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Banking Question
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Q:What is Garnishee Order ?
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A: When a Court
directs a bank to attach the funds to the credit of customer's account under
provisions of Section 60 of the Code of Civil Procedure, 1908.
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Q:What is General Lien ?
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A: A right of the
creditors(BANK) to retain deposits held by this bank against any loan raised
by the debtor(BORROWER) .
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Q:What is Holder?
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A : Holder means
any person entitled in his own name to the possession of the cheque, bill of
exchange or promissory note and who is entitled to receive or recover the
amount due on it from the parties. For example, if I give a cheque to my
friend to withdraw money from my bank,he becomes holder of that cheque. Even
if he loses the cheque, he continues to be holder. Finder cannot become the
holder.
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Q:What is Holder in due course ?
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A: A person who
receives a Negotiable Instrument for value, before it was due and in good
faith, without notice of any defect in it, he is called holder in due course
as per Negotiable Instrument Act. In the earlier example if my friend lends
some money to me on the basis of the cheque, which I have given to him for
encashment, he becomes holder-in-due course.
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Q:What is Hypothecation ?
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A: Charge against
property for an amount of debt where neither ownership nor possession is
passed to the creditor. In pledge, possession of property is passed on to the
lender but in hypothecation, the property remains with the borrower in trust
for the lender.
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Q:What is Bank Guarantee?
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A:Bank Guarantee
is an instrument issued by the Bank in which the Bank agrees to stand
guarantee against the non-performance of some action/performance of a party.
The quantum of guarantee is called the 'guarantee amount'. The guarantee is
issued upon receipt of a request from 'applicant' for some
purpose/transaction in favour of a 'Beneficiary'. The 'issuing bank' will pay
the guarantee amount to the 'beneficiary' of the guarantee upon receipt of
the 'claim' from the beneficiary. This results in 'invocation' of the
Guarantee.
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Bank issues
Guarantee favouring beneficiaries abroad either directly or through our
correspondent banks across the continents.
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Q:What is A letter of credit?
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A: letter of
credit is a document from a bank guaranteeing that a seller will receive
payment in full as long as certain delivery conditions have been met. In the
event that the buyer is unable to make payment on the purchase, the bank will
cover the outstanding amount.
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Q:What is NON-FUND BASED LIMIT?
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A:There are
various types of non-fund based limits
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Bank Guarantee
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Letters of
Credit( Inland or foreign)
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Letters of
Comfort for availing the Buyers Credit.
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Q: What is Buyer's credit ?
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A:Buyer's credit
is a short term credit available to an importer (buyer) from overseas lenders
such as banks and other financial institution for goods they are importing.
The overseas banks usually lend the importer (buyer) based on the letter of
comfort (a bank guarantee) issued by the importer's bank.
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Q:What is Supplier’s Credit?
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A:Supplier’s
credit is defined as a financial credit facility that is extended to a local
Buyer by the Foreign Seller/ BANK/ Financial institutions, preferably of
Seller’s Country. The local bank will issue Usance Bills under the LC for the
Importer and in return the Foreign bank will discount this LC.
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Q: What is objective of SIDBI?
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A:SIDBI was
established on April 2, 1990. The Charter establishing it, The Small
Industries Development Bank of India Act, 1989 envisaged SIDBI to be
"the principal financial institution for the promotion, financing and
development of industry in the small scale sector and to co-ordinate the
functions of the institutions engaged in the promotion and financing or
developing industry in the small scale sector and for matters connected
therewith or incidental thereto.
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Q: Where its HQ is located?
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A:Lucknow.
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Q:Tell something about SEBI?
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A:- Established
on April 12, 1992 in accordance with the provisions of the SEBI Act, 1992.
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Chairman - Shri U
K Sinha
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Head Office -
Mumbai
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Q:Tell something about IRDA?
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A:Establishment -
Following the recommendations of Malhotra Committee report, in 1999, IRDA was
constituated as an autonomous body to regulate and develop the insurance
industry. The IRDA was incorporated as a statutory body in April 2000.
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Chairman - T S
Vijayan
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Head Office -
Hyderabad, Andhra Pradesh
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Key Objectives -
Promotion of competition so as to enhance customer satisfaction through
increased consumer choice and lower premiums, while ensuring the financial
security of the insurance market.
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Q:Tell something about IDBI?
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A:Chairman &
Managing Director - M. S. Raghavan
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Establishment -
Established as a Public Financial Instutution under RBI in 1964. It was
seperated from RBI in 1976 and became full fledged Development Bank. In 2004,
It was converted into Commercial bank which has a Govt share holding of 52.7%
at present. It is now a Public Sector Commercial Bank.
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Head Office -
Mumbai.
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Q:Tell something aboutSIDBI?
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A:Establishment -
Established on April 2, 1990
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Chairman - Dr.
Kshatrapati Shivaji
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Head Office -
Lucknow.
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Q:Tell something about NABARD?
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A:Establishment -
Established on July 12, 1982 with the paid up capital of Rs. 100 Crore have
50:50 contribution of GOI and RBI.
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Govt Stake at
Present - 99%
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RBI Stake at
Present - 1% (RBI divested its 71.5% stake to the GOI in NABARD)
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Chairman - Harsh
Kumar Bhanwala
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Head Office -
Mumbai
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Established
according to the recommendation of - Shivaraman Committee
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Key Points -
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Provides
refinance facilities to various such financial institutions which provide
loans to promote productive activities in rural areas.
