How do banks create money?(in simple terms) #creditcreation
Copy kiya hai BA se ...if its a prob then plz inform
My turn came around 2.30 pm. There were 25 candidates. Interview panel consisted of 5 members including
1 female member.
Me: (Knocked door twice, Peep inside and took permission to enter) "Good Afternoon Maam, Good afternoon Sir"
Panel- Good Afternoon
M1- Morning se abhi Ek MBA Candidate mila hai, (Another Panelist corrected him that there were 2 MBA girls)
Me- Sir, not only BBA+MBA but I have done my 11th and 12th in commerce, then BBA ,MBA and now I have submitted My Phd Summery.
M2- It Seems like we got a package here?
M1- What is your Phd Topic?
Me- Sir, Its Emotional Intelligence (Told them detail topic)
M1- Why people spend 10-15 lakhs on MBA? Marwadi people they don't do MBA course but they are performing good in businesses.
Me:- Sir, doing MBA gives us exposure to different knowledge. Industrial visits, live projects,
Lectures from Industry people and Rich Academic content improves personality of a student and also enhance confidence level. Sir,Regarding marwadis , Education grooms a person so as live field
experience. And Marwadi community people they have the rich experience of second part.
M1- That's true.
M2-How will you utilize your experience in Bank?
Me- Sir, I have groomed my communication skills, Confidence and emotionally I am tough. All this
skills are basic requirement of service industry. I understand people better, I can cater them banking
services, efficiently .
M2- Mr. Rohit Sell us Saving Bank account of your XYZ bank?
Me: Good afternoon Maam, Good Afternoon Sir, My Name is Rohit and I am from XYZ bank , Today I am going to give you information regarding a Saving Account product . You must be thinking that every other bank have saving accounts and rate of interests are also almost same then why XYZ bank?, Let me tell you, We are different , because we provide quality services and take care of our customer's convenience. We provide privileged services to our customers. Be our customer and I assure you will always cherish this decision of yours.
F1: Quality Service?I came to your bank yesterday, my father is admitted in ABC hospital and I was in hurry, I asked help there in your bank, nobody attained my query, the guard was so rude, that I felt like to punch him. I think you are lying here in front of us about your quality services?
Me- I apologize on behalf of my bank and I personally will take care of your query and rectify the
mistakes happened yesterday. Maam every bank goes through ups and down moments, I guess you have experienced the down side yesterday. I request you to not make judgment on yesterdays experience about my bank, please give us one more chance.
F5- (Smiled) Ok.
M2- Don't you feel that leaving your job was a wrong decision of yours? you can earn better in faculty job?
Me: Sir, I have spent 5 years in Teaching job , but the nature of job was contractual, and let me
tell you the blind side of Teaching Fraternity , if one wants to have permanent job then he is asked to
pay.
M1-(Intrupting me) - 12-15 Lacs ,, I know ,I know.
Me: Sir , my experience and my skills are not for sale and paying bribe is against my principles.
M2: Who helped you in past 6-7 months
Me: Sir, My father, brother my family, everyone helped me in past 6-7 months financially as well as
mentally.
M3: Tell me about your family?
Me: Sir I live in a joint family with my Parents, Brother, Sister in law , My wife and my daughter.
M3: Tell me about your father?
Me- Sir ,My father is a retired banker, he was with SBI. He joined SBI as clerk and retired from the
post of District Co-ordinator, He is a hard worker and he has groomed us in the same way. His life is
like a parameter to me and I want to prove myself to him.
M2: Why don't you try in Pvt Banks? Did you try earlier?
Me: No Sir , I haven't tried in Pvt bank, I feel it is not my cup of tea.
M2- Why?
Me: Sir, I search for safety and security in a job and Honor, governor of RBI, Mr Raghuram Rajan ,last year in one interview told that recession is going to strike in Indian Economy soon.In pvt banks there is a tendency of laying off people. Sir, I want a safe and secured future for my daughter so I didn't apply for Pvt bank job.
