Banking Awareness_ February 2013

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7/29/13 BANKING AWARENESS: February 2013

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Posted by BANKING A WARENESS at Thursday, February 07, 2013 No comments:

2. The amendments allow NABARD to lend to new institutions, mainly Societ ies

covered under multistate cooperative societies act and other central laws, producer

organizations or such class of financial institutions which are approved by the Central

Government. This is likely to benefit a larger segment of the financially excluded farmers in

the country.

3. The amendments allow combination of credit, c reation of short term operations fund

and swapping of debt of farmers.

4. The decision of the Government to transfer the balance one percent shares to the

Govt. of India from Reserve Bank of India (RBI) in NABARD shall be carried out, which will

provide for increased public accountability, as the Government will acquire the equity held

by RBI.

5. NABARD will combine the post of Chairman and the post of Managing Director, intoone, therefore Chairman and Managing Director, under the provisions of the NABARD Act

relating to these two posts. This shall ensure a distinct line of command.

Background

NABARD was established on 12 July 1982 to provide sharp focus to agriculture credit and

rural development. NABARD adopted, as its mission, the promotion of sustainable and equitable

development of agriculture and rural prosperity through effective credit support, related services,

institution development and other innovative initiatives.

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Friday, 1 February 2013

Posted by BANKING A WARENESS at Friday, February 01, 2013 No comments:

RBI cuts policy rates by 0.25 percent

After a long gap of nine months, the Reserve Bank (RBI) has reduced the short-term lending rate by

0.25 per cent to 7.75 per cent and Cash Reserve Ratio (CRR) by similar margin to 4 per cent thus

released Rs 18,000 crores primary liquidity into the system. While repo rate cut will reduce the cost

of borrowing for individualsand corporates, the reduction in CRR, which is the portion of deposits

that banks have to park with RBI, would improve the availability of funds.

Following the repo rate revision, the other policy rates like reverse repo, bank rate, and Marginal

Standing Facility Rate too will come down by 0.25 per cent.

These initiatives are aimed at encouraging investments, supporting growth and anchoring inflationary

expectations.

Inflation has been the prime inhibiting factor that has prevented the RBI from cutting repo rate in thelast nine months. The RBI, however, has reduced the growth projections for t he current financial year

to 5.5 per cent from its earlier estimate of 5.8 per cent. On inflation, it moderated the rate to 6.8 per

cent for March-end from earlier projection of 7.5 per cent.

What is CRR?

Cash reserve Ratio (CRR) is the amount of funds that the bankshave to keep with RBI. If RBI decides

to increase the per cent of this, the available amount with the banks comes down. RBI is using this

method (increase of CRR rate), t o drain out the excessive money from the banks.

What is SLR?

Statutory Liquidity Ratio is the amount of liquid assets, such as cash, precious metals or other

approved securities, that a financial institution must maintain as reserves other than the Cash witht he

Central Bank

What is Repo and Reverse Repo rate?

A repurchase agreement is the s ale of securities together with an agreement for the seller to buy back

the securities at a later date. The repurchase price should be greater than the original sale price, the

difference effectively representing interest, called the repo rate. The party that originally buys the

securities effectively acts as a lender. The original seller is effectively acting as a borrower, using their

security as collateral for a secured cash loan at a fixed rate of interest.

A reverse repo is simply the same repurchase agreement from the buyer's viewpoint, not t he seller's.

Hence, the seller executing the transaction would describe it as a "repo", while the buyer in the same

transaction would describe it a "reverse repo". So "repo" and "reverse repo" are exactly the same kind

of transaction, just described from opposite viewpoints. The term "reverse repo and sale" is commonly

used to describe the creation of a short position in a debt instrument where the buyer in the repo

transaction immediately sells the security provided by the seller on the open market.


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Central Bank unveils limited period deposit scheme

Central Bank of India has launched a new limited period deposit scheme Cent 101, tomobilise up to Rs 3,000 crore, for a short-term requirement of the bank.

Announcing the launch here, B. Akbaraly, Zonal Manager (South Zone), Central Bank ofIndia, said in the last couple of days of soft launch, the bank managed to mobilise Rs 58 crore.Our target is to collect at least Rs 560 crore before the end of March 31, from the T amilNadu and Kerala markets alone, he said.

Elaborating on the scheme, R. T hiagarajan, Deputy General Manager of the bank, said thebank will pay 8.55 per cent interest, which is the highest in the industry. For senior citizens, itoffers 9.05 per cent.

Minimum amount that can be deposited is Rs 1,000, thereafter in multiples of Rs 1,000 andthe maximum limit is Rs 10 crore.

Earlier, the bank came out with a similar plan for 55 5 days Cent 55 5, which was a greatsuccess, said Akbaraly.

The bank is also pro posing to come out with a hybrid card, which will work as an usual debitcard as long as the individual has balance in his bank account. Once the credit balance isexhausted by the individual, the card will automatically turn to be a credit card, he explained.

