Banking Awareness Quick Reference Guide 2014 - Gr8AmbitionZ

Banking Awareness
Quick Reference Guide

for
IBPS PO IV and Clerks IV

Online Exams 2014
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your A to Z competitive exam guide
BANKING AWARENESS QUICK REFERENCE GUIDE FOR IBPS PO AND CLERKS 2014
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ATM : An Automated Teller Machine (ATM) is a computerized telecommunications device that

provides the clients with access to financial transactions in a public space without the need for a cashier,
human clerk or bank teller.
Balance of trade: the part of a nation's balance of payments (difference between foreign entities with
domestic entities) that deals with merchandise (or visible) imports or exports.
Bancassurance : Selling of insurance products through banks. It also refers as cross selling of insurance
products.
Bank Rate : This is the rate at which the central bank (RBI) lends money to other banks or financial
institutions. If the bank rate goes up, long-term interest rates also tend to move up. and vice versa.
Bounced Cheque : When the bank has not enough funds in the relevant account or the account holder
requests that the cheque is bounced (under exceptional circumstances) then the bank will return the
cheque to the account holder.
Camels : It is a supervisory rating system . It refers to Capital adequacy, Assets, Management
Capability, Earnings appraisal, Liquidity (also called asset liability management) and Sensitivity
(sensitivity to market risk, especially interest rate risk).
Cash Reserve Rate : Specifies the percentage of their total deposits the commercial; bank must keep
with central bank or RBI. Higher the CRR lower will be the capacity of bank to create credit.
CGT (Capital gain tax): It is a direct tax that will be levied on sales and purchases of capital assets such
as Shares, stakes, even costlier items which wont have depreciation such as monuments, paintings.
Cheque Book : A small, bound booklet of cheques. A cheque is a piece of paper produced by your bank
with your account number, sort-code and cheque number printed on it. The account number
distinguishes your account from other accounts, the sort-code is your banks special code which
distinguishes it from any other bank.
Cheque Clearing : This is the process of getting the money from the cheque-writers account into the
cheque receivers account.
CIBIL : CIBIL refers to Credit Information Bureau India Limited was first established by SBI and
HDFC. It deals with both commercial and consumer segments. It maintains the record of the borrowers
by its members.
Clearing Bank : This is a bank that can clear funds between banks. For general purposes, this is any
institution which we know of as a bank or as a provider of banking services.
Commercial Paper : Commercial Paper is an instrument in the form of a promissory note by the
corporate borrowers for their short-term borrowings.
Core Banking Solution : The branches of a bank are connected to a central host, where online multiple
delivery channels like ATM, ABB, Debit Card, Mobile Banking etc under one roof.
Credit Card : A credit card is one of the systems of payments named after the Small Plastic card issued
to users of the system. It is a card entitling its holder to buy goods and services based on the holders
promise to pay for these goods and services.
Credit Rating : This is the rating which an individual (or company) gets from the credit industry. This
is obtained by the individuals credit history, the details of which are available from specialist
organizations like CRISIL in India.
Credit-Worthiness : This is the judgement of an organization which is assessing whether or not to take
a particular individual on as a customer. An individual might be considered credit worthy by one
organization but not by another. Much depends on whether an organization is involved with high risk
customers or not.
Crop Loans : Bank provide crop loans to the farmers for their seasonal operations (Kharif, Rabi) of
agriculture like to purchase seeds, fertilizers.
Cross Selling : Cross selling refers to selling of multiple products to the existing customers such as
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Definitions of Important Banking Terms in Simple English
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insurance, mutual funds etc ( to the banking customers).

Current Accounts : These accounts are maintained by the corporate clients that may be operated any
number of times in a day. There is a maintenance charge for the current accounts for which the holders
enjoy facilities of easy handling, overdraft facility etc.
Debit Card : Debit card allows for direct withdrawal of funds from customers bank accounts. The
spending limit is determined by the available balance in the account.
Deflation: Deflation is the continuous decrease in prices of goods and services. Deflation occurs when
the inflation rate becomes negative (below zero) and stays there for a longer period. In Inflation we have
two types demand pull (due to increase in demand), and cost push(due to increase in prices)
Demand Deposit : A demand deposit is the one which can be withdrawn at any time, without any notice
or penalty; e.g. money deposited in a checking account or savings account in a bank.
DTC (Direct tax code): This is a provision that can replace age old Income tax act 1961.Since this act
have loop holes (such as IT dept. Will have no jurisdiction over the fraud happened outside India even
Indian company purchased or shares of Indian company sold), so by this code Govt. Will have power to
curtail the menace of tax avoidance, and AAR (Authority for advanced ruling is a body by govt. Can act
independently over these issues and grant permission for MNCs that their transfer of shares,
absorption/amalgamation is legitimate or not.
EMI (Emulated Monthly Instalment) : An equal amount repaid with the principal and interest amount of
a loan on every month.
Endorsement : When the maker of the holder of the negotiable instruments sign on the back of the
cheque to Pay certain person. It means transfer from one person to another person.
Equity: Equity is a one financial instrument by which company invite the public to invest their money in
the company and investor can become a partner of the company. Generally, when the company have
insufficient money to expand its business it comes with equity shares. Angel investors are the persons
who will give financial help to a novice company to develop leaps and bounds.
Excise Tax: Tax imposed on specific goods and services, such as cigarettes and gasoline. Customs duty
is levied on inter market boundaries, cess is defined as tax on tax.
FCNR Accounts : Foreign Currency Non-Resident Accounts are the ones that are maintained by the
NRIs in foreign currencies like USD, DM and GBP etc. The account is a term deposit with interest rates
linked to the international rates of interest of the respective currencies.
Financial inclusion: The purpose of this plan is the fruits of development should be distributed among
the masses and the deprived classes of the society, so different actions were taken up, such as BSBDA
accounts (Basic savings bank deposit accounts, general purpose accounts to provide for every citizen of
country by 01-01-2016 as part of financial literacy, and no frill accounts (no restriction loans will be
given) to bail out economically backward sections and alleviate them from poverty.
Fiscal consolidation: It is the process at which the govt. Undertake austerity measures to put restrictions
on its economy such as de licensing of industries, disinvestment from stack etc. Our India is following
under RBI, a perfect measure by FRBM act (fiscal responsibility and budgetary management act) 2003.
Fiscal policy: Fiscal policy defines the use of government spending and revenue collection to influence
the economy.
Fixed Deposits : FDs are the deposits that are repayable on fixed maturity date along with the principal
and agreed interest rate for the period. Banks pay higher interest rates on FDs than the savings bank
accounts.
Floating Rate of Interest : It refers to the movement i.e., interest rate on a period basis due to outside
conditions of the market.
Foreign Direct Investment (FDI): Investment of foreign assets directly into a domestic company's
structures, equipment, and organizations. It does not include foreign investment into the stock markets
GAAR (General anti avoidance rules): These are the provisions by which govt. Can restrict tax
avoidance (some MNCs deliberately avoid tax by doing transactions in tax heavens such as Mauritius,
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Luxembourg (Where Sahantha biotech fraud happened), Cayman Islands (where Vodafone fraud
happened). Govt. India wants to plan these rules from 2016.
GDP: GDP stands for Gross Domestic Product. It is a method of measuring the size of economy of a
country. We can define as the total market value of all the goods and services produced in a given period
of time in a country.
GNP: The total value in money of all finished goods and services produced in an economy in one full
year, and all net property income from abroad. The GNP growth rate is an important economic indicator
for countrys economic development.
Inflation: Inflation is as an increase in the price of bunch of Goods and services that projects the Indian
economy. An increase in inflation figures occurs when there is more demand and less supply of the
goods.
Interest : The amount paid or charged on money over time. If you borrow money interest will be
charged on the loan. If you invest money, interest will be paid (where appropriate to the investment).
Internet Banking : Online banking (or internet banking ) allows customers to conduct financial
transactions on a secure website operated by the bank. Banks are using internet as a channel to deliver
their service to their customers is referred to internet banking.
Kissan Credit Card : Kissan Credit card is issued by the bank to farmers to meet their cultivation needs
and inputs, for a period of three years.
Letter of Credit : The buyer of goods request his bank to give guarantee that the payment for the goods
will be paid to the seller. IN such case the bank issues LC.
Loan : A loan is a type of debt. In a loan, the borrower initially receives or borrows an amount of
money, called the principal, from the lender, and is obligated to pay back or repay an equal amount of
money to the lender at a later time. There are different kinds of loans such as the house loan, auto loan
etc.
Mergers in Banking : Mergers refers to combination of two or more banking companies into a single
one. Further, it shall continue on a single name.
Mobile Banking : Operating banking services on his / her mobile screens like checking his bank
account balances / fund transfers etc.., is referred mobile banking.
Monetary Policy : The RBI issues monetary policy annually to control money supply in the economy
and flow of credit by banks to control inflation. CRR, SLR, BANK Rate are the tools of monetary policy
(recent monetary policy statement was released on 30th September 2014). Next will be on 2nd December
2014.
Monetary policy: It is the process by which the central bank or monetary authority of a country controls
(i) the supply of money, (ii) availability of money, and (iii) cost of money or rate of interest.
Monetized debt: The govt. Can restore the original situation before economic crisis period by offering
subsidies and royalties and different incentives to increase the total quality production of the country in
stipulated time, US govt. Did it in 2010-11.
Moratorium : When the repayment of a loan starts after certain period of its disbursement, that period is
called moratorium.
National Electronic Fund Transfer (NEFT) : Transfer of funds involving inter banking at the national
level through national clearing cell of the RBI at free press house. It refers to transfer of amount from
one bank account to another bank account.
NO-Frill Account : An account opened with Zero balance and where the transaction amount is limited
to certain limit is called No-Frill Accounts. Generally these are opened for Students.
NRE Accounts : Non-Resident External Accounts are the ones in which NRIs remit moneyh in any
permitted foreign currency and the remittance is converted to Indian rupees for credit to NRE accounts.
The accounts can be in the form of Current, Saving, FDs, recurring deposits. The interest rates and other
terms of these accounts are as per the RBI directives.
Overdraft : This is when a person has a minus figure in their account. It can be authorized (agreed to in
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advance or retrospect) or unauthorized (where the bank has not agreed to the overdraft either because the
account holder represents too great a risk to lend to in this way or because the account holder has not
asked for an overdraft facility).
Participatory note: It is the economic instrument at which the FIIs not enlisted with the prime
regulator of a country and use this tool to lift the money by means of forward trading/pricing and crate
financial chaos in a particular country and SEBI of our India amended to stop this nonsense.
Payee : The person who receives a payment. This often applies to cheques. If you receive a cheque you
are the payee and the person or company who wrote the cheque is the payer.
Payer : The person who makes a payment. This often applies to cheques. If you write a cheque you are
the payer and the recipient of the cheque is the payee.
Plastic Money : The payment system in mode of credit and other cards like debit card etc refers to
plastic money.
Point of sale (POS) System : It allows payment to be made at point of sales by the way of electronic
fund transfer.
Prime Lending Rate : It is the rate at which commercial banks give loan to its prime customers.
Quantitative easing: This is the process at which govt. Can ease the money flow in to the system by
buying the toxic assets of banks, this was happened in USA in past recession period by the chairman of
the then Fed reserve Ben Bernanke.
Recurring Deposits : These are also called cumulative deposits and in recurring deposit accounts, a
certain amounts of savings are required to be compulsory deposited at specific intervals for a specified
period.
Repo Rate : Under repo transaction the borrower places with the lender certain acceptable securities
against funds received and agree to reverse this transaction on a predetermined future date at agreed
interest cost. Repo rate is also called repurchase agreement or repurchase option.
Reverse Repo Rate : It is the interest rate earned by the bank for lending money to the RBI in exchange
of govt. securities or lender buys securities with agreement to sell them back at a predetermined time.
Sales tax Taxes paid on the goods and services people buy, Tobin tax is a tax which will be levied on
spot conversion of currencies in between countries, used curtail the drain of market.
Savings account : Savings account is an account generally maintained by retail customers that deposit
money and can withdraw them whenever they need. Funds in these accounts are subjected to low rates of
interest.
Security for Loans : Where large loans are required the lending institution often needs to have a
guarantee that the loan will be paid back. This takes the form of a large item of capital outlay (typically a
house) which is owned or partly owned and the amount owned is atleast equivalent to the loan required.
Single Window System : Single window counters will enable the customers to get services at a single
counter.
SLR : It is known as Statutory Liquidity Ratio. Each bank is required statutorily maintain a prescribed
minimum proportion of its demand and time liabilities in the form of designated liquid asset. (OR)
Every Bank has to maintain a percentage of its demand and time liabilities by way of cash, gold etc.
Subprime crisis: The banks which have obligation to facilitate money flow may get struck their revenue
assets with insolvents and become toxic assets, the process is called subprime crisis.
Tax: A fee charged by a government on a product, income, or activity. If tax is levied directly on
personal or corporate income, then it is a direct tax. If tax is levied on the price of a good or service, then
it is called an indirect tax.
Time Deposit : Time deposit is a money deposit at a banking institution that cannot be withdrawn for a
certain term or period of time. When the term is over it can be withdrawn or it can be held for another
term.
Transfer pricing: This is one tactic played by some fraudulent MNCs which will have some suitcase
companies in tax heavens and purchase the share value of some reputed companies in a country by its
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intermediary in that country so that pricing of transferred shares will not have exact value.
UNCITRAL: United nations commission on International trade Law is an UN body looks after the
peaceful trade among countries without any legal problems and is denoted as the appellate authority for
legal violation of continental rules in trade and commerce.
VAT (Value added tax): It is an indirect tax on the consumption of the goods, paid by its original
producers upon the change in goods or upon the transfer of the goods to its ultimate consumers. It is
based on the value of the goods, added by the transferor. It is the tax in relation to the difference of the
value added by the transferor and not just a profit. All over the world, VAT is payable on the goods and
services as they form a part of national GDP.
WIPO: World intellectual property organization is a body looks after the issues of protection of
Intellectual property rights of a country of owner of patent, Marrakesh treaty for Blind rights is
associated with this organization.
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Recent RBI Committees
Date
Chairman
Capacity Building in Banks and non-Banks
Sep 2014
Shri G Gopalakrishna
Implementation of Counter-cyclical Capital Buffer
July 2014
Shri B. Mahapatra
Data and Information Management in the RBI
July 2014
Shri D.K.Mohanty
To Review Governance of Boards of Banks in India
May 2014
Dr. P.J.Nayak
Working Group on Resolution Regime for Financial

Institutions
May 2014
Shri Anand Sinha
Report of the GIRO Advisory Group
April 2014 Prof. Umesh Bellur
Report of the Group on Enabling PKI in Payment System

Applications
April 2014 Dr Anil Kumar Sharma
Report of the Working Group on Pricing of Credit
April 2014 Shri Anand Sinha
Report of the Committee on Financial Benchmarks
Feb 2014
Shri P. Vijaya Bhaskar
Report of the Technical Committee on Mobile Banking
Febr 2014
Mr. B Sambamurthy
To Revise and Strengthen the Monetary Policy Framework
Jan 2014
Dr. Urjit Patel
Comprehensive Financial Services for Small Businesses and

