Yak Banking & Fiscal Awareness For Ibps 2017 : Banking Arrangement Inwards India
Banking scheme inwards India
Safeguarding, transferring, lending, together with exchanging coin inwards diverse forms, are the master copy functions that banks perform. Each of these roles has an undulate termination inwards the economic scheme that helps popular off along coin moving.
In India, Banking Sector together with Money Market are controlled yesteryear RBI (Reserve Bank of India).
We lead keep unlike types of banks inwards our system. They are...
- Commercial banks similar SBI, Andhra Bank, ICICI, Axis depository fiscal establishment etc., (both inwards Public Sector together with Private Sector at National together with International levels, Foreign Banks similar HSBC, Citi depository fiscal establishment etc.)
- RRBs ( Regional Rural Banks ex. Chaitanya Godavari Grameena bank).
- Cooperative Banks.
- NABARD (National Bank for Agriculture together with Rural Development).
- EXIM depository fiscal establishment (Export together with Import Bank).
- Development Banks similar IDBI, SIDBI etc.,
- National Housing Bank.
- Payment Banks.
What are the unlike categories nether priority sector Lending inwards our banking scheme ?
- Priority Sector includes the next categories :
- Agriculture
- Micro, Small together with Medium Enterprises
- Export Credit
- Education
- Housing
- Social Infrastructure
- Renewable Energy
- Others
- National Electronic Funds Transfer (NEFT) is a nation-wide payment scheme facilitating one-to-one funds transfer. Under this Scheme, individuals, firms together with corporates tin sack electronically transfer funds from whatsoever depository fiscal establishment branch to whatsoever individual, trouble solid or corporate having an concern human relationship amongst whatsoever other depository fiscal establishment branch inwards the country.
What is RTGS System ?
- The curt shape 'RTGS' stands for Real Time Gross Settlement, which tin sack last defined every bit the continuous (real-time) short town of funds transfers individually. 'Real Time' agency the processing of instructions at the fourth dimension they are received, rather than at closed to later on time. 'Gross Settlement' agency the short town of funds transfer instructions, occurs individually.
What is a Non-Banking Financial Company (NBFC) ?
- A Non-Banking Financial Company (NBFC) is a society registered nether the Companies Act, 1956 engaged inwards the concern of loans together with advances, acquisition of shares / stocks / bonds / debentures / securities issued yesteryear Government or local potency or other marketable securities of a similar leasing, hirepurchase, insurance business, chit concern but does non include whatsoever establishment whose principal concern is that of agriculture activity, industrial activity, buy or sale of whatsoever goods (other than securities) or providing whatsoever services together with sale/purchase/construction of immovable property.
- A non-banking establishment which is a society together with has principal concern of receiving deposits nether whatsoever scheme or organisation inwards i lump amount or inwards instalments yesteryear way of contributions or inwards whatsoever other manner, is every bit good a non-banking fiscal society (Residuary non-banking company).
- ATMs laid up, owned together with operated yesteryear non-banks are called White Label ATMs. Non-bank ATM operators are authorized nether Payment & Settlement Systems Act, 2007 yesteryear the Reserve Bank of India. Ex. Indicash ATM ( yesteryear TATA society ) etc.,
What is Sovereign Gold Bond (SGB) ? Who is the issuer ?
- SGBs are regime securities denominated inwards grams of gold. They are substitutes for holding physical gold. Investors lead keep to pay the number cost inwards cash together with the bonds volition last redeemed inwards cash on maturity. The Bond is issued yesteryear Reserve Bank on behalf of Government of India.
What are the objectives of Payment Banks ?
- There is a need for transactions together with savings accounts for the underserved inwards the population. Also remittances lead keep both macro-economic benefits for the part receiving them every bit good every bit micro-economic benefits to the recipients. Higher transaction costs of making remittances diminish these benefits.
- Therefore, the primary objective of setting upwards of payments banks volition last to farther fiscal inclusion yesteryear providing
- small savings accounts and
- payments/ remittance services to migrant labour workforce, depression income households, modest businesses, other unorganised sector entities together with other users, yesteryear enabling high volume-low value transactions inwards deposits together with payments/remittance services inwards a secured technology-driven environment.
- Scope of activities
- Acceptance of need deposits. Payments depository fiscal establishment volition initially last restricted to holding a maximum residual of Rs. 1,00,000 per private customer.
- Issuance of ATM/debit cards. Payments banks, however, cannot number credit cards.
- Payments together with remittance services through diverse channels.
- Distribution of non-risk sharing uncomplicated fiscal products similar mutual fund units together with insurance products, etc.,
- Prepaid payment instruments are payment instruments that facilitate buy of goods together with services against the value stored on such instruments. The value stored on such instruments represents the value paid for yesteryear the holder, yesteryear cash, yesteryear debit to a depository fiscal establishment account, or yesteryear credit card.
- The Prepaid instruments tin sack last issued every bit smart cards, magnetic stripe cards, meshwork accounts, meshwork wallets, mobile accounts, mobile wallets, newspaper vouchers together with whatsoever such instruments which tin sack last used to access the prepaid amount.
What is NPCI ?
- National Payments Corporation of Republic of Republic of India (NPCI) is an umbrella organisation for all retail payments scheme inwards India. It was laid upwards amongst the guidance together with back upwards of the Reserve Bank of Republic of Republic of India (RBI) together with Indian Banks' Association (IBA).
- The inwardness objective was to consolidate together with integrate the multiple systems amongst varying service levels into nation-wide uniform together with criterion concern procedure for all retail payment systems. The other objective was to facilitate an affordable payment machinery to produce goodness the mutual human being across the the world together with assist fiscal inclusion.
What is BRIM App ?
- Bharat Interface for Money (BRIM) is an app that lets us ready simple, tardily together with quick payment transactions using Unified Payments Interface (UPI). We tin sack ready minute bank-to-bank payments together with Pay together with collect coin using only Mobile number or Virtual Payment Address (VPA).
What is RuPay bill of fare ?
- RuPay, a novel bill of fare payment scheme (debit card) launched yesteryear the National Payments Corporation of Republic of Republic of India (NPCI), has been conceived to fulfil RBI's vision to offering a domestic, open-loop, multilateral scheme which volition allow all Indian banks together with fiscal institutions inwards Republic of Republic of India to participate inwards electronic payments.
- The benefits of RuPay debit bill of fare are the flexibility of the production platform, high levels of credence together with the strength of the RuPay brand-all of which volition contribute to an increased production experience.
Important Banking Abbreviations
- MUDRA - Micro Units Development together with Refinance Agency Limited
- PMMY - Pradhan Mantri Muds Yojana
- IMPS - Immediate Payment Service
- BBPS - Bharat Bill Payment System
- ALPS - Aadhaar Enabled Payment System
- APBS - Aadhaar Payment Bridge System
- MACH-National Automated Clearing House
0 Response to "Yak Banking & Fiscal Awareness For Ibps 2017 : Banking Arrangement Inwards India"
Post a Comment