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The correct answer is 65 years.

In News

• IRDAI has revised the maximum age limit for purchasing new health insurance policies to 65 years effective from April 2024.

Key Points

• IRDAI introduced revised health insurance rules in April 2024.
• The maximum age limit for new health insurance policy buyers is now 65 years.
• This change provides clarity and standardization in health insurance eligibility across providers.
• The revision aims to improve access to healthcare for senior citizens and encourage more people to opt for health coverage.

Additional Information

• IRDAI
• Full Form - Insurance Regulatory and Development Authority of India
• Established - 1999
• Headquarters - Hyderabad, Telangana
• Other Health Insurance Reforms (2024)
• Reduced PED waiting period from 4 to 3 years.
• Moratorium period reduced from 8 to 5 years.
• Customized plans for senior citizens and specific demographics introduced.
• Multiple insurers now allowed under benefit-based plans.

The correct answer is Smart.

In News

• In 2024, the World Health Organization (WHO) launched 'SARAH'.
• SARAH stands for Smart AI Resource Assistant for Health.
• It is a digital health initiative using AI to improve access to health information.

Key Points

• 'SARAH' is part of WHO’s efforts to integrate technology into global healthcare delivery.
• It helps users find trusted health information quickly and accurately.
• Uses AI to act as a virtual assistant for health-related queries.

Additional Information

• SARAH – Smart AI Resource Assistant for Health
• Launched by – World Health Organization (WHO)
• Year – 2024
• Purpose – To leverage AI for global health education and awareness

The correct answer is A, B and D only.

In News

• This is a static general knowledge question about the constitutional post of the Attorney General of India.

Key Points

• The AGI is appointed by the President of India under Article 76 of the Constitution.
• To be eligible, a person must be qualified to be appointed as a judge of the Supreme Court.
• The AGI advises the Government of India on legal matters.
• The AGI is not a member of the Cabinet and does not have the right to vote in Parliament, though they may be invited to speak in parliamentary proceedings.

Additional Information

• First AGI: M.C. Setalvad
• Current AGI (as of 2024): R. Venkataramani
• Tenure: No fixed term; serves at the pleasure of the President

The correct answer is Only 1 and 2 are correct.

In News

• The "Financial Inclusion Index (FI-Index)" improved to 64.2 in March 2024, up from 60.1 in March 2023, mainly due to growth in the 'Usage' parameter.
• The FI-Index consists of three broad parameters: ‘Access’ (35%), ‘Usage’ (45%), and ‘Quality’ (20%).

Key Points

• Statement 3 is incorrect because the FI-Index is constructed without a base year, making it a comprehensive tool for capturing financial inclusion progress across various sectors without historical comparison.
• The FI-Index is published annually in July and captures data across banking, investments, insurance, postal, and pension sectors.

Additional Information

• FI-Index: An index developed by the Reserve Bank of India to track financial inclusion across India, ranging from 0 (complete exclusion) to 100 (full inclusion).
• Usage Parameter: A significant component of the index, with a 45% weightage, indicating how actively financial services are being used.

The correct answer is Rs. 1000 crores.

In News

• In April 2024, the Indian Renewable Energy Development Agency (IREDA) was granted Navratna status.
• This status enables IREDA to invest up to Rs. 1000 crores without seeking prior approval from the Government of India.

Key Points

• IREDA was conferred with Navratna status in April 2024.
• This enhances its financial autonomy and operational efficiency.
• With Navratna status, IREDA joins a select group of central public sector enterprises (CPSEs).

Additional Information

• IREDA
• Full Form – Indian Renewable Energy Development Agency
• Established – 1987
• Ministry – Ministry of New and Renewable Energy
• Navratna Status
• Granted to CPSEs with financial and operational autonomy.
• Allows higher investment thresholds and decision-making freedom.

The correct answer is 7.75%.

In News

• The State Bank of India (SBI) has launched the ‘Amrit Vrishti’ scheme offering 7.25% interest on deposits for 444 days, with an additional 0.50% interest rate for senior citizens.

Key Points

• The ‘Amrit Vrishti’ scheme offers a 7.25% interest rate for a term of 444 days.
• Senior citizens receive an additional 0.50% interest, making the total rate 7.75% per annum.
• The scheme is available for investment until March 31, 2025, for domestic retail term deposits, including NRI rupee term deposits.
• SBI's previous scheme, ‘Amrit Kalash’, had a 400-day tenor and offered 7.10% interest.

Additional Information

• Amrit Vrishti Scheme
• A special fixed deposit scheme by SBI offering 7.25% interest on deposits for 444 days.
• Senior Citizen Benefit
• Senior citizens enjoy an additional benefit under this scheme, typically receiving an extra interest rate of 0.50% above the regular rate, which would make the total interest for them around 7.75% for the 444-day tenure.

The correct answer is Asian Development Bank (ADB).

In News

• India signed a loan package of $500 million with the Asian Development Bank (ADB) for the ‘Maharashtra Tertiary Care and Medical Education Sector Development Program’.