Low Income Households
Jan2014
Dr. Nachiket Mor
Draft Report of the Committee on Financial Benchmarks
Jan 2014
Shri P. Vijaya Bhaskar
Committee to review the form of presentation of the Balance

Sheet and Profit and Loss Account
June 2013
Shri Y. H. Malegam
To Study the Feasibility of Implementation of GIRO Based

Payment System in India
May 2013
Shri G. Padmanabhan
Licensing of New Urban Co-Operative Banks
Sept 2011
Shri Y.H. Malegam
Issues and Concerns in the NBFC Sector
Aug 2011
Usha Thorat
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Committee on
Aug 2011
M. Damodaran
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Customer Service in Banks
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Benchmark Prime Lending Rate (BPLR)
Oct 2009
Shri Deepak Mohanty
To Review Lead Bank Scheme
Aug 2009
Usha Thorat
To Review the Business Correspondent Model
Aug 2009
Shri P Vijaya Bhaskar Rao
Estimation of Savings and Investment
Mar 2009
Dr. C. Rangarajan
Technology Up gradation of Regional Rural Banks
Aug 2008
Shri G. Srinivasan
Important Committees in News
A.Vaidyanathan Task Force on Revival of Co-operative Credit Institutions
Anil Kaushal Committee to examine the recommendations made by the TRAI on pricing of Spectrum.
Arvind Mayaram Committee for giving clear definitions to (FDI) and (FII)
Arvind Mayaram Pane report on the alleged irregularities at the National Spot Exchange Ltd (NSEL)
B N Srikrishna Committee Separate state of Telengana Issue
B. Sambamurthy Committee panel favours single mobile banking app on all SIMs.
Bimal Jalan panel to scrutinize applications for new bank licenses.
BK Chaturvedi Committee S Band Scam
C.Ramachandran Committee Advisory Committee on Ways and Means Advances to State

Governments
Dr. Y.V. Reddy Committee New Monetary Aggregates
Dr.A.S.Ganguly Working Group on Flow of Credit to SSI Sector:
Dr.Y.V.Reddy Committee The Standing Committee on International Financial Standards and Codes
G. Padmanabhan Committee implementation of Bharat Bill Payment System (BPPS)
Justice A.P. Shah Committee : to head panel on road safety
K U.B. Rao the idea of setting up Bullion Bank or Bullion Corporation of India
K.K. Mehrotra Committee to inquire gas leakage in Bhilai Steel Plant.
K.M. Chandrashekhar Committee Rationalization of investment routes & monitoring of Foreign
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Portfolio Investment
Kirit Parikh panel on fuel pricing (Diesel )
M P Bezbaruah to suggest suitable remedial measures to address concerns regarding security of
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people from North East.
Mukul Mudgal Committee member panel to probe IPL spot-fixing
N.H.Siddiqui Working Group for setting up Credit Information Bureau in india
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Nachiket Mor Committee for small and payments bank
Nachiket Mor Committee permits NBFCs to work as Business Correspondents of banks.
Parthasarathi Shome Committee for Tax Administration Reform Commission (TARC)
Raghuram Rajan Committee Recomendation on development index
self-sufficient in oil and natural gas by 2030.
Shivraj V Patil Committee Report on 2 G Scam
Suma Verma Committee - to update, and revise the Banking Ombudsman Scheme, 2006
Urjit Patel Committee Recommended Consumer Price Index (CPI) formula
V K Shunglu Committee CWG Scam
Vijay Kelkar Committee appointed by the Petroleum and Natural Gas Ministry to prepare a road map
to make India
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Vishnu Sahay Committee look probe into the Muzaffarnagar communal violence.
Important Committees (Old)

A C Shah Committee
Non Banking Financial Company
Abid Hussain Committee
Development Of Capital Markets
B Sivaraman Committee
Instititional Credit For Agricultural & Rural (NABARD)
Bhagwati Committee
Unemployment
Bhagwati Committee
C Rao Committee
Chatalier Committee
Public Welfare
Agricultural Policy
Finance To Small Scale Industry
Cook Committee(On Behalf of Capital Adequacy of Banks

BIS-Under Basel Committee )
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Dharia Committee
DR Gadgil committee
Dutta committee
Public distribution system

Agricultural finance
Industrial licensing
Gadgil committee (1969)
Lead Banking system
Goiporia committee
Customer Service in banks
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Hathi committee
Soiled banknotes
Hazari committee (1967)
Industrial policy
Khanna committee
Non performing assets
L K Jha committee
Indirect Taxes
Marathe committee
ML dantwala committee
Income distribution
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Mahalanobis committee
Licensing of new banks

Regional Rural banks
Mrs. KS Shere committee
Electronic Fund Transfer
M V Nair committee
Priority Sector Lending
Narsimaham committee
P Selvam committee
Raja chelliah committee
Rajamannar committee
Rajamannar committee
RK Hajare committee
Shome committee
SS Tarapore committee
Tandon committee
Tandon committee
Thingalaya committee
Vaghul committee
Wanchoo committee
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Financial system ( Reduction CRR & SLR)

Non performing assets of banks
Tax reforms
Centre-state fiscal relationships
Changes in banking laws, bouncing of cheques etc.

Differential Interest Sector
GAAR
Capital account convertibility

Industrial sickness
Working Capital Term Loan

Restructuring of RRB
Mutual fund scheme
Direct Taxes
Heads of Public Sector Banks

Bank
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Allahabad Bank
Andhra Bank
Bank of Baroda
Head / Chairman /
CMD
Rakesh Sethi
C.V. R. Rajendran
Vacant (Vice S. S.
Mundra)
V. R. Iyer
Sushil Muhnot
R. K. Dubey
Rajeev Rishi
Sadhu Ram Bansal
Ashwini Kumar
T. M. Bhasin
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Bank of India
Bank of Maharashtra
Canara Bank
Central Bank of India
Corporation Bank
Dena Bank
Indian Bank
Indian Overseas Bank
Vacant
(vice
Narendra)
of S. L. Bansal
Oriental
Bank
Commerce
Punjab & Sind Bank
Punjab National Bank
Syndicate Bank
UCO Bank
Union Bank of India
United Bank of India
Vijaya Bank
State Bank and Its
Associates
M.
Jatinder Bir Singh

K. R. Kamath
Sudhir Kumar Jain
Arun Kaul
Arun Tiwari
Vacant
V. Kannan
Arundhati Battacharya
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Bank :
Reserve Bank of India (RBI) was established in 1935 and Nationalized in 1949.
Savings Account system in India was started by Presidency Bank, in 1833.
Cheque system was first introduced by Bengal Bank which was established in 1784.
Allahabad Bank is the oldest existing public sector bank in India.
Central Bank of India was the first public bank to introduce credit card.
Central Bank of India is the first commercial bank which was managed by Indians.
ICICI Bank was the first bank to provide Mobile ATM
Bank of Baroda has the maximum number of overseas branches.
Indias first Talking Automated Teller Machine (ATM) launched by Union Bank of India
(UBI) for visually impaired, was launched in Ahmedabad (Gujarat).
The National Payments Corporation of India (NPCI) launches Indias first rural bank ATM card
with a regional rural bank in Varanasi.
First bank established in India : Bank of Hindustan in 1770.
Second Bank : General Bank of India, 1786
The Imperial Bank of India (IBI) was the oldest and the largest commercial bank of the Indian
subcontinent. It was created in Jan 1921 by amalgamation of three presidency banks, those are,
o Bank of Bengal
o Bank of Bombay
o Bank of Madras
After nationalization in 1955, the Imperial Bank of India was named as State Bank of India
(SBI)
State Bank of India merged with three banks namely Bank of Bengal, Bank of Bombay and
Bank of Madras in 1921 to form the Imperial Bank of India which was converted as State Bank of
India.
First Indian bank got ISO : Canara Bank
First Indian Bank started solely with Indian capital investment is PNB (Punjab National Bank).
Founder of Punjab National Bank is Lala Lajpat Rai.
Reserve Bank of India (RBI) was instituted in 1935.
First Governor of RBI : Mrs. Osborne Smith
First Indian Governor of RBI : Mr. C. D. Deshmukh
First Bank to introduce Savings Account in India : Presidency Bank in 1833
First Bank to introduce Cheque System in India : Bengal Bank in 1833
First Bank to introduce Internet Banking : ICICI Bank
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Bank is an institution which attracts deposits from the public and lends the
money to the needy persons at various interest rates.
Under Banking Regulation Act 1949, controls Banking Activities in India.
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Traditional Banking GK - Important Points to Note
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First Bank to introduce Mutual Fund : State Bank of India

First Bank to introduce Credit Card in India : Central Bank of India
Credit cards are known as Plastic Money
Open market operations are carried out by RBI
Capital Market Regulator is SEBI
Largest Commercial Bank in India State Bank of India
The International Bank for Reconstruction and Development (IBRD) is known as World Bank
Indias First Financial Archive has been set up at Kolkata
CRR, SLR, Repo Rate, Reverse Repo Rate are decided by RBI
Savings banks interest rates, fixed deposit interest rates, Loan Rates etc are decided by Individual
Banks.
The bank which has launched Mobile Bank Accounts in association with Vodafones m-paisaHDFC Bank
Minimum money transfer limit through RTGs : 2 Lakhs
Maximum money transfer limit through RTGs : No Limit
Minimum & Maximum money transfer limit through NEFT : No Limit
NABARD was established in July 1982
Largest Public Sector Bank in India SBI
Largest Private Sector Bank in India ICICI
Largest Foreign Bank in India Standard Chartered Bank
Frist Indian Bank to open branch outside India i.e. London in 1946 Bank of India
First RRB named Prathama Grameen Bank was started by Syndicate Bank.
First Bank to introduce ATM in India : HSBC in 1987, Mumbai
Bank of Baroda has the maximum number of overseas branches.
Premium Credit Cards exclusively for women launched recently by HDFC Bank.
Private Sector Bank that recently launched a product of Personal Loan called SWIFT HDFC
The RBI Central Board consists of One Governor and not more than Four Deputy Governors
(Appointed / Nominated for a period of Four years).
o Present(23rd) Governor Raghuram Rajan
o Present Deputy Governors :
Urgit Patel - 14.01.2013 onwards
H. R. Khan - 04.07.2011 onwards (Re-elected)
R. Gandhi - 03.04.2014 onwards
S. S. Mundra - 30.07.2014 onwards
The first headquarter of RBI is Calcutta (1935)
Present Headquarter of RBI Mumbai (1937 to present)
RBI has 29 Regional Offices in India
The Financial year of the RBI starts on 1st July and ends on 30th June
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Printing of Currency Notes and Securities :
Currency paper is imported from Dubai

Paper for currency and securities process at Hoshangabad (MP)
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OVI (Optical Variable Ink) is used for printing currency which is imported from Switzerland.
Currency denomination is printed in 15 Languages.
Currency Notes Press, Nasik Road Denomination of 1, 2, 5, 10, 50, 100
Bank Notes Press, Dewas (MP) : 20, 50, 100, 500, 1000
Modenized Currency notes Press : at Mysore, Salboni (West Bengal)
Minting of Coins : Mumbai, Kolkata, Hyderabad, Noida (UP)
Indian Security Press, Nasik Road : Printing of Postal Stamps, Postal Material, Judicial, NonJudicial Stamps, Cheques, Bonds, NSCs, Indira Vikas Patra, Kisan Vikas Patra, Securities of States
and PSUs.
Security Printing Press Hyderabad (1982) : Printing of Court Fee Stamps, Commemorative
Stamps, Kisan Vikas Patra, NSS Certificates
1 rupee denomination printed under the control of Government of India.
1 Rupee note is signed by Finance Secretary, Ministry of Finance and other denominations are
Signed by the Governor, RBI
RBI authorized to print Rs. 2 to Rs. 1000 denomination.
Parliament photo is printed on Rs. 50 note
Dhandi Satyagraha picture is on Rs. 500 denomination.
Rs. 10 is the largest circulation denomination.
Rupee symbol is designed by Uday Kumar, Tamil Nadu.
The symbol adopted for the Indian Rupee is Devanagari Script.
Plastic Currency issued first by Australia.
India is planning to issue plastic currency in Rs. 10 denomination.
Basel Committee :
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In 1988, the Basel Committee on banking supervision introduced the Basel-I accord or the risk
based capital requirements to deal with the weakness in the leverage ratio as a measure for solvency.
IT was the very first attempt to introduce the concept of minimum standards of capital adequacy.
Basel-I : Basel I addressed only one Credit Risk.
Basel-II norms : Unfortunately India could not fully implement this but it is now gearing up under
the guidance from the Reserve Bank of India to implement it from 1st April 2009.
Basel II : Basle II addresses 3 major pillars / Risks.
1. Credit Risk 60%
2. Market Risk 25%
3. Operational Risk 15%
Minimum capital to be maintained by banks under Basle II is 8%
Basel III norms are effective from 1st January 2013
RBI extended the timeline for full implementation of Basel III norms to 31st March 2019 instead of
31st March 2018.
Basel III proposes many new capital, leverage and liquidity standards to strengthen the
regulation, supervision and risk management of the banking sector.
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RTGS
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NEFT
The full form of NEFT is National Electronic Funds Transfer

Transaction Time increased to 9 AM to 7 PM on weekdays and 9 AM to 1 PM on Saturday, with
11 hourly settlement on weekdays and 5 on Saturdays.
NEFT enables funds transfer from one bank to another but works a bit differently than RTGS.
NEFT uses an Indian Financial System (IFS) code
o an alpha numeric code that identifies the bank branches. It has 11 digits 1st four represent
Bank code, 5th reserved as control code (presently 0) and remaining 6 are branch code.
Settlement period B+ (destination bank to credit within 2 hours or return). For delay repo rate +2%
interest payable to customer.
Under this system, individuals, firms and corporate can electronically transfer funds from any bank
branch to any individual, firm or corporate having an account with any other bank branch in the
country participating in the system.
What are the minimum and maximum amount of remittance under RTGs and NEFT :
Minimum Amount
RTGS
Rs. 2 Lakhs
Maximum Amount
No upper ceiling
NEFT
No Minimum Limit (SBI PO
2014)
No upper ceiling
CTS : Cheque Truncation System (CTS) or Image-based Clearing System (ICS), in India , is a
project undertaken by the Reserve Bank of India (RBI), for faster clearing of cheques. CTS is
basically an online image-based cheque clearing system where cheque images and Magnetic Ink
Character Recognition (MICR) data are captured at the collecting bank branch and transmitted
electronically. Truncation means, stopping the flow of the physical cheques issued by a drawer to the
drawee branch.
IFSC (Indian Financial System Code) :
- Indian Financial System Code is an alphanumeric code that uniquely identifies a bank
branch participating in NEFT system.
- This is a 11 digit code with the first 4 alpha characters representing the bank, the 5th
character is 0 (zero) and the last 6 characters representing the bank branch.
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The full form of RTGS is Real Time Gross Settlement.

