General Affairs
Uttar Pradesh, Manipur Assembly elections: Final phase of polling concludes
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Polling for Uttar Pradesh and Manipur Assemblies ended today. While Uttar Pradesh recorded a 60 per cent voter turnout in the final phase, Manipur saw 83 per cent turnout.
Voting was largely peaceful in both the states, however, security arrangements were beefed in wake of the Lucknow terror standoff and recent blasts in Manipur.
Over 1.41 voters exercised their franchise in the seventh phase in Uttar Pradesh, while Manipur saw participation of about 8 lakh voters.
UTTAR PRADESH POLLS
The average turnout in seven phases of polling that began on February 11 has been around 60-61 per cent compared to 59.48 per cent in 2012.
The poll percentage in the first phase was 64.22, in the second 65.16, third phase 61.16, fourth phase 60.37, fifth phase 57.37 and sixth phase 57.03.
Today's exercise passed off by and large peacefully and no untoward incident was reported from the three constituencies in the Naxal-affected districts of Sonbhadra, Mirzapur and Chandauli. Poll percentage in these areas was Chakia 59, Duddhi 62 and Robertsganj 58.
In Jaunpur, BJP candidate from Jafarabad seat Harendra Pratap Singh and four others were arrested for allegedly taking voters to polling booths in two vehicles.
MANIPUR POLLS
Colourfully decked-up men and women came out in huge numbers to mark their democratic choice, as over 83 per cent votes were cast amidst tight security in the second and final phase of the Manipur Assembly polls on Wednesday.
The voter turnout was 86.5 in the first phase covering 38 constituencies on March 4. Polling was generally peaceful notwithstanding a few stray incidents in the 22 constituencies spread over six districts - Thoubal, Ukhrul, Chandel, Tamenglong, Kamjomg and Senapati, officials said.
All eyes are on Thoubal, where Chief Minister Okram Ibobi Singh is seeking re-election as a Congress candidate in a five-cornered contest that also features human rights activist and People's Resurgence and Justice Alliance (PRAJA) nominee Irom Sharmila and Bharatiya Janata Party's Leitanthem Basanta Singh.
The counting of votes in Uttar Pradesh and Manipur will be taken up on March 11, along with three other states Uttarakhand, Punjab, and Goa where Assembly polls were held.
Polling for Uttar Pradesh and Manipur Assemblies ended today. While Uttar Pradesh recorded a 60 per cent voter turnout in the final phase, Manipur saw 83 per cent turnout.
Voting was largely peaceful in both the states, however, security arrangements were beefed in wake of the Lucknow terror standoff and recent blasts in Manipur.
Over 1.41 voters exercised their franchise in the seventh phase in Uttar Pradesh, while Manipur saw participation of about 8 lakh voters.
UTTAR PRADESH POLLS
The average turnout in seven phases of polling that began on February 11 has been around 60-61 per cent compared to 59.48 per cent in 2012.
The poll percentage in the first phase was 64.22, in the second 65.16, third phase 61.16, fourth phase 60.37, fifth phase 57.37 and sixth phase 57.03.
Today's exercise passed off by and large peacefully and no untoward incident was reported from the three constituencies in the Naxal-affected districts of Sonbhadra, Mirzapur and Chandauli. Poll percentage in these areas was Chakia 59, Duddhi 62 and Robertsganj 58.
In Jaunpur, BJP candidate from Jafarabad seat Harendra Pratap Singh and four others were arrested for allegedly taking voters to polling booths in two vehicles.
MANIPUR POLLS
Colourfully decked-up men and women came out in huge numbers to mark their democratic choice, as over 83 per cent votes were cast amidst tight security in the second and final phase of the Manipur Assembly polls on Wednesday.
The voter turnout was 86.5 in the first phase covering 38 constituencies on March 4. Polling was generally peaceful notwithstanding a few stray incidents in the 22 constituencies spread over six districts - Thoubal, Ukhrul, Chandel, Tamenglong, Kamjomg and Senapati, officials said.
All eyes are on Thoubal, where Chief Minister Okram Ibobi Singh is seeking re-election as a Congress candidate in a five-cornered contest that also features human rights activist and People's Resurgence and Justice Alliance (PRAJA) nominee Irom Sharmila and Bharatiya Janata Party's Leitanthem Basanta Singh.
The counting of votes in Uttar Pradesh and Manipur will be taken up on March 11, along with three other states Uttarakhand, Punjab, and Goa where Assembly polls were held.
Manipur: Blast in Imphal market, at least 5 people injured
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Hours after second phase polling ended in Manipur, a blast ripped through a medical story in the capital city's Thanhgal Bazar.
According to early information, at least five people were injured and they have been taken to city's RIMS hospital in Imphal for treatment.
The blast took place in the Imphal west, near Kasturi Bridge at 6.15pm
Police officials have reached the site of the explosion, the nature of which was not immediately clear.
Voting in Imphal had already taken place in the first phase, which was held on March 4.
Hours after second phase polling ended in Manipur, a blast ripped through a medical story in the capital city's Thanhgal Bazar.
According to early information, at least five people were injured and they have been taken to city's RIMS hospital in Imphal for treatment.
The blast took place in the Imphal west, near Kasturi Bridge at 6.15pm
Police officials have reached the site of the explosion, the nature of which was not immediately clear.
Voting in Imphal had already taken place in the first phase, which was held on March 4.
Female foeticide can't be allowed to take place, says PM Narendra Modi
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Prime Minister Narendra Modi on Wednesday said that female foeticide can't be allowed to take place and villages with women sarpanchs can play key role in showing the way in ending the menace.
He was in Gandhinagar honouring sarpanchs who have contributed immensely towards clean India movement.
"Female foeticide can't be allowed to take place. Villages with women sarpanchs can play key role and show the way in ending female foeticide," PM Modi said.
He further added that women have broken so many myths and they have shown how a positive change has begun in rural India.
Talking about cleanliness, he also said, "We will mark the 150th birth anniversary of Mahatma Gandhi. He always said India lives in the villages. Gandhiji also said cleanliness is more important than political freedom. You can imagine the commitment he had towards cleanliness."
Prime Minister Narendra Modi on Wednesday said that female foeticide can't be allowed to take place and villages with women sarpanchs can play key role in showing the way in ending the menace.
He was in Gandhinagar honouring sarpanchs who have contributed immensely towards clean India movement.
"Female foeticide can't be allowed to take place. Villages with women sarpanchs can play key role and show the way in ending female foeticide," PM Modi said.
He further added that women have broken so many myths and they have shown how a positive change has begun in rural India.
Talking about cleanliness, he also said, "We will mark the 150th birth anniversary of Mahatma Gandhi. He always said India lives in the villages. Gandhiji also said cleanliness is more important than political freedom. You can imagine the commitment he had towards cleanliness."
India's National Commission for Minorities has virtually no members, last of 7 retires tomorrow
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The National Commission for Minorities (NCM) -- an organisation established to safeguard the constitutional and legal rights of minorities and which was once headed by Hamid Ansari, now India's Vice-President -- currently has no chairperson and virtually no members.
The last of its members will retire on Thursday and the government has so far not finalised names of the new Chairperson and members.
Minority Affairs Minister Mukhtar Abbas Naqvi, asked about the reconstitution of the Commission, said that it may happen soon.
"The process is on. We have received a few names for the members and chairperson which I cannot disclose right now, but it may be done soon," Naqvi told IANS.
The NCM has a sanctioned strength of seven members, including the chairperson, with each member having a fixed tenure of three years.
Currently, only one member, Dadi E Mistry, is in the Commission and he too is slated to retire on Thursday.
RETIREMENTS LAST YEAR
Earlier, members Farida Abdulla Khan retired in October last year while Praveen Davar retired in January this year. Another member, Mabel Rebello, from the Christian community, completed her term in February 2016.
The government did not appoint any new persons to replace the outgoing members.
So much so that the last Chairman, Naseem Ahmed, who completed his term on March 3, twice wrote to the Minority Affairs Ministry to fill the vacant posts as the workload was increasing on the remaining members - but nothing happened.
