April 27, 2020

International Trade Relationship Building ways or Creating Ways

(1) Management Contract (2) Opening of New Branches (3) Franchising (4) Merger and Acquisition.                                      (1) Management Contract: Management Contract Means that a company takes the responsibility for the management and the administration of another company for multinational companies to hand over specific tasks such as calculating employees interest to other specialized companies. This helps the multinational corporations as they do not have to invest to create a new team for calculating these interest.                                 (2) Opening of New Branches: Many Companies are worried that their identities may be stolen if they use the 'Franchising' or 'Management Contract' model to expend their business in the international market. These Companies usually open up their own branches in the foreign markets. It is very expensive procedure as the company has to invest heavily in market research, create its own team in foreign, customers its offering as per the demand in the international market etc. All on its own. Thus, many large organisations leverage the opportunity of franchising.             (3) Franchising: It is a Contractual relationship between owner of the company (franchiser) and buyer of a Brand Name (franchisee). The owner of the company allows the franchisee to use its trademark along with certain business systems and processes in exchange for a fee. Franchising helps a small business to get the recognition of a larger company. The larger company usually charges a commission on the profits.                                              (4) Merger and Acquisition: A merger takes place when two or more than two Companies join together create a larger company. However, during a merger, merger companies forego their identities and a new company is formedIn case of Acquisition, usually a larger company takes over a smaller company by either buying all of its shares or paying up a specified amount. The acquiring company retains its name it is important to remember that in a general scenario most mergers take place to help companies diversify into new domains whereas acquisitions take place to avail Competition in the future.

April 25, 2020

Banking History

History of Banking in India
Banking system is mainly divided into commercial banks, Regional Rural Banks, Cooperative Banks etc. The important phase in the history of Indian banking was nationalization of banks that makes way for the Indian Economy to enter in the top 10 economies of the world. In this article, we will brief you about the history of banking in India.
Phases of Indian Banking System - 
The Pre-Independence Phase i.e. before 1947,Second Phase from 1947 to 1991,Third Phase 1991 and beyond
Pre-Independence Phase i.e. before 1947 - 
This phase is characterized by the presence of a large number of banks (more than 600). Banking system commenced in India with the foundation of Bank of Hindustan in Calcutta (now Kolkata) in 1770 which ceased to operate in 1832. After that many banks came but were not successful like -
General Bank of India (1786-1791)
Oudh Commercial Bank (1881-1958) – the first commercial bank of India.
Whereas some are successful and continue to lead even now like -
Allahabad Bank (Established in1865)
Punjab National Bank (,,1894, with HQ in Lahore (that time))
Bank of India (,,1906)
Bank of Baroda (,,1908)
Central Bank of India (,,1911)
While some others like Bank of Bengal (,,1806), Bank of Bombay (,,1840), Bank of Madras (,,1843) merged into a single entity in 1921 which came to be known as Imperial Bank of India. Imperial Bank of India was later renamed in 1955 as the State Bank of India.In April 1935, Reserve Bank of India was formed based on the recommendation of Hilton Young Commission (set up in 1926). In this time period, most of the bank were small in size and suffered from the high rate of failures. As a result, public condence is low in these banks and deposit mobilization was also very slow. People continued to rely on the unorganized sector (money lenders and indigenous bankers).
Second phase from 1947 to 1991 - 
Broadly the main characteristic feature of this phase is the Nationalization of the bank.With the view of economic planning, nationalization emerged as the effective measure.
Need for nationalization in India -
The banks mostly catered to the needs of large industries, big business houses.Sectors such as agriculture, small-scale industries and exports were lagging behind.The poor masses continued to be exploited by the moneylenders
Following this, in the year 1949, 1st January the Reserve Bank of India was nationalized.
Central Bank of India,Bank of India, United Commercial Bank,Allahabad Bank,United Bank,Bank of Maharashtra,Punjab National Bank,Bank of Baroda,Union Bank of India,Indian Overseas Bank,Canara Bank,Syndicate Bank,Indian Bank,Dena Bank
Six more commercial banks were nationalized in April 1980.
New Bank of India,Vijaya Bank,Andhra Bank,Punjab and Sindh Bank,Oriental Bank of Commerce,Corporation Bank
Meanwhile, on the recommendation of Narasimham committee, Regional Rural Banks (RRBs) were formed on Oct 2, 1975. The objective behind the formation of RRBs was to serve the large unserved population of rural areas and promoting financial inclusion.
With a view to meet the specic requirement from the different sector (i.e. agriculture, housing, foreign trade, industry) some apex level banking institutions were also setup like -
NABARD (Established in1982),EXIM (,,1982),NHB (,,1988),SIDBI (,,1990)
Impact of Nationalization -
Improved eciency in the Banking system – since the public's condence got boosted.Sectors such as Agriculture, small and medium industries started getting funds which led to economic growth.
Third Phase 1991 and beyond - 
This period saw a remarkable growth in the process of development of banks with the liberalization of economic policies. Even after nationalization and the subsequent regulations that followed, a large portion of masses is untouched by the banking services. Considering this, in 1991, the Narasimham committee gave its recommendation i.e. to allow the entry of private sector players into the banking system. Following this, RBI gave license to 10 private entities, out of which few survived the market demands, which are- ICICI, HDFC, Axis Bank, IndusInd Bank, DCB. In 1998, the Narsimham committee again recommended entry of more private players. As a result, RBI gave license to the following new bies:
Kotak Mahindra Bank (Established in 2001)
Yes Bank (,,2004)
In 2013-14, 3 round of bank licensing took place. And in 2015, IDFC bank and Bandhan Bank emerged. In order to further financial inclusion, RBI also proposed to set up 2 new kinds of banks i.e. Payment Banks and Small Banks.

