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GENERAL AWARENESS WITH SPECIAL REFERENCE TO BANKING INDUSTRY
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SATURDAY, 23 JUNE 2012

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10 EU nations to push for transaction tax

Germany and nine other European Union nations will press ahead with plans to introduce a financial market transaction tax, following failed attempt for an agreement to levy it across the EU. Finance ministers of the 27-nation EU, who met in Luxembourg on Friday, came to the conclusion that an agreement to impose the tax across the bloc will not be possible in the foreseeable future, German Finance Minister, Mr Wolfgang Schaeuble, told the media after the meeting. Therefore, 10 nations who are willing to cooperate have decided to move forward by taking the necessary steps on the national level, and to ask the European Commission to draw up legislative proposals to introduce the tax. Besides Germany, supporters of the tax are Austria, Belgium, France, Portugal, Slovania, Estonia, Greece, Slovakia and Spain. Under the EU rules, the proposed tax can be introduced if at least nine nations support it. The European Commission estimates that by charging a tax between 0.01 per cent and 0.05 per cent on a broad range of finance market transactions, more than 30 billion could be raised annually. There have been several unsuccessful attempts in the past to reach an agreement to introduce the tax in the EU as well as at the international level. Its supporters argue that the tax is necessary to stem excessive speculations in the financial market, to reduce volatility and to involve financial institutions in sharing the costs of future financial bailouts. The plan is vehemently opposed by Britain and Sweden, which fear that it might lead to an exodus of businesses and financial institutions from Europe and endanger growth.
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Micro-finance in a remittance economy

Financial inclusion has become an emerging focus for policymakers around the world, and it is nowhere more relevant than in India. Analysts estimate that up to half the Indian households do not have a bank account. In fact, the Census 2011 found that more than 40 per cent of the population lives two km or more from the nearest bank branch or agent. For India to facilitate more balanced economic development, universal access to basic financial services is essential. There are no easy solutions. Strict regulation of banking and other financial services is vital to address money laundering, terrorist financing and fraud.

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Indias formal financial services sector is yet to meet the growing needs of a large part of the population. When it comes to domestic remittances, 57 per cent of migrant workers in India use hawala couriers and other informal channels to remit money, according to a recent study. Analysts estimate that almost 40 per cent of the participants in Indias informal economy which accounts for half the countrys gross domestic product resort to chit funds, barter and moneylenders for financing. It is logical that an informal sector thrives in the absence of convenient, reliable, speedy and regulated financial services. The risk of unabated informal and or illegal financial traction and its risk on national/consumer security and impact on a countrys monetary policy require no debate. The need for increased access to formal financial services is an important and urgent policy objective not only for India but also for its main trading partners, including its key remittance sending countries. The World Bank published a pivotal report in June 2010, Inclusive Finance, which provides a

