Showing posts with label MCQ. Show all posts
Showing posts with label MCQ. Show all posts

Banking awareness test 01

Dear friend I’ve taken utmost care to make these questions on banking. If you found any mistake or omission please inform me on http://Bank-Exam-Notes.blogspot.in or in FB group for RBI Grade B officers https://www.facebook.com/groups/784154898263260/ . Here you can find more such content related to economics, banking, GK.

As a policy I’ve freed these notes from my ‘copyright’ you can freely distribute it, claim it as your own, share it, may or may not credit it to me... just free your imagination.

I’ve used various books, websites to prepare it, if you want more without much research try  http://goo.gl/tAs2h5

Ok now take out your pen & paper & start this test. It has 53 ques.. you’ve 30 minutes. I am calling it Banking / 01/ 05.07.2014.. once finished find answers on http://bank-exam-notes.blogspot.in/2014/07/answer-keys-to-banking-01-05072014.html


You may comment your scores... 3. 2. 1.


1) RBI established on ____ ?
a) 1st June 1935
b) 1st April 1935
c) 1st June 1934
d) 1st April 1934

2) RBI was established on the recommendations of ____ commission?
a) Central bank of British India Commission
b) John Hilton Young Commission
c) Bank of England Commission
d) Norman Commission
e) Sir Osborne Smith commission

3) RBI was nationalised wef ___ ?
a) 01 Jan 1949
b) 01 June 1949
c) 01 Mar 1949
d) 15 Aug 1947
e) none of these

4) RBI's central office is situated in ___ ?
a) Delhi
b) Mumbai
c) Kolkata
d) Chennai

5) Which of the following(s) is/are function/powers of RBI?
i) Managment of public debt
ii) lender of last resort to banks
iii) grants license to carry on banking business
iv) RBI fixes interest rates on SB

a) ii only
b) i & ii only
c) iii only
d) i, ii & iii only
e) all of the above

6) Which of the following(s) is/are Negotiable Instrument?
i) Promissory note
ii) Bill of exchange
iii) Cheque payable to order or bearer
iv) Currency note

a) i only
b) i & ii only
c) ii & iii only
d) i, ii & iii only
e) all of the above.

7) Which of a following is not a Commercial Bank ?
(A) Reserve Bank of India
(B) State Bank of India
(C) Canara Bank
(D) Oriental Bank of Commerce

8) Which of the following(s) is/are true of Bearer cheque?
i) it is payable to the person who presents it to the bank for encashment or a/c transfer
ii) these cheques are risky, as it could be misused if lost
iii) it is payable to any person who presents it for payment at the bank counter
iv) such cheques are not permitted by RBI

a) iv only
b) i & ii only
c) i, ii & iii only
d) all of the above

9) Which of the following(s) is/are true of Order cheque?
i) it is payable to a particular person only
ii) these cheques can be encashed over the counter by any person - hence the name 'order'
iii) In India order cheques are rarely used
iv) Banks don't encourage such cheques as it restricts payments system of the country

a) iv only
b) iii & iv only
c) ii only
d) i only

10) Full form of CTS?
a) clearing Truncation system
b) cheque transaction system
c) cheque truncation system
d) checking truncation system

11)  What is Cheque Truncation?
a) instead of physical cheque, image is transmitted to the drawee bank branch
b) movement of physical cheques to nearest clearing houses in efficient way
c) discourage use of cheques & move to epayment system
d) sorting of cheques as per their banks according to the MICR codes by machines


12) Which of the following(s) is/are true of CTS 2010?
i) it will speed up the process of cheque clearance.
ii) eliminates the time, money and manpower wasted during physical movement of cheques.
iii) it enhances the scope for clearing-related frauds as earlier each bank had its own security features on the cheque.
iv) in 2010, RBI came up with the guidelines for CTS.

a) i only
b) i & ii only
c) iv only
d) i, ii & iv only

13) A Banker's cheque issued by SBI is valid only for ___ months?
a) 2 months
b) 4 months
c) 3 months
d) 6 months

14) A Mutilated Cheque is ___ ?
a) e-cheques
b) new form of cheques encouraged by banks
c) a cheque torn in two or more pieces
d) a stale cheque


15)India’s First Financial Archive has been set up at—
(1) Mumbai
(2) New Delhi
(3) Ahmadabad
(4) Kolkata
(5) None of these