"I wrote twice to the government about the vacant posts, once during the tenure of Najma Heptulla and once to the present Minority Affairs Minister Mr. Naqvi, besides putting this up verbally with the Ministers now and then. Both the Ministers said the matter was being considered, but no new members were ever appointed," Naseem Ahmed told IANS.
As for the importance of the body, a Home Ministry Resolution dated January 12, 1978, specifically mentions that "despite the safeguards provided in the Constitution and the laws in force, there persists among the minorities a feeling of inequality and discrimination".
The Ministry felt that to preserve secular traditions and to promote national integration, "effective institutional arrangements are urgently required for the enforcement and implementation of all the safeguards provided for the minorities in the Constitution".
The government set up the NCM under the National Commission for Minorities Act, 1992, though it had to face different pulls and pressures which is a separate story.
The body, which enjoys quasi-judicial powers, draws members from five recognised minority communities in India --Muslims, Sikhs, Christians, Buddhists and Parsis. Since January 2014, Jains have also been notified as a recognised minority community.
MINORITIES COMMISSION IS A NECESSITY: FORMER IAS OFFICER
Naseem Ahmed, who is also a former IAS officer and has decades of experience working in the government set up, said the Minorities Commission is a necessity and it must work at its full strength at all times.
"In the last two years, as members kept retiring and no new members came, the workload kept increasing on the serving members. For the Commission to discharge its duties efficiently, it must work at full strength," Ahmed said.
"There should be timely induction of members. Not filling vacant posts sends wrong signals," he said.
He also advocated the need for the NCM to have an investigation wing with police officers, which other Commissions such as National Commissions for Scheduled Castes and Scheduled Tribes have.
However, Ahmed denied any direct interference by the government in the working of the NCM.
"There has never been any interference by the government, neither previous nor this one, in our affairs or functioning. We got equal cooperation from this government as with the previous one," Ahmed said.
The National Commission for Minorities (NCM) -- an organisation established to safeguard the constitutional and legal rights of minorities and which was once headed by Hamid Ansari, now India's Vice-President -- currently has no chairperson and virtually no members.
The last of its members will retire on Thursday and the government has so far not finalised names of the new Chairperson and members.
Minority Affairs Minister Mukhtar Abbas Naqvi, asked about the reconstitution of the Commission, said that it may happen soon.
"The process is on. We have received a few names for the members and chairperson which I cannot disclose right now, but it may be done soon," Naqvi told IANS.
The NCM has a sanctioned strength of seven members, including the chairperson, with each member having a fixed tenure of three years.
Currently, only one member, Dadi E Mistry, is in the Commission and he too is slated to retire on Thursday.
RETIREMENTS LAST YEAR
Earlier, members Farida Abdulla Khan retired in October last year while Praveen Davar retired in January this year. Another member, Mabel Rebello, from the Christian community, completed her term in February 2016.
The government did not appoint any new persons to replace the outgoing members.
So much so that the last Chairman, Naseem Ahmed, who completed his term on March 3, twice wrote to the Minority Affairs Ministry to fill the vacant posts as the workload was increasing on the remaining members - but nothing happened.
"I wrote twice to the government about the vacant posts, once during the tenure of Najma Heptulla and once to the present Minority Affairs Minister Mr. Naqvi, besides putting this up verbally with the Ministers now and then. Both the Ministers said the matter was being considered, but no new members were ever appointed," Naseem Ahmed told IANS.
As for the importance of the body, a Home Ministry Resolution dated January 12, 1978, specifically mentions that "despite the safeguards provided in the Constitution and the laws in force, there persists among the minorities a feeling of inequality and discrimination".
The Ministry felt that to preserve secular traditions and to promote national integration, "effective institutional arrangements are urgently required for the enforcement and implementation of all the safeguards provided for the minorities in the Constitution".
The government set up the NCM under the National Commission for Minorities Act, 1992, though it had to face different pulls and pressures which is a separate story.
The body, which enjoys quasi-judicial powers, draws members from five recognised minority communities in India --Muslims, Sikhs, Christians, Buddhists and Parsis. Since January 2014, Jains have also been notified as a recognised minority community.
MINORITIES COMMISSION IS A NECESSITY: FORMER IAS OFFICER
Naseem Ahmed, who is also a former IAS officer and has decades of experience working in the government set up, said the Minorities Commission is a necessity and it must work at its full strength at all times.
"In the last two years, as members kept retiring and no new members came, the workload kept increasing on the serving members. For the Commission to discharge its duties efficiently, it must work at full strength," Ahmed said.
"There should be timely induction of members. Not filling vacant posts sends wrong signals," he said.
He also advocated the need for the NCM to have an investigation wing with police officers, which other Commissions such as National Commissions for Scheduled Castes and Scheduled Tribes have.
However, Ahmed denied any direct interference by the government in the working of the NCM.
"There has never been any interference by the government, neither previous nor this one, in our affairs or functioning. We got equal cooperation from this government as with the previous one," Ahmed said.
Rs 500 crore allotted from Nirbhaya fund for CCTVs on trains, platforms lying unused with Railways
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The railway network has over the past year seen a barrage of mishaps- some suspected to be the handiwork of saboteurs- and Tuesday's train blast once again exposed chinks in its security apparatus even as funds to strengthen the defences gather dust.
According to senior railway officials, the finance ministry had allotted Rs 50 lakh each to bring at least 1,000 railway stations, which witness high number of footfalls, and major trains under surveillance. However, almost 95 per cent of the railway stations and the entire fleet of trains still lack CCTV cameras to keep a check on suspicious activities.
On Tuesday, 10 people were injured after the blast on a Bhopal-Ujjain passenger train. The explosion took place around 9.50am near Jabdi station in Madhya Pradesh's Ratlam division as the train was heading from Bhopal to Ujjain, railways spokesperson Jitendra Kumar Jayant said. Over 150 people died on November 21 when the Indore-Patna Express flew off the tracks. A month later, 50 people were injured when the Ajmer-Sealdah Express derailed.
SANCTIONED OUT OF NIRBHAYA FUND
The Rs 500 crore sanctioned by the finance ministry out of the Nirbhaya Fund to install CCTV cameras at stations lies untouched. This despite the fact that 40 security scares, including attempts of sabotage, have been reported by the railways in 2016-17 compared to 45 the previous year.
Sources confirmed the use of explosives for the Madhya Pradesh blast and a top railway official said splinters were found in the damaged coach. A suitcase was found near the blast site and officials are examining forensic evidence. MP home minister Bhoopendra Singh said initial probe point to a terror attack.
Railway officials said security has been beefed up across stations but, in the absence of a monitoring system, it will prove tough. At present, only A1 and A category stations have CCTV cameras and the remaining have no surveillance system. There are nearly 8,000 railway stations across the country. Of these, 75 stations have been categorised as A1 while 320 stations fall in the A category.
The railway network has over the past year seen a barrage of mishaps- some suspected to be the handiwork of saboteurs- and Tuesday's train blast once again exposed chinks in its security apparatus even as funds to strengthen the defences gather dust.
According to senior railway officials, the finance ministry had allotted Rs 50 lakh each to bring at least 1,000 railway stations, which witness high number of footfalls, and major trains under surveillance. However, almost 95 per cent of the railway stations and the entire fleet of trains still lack CCTV cameras to keep a check on suspicious activities.
On Tuesday, 10 people were injured after the blast on a Bhopal-Ujjain passenger train. The explosion took place around 9.50am near Jabdi station in Madhya Pradesh's Ratlam division as the train was heading from Bhopal to Ujjain, railways spokesperson Jitendra Kumar Jayant said. Over 150 people died on November 21 when the Indore-Patna Express flew off the tracks. A month later, 50 people were injured when the Ajmer-Sealdah Express derailed.
SANCTIONED OUT OF NIRBHAYA FUND
The Rs 500 crore sanctioned by the finance ministry out of the Nirbhaya Fund to install CCTV cameras at stations lies untouched. This despite the fact that 40 security scares, including attempts of sabotage, have been reported by the railways in 2016-17 compared to 45 the previous year.
