fintech startup has unveiled Wisor, India’s first AI-powered credit card expert?
[A] Stripe
[B] CheQ
[C] UPstox
[D] Revolut
Correct Answer: B [CheQ]
Notes:
CheQ, a top fintech company in India started by ex-Flipkart executive Aditya Soni, has launched Wisor, the first AI-based credit card expert in the country. This new tool is set to change how people manage their credit cards by offering tailored insights, easy management, and enhanced rewards. Wisor provides users with personalized help, instant answers to questions, thorough spending analysis, and improved rewards management.
526. Recently, which company became the first fintech company to launch a beta version of its e-rupee wallet?
[A] Razorpay
[B] Upstox
[C] CRED
[D] PayU
Correct Answer: C [CRED]
Notes:
CRED has recently become the first fintech company to introduce a beta version of its e-rupee wallet, which allows transactions using India’s central bank digital currency (CBDC). This move comes after the Reserve Bank of India (RBI) suggested expanding access to CBDC-Retail, enabling non-bank payment system operators to handle digital currency transactions. The e-rupee wallet is designed to improve financial inclusion and make digital payments easier in India. CBDC is a digital version of money issued by a country’s central bank and has the same value as physical cash. Unlike regular bank deposits, CBDC is recorded as a liability on the central bank’s balance sheet, meaning people can hold digital currency without needing a bank account. CBDCs can be converted into physical cash and allow for smooth transactions. CRED’s e-rupee wallet lets users transfer up to ₹10,000 at a time, with a daily cap of ₹50,000. It also enables zero-cost transactions for merchants. Users can add money to their wallets through UPI and send or receive funds to other CBDC wallets. Future updates will include features like programmable payments and transactions without a PIN for amounts under ₹500.
527. India and which country are advancing their economic collaboration by expediting discussions for a Comprehensive Economic Partnership Agreement (CEPA)?
[A] Oman
[B] Sri Lanka
[C] Burkina Faso
[D] Burundi
Correct Answer: A [Oman]
Notes:
India and Oman are enhancing their economic cooperation by accelerating negotiations for a Comprehensive Economic Partnership Agreement (CEPA). This initiative reflects the commitment of both countries to bolster their trade relations. During a visit by Piyush Goyal, India’s Minister of Commerce and Industry, several agreements were established. Notably, the two nations signed a protocol to revise the Double Taxation Avoidance Agreement (DTAA), which was first enacted in 1997. This revision is designed to conform to international standards and seeks to streamline tax processes for enterprises engaged in cross-border operations.
528. Which of the following has recently unveiled “iSPOT” initiative aimed at simplifying the process of reporting technical glitches within India’s financial markets?
[A] Securities and Exchange Board of India (SEBI)
[B] Reserve Bank of India
[C] Ministry of Finance
[D] National Stock Exchange of India
Correct Answer: A [Securities and Exchange Board of India (SEBI)]
Notes:
The Securities and Exchange Board of India (SEBI) has launched a new program to make it easier to report technical problems in India’s financial markets. This program, called the Integrated SEBI Portal for Technical Glitches (iSPOT), will replace the old email system with a more organized, efficient, and clear method for Market Infrastructure Institutions (MIIs) to report issues. The iSPOT portal is scheduled to start on February 3, 2025, and will greatly enhance how glitches are reported and handled. This initiative is part of SEBI’s effort to update the financial market infrastructure and ensure better operations. MIIs, which include stock exchanges, clearing corporations, and depositories, will now be able to provide detailed reports on technical issues, including root cause analysis (RCA). SEBI’s new system will centralize these reports, making it simpler to monitor and fix technical problems in real time, benefiting the entire securities market.
529. Which regulatory body has recently launched the digital knowledge repository “Dharohar” on January 26, 2025?
[A] Ministry of Finance
[B] National Stock Exchange of India
[C] Securities and Exchange Board of India (SEBI)
[D] Reserve Bank of India
Correct Answer: C [Securities and Exchange Board of India (SEBI)]
Notes:
On January 26, 2025, the Securities and Exchange Board of India (SEBI) achieved an important goal by launching “Dharohar – Milestones in the Indian Securities Market.” This digital archive was introduced on India’s 76th Republic Day and aims to protect the rich history of India’s securities market. With a legacy spanning over 150 years, the market has changed greatly, and SEBI’s project honors this ongoing journey. ‘Dharohar’ serves as a broad digital resource that highlights significant events in India’s securities market. This effort not only safeguards the market’s past but also makes it available to everyone, providing extensive information on the development of India’s financial markets. From its early days to the advanced systems we have now, ‘Dharohar’ reflects the spirit of over 150 years of organized trading.
530. The National Green Tribunal has recently issued a notice over Olive Ridley turtle deaths for which state?
[A] Odisha
[B] Andhra Pradesh
[C] Tamil Nadu
[D] Maharashtra
Correct Answer: C [Tamil Nadu]
Notes:
In the past few weeks, Tamil Nadu has experienced a troubling increase in the number of deceased olive ridley turtles appearing along its shores, especially in Chennai. Experts estimate that approximately 300 to 350 turtles have been discovered dead, which has raised significant concerns among conservationists and the general public. This unexpected surge in mortality during the onset of the nesting season has led to inquiries aimed at uncovering the underlying reasons for these fatalities. A significant number of deceased olive ridley turtles have been documented along the coastline of Chennai and within the Kancheepuram district. Notable sites include Neelankarai, Besant Nagar, and Kovalam. The Forest Department of the state is currently in the process of collecting information regarding this matter. Additionally, there have been reports of turtle remains found in Pulicat, located in the Thiruvalluvar district.
