RBI raises repo rate by 25 bps to 8 per cent

"The gravest risk to the value of the rupee is from CPI (consumer price index) inflation which remains elevated at close to double digits, despite the anticipated disinflation in vegetable and fruit prices," Rajan said. If RBI can bring inflation down, "that will give us some room on the monetary front which can then be passed through. But first let's fight the fight that needs to be fought", he said.

 The repo rate, at which banks borrow short-term money from RBI, was raised by 25 basis points, or 0.25 percentage point, to 8 per cent. The reverse repo, at which RBI borrows from banks, was raised 25 basis points to 7 per cent. The marginal standing facility, the penal rate of interest for banks, was raised 25 basis points to 9 per cent to maintain the corridor. The cash reserve ratio was unchanged at 4 per cent...

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Posted in BANKING

Very Important Geography bits for SSC-CGL

1.Leading producer of automobiles in the world?
a.China   b.Japan   c.Russia   d.USA

2.Iron is mostly obtained from?
a.haematite   b.magnetite   c.siderite   d.iron pyrite

3.Jute capital of India?
a.Mumbai   b.Chennai   c.Calcutta   d.Patna

4.Which river is called "sorrow of Bihar"?
a.Kosi   b.Damodar   c.Chambal   d.Son

5.Biggest lake in India?
a.Sambar   b.kolleru   c.pulicat   d.Chilka

6.The practice of "slash and burn" is used in which kind of farming to retain fertility?
a.Truck farming   b.Shift cultivation   c.Nomadic herding   d.Transhumance

7."Operation Flood" belongs to which of the below?
a.Oilseeds   b.Irrigation projects   c.Milkproduction   d.Animal husbandry

8.Golden Quadrilateral connected between?
a.Delhi-Chennai-Kolkatta-Mumbai
b.Delhi-Kolkatta-Chennai-Mumbai
c.Chennai-Delhi-Mumbai-Kolkatta
d.Kolkatta-Delhi-Chennai-Mumbai

9.The term "lithosphere" refers to?
a.plants and animals   b.interior of earth   c.crest of earth   d.none

10.India shares longest boundary with?
a.Bangladesh   b.Pakistan   c.China   d.Nepal


Give your answers in comments box...

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Posted in Practiceqa

South Indian Bank - recruitment of IT probationary officer

The South Indian Bank Ltd. a premier Commercial Bank in India, invites applications from Indian Nationals for filling up vacancies of Pro.Officer (IT)- Scale I 

MAXIMUM 28 YEARS AS ON 31.12.2013 for all the posts 

1. Application Software Development   (18 Vacancy)
2. Information Security Domain (5 Vacancy)
 3. Database Administration (1 Vacancy) 
4. System Administration(1 Vacancy) 


PROBATION PERIOD : 1 YEAR 

Scale of pay will be IBA scale of pay applicable to Scale I cadre. In starting Scale, current CTC inclusive of incentive will be 5 to 5.5 lakhs per annum depending upon the place of posting. The scale of pay will be subject to revision as per IBA settlement.

MODE OF SELECTION: 

 

1. Initial short listing of applications will be done by the Bank and shortlisted candidates will be 

informed through their registered E mail Id. The Bank reserves the right to call only the requisite 

number of candidates for the selection process after shortlisting. 

 

2. Aptitude Test, Technical and HR interview. 

 

3. Likely Centers of Written Test : Ernakulam, Thiruvananthapuram, Bangalore, Chennai 

for complete Notification click here

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Posted in Notifications

English - Vocabulary Synonyms practice set-1

hi here is a set of five questions from synonyms. 

1. remote 
    a. automatic

    b. distant

     c. savage

     d. mean

2. detest

      a. argue

      b. hate

      c. discover

      d. reveal

3. gracious

    a. pretty

    b. clever

    c. pleasant

    d. present

4. predict

     a. foretell

      b. decide

       c. prevent

      d. discover

5. kin

      a. exult

      b. twist

      c. friend

     d. relative

Post  your Answers in the comment box below

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Posted in english, Practiceqa

