pm rbi aasist free mock test
score 75.75
RANK 11/3777
REASONING 35
QUANT 26.5
ENGLISH 14..25 ( 9 WRONG) WHATS YOURS.
guys kya ibps clerk exam(RBI assistant, Indian bank po,etc) mai rough sheet mai exam start hone se phele hi likh skte hai?
Which is better (Please mention the reason if you can)
- Syndicate Bank PO
- Indian Bank PO
0 voters
Guys !!! BOM fat gaya .. CHECK OUT !!!
i have meet with some of my friend who were sure of there accuracy in ibps po mains but get unexpecte low marks, is there anything that Ibps deduct some marks from everyone, mostly this happens in computer and gk part
- no
- yes
0 voters
Suppose in ibps po interview there is one tricky question what should be your reply:
Question: Ok, so you have heard about Mr. Arvind Panagariya,who took charge as first chairman of NITI Aayog, do you think Mr. Arvind is correct person for the job?
Please reply through your comments.
Best video for
How to face interview of bank po, clerk, ibps, cwe, ssc, railway?
Selected guys attempts in bom pls
Dear all puys there is one common doubt to every aspirant before interview that for any question how much you should reply if it is analytical question or require explaination.
Example can be: Ok so tell me what are the challanges in front of banks in this era of demonetization apart from NPA.
Answer to above question can be very elaborative or specific it depends on your interview panel.
Suppose Panel is asking you this again and again that Ok Mr/Miss any thing else you want to say ,
It signifies that he/she is not satisfied and want to hear more from you regarding that particular question so reply accordingly.
I hope this will be of some use for the fellow puys.
Bank personal interview questions and answers:
Tell me something about yourself?
Generally this is the first question which is put up in front of the candidate appearing in the interview. To answer this, the candidate must tell his name, place of residence and his current work or educational degree along with a very brief note on his family-father, mother and siblings. He/she can also tell about his father or mother’s occupation. Some key points to note here are:-
He must know the meaning of his name and specific reference with his name if any. For ex:- a boy named “Prashant” was asked about the geographical connection of his name i.e. Prashant Mahasagar or Pacific Ocean.
The answer should be precise and questions like- if your father is a teacher then why do you want to become a banker? can come up from your answer to the first question. Be prepared with the answers to these expected questions.
Because this is the first question so the candidate must give a short and effective answer. You might be nervous at the beginning but remember to keep a smile on your face.
Where have you come from and what is famous in your city?
The candidate must tell about his place of living- city and state. If the board further asks about any specifications, then name of the district etc. should be told. He/she must tell about the famous things of his place. For ex:- a candidate from Lucknow may tell about Imambara, chicken clothes, “tehzeeb” of Lucknow etc. The key things to deal this question effectively are:-
- The candidate must know about the local MLA and MP from his area. If any renowned personality belongs to that area, you should be aware of the details.
- He must have full knowledge about that place, its history, famous monuments, personalities, rivers, at times even number of railway stations in the city etc., also about the politics of that state-CM and ruling party and all other nitty gritties of his place.
For ex: - A candidate from Ghazipur, U.P. was asked about cultivation of “Poppy seeds” as Ghazipur is famous for cultivation of poppy seeds.
- At times, questions about local politics are also put forward like a candidate, from Amethi was asked about the electoral battle between Rahul Gandhi and Kumar Vishwas form Amethi.
- A good answer to such questions leaves a very positive impact on the board as it demonstrates your awareness about the surroundings and the fact that you are well prepared puts you ahead of others.
Why do you want to join the banking industry?
To answer this question, you can say something like –“I want to join this industry because it can provide me a stable career with good growth prospects. It is one of the fastest growing sectors of the nation and provides great career opportunities.
There could be many other reasons for you wanting to join the bank industry for e.g. it is an honest organization, good working conditions, chances to directly interact with public etc. The choice of reason could be anything that suits you as a person.
This is a very commonly asked question and you must be prepared to answer it.
Please tell us about your strength and weaknesses?
Here, the answers vary from candidate to candidate. But the strength and weakness should be such that they match up to or are in synchronization with the personality of the candidate. For ex:- If a candidate says that his strength is is general awareness while in reality he possesses least knowledge of current affairs - cross questioning can easily unveil him and could actually land him in trouble. Some key things to answer this question effectively are:-
- Try to put forward a strength which is useful in the banking sector. For ex: - good communication skills, adjustable etc. The strength should bring about a positive aspect of your personality in front of the board.
