WHITE LABEL ATMs *************** • RBI permitted (on June 20,2012),the non-bank entities incorporated in India under the companies act 1956,to set up own ATMs inIndia. • ATMs operated by Non-bank entities • Eligibility for operating white label ATMs – Entities must have a net worth of Rs.100 crore • Acceptance of deposits at WLAs ,not to be permitted. MICR **** • Full form is – Magnetic Ink Character Recognition • Contains 9 digits • First three - city code • Middle three - bank code • Last three – branch code BANKING OMBUDSMEN **************** • Banking Ombudsmen resolve the problem of customer’s complaint regarding bank. • They are appointed by RBI • There are total 15 ombudsman appointed across India • They do not charge any fee • A banking ombudsman can allow maximum compensation of – Rs.10 lakh • If ombudsman is unable to resolve the query ,the case is transferred to – apellate authority COMMERCIAL PAPERS **************** • It is a money market security • It is unsecured promissory note • It is a negotiable instrument • Its minimum maturity period is 7 days • Its maximum maturity period is 1 year • It is issued in the multiples of Rs.5 lakh CTS *** • Truncation is the process of stopping the flow of the physical cheque issued by a drawer at some point with the presenting bank en-route to the drawee bank branch. • It is a project undertaken by RBI for faster clearing of cheques. • CTS is basically an online image-based cheque clearing system where cheque imagesand MICR data are captured at the collecting bank branch and transmitted electronically.• Starting 1 August 2013 only CTS-2010 compliant cheques would be accepted for clearing. • On 17 July 2013 the RBI extended the deadline to 31 December 2013. EQUATED MONTHLY INSTALMENT ************************ • A fixed payment amount made by a borrower to a lender at a specified date each calendar month. Equated monthly installments are used to pay off both interest and principal each month, so that over a specified number of years, the loan is paid offin full. KISAN CREDT CARD ************** • The full form of KCC – Kisan Credit Card • KCC scheme was intoduced by – GOI , RBI , NABARD • KCC scheme was introduced in the year – 1998 • The objective of KCC is – to fulfill the credit needs of farmers during cropping season through banking system. NSAP **** • The National Social Assistance Programme(NSAP)which came into effect from 15th August,1995 represents a significant step towards the fulfillment of the Directive Principles in Article 41 of the Constitution. • The program introduced a National Policy for Social Assistance for the poor and aims at ensuring minimum national standard for social assistance in addition to the benefits that states are currently providing or might provide in future. • NSAP at present, comprises of Indira GandhiNational Old Age Pension Scheme (IGNOAPS), Indira Gandhi National Widow Pension Scheme (IGNWPS), Indira Gandhi National Disability Pension Scheme (IGNDPS), National Family Benefit Scheme (NFBS) and Annapurna. DEMAT ***** • Full form of DEMAT – Dematerialization • DEMAT is mandatory for – dealing in shares • It keeps the information of share holdings ofindividual in electronic form • With how much minimum balance it is opened- zero balance(the account contains only data of shares,no balance)
Posted on: Sat, 08 Mar 2014 09:05:20 +0000
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