16) Which of the following(s) is/are true?
i) an 'Uncrossed/open' cheque can be paid across counter or by account transfer
ii) two parallel lines on the left corner of the cheque makes it a crossed cheque
iii) a crossed cheque is payable by account transfer only
iv) a crossed cheque can be paid in cash

a) i & ii only
b) i, ii & iv only
c) i, ii & iii only
d) all of the above

17) Which of the following(s) is/are true of Electronic cheques?
i) its exact mirror image of paper cheque
ii) its generated in a secured system only
iii) its scanned form of a physical cheque
iv) digital signature is used to sign it

a) iii only
b) i & ii only
c) i & iv only
d) i, ii & iv only


18) Currency notes are not Promissory notes?
a) True
b) False
c) Currency notes of Rs 1 denomination are not P-notes as they are issued by Govt
d) depends on the denomination of the note

19) Cash can't be accepted by banks for issuing Demand Drafts above Rs 50,000/-. Why?
a) DD can be issued against cash payments of upto Rs 1 lac.
b) to avoid banks being used by unscruplous elements for money laundering
c) to encourage electronic transfer of money
d) to inculcate financial discipline among general public & use of SB a/cs.

20) For the purpose of KYC, a customer may be defined as ...?
a) only Savings account holders of a bank
b) Savings & loan account holders only
c) beneficial owners only
d) any person or entity connected with any financial transaction

21) Banks are required to maintain secrecy of customer's account?
a) no such restriction, banks can share info freely with others
b) banks can disclose affairs of customers if deemed reasonable
c) to maintain secrecy of a/cs is a legal duty
d) Info can be shared on case-by-case basis

22) Match following correctly:
i) Garnishee order - issued by court
ii) Attachment oder - issued by Income Tax authorities
iii) Garnishee order - issued by Income Tax authorities
iv) Attachment oder - issued by court

a) i & ii only
b) i & iv only
c) i only
d) iii & iv only


23) When a contract is 'void ab initio' what does it mean?
a) No contract exists from beginning
b) contract ceases if any stipulation voilated
c) contract ends from the day any of its terms are unacceptable to any party
d) none of these

24) Max no. of partners in a Partnership firm involved in banking business?
a) 5
b) 7
c) 10
d) 20

25) What does 'Ultra Vires' means?
a) Beyond the powers
b) latest ultra violet machine to detect fake notes
c) define ultra rich people
d) Wire transfer method

26) A deposit account can be closed by ___ ?
a) customer only
b) customer &/or bank
c) customer &/or bank after giving due notice
d) can't be closed, its perpetual

27) First Governer of RBI?
a) Sir James Braid Taylor
b) Sir C D Deshmukh
c) H V R Iengar
d) Sir Osborne Smith

28) First Indian Governer of RBI?
a) Sir Osborne Smith
b) H V R Iengar
c) C D Deshmukh
d) Sir Benegal Rama Rau

29) Talwar Committee in banking was related to ?
a) Expansion of banking in rural areas
b) FDI in banking
c) Customer service
d) NPA in banking

30) Banking Ombudsman scheme is related to ?
a) resolution of complaints related to banking services through conciliation & mediation
b) NPA resolution by compromise
c) providing cheap banking services to low-income group
d) none of these

31) Banking Ombudsman scheme covers which of the following?
a) all commercial banks
b) comercial & RRB banks
c) all comercial & scheduled primary co-operative banks
d) all of the above i.e. commercial, RRB & scheduled primary co-operative banks

32) Complaints older than ___ months after receipt of bank's reply are not taken up by Banking Ombudsman?
a) 6months
b) 10 months
c) 12 months
d) 24 months

33) Who can be an Ombudsman?
a) ex-banker from any scheduled bank
b) appointed by Lead bank
c) well-known economist or banker
d) CGM/GM from RBI

34) Complaints can be filed in Ombudsman by whom?
i) through any advocate on behalf of the aggrieved person only
ii) by the aggrieved person himself only
iii) authorised representative of the aggrieved person only
iv) by the aggrieved person or his advocate

a) i & ii only
b) ii only
c) iv  only
d) ii & iii only

35) Banking Ombudsman gives award or reject a complaint within __?
a) 15 days
b) 7 days
c) 30 days
d) 90 days