Documents required for IBPS Clerk3 Interviews

1.Printout of the online application submitted to IBPS while applying.
2.Proof of date of birth(SSC is accepted).
3.Intermediate marks memo.
4.Printout of interview call letter.
5.Graduation Original Degree or Provisional certificate.
6.Graduation consolidated or individual marks memos.
7.For reservation categories,caste certificate and for ex servicemen,pension payment certificate or discharge certificate and for PH candidates,medical certificate are compulsory.
8.If present working in a government organisation,No Objection certificate from employer.
9.One passport size photograph.
10.If you have any extra qualifications that you mentioned in the application,then certificates supporting the same.
11.Last but not the least,Photo ID proof like,passport,pan card,driving license,voter id or aadar card or bank passbook with photograph in original.
Note:Carry the xerox copy of all the above mentioned documents.....
U can download the application in this link: http://ibpsreg.sifyitest.com/cweclkphaug13/userlogin.php?op=1

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Posted in Notifications

South Central Railway,ALP and Technician

Apply by clicking on this link http://rrbnotification.sifyitest.com

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Posted in Notifications

IBPS CLERK3

Download call letter for Clerk 3 Interview now: 
http://ibpsreg.sifyitest.com/cweck3jan14/login.php?appid=34alqsdiqasaeic1ndwe

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Posted in Notifications

Specialist Officer recruitment

Institute of Banking & Personnel Selection (IBPS) organizes Common Written Examination (CWE) for Recruitment to the post of Specialist Officers in public sector organizations in the country. The question paper for CWE SO Exam includes 5 Sections including 4 section comprising Reasoning, English Language, Quantitative Aptitude and Professional Knowledge. Each section contains 50 objective type questions with 5 options.  In IBPS Specialist Officers Exam question paper, 50 questions are asked from General Awareness Section. For ensuring good results Some tips and strategies for General Awareness are mentioned below.

• Prepare notes of important banking news, economy news and corporate affairs and revise them meticulously to keep yourselves perfect in General Awareness

• In IBPS SO Exam, the knowledge of General Awareness with special reference to Banking Industry is required. 

• Keep an eye on latest happenings and read a daily newspaper to yourselves updated with latest news.

• Should have good knowledge of Basic of Money and Banking, National and International Financial Institutions etc. 

• It is one of the scoring sections in IBPS SO Exam Question Paper.  One should thoroughly learn and revise policies, programs, latest updating in economy to score well in exam

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Posted in Notifications

Arithmetic Puzzle set practice questions

Study the following information carefully and answer the questions  given below:

P, Q, R, S, T and M are six students  of a school , one each studies  in Cl ass  I-VI. Each of them has a favourite colour from red, black, blue, yellow, pink and green, not necessarily in the same order.Q likes black and does  not study in Class  IV or V. The one who studies  in Class  IV does  not like green. P studies  in Class  II. M  likes  blue and does  not study in Class  IV. The one who likes  yellow studies  in Class  VI. S likes  pink and studies  in Class  I. R does  not study in Cl as s  VI.

1. In which class  does  R study?
     a.V
     b.III
     c.IV
     d.Data inadequate
     e. None

2. Which colour does  R like?
     a.Black
     b.Yellow
     c.Green
     d.Blue
     e.None

3. Which col our does  P like?
     a.Green
     b.Yellow
     c.Red
     d.Data inadequate
     e.None

4. Which of the following combinations is correct ?
    a. P-II-Yellow
     b.Q-III-Green
     c.S-I-Black
     d.T-V-Yellow
     e.None

5. In which class  does M study?
   a.  IV
    b. III
    c. II
    d. V
     e.None

Post  your Answers in the comment box below

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Posted in ARTHIMETIC, Practiceqa

English- Sentence Correction practice questions

Which of the phrases  I), 2), 3) and 4) given below each statement should replace the phrase printed in bold in the sentence to make it grammatically correct? If the sentence is  correct as  it is  given and no correction is  required, mark 5) as the answer.

