banking rbi notes interview questions
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Banking Rbi Notes Interview QuestionsTRANSCRIPT
anking related Questions in IBPS interview
Personal/ Role playing (meaning involves you as a person)1. Most important:Why do you want to join banking sector? (Sales pitchmust be ready.Click me).
2. Most important:What if youre posted in remote area far away from your hometown? Are you ok with that? Will you be comfortable posted in rural or naxal areas? Who will look after your family?
3. What is guarantee that youll not leave banking sector? You seem too young and confused to handle the job pressure here. (Yes, theyve asked this in past!)
4. If youre a branch manager, how will you increase the profit of the branch? How will you attract more customers? (Hint: Branch manager is not a door to door salesman. his strategy has to be bigger.)
5. If bank introduces a new home loan product, how will you sell it? (Hint: Contact builders and real estate developers of the city, free publicity through social networking site, pamphlets etc.etc.)
6. A customer has made FD of 10 lakhs, but within 6 months, he comes back to break his FD for to purchase a car. How will you handle? (Hint: offer him car loan, show the comparative advantage of taking car loan vs breaking FD before maturity vs tax benefit etc.etc.)
7. What are three points that make you better banker than people sitting outside?
8. What is the most recent bank related advertisement youve seen. And what do you think about it? Was it attractive or was it poorly designed?
9. As a customer if youve to open a bank account, which bank will you chose? What factors will you consider before picking a bank?
10. In which bank do you have an account already? How you feel as a customer? If you were in working in the same bank, what initiatives will you take for more customer satisfaction?
11. Assume that you have been selected and after you probation period you are posted somewhere in India as a Branch Manager and Branch is in not a good position. What steps you will take to bring it on right path?
12. IF you have being allotted target to increase business in some backward area, what will you do?
13. In your branch suppose following happens, what will you do?
a. A poor person has come, he has no documents for KYC form but he wishes to open account.
b. electricity is gone and customers are complaining
c. Some staff member is on leave and customers are getting restless.
1. IBPS CWE PO-MT Exam Structure2. IBPS: High priority topics3. General Awareness + Banking Awareness4. #1: Banking Awareness (Theory)1. Minimum Topics from IBPS Banking Awareness theory2. RBI3. Banks: Basics4. Banking services5. Rural banking6. Bad Loans7. International banking5. #2: Banking Awareness (Current Affairs)6. #3: Economy (Theory)7. #4: Economy: Current Affairs8. #5: International Affairs (IA)9. #6: Polity Current affairs10. #7: Misc.GK: Filler topics11. #7: Misc.GK: PIN/Award/Sports12. Computer Awareness- Topicwise BreakupIBPS CWE PO-MT Exam Structure
Written Stage: Multi choice Questions (MCQs)Section2011,20122013 (online test)
1. Reasoning5050
1. English Language50 Qs x 0.5=25 marks40
1. Quantitative Aptitude (Maths + DI)5050
1. General Awareness (+ Banking Awareness)5040
1. Computer Knowledge5020
Descriptive Paper of English25-removed-
Total Marks250200
Time-limit (minutes)150 for MCQ+60 for descriptive120
Sectional cutoff?= yes
Negative marking?=yes, Minus 0.25% per wrong answer.
Interview stage Minimum qualifying marks in interview =40% for general and 35% for SC/ST/OBC/PWD candidates).
The weightage (ratio) of Written: interview = 80:20
IBPS: High priority topics
In the game of chess, if you try to defend every piece, youll end up losing every piece. Competitive exams are no different. So in the first round of preparation, you try to get a steel grip over following topics.
SectionHigh priority area
Revision Essential1. General Awareness1. Banking awareness theory
2. Economy current affairs
1. Computer1. MS Office 2007 (or 2010 or 2013)
2. internet related topics
Practice Essential1. Reasoning1. High level reasoning (Syllogism + assumption/inference)
2. Sitting arrangement
1. Quantitative aptitude1. BOSMAS/simplification
2. Data interpretation (DI)
1. English1. Grammar rules + Sentence correction
2. Daily practice of comprehension + sentence arrangement.
Uske baad, you venture into other areas to enhance your preparation further. In this article, we see the approach for two sections
1. General Awareness + Banking awareness
2. Computer Awareness.
Remaining sections, dealt in separate articles.
