IBPS PO Preparation 2019

Bank PO IBPS PO 2018
3740

  What are the Open Market Operations (OMOs)?

OMOs are the market operations conducted by the Reserve Bank of India by way of sale/ purchase of Government securities to/ from the market with an objective to adjust the rupee liquidity conditions in the market on a durable basis. When the RBI feels there is excess liquidity in the market, it resorts to sale of securities thereby sucking out the rupee liquidity. Similarly, when the liquidity conditions are tight, the RBI will buy securities from the market, thereby releasing liquidity into the market.

   What is meant by buyback of Government securities?

Buyback of Government securities is a process whereby the Government of India and State Governments buy back their existing securities from the holders. The objectives of buyback can be reduction of cost (by buying back high coupon securities), reduction in the number of outstanding securities and improving liquidity in the Government securities market (by buying back illiquid securities) and infusion of liquidity in the system. 

  What is Liquidity Adjustment Facility (LAF)?LAF is a facility extended by the Reserve Bank of India to the scheduled commercial banks (excluding RRBs) and primary dealers to avail of liquidity in case of requirement or park excess funds with the RBI in case of excess liquidity on an overnight basis against the collateral of Government securities including State Government securities. Basically LAF enables liquidity management on a day to day basis. The operations of LAF are conducted by way of repurchase agreements (repos and reverse repos) with RBI being the counter-party to all the transactions. The interest rate in LAF is fixed by the RBI from time to time. LAF is an important tool of monetary policy and enables RBI to transmit interest rate signals to the market. 

  How does the trading in Government securities take place?

 There is an active secondary market in Government securities.  The securities can be bought / sold in the secondary market either (i) Over the Counter (OTC) or (ii) through the Negotiated Dealing System (NDS) or (iii) the Negotiated Dealing System-Order Matching (NDS-OM). 

  What is the role of the Clearing Corporation of India Limited (CCIL)?

The CCIL is the clearing agency for Government securities. It acts as a Central Counter Party (CCP) for all transactions in Government securities by interposing itself between two counterparties. In effect, during settlement, the CCP becomes the seller to the buyer and buyer to the seller of the actual transaction.

 What is the relationship between yield and price of a bond?

If interest rates or market yields rise, the price of a bond falls. Conversely, if interest rates or market yields decline, the price of the bond rises. In other words, the yield of a bond is inversely related to its price. 

 What is Money Market?

 While the Government securities market generally caters to the investors with a long term investment horizon, the money market provides investment avenues of short term tenor. Money market transactions are generally used for funding the transactions in other markets including Government securities market and meeting short term liquidity mismatches. By definition, money market is for a maximum tenor of up to one year. Within the one year, depending upon the tenors, money market is classified into:i. Overnight market -  The tenor of transactions is one working day.
ii. Notice money market – The tenor of the transactions is from 2 days to 14 days.
Iii. Term money market – The tenor of the transactions is from 15 days to one year.

What are the different money market instruments?

 Money market instruments include call money, repos, Treasury bills, Commercial Paper, Certificate of Deposit and Collateralized Borrowing and Lending Obligations (CBLO). 

 Call money market

 Call money market is a market for uncollateralized lending and borrowing of funds. This market is predominantly overnight and is open for participation only to scheduled commercial banks and the primary dealers.

Repo market

Repo or ready forward contact is an instrument for borrowing funds by selling securities with an agreement to repurchase the said securities on a mutually agreed future date at an agreed price which includes interest for the funds borrowed.

 The reverse of the repo transaction is called ‘reverse repo’ which is lending of funds against buying of securities with an agreement to resell the said securities on a mutually agreed future date at an agreed price which includes interest for the funds lent. 

 

 The money market is regulated by the Reserve Bank of India. All the above mentioned money market transactions should be reported on the electronic platform called the Negotiated Dealing System (NDS). 

