Banking Questions for NIACL AO Main | 29th January 2019

Punjab National Bank (PNB's) managing director and chief executive, Sunil Mehta was elected as new chairman of Indian Banks Association (IBA) for year 2018-19. Bank of India's managing director and chief executive Dina Bandhu Mohapatra was elected as the deputy chairman. Indian Banks' Association, formed on 26 September 1946 as a representative body of management of banking in India operating in India - an association of Indian banks and financial institutions based in Mumbai.

Deepak Parekh is the Chairman of Housing Development Finance Corporation, India's leading housing finance company.

As much as 99.3 per cent of the junked Rs 500 and Rs 1,000 notes have returned to the banking system, the RBI said today, indicating that just a miniscule percentage of currency was left out of the system after the government's unprecedented note ban aimed at curbing black money and corruption. The Reserve Bank of India (RBI), which has taken an awfully long time to count the currency that was returned in the limited period window provided by the government to exchange or deposit the demonetised currency, said in its Annual Report for 2017-18 that the exercise is finally over.

6.25% is the current reverse repo rate of RBI.

The finance minister of india, Mr arun jaitley is the committee head of the merger of the public sector banks.

The difference between exports and imports is called the balance of trade. If imports are greater than exports, it is sometimes called an unfavourable balance of trade. If exports exceed imports, it is sometimes called a favourable balance of trade.

The minimum paid-up equity capital for small finance banks shall be Rs. 100 crore.

The World Bank launched bond-I.

The Reserve Bank of India made a strong case for setting up a public credit registry in India to address the twin balance sheet problem of the banking sector and the corporate sector. Public credit registry coverage reports the number of individuals and firms listed in a public credit registry with current information on repayment history, unpaid debts, or credit outstanding. The number is expressed as a percentage of the adult population.

There is no court fee payable when a matter is filed in a Lok Adalat.

A bank account under financial inclusion scheme Pradhan Mantri Jan Dhan Yojana (PMJDY) can be opened in any bank branch or business correspondent outlet. PMJDY is a government-run financial inclusion scheme aimed at ensuring access to services such as banking, savings, deposits, remittance, credit, insurance and pension at an affordable price. Bank accounts under the Jan Dhan scheme can be opened with zero balance. In other words, the account holder need not maintain any particular account balance to keep the account account. The government recently doubled the overdraft limit on Jan Dhan accounts. The overdraft limit of Jan Dhan accounts now stands at Rs 10,000, double than the previous limit of Rs 5,000, according to an official statement released last week.

Airtel Payment Bank, India's first payments bank, has announced that its customers can now make card-less cash withdrawals at over 100,000 ATMs.

In exercise of the powers conferred by Section 35A of the Banking Regulation Act, 1949, Reserve Bank of India directs that with effect from April 1, 2012, banks should not make payment of cheques/drafts/pay orders/banker’s cheques bearing that date or any subsequent date, if they are presented beyond the period of three months from the date of such instrument. Accordingly, cheques, Drafts, Pay Orders and Banker’s Cheques are “valid for 3 months from the date of instrument”, with effect from 01.04.2012.

All vehicle insurance policies will now include personal accident cover worth Rs 15 lakh in case of the death of the owner while driving or riding. This new rule will help the families of accident victims especially two-wheeler riders who are most of the time under-insured. The Insurance Regulatory and Development Authority (IRDAI) in a circular has directed all third-party insurance companies to include this cover to vehicle owners-drivers of all vehicles (two-wheelers, three-wheelers, passenger vehicles and commercial vehicles) for an additional premium of Rs 750 per year (annual insurance policy). This will now be part of the mandatory insurance cover that is a must for all vehicle owners.

As per guidelines of the RBI, payments banks can accept demand deposits – savings and current – up to a maximum of ?1 lakh per customer. To overcome this restriction of holding a maximum balance of ?1 lakh per customer, payments banks have entered into tie-ups with mainline banks so that balances over ?1 lakh can be converted into fixed deposits with the latter.