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standard definition of financial inclusion. The bank said that affordability, availability and convenience, and quality are key features. It also subdivided financial inclusion into four product types: payments, savings, insurance and credit. When Western Union commenced offering international money transfers in 1993, the company remitted money from 41 countries into India. Today, Western Union remits money from more than 190 countries and territories into India. This is a significant progression in facilitating financial inclusion. Last month, Western Union announced the opening of its 100,000th agent location in India. Western Unions agents and sub-agents include banks, post offices, grocery and convenience stores and many other types of businesses. If India were to deliver payment, saving, insurance and credit products to half the population, it seems logical that subject to careful screening of providers, efficient regulatory oversight and appropriate limits the way forward is to take advantage of existing broad-based networks and new consumer technology to selectively open financial services to non-banks, while promoting cooperation among all sectors.
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Western Unions experience gives clear evidence that non-bank financial institutions can foster increased demand for local banking and financial services. For example, Western Unions insights reveal that in India, the banking access rate for receivers of cash remittances is more than double (51 per cent) that of sending overseas workers themselves (22 per cent). Many recipients open bank accounts to receive these transfers and, by doing so, give themselves the opportunity to access the full range of banking services. Linking payments received to savings accounts is clearly a way to promote financial inclusion. Could mobile phone wallets be linked to inward remittances? Could pre-paid cards provide a new financial mechanism for the unbanked? Could village corner stores expand to serve as the agent, not only of Western Union, but of a bank, providing basic, yet fundamental financial services? How does India facilitate greater usage of formal channels for domestic remittances? Advances in technology have opened up new ways to deliver reliable, transparent, easily monitored and regulated financial services. Large commercial networks already exist that link every corner of India, including that of Western Union. The country is at the forefront of the IT revolution. There is already a common will of government and businesses to achieve the objective of financial services for all. What is required next is a collaborative approach. Indias regulators are already moving leaps and bounds in this direction. In a clear sign of its increasing influence on the global financial stage, India recently become the newest member of CGAP (Consultative Group to Assist the Poorest), the independent policy and research centre housed at the World Bank dedicated to improving financial access for the worlds poor. India is the first from emerging markets to join CGAP. Indias membership is a commendable signal that the Government is committed to providing financial access to the more than 2.5 billion working-age adults under-served by mainstream financial services.
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SOCIO ECONOMY AT A GLANCE

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FRIDAY, 8 JUNE 2012

September (8) August (9) July (3) June (5) United Bank to set up office in Myanmar 10 EU nations to push for transaction tax Micro-finance in a remittance economy BANKING AWARENESS PRACTICE MCQs BANKING AWARENESS MCQs May (14) April (10) March (17)

BANKING AWARENESS PRACTICE MCQs

1. When Government of India was approved SBISBS Merger ? (A) In August 2007 (B) In August 2009 (C) In March 2011 (D) In July 2011 See Answer:(A) 2. When RBI made compulsory to the Basel II norms for Banks ? (A) March 31, 2007 (B) March 31, 2008 (C) March 31, 2010 (D) March 31, 2011 See Answer:(B) 3. Which bill passed for reducing the minimum level of government's shareholding in equity of SBI from 55 per cent to 51 per cent ? (A) SBI (Amendment) Bill 2009 (B) SBI (Amendment) Bill 2010 (C) RBI (Amendment) Bill 2012 (D) None of these See Answer:(B)

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4. The Reverse Repo rate as announced by RBI on April 17, 2012 stand at (A) 70% (B) 90% (C) 80% (D) 85% See Answer:(A) 5. The new president of ASSOCHAM for the year 2012-13 is (A) Dilip Modi (B) R. V. Kanoria (C) Raj Kumar Dhoot (D) N. L. Kidwai See Answer:(C) 6. The saving-investment gap during 2010-11 has been estimated at (A) 28% of GDP (B) 30% of GDP (C) 32% of GDP (D) 38% of GDP See Answer:(A) 7. The pace of credit growth for Private Sector banks increased to 117 per cent during (A) 2010 -11 (B) 2009 -10 (C) 2012 -13 (D) 2008 -10 See Answer:(B) 8. According to RBI, bank loan registered a growth of 2138 per cent in (A) 2010-11 (B) 2009-10 (C) 2010-12 (D) 2011-12 See Answer:(A) 9. As per RBI, bank deposits growth stood at....... in 2010-11. (A) 12% (B) 13% (C) 1584% (D) 1413% See Answer:(C) 10. RBI has projected growth of 17% in bank deposits for the entire financial year (A) 2011-12 (B) 2010-11 (C) 2011-13 (D) 2012-13 See Answer:(A)
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RELATED LINKS
Head Offices of Nationalised Banks List of non scheduled cooperative banks List of Primary Dealers in Government Securities Market Private-Foreign Banks Private-Indian Banks Regional Rural Banks SBI and its Associate Banks Scheduled Urban Cooperative State Cooperative Banks Non Banking Financial Companies Help Desk of Reserve Bank of India Websites of Banks in India National Federation of State Cooperative Banks Ltd. (NAFSCOB) Draft Vision Document for Urban Cooperative Banks Indian Coinage Act, 1906 Foreign Exchange Management Act, 1999