April 24, 2020

Financial Inclusion; objective, importance, benefits, example

What is Financial Inclusion: Financial inclusion is the process of  ensuring access to appropriate financial products and services needed by vulnerable groups such as weaker sections and lower income groups at an affordable cost in a fair and transparent manner by mainstream institutional players. It is to take banking services to everybody to meet their savings, credit and remittances need initially and need for other financial products and services subsequently.       
All villages with a population of more than 2000 will have access to financial services through a banking outlet, not necessarily a bank branch, by March 2012. Public Sector banks have been asked to draw up their respective plans as to how they propose to achieve the objective. RBI has permitted opening of branches in the rural areas without the need for formal approval thus insisting on greater coverage of unrepresented areas.                     
RBI has initiated the concept of banking correspondents who would travel from village to village with hand held devices to provide basic banking services. Many local people have been permitted to discharge this rule in association with banks.   No frills account, Mobile banking, Microfinance institutions, self help groups, kishan credit are part of financial inclusion which makes financial inclusion successful. Micro insurance is also being pushed to promote the benefits of insurance. Banks have initiated many social initiatives in rural sector like adoption of villages for all around development, healthcare programmes, support to education etc in order that villages also keep pace with the growth in the urban areas.                                           

 Constitutes financial inclusion: The requirements to be fulfilled by banks to qualify in achieving the objective of financial inclusion are:-  
(i) Providing a savings account with overdraft facility.                                             
(ii) Pure savings product  like recurring deposit account or a variable recurring deposit account.  
(iii) Remittance product to facilitate electronic banking transfer.           
(iv) credit products like kisan credit card or general credit card.                     The eligibility criteria for business correspondents is being periodically relaxed by RBI in order that the system of doorstep banking and banking through customer services points is maximized to cover the large number of unbanked  villages. Efforts are being made in right earnest but the progress is still slow as the working model and delivery system is still in the process of application and evaluation.   

Financial inclusion Inevitable: Financial inclusion as a major economic policy objective is under close scrutiny and monitoring of the government of India. RBI has also directed that performance of commercial banks under this parameter would be closely observed and regular reporting by the banks has been mandated. A separate fund has been created to part reimburse the expenses of banks in promoting activities to achieve the desired progress in this area. There was no way of promoting savings and to channelize these savings in the national economic in the absence of banks.                                             

Why need stress on Financial inclusion: Financial inclusion is necessary for financial stability of a country as coexistence is mandatoryIt is well known that stability, poverty and backwardness cannot prevail simultaneously for long.   World Bank development indicators suggest a strong connect between financial access and development. Research studies also point towords a distinct rise in income levels of countries with high number of branches and more deposit accounts of banks.   

Benefits of Financial inclusion:

(1) They can improve financial conditions and standard of living.  

(2) They increase economic activities and correspondingly open up employment avenues.               

(3) Higher disposable income and wider deposit base.                         

(4) Greater business opportunities for commercial organizations, by volume and range of services or products.                                         

(5) social welfare schemes become more meaningful.                            

(6) Small customers make for stable markets.          

The Renewed Focus:- The growth of the economy in this period had lessons for the researchers and policy makers.  The huge growth story, which made everyone sing praises brought a serious issue to surface. This growth was not inclusive as bulk of the Indian population was deprived of the benefits.  In fact, the disparity between the haves and have nots has become sharper and the gap wider. It is well known that economic and financial stability cannot be achieved in case of such sharp divisions. This awareness and concern brought back the focus on financial inclusion and the necessity to maximize the coverage of banking services within the country.

April 23, 2020

Age Limit for Managing Directors and Chief Executive Officers in Private Sector Banks

Under Companies Act 2013 the RBI has decided to fix the minimum Age to become Manager is 21 yrear. Maximum Age for Managing Directors and chief Executive Officers in private sector bank is 70 year. The PJ Nayak committee recommended a maximum age 65 for private sector banks CEOs. This issue emerged  when the board of Indusland Bank specified the extension of tenure of Romeah Sobti by another 3 years extension the move triggered speculation that the RBI wanted to fix the retirement age at 65 year.

PUBLIC PROVIDENT FUND

Public Provident Fund:- The Public Provident Fund is saving-cum-tax-saving instrument in India, introduced by the National saving Institute of the Ministry of finance in 1968 The aim of the PPF is to mobilize small savings by offering an investment with reasonable returns combined with income tax benefits.        

Public Provident Fund (PPF) is operated by State Bank of India or Selected Banks and Post Offices. Account can be opened by Individuals ( joint account not allowed since 13.3.2005). Minimum Contribution Rupees 500 and Maximum Contribution 1.5 Lakh ( not more than 12 installments in a year).                                         

Period:- Generally 15 year is time period but it can be extended 5 year at a time for 3 such blocks.     

Loan:- Loan allowed after 3rd year of opening of account till end of 6th year.                                   

Nomination:- Nomination in favour of one or more person allowed. 

Interest:- Interest rate is 8.7 % ( since 1.4.2013) allowed on the minimum balance between 5th and Last day of the month. Withdrawal after 6th year allowed Subject to Maximum 50% of the balance at the end of 2nd preceding financial year.

April 20, 2020

Banking Ombudsman Scheme

Banking Ombudsman Scheme came into the picture in order to resolve the complaints of bank customers related to certain services rendered by the banks. 

Banking Ombudsman was introduced in India for the First time in 1995 under Section 35 A of the Banking Regulation Act, 1949 by RBI and underwent a revision in 2002. 

Banking Ombudsman Scheme became operational in the country on 1st January 2006, and also replaced the previously operational Scheme of 2002. 

Banking Ombudsman Scheme 2006:-
The Banking Ombudsman Scheme enables an expeditious and inexpensive forum to bank customers for resolution of complaints relating to certain services rendered by banks. The Banking Ombudsman is a senior official appointed by the Reserve Bank of India to redress customer complaints against deficiency in certain banking services. The Banking Ombudsman does not charge any fee for filling and resolving customers' complaints. The amount, if any,to be paid by the banks to the complainant by way of compensation for any loss suffered by the complainant is limited to the amount arising directly out of the act or omission of the bank or Rs. 10 lakhs, whichever is lower.  The complaint of the customer may be led by his/ her authorised representative as well.The customer may also be awarded a compensation of amount not exceeding Rs. 1 lakh to the complainant, only in case of complaints related to credit card operations for mental agony or harassment. In case the customer is not satised with the decision passed by the Banking Ombudsman, one can approach the appellate authority against the Banking Ombudsman's decision. Appellate Authority is vested with a Deputy Governor of RBI. Such an appeal has to be made within 30 days of the date of receipt of the award. 

Banking Ombudsman is appointed for a  period of 3 years. 

The Banking Ombudsman Scheme covers all Scheduled Commercial Banks, Regional Rural Banks as well as Scheduled Primary Co-operative Banks.                 

