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General Awareness- Banking- Important Points

1-The selling of life assurance and other insurance products and services by banking institution is known as Bancassurance.

2-The time limit for an asset or loan to be declared as Non-Performing Asset is 90 days.

3-A Non-performing asset (NPA) is defined as a credit facility in respect of which the interest and/or installment of Bond finance principal has remained ‘past due’ for a specified period of time. Once the borrower has failed to make interest or principle payments for 90 days the loan is considered to be a
non-performing asset.

4- The loan limit for education under priority sector for studies abroad is 20 lakh.

5-Foreign exchange Reserves in India are kept in the custody of Reserve Bank of India.

6-Usha Thorat is heading the committee to evaluate applications received for the proposed small finance banks that was constituted by the RBI in 2014.

7-The Employees Provident Fund Organisation (EPFO) increased the life insurance cover of its subscribers from 3.6 lakh to 6 lakh.The Employees Provident Fund Organisation
(EPFO) on 16 September 2015 increased the life insurance cover of its subscribers from 3.6 lakh to 6 lakh rupees. About 40 million contributing members of the EPFO will be benefitted from the decision taken at the 208th CBT meeting in Hyderabad.

8-Union Government has launched a seven pronged plan called Indradhanush Mission to revamp functioning of public sector banks (PSBs). It was launched by Union Finance Minister Arun Jaitley in New Delhi.The seven shades of Indradhanush mission include (i) appointments, (ii) Bank Board Bureau (BBB), (iii) capitalisation (iv) de-stressing PSBs, (v) empowerment, (vi) framework of accountability and (vii) governance reforms.

9-Commercial Paper (CP) can be issued in denominations of Rs.5 lakh or multiples thereof. Commercial Paper (CP) is an unsecured money market instrument issued in the form of a promissory note.

10- Simply click a card launched by SBI special for ‘Online Shopping’.

11- The Reserve Bank of India (RBI) recently, designated State Bank of India (SBI) and ICICI Bank Ltd, the country’s two largest lenders, as Domestic Systemically Important Banks (D-SIBs). The banks have been named Domestic Systemically Important Banks (D-SIBs), with SBI falling in bucket three while ICICI Bank is in bucket one.

12-Loans to individuals for educational purposes including vocational courses up to Rs.10 lakh for studies in India and Rs. 20 lakh for studies abroad are included under priority sector.

13- FATCA- Foreign Account Tax Compliance Act

14- D – SIBs- Domestic Systemically Important Banks

15-The SARFAESI Act 2002 empowers Banks / Financial Institutions to recover their non-performing assets (bad loans) without the intervention of the Court.

16-SARFAESI- The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002

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