Current affairs on 23.03.2019

Today's Headlines from www:

*Economic Times*

📝 8.96 lakh jobs created in Jan, 76.48 lakh in last 17 months: EPFO payroll data

📝 Ola cabs banned in Bengaluru for 6 months for licence violation

📝 Jet Airways' lenders eye substantial stake in airline

📝 RIL denies sidestepping US sanctions on Venezuela

📝 Jio gets NCLT 'Ok' to demerge fibre, tower assets

📝 Property distress in India has Piramal prowling for acquisitions

📝 USFDA clears Zydus Cadila's generic mental disorder drug

*Business Standard*

📝 Govt crosses divestment target for 2nd year in a row; rakes in Rs 85,000 cr

📝 Amazon builds up war chest to take on Grofers, Flipkart in grocery space

📝 HMD Global looks at local components sourcing for Nokia in India

📝 Reliance Industries sets up company for real estate development

📝 BSNL resists erosion in market share, private players give up

📝 Uber Technologies picks NYSE for its mega initial public offering in April

📝 Govt gets bids worth Rs 28,000 cr in 5th CPSE ETF, to retain Rs 10K cr

📝 BlackRock to buy French software firm eFront for $1.3 billion

📝 After Donald Trump barbs, General Motors to make $1.8 billion investment

*Financial Express*

📝 Govt warns mills of action for selling sugar below MSP

📝 PFC plans to pay govt Rs 14,500 crore for stake in REC

📝 GVK Airport Holdings acquires 12 crore MIAL shares for Rs 924 crore

📝 Essar to start shale activity in Raniganj by drilling 20 pilot wells

📝 Forex reserves up by $3.6 billion to $405.6 billion

📝 Monetary Policy Committee to meet six times during 2019-20, says RBI

📝 Relief to exporters; govt extends IGST, compensation cess exemption for various export plans

*Mint*

📝 Nokia plays down compliance issues after shares drop

📝 Sebi issues valuation of debt securities rated below investment grade

📝 SBI raises ₹1,251 crore by issuing Basel III-compliant bonds

📝 Dell plans to expand retail presence across 1,300 cities, towns

📝 Power Grid Corporation pays ₹1,600 crore interim dividend to govt for 2018-19

📝 NSEIT acquires cybersecurity company Aujas

📝 Tata Power SED bags ₹1,200 crore contract from defence ministry

📝 Fitch cuts India GDP growth forecast for FY20 to 6.8%

📝 EU gives Theresa May another two weeks to avoid a no-deal Brexit.

Export Import credit MCQs

EXPORT IMPORT CREDIT MCQs

1. Minimum andmaximum amount up to which the Gold Credit card can be issued to exporter is Rs

________ lac and Rs lac. : (a) 100,1000 (b) 50, 500 (c) 100, 5000

(d) 20,200 (e) None of these as it is based on anticipated turnover.**

2. Aspertheexchangecontrolregulations,thepaymentforexportsshouldingeneralberealizedwithina

periodof:(a) 12months fromdate of shipment** (b) 3months from date of shipment

(c) 6months fromthe date of shipment (d) 1month fromdate of shipment

(e) 45 days formdate of shipment

3. Units in a special economic zone are permitted to realise and repatriate to India the full export value of

goods or software within a period of......................................... from the date of shipment.

(a) 3months (b) 6months (c) 180 days (d) 360 days (e) none of these as there is no time limit*

4. In respectof shipmentsmade toIndianownedwarehouses abroad establishedwithpermissionof RBI,

export proceeds shouldbe realizedwithin:

(a) 6 months (b)3 months (c) 9 months (d)15 months* (e) 150 days

5. RBImonitorsoverdueexportbills-not realizedwithinthestipulatedtimeby calling for ahalf yearly

statement fromADs referredtoas : (a) BEF (b)XOS** (c) GTE-1 (d) ST-9 (e) ENC

6.Packing credit advances mean :

advances granted to industrial units for packing of manufactured goods for sale in Indiaadvances granted to eligible exporters for purchase/manufacture/processing/transporting/packing etc. of goods meant for export*

(c) advancesgrantedtoimporterstoenablethemtostoreandsubsequentlysellimportedgoodslocally

(d) any one or more of the above (e) none of the above.

7. To be eligible for packing credit advances the customer :

(a) should not be in the caution list of RBI or specific approval list of ECGC

(b) must be holding importer/exporter code number allotted byDGFT

(c) should be recognised export house (d) all above (e) both (a) and (b)**

8. Packing credit advances is normally allowed for :

(a) 90 days (b) 60 days (c) 360 days (d) 180 days (e) as per requirement of the exporter**

9. `Normal Transit Period ' in the context of export financemeans:

(a) the number of days the documents take to reach destination

(b) the gap between period taken by the ship and the documents to reach destination

(c) the number of days taken by a ship to complete a voyage

(d) the number of days fixed by FEDAI and is the average period normally involved from date of negotiation to credit to

NOSTRO account.**

(e) either (a)or (b)

10. For facilities grantedupto30.6.2010, rateof interestonpost shipment credit inrupeesupto180days in

respectofusancebills is :

(a) 12% (b) 15% (c) not exceeding BPLR

(d) not exceeding BPLR minus 2.5% (e) not exceeding BPLR plus 1.5%**

11. Refinance for export credit fromRBI is available for howmany days?

(a) 90 days . (b) 180 days** (c) 360 days (d) 270 days- (e) None of these

12. Refinance against eligible export finance is available from:

(a) RBI* (b) IDBI (c) ECGC (d) Exim Bank (e) None of these

13. On PCFC refinance is available to the extent of % of outstanding PCFC.

(a) 15% (b) 50% (c) 25% (d) Nil** (e) None of these

14. Forfacilitiesgrantedupto30.6.2010ConcessionalinterestrateonPostshipmentcreditinrupeesis

permittedupto:

