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Banking & Financial Awareness GK Digest : September 2023

Published on Tuesday, October 03, 2023
Banking & Financial Awareness GK Digest : September 2023

PNB Launches PNB GST Sahay App

Current Context: The PNB GST Sahay App is a mobile application launched by Punjab National Bank (PNB), a state-owned bank in India, to provide instant digital loans to small and medium-sized businesses (MSMEs) based on their GST invoices.


  • The app is part of the GST Sahay Scheme, an end-to-end digital product that leverages the GST profile of MSMEs to facilitate frictionless credit flow.
  • Through the app, all GST-registered MSMEs having an active account with PNB will be able to access the bank’s GST Sahay service for loans starting from Rs 10,000 to Rs 2 lakh per invoice, subject to capping of Rs 10 lakh per borrower.
  • The app also offers features such as loan eligibility calculator, loan application tracker, loan repayment schedule, and loan statement.
  • PNB has become the first public sector bank to extend loans to MSME sector entrepreneurs using their GST invoices. The app aims to simplify loan procurement for businesses operating within the MSME sector and support their growth and development.

World’s First Fully Automated Investment Fund – ‘The Ad Astra Fund’

Current Context: Ad Astra Fund, the world’s first fully automated investment fund launched by Savart, one of India’s largest investment advisors. This fund uses an AI research system called APART (Advanced Process Automation & Research Technology) to perform end-to-end research automation and make swift investment decisions


  • The fund aims to achieve an AUM of INR 350 crores by FY24’s end and is designed to keep the portfolio churn as low as possible.
  • The fund was launched on August 26, 2023 in Hyderabad and received investment commitments amounting to INR 31 crores on the launch day itself.
  • It covers thorough fundamental and qualitative analysis of securities, as well as quantitative and mathematical analysis, at a scale and speed that are beyond the scope of a human research team.
  • It evolves and adapts faster than a human fund manager, in line with the prevailing market conditions and opportunities.It is a long-term investment vehicle, with a minimum of 3 years and an optimum of 7-10 years.

PhonePe Enter Online Stock Broking with Share.Market App

Current Context: PhonePe, a Walmart-backed digital payments firm, launched its stock broking platform, Share.Market, on Wednesday, August 30, 2023.

Key Points

  • The app allows users to open trading and demat accounts, and invest in stocks, mutual funds, exchange-traded funds (ETFs), and curated WealthBaskets.
  • The app has a one-time onboarding fee of Rs.199, which includes benefits that users can avail till March 31, 2024.
  • The app is available both as a mobile app and a dedicated web portal. Users can sign in with their PhonePe-linked mobile numbers and complete the KYC process to activate their accounts.
  • The app also has a dedicated markets section to track the share market.

Mastercard launches ALT ID for Enhanced Online Payment Security

Current Context: Mastercard’s ALT ID is a new feature that allows customers to make online payments without saving their card details on merchant websites. It creates an alternate identifier for each card, which enhances the security of guest checkout transactions. This way, customers can avoid potential data breaches and enjoy a seamless payment experience.

Key Facts

  • According to Mastercard, the ALT ID solution is meant for cardholders who carry out transactions without saving their cards, also referred to as guest checkout.
  • It is a custom-made capability developed by Mastercard to create an alternate identifier for the real card numbers provided by cardholders during guest checkout transactions on e-commerce platforms.
Some of the benefits of the ALT ID solution are:
    • Non-storage of card number on merchant websites
    • Protection from potential data breaches
    • Improved payment success rates
    • No integration effort for merchants
    • Enhanced customer satisfaction

Indian Bank Launched VISA Co-branded Metal Credit Card

Current Context: Indian Bank VISA Co-branded Metal Credit Card With OneCard, this is a new partnership between Indian Bank and OneCard, a fintech company that offers a mobile-first, contactless, and metal credit card.

Key Highlights

  • The card is designed to provide a seamless and transparent credit consumption experience to the digitally savvy consumers in India. The card has no joining or annual fees, and offers 5X rewards on the top two spend categories.
  • The card also comes with a powerful mobile app that allows users to control various aspects of their credit card, such as transaction limit, online/offline use, contactless payments, and reward redemptions.
  • The card is expected to revolutionize the credit card landscape in India by introducing state-of-the-art technology and user autonomy.
  • The partnership has also positively influenced the market sentiment, as the Indian Bank’s share price saw a 1.59% increase on Monday.
This digest is not complete. Read the complete digest on the Financial Awareness Course.

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