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Banking & Financial Awareness GK Digest : August 2023

Published on Tuesday, August 22, 2023
Banking & Financial Awareness GK Digest : August 2023

Paytm Launches 2 New Devices

Current Context: Paytm, India’s leading digital payments platform, has recently launched two new devices that are designed to empower small shops and merchants who accept payments on the go.


  • These devices are called Paytm Pocket Soundbox and Paytm Music Soundbox, and they are both 4G enabled and offer instant audio payment alerts.
  • Paytm Pocket Soundbox is a portable device that can fit in your pocket and is as small as a debit card. It has a 5-day battery life, a torch, and a loudspeaker that announces the payment amount and confirmation.
  • Paytm Music Soundbox is a unique device that doubles up as a speaker and a payment device. It has a 7-day battery life, a 4W speaker, and a voice overlay feature that allows the merchant to hear payment notifications over the music being played.
  • Both devices are made in India and follow a subscription model. The rent for them ranges from INR 1 to INR 150 per month, depending on the merchant’s transaction volume.
  • Paytm claims that these devices will help small shops and merchants to increase their customer satisfaction and trust.

LIC MF Completes Merger of IDBI MF Schemes

Current Context: LIC Mutual Fund (LIC MF) is an asset management company (AMC) with Life Insurance Corporation of India (LIC) as its sponsor and other stakeholders being LIC Housing Finance Ltd, GIC Housing Finance Ltd and Union Bank of India.


  • IDBI Mutual Fund (IDBI MF) is another AMC that was sponsored by IDBI Bank Ltd and had 20 schemes as of June 2023.
  • The merger was effective from July 29, 2023. With the completion of the merger, out of 20 schemes of IDBI MF, 10 were merged with similar schemes of LIC MF and the remaining 10 were taken over by LIC MF on standalone basis, which took its total scheme count to 38.
  • With this merger, investors who had invested in IDBI MF schemes, got access to LIC MF’s diversified basket of product offerings covering equity, debt, hybrid, solution oriented themes, ETF and Index funds1.
  • The merger also complemented LIC MF’s goal to strengthen its scheme offerings in the mid-cap, small-cap, gold fund, passive fund segments, etc.

CRED launched RuPay credit card-based UPI payments

Current Context: CRED, a fintech company that rewards users for paying their credit card bills on time, has recently launched RuPay credit card-based UPI payments in collaboration with NPCI.

Key Points

  • This feature allows CRED members to use their RuPay credit cards to make payments via UPI by scanning any UPI QR code or entering the merchant UPI ID.
  • This is a convenient and secure way to use credit cards for day-to-day expenses and also enjoy exclusive benefits, offers, and rewards from CRED and RuPay.

State Bank of India files insolvency plea against Mumbai Metro One

Current Context: State Bank of India (SBI) has filed a petition with the National Company Law Tribunal (NCLT) in Mumbai to admit Mumbai Metro One Pvt Ltd (MMOPL) under the corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code (IBC).

Key Highlights

  • MMOPL is a joint venture between the Mumbai Metropolitan Regional Development Authority (MMRDA) and Reliance Infrastructure (RInfra), which operates the Versova-Andheri-Ghatkopar metro line in Mumbai.
  • SBI's move is to recover outstanding dues of more than Rs 416 crore from MMOPL, which are owed to various lenders who financed the project. Apart from SBI, other lenders involved in this matter include IDBI Bank, Canara Bank, Indian Bank, Bank of Maharashtra, and India Infrastructure Finance Company (UK).
  • MMOPL has stated that it is seeking legal counsel to protect its interests and address any potential financial consequences that may arise due to the ongoing legal proceedings. Reliance Infrastructure, as a major stakeholder in MMOPL, has also said that it will safeguard its position and interests in the case.
  • The outcome of the NCLT's decision will determine the impact on MMOPL's financial stability and operations moving forward.

Axis Bank Partners With Kiwi to Support ‘Credit on UPI’

Current Context: Partnership between Axis Bank and Kiwi, a fintech company that enables credit on UPI. The partnership allows Kiwi users to access the RuPay lifetime free virtual Axis Bank KWIK credit card through the app.

Key Facts

  • The users can enjoy the benefits of credit card rewards, while experiencing the convenience of UPI’s fast and secure payment.
  • The users can earn two edge rewards for every Rs.200 spent, get 1% cashback on scan & pay transactions using the credit card on UPI, and get 1% fuel surcharge waiver.
  • The partnership aims to promote digital payments and enhance financial inclusion in India. Kiwi’s goal is to enable one million users to access credit cards on UPI over the next 18 months by forging additional banking partnerships.
This digest is not complete. Read the complete digest on the Financial Awareness Course.
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