(a) 180 days** (b) 90 days (c) 270 days (d) 360 days (e) None of these

15. Which of the following is not correct regarding Liberalised Remittance Scheme?

(a) Amount can be remitted for capital aswell as current account transactions

(b) Maximumamount that can be remitted in a financial year is restricted toUSD200,000

(c) Remittance for gift and donationwill bewithinUSD200,000 permitted under LRS

(d) Bank can allowadvance to a resident individual formaking remittance under this scheme**

(e) None of these

16_ For outward remittance formedical expenses, estimate fromthe doctor or hospital is required if the

remittance is more than USD : (a) 1 lac (b) 5 lac (c) 10 Lac (d) none of these as it is required in all cases

17. What is themaximumamount of inwardremittance that can bedone by a resident individual?

(a) USD 1 Lac (b) USD 5 lac (c) USD 10 Lac (d) None as there is no limit

*

18. How much amount can be released for remittance abroad for education on declaration basis and withou estimate

from educational institution?

(a) USD 1 Lac** (b) USD 5 lac (c) USD 10 Lac (d) None as there is no limit

19.Which of the following is true?

(a) If a bank has oversold position, Bankwill gain if the rate of foreign currency rises.

(b) If a bank has oversold position, Bankwill gain if the rate of foreign currency declines**

(c) If a bank has oversold position, Bankwill lose if the rate of foreign currency declines

(d) If a bank has overbought position, Bankwill gain if the rate of foreign currency declines

(e) None of these

20. ADsmay allowadvance remittance for import of goodswithout any ceiling.However, if the amount of

advance remittance exceedsUSD50,00,000 or its equivalent it ismandatory to obtain-

(a) unconditional irrevocable stand byUC of an international bank of repute situated outside India

(b) guarantee froman international bank of repute situated outside India(c) guarantee of anADinIndia, if such guaranteeis issuedagainst counter guarantee of aninternational

bankof reputesituatedoutside India

(d) any one of the above (e) either (a) or (b) only***

21. BEF statement containingdetailsof remittance exceedingUSD1,00,000where evidence of import is

not furnishedwithin6months fromdateof remittance is submittedby ADs toRBIon:

(a) monthlybasisby 10thof thefollowingmonth

(b) quarterlybasisby 15thof themonthfollowing closeofquarter

(c) half yearly basis forMarch/ September by 15th of succeedingmonth

(d) half yearly basis as of June/ December by 15th of succeedingmonth **(e) none of these

22. Crystallisation of import bill under UCmeans:

(a) bill is scrutinisedwhether it is as perUC terms or not

(b) it is ensured that currency of IJC and insurance is the same or not

(c) converting bill amount into Indian rupees and deciding customer's liability on due date in case of usance**

bill and on 10th day from date of receipt in case of demand bills.

(d) none of the above as the concept is gonewith the termination of PSCFC

23. ApplicationformakingpaymenttowardsimportsintoIndiahastobemadetoauthoriseddealersby

importersin:(a) ENC (b) R-3 (c) Form A-1 *(d) Form A-4 (e) none of the above

24. Advance remittance for import of goods into India is to be allowed after obtaining guarantee froman

international bank of repute situated outside India or guarantee of an AD in India against counter-guarantee of an

international bank when amount of advance remittance exceeds:

(a) US $ 10,000 (b) US $ 25,000 (c) US $5,000 (d) US $ 15,000 (e) US $ 50,00,000***

25. How much advance remittance is allowed for import of services without guarantee of a reputed

international bank?

(a) USD 1 Lac (b) USD 5 lac **(c) USD 10 Lac (d) None as there is no limit

26. Which of the following types of Bill of Lading is not acceptable by a bank under LC?

(a) On Board (b) Clean (c) Charter Party** (d) AN of these (e) None of these

27. Interest Subvention is available on rupee export credit at the rate of 2% for loan up to Rs

but

interest rate after subvention should not be less than 7%.

(a) Rs 3 lac (b) Rs 5 lakh (c) Rs 10 lakh (d) Rs 100 lakh (e) None of these**

-28. Interest rate charged by RBI on export refinance to banks is at the rate of :

(a) Bank Rate (b) Repo Rate** (c) Reverse Repo Rate (d) Base Rate (e) None of these

29. Export Refinance is provided by RBI at the rate of __________ % of eligible outstanding export credit?

(a) 15% **(b) 25% (c) 50% (d) 100% (e) None of these

30. R Return is submitted to RBI onwhich of the following dates of themonth?

(a) 7th and 2151 (b) 15th & last day **(c) 10th, 20th and last day (d) None of these

31.Overdue import demand bills and usance bills are crystalised onwhich dates?

(a)10thday&duedate **(b)15thdayand30thday (c)30thdayand60thday(d)10thdayand60thday(e)Noneofthese

132. Which of the following is incorrect regarding export declaration forms?

(a) GR formis usedfor declaration of exports other than by postwhere customoffice not linked to EDI

(b) ExportDeclaration formis not required to be submitted for exports up toUSD25000.