1. The grim job market has  taken its  toll  on students , many of those had hoped for a much better future.
  a.   much of whom
   b.  many of whom 
   c.  several  of those
   d.  many of which
   e.  No correction required

2. The relationship we have with our clients are the cornerstone of our future.
   a.   our client are
    b. each clients  is
    c. our clients  is 
    d. all  clients  are

    e. No correction required

3. Many developed countries  have been attempting to buy agricultural  land in other countries  to meet their own demand.
   a.   has  been attempting
    b. have being attempting
    c. are being attempting
    d. have been attempted
    e. No correction required 

4. A nuclear testing fills  the air with radioactive dust and left the area uninhabitable 

    a.and leaves the
    b.  also leaves  the
    c.  and leaving the
    d.  and making the
    e.  No correction required

5. Modern ideas  of governance started back to the time when people began to question kings 

    a. started when
    b. set back to
    c. start back to
    d. date back to

    e. No correction required

Post  your Answers in the comment box below

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Posted in english, Practiceqa

IBPS announcement

Website: www.ibps.in
NOTICE
Further to our notice dated 05.08.2013 released on the authorised IBPS website, one more provisional allotment
exercise under CWE PO/MT-II, has been done based on the categorywise subsequent vacancies as on
01.01.2014 for PO/MT cadre (2013-14) furnished by the Participating Organisations (details vide Annexure A).
Provisionally allotted candidates are being intimated individually at the email address and mobile number
recorded with IBPS at the time of online registration for CWE PO/MT-II.

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Posted in BANKING, Notifications

Todays' Headlines

Top Headlines
1.Shinde meets PM to discuss Kejriwal’s protest
2.Drug overdose cause of Sunanda Pushkar's death: AIIMS autopsy report
3.Maharashtra govt cuts power tariff by 20%
4.Modi's claim of 'homeless' Vajpayee is a lie: AAP
5.India has been ruled by 'surrogacy': Yashwant Sinha
6.Mamata Banerjee dares Kamtapuri militants to kill her
7.Ukraine protesters battle police in new clashes
8.India will be Taliban's next target: Ex-NSA Narayanan
9.AI's 20-yr-old A-320 faces twin trouble during landing
10.21-year-old gang-raped on busy Kolkata road
11.Iran curbs enrichment as nuclear deal comes into force
12.Sanjay Dutt gets another month's parole extension
13.Row over UN invitation to Iran for Syrian peace talks
14.'World's 85 richest people own half of global wealth'
15.These Bihar literates earn up to Rs 600 a day begging.

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All about RRB's

Regional Rural Banks are the banking organizations being operated in different states of India. They have been created to serve the rural areas with banking and financial services. However, RRB's may have branches set up for urban operations and there area of operation may include urban areas too.

History:

Regional Rural Banks were established under the provisions of an Ordinance passed on 26 September 1975 and the RRB Act. 1976 to provide sufficient banking and credit facility for agriculture and other rural sectors. These were set up on the recommendations of The Narasimham Working Group during the tenure of Indira Gandhi's government with a view to include rural areas into economic mainstream since that time about 70% of the Indian Population was of Rural Orientation. The development process of RRBs started on 2 October 1975 with the with forming the first RRB, the Prathama Bank. Also on 2 October 1975, five regional rural banks were set up on with a total authorised capital of Rs. 100 crore ($ 10 Million) which later augmented to 500 crore ($ 50 Million). There were five commercial banks, Punjab National Bank, State Bank of India, Syndicate Bank, United Bank of India and United Commercial Bank, which sponsored the regional rural banks. Earlier Reserve Bank of India had laid down ceilings on the rate of interest to be charged by these RRBs. However from August 1996 the RRBs have been granted freedom to fix rates of interest, which is usually in the range of 14-18% for advances.

Functions:

The main purpose of RRB's is to mobilize financial resources from rural / semi-urban areas and grant loans and advances mostly to small and marginal farmers, agricultural laborers and rural artisans. The area of operation of RRBs is limited to the area as notified by Government of India covering one or more districts in the State. RRB's also perform a variety of different functions. RRB's perform various functions in following heads • Providing banking facilities to rural and semi-urban areas. Carrying out government operations like disbursement of wages of MGNREGA workers, distribution of pensions etc. • Providing Para-Banking facilities like locker facilities, debit and credit cards.

