Professional Documents
Culture Documents
5495ibps Po Cracker by Ibt 94636 12090
5495ibps Po Cracker by Ibt 94636 12090
General Awareness
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Important Books:
A. Sivathanu Pillai : The path unexplored success mantra of BrahMos.
Barack Obama : Dream, Big dreams.
Chetan Bhagat :Half girlfriend.
Former CAG Vinod Rai : The Dairy of the Nations Conscience Keeper Not Just An Accountant
Gaiutra Bahadur : Coolie Woman.
Kapil Dev (cricketer) and Vivek Atray (IAS) : Dubey ji Bounces Back
ManMohans daughter Daman Singh : Strictly Personal: Manmohan and Gursharan.
Robert Kiyosaki : Writer of Rich Dad Poor Dad.
Saurav Mohapatra : Mumbai Confidential
Simar Malhotra,17-year-old : There is a Tide.
Tendulkar : Playing It My Way My Autobiography , co-authored by boria mazumdar
Wangari Maathai : Nobel winner Kenyan environmental activist. her autobiography- Unbowed: A Memoir
Vivek Kaul : Easy Money
Prime Minister Narendra Modi on 2nd Oct launched the nationwide Swachh Bharat Abhiyan that aims to clean up the
country in the next five years. He has also nominated nine people to carry forward the campaign. The Prime Minister has
tagged in his cleanliness challenge Goa governor Mridula Sinha, cricket legend Sachin Tendulkar, yoga teacher Baba
Ramdev, Congress lawmaker and former union minister Shashi Tharoor, actors Kamal Haasan, Priyanka Chopra
and Salman Khan, industrialist Anil Ambani and the team of popular TV serial Tarak Mehta Ka Oolta Chashma.By
2019, Gandhi's 150th birth anniversary, every city, town and village is to be 'clean', that is, they will have pucca toilets for
all, safe drinking water, waste disposal systems and cleans roads & lanes.The estimated cost is humungous - in all, Rs 1.96
lakh cr, of which Rs 1.34 lakh cr will be spent to build 11 cr pucca loos in villages and Rs 62,000 cr to build 5.1 lakh
community and public loos in urban areas.PM Narendra Modi appointed bollywood actor Aamir Khan as the Brand
Ambassador of the Swachh Bharat Mission
Asian Games Medal Tally:
Pos
Country
Gold
Silver
Bronze
Total
1
2
3
China
Korea
Japan
151
79
47
108
71
76
83
84
77
342
234
200
Kazakhstan
28
23
33
84
Iran
21
18
18
57
Thailand
12
28
47
North Korea
11
11
14
36
India
11
10
36
57
Chinese Taipei
10
18
23
51
10
Qatar
10
14
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The National Day of the People's Republic of China is celebrated every year on October 1
The Hyderabad Metro Rail took yet another step in promoting the Metro Rail, hitting the tracks next May, by launching its
Mascot Niz.
Rajasthan started the countrys first olive refinery and expressed hope that it would be able to fulfill the countrys demand of
olive oil in coming years under the brand name of Raj Olive Oil.
The 2014 SCO summit is the 13th annual summit of heads of state of the Shanghai Cooperation Organisation held between
11-12 September in Dushanbe, Tajikistan.
Thomas Kailath, a Pune educated Indian-American engineering professor at Stanford University, is one of the recipients of
the US National Medal of Science announced by President Barack Obama
Lal Bahadur Shastri : 2014 marks the 110th birth anniversary of Shastri. On 2 October 2014, India celebrated the birth
anniversaries of two of its greatest leaders and freedom fighters, Mahatma Gandhi and Lal Bahadur Shastri, on October.
The 65th International Astronautical Congress, is being held at the Metro Toronto Convention Centre.
Asian games Indias Medal Tally :
Sport
Gold
Silver Bronze
Total
Athletics
2
4
7
13
Kabaddi
2
0
0
2
Squash
1
2
1
4
Shooting
1
1
7
3
Tennis
1
1
3
5
Wrestling
1
1
3
5
Archery
1
1
2
4
Boxing
1
0
4
5
Hockey
1
0
1
2
Rowing
0
0
3
3
Wushu
0
0
2
2
Badminton
0
0
1
1
Sailing
0
0
1
1
Swimming
0
0
1
1
Total
11
10
36
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2014 Asian Games :
1ST Asian Games held in New Delhi in 1951. New Delhi also hosted in 1982.
The 2014 Asian Games, officially known as the XVII Asiad commenced from September 19 - October 4 in the port city of
Incheon, South Korea.
The opportunity to host the 17th edition of Asian Games, the largest multi-sporting event in Asia governed by Olympic
Council of Asia (OCA) was given to Incheon after defeating Delhi, India with 35 is to 13 votes in bidding.