(c) Softex formis used for declaration of export of software in physical or electronic form.**

(d) None of these (e) All of these

33.. Presently rate of interest on pre-shipment credit in forex (PCFC) up to 180 days is not exceeding:

(a) 200 basis points above LIBOR ***(b) 100 basis points above LIBOR

(c) 150 basis points above LIBOR (d) 50 points above LIBOR (e) 350 basis points below LIBOR

34. As per current guidelines of RBI, for loans sanctioned up to 30.6.2010, rate of interest on pre-shipment credit in rupees up to

270 days should not exceed :

(a) Bank Rate plus 2.5% (b) BPLR plus 1.5% (c) BPLR minus 2.5%**

(d) Bank Rate minus 2.5% (e) lower of (a) and (b)

35. As per the exchange control regulations, the payment for exports should in general be realized within a period of:

(a) 12 months from date of shipment** (b) 360 days from date of packing of goods

(c) 180 days from the date of shipment (d) 270 days from date of shipment

(e) 180 days from the date of receipt of consignment by the buyer in foreign country

36. Which of the following is/are not true with regard to features of Gold Card Scheme for exporters:

(a) Only exporters whose accounts have been 'Standard' continuously for 3 years are eligible

(b) Gold Card holderswill be given preference is granting packing credit in foreign currency (PCFC)

(c) Time normfor disposal of fresh applications for credit under the schemewill be 25 days

(d) Gold Card for exporters will be issued for a period of 5 years (e) none of these**

EXPORTFINANCE

Case- STUDY

An exporter approaches the popular bank for pre-shipment loanwith estimated sales ofRs.100 lakh. The bank

sanctions a limit ofRs.50 lakh,with followingmargins: Pre-shipment loan on FOB value—25%; ForeignDemandBill -

10%; Foreign usance bilis—20%.

The firmgets an order forUSD50,000 (CIF) toAustralia.On 1.1.2011when theUSD/INRratewasRs.43.50 perUSD,

the firmapproached theBank for releasing pre-shipment loan (PCL),which is released.

On 31.3.2011, the firmsubmitted export documents, drawn on sight basis forUSD45,000 as full and final shipment.

The bank purchased the documents atRs.43.85, adjusted thePCL outstanding and credited the balance amount to the

firm's account, after recovering interest forNormalTransit Period (NTP). The documents were realized on

30.4.2011 after deduction of foreign bank charges of USD 450. The bank adjusted the outstanding post

shipment advance. against the bill. Bank charged interest for pre-shipment loan@7%up to 90 days and,@8%

over 90 days up to 180 days. For Post shipment credit, theBank charged interest@7%for demand bills and@7.5%

for usance (D/A) documents up to 90 days and@8.50%thereafter and on all over dues, interest@10%.

01 What is the amount that the Bank can allow as PCL to the exporter against the given export order,

considering the profit margin of 10% and insurance and freight cost of 12%?

a) Rs.2200000 b) Rs.1650000 c) R6.1485000 d) Rs.1291950

02What is the amount of post shipment advance that can be allowed by the Bank under foreign bills

purchased, for the bill submitted by the exporter?

a) Rs.19,80,000 b) Rs.17,75,925 c) Rs.19,73,250 d) Rs.21,92,500

03 What will be the period for which the Bank charges concessional interest on DP bills, from date of

purchase of the bill?

a) 90 days b) 25 days c) 31 days d) Up to date of realization

04 in the above case, when should the bill be crystallized (latest date), if the bill remains unrealized for

over two months, from the date of purchase-(ignore holidays)?

a) On 30.4.2011 b) On 24.4.2011 c) On 24.5.2011 d) On 31.5.2011

05 What rate of interest will be applicable for charging interest on the export bill at the time of realization,

for the days beyond Normal Due Date (NDD)?

a) 8% b) 7% c) 7.5% d) 10%

Ans. 1-d 2-c 3-b 4-c 5-d Explanations:

1. FOB value =

CIF Value i.e. 50000x43.5 = 2175000

Deduct Insurance & freight 12% of 2175000 = 261000

Balance = 1914000

Deduct profit margin 10% of 1914000 =191400

Balance = 1722600

Less Margin 25% = 430650

PCL = 1291950

2. 45000 x43.85=1973250

3. Concessional• rate will be charged for normal transit period of 25 days and there after overdue

interest will be charged.

4. Crystallisation will be done when the bill becomes overdue after 25 days of normal transit period. Date of

overdue will be 25.4.2011. if bill remains overdue, it will be crystalised within 30 days i.e. up to 24.5.2011.

5. Rate of interest will be 10%as the overdue interest is stated as 10%in the question.

MSME

MSME :: ( Most imp Exam point of view) MCQs
MSME :: ( Most imp Exam point of view)

