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VERY IMPORTANT TOPIC FOR RBI GRADE B 2019 EXAM



Transition from Libor to Sonia 




The FCA has advised that LIBOR (the London Interbank Offered Rate) will end in 2021 and are encouraging the adoption of SONIA (the Sterling Overnight Index Average) as the alternative interest rate benchmark.

By some estimates, LIBOR determines rates on $350 trillion of financial products worldwide, so moving away from it is clearly a big change. Key businesses and functions that will be affected include commercial lending, retail banking and wealth management.



What is LIBOR?


LIBOR has been the UK’s standard benchmark interest rate for corporate lending, leasing and residential loans since the mid1980s, and has been adopted globally; set by a panel of international member banks, many financial institutions, mortgage lenders and credit card agencies set their own rates relative to it.

LIBOR is currently determined by the ICE Benchmark Administration (IBA), which consults with a panel of banks to obtain estimates of the current costs of borrowing. Using this information, the IBA is able to provide a forward looking rate which is used to calculate interest rates on loans.



Why are we moving away from LIBOR?


Confidence in LIBOR has dropped due to the reliance on panel banks setting fair and accurate estimates of the cost of lending, which may not reflect the true market position and could be at risk of manipulation (the 2012 LIBOR rigging scandal often being quoted).

Despite recent reforms to LIBOR, the FCA considers that the lack of underlying transaction data means that the validity of the opinion based submissions of panel banks remains questionable. In June 2019, the Bank of England (BOE) and the FCA jointly hosted a panel-based titled “Last Orders: Calling Time on LIBOR.” LIBOR isn’t being eliminated however, and technically could still be available after 2021, but regulators will no longer force or encourage banks to continue supporting the benchmark after that date.  The FCA has asked banks to voluntarily sustain LIBOR until 2021.



What is the alternative to LIBOR?


Whereas LIBOR was adopted globally, market developments suggest the transition is now towards different countries applying their own local reference rate. In the U.S., there is SOFR (Secured Overnight Financing Rate), Japan has TONA (Tokyo Overnight Average) and the European Bank has developed the Euro Short-Term Rate (ESTER).  In April 2017, the Bank of England’s Working Group on Sterling Risk-Free Reference Rates adopted the SONIA benchmark as their preferred RFR and since then has been working with the FCA on how to transition to using SONIA across British Sterling markets, with a mandate to encourage a broad-based transition to using SONIA in bond, loan and derivatives markets.


SONIA, the Sterling Overnight Index Average, is the effective interest rate paid by banks for unsecured transactions taking place “overnight” (in off-market hours) in the British Sterling market. It is “risk free” or “nearly risk-free” and doesn’t factor in any credit risk taken by lenders.  The advantage of SONIA is that it does not rely on submissions made by panel banks but is instead based on a weighted average of actual overnight funding on the wholesale money markets. SONIA is therefore much more in tune with actual market conditions. Regulators anticipate that the switch from LIBOR to SONIA will create more predictability in the UK debt market.

Challenges for Borrowers / Lenders

The main challenge with SONIA is that it is a “backward looking” screen rate (as are SOFRA,  TONA and the others). Interest calculated using SONIA is only known once the rate has been applied. Furthermore, because it is an overnight rate this means it changes on a daily basis. Loan agreements using SONIA cannot set a fixed interest rate across the term of the loan (e.g. 3, 6 or 12 months). The loss of cash flow visibility will be a challenge for Borrowers.  Also, using SONIA it may be more difficult for borrowers to prepay principal or refinance mid period, since calculations cannot be carried out in advance of the prepayment being made. Lenders will also need to factor in their credit risk if using SONIA.


In an attempt to resolve the above the Bank of England Working Group has held public consultations  on the possibility of introducing a Term SONIA Reference Rate (TSRR) which could potentially be tested in 2019. If TSRR is adopted it will go a long way to maintaining the structure of the current drafting in current contracts and allow the final rate to be known in advance of repayment dates from the outset of each interest accrual period.  However, its introduction is not a certainty at this juncture.

Action Points for Borrowers and Lenders

Whilst we anticipate LIBOR is unlikely to be widely used as a reference rate from the end of 2021, exactly how this will play out in the market is still uncertain, and we will continue to monitor the situation.

To best prepare for the transition we would advise Borrowers and Lenders to review their existing lending documentation. Well drafted contracts should include fall-back provisions specifying an alternative rate for when LIBOR becomes unavailable. Such provisions might say, for example, that if LIBOR is unavailable, the rate last used will continue unchanged. Whilst this may be acceptable in the short term, a party losing out on an unfavourable interest rate may seek to re-negotiate whilst the gaining party will want to retain existing terms. Borrowers should liaise with their bank relationship managers to discuss further.

