BANKING & ECONOMY TOPICS

Goods and Services Tax

Goods and Services Tax   What is the GST bill?  The Goods and Services Tax bill, touted to be India’s biggest tax reform, will simplify the current system of taxation. The bill will convert the country into a unified market by replacing all indirect taxes with one tax.   What is GST? Why is there a need for this bill? Quite literally, GST (Goods and Services Tax) is a tax levied when a consumer buys Read More


Types of Non Resident Bank Accounts

Types of Non Resident Bank Accounts –   Non-Resident Accounts: Indian citizens who have gone abroad for gainful employment and persons of Indian origin residing abroad can open bank account in India out of funds received from abroad or out of funds due to them in India. Non-resident (ordinary) and non-resident (external) rupee accounts are the types of non-resident deposit accounts.   Non-Resident (External Read More


National Housing Bank

National Housing Bank National Housing Bank (NHB) was set up on July 9, 1988 under the National Housing Bank Act, 1987.The Head Office of NHB is at New Delhi. NHB is wholly owned by Reserve Bank of India with other subsidiaries of RBI being Bharatiya Reserve Bank Note Mudran Private Ltd., DICGC, and NABARD.   Mission of NHB: To promote housing finance institutions both at local and regional levels with the focus on low and Read More


Differences Between A Central Bank And Commercial Banks

Differences Between A Central Bank And Commercial Banks Central bank and commercial banks are one of the Main part of Any Economy Financial System . Central Bank perform a Role Of Bankers to All Banks . This is very important topic for Any Exams Which are conducted In india. If you Doing MBA, BBA, BBM, Or Preparing for Any Competitive Exams . This topic is Asked in Every Exam. IBPS PO, IBPS RRB And IBPS Clerk Exams also Cover this Read More


Role and Functions of RBI

Role and Functions of RBI Establishment: The Reserve Bank of India was established in 1935 under the provisions of the Reserve Bank of India Act, 1934 in Calcutta, eventually moved permanently to Mumbai. Though originally privately owned, was nationalized  in 1949.   Organisation and Management: The Reserve Bank”s affairs are governed by a central board of directors. The board is appointed by the Government Read More


Price Index in India CPI,IIP,WPI

Price Index in India CPI,IIP,WPI  There are three major indices used in India for comprehensive assessment of prices and production.   (WPI) Wholesale Price Index in India In India, the Wholesale price index (WPI) is the main measure of inflation. The WPI measures the price of a representative basket of wholesale goods. WPI captures price movements in a most comprehensive way.   It is widely used by Governments, Read More


Maharatna, Navratna and Miniratna PSUs

Maharatna, Navratna and Miniratna PSUs  List of Maharatna, Navratna and Miniratna PSUs The Public Sector Enterprises are run by the Government under the Department of Public Enterprises of Ministry of Heavy Industries and Public Enterprises. The govenment grants the status of Navratna, miniratna and maharatna to Central Public Sector Enterprises based upon the profit made by these CPSEs. The Maharatna category has been the most re Read More


Inflation

Inflation  Inflation is a rise in the general level of prices of goods and services in an economy over a period of time. When the general price level rises, each unit of currency buys fewer goods and services. Therefore, inflation also reflects an erosion of purchasing power of money. According to Crowther, “Inflation is State in which the Value of Money is Falling and the Prices are rising.” In Economics, the Read More


Basic Concepts of Marketing

Basic Concepts of Marketing  Marketing is essentially the process of communicating regarding the value of a product or service to the customers, for selling that product or service. Therefore, marketing is understood as an organizational function with a set of processes for creating, delivering and communicating this value to its customers , and includes customer relationship management that also benefits the organization.Marketing ca Read More


National Income Concepts

National Income Concepts National income estimates are the most reliable macroeconomic indicators of an economy. Therefore, it is essential for students to be aware of National Income Concepts. Changes in national income measure the rate of growth of the economy. Similarly, changes in the structure of national income of an economy reflect the changing significance of different sectors. In India, national income, as also per capita inco Read More


Indian Economy Introduction

Indian Economy Introduction India is a developing country and our economy is a mixed economy where the public sector co-exists with the private sector. For an overview of Indian Economy, we should first go through the strengths of Indian economy. India is likely to be the third largest economy with a GDP size   of $15 trillion by 2030.The economy of India is currently the world’s fourth largest in terms of real GDP (purchasi Read More


