Short Tricks to Remember Headquarters of Bank

A. यदि किसी बैंक के नाम में " Bank of India " आता है तो उसका मुख्यालय मुंबई होगा

1. BANK OF INDIA ==> MUMBAI

2. Central BANK OF INDIA ==> MUMBAI

3. Industrial Development BANK OF INDIA ==> MUMBAI

4. State BANK OF INDIA ==> MUMBAI

5. Union BANK OF INDIA ==> MUMBAI

6. Reserve BANK OF INDIA ==> MUMBAI

7. Securities and Exchange BOARD OF INDIA ==> MUMBAI

8. Dena Bank - ==> MUMBAI (देना बैंक को छोड़ कर)

Read more »

Banking Awareness Weekly Dose (4th Week) May 2015

1) India’s largest commercial bank SBI on 21 May 2015 signed an MoU with which leading international digital payments company to facilitate cross-border transactions? – PayPal

2) Country’s largest private bank – ICICI Bank on 25 May 2015 launched which new password service for its customers? – Voice Password Service

3) Which private-sector bank on 31 May 2015 announced that it will discontinue issuing slips after cash withdrawals at ATMs and will alert the customer through SMSes? – HDFC Bank

4) The US Department of Justice on 20 May 2015 imposed record $5.7bn fine on 5 banks for rigging foreign exchange markets. Which five banks are involved in this case? – Barclays, Royal Bank of Scotland (RBS), UBS, Citigroup and JP Morgan

5) Bank unions and the Indian Banks’ Association (IBA) on 25 May 2015 signed a wage revision agreement, which will benefit 1 million bank employees, including some from foreign and private banks. How much increase in bank employees’ salary and allowances has been agreed to in this agreement? – 15%

6) Which major European country slipped into deflation recently as disclosed by the government on 19 May 2015? – Britain

7) On 26 May 2015 who was appointed as the head of the newly constituted committee that will give recommendations to recast the model of the so-called public-private-partnership (PPP) model in India? – Vijay Kelkar

8) The State Bank of India (SBI) on 20 May 2015 signed a Memorandum of Understanding (MoU) with which e-commerce entity to develop payment and commerce solutions for customers and small businesses? – Amazon

9) State Bank of India (SBI), on 22 May 2015 reported a better-than-expected 23% increase in quarterly profit for fourth quarter ended March 2015. What was the total net profit during the quarter? – Rs. 3742 crore ($589.11 million)

10) Which Indian stock exchange on 18 May 2015 announced the introduction of the first-of-its-kind Overnight Liquid Fund product which will provide the facility to invest even for a single night in liquid funds? – BSE

Read more »

Banking Awareness Quiz For Upcoming Exam

Q. : 1   The Reserve Bank of India (RBI) on 1 Mar approved the merger of Kotak Mahindra Bank and ING Vysya Bank. The acquisition will make Kotak Mahindra Bank the ________largest private sector lender in the country with about 1,200 branches.

1) second

2) third

3) fourth

4) fifth

5) None of these

Q. : 2   Which of the following statements is NOT correct with respect to Sukanya Samriddhi Account Scheme, a scheme to promote savings for girl child?

1) Accounts in name of girl child can be opened in banks and post offices.

2) Half of the fund can be withdrawn for girl’s higher education and marriage after the girl attains 18 years of age.

3) An account can be opened in the name of a girl child of up to 10-year-old.

4) The scheme would mature on completion of 25 years from the date of opening of the account.

5) Deposits can be made till completion of 14 years of the girl.

Q. : 3   As announced by the Finance Ministry, the investments in Sukanya Samriddhi Account, the special deposit scheme for girl child, will earn interest rate of _________for 2015-16.

1) 9.2 per cent

2) 8.7 per cent

3) 9 per cent

4) 8.3 per cent

5) 10.2 per cent

Q. : 4   The investments in Public Provident Fund will earn interest rate of ___________ for 2015-16 as announced by the Finance Ministry.