April 19, 2020

Gold Monetization Scheme/Liberalized Remittance Scheme

Gold Monetization Scheme
Gold Monetization Scheme was launched by Government of India in 2015 and managed by Reserve Bank of India. The scheme is known by the name Gold Monetisation Scheme, 2015.
How it works: Under this Gold Monetization Scheme a customer who possesses Gold can deposit their gold in any form in a GMS account to earn interest as the price of the gold metal goes up.
Purpose: The main purpose of this scheme is to reduce the import of Gold by India. This will happen because the household gold will be mobilized as per this scheme and there will be more gold in the market. 
The Gold Monetization Scheme has modified the existing 'Gold Deposit Scheme' (GDS) and 'Gold Metal Loan Scheme (GML).
Basic Information about the Scheme
Who can deposit Gold: Only Resident Indians can open such accounts with the bank where they can deposit the gold. The subcategory includes- Individuals, Hindu Undivided Families, Proprietorship and Partnership firms, Trusts including Mutual Funds/Exchange Traded Funds registered under SEBI (Mutual Fund) Regulations, Companies, charitable institutions, Central Government, State Government or any other entity owned by Central Government or State Government.
Joint deposits of two or more eligible depositors are also allowed under the scheme.
Where can one deposit the Gold under GMS:The customer can deposit gold at Collection and Purity Testing Centre (CPTC) or any bank branch designated for this business. However, this gold must be first examined at CPTC. 
Banks may identify at least one branch in a State/Union Territory where they have presence to accept the deposits under the Scheme.
What is CPTC- Collection and Purity Testing Centre (CPTC):–The collection and assaying centres certified by the Bureau of Indian Standards (BIS) and notified by the Central Government for the purpose of handling gold deposited and redeemed under GMS.
What kind of Gold can be deposited: raw gold(bars, coins, jewelry excluding stones and other metals) with the amount of 995 fineness gold.
Minimum Quantity of Gold: The minimum deposit at any one time shall be 30 grams
Maximum Quantity of Gold: No Maximum Limit
Interest Rate and Type of Gold Deposit Scheme
There are two types of Gold Deposit Scheme under the Gold Monetization Scheme:
First: Short Term Bank Deposit
Second: Medium and Long Term Government Deposit
Short Term Bank Deposit
Time Period of Deposit– 1 to 3 years
Interest Rate: Decided by the bank. The interest can be paid in (i) Indian Rupee equivalent of the deposited gold or (ii) denominated in grams of gold.
Medium and Long Term Government Deposit
Time Period of Deposit for Medium Term5-7 years (Minimum Lock in period- 3 years)
Time Period of Deposit for Long Term12-15 years (Minimum Lock in period- 5 years)
Liberalised Remittance Scheme (LRS):Do you know about Liberalised Remittance Scheme (LRS)? How much money can you send abroad? What is the limit under LRS? If you know then just go this post for a quick revision. If you don't then read this post thoroughly. 
Introduction
Have you ever thought if you need to send money from India to any foreign country that is outside India, what is the maximum amount of money that you can send? We will answer this question here.
Liberalised Remittance Scheme (LRS)
The Liberalised Remittance Scheme (LRS) was established by Reserve Bank of India and it permits citizens of India to transfer funds abroad. 
Since sending money abroad involves foreign exchange, let's see some important points related to foreign exchange in India.
Important Points related to Foreign Exchange in India
Foreign Exchange in India is managed by the Reserve Bank of India provided by the Foreign Exchange Management Act, 1999. Under the FEMA Act 1999, all transactions involving foreign exchange have been classified either as capital account transactions or current account transactions. Capital account transactions- It alters the assets or liabilities, including contingent liabilities, outside India of persons resident in India. Current account transactions- It does not alter his / her assets or liabilities, including contingent liabilities, outside India are current account transactions. ln terms of Section 5 of the FEMA,persons resident in India are free to buy or sell foreign exchange for any current account transaction except for those transactions for which drawal of foreign exchange has been prohibited by Central Government
What is Liberalised Remittance Scheme (LRS)
Under the Liberalised Remittance Scheme of RBI, all resident Indian individuals (including minors), are allowed to freely remit up to USD 2,50,000 in each financial year (April to March) for any permissible current or capital account transaction or a combination of both.
When the scheme was introduced in the year 2004, that time this limit was of USD 25,000. With time, the scheme has been liberalised to allow more transfer of funds.
For whom LRS is not applicable?
The Liberalised Remittance Scheme (LRS) is not available to corporates, partnership firms, Hindu Undivided Family, Trusts etc. It is available for sole proprietor. 
Important Points regarding Liberalised Remittance Scheme (LRS)
You cannot remit money under LRS to countries identified by the Financial Action Task Force (FATF) as "non- cooperative countries and territories". It is mandatory under the Liberalised Remittance Scheme (LRS) to have Permanent Account Number (PAN) for sending outward remittances. Maximum Frequency of Remittance: There are no restrictions on the frequency of remittances under LRS. However, the sum total of all remittance should not be more than USD 2,50,000 in a Financial Year. The remittances can be made in any freely convertible foreign currency.

