May 28, 2020

5 Tips to Remember Vocabulary

Gaining mastery in a new language can seem like an impossible task, especially when that language is as complex as English! As experts say, many students preparing for competitive exams like Bank Po /Clerk, IELTS, GRE,  GMAT, CAT and other government exams have the following query: 
" After working doggedly to improve my English, I still find it difficult to memorize the large number of words that I come across. It feels like all my hard work comes to naught"
In our opinion, the approach taken by the students needs to be rectified, as merely memorizing a lot of words together will never work for you. You will end up forgetting most of them and fail to recognize when you need it the most. But fret not ( don't worry), for we have come up with short list of 5 tips that has been immensely beneficial for the students. Here are the tips you should follow:

(1) Tip one: Interest- Remembere that topics that interest you will be easier to learn. Therefore, carefully select words that you will find useful or interesting. Choose topics that relate to your life at the moment to make the words you learn more relevant. For Example, if you have a college seminar next week,learn some English vocabulary to use in seminar. Even if you don't use English in the actual seminar, connecting the words to real situation will help you remembere them.

(2) Tip two: Hear and Watch- First of all watch everything with subtitles, hear news in English, see news in English. If there is any particular word being used by a character that seems unfamiliar to you, note it down and also see the situation in which he is speaking the same. This will provide you context for that word (that means you know contextual meaning) and you will be able to use it in a similar situation in real life!

(3) Tip three: Limit them- Instead of mugging up 20-30 words at one go, restrict yourself to learning 5-10 words per week only. Use them in different conversation that you have with people. Learn their meanings and visualize what kind of conversations you could have with people in that week where these words could be used. Remembere, building a solid repository of words this way will take some time so prepare for your exams way before they are scheduled and most of all, don't become impatient. The results will show eventually.

(4) Tip Four: Connect- Its easier to memorize words based on common theme. Make your own connections between words and possibly organize them in a spider digram or on the same pages of your notebook.

(5) Tip five: Associate- Assign different colours to different words. This association will help you recall vocabulary later. To prevent the system from becoming confusing make sure you have a consistent theme. For Example, you could use different colours for verbs, nouns and adjectives.

May 26, 2020

Number of Entities to Set up ATM labels,

RBI Permits 4 Non bank entities to set up label ATMs; The Reserve Bank of India has issued 'Certificate of Authorization' to four non bank entities:- ( Muthoot Finance, Prizm Payment Services, Tata Communication Payment Solutions and Vakrangee Limited) to Set up White Label ATMs in the Country.                                                                              
Most of the ATMs belong to banks, but the cash dispensing machines which are owned and operated by non banking companies are called White Label ATMs.
RBI Permits Srei to roll out White Label ATMs; Srei Infrastructure Finance is  started its White Label ATM's between Uttar Pradesh and Bihar with a pilot of 200 Tire-III towns.

May 24, 2020

Basic Savings Bank Deposit Account (BSBDA)

Definition and Purpose:  Under the guidelines issued on August 10,2012 by RBI, Any individual including poor or those from weaker section of the society, can open zero balance account in any bank,BSBDA guidelines are applicable to all Scheduled Commercial banks in India, including foreign banks having branches in India. The aim of  introducing ' Basic Saving Bank Deposit Account' is very much part of the efforts of RBI for furthering financial inclusion objectives. 

The Basic Savings Bank Deposit Account (BSBDA) is a type of account that aims to increase financial inclusion by providing basic banking facilities with minimum charges. There is no minimum balance requirement in BSBDA.
The main and basic facilities provided under Basic Savings Bank Deposit Account (BSBDA) are mentioned below:


Withdrawals Limit Minimum and Maximum: No requirement of minimum balance,  It is a normal banking service available to all (not only to poor people, it is for all and any one can open a BSBDA Account).Services include deposit and withdrawal of cash at bank branch as well as ATM card No limit on the number of deposits that can be made in a month; However maximum of four withdrawals in a month. Facility of ATM card or ATM-cum-Debit Card
These facilities are provided without any charge by the bank. No charge will be levied for non-operation/activation of in-operative 'Basic Savings Bank Deposit Account'. 
Relaxations in KYC norms for BSBDAs (BSBDA Small Account)
When BSBDA is opened on the basis of Simplified KYC, the accounts would be treated as "BSBDA-SMALL account".                                         
The conditions of 'BSBDA-Small Account' are:
Total of all credits in a financial year does not exceed Rs. 1 Lakh;Total of all withdrawals and transfers (Debits) in a month does not exceed Rs. 10,000; and The balance at any point of time does not exceed Rs 50,000. Small accounts are valid for a period of 12 months initially which may be extended by another 12 months if the person provides proof of having applied for an Officially Valid Document. Small Accounts can only be opened at CBS linked branches of banks.

