SBI Clerk Main Banking Awareness Quiz: 22nd July

The mission of the Organisation for Economic Co-operation and Development (OECD) is to promote policies that will improve the economic and social well-being of people around the world.

The Reserve Bank of India (RBI) has decided to use a new tool for the first time to enhance liquidity in the system using which it will buy $5 billion from the banks in a swap deal that is capable of injecting around Rs. 35,000 crores into the system.

Fitch has lowered India's growth forecast to 6.6 per cent for the current fiscal from 6.8 per cent projected earlier, as manufacturing and agriculture sectors showed signs of slowing down over the past year.

The Reserve Bank of India (RBI) in consultation with the government of India has set the limits for Ways and Means Advances (WMA) for the first half of the financial year 2019-20 (April 2019 to September 2019) at Rs 75000 crore. The Reserve Bank may trigger fresh floatation of market loans when the Government of India utilizes 75% of the WMA limit.

As per the World Bank, India’s GDP growth is expected to accelerate moderately to 7.5% in Fiscal Year 2019-2020, driven by continued investment strengthening, particularly private-improved export performance and resilient consumption.

The Reserve Bank of India performs the supervisory function under the guidance of the Board for Financial Supervision (BFS). The Board was constituted in November 1994 as a committee of the Central Board of Directors of the Reserve Bank of India under the Reserve Bank of India (Board for Financial Supervision) Regulations, 1994.

Main Functions of RBI:-
1. Monetary Authority
2. Regulator and supervisor of the financial system
3. Manager of Foreign Exchange
4. Issuer of currency
5. Developmental role

RBI has 27 regional offices, most of them in state capitals and 04 Sub-offices

Small industrial Development Bank of India (SIDBI) is a development financial institution in India, headquartered at Lucknow and having its offices all over the country.

Subsidiaries of RBI:-
Fully owned: Deposit Insurance and Credit Guarantee Corporation of India (DICGC), Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL), Reserve Bank Information Technology Private Limited (ReBIT). National Housing Bank, a Government of India owned entity, was set up on 9 July 1988 under the National Housing Bank Act, 1987.

Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 is a scheme notified by the Government of India on December 16, 2016 which is applicable to every declarant under the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016.

Truncation is the process of stopping the flow of the physical cheque issued by a drawer at some point by the presenting bank en-route to the paying bank branch. In its place an electronic image of the cheque is transmitted to the paying branch through the clearing house, along with relevant information like data on the MICR band, date of presentation, presenting bank, etc. Cheque truncation thus obviates the need to move the physical instruments across bank branches, other than in exceptional circumstances for clearing purposes. This effectively eliminates the associated cost of movement of the physical cheques, reduces the time required for their collection and brings elegance to the entire activity of cheque processing.

Bharat Bill Payment System (BBPS) is an integrated bill payment system which will offer interoperable bill payment service to customers online as well as through a network of agents on the ground. The system will provide multiple payment modes and instant confirmation of payment. The policy guidelines for the BBPS system were issued by the Reserve Bank of India on November 28th, 2014.

The full form of BBPS is Bharat Bill Payment System.

The Reserve Bank of India has increased the Real Time Gross Settlement (RTGS) time window for customer transactions (initial cut-off) from 4.30 pm to 6 pm. The RTGS system is primarily meant for large-value transactions. The minimum amount to be remitted through RTGS is Rs.2 lakh with no upper or maximum ceiling.