Incheon with this notable achievement becomes the third city in South Korea to host the Asian Games after Seoul (1986)
and Busan (2002).
It marked it beginning from India after being lit at Dhyan Chand National Stadium in New Delhi, India on August 9, 2014,
marking the torch being lit outside the host country for the first time.
Motto is Diversity Shines Here
The theme of the 2014 Asian Games is Meet Asias Future.
The Mascot is the three seals, known as "Barame", "Chumuro" and "Vichuon", means wind, dance and light
in Korean language.
The Indian athletes trooped in after Iran with hockey skipper Sardar Singh leading out the smartly-dressed contingent.
2010 Games were held in Guanzhou ,2018 will be held in Indonesia.
The number of events in the Asian Games 2014 is 439 in 36 sports and disciplines.
The Samsung MVP Award was given to Japanese swimmer Kosuke Hagino, who won seven medals in the pool
Chinese diving team won all ten titles available. For the record, in four years, since diving was introduced in the Games in
1974, China have never lost an event.
Taekwondo sensation Sorn Seavmey won gold medal in women's under 73-kg class to end Cambodia's 44-year medal
drought.
The formal closing was done at the Incheon Asiad Main Stadium by Olympic Council of Asia president Sheikh Ahmad
Fahad Al-Sabah.
Hong Kong gymnast Shek Wai-Hung who made news for all the wrong reasons at London Olympics, won countries' firstever Asian Games gymnastics gold medal, by topping men's vault routine.
17-year-old South Korean shooter Kim Cheong-yong won two gold medals in shooting and he became the youngest to do
so.
Prime Minister of Korea, Jung Hong-won and President is Park Guen-Hye
India secured 11 gold medals, three fewer than what they collected in China four years ago, 10 silver (including the upgraded
one of Manju Bala in women's hammer) and 36 bronze for a total haul of 57.
Constituency
Winner
Party
Uttar Pradesh
Mainpuri
SP
Telangana
Medak
TRS
Gujarat
Vadodara
BJP
78) As many as 12 teams are taking part in the 2014 edition of the Champions League T20, which starts on 13 September. The
tournament is hosted by India.
79) World First Aid Day was observed on 13 September across the world. This day observed to raise awareness on how first aid
can save lives during crisis
80) After a gap of 18 years, BJP's student wing Akhil Bhartiya Vidyarthi Parishad on Saturday swept Delhi University
students' union elections, trouncing Congress' NSUI(National Student Union of India) to bag all four positions Mohit Nagar
was elected president of DUSU
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Gold
Silver
Bronze
Total
England
58
59
57
174
Australia
49
42
46
137
Canada
32
16
34
82
Scotland
19
15
19
53
India
15
30
19
64
doubles squash
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Railway Minister Sadananda Gowda presented the Rail Budget in the Parliament.
Railways also proposes to set up Food Courts at major stations. Feedback services through IVRS on quality of food Food can
be ordered through SMS, phone.
Spend 94 paisa of every rupee earned, leaving a surplus of only 6 paisa
4,000 women constables to be recruited to ensure safety of women. 17,000 RPF constables to provide safety to passengers.
Setting up of Railway University.
Ultrasonic Broken Rail Detection System (UBRD) to detect problem in track
Diamond Quadrilateral project of high speed trains to connect all major metros
Proposal to start Bullet trains in MumbaiAhmedabad route. A provision of Rs 100 crore (Rs 1 billion) has been made in the
Budget for high Speed project. Efforts will be made to increase speed of trains to 160-200km/h on select 9 sectors. The
identified sectors are: Delhi-Agra; Delhi-Chandigarh; Delhi-Kanpur; Nagpur-Bilaspur; Mysore-Bengaluru-Chennai; MumbaiGoa; Mumbai-Ahmedabad; Chennai-Hyderabad and Nagpur-Secunderabad
Paperless office of Indian railways in 5 years.
A special train featuring life and works of Swami Vivekananda
The Indian Railways proposes to introduce 58 new trains which includes five Jansadharan Trains, five Premium Trains, six
AC Express Trains, 27 Express Trains, eight Passenger Trains, two MEMU services and five DEMU services this year.
Next generation e-Ticketing system, capable of supporting 7200 tickets per minute as against 2000 tickets per minute and allow
1,20,000 simultaneous users at any point in time.
Railway Ministry will develop 10 major stations in the country to global standards. It will provide Wi-Fi in A-1 and A category
stations and in select trains.