36) Max amount of compensation that can be awarded by Ombudsman?
a) 1lac
b) No such limit
c) 10 lacs
d) 20 lacs

37) 'Banking code for Customer Service' released by BCSBI (Banking codes & Standard Board of India) are ___ ?
a) Mandatory rules for all banks
b) Voluntary code for banks
c) some parts are mandatory for all banks
d) mandatory for scheduled banks only

38) Consumer Protection Act 2002 is applicable for ?
i) Banking sector
ii) Insurance sector
iii) all goods & service providers
iv) Private service providers

a) i only
b) i & ii only
c) iv only
d) all of these

39) Which of the following transactions are reported to FIU- IND (Finance Intelligence Unit - India)?
i) CTR
ii) DTR
iii) LTR
iv) STR

a) i only
b) i & ii only
c) i & iv only
d) all of these

40) Which is true about CTR?
i) Large cash transaction of above Rs 10 lac is reported
ii) Large cash transaction of above Rs 1 lac is reported
iii) CTR should be submitted by 15th of succeeding month
iv) individual transaction below Rs 50,000/- may not be included

a) i only
b) i & iii only
c) ii & iii only
d) i, iii & iv only


41) Which is true about STR?
i) suspicious transaction report is based on cash only
ii) report furnished to FIU within 7 days of confirmation of sucpicious transaction
iii) Banks should put restrictions on accounts where suspicious transaction is reported
iv) suspicious transaction report is based on cash or non-cash activity

a) i & ii only
b) i, ii & iii only
c) ii, ii & iv only
d) ii & iv only

42) In which of the following accounts do nomination facility exists?
i) Deposit a/cs
ii) Safe deposit of articles
iii) Lockers
iv) Loans

a) i only
b) i & ii only
c) i, ii & iii only
d) all of these

43) TDS is payable on which account(S)?
i) Savings account
ii) Fixed deposits
iii) Recurring deposits

a) ii only
b) i & ii only
c) ii & iii only
d) all of these

44) TDS is deducted if aggregated amount of Interest per financial year exceeds __?
a) 1000/-
b) 5000/-
c) 10000/-
d) 20000/-

45) Which is/are true about Service tax?
i) its an Indirect tax
ii) rate of ST is 12.36% (12% + 2% Edu cess + 1% secondary & higher edu cess)
iii) its a direct tax
iv) small service provider with turnover up to Rs 10lacs exempted

a) i & ii only
b) ii & iii only
c) ii only
d) i, ii & iv only

46) STT - Security Transaction Tax - is levied for purchasing shares on delivery basis. Rate is ..?
a) 0.1%
b) 0.0125%
c) 0.125%
d) 0.01%

47) A savings/current account is tagged "Inoperative or Dormant" if its not operational by customer for a period of
 ...?
a) 12 months
b) 6months
c) 24 months
d) 18 months

48) Amount of Total unclaimed deposits lying with all scheduled commercial banks at the end of December 2012?
a) 1156 crore
b) around 2000 crore
c) 3652 crore
d) 2562 crore

49) Which of the following is true of 'Depositor Education and Awareness Fund (DEAF)'
i) banks should remit unclaimed deposits only - to the fund
ii) banks should remit unclaimed deposits alongwith interest accrued to the fund
iii) DEAF was first announced in the annual monetary policy by RBI in May, 2013
iv) banks should transfer amounts becoming due in each calendar month on the last working day of the subsequent month

a) i only
b) i & iii only
c) ii & iv only
d) ii, iii & iv only

50) What are 'Unclaimed deposits'?
a) an account which is not operated for 10 years
b) an account not operated for 2 years
c) an account not operated for 12 years
d) an account not operated for 10 months

51) What are 'Notice Deposits'?
a) Term Deposit for a specific period but withdrawable on giving at least one complete banking day's notice
b) another name for Savings account
c) another name for current account
d) Normal Fixed Deposits in banks for short duration