RTGS system is a funds transfer system where transfer of money or securities takes place from one
bank to another bank a REAL TIME and Gross basis.
An RTGS payment system is one in which payment of Rs. 2 Lakh and above instructions between
banks is processed and settled individual and throughout the day (SBI PO 2014)
The settlement is on Gross Basis unlike usual clearing system which is on Net basis.
In RTGS, RBI acts as the settlement agent between the banks, settlement risk and systemic risk are
minimized because of RTGS. It is the fastest mode of transaction (SBI PO 2014)
Credit is to be available within 2 hours.
Timings : 9 AM to 4:30 PM for customers and 9 AM to 6 PM Indian Bank Transactions. For
Saturdays it is 9 AM to 1:30 PM, Customers and in case of Inter Bank 9 AM to 3 PM.
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IFSC is used by the NEFT system to identify the originating / destination branks / branches
and also to route the messages approximately to the concerned banks / branches.
- For Ex : SBIN0015986
First 4 characters SBIN refers to State Bank of India
0 is a control number
Last six characters (015986) represents the SBI branch Jail Road, Hari Nagar, New
Delhi.
MICR : Stands for Magnetic Ink Character Recognition. MICR code is a numeric code which
uniquely identifies a bank branch participating in the ECS Credit Scheme. MICR code consists of 9
digits.
E.g.
400229128
(SBI PO 2014)
- First 3 digits represent the city (400)
- Next 3 digits represent the bank (229)
- Last 3 digits represent the branch (128)
BASIC SAVING BANK DEPOSIT ACCOUNT (BSBDA) : Under the guidelines issued on10th
August 2012 by RBI, any individual, including poor or those from weaker section of the society, can
open zero balance account in any bank. BSBDA guidelines are applicable to all scheduled
commercial banks in India, including foreign banks having branches in India.
PAN Card as of May 2010, the Income Tax Department in India has made it mandatory for all
Indians to have a PAN card (Permanent Account Number), irrespective of their tax filing status.
CRR : According to sect 42(I) RBI Act 1934, every bank licensed by RBI should keep certain
percentage its NKTL (net demand and time liabilities) with RBI in the form of cash is known as
CRR.
- No interest will be paid by RBI on CRR to the banks.
- The present CRR is 4.0%
- Till 22nd June 2006 the min CRR rate was 3% and max was 15%.
- Now there is no limit on max & minimum on CRR.
- RBI decreases CRR to promote economic growth of the country.
SLR (Statutory Liquidity Ratio) :
- Seciton 2(A) of Bankign Regulation Act 1943 says SLR is the percentage of NDTL that
banks need to maintain as reserves in the form of approved securities, gold and cash.
- The present SLR is 22 %
- The max SLR is 40%.
Repo Rate :
- Repo is the rate at which RBI lends to commercial banks as term loans by keeping their
securities with RBI to meet their short term needs (Repo-Repurchase).
- The present Repo Rate is 8%
Reverse Repo Rate :
- The process of borrowing money from banks by RBI by keeping its securities as collateral
with banks is known as Reverse Repo.
- The interest paid by RBI to banks on such borrowing is known as Reverse Repo Rate .
- The regular infection & absorption of liquidity through repo and reverse repo process by
using securities as collateral is known as liquidity adjustment facility.
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- The present Reverse Repo Rate is 7.0%

Bank Rate
- Is defined in Sec (49) of RBI Act 1934 it is the interest rate charged by RBI on the long
term loans given to banks again rediscounting of the bills and other commercial paper.
- Present Bank Rate is 9.0%
Marginal Standing Facility (MSF)
- This was introduced by RBI in May 2011. This loan provided by RBI to banks at the rate of
2% of its NDTL Banks should be request for MSF between 3-30 to 4-30 pm electrically
under negotiable dealing system (NDS).
- This loan is provided only for 1 day.
- If any bank takes this loan for Friday it can repay it on Monday with the same interest.
- Interest charged on MSF at present is 9.0%
- The min loan provided by RBI under MSF is 1 Crore.
Demand Draft : A demand draft is an instrument used for effecting transfer of money. It is a
negotiable instrument.
Cheque : Cheque is a negotiable instrument instructing a bank to pay a specific amount from a
specific account held in the maker / depositor name with that Bank.
From 1st April 2012, cheques, drafts, pay orders and bankers cheques are valid for only three
months.
Parties to a Cheque : Basically there are three parties to a cheque viz., (1) Drawer, (2) Drawee and
(3) Payee
Drawer : A drawer is the person who has an account in the bank and who draws a cheque
for making payment. He is the customer or account holder.
Drawee : A drawee is the person on whom the cheque is drawn. He is liable to pay the
amount. In case of a cheque, the drawee happens to be the banker on whom the cheque is
drawn, he is also called the paying-Banker.
Payee : A payee is the person to whom the amount stated in the cheque is payable. It may be
either drawer himself (self-cheques) or only other third party states in the cheque.
Types of Cheques : Cheques are of the following types
Order Cheque : A cheque payable to a particular person or his order is called an order
cheque.
Bearer Cheque : A cheque which is payable to a person whosoever bears, is called bearer
cheque.
Blank Cheque : A cheque on which the drawer puts his signature and leaves all other
columns blank is called a blank cheque.
Stale Cheque : The cheque which is more than six months old is stale cheque.
Mutilated Cheque : If a cheque is torn into two or more pieces, it is termed as mutilated
cheque.
Post Dated Cheque : If a cheque bears a date later than the date of issue, it is termed as postdated cheque.
Open Cheque : A cheque which has not been crossed is called an Open Cheque. Even if a
cheque is crossed and subsequently the drawer has cancelled the crossing at the request of the
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payee and affixes his full signature with the words crossing cancelled pay cash, it becomes
an open cheque.
Crossed Cheque : A cheque which carries two parallel transverse lines across the face of the
cheque with or without the words I and co, is said to be crossed.
Gift Cheques : Gift cheques are sued for offering presentations on occasions like birthday,
weddings and such other situations. It is available in various denominations.
Travellers Cheques : It is an instrument issued by a bank for remittance of money from one
place to another.
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State Bank of India (SBI) :
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S. No Name of the Bank

Head Office Established Year
1
State Bank of India
Mumbai
1806
2
State Bank of Hyderabad
Hyderabad
1941
3
State Bank of Mysore
Bangalore
1913
4
State Bank of Travancore
Trivendram 1945
5
State Bank of Patiala
Patiyala
6
6
State Bank of Jaipur & Bikaner Jaipur
1963
Note :
In 2008 the State Bank of Sourashtra merged with SBI.
In 2010 the above State Bank of Indore also merged with SBI.
Slogans of SBI :
With you all the way
Pure Banking nothing else
The banker to every Indian
The Nation Banks on us
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Imperial Bank of India acted as central bank of our country from 1921 to 1935.
Imperial Bank of India was nationalized and renamed as State Bank of India in 1955.
First Chairman, A. D. Gorwala.
SBI has 7 Subsidiaries (SBI Ground). They are : State Bank of Hyderabad, Mysore, Indore,
Patiala, Saurashtra, Travancore, Bikaner & Jaipur. All these were formed in 1959.
The total number of associate banks of SBI currently working in the country is Five
SBI is the largest commercial bank of India
SBI launched a New Scheme Parvartan to attract more customers by rendering better
services.
SBI has introduced the Tiny-Card with biometric identification to achieve Financial
Inclusion. Tiny-Card provides easy banking services for under privileged communities.
SBI Head Quarters : Mumbai
State Bank of India launched Mobi Cash Eash a mobile wallet service that allows users to
transfer funds and make bill payment easily using Mobile Phone.
On 7th October 2013, Arundhati Bhattacharya is appointed as the first lady chairperson for
SBI.
SBI & Associated Banks :
Indian Origin Banks Nationalization :
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On 19th July 1969 Central Government (Indira Gandhi) nationalized 14 Indian origin banks
and on 15th April 1980 again nationalized other 6 Indian origin banks.
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Head
Established
Office
Year
1
Allahabad Bank
Kolkata
1865
2
Bank of Baroda
Baroda
1908
3
Bank of Maharashtra
Pune
1935
4
Bank of India
Mumbai
1906
5
Central Bank of India
Mumbai
1911
6
Canara Bank
Bangalore
1906
7
Dena Bank
Mumbai
1938
8
Indian Bank
Chennai
1907
9
Indian Overseas Bank
Chennai
1937
10
Punjab National Bank
New Delhi
1895
11
Syndicate Bank
Manipal
1925
12
Union Bank of India
Mumbai
1919
13
United Commercial Bank (UCO Bank)
Kolkata
1943
14
United Bank of India
Kolkata
1950
15
Andhra Bank
Hyderabad
1923
16
Corporation Bank
Mangalore
1906
17
Oriental Bank of Commerce
New Delhi
1943
18
Punjab and Sindh Bank
New Delhi
1908
19
Vijaya Bank
Bangalore
1931
20
IDBI Bank Ltd
Mumbai
1964
21
ECGC (The Export Credit Guarantee Corporation of India Mumbai
1957
Ltd)
Note : In 1993, the New Bank of India merged with Punjab National Bank due to the incurring
losses.
Bharatiya Mahila Bank was established on 19th November 2013 on the occasion of the 94th birth
anniversary of former Indian Prime Minister Indira Gandhi.
RBI Permits 4 Non bank entities to set up white label ATMs :
The Reserve Bank has issued Certificate of Authorization to four non bank entities :
Tata Communications Payment Solutions
Muthoot Finance
Prizm Payment Services and
Vakrangee Ltd., to set up White Label ATMs (WLAs) in the country.
Note : Most of the ATMs belong to banks, but the cash dispensing machines which are owned and
operated by non banking companies are called White Label ATMs.
RBI permits Srei to roll out White Label ATMs : Srei Infrastructure Finance is planning to start
roll out its White Lable ATMs (WLAs) between July and September starting with a pilot of 200 Tier
III towns in Uttar Pradesh and Bihar.
New bank license period 18 months
(SBI PO 2014)
New bank licenses paid up capital 500 Cr
(SBI PO 2014)
Asian games after which country withdrawal India ready to conduct ? Vietnam (SBI PO 2014)
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Nos. Name of the Bank
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Stock Market
A Stock market is a public or private market for the trading of company stock and derivatives of
company stock on agreed price. These are securities listed on a stock exchange.
BSE (Bombay Stock Exchange)
It was established on 1875, and its head office is in Mumbai.

BSE Index is known as SENSEX. SENSEX measure on the basis of 30 top companies.
BSE Headquarters : Mumbai, India
BSE Managing Director & CEO : Mr. Ashish kumar Chauhan
NSE (National Stock Exchange)
NSE started trading in the equities segment on 3rd November 1994.

NSE Headquarters : Mumbai, India
Director & CEO : Chitra Ramakrishna
Securities and Exchange Board of India (SEBI) :
It was established in the year 1988 and given statutory powers on 12th April 1992.
The headquarters of SEBI is located in the business district of Bandra Kurla complex in
Mumbai.
The Chairman of SEBI Upendra Kumar Sinha (U K Sinha)
The whole time member of SEBI Prashant Saran
The first Chairman of SEBI was Dr. S. A. Dave
KYC (Know Your Customer)
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RBI introduced KYC in Banking sector under 35(A) of Banking Regulation Act 1949.
This KYC was introduced in August 2002.
To identify the people who wants to transact with any bank and to know about the customer before
opening an account. This process involves verification of customers id proof & address proof.
The main objectives of KYC are :
o To prevent money laundering
o To prevent money transfer to and from illegal activities.
o Money Laundering : Acquiring, Owning, Processing (or) Transferring of money earned
through crime (or) knowingly entering in to any transaction related to crime within (or)
outside India (or) it is the process of conversion of illegally obtained money.
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New KYC Norms Set :
The Reserve Bank of India on 2nd September set new Know Your Customer (KYC) rules to
facilitate opening of bank accounts for foreign students studying in India.
Banks can open Non-Resident Ordinary (NRO) accounts for foreign students on the basis of their
passports after verifying their visa and immigration details and on production of the admission letter
from an educational institution, RBI said in a circular.
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Indian Banks Association (IBA) :

Established on 26th September 1946.
IBAs Chairman : K. R. Kamath (Managing Director of Punjab National Bank)
IBAs Deputy Chairmen : T. M. Bhasin (Indian Bank), Arun Kaul (UCO Bank), Chanda
Kochhar (ICICI Bank).
Institute of Banking Personnel Selection (IBPS) :
The Institute of Banking Personnel Selection (IBPS) is an autonomous agency in India, which
started its operation in 1975 as Personnel Selection Services (PSS). In 1984, IBPS became an
independent entity at the behest of Reserve Bank of India (RBI) and public sector banks.
The First Chairman of its Governing Board was Dr. Manmohan Singh, the Governor of RBI (at
that time).
Present Chairman of IBPS : T. M. Bhasin
Director of IBPS : Anup Shankar Bhattacharya
NABARD (Natinal Bank for Agricultural and Rural Development) :
NABARD was established on the recommendations of Shivaraman Committee.

NABARD was established by an act of Parliament on 12th July 1982 to implement the National
Bank for Agriculture and Rural Development Act 1981.
NABARD replaced the (ACD) and Rural Planning and Credit Cell (RPCC) of Reserve Bank of
India, and Agricultural Refinance and Development Corporation (ARDC).
Head Quarters of NABARD is situated in Mumbai.
The present Chairman of NABARD is Dr. Harish Kumar Bhanwala.
NABARD is the Micro-Finance Regulatory Authority.
Water Shed Development Fund was instituted with NABARD.
Small Industries Development Bank of India (SIDBI)
The SIDBI Act was passed by the Parliament on October 1989 and the bank commenced its
operations from 2nd April 1990.
Headquarters : Lucknow (U.P)
Mr. Susheel Muhnot is the Chairman of SIDBI
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Industrial Development Bank of India (IDBI) :
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The Industrial Development Bank of India (IDBI) was established on 1st July 1964 under an Act
of Parliament as a wholly owned subsidiary of the Reserve Bank of India.
On 16th February 1976, the ownership of IDBI was transferred to the Government of India.
Headquarters of IDBI is at Mumbai, India.
Chairman and Managing Director of IDBI is Ms. Raghavan.
Industrial Credit and Investment Corporation of India (ICICI) :
ICICI was established in 1955.
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ICICI Head qurters : Mumbai, India

ICICI Present CEO : Chanda Kochhar.
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International Bank for Reconstruction and Development (IBRD) : (World Bank)
Established in : 1945
IBRD Head Office : Washington DC
President : Jim Yong Kim
IDFC (Infrastructure Finance Company)
Established : 1997
Head Office : Mumbai
Chairman : Rajiv B. Lal
LIC (Life Insurance Corporation of India)
On 1st September 1956 Life Insurance Corporation of India was established with the capital of Rs. 5
Crore given by the Government of India.
Head Office : Mumbai, India
LIC Chairman : S. K. Roy
7 Zonal Offices : Mumbai, Delhi, Chennai, Bhopal, Hyderabad, Kanpur, Kolkata
GIC (General Insurance Company)
British Rule introduced GIC.