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Posted in BANKING

About SSC CGL

SSC CGL is one of the biggest employment test in India to recruit graduate candidates for different posts. There come many posts under SSC CGL from clerk level post to Inspector posts. Many of the posts under SSC CGL are very good posts such as income tax inspector, excise inspector and examiner etc. These are the jobs which have higher salary in addition to power in hand.Promotion wise these posts are very good, within 10 to 12 years you will become assistant commissioner which is same as UPSC group A posts. If you want to take any of these jobs there is only one option for you and that is SSC combined graduate level examination. Staff Selection Commission conducts CGL every year in the month of April-July. There are three phases of this examination:

Tier 1 exam (200 marks)
Tier 2 exam (400 marks)
Interview or skill test (100 marks)

Thus in order to appear for tier 2 exam, you have to clear tier 1 exam first. Tier 1 exam consist of 4 sections i.e. English, mathematics, logical reasoning and general knowledge. There are 50 questions from each section. Thus tier 1 exam consist of 200 marks in total and the time allotted in this section is 2 hours. The cut off for this exam is approx. 94-99 for general category and 78-80 for other categories. The is some negative marking i.e. 0.25 negative marking for an incorrect answer. If you seriously want to get a good job under SSC CGL exam then tier 1 section is very important. You have to score at least 140 marks in order to get good marks because the marks of tier 1 are added in calculation of total marks for selection. The level of exam is not so high you can score good marks in this section if you prepare for 3 to 4 months for this section.

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SIDBI,in top 30 development banks of the world

Headquarters in Lucknow,Small Industries Development Bank of India is an independent financial institution aimed to aid the growth and development of micro, small and medium-scale enterprises (MSME) in India. Set up on April 2, 1990 through an act of parliament, it was incorporated initially as a wholly owned subsidiary of Industrial Development Bank of India. Current shareholding is widely spread among various state-owned banks, insurance companies and financial institutions. Beginning as a refinancing agency to banks and state level financial institutions for their credit to small industries, it has expanded its activities, including direct credit to the SME through 100 branches in all major industrial clusters in India. Besides, it has been playing the development role in several ways such as support to micro-finance institutions for capacity building and on lending. Recently it has opened seven branches christened as Micro Finance branches, aimed especially at dispensing loans up to 5 lakh.

CMD:Mr. Sushil Muhnot.

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Posted in BANKING

Arthimetic- Wrong number series practice questions

we are providing you some practice questions on the wrong number series.solve them and write ur answers in the comment box below. we will reply you with the correct answers

1. 7 7.25 8.75 10.5 20.75 29.75 

    a.8.75

     b.7.25

     c.20.75

     d.10.5

     e.14.5

2.1 7 24 84 348 1740 10506 

     a.7

     b.24

     c.84

     d.348

     e.1740 

3.6 16 11 31 18.5 52.5 29.75

     a.11

     b.16

     c.52.5

     d.31

     e.18.5

4. 4 2 3 8.5 26.25 118.125 649.6875

     a.118.125

     b.8.5

     c.26.25

     d.3

     e.2

5.3 4 12 45 192 1005 6066 

    a. 4

     b.45

     c.12

     d.192

     e.1005

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Posted in ARTHIMETIC, Practiceqa

About EXIM bank

Export-Import Bank of India was set up in 1982 by an Act of Parliament for the purpose of financing, facilitating and promoting India’s foreign trade. It is the principal financial institution in the country for coordinating the working of institutions engaged in financing exports and imports. Exim Bank is fully owned by the Government of India and the Bank’s authorized and paid up capital are ` 10,000 crore and ` 2,300 crore respectively.Exim Bank lays special emphasis on extension of Lines of Credit (LOCs) to overseas entities, national governments, regional financial institutions and commercial banks.

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Posted in BANKING

RBI release

RBI has allowed the non-banking financial companies (NBFCs) to advance loans up to 75% of the value of gold jewelery used as collateral

The central bank (RBI) released a notification titled "Lending Against Security of Single Product - Gold Jewelery" stating that the loan-to-value (LTV) ratio for the NBFCs has been raised to 75% of the value of gold pledged as loan from the earlier 60% with immediate effect.

The lending limit has been hiked on par with the recommendations by the KUB Rao Working Group formed by the RBI in 2012. It has suggested extension of limit to facilitate monetization of idle gold.

Only the intrinsic value of the gold will be taken into account while calculating the loan amount and no other costs such as making charges will be added to it, RBI said.

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Posted in BANKING

Squaring a number is made easy now

Shortcut method of squaring any number ending in 5:

i.e.

(45)^2= square of 45

= (4*5)!5*5

=2025

=2025=(45)^2

Here the first number 4 should be multiplied with (4+1) by adding 1 and also squaring only 5 means we get 25.

