Banking Awareness 19th September 2019: Updates Quiz

Exp. Minimum amount of transfer required for RTGS is Rs. 2 lakh. There is no upper limit, though. The beneficiary bank has to credit the beneficiary’s account within two hours of receiving the funds transfer message. RTGS transaction timings for Monday – Friday is 9 A.M to 4.30 P.M and for Saturday it is 9 A.M to 2 P.M.

Exp. The Reserve Bank has the sole right to issue currency notes, except one rupee notes which are issued by the Ministry of Finance. ADVERTISEMENTS: The RBI follows a minimum reserve system in the note issue.

Exp. Cash Reserve Ratio (CRR) is the share of a bank’s total deposit that is mandated by the Reserve Bank of India (RBI) to be maintained with the latter in the form of liquid cash.

Exp. MICR code is a code printed on cheques using MICR (Magnetic Ink Character Recognition technology). This enables identification of the cheques and which in turns means faster processing. An MICR code is a 9-digit code that uniquely identifies the bank and branch participating in an Electronic Clearing System (ECS).

Exp. SLR is the ratio of deposit that the bank needs to maintain with them. CRR maintain in form of cash. SLR is maintained in form of gold, cash and other securities approved by RBI.

Exp. One can file a complaint before the Banking Ombudsman if the reply is not received from the bank within a period of one month after the bank concerned has received one’s complaint, or the bank rejects the complaint, or if the complainant is not satisfied with the reply given by the bank.

Exp. The money that is lent for one day in this market is known as “Call Money”, and if it exceeds one day (but less than 15 days) it is referred to as “Notice Money”. Term Money refers to Money lent for 15 days or more in the Inter Bank Market.

Exp. Smart Money‘ is a term used for credit card, debit card etc.

Exp. IFSC, expanded as Indian Financial System Code, is a unique 11-digit alphanumeric code that is used for online fund transfer transactions done via NEFT, RTGS and IMPS. Bank IFSC code can be usually found on the cheque leaf issued by the bank.

Exp. Usha Thorat, former deputy governor of the Reserve Bank of India chaired the External Advisory Committee (EAC) to evaluate applications received for small finance banks, while Dr. Nachiket Mor, Director, Central Board of the Reserve Bank chaired the EAC for payment banks. More than 100 entities have applied for small finance and payment banks.