 Collateralised Borrowing and Lending Obligation (CBLO)

 CBLO is another money market instrument operated by the Clearing Corporation of India Ltd. (CCIL), for the benefit of the entities who have either no access to the inter bank call money market or have restricted access in terms of ceiling on call borrowing and lending transactions. CBLO is a discounted instrument available in electronic book entry form for the maturity period ranging from one day to ninety days (up to one year as per RBI guidelines). In order to enable the market participants to borrow and lend funds, CCIL provides the Dealing System through Indian Financial Network (INFINET), a closed user group to the Members of the Negotiated Dealing System (NDS) who maintain Current account with RBI and through Internet for other entities who do not maintain Current account with RBI. 

3741

IBPS PO Mains Scores PM Free  40.375 and PM-1  54.5      please share yours for the same....??????????

3742

 Commercial Paper (CP)

Commercial Paper (CP) is an unsecured money market instrument issued in the form of a promissory note. Corporates, primary dealers (PDs) and the all-India financial institutions (FIs) that have been permitted to raise short-term resources under the umbrella limit fixed by the Reserve Bank of India are eligible to issue CP. CP can be issued for maturities between a minimum of 7 days and a maximum up to one year from the date of issue. 

 Certificate of Deposit (CD)

 Certificate of Deposit (CD) is a negotiable money market instrument and issued in dematerialised form or as a Usance Promissory Note, for funds deposited at a bank or other eligible financial institution for a specified time period. Banks can issue CDs for maturities from 7 days to one a year whereas eligible FIs can issue for maturities 1 year to 3 years. 


3743

SBI mains ke time kisi bhale insaan ne share kia tha. Simple Trick to Remember International Organizations Headquarters A) Remember terms "[ W_O & I_O ]"--- GENEVA, SWITZERLAND ================================================ If any organization starts with "WORLD / INTERNATIONAL & ends with ORGANIZATION their headquarters in Geneva,Switzerland.. [ W_O]-----------1)WORLD Intellectual Property ORGANIZATION [ WIPO ]2)WORLD Health ORGANIZATION [ WHO ]3)WORLD Meteorological ORGANIZATION [ WMO ]4)WORLD Trade ORGANIZATION [ WTO ][I_O]--[ Except IMO ]5)INTERNATIONAL Labour ORGANIZATION [ ILO ]6)INTERNATIONAL Committee for Red Cross ORGANIZATION [ ICRCO ]7)INTERNATIONAL Standardization ORGANIZATION [ ISO ]8) United Nation Conference on Trade And Development [UNCTAD]Remember term I AM COMMON man in---LONDON=========================================9) I for International Maritime Organization [ IMO ]10) AM for AMnesty International11)COMMON WEALTH of Nations12)COMMON WEALTH Telecommunication OrganisationC) WASHINGTON DC=================If Any Organisation related to International Money Monetary Organisation their Headquarters in WASHINGTON DC We have Two International Money Monetary Organisations they are IMF & WB13) International Monetary Fund [ IMF ]14) World Bank [ WB ]D) Remember term INDUSTRIES like ATOMIC & PETROLEUM---VIENNA AUSTRIA======================================================If any organization related to Industrial Development like Atomic & Petroleum their headquarter in Vienna, Austria They are15)United Nations INDUSTRIAL Development Organization [ UNIDO ]16)International ATOMIC Energy Agency [ IAEA ]17)Organization of the PETROLEUM Exporting Countries [ OPEC ]E) Remember term UN CHILD EMERGENCY in NEWYORK============================================18) UNITED NATION Organization [ UNO ]19) UNITED NATION International CHILDREN EMERGENCY Fund [ UNICEF ]F) Remember term ECONOMIC & EDUCATIONAL in PARIS============================================If any organization related to Economic & Educational their headquarter in PARIS20) Organization for ECONOMIC Co-Operation Development [ OECD ]21) United Nations EDUCATIONAL, Scientific and Cultural Organization [ UNESCO ]G)SINGLE HEADQUARTER ORGANIZATIONS===================================22) ASIAN Development Bank [ ADB ]--MANila, Philippines [ ASIAN MANila ]23 ) Association of South East Nations [ ASEAN ]-- JAKarta, Indonesia [ ACE JACK ] --Remember Playing cards24) FOOD Agriculture Organisation [ FAO ]--Rome, ITALY [ FOOD IDLY ]25) International COURT of JUSTICE-- The HAGUE, Netherlands [ Remember COURT given JUSTICE HANGUE ]26) South Asian Association For Regional Cooperation [ SAARC ]--Khatmandu, Nepal..