For example:

(Xy5)^2= (xy*(xy+1)) ! (5)^2

(115)^2= 11!5=(11*12)!25= 13225

Here the first number 11 is multiplied with adding 1 in it (11*12) and side by squaring 5 and then putting them together.

Note:Remaining will be updated soon.

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Posted in ARTHIMETIC

Improve your vocabulary

1. Eager:-Curious to know something
2. Placid:-Calm and peaceful
3. Plagiarism:-the act of using someone elses' words,ideas or work and pretending they are your own.
4. Commemorate:-to do something that you remember and respect someone important or an important event in the past.
5. deify:-to treat someone or something with much respect or admiration
6. disparity:-a difference between two or more things especially an unfair one.
7. lethal:-having power to cause death
8. serene:-calm and relaxed
9. gruesome:-very unpleasant and shocking
10. tyranny:-unfair and strict control over someone
11. obligatory:-mandatory and compulsory
12. impetuous:tending to do things quickly without thinking much.
13. nebulous:-not clear or exact that is vague
14. wrath:-extreme anger
15. bashful:-shy
16. garner:-to collect something esp information
17. moribund:-coming to an end or slowly dying
18. bemoan/lament:to express disappointment or sadness about something
19. malice/spite:-to intentionally upset someone
20. debilitate:-weaken
21. ostentatious:-to show how rich they are.
22. pervert:-to change something in an unnatural and harmful way
23. diligent:-someone who works hard
24. dissolute:-immoral
25. niggard:-miser
26. anathema:-something that is completely opposite of what you believe in
27. abnegation/self denial:-the act of not allowing yourself to do something that you want
28. abrade:-to rub something very hard that the surface becomes damaged.
29. quest:-a long search for something
30. desperate:-feeling or showing that you have an ability to do something
31. haze:-air that is very difficult to see through
32. erstwhile:-former,not any more 
33. transcendent:-going beyond the useful limits
34. wrangles/tiff/rift/bicker,squabble:-an argument that is complicated and continuous for a long period of time
35. fallacious:wrong,based on a false idea
36. parity:-the state of being equal,especially the state of having equal pay or status
37. renege:-to break a promise or an agreement
38. perpetrate:-to commit crime or something wrong
39. deception:-the act of deliberately making sb believe that sth is wrong
40. fiscal:-connected with govt or public money
41. callous:-not caring about others' feelings or sufferings
42. asylum:-protection that a govt gives to people for political reasons
43. sodomy:-a sexual act
44. connivance:-help in doing something wrong
45. elevate:-to raise or promote
46. detriment:-the act of causing harm or damage 
47. anonymity:the state of being unknown to most of the people
48. alienate:to make somebody sympathetic towards you
49. symphony:a large orchestra that plays classical music
50. protean:-able to change quickly or easily
51. sonata:a piece of sound for one instrument
52. epilogue:-conclusion to book or a novel
53. compositor:-a person who arranges pages in an order before printing
54. prospector:-one who searches an area for precious metals
55. sermon:-to talk on a moral religious subject

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Posted in english

Rules of divisibility test(made easy)

 The given number is divisible by:

2 : If the units place contains 0 or any even number.

Ex: 120,342,894,766,328 are divisible by 2.

3 : If the sum of all digits is divisible by 3.

Ex: 123(1+2+3=6).since 6 is divisible by 3,123 is also divisible by 3.

      329(3+2+9=14)since 14 is not divisible by 3,329 is also not divisible by 3.

      9012(9+0+1+2=12)since 12 is divisible by 3,9012 is also divisible by 3.

4 : If the last 2 digits are 0's or multiple of 4,then the entire number is divisible by 4.

Ex: 9100(is divisible by 4 since there are two 0's at the end)

      8732(32 is divisible by 4.hence 8732 is also divisible by 4)

      324(24 is divisible by 4.hence 324 is also divisible by 4)

5 : If last digit is either 0 or 5.

Ex: 230,905,1785 are divisible by 5.

6 : If the given number is divisible by both 2 and 3.

Ex: 852,474,946 are divisible by both 2 and 3.Hence divisible by 6.

7 : If the difference between double of units digit and the remaining number is divisible by 7.If the number is large enough,process is repeated.