Sources confirmed the use of explosives for the Madhya Pradesh blast and a top railway official said splinters were found in the damaged coach. A suitcase was found near the blast site and officials are examining forensic evidence. MP home minister Bhoopendra Singh said initial probe point to a terror attack.
Railway officials said security has been beefed up across stations but, in the absence of a monitoring system, it will prove tough. At present, only A1 and A category stations have CCTV cameras and the remaining have no surveillance system. There are nearly 8,000 railway stations across the country. Of these, 75 stations have been categorised as A1 while 320 stations fall in the A category.
Business Affairs
SpiceJet, Jet Airways stocks close higher as Delhi govt proposes to cut ATF rate by 24%
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Airline stocks closed higher on Wednesday after the Delhi government cut aviation turbine fuel (ATF) rates to a meagre 1 percent from 25 percent.
The announcement was made in AAP government's third budget today since coming to power in 2015.
Sisodia said the tax cut on jet fuel or aviation turbine fuel (ATF) will be for all flights under the regional connectivity routes.
While Jet Airways stock rose 3.07 percent, SpiceJet stock closed 2.86 percent higher on the BSE.
InterGlobe Aviation, parent of IndiGo, also surged 2.26 percent on the BSE.
The move is likley to result in air fares getting cheaper.
Indian aviation market is the 9th largest aviation market of the world.
Aviation turbine fuel accounts for about 45 percent of operating costs of airlines.
In the third quarter of current fiscal, earnings of the air carriers showed that the sector is going downhill due to rise in aviation turbine fuel (ATF) prices, intensifying competition, and falling yields. In fact, most players were able to post profits only due to income from non-core areas, that is, activities other than selling tickets.
Market leader IndiGo, with 39.3 per cent passenger traffic share in 2016, reported a 26 per cent drop in net profit in the third quarter of 2016/17 compared with the corresponding period of the previous year. Revenues grew 16 per cent during the period.
Jet Airways, the second-largest player in terms of market share, reported a 69.5 per cent decline in (standalone) net profit; revenues grew just 0.6 per cent. Gurgaon-based SpiceJet reported a 24.5 per cent drop in net profit and 12.5 per cent increase in revenues.
Airline stocks closed higher on Wednesday after the Delhi government cut aviation turbine fuel (ATF) rates to a meagre 1 percent from 25 percent.
The announcement was made in AAP government's third budget today since coming to power in 2015.
Sisodia said the tax cut on jet fuel or aviation turbine fuel (ATF) will be for all flights under the regional connectivity routes.
While Jet Airways stock rose 3.07 percent, SpiceJet stock closed 2.86 percent higher on the BSE.
InterGlobe Aviation, parent of IndiGo, also surged 2.26 percent on the BSE.
The move is likley to result in air fares getting cheaper.
Indian aviation market is the 9th largest aviation market of the world.
Aviation turbine fuel accounts for about 45 percent of operating costs of airlines.
In the third quarter of current fiscal, earnings of the air carriers showed that the sector is going downhill due to rise in aviation turbine fuel (ATF) prices, intensifying competition, and falling yields. In fact, most players were able to post profits only due to income from non-core areas, that is, activities other than selling tickets.
Market leader IndiGo, with 39.3 per cent passenger traffic share in 2016, reported a 26 per cent drop in net profit in the third quarter of 2016/17 compared with the corresponding period of the previous year. Revenues grew 16 per cent during the period.
Jet Airways, the second-largest player in terms of market share, reported a 69.5 per cent decline in (standalone) net profit; revenues grew just 0.6 per cent. Gurgaon-based SpiceJet reported a 24.5 per cent drop in net profit and 12.5 per cent increase in revenues.
Flipkart in talks to raise $1.5 billion for another four years
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Flipkart is in discussions with a range of investors including Microsoft Corp., EBay Inc. and Tencent Holdings Ltd. to raise anywhere from $1.2 billion to $1.5 billion, enough to carry it through another four years, according to Bloomberg report.
The Indian e-commerce company, which is fighting a pitched battle with Amazon saw its sky-high valuations being marked down several times last year.
On November 28, 2016 Morgan Stanley marked down Flipkart's valuation - for the fourth time in a year - to $5.6 billion. Last year, Flipkart was devalued by Morgan Stanley at about $5.5 billion compared to the $15.2 billion it was valued at in May 2015.
Last year, Flipkart's biggest investor Tiger Global Management carried a a top level management change at Flipkart by sending in former eBay executive Kalyan Krishnamurthy to help turn around India's most valuable internet startup.
Till last year, the founders, Sachin Bansal and Binny Bansal had a largely free hand. However, last year things changed somewhat. The buzz was that the valuations of Flipkart was dropped, as Amazon India showed an insatiable appetite for spending money to expand, investors in Flipkart were becoming more cautious.
Last year, there was a mass exodus of senior leadership from Flipkart, followed by a quest on how to fill the gap and what the new leadership structure should be like. It took 3-4 months for Flipkart to fix the internal organization and associated strategies and they practically lost this time to do anything significant around growth.
Sachin Bansal and Binny Bansal are amongst the 31 Indian billionaires who are out of the Hurun Global Rich-Indian billionaires list. Last year, the ecommerce giant faced strong competition from Snapdeal and US e-retail giant Amazon.
Flipkart is in discussions with a range of investors including Microsoft Corp., EBay Inc. and Tencent Holdings Ltd. to raise anywhere from $1.2 billion to $1.5 billion, enough to carry it through another four years, according to Bloomberg report.
The Indian e-commerce company, which is fighting a pitched battle with Amazon saw its sky-high valuations being marked down several times last year.
On November 28, 2016 Morgan Stanley marked down Flipkart's valuation - for the fourth time in a year - to $5.6 billion. Last year, Flipkart was devalued by Morgan Stanley at about $5.5 billion compared to the $15.2 billion it was valued at in May 2015.
Last year, Flipkart's biggest investor Tiger Global Management carried a a top level management change at Flipkart by sending in former eBay executive Kalyan Krishnamurthy to help turn around India's most valuable internet startup.
Till last year, the founders, Sachin Bansal and Binny Bansal had a largely free hand. However, last year things changed somewhat. The buzz was that the valuations of Flipkart was dropped, as Amazon India showed an insatiable appetite for spending money to expand, investors in Flipkart were becoming more cautious.
Last year, there was a mass exodus of senior leadership from Flipkart, followed by a quest on how to fill the gap and what the new leadership structure should be like. It took 3-4 months for Flipkart to fix the internal organization and associated strategies and they practically lost this time to do anything significant around growth.
Sachin Bansal and Binny Bansal are amongst the 31 Indian billionaires who are out of the Hurun Global Rich-Indian billionaires list. Last year, the ecommerce giant faced strong competition from Snapdeal and US e-retail giant Amazon.
Not keeping minimum bank balance? Private banks may charge you more than Rs 600
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As State Bank of India gears up to charge customers for not maintaining a minimum balance of Rs 5,000 for branches in six metros, private banks such as HDFC Bank are already charging their customers up to Rs 600.
In an interview to The Economic Times, Managing Director of the HDFC Bank Aditya Puri said, "For example, we get a Rs 10,000 savings bank deposit. I have to pay 4% interest, 4% I have to keep as CRR. I earn around Rs 200 in one year. In this Rs 200, what all you want? Free ATM you want, no cheque book charge you want, no cash handling charge you want."
"If State Bank of India says that it's important to keep a minimum balance of Rs 5,000, kya bola hai bichari ne (What has Arundhati Bhattacharya said)? How much do they earn and lose? Keep on punishing banks and then you will say there are no NPA writedowns," Puri added.
For savings account in metro cities, HDFC Bank may charge you as much as 600 rupees for not maintaining the minimum balance. With service Tax and other cess, the amount is more than Rs 600.
The minimum balance limit in case of HDFC Bank is Rs 10,000 for urban branches and Rs 5,000 for semi-urban branches.
According to new rules announced by SBI, account holders will have to maintain the monthly balance or else they will invite a penalty ranging from Rs 20 (rural branches) to Rs 100 in (metro cities).