Bank Deposit Accounts - Types (Demand, Term And Flexi Deposits)

Bank Deposit Accounts - Types (Demand, Term And Flexi Deposits) Deposits of banks are broadly classified into three categories: Demand deposit, Term deposits and Flexi deposit or also known as Hybrid deposit. 1) Demand Deposits Account Current Accounts Savings Bank Account (SB Accounts)    2) Term Deposits Account Fixed Deposits Recurring Deposits   3) Flexi Deposits or Hyb Read More


TOOLS OF MONETARY CONTROL USED BY RBI

TOOLS OF MONETARY CONTROL USED BY RBI   TOOLS OF MONETARY CONTROL: RBI uses its monetary policy for controlling inflationary (i.e. rate of growth of prices) or deflationary (rate of fall of prices) situation in the economy by using one or more of the following tools of monetary control. These are discussed below. 1. Cash Reserve Ratio (CRR) ‐ CRR refers to the cash that all banks (scheduled and non‐schedule Read More


Glossary Related To Budget

Glossary Related To Budget Union Budget Under Article 112 of the constitution, a statement of estimated receipts and expenditure, called the ‘Annual Financial Statement’, has to be placed before Parliament for each financial year. This Statement is the main budget document. It is an estimate of the Government’s revenue and expenditure at the end of a fiscal year, which runs from April 1 to March 31. A Union Budget is Read More


Economic Glossary

Economic Glossary Active Market This is a term used by stock exchange which specifies the particular stock or share which deals in frequent and regular transactions. It helps the buyers to obtain reasonably large amounts at any time.   Administered Price The administrative body e.g., the government a marketing board or a trading group determines this price. The competitive market force are not entitled to determine thi Read More


First In Indian Banking

First In Indian Banking •First In Indian BankingFirst India bank Got ISO: Canara Bank • First Governor of RBI: Mr. Osborne Smith • First Indian governor of RBI: Mr. C D Deshmukh • First Bank to Introduce ATM in India: HSBC • First Bank to introduce saving Bank in India: Presidency bank in 1830 • First Bank to Introduce Cheque system in India: Bengal Bank 1784 • First Bank to introd Read More


CEO & MD OF BANKS 2016

CEO & MD OF BANKS 2016 :Nationalised Banks 2016 1. State Bank of India–Smt Arundhati Bhattacharya 2. Allahabad Bank–Rakesh Sethi 3. Andhra Bank–C.V.R. Rajendran 4. Bank of Baroda–P.S. Jayakumar 5. Bank of India–M.O. Rego 6. Bank of Maharashtra–Sushil Muhnot 7. Bharatiya Mahila Bank–Vacant 8. Canara Bank–Rakesh Sharma 9. Central Bank of India–Rajeev Ri Read More


Schemes and Apps launched by Banks

List of latest Schemes and apps Launched by banks 1) Airtel money – AXIS BANK+AIRTEL 2) Asha Home loan – AXIS BANK 3) BOUTIQUE FINANCING SCHEME – SBI 4) Branch on Wheel – ICICI Bank in Odisha 5) Chillar – Hdfc Bank 6) China’s first online Banking “webank” – Tancet Holdings 7) DDA Housing Scheme 2014 – HDFC Bank 8) Digital Banking “POCKET” &n Read More


List of Banking and Financial Committees

List of Banking and Financial Committees 1. DR Gadgil Committee 1944- Agricultural Finance 2. Mahalanobis Committee 1964- National Income 3 .DR Gadgil Committee 1968 - Social approach on banking review of institutional condition 4 .FKF Nariman Committee 1969 - Branch expansion programme 5 .Hathi Committee 1970 - Soiled Bank Notes 6 .Chatalier Committee 1970 - Finance to small scale industry 7 .Khusro Committee 1970 Read More


Important Points to know about NABARD

Important Points to know about NABARD Head Quarters: Mumbai   Established on: 12 July, 1982   Chairman: Dr. Harsh kumar Bhanwala   NABARD completed its 25 years on 12 July, 2007   NABARD is active in developing Financial Inclusion   It is India’s specialized bank developed by Shivaramans committee to provide credit in rural areas. It replaced the Agricultural Credit Dep Read More