General Awareness + Banking Awareness
IBPS CWE PO/MT Exam of20112012
BankingBanking Theory1815
Banking Current Affairs46
Banking Subtotal2221
EconomyEconomy Theory24
Economy Current Affairs97
Economy Subtotal1111
IAInternational Current Affairs45
PolityPolity Current Affairs23
Current Affairs (IA+Polity)68
Misc.GKMisc.PIN63
Misc.Sports24
Misc.Books-Authors11
Misc.filler (Census, Geography, Nuke Reactors, Defense etc.)22
Misc.GK subtotal1110
Total5050
Each year, more than 30 out of 50 questions came from (Banking + Economy) only. Hence Priority order for study:
1. Banking: and within banking: Theory >> Current
2. Economy: and within Economy: Current >> Theory
#1: Banking Awareness (Theory)
1. Any oneBook on Banking awareness (theory) TopicsBOOKMY REVIEW/COMMENT
i. Money, Banking and Finance by BSC Publication Cheap, reliable work horse.
Not updated after 2009 (only reprinted), but for IBPS level theory, its coverage is sufficient and you can always google for any latest happenings.
Doesnt contain practice MCQs. (Although doesnt matter because youll be using a separate book on papersets anyways)
i. Principles and Practices of Banking By Indian Institute of Banking and Finance (IIFB) Written for JAIIB/CAIIB type exams, printing-structure-explanation is professional grade.
Few MCQs after each chapter.
Doesnt burden you with lot technical-legal aspects, sticks to conceptual clarity.
Not updated after 2008, just reprinted.
i. Handbook of Banking information by N.S.Toor (Skylark Publication) Written for JAIIB/CAIIB type exams.
Most updated information about banking topics, among the given books. (36thEdition released in Jan 2013).
But also burdens you with many technical-legal aspects that are not much relevent from IBPS exam point of view.
Contains more MCQs than previous book by IIFB.
If you have any similar book from Arihant Publication, Kiran Prakashan etc. that is also fine. All these books have overlapping content. Remember that youve to finish the topics, not the books.
1. + Various articles posted onMrunal.org/economy2. AnyoneBankPO Paperset for practicing the MCQs
i. Arihants paperset of previous Bank PO examsii. Kiran Prakashans Paperset for IBPS PO/MT (with FREE CD for computer test)iii. If youve paper set from any other publication, thatll also work just fine.
Minimum Topics from Banking theory
Youll have to face banking awareness, not only at the MCQ-stage but also during interview stage. Here is the list of Minimum Topics to be prepared.Dont do Ph.D on any topic, just get an overview from MCQ point of view. (same advice for all the topics listed in this entire article)
RBI
1. Origin of RBI. Who is the current governor, whom did he replace?2. RBI vs SEBI vs IRDA: Name of their main bosses, Who controls what? NBFCs, MFI,GOLDLoans, ULIP, Mutual funds etc.
3. powers functions of RBI
4. How does RBI control the money supply?
5. Open market operations, MSF, liquidity adjustment facility
6. SLR, CRR, Repo, Reverse repo, bank rate
7. Priority sector lending: and its subsectors. How do they apply to Domestic bank vs foreign bank?
8. Currency chest, Mint and press. Who signs coins and currency?
9. Measures of money supply
10. FOREIGN EXCHANGEmanagement, components of forex reserves, approx. forex under RBI. Powers under FERA/FEMA, Tarapore Committee on capital account convertibility
11. Banking regulation act and its recent amendment
12. Banking reform, Banking License, Narsimhan, BASEL.Banks: Basics
1. What is bank? What are its functions? how is it different from an NBFC/NBFC-factor, Post-office savings, Chit Fund, Nidhi etc?2. Types of banks: commercial banks, regional rural banks, cooperative banks,INVESTMENTbanks, development banks etc.
