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  • www.bankersadda.com|www.careerpower.in|www.careeradda.co.in PageNo.1

    GKCAPSULEFORSBICLERK2014EXAM

    CurrentRBIPolicy&ReserveRates:

    RepoRate 8%(Unchanged)

    ReverseRepo

    7%(Unchanged)

    CRR 4%(Unchanged)SLR 22.5%(Changed)MSF 9%(Unchanged)BankRate 9%(Unchanged)

    Note:Ason3June2014,RBI(ReserveBankofIndia)initsSecondbimonthlymonetarypolicystatementkeptthekeypolicyrate(repo)unchanged.SLRwascutby50basispointfrom23%to22.5%.

    NewsrelatedtoRBI:

    1. RBIpermitsNBFCstoworkasBusinessCorrespondentsofbanks:Withaviewtoachievefinancialinclusion,the

    ReserveBankofIndiahasallowedNonBankingFinanceCompaniestooperateasBusinessCorrespondents(BCs)ofbanks,permittingthemtoofferlimitedservices.BankswillbeallowedtoworkwithnondeposittakingNBFCsasBCs.Note:TheRBItookintoaccountrecommendationsofNachiketMorCommitteewhilereviewingtheexistingguidelinesontheappointmentofBCs.

    2. RBItoconsideroverPaymentbankasrecommendedbyNachiketMorPaneli.TheReserveBankofIndiawillsooncomeupwithIndiasfirstpaymentsbank,whichwillofferdepositandpaymentservicesbutnotprovideloans.ii.ThisideaisinlinewiththerecommendationsmadebytheNachiketMorcommittee.Thecentralbankseeshugepotentialforfinancialinclusionwithfocusonremittancesbyinvolvingpaymentsystemproduct.

    3. ProvideinformationtoSITonblackmoney:RBIdirectsbanksandFIsi.TheRBIhasaskedallBanksandFinancialInstitutions(FIs)toprovideinformationanddocumentssoughtbytheSpecialInvestigationTeam(SIT)setuptouncoverblackmoney.ii.ThenewGovernmentatCentrerecentlyconstitutedanSITunderthechairmanshipofformerJusticeM.B.ShahinpursuanceofaJuly2011SupremeCourtjudgment.

    4. RBIsimplifiesKYCnormsforopeningbankaccount:Customersneedtosubmitonlyonedocumentaryproofofaddresseithercurrentorpermanentwhileopeningabankaccountorwhileundergoingperiodicupdation,theReserveBankofIndia.Incasetheaddressmentionedasperproofofaddressundergoesachange,freshproofofaddressmaybesubmittedtothebranchwithinsixmonths,theRBIsaidinanotificationtobanks.Noproofisrequiredtobesubmittedforsuchaddressforcorrespondence/localaddress,theRBIadded.However,thisaddressmaybeverifiedbythebankthroughpositiveconfirmationsuchasacknowledgmentofreceiptofletter,chequebooks,ATMcards;telephonicconversation;andvisits.

    ThisGKCapsulehasbeenpreparedbyCareerPowerInstituteDelhi(FormerlyKnownasBankPower).ThisdocumentconsistsofallimportantnewsandeventsoflastfewmonthswhichcancomeinSBIClerkExam.

  • www.bankersadda.com|www.careerpower.in|www.careeradda.co.in PageNo.2

    5. AustraliaandNewZealandBankingGroup(ANZ)hasreceivedinprincipleapprovalfromtheReserveBanktoopentwonewbranches.ThenewbrancheswillcomeupGurgaon,NCR,andouterBangalore.

    6. RBIdirectiveonforeigncurrencyaccounts:TheReserveBankofIndiahasdirectedbanksto:convertcreditbalancesinanyinoperativeforeigncurrency(FC)denominateddepositintoIndianrupeeiftheformerremainsnotinuseforthreeyearsfromthedateofmaturityofdeposit.

    7. RBIeasesgoldimportnorms;nodforselecttradinghousestoprocurefromabroad:Underthisscheme,animporterhastoensurethatatleast20percentofeverylotofimportedgoldisexclusivelymadeavailableforexportpurpose.

    8. RBInodforbankloantenureupto10yearstoboostexportindustry.Inamajorboostfortheexportindustry,theRBIhasallowedbankstoprovideloanswithtenuresofupto10years.Theseloanswillhelpexportersinensuringcapitalflowstofulfilllongtermcontracts.Existingnormsallowbankstogiveloansforuptooneyearonly.