Money Laundering/Masala Bonds/Merchant Discount Rate

What is Money Laundering?
Money laundering refers to the process/financial transactions that are carried out to conceal the source, identity and destination of illegally-obtained money. 
By hiding the details of this illegally obtained money, a person can enjoy that money which otherwise would have landed him in jail.
Some examples of illegally obtained money: drug trafficking, extortion, insider trading and illegal gambling
Launderer– a person who does this money laundering.
How is this financial transaction done?
The process of money laundering involves passing the money through a complex sequence of banking transfers or commercial transactions so that it seems legitimate.
At the end of the process, the money is returned to the launderer n an obscure and indirect way.
Stages of Money Laundering (PLI)
Money laundering involves three stages, these are- placement, layering and integration.
Placement– It means to place the money into the financial system by any means. Some examples can be- via Asset Purchase, by Currency Exchanges and Currency Smuggling.
Layering- This step involves carrying out complex financial transactions (multiple transactions) to hide the illegal source of the cash. Means the money is distributed/transferred at various place, that is more than one place. You can understand it like, to put a layer on something so that the original thing becomes hidden. 
Example– Cash converted into Monetary Instruments, Material assets bought with cash then sold
Integration– The last step means bringing in the previously laundered money into the economy mainly through the banking system and thus such monies appear to be normal business earnings. The last step is to integrate all the money that was distributed in the layering stage. This step returns the money to the launderer in an obscure and indirect way.
Example– Property Dealing, use of shell company, Foreign Bank Complicity (as there is higher order of sophistication), False Import/Export Invoices.
Reverse Money Laundering
It is a process in which legal money is used for illegal purposes. Example- terror financing. In this process, legitimate funds are taken out of regular circulation and is used for criminal activity and/or avoid tax. 
Prevention of Money Laundering Act, 2002
It is an Act of the Parliament of India to prevent money laundering and to provide for confiscation of property derived from money Laundering. We will discuss this in a new post.                                                                   What are Masala Bonds?
A Masala Bond is a type of bond which is issued by any company, denominated in Indian Rupee and issue outside India. It is issued outside India, but not in the local currency of that place, rather in Indian Rupee. It is also known as "Rupee denominated bonds overseas".
What is a bond:– A bond is a loan (given by person(s) who buys a bond) to a company or government (which issues a bond) that pays investors a fixed rate of return over a specific timeframe.
Why is Masala Bond named so? The term Masala means spices in India. The term was used by International Finance Corporation (an arm of World Bank) to evoke the culture and cuisine of India.       First Indian Company to Issue Masala Bond:-
In the year 2016, HDFC became the first company in India to issue a Masala Bond. It raised Rs 3,000 crore through the masala bond issuance at 8.33% for a paper maturing in 37 months.
However the first Masala bond was issued by IFC (an arm of World Bank) in November 2014. There it raised Rs 1,000 crore bond to fund infrastructure projects in India.
Framework of Issuance of Rupee denominated bonds overseas (Masala Bond) by RBI
Eligibility of borrowers:- Any corporate or body corporate is eligible to issue Rupee denominated bonds overseas. Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts coming under the regulatory jurisdiction of the Securities and Exchange Board of India are also eligible.
Type of instrument:– Only plain vanilla bonds issued in a Financial Action Task Force (FATF) compliant financial centres; either placed privately or listed on exchanges as per host country regulations.
Recognised investors:– Any investor from a FATF compliant jurisdiction. Banks incorporated in India will not have access to these bonds in any manner whatsoever.
Maturity:– Minimum original maturity period for Masala Bonds raised upto USD 50 million equivalent in INR per financial year should be 3 years and for bonds raised above USD 50 million equivalent in INR per financial year should be 5 years.                                 Merchant Discount Rate (MDR)
If a shopkeeper (referred to as a merchant) wants to accept payment using Debit/Credit Cards, he/she has to make arrangements Point of Sale (PoS) Machine. He gets this PoS machine from some bank. Say the shopkeeper approaches HDFC Bank for this PoS machine and HDFC Bank installs the Point of Sale at the shop.
Since the bank provides payment services to the merchant, it will charge the merchant for using the payment infrastructure set up by the bank. This service charged by the bank or other entity involved in this process is known as Merchant Discount Rate.
Definition of MDR
Merchant Discount Rate: It is the rate or fee being charged on the merchant by the service providers at the time the customer makes the payment using his/her card on the Point of Sale machine.
The service providers that come into the picture are-
Bank installing Point of Sale:- The Bank that has installed the PoS Machine. Card issuing Bank:- The Bank whose card has been used for making the payment.           Payment Gateways:- These are the entities that provide technology infrastructure to route and facilitate the processing of an online payment transaction without any involvement in the handling of funds. Example: These mainly includes banks like HDFC, AXIS, ICICI Bank.                            Payment Aggregators:- These are entities that facilitate e-commerce sites and merchants to accept various payment instruments from the customers for completion of their payment obligations without the need for merchants to create a separate payment integration system of their own. They pass on the payment to the merchant after some point of time. Payment Aggregator is the inclusion of all these payment gateways. Examples: Citrus, Billdesk, Instamojo, CCAvenue and PayUMoney.                                When MDR Charge is applicable?
MDR charges are applicable on the merchants when the payment by the customer is made using all debit card/BHIM UPI/ Aadhaar enabled Payment System (AePS) transactions and QR based transactions.
Points to remember about MDR Charges
MDR charges are to be paid by the merchant to the service providers and not by customers. Merchants should not pass on the charge to the customer. MDR rates are fixed by the Reserve Bank of India. MDR is the maximum charge that a merchant has to pay to the service provider. If a merchant can bargain with the service providers he/she can pay less than MDR charges fixed by RBI. MDR denotes the maximum rate that can be charged by the service provider and it can also be less than the limit fixed by RBI.
Why MDR is necessary?
There are Payment Gateways and Payment Aggregators involved in online transactions. MDR charges serves as a profit for them. Absence of such MDR charges will kill the industry and will leave no incentive to expand the universe. How the cost is borne in case where MDR is zero?
The RBI and banks will absorb these costs from the savings that will accrue to them on account of handling less cash as people move to the digital modes of payments.

April 18, 2020

JavaScript

JavaScript: it allows you to access and dynamically Control the individual properties of both HTML and CSS. JavaScript accesses the properties of an HTML document through the DOM(Document Object Model). The work of DOM is to represent all the attributes of HTML and Style Sheets to JavaScript controlYou need to only know about the DOM that JavaScript commands it accepts. As different browsers have their slightly different versions of the DOM. so they display HTML properties differently as well as access them differently. The basic object in DHTML(Dynamic Hypertext Markup Language) is a named rectangular region whose method of deceleration and JavaScript reference can differe  depending on the browser involved.                           

JavaScript Events: JavaScript is highly interactive because it is event driven. Events are actions that occur because of user interaction.   Using JavaScript, you can respond to an event using event handlers. You can attach an event handler to the HTML element for which you want to respond to when a specific event occurs. For Example, you could attach JavaScript's on Mouseover event handler to a button and specify some JavaScript to run whenever this event occurs against that button.                          

JavaScript Validation: JavaScript validation is a process that is used to check whether a user has filled in the form correctly before it's send to server. This is form validation. For Example, if your form has a box for the user to type their email address, you might want your form handler  to check that they have filled in their address before you deal with the rest of the form.

