Banking & Financial Awareness Mixed Quiz: Set 29

A credit score is built only from credit behaviour reported by lenders, so income, the balance in a savings account, the deposits held with a bank, and matters such as caste or religion are not part of it; a lender looks at income separately when it assesses whether a borrower…

Placement comes first because the criminal must get cash into the financial system, which he does through small deposits, the purchase of bearer instruments or by mixing the cash with the takings of a shop or a petrol pump.

The Reserve Bank Innovation Hub was set up in 2020 at Bengaluru as a wholly owned subsidiary of the Reserve Bank to build products that deepen financial inclusion, and the Unified Lending Interface, a common platform through which lenders can draw authenticated data for credit appraisal, grew out of its…

The Reserve Bank introduced the Lead Bank Scheme in December 1969, a few months after the nationalisation of fourteen major commercial banks in July of the same year, so the year is easy to anchor to the nationalisation year.

The Financial Intelligence Unit India was set up by the Government of India in November 2004 as the central national agency to receive, process, analyse and disseminate information about suspect financial transactions.

This Act created the framework for credit bureaus, requiring them to register with the Reserve Bank of India, obliging banks and other credit institutions to become members and to furnish data, and giving borrowers the right to see and correct their own records.

The District Consultative Committee is the working coordination forum of the district, bringing together all the banks operating there, the district administration and the development agencies, and it is chaired by the District Collector so that the administration and the banks sit together under one authority.

The wholesale pilot began on 1 November 2022 with a small group of banks, and its first use case was settling the secondary market leg of Government security trades, because that removes the need for a separate settlement guarantee arrangement and frees collateral.

A peer-to-peer lending platform, which matches individual lenders with individual borrowers, must be registered as a Non-Banking Financial Company — Peer to Peer Lending Platform under master directions the Reserve Bank issued in 2017; it acts only as an intermediary and may not lend on its own book or give…

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.

Under the Prevention of Money-laundering Maintenance of Records Rules of 2005, a reporting entity must report all cash transactions of a value of more than ten lakh rupees, or their equivalent in foreign currency, and all series of integrally connected cash transactions that together exceed that amount within a month.

The Committee to Review Arrangements for Institutional Credit for Agriculture and Rural Development, known by the short name CRAFICARD, recommended a single apex institution for rural and agricultural credit, and NABARD was established in July 1982.

The Block Level Bankers' Committee is the lowest forum of the Lead Bank Scheme and exists so that the branches of a block, the block administration and the field level development agencies can settle practical questions of credit flow together.

The scheme, which began in 2004, is open to an individual who has attained sixty years, and it has a term of five years that can be extended by three years, with interest paid every quarter.

The rules require a reporting entity to furnish a suspicious transaction report to the Financial Intelligence Unit not later than seven working days from the date on which it is satisfied that the transaction is suspicious.

The Securities and Exchange Board of India was first constituted in April 1988 as a non-statutory body with advisory functions, and it received statutory powers through the Securities and Exchange Board of India Act 1992, passed in the year the securities scam made a strong market regulator unavoidable.

The State Level Bankers' Committee was constituted in 1977 as the apex forum of a state, where all the commercial banks, the regional rural banks, the cooperative banks, the state government and the Reserve Bank meet to review credit flow and agree on the state's annual credit plan.

Section 4 provides that whoever commits the offence of money laundering shall be punishable with rigorous imprisonment for a term of not less than three years, which may extend to seven years, and with a fine.

The Service Area Approach took effect from April 1989 and carried the logic of the Lead Bank Scheme down to the individual branch.

Section 5 allows the Director or an authorised officer, on reasons to be recorded in writing, to attach property believed to be the proceeds of crime provisionally for a period of one hundred and eighty days.