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General Awareness- Banking- Economy- Important Points

1-CDR- Corporate Debt Restructuring mechanism is a voluntary nonstatutory mechanism under which financial institutions and banks come together to restructure the debt of companies facing financial difficulties due to internal or external factors, in order to provide timely support to such companies.

2- Top 5 States in ease of doing business from January to June 2015 on the basis of percentage scores in a 98-point reforms agenda. They are Gujarat (71.14%), Andhra Pradesh (70.12%), Jharkhand (63.09%), Chhattisgarh (62.45%) and Madhya Pradesh (62.00%).

3- State Bank of India launched ‘SBI forex’, an internet-based platform that enables customers to book their foreign exchange transactions online.

4- A savings, as well as current account, should be treated as inoperative/dormant if there are no transactions in the account for over a period of 2 years.

5-A measurement of a country’s trade in which the value of goods and services it imports exceeds the value of goods and services it exports is known as Current Account Deficit.

6- Rs 1000 is the minimum amount required to open a Fixed Deposit (FD).

7-The maximum deposit amount insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC) is Rs. 1 lakh.

8-The Bank for International Settlements (BIS) is the world’s oldest international financial organization established on 17 May 1930.

9-Magnetic Ink Character Recognition (MICR) is a 9 digits code is used mainly by the banking industry to ease the processing and clearance of cheques and other documents.

10-MICR code consists of 9 digits. First 3 digits represent the city, next 3 digits represent the bank and the last 3 digits represent the branch.

11-The full form of the term NDTL, as used in the banking environment is Net Demand and Time Liability.

12-The head of the committee constituted on the controversial issue of payment of Minimum Alternate Tax (MAT) by foreign institutional investors is AP Shah.

13-The govt scheme, which gives accidental death-cum-dis ability cover of Rs two lakh to all the savings bank account holders in the age group of 18 to 70 years for a premium of Rs 12 per annum, is Pradhan Mantri Suraksha Bima Yojana (PMSBY).

14-Payment Banks applicant applications are analyzed and evaluated by an External Advisory Committee (EAC).

15-IFSC is an 11- alphanumeric code with the first four alphabetic characters representing the bank name, and the last six characters (usually numeric, but can be alphabetic) representing the branch. The fifth character is 0 (zero) and reserved for future use.

16-Bank IFS Code is used by the NEFT & RTGS systems to route the messages to the destination banks/branches.

17-SMART Money term used for Credit Card, is an electronic wallet, that allows you to Shop, pay bills, etc.

18-National Electronic Funds Transfer (NEFT) is a nationwide payment system facilitating one-to-one funds transfer.

19- The New Development Bank (NDB) headquarter is located in Shanghai, China.

20- A cheque is considered a valid cheque if the date entered on the cheque is within 3 months of the actual date on which it is presented.

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