52) Which of the following(s) is/are true about interests on Savings bank (SB) a/c?
i) RBI deregulated SB interest rate wef 25 Oct 2011
ii) Interest on SB can be paid on Quaterly basis or longer period
iii) Banks must offer uniform interest rates on deposits of upto Rs 1 lacs, thereafter differential rates can be given.
iv) Wef April 1, 2010 payment of interest on savings a/c would be calculated on a daily product basis

a) i only
b) i, ii only
c) i,ii & iii only
d) i, iii & iv only

53) Which is true about PPF a/c?
i) Tenure of PPF a/c is 15 year.
ii) current interest rate is 8.7% p.a
iii) you can invest min 500 & max 1lacs per FY
iv) Scheme is available to Residents, NRIs

a) i only
b) i & iii only
c) i, ii & iii only
d) all of these


MCQs for rbi


1. Currency chest is the property of ____ ?
A. RBI. b) SBI. C) GoI d) Lead bank of the area. e) Bank itself.

2. Which dept of RBI oversees designing of banknotes in India?
a) Dept of banknotes b) Dept of rupee management c) Dept of banking affairs d) Dept of Currency management e) none of these.

3. Where is not a currency printing press located ?
a) Dewas (MP) b) Salboni (WB) c) Nasik d) Mysore e) Mumbai

4. Where is not a coin mint located from below ?
a) Noida b) Delhi c) Hyderabad d) Mumbai e) Calcutta

5. Banknotes & Rs.1 coins can be used to pay any sum upto _____?
a) no such limit b) Rs 1 lacs. c) 1 crore, d) 1.50 lacs

6) 50 Paisa coins can be used to pay/ settle any sum upto ____?
a) Rs Two. b) Rs Five. c) Rs Ten. d) Rs One hundred.

7) Which of the following is true of RBI's balance sheet?
a) RBI's balance sheet is a sum of 2 major Dept i.e. Issue Dept & Banking dept.
b) RBI's annual year closes on 30 june.
c) Currency circulation is backed by 3 major assets of Issue dept ie. Gold, foreign & Rupee security.
d) CRR balances, Open Market Operations, Loans to Govt etc comes under Banking dept's Balance sheet.
e) all of the above.

8) What is KYC?
a) to verify the identity of customers.
b) budget related activity of an organisation.
c) effort to convert black money into white money.
d) legal ways to harass poor customers.
d) none of these.

9) Payment system of the country include which of the following?
i) Cheques. ii) Credit cards. iii) Currency. iv) Electronic transfers

a) i only
b) i & iii only
c) i, ii & iii only
d) all of these

10) Which of the following is not true about WMA - Ways & Means Advance by RBI to State Govts.
a) Short-term finance to state govt to tide over temporary mismatches  in cash flow.
b) non interest-bearing limits
c) if WMA limits are exceeded, its called 'Overdraft' - allowed for few days only.
d) These limits are without any security.
e) B & D


ANS:
1) A. RBI. CC is extension of Issue Dept of RBI.
2) D. This dept essentially oversees work of issue & retrieval of currency. This is performed through 18 issue offices.
3) E. Dewas & Nasik presses' are Govt owned. Salboni & Mysore are owned by RBI, through its wholly owned subsidiary, the Bharatiya Reserve Bank Note Mudran Ltd. (BRBNML).
4) B.
5) A.
6) C.
7) E.
8) A. Know Your Customer.
9) D.
10. B. State govts have to pay interest on these limits.

MCQs on banking

MCQs from various sources important for exams. Answer key is available at the end.

1) What is GAGAN Project developed with the help of ISRO?
a) It's ambitious plan of Indian airforce to develop next generation fighter planes by 2020.
b) It's satellite based system by AAI, to navigate & guide aircrafts over India, Bay of Bengal, South-East Asia & Middle East expanding upto Africa.
c) It's domestic version of GPS.
d) Advance weather forecasting system to be developed with the help of NASA.

2) Match the following correctly.
i. TS Vijayan, ii. UK Sinha, iii. Ila Patnaik, iv. Raghuram Rajan, v. Ramesh Abhishek
A) RBI, B) FMC, C) IRDA, D) SEBI, E) Principal Economic Advisor

(a) i-C, ii-D, iii-E, iv-A, v-B.
(b) i-C, ii-D, iii-B, iv-A, v-E
(c) i-C, ii-E, iii-D, iv-A, v-B
(d) i-D, ii-E, iii-B, iv-A, v-C.

3. Who is not Dy. Governor of RBI from below?
a) Urjit Patel, b) R. Gandhi, c) H R Khan, d) Anand Sinha

4) A Dy. Governor of RBI is appointed for a period of ____?
a) 3 years, b) 4 years, c) 5 years, d) 6 yrs, e) no such limit.