1. A Small Manufacturing Enterprise unit is considered as Sick Industrial Unit: when account remains sub
standard for more than six months or there is erosion in the net worth due to accumulated cash losses to
the extent of 50% or more of its net worth during the previous accounting year and the unit has been in
commercial production for at least two years
2. A small scale unit (manufacturing) can be treated as micro unit if the original investment in plant and
machinery does not exceed : Rs.25 lac
3. A unit in service enterprise is considered as medium if the investment in equipment is: more than Rs 2
crore but up to Rs 5 crore.
4. A Unit will be called as Small Service Enterprise if investment in equipments is up to: Rs 2 crore.
5. Amount of maximum loan given to micro and small enterprises that is covered under-CGFTMSEscheme
: Rs.200 lac
6. As per Micro, small and medium enterprise development Act 2006, a small manufacturing enterprise is
one in which original investment in plant and machinery is: more than Rs 25 lakh and up to Rs 5 crore.
7. As per RBI guidelines, banks are required to provide__% of advance to small enterprises to units in
which original investment in plant & machinery does not exceed Rs 10 lac in the case of manufacturing
units and does not exceed Rs 4 lac in equipment in the case of service enterprises: 40%
8. As per RBI guidelines, Loans to Agro and food processing Units are eligible to be classified under
Agriculture Ancillary Activity under Agril. Finance Priority Per borrower Rs. 100.00 crores.
9. Bank limit for working capital based on turn over method: 20% of the projected sales turnover
10. Banks are required to make 40% of advance to Micro and Small enterprises to manufacturing units
with investment up to Rs 10 lakhs and/or service enterprises with investment in equipment up to: No
criteria (earlier Rs 4 lakh) and now Micro has to reach 7.00% by March 2016 & 7.5% by March
2017 of ANBC/ceobe which ever is higher.
11. Banks will not obtain collateral security in respect of loans to micro and small enterprises which are
covered by Credit Guarantee Scheme for Micro and Small enterprises?: Rs 1 crore
12. CGTMSE fee: For North East & women; Loan up to Rs 5 lakh – 0.75% p.a.; Loan more than
Rs 5 lakh – 0.85% p.a.
13. Composite loan limit for Small Manufacturing enterprises: Rs.1.00 crore
14. For being defined as Medium enterprise, the original investment in plant & machinery should be: More
than Rs 5 crore and up to Rs 10 crore.
15. For being eligible to be classified as small (service) enterprise, the original investment in equipment
should not exceed: Rs 2 crore.
16. Full form of CGTSME: Credit Guarantee Fund Trust for Micro & Small Enterprises.
17. If a small enterprise in manufacturing has a good track record, collateral security can be waived up
to: 25.00 lacs
18. If an MSME units holds a margin of Rs.20 lac and its projected sales are Rs.400 lac, its working
capital limit will be : Rs.80 lacs
19. In case of advance granted to Micro and small enterprises, banks will not obtain collateral security up
to: Rs 10 lakh
20. In case of advance to Micro and Small manufacturing enterprises, working capital limit by a bank as
per turnover method is calculated as: 20% of projected annual turnover.
21. In case of loan guaranteed under CGTMSE, what is the extent of cover for loan upto 50 lac granted to
a women?: 80% of amount in default.
22. In case of loan to micro and small enterprises guaranteed by CGTMSE, no collateral security is
required for loans up to: Rs 100 lac.
23. Khadi Village Industry part of MSE; irrespective of investment in P&M.
24. Maximum Guarantee coverage for loans guaranteed by CGTMSE if loan up to Rs 5 lakh: 85% of the
amount in default with a maximum of Rs 425000.
25. Micro, Small and Medium Enterprises is under which Ministry: Ministry of Micro Small & Medium
Enterprises.
26. SMERA stands for: Small & Medium Enterprises Rating Agency.
27. The definition of Micro and Small enterprise in the manufacturing Sector is based on investment in :
Plant and Machinery.
28. Under CGFT scheme for MSE, for loans up to Rs 50 lac, 80% coverage is not available for: SC/ST

29. What is the maximum amount of loan covered guarantee scheme of CGTMSE for loans made to micro
and small enterprise: Rs.00.00 Lac

30. What is the rate of guarantee fees charged under CGSMSE for loan of more than Rs 5 lac to a
women?: 0.85% p.a. of limit sanctioned.
31. Advantages of Cluster based finance to MSMEs: Risk mitigation.

BCSBI

Banking Codes and Standards Board of India (BCSBI)::

In November 2003, Reserve Bank of India (RBI) constituted the Committee on Procedures and Performance Audit of Public Services under the Chairmanship of Shri S.S.Tarapore (former Deputy Governor) to address the issues relating to availability of adequate banking services to the common person. The mandate to the Committee included identification of factors that inhibited the attainment of best customer services and suggesting steps to improve the quality of banking services to individual customers. The Committee felt that in an effort to continuously upgrade the package of services that banks offered to their customers, there was a need for benchmarking of such services. After an in-depth study at the grass-roots level, the Committee concluded that there was an institutional gap for measuring the performance of banks against a bench mark reflecting the best practices (Code and Standards). Therefore, the Committee recommended setting up of the Banking Codes and Standards Board of I ndia (BCSBI). BCSBI was set up to ensure that the common person as a consumer of financial services from the banking Industry is in no way at a disadvantageous position and really gets what he/she has been promised.

The Scheme of Banking Ombudsman, which has been functioning for quite some time, does not look into systemic issues with a view to enforcing a prescribed quality of service. Ideally, such a function should be performed by a Self-Regulatory Organisation (SRO) but in view of the existing framework of the banking sector in India, it was felt that an independent, autonomous Board will be best suited for the function. Therefore, Dr. Y.V. Reddy, Governor, Reserve Bank of India, in his Monetary Policy Statement (April 2005) announced setting up of the Banking Codes and Standards Board of India in order to ensure that a comprehensive code of conduct for fair treatment of customers was evolved and adhered to.

Block chain technology

Block Chain Technology : ICICI Bank is the first bank in the country and among the first few globally to exchange and
authenticate remittance transaction messages as well as original international trade documents related to purchase order,
invoice, shipping & insurance, among others, electronically on block chain in real time.
The usage of block chain technology simplifies the process and makes it almost instant—to only a few minutes. Typically, this
process takes a few days. The block chain application co-created by ICICI Bank replicates the paper-intensive international trade
finance process as an electronic de centralised ledger, that gives all the participating entities including banks the ability to access
a single source of information.

