PFRDA Unveils RIS Steady and Flexible Drawdown Options to Manage Post-Retirement Cashflows

1. Consider the following statements regarding the Reserve Bank of India's new governance norms for co-operative bank directors: 1. A mandatory cooling-off period of three years is applicable only to Urban Co-operative Banks (UCBs). 2. The maximum continuous tenure limit for co-operative bank directors has been extended from 8 years to 10 years. 3. During the cooling-off period, directors can still serve as regular consultants or advisory members of the same bank. Which of the statements given above is/are correct?

Explanation: Statement 1 is incorrect because the norms apply to Urban, Rural, State, and Central Co-operative banks. Statement 3 is incorrect because during the cooling-off period, the individual cannot be associated with the same bank in any capacity except as a regular member or customer. Statement 2 is correct as the Banking Regulation (Amendment) Act, 2025 increased the maximum continuous tenure limit from 8 to 10 years.

2. Who is the head of the 8-member expert committee 'Q-SAFE' constituted by the Reserve Bank of India to assess quantum technology risks in banking?

Explanation: The 8-member expert committee named Q-SAFE is led by Prof. Anil Prabhakar from the Indian Institute of Technology Madras, who acts as the Convener of the committee.

3. Under the newly launched Micro Credit Card Scheme for MSMEs, what is the maximum credit limit and the associated guarantee coverage available for Udyam-registered micro enterprises?

Explanation: The Micro Credit Card Scheme allows Udyam-registered micro enterprises to access credit up to Rs 5 lakh with a 75% guarantee coverage and no mandatory primary security requirement.

4. What is the name of India's first 300-km Universal Rocket Launching System flagged off by Defence Minister Rajnath Singh in May 2026?

Explanation: Defence Minister Rajnath Singh flagged off India's first 300-km Universal Rocket Launching System called 'Suryastra', which was successfully tested at the Integrated Test Range in Odisha.

5. Which of the following schemes were merged to form the Pradhan Mantri Anusuchit Jaati Abhyuday Yojana (PM-AJAY)? 1. Pradhan Mantri Adarsh Gram Yojana 2. Special Central Assistance to Scheduled Castes Sub Plan 3. Babu Jagjivan Ram Chhatrawas Yojana 4. Rashtriya Garib Kalyan Yojana

Explanation: PM-AJAY is a consolidated scheme created by merging three earlier schemes: 1) Pradhan Mantri Adarsh Gram Yojana, 2) Special Central Assistance to Scheduled Castes Sub Plan, and 3) Babu Jagjivan Ram Chhatrawas Yojana.