- This is a question from which you can actually turn the interview in your favour. For ex:- If you say something like, “I have won many awards in debate competitions so I would think that good oratory skills are my strength.”
- This way I can inform the board about my previous achievements also and can get an advantage over others.
- They may ask how your quality/strength will be helpful to bank. Be prepared with an answer.
- Weakness should not be very negative like short temper, irregular etc. as they leave a bad impression.
- Remember, this question is the golden chance for you to turn the ball in your court. In the answer you must introduce all your unique talent in front of the board. So that the interview enters in your own comfort zone.
After doing B. Sc / B. Tech / MBA / MA why do you want to choose banking? Why not something related with you field of education?
You must give honest and sensible answers to such question. For ex:- A MBA candidate may say that there are hardly good jobs in MBA as of now. Banking is a safe sector providing great employment opportunities. In the answer, you must show your keen interest in joining banking sector and it should not look like you don’t have an option so you are choosing it.
You can also expect some questions from academics. A science stream student may be asked about about Newton’s Law etc. So, you must also prepare the subjects studied by you in the degree.
What are the basic documents a person requires to open an account?
The RBI has advised banks to follow the Know Your Customer (KYC) guidelines where some personal information of the account holder is obtained by the bank. This information includes: - photograph, proof of identity and proof of address. In 2013, AADHAR cards and MNREGA cards are included in KYC papers. Without these documents a person can’t open his account.
Key points:-
- The interviewer might ask whether you have a bank account or not.
- It is preferable to have an account and to know about the process because it will only help you if such questions come up.
What do you understand by the GDP of the country?
The final value of all the goods and services produced under the geographical area of a country is the Gross Domestic Product of that country. GDP is calculated at consumption, investment and exports and imports are subtracted from the sum of these three.
What is a Non -banking Financial Company (NBFC)?
Difference between NBFC and banks?A NBFC is a company registered under the companies act, 1956 which is involved in the business of loans, shares/stocks, etc. Non-banking financial companies are financial institutions that provide banking services, but do not hold a banking license. These institutions are not allowed to take deposits from the public. NBFCs do offer all sorts of banking services, such as loans and credit facilities, retirement planning, money markets, underwriting, and merger activities. The basic difference between bank and NBFC is:-
- They can’t accept demand deposits.
- They are not a part of the payment and settlement system and can’t issue cheques drawn on themselves
- They are not registered in the banking act and don’t have a banking license.
- They don’t have to maintain CRR, SLR or CASA like banks.
What is the difference between nationalized banks and private banks?
A nationalized bank is owned by the govt. of that country and is also known as public sector bank whereas a private sector bank is owned by an independent individual or company.
What are the Non Performing assets of a company?
A NPA is an obligation payable to the bank which has not been made or the interest and principal amount has not been paid on the due time. NPA is the loan or credit provided by the bank to its customers which could not be recovered in due time. Thus NPA is somehow not yielding any income to the lender either in the form of principal or interest payments. NPA is also known as “bad debts”.
NPA is shown at the assets side of the balance sheet whereas deposits are shown at the liability side.
If there is any recent story or news regarding NPA, then revise it thoroughly. For ex:- Recently, xxx bank was marred in loss due to its rising NPA.
What are the various risks that banks face?
Sir, there are mainly three types of risks faced by banks:-
- Credit Risk: - loan or NPA.
- Market Risk: - Money invested in the market.
- Operational risk: - Day-to-Day working risks.
What do you mean by term “CASA” related to bank?
CASA stands for Current Account Savings Account. The CASA ratio shows how much deposit a bank has in the form of current and saving account deposits in the total deposit. A higher CASA ratio means better operating efficiency of the bank because on current account there is no interest payable whereas on savings account a tiny 3.5% interest is payable by the bank. CASA ratio shows how much of the deposit of the bank comes from the current and savings deposit.
What is the difference between cheque and demand draft?
Cheque is a negotiable instrument which is paid to the bearer but a demand draft is a negotiable instrument always payable on order.
What are the parts of banks’ capital?