IT related bits

1) If a computer is bind to store confidential or sensitive information in order to ensure that can not be accessed, which of the

following shall be made use of a) close circuit TV b) encryption c) buried line censors

d) locking and guarding e) None of the above

2) A computer can not boot if it does not have the :

a)compiler b) loader c) operating system d) assembler e) None of the above

3) Transfer of fund by computers without banks intervention can be done by

a) fax b) telephone c) camera d) IMB e) None of the above

4) The device that connect different types of networks is called :

a) b) hub c) bridge d) router e) None of the above

5) The processing machine that process the cheques of high speed in the clearing house is called

a) processor b) router cum shorter c) encoder d) all the above e) None of the above

6) The signature of the customer can be captured by

a) keyboard b) mouse c) scanner d) all of the above e) None of the above

7) The basic unit of a mark sheet into which you enter data in enclosed sheet is called

a) tab b) cell c) box d) range e) None of the above

8) Batch reports area : a) adhoc report b) EOD/BOD report c) available under business objective

d) generated by FRS data base e) None

9) First page of website in terminal : a) home page b) index c) java script d) bookmark e) None of the above



11) sending an e mail is equal to

a)picturing an event b) narrating a story c) writing a letter d) creating a drawing e) None of the above

12) The term VPN stands for

a)virtual private network b) vocational planning network c) voice program network d) voluntary program network e) None of the above

13) To move the cursor to the end of the document line

a)ctrl+end b) alt+ctrl+end c) page down d) ctrl+alt e) none of the above

14) The resolution of the computer screen is determine by which of the following

a)colour b) memory c) pixcels d) processing speed e) none of the above

15) Which of the following refer to a small single line network

a)LAN b) DSL c) RAM d) USB e) None of the above

16) The fraud and other type of crimes that happen on the internet network are called

a)internet fraud b) internet crimes c) cyber crimes d) electronic fraud e) None of the above

17) Which of the following term describe computer program better

a)hardware instruction b) input devices c) output devices d) central processing unit e) None of the above

18) Which of the following activities are carried through electronic means it is called

a)e-banking b) e-business in banking c) internet banking d) all the above e) None of these

19) A small line which flashes on the computer screen

a)cursor b) mouse c) cell d) all the above e) None of the above

20) computer use the ------number system to store the data and perform calculations

a)binary b) octal c) decimal d) hexadecimal e) None of the above

21) IFSC code is

a)11 digit alpha numeric code b) 10 digit alpha numeric c) 1 digit numeric d) 11 digit alpha code e) None

22) cannet is an example of

a)internet b) intranet c) both d) internal software e) None of the above

23) Which of the following makes use of the artificial intelligence

a) user of the computer b) computer c) operating system d) application systen e) the above all of

24) The name of UPI app in our bank is called

a)canmobile b) canara swipe c) e- infobook d) empower e) None of the above

25) The computer that co ordinate all computer activities into a network is known as

a)sever b) UPS c) modulator d) LAN e) None of the above

26) Which of the following is not a storage device

a)tape drive b) floppy disc drive c) hard disc drive d) printer driver e) None of the above

27) Servers of computers that provides resources to other computers connected to a

a)network b) mainframe c) supercomputer d) client e) None of the above

28) ASBA means - a)application supported by block account b) application supported by block amount c) application supported by

block arrangement d) application supported by block demat a/c e) None of the above

29) Collecting personal information and effectively bring another individual is known as the crime of

a)spooling b) identify theft c) spoofing d) hacking e) None of the above

30) Saving bank a/c is transferred from one cbs branch to another cbs branch. The a/c no is

a)does not change b) changes c) can not transferred a/c in cbs d) new branch dp code is added e) None

31) In page preview mode :

a)you can see all pages of document b) you can see the page you are currently working c) you can see only that page do not contain

document d) you can only see the title page of your document e) None of the above

32) Ram stands for -

a)random access memory b) ready application module c) read access memory d) remote access memory e) None

33) Printing device that create an image directly on paper by spraying ink and has substances recurring cost is known as - a) plotter b)

desk jet printer c) inkjet printer d) dot matrix printer e) None of the above

34) --------is data that has been organized or presented in meaningful fashion

a)process b)software c)storage d)information e) None of the above

35) The term cyber law stands for which of the following

a)the law governing cyber cafe establishment only b) the low governing computer activity c) the law relating to various information

technology d) any of the above e) None of the above

36. Which of the following package was first introduced in our bank - a) ibbs b)banks 2000 c)alpm d) cbs d) none

37) which of the following services are available in the atms

a) balance enquiry b)mobile top-up c)opening of term deposit a/c d)a & b e) a to c

38) which of the following can be used to select the entire document

a)cntrl +a b) alt+s c)shift+a d)cntrl+k e)cntrl+h

39) coded entities which are used to access to a computer system are called

a)entry code b)password c)security commands d)code words e)none of these

40) ________ is the appearance of typed characters - a)size b)format c)point d)colour e)none of these

41) idealing a customer must have one_______across the bank

a)account id b)customer id c) cbs id d)place id e) all of above

42) the term led stands for

a) light electronic device b) light electrical device c) light emitting device d)local electronic device e)none of above

43) junk email is also called - a)spam b)spoof c)sniffer script d) spool e) none of these

44) modem is connected to -a) a telephone line b) a keyboard c) a printer d) mouse e0 scaner

45) date and time are available on the desktop at - a) keyboard b) recycle bin c) my computer d) task bar e) none

46) information technology has resulted in - a) improved efficiency b) innovative products c)effective delivery system d) enhanced

productivity e)all of the above

47)the signature of customer can be captured by - a) keyboard b)scanner c) mouse d)all of the above e) none