M2: Mr Rohit let me ask you concluding question, where do you see yourself after 20 years
Me: Sir, I don't know in which bank I am going to land up, so it would be tough to tell exactly on
which designation I will be working after 20 years, but yes, one thing is sure sir, u will find me
learning something at that time also.
M2: Mr Rohit, I see you in the post of GM after 20 years, thank you.
Rohit: Thank you sir. Thank you Madam
Interview experience I went into the panel with lots of things dumped in my mind,Banking, Economy, Important people etc. I had a look of today's Hindu paper as well. VENUE: Andhra Bank, gachibowli, telangana. DAY: 19 Jan, 830am, Panel 6 Doc verification: They are very friendly not that much strict, if you have all documents that's well and good... I'm the 4th person to enter into the panel... Me:may I come in Sir.. I wished lady first and den rest of panel members M1: yes come have seat... What is your name.. Me: answered M1: your qualification and where ? Me: masters of technology from national institute of technology warangal.. M1: So rajeev u have done masters that to in a reputed institute u didn't get placed..? Me: Sir, the companies which visited our college for recruitment are software companies which I'm not that much interested. I love to work on hardware (embedded). M1: But 80% of electronics students will work in software companies right? Me: Yes sir.. M1: you didn't get in your core that's why you shifted to banking ? Me : (thinking in my mind ohh godd I'm in danger let's divert him) Sir, apart from this which attracted me more is schemes introduced by bjp govt. M1: Then he asked me tell me some schemes. Me: (offo....!) Pmjdy,pjsy,pjjby.... Blah blah blahh M1: tell some thing about pmjdy Me: told( looks satisfied) M1: tell some thing about pjjby Me: told( looks satisfied) M1: have you heard about gold schemes recently introduced.. Me: I said yes Sir and explained... ( iam thinking dey are satisfied) M2: what is financial inclusion? Me: told M2: financial inclusion was not their before? Me: yes sir, it was but now a days I has been exposed more... M3: so, your from electronics background tell me electronics component's? Me: resistor,capacitor,opamp,transistor,diode blah blah blah.... M4: (lady) tell me some thing about your family? Me: told... M4: is this your first exam? Me: no mam actually I missed SBI po by two marks and ibps banking by 1.25 marks, and worked hard for ibps po for 1month and i was able make it thru.since I was doing my masters I was very difficult to manage both academics and preparation any how I managed to prepare one topic a day From two years. M1: OK rajeev u can leave. Me: I thanked all of them... They didn't asked much in banking, since they wr telling me ur mtech Ur mtech I was bit disappointed ... Whether they recommend mtech people to banking :-( . What might be the possible reason of not asking anything related banking?? I know its difficult to judge how it was by reading this post because marks are dependent on several factors like Ur way of communication , eye contact ,body language etc But just tell me is it good r bad r average?
Hai..is any one there who completed interview at Andhra bank zonal office guntur...if yes, plzzz share experience
GK Update - New Crop Insurance Scheme Launched
Dear Readers,
The government's newly-launched crop insurance scheme was recently in the news and could be important for your exams.
The NDA Government launched the Pradhan Mantri Fasal Bima Yojana on January 13, 2016 in order to provide affordable insurance coverage to support farmers in case of crop failures. As per the scheme, there will be new rebated premium rates on the principal amount insured. In this article, we will look at the background, key features and possible challenges of this scheme.
Background
· The programme is a remodelled version of the Comprehensive Crop Insurance Scheme (1985), which was later replaced by National Agricultural Insurance Scheme.
· This programme is much needed because the earlier scheme did not cover all possible risks. Though the premium rates were not much different than the ones proposed under the new scheme, the coverage was capped i.e. it enabled farmers to only recover a small percentage of their losses.
· Due to bad monsoon, India is facing drought for the second consecutive year and this is the government's attempt to protect farmers from possible losses.
Key Features
· The total budget allotted for its implementation is Rs.17,600 crores.
· The premium paid by farmers will be significantly lowered - 1.5% on rabi crops, 2% on kharif crops and 5 % on commercial or horticultural crops. There will also be a reduction in delays and leakages in payments of compensation through direct transfers into farmers' bank accounts.