In 1950, Tritan General Insurance Company Ltd was established at Calcutta.
GIC Chairman : A. K. Roy
Headquarters : Mumbai, India
GIC insures Non Life things like Vehicle, Property, Stock etc.
GIC premium has to be paid every year and payout is made only if the event for which insurance has
taken happens.
Headquarter
Kolkata
Mumbai
New Delhi
Chennai
Established on : 1st January 1982

Setup under EXIM Bank of India Act 1981
Headquarters : Mumbai
EXIM Bank Chairman : Yaduvendra Mathur
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Subsidiaries of GIC
National Insurance Company Limited
New India Assurance Company Limited
Oriental Insurance Company Limited
United India Insurance Company Limited
EXIM (Export-Import) Bank of India
Micro Finance :
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Micro Finance represents an economic activity to promote employment and growth through the
support of micro-entrepreneurs and small businesses, of the low-income household, by extending
various financial services, such as Loans, Savings, Money Transfer, Insurance Services etc.
The Father of Micro Finance : Md. Yunis Khan (Bangladesh)
Y. H. Malegam is the chairman of the committee constituted by RBI to study issues and concerns in
the Micro Finance Institutions.
NASSCOM
The National Association of Software and Services Companies (NASSCOM).

The Indian Chamber of Commerce is a consortium that serves as an interface to the Indian
Software industry and Indian BPO industry.
NASSCOM President R. Chandra Sekhar.
It was established in 1988. NASSCOM is a Non-Profit Organization.
Headquarters : New Delhi, India with Regional Offices in the cities of Mumbai, Chennai,
Hyderabad, Bangalore, Pune and Kolkata
ASSOCHAM
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The Associated Chambers of Commerce and Industry of India (ASSOCHAM)

ASSOCHAM President : Rana Kapoor
The Associations Head Office is located in New Delhi, India and Regional Offices are located in
the cities of Ahmedabad, Bangalore and Kolkata.
International Finance Corporation (IFC)
Established Year : 1956

Affiliate of the IBRD
Headquarters : Washington D. C., United States
The IFCI is a member of the World Bank Group.
Major objective is economic development by encouraging growth of productive private enterprise.
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International Development Association (IDA) :
Established Year : 1960

Headquarters : Washington D.C., United States
Membership 172 Countries
The IDA is a member of the World Bank Group.
International Monetary Fund (IMF)
International Monetary Fund (IMF) was set up by 44 Nations under the Bretton Woods
Agreement of July 1944. This institute was established on 27th December 1945. But it is started its
function on 1st March 1947.
Headquarters : Washington D.C., United States
Members 188 Nations (Founding), 188 Nations (To Date) 188 Countries, 29 Countries (Founding)
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The Head of IMF is known as Managing Director

The Head of IMF Chirstine Lagarde [Former Finance Minister of France]
The financial year of IMF : 1st May 30th April
The head of IMF elected for 5 years (But can be removed earlier).
Latest / Last Member of IMF Tuvalu
Quotas and Voting Ranking India occupies 9th Place in IMF General Quotas where USA in 1st,
Japan in 2nd, Germany in 3rd Place.
Special Drawing Rights (SDR) It was created by IMF in 1970. It is also known as Paper Gold.
Cuba is not a member of IMF. Cuba left IMF in 1964.
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Asian Development Bank (ADB)
Established in Manila in 22nd August 1966

Headquarters : Manila
ADB President : Takehiko Nakao (2013)
Functioning from : 1st January 1967
Asian Clearing Union (ACU)
Established year : 9th December 1974

Headquarters : Taheran, Iran
ESCAP : Economic and Social Commission for Asia and Pacific
Member Economies : 9 (Bangladesh, Bhutan, Iran, India, Maldives, Nepal, Pakistan, Sri Lanka
and Myanmar)
Bank for International Settlement (BIS)
Established Year : 17th May 1930

Location : Basel, Switzerland
General Manager : Jaime Caruana
Membership : 60 Central Banks
It also provides banking services, but only to central banks and other international organizations. It is
based in Basel, Switzerland, with representative offices in Hong Kong and Mexico City.
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Some Important Talking ATM Questions :
GGr
Which Bank established First Talking ATM in India ?

o Union Bank of India (Union Bank)
Which city gets the countrys first Talking ATM ?
o Ahmedabad
Which State gets the countrys first Talking ATM ?
o Gujarat
Talking ATM Specially designed for ______ people ?
o Blind
Who inaugurated the countrys first Talking ATM ?
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o CMD of UBI, D. Sarkar

Talking ATM has what kind of Special Interface ?
o Voice Interface
Which was the second bank to launch the Talking ATM in India ?
o State Bank of India
Which company installed White Lable ATM first in the country ?
o Tata
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Foreign Direct Investment (FDI)
o FDI is a direct investment into production or business in a country by an individual or company in

another country, either by buying a company in the target country or by expanding operations of an
existing business in that country.
o Current Values of FDI Limits in Various Sectors are
o Defence Raised to 49% from 26%
o Pension 49%
o Insurance 49%
o Print Media 26%
o Civil Aviation 49%
o Railway Infrastructure 100%
o Public Sector Banks 20%
o Private Sector Banks 74%
o Multi Brad 51%
o Single Brand 100%
o Tourism 100%
Indian TAX System
GGr
Indian Government Taxes :

o Direct Taxes : Income Tax, Capital Gain Tax, Corporate Tax, Gift Tax, Wealth Tax
o Indirect Taxes : Central Excise Duty, Service Tax, Customs Duty, Stamp Duty, Land Tax,
Luxury Tax, Advertisement Tax, Sales Tax (VAT)
Income Tax Income Tax Levied on Personal Income
Men and Women (below 60 years of Age) :
o Upto Rs. 2,50,000 Nill
o Rs. 2,50,001 Rs. 5,00,000 10%
o Rs. 5,00,000 Rs. 10,00,000 20%
o Rs. 10,00,000 and above 30%
Senior Citizens (Men, Women above 60 years of age but below 80 years)
o Rs. 3,00,001 Rs. 5,00,000 10%
o Rs. 5,00,001 Rs. 10,00,000 20%
o Rs. 10,00,000 and above 30%
Very Senior Citizens (Mens & Womens above 80 years of age)
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o Rs. 5,00,001 Rs. 10,00,000 20%

o Rs. 10,00,001 and above 30%
Capital Gain Tax : It is a part of income tax levied on income of the shares, house property etc.
Corporate Tax : Largest yield to Union Government comes from corporate tax since 2006-07.
Corporate tax is levied on registered companies and corporations @ 30%.
o MAT Tax : Minimum Alternative Tax
o Zero Tax : companies have to 20% of their profits started in 1996-97.
Wealth Tax : Only on unproductive assets such as guest houses, jewellery, residential bungalows.
Started on 01-04-1957. It is recommended by Kaldor.
Gift Tax : Persons receive gifts in cash (or) kind, will have to pay tax with value exceeds Rs.
50,000/- comes into force from 01-01-2009. Does not apply to gifts received either from relatives or
in marriage.
Indirect Taxes :
o Sales Tax : Largest yield to state government comes from states tax (VAT). VAT tax
recommended by L K Jha in 1976 and implemented from 2003-04.
o Service Tax : 1994-95, Raja Chellaiah Committee recommended.
o Luxury Tax : Levied on who stayed customers in star hotels etc.
o Central Excise Duty : Levied on domestic production of goods
o Stamp Duty : It is levied on sale of the assets and properties
o Land Tax : Levied on agricultural lands
o Customs Duty : Levied on Exports and Imports. About 99% of customs comes from import
duties.
o Advertisement Tax : Levied on Media and Other advertisements.
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Banking Awareness
Latest updates in Banking and Financial Sectors

Highlihgts of Jan Dhan Yojana Scheme 2014
o Prime Minister Narendra Modi on 28th August 2014 launched his pet project the Jan Dhan
Yojana ("Peoples Wealth scheme" in English), which aims to provide bank accounts to the
poor and end financial untouchability.
o The scheme is aimed at opening 1 crore bank accounts on the first day of its launch.
o The logo of the mission was created by Priya Sharma.
o The name Jan Dhan was chosen through an online competition on the MyGov Platform
and received more than 6000 suggestion from Indian citizens. After evaluation the jury
shortlisted Jan Dhan which was suggested by 7 individuals.
o Slogan of this scheme is "Mera Khata Bhagya Vidhaata (My Bank Account The
Creator of the Good Fortune)
o The primary objective of the programme, is to deepen financial inclusion. As many as
60000 bank camps will be conducted and about 1 crore accounts are targeted to be opened in
just one day.
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o The long term vision of the Jan Dhan Yojana is to lay the foundation of a cashless
economy and is complementary to the Digital India Scheme.
o This scheme has set an ambitious target of bringing in more than 7.5 crore un-banked
families into Indias banking system by opening more than 15 Crore bank accounts at the rate
of two bank accounts per household.
o Every individual who opens a bank account becomes eligible to receive an accident insurance
cover of up-to Rs 1 Lakh for his entire family.
o Once the bank account has been active for 6 months and has been linked to account holders
Aadhar identity , they would become eligible for an overdraft of up to Rs 2,500 , which
would further be enhanced by the bank to Rs 5000 over time.
o The mission will be implemented in two phases. .
Phase-I from 15th August 2014 to 14th August 2015.
Phase-II from 15th August 2015.
o Banks have opened around 5 crore accounts under the Jan Dhan Yojana scheme and collected
over 3,500 crore rupees in deposits.All these accounts will be seeded to the Aadhar number
and will have biometrics to avoid the duplication.
4th Bi-Monthly Monetary Policy Review Highlights
o The Reserve Bank of India (RBI), in its fourth bi-monthly credit policy review (29th
September 2014) has kept repo, reverse repo, cash reserve ratio (CRR) and bank rate
unchanged. The fifth bi-monthly monetary policy statement is scheduled on Tuesday, 2nd
December 2014.
o Current Rates of RBI
Repo Rate..............................8%
Reverse Repo Rate................7%
CRR.......................................4%
Bank Rate...............................9%
SLR........................................22%
o RBI retains growth projection for current fiscal at 5.5%.
o Can reach inflation target of 6% by January 2016 said RBI.
India GDP Forecast :
o RBI pegged 2014-15 GDP growth at a central estimate of 5.5%.
o World Bank lowers Indias GDP growth forecast for 2014-15 at 5.5% from the earliest
forecast of 5.7 per cent.
o ADB pegs India GDP growth rate for 2014-15at 5.5%.
o IMF projected GDP growth for India in 2014-15 at 5.4%
Union Government granted Navaratna Status to EIL (Engineers India limited) and NBCC
(National Building Construction Corporation)
Union MSME Ministry Launched online Finance Facilitation Centre for SMES.
SEBI issued new norms for public issuance of debt securities.
The SEBI has imposed a penalty of 13 crore rupees on Reliance industries limited for alleged
irregularities in issuance of warrants by the company to its promoters.
Plastic Currency notes to be launched in 2015.
RBI allowed the minors of age above 10 years to open Savings bank account.
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RBI issued notice to banks concerning discontinuation of Windows XP.

