o The first banknote issued by independent India wa the one rupee note issued in 1949
o KYS is an acronym for Know Your Customer a term used for customer identification process.
o KYC has two components- Identity and address
o Commercial Paper(CP) is an unsecured money market instrument issued in the form of a promissory note
o Commercial Paper(CP) was introduced in India in 1990.
o Corporates, primary dealers and the all India Financial institutions are eligible to issue CP
o Commercial Paper(CP) can be issued for maturities between a minimum of 7 Days and a maximum of upto 1 year from the date of issue.
o Commercial Paper(CP) can be issued in denominations of Rs 5 lakh or multiples thereof.
o Every issuer must appoint an issuing and payment agent for issuance of CP.
o A term deposit is a contract between the bank and the customer for a definite term and it cannot be paid prematurely at the bank’s option. Banks have the freedom to determine their own penal rates of interest for premature withdrawal of term deposits
o Base rate system has replaced the erstwhile Benchmark Prime lending rate system with effect from July 2010
o RTGS stands for REAL TIME GROSS SETTLEMENT
o The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is Rs 2 Lakh. There is no upper ceiling for RTGS transactions
o NEFT – NATIONAL ELECTRONIC FUNDS TRANSFER is a nation – wide payment system facilitating one to one funds transfer.
o There is no limit- either minimum or maximum- on the amount of funds that could be transferred using NEFT.
o IFSC or INDIANFINANCIAL SYSTEM CODE is an alpha-numeric code that uniquely identifies a bank branch participating in the NEFT system
o ECS- Electronic Clearing System is an electronic mode of payment/receipt for transactions that are repetitive and periodic in nature
o MICR – MAGNETIC INK CHARACTER RECONGNITION is a 9 digit code to identify the location of the bank branch; the first 3 characters represent the city, next 3 the bank and lat 3 the branch
o The first bank in India to be given an ISO certification is CANARA Bank
o The First Indian bank to have been started solely with Indian capital is PUNJAB NATIONAL BANK
o Cheque Truncation system(CTS) is the process of stopping the flow of the physical cheque issued by a drawer at some point with the presenting bank en-route to the drawee bank branch.
o The FULL FORM of CORE in Core banking Solution is Centralized Online Realtime Exchange
o Inflation in India is measured on gross domestic product(GDP)
o Central Government levies taxes on income(except income on agriculture which by state govt.) , customs duties, central excise and service tax.
o VAT, stamp duty, state excise, land revenue and profession tax are levied by state government
o Allahabad Bank is the oldest public sector bank in India
o Divideneds are profits the company distributes to shareholders
o Bankruptcy is a legal action in which a person who is not able to repay his loans satisfactorily is declared bankrupt by a court order
o Indian Stock market has three mainstream stock exchanges- BSE, NSE and MCX-SX
o KYS is an acronym for Know Your Customer a term used for customer identification process.
o KYC has two components- Identity and address
o Commercial Paper(CP) is an unsecured money market instrument issued in the form of a promissory note
o Commercial Paper(CP) was introduced in India in 1990.
o Corporates, primary dealers and the all India Financial institutions are eligible to issue CP
o Commercial Paper(CP) can be issued for maturities between a minimum of 7 Days and a maximum of upto 1 year from the date of issue.
o Commercial Paper(CP) can be issued in denominations of Rs 5 lakh or multiples thereof.
o Every issuer must appoint an issuing and payment agent for issuance of CP.
o A term deposit is a contract between the bank and the customer for a definite term and it cannot be paid prematurely at the bank’s option. Banks have the freedom to determine their own penal rates of interest for premature withdrawal of term deposits
o Base rate system has replaced the erstwhile Benchmark Prime lending rate system with effect from July 2010
o RTGS stands for REAL TIME GROSS SETTLEMENT
o The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is Rs 2 Lakh. There is no upper ceiling for RTGS transactions
o NEFT – NATIONAL ELECTRONIC FUNDS TRANSFER is a nation – wide payment system facilitating one to one funds transfer.
o There is no limit- either minimum or maximum- on the amount of funds that could be transferred using NEFT.
o IFSC or INDIANFINANCIAL SYSTEM CODE is an alpha-numeric code that uniquely identifies a bank branch participating in the NEFT system
o ECS- Electronic Clearing System is an electronic mode of payment/receipt for transactions that are repetitive and periodic in nature
o MICR – MAGNETIC INK CHARACTER RECONGNITION is a 9 digit code to identify the location of the bank branch; the first 3 characters represent the city, next 3 the bank and lat 3 the branch
o The first bank in India to be given an ISO certification is CANARA Bank
o The First Indian bank to have been started solely with Indian capital is PUNJAB NATIONAL BANK
o Cheque Truncation system(CTS) is the process of stopping the flow of the physical cheque issued by a drawer at some point with the presenting bank en-route to the drawee bank branch.
o The FULL FORM of CORE in Core banking Solution is Centralized Online Realtime Exchange
o Inflation in India is measured on gross domestic product(GDP)
o Central Government levies taxes on income(except income on agriculture which by state govt.) , customs duties, central excise and service tax.
o VAT, stamp duty, state excise, land revenue and profession tax are levied by state government
o Allahabad Bank is the oldest public sector bank in India
o Divideneds are profits the company distributes to shareholders
o Bankruptcy is a legal action in which a person who is not able to repay his loans satisfactorily is declared bankrupt by a court order
o Indian Stock market has three mainstream stock exchanges- BSE, NSE and MCX-SX
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