Banks and other corporates with significant LIBOR exposure should start preparing for the change if they haven’t already done so, including contract analysis.  It might also be reasonable to assume that month end processing and reconciliation will be more time consuming and complicated for Lenders and Borrowers alike, so this should be factored in to planning, as well as the potential for tax implications.


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RBI Grade B Admit Card Out since long: Anyone Left can have Direct Link to Download Admit Card over here:  https://www.toprankers.com/exams/rbi-grade-b-admit-card/ 

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The best telegram channel for free study materials for RBI GRADE B , SEBI GRADE A , NABARD GRADE A and B Preparation:

https://t.me/crackgradeb


RBI GRADE B GOVERNMENT SCHEMES: https://drive.google.com/file/d/15HnubkL4mB_R5AV74nrOvEyjJR065HaL/view?usp=drivesdk 


RBI GRADE B STUDY MATERIALS

https://drive.google.com/open?id=1AeZluoZw-nmA1q3Bz4czV6XbBSHqvqsf

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ixambee rbi grade b (phase 1&2 till selection) only at 5000 call whasap 9643097569

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Question no. 26-30 are to be answered based on the Paragraph:

Bushra Nazir from Jammu and Kashmir, shares "I am from a poor family. I wanted to do a job to support my family. But I was not able to find a way out. One day, a team of Mass Infotech Society visited my area and approached many youth including me for skill development training programme. They informed that they have started a job-linked skill development programme under "GoI" Scheme in our area, which gave me a ray of hope". After completing my studies up to class 12th, I was not able to study further because of financial problems. I was losing my hopes and enthusiasm. When a team of Mass Infotech Society visited our area and gave us the details of the scheme, I decided to join the skill development programme without any delay. I visited the Mass Infotech Centre at Bohri Kadal, Srinagar and got further details regarding the program. Considering my capabilities, the organization informed me about Banking & Accounting Trade. I was also informed that I would get training on soft skills, IT and personality development in addition. I joined the programme and did my training. It was a new experience for me. I enjoyed the training by participating in many activities. In classes I learned many things related to my sector. The classes on soft skills, computers and personality development helped me in grooming myself. After the training, the organization has helped me to get a job as an Accountant at Digital Computer Institute with monthly salary of Rs. 12300. Before this job, my family suffered a lot as my father was the only bread earner. I am very thankful to Ministry & Mass Infotech Society as they have taken up such a useful programme for economic empowerment of poor minorities. I wish this programme continues in Jammu and Kashmir which would provide a better option to the unemployed youth.

Q.26 Which of the following scheme has been referred in the above paragraph:

a.  Nai Udaan Scheme

b.  Seekho aur Kamao

c.  Nai Roshni

d.  Nai Manzil

Q.27 The referred scheme is implemented by which of the following ministry:

a.  MoWCD

b.  MoSJ&E

c.  MoRD

d.  MoMA

Q.28 The referred scheme is a Central Sector scheme implemented since …..for skill development of minorities:

a.  2013-14

b.  2004-05

c.  2010-11

d.  2016-17

Q.29 The scheme will be implemented for the benefit of the 6 (Six) notified minority communities under National Commission for Minorities Act 1992, which of the following is not a minority community

a.  Muslims

b.  Christians

c.  Sikhs

d.  Buddhists

e.  Bhil

Q.30 Which of the following is not true about the scheme:

a.  Minimum 33% seats will be reserved for minority girl/ women candidates in programme.

b.  Priority will be given to organizations who would guarantee 75% overall placement percentage and out of that at least 50% placement should be in organized sector.

c.  The trainee should be between 14-45 years of age.

d.  The minimum qualification of trainee should be at least Class10th.

if you are able to answer the questions as given below then you are well prepared otherwise you need to work hard.

 Questions are being asked on similar pattern in RBI GRADE B Phase II.

NABARD GRADE A and B 2019 results

Congratulations to all selected candidates

2 final selection out of 8 in NABARD GRADE B 

6 final selection out of 41 in NABARD GRADE A

While only 10 students appeared in interview.

And approx 60 subcribers for our NABARD Courses as we launched the courses little late.

 70% -80% questions were covered in our study materials in NABARD exams and this was the best performance by any online platform.

Visit www.crackgradeb.com to subscribe the best and most economical courses.