    9. TheReserveBankofIndiasaidbanksshouldmakeallnewATMsinstalledfromJuly1,2014astalkingATMswithBraillekeypads.

    10. RaghuramRajan,theGovernoroftheReserveBankofIndia(RBI)announcedthatplasticcurrencynoteswillbelaunchedin2015afterfieldtrials.

    11. RBIpanelheadedbyexChairmanofAxisBank,P.J.Nayakrecommendfordilutinggovtstakeinpublicsectorbankstobelow50%.Thegovernmentshouldcutitsholdinginpublicsectorbankstounder50percent,aReserveBankofIndia(RBI)panelreportonTuesdaysaid,criticisingthewayinwhichthelendersarenowbeinggoverned.

    12. ReserveBankofIndiagrantedbankinglicencestoinfrastructurefinancingfirmIDFCandmicrofinanceinstitutionBandhanfromamong25applicantsthatincludedcorporateheavyweightsADAGGroup,AdityaBirlaGroupandBajajGroup.Note:Theinprincipleapprovalgranted(tothetwoentities)willbevalidforaperiodof18monthsduringwhichtheapplicantshavetocomplywiththerequirementsundertheguidelinesandfulfiltheotherconditionsasmaybestipulatedbytheRBI.ChandraShekharGhosh:CMDofBandhanfinancialservicesDr.RajivB.Lall:ChairmanofIDFCInfrastructureFinanceCompany.

    13. ReserveBankofIndia(RBI)issuedtheguidelinestoallowtheminorsofageabove10yearstoindependentlyopenandoperatesavingsbankaccountsanduseotherfacilitieslikeATMandchequebooks.

    14. RBIextendedthetimelineforfullimplementationofBaselIIInorms31March2019insteadof31March2018.15. RBIinconsultationwithUnionGovernmenton1April2014cappedtheWaysandMeansAdvances(WMA)limitsforthe

    firsthalfofthenewfinancialyear201415(April2014Sep2014)at35000crorerupees.Note:TheinterestrateonWMA/overdraftwillbebasedon:a)WMA:RepoRate.b)Overdraft:TwopercentabovetheRepoRate

    16. RBIextendsdateofexchangingpre2005notestoJan1,2015Note:TheReserveBankhasfurtherclarifiedthatthepubliccancontinuetofreelyusethesenotesforanytransaction.RBIhassaidthatpeoplecanunhesitatinglyreceivethesenotesinpayment,asallsuchnotescontinuetoremainlegaltender.

    17. ReserveBankofIndia(RBI)hikedthetraderelatedremittancelimitfrom2lakhrupeesto5lakhrupeespertransactionwithimmediateeffect.Italsoincreasedthenumberoftransactionhandledbyexchangehouses.

    18. KCChakrabarty,DeputyGovernor,ReserveBankofIndia,hasquitthreemonthsaheadofcompletionofhisterm.19. RBIpegged201415GDPgrowthatacentralestimateof5.5percent.20. Economicgrowthfor201415expectedat5.5pc.21. CADexpectedtocomedownto2pcofGDPin201415.22. Retailinflationexpectedtobeunder6pcin2014.23. RBIpanelheadedbyRBIDeputyGovernorAnandSinhahasrecommendedbringingabenchmarkfloatinginterestrate,

    especiallyforhomeloans.PanelalsosuggestedIndianBanksBaseRate(IBBR).24. ThedeadlineforswitchingtonewformatbankchequesundertheChequeTruncationSystem(CTS)endedon30April

    2014.

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    25. RBIscraps26%caponinterestrateforMFIs:(RBI)removed26percentcapontheinterestratethatcanbechargedbyamicrofinancecompanytoitsborrowers.MFIisallowedtochargeinterestrateequalto2.75timestheaverageofthebaseratesofthetopfivecommercialbanks.

    26. RBIpermits4nonbankentitiestosetupwhitelabelATMs:TheReserveBankhasissuedcertificateofauthorisationtofournonbankentities:(1)TataCommunicationsPaymentSolutions(2)MuthootFinance,(3)PrizmPaymentServicesand(4)VakrangeeLtd.,tosetupWhiteLabelATMs(WLAs)inthecountry.Note:MostoftheATMsbelongtobanks,butthecashdispensingmachineswhichareownedandoperatedbynonbankingcompaniesarecalledWhiteLabelATMs.