Economic Planning in India

( BANKING & ECONOMY) ECONOMIC PLANNING IN INDIA : Economic planning provides a method of rational and considered choice for securing the optimum combination of inputs, leading to higher degree of capital formation. Hence it is suitable for the goal of fast  economic growth. OBJECTIVES : Securing an increase in National Income Achieving a planned rate of investment within a given period to bring the actual investm Read More


Facts About RBI

 FACTS ABOUT RESERVE BANK OF INDIA :   Name of Central Bank of India: Reserve Bank of India (RBI)RBI  Reserve Bank of India Act passed in 1934.  Reserve Bank of India (RBI) established on 1 April 1935.  Reserve Bank of India (RBI) established on the recommendation of Hilton-Young Commission.   Hilton-Young Commission submitted its report in the year 1926.    Read More


Different codes used in Banking

DIFFERENT CODES USED IN BANKING    1) IFSC (Indian Financial System Code)   The first four alphabetic characters representing the bank name, The fifth character is 0 (zero) and reserved for future use, and The last six characters (usually numeric, but can be alphabetic) representing the branch.   2) MICR (Magnetic Ink Character Recognition) Code   The first three di Read More


Abbreviation

Abbreviation Used During Last One Year NEFT National Electronic Fund Transfer     FSLRC Financial Sector Legislative Reform Commission     MICR Magnetic Ink Character Recognition     XBRL Extensible Business Reporting Read More


International Organisations

INTERNATIONAL MONETARY FUND (IMF) Established on Dec 27, 1945 in Washington DC on the recommendations of Bretton Woods Conference. But it started its operation on March 1, 1947 At present, 188 nations are members of the IMF. Christine Lagarde is the present MD of IMF Its objective is to promote International monetary co-operation   WORLD BANK GROUP  The world Bank Group constitutes the following Read More


Abbreviation

ABBREVIATION USED DURING LAST ONE YEAR PRAGATI Pro Active Governance and Timely Implementation     PaHal Pratyaksha Hastaantarit Laab     HRIDAY Heritage Development and Augmentation Yojana     AIM Attal Innovation Mis Read More


MARKET ECONOMY

MARKET ECONOMY : Market economy is a free enterprise concept ; it is an arrangement or device under which supply or demand can freely interact and bring about an equilibrium situation A market economy has two essential elements. The element of profits and the element of competition   MEASUREMENT OF NATIONAL INCOME METHODS OF MEASURING NATIONAL INCOME : According to Smion kuznets, national income of a country is cal Read More


NATIONAL INCOME

GROSS NATIONAL PRODUCT (GNP) It is defined as the total market value of all final goods and services produced in a year In Calculation of GNP, intermediate goods are not considered. Further non productive transactions like purely financial transactions or transfer payments (old age pensions, relief payments, interest payment on the public debt) are also excluded GNP - GDP + Net factor income from abroad (X-M) X = exports   Read More


India - A Mixed Economy

INDIA : A MIXED ECONOMY The Indian Economy is a mixed economy. It has acquired this form with the growth of a large public sector since Independence Even before Independence, India has a fairy important public sector , the most important component of which was the Railway system In India , the second Five year plan summed up the objectives of the planned development in the phase 'socialist pattern of society' implying that Read More


First, Oldest, Largest Bank in India

THE FIRST, THE OLDEST, THE LARGEST AND THE BIGGEST BANK IN INDIA The first bank in India to be given an ISO certification Canara Bank     The first bank in Northern India to get ISO 9002 certification for their selected branches Punjab and Sindh Bank     The first Indian bank to have been star Read More


NATIONALIZED BANK

NATIONALIZED BANK : RESERVE BANK OF INDIA Headquarter - Mumbai . Governor - Dr. Raghu Ram Ranjan. Function - Formulates, Implements & Monitors the monetary policy. Regulates & Supervise the Financial System, Regulates & Supervise the Payment Systems, Manage the Foreign Exchange, Issue Currency, Promotes National Objectives. Short term loans to government under ways & means advances, Inspection : Onsight thru CAMELS Read More





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