In metropolitan areas, there will be a charge of Rs 100 plus service tax, if the balance falls below 75 per cent of the MAB of Rs 5,000. If the shortfall is 50 per cent or less of the MAB, then the bank will charge Rs 50 plus service tax.
However, the government has asked SBI to reconsider it's decision to impose a penalty on non-maintenance of minimum balance in accounts from April 1 onwards.
SBI has also imposed restrictions on withdrawals of cash from its branches as well as ATMs. These will attract charges after certain specified limits. Some private banks, like HDFC Bank, ICICI Bank and Axis Bank, have started charging a minimum amount of Rs 150 per transaction for cash deposits and withdrawals beyond four free transactions in a month.
As State Bank of India gears up to charge customers for not maintaining a minimum balance of Rs 5,000 for branches in six metros, private banks such as HDFC Bank are already charging their customers up to Rs 600.
In an interview to The Economic Times, Managing Director of the HDFC Bank Aditya Puri said, "For example, we get a Rs 10,000 savings bank deposit. I have to pay 4% interest, 4% I have to keep as CRR. I earn around Rs 200 in one year. In this Rs 200, what all you want? Free ATM you want, no cheque book charge you want, no cash handling charge you want."
"If State Bank of India says that it's important to keep a minimum balance of Rs 5,000, kya bola hai bichari ne (What has Arundhati Bhattacharya said)? How much do they earn and lose? Keep on punishing banks and then you will say there are no NPA writedowns," Puri added.
For savings account in metro cities, HDFC Bank may charge you as much as 600 rupees for not maintaining the minimum balance. With service Tax and other cess, the amount is more than Rs 600.
The minimum balance limit in case of HDFC Bank is Rs 10,000 for urban branches and Rs 5,000 for semi-urban branches.
According to new rules announced by SBI, account holders will have to maintain the monthly balance or else they will invite a penalty ranging from Rs 20 (rural branches) to Rs 100 in (metro cities).
In metropolitan areas, there will be a charge of Rs 100 plus service tax, if the balance falls below 75 per cent of the MAB of Rs 5,000. If the shortfall is 50 per cent or less of the MAB, then the bank will charge Rs 50 plus service tax.
However, the government has asked SBI to reconsider it's decision to impose a penalty on non-maintenance of minimum balance in accounts from April 1 onwards.
SBI has also imposed restrictions on withdrawals of cash from its branches as well as ATMs. These will attract charges after certain specified limits. Some private banks, like HDFC Bank, ICICI Bank and Axis Bank, have started charging a minimum amount of Rs 150 per transaction for cash deposits and withdrawals beyond four free transactions in a month.
Alibaba's UCWeb plans big India investment, to partner Paytm
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Chinese internet major Alibaba's mobile business arm is forming a strategic group that will explore opportunities to increase investments in India and has set no ceiling for deployment of funds.
The group's digital media platform UCWeb is also planning to collaborate with Paytm and other ecommerce firms to push its content ecosystem.
"The first one we may see a collaboration between UCWeb India and Paytm and e-commerce platform in which Alibaba has invested," Alibaba Mobile Business Group President He Xiaopeng told PTI in an interview.
Besides Paytm, the group also has investments in Indian ecommerce firm Snapdeal.
He is also co-founder of UC Web which today announced that it will pay minimum of Rs 50,000 per month to top 1,000 content creators or writers on its We-Media platform.
We-Media is UCWeb's platform where users can register and post their own content like articles, photos, videos etc.
UCWeb, which is looking for space among Google and Facebook, has announced Rs 5 crore investment as reward to push user generated content in India.
The company in January had announced its plans to invest Rs 200 crore for driving content distribution in India over the next 2 years.
Xiaopeng said that during his team's stay in India, they are having discussions with venture capitalists to co-invest in the area of media content distribution and development of content ecosystem in India.
"We are forming our strategic group here specifically looking into the investment strategy for India. Overall, Alibaba would most probably do strategic investment and strategic acquisition. We would not like to disclose any fixed figure now but it will be very big. There is no cap for it because strategy is for long term," Xiaopeng said.
Alibaba group holds majority stake in One97 Communications and significant stake in digital payment firm Paytm.
Alibaba's UCWeb has firmed up its strategy to be one of the choice for users among Google and Facebook. The company has over 50 per cent market share (as per stat counter) in Indian mobile browser segment.
UCWeb's content distribution platform UC News, launched in June 2016, has registered 80 million monthly active users in India as of February 2017, Alibaba Mobile Business Group GM-Overseas Business Kenny Ye said.
When asked if UCWeb has plans to partnering with telecom companies to built infrastructure like Google and Facebook are doing to enhance their reach, Xiaopeng responded affirmatively.
"That is yes. Like Chrome (Google's internet browser) has been doing for telecommunication partners, we are also exploring this kind of opportunity with telecom partners. In other ways, there has already been some kind of establishments.
For example, Paytm, our partner, is already in infrastructural level of digital payment. It is going to have chemistry with us in the future," Xiaopeng said.
He said UCWeb will soon enter into online ticket bookings space but did not disclose details about it.
Chinese internet major Alibaba's mobile business arm is forming a strategic group that will explore opportunities to increase investments in India and has set no ceiling for deployment of funds.
The group's digital media platform UCWeb is also planning to collaborate with Paytm and other ecommerce firms to push its content ecosystem.
"The first one we may see a collaboration between UCWeb India and Paytm and e-commerce platform in which Alibaba has invested," Alibaba Mobile Business Group President He Xiaopeng told PTI in an interview.
Besides Paytm, the group also has investments in Indian ecommerce firm Snapdeal.
He is also co-founder of UC Web which today announced that it will pay minimum of Rs 50,000 per month to top 1,000 content creators or writers on its We-Media platform.
We-Media is UCWeb's platform where users can register and post their own content like articles, photos, videos etc.
UCWeb, which is looking for space among Google and Facebook, has announced Rs 5 crore investment as reward to push user generated content in India.
The company in January had announced its plans to invest Rs 200 crore for driving content distribution in India over the next 2 years.
Xiaopeng said that during his team's stay in India, they are having discussions with venture capitalists to co-invest in the area of media content distribution and development of content ecosystem in India.
"We are forming our strategic group here specifically looking into the investment strategy for India. Overall, Alibaba would most probably do strategic investment and strategic acquisition. We would not like to disclose any fixed figure now but it will be very big. There is no cap for it because strategy is for long term," Xiaopeng said.
Alibaba group holds majority stake in One97 Communications and significant stake in digital payment firm Paytm.
Alibaba's UCWeb has firmed up its strategy to be one of the choice for users among Google and Facebook. The company has over 50 per cent market share (as per stat counter) in Indian mobile browser segment.
UCWeb's content distribution platform UC News, launched in June 2016, has registered 80 million monthly active users in India as of February 2017, Alibaba Mobile Business Group GM-Overseas Business Kenny Ye said.
When asked if UCWeb has plans to partnering with telecom companies to built infrastructure like Google and Facebook are doing to enhance their reach, Xiaopeng responded affirmatively.
"That is yes. Like Chrome (Google's internet browser) has been doing for telecommunication partners, we are also exploring this kind of opportunity with telecom partners. In other ways, there has already been some kind of establishments.
For example, Paytm, our partner, is already in infrastructural level of digital payment. It is going to have chemistry with us in the future," Xiaopeng said.
He said UCWeb will soon enter into online ticket bookings space but did not disclose details about it.
SBI justifies penalty; says need money to bear Jan Dhan costs
-
Facing a backlash for levying penalty on non-maintenance of minimum balance in accounts, SBI today justified its move saying the bank needs to impose some charges to balance the "burden" of managing a large number of no-frills Jan Dhan accounts.
The bank also said it has not received any "formal communication" from the government for re-considering the penalty and it will take a call "if something comes". It also clarified the penalty would not apply to Jan Dhan accounts.
Last week, the country's largest lender decided to re- introduce penalty on non-maintenance of minimum balance in accounts and also revised charges on other banking services.
The new charges would be applicable from April 1. The move by the state-run banking major has faced a lot of criticism, including from the opposition parties.