1) 9 per cent

2) 8.7 per cent

3) 9.2 per cent

4) 8.3 per cent

5) 10.2 per cent

Q. : 5   The Reserve Bank of India turned 80 recently. It started its operations as a shareholders' bank in 1935 on

1) 30 Mar

2) 31 Mar

3) 1 Apr

4) 2 Apr

5) 1 May

Q. : 6   Who among the following was appointed the first governor of the Reserve Bank of India (RBI)?

1) Sukumar Sen

2) RK Shanmukham Chetty

3) CD Deshmukh

4) Osborne Smith

5) Benegal Rama Rau

Q. : 7   The govt on 1 Mar unveiled its Foreign Trade Policy (FTP) for 2015-2020, seeking to strengthen merchandise and services exports with a targeted value of ________by 2020.

1) USD 500 bn

2) USD 600 bn

3) USD 700 bn

4) USD 900 bn

5) None of these

Q. : 8   Which of the following is NOT a commercial bank operating in India as of now?

1) Federal Bank

2) Royal Bank of Scotland

3) Catholic Syrian Bank

4) South Indian Bank

5) None of these

Q. : 9   Who among the following has been crowned the Femina Miss India 2015?

1) Vartika Singh

2) Deeksha Kaushal

3) Tanya Hope

4) Afreen Racheal Vaz

5) Aditi Arya

Q. : 10   In the term NBFC, letter ‘F’ denotes

1) Financial

2) Facilitating

3) Forwarding

4) Factoring

5) Funding

Answer:- 

1. (3) fourth
   
2. (4) The scheme would mature on completion of 25 years from the date of opening of the account.
3. (1) 9.2 per cent
4. (2) 8.7 per cent
5. (3) 1 Apr
6. (4) Osborne Smith
7. (4) USD 900 bn
8. (5) None of these
9. (5) Aditi Arya
10. (1) Financial

Read more »

Banking Awareness Quiz For Upcoming Exam 2015

1).Who among the following is the responsible person to decide the quantity of the coins to be minted?

a) The Government of India

b) SEBI

c) RBI

d) None of these

2).Which of the following methods is currently used in India to issue note?

a) Percentage Reserve System

b) Fixed Fiduciary System

c) Minimum Reserve System

d) Roportional Reserve System

3).Under Bretton Woods System, as a member of IMF, India declared its par value of rupee in terms of______.

a) Australian Dollar

b) American Dollar

c) British Pound

d) Gold

4).From 25th September 1975, Rupee was de-linked from pound sterling and was linked to________.

a) US Dollar

b) Basket of Currencies

c) Gold

d) Dinar

5).On 1st March, 1992, Reserve Bank of India announced a new system of exchange rates known as_______.

a) Partial Convertibility

b) Liberalized Exchange rate system

c) Both a) and b)

d) None of these

6).In India, Fixed Fiduciary System of note issue was in force from________.

a) 1947 to 1954

b) 1890 to 1950

c) 1920 to 1947

d) 1816 to 1920

7).Which among the following statements is correct about soiled/mutilated note?

a) Banks are expected to offer this service even to non-customers

b) The RBI has also authorized all commercial bank branches to treat certain notes in ‘two pieces’ as soiled notes and pay exchange value

c) All banks are authorized to accept soiled notes across their countries and pay exchange value
d) All of the above

8).Among the following which were the first rulers in India to issue coins which can be definitely attributed to the kings?

a) Indo-Greeks

b) Kushans

c) Shakas

d) Parthians

9).The decimal system of note and coin issue was started in India in______-.

a) 1950

b) 1947

c) 1957

d) 1960

10).Under which section of the Reserve Bank of India Act, the RBI has the sole right of note issue?

a) 32

b) 28

c) 26

d) 22

Answer:-

Q. 1 (a)	Q. 2 (c)	Q. 3 (d)	Q. 4 (b)	Q. 5 (c)
Q. 6 (d)	Q. 7 (d)	Q. 8 (a)	Q. 9 (c)	Q. 10 (d)

Read more »

Latest Abbreviation 2015

MUDRA - Micro Units Development and Refinance Agency

NITI – National Institution for Transforming India

PRAGATI – Pro-Active Governance and Timely Implementation

PaHaL – Pratyaksha Hastaantarit Laabh

HRIDAY – Heritage Development and Augmentation Yojana

EEU – Eurasian Economic Union

NSM – National Supercomputing Mission

AMRUT – Atal Mission for Rejuvenation and Urban Transformation

MRT – Mitochondrial Replacement Therapy

BOSS – Bharat Operating System Solutions

NMET – National Mineral Exploration Trust

UPI – Unified Payment Interface

TLCs – Tech Learning Centres

JAM – Jan Dhan, Aadhar and Mobile

PSF – Price Stabilization Fund

POTUS – President of the United States

Ind AS – Indian Accounting Standards

AVAM – AAP Volunteer Action Manch

NERPAP – National Electoral Roll Purification and Authentication Programme

IRNSS – Indian Regional Navigation Satellite System

Read more »