3744

  What is an Infrastructure Debt Fund (IDF)?

Ans : IDFs are investment vehicles which can be sponsored by commercial banks and NBFCs in India in which domestic/offshore institutional investors, specially insurance and pension funds can invest through units and bonds issued by the IDFs. IDFs would essentially act as vehicles for refinancing existing debt of infrastructure companies, thereby creating fresh headroom for banks to lend to fresh infrastructure projects. 

 Who can sponsor IDF-MFs and IDF-NBFCs?

Ans : IDF-MFs can be sponsored by banks and NBFCs. Only banks and Infrastructure Finance companies can sponsor IDF-NBFCs.

 What does “sponsorship” mean?

Ans : “Sponsorship” means an equity participation by the NBFC between 30 to 49% of the IDF. 

 What are the eligibility parameters for NBFCs as sponsors of IDF-MF?

Ans : NBFCs desirous of sponsoring IDF-MFs are required to comply with the following requirements :

  • The NBFC should have a minimum Net Owned Funds (NOF) of Rs.300 crore; and Capital to Risk Weighted Assets (CRAR) of 15%;
  • its net NPAs should be less than 3% of net advances;
  • it should have been in existence for at least 5 years;
  • it should be earning profits for the last three years and its performance should be satisfactory;

 What are the eligibility / entry point norms for an IDF-NBFC?

Ans : The following are the entry point norms for IDF-NBFC :

  • Minimum Net Owned Funds (NOF) of Rs. 300 crore;
  • Capital to Risk Weighted Assets (CRAR) of 15%;
  • Net NPAs less than 3% of net advances;
  • It should have been in existence for at least 5 years before application:
  • It should have been profitable in the last three years;
  • its performance should be satisfactory and free from supervisory concerns;
  • It shall have at the minimum, a credit rating grade of 'A' of CRISIL or equivalent rating issued by other accredited rating agencies such as FITCH, CARE, BRICKWORK and ICRA.

  How will IDF- NBFCs and IDF-MFs raise resources?

Ans : IDF-NBFCs will raise resources through issue of either Rupee or Dollar denominated bonds of minimum 5 year maturity. IDF-MFs will raise resources through issue of units of MFs. 


3745

guys,for rbi assitant, can we also apply for a state we dont belong to if i am proficient in that state's language?

3746

  What is a Non-Banking Financial Company (NBFC)?

A Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956 engaged in the business of loans and advances, acquisition of shares/stocks/bonds/debentures/securities issued by Government or local authority or other marketable securities of a like nature, leasing, hire-purchase, insurance business, chit business but does not include any institution whose principal business is that of agriculture activity, industrial activity, purchase or sale of any goods (other than securities) or providing any services and sale/purchase/construction of immovable property.  

 NBFCs are doing functions similar to banks. What is difference between banks & NBFCs?

NBFCs lend and make investments and hence their activities are akin to that of banks; however there are a few differences as given below:i. NBFC cannot accept demand deposits;ii. NBFCs do not form part of the payment and settlement system and cannot issue cheques drawn on itself;iii. deposit insurance facility of Deposit Insurance and Credit Guarantee Corporation is not available to depositors of NBFCs, unlike in case of banks. 

 What are the requirements for registration with RBI?

A company incorporated under the Companies Act, 1956 and desirous of commencing business of non-banking financial institution as defined under Section 45 I(a) of the RBI Act, 1934 should comply with the following:i. it should be a company registered under Section 3 of the companies Act, 1956ii. It should have a minimum net owned fund of ₹ 200 lakh. (The minimum net owned fund (NOF) required for specialized NBFCs like NBFC-MFIs, NBFC-Factors, CICs is indicated separately in the FAQs on specialized NBFCs) 

 What are systemically important NBFCs?