"Today, we have lot of burden such as we have 11 crore financial inclusion or Jan Dhan accounts. To manage such a large number of Jan Dhan accounts, we need some charges. We have considered many factors and after analysing carefully, we have taken this step," SBI Chairperson Arundhati Bhattacharya told reporters here on the sidelines of a women entrepreneurs' national convention.
As per the list of revised charges of SBI, failure to maintain Monthly Average Balance (MAB) in accounts will attract penalty of up to Rs 100 plus service tax.
In metropolitan areas, there will be a charge of Rs 100 plus service tax, if the balance falls below 75 per cent of the MAB of Rs 5,000. If the shortfall is 50 per cent or less of the MAB, then the bank will charge Rs 50 plus service tax.
The charges and MAB varies according to the location of bank. It is minimum in case of rural branches.
Bhattacharya said all the banks have minimum balance requirement for account holders and SBI as such has the lowest minimum balance requirement.
She said the penalty was there earlier also and SBI was the only bank to withdraw it in 2012.
"Our analysis have shown that most of the account holders maintain more than Rs 5,000 on a monthly basis and so they do not have to worry about any penalty," Bhattacharya said.
She clarified that the penalty on non-maintenance of minimum balance will not be applicable on Jan Dhan accounts.
Asked about the government's direction to the bank to reconsider the decision, SBI's Managing Director Rajnish Kumar (National Banking) said the bank has not received any communication on this issue.
"There is no formal communication. We will see if something comes," Kumar said.
Under the revised charges, withdrawal of cash from ATMs will attract a charge of up to Rs 20 if the number of transactions exceeds three from other bank's ATMs in a month and Rs 10 for more than five withdrawals from SBI ATMs.
However, SBI will not levy any charge on withdrawals from its own ATMs if the balance exceeds Rs 25,000. In case of withdrawal by its customers from ATMs of other banks, there will be no charge if the balance exceeds Rs 1 lakh.
"We are charging as people go to ATMs, withdraw cash and give it to somebody who in turns deposit it into the bank.
This type of transaction involves a cost which is not known to public as bankers do not levy any charge on the customers.
"There is some cost involved in printing cash, in transportation, counting and providing security to cash. The cost is borne by the tax payers. There is a cost in installing an ATM and so we feel the charges are very reasonable," Bhattacharya said.
She said the customers must use alternate channels like mobile, internet to do their transactions.
"We do not see there is a requirement for an household person to withdraw cash through ATMs for more than four times.
Daily cash requirement is more for people doing businesses and we want them to use mobile and internet banking to do transactions," she said.
While addressing the convention, Bhattacharya said the bank so far has given loan worth to Rs 1,60,000 crore to the MSME sector.
"This year alone we have done more than Rs 10,000 crore.
We wish to do around Rs 16,000 crore of Mudra loans by the end of this financial year," she said.
At present, nearly 55 per cent of the bank's balance sheet comprises retail segment and balance is to large segment.
"I have no problem at all if I am able to tilt that more in favour of retail. I would love to do that. Of course large segment needs support because of that you would have the airports ... the roads you have today, for defence you are going to set up an SME and for that you need steel, cement.
"So, the large sector also needs support from the bank.
But that does not mean that we (banks) are not there for you (retail segment)," she said.
Facing a backlash for levying penalty on non-maintenance of minimum balance in accounts, SBI today justified its move saying the bank needs to impose some charges to balance the "burden" of managing a large number of no-frills Jan Dhan accounts.
The bank also said it has not received any "formal communication" from the government for re-considering the penalty and it will take a call "if something comes". It also clarified the penalty would not apply to Jan Dhan accounts.
Last week, the country's largest lender decided to re- introduce penalty on non-maintenance of minimum balance in accounts and also revised charges on other banking services.
The new charges would be applicable from April 1. The move by the state-run banking major has faced a lot of criticism, including from the opposition parties.
"Today, we have lot of burden such as we have 11 crore financial inclusion or Jan Dhan accounts. To manage such a large number of Jan Dhan accounts, we need some charges. We have considered many factors and after analysing carefully, we have taken this step," SBI Chairperson Arundhati Bhattacharya told reporters here on the sidelines of a women entrepreneurs' national convention.
As per the list of revised charges of SBI, failure to maintain Monthly Average Balance (MAB) in accounts will attract penalty of up to Rs 100 plus service tax.
In metropolitan areas, there will be a charge of Rs 100 plus service tax, if the balance falls below 75 per cent of the MAB of Rs 5,000. If the shortfall is 50 per cent or less of the MAB, then the bank will charge Rs 50 plus service tax.
The charges and MAB varies according to the location of bank. It is minimum in case of rural branches.
Bhattacharya said all the banks have minimum balance requirement for account holders and SBI as such has the lowest minimum balance requirement.
She said the penalty was there earlier also and SBI was the only bank to withdraw it in 2012.
"Our analysis have shown that most of the account holders maintain more than Rs 5,000 on a monthly basis and so they do not have to worry about any penalty," Bhattacharya said.
She clarified that the penalty on non-maintenance of minimum balance will not be applicable on Jan Dhan accounts.
Asked about the government's direction to the bank to reconsider the decision, SBI's Managing Director Rajnish Kumar (National Banking) said the bank has not received any communication on this issue.
"There is no formal communication. We will see if something comes," Kumar said.
Under the revised charges, withdrawal of cash from ATMs will attract a charge of up to Rs 20 if the number of transactions exceeds three from other bank's ATMs in a month and Rs 10 for more than five withdrawals from SBI ATMs.
However, SBI will not levy any charge on withdrawals from its own ATMs if the balance exceeds Rs 25,000. In case of withdrawal by its customers from ATMs of other banks, there will be no charge if the balance exceeds Rs 1 lakh.
"We are charging as people go to ATMs, withdraw cash and give it to somebody who in turns deposit it into the bank.
This type of transaction involves a cost which is not known to public as bankers do not levy any charge on the customers.
"There is some cost involved in printing cash, in transportation, counting and providing security to cash. The cost is borne by the tax payers. There is a cost in installing an ATM and so we feel the charges are very reasonable," Bhattacharya said.
She said the customers must use alternate channels like mobile, internet to do their transactions.
"We do not see there is a requirement for an household person to withdraw cash through ATMs for more than four times.
Daily cash requirement is more for people doing businesses and we want them to use mobile and internet banking to do transactions," she said.
While addressing the convention, Bhattacharya said the bank so far has given loan worth to Rs 1,60,000 crore to the MSME sector.
"This year alone we have done more than Rs 10,000 crore.
We wish to do around Rs 16,000 crore of Mudra loans by the end of this financial year," she said.
At present, nearly 55 per cent of the bank's balance sheet comprises retail segment and balance is to large segment.
"I have no problem at all if I am able to tilt that more in favour of retail. I would love to do that. Of course large segment needs support because of that you would have the airports ... the roads you have today, for defence you are going to set up an SME and for that you need steel, cement.
"So, the large sector also needs support from the bank.
But that does not mean that we (banks) are not there for you (retail segment)," she said.