The budget allocation for cleanliness at railway stations has been increased by 40%
Indian economy is likely to grow in the range of 5.4 to 5.9 per cent in 2014-15 overcoming the sub-5 per cent GDP growth of
past two years, says the Economic Survey. Fiscal deficit for 2013-14 contained at 4.5% of the GDP. Agriculture sector growth
rate 4.7% in the year 2013-14. : India ranked 12th in terms of services GDP among the worlds top 15 countries. Services
constitute a 57 percent share in GDP at factor cost in 2013-14. India ranks first in the world in productivity of grapes,
banana, cassava, peas, and papaya
Here are the highlights of Union Budget 2014 tabled by finance minister Arun Jaitley
Clean energy cess increased from Rs 50/ tonne to Rs 100/tonne
Additional 5% excise tax to be levied on aerated drinks with added sugar (cold drinks). Tobacco products also to get costly
as excise duty hiked to 72%
Government announces reduction in excise duty for specified food package industry from 10% to 6%.
Excise duty on footwear reduced from 12% to 6%
Fiscal deficit target retained at 4.1% of GDP for current fiscal and 3.6 for 2015-16 and 3% for 2016-17.
Rs. 7,060 crore for the project of developing 100 Smart Cities.
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Govt proposes to set up Center of Excellence in MP named after Lok Nayak Jai Prakash Narayan.
5 more IITs and 5 IIMs to be set up. Five new IITs in Jammu, Chhattisgarh, Goa, Andhra Prdaesh and Kerala. The five new
IIMs will be set up in Himachal Pradesh, Bihar, Punjab, Maharashtra and Odisha.
Propose to set up 4 more AIIMS; Rs. 500 crore set aside for this. Six new AIIMS started recently have become functional.
Four new AIIMS will be set up in Andhra Pradesh, West Bengal, Vidarbha and Purvanchal.
Govt proposes National Housing Banking programme; sets aside Rs 8000 crore for this program.
Crisis Management Center for women at Delhi; money to be provided from Nirbhaya fund.
Govt announces Beti Padhao, Beti Badhao Yojana; sets aside Rs 100 crore for this.
Govt committed to providing 24/7 power supply to all homes. Deen Dayal Upadhyay Gram Jyoti Yojna for electricity supply
to rural areas.
Rs 200 crore for 'Statue of Unity' of Sardar Vallabh Patel.
E-visas to be introduced at nine airports in India in phased manner.
Swachh Bharat Abhiyan to cover every household with sanitation facility by the year 2019
6 new Debt Recovery Tribunals.
Rs.100 cr set aside for metro scheme in Ahmedabad and Lucknow.
Assam and Jharkhand to get Centre of Excellence on farming.
Construction of long pending Renuka Dam(Delhi) to be taken up on priority
Protein Revolution to be started
Shyama Prasad Mukherji Rurban Mission for rural infrastructure.
Deen Dayal Upadhyaya Gram Jyoti Yojana for rural power supply.
Ajeevika, the provision of bank loan for women SHGs at 4 percent for another 100 districts.
Pradhan Mantri Krishi Sinchayee Yojna assured irrigation 1000 crore rupees
Price Stabilization Fund to be set up with an outlay of 500 crore rupees to mitigate the risk of Price volatility in the agriculture
produce.
One Rank One Pension to get 1000 crore rupees
FDI in insurance to be increased to 49%
FM announces FDI in defence up from 26 to 49 % with Indian management and control
Aim to achieve 7-8 per cent economic growth rate in next 3-4 years
New Governors Appointed
S. NO
State and U.T.
Chief Minister
Governor
1
Chhattisgarh
Dr. Raman Singh
Balramji Dass Tandon
2
Goa
Shri Manohar Parrikar
Mridula Sinha
3
Gujarat
Om Prakash Kohli
Anandiben Patel
4
Haryana
Shri Bhupinder Singh Hooda
Kaptan Singh Solanki
5
Karnataka
Shri K. Siddaramaiah
Vajubhai Rudabhai Vala
6
Maharashtra
Shri Prithviraj Chavan
Chennamaneni Vidyasagar Rao
7
Nagaland
T R Zeliang
Padmanabha Balakrishna Acharya
8
Rajasthan
Vasundhara Raje
Kalyan Singh
9
Uttar Pradesh Akhilesh Yadav
Ram Naik
10
West Bengal
Mamata Banerjee
Keshari Nath Tripathi
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Kerala
Oommen Chandy
P.Sathasivam(Former Chief Justice of India)
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Banking Awareness
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The Reserve Bank of India (RBI) on Friday set up a first of its kind permanent digital gallery here aimed at spreading
awareness on financial literacy in Chennai.
United Bank of India on 1 September 2014 declared debt-ridden Kingfisher Airlines and its owner Vijay Mallya as wilful
defaulters. Country's largest bank SBI today said it has also sent a notice to tag them as "wilful defaulters".A wilful default
occurs when either a borrower has not repaid when he can do so, or when sanctioned funds have been used for other purposes
or when the borrower disposes off the assets assured for availing of the loan without the banks knowledge. According to the
guidelines of Reserve Bank of India (RBI), once a wilful defaulter notice is issued, the borrower has 15 days to defend
himself in front of the bank. The wilful defaulter tag gives surety that the borrower and any firm on the board of which he is a
director will not get a loan from any financial institution in future.
