LIC AAO Banking Awareness Quiz: 14th March

The Reserve Bank of India has slapped a Rs1-crore penalty on Syndicate Bank and Rs20 lakh on Axis Bank for violating norms. The penalty on Syndicate Bank is due to non-compliance with the directions regarding frauds and risk management systems. Axis Bank was fined for contravention of the directions on detection and impounding of counterfeit notes and installation of note sorting machines.

Indian Banking Association has issued advisory requesting banks to waive off the processing, documentation, inspection and all other service charges for Kisan Credit Card and crop loans up to 3 lakh rupees. Agriculture Ministry in a release stated that there are over 21 crore small and marginal farmers in the country and providing them timely and affordable credit is the key to attaining inclusive growth.

Fino Payments Bank (FPB) has announced the launch of a sweep account facility in association with Suryoday Small Finance Bank (SSFB). This partnership will help FPB address the issue of deposit limits that all the payment banks face at the moment.

Mrutyunjay Mahapatra is the present Managing Director & CEO of Syndicate Bank.

The Head Offce of Indian Banks' Association is in Mumbai.

The Head Offce of Suryoday Small Finance Bank is in Navi Mumbai.

RBI in the exercise of powers conferred under Section 47 A of the Banking Regulation Act, 1949 has levied a penalty of Rupees one crore on the State Bank of India (SBI) for not monitoring the end use of funds in respect of one of its borrowers.

Reserve Bank of India decided to treat deposits to over Rs.2 crore as ‘bulk’ as they doubled the limit for the same from the earlier Rs.1crore. This move will enhance the operational freedom of Banks. According to current RBI rules, last reviewed in January 2013, banks have the option of not permitting premature withdrawals of ‘large rupee term deposits’ of INR 1 crore and above.

State-owned power giant NTPC has announced that it has signed a term loan agreement for Rs 5,000 crore with State Bank of India. The loan facility is extended at an interest rate linked to 3-Month MCLR of the Bank. This loan has a door to door tenure of 15 years and will be utilised to part finance the capital expenditure of NTPC.

The State Bank of India is an Indian multinational, public sector banking and financial services statutory body. It is a government-owned statutory body headquartered in Mumbai, Maharashtra. Rajnish Kumar is an Indian banker. He is Chairman of the State Bank of India He joined SBI as a Probationary officer in 1980.

The National Federation of Urban Cooperative Banks and Credit Societies Ltd. (NAFCUB) is an Apex Level Promotional body of Urban Cooperative Banks and Credit Societies Ltd. in the Country. Our main objective is to promote the urban cooperative credit movement and protect the interest of the Sector. The Federation was registered under the Multi-State Cooperative Societies Act as a Multi State Cooperative Society on 17th February, 1977.

Marginal Cost of Funds based Lending Rate (MCLR) is the minimum interest rate, below which a bank is not permitted to lend.

The National Federation of Urban Cooperative Banks and Credit Societies Ltd. (NAFCUB) is an Apex Level Promotional body of Urban Cooperative Banks and Credit Societies Ltd. in the Country. Our main objective is to promote the urban cooperative credit movement and protect the interest of the Sector. The Federation was registered under the Multi-State Cooperative Societies Act as a Multi State Cooperative Society on 17th February, 1977. The Registered Office of NAFCUB is at Delhi and the area of operation is whole of the country.

HDFC ERGO General Insurance Company, India’s third-largest non-life insurance provider in the private sector, announced the launch of ?Trip Protector’ insurance policy, a pioneering policy in the non-life insurance segment in India. The Headquarters of HDFC ERGO General Insurance Company is in Mumbai.

The government has approved recapitalization of Rs 48,239 crore in 12 public sector banks in this fiscal to help them maintain regulatory capital requirements and finance growth plans. The government will infuse over nine thousand crore rupees in Corporation Bank and six thousand 896 crore rupees in Allahabad Bank. Besides, four thousand 638 crore rupees will be provided Bank of India and 205 crore rupees to Bank of Maharashtra. These banks have recently come out of the regulatory supervisory framework PCA of the RBI.