General Awareness
BANKING AWARENESS PRACTICE MCQs FOR BANK EXAMS
-
1. Gilt-edged securities can be used to maintain _______.
a) Repo Rate
b) CRR
c) Reverse Repo Rate
d) SLR
e) None of these
2. Which of the following is/are covered under the Consumer Protection Act?
a) Standard & Poor’s
b) Fitch
c) ICRA
d) ONICRA
e) Banking Services
3. Name the department that The Reserve Bank of India will be setting up from 1.4.2017 to deal
with non-compliance of various regulations of the central bank with a view to developing a sound framework and process for enforcement action?
a) Enforcement Department
b) Funds Department
c) Special Security Department
d) Surveillance Department
e) Special Note Issue Department
4. The Headquarters of Employees Provident Fund Organisation is located in ______
a) Mumbai
b) New Delhi
c) Chennai
d) Hyderabad
e) None of these
5. Which of the following is not included in Net Demand and Time Liabilities for calculation of CRR?
a) Paid up capital of the bank
b) Inter bank liability up to one year
c) Balance with off shore banking units
d) Both (a) & (b) only
e) All the above
6. Which state has become the first Indian State to establish cashless system for distribution of food
grains?
a) Karnataka
b) Kerala
c) Punjab
d) Gujarat
e) Chennai
7. Which of the following is the CRISIL's majority shareholder?
a) Standard & Poor's
b) Fitch
c) ICRA
d) ONICRA
e) Moody's
8. What is the rate of interest payable on the amount deposited by a person in PM Garib Kalyan Deposit Scheme (PMGKDS) 2016?
a) Savings bank rate
b) Term deposit rate
c) No interest
d) Bank discretion
e) Bank Rate + 1%
9. Which of the following institution has commenced operations as a Small Finance Bank (SFB)
with launch of five pilot branches in Bengaluru?
a) Bandhan Financial Services
b) Ujjivan Financial Services
c) Muthut Financial Services
d) IDFC Financial Services
e) None of the above
10. The maximum amount of compensation that can be awarded by an ombudsman except in case of
credit card is restricted is:
a) Rs. 5 lakh
b) Rs. 10 lakh
c) Rs. 20 lakh
d) Rs. 50 lakh
e) Rs. 15 lakh
11. Which of the following was the first development finance institution established by the Indian
government after independence?
a) PFC
b) ICRA
c) IDFC
d) IFCI
e) All of these
12. Power Finance Corporation Ltd (PFC) is a:
a) Private Bank
b) Scheduled Bank
c) Development Bank
d) Financial Services Company
e) None of these
13. The Headquarters of SME Rating Agency of India (SMERA) is in:
a) Mumbai
b) New Delhi
c) Chennai
d) Hyderabad
e) None of these
14. The government has approved 100% foreign direct investment (FDI) under the automatic route
for non-bank entities that operate cash machines subject to certain conditions in a bid to boost financial inclusion in the country. However A non-bank entity that aims to set up the so-called white
label automated teller machine (WLA) should have a net worth (the latest audited balance sheet) of at least:
a) Rs. 25 Crore
b) Rs. 50 Crore
c) Rs. 75 Crore
d) Rs. 100 Crore
e) Rs. 500 Crore
15. Amount deposited by a person in PM Garib Kalyan Deposit Scheme (PMGKDS) 2016, shall be
credited to:
a) Savings bank account of declarent
b) FD account of declarent
c) Bonds ledger account of declarent
d) Subsidiary general accounts of declarent
e) Depositor Education Awareness Fund
16. The Headquarters of Investment Information and Credit Rating Agency (ICRA) is in:
a) Mumbai
b) New Delhi
c) Chennai
d) Hyderabad
e) None of these
17. The period for which the account is to be deposited by a person in PM Garib Kalyan Deposit Scheme (PMGKDS) 2016 is:
a) One year
b) Two years
c) Three years
d) Four years
e) Five years
18. Investment Information and Credit Rating Agency (ICRA), is a ______
a) Private Limited Company
b) Scheduled Bank
c) Development Bank
d) Financial Services Company
e) Public Limited Company
19. In recent times, banks have taken steps to strengthen their defence against cyber-attacks, but the
diverse and ingenious nature of recent attacks has necessitated an ongoing review of the cyber
security landscape and emerging threats. In this connection RBI has decided to set up an Interdisciplinary Standing Committee on Cyber Security headed by:
a) R Gandhi
b) Ramesh Chandran
c) Subhir Gokaran
d) Meena Hemachandra
e) Rakesh Sethi
20. Which of the following terminology is not correct regarding CTS?
a) CHI-Clearing House Interface
b) PKI-Public Key Infrastructure
c) CTS-INDIA- Clearing and Transfer System in India
d) CTS – Cheque Truncation System
e) None of the above
21. Government securities are instruments issued by the government to borrow money from the market is also known as:
a) Gilt-edged securities
b) G – Secs
c) Bonds
d) Both (a) and (b)
e) Both (b) and (c)
22. Which of the following is not correct regarding complaints to a banking ombudsman?
a) Complaint can be made by central Govt also
b) Complaint can be made by RBI also
c) Complaint can be made through electronic means also
d) Complaint can be made through a lawyer
e) None of the above
23. An initiative for meeting aspirations and need of women entrepreneurs which will leverage technology for showcasing products made/ manufactured/ sold by women entrepreneurs is called:
a) Mahila e-Haat
b) Female e-Haat
c) Marketing e-Haat
d) Entrepreneur's e-Haat
e) None of the above
24. Banks located in jurisdictions with low taxation and regulation is known as:
a) Private Banks
b) Offshore banks
c) Community Development Bank
d) All of these
e) None of these
25. RDAis a channel to receive cross - border remittances from overseas jurisdictions. What does
RDA stands for?
a) Rupee Divestment Arrangement
b) Rupee Drawing Arrangement
c) Reverse Drawing Arrangement
d) Rupay Drawing Arrangement
e) Rural Drawing Arrangement
26. What is the limit on the amount of money and number of remittances which can be sent under
MTSS(Money Transfer Service Scheme)?
a) A cap of USD 2,500 and thirty remittances during a calendar year
b) A cap of USD 1,500 and twenty remittances during a calendar year
c) A cap of USD 1,000 and twelve remittances during a calendar year.
d) A cap of USD 500 and ten remittances during a calendar year
e) A cap of USD 100 and one remittance during a calendar year
27. Commercial Paper (CP) is an unsecured money market instrument issued in the form of a promissory note. In which year Commercial Paper was introduced in India?
a) 1975
b) 1990
c) 1985
d) 1955
e) 1980
28. The Principal Accounts of Central and State Governments are maintained by:
a) IDBI
b) SBI
c) SIDBI
d) NABARD
e) RBI
29. Under which Act National Payments Corporation of India(NPCI) was incorporated?
a) Banking Regulation Act, 1949
b) Companies Act 1956 (Amended in 2013)
c) Reserve Bank of India Act, 1934
d) Societies Registration Act, 1860
e) Negotiable Instruments Act 1881
30. Who is the Chairman of BCSBI (Banking Codes and standard board of India) established in the
year 2006?
a) AC Mahajan
b) SS Tarapore
c) SS Mundra
d) Yogender Tripati
e) Harpreet Singh
31. The Basel III capital regulations which are to be implemented fully by 31st March 2019 has
been implemented in India with effect from:
a) April 1st, 2011
b) April 1st, 2012
c) April 1st, 2013
d) April 1st, 2014
e) April 1st, 2015
32. Which of the following is not correct in respect of Deposit Insurance and Credit Guarantee Corporation?
a) Premium is paid by Banks
b) Premium paid is @ 10 paise for every Rs 100/-.
c) Deposits of Central and State Governments are covered under DICGC
d) Under DICGC Act, the Corporation has the power to cancel the registration of an insured bank if it fails to pay the premium for three consecutive half-year periods
e) None of the above
33. FCNR accounts are meant for Term Deposits & maintained in Foreign Currency. Accordingly
the payment of interest is effected in:
a) Indian Rupee
b) Only in Pound (£)
c) Same currency in which deposit is maintained
d) Yen
e) None of the above
ANSWERS:
1) d 2) e 3) a 4) b 5) e 6) d 7) a 8) c 9) b 10) b
11) d 12) d 13) a 14) d 15) c 16) b 17) d 18) e 19) d 20) c
21) d 22) d 23) a 24) b 25) b 26) a 27) b 28) e 29) b 30) a
31) c 32) c 33) c
1. Gilt-edged securities can be used to maintain _______.
a) Repo Rate
b) CRR
c) Reverse Repo Rate
d) SLR
e) None of these
2. Which of the following is/are covered under the Consumer Protection Act?
a) Standard & Poor’s
b) Fitch
c) ICRA
d) ONICRA
e) Banking Services
3. Name the department that The Reserve Bank of India will be setting up from 1.4.2017 to deal
with non-compliance of various regulations of the central bank with a view to developing a sound framework and process for enforcement action?