RBI increased diamond imports credit time to 180 days.
RBI cancelled the license of The Vasavi Co-operative Urbank Ltd, Hyderabad.
Rangarajan sets poverty line at Rs. 32 per day in rural and Rs. 47 in urban areas.
SBI NTOUCH : SBI Launches six digital touch banking branches.
DA Tambe takes over as GM (Network-I) of Kolkata Circle of SBI.
Canara Bank opened branch in New York.
Bharatiya Mahila Bank included in Second Schedule of RBI Act, 1934.
President dedicates indigenous card payment network RuPay to the nation.
Rupay Card Developed by : National Payment Corporation of India (NPCL) (SBI PO 2014)
Raghuram Rajan signed Rs. 1000 bank notes to come up shortly.
RBI extends deadline to implement Basel-III norms to 2019.
RBI reviews norms on restructuring of advances by NBFCs.
Sun Pharma buys Ranbaxy.
Govt accepts Sahoo Panel report on review of depository receipts scheme. The key
recommendations of the committee include allowing issuance of depository receipts against any
underlying secutrities equity or debt, by any issuer listed or unlisted.
o Depository receipts are receipts denominated in foreign currency created by a depository in
the country of listing. There are two popular types of depository receipts, Global depository
receipts and American depository receipts.
Ratings agency Standard & Poor's raised India's credit outlook to stable on 26th
September, saying the prospects for reforms and fiscal management had grown under the NDA
government in a vote of confidence ahead of Prime Minister Narendra Modis maiden visit to the
US.
State Bank of India will provide loans worth six billion rands (USD 557.75 million) to South
African businesses over the next two years as part of the bank's plans to expand its operations.
Asian Development Bank (ADB) sold its entire 5.2 per cent stake in Indian gas supplier Petronet
LNG Ltd for Rs 714 crore ($116.8 million) via block deals.
The government is going to borrow Rs 2.4 lakh crore through bonds in the second half of the current
fiscal taking the total borrowing to Rs 5.92 lakh crore.
PM Narendra Modi has launched the ambitious 'Make in India' campaign on 25th September, It is
aimed at making India a manufacturing hub by attracting foreign companies to set up their
manufacturing units.
RBI relaxed Know Your Customer norms by allowing self-certification of documents for opening
bank accounts.
o It has asked banks to allow self-certified copy of the document by mail, or post for opening
an account.
o Banks have also been asked not to seek fresh documents, if a KYC compliant customer
desires to open another account in the bank.
The Finance Ministry on 6th October has asked public sector banks to tighten norms, including
KYC monitoring for high-value fixed deposits, to check the kind of frauds suspected to have been
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committed at Dena Bank and OBC. Banks have been advised to categorise fixed deposits, which
may fall under high value criteria.
KC Chakrabarty, Deputy Governor, Reserve Bank of India has quit three months ahead of
completion of his term on 20th March 2014. He was replaced by R. Gandhi on 3rd April 2014.
Inflation data based on wholesale price index (WPI) for August hit a five year low at 3.74 percent
declining vegetable prices and other food articles. August WPI inflation stood at 5.19 percent in July.
India has decided not to impose anti-dumping duty on imports of solar panels from countries
like the US and China.
Total telephone subscriber base in India rose marginally in July to reach 94.64 crore, with 34.5
lakh users added during the month, sectoral regulator Telecom Regulatory Authority of India (Trai)
said.
Kicking off the mega disinvestment drive, government approved the sale of shares in Coal India ,
ONGC and NHPC to garner a combined Rs 43,000 crore.
Government approves an over Rs 5,300 crore project to boost telecom infrastructure and
connectivity in North East India.
The Reserve Bank of India (RBI) allowed banks to take action against guarantors on a loan, even
without exhausting the remedies against the principal debtor, in case of a wilful default.
Travel industry body International Air Transport Association (IATA) said that India's domestic
market increased by 7.4 percent in August over the previous year.
Core sector growth for the month of August picked up with eight core sector industries growing
by 5.8 percent against 4.7 percent in same month last year. The July core sector data was 2.7
percent.
Cochin International Airport Limited (CIAL), the countrys first green-field airport in the
public-private partnership mode, has handed over a cheque of Rs.17.76 crore to the Kerala
government as its share of profits for the last fiscal.
World's largest asset manager Blackrock will host a global investors meet in India next year.
Top Indian lender State Bank of India on 24th September, announced that its board had approved
stock split of one share into 10 shares. SBI will reduce the face value of each equity share to 1
rupee from 10 rupees now. Punjab National Bank and ICICI Bank approved stock splits in
September.
SBI Launches 3 Digital banking facilities for its customers.
o Tab Banking for Savings A/C : Opening Savings A/C at Customers door step using tablet
PC provided to the Banks Sales Staff (who visit the Customers Home).
o TAB Banking for Home Loan : In principle approval for the home loan at customers door
step using tablet PC provided to the Banks Home Loan Sales Team which will capture on
the tablet KYC details.
o eKYC : Generates eKYC (Know Your Customer) identity document.
The Union Cabinet gave its approval for the release of a 7 per cent additional installment of
Dearness Allowance (DA) to Central Government employees. It also approved Dearness Relief
(DR) for pensioners. Both DA and DR will become effective from July 1, 2014.
The government has asked 12 state -run PSUs like SAIL, NTPC and DVC to immediately furnish
all details of any joint ventures formed by them related to 20 coal blocks allocated for captive use
for submission to the Supreme Court, which is looking into the issue.
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Unveiling a slew of amendments in the implementation of the Basel 3 regulations, the Reserve Bank
of India has allowed banks to issue additional Tier 1 capital instruments, the principal amount of
which would absorb losses, either through conversion into common shares or a write-down
mechanism that allocates the losses to the instruments, either temporarily or permanently.
In a major overhaul of its functioning, capital markets watchdog SEBI has fixed one-year target for
completion of all its investigations, while sharply focusing on cases involving bigger offences. There
are 221 investigations pending with Sebi right now.
In an apparent sign of revival, the Indian economy expanded by 5.7 per cent during the first
quarter of the current financial year to log the highest growth yet in nine quarters.
The Bombay Stock Exchange (BSE) launched and Institutional Trading Platform (ITP) to help
Small and Medium Enterprises (SMEs) and start up companies to list on the bourses without an
Initial Public Offer (IPO).
Bank of India (BOI) has become the first Indian Bank to extend a bridge loan of $200 million to
Air India to finance the purchase of two Boeing 787 Dreamliner Aircraft.
India leads global remittances with USD 70 bn in 2013. Indias neighbour China follows second
with USD 60 billion, said the World Bank Report.
World Trade Organization (WTO) projected that the world trade will grow by 4.7 percent in
2014.
The World Bank will give 12 billion dollars loan to Pakistan over the next five years to help lift
its economy.
Qatar based Doha Bank announced its first branch in Mumbai. The branch in Mumbai was opened
as a full fledged bank in May 2014.
o Note : Bank of Bahrain & Kuwait, Abu Dhabi Bank are the two other banks from Arab
countries to have operations in India before Doha Bank.
Bank of India (BOI) launched Instant Money Transfer (IMT) scheme in Mumbai.
o Note : IMT Scheme allows customers to withdraw cash without using either debit card or
credit card at BOIs IMT enabled ATMs. This is the first of its kind initiative launched by a
public sector bank.
Kotak Mahindra launches accounts integrated with Facebook, Twitter.
ICICI Prudential Mutual Fund has bagged Morningstar Indias best fund house award in the debt,
equity and multi asset category.
An Asian Development Bank (ADB) report of 1st April 2014 stated that Indias GDP is poised to
accelerate to 5.5 per cent in 2014-15 on the back of improved performance in industry and services
but it may take some time for the country to reach its potential growth rate.
Inflation based on Wholesale Price Index (WPI) reached a 3 month high of 5.7% in March 2014.
Wholesale Inflation falls to 9 month low of 4.68 percent in February
Kotak Mahindra Bank announced the launch of Jifi, a first of its kind fully integrated social bank
account that transcends normal digital banking by seamlessly incorporating social networking
platforms like Twitter and Facebook with mainstream banking.
Export-Import Bank of India extended a Line of Credit of $89.90 million to the Government of
Republic Congo, for development of transportation system in the Republic of Congo.
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Central Bank of India has sold its entire stake in credit information provider CIBIL to Transunion
International Inc. Central Bank had a 5 Percent stake in CIBIL while Transunion is the majority
shareholder in CIBIL at 27.5 percent.
Canara Bank names cricketer Shikhar Dhawan as its brand ambassador.
Housing Development Finance Corporation (HDFC) Bank set World record for Blood
collection in a single day. The donation camp organized by HDFC Bank on 6th December 2103 was
recorded in the Guinnes Book of Records.
The World Bank has said it would provide upto $ 3 billion in aid for Ukraine in 2014 to help the
country deliver much needed economic reforms.
Max Life Insurance has tied up with Toyota Financial Services India Ltd to provide insurance
cover to car loan customers.
Bihar emerges as fastest growing state (15.05 percent) in 2012-13 : CSO report.
o Note : According to the CSO data, Gujarat ranked 6th with growth rate at 7.96 percent,
behind Bihar and Madhya Pradesh with 9.89 percent, Goa 8.47 percent, Kerala 8.24 percent
and Odisha 8.09 percent. The all India growth rate in 2012-13 was 4.47 percent.
Indian Bank has bagged national award for excellence in lending micro enterprises for
consecutive second year.
A RBI committee on Financial Inclusion headed by Nachiket Mor suggested setting up a new set
of banks called Payment Banks to widen the spread of payment services and deposit products to
small business and low-income households in Asia.
After launching accounts on Facebook and Youtube, the countrys largest bank SBI launched a
twitter account on 4th April 2014 at https://twitter.com/TheOfficialSBI.
As per a report by World Bank, India stood at 1st place in world in terms of receiving money
from non-residents.
As per World Bank Projections, Indian Economy is expected to grow at 5.7% during FY 201415.
Asian Development Bank (ADB) has provided $400 million first tranche line of credit to India
Infrastructure Finance Company Ltd (IIFCL) to help accelerate infrastructure growth through
increased private sector investment.
Asian Development Bank (Headquarters Manila (Philippines) has predicted 5.5% GDP growth rate
for India in FY 2014-15.
RBI sets the maximum age for Managing Directors and Chief Executive Officers in private sector
banks at 70.
Asian Development Bank will provide USD 275 million loan for improving rural road connectivity
in five states including Assam, Chattisgarh Madhya Pradesh, Odisha and West Bengal in the country.
Axis Bank, Indias third largest private sector bank has launched Asha Home Loan, a 30 year
home loan product for first time home buyers in the lower income segment based on the family
income.
Bank of India became first Indian Bank to start ITM (Instant Money Transfer) Service that
enables to withdraw money from the ATM without having a Bank Account.
Bharatiya Mahila Bak (BMB), the first all women bank, tied with New India Assurance to launch
health insurance products for women account holders of the bank.
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Bharatiya Mahila Bank (BMB) and SBI Cards have joined hands for roll out of credit cards to
customers on Indias first women focussed commercial bank.
Bimal Jalan Committee on new Bank License has submitted its report to the Reserve Bank of
India.
Chattisgarh has been ranked on Top in RBIs Report State Finances A Study of Budget of
2013-14 based on various Fiscal Parameters.
Children older than 10 years can now operate savings bank account on their own and no longer
need the help of their parents or guardians to open and operate it. To boost financial inclusion, the
Reserve Bank of India (RBI0 said that banks were at liberty to allow minors above 10 years to
independently open and operate savings bank accounts. (SBI PO 2014)
Corporation Bank has bagged the awards for lending to MSE (Micro and Small Enterprise) and to
Micro enterprises from the Union Ministry of Micro, Small and Medium Enterprises (MSME)
Countrys largest bank SBI has launched a financing scheme for women fashion boutique
owners. Labelled Boutique Financing, the scheme is designed to offer working capital expenses
as well as term loan for boutique owners.
Domestic banks will need US $200 billion additional capital over the next five years to meet Basel
III norms for capital adequacy and the demand for funds as growth picks up, Fitch has recently
announce.
Economic growth in India projected at 5.35% in 2014, says UN report.
EPFO (Employees Provident Fund Organization) which is the Regulator of Retirement Fund of
Government Employees in India, decided to increase rate of interest on Provident Fund deposits to
8.75% from 8.5% earlier.
Ex-Chairman of Axis Bank, P. J. Nayak is the head of the expert panel to review bank boards
governance. The panel will review the RBI's regulatory guidelines on ownership of banks and
representation in their boards, among other things.
Exim Bank has extended USD 46 million line of credit to Mauritius for financing goods and
defence related vehicles purchases.
Foreign investment of 10 per cent or more in a listed company will now be treated as FDI as the
government has accepted the report of a committee on rationalising definitions of FDI and FII.
Global rating agency Moody on 22 September 2014 released a report titled Indian Banks Could
Need 26-37 billion US dollar in External Capital for Basel III Compliance. In the report it
revealed that 11 Indian public sector banks (PSBs) need to raise 26 to 37 billion US dollar in
external capital in the financial year 2015 in order to meet the Basel-III capital adequacy norms by
financial year 2019.
Government approved increasing Foreign Equity in Axis Bank from 49% to 62%.
Govt launches inflation indexed saving bonds which offer protection to retail investors from price
rise. The minimum limit for investment is Rs. 5,000 and the maximum is Rs. 5 lakh per applicant per
annum. Interest rate would be linked to Customer Price Index (CPI).
HDFC Bank with a brand value of $ 9.4bn is Indias most valuable brand according to the first
edition of the BrandZ Top 50 Most Valuable Indian Brands ranking that was announced on 19th
August 2014.
ICICI Bank offers Cardless Cash Withdrawal at ATMs.
ICICI Bank, the countrys largest private sector lender, has introduced an equated monthly
instalment (EMI) option for its customers on debit card purchases.
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IIFCL (Indian Infrastructure Finance Company Ltd) signed an agreement with EXIM Bank of
Korea for Infrastructure Finance.
IMF projected 5.4 percent economic growth for India in 2014-15.
India has replaced Japan as the 3rd Largest economy in 2011, according to the data released by
the International Comparison Program of the World Bank. The US has retained the top spot followed
by China.
Indias first post office savings bank ATM inaugurated in Thyagaraya Nagar, Chennai.
Indian Overseas Bank launched Connect Card, a new ATM cum Debit Card in association
with VISA that can be used for e-commerce across five lakh merchant outlets.
Japan-based Mt Gox, which was the Worlds Largest bitcoin exchange filed for bankruptcy.
LIC has re-launched its Jeevan Anand plan, a participating non linked plan which offers an
attractive combination of protection and savings.
Milk and Dairy products major Mother Dairy Fruit & Vegetable Pvt. Ltd. announced its strategic
tie-up with State Bank of India (SBI) to launch SBI - Mother Dairy SmartChange Card for
Mother Dairy Milk Booths in Delhi & NCR. This first-of-a-kind initiative in the dairy industry will
facilitate consumers towards a more convenient mode of payment at Mother Dairy milk booths.
Ms. Lakshmi Swaminathan has become the 1st Indian to be elected as the President of the
Administrative Tribunal of the Asian Development Bank (ADB).
Muthoot Finance, Prizm Payment Services and Vakrangee Ltd. , to set up White Label ATMs
(WLAs) in the country.
National Bank for Agriculture and Rural Development (NABARD) has reduced refinance rate
for banks and other lending agencies by 0.20 percent to promote rural credit and rural infrastructure.
Oriental Bank of Commerce became first bank which introduced the e-KYC (electronic Know
Your Customer) facility.
Private sector lender IndusInd Bank has launched a new customer-centric service titled Video
Branch. This offering enables the customers to do a video conference with the bank staff. They can
schedule a video call with the Branch Managers/Relationship Mangers or connect to the central
Video Branch instantly.
Public Sector General Insurer New India Assurance announced a Health Insurance cover New
India Asha Kiran for Girl Child. Health insurance rate are cut by 50 percent for the girl child
under this scheme along with a personal accident cover for parents.
Qatar-based Doha Bank is going to acquire the Indian assets of HSBC Bank Oman SOAG. The
board of Doha Bank has authorised the purchase of the Indian assets of HSBC Bank Oman SOAG,
and has called a shareholders' meeting in November to approve the deal.
Raghuram Rajan, the Governor of the Reserve Bank of India (RBI) announced that plastic currency
notes will be launched in 2015 after field trials.
RBI extended the timeline for full implementation of Basel III norms 31 March 2019 instead of
31 March 2018.
RBI has cut the number of free transactions that savings bank customers can avail from other
bank's Automated Teller Machines (ATMs) from the present five to three a month. It has also
allowed banks to charge customers if they use their own bank ATM more than five times a month.
New charges will apply for transactions done at ATMs located in six metro centres, namely,
Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad.
RBI has decided that Indian companies will not be permitted to raise External Commercial
Borrowings from overseas branches or subsidiaries of Indian banks for refinance or repayment of
the Rupee loans raised from domestic banking system.
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RBI has granted an additional nine months for the public to exchange currency notes printed
before 2005, including Rs 500 and Rs 1,000 denominations, and set a deadline of January 1, 2015.
RBI panel (headed by banker Nachiket Mor) has suggested setting up of specialised banks to
cater to low income households to ensure that all citizens have bank accounts by 2016.
RBI panel headed by exChairman of Axis Bank, P. J. Nayak recommend for diluting govt stake
in public sector banks to below 50 %. The government should cut its holding in public sector
banks to under 50 per cent, a Reserve Bank of India (RBI) panel report on Tuesday said, criticising
the way in which the lenders are now being governed.
RBI panel headed by RBI Deputy Governor Anand Sinha has recommended bringing a
benchmark floating interest rate, especially for home loans. Panel also suggested Indian Banks
Base Rate (IBBR).
RBI pegged 201415 GDP growth at a central estimate of 5.5 percent, economic growth for
201415 expected at 5.5 pc., CAD expected to come down to 2 pc of GDP in 201415.Retail inflation
to be 6pc.
RBI on 7th February 2014 permitted 4 nonbank entities to set up white label ATMs:
o Tata Communications Payment Solutions Ltd
o Prizm Payment Services Pvt. Ltd
o Muthoot Finance Ltd
o Vakrangee Ltd
On 27th March 2014 RBI permits Srei to roll out white label ATMs: Srei Infrastructure Finance is
planning to start rollout of its while label ATMs (WLAs) between July and September starting with
a pilot of 200 TierIII towns in Uttar Pradesh and Bihar.
RBI relaxes gold loan norms: The Reserve Bank of India has allowed NonBanking Financial
Companies, NBFCs to lend up to 75 per cent of the value of gold. It was 60 per cent earlier.
RBI scraps 26% cap on interest rate for MFIs: (RBI) removed 26 per cent cap on the interest rate
that can be charged by a microfinance company to its borrowers. MFI is allowed to charge interest
rate equal to 2.75 times the average of the base rates of the top five commercial banks.
RBI tightens norms for credit card holders: RBI advised banks to treat a credit card account as a
nonperforming asset if the customer fails to pay the minimum due amount within a stipulated 90
day period.
Reserve Bank of India (RBI) has hiked the trade related remittance limit from Rs. 2 lakh to Rs.
5 lakh per transaction amid increased number of transactions handled by Exchange Houses.
Reserve Bank of India asked banks not to levy penal charges on customers who dont maintain
a minimum balance in basic savings bank accounts.
Reserve Bank of India has warned all domestic banks to take steps before Microsoft ends its
Windows XP software support from 8th April 2014.
Retirement fund body EPFO decided to increase the rate of interest on Provident Fund deposits
to 8.75 percent from 8.5 percent.
SEBI grants new status to three clearing corporations ( National Securities Clearing Corporation,
Indian Clearing Corporation and MCX-SX Clearing Corporation).
SEBI approved the new Corporate Governance norms. The new corporate governance norms
would become applicable for all listed companies with effect from 1st October 2014.
State Bank of India (SBI) in tie-up with MasterCard on 8th September launched its first multicurrency international card to allow consumers to use a single card to pay in multiple currencies.
State Bank of India (SBI) on 13 September 2014 celebrated 150 years of its operations in Sri
Lanka.
State Bank of India (SBI), ICICI Bank and Federal Bank Limited launched Savings account
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schemes for minors above 10 years of age. These accounts, which will be opened in the name of
the minor, will offer a personalised cheque book and a debit card with a picture of his or her choice,
the bank said in a statement.
State Bank of India launched off its channel on popular video sharing website Youtube.
State Bank of India launched three digital banking facilities at the customers door step using
TAB Banking; one for customers opening Savings Bank accounts and another for Housing Loan
Applicants. The Third is e-KYC (Know Your Customer).
State-run IDBI Bank has recently announced that it had entered into an agreement with FICCI,
under which it would finance the industry lobby's small business members.
TATA Communications Payment Solutions Limited installed its 1000th White Lable ATM
under the name INDICASH. (SBI PO 2014)
TCS became the first Indian Company to achieve a market capital value of 5 Lakh crore
rupees.
The Axis Bank which is India's third largest private bank has been featured in Forbes Asia's FAB
50 list of 2014. This is the fourth time that Axis Bank has been featured and is amongst the only two
banks in this renowned list.
The Bank of Bahrain and Kuwait, BBK, plans to expand its operations in India by opening its
fourth branch in the country in New Delhi.
The Bank of Japan (BOJ) and RBI concluded an agreement that expands the maximum amount of
the Bilateral Swap Arrangement (BSA) between the two countries to USD 50 billion.
o Note : BOJ Governor is Haruhiko Kuroda and RBI Governor Raghuram Rajan
The Bharatiya Mahila Bank has launched Nanhi Kali, a recurring deposit scheme for the girl
child upto the age of 13 years with minimum monthly investment of Rs. 50 or a higher amount in
exact multiples of Rs. 50. Rate of Interest would stay the same and the scheme also includes an
accidental cover.
The Competition Commission of India (CCI) approved American retail giant Walmart Stores
Incs proposal to acquire Bharti Groups nearly 50 percent stake in their Indian wholesale stores
joint venture.
The deadline for switching to new format bank cheques under the Cheque Truncation System (CTS)
ended on 30 April 2014.
The Employees Provident Fund Organization will provide a permanent or universal account
number (PAN) on the patter of core banking services to its over five crore active subscribers by end
of 2014.
The expert committee headed by Urjit R. Patel, Deputy Governor of the Reserve Bank of India
examine the current monetary policy framework of the Reserve Bank of India (RBI) has
suggested that the apex bank should adopt the new CPI (consumer price index) as the measure
of the nominal anchor for policy communication. The nominal anchor or the target for inflation
should be set at 4 per cent with a band of +/ 2 per cent around it.
The Finance Ministry has asked public sector banks to tighten norms, including KYC
monitoring for high-value fixed deposits, to check the kind of frauds suspected to have been
committed at Dena Bank and OBC.
Banks have been advised to categorise fixed deposits, which may fall under high value criteria.
The Indian Banks Association (IBA) has issued an advisory to banks to ensure business continuity
after Microsoft ends support for its popular Windows XP operating system on 8th April.
The Indian Government is going to implement GST (Goods & Services Tax) new indirect tax
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regime from 1st April 2016. India has inked a loan agreement with World Bank for an assistance of
$153 million (about Rs. 920 crore) for the Odisha Disaster Recovery Project.
The National Bank for Agriculture and Rural Development (NABARD) projected a credit
potential of Rs. 12726.83 crore in the state focus paper (SFP) for the year 2014-15 in Uttarakhand
under the priority sector.
The National Bank for Agriculture and Rural Development has sanctioned Rs. 348.63 crore to
Karnataka under Rural Infrastructure Development Fund (RIDF).
The RBI on 2nd April 2104 has announced that it is granting in-principle approval to two
applicants viz., IDFC Limited and Bandhan Financial Services Private Limited, to set up banks
under the Guidelines on Licensing of New Banks in the Private Sector.
The RBIappointed committee on financial inclusion has recommended that the central bank
should set up specialised banks called Payments Bank to provide payment services and deposit
products to small businesses and lowincome households. The committee, headed by Nachiket
Mor, said that since the new bank will be dealing with poor customers, such a bank must be allowed
to accept a maximum deposit of not more than Rs 50,000.
The Reserve Bank of India (RBI) had set up a panel under executive director Deepak Mohanty
to review the current system of data collection, dissemination and data management processes in the
central bank and improve the existing mechanism.
The Reserve Bank of India (RBI) has adopted the new Consumer Price Index (CPI) (combined)
as the key measure of inflation.
The Reserve Bank of India has kicked off a pilot project that will allow a few mobile payment
providers to test cash withdrawal facilities for a small portion of their semi-closed mobile wallet
users.
The Reserve Bank of India has proposed segregation of chairman and managing director
(CMD) posts and a separate committee for appointment of directors on the board of PSU banks.
The Reserve Bank of India has raised the Foreign Institutional Investors, FIIs investment limit
in the Power Grid Corporation to 30 per cent of its paid up capital, under the Portfolio Investment
Scheme.
From 20th June 2014, The Reserve Bank of India permitted residents and non-residents, except
Pakistanis and Bangladeshis, to carry up to Rs. 25,000 in Indian currency notes while leaving the
country.
The State Bank of India (SBI), the countrys largest lender on 26 September 2014 announced that
it has signed a Line of Credit (LoC) of 500 million dollar with Export-Import Bank of Korea
(Korea Eximbank).
The UPA government's decision to ensure minimum monthly pension of Rs. 1,000 to subscribers
of Employees' Pension Scheme-95 (EPS-95) will be implemented now as the elections are over.
The World Bank has approved a $300 million 30-year loan to help Serbia recover from floods in
May that killed 57 people and devastated its energy sector.
The World Bank has signed an agreement with the government to provide a loan assistance of
USD 1,006.20 million for Sarva Shiksha Abhiyan III, which is the largest ongoing "Education for
All" programme in the world.
The World Bank said it is ready to commit $15-18 billion to support India over the next three
years, even as its president endorsed the business model of Gujarat, the state that Narendra Modi
ruled for over a decade before he became the Prime Minister in May.
The worlds first Bitcoin storage service that insures deposits of the digital currency against
hackers and accidental loss has opened in London.
UN projected the global economy to grow at a pace of 3 percent in 2014 and 3.3 percent in 2015.
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33
WB (World Bank) projected economic growth rate of 5.7% for India in 2014-15 fiscal.
World Bank approved a loan of $ 160 Million for Roads Sector Modernization Reformation
Project in Rajasthan.
World Bank decided to double the credits to be given to India, China, Brazil, Mexico and
Indonesia.
World Bank Group (WBG) and International Monetary Fund (IMF) Spring Meetings were held in
Washington D.C.., USA.
World Bank provides 50 million dollars assistance to Afghanistan to support the governments
efforts to improve access to credit for micro, small and medium enterprises.
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Important Foreign Banks and Country
Bank
Standard
Chartered
Bank
Royal
Bank
of
Scotland
Berclays Bank
Citi Bank
JP Morgan Chase
Bank
Bank of America
ABN AMRO Bank
Abu
Dhabi
Commercial Bank
Bank of Ceylon
BNP Paribas Bank
Societe Gednerale
China
Trust
Commercial Bank
Deustsche Bank
Scotia Bank
DBS Bank
Country
UK
UK
UK
USA
USA
USA
The Netherlands
UAE
Sri Lanka
France
France
Taiwan
Germany
Canada
Singapore
Punch Lines of Banks
GGr
Hum Hai Na : ICICI