NBFCs whose asset size is of ₹ 500 cr or more as per last audited balance sheet are considered as systemically important NBFCs. The rationale for such classification is that the activities of such NBFCs will have a bearing on the financial stability of the overall economy. 

 Does the Reserve Bank regulate all financial companies?

No. Housing Finance Companies, Merchant Banking Companies, Stock Exchanges, Companies engaged in the business of stock-broking/sub-broking, Venture Capital Fund Companies, Nidhi Companies, Insurance companies and Chit Fund Companies are NBFCs but they have been exempted from the requirement of registration under Section 45-IA of the RBI Act, 1934 subject to certain conditions.Housing Finance Companies are regulated by National Housing Bank, Merchant Banker/Venture Capital Fund Company/stock-exchanges/stock brokers/sub-brokers are regulated by Securities and Exchange Board of India, and Insurance companies are regulated by Insurance Regulatory and Development Authority. Similarly, Chit Fund Companies are regulated by the respective State Governments and Nidhi Companies are regulated by Ministry of Corporate Affairs, Government of India. Companies that do financial business but are regulated by other regulators are given specific exemption by the Reserve Bank from its regulatory requirements for avoiding duality of regulation.  Core Investment Companies with asset size of less than ₹ 100 crore, and those with asset size of ₹ 100 crore and above but not accessing public funds are exempted from registration with the RBI. 

 Please explain the terms ‘owned fund’ and ‘net owned fund’ in relation to NBFCs?

‘Owned Fund’ means aggregate of the paid-up equity capital, preference shares which are compulsorily convertible into equity, free reserves, balance in share premium account and capital reserves representing surplus arising out of sale proceeds of asset, excluding reserves created by revaluation of asset, after deducting therefrom accumulated balance of loss, deferred revenue expenditure and other intangible assets. 'Net Owned Fund' is the amount as arrived at above, minus the amount of investments of such company in shares of its subsidiaries, companies in the same group and all other NBFCs and the book value of debentures, bonds, outstanding loans and advances including hire purchase and lease finance made to and deposits with subsidiaries and companies in the same group, to the extent it exceeds 10% of the owned fund.

  Can all NBFCs accept deposits? Is there any ceiling on acceptance of Public Deposits? What is the rate of interest and period of deposit which NBFCs can accept?

All NBFCs are not entitled to accept public deposits. Only those NBFCs to which the Bank had given a specific authorisation and have an investment grade rating are allowed to accept/ hold public deposits to a limit of 1.5 times of its Net Owned Funds. All existing unrated AFCs that have been allowed to accept deposits shall have to get themselves rated by March 31, 2016. Those AFCs that do not get an investment grade rating by March 31, 2016, will not be allowed to renew existing or accept fresh deposits thereafter. In the intervening period, i.e. till March 31, 2016, unrated AFCs or those with a sub-investment grade rating can only renew existing deposits on maturity, and not accept fresh deposits, till they obtain an investment grade rating.However, as a matter of public policy, Reserve Bank has decided that only banks should be allowed to accept public deposits and as such has since 1997 not issued any Certificate of Registration (CoR) to new NBFCs for acceptance of public deposits.Presently, the maximum rate of interest an NBFC can offer is 12.5%. The interest may be paid or compounded at rests not shorter than monthly rests. The NBFCs are allowed to accept/renew public deposits for a minimum period of 12 months and maximum period of 60 months. They cannot accept deposits repayable on demand.  

  Whether NBFCs can accept deposits from NRIs?Effective from April 24, 2004, NBFCs cannot accept deposits from NRIs except deposits by debit to NRO account of NRI provided such amount does not represent inward remittance or transfer from NRE/FCNR (B) account. However, the existing NRI deposits can be renewed. 

 Does RBI guarantee the repayment of the deposits collected by NBFCs?