48) to insert a word into the middle of a sentence

a) move the curser to the desired location in the sentence and type the new word

b) move the curser to the desired location in the sentence press enter key and type the new word

c) move the curse to the beginning of the sentence and start typing

d) retype the whole sentence e)none of these

49) whenever networks are not possible ,our bank has gone for satellite connections otherwise called as

a) winsat b) vsat c) sat d) vat e) tat

50) Unwanted repetitions massages, such as unsolicited bulk email is called as

A) spam b) trash c) Calibri d) courier e) none of these

ANSWER

1 B 2 C 3 D 4 D 5 E 6 C 7 B 8 B 9 A

11 C 12 A 13 A 14 C 15 A 16 C 17 D 18 D 19 A 20 A

21 A 22 B 23 E 24 A 25 D 26 D 27 A 28 A 29 D 30 A

31 A 32 A 33 A 34 D 35 C 36 C 37 D 38 B 39 B 40 B

41 B 42 C 43 A 44 A 45 D 46 E 47 B 48 B 49 B 50 A

Information Technology (Amendment) Act, 2008

Information Technology (Amendment) Act, 2008
BRIEF HISTORY
The Indian Information Technology Act 2000 (“Act”) was a based on the Model Law on Electronic Commerce adopted by the United Nations Commission on International Trade Law[1]; the suggestion was that all States intending to enact a law for the impugned purpose, give favourable consideration to the said Model Law when they enact or revise their laws, in view of the need for uniformity of the law applicable to alternatives to paper-based methods of communication and storage of information. Thus the Act was enacted to provide legal recognition for transactions carried out by means of electronic data interchange and other means of electronic communication, commonly referred to as "electronic commerce", which involved the use of alternatives to traditional or paper-based methods of communication and storage of information, to facilitate electronic filing of documents with the Government agencies. Also it was considered necessary to give effect to the said resolution and to promote efficient delivery of Government services by means of reliable electronic records. The Act received the assent of the President on the 9th of June, 2000.

Basic principles of information security

Basic Principles of Information Security: For over twenty years, information security has held confidentiality, integrity and availability (known as the CIA triad) to be the core principles. There is continuous debate about extending this classic trio. Other principles such as Authenticity, Non-repudiation and accountability are also now becoming key considerations for practical security installations. Confidentiality: Confidentiality is the term used to prevent the disclosure of information to unauthorized individuals or systems. For example, a credit card transaction on the Internet requires the credit card number to be transmitted from the buyer to the merchant and from the merchant to a transaction processing network. The system attempts to enforce confidentiality by encrypting the card number during transmission, by limiting the places where it might appear (in databases, log files, backups, printed receipts, and so on), and by restricting access to the places where it is stored. If an unauthorized party obtains the card number in any way, a breach of confidentiality has occurred. Breaches of confidentiality take many forms like Hacking, Phishing, Vishing, Email-spoofing, SMS spoofing, and sending malicious code through email or Bot Networks, as discussed earlier.

Current affairs on 22.03.2019

Today's Headlines from www:
*Economic Times*

📝 RBI likely to change disclosure norms for bonds

📝 Over 1 million sign petition to reverse Brexit as Theresa May seeks delay

📝 Pharma MNCs wary of illegal import of innovator drugs

📝 NBFCs borrow more from banks on liquidity crunch

📝 Clear stand on Huawei 5G gear, telcos urge government

📝 Godrej buys plot in Delhi for Rs 1,100 crore

 📝 Future Group appoints Hardeep Singh CEO of 7-Eleven

📝 Handset companies want India to become an export hub: Experts

*Business Standard*

📝 RBI's bond buys in current fiscal year can be inflationary, say economists

📝 Walmart tops up PhonePe wallet with Rs 743 cr to counter Amazon and Google

📝 Tata Steel likely to offer packaging assets in Thyssenkrupp JV talks

📝 Oil holds above $60 as stronger dollar caps supply-driven rally

📝 US to keep tariffs on China until it complies with trade deal: Trump

📝 Unilever's UK investors gear up for tussle over dual headquarters

📝 Short duration schemes are seeing an uptick in investor inflows: Experts

*Financial Express*

📝 120 startups get angel tax exemption from government

📝 Reliance selling fuels from India to Venezuela to avoid US sanctions

📝 IBM enters blockchain universe with World Wire payments network

📝 RPG’s Seniority to launch private label products by next year

📝 After Google, Amazon and Apple could be on the radar of EU antitrust investigations

📝 RBI MPC Meet: Expect 25-bps cuts in April and June/August

*Mint*

📝 Mindtree board to meet again on 26 March

📝 Pierer Industrie in talks with Bajaj Auto for 48% stake in KTM

📝 Netflix may test low-cost mobile subscription in India

📝 Religare Enterprises rebranding Finvest after Singh brothers exit

📝 IndiGo continues to recruit expat and 'out-of-job' pilots

📝 Ford names Amazon veteran Tim Stone as CFO

📝 IL&FS Transportation Networks defaults on NCD payments due to insufficient funds

📝 Tencent profit misses estimates as games slip, costs swell.