The Reserve Bank of India (RBI) cancelled licences of five non-banking financial companies (NBFCs) on 2 September
2014. These NBFCs include Unichem Finance & Enterprises Pvt., Shimansu Vyaparik Kendra Ltd., Shree Bhagwati
Marketing Private Ltd. and Sureka Teknik Private Limited. All these NBFCs are based in Kolkatta.
The government has set-up a Committee to examine the un-claimed amount in PPF, Post Office and Savings Schemes. The
committee will examine and recommend how this amount can be used to protect and further financial interest of the senior
citizens. The seven member committee is being headed by the Deputy Governor H R Khan of Reserve Bank of India and will
submit its reports by 31st December this year.
The Reserve Bank of India on 9 September 2014 decided to fix the upper age limit at 70 years for Managing Directors (M.D)
and Chief Executive Officers (CEO) in private sector banks.As per the provisions of the Companies Act, 2013 under Section
196(3), it prescribed that no company shall appoint or continue the employment of any person as managing director, whole-time
director or manager who is below the age of 21 years or has attained the age of 70 years.
RBI closed six UCBs suspected of money laundering: (14 Sep.2014) -Cracking down on money laundering, the Reserve Bank
of India (RBI) has closed down six Urban Cooperative Banks (UCBs) which were suspected of being used to route illegal
money. The central bank has also asked state governments to take stern action against any other erring UCBs after reports
emerged that such entities were being used as conduits for money laundering.
India Signed agreement with World Bank for MSRPII project: India on 29 August 2014 signed loan agreement with World
Bank for Mizoram State Roads Project (MSRP II). As per the agreement, soft loan window of World Bank, International
Development Agency (IDA) will provide assistance of 107 million US dollars for the Project.The agreement was signed by
Nilaya Mitash, Joint Secretary (MI), Department of Economic Affairs and Onno Ruhl, Country Director, World Bank, India.
The objective of the project is to enhance transport connectivity along regional trade corridors in Mizoram.The project will
focus on improvement of priority cross-border roads connecting Myanmar and Bangladesh , as also on trade related
infrastructure.
State Bank of India (SBI) on Friday introduced personalized savings accounts for anyone below 18-year age SBI introduced
this products three months after the Reserve Bank issued guidelines allowing minors over 10 years to operate bank savings
accounts independently and use facilities such as ATMs and cheque books. 'Pehla Kadam and Pehli Udaan', two new
savings bank products for children, was launched by Arundhati Bhattacharya, Chairman, State Bank of India (SBI) and Vice
Admiral AR Karve, Chief of Staff at the Navy Children School, Mumbai . The features include internet banking with limited
transaction facilities like bill payment, opening of fixed deposit, recurring deposits, etc. with per day transaction limit of Rs
5,000, it said. Besides, such account holders can facility of mobile banking with limited transaction facilities like bill payment,
top-ups with per day transaction limit of Rs 2,000.
MINOR ACCOUNTS OPENED BY VARIOUS BANKS:
ICICI Bank has launched Smart Stars account
Axis Bank :Future Star Saving Account
Yes Bank :My First yes Account
Kotak Mahindra :My Junior Account
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State Bank of India (SBI) in tie-up with MasterCard on Monday launched its first multi-currency international debit card
to allow consumers to use a single card to pay in multiple currencies. To begin with, the prepaid debit card will enable
customers to load four currencies US dollar, euro, Great Britain pound and Singapore dollar. At present, the card can be
issued at an annual fee of Rs. 100 without any interchange fee to customers.
ICICI Bank, Indias largest private sector bank, announced its Cardless Cash Withdrawal service that allows its customers to
transfer money from their account to anyone in India with a mobile number, the bank said in a statement
Axis Bank, Indias third largest private sector bank, announced the launch of e-surveillance facility, a service that allows a
24x7, 365 days centrally monitored automated security of ATMs.
On September 1, the Reserve Bank of India (RBI) revised some of its rules governing instruments that qualify as bank capital
under Basel-III. The key change is the removal of certain limits on the amount of AT-1(additional Tier-1) that a bank can use
for calculating its Tier-1 capital, which effectively limited AT-1 issuance to 1.5 per cent of risk-weighted assets. The Reserve
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Bank of India has extended the timeline for full implementation of the Basel III capital regulations by a year to March 31,
2019.
SBIs total number of mobile banking users stood at 1.15 crore. ICICI Bank stood second with 19.5 lakh users and was
followed by Axis Bank (13.6 lakh), Yes Bank (4.3 lakh) and HDFC Bank (3.5 lakh).
