Posts
1.What is the
main function of Competition Commission of India?
CCI is an
independent body which become operational w.e.f. May 20, 2009 and is
responsible for investigating the mergers, market shares & conditions
besides regulating firms. CCI will ultimately replace the Monopolies and
Restrictive Trade Practices Commission (MRTPC) of India.
2. What is
Lead Bank Scheme?
Lead bank scheme
was introduced around 40 years ago and recently it was in the news as a high
level committee chaired by RBI Deputy Governor Usha Thorat was constituted to
review and revitalize this scheme. The scheme aims at facilitating credit
delivery to the farfetched areas of India. There are members of the committee
from NABARD and SIDBI. Thus the scheme focuses upon financial inclusion.The
Opinion of this committee is that full financial inclusion is possible only if
it makes a facility of opening of no frill accounts backed by other specialized
services.
3. What are
Nostro & Vostro Accounts ?
A nostro account
is maintained by an Indian Bank in the foreign countries for a facility of easy
clearing of their transactions. For instance, if the bank pays a demand drawn
on it by its correspondent bank, there is no delay because the foreign
corresponded bank would already have credited the nostro account of the paying bank
while issuing the demand draft. A vostro account is maintained by a foreign
bank in India with their corresponding bank.
4. From which
country India imports maximum?
From China.
Import from China was $ 24.16 billion in 2008-09, which got doubled in 3 years.
This is 10.3 % of all the imports of India.
5. What is
Gold Standard?
A system of
setting currency values whereby the participating countries commit to fix the
prices of their domestic currencies in terms of a specified amount of gold.
6. What is a Free
Float Exchange Rate system?
An exchange rate
system characterized by the absence of government intervention. Also known as a
clean float.
7. What are
Special Drawing rights SDR?
SDR are new form
of international reserve assets, created by the International Monetary Funds in
1967. The value of SDR is based on a portfolio of widely used currencies and
they are maintained as accounting entries and not as hard currency or physical
assets like Gold.
8. What are
the requirements to open a New Branch in Rural Area?
Since 2006, RBI
has approved the opening of new branches only on the condition that at least
half of such branches are opened in underbanked areas as notified by the
regulator.The opening of branches by banks is governed by the provisions of
Section 23 of the Banking Regulation Act, 1949. In terms of these provisions,
banks cannot open a new place of business in India or abroad or change
otherwise than within the same city, town or village, the location of the
existing place of business without the prior approval of the Reserve Bank of
India (RBI). Thus, it is mandatory for RRBs to seek prior approval/ license
from Rural Planning and Credit Department (RPCD) of RBI before opening of new
branches/offices. RRB should fulfill the following conditions to become
eligible for opening of new branch/es.
1. It should not
have defaulted in maintenance of SLR and CRR during the last two years.
2. The RRB
should be making operational profits, its net worth should show improvement 3.
Its net NPA ratio should not exceed 8 per cent.
9. What is
concept sustainable Development?
Meeting the
needs of the present without compromising the ability of future generations to
meet their needs is called sustainable development. This concept is popular in
present context of development.
10. What is
the meaning of Financial Inclusion?
Today is is well
recognized that large population of India is out of reach of the formal banking
services. Financial inclusion is the concept which has been floated to bring
the most of the rural population / area under the net of the financial and
banking services.