Banking Awareness - April 2015

1) Anjan Lahiri named new CEO of Birlasoft:  Former Sasken chief executive and Mindtree co-founder Anjan Lahiri has been appointed chief executive of BirlaSoft, the information-technology arm of the CK Birla Group.

2) Tata Teleservices to drop DoCoMo from its telecom brand Tata Docomo: Tata Teleservices has decided to drop the brand DoCoMo from its telecom brand Tata Docomo months before its agreement with Japanese mobile phone operator NTT DoCoMo to use the brand ends. In June 2014, Tata and NTT DoCo-Mo reached an understanding under which Tata Teleservices was allowed to use the Tata Docomo brand name for at least a year. As part of the understanding, NTT DoCoMo agreed to let Tata use the brand name in lieu of a "marginal royalty".

3) New income tax forms put on hold: The new income tax return forms, requiring stringent disclosures, are on the hold for now. The tax authorities have made several additions to the income tax return forms for the assessment year 2015-16 seeking details about foreign assets and income from any source outside the country, and details of all bank accounts held in India at any time during the previous year.

4) IAS, IPS officers need government approval before accepting gifts of over Rs 5,000: IAS and IPS officers will now need to take prior permission from the Union government before accepting gifts, including free transportation, boarding and lodging, worth more than Rs 5,000.

5) Elector's Photo Identity Card(EPIC) or  Aadhaar enough to get PAN card: An EPIC or Aadhaar document will now be enough for any individual to obtain PAN card as the Income Tax Department has relaxed the cumbersome procedure of having multiple documents to prove one's own identity. 

6) ICICI launched near-field communications-enabled payment service 'Tap-n-Pay': Largest private sector lender ICICI Bank in collaboration with Tech Mahindra launched a payment service 'Tap-n-Pay' based on the near-field communications (NFC) technology, enabling customers make over-the-counter payments without using cash. It can be used for merchant payments by merely tapping a NFC-enabled mobile phone or a tag on the counter.

7) Federal Bank offers health insurance of Rs 1 lakh for new accounts:  South-based lender Federal Bank announced it will be offering a health insurance of Rs 1 lakh for all new savings accounts under a tie-up with Max Bupa.

8) BHEL commissioned 250-mw thermal power plant in Gujarat: State-owned power equipment maker BHEL has commissioned a 250-mw coal-based thermal power plant in Gujarat.

9) Government introduced bill to raise investment limits for MSME units: Government on 20 April 2015 introduced a bill in the Lok Sabha to enhance the investment limits for micro, small and medium enterprises and also made a provision for enhancing it further through a notification. The investment limits in plant and machinery for the micro enterprises is proposed to be raised to Rs 50 lakh, of small enterprise to Rs 10 crore and medium enterprise to Rs 30 crore. The existing limit are Rs 25 lakh, Rs 5 and Rs 10 crore respectively.

10) Airtel-Vodafone JV deployed Wi-Fi network in Supreme Court premises: FireFly Networks, an equal joint venture between Vodafone India and Bharti Airtel, has equipped the Supreme Court of India with a 24x7 Wi-Fi network with services currently being provided by the local unit of the British telecom major.