5) Name the youngest governor of RBI.
a) Raghuram Rajan. b) Bimal Jalan. c) YV Reddy. d) SS Tarapore. e) CD Deshmukh

6) Which of the following book is written by Sh Raghuram Rajan?
a) Saving Capitalism, b) Irrational Exuberance, c) The Alchemy of Finance, d) Saving the world, e) none of these

7) Autobiography of actor Dilip Kumar?
a) My Journey through Bollywood. b) Black & White to Colored Cinema. c) 100 years 0f Indian Cinema. d) The Substance and the Shadow. e) The man of substance.


8) When is World environment day?
a) 2 june, b) 3 june, c) 5 july, d) 1 Aug, e) 5 june.

9) Official Mascot of FIFA 2014 is ___?
a) Blu Macaw. b) Zakumi. c) Goleo. d) Fuleco. e) Striker.

10) Who heads 14th Finance Commission?
a) Vijay Kelkar. b) YV Reddy. c) Raghuram Rajan. d) Bimal Jalan.

11) What is 'Cash Recyclers' machine?
a) ATMs that can accept & dispense cash too. b) Recycling machine for soiled notes. c) Note sorting machine. d) Note counting machine.

12) Which of the following is true?
a) Minors above 10 can open & operate Savings account independetely with cheque book & ATM facility.
b) For the purpose of KYC, a bank account can be opened with just one address proof, which can be either permanent or local.
c) All scheduled commercial banks to deploy only “talking ATMs” starting 1 July.
d) all of these.




Ans:
1. B. GPS-Aided Geo Augmented Navigation (GAGAN)
2. A.
3. D.
4. C.
5. E.
6. A. Other being ‘Fault Lines: How Hidden Fractures Still Threaten the World Economy’.
7. D.
8. E.
9. D.
10. B.
11. A.
12. D.

MCQ on Indian economy on eve of Independence


MCQs made on 'Indian economy on the eve of Independence' Chapter 2 of Datt & Sundharam Eco book

Meanwhile, a common issue is you read, work hard but forget easily. So get a photographic memory and gain your dream govt job/

Let's start:
Take a paper & write ans first. Check your progress with answers given at the end. Good luck.

1) Throughout the colonial period there was a generation of a large export ________?
a) Deficit b) surplus c) no conclusive data available

2) Life expectancy during colonial period in India?
a) 30yrs b)50 yrs c) 60 yrs d) 63yrs

3) Muslin which had its origin in Bengal had enjoyed world wide market in Pre-Colonial period. Indian 'Daccai Muslin' had gained fame for its exquisite quality. What is muslin?
a) very fine quality jute ropes b) silk textile (c) a type of cotton textile (d) an exquisite gem stone e) none of these

4) Jute is 2nd most important vegetable fiber after cotton, in terms of usage & global production. Jute is also known as ______?
a) Brown Fiber b) Affordable fiber  c) Yellow fiber d) Golden Fiber e) none of these

5) What is meant by 'progressive ruralization' or 'deindustrialization of India' which characterized colonial rule?
a) There was no industries till colonial period to deindustrialize. b) rural areas were made more progressive to export more raw materials back to UK. c) the trend of growing proportion of the working force in agriculture. d) none of these.

6) The largest source of revenue for Britishers in India was from ______?
a) Textile & Jute industry b) Gems & stone industry. c) Temple tax d) Land revenue e) none of these.

7) In order to bring stability in Agriculture the Britishers introduced land settlement in 1773. Where was it first introduced?
a) fertile lands of Punjab province b) Bombay province c) all directly British ruled areas d) Bengal e) none of these.

8) To enhance land returns a type of 'permanent settlement' which raised the status of revenue collectors to that of Private landlords introduced in Bengal by Britishers is called _____ ?
a) Ryotwari settlement b) Zamindari system c) Bengal Land settlement system d) none of these.

9) Permanent settlement system was brain-child of ______?
a) Philip Francis, English MP in House of Commons. b) William Bentick. c) Warren Hastings. d) Lord Cornwallis. e) none of these

10) How is Ryotwari system introduced by Britishers in large parts of Bombay, Madras, north-eastern & north-western parts of India is different from Zamindari system?
a) Land revenues were excessive in former.
b) Just the name was different for easy understanding by locals otherwise both systems were same.
c) Under Ryotwari system revenues can be collected in both cash & kind.
d) Each peasant holding a plot of land was recognised as landlord & was directly responsible to state for annual land revenue payment.


