Meaning of banking: “Banking ” means the business of receiving money on current or deposit account, paying and collecting cheeses drawn by or paid in by customers, the making of advances to customers, and includes such other business as the Authority may prescribe for the purposes of this Act; (Banking Act) Current affairs in Banking (with ref. To RIB) 2014-1 S: Union Government decided to infuse 6990 core rupees in nine Public Sector Banks : Among the beneficiaries, SIB leads the pack with a capitalization of sorcerer rupees and is followed by Bob with 1260 rupees, Punjab National Bank with corrode rupees and Canard Bank with corrode RSI.
Essay Example on Current Affairs In Financial Sector
Costs involved in increasing Force reserves: RIB Indian’s foreign exchange reserves rose to a record high of USED 333. 17 billion as on Feb. 13, compared with USED 330. 1 billion a week earlier, (data from the Reserve Bank of India). RIB decided to bring back one rupee notes: The notes printed by the Gobo. Of India will carry the bilingual signature of Rajah Marshier (finance secretary). RIB constituted high powered committee headed by R. Gandhi on urban co-operative banks: A high powered committee constituted to re-examine and recommend set of businesses.
Size conversion and Licensing terms for the urban cooperative banking sector. RIB issued guidelines on import Of gold by nominated banks and agencies : RIB permitted the nominated the bank to import gold on engagement basis , whereas all sales of gold is domestically will be against upfront payments. RIB cut report rate by 0. 25% in sixth bimonthly policy stated 2014-15: RIB cut its main lending rate (report rate )by 0. 25% with immediate effect in its sixth bi-monthly monetary policy as announced on 5th Jan 2015.
Changes in bank rate are reflected in the prime lending rates offered by commercial banks (to their best customers), which in turn affect investments such as bank deposits, bond issues, mortgages. Cash reserve ratio (CAR):CAR means Cash Reserve Ratio. Banks in India are required to hold a certain proportion of their deposits in the form Of cash. However, actually.