April 17, 2020

World Bank/International Monetary Fund(IMF)/New Development Bank(NDB)/Asian Development Bank(ADB)

World Bank
What is World Bank – The World Bank is a group of some members countries (consider it like a cooperative), formed with an aim of providing finance and technical assistance to developing countries around the world. It is a partnership between the member countries.
Number of Member Countries of the World Bank: Presently there are 189 member countries of the World Bank. To become a member of the World Bank, a country must first become a member of the IMF.
World Bank was formed in 1944. 
Headquarters of World Bank:Washington, D.C, US.
The World Bank Group comprises five institutions managed by their member countries. The details of these are given below:
The International Bank for Reconstruction and Development (IBRD)
The IBRD provides loan to governments of the middle-income nation and creditworthy low-income countries.
The International Development Association
The International Development Association (IDA) provides interest-free loans and grants to governments of the poorest countries.
Together, IBRD and IDA make up the World Bank.
Remember: For Poor Country- IDA; For Middle-Income Country- IBRD
The International Finance Corporation
The International Finance Corporation (IFC) is the largest global development institution that focusses on the development of privatesector. Formed in 1956.
The Multilateral Investment Guarantee Agency
The Multilateral Investment Guarantee Agency (MIGA) was created in 1988 to promote foreign direct investment into developing countries to support economic growth, reduce poverty, and improve people's lives. MIGA fulfills this mandate by offering political risk insurance (guarantees) to investors and lenders.
The International Centre for Settlement of Investment Disputes
The International Centre for Settlement of Investment Disputes (ICSID) provides international facilities for conciliation and arbitration of investment disputes.
World Banks goal for 2030
The World Bank Group has set two goals for the world to achieve by 2030:
End extreme poverty by decreasing the percentage of people living on less than $1.90 a day to no more than 3% Promote shared prosperity by fostering the income growth of the bottom 40% for every country
President of World Bank: David R. Malpass (13th President)
Important Reports by World Bank
World Development Report,Ease of Doing Business,Global Economic Prospects       International Monetary Fund (IMF)
IMF is an organisation/group of 189 nations that work together to:
to foster global monetary cooperation,secure financial stability,facilitate international trade,promote high employment and sustainable economic growth, andreduce poverty around the world. 
Member countries of IMF: There are 189 member countries of IMF. 
IMF was formed in 1945.
Headquarters of IMF: Washington, D.C., United States
Managing Director of IMF: Christine Lagarde
Major objective of the International Monetary Fund (IMF)
The main objective of the International Monetary Fund (IMF) is to ensure the stability of the international monetary system. IMF achieves this in three ways:
Economic Surveillance – Keeping track of the global economy and the economies of member countries. The IMF highlights possible risks to stability and advises on needed policy adjustments of its member country.  Lending– Lending to countries with balance of payments difficulties. The IMF provides loans to member countries experiencing actual or potential balance of payments problems to help them rebuild their international reserves Capacity Development– Giving practical help to members. The IMF works with governments around the world to modernize their economic policies and institutions, and train their people.
Special Drawing Rights (SDR)– It was created by IMF in 1969 and these are supplementary foreign-exchange reserve assets defined and maintained by the International Monetary Fund.
Important Reports by IMF
Global Financial Stability Report,World Economic Outlook.                                 New Development Bank / BRICS Bank
New Development Bank was established by the BRICS nations of Brazil, Russia, India, China and South Africa with an aim to mobilize resources for infrastructure and sustainable development projects in BRICS economies.
It is also known as BRICS Bank. 
Objectives of New Development Bank
The main objectives of NDB operations are:
Fostering development of member countries, Supporting economic growth, Promoting competitiveness and facilitating job creation, Building a knowledge sharing platform among developing countries
Facts about NDB
Initial authorized capital of US$ 100 billion
Formed: July 2014 (Treaty signed); July 2015 (Treaty in force)
Headquarters of New Development Bank: Shanghai, China
President of New Development Bank:K.V. Kamath.                                                      Asian Development Bank (ADB)
Asian Development Bank is a regional bank established in 1966 to promote social and economic development in Asia.
Purpose: ADB aims to eradicate extreme poverty in Asia and the Pacific. It assists its members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development.
Formed: 19 December 1966 
Headquarters of ADB: Manila, Philippines
Members: Presently there are 68 members of ADB (49 are from within Asia and the Pacific and 19 outside.). When ADB was formed in 1966, there were 32 members.
Board of Governors of ADB
Board of Governors is the highest decision-making body of the ADB. It has one representative from each member country. Shri Arun Jaitley is the member from India. 
Board of Governors elects a 12 member Board of Directors and a chairperson of Board of Directors, who is also the President of Asian Development Bank (ADB).
President of ADB: Takehiko Nakao (Japan)
Asian Development Fund
Asian Development Fund (ADF) was established in 1974 to provide loans on concessional terms to ADB's lower-income developing member countries (DMCs). 
Grants were introduced in 2005. 
The main difference between a grant and a loan is that  loans are to be repayed while grants are not. Grants are, essentially, a gift. In other words, they're non-repayable.
How is ADF funded
Funds are added to ADF by its members on a rotational basis. For example, for one duration some members will contribute and next time another member will contribute. 
ADF resources have been replenished eleven times, the latest being ADF 12 for the period 2017–2020.

April 15, 2020

National Financial Reporting Authority ( NFRA )

The National Financial Reporting Authority (NFRA) is a body constituted under the provisions of Section 132 of the Companies Act, 2013. The constitution of this authority is effective from 1st October 2018.
Powers of the NFRA -
To investigate the matters of professional or other misconduct committed by a prescribed class of Companies act firms or Companies Acts. No other authority can initiate or continue proceedings where the NFRA has initiated an investigation. Such an investigation can be initiated either by itself or on a reference made by the Central Government.
The same powers as a Civil Court under the Code of Criminal Procedure, 1908, in respect of a suit involving the following matters.
Discovery and production of books of account and other documents, at such place and time as may be specified by the NFRA Summoning and enforcing the attendance of persons and examining them under oathInspection of any books, registers, and other documents of any person at any placeIssuing commissions for the examination of witnesses or documents
Where professional or other misconduct is proved, it shall have the power to impose the following punishment
For individuals a fine between Rs. 1,00,000 to 5 times the fees received;For firms a fine Between Rs. 5,00,000 to 10 times the fees received;
Debarring the member/firm from practice as a member of ICAI between 6 months to 10 years as may be decided.
Need for NFRA - 
The requirement of NFRA was to strengthen the Financial System of India and to bring back the trust in Indian Auditors, which has been stained by recent events.The government has taken a decision to declare the NFRA  immediate after the fraud of Punjab National Bank. This fraud has raised so many questions pertaining to the failure of internal and external auditors of the bank who ought to notice the guarantees being issued to Modi.The auditors failed to detect the fraud which was going on since 2011.This fraudulent case of Rs12,636 crore at PNB was the nal verge that pushed the government to approve NFRA.