Miscellaneous banking

Miscellaneous banking

1. A customer Mr Sharma had credit balance 40,000 in his saving ac and also had an OD ac with
overdue Debit balance of 20,000.Bank debits his saving account and adjusts OD ac. The bank is
said to have exercised Right of: Set-off
2. A Minor has extended Guarantee to a loan. It can be ratified by whom? It cannot be ratified by
any one.
3. A savings account becomes inoperative when it not operated for: 2 years
4. A term deposit of a HUF has become due. At the time of renewal, the Karta of HUF informs that
he has become Senior Citizen. What rate of interest will be given on term deposit? : Normal
interest rate. No benefit of senior citizen to be given
5. Additional interest is paid to senior citizens on which time FD: All fixed deposits (may vary from
bank to bank)
6. After Nomination in an account, what is the status of the nominee?: Trustee of legal heirs
7. An account of a customer can be closed in normal course on the request of the customer.
What are the other methods for closing account of a customer – (a) By negotiation; (b) As per
provisions of law; (c) After notice to customer in respect of undesirable accounts: Ans is C
8. An Illiterate person is generally not allowed to open which account – saving, term deposit,
recurring deposit, small account, Current Account: Current account.
9. As per RBI guidelines, Demand draft of Rs 50,000 and above should be issued against : by debit
to account but not against cash
10. As per RBI guidelines, minimum amount of deposit to open BSBDA account is: NIL
11. As per Sukanya Samridhi Account (SSA) the tenure of deposit is for years from the date of
opening of the account: 21 years
12. Bank is not required to produce original book of records but true copy can be submitted when
court has demanded as per which act? a) Civil procedure code b) Registration act c) B.R. Act d)
RBI act e) Banker Books Evidence Act.
13. Banker Customer relationship for deposits is ____: Debtor – Creditor.
14. Banker customer relationship in Safe Custody: Bailee Bailor.
15. Banker customer relationship in standing instruction: Agent – Principal
16. Bankers prefer Saving Deposits than Term deposits. Why?: Because cost of deposits for SB is
less.
17. Banks can decide interest rates of NRI, NRO or Term Deposits: Yes
18. Banks can raise what type of deposits?: Term and Demand Deposits
19. Banks should have the responsibility of currency management entrusted to a nodal official of the
rank not less than that of a General Manager and will be accountable for the obligations cast

upon currency chests by the Reserve Bank.
20. BC work as : Bank’s Agent
21. Business Correspondent can be identified by whom?: BDO,Post Master, Head of Village
Panchayat, other BC.
22. Business correspondents for banking for : serving weaker sections of society
23. Call money deposit is part of the sector : Organised sector
24. Complaints under Consumer forum should be dealt with within (Where no testing of commodities
is required) : 90 days.
25. Customer OD A/c has overdrawn Rs 2000/-. Saving A/c has balance Rs 3000. The bank adjusts
the OD A/c by which right: Set off.
26. DD of Rs.50000/- in cash : not allowed
27. Death claim settlement in how many days?: 15 days
28. Deposits held in Joint accounts; b) Corporate Deposits; c)
Inter-Bank deposit; d) Deposits of HUFs: Ans is Inter-Bank deposits.
29. Deposits which are not claimed for__years are required to be transferred by banks to
RBI: 10 years
30. DICGC cover is available in which of the following cases a) Credit balance in Cash Credit Account
b) Overdue Deposit c) Deposit of Government Department?: A & B
31. Differential rate of interest can be paid on fixed deposit if single deposit is for: Rs.1.00 crore
and above
32. Direct Tax Code will replace which of the following – Income Tax Act, Corporate Tax Act: Income
Tax Act.
33. Encashment of FOR with interest - payment can be made in cash if it is less than Rs 20000
34. Financial Inclusion means: providing banking services at affordable cost to the poor/distressed.
35. FULL FORM OF CASA? : CURRENT ACCOUNT & SAVING ACCOUNT
36. Garnishee order is not applicable to: a) Savings b) Current c) FD d) CC/OD with debit
balance: CC/OD with debit balance.
37. Govt. has decided to demonetize all the coins of paise 25 and below w.e.f. 30-6-2011.
38. How much amount can be deposited in a small account in a financial year?: Rs one lac
39. How much amount can be withdrawn from a small account in a month?: Rs 10,000
40. If in Garnishee Order no amount is mentioned, what should the bank do? Full amount to be
attached.
41. If payment of Rs 20000/- is made in cash in case of FDR what is the penalty: equal to the
amount paid
42. Illiterate account holder, how many witness for nomination: two
43. In Basic Savings Bank Deposit Account in all their accounts taken together and the total credit in
all the accounts taken together is not expected to exceed _____ in a year has been simplified to
enable those belonging to low income groups without documents of identity and proof of
residence to open banks accounts: 1,00,000/-.
44. In case Fixed Deposits account the rate of interest fixed by whom: Board of Directors of
respective bank.
45. In case of a/c transfer, with in how many days the address proof has to be submitted in the
transferee branch? Six Months
46. In case of an illiterate customer, process of nomination requires witnesses by how many
persons?: Thumb impression requires 2 witnesses.
47. In case of Deposit Insurance whether it mandatory or not: It is Mandatory for all banks.
48. In case of Deposit Insurance, Insurance premium is paid to DICGC by bank and depositor in
which ratio?: Entirely by bank.
49. In case of insurance of deposits by DICGC, premium is paid by: Bank. 100% of the premium
is paid by the bank and not by depositor.
50. In case of insurance of deposits by DICGC, what is the premium sharing ratio between bank and
depositor?: 100% of insurance premium is paid by the bank.
51. In case of Minor what is wrong? Minor can make himself liable for his actions.
52. IN CASE OF TRANSFER OF ACCOUNT, WITHIN HOW MANY DAYS, THE ACCOUNT HOLDER
SHOULD ADVISE NEW ADDRESS?: TWO WEEKS
53. In how many years of no transaction does a saving and current account become inoperative? :
two years
54. In Limited liability Partnership what is the liability of partner?: Amount agreed to be
contributed by partner at the time of joining partnership.
55. In saving accounts, interest is calculated on the basis of: daily product basis.
56. In Senior Citizen Saving Scheme account, who can be joint account holder?:Spouse
57. In small accounts as per RBI- No min. balance, nil/minimal charges etc
58. In small accounts monthly withdrawals to be upto- Rs.10000/-
59. Insurance of deposit is done by DICGC up to: Rs 1 lac per depositor per bank.
60. Interest rate on Saving Deposit is decided by : Banks individually
61. Interest rate on Savings accounts: Not regulated by RBI
62. Max amt for tax saver FD: Rs 150000
63. Maximum amount of deposit in Tax Saving Scheme of the bank can be: Rs 1,50,000
64. Maximum deposit for allocating a locker: 3 year advance rent plus locker breaking charges
65. Maximum period of NRE deposit: Bank Discretion.
66. Minimum and Maximum amount that can be deposited in PPF account is _____: Minimum Rs.
500/- & Maximum Rs. 1.50 lacs.
67. Minimum Lock in period for Tax saver FDR: 5 Years
68. Minimum Maturity Period for Certificate of Deposit is : 7 days
69. Missing person treated as having expired if missing for: 7 years
70. No Frills Accounts are opened for: Financial Inclusion
71. No of digits in Aadhar : 12
72. Non Resident (External) fixed deposit is normally accepted for a period of (a) 1 year to 3 year
(b) 1year to 5 year (c) 1 year to 4 year (d) 1 year to 7 year (e) 6 months to 3 year: 1 year to 3
year (As per RBI it is minimum 1 year and maximum bank discretion)
73. OD in PMJDY account upto: Rs. 5,000/-.
74. On a cheque presented for payment, amount is written in words but all other items are written in
Regional Language. What should the bank do?: Pay the cheque
75. Pensioner account can be opened jointly with? Spouse as Either of Survivor or Former or
Survivor.
76. Rate of Interest in Sukanya Samridhi Account for 2015-16: 9.20% & 8.6% FOR 2016-17
77. Relation between bank and judgment debtor: debtor & creditor.
78. Safe custody of Articles comes under which Act: Indian Contract Act.
79. Star series note can be issued in denomination of Rs 100 also. (earlier only Rs 10, 20 & 50)
80. Super senior citizen after: 80 years of age
81. The balance in the account is Rs 15000. A cheque of Rs 30000 was sent for collection. Before it
is realized a cheque for Rs 20000 has been presented for payment. What should the bank do –
(a) Return with reason effects not yet cleared. Present again; (b) Pay the cheque; (c) Return
with reason exceeds arrangement; (d) Return with reason Refer to Drawer; (e) Return with
reason Insufficient Funds: Insufficient Funds
82. The minimum & maximum period of certificate of deposit is : 7 days, 12 months
83. There is a credit balance in the saving account and there is a overdraft in the current account
amounting to Rs 555. Both accounts are in the same name. Bank wants to adjust credit balance
of saving bank account towards payment of overdraft. As per which right, bank can do this?:
Right of Set Off.
84. Under Sukanya Samridhi Account (SSA) the maximum period upto which the deposits can be
made is for ___ years from the date of opening of the account: 14 years
85. Under Sukanya Samridhi Account (SSA) the minimum amount of deposit is Rs 1,000 and Under
Sukanya Samridhi Account (SSA), the bank account will be opened for a girl child upto the age
of: 10 years
86. Under Sukanya Samridhi Account (SSA), the current rate of interest on deposits is which is the
highest amongst all other Govt. Saving Schemes: 9.20% & 8.6% FOR 2016-17
87. What are the Service charges for using ATMs of other banks for balance enquiries: Rs.20 for
Financial & Rs. 10 for Non- Financial upto 5 transactions ( 3 at Metros)
88. What documents are required for opening a small account?: Self attested photo and address
89. What is the bankers-customer relationship in case of deposits? Debtor – Creditor
90. What is the distance criteria for office of Business Correspondent?: The distance between the
place of business of a retail outlet/sub-agent of BC and the base branch should ordinarily not
exceed 30 kms in rural, semi-urban and urban areas and 5 kms in metropolitan centers.
91. What is the maximum amount of loan that can be granted against FCNR deposit? No limit.
92. What is the periodicity of review of risk classification of customers?: Every six months
93. What is the rate of interest payable on an overdue FD for overdue period if customer demands
payment and does not renew the same?: Saving Bank Rate
94. What is the special feature of Basic banking Account? Account can be opened with nil or very
small amount and there are no requirement of minimum balance.
95. What type of account can be opened in the name of NRI jointly with residents? NRO /NRE/FCNR