Good People to Grow with : Indian
Overseas Bank
With you All the Way : State Bank of India
A Trusted Relationship : SBH
Tradition of Trust : Allahabad Bank
Trusted Family Bank : Dena Bank
Good People to Bank with : Union Bank of
India
Banking for All : IDBI Bank
Worlds Local Bank : HSBC
We Understand your World : HDFC
Friendly, Intelligent, Responsive : Andhra
Bank
A Friend you can Bank upon : Vijaya Bank
Together we Prosper : Bank of Rajasthan
Your Perfect Banking Partner : Federal
Bank
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Taking Banking Technology to Common

Man : Indian Bank
Prosperity to All : Corporation Bank
We are changing for you : Canara Bank
Experience our Expertise : Yes Bank
Central to you Since 1911 : Central Bank
of India
Serving to Empower : J & K Bank
The Changing Face of Prosperity : Lakshmi
Vilas Bank
Where service is a way of life : Punjab &
Sindh Bank
Where Every individual is Committed :
Oriental Bank of Commerce
The Bank that begins with U : United Bank
of India
Your Faithful & Friendly Financial Partner :
Syndicate Bank
34
Relationship Beyond Banking : Bank of

India
Honours your Trust : UCO Bank
Smart Way to Bank : Karur Vysya Bank
A Passion to Perform : Deutche Bank
Experience Next Generation Banking :
South Indian Bank
The Name you can Bank upon : Punjab

National Bank
Indias International Bank : Bank of
Baroda
One Family, One Bank : Bank of
Maharashtra
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Banking and Financial Abbreviations
GGr
ACF Auto-Correlation Function

AD Authorized Dealer
ADB Asian Development Bank
ADR American Depository Receipt
AFS Annual Financial Statement
AGM Annual General Meeting
AIRCSC All India Rural Credit Survey
Committee
AO Additive Outliers
AR Auto Regression
ARIMA Auto-Regressive Integrated Moving
Average
AFS Available For Sale
ASSOCHAM Associated Chambers of
Commerce and Industry of India
ATM Asynchronous Transfer Mode
ATM Automated Teller Machine
BIS Bank for International Settlements
BOI Bank of India
BoP Balance of Payments
BPM5 Balance of Payments Manual, 5th
edition
BPSD Balance of Payments Division,
DESACS, RBI
BSCS Basel Committee on Banking
Supervision
BSR Basic Statistical Returns
CAD Capital Account Deficit
CAG Controller and Auditor General of India
CBS Consolidated Banking Statistics
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CC Cash Credit
CD Certificate of Deposit
CD Ratio Credit Deposit Ratio
CDBS Committee of Direction on Banking
Statistics
CF Company Finance
CFRA Combined Finance and Revenue
Accounts
CGRA Currency and Gold Revaluation
Account
CII Confederation of Indian Industries
CO Capital Outlay
CP Commercial Paper
CPI Consumer Price Index
CPI-IW Consumer Price Index for Industrial
Workers
CR Capital Receipts
CRAR Capital to Risk Weighted Asset Ratio
CRR Cash Reserve Ratio
CSIR Council of Scientific and Industrial
Research
CSO Central Statistical Organisation
CVC Central Vigilance Commission
DAP Development Action Plan
DBOD Department of Banking Operations
and Development
DBS Department of Banking Supervision,
RBI
DCA Department of Company Affairs, (Now
known as Ministry of Companies Affairs,
MCA)
35
GGr
FCNRA Foreign Currency Non-resident

Account
FCNRD Foreign Currency Non-Repatriable
Deposit
FDI Foreign Direct Investment
FEMA Foreign Exchange Management Act
FI Financial Institution
FICCI Federation of Indian Chambers of
Commerce and Industry
FII Foreign Institutional Investor
FIMMDA Fixed Income Money Market and
Derivatives Association of India
FISIM Financial Intermediation Services
Indirectly Measured
FLAS Foreign Liabilities and Assets Survey
FOF Flow Of Funds
FPI Foreign Portfolio Investment
FRA Forward Rate Agreement
FRBM Fiscal Responsibility and Budget
Management Act, 2003
FRN Floating Rate Note
FSS Farmers Service Societies
FWG First Working Group on Money supply
Manual on Financial and Banking Statistics
GDP Gross Domestic Product
GDR Global Depository Receipt
GFD Gross Fiscal Deficit
GFS Government Finance Statistics
GIC General Insurance Corporation
GLS Generalized Least Squares
GNIE Government Not Included Elsewhere
GoI Government of India
GPD Gross Primary Deficit
G-Sec Government Securities
HDFC Housing Development Finance
Corporation
HFT Held For Trading
HICP Harmonised Index of Consumer Prices
HO Head Office
HUDCO Housing & Urban Development
Corporation
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Government of India
DCB Demand Collection and Balance
DCCB District Central Cooperative Bank
DCM Department of Currency Management,
RBI
DD Demand Draft
DDS Data Dissemination Standards
DEIO Department of External Investments
and Operations
DESACS Department of Statistical Analysis
& Computer Services, RBI
DGBA Department of Government and Bank
Accounts, RBI
DGCI&S Directorate General of Commercial
Intelligence and Statistics
DI Direct Investment
DICGC Deposit Insurance and Credit
Guarantee Corporation of India
DID Discharge of Internal Debt
DMA Departmentalized Ministries Account
DRI Differential Rate of Interest Scheme
DSBB Dissemination Standards Bulletin
Board
DVP Delivery versus Payment
ECB External Commercial Borrowing
ECB European Central Bank
ECGC Export Credit and Guarantee
Corporation
ECS Electronic Clearing Scheme
EDMU External Debt Management Unit
EEA Exchange Equalization Account
EEC European Economic Community
EEFC Exchange Earners Foreign Currency
EFR Exchange Fluctuation Reserve
EPF Employees Provident Fund
EUR Euro
EXIM Bank Export Import Bank of India
FCA Foreign Currency Assets
FCCB Foreign Currency Convertible Bond
FCNR(B) Foreign Currency Non-resident
(Banks)
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36
GGr
LAMPS Large-sized Adivasi Multipurpose