BANKING AWARENESS MCQs

1. For the development of the banking facilities in the rural areas the Imperial Bank of India was partially nationalised on (A) June 1, 1940 (B) June 1, 1942 (C) July 1, 1955 (D) July 1, 1949 Answer: July 1, 1955 2. The Imperial Bank of India was named as the (A) Reserve Bank of India (B) State Bank of India (C) Union Bank of India (D) Bank of India Answer: State Bank of India 3. Which is/are not an associated bank of SBI ? (A) The State Bank of Hyderabad (B) The Union Bank of India (C) The State Bank of Bikaner and Jaipur (D) The State Bank of Mysore Answer: The Union Bank of India 4. In order to have more control over the banks, 14 large commercial banks whose reserves were more than Rs. 50 crore each were nationalized on (A) 19th July, 1969 (B) 19th July, 1970 (C) 19th July, 1971 (D) 19th July, 1972

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Answer: 19th July, 1969 5. Which is not a nationalised bank ? (A) Bank of India (B) Canara Bank (C) AXIS Bank (D) Vijaya Bank Answer: AXIS Bank

BANKING AWARENESS

6. When the Government of India merged the New Bank of India with Punjab National Bank ? (A) Sept. 4, 1993 (B) July 1, 1990 (C) July 1, 1993 (D) March 1, 1993 Answer: Sept. 4, 1993 7. Which is the Central Bank of India ? (A) The Central Bank of India (B) The State Bank of India (C) The Reserve Bank of India (D) The Union Bank of India Answer: The Reserve Bank of India 8. The RBI was established in (A) 1935 (B) 1940 (C) 1947 (D) 1949 Answer: 1935 9. When RBI was set up, the Capital of the Bank was (A) 500 crore (B) 50 crore (C) 15 crore (D) 5 crore Answer: 5 crore 10. The general administration and direction of RBI is managed by a Central Board of Directors consisting of (A) 20 members (B) 15 members (C) 5 members (D) 25 members Answer: 20 members
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FRIDAY, 25 MAY 2012

Banking Terms
AIDB- All India Development Bank

ATM- Automated Teller Machine is a machine uses a computer that verifi es your account information and PIN (Personal Identification Number) and will dispense or deposit funds per your request)Annuity- Fixed amount of cash to be received every year for a specified period of time Asset/Liability Risk- A risk that current obligations/ liabilities cannot be met with current assets. Assets- Things that one owns which have value in financial terms. Banking Cash Transaction Tax (BCTT) - BCTT is a small tax on cash withdrawal from bank exceeding a particular amount in a single day Bank Credit Bank Credit includes Term Loans, Cash Credit, Overdrafts, Bills purchased & discounted, Bank Guarantees, Letters of Guarantee, Letters of credit. Bank Debits - Sum of the value of all cheques and other instruments charged against the deposited funds of a banks customer. Bank Rate - Interest rate paid by major banks if they borrow from RBI, the Central Bank of the country. Bank Statement - A periodic record of a customers account that is issued at regular intervals, showing all transactions recorded for the period in question Basis Point- Basis Point is one-hundredth of one percentage point (i.e. 0.01%), normally used for indicating spreads or cost of finance. Balance of Payment (BoP) BoP is a statement showing the countrys trade and financial transactions (all economic transactions), in terms of net outstanding receivable or payable from other

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countries, with the rest of the world for a period of time BR Act - Banking Regulation Act