Bank has following parts of capital:-
- Tier 1 capital: - Paid up capital (core capital) + Reserves (owners or promoters’ fund)
- Tier 2 capital: - Secondary Capital (borrowed funds) + general loss reserves + subordinated term debts + undisclosed reserves (can’t be maintained in India)
- Tier 3 capital: - Same as tier 2 capital but with a higher amount in order to face the market risks of the bank.
Tell us something about BSBDA.
BSBDA stands for Basic Savings Bank deposit account. BSBDA is the new name for “no-frill accounts” under which anyone can open a bank account with even zero balance in it or “zero balance account”. This BSBDA is aimed at providing banking facilities to weaker section of the society and improve financial inclusion. All scheduled commercial banks in India including foreign banks with branches in India have to avail BSBDA. Important:-
- Such accounts are opened with “relaxed KYC norms”.
- Relaxed KYC norms include an affidavit by the Pradhaan or councilor of a village or area confirming about the person concerned.
- In such accounts there are certain restrictions- in a month, 4 withdrawls can be done at a maximum. This includes ATM withdrawls. The amount withdrawn in a month shouldn’t exceed Rs. 10,000 and the balance in the account at anytime shouldn’t exceed Rs. 50,000.
What is the meaning of “base rate”?
Base Rate is the minimum rate of interest which a bank has to charge from its customers and a bank can’t sanction loan on a rate below the base rate. This rate came into effect from July 1 2010. Before Base rate there was Basic Prime Lending Rate or BPLR introduced in 2003. It was replaced with Base Rate because in BPLR banks had an option to loan their special customers below BPLR. Banks may choose any benchmark to decide on the base rate. The exceptions of base rate are:-
- Agriculture loans
- Govt. sponsored schemes
- Staff loans
- Only under the above cases, bank can lend below base rate.
Only under the above cases, bank can lend below base rate.
We hear regularly that all bank branches are turning CBS. What is CBS?
Sir, CBS stands for CORE banking solutions under which the branches of the banks are interconnected with each other through intra net with a central database server. Now, with this facility, a person having an account in a certain branch of the bank can operate from any other branch of the same bank. He need not visit the same branch to operate his account. The CORE word in CBS stands for Centralized Online Realtime Exchange.
What is Para Banking?
Para Banking includes all the services provided by banks apart from day to day banking. For example: - Debit cards, Credit cards, Life Insurance products, Cash Management services etc.
What are the components of the monetary policy of RBI?
The components of monetary policy include CRR, Repo rate, reverse repo rate, SLR, MSF and Bank Rate.
What is priority sector credit?
All Indian banks and foreign banks (which have more than 20 branches in India) are required give 40% of their credit to priority sector out of which 18% is for agriculture. In case of Regional Rural Banks, 60% credit is to be given to priority sector. Priority sector includes- Agriculture, Micro and small enterprise, Education loan (upto 10 lakh for study in India and upto 20 lakhs for study in foreign nations) and housing loan. Priority sector lending is one of the most important part of a bank’s lending and it is devoted towards those sector which are important for public welfare.
What is the difference between Micro finance and micro credit?
Micro credit is giving a small amount of loan to the customers whereas Micro Finance is a wide term. It includes small loan + training on financial matters. In other words, Micro finance= Microcredit + Financial Literacy. What is financial inclusion? - (One of the most important questions).Financial inclusion is the availability of banking services at a affordable cost in order to include the weaker section of the society in the banking system. In 2004, Kofi Annan (UNO Head) was addressing UNESCO conference and the word “Financial Inclusion” was for the first time used by him at that time. In 2006, a committee was made under the chairmanship of Mr. HR Khan for financial inclusion and the report said that 57% of Indian population was deprived of banking facilities.
What are the steps taken by banks to promote financial inclusion?
1. Publicity of banks so that more and more people open the accounts.
2. BSBDA so that poor people can also open their account.
3. People with agriculture land are being provided with Kisan Credit Card.
4. General Purpose Credit card provided to people with no agricultural land where maximum limit of withdrawal is Rs.15,000 and rate of interest is 4%.
5. Ultra small banking and banking correspondents.
CRISIL has made an index to calculate financial inclusion named as “CRISIL INCLUSIX” and in June 2013, there was 40% financial inclusion as per the index.
What is REPO rate and reverse REPO rate?
