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BankExamsToday Weekly Summary: 6 to 12 February

Published on Monday, February 13, 2017
1. Who prepared the Economic survey 2016-2017?
Ans. Chief Election Advisor Arvind Subramanian

2. Economic survey estimated how much capital requirement for bank by 2018-2019?
Ans.1.8 trillion rupees

3. What is the name of concept advocated by economic survey as an alternate to various welfare schemes and reduce poverty which will cost 4 to 5 percent of GDP?
Ans. Universal Basic Income

4. Explain Banker’s right of appropriation.
Ans. It is specified in Section 59 to 61 of the Indian Contract Act, 1872. This law is applicable to those customers who have more than one account or has taken more than one loan from the banker. This right is vested in the debtor who makes a payment. He can appropriate the payment either by an express intimation or under circumstances implying that the payment is to be applied to the discharge of some particular debt.
In case of debt due with interest, any payment made by debtor is to be applied towards satisfaction of interest and thereafter principal.

5. The amount of money that any political party could receive as funds from individual as liquid cash payments has been reduced from previous Rs. 20,000 to _____?
Ans, Rs. 2000

6. Electoral bond scheme will roll out officially on 1 April, 2018. What is this scheme?
Ans. Electoral bond scheme is an attempt of government to reform election funding. Under this scheme, notified bank will issue these bonds for specified denominations. If a person wants to donate to a political party, he can purchase these bonds digitally or by cheques and gift them to the registered political party. The party can convert these bonds back into money via their bank accounts, notified to Election Commission.

7. What is SWIFT?
Ans. SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. It provides a network that help financial institutions to send and receive information about financial transactions in a secure and reliable way.

8. What is SWIFT code?
Ans. Swift code consists of 8 or 11 characters specifying bank code, country code, location code and brank code. When it refers to primary office then 8-digits code is given. It is a unique identification code for a particular bank which is used while transferring money between banks particularly for international transfers.

9. What is meant by Financial Inclusion?
Ans. It means providing formal banking services to weaker sections of society and rural areas, promote habits of saving money, insurance and pension investment among poor people. It also prevents them from becoming victim in the hands of local moneylender by providing loans at cheap rate of interest.

10. What is Basic Savings Bank Deposit Account (BSBDA)?
Ans. This account does not have the provision of minimum balance requirement but it is subjected to following conditions:
(i) Total credit in such account can’t exceed 1 lakh in a year.
(ii) Maximum balance in the account should not exceed 50,000 at any time.
(iii) Total of debits by cash withdrawal and transfers can’t exceed 10,000.

11. What is Benami Transactions Amendment Act, 2016?
Ans. The benami property refers to property purchased by a person in the name of another person. This law provides up to 7 years imprisonment and fine for indulging in benami transactions and up to 5 years imprisonment and fine for furnishing false information.

12. What is E-Paathshala?
Ans. It is a joint initiative of Ministry of Human Resource Development (MHRD), Govt. of India and NCERT. It aims to provide access to digital textbooks of all classes, graded learning materials and enables participation in exhibitions, contests, workshops etc. It’s headquarter is in Bangalore and director & founder is Suman Naddy.

13. When was the first nationalisation of 14 major banks held?
On 19 July, 1969

14. Name the first Joint Stock bank with limited liability established in India.
Ans. Oudh Commercial Bank Ltd. In 1881

15. What is CMS?
Ans. CMS stands for Cash Management Services. It refers to managing, planning and optimizing cash flows and also knowing how to invest surplus cash.

16. According to the RBI’s sixth Bi-monthly monetary policy review, what is repo rate, MSF, reverse repo and CPI inflation?
Ans. Repo rate – 6.75 %
MSF – 6.75 %
Reverse Repo – 5.75 %
CPI inflation – 5 %

17. What is Federal Fund Rate?
Ans. It is the rate of interest set by the Federal Reserve Bank (central bank of USA). This interest is charged by the banks from each other for overnight borrowings. The current chairperson of Federal Reserve is Ms. Janet Yellen.

18. What is Certificate of Deposit (CD)?
Ans. CD is a money market instrument issued by the Scheduled commercial banks and All-India Financial Institutions (FIs) to raise short term resources within the umbrella limit fixed by RBI. Minimum amount is Rs. 1 lakh. For banks maturity period is 7 days to 1 year while for FIs maturity period is 1 year to maximum 3 year from the date of issue.

19. Explain Pradhan Mantri Jan Aushadi Yojana (PMJAY)
Ans. It was launched in October 2015 to provide quality generic medicines at very cheap prices so that poor and disadvantaged section of society could afford the medicines. For this purpose ‘Jan Aushadi Medical Stores’ have been opened. At present 700 types of medicines are covered under this scheme.

20. What is Chief Minister Samagra Gramya Unnayan yojana (CMSGUY)?
Ans. This scheme has been launched by Assam Chief Minister, Mr. Sarbananda Sanowal. The total financial outlay of this scheme is Rs. 30,000 crore. It aims to develop all the villages in Assam as well as double the farm income in next 5 years i.e. by 2022.

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