Banking Awareness of 10, 11 and 12 March 2024

By Priyanka Chaudhary | Last Modified: 12 Mar 2024 18:17 PM IST
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Topic: Reports and Indices

1. Latest Annual Report of the Ombudsman Scheme have shown a 68.24% rise in the total number of complaints received by CRPC and ORBIOs.

  • In FY23, the Centralized Receipt and Processing Center (CRPC) and the Offices of the RBI Ombudsman (ORBIOs) received a total of 7,03,544 complaints.
  • In FY22, 4,18,184 complaints were received by CRPC and ORBIOs combined.
  • According to the report, complaints about mobile and electronic banking accounted for the majority of all complaints filed against banks and other non-bank payment system users.
  • The majority of complaints against NBFCs, according to the report, had to do with their failure to follow the Fair Practices Code.
  • This is the first standalone report under the Reserve Bank-Integrated Ombudsman Scheme (RB-IOS), 2021.
  • It provides the activities of the 22 ORBIOs, CRPC and the Contact Centre during the year.
  • 57.48% of complaints disposed under RB-IOS 2021 were resolved using mutual settlement, conciliation, and mediation.
  • The remaining ones were either adjudicated by passing awards, withdrawn by the complainants, or rejected by RBIOs.
  • In 2022–2023 the average turn-around time (TAT) for complaints processed by ORBIOs was 33 days.
  • The average turnaround time decreased from 44 days in 2021–2022 by a considerable margin.

Topic: Appointments

2. Dhanaraj T has been appointed as the Executive Director of Indian Overseas Bank.

  • He has been appointed for a period of three years, effective from 10 March.
  • Before joining Indian Overseas Bank, he served as the Chief General Manager at Indian Bank.
  • Indian Overseas Bank is a nationalized bank headquartered in Chennai.
  • It is a government-owned bank. Ajay Srivastava J is its MD and CEO.

Topic: Agriculture

3. West Bengal has become fourth largest rice-producing state as per latest crop estimates.

  • According to estimates released by the Ministry of Agriculture and Farmers’ Welfare, West Bengal has declined to 4th place in the 2023-24 crop year (July-June).
  • Formerly, West Bengal was the state that produced the most rice.
  • Telangana is climbing the ladder by increasing the amount of rice it produces annually.
  • As per the data, it is reaching a place below top grower Uttar Pradesh.
  • West Bengal was the leading producer at 15.88 million tonnes (mt).
  • In 2019–20, its portion of the national output was 13.36%. In 2023–24, it dropped to 11.52 mt with a 9.3% share.
  • Telangana was at sixth place with 6.25% share in 2019-20. The share of Telangana has reached at 12.94% with a production of 16.03 mt.
  • UP’s share stands at 13.16% with 16.3 mt in 2023-24.   

Share of Different States in Rice Production (in %)




Uttar Pradesh









West Bengal









Andhra Pradesh



Madhya Pradesh



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Topic: Awards and Prizes

4. Buyofuel has been recognised among the top 100 global start-ups by the SET Award.

  • It has been chosen as one of the top 100 global start-ups for the SET Award 2024 in the category of "Clean Energy and Storage".
  • SET100 list is a compilation of the top 100 SET Award applications.
  • It was originally launched in 2017 in association with the World Energy Council.
  • It was launched to offer new businesses a stage on which to present their innovative solutions.
  • Buyofuel is a Biofuel manufacturer and aggregator.

Topic: Banking System

5. IndusInd Bank has launched ‘Indus PayWear’.

  • It is a new wearable payment solution. It is available on Mastercard.
  • Users can tokenize their IndusInd Bank cards with these devices to make tap-and-pay purchases at contactless Points of Sale (PoS) locations across the globe.
  • With a mobile app, users can quickly set up their cards on the wearable and switch between them. 
  • As per RBI guidelines, transactions under ₹5,000 can be completed with a tap.
  • PIN entry is required for transactions over ₹5,000 as per RBI guidelines.
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Topic: MoUs/Agreements

6. Easy Trip Planners and Ministry of Rural Development has signed a Memorandum of Understanding.

  • Easy Trip Planners has signed the MoU to train members of Deendayal Antyodaya Yojana- National Rural Livelihoods Mission (DAY-NRLM)’s Women’s Self Help Groups (SHGs) under the Lakhpati Didi Yojana.
  • As part of the MoU, EaseMyTrip will provide training to members of SHGs in 800 districts across India.
  • Basic proficiency with computer use and internet browsing, as well as reading and writing in English and Hindi, are requirements for eligibility.
  • Through the training and empowerment of one SHG member in each block throughout 800 districts in India, EaseMyTrip will support this initiative.
  • Making bookings for all necessary trip segments—including flights, hotels, buses, and trains—will be covered in the training.
  • Under the partnership, EaseMyTrip will carry out a pilot project across 10 blocks in district recognized by the Ministry of Rural Development.
  • The districts include Patna, Begusarai, Vadodara, Rajkot, Surat, Bhopal, Ujjain, Ayodhya and Varanasi.

