Tuesday, November 27, 2012


01.       Accounts are allowed to be operated by cheques in respect of current and savings accounts
02.       Interest is not paid in current accounts
03.       Mortgage is a security on immovable property for loan given by the bank
04.       Financial inclusion means provision of – financial services namely; payments, remittances, savings, loans and insurance at affordable cost to persons not yet given the same
05.       When a bank returns a cheque unpaid, it is called as – dishonor of the cheque
06.       Demat accounts are accounts in which the shares of various companies are traded in electronic form
07.       NEFT means – National Electronic Funds Transfer
08.       No upper limit has been prescribed for RTGS
09.       RTGS means – Real Time Gross Settlement
10.       Distribution of insurance products and insurance policies by banks as corporate agents is known as – bankassurance
11.       Interest on savings bank account is now calculated by the banks on daily product basis
12.       Government of India is the largest shareholder (in percentage shareholding) of a nationalized bank
13.       Banks in the country normally publicise  that additional interest rate is allowed in retail domestic term deposits held by– senior citizens   
14.       A centralized databases with online connectivity to branches, internet as well as ATM network which has been adopted by almost all major banks of the country is known as – core banking
15.       Commercial paper is not considered as the money market instrument
16.       With a view to facilitate payment of balance in the deposit account to the person named by the depositor without any hassles in the event of death of the account holder, the following facility was introduced for bank accounts in the country – Nomination
17.       ATM cards are issued to a person who maintains any of the following accounts namely – savings bank accounts and current accounts
18.       ATM is a computer which is dedicated to perform certain specific jobs only
19.       ATM is a user friendly machine and the customer does not require any training for using it
20.       ATM is totally menu driven which displays instructions to the customer step by step for operating the same
21.       A working croup on cheque truncation and E-cheques was constituted by RBI under the chairmanship of Dr. R.B. Barman and major recommendations of group include – the physical cheque will be truncated within the presenting bank; settlement will be generated on the basis of current MICR code line data and electronic images will be used for payment processing
22.       RTGS benefits the customer and the bank
23.       RTGS means a payment system in which – both processing and final settlement of funds transfer instructions can take place continuously
24.       RBI in regard to RTGS has decided that – RTGS would be accessible to all retail customers and there would be no floor ceiling for routing the transactions through RTGS and settlement of transactions. 
25.       State Bank of India is considered to be the first bank to launch a mutual fund
26.       In commercial paper the following parties can invest – individuals, banking companies and corporate bodies registered or incorporated in the county and unincorporated bodies, Non Resident Indians and foreign Institutional Investors.
27.       The commercial paper may be issued in multiples of Rs. 5 lakhs subject to the minimum size of an issue to a single investor being – Rs. 5 lakhs
28.       Commercial paper may be issued for period ranging from seven days to one year
29.       Commercial paper is essentially – unsecured money market instrument
30.       Social control was imposed on commercial banks effective from – 1st February, 1969
31.       Fourteen major Indian banks having deposits of more than Rs. 50 crores were nationalized on 19.07.1969
32.       With effect from 19.07.1969, the fourteen major Indian banks were nationalized by the Government of India under – the banking companies (acquisition and transfer of undertakings) act 1970
33.       Effective from 15.04.1980, six banks with demand and time liabilities exceeding Rs. 200 crores were nationalized
34.       In the wake of Narasimhan committee recommendations the banks which entered into the capital markets – State Bank of India, Oriental Bank of Commerce and Bank of India.
35.       In the wake of Narasimhan Committee recommendations, the financial sector reforms were implemented by the government of India
36.       Financial sector reforms aim towards introduction of capital adequacy norms, based upon capital to risk weighted asset ratios; prudential norms relating to classification of assets, income recognition and provisioning; setting up of a strong supervisory and surveillance mechanism for the banking system and financial sector through the Board for financial supervision in RBI
37.       According to Hilton Young Commission, the RBI act, 1934 was enacted
38.       The Banking Commission was appointed by the Government of India in January, 1969 under the chairmanship of R.G. Saraiya
39.       In order to study the functioning of Public Sector banks, James Raj Committee was appointed
40.       Kamath working group was appointed to study the problems arising out of the adoption of multi agency in agricultural banking
41.       The banking laws committee was headed by – P.V. Rajamannar
42.       The National Credit Council which symbolized the role of credit planning in development was set up in the year – 1968
43.       During the year-1966, RBI set up the All India Rural Credit Review Committee in order to – reassess the developments that have taken place in the field of rural credit since 1954, that is subsequent to submission of the report of the All India Rural Credit Survey Commission
44.       Talwar committee submitted its report in the year 1977
45.       Talwar committee was appointed by Government of India to – submit recommendations on customer service on banks
46.       In order to review the existing system of inspection of banks by RBI, Pendarkar working group was appointed
47.       Under the chairmanship of H.N. Sinor, the working group to examine various issues concerning the deposit rates including floating rate of interest on fixed deposits was constituted by RBI
48.       RBI had constituted the working group on flow of credit to SSI sector under the chairmainship of A.S. Ganguly
49.       The Joint stock banking system started in the late 18th century/early 19th century
50.       The Bank of Bengal got its charter in 1809

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