What is the Indian Bank Association?
IBA(Indian Bank Association) Coordinates the various important activities of the banking industry in the country. It was established in 26 September, 1946 with 22 members to meet the diverse needs of the member banks.
A change in its rules in 1990 enabled the financial services industry and other related units to join as associate members. IBA is the body which decides the wage settlements for employees of the public sector banks.
The public sector banks include 20 nationalized banks including IDBI(industrial development bank of India) bank limited and the State bank group of state bank of India and its 5 subsidiaries.
IDBI(Industrial Development Bank of India): The IDBI was established on 1st July 1964 under an act of parliament as a wholly owned subsidiary of the Reserve Bank of India. On 16th February 1976, the ownership of IDBI was transferred to the Government of India.
Headquarters of IDBI is at Mumbai.
IBPS(Institute of Banking Personnel Selection): The IBPS is an autonomous agency in India. Which started its operation in 1995 as Personnel Selection Services (PSS). In 1984, IBPS became an independent entity at behest of Reserve Bank of India and Public Sector Banks.
IRDA(Insurance Regulatory and Development Authority): IRDA is Regulator for insurance sector, The IRDA was constituted in 2000, and set up by the Parliament under the IRDA act, 1999. It is 10 member body with a chairman, 4 whole time members and 4 part time members.
There are some important Regulators and their sectors and also Head Quarter Which are given below-
Regulator: Sector: Head Quarter
(1)Insurance Regulatory and Development Authority (IRDA): Insurance Industry-Hydrabad.
(2)Forward Market Commission(FMC): Commodity Market-Mumbai.
(3) Pension Fund Regulatory and Development Authority (PFRDA): Pension Sector- New Delhi.
(4) Securities and Exchange Board of India (SEBI):Security and capital market stock broking and merchant banking, chit fund companies- Mumbai.
(5) Telecom Regulatory Authority of India(TRAI):Telecommunication Industry- New Delhi.
(6) Reserve Bank of India (RBI): Financial system and monetary policy- Mumbai
Financial Regulatory Bodies in India :-
In India, the financial system is regulated with the help of independent regulators, associated with the field of insurance, banking, commodity market, and capital market and also the field of pension funds. On the other hand, the Indian Government is also known for playing a significant role in controlling the field of financial security and also influencing the roles of such mentioned regulators. You must be aware of the regulatory bodies and their functions, before a final say. The most prominent of all is RBI or Reserve Bank of India. Let us look in detail about various Financial Regulatory Bodies in India.
Reserve Banks of India (RBI):- Reserve Bank of India is the apex monetary Institution of India. It is also called as the central bank of the country.
The Reserve Bank of India was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934. The Central Office of the Reserve Bank was initially established in Calcutta but was permanently moved to Mumbai in 1937. The Central Office is where the Governor sits and where policies are formulated. Though originally privately owned, since nationalization in 1949, the Reserve Bank is fully owned by the Government of India.
The Central Office is where the Governor sits and is where policies are formulated. Though originally privately owned, since nationalization in 1949, the Reserve Bank is fully owned by the Government of India.
Securities and Exchange Board of India (SEBI):-
Apart from RBI, SEBI also forms a major part under the financial regulatory body of India. This regulatory body(SEBI) is associated with the security markets in Indian Territory. Established in the year 1988, the SEBI Act came into power in the year 1992, 12th April. The board comprises of a Chairman, Whole time members, Joint secretary, member appointed, Deputy Governor of RBI, secretary of corporate affair ministry and also part time member. There are three groups, which fall under this category, and those are the investors, the security issuers and market intermediaries.
Pension Fund Regulatory and Development Authority (PFRDA):-
Pension Fund regulatory is a pension related authority, which was established in the year 2003 by the Indian Government. It is authorized by the Finance Ministry, and it helps in promoting income security of old age by regulating and also developing pension funds. On the other hand, this group can also help in protecting the interest rate of the subscribers, associated with the schemes of pension money along with the related matters. PFRDA is also responsible for the appointment of different other intermediate agencies like Pension fund managers, CRA, NPS Trustee Bank and more.
Forward Markets Commission (FMC):-
FMC also plays a major role. It is the chief regulator of the commodity(MCX, NCDEX, NMCE, UCX etc) of the Indian futures market. As per the latest news feed, it has regulated the amount of Rs. 17 trillion, under the commodity trades. Headquarter is located in Mumbai, and the financial regulatory agency is working in collaboration with the Finance Ministry. The chairman of FMC works together with the Members of the same organization to meet the required ends. The main aim of this body is to advise the Central Government on matters of the Forwards Contracts Act, 1952.
Insurance Regulatory and Development Authority (IRDA):-
Lastly, it is better to mention the name of IRDA or insurance regulatory and Development authority, as a major part of the financial body. This company is going to regulate the apex statutory body, which will regulate and at the same time, develop the insurance industry. It comprised of the Indian Parliamentary act and was passed duly by the Indian Government. Headquarter of this group is in Hyderabad, and it was shifted from Delhi to Hyderabad. These are some of the best possible points, which you can try and focus at, while dealing with financial bodies of India
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. Applications to improve vocab please click here
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.
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
When BSBDA is opened on the basis of Simplified KYC, the accounts would be treated as "BSBDA-SMALL account".
|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.|
|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|
|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.|
Second phase from 1947 to 1991 -
Third Phase 1991 and beyond -
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