No. The Reserve Bank does not guarantee repayment of deposits by NBFCs even though they may be authorized to collect deposits. As such, investors and depositors should take informed decisions while placing deposit with an NBFC.

 Is there an Ombudsman for hearing complaints against NBFCs or Does RBI have any grievance redressal mechanism in place for NBFCs?

No, there is no Ombudsman for hearing complaints against NBFCs. However, in respect of credit card operations of an NBFC, which is a subsidiary of a bank, if a complainant does not get satisfactory response from the NBFC within a maximum period of thirty (30) days from the date of lodging the complaint, the customer will have the option to approach the Office of the concerned Banking Ombudsman for redressal of his grievance/s.  

  Who rates deposit taking NBFCs for acceptance of deposit?

NBFCs may get itself rated by any of the six rating agencies namely, CRISIL, CARE, ICRA, FITCH Ratings India Pvt. Ltd, Brickwork Ratings India Pvt. Ltd. and SMERA. 


3747

  Collective Investment Schemes (CIS) and Chit Funds


 Are Collective Investment Schemes (CIS) regulated by the Reserve Bank of India?

No. CIS are schemes where money is exchanged for units, be it time share in resorts, profit from sale of wood or profits from the developed commercial plots and buildings and so on. Collective Investment Schemes (CIS) do not fall under the regulatory purview of the Reserve Bank.

 Which is the authority that regulates Collective Investment Schemes (CIS)?SEBI is the regulator of CIS. Information on such schemes and grievances against the promoters may be immediately forwarded to SEBI as well as to the EOW/Police Department of the State Government. 

  Is the conducting of Chit Fund business permissible under law?

The chit funds are governed by Chit Funds Act, 1982 which is a Central Act administered by state governments. Those chit funds which are registered under this Act can legally carry on chit fund business. 


3748

  What is a convertible Note? 

Answer: A Convertible Note is an instrument issued by a start-up company evidencing receipt of money initially as debt, which is repayable at the option of the holder, or which is convertible into such number of equity shares of such startup company, within a period not exceeding five years from the date of issue of the convertible note.

  Which are the sectors where foreign investment is prohibited?

 Answer: Foreign investment is prohibited in the following sectors: i. Lottery Business including Government / private lottery, online lotteries, etc. ii. Gambling and Betting including casinos etc. iii. Chit funds iv. Nidhi company v. Trading in Transferable Development Rights (TDRs) vi. Real Estate Business or Construction of Farm Houses vii. Manufacturing of Cigars, cheroots, cigarillos and cigarettes, of tobacco or of tobacco substitutes viii. Activities / sectors not open to private sector investment e.g. (I) Atomic energy and (II) Railway operations. 

 Are the investments and profits earned in India repatriable?

 Answer: All foreign investments are repatriable (net of applicable taxes) except in cases where the investment is made or held on non-repatriation basis or where the sectoral condition specifically mentions non-repatriation. Further, dividends/ profits (net of applicable taxes), on foreign investments, being current income can be remitted outside India through an Authorised Dealer bank.  

Can a foreigner set up a partnership/ proprietorship concern in India? Answer: Only NRIs are allowed to set up partnership/ proprietorship concerns in India on non-repatriation basis. 


 Foreign Portfolio Investment 

 What are the regulations regarding Portfolio Investments by registered Foreign Portfolio Investors (FPIs)?

 Answer: Investment by FPI registered in accordance with SEBI guidelines including deemed RFPI [erstwhile FII) is permitted. Investment by individual FPIs should be less than 10 per cent of the paid up capital of the Indian company on a fully diluted basis. The aggregate investment by FPIs should not exceed 24 per cent of the paid up capital of an Indian Company on a fully diluted basis. The aggregate limit of 24 percent can be increased by the Indian company concerned up to the sectoral cap/ statutory ceiling, as applicable, with the approval of its Board of Directors and its General Body through a resolution and a special resolution, respectively. 

