Multiple Choice Questions (MCQs):
IBPS bank current affairs of July
In July 2023, whose bank introduced the “Open-for-all” digital savings account? ICICI Bank?
a) HDFC Bank
b) Kotak Mahindra Bank
c) State bank of India
d) ICICI Bank.
Ans) B
In July 2023, which financial institution approved a $300 million loan to India for the purpose of improving urban infrastructure?
a) The World Bank b) and the International Monetary Fund (IMF)
c)New Development Bank (NDB) d)Asian Development Bank (ADB)
Ans) D
In July 2023, which bank raised its Marginal Cost of Funds-Based Lending Rate (MCLR)?
a) Punjab National Bank
b) Axis Bank
c) Indian Bank d) Bank of Baroda
Ans) B
In July 2023, which bank was the first to reach the $100 billion market capitalization threshold?
a) HDFC Bank b) ICICI Bank c) Axis Bank, and
d) State Bank of India
Ans) A
Which of the following RBI measures was implemented in July 2023 with the goal of enhancing credit flow to the farm sector?
a) Repo Rate Hike
b) Priority Sector lending
c) Direct Benefit Transfer (DBT) d) Green Finance Scheme
Ans) B
In July 2023, which public sector bank introduced its own financial services via WhatsApp?
a)State Bank of India b) Punjab National Bank
c) Indian Bank d) Canara Bank
Ans) D
Part -2 IBPS bank current affairs of July
Which bank declared in July 2023 that it will be partnering with Tata Motors to provide financing alternatives for electric cars?
a) ICICI Bank b) Axis Bank
c) Bank of Baroda d) HDFC Bank
Ans) C
How many cooperative banks were penalized by the Reserve Bank of India (RBI) in July 2023 for breaking different rules?
A) Two; B); Three; C); Six; D); Five
Ans) C
Which private bank introduced a new investing platform called “DigiPortfolio” in July 2023?
a) ICICI Bank
b) Yes Bank
c) Kotak Mahindra Bank
d) HDFC Bank
Ans) B
Which bank collaborated with the Indian Army in July 2023 to provide defense personnel with exclusive financial services as part of the “Sarvatra” initiative?
a) Punjab National Bank
b) Union Bank of Indian
b) State Bank of India
d) Indian Bank
Ans) B
Which bank introduced India’s first-ever blockchain-powered digital bank locker service in July 2023?
a) Yes Bank b) State Bank of India
c) Axis Bank
d) ICICI Bank
Ans) D
Which financial company said in July 2023 that it will be partnering with Flipkart, the largest online retailer in India, to offer loan services to small vendors?
a) SBI b) Axis Bank .
c) HDFC Bank
d) Central Bank of India
Ans) B
Which public sector bank released the “Rupay Select” credit card targeting high-income consumers in July 2023?
a) Union Bank of India b) Bank of Baroda c) Punjab National Bank d)Indian Overseas Bank
Ans) A
In July 2023, the board of which bank approved the issuing of ₹5000 crores worth of Additional Tier-1 Bonds?
a) Kotak Mahindra Bank
b) ICICI
c) HDFC Bank d) Punjab National Bank
Ans) D
Which bank collaborated with Paytm to introduce co-branded contactless credit cards aimed at young consumers in July 2023?
a) HDFC Bank
b) Kotak Mahindra Bank
c) SBI d) ICICI Bank
Ans) D
True/False Questions: IBPS bank current affairs of July
In July 2023, the Reserve Bank of India (RBI) lowered the repo rate.
Ans) False
In July 2023, the Indian government approved 74% of Foreign Direct Investment (FDI) under the automatic method in the banking industry.
Ans) True
The Reserve Bank of India (RBI) started a Central Bank Digital Currency (CBDC) trial program in rural areas in July 2023.
Ans) False (The CBDC initiative is still in its urban/limited stages).
Officially, the merger of HDFC and HDFC Bank was finalized in July 2023.
Ans) True
In July 2023, the RBI published its Financial Stability Report (FSR), which indicated a decline in Non-Performing Assets (NPAs) in the banking industry.
Ans) True
In July 2023, the Finance Ministry gave Public Sector Banks permission to raise money in the market without obtaining permission from the government.
Ans) True
It was noted in the RBI’s July 2023 policy review that India’s foreign exchange reserves had dropped to less than $500 billion.
Ans) False (India’s foreign exchange reserves were far more than $500 billion during this time).
The RBI declared in July 2023 that it will lower the Cash Reserve Ratio (CRR) in an effort to increase market liquidity.
Ans) False (there was no July 2023 CRR drop).
Part -2 IBPS bank current affairs of July
In July 2023, the RBI released an updated version of the Unified Payments Interface (UPI) that was created especially for visitors from abroad.
Ans) False
The RBI implemented new guidelines for NBFCs in July 2023 with the goal of lowering systemic risks in the industry.
Ans) True
The RBI declared in July 2023 that financing for renewable energy projects would henceforth fall under the purview of the Priority Sector Lending (PSL) mandate.
Ans) True
The RBI extended the deadline for Indian banks to implement the new Basel III standards for capital adequacy until July 2023.
Ans) False (There was no expansion; these standards must be met by Indian banks.)