BANKING AWARENESS

Cash reserve Ratio (CRR) - CRR is the amount of funds that the banks have to keep with the RBI. If the central bank decides to increase the CRR, the available amount with the banks comes down CAD- current account deficit Capital Adequacy Ratio (CAR) CRR is a ratio of total capital divided by risk-weighted assets and risk-weighted off-balance sheet items. Cash Credit (CC) - An arrangement whereby the bank gives a short-term loan against the selfliquidating security Certificate of Deposit (CD) - CD is a negotiable instrument issued by a bank evidencing time deposit Cheque - A written order on a bank instrument for payment of a certain amount of money. C-D ratio- Credit- Deposit Ratio Corporate Banking - Banking services for large firms CRAR - Capital to Risk-Weighted Assets Ratio Credit Crunch - Fall in supply of credit even though there is sufficient demand for it Cross default - Two loan agreements connected by a clause that allows one lender to recall the loan if the borrower defaults with another, and vice versa. Deposit: A check or cash that is put into your bank account. Endorse: To sign the back of your check before cashing or depositing it, as proof that you are the person the check was written out to. Equitable mortgage - Mortgage under which one still owns the property which is security for the mortgage. The owner can occupy or live in the property Exchange Rate - The rate at which one currency may be exchanged for another FRNs - Floating Rate Notes Fixed assets - Assets such as land, buildings, machinery or property used in operating a business that will not be consumed or converted into cash during the current accounting period Fixed Rate - A predetermined rate of interest applied to the principal of a loan or credit agreement IFSC Code - Indian Financial System Code or IFSC code is an eleven character code assigned by RBI to identify every bank branches uniquely, that are participating in NEFT system in India Liquidation Liquidation is divestment of all the assets of a firm so that the firm ceases to exist Liquidity- The extent to which or the ease with which an asset may quickly be converted into cash with the least administrative and other costs Letter of Credit (LC) - A formal document issued by a bank on behalf of a customer, stating the conditions under which the bank will honour the commitments of the customer Line of Credit - pre-approved credit facility (usually for one year) enabling a bank customer to borrow up to the specified maximum amount at any time during the relevant period of time. MICR- Magnetic Ink Character Recognition or MICR is the bottom line on all checks. It is printed using a special font. Monthly Statement: statement received by customers at the end of the month about the accounts activity (what went in and what came out) from the previous month. NEFT- national electronic funds transfer Non Performing Assets (NPA) - When due payments in credit facilities remain overdue above a specified period, then such credit facilities are classified as NPA. NBFCs- Non-banking Finance Companies NHB- National Housing Bank Overdraw: To write a check for more money than what is present in the account. Usually there is a fee (known as NSF/non-sufficient funds) Principal- Principal is the amount of debt that must be repaid. Also means a person who deals in securities on his own account and not as a broker Prime Lending Rate (PLR) - The rate of interest charged on loans by banks to their most creditworthy customers PSB - Public Sector Bank

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Repo rate- the rate at which the RBI lends money to banks

BANKING AWARENESS

Reverse repo rate- Reverse Repo rate is the rate at which the RBI borrows money from commercial banks SCBs - Scheduled Commercial Banks Statutory Liquidity Ratio- SLR is Statutory Liquidity Ratio. Its the percentage of Demand and Time Maturities that banks need to have in any or combination of the following forms: i) Cash ii) Gold valued at a price not exceeding the current market price, iii) Unencumbered approved securities (G Secs or Gilts come under this) valued at a price as specified by the RBI from time to time Standby Letter of Credit - A guarantee issued by a bank, on behalf of a buyer that protects the seller against non-payment for goods shipped to the buyer Securitization - Securitization is a process of transformation of a bank loan into tradable securities Selective Credit Control (SCC) - Control of credit flow to borrowers dealing in some essential commodities to discourage hoarding and black-marketing Tier 1 Capital - Refers to core capital consisting of Capital, Statutory Reserves, Revenue and other reserves, Capital Reserves (excluding Revaluation Reserves) and unallocated surplus/ profit but excluding accumulated losses, investments in subsidiaries and other intangible assets Tier 2 Capital - Comprises Property Revaluation Reserves, Undisclosed Reserves, Hybrid Capital, Subordinated Term Debt and General Provisions. This is Supplementary Capital. Withdrawal: To take money out of your bank account. To make a withdrawal is the opposite of making a deposit
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BANKING AWARENESS PRACTICE QUESTIONS