Ex: 161[16-(2*1)=14.Since 14 is divisible by 7,161 is also divisible by 7.

      1561[156-(2*1)=154.15-(2*4)=7.Since 7 is divisible by 7,1561 is also divisible by 7]

8 : If last 3 digits are either 0's or multiple of 8,then the entire number is divisible by 8.

Ex: 639000(is divisible by 8 since there are 3 0's at the end)

      968456(is also divisible by 8 since 456 is divisible by 8)

9 : If the sum of digits is exactly divisible by 9 then th number is also divisible by 9.

Ex: 2529(2+5+2+9=18.since 18 is divisible by 9,2592 is also divisible)

10: If there is a zero in the units place.

Ex; 120,8760,7610 are divisible by 10.

11: If the difference between sum of digits at even place and odd place is either 0 or divisible by 11,then the number is divisible by 11.

Ex: In 132,[(1+2=3),3-3=0]hence divisible by 11.

12: If the number is divisible by both 3 and 4,then it is divisible by 12.

14: If the number is divisible by both 2 and 7,then it is divisible by 14.

15: If the number is divisible by 3 and 5,then the number is divisible by 15.

18: If the number is divisible by 9 and 2 then the number is divisible by 18.

25:If the last 2 digits are 0's or they are divisible by 25,then the entire number is divisible by 25.

99: Starting from right,make the pairs of 2 digits  and  add all the pairs.If the sum is divisible by 99,then the number is divisible by 99.

Ex: In 297(97+2=99)hence divisible by 99.

      In 676269(69+62+67=198)since 198 is a multiple of 99,676269 is also divisible by 99.

999:Starting from right,make pairs of 3 digits each and add all the pairs and if the sum is multiple of 999,then the number is divisible by 999.

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Posted in ARTHIMETIC

Andhra Pragathi Grameen Bank Interview schedule of Officers Scale – III, Scale-II, Scale-I and Office Assistants

Andhra Pragathi Grameen Bank released the list of the selected candidates for the interview for the Written Test conducted on 21.09.2013, 22.09.2013, 28.09.2013, 05.10.2013 & 06.10.2013 .to check the list of the candidates selected check the below link

http://www.apgb.in/recruitment/Schedule_2013_14.pdf


Interview Dates:

• Office Assistants: 27-Jan-14 to 30-Jan-14
• Scale-I   : 10-Feb-14 to 13-Feb-14
• Scale-II  : 27-Jan-14 to 29-Jan-14
• Scale-III : 30-Jan-14

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Posted in RESULTS

Credit rating agencies

CRISIL(Credit Rating Inforfation services of India Limited):

It gives rating for deposit bonds given by any company whose capital is more than 4 crores.CRISIL Ratings has rated/assessed over 61,000 entities in India.Other important rating agencies in India are :

• ICRA(Investment And Credit Rating Agency)
• CARE(Credit Analysis And Research Agency)
• SMERA(Small and Medium Enterprises Rating Agency)

Credit Information Bureau (India) Limited or CIBIL:

CIBIL collects and maintains records of an individual‘s payments pertaining to loans and credit cards. These records are submitted to CIBIL by banks and other lenders, on a monthly basis. This information is then used to create Credit Information Reports (CIR) and credit scores which are provided to lenders in order to help evaluate and approve loan applications.

Mechanism

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Posted in BANKING

NEFT vs RTGS

quick reference

National Electronic Fund Transfer (NEFT) and Real Time Gross Settlement (RTGS) allow individuals, companies and firms totransfer funds from one bank to another. You can check theRBI website for a list of NEFT and RTGS-enabled branches of your bank. These facilities can only be used for transferring money within the country. To opt for these, you need to fill a form providing your or the beneficiary’s details — name, bank branch where the account is held, the Indian Financial System Code, a unique code for identifying the branch, and the account number and type. You have to submit a cheque while opting for this facility. You can also transfer funds through net banking. These are third-party transfers and the option is available under the same header on your net banking home page.

How much can be transferred?
There is no ceiling on the minimum or maximum amount that can be transferred through NEFT. You can even transfer Re 1. However, a minimum of Rs 2 lakh must be transferred through the RTGS service. There is no cap on the maximum amount, though. However, banks may restrict the amount you can transfer in one day. For example, HDFC Bank allows a maximum of Rs 10 lakh to be transferred in a day.

