Sunday, December 16, 2012


01. When a company wants to open an account with a bank, they have to produce the following namely; memorandum of association, articles of association, certificate of incorporation, board resolution and certificate of commencement of business
02. Banks are subjected to the following risks namely; credit risk, liquidity risk, operations risk and market risk
03. Account to KYC guidelines, customers are classified into low risk customers, medium risk customers and high risk customers
04. Low risk clients are – salaried customers, government departments, government owned companies, regulatory and statutory bodies
05. Medium risk clients are – High networth individuals, Non resident individuals, blind people and pardaneshin women
06. High risk clients are – trusts, charities, NGOs receiving donations, sleeping partners, persons who are covered under foreign contribution act, politically exposed persons of foreign origin, non face to face customers, high net worth NRI clients and bullion dealers and jewelers
07. Agriculture advances can be classified into direct agriculture and indirect agriculture
08. The following are considered to be the direct agriculture activities namely; finance to individual farmers, self help groups and joint liability groups who avail loan for agricultural purpose, crop production, investment loans, pre harvest and post harvest activity related loans
09. Indirect finance comprises of 2/3 rd loans to corporate, partnership firms, agro clinics and agribusiness centre, credit to fertilizers and pesticide and seed dealers, drip irrigation activitities and sprinkler activities
10. Priority sector loans consist of retail trade, small business, professional and self employed, agriculture, small scale industries, self help groups, DRI loans, SC/ST beneficiaries
11. The following are considered to be weaker sections as per RBI guidelines – small business, marginal farmers, artisans/village and cottage industries for whom loans were granted upto Rs. 50000; SGSY beneficiaries, SC/ST beneficiaries, DIR, SJSRY beneficiaries, self help groups and minority community beneficiaries
12. In the case of deposits, father and mother are called as natural guardians
13. Savings bank account is termed as mother of deposits
14. The following security provisions are available in a currency note namely; security thread, latest image, micro letterings, identification mark, intaglio printing, flurescence, optically variable ink
15. The different categories of cooperative banks in the country are – primary agricultureal credit societies, district central cooperative banks, state cooperative banks or apex banks, land development banks, SCARDB and primary urban cooperative banks
16. The rights of customers are – right to line, right to set off, right to appropriation, right to charge interest, commission and service charges
17. Lien is classified into particular lien and general lien
18. Different types of NBFC companies are – equipment leasing, hire purchase company, loan company, asset finance company, residuary non banking company, mutual benefit financial company, mutual benefit company and miscellansous non banking company
19. The following private insurance companies are available in the country namely; HDFC standard life insurance co limited, MAX New York Life Insurance Co. Limited, ING Vysya Life Insurance Co Private Limited, ICICI prudential life insurance co limited, Kotak Mahindra life insurance co limited, Iffko Tokyo General Insurance co limited, Metlife India Insurance co limited, SBI life insurance co limited.
20. The specific principles of insurance business are – utmost good faith, insurable interest, indemnity, proximate cause and subrogation
21. The various products of Life Insurance corporation of India are – Term Insurance, whole life, endowment plans, money back, children’s assurance plan and unit linked insurance plan
22. PMAC – Primary market advisory committee
23. SMAC – Secondary Market advisory committee
24. SCODA – SEBI committee on disclosures and accounting standards
25. TDICI – Technology development and Information company of India Limited
26. CFC – Credit capital finance corporation
27. VCF – venture capital fund
28. GVCFL – Gujarat venture finance company limited
29. GIIC – Gujarat Industrial Investment Corporation Limited
30. RCTFC – Risk capital and technology finance corporation Limited
31. RNBC – Residuary non banking company
32. MBC – Mutual benefit company
33. MNBC – miscellaneous non banking company
34. ARWIND – Assistance to rural women in non farm development
35. NABCONS – NABARD consultancy services
36. STCC – short term rural cooperative society
37. FSDC – financial stability and development council
38. PCR – Partial rupee convertibility
39. CAC – Capital account convertibility
40. GST – goods and services tax has been replaced by VAT
41. Investor protection fund was established by BSE
42. FRBM – Fiscal responsibility and budget management
43. Yuan is the currency of China
44. Credit cards and debit cards are called as plastic money
45. IFRS – International finance reporting standards
46. The different types of credit are cash credit, micro credit, simple overdraft, no frill loans and rural credit
47. IPR – Intellectual property rights
48. State Bank of Indore was merged with State Bank of India
49. Banking services fall under service sector
50. Laxmi commercial Bank merged with Canara Bank

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