3. What is a Scheduled commercial bank?
4. Public sector versus private sector banks. Where does RTI apply?
5. IDBI, ICICI, IFCI, SIDBI, EXIM, NHB etc.
6. Bank nationalization, mergers and consolidations.
7. Names of chairman/CMD of big banks.
8. Basic GK related to banks: first commercial bank in India, first bank setup by Indians, origin of SBI/ICICI, subsidiaries of SBI, etc.
Banking services
1. Assets, liabilities and working capital of a bank.2. Demand liabilities vs time liabilities
3. Bankers rights (lien). Know your customer (KYC) norms, Adhar Card enabled payment, Money laundering, Benami transections
4. Types of Bank customers and provisions related to them:
1. Minor-Guardian, partnership firms
2. HUF and karta
3. NRI, PIO
4. joint account holders
5. Married Women
6. partnership firm accounts
7. public/private companies
8. trusts and cooperatives
5. Types of bank accounts and their features:
1. current account, savings account
2. term deposit account, fixed deposit,
3. PPF, senior citizens account
4. NRE-rupee account, FCNR account, RFC, EEFC, escrow account
5. Allied topic: post office savings account and National savings certificate
6. Unclaimed/dormant accounts, RBI provision for them, Death of customer, insolvent customer, liquidation, Garnishee orders
7. Types of negotiable instruments: bank draft, bank check, promissory note, warehouse receipt, Treasury bills etc.
8. Cheque:
1. order/bearer/travel/bankers cheque
2. endorsement, cheque-crossing,
3. post-dated cheque, what if cheque-date is invalid (31stFeb) or holiday (2ndOct)?
4. when Bank should not pay, cheque-dishonor (cheque-bouncing)
5. MICR, Cheque truncation, new CTS-system
6. Note refund rule, clan note-policy
9. demand drafts, telegraphic transfers, safe deposit lockers
10. ATM: PIN, HWAK, White Label ATM, third party ATM
11. Debit card, credit card, smart card
12. Mobile Banking, personal banking, tele-banking, corporate banking
13. Online banking:
1. NEFT, RGTS, EFTS, Bankwire, E-commerce
2. networking among banks: INDONET, BankNET, RBINET, SWIFT, Point of Sale (POS) terminal
3. core-banking solutions
4. Electronic signature and Information Technology Act
14. Loans
1. different type of loan products,
2. Subprime lending
3. mortgage, reverse mortgage, collaterals, stamp duty on loan documents
4. lien, set-off
5. Priority sector lending: and its subsectors. How do they apply to Domestic bank vs Foreign bank?
15. bank guarantee, letters of credit
16. Banking Ombudman: powers functions, appeal structure and Consumer courts
17. Bancassurance, cross-selling, universal / narrow / retail banking
Rural banking
1. RBI vs NABARD2. Rural infrastructure development fund (RIDF) and budget-2013 allocation for RIDF
3. financial inclusion and various government schemes associated with it (covered in my economic survey summaries, available on mrunal.org/economy)
4. regional rural banks, their amalgation
5. cooperative banks
6. micro-finance institutions (MFI)
7. primary agricultural credit Society
8. Banking correspondent agents (covered in my article)
9. lead bank scheme, local area banks, service area approach
10. Kisan credit card, interest subvention on crop-loans
^Almost all of these topics have been covered in my articles on Mrunal.org/Economy
Bad Loans
1. What is NPA?2. Gross NPA versus net NPA
3. Asset classification under NPA (substandard/doubtful/loss)
4. Current figure of NPA? Which bank has highest NPA?
5. Capital adequacy norms, hypothecation
6. CIBIL and credit rating
7. SARFAESI Act and its recent amendment
8. asset reconstruction companies
9. Debt recovery tribunals.
10. Lok Adalats
11. Industrial sickness
12. Board for industrial and financial ReconstructionInternational banking
1. Bretton Woods2. World Bank
3. IMF: SDR, voting rights
4. Who are the Main boss of IMF, World Bank, ADB?
5. BASEL
6. bank for International settlement
7. Asian clearing union
8. Islamic Banking
9. ADR, GDR, IDR
again, most of these topics have been covered in my articles on Mrunal.org/Economy
Sample questions from previous papers
Observe the following questions asked in previous IBPS PO papers, itll give you an idea on what kind of information you should be focusing on, while reading the banking awareness theory.