Read more »

Banking Awareness Quiz SBI PO Mains 2015

Q. : 1   Which of the following is NOT a KYC requirement while opening a bank account?
1) A proof of identity
2) A proof of address
3) A proof of income 
4) A recent photograph
5) None of these 

Q. : 2   Even if you do not have any of the documents listed by the govt to show your ‘proof of identity’, you can open a bank account with a bank named
1) Micro account 
2) BSBDA
3) No frills account 
4) Small account
5) None of these 

Q. : 3   An Individual can have what number of ‘Basic Savings Bank Deposit Account’ in one bank?
1) Only one 
2) Only two
3) Only three 
4) Only four
5) Any number of BSBDA accounts 

Q. : 4   Which of the following institutions issues a 3-digit number ranging from 300-900 which reflects the credit profile of individuals?
1) CARE 
2) CRISIL
3) CIBIL 
4) CAMELS
5) None of these 

Q. : 5   What is the term used for a deposit with a bank that locks up money for a certain period but also provides an option of premature withdrawal which may attract a penalty?
1) Savings bank deposit 
2) Term deposit
3) Recurring deposit 
4) Current deposit
5) None of these 

Q. : 6   Which of the following is a secure messaging standard developed to serve as a platform for intra-bank and inter-bank applications and is an Indian standard similar to SWIFT?
1) SFMS 
2) NEFT
3) NPCI 
4) RTGS
5) CFMS 

Q. : 7   Which of the following is NOT a retail banking product?
1) Fixed deposit account 
2) Working capital finance
3) Personal loan 
4) Housing loan
5) Educational loan 

Q. : 8   Which of the following is NOT a money market instrument?
1) Repurchase agreement 
2) Commercial Paper
3) Debentures 
4) Treasury bills
5) Certificates of deposit 

Q. : 9   The soon to be set up proposed Micro Units Development Refinance Agency (Mudra) Bank will be first set up as a subsidiary of the
1) NABARD 
2) SBI
3) EXIM bank 
4) SIDBI
5) Other than those given as options 

Q. : 10   Out of 27 Public Sector Banks (PSBs), Govt of India controls 22 banks through majority holding and which of the following state-run entities holds majority stake in the remaining 5 banks?
1) LIC 
2) SIDBI
3) NABARD 
4) SBI
5) Other than those given as options 

Answer:-

1. (3) A proof of income
2. (4) Small account
3. (1) Only one
4. (3) CIBIL
5. (2) Term deposit
6. (1) SFMS
7. (2) Working capital finance
8. (3) Debentures
9. (4) SIDBI
10. (4) SBI
    
    
    

Read more »

Definition of Micro Finance Institution (MFI)

A type of banking service that is provided to unemployed or low-income individuals or groups who would have no other means of gaining financial services. Ultimately, the goal of microfinance is to give low income people an opportunity to become self-sufficient by providing a means of saving money, borrowing money and insurance.

One element of that is the opening of bank accounts under the Prime Minister’s Jan Dhan Yojana is being steered by the RBI, while the MFIs will be controlled by the MUDRA Bank under the finance ministry. Prime Minister Narendra Modi is scheduled to launch the proposed agency with a corpus of Rs 20,000 crore on April 8.

Micro Finance Institution (MFI) was created along with a regulatory framework governing the same. The Bank has been receiving representations from NBFCs that are primarily into micro financing, conveying difficulties in complying with the framework. 

Although most modern microfinance institutions operate in developing countries, the rate of payment default for loans is surprisingly low - more than 90% of loans are repaid. 

Like conventional banking operations, microfinance institutions must charge their lenders interests on loans. While these interest rates are generally lower than those offered by normal banks, some opponents of this concept condemn microfinance operations for making profits off of the poor.

The World Bank estimates that there are more than 500 million people who have directly or indirectly benefited from microfinance-related operations. 

Microfinance sector has grown rapidly over the past few decades. Nobel Laureate Muhammad Yunus is credited with laying the foundation of the modern MFIs with establishment of Grameen Bank, Bangladesh in 1976. Today it has evolved into a vibrant industry exhibiting a variety of business models. Microfinance Institutions (MFIs) in India exist as NGOs (registered as societies or trusts), Section 25 companies and Non-Banking Financial Companies (NBFCs). Commercial Banks, Regional Rural Banks (RRBs), cooperative societies and other large lenders have played an important role in providing refinance facility to MFIs. Banks have also leveraged the Self-Help Group (SHGs) channel to provide direct credit to group borrowers.

Read more »

New Recruitment Structure of SBI - Coming Soon

State Bank of India is ready to witness some major changes in its recruitment structure in near future.

As per SBI Chairman Arundhati Bhattacharya, the number of recruitment at the entry level will be based on the number of retirement in that particular year. She announced that the bank would make a schedule, so that everybody knows when the examinations will take place in the SBI group and for which kind of hiring.