11) With completion of Industrial revolution in UK during 1850-1947, raw matarials like cotton, jute, sugarcane etc. were in high demand by UK's industry. So much was the policy conditions & high market price that the farmers started production of crops for industrial sale rather than for family consumption, this was called _______?

a) Modernisation of Indian Agriculture b) Commercialisation of Indian Agriculture c) its nothing but 'normal sales of Marketable surplus'. d) Marketed surplus. e) none of these.


12) Which of the following(s) is/are cause(s) of slow growth of private enterprises in India's industrialization (1850-1957)?
a) Unimaginative private enterprise, short-sighted Indian industrialists.
b) complete absense of financial institutions to help transfer of savings to industrial investment.
c) Banking was not highly developed & was more concerned with commerce rather than industry.
d) Lack of support from British government e) all of these

13) The company agents who would sign bonds with local artisans to deliver cotton & silk fabrics much below market price are called
a) Gomastas b) Izaredars c) Thakurs d) Seths e) none of these.

14) What among the following(s) did not characterize "Imperial Preference" clause in the Policy of Discriminating protection adopted by Britishers in response to Indian National Movement?
a) Imports from UK has no/zero duties, while exports to UK are preferred.
b) to help Indian business to undertake investments in India.
c) to help British capital find safe & secure avenues of Investment in India.
d) to help maintain British trade monopoly in India & stop any other country to enter the Indian market. e) all of these.

15) RBI's first census of India's foreign Assets & Liability as on 30 June 1948 revealed total foreign business investments of Rs 302 cr, out of it what was the % of British investments in India?
a) 51% b) 60% c) 72% d) 91% e) 100%.

16) What is meant by Home charges, one of the ways of economic drain of India?
a) Charges for establishment of industries in India. b) Incentives for exporting raw material to UK. c) Remuneration paid to British officials for working in India. d) Payments on account of interest on foreign debts incurred by India, remittances of Salaries, Savings, Pension by Britishers etc. e) none of these.

17) First train on India soil was run on 1853 between?
a) Bombay to Thane. b) Thane to Bombay. c) Bombay to Surat. d) none of these.

18) Who among the following are some of the notable economists who estimated India’s per capita income during the colonial period.
a) Dadabhai Naoroji. b) William Digby. c) Findlay Shirras d) V.K.R.V. Rao.  e) R.C. Desai


ANSWERS

1. ANS: B
2. Ans: A
3. Ans: C.  Egyptian mummies dating back 2000 BC were wrapped in Indian Muslin. Greeks called it Gangetika.
4. Ans: D
5. C. The unemployed craftsmen & artisans shifted to agriculture also described as back-to-the-land movement. In mid nineteenth century 55%, in 1901 68%, in 1931 72% of population was dependent on Agri.
6. D.
7. D. First 'Izaredari system' was introduced by Warren Hastings. In it the right to collect revenue was given to the highest bidder (who may change). Izaredars then squeezed everybody to pay to the Company. This 'bidding' process was later changed to a more permanent system which was hereditary.
8. B. Under Zamindari system land revenue were fixed for perpetuity. Zamindars were reponsible for payment of land revenue to the state.
9. D.
10. D. Ryots=peasant cultivators/hired labor. Later Mahalwari system (Mahal= house, district) was introduced in UP, Punjab in which along with village communities, landlords were jointly responsible for revenue.
11. B.
12. E.
13. A
14. B.
15. C.
16. D.
17. A.
18. All of the these ;).



Financial Inclusion in India

Why Financial Inclusion?

Financial inclusion (FI) means delivery of banking services at an affordable cost. Banking services = public good. So availability of banking and payment services to the entire population needs to be given without discrimination. It includes getting cheaper loans, Insurance (life, med, non-life, crop etc), Investment (Equity, MF, Pension plans etc).

Why?

Inculcate habit of saving in poor. Capital formation will get a boost.

Adequate, transparent & cheaper credits/ loans - will raise entrepreneurial spirit in poor people & result in prosperity.

Plug gaps & leaks in public subsidies & welfare progs. A study by McKinsey estimated that Rs. 1 lac crore could be saved each year in terms of manpower/time/ paperwork/ leaks if all govt subsidy/ benefit payments are done via e-payments.