· The insurance plan will cover half of India's cropped area in the next three years, rising from the current level of 23%. To achieve this, the centre has significantly boosted the crop insurance budget from Rs.2,823 crore in 2015-16 to Rs.7,750 crore in 2018-19.
· The Agriculture Ministry has stated that the premium rates are nominal, and the government is contributing five times the premium paid by the farmer. To make the farmers fully insured, the government will pay the balance premium.
· Unlike the previous plans wherein farmers did not get the full amount during claim settlement, the PMFBY will ensure that the government bears the cost, regardless of how high the premium is. The government liability on premium subsidy will be equally split between the Centre and states.
· No cap will be placed on premium rates in order to ensure that farmers receive a higher claim against the full insured amount. Thus, the farmers' bank accounts will be settled for at least 25% of the likely claim.
· The scheme will also cover for local-level calamities like landslides and hail storms. It will also insure farmers if they are unable to sow crops due to unfavourable weather. Other factors covered include post-harvest losses and localised risks like inundation.
· One insurance company will be set up for the whole state, which will carry out loss assessment for localised risks and post-harvest losses. The plan will be implemented by private insurance firms, in collaboration with the Agriculture Insurance Company of India Ltd.
· A major improvement in the new plan would be the use of advanced technological methods like remote sensing to make accurate and quicker estimations of yields and losses.
Some Possible Challenges
· Volatility has significantly affected farm output because of sudden climate changes. This often leads to lower yields or destruction of crops, owing to factors like excessive rainfall, and the burden ultimately falls on the banks.
· The presence of financial frauds is another problem. To conduct checks of fair and unfair practices will again consume time and resources from the concerned parties, including banks.
· The insurance companies associated with this scheme will have similar challenges. While their level of business will increase substantially, their profit percentage could be affected due to the payouts.
· An important factor would be awareness; farmers will have to be well-informed about the design of this scheme. To achieve this, two things are crucial: (i) simple layout, and (ii) properly constructed outreach programmes to promote awareness.
· The scheme does not consider the distinction between small and large farmers, and thus, the need to reach out to small farmers has not been addressed properly.
· Insurance companies will have to develop a functional and well-planned structure to be ready for possible transactions as the amounts involved will be substantial in volume.
· To minimise the overall risks, access to comprehensive weather data is pivotal. As the Indian Meteorological Department does not have enough of this data, a collaboration between IMD and private bodies is needed so that all the concerned parties can be better prepared.
These are the major points to be remembered about the Pradhan Mantri Fasal Bima Yojana. If you can understand these well, you can easily answer questions pertaining to this.
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I Have a problem .
My obc certificate has resolution of Delhi Government but in notification only Government of India resolution are there. I checked central list of obc, my caste is in list. So will this suffice or should I go with a affidavit
seniors please guide
Everyone is literally trying to cram all the questions that have been asked till now(me too).My doubt is that do they really repeat questions ????
Interview experience United bank of india 19th Jan2016.panel six Me: May I come in? M1:yes yes..come in.. take your seat Me: wished them individually. There were actually five of them.only one lady M1: introduce yourself Me: blah blah..blah... M1:First two questions were out of blue... Me: sorry sir dont know M1: what is the function of bank? ? Me: answered well.i think i satisfied them M1: were u preparing for banks after your post graduation ( with cheeky smile by that fellow) Me:replied with the same cheeky smile and yeah answer too M1: why didn't u prepare after your graduation only ? Me: not aware at that time. M1: name the bank with highest saving interest? Me: answered but he followed up with its headquarter ( my brain locked its function) M1: what is CASA? Me: answered M1: low or high casa which is good for banks?? Me: answered M1:What is RRB? Me: answered M1:Who looks after RRB? Me: answered M1: full form of NABARD and when it was established? Me: answerd M1: how can I transfer money to your account ? Me: internet banking ( in the mean time m2 askd me is their any other method) Me: Neft and rtgs ( m2 shook his head in acceptance and smile) M1: difference between both? Me : answered M1: gestures other interviewers to chip in M3 ( Who was to the left most side of mine looked very religious had a long beard) tell me the difference between net profit and gross profit Me: answered but got little confused M3: what is demat account? Me: answered M2: ( she looked very gentle and kind) Tell me about the economic activity of your state? Me: answered tourism agriculture and horticulture M2: what type of crops? Me: answered M2:What is it famous for in horticulture? Me: answered ..she seemed satisfied M4: tell me some famous personality from your state? Me: answerd ( with details) Both of us had a smile ( me and interviewer) Finally they started to stare at each other and the middle fellow..M1 : thankyou you can go now. Me: thanked all personally and went out of room I don't know how well did it go..what u puys say??