Societies
LAS Loan & Advances by States
LBD Land Development Bank
LBS Locational Banking Statistics
LERMS
Liberalised
Exchange
Rate
Management System
LIC Life Insurance Corporation of India
LS Level Shift
LT Long Term
LTO Long Term Operation
M1 Narrow Money
M3 Broad Money
MA Moving Average
MCA Ministry of Company Affairs
MIGA Multilateral Investment Guarantee
Agency
MIS Management Information System
MMSE Minimum Mean Squared Errors
MoF Ministry of Finance
MOF Master Office File
MRM Monitoring and Review Mechanism
MSS Market Stabilisation Scheme
MT Mail Transfer
MTM Mark-To-Market
NABARD National Bank for Agriculture and
Rural Development
NAC(LTO) National Agricultural Credit
(Long Term Operation)
NAIO Non Administratively Independent
Office
NAS National Account Statistics
NASSCOM National Association of Software
and Services Companies
NBC Non-Banking Companies
NBFC Non Banking Financial Companies
NEC Not Elsewhere Classified
NEER Nominal Effective Exchange Rate
NFA Non-Foreign Exchange Assets
NFD Net Fiscal Deficit
NGO Non-Governmental Organization
NHB National Housing Bank
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IBRD International Bank for Reconstruction

and Development
IBS International Banking Statistics
ICAR Indian Council of Agricultural
Research
ICICI Industrial Credit and Investment
Corporation of India
ICMR Indian Council of Medical Research
IDB India Development Bonds
IDBI Industrial Development Bank of India
IDD Industrial Development Department
IFAD International Fund for Agricultural
Development
IFC International Finance Corporation
IFC(W) International Finance Corporation
(Washington)
IFCI Industrial Finance Corporation of India
IFR Investment Fluctuation Reserve Account
IFS International Financial Statistics
IGLS Iterative Generalized Least Squares
IIBI Industrial Investment Bank of India
IIP Index of Industrial Production
IIP/InIP International Investment Position
IMD India Millennium Deposits
IMF International Monetary Fund
IN India
INR Indian Rupee
IOTT Input-Output Transaction Table
IP Interest Payment
IRBI Industrial Reconstruction Bank of India
ISDA International Swaps and Derivative
Association
ISIC International Standard Industrial
Classification
ISO International Standards Organization
ITRS International Transaction Reporting
System
IWGEDS International Working Group on
External Debt Statistics
KVIC Khadi
& Village Industries
Corporation
LAF Liquidity Adjustment Facility
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37
GGr
PO Principal Office
PRB Primary Revenue Balance
PSE Public Sector Enterprises
PUC Paid Up Capital
QRR Quick Review Report
RBI Reserve Bank of India
RD Revenue Deficit
RDBMS Relational Database Management
System
RE Revenue Expenditure
REC Rural Electrification Corporation
REER Real Effective Exchange Rate
RFC Residents Foreign Currency
RIB Resurgent India Bonds
RIDF Rural Infrastructure Development Fund
RLA Recoveries of Loans & Advances
RLC Repayment of Loans to Centre
RMB Renminbi (Chinese)
RNBC Residuary Non-Banking Companies
RO Regional Office
RoCs Registrars of Companies
RPA Rupee Payment Area
RPCD
Rural
Planning
and
Credit
Department, RBI
RR Revenue Receipts
RRB Regional Rural Bank
RTP Reserve Tranche Position
RUF Revolving Underwriting Facility
RWA Risk Weighted Asset
SAM Social Accounting Matrix
SAS Statistical Analysis System
SBI State Bank of India
SC Schedule Caste
SCARDB State Cooperative Agriculture and
Rural Development Bank
SCB State Cooperative Bank
SCB Scheduled Commercial Bank
SCS Size Class Strata
SDDS Special Data Dissemination Standards
SDR Special Drawing Right
SEBI Securities and Exchange Board of India
SEBs State Electricity Boards
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NIC National Industrial Classification

NIF Note Issuance Facility
NNML Net Non-Monetary Liabilities
NPA Non-Performing Assets
NPD Net Primary Deficit
NPRB Net Primary Revenue Balance
NPV Net Present Value
NR(E)RA Non-Resident (External) Rupee
Account
NR(NR)RA Non-Resident (Non-Repatriable)
Rupee Account
NRE Non-Resident External
NRG Non-Resident Government
NRI Non-Resident Indian
NSC National Statistical Commission
NSSF National Small Savings Fund
OD Over Draft
ODA Official Development Assistance
OECD
Organisation
for
Economic
Cooperation and Development
OECO Organisaton for Economic Cooperation
OFI Other Financial Institutions
OLTAS OnLine Tax Accounting System
OMO Open Market Operations
OSCB Other Indian Scheduled Commercial
Bank
PACF Partial Auto-Correlation Function
PACS Primary Agriculture Credit Societies
PCARDB Primary Cooperative Agriculture
and Rural Development Bank
PD Primary Deficit
PDAI Primary Dealers Association of India
PDO Public Debt Office
PDO-NDS
Public
Debt
Office-cumNegotiated Dealing System
PDs Primary Dealers
PES Public Enterprises Survey
PF Provident Fund
PIO Persons of Indian Origin
PMJDY Pradhan Mantri Jan-Dhan Yojana
PNB Punjab National bank
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38
SFC State Financial Corporation

SGL
Subsidiary
General
Ledger
Abbreviations
SGSY Swarnajayanthi Gram Swarrojgar
Yojana
SHGs Self-Help Groups
SIDBI Small Industries Development Bank of
India
SIDC
State
Industrial
Development
Corporation
SI-SPA Systems Improvement Scheme under
Special Project Agriculture
SJSRY Swarna Jayanti Shahari Rojgar
Yojana
SLR Statutory Liquidity Ratio
SLRS
Scheme
for
Liberation
&
Rehabilitation of Scavangers
SMG Standing Monitoring Group
SNA System of National Accounts
SRWTO Small road & Water Transport
Operators
SSI Small-Scale Industries
SSSBEs Small Scale Service & Business
Enterprises
ST Schedule Tribe
SWG Second Working Group on Money
Supply
TBs Treasury Bills
TC Temporary Change
TT Telegraphic Transfer
UBB Uniform Balance Book
UBD Urban Banks Department
UCB Urban Cooperative Bank
UCN Uniform Code Number
US United States
USD US Dollars
UTI Unit Trust of India
VC Venture Capital
WGMS Working Group on Money Supply:
Analytics and Methodology of Compilation
WPI Wholesale Price Index
WSS Weekly Statistical Supplement
YTM Yield to Maturity
ZO Zonal Office
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Credit Rating Agencies :
Credit rating is the technique of credit risk valuation for the corporate debt instruments reflection
borrowers expected capability and inclination to pay interest and principle in a timely manner.
John Moody first introduced the concept in 1909.
Methodology : A ration exercise is done at the request of the company. It applies to a particular debt
obligation of the company and is not a general purpose evaluation of the company.
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Name of Agency
Service
GGr
Moodys Investor Bond Market

Service
Standard
and Financial Services
Poor
Financial Services
Fitch rating
Credit
Established
Head Quarter
Head
People
1909
New York,
USA City
New York,
USA City
New York City,
USA & London,
UK
Mumbai, India
Raymon W. MC
Daniel Jr
Doulas L. Peterson
(President)
Paul
Taylor
(CEO & President)
1860
1913
Rating Research, Risk and 1987
Key
Ms. Roopa Kudva
39
Policy Advisory
(MD & CEO)
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Information
Services of India
Limited (CRISIL)
Investment
Information and
Credit
Rating
Agency of India
(ICRA)
Credit
Information
Bureau India Ltd.
(CIBIL)
CARE
Gr8AmbitionZ.com
Credit Rating and 1991

Financial
Consulting
Gurgaon, India
Naresh Takkar,
(CEO)
Research, Risk and 2000

Policy Advisory
Mumbai, India
M.
V.
(Chairman)
Credit Rating, Risk
Sion
(East), O. V. Bundellu
Mumai, India
(Chairman)
Mumbai, India
Sudesh
Kumar
(Chairman)
Bangalore, India
Vivek
Kulkarni
(Chairman & CEO)
1993
SMERA
(FOR Research, Risk & 2005
Policy Advisor
msmes)
Research, Risk & 2007
Bric Work India
Advisory
Nair
Union Budget 2014-15 Highlights
ndian Finance Minster Arun Jaitley presented the Narendra Modi Governments maiden Budget for the
year 2014-15 on 10th July 2014. In this budget the modi govenrment mainly focused to keep up their
election promises. In this budget Arun Jaitely has mentioned the issues like Raising the personal tax
exemption limit by Rs. 50,000, raising the Foreign Direct Investment (FDI) limit to 49%, Ganga
Conservation Mission called 'Namami Gange' with Rs 2,037, Increasing safety of women in large cities with
Rs. 150 crores, setting up 100 smart cities with Rs 7,060 crore, National Rural Internet and Technology
Mission etc. He confidently stated that this budget can can growth even while curbing borrowing, after the
country's longest slowdown in a quarter of a century. Below are the Highlights of Union Budget 2014-15.
Highlights of Union Budget 2014-15
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FY16 Fiscal Deficit Target at 3.6%

FY17 Fiscal Deficit Target at 3%
Rs. 200 crore for 6 more textile clusters in Rase Bareily, Lucknow, Surat and Bhagalpur.
Rs. 30 crore set aside for 'hasthakala academy' for reviaval of handicrafts
Rs. 50 crore set aside for Pashmina Production programme in J&K
Rs. 378,800 crore for NHAI and State Highways
Rs. 3,000 crore for raods in North East
Rs. 4,200 corre for Jal Marg Vikas project on river Ganga connecting allahabad to Haldia
100 : Number of new cities government will build
Rs. 7,060 cr : Amount sanctioned for creation of new smart cities
E-Visas : To be introduced at 9 airports to provide much requried boost to tourism
Rs. 200 crore : Amount sanctioned for Sardar Patel statue
Rs. 500 crore : To be spent on Gram Jyhothi Youjana
Rs. 6,000 crore : Amount for welfare of senior citizens
Rs. 150 crore : To be spent to enhance safety of women on roads
Rs. 1,000 crore : Pension for EP subscriber scheme
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Taxes Highlights :
o Rs. 2.5 lakh : Tax exemption limit for small & marginal, senior tax payers, up from Rs. 2
lakh
o Rs. 3 lakh : Tax exemption limit for senoir citizens, up from Rs. 2.5 lakh
o Rs. 1.5 lakh : Increased investment limit under Section 80C, up from Rs. 1 lakh
o Rs. 2 Lakh : Revised housing lan regate, up from Rs. 1.5 lakh
o No change in tax rates
o No change in surcharge
Agriculture highlights
o Rs. 100 crore set aside for schemes to provide soil health card
o Rs. 56 crore for soil testing labs across the country
o Rs. 200 crore set aside for agriculture universities in AP and Rajasthan, and Horticulture
University in Haryana, Telangana
o 5 lakh landless farmers to be provided finance through NABARD
o Rs. 8 lakh crore set aside for development of agriculture sector
o 3% amount of incentive to be given to farmers repaying loans on time
o Rs. 100 crore set aside for Kisan Television to provide real time information on various
farming and agriculture issues
Education Highlights
o Rs. 100 crore for Beti Bachao-Beti Padhao yojana
o 4 new AIIMS to be set up in AP, UP, WB and Maharashtra
o Rs. 28,000 core for sanitation in all primary schools
o 12 more governement medical colleges to be set up
o 5 new IITs and IIMs to be set up
o Rs. 3,600 crore for rural drinking water programme
o Rs. 8,000 crore for rural housing scheme
o Rs. 100 crore to be spent on upgrading madarsas
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Highlights of Economic Survey 2013-14
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day ahead of the Union Budget 2014-15, Indian Finance Minister Arun Jaitley has presented the
Economic Survey for the year 2013-14 in Lok Sabha on 9th July 2014. According to this survey,
India's economy is expected to grow between 5.4 percent and 5.9 Per Cent in the current fiscal year. A
flagship annual document of the Ministry of Finance, the Economic Survey reviews the developments in the
Indian economy over the previous 12 months, summarizes the performance on major development
programs, and highlights the policy initiatives of the government and the prospects of the economy in the
short to medium term. Below are the highlights of Economic Survey 2013-14.
Major Highlights of the Economic Survey 2013-14
GDP growth seen at 5.4-5.9% in 2014/15

Growth rate of 7-8% can occur after 2015/16
Poor monsoon, external factors pose risk to growth
Need subsidy reforms for fiscal consolidation
Raise tax-to-GDP ratio for fiscal consolidation
CAD to be contained at 2.1% of GDP in 2014-15
Wholesale inflation expected to moderate by end-2014
Retail inflation showing signs of moderation
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Reduce spillovers from food to non-food inflation by putting in place a formal monetary policy
framework
Contain revenue shortfall via better mobilisation, reforms
Move towards simple tax regime, fewer exemptions, GST rate
Need DTC as clean modern replacement for existing I-T laws
Cutting capital expenditure not good for economy
Changes in tax administration required
Need sharp fiscal correction, new FRBM Act with teeth
Government needs to move towards low and stable inflation through fiscal consolidation
RBI intervention in forex market behind accumulation of reserves generally
Rupee has stabilized, reflecting an overall sense of confidence in forex and capital markets
Time over-runs in infra project main cause of under achievement in the sector
Exports still fragile; Iraq crisis a risk
Industrial growth expected to revive gradually over 2-yearr
Indian legislation governing business need thorough revamp
Improve business environment by shifting important decision making from inspectors to higher
officers
Re-examine laws that empower govt to interfere in markets
Capital controls under FEMA do not support rapidly globalizing economy.
Banking sector impacted by global and domestic slowdown
State APMC laws hurdle to modernisation of good economy; have created cartels of buyers who
possess market power
Foodgrains production to go up to 264.4 MT in 2013/14
Need to review nutrientbased fertiliser subsidy
Plan to add 88,537 MW power capacity over next 5 yrs
Allow private companies to mine coal commercially
Gold & silver imports dropped 40% to $33.4 bn in 2013/14Improvement in fiscal deficit and
CAD to feed higher growth
Indias increase in share in world services exports from 0.6% in 1990 to 3.3% in 2013 faster than
goods exports
Despite deceleration, services GDP growth at 6.8% was above the 4.7% overall GDP in 2013/14
3 milestones of 2013/14: passage of PFRDA Act, shift of commodity futures trading into FinMin
& presentation of FSLRC report
Poverty ratio declined from 37.2% in 2004/05 to 21.9% in 2011/12.
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Railway Budget 2014-15 Highlights
GGr
he Union Railway Minister D.V. Sadananda Gowda presented his maiden Railway Budget in Parliament
Ton 8th July 2014, promising to seek increased foreign and domestic private investment to fund
modernization of the country's huge but badly stretched network. The state-owned railway has suffered from
years of low investment and populist policies to subsidise fares. These have reduced the system to a slow,
congested network that crimps economic growth. Here are the highlights of this Budget.
42
No new increase in passenger fares and freight charges