a) Enforcement Department
b) Funds Department
c) Special Security Department
d) Surveillance Department
e) Special Note Issue Department
4. The Headquarters of Employees Provident Fund Organisation is located in ______
a) Mumbai
b) New Delhi
c) Chennai
d) Hyderabad
e) None of these
5. Which of the following is not included in Net Demand and Time Liabilities for calculation of CRR?
a) Paid up capital of the bank
b) Inter bank liability up to one year
c) Balance with off shore banking units
d) Both (a) & (b) only
e) All the above
6. Which state has become the first Indian State to establish cashless system for distribution of food
grains?
a) Karnataka
b) Kerala
c) Punjab
d) Gujarat
e) Chennai
7. Which of the following is the CRISIL's majority shareholder?
a) Standard & Poor's
b) Fitch
c) ICRA
d) ONICRA
e) Moody's
8. What is the rate of interest payable on the amount deposited by a person in PM Garib Kalyan Deposit Scheme (PMGKDS) 2016?
a) Savings bank rate
b) Term deposit rate
c) No interest
d) Bank discretion
e) Bank Rate + 1%
9. Which of the following institution has commenced operations as a Small Finance Bank (SFB)
with launch of five pilot branches in Bengaluru?
a) Bandhan Financial Services
b) Ujjivan Financial Services
c) Muthut Financial Services
d) IDFC Financial Services
e) None of the above
10. The maximum amount of compensation that can be awarded by an ombudsman except in case of
credit card is restricted is:
a) Rs. 5 lakh
b) Rs. 10 lakh
c) Rs. 20 lakh
d) Rs. 50 lakh
e) Rs. 15 lakh
11. Which of the following was the first development finance institution established by the Indian
government after independence?
a) PFC
b) ICRA
c) IDFC
d) IFCI
e) All of these
12. Power Finance Corporation Ltd (PFC) is a:
a) Private Bank
b) Scheduled Bank
c) Development Bank
d) Financial Services Company
e) None of these
13. The Headquarters of SME Rating Agency of India (SMERA) is in:
a) Mumbai
b) New Delhi
c) Chennai
d) Hyderabad
e) None of these
14. The government has approved 100% foreign direct investment (FDI) under the automatic route
for non-bank entities that operate cash machines subject to certain conditions in a bid to boost financial inclusion in the country. However A non-bank entity that aims to set up the so-called white
label automated teller machine (WLA) should have a net worth (the latest audited balance sheet) of at least:
a) Rs. 25 Crore
b) Rs. 50 Crore
c) Rs. 75 Crore
d) Rs. 100 Crore
e) Rs. 500 Crore
15. Amount deposited by a person in PM Garib Kalyan Deposit Scheme (PMGKDS) 2016, shall be
credited to:
a) Savings bank account of declarent
b) FD account of declarent
c) Bonds ledger account of declarent
d) Subsidiary general accounts of declarent
e) Depositor Education Awareness Fund
16. The Headquarters of Investment Information and Credit Rating Agency (ICRA) is in:
a) Mumbai
b) New Delhi
c) Chennai
d) Hyderabad
e) None of these
17. The period for which the account is to be deposited by a person in PM Garib Kalyan Deposit Scheme (PMGKDS) 2016 is:
a) One year
b) Two years
c) Three years
d) Four years
e) Five years
18. Investment Information and Credit Rating Agency (ICRA), is a ______
a) Private Limited Company
b) Scheduled Bank
c) Development Bank
d) Financial Services Company
e) Public Limited Company
19. In recent times, banks have taken steps to strengthen their defence against cyber-attacks, but the
diverse and ingenious nature of recent attacks has necessitated an ongoing review of the cyber
security landscape and emerging threats. In this connection RBI has decided to set up an Interdisciplinary Standing Committee on Cyber Security headed by:
a) R Gandhi
b) Ramesh Chandran
c) Subhir Gokaran
d) Meena Hemachandra
e) Rakesh Sethi
20. Which of the following terminology is not correct regarding CTS?
a) CHI-Clearing House Interface
b) PKI-Public Key Infrastructure
c) CTS-INDIA- Clearing and Transfer System in India
d) CTS – Cheque Truncation System
e) None of the above
21. Government securities are instruments issued by the government to borrow money from the market is also known as:
a) Gilt-edged securities
b) G – Secs
c) Bonds
d) Both (a) and (b)
e) Both (b) and (c)
22. Which of the following is not correct regarding complaints to a banking ombudsman?
a) Complaint can be made by central Govt also
b) Complaint can be made by RBI also
c) Complaint can be made through electronic means also
d) Complaint can be made through a lawyer
e) None of the above
23. An initiative for meeting aspirations and need of women entrepreneurs which will leverage technology for showcasing products made/ manufactured/ sold by women entrepreneurs is called:
a) Mahila e-Haat
b) Female e-Haat
c) Marketing e-Haat
d) Entrepreneur's e-Haat
e) None of the above
24. Banks located in jurisdictions with low taxation and regulation is known as:
a) Private Banks
b) Offshore banks
c) Community Development Bank
d) All of these
e) None of these
25. RDAis a channel to receive cross - border remittances from overseas jurisdictions. What does
RDA stands for?
a) Rupee Divestment Arrangement
b) Rupee Drawing Arrangement
c) Reverse Drawing Arrangement
d) Rupay Drawing Arrangement
e) Rural Drawing Arrangement
26. What is the limit on the amount of money and number of remittances which can be sent under
MTSS(Money Transfer Service Scheme)?
a) A cap of USD 2,500 and thirty remittances during a calendar year
b) A cap of USD 1,500 and twenty remittances during a calendar year
c) A cap of USD 1,000 and twelve remittances during a calendar year.
d) A cap of USD 500 and ten remittances during a calendar year
e) A cap of USD 100 and one remittance during a calendar year
27. Commercial Paper (CP) is an unsecured money market instrument issued in the form of a promissory note. In which year Commercial Paper was introduced in India?
a) 1975
b) 1990
c) 1985
d) 1955
e) 1980
28. The Principal Accounts of Central and State Governments are maintained by:
a) IDBI
b) SBI
c) SIDBI
d) NABARD
e) RBI
29. Under which Act National Payments Corporation of India(NPCI) was incorporated?
a) Banking Regulation Act, 1949
b) Companies Act 1956 (Amended in 2013)
c) Reserve Bank of India Act, 1934
d) Societies Registration Act, 1860
e) Negotiable Instruments Act 1881
30. Who is the Chairman of BCSBI (Banking Codes and standard board of India) established in the
year 2006?
a) AC Mahajan
b) SS Tarapore
c) SS Mundra
d) Yogender Tripati
e) Harpreet Singh
31. The Basel III capital regulations which are to be implemented fully by 31st March 2019 has
been implemented in India with effect from:
a) April 1st, 2011
b) April 1st, 2012
c) April 1st, 2013
d) April 1st, 2014
e) April 1st, 2015
32. Which of the following is not correct in respect of Deposit Insurance and Credit Guarantee Corporation?
a) Premium is paid by Banks
b) Premium paid is @ 10 paise for every Rs 100/-.
c) Deposits of Central and State Governments are covered under DICGC
d) Under DICGC Act, the Corporation has the power to cancel the registration of an insured bank if it fails to pay the premium for three consecutive half-year periods
e) None of the above
33. FCNR accounts are meant for Term Deposits & maintained in Foreign Currency. Accordingly
the payment of interest is effected in:
a) Indian Rupee
b) Only in Pound (£)
c) Same currency in which deposit is maintained
d) Yen
e) None of the above
ANSWERS:
1) d 2) e 3) a 4) b 5) e 6) d 7) a 8) c 9) b 10) b
11) d 12) d 13) a 14) d 15) c 16) b 17) d 18) e 19) d 20) c
21) d 22) d 23) a 24) b 25) b 26) a 27) b 28) e 29) b 30) a
31) c 32) c 33) c
a) Repo Rate
b) CRR
c) Reverse Repo Rate
d) SLR
e) None of these
2. Which of the following is/are covered under the Consumer Protection Act?
a) Standard & Poor’s
b) Fitch
c) ICRA
d) ONICRA
e) Banking Services
3. Name the department that The Reserve Bank of India will be setting up from 1.4.2017 to deal
with non-compliance of various regulations of the central bank with a view to developing a sound framework and process for enforcement action?