Q. RBI related1. Which of the following is a correct statement?
a. State Bank of India is the sole authority to issue and manage currency in India.
b. A nationalised bank is the sole authority to issue and manage currency in India.
c. A cooperative bank is the sole authority to issue and manage currency in India.
d. RBI is the sole authority to issue and manage currency in India. None of these
2. By increasing repo rate, the economy may observe the following effects:
a. Rate of interest on loans and advances will be costlier
b. Industrial output would be affected to an extent
c. Banks will increase rate of interest on deposits
d. Industry houses may borrow money from foreign countries
e. All of these1. Which of the following is NOT a function of the Reserve Bank of India?
a. Fiscal Policy Functions
b. Exchange Control Functions
c. Issuance, Exchange and destruction of currency notes
d. Monetary Authority Functions
e. Supervisory and Control Functions
2. Interest payable on savings bank accounts is
a. Not regulated by RBI.
b. Regulated by State Governments.
c. Regulated by Central Government.
d. Regulated by RBI.
e. Regulated by Finance minister.
Q. Bank Nationalisation / types of banks related1. Nationalization of banks aimed at all of the following except
a. Provision of adequate credit foragriculture, SME & exports
b. Removal of control by a few capitalists
c. Provision of credit to big industries only
d. Access of banking to masses
e. Encouragement of a new class of entrepreneurs1. Axis Bank is a
a. Public Sector bank
b. Private Sector Bank
c. Co-operative Bank
d. Foreign Bank
e. Gramin Bank
Q. Banking services1. Which of the following statements is true?
a. Banks cannot accept demand and time deposits from public.
b. Banks can accept only demand deposits from public
c. Banks can accept only time deposits from public
d. Banks can accept both demand and time deposits from public.
e. Banks can accept demand and time deposits only from government.
2. With reference to a cheque which of the following is the drawee bank?
a. The bank that collects the cheque
b. The payees bank
c. The endorsees bank
d. The endorsers bank
e. The bank upon which the cheque is drawn1. Which one of the following is a retail banking product?
a. Home Loans
b. Working capital finance
c. Corporate term loans
d. Infrastructure financing
e. Export Credit
2. A money deposit at a bank that cannot be withdrawn for a preset fixed of time is known as a
a. Term deposit
b. Checking Account
c. Savings Bank Deposit
d. No Frills Account
e. Current Deposit
Q. online banking related1. An ECS transaction gets bounced and you are unable to recover your money from your customer. Under which Act criminal action can be initiated?
a. Indian Penal Code
b. Negotiable Instruments Act
c. Criminal Procedure Code
d. Payment and Settlements Act
e. Indian Contract Act1. Upper limit prescribed for RTGS transaction is
a. Rs. 1 lac
b. Rs. 2 lacs
c. Rs. 5 lacs
d. Rs. 50 lac
e. No upper limit is prescribed
2. NEFT means
a. National Electronic Funds Transfer system
b. Negotiated Efficient Fund Transfer System
c. National Efficient Fund Transfer Solution
d. Non Effective Funds Transfer System
e. Negotiated Electronic Foreign Transfer System
Q. ombudsman related1. Mr. Rajendra had filed a complaint with Banking Ombudsman but is not satisfied with the decision. What is the next option him for getting his matter resolved?
