Professional Documents
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Banking Awareness: What Are The Reasons That Lead To Nationalisation of Banks ?
Banking Awareness: What Are The Reasons That Lead To Nationalisation of Banks ?
OLTAS: Online tax accounting system is introduced to enable the customers to pay all
their taxes in Bank itself, instead of going to the concerned departments like, Income Tax,
Central Excise, Sales Tax etc. On the other hand this is an extra service and extra income to
the banks. This type of income is called non-interesst income. Banks will earn around Rs 45/per transaction from the concerned departments.
SMART CARDS:A smart card, chip card, or integrated circuit card (ICC), is in any pocket-sized card
with embedded integrated circuits which can process data. This implies that it can receive
input which is processed by way of the ICC applications and delivered as an output. There
are two broad categories of ICCs. Memory cards contain only non-volatile memory storage
components, and perhaps some specific security logic. Microprocessor cards contain volatile
memory and microprocessor components. The card is made of plastic, generally PVC. The
card may embed a hologram to avoid counterfeiting. Using smartcards also is a form of
strong security authentication for single sign-on within large companies and organizations.
IRDA: A statutory body called the Insurance Regulatory Authority set up in 1996.
Renamed as Insurance Regulatory and Development Authority with the passage of IRDA
Act, 1999. Mr J Harinarayan is the present Chairman. The headquarters of IRDA is at
Hyderabad
The major objectives of the IRDA Act are:
Protect the policy holders / investors interest, Promote orderly growth of insurance industry
Registration of insurance companies
Administer the provisions of Insurance Acts, Devise control activities for functioning of
insurance companies, Lay down the accounting methodology, Adjudicate disputes
The minimum paid up equity capital for life or general insurance business is Rs.100 crores.
The minimum paid up equity capital for carrying on reinsurance business has been prescribed
as Rs.200 crores.
Practice Bits
01. Which of the following are the essential characteristics of Money?
A. Durability
B. Portability
C. Divisibility
D. IDBI
B.Credit Cards
C. ATM Cards
D. Smart Cards
04. Some of the institutions covered under all India DFIs are:
A Industrial Finance Corporation of India (IFCI)
B Industrial Development Bank of India (IDBI)
C Industrial Credit and Investment Corporation of India (ICICI)
D Industrial Investment Bank of India (IIBI)
E All the above
05. OLTAS stands for
A. Online Tax Assessment System
B. Credit Cards
D. Internet Banking
C. Smart Cards
07. ___________has been set up for exchange of credit information among its members:
A. DICGC
B. ECGC
C. CIBIL
D. EXIM BANK
E. RBI
B. Government of India
D. ICRISAT
B. IRDA
C. AMFI
D. SEBI
B. To State Government
C. Of Foreign Currency
15. Name the scheme in Mutual Funds which is askin to recurring deposits?
A. Systematic Invetment Plan
16. Name the payment system where payment instructions are processed on a
continuous basis:
A. Protocol Conversion Device
B. RTGS
C. ECS
D. ATM
B. Quicker services
D. Global access
C. Convenience of banking
18. Which of the following organisations/agencies works solely to monitor and arrange
flow of agriculture credit in India?
A. NABARD
B. RBI
C. SIDBI
D. SEBI
B. Demand Draft
D. Mortgage
C. Bond
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