    27. RBIpermitsSreitorolloutwhitelabelATMs:SreiInfrastructureFinanceisplanningtostartrolloutofitswhilelabelATMs(WLAs)betweenJulyandSeptemberstartingwithapilotof200TierIIItownsinUttarPradeshandBihar.

    28. TheexpertcommitteeheadedbyUrjitR.Patel,DeputyGovernoroftheReserveBankofIndiaexaminethecurrentmonetarypolicyframeworkoftheReserveBankofIndia(RBI)hassuggestedthattheapexbankshouldadoptthenewCPI(consumerpriceindex)asthemeasureofthenominalanchorforpolicycommunication.Thenominalanchororthetargetforinflationshouldbesetat4percentwithabandof+/2percentaroundit.

    29. ExChairmanofAxisBank,P.J.Nayakistheheadoftheexpertpaneltoreviewbankboardsgovernance.ThepanelwillreviewtheRBI'sregulatoryguidelinesonownershipofbanksandrepresentationintheirboards,amongotherthings.

    30. TheReserveBankofIndiahasraisedtheForeignInstitutionalInvestors,FIIsinvestmentlimitinthePowerGridCorporationto30percentofitspaidupcapital,underthePortfolioInvestmentScheme.

    31. TheReserveBankofIndia(RBI)hasdoubledthesublimitforforeigninvestmentingovernmentsecurities,toUSD10billionbylongterminvestors.RBI'smoveisaimedtoattractmoreforeignfunds.Investorslikesovereignwealthfunds(SWFs),multilateralagencies,insurancefunds,pensionfundsandforeigncentralbanksareconsideredaslongterminvestors.

    32. RBIrelaxesgoldloannorms:TheReserveBankofIndiahasallowedNonBankingFinancialCompanies,NBFCstolendupto75percentofthevalueofgold.Itwas60percentearlier.

    33. RBIpanel(headedbybankerNachiketMor)hassuggestedsettingupofspecialisedbankstocatertolowincomehouseholdstoensurethatallcitizenshavebankaccountsby2016.

    34. TheRBIappointedcommitteeonfinancialinclusionhasrecommendedthatthecentralbankshouldsetupspecialisedbankscalledPaymentsBanktoprovidepaymentservicesanddepositproductstosmallbusinessesandlowincomehouseholds.Thecommittee,headedbyNachiketMor,saidthatsincethenewbankwillbedealingwithpoorcustomers,suchabankmustbeallowedtoacceptamaximumdepositofnotmorethanRs50,000.

    35. TheReserveBankofIndia(RBI)hadsetupapanelunderexecutivedirectorDeepakMohantytoreviewthecurrentsystemofdatacollection,disseminationanddatamanagementprocessesinthecentralbankandimprovetheexistingmechanism.

    HighlightsofUnionBudget2014:1. Fiscaldeficittargetfor201415at4.1%ofGDPand3.6for201516and3%for2016172. RevenueDeficitseenat2.9%forFY153. Aimtoachieve78percenteconomicgrowthrateinnext34years:FM4. Committedforgrowthofagricultureattherateof4percent.5. DefenceFDIcapraisedto49%from26%atpresent6. ExemptionlimitsonincometaxfromRs.2lakhtoRs.2.5lakh.7. Forseniorcitizens,theexemptiononincomehasbeenraisedtoRs.3lakhperannum.8. TaxfreecaponhomeloaninterestfromRs.1.5toRs.2lakh.9. NochangeinIncometaxratesandslab.10. AnnualPPFceilingtobeenhancedtoRs1.5lakh,fromRs1lakh11. WomenSafety:

    i.OutlayofRs.50croresforapilotschemeonroadsafetyii.Another150crorestobespentbyMHAonsafetyonwomeninlargercitiesiii.'BetiBachao,BetiPadhaoYojana'100crores

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    12. Rs3600crsetasideforNationalRuralDrinkingWater:FM13. Ruralhousing:Rs8000crorefornationalhousingbankingprogramme14. MetrorailsinPPPmode;Rs.100crsetasideformetroschemeinAhmadabadandLucknow