Topic: MoUs/Agreements

7. India has signed a $100 billion free trade agreement with the European Free Trade Association (EFTA).

  • India will remove most significant tariffs on industrial items from four nations in return for the investment over 15 years.
  • The EFTA includes Switzerland, Norway, Iceland, and Liechtenstein, all non-European Union nations.
  • The agreement is known as India-EFTA Trade and Economic Partnership Agreement (TEPA).
  • India has signed trade deals with the United Arab Emirates and Australia in the past two years.
  • According to Swiss government, India will remove, or partially lift, very high customs duties on 95.3% of industrial imports from Switzerland, excluding gold, either immediately or gradually.
  • The agreement includes some new aspects such as intellectual rights and gender equity.
  • The agreement cannot go into force until the countries have ratified it.
  • India is fifth among EFTA's trading partners, following the US, the UK, China, and the EU.
  • EFTA was formed in 1960. It was formed as a counterweight to the EU.
  • It is a regional trade organization and free trade area. Its secretariat is in Geneva.

Topic: Awards and Prizes

8. On March 8, the first National Creator Awards presented by PM Modi at Bharat Mandapam, New Delhi.

  • The National Creator Awards is an effort to recognize excellence and its impact in areas including storytelling, social change advocacy, environmental sustainability, education, and gaming, among others.
  • The National Creator Awards have witnessed exemplary public participation.
  • Over 1.5 lakh nominations were received in the first round across 20 different categories.
  • Subsequently, around 10 lakh votes were cast for digital creators in various award categories in the voting round.
  • Subsequently, 23 winners, including three international creators, were decided.
  • Here is the list of winners:



Cultural Ambassador of the Year Award

Maithili Thakur

Swachhta Ambassador Award

Malhar Kalambe

Disruptor of the Year

Ranveer Allahbadia

Best Creator in Gaming Category


Best Health and Fitness Creator

Ankit Baiyanpuria

Best Creator in Education Category

Naman Deshmukh

Best Creator in Food Category

Kabita Singh (Kabita's Kitchen)

Most Creative Creator- Male

RJ Raunac (Bauaa)

Most Creative Creator- Female


Heritage Fashion Icon Award

Jahnvi Singh

Most Impactful Agri Creator

Lakshay Dabas

Tech Creator Award

Gaurav Chaudhary

Favorite Travel Creator

Kamiya Jani

International Creator award

Drew Hicks

Best Creator for Social Change

Jaya Kishori

Green Champion Award

Pankti Pandey

Best Nano Creator

Piyush Purohit

Best Micro Creator


Celebrity Creator of the Year

Aman Gupta

Topic: Miscellaneous

9. Sudha Murthy has been nominated to Rajya Sabha by President Murmu on Women's Day.

  • Sudha Murthy serves as the Chairman of the Murthy Trust and is also the author of several books.
  • Murthy is the wife of Infosys co-founder N R Narayana Murthy.
  • In 2006, she received the Padma Shri award and the Padma Bhushan award in 2023.
  • Murthy started her career as a computer scientist and engineer, becoming the first female engineer to be appointed to Tata Engineering and Locomotive Company (TELCO).
  • The President of India nominates twelve members to the Rajya Sabha for a six-year term in recognition of their contributions to the arts, literature, science, and social services.
  • According to the Fourth Schedule of the Constitution of India (Articles 4(1) and 80(2)) this power has been provided to the President.

Topic: Miscellaneous

10. India is now the world’s 2nd largest producer of mobile phones.

  • As per India Cellular and Electronics Association, the sector has changed from being 78% import-dependent in 2014 to 97% self-sufficiency.
  • Currently, imports account for just 3% of all mobile phones sold in India.
  • India’s mobile phone manufacturing is almost at 20 lakh crore rupees.
  • In ten years (2014-2024), India produced 2.45 billion mobile phones, against the target of 2.5 billion.


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