Repo rate is the rate at which banks borrow from RBI during shortage of funds. This is a short term loan provided for upto 90 days by selling securities to RBI and receiving money in lieu of it. Reverse repo rate is the rate at which banks deposit their excess liquidity with the RBI. In other words, the rate at which RBI borrows from banks by selling securities in order to control excess liquidity in the market is reverse repo rate.
Liquidity Adjustment Facility (LAF) introduced in 2000 has a provision that reverse repo rate will be 1% less than the Repo rate.
What is Bank rate?
It is same as repo rate but here the time period is for more than 90 days.
What is Cash Reserve Ratio (CRR)?
CRR is the part of Net Demand and Time Liabilities (NDTL) or cash of the bank deposited with the RBI. A higher CRR makes loans expensive as liquidity is controlled by RBI. NDTL is the deposits of the customers with the bank. Net demand liabilities are deposits payable on the demand on customer, or when the customer wants. Ex:-current account, savings account. Time liabilities are the deposits which are payable only on a specific time or after a period of maturity. For ex:- Fixed deposits, Recurring Deposits.
What is Statutory Liquidity Ratio (SLR)?
SLR is the amount of NDTL which a bank needs to maintain in the form of cash, gold or govt. securities before providing credit to its customers. Through SLR, RBI makes sure that bank always have a reserve amount out of their deposits to meet any future contingencies
What is Marginal Standing facility (MSF)?
In MSF, banks borrow money from RBI for upto 24 hours. MSF is always 1% above the repo rate and banks can draw only upto 25 of their NDTL from RBI.
What is Term Repo?
Under term repo, RBI lends to banks through auction of funds. The minimum interest charged has to be above the repo rate and there is no limit for maximum interest rate because auction is made on the rate of interest.
What is white label ATM?
It refers to ATMs owned by corporate or private operators seeking to earn a commission by banks for transactions performed by their customers. For ex:- INDICASH by TATA group.
What is brown label ATM?
It refers to the ATMs where investment, installation and maintenance is by a private operator but the license and branding is by a commercial bank.
Tell us something about NABARD and its functions.
NABARD was established by an act of Parliament on 12 July 1976 as National Bank for Agricultural and Rural Development. It is the apex bank to provide rural credit and monitor the RRBs. The main functions of NABARD are:-
- Provide refinance to RRBs and other banks in rural areas for lending.
- Acts as a subsidiary for RRBs and co-operative banks.
It has two subsidiaries:-
- NABFINS:- NABARD financial
- NABCON: - NABARD consultancy.
What is banking ombudsman scheme?
The banking ombudsman scheme is a scheme to listen to customer’s grievances and complaints regarding certain services provided by the bank. It was introduced under the Section 35 A of banking regulation act, 1949 by RBI with effect from 1995 which was later amended and became the banking ombudsman scheme, 2006. Customer can appeal against the decision of ombudsman to deputy governor of RBI. He is the highest authority of appeal. All banks in India are covered under the scheme.
What is the difference between FII and FDI?
FDI or foreign direct investment is an investment that a parent company makes in a foreign country. FII or Foreign Institutional Investor is an investment made by an investor in the markets of a foreign nation. FII can enter the stock market easily and also withdraw from it easily. But FDI cannot enter and exit that easily as FDI only targets a specific sector.
What is the CAD? What is Fiscal deficit?
CAD or current account deficit is the difference between the imports and exports of a nation in one financial year whereas fiscal deficit is the difference between total revenue and expenditure of a nation.
What is inflation and deflation?
Inflation is the increase in the price of goods and services due to more demand and less supply. In inflation, there is more liquidity in market which has to be controlled to reduce the purchasing power of customers. Deflation is the decrease in prices of goods and services due to more supply and very less demand. In deflation, there is lack of liquidity in market which results in very weak purchasing power of people.
What is Capital Adequacy Ratio? What is DEMAT account?
CAR is the proportion of capital to the banks’ risk. DEMAT accounts are those in which shares, securities and insurance policies are kept in electronic form.
Name a few poverty eradication schemes of govt. of India.
Food Security bill, MNREGA, Sarva Shiksha Abhiyaan, Antoday Yojana, JNURRM, Swalamban Yojana, Nirmal Gram Yojana, Rajiv Awas Yojana, Indira Gandhi Pension plan etc. (Also read in detail about these schemes.)