(earlier only NRO)
96. What type of activity can be performed by Business Correspondent - (a) processing and
submission of applications to banks; (b) disbursal of small value credit, (c) recovery of principal /
collection of interest (iv) collection of small value deposits: All of these
97. When a person wants to open an account with a bank but does not have proof of identification
and address, what type of account can be opened?: Small account
98. When Letter of Administration issued: When the person dies without leaving the Will- Intestate.
99. Whether “WILL” has to be registered? Not required.
100. Which form is used for cancellation of nomination in deposit accounts?: DA -2
101. Which is not a proof of Identity?: Ration card.
102. Which is the most important document for opening a Trust Account?: Trust Deed
103. Which of the following forms will be used for allowing exemption to a depositor aged 61 years
: Form 15 H
104. Which of these rates are periodically reviewed by RBI?: Repo rate, Bank rate, but not Savings
Bank Rate.
105. While opening account, a bank, in addition to observing various provisions of Indian Contract
Act should also – exercise utmost care and attention; look at profitability from account; exercise
due diligence: Due diligence
106. While opening the account with a bank, prospective customer is required to submit – PAN No
or Form 60 or 61
107. Who are eligible for preferential rate of interest under NRE deposits: a) Staff b) Senior citizen
c) Staff cum Senior Citizen d) none of these?: None of these
108. Who can do nomination in the account of a Minor?: Can be done by guardian not by
minor
109. Who of the following can exercise nomination – HUF, limited company, trust, Partnership firm,
sole proprietorship firm?: Sole Proprietorship firm.