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Question no. 26-30 are to be answered based on the Paragraph:

Bushra Nazir from Jammu and Kashmir, shares "I am from a poor family. I wanted to do a job to support my family. But I was not able to find a way out. One day, a team of Mass Infotech Society visited my area and approached many youth including me for skill development training programme. They informed that they have started a job-linked skill development programme under "GoI" Scheme in our area, which gave me a ray of hope". After completing my studies up to class 12th, I was not able to study further because of financial problems. I was losing my hopes and enthusiasm. When a team of Mass Infotech Society visited our area and gave us the details of the scheme, I decided to join the skill development programme without any delay. I visited the Mass Infotech Centre at Bohri Kadal, Srinagar and got further details regarding the program. Considering my capabilities, the organization informed me about Banking & Accounting Trade. I was also informed that I would get training on soft skills, IT and personality development in addition. I joined the programme and did my training. It was a new experience for me. I enjoyed the training by participating in many activities. In classes I learned many things related to my sector. The classes on soft skills, computers and personality development helped me in grooming myself. After the training, the organization has helped me to get a job as an Accountant at Digital Computer Institute with monthly salary of Rs. 12300. Before this job, my family suffered a lot as my father was the only bread earner. I am very thankful to Ministry & Mass Infotech Society as they have taken up such a useful programme for economic empowerment of poor minorities. I wish this programme continues in Jammu and Kashmir which would provide a better option to the unemployed youth.

Q.26 Which of the following scheme has been referred in the above paragraph:

a.  Nai Udaan Scheme

b.  Seekho aur Kamao

c.  Nai Roshni

d.  Nai Manzil

Q.27 The referred scheme is implemented by which of the following ministry:

a.  MoWCD

b.  MoSJ&E

c.  MoRD

d.  MoMA

Q.28 The referred scheme is a Central Sector scheme implemented since …..for skill development of minorities:

a.  2013-14

b.  2004-05

c.  2010-11

d.  2016-17

Q.29 The scheme will be implemented for the benefit of the 6 (Six) notified minority communities under National Commission for Minorities Act 1992, which of the following is not a minority community

a.  Muslims

b.  Christians

c.  Sikhs

d.  Buddhists

e.  Bhil

Q.30 Which of the following is not true about the scheme:

a.  Minimum 33% seats will be reserved for minority girl/ women candidates in programme.

b.  Priority will be given to organizations who would guarantee 75% overall placement percentage and out of that at least 50% placement should be in organized sector.

c.  The trainee should be between 14-45 years of age.

d.  The minimum qualification of trainee should be at least Class10th.

if you are able to answer the questions as given below then you are well prepared otherwise you need to work hard.

 Questions are being asked on similar pattern in RBI GRADE B Phase II.

NABARD GRADE A and B 2019 results

Congratulations to all selected candidates

2 final selection out of 8 in NABARD GRADE B 

6 final selection out of 41 in NABARD GRADE A

While only 10 students appeared in interview.

And approx 60 subcribers for our NABARD Courses as we launched the courses little late.

 70% -80% questions were covered in our study materials in NABARD exams and this was the best performance by any online platform.

Visit www.crackgradeb.com to subscribe the best and most economical courses.

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New scheme for exporters: NIRVIK 

Export Credit Guarantee Corporation of India (ECGC) has introduced ‘NIRVIK’ scheme to ease the lending process and enhance loan availability for exporters.

  • The details of the scheme were shared by Union Minister of Commerce and Industry and Railways, Piyush Goyal on September 16, 2019, during a press conference.
  • The scheme was announced by the Finance Minister Nirmala Sitharaman on September 14 as a part of measures to boost exports.

Details

  • The Export Credit Guarantee Corporation of India (ECGC) currently provides credit guarantee of up to 60 percent loss.
  • The new Export Credit Insurance Scheme (ECIS) which has been named the NIRVIK scheme will raise the insurance cover guarantee to 90 percent coverage of the principal and interest.
  • Half of the insurance cover will be provided within 30 days.
  • The insurance cover will include both pre and post-shipment credit whereas in the present system two different documents are issued by the ECGC for both.
  • Under the ‘NIRVIK’ scheme, gems, jewelry and diamond(GJD) sector borrowers with a limit of over Rs 80 crore will have a higher premium rate in comparison to the non-GJD sector borrowers of this category due to the higher loss ratio.
  • The scheme is being introduced for a period of 5-years and when the time period is over, the standard ECGC covers will be made available to the Banks with its regular features.
  • For accounts with limits below Rs 80 crore, the premium rates will be set at 60 per annum and for those exceeding Rs80 crore, the rates will be fixed at  0.72 per annum for the same enhanced cover.
  • The inspection would be waived for up to ₹10 crore. But the inspection of bank documents and records by ECGC officials is mandatory in case of losses of more than Rs.10 crore as against the present Rs 1crore.

  •  www.facebook.com/groups/rbi.grade.b.prelim.main 
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