April 14, 2020

Prepaid payment Instruments/Definition of PPIs/Types of PPIs/Credit limit in PPIs/Regulator of PPIs/Holder of PPIs

Prepaid Payment Instruments (PPIs): Do you know about Prepaid Payment Instruments (PPIs)? What are the various types of PPIs? What is the limit under PPIs? If you know then just go this post for a quick revision. If you don't then read this post thoroughly. 
What are Prepaid Payment Instruments (PPIs)
To understand PPI you can understand it by breaking the three terms Prepaid + Payment + Instrument.
It is prepaid – Money is preloaded in such instruments for payment.
Payment Medium – These are a medium for payment for the purchase of goods and services.
Instrument of payment- These are a payment instrument and can be card or wallets.
So basically PPIs are instruments (card/wallets) that are preloaded with money/value and can be used for the purchase of goods and services against this money/value.
Who regulates PPIs
These Prepaid Payment Instruments are licensed and regulated by the Reserve Bank of India under the Section 18 read with Section 10(2) of the Payment and Settlement Systems Act, 2007 (PSS Act, 2007).
Who can issue Prepaid Payment Instruments (PPIs)
To issue a repaid Instrument there is a pre-requirement that:
A company incorporated in India and registered under the Companies Act, 1956 / Companies Act, 2013 can issue and operate PPIs after receiving authorisation from RBI.PPI issuer is an entityoperating/participating in a payment system for issuing PPIs to individuals/organizations.
Holder of PPI: The person who obtains the Prepaid Payment Instruments from the PPI issuer and further uses it for the purchase of goods and services is the holder of the PPI.
Types of Prepaid Payment Instruments (PPIs)
Based on the issuer and end use of thePrepaid Payment Instrument, PPI can be classified into three types:
(i) Closed System PPIs
(ii) Semi-closed System PPIs, and
(iii) Open System PPIs.
We will first give an example of each and then define it. This will help you in grasping the concept in an easy way.
Closed System PPIs
Example of Closed System PPI- Flipkart Gift Cards, Amazon Gift Cards or any other brand-specific gift card
Definition: Closed System PPIs are issued by an entity to a person/organisation to enable purchase from that entity only. Example: Using Amazon Gift card you can shop only on Amazon, you cannot shop with it on Flipkart. Hence the name Closed system signifies that it is a closed payment instrument i.e the brand that gives you the money in the PPIs allows you to use it only on its brand i.ea closed system.
Features of Closed System PPI:
It does not permit cash withdrawal It cannot be used for payments or settlement for third-party services Such instruments are not classified as payment system requiring approval/authorisation by the RBI.
Semi-closed System PPIs
Example of Semi-closed System PPIs:e-wallets like PaytmOxigen and Mobikwik.
Definition: Semi-closed PPIs are issues by the entity for the purchase of goods and services at a group of clearly identified merchant locations/establishments which have a specific contract with the issuer entity.
Who can issue Semi-Closed System PPIs? – Banks (approved by RBI) and non-banks (authorized by RBI)
Features of Semi-Closed System PPIs?
These instruments do not permit cash withdrawal.Can be used to transfer the value from one instrument to another. Like you can send money from one paytm wallet to another.
Open System PPIs
Example of Open System PPI: All cards like Visa, MasterCard or Rupay card issued by Banks
Definition: These PPIs can be issued only by banks and can be used for the purchase of goods and services anywhere. Cash Withdrawal is also allowed in this at ATMs, PoS and Business Correspondents.
Limits in PPIs
Cash loading to PPIs shall be limited to Rs.50,000/- per month subject to the overall limit of the PPI.
Credit Limit in Semi-Closed Wallets (non-KYC)
The amount loaded in such PPIs during any month shall not exceed Rs.10,000/-The total amount loaded during the financial year shall not exceed Rs.1,00,000/-.The amount outstanding at any point of time in such PPIs shall not exceed Rs.10,000/-The total amount debited from such PPIs during any given month shall not exceed Rs. 10,000/-.
Credit Limit in Semi-Closed Wallets
The amount outstanding shall not exceed Rs.1,00,000/- at any pointof time.KYC Compliant Semi-Closed Wallets can add beneficiaries for fund transfer. In case of such pre-registered beneficiaries, the fund transfer limit shall not exceed Rs.1,00,000/- per month per beneficiary. The fund transfer limits for all other cases shall be restricted to Rs.10,000/- per month.
Open system PPIs
The amount outstanding shall not exceed Rs.1,00,000/- at any pointof time.KYC Compliant Open PPIs can add beneficiaries for fund transfer. In case of such pre-registered beneficiaries, the fund transfer limit shall not exceed Rs.1,00,000/- per month per beneficiary. The fund transfer limits for all other cases shall be restricted to Rs.10,000/- per month.
Limit on Gift instruments
Banks and non-bank entities can issue prepaid gift instruments to itscustomers subject to the following conditions:The maximum value of each prepaid gift instrument shall not exceed Rs.10,000/-.These instruments cannot be reloadable.Fund transfer is not permitted.
PPIs for Mass Transit Systems
These are semi-closed PPIs and issued by mass transit system operators. Maximum value outstanding in PPI cannot exceed the limit of Rs. 3,000/- at any point of time. Are reloadable in nature

April 12, 2020

Foreign Exchange Regulation Act(FERA)