Moodys, said the downside risks to the Indian economy had receded and prospects had brightened with growth rate
expected to accelerate to 5.2 per cent in 2014 and 6.5 per cent by the end of 2015.
List of FDI Limits in Various Sectors (In %)
Defence Raised to 49% from 26%
Power Exchanges 49%
Telecom 100%
Pension 49%
Insurance Raised to 49% from 26%
Print Media 26%
Civil Aviation 49%
Public Sec. Banks 20%
Private Sec. Banks 74%
Multi Brand Retail 51%
Single Brand Retail 100%
Tourism 100%
The Reserve Bank of India on 24 September 2014 released Gopalakrishna Committee report on Capacity Building in
banks and non-banks. The committee has recommended a 360-degree feedback for a transparent and comprehensive
performance assessment exercise, one that ensures adequate performance differentiation between employees. The key
recommendations of the Report include and pertain to:
Approach to capacity building in banks and non-banks
Enhancing Human Resources Management practices
Creation of position of Chief Learning Officer in banks and concept of return on learning
Strategies for addressing issues of replacement or replenishment of talent in banks
Process and steps for skill development
State Bank of India (SBI), the countrys largest lender announced that it has signed a Line of Credit (LoC) of 500 million
dollar with Export-Import Bank of Korea (Korea Eximbank).
The negative outlook for Indian Overseas Bank (IOB) and Syndicate Bank means a possible weakening in these banks asset
quality and capitalisation. The 11 banks whose rating outlooks were revised from negative to stable are ICICI Bank, HDFC
Bank, Axis Bank, Kotak Mahindra Bank, State Bank of India, Bank of India, IDBI Bank Ltd, Indian Bank, Union Bank of
India, IDFC and Kotak Mahindra Prime.
Foreign Investment in Banking Sector : Upto 49% via Automatic Route and 74% with Government Approval.
T M Bhasin was elected as Chairman of Indian Banks Association (IBA) on 20 August 2014. He will be the Chairman of IBA
for 2014-15.T M Bhasin is the chairman and managing director of Indian Bank. K R Kamath, who is the chairman and
managing director of Punjab National Bank, was the previous chairman of this Association
The CBI arrested six persons including chairman-cum-managing director of Syndicate Bank SK Jain for allegedly taking
bribe of Rs. 50 lakh for increasing credit limit of some companies in violation of banking rules.
The Reserve Bank of India (RBI) cancelled the licence of The Vasai Co-operative Urban Bank Ltd., Hyderabad
(Telangana)
Federal Bank has launched a woman-only car loan scheme called she car. The she-car scheme comes as a combo offer with
Federal Banks Mahila Mitra savings account, which offers an accident cover of 5 lakh. Federal Bank Limited is a major Indian
commercial bank in the private sector, headquartered at Aluva, Kochi, Kerala. It is the fourth largest bank in India in terms of
capital base
Corporation Bank will open 200 Corp Excel branches by the end of December 2015, according to S R Bansal, Chairman
and Managing Director of the bank. Corporation Bank is a public sector banking company headquartered in Mangalore, India.
The RBI, the central bank of India, is presently headed by a Governor and assisted by four deputy governors looking after
different functions of the bank. It now wants to create a post of COO(Chief Operating Officer) and re-allocate work among the
five. These 5 divisions would be Monetary Policy , Regulatory , Supervision , Financial Markets and Services(under COO).
SM Swathi was appointed as the Executive Director of the Bharatiya Mahila Bank.
Reserve Bank of India has cut the number of free transactions that savings bank customers can avail from other bank's
Automated Teller Machines (ATMs) from the present five to three a month. It has also allowed banks to charge customers
if they use their own bank ATM more than five times a month. New charges will apply for transactions done at ATMs
located in six metro centres, namely, Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad.The new norms will
come into effect from November 1, 2014
Prime Minister Narendra Modi today launched 'Pradhan Mantri Jan Dhan Yojana' to help the poor open bank accounts
which will come with the facility of a debit card and an insurance cover of Rs 1 lakh.The Union Cabinet has already cleared the
two-phase financial inclusion scheme under which bank accounts will be opened for 15 crore poor persons with an overdraft
facility of Rs 5,000 , minimum monthly renumeration of Rs 5,000 to business correspondents and accident insurance of Rs 1
lakh.
HDFC Bank has launched its secure banking in Kerala aimed at creating customer awareness about safe banking practices.
Reserve Bank of India's new deputy governor S S Mundra has been given charge of banking supervision, currency
management, financial stability and rural credit. The government on Thursday notified his appointment for a period of three
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years. Mundra was chairman of Bank of Baroda, the country's second large bank.Now, RBI has four deputy governors H R
Khan, Urijit Patel, R Gandhi and S S Mundra. Normally, an RBI deputy governor can be appointed for 5 years or till
the age of 62, whichever is earlier. To be eligible for the post, a candidate needs to be less than 60 years of age while
assuming charge.