Key Points

• The loan agreement was signed by Juhi Mukherjee, Joint Secretary of the Department of Economic Affairs, Ministry of Finance; Mio Oka, Country Director of ADB’s India Resident Mission; and Dinesh Waghmare, Principal Secretary, Medical Education and Drugs Department, Government of Maharashtra.
• The Program will establish 4 medical colleges attached to tertiary care teaching hospitals in under-served districts of Maharashtra.
• The initiative aims to increase bed capacity in government tertiary care hospitals and hire at least 500 new doctors for the new medical colleges.
• The Program incorporates climate- and disaster-resilient, gender-responsive, and socially inclusive features.

Additional Information

• Asian Development Bank (ADB)
• The ADB is a regional development bank established in 1966 to promote social and economic development in Asia.
• ADB provides loans, technical assistance, grants, and equity investments to promote social and economic development$.

The correct answer is All statements are correct.

In News

• The Reserve Bank of India (RBI) announced that five entities were selected for the test phase of the regulatory sandbox’s 5^th cohort, which has a "neutral" theme and was announced in October 2023.

Key Points

• The selected entities for the 5^th cohort include ‘Connectingdot Consultancy’, ‘Epifi Technologies’, ‘Finagg Technologies’, ‘Indian Banks’ Digital Infrastructure Company (IBDIC)’, and ‘Signzy Technologies’.
• The previous cohorts of the RBI regulatory sandbox included themes such as ‘retail payments’, ‘cross-border transactions’, ‘MSME lending’, and ‘prevention and migration of financial frauds’.

Additional Information

• RBI Regulatory Sandbox
• A regulatory sandbox is a controlled environment where new financial products or services can be tested under regulatory supervision.
• The RBI introduced its first regulatory sandbox program in 2019 and operates on a thematic cohort basis to address specific areas of financial services.
• Themes of Previous Cohorts
• The first four themes of the RBI regulatory sandbox were focused on ‘retail payments’, ‘cross-border transactions’, ‘MSME lending’, and ‘prevention and migration of financial frauds’.
• These themes target key areas of the financial sector that can benefit from innovation and technology.

The correct answer is Sunil Mehta.

In News

• The Reserve Bank of India (RBI) has set up a review committee led by Indian Banks’ Association (IBA) CEO, Sunil Mehta, to revise the fee structure for white-label ATMs (WLAs).

Key Points

• The committee aims to propose a fair and sustainable model for WLAs, assessing current policies and global best practices.
• Sunil Mehta, the CEO of the Indian Banks’ Association, is leading the committee, which will report to RBI Deputy Governor T Rabi Sankar.
• The ATM market in India is projected to grow at a compound annual growth rate (CAGR) of 9.2% from 2024 to 2032.
• The primary issue under review is the interchange fee, currently Rs 17 for financial transactions and Rs 6 for non-financial transactions, which is the same for both bank-operated and white-label ATMs.

Additional Information

• White-Label ATMs (WLAs): ATMs owned and operated by non-bank entities, providing ATM services to customers of different banks under a commercial agreement.
• Interchange Fee: The fee paid by the bank whose cardholder uses another bank’s or entity's ATM, which is currently Rs 17 for financial and Rs 6 for non-financial transactions in India.
• Indian Banks’ Association (IBA): An industry body representing the banking sector in India, which includes public sector banks, private sector banks, and foreign banks.
• Compound Annual Growth Rate (CAGR): A measure of growth over multiple periods, used here to forecast the growth of India’s ATM market between 2024 and 2032.

The correct answer is Jio Financial Services.

In News

• The Reserve Bank of India (RBI) approved the conversion of Jio Financial Services (JFSL) from a Non-Banking Financial Company (NBFC) to a Core Investment Company (CIC).

Key Points

• Jio Financial Services (JFSL) is the financial services arm of Reliance Industries Ltd (RIL), which applied for conversion to a CIC in November 2023.
• The RBI directed this conversion after the demerger of JFSL from RIL, marking a significant shift in the company's structure.
• JFSL was listed on stock exchanges in August 2023, adding further momentum to its growth.
• The conversion signifies that JFSL will now hold most of its assets in group companies’ shares or debt instruments, rather than functioning like a typical NBFC.

Additional Information

• Core Investment Company (CIC): CICs are non-deposit-taking NBFCs that primarily invest in group companies, with at least 90% of their net assets held in shares, bonds, or loans of such companies. These firms are subject to RBI regulation if their asset size exceeds Rs 100 crore.
• Non-Banking Financial Company (NBFC): NBFCs provide financial services like loans and credit, but unlike banks, they cannot accept demand deposits.
• Demergers: This refers to the process of splitting a company into two or more entities. In this case, JFSL was demerged from Reliance Industries Ltd (RIL).
• Listing on Stock Exchanges: JFSL was listed on stock exchanges in August 2023, allowing its shares to be traded publicly.