 What are the regulations regarding Portfolio Investments by NRIs? Answer: Non- Resident Indian (NRIs) can purchase or sell FDI compliant instruments of Indian companies on the Stock Exchanges under the Portfolio Investment Scheme. For this purpose, the NRI has to apply to a designated branch of a bank, which deals in Portfolio Investment. All sale/ purchase transactions are to be routed through the designated branch. An NRI can purchase shares up to 5 per cent of the paid up capital of an Indian company on a fully diluted basis. All NRIs taken together cannot purchase more than 10 per cent of the paid up value of the company. The aggregate limit of 10 percent can be increased by the Indian company concerned up to 24 percent, with the approval of its Board of Directors and its General Body through a resolution and a special resolution, respectively.   

3749

  RUPEE DENOMINATED BONDS OVERSEAS

  Who can issue? 

Any corporate (entity registered as a company under the Companies Act, 1956/ 2013) or body corporate (entity specially created out of a specific act of the Parliament) and Indian banks are eligible to issue Rupee denominated bonds overseas. Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) coming under the regulatory jurisdiction of the Securities and Exchange Board of India (SEBI) are also eligible. Other resident entities like Limited Liability Partnerships and Partnership firms, etc. are also not eligible to issue these bonds. 

 Where can these bonds be issued?

 The Rupee denominated bonds can only be issued in a country and can only be subscribed by a resident of a country: · that is a member of Financial Action Task Force (FATF) or a member of a FATF-Style Regional body; and · whose securities market regulator is a signatory to the International Organization of Securities Commission's (IOSCO’s) Multilateral Memorandum of Understanding (Appendix A Signatories) or a signatory to bilateral Memorandum of Understanding with the SEBI for information sharing arrangements; and · should not be a country identified in the public statement of the FATF as: (i) A jurisdiction having a strategic Anti-Money Laundering or Combating the Financing of Terrorism deficiencies to which counter measures apply; or (ii) A jurisdiction that has not made sufficient progress in addressing the deficiencies or has not committed to an action plan developed with the Financial Action Task Force to address the deficiencies.

  What would be the minimum maturity of such bonds?

 The minimum maturity period for Masala Bonds raised up to USD 50 million equivalent in INR per financial year should be 3 years and for bonds raised above USD 50 million equivalent in INR per financial year should be 5 years. In case the subscription to the bonds/ redemption of the bonds is in tranches, minimum average maturity period should be 3/5 years, as mentioned above.  Whether the Rupee bonds can provide option for prepayment to the issuer? 

The bonds cannot have any optionality clause for prepayment before completing applicable maturity. 

 Can bonds be placed privately?

 Yes, the bonds can either be placed privately or listed on exchanges as per host country regulations.

  Is there any ceiling on the all-in-cost of such bonds? 

The all-in-cost ceiling for such bonds will be 300 basis points over the prevailing yield of the Government of India securities of corresponding maturity.  

3750

hey guys this year ibps clerk comes out to be of moderate or difficult level

3751

   What is Cheque Truncation?

 Truncation is the process of stopping the flow of the physical cheque issued by a drawer at some point by the presenting bank en-route to the paying bank branch. In its place an electronic image of the cheque is transmitted to the paying branch through the clearing house, along with relevant information like data on the MICR band, date of presentation, presenting bank, etc. 

   What type of instruments can be presented for clearing through CTS?

 It is preferable to present instruments complying with CTS-2010 standards for clearing through CTS for faster realisation. Instruments not complying with CTS-2010 standards will continue be accepted but will be cleared at less frequent intervals i.e. once a week(every Monday).  

  If a customer desires to see the physical cheque issued by him for any reason, what are the options available?

 Under CTS the physical cheques are retained at the presenting bank and do not move to the paying banks. In case a customer desires, banks can provide images of cheques duly certified/authenticated. In case, however, a customer desires to see / get the physical cheque, it would need to be sourced from the presenting bank, for which a request has to be made to his/her bank. An element of cost / charge may also be involved for the purpose. To meet legal requirements, the presenting banks which truncate the cheques need to preserve the physical instruments for a period of 10 years.  