As on December 31, 2012, the bank has crossed 3.5 million debit card base. It has plans tolaunch co-branded debit, credit and pre-paid cards with several corporates.

The bank, being a late entrant to the ATM system segment, had only around 1,000 ATMsacross the country by the end of 201 1-12. In the current financial year, so far, it crossed the2,000-mark. In the next two months, we are planning to install another 500 ATMs acrosscities, to take the total to 2,500 by the end of the current financial year.

HYBRID CARD:


Posted by BANKING A WARENESS at Friday, February 01, 2013 1 comment:

Vijaya Banks new credit cards target high net-worth

individuals

Vij ay a Bank has launc hed t wo c red it c ards V -Plati num and V-Priv ilege targe ted a t high ne t

wor th indi vi dual s (HNIs) and t erm dep osit hol der s.

Launching the credit cards, H.S. Upendra Kamath, Chairman and Managing Director, said Wehave set a target to issue 10,00 0 V-Platinum cards and 5000 V-Privilege by the end of this

calendar year

The bank has issued around one lakh ordinary credit c ards and has exposure o f Rs 29 crore.

But due to debit card, credit cards were not popular, hence today we have launched a v ariant

of credit card targeted at HNIs and term deposit holders, he added.

Vij ay a Bank has dr awn up a plan to issue bo th the cr edit car ds by utili sing the ser v ice s of its

12,000 e mployee based and through its 1333 branches.


Amendments to Regional Rural Banks (RRBs) Act, 1976

The Union Cabinet today gave its approval to the proposed amendments in the Regional Rural Banks

(RRBs) Act, 1976 to enhance authorized and issued capital to strengthen their capital base. The

term of the non official directors appointed by the Central Government is proposed to be fixed not

exceeding two years.

The proposed amendments will ensure financial s tability of RRBs which will enable them to play a

greater role in financial inclusion and meet the credit requirements of rural areas and the Boards of

RRBs will be st rengthened.

Background

Regional Rural Banks (RRBs) were established under Regional Rural Banks Act, 1976 (the RRB

Act) t o create an alternative channel to the `cooperative credit st ructure and to ensure sufficient

institutional c redit for the rural and agriculture sector. RRBs are jointly owned by the Government of

India, the concerned State government and sponsor banks, with the issued capital shared in the

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proportion of 50 percent, 15 percent and 35 percent, respectively. As per provisions of the Regional

Rural Banks Act, 1976 the authorized capital of each RRB is Rs. 5 crore and the issued capital is a

maximum Rs. 1 crore.



Cheque Truncation System (CTS)

It is one of the major innovations in cheque clearing after the Magnetic Ink Character Recognition

(MICR) cheques introduced in the 80s. Cheque truncation is a system between clearing and

settlement of cheques based on electronic images.This form of clearing does not involve any physic al exchange of instrument. Bank customers would

get their cheques realised faster as local cheques are cleared almost the same day as the cheque

is presented to the clearing house, while intercity clearing happens the next day. Besides speedy

clearing of cheques, banks also have additional advantage of reduced reconciliation and clearing

frauds. It is also possible for banks to offer innovative products and services based on CTS.

Why is it needed:

Though MICR technology helped improve efficiency in cheque handling, clearing is not very speedy

as cheques have to be physically transported all the way from the collecting branch of a bank to the

drawee bank branch. The CTS is more advanced and more secure. Many countries have sought to

address this issue with cheque truncation, in which the movement of the physical instruments is

curtailed at a point in the clearing cycle, beyond which the process is completed, purely based only

on the electronic data and images of the cheques.

What has been the international experience in this regard:

Denmark and Belgium are pioneers in CTS. They adopted complete cheque truncation system more

than two decades ago. Sweden is the ty pical example for having achieved complete t runcation where

all the cheques can be presented and encashed at any branch; irrespective of the bank on which

they are drawn. CTS also takes care of the needs of future electronic transact ions.

What has RBI and banks done:

RBI has already enabled CTS to be fully functional in New Delhi. Soon even cheque clearing in

Chennai will be settled through CTS. Banks have also taken steps to introduce appropriate

technology to facilitate this system.

What are the salient features of CTS?

The physical cheque is truncated within the presenting bank itself. Settlement is generated on the

basis of current MICR code line data. These images will be archived electronically and be preserved

for eight years. A centralised agency per clearing location will act as an image warehouse for the

banks.


Private-Indian Banks

Regional Rural Banks

SBI and its Associate Banks

Scheduled Urban Cooperative

State Cooperative Banks

Non Banking Financial Companies

Help Desk of Reserve Bank of India

Websites of Banks in India

National Federation of State

Cooperative Banks Ltd. (NAFSCOB)

Draft Vision Document for Urban Co-

operative Banks

Indian Coinage Act, 1906

Foreign Exchange Management Act,

1999

CWE-IBPS Bank-

HR Spec...

Rs.315

Bank Clerical

Cadre

Rs.345

Rs.300

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Date post:	03-Jun-2018
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Banking Awareness_ February 2013

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