Banking & Financial Awareness Mixed Quiz: Set 15

It was launched on the first of September 2018, is wholly owned by the Government of India and operates under the Department of Posts, using the post office network and postal staff to reach customers, which makes it the payments bank with the widest physical reach in the country.

A payments bank may accept demand deposits, that is savings and current accounts, but the total balance of an individual customer with the bank cannot exceed two lakh rupees at the end of the day.

It was set up in 1974 by the central bank governors of the Group of Ten countries and has its secretariat at the Bank for International Settlements in Basel, Switzerland.

The Act was passed in 1949 as the Banking Companies Act and came into force on 16 March 1949; when its scope was extended to cooperative banks, it was renamed the Banking Regulation Act, 1949 with effect from 1 March 1966, the year being retained in the title.

The Deposit Insurance and Credit Guarantee Corporation is a wholly owned subsidiary of the Reserve Bank of India. It works under the Deposit Insurance and Credit Guarantee Corporation Act, 1961, has its head office in Mumbai, and is chaired by a Deputy Governor of the Reserve Bank.

Muhammad Yunus, an economist from Bangladesh, founded Grameen Bank. He grew it out of a lending experiment begun in the village of Jobra in 1976, and the bank was given formal status by law in 1983.

The Act allows a certified copy of an entry in a banker's book to be received in a legal proceeding as prima facie proof of that entry, so that a bank need not produce its original records and its officers are summoned only in limited circumstances.

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

Ecowrap is the research report of the State Bank of India, brought out by its economic research department. Ecowrap is written by the team of the group chief economic adviser at SBI and comments on growth, inflation, bank credit, government finances and the state of households.

The capital of a Regional Rural Bank is shared in the ratio of fifty, thirty five and fifteen: the Central Government holds fifty per cent, the sponsor bank thirty five per cent and the State Government fifteen per cent.

That section is the provision under which the Reserve Bank grants a licence to carry on banking business in India, and both differentiated categories are licensed under it; once the Reserve Bank is satisfied, they are also included in the second schedule of the Reserve Bank of India Act of…

The Basel Norms are international standards for banking supervision. They are issued by the Basel Committee on Banking Supervision, which works under the Bank for International Settlements at Basel in Switzerland.

The third pillar works through disclosure: a bank must publish enough about its risk profile, capital and risk management for depositors, investors and rating agencies to judge it, so that the market itself exerts pressure for prudent behaviour.

The Banking Ombudsman is a senior officer appointed by the Reserve Bank of India to hear and settle customer complaints about deficiency in banking service.

Every depositor of an insured bank is covered up to five lakh rupees, and that figure takes in the principal and the accrued interest together.

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

Section 35A lets the Reserve Bank give directions to banking companies, generally or to a particular bank, where it is satisfied that this is necessary in the public interest, in the interest of banking policy, to prevent the affairs of a bank being conducted in a manner detrimental to depositors…

The Reserve Bank has deliberately set the Indian minimum one percentage point above the Basel figure, so Indian banks must maintain a capital to risk weighted assets ratio of nine per cent, of which Common Equity Tier one must be at least five and a half per cent and total…

The Corporation came into being on 15 July 1978, when the Deposit Insurance Corporation was merged with the Credit Guarantee Corporation of India Ltd, and the Deposit Insurance Act, 1961 was renamed the Deposit Insurance and Credit Guarantee Corporation Act, 1961.

The National Bank for Agriculture and Rural Development Act was passed in 1981 on the recommendation of the committee to review arrangements for institutional credit for agriculture and rural development, and NABARD itself was established on 12 July 1982 as the apex body for rural credit, refinancing cooperative banks and…