3752

   What are White Label ATMs (WLAs)?

 Ans : ATMs set up, owned and operated by non-banks are called White Label ATMs. Non-bank ATM operators are authorized under Payment & Settlement Systems Act, 2007 by the Reserve Bank of India.

  What is the difference between ATM and WLA (White Label ATM)?

 Ans : i) In White Label ATM scenario, logo displayed on ATM machine and in ATM premises pertain to WLA Operator instead of a bank. However, for a customer, using WLA is just like using the ATM of other bank (bank other than card issuing bank). ii) Acceptance of cash deposits at the WLAs is not permitted at present. 

 What type of cards can be used at an ATM/WLA?

 Ans: The ATM/ATM cum debit cards, credit cards and open prepaid cards (that permit cash withdrawal) issued by banks can be used at ATMs/WLAs for various transactions.  

What are the services/facilities available at ATMs/WLAs?

 Ans: In addition to cash dispensing, ATMs/WLAs may offer many other services/facilities to bank customers. 

Some of these services include: 

· Account Information

 · Cash Deposit (Acceptance of deposits are not permitted at WLAs)

 · Regular Bills Payment (not permitted at WLAs)

 · Purchase of Re-load Vouchers for Mobiles (not permitted at WLAs)

 · Mini/Short Statement 

· PIN change

 · Request for Cheque Book

  Are customers entitled to any free transactions at ATMs? 

Ans: Yes. With effect from November 01, 2014, a bank must offer to its savings bank account holders a minimum number of free transactions at ATMs as under:

 I. Transactions at a bank’s own ATMs at any location: Banks their savings bank account holders a minimum of five free transactions (including both financial and non-financial) in a month, irrespective of the location of ATMs. 

II. Transactions at any other banks’ ATMs at Metro locations: In case of ATMs located in six metro locations, viz. Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad, banks their savings bank account holders a minimum of three free transactions (including both financial and non-financial transactions) in a month. 

III. Transactions at any other banks’ ATMs at Non-Metro locations: At other locations, banks the savings bank account holders a minimum of five free transactions (including both financial and non-financial transactions) in a month at other bank ATMs. RBI has mandated only the minimum number of free transactions at ATMs. Banks may offer more number of transactions free of cost to their customers. The above does not apply to Basic Savings Bank Deposit Accounts (BSBDA) as withdrawals from BSBDA are subject to the conditions associated with such accounts.  In case a bank decides to levy charges, the customer can be charged a maximum of Rs. 20/- per transaction (plus service tax, if any) by his/her bank. 

 Is there any time limit for the card issuing banks for recrediting the customers account for a failed ATM/WLA transaction? 

Ans: As per the RBI instructions, banks have been mandated to resolve customer complaints by re-crediting the customer’s account within 7 working days from the date of complaint. 

 Are the customers eligible for compensation for delays beyond 7 working days? 

Ans: Yes. Effective from July 1, 2011, banks have to pay compensation of Rs. 100/- per day for delays in re-crediting the amount beyond 7 working days from the date of receipt of complaint for failed ATM transactions. The compensation has to be credited to the account of the customer without any claim being made by the customer. If the complaint is not lodged within 30 days of transaction, the customer is not entitled for any compensation for delay in resolving his / her complaint.  

3753

Static GA Compilation (Not an exhaustive list)- 

https://drive.google.com/open?id=1vL4IsrCZNuOkxO4EszRN78znbuZxXZE0

3754

heard that ibps prelims marks are out.....kitna cut off gya hai? 

3755

Pm ke mocks mein analysis mein kis question ko kitna time diya hai n kaunsa question kitne marks ka hai.. nai pata lag sakta kya?

3756

IBPS clerk in town vs 5k more salary job in city. What would you prefer?

3757

Who qualified ibps po.......rise ur hand

3758

My story is an autobiography of which cricketer

  • Daniel vettory
  • Chris crains
  • Chris adams
  • Michael Clarke
  • Ricky ponting

0 voters

3759

who regulate fdi in india?