Apart from the questions listed above, the candidate needs to thoroughly read about the latest happenings at the time of his interview. He must read the newspaper of the very day of his interview because there have been many instances where the board asks the news of that day.
He needs to prepare a full note about RBI, and types of banks, functions of RBI, and the latest monetary policy given by RBI etc. and many other banking terms and facts, insurance facilities provided by banks, important bills like food security bill, RTI etc.
Candidate must remember that personal questions are the most important part of the interview as they give you the scope to stand different from others. The key points following the answers are very important. So, bear them in mind and prepare accordingly.
More questions to prepare -
1. What do you know about "Pradhan Mantri Jan Dhan Yojana"?
2. What is MUDRA Bank? Why was it started?
3. What is BANDHAN Bank? How is it different from other public and private banks?
4. Tell us something about ADB? Who are its members?
5. Highlight various skill development schemes recently started in India....
anyone having iterview exp in rrb os 1? plzz share
Are you unemployed?
- yes
- no
0 voters
Ftr a lot f analysis m sure gen cut off vl b 40-43 n obc cut off 37-40...fr ibps po vi
MONETARY POLICY
Monetary policy refers to the use of instruments under the control of the central bank to regulate the availability, cost and use of money and credit.
The Monetary Policy ProcessThe Monetary Policy Committee (MPC) constituted by the Central Government under Section 45ZB determines the policy interest rate required to achieve the inflation target.The Reserve Bank’s Monetary Policy Department (MPD) assists the MPC in formulating the monetary policy. Views of key stakeholders in the economy, and analytical work of the Reserve Bank contribute to the process for arriving at the decision on the policy repo rate.The Financial Market Committee (FMC) meets daily to review the liquidity conditions so as to ensure that the operating target of monetary policy (weighted average lending rate) is kept close to the policy repo rate.
Source: RBI WEBSITE.
Niacl pre result out.. I am in 😄
FREQUENTLY ASKED QUESTIONS
Withdrawal of Legal Tender Character of the old Bank Notes in the denominations of ₹ 500/- and ₹ 1000/- (Updated as on December 22, 2016)(Updated as on December 22, 2016)
1. Why is this scheme introduced?The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the fake notes look similar to genuine notes, even though no security feature has been copied. The fake notes are used for antinational and illegal activities. High denomination notes have been misused by terrorists and for hoarding black money. India remains a cash based economy hence the circulation of Fake Indian Currency Notes continues to be a menace. In order to contain the rising incidence of fake notes and black money, the scheme to withdraw has been introduced.
2. What is this scheme?The legal tender character of the existing bank notes in denominations of ₹ 500 and ₹ 1000 issued by the Reserve bank of India till November 8, 2016 (hereinafter referred to as Specified Bank Notes) stands withdrawn. In consequence thereof these Bank Notes cannot be used for transacting business and/or store of value for future usage. The Specified Bank Notes can be exchanged for value at any of the 19 offices of the Reserve Bank of India and deposited at any of the bank branches of commercial banks/ Regional Rural Banks/ Co-operative banks (only Urban Co-operative Banks and State Co-operative Banks) or at any Head Post Office or Sub-Post Office.District Central Cooperative Banks (DCCBs) can allow their existing customers to withdraw money from their accounts upto ₹ 24,000 per week. No exchange facility against the specified bank notes (₹ 500 and ₹ 1000) or deposit of such notes should be entertained by DCCB’s. The Reserve Bank has accordingly advised all banks to permit withdrawal of cash by DCCBs from their accounts based on need.
3. Does the scheme apply to pre 2005 banknotes of ₹ 500 and ₹ 1000?Yes, specified banknotes (SBN) include pre 2005 banknotes in the denominations of ₹ 500 and ₹ 1000. Banks should accept deposits of pre-2005 bank notes in the denominations of ₹ 500 and ₹ 1000 under the scheme. However, these notes can be exchanged at RBI Offices only
.4. How much value will I get?You will get value for the entire volume of notes tendered at the bank branches / RBI offices.
5. Can I get all in cash?The Scheme does not provide for it, given its objectives. You can use balances in bank accounts to pay for other requirements by cheque or through electronic means of payments such as Internet banking, mobile wallets, IMPS, credit/debit cards etc.
