- Union Bank of India was the first bank who launched talking ATM for differently abled person.
- Commercial Paper (CP) is an unsecured money market instrument issued in the form of promissory note. Corporates, primary dealers (PDs) and the All-India Financial Institutions (FIs) can issue CP but only a scheduled bank can act as an Issuing and Paying Agent (IPA).
- Authorized Money Changers (AMCs) are those entities which are authorised by the Reserve Bank under Section 10 of the Foreign Exchange Management Act, 1999 to deal in foreign exchange for specified purposes. An AMC is a Full Fledged Money Changer (FFMC).
- Money Transfer Service Scheme (MTSS) is a way of transferring personal remittances (such as, remittances towards family maintenance and remittances favoring foreign tourists visiting India) from abroad to beneficiaries in India. A cap of USD 2,500 has been placed on individual remittances under the Money Transfer Service Scheme (MTSS). In addition, thirty remittances can be received by a single individual beneficiary under the scheme during a calendar year and Amounts up to Rs. 50,000 may be paid in cash to a beneficiary in India.
- United bank of India, UCO bank and Allahabad Bank have their headquarters in Kolkata.
- Tagline of Canara Bank is ‘Together We Can’.
- Real Time Gross Settlement (RTGS) is meant for large scale transaction. The minimum amount that could be transferred using RTGS is Rs. 2 lakh which there is no upper limit.
- Nationalisation of first 14 banks took place on 19 July 1969.
- Insurance Regulatory and Development Authority of India (IRDAI) was set up under IRDA act 1999 with headquarters at Hyderabad.
- National Electronic Fund Transfer (NEFT) works on DNS (Deferred Net Settlement) basis which settles transaction in hourly batches.
- ATMs which are set up, owned and operated by non-banks entities (registered under Payments & Settlement Systems Act 2007) are called White-label ATMs.
- A Demat Account is the account that holds all your shares in electronic or dematerialized form. It holds the certificates of your financial instruments like shares, bonds, government securities, mutual funds and Exchange Traded Funds (ETFs). One cannot trade in the stock market without a demat account.
- Indian Financial System Code (IFSC) code is 11 digit alpha numeric code which is used to identify a bank branch participating in NEFT system. IFSC code-- ALLA0212759 ; Here first 4 character signify bank name i.e. Allahabad bank, first character is 0 and last 6 characters represents bank branch.
- Call money refers to the borrowing or lending of money for 1 day while notice money means money lent or borrowed for a period of 2-14 days.
- Risks that arise due to the failure of day to day activities, system or people are called operational risks. It includes both internal and external factors like failures related to rules & regulations, policies, documentation or any technological problem.
Test Your Memory
Which of the following banks launched the first talking ATM for differently-abled persons?
a. UCO Bank
b. Union Bank
c. ICICI Bank
d. HDFC Bank
Which of the following act as the Issuing and Paying Agent (IPA) for commercial papers?
a. Development Banks
b. Corporative Banks
c. Non-Scheduled Banks
d. Scheduled bank
Under which section of Foreign Exchange Management Act, 1999 are Authorized Money Changers (AMCs) authorised under RBI?
a. Section 10
b. Section 11
c. Section 12
d. Section 09
How many remittances can be received by a single individual beneficiary under the scheme during a calendar year?
Which of the following banks does not have its headquarter in Kolkata?
a. Andhra Bank
b. United bank of India,
c. UCO bank
d. Allahabad Bank
Tagline of Canara Bank is
a. One Family One Bank
b. Relationships beyond Banking
c. Together We Can
d. Your Perfect Banking Partner
The minimum amount that could be transferred using RTGS is
a. 4 Lakh
b. 8 Lakh
c. 5 Lakh
d. 2 Lakh
Insurance Regulatory and Development Authority of India (IRDAI) headquarter is located in
ATMs which are set up, owned and operated by non-banks entities are called
a. Green Label ATM
b. White Label ATM
c. Yellow Label ATM
d. Pink Label ATM
One cannot trade in the stock market without a
a. Money Market Deposit Accounts
b. Certificates of Deposit
c. Demat Account
d. Interest-Bearing Checking Accounts
What does the last 6 characters of IFSC code refer to?
a. Bank's Name
b. Type of Account
c. Account Holder's Name
d. Bank Branch
Notice money means money lent or borrowed for a period of
a. 5-8 Days
b. 2-14 days
c. 1-7 Days
d. 9-12 Days
Risks that arise due to the failure of day to day activities, system or people are called
a. Operational Risks
b. System Risks
c. Market Risks
d. Moral Hazards
Smart Prep Kit for Banking Exams by Ramandeep Singh - Download here