In concern to hiring of spurts, Bhattacharya said that the bank will not hire spurts anymore as it was found inefficient. From now on the steady stream of people entering the organization will be easy to deal with as they can be properly trained and can work on board.

Campus recruitment is also on the cards of the Bank and the Bank is working on to get a bypass on 2013 court ruling banning state run banks from campus recruitment at India's elite universities. Bhattacharya was quoted saying that, "We've flagged to the government that at least a portion of our recruitment we should be able to do from campuses. The government has assured us they are working on this."

Read more »

Banking Awareness Quiz For BOB

1. Currency Swap is an instrument to manage—

(A) Currency risk

(B) interest rate risk

(C) currency and interest rate risk

(D) cash flows in different currencies

(E) All of the above

2. ‘Sub-prime’ refers to—

(A) lending done by banks at rates below PLR

(B) funds raised by the banks at sub-Libor rates

(C) Group of banks which are not rated as prime banks as per Banker’s Almanac

(D) lending done by financing institutions including banks to customers not meeting with normally required credit appraisal standards

(E) All of the above

3. Euro Bond is an instrument—

(A) issued in the European market

(B) issued in Euro Currency

(C) issued in a country other than the country of the currency of the Bond

(D) All of the above

(E) None of these

4. Money Laundering normally involves—

(A) placement of funds

(B) layering of funds

(C) integration of funds

(D) All of (A), (B) and (C)

(E) None of (A), (B) and (C)

5. The IMF and the World Bank were conceived as institutions to

(A) strengthen international economic co-operation and to help create a more stable and prosperous global economy

(B) IMF promotes international monetary cooperation

(C) The World Bank promotes long term economic development and poverty reduction

(D) All of (A), (B) and (C)

(E) None of (A), (B) and (C)

6. Capital Market Regulator is—

(A) RBI

(B) IRDA

(C) NSE

(D) BSE

(E) SEBI

7. In the term BRIC, R stands for—

(A) Romania

(B) Rajithan

(C) Russia

(D) Regulation

(E) None of these

8. FDI refers to—

(A) Fixed Deposit Interest

(B) Fixed Deposit Investment

(C) Foreign Direct Investment

(D) Future Derivative Investment

(E) None of these

9. What is Call Money ?

(A) Money borrowed or lent for a day or over night

(B) Money borrowed for more than one day but upto 3 days

(C) Money borrowed for more than one day but upto 7 days

(D) Money borrowed for more than one day but upto 14 days

(E) None of these

10. Which is the first Indian company to be listed in NASDAQ ?

(A) Reliance

(B) TCS

(C) HCL

(D) Infosys

(E) None of these

Answers :-

Q. 1 (D)	Q. 2 (D)	Q. 3 (C)	Q. 4 (D)	Q. 5 (D)
Q. 6 (E)	Q. 7 (C)	Q. 8 (C)	Q. 9 (A)	Q. 10 (D)

Read more »

Banking Awareness For BOB Exam

1. A major Public Sector Bank raised interest rates on loans by 25 basis points – was news in some major financial newspapers recently. This means the bank has raised interest by 25 basis points of

1) Savings Bank Interest Rate

2) Base Lending Rate

3) Repo Rates

4) Present Rates on Deposits

5) Discounted Rates of Interest

2. The Finance Minister of India in one of his press conferences said that inflationary pressure is likely to continue following recent increase in rates of some commodities in international markets. Which of the following commodities was he referring to as it gets frequent increase at international levels and disturbs our Home Economy substantially ?

1) Gold and Silver

2) Petroleum products

3) Tea and Coffee

4)  Sugar

5) Jute and Jute products

3. Immediately prior to change in the measure of Food Inflation, which of the following indexes was being used for measuring it?

