LIC AAO Banking Awareness Quiz: 19th April

The Institute for Development and Research in Banking Technology (IDRBT), an arm of Reserve Bank of India, has launched a 5G Use Cases Lab for banking and financial sector.

IDBI Bank has launched ‘NRI-Insta-Online’ account opening process for NRIs residing in the Financial Action Task Force (FATF) member countries. The person will not be required to furnish physical documents as well as KYC proofs for opening an account with the bank.

ACI Worldwide, a global provider of real-time electronic payment and banking solutions, announced that Canara Bank has successfully rolled out major new functionality to support EMV card acquiring across its ATM network and Aadhaar Authentication, leveraging ACI’s UP Retail Payments solution to achieve market firsts.

The Institute for Development & Research in Banking Technology (IDRBT) is an institution exclusively focused on banking technology.

Industrial Development Bank of India was established in 1964 by an Act to provide credit and other financial facilities for the development of the fledgling Indian industry. The RBI stated that IDBI Bank has been categorised as a private sector bank for regulatory purposes with effect from 21st January, 2019. This follows Life Insurance Corporation of India (LIC) acquiring 51 per cent of the total paid-up equity share capital of the bank.

David Malpass has been appointed as the President of the World Bank. He was US President Donald Trump’s nominee and won unanimous approval from the institution’s executive board. He has replaced Former World Bank President Jim Yong Kim who left in January 2019. Malpass was former Bear Stearns and Co chief economist who advised Trump’s 2016 election campaign.

Reserve Bank of India (RBI) has appointed 5-member committee under the chairmanship of Nandan Nilekani to strengthen digital payments as well as to boost financial inclusion through Financial Technology. The committee would submit its recommendations within 3 months.

India has extended a grant assistance of up to USD 250 million to Nepal for the reconstruction of infrastructures in the areas of housing, education, health and cultural heritage that was destroyed during the devastating April 2015 earthquake which saw the death of over 9,000 people.

The International Monetary Fund (IMF) and the World Bank have together launched a private blockchain with a pseudo-token. The new token, called “Learning Coin” and only accessible within the IMF and World Bank, has a purpose to teach relevant individuals within the organizations about blockchain.

Fincare Small Finance Bank (SFB) has been awarded the prestigious Celent Model Bank 2019 Award in the category of Financial Inclusion, for ‘Redesigning Lending to Reach Small Businesses’.

The Centre has announced a new Rs 20 coin which will come in 12-edged polygon (dodecagon) shape. The government is also planning to release new coins of Re 1, Rs 2, Rs 5 and Rs 10. However, the govt has not announced the exact date for the issuance of these new series coins.

The Insolvency and Bankruptcy Board of India is the regulator for overseeing insolvency proceedings and entities like Insolvency Professional Agencies, Insolvency Professionals and Information Utilities in India. IBBI was founded in 2016.

The headquarters of IDRBT is in Hyderabad.

The amalgamation of Vijaya Bank and Dena Bank into the Bank of Baroda (BoB) has come into effect and all branches of the former two will function as branches of BoB. The merged entity would also receive Rs 5,042 crore fund infusion from the government. Post the merger, Bank of Baroda has become the third largest bank in the country.

The corporate office of Fincare Small Finance Bank is in Bengaluru.