1) Which bank claimed first spot in the mobile banking segment in the country, as reported in the latest data released by the RBI on 15 September 2014? – State Bank of India (SBI)
Explanation: SBI’s total number of mobile banking users stood at 1.15 crore. ICICI Bank stood second with 19.5 lakh users and was followed by Axis Bank (13.6 lakh), Yes Bank (4.3 lakh) and HDFC Bank (3.5 lakh). The number of SBI’s mobile banking users is larger than the mobile banking customer base of large banks in the West. Only a couple of Chinese banks have more mobile banking customers. SBI’s emergence as country’s largest mobile banking operator came as a surprise as traditionally new generation private banks and foreign banks have been the early adopters of alternative platforms like mobile banking.
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2) Despite numerous signs of recovery being seen in Indian economy, banking credit growth plunged to its lowest level in last 5 years. What was the banking credit growth rate as on 31 August 2014, which was the lowest in last 5 years? – 10.9%
Explanation: The last time credit growth had dipped to similar levels was during November-December 2009, after the 2008 financial crisis. Over the last two years, the credit growth of banks has slipped substantially. In 2012-13 and 2013-14, the credit growth slowed down to 13-14%, after growing at 22% annually since 2004-05. Banking credit growth rate is one of the most powerful indicators of the country’s economic activity. It is a function of growth in the gross domestic product (GDP). Over the last ten years, credit growth has been 2.5 to 3 times the real GDP growth in the economy. Thus, with the economic growth hitting a low of 4.7% in 2013-14, the loan growth also slowed down to 14%.
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3) Pension regulator PFRDA during September 2014 constituted an expert committee to review the investment guidelines for National Pension System (NPS) schemes in private sector. Who was appointed as the Chairman of this committee? – G N Bajpai, Former Chairman of SEBI and former Chairman of LIC
Explanation: This committee will look at the investment guidelines in a “wholesale” manner so as to enable flow of pension monies in new instruments such as long term infrastructure bonds to be floated by banks, infrastructure debt funds and Basel 3 compliant bonds. The committee will among other things also consider moving to dynamic market-based allocation of funds/choice of fund managers. The review of investment guidelines will also help revamp the role of pension fund managers (PFMs) and could allow them to proactively promote pension products. The members of the expert committee include Deepak Satwalekar, former CEO and Managing Director at HDFC Standard Life Insurance Company, S B Mathur, former LIC Chairman, C R Murlidharan, former IRDA Member and Madhavi Das, Executive Director, PFRDA.
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4) Which private-sector bank announced its unique ‘Cardless Cash Withdrawal’ service on 10 September 2014, which allows its customers to transfer money from their account to anyone in India with a mobile number? – ICICI
Explanation: Under the ‘Cardless Cash Withdrawal’ service, the recipient can withdraw money round the clock without using a debit card from over 10,000 ATMs of ICICI Bank across the country. One can do this even without having a bank account of any bank. However, the sender needs to be an ICICI Bank savings account holder. The facility can be initiated by any ICICI Bank savings account customer (sender) by logging into internet banking of ICICI Bank website.
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5) Which public-sector bank during September 2014 sought permission of the RBI to launch contact-less debit cards which would enable customers to carry out some transactions without entering the pin number? – SBI
Explanation: Right now, for any card which has to be used, a customer has to put in the pin number. Many banks feel that some exception has to be made as for lower amount deals like buying a Metro or bus ticket, where the customer can simply show the card and get in. Hence the SBI has requested the RBI to come up with a limit below which the pin will be waived. It has requested a limit of Rs. 2,000 for the same. The bank is currently doing a test-run of such contact- less cards at the Chennai and Mumbai metro stations.
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6) State Bank of India (SBI) on 8 September 2014 launched its first multi-currency international debit card to allow consumers to use a single card to pay in multiple currencies. This card launched in a tie-up with MasterCard would, at present, enable customers to load how many international currencies in this card? – Four
Explanation: These 4 currencies include US dollar, euro, Great Britain pound and Singapore dollar. More currencies will be added going forward as the card has the facility to be loaded up to 12 currencies.
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7) State Bank of India (SBI) has recently planned an incentive plan for its employees, which, if implemented, would be the first of its kind in the public sector banking space. What plan is this? – To roll out an employee stock option scheme (ESOS) for employees
Explanation: The move to offer ESOS is aimed at motivating employees to perform better as also to attract and retain talent. Competition to attract experienced bankers has intensified with the Reserve Bank of India (RBI) granting “in-principle” approval in April to IDFC and Bandhan Financial Services to set up banks in the private sector. Therefore, SBI is now considering an ESOS, which will give an employee the right to purchase or subscribe to the securities offered by the bank at a future date, and at a predetermined price.
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8) The Reserve Bank of India (RBI) on 9 September 2014 fixed the maximum age for Managing Directors and Chief Executive Officers in private sector banks at 70. This age fixation has been done primarily with regard to which act to be complied by the companies? – The Companies Act, 2013
Explanation: The Companies Act, 2013 prescribes that “no company shall appoint or continue the employment of any person as Managing Director, Whole Time Director (WTD) or Manager who is below the age of 21 years or has attained the age of 70 years”. Within the overall limit of 70 years, individual bank’s boards are free to prescribe a lower retirement age for WTDs, including MD & CEO, as an internal policy.
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9) The Reserve Bank of India (RBI) during September 2014 closed down six Urban Cooperative Banks (UCBs), the conduct of whom was found suspicious. What was the main charge against these UCBs? – Being indulged in money laundering activities
Explanation: The report had emerged that such entities were being used as conduits for money laundering. The matter of misuse of UCBs, over which there is dual control by central and state governments, was discussed during a recent meeting of the Economic Intelligence Council (EIC) headed by Finance Minister. UCBs are inspected annually or once in two years depending on their ratings or classification. About 70% of these urban cooperative banks are subjected to inspection every year. RBI has aggressively pursued the issue.
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10) The investments in the Indian capital market through foreign institutional investors (FIIs) broke all records during 2014. What is the aggregate investment through the FII route till 15 September, the data pertaining to which was released by the SEBI on 16 September 2014? – Rs. 1,97,715.9 crore
Explanation: Out of this Rs. 85,247 crore was invested through the equity route while Rs. 1,12,469 was invested through the debt route. It is worth mentioning that this figure is far above the next best year of FII investment – 2010, in which total aggregate investment stood at Rs. 1,79,674.6 crore for the full year.
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