Banking & Financial Awareness GK Questions with Answers – Page 19

The Kisan Credit Card scheme was introduced in 1998 on the recommendation of the R V Gupta Committee and is worked by commercial banks, regional rural banks and cooperative banks.

A microfinance institution exists to lend small sums to poor and low-income people who cannot offer the security an ordinary bank asks for.

A debit card carries a 16-digit card number printed on its front, and this is the number a shop or a website reads to route the payment.

Under Section 22 of the Reserve Bank of India Act, 1934, the RBI alone has the right to issue currency notes in the country, and it decides how many notes of each denomination are printed.

The Reserve Bank of India set up this sub committee of its Central Board under Y. H. Malegam in October 2010, after complaints of very high interest rates and harsh recovery in the microfinance business.

Prime Minister Narendra Modi launched the BHIM app on 30 December 2016, a few weeks after the note ban of November 2016, to push people towards digital payment.

Section 7 of the Reserve Bank of India Act, 1934 lets the Central Government, after consulting the Governor, give the Reserve Bank such directions as it thinks necessary in the public interest, and it also allows the Governor and the Central Board to be superseded in that sense.

The slogan The Name you can Bank Upon belongs to Punjab National Bank. PNB was set up in 1894 at Lahore and was the first Indian bank started wholly with Indian capital, with Lala Lajpat Rai among those behind it; its head office is now in New Delhi.

The Pradhan Mantri Jan Dhan Yojana was launched on 28 August 2014 as a national mission to give every household a bank account.

It keeps the Central KYC Records Registry, in which banks and other reporting entities file the KYC records of their customers with a unique KYC identifier.

It is a term deposit held in a permitted foreign currency such as the US dollar, pound sterling, euro or yen, for a period of one to five years, and both principal and interest are repaid in that currency, so a change in the rupee rate does not affect the…

Under the Banking Regulation Act as amended, a bank must transfer to this fund, maintained by the Reserve Bank of India, any deposit that has not been operated or claimed for ten years.

In a recurring deposit the customer promises to pay a fixed sum every month for a chosen period, and the bank pays interest at a rate close to that on a term deposit of the same maturity, the whole amount being returned with interest at the end.

A small account is opened for a person who has no officially valid document, on the strength of a self-attested photograph and a signature or thumb impression made before a bank officer.

The Deposit Insurance and Credit Guarantee Corporation, a wholly owned subsidiary of the Reserve Bank of India set up in 1978, insures deposits in commercial banks, regional rural banks, local area banks, payments and small finance banks and cooperative banks.

Banks classify customers as low, medium or high risk when the account is opened, on the basis of identity, social and financial standing and the nature of the expected business.

The Basic Savings Bank Deposit Account replaced the earlier no-frills account as the vehicle of financial inclusion.

The list of officially valid documents in the KYC rules is closed and contains the passport, the driving licence, proof of possession of an Aadhaar number, the voter identity card issued by the Election Commission, a job card issued under MGNREGA and signed by an officer of the state government…

Know Your Customer rules exist to stop the banking system being used to launder the proceeds of crime or to finance terrorism.

A current account is meant for traders, firms and companies that need to receive and pay money many times a day.