What are the charges applicable?
According to RBI, banks cannot levy any charge for inward remittances or on receipt of funds. However, it has capped the charges on outward transfers through NEFT and RTGS. For transfers through the former, you need to pay around Rs 5-25, depending on the amount. Banks cannot charge more than Rs 5 for any transfer up to Rs 1 lakh, Rs 15 for Rs 1-2 lakh and Rs 25 for those above Rs 2 lakh. Under RTGS, you have to pay Rs 25 for Rs 2-5 lakh and Rs 50 for anything above Rs 5 lakh.

How are the two different?
NEFT operates on a deferred net settlement (DNS) basis and settles transactions in batches. The settlement takes place with all transactions received till a particular cut-off time. It operates in hourly batches — there are 11 settlements from 9 am to 7 pm on weekdays and five between 9 am and 1 pm on Saturdays. Any transaction initiated after the designated time would have to wait till the next settlement time. In RTGS, transactions are processed continuously, all through the business hours. RBI’s settlement time is 9 am to 4:30 pm on weekdays and 9 am to 1:30 pm on Saturdays. Banks can function within this time frame or change it. Here, transfers made are quick and can be helpful in emergencies.

What if the amount does not get credited? 
If the transaction fails, the beneficiary’s bank must return the amount to your bank within two hours and the transaction must be reversed. Also, the bank must transfer the amount to your account within 30 minutes of receiving the same. The process can work quickly for RTGS . But, in case of NEFT the entire process could take an additional three-four hours.

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Posted in BANKING

Some useful terms in banking

Indian Financial System Code (IFSC).

It is used for electronic payment applications like Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT) and Centralised Funds Management System (CFMS) developed byReserve Bank of India (RBI). Code has eleven characters "Alpha Numeric" in nature. First four characters represent bank, fifth character is default "0" left for future use and last six characters represent branch.

MICR Code: Magnetic Ink Character Recognition is printed on cheque book to facilitate the processing of cheques.

The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002: 

It allows banks and financial institutions to auction properties (residential and commercial) when borrowers fail to repay their loans. It enables banks to reduce their non-performing assets (NPAs) by adopting measures for recovery or reconstruction.

When do properties fall under this Act?
If a borrower defaults on repayment of his/her home loan for six months at stretch, banks give him/her a 60-day period to regularise the repayment, that is, start repaying. On failure to do so, banks declare the loan an NPA and auction it to recover the debt.

What is NPA?

Once the borrower has failed to make interest or principle payments for 90 days the loan is considered to be a non-performing asset., a non-performing asset (NPA) shall be a loan or an advance where;

• Interest and/or installment of principal remain overdue for a period of more than 90 days in respect of a term loan,
• The account remains ‘out of order’ for a period of more than 90 days, in respect of an Overdraft/Cash Credit (OD/CC),
• The bill remains overdue for a period of more than 90 days in the case of bills purchased and discounted,
• Interest and/or installment of principal remains overdue for two harvest seasons but for a period not exceeding two half years in the case of an advance granted for agricultural purposes, and
• Any amount to be received remains overdue for a period of more than 90 days in respect of other accounts.
• Non submission of Stock Statements for 3 Continuous Quarters in case of Cash Credit Facility.
• No active transactions in the account (CAsh Credit/Over Draft/EPC/PCFC) for more than 90 days.

Classification of NPA's:

1. Sub-standard assets: a sub standard asset is one which has been classified as NPA for a period not exceeding 12 months.
2. Doubtful Assets: a doubtful asset is one which has remained NPA for a period exceeding 12 months.
3. Loss assets: where loss has been identified by the bank, internal or external auditor or central bank inspectors but the amount has not been written off, wholly or partly.

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Posted in BANKING

Multiplication shortcuts

These are the most frequently used multiplications in the arithmetic part of bank exams.