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To meet its own
loan requirements, NABARD obtains funds from GOI, World Bank and other
agencies.
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It also mobilises
resources by issuing bonds and debentures guaranteed by the GOI.
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It also utilises
the funds of National Rural Credit Fund.
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It also provides
loans to Commercial banks and RRBs for refinance purpose so that these banks
may continue their various activities including granting finances for small
irrigation, IRDP, dairy development, mechanisation of farms, etc.
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The organisation
whose functions has been taken over by NABARD from RBI are -
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Agricultural
Re-finance and Development Corporation
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National
Agricultural Credit Fund (long term operation)
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National
Agricultural Credit Fund (stabilisation).
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Q:Tell something aboutECGC?
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A:Provides a
range of credit risk insurance covers to exporters against loss in export of
goods and services
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Offers Export
Credit Insurance covers to banks and financial institutions to enable
exporters to obtain better facilities from them
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Provides Overseas
Investment Insurance to Indian companies investing in joint ventures abroad
in the form of equity or loan.
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Q:Tell something about BCSBI?
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A:The Banking
Codes and Standards Board of India is not a Department of the RBI. Reserve
Bank has agreed to lend it financial support for a limited period. It is an
independent banking industry watch dog to ensure that the consumer of banking
services get what they are promised by the banks.
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The Banking Codes
and Standards Board of India has been registered as a separate society under
the Societies Registration Act, 1860. Therefore, it would function as an
independent and autonomous body.
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Dr. Y.V. Reddy,
Governor, Reserve Bank of India, in his Monetary Policy Statement (April
2005) announced setting up of the banking Codes and standards Board of India
in order to ensure that comprehensive code of conduct for fair treatment of
customers was evolved and adhered to.
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The Registered
office of the society shall be situated in the State of Maharashtra at
Reserve Bank of India, C- 8/9, Bandra-Kurla Complex, Bandra (East), Mumbai -
400 051.
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Chairman - Shri A
C Mahajan.
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Q: Define Inflation.
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A:The rate at
which the general level of prices for goods and services is rising, and,
subsequently, purchasing power is falling. Central banks attempt to stop
severe inflation, along with severe deflation.
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Q: Define Deflation.
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A: When the
overall price level decreases so that inflation rate becomes negative, it is
called deflation. It is the opposite of the often-encountered inflation.
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Q:Define Stagflation.
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A:an inflationary
period accompanied by rising unemployment and lack of growth in consumer
demand and business activity.
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Q:Define Reflation.
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A:Reflation is
the act of stimulating the economy by increasing the money supply or by
reducing taxes, seeking to bring the economy (specifically price level) back
up to the long-term trend, following a dip in the business cycle.
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Q:Define Agflation.
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A:rising food
prices caused by increased demand for agricultural commodities.
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Q:Define Disinflation.
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A:Disinflation is
a decrease in the rate of inflation – a slowdown in the rate of increase of
the general price level of goods and services in a nation's gross domestic
product over time. It is the opposite of reflation.
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Q:Define Hyperdeflation.
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A: An extremely
large and relatively quick level of deflation in an economy. Hyperdeflation
occurs when the general price level of goods or services in an economy falls
drastically in a short period of time, causing the real value of a currency
to actually increase in that time.
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Q:Present Bank Rate is.........
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A: 7.0%
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Q: Present REPO Rate is........
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A:6.5%
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Q: Present REVERSE REPO Rate is..........
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A:6.0%
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Q: Present MSF Rate is..............
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A:7.0%
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Q:Present CRR is......
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A: 4%
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Q:Present SLR IS........
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A: 21.25%.
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Q: GDP For 2014-15 is ..............
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A: 7.3%
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Q: IIP For Oct 15 is ...................
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A: 9.8%
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Q:CPI For Nov15 is.....................
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A:5.41%
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Q: WPI For Nov 15 is.....................
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A: Minus 1.99%
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Q: Trade deficit For Dec 15 is ..........
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A: $ 11.66 Bn.
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Q What are 19 action points of start
up-Highlights of the Plan-
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A:Compliance
Regime based on Self-certification
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Startup India Hub
– A single point of contact for the entire startup ecosystem
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Rolling out of a
Mobile App & Portal – Starting a Startup in 1 day on a Mobile App
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Fast track
mechanism of Startup patent applications
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Relaxed Norms of
Public Procurement for Startups
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Faster Exit for
Startups
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Rs 10,000 crore
Fund of Funds for funding support
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Credit Guarantee
Fund for Startups
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Tax Exemption on
Capital Gains
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Tax Exemption to
Startups for 3 Years (for startups registering after April 1, 2016)
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Tax Exemption on
Investment above Fair Market Value
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Organising
Startup Fests for Showcasing Innovation and Providing a Collaboration
Platform
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Launch of Atal
Innovation Mission (AIM) with Self-Employment and Talent Utilisation (SETU)
Program
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Harnessing
Private Sector Expertise for Incubator Setup
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Building
Innovation Centres at National Institutes
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Setting up of 7
New Research Parks Modeled on the Research Park Setup at IIT Madras
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Promoting
Startups in the Biotechnology Sector
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Launching
Innovation Focused Programs for Students
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Annual Incubator
Grand Challenge
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