6. Can I get cash in exchange for specified banknotes over the bank counter?No. Over the counter exchange (in cash) of SBNs is not permitted from November 25, 2016. Members of public who approach the banks for over the counter exchange of SBN are encouraged to deposit SBNs into their bank accounts. Banks have been advised to facilitate opening of new accounts for unbanked people.
7. What if I don’t have any bank account?You can always open a bank account by approaching a bank branch with necessary documents required for fulfilling the KYC requirements.
8. What if, if I have only JDY account?A JDY account holder can avail the deposit facility subject to the caps and other laid down limits in accord with norms and procedures.With a view to protect the innocent farmers and rural account holders of PMJDY from activities of money launders and legal consequences under the Benami Property Transaction & Money Laundering laws, it has been decided to place certain limits, as a matter of precaution, on the operations in the PMJDY accounts funded through deposits of Specified Bank Notes (SBNs) after November 09, 2016. As a temporary measure, the banks have been advised that:(1) Fully KYC complaint account holders may be allowed to withdraw ₹ 10,000/- from their account, in a month. The branch managers may allow further withdrawals beyond ₹ 10,000 within the current applicable limits only after ascertaining the genuineness of such withdrawals and duly documenting the same on bank’s record.(2) Limited or Non KYC compliant account holders may be allowed to withdraw ₹ 5,000 per month from the amount deposited through SBNs after November 09, 2016 within the overall ceiling of ₹ 10,000.
9. Where can I go to exchange the notes?The exchange facility has been stopped at bank branches with effect from November 25, 2016.
10. Should I go to bank personally for deposit or can I send the notes through my representative?Personal visit to the branch is preferable. In case it is not possible for you to visit the branch you may send your representative with an express mandate i.e. a written authorisation. The representative should produce authority letter and his / her valid identity proof while tendering the notes.In case you want to go to a branch of any other bank where you are not maintaining an account, you will have to furnish valid identity proof and bank account details required for electronic fund transfer to your account.
11. Can I withdraw from ATM?The ATMs are progressively getting recalibrated. As and when they are recalibrated, the cash limit of such ATMs will stand enhanced to ₹ 2500/- per day. This will enable dispensing of lower denomination currency notes for about ₹ 500/- per withdrawal. Other ATMs which are yet to be recalibrated, will continue to dispense ₹ 2000/- till they are recalibrated.Banks have also been advised to increase the Business Correspondents’ limit of dispensing cash to ₹ 2500/- for withdrawal from bank accounts.
12. What will be the levied ATM charges?It has been decided that banks shall waive levy of ATM charges for all transactions (inclusive of both financial and non-financial transactions) by savings bank customers done at their own banks’ ATMs as well as at other banks’ ATMs, irrespective of the number of transactions during the month. This waiver is applicable on transactions done at ATMs from November 10, 2016 till December 30, 2016, subject to review.
13. Does the limit of ₹ 24000 withdrawal apply to withdrawals from bank account of one bank from another bank?These limits are not applicable to cash withdrawal from a bank account by one bank from another bank, Post Office, Money changers operating at International airports and operators of White Label ATMs. The branches maintaining Currency Chests have been advised to accommodate the requests from other branches in their vicinity – linked or otherwise – for supply of cash.
14. Can I withdraw cash against cheque?Yes, you can withdraw cash against withdrawal slip or cheque subject to a weekly limit of ₹ 24000/- (including withdrawals from ATMs and over the counter) from the bank accounts.Business entities having Current Accounts which are operational for last three months or more will be allowed to draw ₹ 50,000/-per week. This can be done in a single transaction or multiple transactions. This facility has been extended to Overdraft and Cash Credit accounts and traders registered with the Agricultural Produce Market Committee (APMC) markets or mandis. Accordingly, holders of current / overdraft / cash credit accounts, which are operational for the last three months or more, may withdraw upto ₹ 50000 in cash, in a week. Such withdrawals may be disbursed predominantly in ₹ 2000 denomination bank notes. This enhanced limit for weekly withdrawal is not applicable for personal overdraft accounts. Farmers are allowed to draw upto ₹ 25000/- per week in cash from their loan (including Kisan Credit Card limit) or deposit accounts subject to their accounts being compliant with the extant KYC norms.