Bullet train in Mumbai-Ahmedabad sector
Diamond quadrilateral for high speed trains
Plan to hike speed of trains to 160-200 km/hr in 9 sectors
Online booking to support 7,200 tickets per minute; to allow 1.2 lakh users log in simultaneously
Reservation system to be revamped, ticket-booking through mobile phones, post offices to be
popularized
Online platform for unreserved tickets
Combo parking-platform tickets at stations
Women RPF Constables to escort ladies coaches; 4,000 women constables to be inducted
Retiring room facility to be extended to all stations
Battery operated cars for differently-abled and senior citizens at major stations
Feedback services through IVRS on quality of food
Food can be ordered through SMS, phone; Food courts at major stations
Cleanliness budget up by 40 per cent over last year
CCTVs to be used at stations for monitoring cleanliness
Setting up of corpus fund for stations upkeep; RO drinking water in some stations and trains
Automatic door closing in mainline and sub-urban coaches
58 new trains and extension of 11; 864 additional EMUs to be introduced in Mumbai over 2 years
FDI in railway projects, except in operations
FDI, domestic investments in rail infrastructure
Office-on-Wheels: Internet & workstation facilities on select trains
WiFi in A1, A category stations and in select trains
Railways university for technical and non-technical subjects
Some stations to be developed to international standards through PPP model
Parcel traffic to be segregated to separate terminals to make passenger traffic unhindered
Loss per passenger per kilometre up from 10 per cent in 2000-01 to 23 per cent in 2012-13
Solar energy to be tapped at major stations
Highest ever plan outlay of Rs. 65,455 crore for 2014-15
Expenditure in 2014-15 pegged at Rs. 149,176 crore.
Jansadharan Trains
1. Ahmedabad-Darbhanga Jansadharan Express via Surat
2. Jaynagar-Mumbai Jansadharan Express
3. Mumbai-Gorakhpur Jansadharan Express
4. Saharasa-Anand Vihar Jansadharan Express via Motihari
5. Saharasa-Amritsar Jansadharan Express
Premium Trains
1. Mumbai Central-New Delhi Premium AC Express
2. Shalimar-Chennai Premium AC Express
3. Secunderabad-Hazrat Nizamuddin Premium AC Express 6
4. Jaipur-Madurai Premium Express
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New Trains
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5. Kamakhya-Bengaluru Premium Express

AC ExpressTrains
1. VijayawadaNewDelhiAPExpress (Daily)
2. LokmanyaTilak(T)-Lucknow (Weekly)
3. Nagpur-Pune (Weekly)
4. Nagpur-Amritsar (Weekly)
5. Naharlagun-NewDelhi (Weekly)
6. Nizamuddin-Pune (Weekly)
Express Trains
1. Ahmedabad-Patna Express (Weekly)via Varanasi
2. Ahmedabad Chennai Express (Biweekly)via Vasai Road
3. Bengaluru -Mangalore Express (Daily)
4. Bengaluru -Shimoga Express (Biweekly)
5. Bandra(T)-Jaipur Express (Weekly) via Nagda, Kota
6. Bidar-Mumbai Express (Weekly)
7. Chhapra-Lucknow Express (Tri weekly) via Ballia, Ghazipur, Varanasi
8. Ferozpur-Chandigarh Express (6 days a week)
9. Guwahati-Naharlagun Intercity Express (Daily)
10. Guwahati-Murkongselek Intercity Express (Daily)
11. Gorakhpur-Anand Vihar Express (Weekly)
12. Hapa-Bilaspur Express (Weekly)via Nagpur
13. Hazur Saheb Nanded-Bikaner Express (Weekly)
14. Indore-Jammu Tawi Express (Weekly)
15. Kamakhya-Katra Express (Weekly) via Darbhanga
16. Kanpur-Jammu Tawi Express (Biweekly)
17. Lokmanya Tilak(T)-Azamgarh Express (Weekly)
18. Mumbai_Kazipeth Express (Weekly) via Balharshah
19. Mumbai-Palitana Express (Weekly)
20. New Delhi Bhatinda Shatabdi Express (Biweekly)
21. New Delhi-Varanasi Express (Daily)
22. Paradeep-Howrah Express (Weekly)
23. Paradeep-Visakhapatnam Express (Weekly)
24. Rajkot-Rewa Express (Weekly)
25. Ramnagar-Agra Express (Weekly)
26. Tatanagar Baiyyappanahali (Bengaluru) Express (Weekly)
27. Visakhapatnam-Chennai Express (Weekly)
Passenger Trains
1. Bikaner-Rewari Passenger (Daily)
2. Dharwad-Dandeli Passenger (Daily)via Alnavar
3. Gorakhpur-Nautanwa Passenger (Daily)
4. Guwahati-Mendipathar Passenger (Daily)
5. Hatia-Rourkela Passenger 7
6. Byndoor-Kasaragod Passenger (Daily)
7. Rangapara North-Rangiya Passenger (Daily)
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8. Yesvantpur-Tumkur Passenger (Daily)

MEMU services
1. Bengaluru-Ramanagaram 6 days a week (3 Pairs)
2. Palwal-Delhi-Aligarh
DEMU services
1. Bengaluru-Neelmangala (Daily)
2. Chhapra-Manduadih (6days a week) via Ballia
3. Baramula-Banihal (Daily)
4. Sambalpur-Rourkela (6 days a week)
5. Yesvantpur-Hosur (6 days a week)
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International Financial Organizations (Fast Facts)
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o World Bank / IBRD

o Head Quarters : Washington
o Established on : 1944
o President : Jim Yong Kim
o Member Countries : 188 Countries
o New Member : South Sudan on 18th April 2012
o International Development Association (IDA)
o Formed in - 8th November 1960
o Head Quarters - Washington, D.C
o Members - 172 Countries
o Newest Member - South Sudan (18th April 2012)
o Parent Organization - World Bank
o President - Jim Yong Kim (President of the World Bank)
o Largest Borrower - India
o United Nations Conference on Trade and Development (UNCTAD)
o Established in - 1964
o Headquarters - Geneva, Switzerland
o Members - 194
o Secretary-General - Mukhisa Kituyi
o New Member - FUNGLODE
o World Trade Organization
o Head Quarters - Centre William Rappard, Geneva, Switzerland
o Head - Roberto Azevdo
o Members - 160
o FOrmed on - 1st January 1995
o New Member - Yemen on 26th June 2014
o European Union (EU)
o Capital : Brussels (de facto)
o Heads :
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President of the European Council - Herman Van Rompuy

President of the European Commission - Jos Manuel Barroso (Jean-Claude Juncker will
be the new president from November 2014)
o Formation (year wise)
23rd July 1952 - Treaty of Paris
1st January 1958 - Treaty of Rome
1st July 1967 - Merger Treaty
1st November 1993 - Treaty of Maastricht
1st December 2009 - Treaty of Lisbon
o Members : 28 memers
o Newest member - Croatia (joined on 1st July 2013).
Association of South East Asian Nations (ASEAN)
o Head Quarters : Jakarta, Indonesia
o Secretary General : L Luong Minh
o Established on : 8th August 1967
o Members :
Brunei
Cambodia
Indonesia
Laos
Malaysia
Myanmar (Burma)
Philippines
Singapore
Thailand
Vietnam
Asian Development Bank (ADB)
o Established on : 22nd August 1966
o Head Quaters : Manila, Philippines
o President : Takehiko Nakao
o Member Countries : 67
o Regional Members : 48 (New Member - Georgia in 2007)
o Non Regional Members : 19 (New Member - Ireland in 2006)
o Principal Subscriber : Japan (with the subscribed capital 15.670 %)
International Finance Corporation (IFC)
o Head Quarters : Washington, D.C.
o Established on - 20th July 1956
o CEO - Jin-Yong Cai
o Current Membership - 184 Members
o New Member - South Sudan on 18th April 2012
International Monetary Fund (IMF)
o Head Quarters : Washington, D.C., United States
o Managing Director : Christine Lagarde
o Current Membership : 188 Countries
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Founding Countries - 29
Member Countries - 188
Newest Member : South Sudan on 18th April 2012
Staff - 2,400 (approx)
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Latest Schemes & Plans Launched by Union & State Governments
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Amma Cement Scheme : Tamil Nadu Government launched this scheme. Under this scheme, it will
procure cement from private manufacturers and sell them at Rs 190 per bag in the wake of possible
increase in rates of the key construction component.
Anna Bhagya : A programme launched in Karnataka. The programme entitles distribution of 30 kg
rice at one rupee per Kg to over 98 lakh BPL and Antyodaya card holders in the state.
Annapurna : Under this scheme. 10 kg of food grains are provided to BPL households free of cost
every month.
Bhagat Puran Singh Sehat Beema Yojana (BPSSBY) : Health care scheme for BPL families
launched in Punjab.
Deen dayal upadhyaya gram jyothi yojana : This scheme is for power supply in rural area.
e-inclusion project : Centre recently launched e-inclusion project to spread e literacy. This project is
an initiative to make at least one individual in every household e-literate, under the project,
economically weaker sections of the society including rural SC, ST and women will receive IT
training.
Free CFL bulb Scheme (Tamil Nadu) : Tamil Nadu governement launched free CFL bulb scheme
under this scheme state government will provide free compact fluorescent light bulbs to over 14 lakh
hut dwellers in the state, an energy saving measure aimed at saving 40 mw of power.
Golden Girl (Bangaru Talli) Scheme : A unique scheme, launched in Andhra Pradesh, to protect
girl child and ensure her education.
Krishi Amdani Beema Yojana : To help the farmers dont bear any financial burden if their
produce gets destroyed due to unexpected weather or for any other reason.
Mahatma Gandhi Pravasi Suraksha Yojana (MGPSY) : This schem eis a pension and life
insurance scheme and is recoghnised by th eIndian governement. This scheme was launched in the
UAE. A leading Indian financial and health care service player has tied up with the UAE Exchange
to offer MGPSY in the Gulf country.
National Gramin Awas Mission : Rural housing scheme to cover all homeless by 2022.
Neerachal : for watershed development.
Pradhan mandhiri krishi sinchayee yojana : This scheme is for for assured irrigation.
Pradhan mantri gram sadak yojana : Road connectivity to unconnected villages.
Pradhan Mantri Gram Sinchai Yojana : To boost agricultual yield, Govt launched "Pradhan
Mantri Gram Sinchai Yojana".
Pradhanmantri Jan-Dhan Yojana : To provide bank accounts, insurance cover and a debit card to
all the citizens of the country.
Project Uddan : The project, an initiative of the Prime Minsiter, the National Skills Development
Corporation and the Ministry of Home Affairs and industry, was startyed with the aim of providing
skills to 40,000 youth over a period of five years.
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Rajiv Gandhi Jeevandayee Arogya Yojana : A health insurance scheme was launched in
Maharashtra.
Rani Laxmi Bai Pension Scheme : 'Special pension' would be given to Muzaffarnagar riot victims
by U.P. Govt. The pension, which would be anywhere between Rs. 400 and Rs. 500, would be givne
under this scheme.
'Roshini' Scheme : Centre launched this scheme for skill development and job placement for rural
youth and women in maoist affected 24 districts in 9 states.
Shyam prasad mukherji Rurban mission : This is for integrated project based infrastructure in
rural.
The Vikram Unyogpuri (Delhi-Mumbai industrial Corridor) : This project was launched in
Madhya Pradesh.
Swavlamban Abhiyan : Prime Minister Narendra Modi launched 11 welfare schems of Gujarat
government under the title of Swavlamban Abhiyan. The schemes are;
1. Aid to milk producing cattle and equipments to tribal women,
2. Distribution of milking machines and chaff cutters among cooperative rural milk producing
women groups,
3. Assistance to cooperative milk producing women groups to build dudh ghar,
4. Mukhyamantri Amrutam Maa Vatsalya Yojana,
5. Assistance for health care to construction labors suffering from occupational health diseases,
6. Interest benefit to farmers to build warehouse in farm, tablet distribution to ITI apprentice
studying computer courses,
7. Pandit Dindayal Upadhyaya young entrepreneurs scheme,
8. Benefit in interest on self employment loan to ITI passed apprentice,
9. Shri Nanaji Deshmukh housing scheme,
10. Dattopant Thengdi labor interest assistance scheme for construction laborers,
11. Impex-Bs formation to expand employment oriented services and middle class oriented
schemes.
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Dear Friends, All the study materials of Gr8AmbitionZ.com are free. We just would
like to listen when you say, Those are the people who helped me cracking my exam
with good marks. So, if you found this small book interesting and enlightening, we
would appreciate if you share this with your Friends. Thats the only FEE we are
expecting from you
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All the very BEST for your Exams Friends. Go well prepared and come with
flying colors. Waiting for your Victory
Gr8AmbitionZ Team
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Important Note : In IBPS CWE PO IV, they are asking more than 85% of
questions from Banking / Economy Background and remaining 15% from recent
current affairs. So, we have not included the regular Current Affairs stuff in this pdf
file. If you have enough time, please download the Current Affairs material and
practice sets from below link. All the Best.
Download Current Affairs Study Materials 2014 from below link
http://www.gr8ambitionz.com/2012/08/current-affairs.html
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Banking Awareness Quick Reference Guide 2014 - Gr8AmbitionZ

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Banking Awareness

Quick Reference Guide

IBPS PO IV and Clerks IV

ATM : An Automated Teller Machine (ATM) is a computerized telecommunications device that

Definitions of Important Banking Terms in Simple English

For more materials visit us at www.Gr8AmbitionZ.com

insurance, mutual funds etc ( to the banking customers).

For more materials visit us at www.Gr8AmbitionZ.com

For more materials visit us at www.Gr8AmbitionZ.com

For more materials visit us at www.Gr8AmbitionZ.com

Recent RBI Committees

Capacity Building in Banks and non-Banks

Implementation of Counter-cyclical Capital Buffer

Data and Information Management in the RBI

To Review Governance of Boards of Banks in India

Working Group on Resolution Regime for Financial

Shri Anand Sinha

Report of the GIRO Advisory Group

April 2014 Prof. Umesh Bellur

Report of the Group on Enabling PKI in Payment System

April 2014 Dr Anil Kumar Sharma

Report of the Working Group on Pricing of Credit

April 2014 Shri Anand Sinha

Report of the Committee on Financial Benchmarks

Shri P. Vijaya Bhaskar

Report of the Technical Committee on Mobile Banking

To Revise and Strengthen the Monetary Policy Framework

Dr. Urjit Patel

Comprehensive Financial Services for Small Businesses and

Dr. Nachiket Mor

Draft Report of the Committee on Financial Benchmarks

Shri P. Vijaya Bhaskar

Committee to review the form of presentation of the Balance

To Study the Feasibility of Implementation of GIRO Based

Licensing of New Urban Co-Operative Banks

Shri Y.H. Malegam

Issues and Concerns in the NBFC Sector

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Customer Service in Banks

Benchmark Prime Lending Rate (BPLR)

Shri Deepak Mohanty

To Review Lead Bank Scheme

To Review the Business Correspondent Model

Shri P Vijaya Bhaskar Rao

Estimation of Savings and Investment

Technology Up gradation of Regional Rural Banks

Important Committees in News

A.Vaidyanathan Task Force on Revival of Co-operative Credit Institutions

B N Srikrishna Committee Separate state of Telengana Issue

Bimal Jalan panel to scrutinize applications for new bank licenses.

BK Chaturvedi Committee S Band Scam

C.Ramachandran Committee Advisory Committee on Ways and Means Advances to State

Dr. Y.V. Reddy Committee New Monetary Aggregates

Dr.A.S.Ganguly Working Group on Flow of Credit to SSI Sector:

G. Padmanabhan Committee implementation of Bharat Bill Payment System (BPPS)

Justice A.P. Shah Committee : to head panel on road safety

K.K. Mehrotra Committee to inquire gas leakage in Bhilai Steel Plant.

K.M. Chandrashekhar Committee Rationalization of investment routes & monitoring of Foreign

Kirit Parikh panel on fuel pricing (Diesel )

M P Bezbaruah to suggest suitable remedial measures to address concerns regarding security of

people from North East.

Mukul Mudgal Committee member panel to probe IPL spot-fixing

N.H.Siddiqui Working Group for setting up Credit Information Bureau in india

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