Inequality falls more rapidly in areas that have more developed financial intermediaries = Empowerment.

Economic well being = social harmony. Bring Govt closer to poor people. It'll help inclusive growth efforts, and reduce poverty. No brainwashing by extremist/ Maoist/ Sucessionist elements.


What is being done by RBI/ Govt.

Access to banking network

1. Post office has vast network. They open Savings, RD, FD accounts. Also  Insurance, investments in Mutual funds, Payment & remittance services is being provided.

2. RRBs, cooperative banks, primary agricultural societies established for delivers.

3. Lead bank schemes (1969): RBI assigns a district to a bank which is responsible for promoting banking services and financial literacy there.

4. Business Correspondents (BC) system: Banks extend their services to villagers with help of agents, where opening brick-mortar branch is not profitable.

5. Bhartiya mahila bank setup for women empowerment.

6. White label ATMs: 2/3rd of these ATMs to be opened in semi urban and rural areas.

7. Banks to open at least 25% of their new branches in unbanked rural centres.

8. No Frills accounts for poor people. Later renamed to Basic Savings Bank Deposit Account (BSBDA): with relaxed KYC norms.

Giving Access to Credit (Loans)

Priority sector lending targets to banks.
Microfinance, various schemes for Self-help groups by NABARD
Interest Subvention scheme for farmers.
General Purpose Credit Card (GCC) and Kisan Credit Card (KCC) to help people get loans easily.

Giving More Access to Investment

National Savings certificates
Public Provident Funds
New Pension Scheme (NPS), Swavalamban (for people in unorganised sector).
Rajiv Gandhi equity savings scheme (Investing in equity Market: for First timers, upto 50K).
Inflation indexed bonds

Giving Access to Insurance
1. By Post office: tie-up with LIC & its own - offering various schemes.
2. Rashtriya Swasthya Bima Yojana (for BPL families, biometric smart-card based - cashless insurance for hospitalisation in public as well private hospitals, avail inpatient medical care of up to Rs 30K).

3. Rajiv Gandhi Shilpi Swasthya Bima Yojana: by Union Ministry of Textiles, in association with ICICI Lombard (for Craft persons, total medical cover of Rs.15K, death and permanent/partial disability by accident Rs.1.00 lakh).

4. Aam Aadmi Bima Yojana: for landless agricultural families, those involved in 46 other trades including beedi workers, carpenters, cobblers, fishermen etc. Life cover of Rs. 30K for natural death, Rs. 75K for death due to accidents. Scholarship of Rs 100/- per month for 2 children.


A recent committee by RBI named "Nachiket Mor committee" had outlined an ambitious plan of achieving total Financial inclusion by 1/1/2016. It recommended NBFCs to play major role in FI. But its report are being put on back burner as RBI & Finance ministry are not comfortable with the idea of NBFCs getting status of banks (via Payment banks- to open SB a/c & Wholesale banks - to give loans) without obligation of CRR, SLR.



GI tag

1) Geographical Indicator tagging: More to be added.


Allahabad Bank slogan

Allahabad Bank was founded in 1865 at Allahabad, UP. Though it's headquarters are in Kolkata (since 1923).

It was nationalized in 1969. Allahabad Bank is the oldest joint stock bank in India.




Symbol means Triveni Sangam of Ganga,Yamuna and Saraswati at Allahabad.

Slogan/Tagline: A tradition of trust.

Headquarters: Kolkata.


Bank of Baroda symbol


Bank of Baroda was established in 1908 by Maharaja of Baroda, in present day Vadodara, Gujrat. It was nationalized in 1969.




Logo: Baroda Sun - comprises of dual ‘B’ letter forms which hold the rays of the rising sun.

Sun represents what Bank stands for. Single most powerful source of light and energy, which dispels darkness.  Vermillion colour stands for hope and energy.


The Baroda Sun is a universal symbol of dynamism and optimism – it is meaningful and easily decoded by all.



Slogan: India’s international Bank.

BoB has the maximum branches oversees, around 101 offices in 24 countries.

Headquarters: Vadodara, Gujrat.



Vijaya Bank symbol


Vijaya Bank was founded in Manglore, Karnataka.  The bank was merged with 9 smaller banks in 1963-68 & it was subsequently nationalized in 1980.