ICICI Bank, the countrys largest private sector bank, has announced the launch of the ICICI Bank Student Travel Card,
which enables students going abroad for higher studies to take care of their expenses. The unique feature of the card is that it is
bundled with membership of the International Student Identity Card (ISIC). ISIC is the only internationally accepted proof of
full-time student status and offers 40,000 benefits and discounts at 120,000 merchant outlets across 130 countries.
The Reserve Bank of India on Wednesday said banks should make all new ATMs installed from July 1, 2014 as talking
ATMs with Braille keypads. In addition to the above, magnifying glasses should also be provided in all bank branches for the
use of persons with low vision, wherever they require for carrying out banking transactions with ease.
With the inclusion of BMB(Bhartiya Mahilla Bank), total number of scheduled commercial banks in India now stands at 90.
The inclusion of BMB in the second schedule of the RBI Act, 1934 means that now it will be eligible for loans from RBI on
bank rate and also acquired membership of clearing houses.
Bharatiya Mahila Bank has joined the National Financial Switch (NFS) ATM network as the 83rd member by issuing
RuPays chip-based debit cards. National Financial Switch (NFS) is the largest network of shared automated teller
machines (ATMs) in India.
a) It was designed, developed and deployed by the Institute for Development and Research in Banking Technology (IDRBT) in
2004, with the goal of inter-connecting the ATMs in the country and facilitating convenience banking for the average Indian. It
is run by the National Payments Corporation of India (NPCI). The first ATM in India was set up in 1987 by the The Hongkong
and Shanghai Banking Corporation in Mumbai.
Private sector IndusInd Bank has launched video-branch, claiming to be a first-of-its-kind service, enabling customers interact
with the staff of the bank through video conference facility
Reserve Bank of India (RBI) recently issued draft guidelines for two new categories of banks-Payment Banks and Small
Banks.
A Payment Bank will be able to take deposits, but cannot lend. It has to invest all the funds in government securities
A Small Bank on the other hand will be allowed to lend, but with restrictions on where they can operate. Further the lending
should be directed at farmers and small enterprises and half of the loans must have a ticket size of less than Rs 25 lakh
The apex bank has set the minimum capital requirement for both the banks at Rs 100 crore.
RBI projects 5.5 % GDP growth during current fiscal. Indian GDP growth for 1st Quarter , 2014 was 5.7%
The Reserve Bank of India (RBI) proposed to separate the post of Chairman and Managing Director (CMD) ofPublic Sector
Undertaking (PSU) banks.
A strong rupee has emboldened Reserve Bank of India to relax some of the foreign exchange related restrictions including the
individual overseas remittance limit of $75000 per year which has been hiked to $125000.
RBI Governor(23rd) : Raghuram Govind Rajan. He replaced D. Subarao. Term 3 years(till 2016). Has served as Chief
Economist of IMF and Chief Economic Advisor to Finance Minister.
RBI Monetary Policy Rates : RBI announced fourth Bi-Monthly Monetary Policy Statement 2014-15: Based on the assessment
of the current and evolving macroeconomic situation,the following changes has been taken:
Key Rates
5th July , 2014
30th Sept , 2014
9%
9%
Bank Rate
8%
8%
Repo Rate(Policy Rate)
7%
7%
Reverse Repo Rate
22%
SLR
22%
4%
4%
CRR
State Bank of India is organising The Banking and Economics Conclave 2014 in Mumbai.
New Banking licenses given this year :Bandhan Microfinance(West Bengal , CEO : Chandra Shekhar Ghosh)and
IDFC(Mumbai , CEO : Rajiv Lall).
Bharatiya Mahila Bank Ltd (BMB) and trade body Gujarat Chamber of Commerce and Industry (GCCI) will jointly
facilitate women entrepreneurs by addressing their finance requirements for technological up-gradation, marketing,
diversification in their businesses.
The Reserve Banks accounting year begins on July 1 and ends on June 30.
ICICI Bank has launched cobranded card with Delhi Metro Railway Corporation.
State Bank of India has launched seven digital branches across the nation, as part of its programme to offer next generation
banking solutions to the mobile and internet-savvy customer base. These branches are located in Mumbai, Bangalore,Chennai,
Kolkata and Ahmedabad, besides Delhi. Named as sbiINTOUCH, these branches will have digital banking capabilities.
Bank of Maharashtra was conferred Best Bank Public Sector award in BFSI Awards-2014.