Introduction
Foreign Exchange Regulation Act (FERA) was introduced at a time when foreign
exchange (Forex) reserves of the country were low. FERA proceeded on
presumption that all foreign exchange earned by Indian residents rightfully
belonged to the Government of India and had to be collected and surrendered to
the Reserve Bank of India (RBI). FERA primarily prohibited all transactions that
are not permitted by RBI. The objective of FERA was to regulate certain payment
dealings in foreign exchange and securities transactions that indirectly affects
foreign exchange of import and export of currency and to conserve precious
foreign exchange and to optimize the proper utilization of foreign exchange so as
to promote the economic development of the country.
Basic definitions of FERA
Authorized dealer- means a person for the time being authorized to deal
in foreign exchange.
Bearer certificate- means a certificate to securities of which the title to the
securities is transferable.
Coupon- means a coupon representing dividends or interest on a security.
Currency- includes all coins, currency notes, banks notes, postal notes,
postal orders, money orders, cheques, drafts, traveller's cheques, letters of
credit, bill of exchange and promissory notes.
Foreign currency- means any currency other than Indian currency.
Foreign exchange- means foreign currency all deposits, credits and
balance payable in any foreign currency and any drafts traveller's cheque,
letters of credit and bill of exchange drawn in the form of Indian currency
but payable in any foreign currency.
Foreign security- means any security created or issued elsewhere than in
India and any security the principal of interest on which is payable in any
foreign currency or elsewhere than in India.
Money changer- means a person for the time being authorized to deal in
foreign currency.
Overseas market- means the market in the country outside India and in
which such goods are intended to be sold.
Transfer- in relation to any security includes transfer by way of loan or
security.Officers of Enforcement
The officers of Enforcement take different roles in foreign exchange enforcement.
They are as follows
Director of Enforcement
Additional Director of Enforcement
Deputy Director of Enforcement
Assistant Director of Enforcement
Officers of Enforcement can be appointed for the purposes of this Act.
The appointment of enforcement officer and their powers are appointed by
central government. The Central Government may appoint persons such as it
thinks fit to be officers of Enforcement. Subject to conditions and limitations as
the Central Government may impose an officer of Enforcement may exercise
powers and discharge the duties conferred on him under this Act.
Features of FERA
FERA applied to all citizens of India. The idea was to regulate the foreign
payments that deal the Foreign Exchange and securities and conservation of
Foreign exchange for the nation. RBI can authorize a person / company to deal in
foreign exchange and also can authorize the dealers to do transact the Foreign
Currencies subject to review. RBI was given power to revoke the authorization in
case of non-compliancy. RBI authorizes Money Changers who will convert the
currency of one nation to currency of other nation at rates determined by RBI.
For whatever purpose Foreign exchange is required it has to be used only for that
purpose. If he feels that he cannot use the currency for that particular purpose
he would sell it to an authorized dealer within 30 days. Some of the rules and
restrictions that are followed by RBI are as follows
Restrictions on import and export of certain currency
Restrictions on payments that is illegal
Restrictions on dealing in foreign exchange
Payment for exported goods are done according to RBI
Restrictions on issue of bearer securities
Restriction on settlement in other country
Restriction on holding of immovable property outside India
Restrictions on the appointment of certain persons and companies as
agents for doing FOREX. Restrictions on establishment of place of business in India
Permission of Reserve Bank required for practicing profession, etc. in India
by nationals of foreign States
Restriction on acquisition, holding, etc., of immovable property in India
RBI has the Power to call for information of any person documents like
Indian currency, foreign exchange and books of account.
Power to search suspected persons and to seize documents
Conclusion
At the time of legislation of the law, India had shortage of foreign exchange
(forex). The government then tried to restrict the exchanges, or dealings of India
with foreign countries. But the rules and regulations had great impact on the
import and export of currency.
There were several issues with this act those are
Law violators were treated as criminal offenders.
Wide power in the hand of Enforcement Directorate to arrest any person
and seize any document (Corporate world found themselves at the mercy
of E.D)
Control everything that was specified related to foreign exchange and
aimed for minimizing dealings in forex and foreign securities, etc.
With liberalization there has been a move to remove the measures of FERA and
replace it with a set of foreign exchange management regulations. A draft for the
Foreign Exchange Management Bill (FEMA) was prepared by the Government of
India to replace FERA keeping in view of the Indian economy. However until
FEMA is enacted the provisions of FERA was applied. These are important basic
information about Foreign Exchange Regulation Act (FERA).

Bank PO Syllabus and Tips to score Maximum

Tips to score 60+ in IBPS PO and SBI PO Prelims 2020
Reasoning Ability: (Tips to score 25+)
(i) This section can be attempted with high accuracy if you practice well.
(ii) Do not go for solving puzzles at first. First attempt the questions which are easy to attempt like inequalities, coding-decoding, order and ranking etc and then go for syllogisms and blood relations.
(iii) Now go for puzzles and seating arrangement questions and if the question does not strike you well, don't waste much time on it.
(iv)Try to attempt atleast 25-30 questions in this section.
Quantitative Aptitude: (Tips to score 25+)
(i) This section can be solved with good accuracy but you need to select the questions carefully.
(ii) First of all go for the questions in which you are good at. Solve number series, simplification, approximation and quadratic equations.
(iii) You can solve DI. There are atleast 10 questions from DI out of which 6-7 can be easily attempted. So go for those questions first.
(iv) Attempt miscellaneous topics at last and do not stay at a single question for too long.
Only ample practice can make you crack this section. Try to attempt atleast 25-30 questions in 20 minutes in this section.
English Language: (Tips to score 20+)
(i) English section will be a game changer this time. Earlier students used to spend 10-15 minutes in this section. But now total 20 minutes are allotted for this section alone. As you will have sufficient time for English, you will be tempted to attempt more questions but you have to be very careful while attempting the questions.
(ii) Attempt those topics in which you are good and properly read the questions while attempting.
(iii) Attempt Reading Comprehension and Parajumbles at last.
(iv) Do not make guess attempts.
(v) Try to attempt 20+ questions with good accuracy to make a good score.
   The recruitment process for recruitment of PO in IBPS and SBI is held in three phases -
Phase I: Preliminary Examination (Syllabus Given Below)
Phase II: Mains Examination (Syllabus Given Below)
Phase III: Group Discussion
Syllabus For Preliminary Exam
PART A: Reasoning
Logical Reasoning
Alphanumeric Series
Ranking/Direction/Alphabet Test
Data Sufficiency
Coded Inequalities
Seating Arrangement
Puzzle
Tabulation
Syllogism
Blood Relations
Input Output
Coding Decoding
Part B: Aptitude
Simplification
Profit and Loss
Mixtures and Alligations
Simple Interest and Compound Interest and Surds and Indices
Work and Time
Time and Distance
Mensuration – Cylinder, Cone, Sphere
Data Interpretation
Ratio and Proportion, Percentage
Number Systems
Sequence and Series
Permutation, Combination  and Probability
Part C: English
Reading Comprehension
Cloze Test
Para jumbles
Fill in the blanks
Multiple Meaning /Error Spotting
Paragraph Completion             Matching
Miscellaneous
Syllabus For Mains Exam
PART A: Data Analysis
Tabular Graph
Line Graph
Pie Chart
Bar Graph
Radar Graph Caselet
Missing DI
Let it Case DI
Data Sufficiency
Probability
Permutation and Combination
Part B: Reasoning
Verbal Reasoning
Syllogism
Circular Seating Arrangement
Linear Seating Arrangement
Double Lineup
Scheduling
Input Output
Blood Relations
Directions and Distances
Ordering and Ranking
Data Sufficiency
Coding and Decoding
Code Inequalities
Course of Action
Critical Reasoning
Analytical and Decision Making
Part C: English Language
Reading Comprehension
Grammar
Vocabulary
Verbal Ability
Word Association
Sentence Improvement
Para Jumbles
Cloze Test                                     Error Spotting
Fill in the blanks
Part D: General/Economy/ Banking Awareness
Financial Awareness
Current Affairs
General Knowledge
Static Awareness
Banking and Financial Awareness
Part E: Computer Awareness
Internet
Memory
Keyboard Shortcuts
Computer Abbreviation
Microsoft Office                   Computer Hardware
Computer Software
Operating System
Networking
Computer Fundamentals /Terminologies
..........................................
All the best for Your Exams.

