RBI IN NEWS Govtonlineexam ( 3rd Bimonthly Monetary Policy For 2014-15 ) IMPORTANT RATES AND DATA AS AT 5/8/2014: Govtonlineexam * BANK RATE 9.00% * REPO RATE 8.00% * REVERSE REPO RATE 7.00% * MARGINAL STANDING FACILITY 9.00% * CRR 4% * SLR 22.0% W.e.f. 9/8/2014 (REDUCED FROM 22.5%) ==================================================== * RBI Initiates Inspection of Syndicate Bank - The Reserve Bank today said it has initiated inspection of the book of accounts of Syndicate Bank, whose CMD S K Jain was recently arrested by the CBI for allegedly taking a bribe of Rs. 50 lakh. Admitting that there are governance issues in the public sector banks, RBI Governor Dr Raghuram Rajan underlined the need for improving transparency in sanction of loans. There is an inspection underway of Syndicate Bank but I think one has to be very careful about extrapolating this issue to entire banking system without thinking further through. It (Syndicate Bank episode) does raise the troubling issue, Dr Rajan said. CBI arrested Syndicate Bank chairman and managing Ddirector S K Jain on August 2 for allegedly accepting bribe of Rs. 50 lakh to enhance the credit limit of some companies. * India no longer a problem economy: Raghuram Rajan -Mumbai: Reserve Bank Governor Raghuram Rajan on Tuesday said India has emerged from the perception of being in crisis and has placed itself as a better place to remain invested. I keep telling the international fora that India is not a problem any more. I think there was a perception problem (last year), but I think today that perception also doesnt exist, Rajan said during the customary post-policy interaction with media persons at RBI headquarters. The central bank chose to keep all the key policy rates unchanged, except cutting SLR by 50 basis points to infuse liquidity. ============================================================== * Question: What Is the Difference Between a Credit Card and a Debit Card? Answer: Debit cards and credit cards are accepted at the same places. Debit cards all carry the symbol of one of the major types of credit cards on them, and can be used anywhere that credit cards are accepted. They both offer convenience. The fundamental difference between a debit card and a credit card account is where the cards pull the money. A debit card takes it from you banking account and a credit card charges it to your line of credit. Debit cards offer the convenience of a credit but work in a different way. Debit cards draw money directly from your checking account when you make the purchase. They do this by placing a hold on the amount of the purchase. Then the merchant sends in the transaction to their bank and it is transferred to the merchants account. It can take a few days for this to happen, and the hold may drop off before the transaction goes through. For this reason it is important to keep a running balance of your checking account to make sure you do not accidentally overdraw your account. It is possible to do that with a debit card. A credit card is a card that allows you to borrow money in small amounts at local merchants. You use the card to make your basic transactions. The credit card company then charges you interest on your purchases, though there is generally a grace period of approximately thirty days before interest is charged if you do not carry your balance over from month to month. In the past many people felt that you needed a credit card to complete certain transactions such as rent a car or to purchase items online. They also felt that it was safer and easier to travel with a credit card rather than carrying cash or trying to use your checkbook. However debit cards offer the same convenience without making you borrow the money to complete the transactions
Posted on: Wed, 06 Aug 2014 03:19:07 +0000