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RuPay is Indias own card payment network just like Visa and Master Card and provides an alternative system for banks to
provide debit card service. RuPay is developed by National Payments Corporation of India (NPCI) a not-for-profit
company envisioned by the Reserve Bank and created by the banking industry. Within 18 months
The Reserve Bank of India (RBI) granted an additional nine months for the public to exchange currency notes printed before
2005, including Rs. 500 and Rs. 1,000 denominations, and set a deadline of January 1, 2015. As per the RBI, pre-2005 notes
can be identified easily as these notes do not have the year of printing mentioned on them.
Indian gold loan company, Muthoot Finance Ltd became the first and only Non-Banking Finance Company (NBFC) to
have obtained license for setting-up WLAs in India.
The other entities that are offering White label ATMs:
Prizm Payment Services, a unit of Hitachi of Japan set up its first White Label ATM Money Spot ATM in Maharashtra in
January, 2014;
Tata Communications Payment Solutions launched the Indias first ever network of white label ATMs called Indicash in
June 2013 in Maharashtra.
As per the Payment and Settlement Systems Act 2007, the non bank entities should have a minimum net worth of
Rs 100 crore & have to apply to RBI for seeking approval.
The Reserve Bank of India (RBI) has decided to utilize unclaimed bank deposits that are estimated at Rs. 3,650 crore
for education and awareness of depositors. The apex bank has announced the Depositor Education and Awareness Fund
Scheme, 2014 for this purpose.
The RBI has asked banks not to impose penalties on customers who dont maintain a minimum balance in any dormant
account as part of a consumer protection initiative
The RBI gave relief to borrowers as it directed banks not to levy any penalty on individual borrowers for pre-payment of
floating loans.
As per Reserve Bank of India (RBI) , Plastic currency notes will be launched in 2015 after field trial which is likely to be
conducted in the latter half of 2014. The pilot testing would be conducted in five cities- Kochi, Mysore, Jaipur,
Bhubaneswar and Shimla.
One billion plastic notes of Rs.10 denomination will be released in the field trial in these cities chosen for
their geographical and climatic diversity. Plastic currency notes have an average life span of about 5 years and are difficult
to counterfeit. Also, these notes are cleaner than paper notes.
The Government of India has accepted the report of Mayaram Committeethereby accepting the definitions of FII and FDI.
Some key points from Mayaram Committee Report:
a. Foreign investment of 10% or more in a listed company will now be treated as FDI.
b. An investor may be allowed to invest below 10% and this can be treated as FDI subject to the condition that the FDI stake is
raised to
c. 10% or beyond within one year from the date of the first purchase.
d. If the stake is not raised to 10% or above, then the investment can be treated as portfolio investment.
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SDR (Special Drawing Rights): SDR are new form of International reserve assets, created by the International Monetary Fund
in 1967. The value of SDR is based on the portfolio of widely used countries and they are maintained as accounting entries and
not as
NEFT (National Electronic Fund Transfer): NEFT enables funds transfer from one bank to another but works a bit differently
than RTGS. NEFT is slower than RTGS. The transfer is not direct and RBI acts as the service provider to transfer the money
from one account to another. You can transfer any amount through NEFT, even a rupee.
Minimum limit: No Minimum limit Maximum Limit: No maximum limit
RTGS (Real time gross settlement): RTGS system is funds transfer systems where transfer of money or securities takes place
from one bank to another on a "real time" and on "gross" basis. Settlement in "real time" means payment transaction is not
subjected to any waiting period. The transactions are settled as soon as they are processed.
Minimum & Maximum Limit of RTGS: 2 lakh and no upper limit.
CRAR(Capital to Risk Weighted Assets Ratio) or CAR(Capital Adequacy Ratio): Capital to risk weighted assets ratio is
arrived at by dividing the capital of the bank with aggregated risk weighted assets for credit risk, market risk and operational risk.
Non Performing Assets (NPA): An asset, including a leased asset, becomes non performing when it ceases to generate income
for the bank.The Duration of NPA declaration is of 90 days.
Participatory Notes or Pnotes: are derivative instruments, used by Foreign Institutional Investors (FIIs) who are NOT
registered with SEBI. PNotes, mostly used by overseas HNIs (High Net worth Individuals), hedge funds and other foreign
institutions, allow them to invest in Indian markets through registered Foreign Institutional Investors (FIIs), while saving on time
and costs associated with direct registrations. foreign institutions, allow them to invest in Indian markets through registered
Foreign Institutional Investors (FIIs), while saving on time and costs associated with direct registrations.
IFSC: IFSC code means Indian Financial System Code. RTGS and NEFT payment system of Reserve Bank of India (RBI) use
these codes. IFSC code consists of 11 Characters identified as under (Lets take an example of SBI, Madhapur Hyderabad):- First
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4 digits show the Identity of the bank. i.e. SBIN 5th digits in default as ZERO (for future use) i.e. 0 Last 6 Characters display the
Branch Identity. i.e. 004187 So IFSC Code is SBIN004187
MICR:MICR code means Magnetic Ink Character Recognition code which contains 9 digits, like 380002006 appearing at the
bottom of the cheque, following the cheque number. Each Bank Branch has a unique MICR code.