Multiplication with 9:(lets go with 12345*9)
Step1: Put 1 zero in the right side of  given number.Then this number becomes 123450.
Step2: Subtract the given number from the number obtained in the first step.(That is 123450-12345=111105)
Hence the required answer is 111105
Lets go for one more example for better understanding.
Ex1: 458976*9=?
sol: 4589760-458976=4130784(is the answer)
Ex2: 58746*9=?
sol: 587460-58746=528714(is the answer)

Multiplication with 25:-
Step1: Put 2 zeros beside the given number.
Step2: Then divide the obtained number in step1 by 4.The quotient is the required product.
Ex1: 1256*25=?
sol: 125600/4=31400(is the answer)
Ex2: 98569*25=?
sol: 9856900/4=2464225(is the answer)

Multiplication with 125:-
Step1: Put 3 zeros beside the given number.
Step2: Then divide the obtained number in step2 by 8.The quotient is the required product.
Ex1: 5641287*125=?
sol: 5641287000/8=705160875(is the answer)
Ex2: 95412*125=?
sol: 95412000/8=11926500(is the answer)

Multiplication with 11:-
Step1: Start from the units place of given number.And write the units digit as it is in the answer.
Step2: Find the sum of the last 2 digits and write that sum as the tens digit in the final product.
Step3: Continue the process with summing the 2nd and 3rd digits from the right end till the last digit is reached.
Step4: Write the first digit from the question in the answer as it is.
Note: If the sum is a 2 digit number then write only the units digit and carry the tenth place digit to the left.You will get more clarity when you go through the below examples.
Ex1: 121324*11=?
sol: (1 as it is)(2+1=3)(1+2=3)(3+1=4)(2+3=5)(4+2=6)(4 as it is){look from right}
Hence the answer is "1334564".
Ex2: 123456*11=?
sol: (1 as it is)(2+1=3)(3+2=5)(4+3+1=8)(5+4+1=0,carry 1 to left)(6+5=1,carry 1 to left)(6 as it is){look from right end}
Hence the answer is 1358016.

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Posted in ARTHIMETIC

About RBI

The Reserve Bank of India (RBI) is India's central banking institution, which controls the monetary policy of the Indian rupee. It was established on 1 April 1935 during the British Raj in accordance with the provisions of the Reserve Bank of India Act, 1934.The share capital was divided into shares of 100 each fully paid, which was entirely owned by private shareholders in the beginning.Following India's independence in 1947, the RBI was nationalized in the year 1949.The RBI plays an important part in the development strategy of the Government of India. It is a member bank of the Asian Clearing Union. The general superintendence and direction of the RBI is entrusted with the 21-member- Central Board of Directors—the Governor(currently Raghuram Rajan), four Deputy Governors, two Finance Ministry representative, ten government-nominated directors to represent important elements from India's economy, and four directors to represent local boards headquartered at Mumbai, Kolkata, Chennai and New Delhi. Each of these local boards consists of five members who represent regional interests, as well as the interests of co-operative and indigenous banks.

Governors:

The current Governor of RBI is Raghuram Rajan. There are four deputy governors, Deputy Governor K C Chakrabarty, Anand Sinha, H R Khan and Urjit Patel. Deputy Governor K C Chakrabarty's term has been extended further by 2 years. Subir Gokarn was replaced by Urjit Patel in January 2013.

Offices and Branches:

The Reserve Bank of India has four zonal offices.It has 19 regional offices at most state capitals and at a few major cities in India. Few of them are located in Ahmedabad, Bangalore, Bhopal,Bhubaneswar, Chandigarh, Chennai, Delhi, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, Patna, and Thiruvananthapuram. It also has 9 sub-offices located in Agartala, Dehradun, Gangtok, Kochi, Panaji, Raipur, Ranchi, Shillong, Shimla and Srinagar.

The bank has also two training colleges for its officers, viz. Reserve Bank Staff College at Chennai and College of Agricultural Banking at Pune. There are also four Zonal Training Centres atMumbai, Chennai, Kolkata and New Delhi.

Main Functions:

To issue currency.

To control monetary policy

Banker of Banks

Detection of fake notes

Banker to government

Regulates financial system in the country

Managerial of Exchange control.

Thankyou

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Posted in BANKING, RBI

Craze for bank jobs

As many of us know that there is a lot of craze for bank jobs in India,every year many graduates and post graduates all over India are trying their luck to get a bank job.But the rate of success is only 5 percent.Since there is a slowdown in the world and Indian economy many software professionals are also aspiring this career.So my dear friends I hope this blog would ease your preparation to crack a bank job.

Thankyou

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Posted in BANKING