a) Enforcement Department
b) Funds Department
c) Special Security Department
d) Surveillance Department
e) Special Note Issue Department
4. The Headquarters of Employees Provident Fund Organisation is located in ______
a) Mumbai
b) New Delhi
c) Chennai
d) Hyderabad
e) None of these
5. Which of the following is not included in Net Demand and Time Liabilities for calculation of CRR?
a) Paid up capital of the bank
b) Inter bank liability up to one year
c) Balance with off shore banking units
d) Both (a) & (b) only
e) All the above
6. Which state has become the first Indian State to establish cashless system for distribution of food
grains?
a) Karnataka
b) Kerala
c) Punjab
d) Gujarat
e) Chennai
7. Which of the following is the CRISIL's majority shareholder?
a) Standard & Poor's
b) Fitch
c) ICRA
d) ONICRA
e) Moody's
8. What is the rate of interest payable on the amount deposited by a person in PM Garib Kalyan Deposit Scheme (PMGKDS) 2016?
a) Savings bank rate
b) Term deposit rate
c) No interest
d) Bank discretion
e) Bank Rate + 1%
9. Which of the following institution has commenced operations as a Small Finance Bank (SFB)
with launch of five pilot branches in Bengaluru?
a) Bandhan Financial Services
b) Ujjivan Financial Services
c) Muthut Financial Services
d) IDFC Financial Services
e) None of the above
10. The maximum amount of compensation that can be awarded by an ombudsman except in case of
credit card is restricted is:
a) Rs. 5 lakh
b) Rs. 10 lakh
c) Rs. 20 lakh
d) Rs. 50 lakh
e) Rs. 15 lakh
11. Which of the following was the first development finance institution established by the Indian
government after independence?
a) PFC
b) ICRA
c) IDFC
d) IFCI
e) All of these
12. Power Finance Corporation Ltd (PFC) is a:
a) Private Bank
b) Scheduled Bank
c) Development Bank
d) Financial Services Company
e) None of these
13. The Headquarters of SME Rating Agency of India (SMERA) is in:
a) Mumbai
b) New Delhi
c) Chennai
d) Hyderabad
e) None of these
14. The government has approved 100% foreign direct investment (FDI) under the automatic route
for non-bank entities that operate cash machines subject to certain conditions in a bid to boost financial inclusion in the country. However A non-bank entity that aims to set up the so-called white
label automated teller machine (WLA) should have a net worth (the latest audited balance sheet) of at least:
a) Rs. 25 Crore
b) Rs. 50 Crore
c) Rs. 75 Crore
d) Rs. 100 Crore
e) Rs. 500 Crore
15. Amount deposited by a person in PM Garib Kalyan Deposit Scheme (PMGKDS) 2016, shall be
credited to:
a) Savings bank account of declarent
b) FD account of declarent
c) Bonds ledger account of declarent
d) Subsidiary general accounts of declarent
e) Depositor Education Awareness Fund
16. The Headquarters of Investment Information and Credit Rating Agency (ICRA) is in:
a) Mumbai
b) New Delhi
c) Chennai
d) Hyderabad
e) None of these
17. The period for which the account is to be deposited by a person in PM Garib Kalyan Deposit Scheme (PMGKDS) 2016 is:
a) One year
b) Two years
c) Three years
d) Four years
e) Five years
18. Investment Information and Credit Rating Agency (ICRA), is a ______
a) Private Limited Company
b) Scheduled Bank
c) Development Bank
d) Financial Services Company
e) Public Limited Company
19. In recent times, banks have taken steps to strengthen their defence against cyber-attacks, but the
diverse and ingenious nature of recent attacks has necessitated an ongoing review of the cyber
security landscape and emerging threats. In this connection RBI has decided to set up an Interdisciplinary Standing Committee on Cyber Security headed by:
a) R Gandhi
b) Ramesh Chandran
c) Subhir Gokaran
d) Meena Hemachandra
e) Rakesh Sethi
20. Which of the following terminology is not correct regarding CTS?
a) CHI-Clearing House Interface
b) PKI-Public Key Infrastructure
c) CTS-INDIA- Clearing and Transfer System in India
d) CTS – Cheque Truncation System
e) None of the above
21. Government securities are instruments issued by the government to borrow money from the market is also known as:
a) Gilt-edged securities
b) G – Secs
c) Bonds
d) Both (a) and (b)
e) Both (b) and (c)
22. Which of the following is not correct regarding complaints to a banking ombudsman?
a) Complaint can be made by central Govt also
b) Complaint can be made by RBI also
c) Complaint can be made through electronic means also
d) Complaint can be made through a lawyer
e) None of the above
23. An initiative for meeting aspirations and need of women entrepreneurs which will leverage technology for showcasing products made/ manufactured/ sold by women entrepreneurs is called:
a) Mahila e-Haat
b) Female e-Haat
c) Marketing e-Haat
d) Entrepreneur's e-Haat
e) None of the above
24. Banks located in jurisdictions with low taxation and regulation is known as:
a) Private Banks
b) Offshore banks
c) Community Development Bank
d) All of these
e) None of these
25. RDAis a channel to receive cross - border remittances from overseas jurisdictions. What does
RDA stands for?
a) Rupee Divestment Arrangement
b) Rupee Drawing Arrangement
c) Reverse Drawing Arrangement
d) Rupay Drawing Arrangement
e) Rural Drawing Arrangement
26. What is the limit on the amount of money and number of remittances which can be sent under
MTSS(Money Transfer Service Scheme)?
a) A cap of USD 2,500 and thirty remittances during a calendar year
b) A cap of USD 1,500 and twenty remittances during a calendar year
c) A cap of USD 1,000 and twelve remittances during a calendar year.
d) A cap of USD 500 and ten remittances during a calendar year
e) A cap of USD 100 and one remittance during a calendar year
27. Commercial Paper (CP) is an unsecured money market instrument issued in the form of a promissory note. In which year Commercial Paper was introduced in India?
a) 1975
b) 1990
c) 1985
d) 1955
e) 1980
28. The Principal Accounts of Central and State Governments are maintained by:
a) IDBI
b) SBI
c) SIDBI
d) NABARD
e) RBI
29. Under which Act National Payments Corporation of India(NPCI) was incorporated?
a) Banking Regulation Act, 1949
b) Companies Act 1956 (Amended in 2013)
c) Reserve Bank of India Act, 1934
d) Societies Registration Act, 1860
e) Negotiable Instruments Act 1881
30. Who is the Chairman of BCSBI (Banking Codes and standard board of India) established in the
year 2006?
a) AC Mahajan
b) SS Tarapore
c) SS Mundra
d) Yogender Tripati
e) Harpreet Singh
31. The Basel III capital regulations which are to be implemented fully by 31st March 2019 has
been implemented in India with effect from:
a) April 1st, 2011
b) April 1st, 2012
c) April 1st, 2013
d) April 1st, 2014
e) April 1st, 2015
32. Which of the following is not correct in respect of Deposit Insurance and Credit Guarantee Corporation?
a) Premium is paid by Banks
b) Premium paid is @ 10 paise for every Rs 100/-.
c) Deposits of Central and State Governments are covered under DICGC
d) Under DICGC Act, the Corporation has the power to cancel the registration of an insured bank if it fails to pay the premium for three consecutive half-year periods
e) None of the above
33. FCNR accounts are meant for Term Deposits & maintained in Foreign Currency. Accordingly
the payment of interest is effected in:
a) Indian Rupee
b) Only in Pound (£)
c) Same currency in which deposit is maintained
d) Yen
e) None of the above
ANSWERS:
1) d 2) e 3) a 4) b 5) e 6) d 7) a 8) c 9) b 10) b
11) d 12) d 13) a 14) d 15) c 16) b 17) d 18) e 19) d 20) c
21) d 22) d 23) a 24) b 25) b 26) a 27) b 28) e 29) b 30) a
31) c 32) c 33) c
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