Business/Economy -Important Points For Exam

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1-A rate of exchange established between any two currencies on the basis of the respective quotation of each currency in terms of a third currency is known as Cross rate

2-Infusion of liquidity, by RBI, is done through LENDING from / to banks under a REPO transaction.

3- Some banks are financing big projects like construction of roads, bridges etc. Financing such projects means banks are helping exactly in Infrastructural Development

4- CIBIL as a credit bureau caters to – Both commercial and consumer segments

5-The Banking Codes and Standards Board of India was registered on 18th February, 2006 under ‘The Societies Registration Act, 1860’ RBI Act.

6- As per the Banking Ombudsman Scheme, any person can file a complaint before the Banking Ombudsman, if the satisfied reply is not received from the bank within a period of one month

7-The main function of an Asset Management Company is to manage the funds by making investments in various types of securities

8- The Main activity of the Financial Intelligence Unit India (FIUIND) is to control Money Laundering

9-The SARFAESI Act 2002 empowers Banks / Financial Institutions to recover their non-performing assets (bad loans) without the intervention of the Court. In “SARFAESI” second “S” Security

10- Rs. 1000 is the minimum amount to be invested under Sukanya Samriddhi Scheme

11- Hypothecation is a legal transaction whereby goods may be made available as security for a debt

12-Mortgage is a Security on immovable property for a loan

13-A fixed deposit receipt is kept with the bank for its safety, is known as Safe custody

14-Simply click a card launched by SBI special for Online Shopping

15-Banking Companies are prohibited under Sec 8 of banking Regulation Act to sell and purchase securities. Yet Banks are selling securities (of the customer) which are under pledge as permitted by Banking Regulation Act

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