1)  Wholesale Price Index

2)  Consumer Price Index

3)  Interest Rates offered by banks on deposits

4)  Sensex and Nifty

5)  None of these

4. What is the full form of ‘FINO’, a term we see frequently in financial newspapers?

1) Financial Investment Network and Operations

2) Farmers’ Investment in National Organisation

3) Farmers Inclusion News and Operations

4) Financial Inclusion Network and Operations

5) None of these

5. Which of the following is/are commodity/ies on which subsidy is given to farmers/poor in India?

(A) Fertilizer 

(B) Kerosene 

(C) LPG

1) Only (A) 

2) Only (B)

3) Only (C) 

4) Only (A) and (C)

5) All (A), (B) and (C)

6. Which amongst the following countries is NOT a member of the TAPI pipeline project, which was in news recently?

1) India

2) Afghanistan

3) Portugal

4) Pakistan 

5) Turkmenistan

7. The International WWW Conference-2011 was organized in which of the following places in March 2011?

1) London 

2) Paris 

3) Vienna

4) Manila 

5) Hyderabad

8. What does the letter ‘L’ denote in the term ‘LAF’ as referred every now and then in relation to monetary policy of the RBI?

1) Liquidity 

2) Liability 

3) Leveraged

4) Longitudinal 

5) Linear

9. Banks and other financial institutions in India are required to maintain a certain amount of liquid assets like cash, precious metals and other short-term securities as a reserve all the time. In Banking World this is known as

1) CRR 

2) Fixed Asset 

3) SLR

4) PLR 

5) None of these

Q. 1 (2)	Q. 2 (2)	Q. 3 (1)	Q. 4 (1)	Q. 5 (5)
Q. 6 (3)	Q. 7 (5)	Q. 8 (1)	Q. 9 (3)	Q. 10 ()

Read more »

Banking Awareness Quiz For BOB Exam

1. RBI’s open market operation transactions are carried out with a view to regulate—

(A) Liquidity in the economy

(B) Prices of essential commodities

(C) Inflation

(D) Borrowing power of the banks

(E) All the above

2. When more than one banks are allowing credit facilities to one party in coordination with each other under a formal arrangement, the arrangement is generally known as—

(A) Participation

(B) Consortium

(C) Syndication

(D) Multiple banking

(E) None of these

3. Open market operations, one of the measures taken by RBI in order to control credit expansion in the economy means —

(A) Sale or purchase of Govt. securities

(B) Issuance of different types of bonds

(C) Auction of gold

(D) To make available direct finance to borrowers

(E) None of these

4. The bank rate means—

(A) Rate of interest charged by commercial banks from borrowers

(B) Rate of interest at which commercial banks discounted bills of their borrowers

(C) Rate of interest allowed by commercial banks on their deposits

(D) Rate at which RBI purchases or rediscounts bills of exchange of commercial banks

(E) None of these

5. What is an Indian Depository Receipt ?

(A) A deposit account with a Public Sector Bank

(B) A depository account with any of Depositories in India

(C) An instrument in the form of depository receipt created by an Indian depository against underlying equity shares of the issuing company

(D) An instrument in the form of deposit receipt issued by Indian depositories

(E) None of these

6. An instrument that derives its value from a specified underlying (currency, gold, stocks etc.) is known as—

(A) Derivative

(B) Securitisation Receipts

(C) Hedge Fund

(D) Factoring

(E) Venture Capital Funding

7. Fiscal deficit is—

(A) total income less Govt. borrowing

(B) total payments less total receipts

(C) total payments less capital receipts

(D) total expenditure less total receipts excluding borrowing

(E) None of these

8. In the Capital Market, the term arbitrage is used with reference to—

(A) purchase of securities to cover the sale

(B) sale of securities to reduce the loss on purchase

(C) simultaneous purchase and sale of securities to make profits from price

(D) variation in different markets

(E) Any of the above

9. Reverse repo means—

(A) Injecting liquidity by the Central Bank of a country through purchase of Govt. securities

(B) Absorption of liquidity from the market by sale of Govt. securities

(C) Balancing liquidity with a view to enhancing economic growth rate

(D) Improving the position of availability of the securities in the market

(E) Any of the above

10. The stance of RBI monetary policy is—

(A) inflation control with adequate liquidity for growth

(B) improving credit quality of the Banks

(C) strengthening credit delivery mechanism

(D) supporting investment demand in the economy

(E) Any of the above

Answer:-

Q. 1 (E)	Q. 2 (B)	Q. 3 (A)	Q. 4 (D)	Q. 5 (C)
Q. 6 (C)	Q. 7 (D)	Q. 8 (C)	Q. 9 (A)	Q. 10 (E)

Read more »