April 11, 2020

Banking structure in India

Structure of Banking Sector in India
Reserve Bank of India is the Central Bank of our country. It was established on 1st April 1935 under the RBI Act of 1934. It holds the apex position in the banking structure. RBI performs various developmental and promotional functions. As of now 26 public sector banks in India out of which 21 are Nationalised banks and 5 are State Bank of India and its associate banks. There are total 92 commercial banks in India. Public sector banks hold near about 75% of the total bank deposits in India.
Indian Banks are classified into commercial banks and Co-operative banks. Commercial banks comprise: (1) Schedule Commercial Banks and non-scheduled commercial banks. Schedule Commercial Banks are further classified into private, public, foreign banks and Regional Rural Banks and (2) Co-operative banks which include urban and rural Co-operative banks.
The Indian banking industry has its foundations in the 18th century, and has had a varied evolutionary experience since then. The initial banks in India were primarily traders' banks engaged only in financing activities. Banking industry in the pre-independence era developed with the Presidency Banks, which were transformed into the Imperial Bank of India and subsequently into the State Bank of India.
The initial days of the industry saw a majority private ownership and a highly volatile work environment. Major strides towards public ownership and accountability were made with Nationalisation in 1969 and 1980 which transformed the face of banking in India. The industry in recent times has recognised the importance of private and foreign players in a competitive scenario and has moved towards greater liberalisation.
In the evolution of this strategic industry spanning over two centuries, immense developments have been made in terms of the regulations governing it, the ownership structure, products and services offered and the technology deployed. The entire evolution can be classified into four distinct phases. The phases are -
1. Phase I- Pre-Nationalisation Phase (prior to 1955)
2. Phase II- Era of Nationalisation and Consolidation (1955-1990)
3. Phase III- Introduction of Indian Financial and Banking Sector Reforms and Partial Liberalisation (1990-2004)
4. Phase IV- Period of Increased Liberalisation (2004 onwards)
Organisational Structure
1. Reserve Bank of India
Reserve Bank of India is the Central Bank of our country. It was established on 1st April 1935 accordance with the provisions of the Reserve Bank of India Act, 1934. It holds the apex position in the banking structure. RBI performs various developmental and promotional functions.
For example, Federal Reserve Bank of U.S.A, Bank of England in U.K. and Reserve Bank of India in India. Central bank is known as a banker's bank. They have the authority to formulate and implement monetary and credit policies. It is owned by the government of a country and has the monopoly power of issuing notes.
2. Commercial Banks
These institutions run to make profit. They cater to the financial requirements of industries and various sectors like agriculture, rural development, etc. it is a profit making institution owned by government or private of both.
Commercial bank includes public sector, private sector, foreign banks and regional rural banks.
Currently there are 21 Nationalised banks in India. The public sector accounts for 75 percent of total banking business in India and State Bank of India is the largest commercial bank in terms of volume of all commercial banks.
Now from April 1, 2017 all the 5 associate banks of SBI and Bhartiya Mahila Bank are merged with State Bank of India. After this merger now SBI is counted among the top 50 largest banks of the world. Some other banks merger going on.
Nationalised Banks in India are
Allahabad Bank
Andhra Bank
Bank of India
Bank of Baroda
Bank of Maharashtra
Canara Bank
Central Bank of India
Corporation Bank
Dena Bank
Indian Bank
Indian Overseas Bank
Oriental Bank of Commerce
Punjab and Sindh Bank
Punjab National Bank
State Bank of India
Syndicate Bank
UCO Bank
Union Bank of India
United Bank of India
Vijaya Bank
The private-sector banks in India represent part of the Indian banking sector that is made up of both private and public sector banks. The "private-sector banks" are banks where greater parts of stake or equity are held by the private shareholders and not by government.
5. Foreign Banks
A foreign bank with the obligation of following the regulations of both its home and its host countries. Loan limits for these banks are based on the capital of the parent bank, thus allowing foreign banks to provide more loans than other subsidiary banks.
Foreign banks are those banks, which have their head offices abroad. CITI bank, HSBC, Standard Chartered etc. are the examples of foreign bank in India. Currently India has 36 foreign banks.
The government of India set up Regional Rural Banks (RRBs) on October 2, 1975. The banks provide credit to the weaker sections of the rural areas, particularly the small and marginal farmers, agricultural labourers, and small entrepreneurs. There are 82 RRBs in the country. NABARD holds the apex position in the agricultural and rural development.
Co-operative bank was set up by passing a co-operative act in 1904. They are organised and managed on the principal of co-operation and mutual help. The main objective of co-operative bank is to provide rural credit.
The cooperative banks in India play an important role even today in rural co-operative financing. The enactment of Co-operative Credit Societies Act, 1904, however, gave the real impetus to the movement. The Cooperative Credit Societies Act, 1904 was amended in 1912, with a view to broad basing it to enable organisation of non-credit societies.
Scheduled and Non-Scheduled Banks
The scheduled banks are those which are enshrined in the second schedule of the RBI Act, 1934. These banks have a paid-up capital and reserves of an aggregate value of not less than Rs. 5 lakhs, they have to satisfy the RBI that their affairs are carried out in the interest of their depositors.
All commercial banks (Indian and foreign), regional rural banks, and state cooperative banks are scheduled banks. Non- scheduled banks are those which are not included in the second schedule of the RBI Act, 1934. At present these are only three such banks in the country.

Bank Po/Clerk Practice Link OR Resources ( Top resources)

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