May 02, 2020

Foreign Currency Accounts;NOSTRO,VOSTRO,LORO

  Foreign Currency Accounts or Correspondent Bank Accounts or Currency  Accounts
Account Description
NOSTRO Account of State Bank with Citibank in NewYork in $. Also Called our account with you
VOSTRO Citibank Account with State Bank in New Delhi in Indian Rupee. Also called your account with us
LORO When PNB wants to utilize the above NOSTRO Account, for PNB it becomes LORO account. Also called their account with them.

Positions in Foreign Currency

                                                   Positions in Foreign Currency
Where no balance is receivable or payable (sale=purchase) Closed Position
Where balance is either receivable or payable (i.e. sale greater than purchase or purchase greater than sale) Open Position
where sale greater than purchase oversold position or short position
Where purchase greater than sale overbought position or Long Position
Oversold(short) position is squared by Purchase of foreign currency
If rates are increasing while squaring short position Bank incurs loss
If rates are declining while squaring short position Bank gains
Overbought or Long position is squared by Sale of foreign currency
If rates are increasing while squaring the Long position Bank gains
If rates are declining while squaring Long position Bank incurs loss
Balance in hand during day time Day Light position
Balance in hand at close of the day Overnight Position

Currency Rates; From Bankers' Point of View

                  Currency Rates;From Bankers' angle ' buy low  sell high'
Rate Description
Direct When foreign currency is fixed (say $) and Indian rupees are variable, In India Direct rates are quoted. When rupee appreciates its beneficial to the importer and when rupee depreciates it benefits the exporter
Indirect When foreign currency is variable and Indian rupee is kept as fixed unit
Buying When bank delivers rupees and gets foreign exchange (say in case of purchase of export bill or encashment of foreign currency travellers' cheques or receipt of remittance from abroad
Selling When bank delivers foreign currency and gets Indian rupees (say in case of payment of import bill or issue of foreign currency travellers' cheques or sending of remittance abroad
Spot It is cash or value today or immediately. TOM= T+1 that is rate today and deal completion by next day. Spot=T+2 (that is 48 hours)
Forward Deal today and delivery later on say 1,2,3,4,6,12 months afterwards. It can be at a premium or at a discount. If foreign currency will be available at a higher price ( that is for more rupees), it carries premium. If available at a lower price (say for lesser rupees), it is at a discount.

Currency Swap and Currency Future

Currency Swap:- A Foreign Currency Swap is an agreement to make a currency exchange between two foreign parties. The agreement Consists of swapping Principal and Interest Payments on a loan made in one currency for principal and Interest payments of loan of equal value in another Currency. The Federal Reserve system offered this type of swap to several developing countries in 2008. The World Bank first introduced Currency swaps in 1981 in an effort to obtain German marks and Swiss francs. This type of swap can be done on loans with maturities as long as 10 years. They differ from interest rates swaps because they also involve principal.                                 Currency Future:- A Currency Future also known as an FX  future or a foreign exchange future, is a futures Contract to exchange one currency for another at a specified date in the future at a price (exchange rate) that is fixed on the purchase date; see foreign exchange derivative. Typically, one of the currencies is the US dollar. The price of a future is then in terms of US dollars per unit of the other currency.   This can be different from the standard way of quoting in the Spot foreign exchange markets.  The trade unit of each Contract in then a Certain amount of other Currency, for instance €125000. Most Contracts have physical delivery, so for those held at the end of the last trading day, actual payments are made in each Currency. However most Contracts are closed out before that. Investors can close out the Contract at any time prior to the Contract's delivery date.

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

(1) TestZone(SmartKeeda.com) , www. AspirantsZone . (2)Www. AffairscloudZone .  (3)www. bankersaddazone .  (4)www. testbookzone .  (5)www. ...