1. First Governor of RBI was a) Hilton Young b) Paul Samuelson c) C.D.Deskmukh d) O.A Smith Ans. d) O.A Smith 2. At the time of nationalization who was the Governor of RBIa) O.A Smith b) J.B Taylor c) C.D. Deshmukh d) K.C.Neogy Ans. c) C.D. Deshmukh 3. The RBI was nationalized in the year a)1949 b)1956 c)1959 d)1947 Ans. a)1949 4. The general superintendence and director of the bank is entrusted to central board of directors of a)10 members b) 20 members c) 25 members d)30 members Ans. b) 20 members 5. Paper currencies of our country are issued by RBI under a) Section- 22 of the RBI act -1934 b) Section- 24 of the RBI act -1934 c) Section- 28 of the RBI act -1934 d) None of these Ans. a) Section- 22 of the RBI act -1934 6. One rupee currency notes bear the signature of a) PM b) President of India c) Governor of RBI d) Finance Secretary of India Ans. d) Finance Secretary of India 7. Ten rupees notes bear the signature of a) President b) Finance Minister c) Secretary of Ministry of finance d) Governor of RBI

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Ans. d) Governor of RBI 8. Which of the following is the banker of the banks a) IDBI b) SBI c) RBI d)UTI Ans. c) RBI

BANKING AWARENESS

9. In which of the following banks one cant open a personal account a) Co-Operative Banks b) Commercial banks c) Regional Rural Banks d) RBI Ans. d) RBI 10. Which of the following banks is the banker to the government a) SBI b) SEBI c) RBI d) IRDA Ans. c) RBI 11. Which of the followings are the function of RBI a) Regulation of currency and flowing of credit system b) Maintaining exchange values of rupee c) Formulating monetary policy of India d) All of these Ans. d) All of these 12. Credit rationing in India is done by a) SBI b) LIC c) UTI d) RBI Ans. d) RBI 13. The first bank of India was a) Bank of Hindusthan b) Imperial Bank c) Bank of Bengal d) Oudh Commercial Bank Ans. a) Bank of Hindusthan 14. The first Indian fully liability and managed bank was a) PNB b) Traders Bank c) SBI d) 0 Presidency Bank of India Ans. a) PNB 15. The rates at which the RBI extends credit to the commercial bank is called a) Bank Rate b) Reverse Repo Rate c)Interest Rate d) None of these Ans. a) Bank Rate 16. In which of the following is not the any element of monetary policy of RBI a) Bank rate b) Open Market Operation c) Public Expenditure d) All of these Ans. c) Public Expenditure 17. 100 rupees note bears the signature of a) Governor of RBI b) PM c) Finance Secretary of India d) Chairman of Finance Commission Ans. a) Governor of RBI 18. Which of the following is the last lender of the last resort of commercial banka) SBI b) Union Govt. c) RBI d) UTI Ans. c) RBI 19. The RBI is agent of central government and of all state government except a) Bihar b) Goa c) Jammu and Kashmir d) Mizoram Ans. c) Jammu and Kashmir 20. Controller of credit of commercial banks in our country is

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a) RBI b)SEBI c) ICI d)UTI Ans. a) RBI 21. The Banking Concept in India was first developed by a) British b) French c) Indian d) None of these Ans. a) British