15. Can I withdraw a higher amount for the purpose of my ward’s wedding?With a view to enable members of the public to perform and celebrate weddings of their wards it has been decided to allow a cash withdrawal of maximum ₹ 250000/- from their bank deposit accounts till December 30, 2016 out of the balances at credit in the account as at close of business on November 08, 2016 to meet wedding related expenses. This is subject to the following conditions:i. Withdrawals are permitted only from fully KYC compliant accounts.ii. The amounts can be withdrawn only if the date of marriage is on or before December 30, 2016.iii. Withdrawals can be made by either of the parents or the person getting married. (Only one of them will be permitted to withdraw).iv. Since the amount proposed to be withdrawn is meant to be used for cash disbursements, it has to be established that the persons for whom the payment is proposed to be made do not have a bank account.v. The application for withdrawal shall be accompanied by following documents:
- An application as per the format
- Evidence of the wedding, including the invitation card, copies of receipts for advance payments already made, such as Marriage hall booking, advance payments to caterers, etc.
- A detailed list of persons to whom the cash withdrawn is proposed to be paid, together with a declaration from such persons that they do not have a bank account, where the amount proposed to be paid is ₹ 10,000/- or more. The list should indicate the purpose for which the proposed payments are being made.
Banks may keep a proper record of the evidence and produce them for verification by the authorities in case of need. The scheme will be reviewed based on authenticity/ bona fide use thereof. Yet, banks should encourage families to incur wedding expenses through non-cash means viz. cheques /drafts, credit/debit cards, prepaid cards, mobile transfers, internet banking channels, NEFT/RTGS, etc. Therefore, members of the public should be advised, while granting cash withdrawals, to use cash to meet expenses which have to be met only through cash mode.
16. What is being done for the farmers?Farmers are allowed to draw upto ₹ 25000/- per week in cash from their loan (including Kisan Credit Card limit) or deposit accounts subject to their accounts being compliant with the extant KYC norms. Specified banknotes in the denomination can be used for making payments towards purchase of seeds from the centres, units or outlets belonging to the Central or State Governments, Public Sector Undertakings, National or State Seeds Corporations, Central or State Agricultural Universities and the Indian Council of Agricultural Research, on production of proof of identity.Towards ensuring unhindered farming operations during the Rabi crop season, NABARD would be utilizing its own cash credit limits up to about ₹ 23,000 crore to enable the DCCBs to disburse the required crop loans to PACS and farmers. Banks with currency chests have been advised to ensure adequate cash supply to the DCCBs and RRBs. Adequate cash supply should also be ensured for rural branches of all commercial (including RRBs). Bank branches located in APMCs may also be given adequate cash to facilitate smooth procurement.
17. Can I deposit Specified Bank Notes through ATMs, Cash Deposit Machine, cash Recycler and bank branches multiple times?Yes, Specified Bank Notes can be deposited in Cash Deposits machines / Cash Recyclers or at bank branches more than once till December 30, 2016. At bank branches, customers should use separate pay-in-slips for depositing specified bank notes and other legal tender bank notes.(If a depositor has a mixed bunch of SBN and legal tender notes, he has to segregate them and submit two separate Pay-in slips).
18. Can I make use of electronic (NEFT/RTGS /IMPS/ Internet Banking / Mobile banking etc.) mode?You can use NEFT/RTGS/IMPS/Internet Banking/Mobile Banking or any other electronic/ non-cash mode of payment. In order to meet the transactional needs of the public through digital means, additional measures have been introduce by way of special dispensation for small merchants and enhancement in limits for semi-closed Prepaid Payment Instruments (PPIs).PPIs issuers can issue PPIs to such merchants. While balance in such PPIs cannot exceed ₹ 20,000/- at any point of time, the merchants can transfer funds from such PPIs to their own linked bank accounts upto ₹ 50,000/- per month, without any limit per transaction. Merchants only need to provide a self-declaration in respect of their status and details of their bank account.The limit of semi-closed PPIs issued with minimum details has been enhanced to ₹ 20,000/- from the existing ₹ 10,000/-. The total value of reloads during any given month has also been enhanced to ₹ 20,000/-.Extant instructions for other categories of PPIs remain unchanged. Full KYC PPIs with balance upto ₹ 1,00,000/- can continue to be made available by authorised PPI issuers. The above measures will be effective from November 21, 2016 till December 30, 2016, subject to review.Relaxation in Additional Factor of Authentication (AFA) for payments upto ₹ 2000/- for card network provided authentication solutions has been permitted for the Card Not Present (CNP) transactions. For details please refer RBI DPSS circular dated December 6, 2016.