Experience from Coimbatore, IOB, panel 3, 1pm I'm 3rd in my panel Verification delayed due to lunch Interview There wer 3 males and a female Qus Tell something about u china economic crises, how it affect india, Then some drama about my driving license validity ( might be a psychological test ), CRR, SLR, nomination in banks(don't kno), source of income for banks- i answrd interests. They want more, i said dont know have u taken any loan- i said agri loan. What they asked in Banks to give loan- land documents as securities Are u paying dues correctly- yes Ok thank you u can go😭😭 I startd my intro with english During china's econimic crises i bluffed a lot and asked the panel shall i explain in local lang(tamil). They said ok. And rest of the interview followed in tamil It lasted only 7-8 mins ( for my pervious candidates too). I bluffed a lot. Hoping for the best. Hope my experience helps you guys too. All d best to everyone giving interviews in coming days
What is JLM(Joint lender forum)?
What is MCLR?? (Marginal cost of fund based lending rate)
Interview done by my friend who is working in a psb as a clerk and here is the result: Centre Gurgaon ; They asked good healthy questions not so difficult.
Q1. What is repo rate?
Q2. Why banking after Btech (Common question)?
Q3, Tell me wat u know abt CBS of ur bank?
Q4, Current CRR and SLR rate ? Why RBI decides monetary policy?
Q5, How to handle illiterate customers in ur bank if they do n't obey u?
Q6. If u will be posted at a rural area where no electricity is thr then how ll u manage?
Q7. How to increase saving and current account holders apart from campaigning ?
Q8. What r d daring challenges u have faced in ur life which has given u boost... elaborate one.
Q9. Where u want to see urself after 25 years ?
His ans- as a GM of a psb. They all smiled....
Thank you Nikhil u can leave now wishing u all d best..............
He answered all with little bit nervousness but still happy with his interview. Wishing him all d luck.
Is it compulsory to wear tie? Please answer friends
I selected for po interview. I wrongly filled my %86 but mine 81. Is it any problem at the time of interview???
My interview experience. Venue: IOB Chennai regional office Time: 1 pm Pamel: III I was the person before last to be called. So it was almost 5:10 pm when they called me. The only banking question they asked was the functions of a bank. Rest were all general questions like family and what I did in college. Since I have an science background instead of engineering, they asked like why should I hire you. I then replied that degree and what we study doesn't matter. It's the stuff that we do in college that matters. Then I went on to talk about all the extra curricular activities that I participated at college. Community development, clubs etc I also told I'm strong in academics. They asked about family and then why banking after computer science. There were three males and one female. Only one male did most of the questioning. Then they asked whether I was ready to move or work anywhere. The whole thing lasted for about 8 minutes. After all the preparation (mainly on awareness) I was simply shocked with this interview. It turns out that students from other panels too weren't asked technical questions. Go for the interview with a calm and clear mind. Don't panic. That's where trouble starts. BTW does anyone when the results would come?
and here goes the story of 'myth and hype'( spread by some malicious people belonging here and ought to be put behind the bar)..I have heard a lot about the documentation which is often fabricated...just believe me guys The people in there are so cooperative and amiable..you don't need to worry about the documentation..they even let it go if you have some innocuous mistakes like you've changed your name or slightly changed your marks in grad...etc
i mentioned 28 july as date of passing graduation while its 27 july..will there b any problem during document verification?
Any interview experience from agra ????? mine is on 22 jan
any one here who has given I-view in dehradun?
For working ppl NOC is mandatory or not ...??