Banking & Fiscal Awareness For Ibps 2017 : Banking Organisation Inward India

Banking scheme inward India

Banks as well as other fiscal organizations play a vital role inward whatever nation’s economic scheme past times performing services essential inward the administration of whatever economy.

Safeguarding, transferring, lending, as well as exchanging coin inward diverse forms, are the principal functions that banks perform. Each of these roles has an undulate final result inward the economic scheme that helps proceed coin moving.

In India, Banking Sector as well as Money Market are controlled past times RBI (Reserve Bank of India).

We get got unlike types of banks inward our system. They are… 
  • Commercial banks similar SBI, Andhra Bank, ICICI, Axis banking concern etc., (both inward Public Sector as well as Private Sector at National as well as International levels, Foreign Banks similar HSBC, Citi banking concern etc.) 
  • RRBs ( Regional Rural Banks ex. Chaitanya Godavari Grameena bank). 
  • Cooperative Banks. 
  • NABARD (National Bank for Agriculture as well as Rural Development). 
  • EXIM banking concern (Export as well as Import Bank). 
  • Development Banks similar IDBI, SIDBI etc., 
  • National Housing Bank.
  • Payment Banks. 

What is the Banking Ombudsman Scheme ? 

  • The Banking Ombudsman Scheme is a speedy as well as cheap forum for banking concern customers for resolution of complaints relating to certainly services rendered past times banks.
What are the unlike categories nether priority sector Lending inward our banking scheme ? 
  • Priority Sector includes the next categories :
    • Agriculture 
    • Micro, Small as well as Medium Enterprises 
    • Export Credit 
    • Education 
    • Housing
    • Social Infrastructure
    • Renewable Energy
    • Others

What is NEFT ?

  • National Electronic Funds Transfer (NEFT) is a nation-wide payment scheme facilitating one-to-one funds transfer. Under this Scheme, individuals, firms as well as corporates tin forcefulness out electronically transfer funds from whatever banking concern branch to whatever individual, delineate of piece of occupation solid or corporate having an delineate of piece of occupation concern human relationship amongst whatever other banking concern branch inward the country. 
What is RTGS System ?
  • The curt shape ‘RTGS’ stands for Real Time Gross Settlement, which tin forcefulness out last defined equally the continuous (real-time) village of funds transfers individually. ‘Real Time’ agency the processing of instructions at the fourth dimension they are received, rather than at only about afterwards time. ‘Gross Settlement’ agency the village of funds transfer instructions, occurs individually. 
What is a Non-Banking Financial Company (NBFC) ?
  • A Non-Banking Financial Company (NBFC) is a fellowship registered nether the Companies Act, 1956 engaged inward the delineate of piece of occupation concern of loans as well as advances, acquisition of shares / stocks / bonds / debentures / securities issued past times Government or local authorisation or other marketable securities of a similar leasing, hirepurchase, insurance business, chit delineate of piece of occupation concern but does non include whatever establishment whose principal delineate of piece of occupation concern is that of agriculture activity, industrial activity, buy or sale of whatever goods (other than securities) or providing whatever services as well as sale/purchase/construction of immovable property.
  • A non-banking establishment which is a fellowship as well as has principal delineate of piece of occupation concern of receiving deposits nether whatever scheme or scheme inward i lump amount or inward instalments past times way of contributions or inward whatever other manner, is too a non-banking fiscal fellowship (Residuary non-banking company). 

What are White Label ATMs (WLAs) ? 

  • ATMs laid up, owned as well as operated past times non-banks are called White Label ATMs. Non-bank ATM operators are authorized nether Payment & Settlement Systems Act, 2007 past times the Reserve Bank of India. Ex. Indicash ATM ( past times TATA fellowship ) etc., 
What is Sovereign Gold Bond (SGB) ? Who is the issuer ?
  • SGBs are regime securities denominated inward grams of gold. They are substitutes for holding physical gold. Investors get got to pay the number cost inward cash as well as the bonds volition last redeemed inward cash on maturity. The Bond is issued past times Reserve Bank on behalf of Government of India. 
What are the objectives of Payment Banks ? 
  • There is a postulate for transactions as well as savings accounts for the underserved inward the population. Also remittances get got both macro-economic benefits for the part receiving them equally good equally 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 past times providing 
    • small savings accounts and 
    • payments/ remittance services to migrant labour workforce, depression income households, pocket-size businesses, other unorganised sector entities as well as other users, past times enabling high volume-low value transactions inward deposits as well as payments/remittance services inward a secured technology-driven environment. 
  • Scope of activities
    • Acceptance of need deposits. Payments banking concern volition initially last restricted to holding a maximum residue of Rs. 1,00,000 per private customer.
    • Issuance of ATM/debit cards. Payments banks, however, cannot number credit cards. 
    • Payments as well as remittance services through diverse channels. 
    • Distribution of non-risk sharing unproblematic fiscal products similar mutual fund units as well as insurance products, etc.,

What are Prepaid Payment Instruments ? 

  • Prepaid payment instruments are payment instruments that facilitate buy of goods as well as services against the value stored on such instruments. The value stored on such instruments represents the value paid for past times the holder, past times cash, past times debit to a banking concern account, or past times credit card. 
  • The Prepaid instruments tin forcefulness out last issued equally smart cards, magnetic stripe cards, network accounts, network wallets, mobile accounts, mobile wallets, newspaper vouchers as well as whatever such instruments which tin forcefulness out 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 inward India. It was gear upwards amongst the guidance as well as back upwards of the Reserve Bank of Republic of Republic of India (RBI) as well as Indian Banks’ Association (IBA).
  • The essence objective was to consolidate as well as integrate the multiple systems amongst varying service levels into nation-wide uniform as well as measure delineate of piece of occupation concern procedure for all retail payment systems. The other objective was to facilitate an affordable payment machinery to produce goodness the mutual homo across the province as well as aid fiscal inclusion.
What is BRIM App ?
  • Bharat Interface for Money (BRIM) is an app that lets us cook simple, tardily as well as quick payment transactions using Unified Payments Interface (UPI). We tin forcefulness out cook 2nd bank-to-bank payments as well as Pay as well as collect coin using only Mobile number or Virtual Payment Address (VPA).
What is RuPay carte du jour ? 
  • RuPay, a novel carte du jour payment scheme (debit card) launched past times 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 as well as fiscal institutions inward Republic of Republic of India to participate inward electronic payments.
  • The benefits of RuPay debit carte du jour are the flexibility of the production platform, high levels of credence as well as the strength of the RuPay brand-all of which volition contribute to an increased production experience.

Important Banking Abbreviations

  • MUDRA – Micro Units Development as well as 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

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