BANKING AWARENESS

22. The rate at which RBI gives short term credit to the commercial banks against government securities with buy back provision is called a) Bank Rate b) Repo Rate c) Reverse repo rate d) Interest rate Ans. b) Repo Rate 23. The rate at which RBI takes loans from commercial banks is called a) Repo Rate b) Reverse Repo Rate c) Bank Rate d) Interest Rate Ans. b) Reverse Repo Rate 24. At present the Reverse Repo Rate of RBI is (As of 25th Nov) a) 8.25 b) 7.25 c) 7.50 d)8.50 Ans. d)8.50 25. Bank rate of RBI is also known as a) Interest Rate b) Discount Rate c) fed rate d) bid rate Ans. b) Discount Rate 26. Which of the following is not the any element of quantitative credit control policy of RBI a) CRR b) SLR c) Selective credit control d) open market operation. Ans. c) Selective credit control 27. At present CRR of RBI is a) 6% b) 7.5% c) 8.5% d) none of these Ans. a) 6% 28. The limitation of CRR of RBI is a)3-10 % b) 3-15% c) 15-38% d) 10-25% Ans. b) 3-15% 29. The apex organization of Indian money market is a)SBI b) SEBI c) RBI d) IRDA Ans. c) RBI 30. If the cash reserve is lowered by RBI, what will be its effect on credit creation a) Decrease b) Increase c) No Change d) None of these Ans. b) Increase 31. The expansion of money supply of an economy depends on a) The policy of CRR b) The bank rate policy c) Open market operation d) All of these Ans. d) All of these 32. Among the following who are eligible to benefit from the Mahatma Gandhi National Rural Employment Guarantee Act?

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a) Adult Members of only the scheduled caste and scheduled tribe holders b) Adult of below poverty line household c) Adult members of household of all backward community d) adult members of any rural household e) None of these Ans. d) adult members of any rural household 33. Which of the following banks merged with Punjab national banks in 1993 a) New bank of India b) Central Bank of India c) Imperial Bank of India d) Common bank of India Ans. a) New bank of India 34. A currency, the exchange values of which is expected to remain stable due to strong performance by its economy. This currency is a) Soft Currency b) Hot currency c) Fiat currency d) None of these (Hard Currency) Ans. d) None of these (Hard Currency) 35. The Reserve Bank of India issues under the following note issue method? a) Proportional Reserve System b) Minimum Reserve System c) Maximum Reserve System d) Fixed Fiduciary System Ans. b) Minimum Reserve System 36. What is a Scheduled Bank? a) A bank having Rs 10 Crore deposits b) A bank having Rs 100 Crore deposits c) A bank having Rs 5 Crore deposits d) A bank included in the second schedule of RBI act 1934. Ans. d) A bank included in the second schedule of RBI act 1934. 37. How many languages are used on a Ten Rupee note? a) 2 b) 7 c) 10 d) 15 e) 16 Ans. d) 15 38. The place where bankers meet and settle their mutual claims and accounts is known as a) Treasury b) Clearing House c) Dumping House d) Collection centre Ans. b) Clearing House 39. The largest Public sector bank in India a) SBI b) PNB c) RBI d) ICICI Ans. a) SBI 40. Which of the following is not the function of RBI a) Bankers bank b) Banker to public c) custodian of foreign exchange d) Bankers to Govt. Ans. b) Banker to public 41. Who is responsible for the collection and publication of monetary and financial informationa) Finance Commission b) Finance ministry c) RBI d) Auditor and Comptroller general of India Ans. c) RBI 42. Which of the following regulatory authority to oversee the new issues, protect the investment and investors, promote the development of Capital Market and regulate the working of Stock Exchange a) UTI b) IRDA c) RBI d) SEBI e) None of these Ans. d) SEBI 43. After a long span of 22 years, RBI released Rs.1000/- currency note for circulation in a) 2000 b) 2002 c) 2005