19. I am right now not in India, what should I do?If you have Specified banknotes in India, you may authorise in writing enabling another person in India to deposit the notes into your bank account. The person so authorised has to come to the bank branch with the Specified banknotes, the authority letter given by you and a valid identity proof (Valid Identity proof is any of the following: Aadhaar Card, Driving License, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff)
20. I am an NRI and hold NRO account, can the exchange value be deposited in my account?Yes, you can deposit the Specified banknotes to your NRO account.
21. I am a foreign tourist, how much Indian currency can I get after the announcement of withdrawal of legal tender status for specified banknotes?Foreign citizens will be permitted to exchange foreign currency up to ₹ 5000 per week. Necessary entry to this effect will be made in their passports.
22. I have emergency needs of cash (hospitalisation, travel, life saving medicines) then what I should do?Exemptions for the use of specified banknotes have been discontinued with effect from December 16, 2016
23. Can I deposit the Specified banknotes to my account?Deposits of Specified bank Notes into all types of deposit/loan accounts of Public Sector Banks/ Private Sector Banks / Foreign Banks/Regional Rural Banks / Urban Cooperative Banks/ State Cooperative Banks is allowed subject to CTR/STR reporting. Certain restrictions have been imposed on deposits of SBNs into non KYC compliant bank accounts as indicated below:Tenders of SBNs in excess of ₹ 5000 into a non KYC compliant bank account will be received for credit only once during the remaining period till December 30, 2016. The credit in such cases shall be afforded only after questioning tenderer, on record, in the presence of at least two officials of the bank, as to why this could not be deposited earlier and receiving a satisfactory explanation. The explanation will be kept on record to facilitate an audit trail at a later stage.Even when tenders smaller than ₹ 5000 are made in a non KYC compliant bank account and such tenders taken together on cumulative basis exceed ₹ 5000 they may be subject to the procedure to be followed in case of tenders above ₹ 5000, with no more tenders being allowed thereafter until December 30, 2016.The above restrictions shall not apply to tenders of SBNs for deposits in KYC compliant account and deposits under the Taxation and Investment Regime for the Pradhan Mantri Garib Kalyan Yojana, 2016The equivalent value of specified bank notes tendered will be credited to an account maintained by the tenderer at any bank in accordance with standard banking procedure and on production of valid proof of Identity.The equivalent value of specified bank notes tendered may be credited to a third party account, provided specific authorisation therefor accorded by the third party is presented to the bank, following standard banking procedure and on production of valid proof of identity of the person actually tendering, as indicated in Annex-5 of our circular DCM (Plg) No.1226/10.27.00/2016-17 dated November 08, 2016Anybody depositing more than ₹ 50,000/- in cash in their bank account has to submit a copy of the PAN card in case the bank account is not seeded with PAN.
24. Can I deposit SBN to Small Savings Scheme?Government of India has decided that subscribers of Small Savings Schemes may not be allowed to deposit SBNs in Small Savings Schemes. Banks have been advised not to accept SBNs for deposits in Small Saving Schemes with immediate effect. However deposits into Post Office Savings account are permitted
25. What is proof of identity?Valid Identity proof is any of the following: Aadhaar Card, Driving License, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff.
26. Where can I get more information on this scheme?Further information is available on our website (www.rbi.org.in) and the website of the Government of India (www.finmin.nic.in)
27. What steps have been taken for queue management?Banks have been advised to make arrangements for separate queues for Senior citizens and Divyang (disabled) persons. Similarly, separate queues should also be arranged for those who come to exchange SBN for cash and those who come to deposit into bank accounts.The last date for submission of the annual life certificate for the government pensioners which is to be submitted in November every year has been extended upto January 15, 2017 to facilitate.The Reserve Bank assures members of the public that enough cash in small denominations is also available at the Reserve Bank and banks. The Reserve Bank urges that public need not be anxious; need not come over to banks repeatedly to draw and hoard; Cash is available when they need it.
SOURCE: RBI WEBSITE
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a mixture of soda and vinegar contains 70% vinegar. in 70litres of such a mixture how many litres of soda is required to increasethe percentage of sode by 50%. can this ques be solved by mixture of allegation method/formula, if yes then how???????
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