The NPCI introduced UPI Lite, a feature designed to conduct small-value transactions offline, in July 2023.
Ans) True
Canara Bank made history in July 2023 by being the first public sector bank to use blockchain technology to offer instantaneous cross-border remittance services.
Ans) False
As stated in July 2023, the RBI permitted Non-Banking Financial Companies (NBFCs) to provide insurance products to their clients without requiring prior approval.
Ans) False
Fill in the Blanks Inquiries: IBPS bank current affairs of July
In July 2023, the Reserve Bank of India unveiled the __________ framework, which aims to encourage competition and openness in digital financing.
Ans) Digital Personal Loan Securitization is the response.
The RBI stated in July 2023 that the minimum leverage ratio that banks should have is __________.
Ans) 4.5%
In July 2023, the government introduced the ‘__________’ initiative to enable digital payments in rural areas.
Ans) The Digital Payment Awareness Initiative is the response.
A brand-new chatbot for customer support driven by artificial intelligence (AI) was introduced by __________ Bank in July 2023.
Ans) ICICI
In an effort to improve cybersecurity, the RBI instructed all banks to fully implement the __________ framework by the end of July 2023.
Ans) The response is Cyber Security Guidelines 2023.
The first Indian bank to open a branch in GIFT City, the country’s international financial services hub, was __________ in July 2023.
Ans) Axis Bank
Part-2 IBPS bank current affairs of July
A ‘green deposit’ program was introduced by __________ Bank in July 2023 to encourage environmentally conscious behavior among its clientele.
Ans) HDFC Bank
The deadline for banks to completely implement the __________ framework, which requires more loan provisioning, was set by the Indian government in July 2023.
Ans) Expected Credit Loss (ECL) is the answer.
In an effort to make subscription-based payments easier, the National Payments Corporation of India (NPCI) introduced the UPI AutoPay functionality for __________ in July 2023.
Ans) OTT platforms and ongoing expenses are the answers.
To streamline operations and cut down on redundancies, the RBI approved the merger of __________ Bank with its subsidiary in July 2023.
Ans) HDFC Bank
The Bank of Maharashtra was fined ₹__________ crore by the RBI in July 2023 for failing to comply with certain regulatory requirements.
Ans) 2.5 crore
In July 2023, the government authorized a plan to recapitalize public sector banks for ₹__________ crore, with the aim of strengthening their capital basis.
Ans) 10,000 crore is the response.
A framework for a ‘Public Tech Sandbox’ centered on innovations in the __________ sector was introduced by the RBI in July 2023.
Ans) FinTech stands for financial technology.
The new Digital Lending regulations from the RBI went into effect in July 2023 and mandate that all loan payments and disbursements be made through online bank accounts.
Ans) regulated
In accordance with RBI rules from July 2023, credit card issuers are required to notify the cardholder in the event that the credit limit use surpasses __________%.
Ans) 80%
Brief Response Questions: IBPS bank current affairs of July
What was the primary subject matter of the July 2023 Financial Stability Report (FSR) issued by the RBI?
Ans) The financial stability of the Indian banking industry was emphasized in the FSR, which also noted the decline in non-performing assets (NPAs), enhanced asset quality, and the system’s ability to withstand global turbulence.
What program did the government launch in July 2023 to improve lending to the sector of micro, small, and medium-sized companies (MSME)?
Ans) In order to improve MSMEs’ access to financing, the government launched the financing Guarantee Scheme, which provides government-backed loan guarantees.
Part -2
What was the RBI’s July 2023 new mandate addressing the security of digital payments?
Ans) To ensure transaction security and shield consumers from fraud, the RBI required all digital payment providers to utilize modern encryption techniques and two-factor authentication.
Which aspect of the RBI’s retail digital currency project, which is scheduled for pilot testing in July 2023, is most important?
Ans) The retail digital currency pilot program’s goal is to make digital transactions easier for the general public by providing a safe, regulated substitute for cryptocurrencies.
What modifications to digital lending apps did the RBI implement in July 2023?
Ans) In order to protect consumers and stop predatory lending practices, the RBI set guidelines requiring all digital lending apps to register with the central bank and to only disburse loans through authorized financial institutions.
In what ways has the resilience of the Indian banking system been evaluated by the RBI in its July 2023 Financial Stability Report (FSR)?
Ans) the FSR noted that the Indian banking industry shown remarkable resilience, as seen by the reduction of Gross Non-Performing Assets (GNPA) to 4.5%, stable profitability, and high capital adequacy ratios. On the other hand, risks related to inflationary pressures and global macroeconomic uncertainties were also noted.
What significant policy pronouncement about digital payments did the RBI make in July 2023?
Ans) In order to improve financial inclusion in rural regions, the RBI announced the introduction of UPI for feature phones through the UPI123Pay program. This would enable people without smartphones to use UPI services using voice commands, missed calls, and SMS-based methods.
After merging with HDFC Ltd. in July 2023, what tactical action did HDFC Bank take?
Ans) Following the merger, HDFC Bank concentrated on growing its portfolio of mortgages and housing financing products, planning rapid expansion in the market for affordable homes, and taking advantage of cross-selling opportunities with its large clientele.