First 3 digits:-City PIN Code + Next 3 digits :Bank Code +Last 3 Digits-Branch Code
CTS (CHEQUE TRUNCATION SYSTEM) is basically an online image-based cheque clearing system where cheque images and
Magnetic Ink Character Recognition (MICR) data are captured at the collecting bank branch and transmitted electronically.
Truncation means, stopping the flow of the physical cheques issued by a drawer to the drawee branch.
Core Banking Solution (CBS) :-Core Banking Solution (CBS) is networking of branches, which enables Customers to operate
their accounts, and avail banking services from any branch of the Bank on CBS network, regardless of where he maintains his
account
Commercial Paper: Commercial Paper (CP) is an unsecured money market instrument issued in the form of a promissory note.
Corporate, primary dealers (PDs) and the AllIndia Financial Institutions (FIs) are eligible to issue CP. Maturity period: between
a minimum of 7 days and a maximum of up to one year from the date of issue. CP can be issued in denominations of Rs.5 lakh or
multiples thereof. Only a scheduled bank can act as an IPA (Issuing and Paying Agent) for issuance of CP.
Treasury Bills: Treasury bills (Tbills) offer shortterm investment opportunities. They are thus useful in managing shortterm
liquidity. At present, the Government of India issues three types of treasury bills through auctions, namely, 91day, 182day and
364day. There are no treasury bills issued by State Governments. Treasury bills are available for a minimum amount of
Rs.25,000 and in multiples of Rs. 25,000. Treasury bills are issued at a discount and are redeemed at par.
Certificates of Deposit (CD): Certificate of Deposit (CD) is a negotiable money market instrument and issued in dematerialised
form or as a Usance Promissory Note against funds deposited at a bank or other eligible financial institution for a specified time
period.
Note: CDs can be issued by (i) scheduled commercial banks{excluding Regional Rural Banks and Local Area Banks}; and (ii)
select AllIndia Financial Institutions (FIs) that have been permitted by RBI Minimum amount of a CD should be Rs.1 lakh, and
in multiples of Rs. 1 lakh thereafter. The maturity period of CDs issued by banks should not be less than 7 days and not more
than one year, from the date of issue.
Participatory Notes or Pnotes: are derivative instruments, used by Foreign Institutional Investors (FIIs) who are NOT
registered with SEBI. PNotes, mostly used by overseas HNIs (High Net worth Individuals), hedge funds and other foreign
institutions, allow them to invest in Indian markets through registered Foreign Institutional Investors (FIIs), while saving on time
and costs associated with direct registrations.
Bank Rate: The interest rate at which at central bank lends money to commercial banks. Often these loans are very short in
duration. Managing the bank rate is a preferred method by which central banks can regulate the level of economic activity. Lower
bank rates can help to expand the economy, when unemployment is high, by lowering the cost of funds for borrowers.
Conversely, higher bank rates help to reign in the economy, when inflation is higher than desired.
Repo Rate: Whenever the banks have any shortage of funds they can borrow it form RBI. Repo rate is the rate at which
commercial banks borrows rupees from RBI. A reduction in the repo rate will help banks to get money at cheaper rate. When the
repo rate increases borrowing form RBI becomes more expensive.
Reverse Repo Rate: Reverse Repo rate is the rate at which RBI borrows money from commercial banks. Banks are always
happy to lend money to RBI since their money is in the safe hands with a good interest. An increase in reverse repo rate can
cause the banks to transfer more funds to RBI due to this attractive interest rates. One factor which encourages an organisation to
enter into reverse repo is that it earns some extra income on its otherwise idle cash.
CRR (Cash Reverse Ratio): CRR is the amount of funds that the banks have to keep with RBI. If RBI increases CRR, the
available amount with the banks comes down. RBI is using this method (increase of CRR), to drain out the excessive money
from the banks.
SLR (Statutory Liquidity Ratio): SLR is the amount a commercial banks needs to maintain in the form of cash, or gold, or
govt. approved securities (Bonds) before providing credit to its customers. SLR rate is determined and maintained by RBI in
order to control the expansion of the bank credit.
Marginal Standing Facility (MSF): MSF rate is the rate at which banks borrow funds overnight from the Reserve Bank of India
against approved government securities
NOSTRO Account: A Nostro account is maintained by an Indian Bank in the foreign countries.
VOSTRO Account: A Vostro account is maintained by a foreign bank in India with their corresponding bank.
Call Money: Call Money is the borrowing or lending of funds for 1day.
Notice Money: Money borrowed or lend for period between 2 days and 14 days it is known as Notice Money
Term Money: Term Money refers to borrowing/lending of funds for period exceeding 14 days
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