As it was established on Vijayadashmi Day, hence it was named Vijaya Bank.





Symbol of a polite man in their logo implies ”your partner in progress”.


Tagline:A friend you can bank upon.


Headquarters: Banglore, Karnataka.



Punjab and Sind Bank trivia

Punjab & Sind Bank (P&SB) founded in 1908, its main area of operation is in Punjab. It was nationalized in 1980 (along with 5 others).




Tag line is "Where service is a way of life".

I think it's main vision is to emerge as techno savvy bank, so it's tag line hints at this intention.

It's motto is “Sarva Jana Hitai Sarva Jana Sukhai” which roughly means "For good of all and happiness of all".


Headquaters: New Delhi


Setluj Gramin Bank, a Regional rural bank, is sponsored by P&SB only.


Image courtesy: P&S bank

Oriental bank of Commerce

OBC was established in 1943 at Lahore. After partition it was shifted to India only.




Tagline: Where every individual is committed.

Individual here stands for their employees.


In 2004, Global Trust Bank Limited (GTB), a private sector bank, was amalgamated into OBC.



Headquarter: Gurgaon, in Haryana.


Logo seems preety simple for this bank. Just O, B and C. If there is any meaning I couldn't find it anywhere.



Corporation bank





Started as a 'nidhi' in 1906 at Udipi, Karnataka. In that era nearest modern bank branch was at Manglore. It's agent used to visit Udipi after a fortnight. So it's founder started the bank in Udipi itself to cater to needs of local people. It was nationalised in 1980 (alongwith 5 others).




The Bank's motto - 'Sarve Janah Sukhino Bhavanthu' meaning 'Prosperity for All'.

Tagline: 'Prosperity for All'.




The Bank's logo has various components:



Kamadhenu (denoting wish-fulfillment), Kalpatharu (eternity), Balance (justice for all), Wheel (industrial progress) and Wheat Grains (agricultural prosperity) which stand for universal prosperity and as a wish-fulfilling credo.



Headquarters: Manglore, Karnataka.


Image courtesy: Corpbank

Andhra Bank

Andhra Bank-  a Public sector bank, nationalized in 1980 (alongwith 5 others).

Andhra bank: Tagline/ Punchline.





It's like a way of saying: 'Enter' andhra bank 'for all your needs'.


Great foundation

It's often asked in interviews so remember - a great freedom fighter laid it's foundation.

The bank was founded by Dr. Bhogaraju Pattabhi Sitaramayya in 1923 in Machilipatnam, Andhra Pradesh. He was renowned freedom fighter and political leader.

He even ran for the presidency of Congress against Netaji Subashchandra Bose, and he ran successfully in 1948. He was part of JVP (Jawahar, Vallabhbhai & Pattabhi) committee which rejected idea of states formation on linguistic lines.



Corporate Identity: Togetherness is the Theme


The Symbol of  Infinity denotes a Bank that is prepared to do any thing, to go to any lengths, for the customer

The Blue pointer on the top represents the philosophy of a Bank that is always looking for growth and newer directions.

The Key hole represents Safety and Security

The Chain indicates togetherness

The colours Red and Blue denote dynamism and solidity.


Headquaters: Hyderabad.



Screenshots courtsey Andhra bank




25 Important Currencies of World

Important International Currencies:



Here are some extremely important currencies from MCQs point of view. They've been asked in many competitive exams:

  
  1.    Malaysian - Ringgit
  2.    Thailand - Bhat
  3.    China  - Yuan Renminbi
  4.    South Korean - Won
  5.    Japanese  - Yen
  6.    New Zealand - Dollar $
  7.    Swedish  - Krona
  8.    U.S. - Dollar 
  9.    Australian - Dollar 
  10.    Canadian -  Dollar 
  11.    Hong Kong -  Dollar
  12.    Singapore - Dollar
  13.    Swiss - Franc
  14.    Russia - Rubal
  15.    UAE - Dirham
  16.    Turkish - Lira
  17.    British - Pound
  18.    Argentina  - Peso
  19.    Chile -  Peso
  20.    Columbia -  Peso
  21.    Maxico - Peso
  22.    Brazil - Real
  23.    South Africa - Rand
  24.    Philippines - Peso
  25.    Indonesian - Rupiah