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d) 2008 Ans. a) 2000

BANKING AWARENESS

44. Regional Rural banks are working in all states of the country except a) Sikkim and Goa b) Sikkim and Manipur c) Manipur and Nagaland d) Jammu and Kashmir Ans. a) Sikkim and Goa 45. The National Housing Bank is a subsidiary of a) RBI b) NABARD c) IDBI d) UTI Ans. a) RBI 46. At present the ceiling of Foreign Direct Investment (FDI) in insurance sector in India is a) 26% b) 49% c) 51% d) 74% Ans. a) 26% 47. Rs. 25 Paisa was ceased by the Govt of India on a) 30th june 2011 b) 30th July 2011 c) 1st January 2011 d) 1st July 2011 Ans. a) 30th june 2011 48. Initial Public Offering (IPO) is associated with a) RBI b) Stock Exchange c) IRDA d) Indian Postal Service Ans. b) Stock Exchange 49. The Basic regulatory authority for mutual funds and stock markets lies with the a) Government of India b) Reserve Bank of India c) Securities and Exchange Board of India (SEBI) d) Stock Exchange Ans. c) Securities and Exchange Board of India (SEBI) 50. Monetary policy Referes to the policy of a) Money Lenders b) Government c) Commercial Banks d) RBI Ans. d) RBI
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THURSDAY, 24 MAY 2012

Syndicate Bank Recruitment of 1000 Probationary Clerks

Syndicate Bank invites applications for the post of Probationary Clerks from Indian citizens who have taken the Common Written Examination for Clerical Cadre conducted by IBPS in Nov./Dec.2011 and have a valid Score card issued by IBPS subject to fulfillment of other eligibility criteria. For details regarding vacancies and cut-off marks State/UT-wise, category-wise, eligibility criteria, fees/intimation charges, application procedure, selection procedure, reservation/relaxation etc., please visit the Banks website www.syndicatebank.in between 01.06.2012 and 15.06.2012. The Clerical recruitment would be on State/UT-wise basis. It will therefore be necessary that candidates apply for vacancies of State/UT from which they have appeared for the Common Written Examination in which they have qualified. Candidates should possess proficiency in the Official /Regional Language of the State/UT for which vacancies he/she wishes to apply (To read, write & speak). IMPORTANT DATES: Payment of Application Fees at Syndicate Bank Branches Opening date for Online Registration Last Date for Online Registration (Including for candidates from far-flung areas )

01.06.2012 To 15.06.2012 01.06.2012 15.06.2012

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BANKING AWARENESS
The number of vacancies and also the number of reserved vacancies is provisional and may vary according to actual requirements of the Bank.
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MONDAY, 21 MAY 2012

White Paper on Black Money

Placed below is a link for White Paper on Black Money:

Click here to see details

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Village Grain Banks in Karnataka

After the transfer of the Village Grain Banks(VGB) Scheme to the Department of Food & Public Distribution by the Ministry of Tribal Affairs in November 2004, this Department in February 2006 circulated guidelines of the Scheme to all States/ Union Territories including Karnataka for sending proposals for establishment of VGBs as per the guidelines. The Government of Karnataka in September 2006 conveyed that the scheme would not be applicable to the State as there are no chronically food scarce areas in the State and also no tribal and hilly areas which are inaccessible during periods of drought and floods. Hence, the Central Government has not sanctioned/released funds to the Government of Karnataka for establishment of VGBs in the State till date. The guidelines issued by the Government gives, inter alia, details of the scope and objectives of the scheme, the areas/regions where the Grain Banks can be established, the organisations eligible to establish the VGBs the methodology of implementation, funding pattern, monitoring and evaluation. As per the guidelines Grain Banks are to be established in food scarce areas such as drought prone, hot and cold desert, tribal and inaccessible hilly areas etc. New Delhi
Posted by BANKING AWARENESS at Monday, May 21, 2012 Recommend this on Google No comments:

FRIDAY, 18 MAY 2012

Bank Accounts with Zero Balance

With a view to achieve the objective of greater financial inclusion, the Reserve Bank of India (RBI) issued instructions to all Scheduled Commercial Banks in November 2005, to make available a basic banking no-frills account either with nil or very low minimum balances as well as charges that would make such accounts accessible to vast sections of population. As per RBI, the number of no-frills accounts outstanding with Public Sector Banks (excluding Regional Rural Banks) and Private Sector Banks at end of March 2012, is 1032.06 lakhs.
Posted by BANKING AWARENESS at Friday, May 18, 2012 Recommend this on Google No comments:

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