a. Write to the CMD of the Bank
b. File an appeal before theFINANCEMinister
c. File an appeal before the Banking Ombudsman again
d. File an appeal before the Dy. Governor RBI
e. Simply close the matter as going to court involves time and money1. Banking Ombudsman Scheme is applicable to the business of
a. All scheduled commercial banks excluding RRBs
b. All scheduled commercial banks including RRBs
c. Only Public Sector Banks
d. All Banking Companies
e. All scheduled banks except private banks
#2: Banking Awareness (Current Affairs)
for this, youve to keep an eye on the newspapers + monthly current affairs in magazines. Main focus areas:
1. RBIs monetary policy and key rates
2. Any committee made by RBI/government for Banking sector. Who is its chairman and what is the purpose?
3. Any new directives to banks by RBI/FINANCEMinistry
4. Person in News: Any new appointments in RBI/Big Banks, Any Indian being appointed in foreign banks
5. Banking license, entry of foreign banks.
6. When a big bank launches a new product
7. Government schemes associated with financial inclusion/pension/insurance: swabhiman, swavalamban etc.
Important: Whenever you come across above info, Note them in a separate diary/file and revise multiple times.
Observe the sample questions from previous IBPS PO exams, this will give you an idea on what type of information to focus on, while reading current affairs.
1. FINANCEMinistry has asked the Reserve Bank of India to allow common ATMs that will be owned and managed by non-banking entities hopping to cut transaction costs for banks. Such ATMs are known as
a. Black Label ATMs
b. Offsite ATMs
c. On site ATMs or red ATMs
d. Third party ATMs
e. White label ATMs
2. The committee on review of National Small Saving Fund (NSSF) was headed by
a. Dr. C. Rangarajan
b. Mr. U.K. Sinha
c. Dr. Y.V. Reddy
d. Mrs. Shyamala Gopinath
e. Dr. Usha Thorat
3. Who is the chairman of the committee constituted by RBI to study Issues and Concerns in the Micro Finance Institutions (MFI) Sector?
a. YH Malegam
b. Dr KC Chakraborty
c. C Rangrajan
d. M Damodaran
e. Smt Usha Thorat
4. Which of the following states became the first state in the country to launch RBIs e-payment system for commercial tax payers?
5. Andhra Pradesh
6. Kerala
7. Gujarat
8. Maharashtra
9. Karnataka1. As per revised RBI Guidelines, Provision on secured portion of loan accounts classified as Doubtful Assets for more than one year and upto 3 (three) years is to be made at the rate of
a. 15%
b. 20%
c. 40%
d. 25%
e. 30%
2. Which of the following banks is headed by a woman CEO
a. Bank of Baroda
b. HDFC Bank
c. Central Bank of India
d. Punjab National Bank
e. ICICI Bank
3. Who among the following has been appointed as a director on board of Bank of America-the first non-American on the board of the one of the largest financial institutions in the world?
a. Azim Premji
b. Ratan Tata
c. Mukesh Ambani
d. KV Kamath
e. Chanda Kochar
Enough of Banking awareness, lets move to next topic:
#3: Economy (Theory)
Although in previous IBPS exams, within economy they gave more emphasis on current affairs over theory portion. But still, You must get a good grasp over basic concepts of economy. Because of following reasons
1. For the interview / group discussion stage of banks/IIMs/State PCS/UPSC exam, youll have to prepare current affairs related to Economy, particularly downfall of rupee, current account deficit, petroleum pricing, FDI etc.
2. For that ^that, youll have to read newspapers and news columns, but those people write articles with assumption that reader already knows the basic theory! So, if you dont know the theory, youll find those articles boring/difficult to grasp=> shallow answers during interview/GD=low marks=no selection or lower rank.
Source:1. Mrunal.org/economy2. NCERT Textbooks (click to download for free)
I. Indias Economic Development Class 11II. Macroeconomics Class 12III. NIOS Material on Economy: if youve time and mood.3. If youveIndian Economy by Ramesh Singh (TMH Publication), read it. IF you dont have it, then there is no need to specifically buy the book only for IBPS.
4. Google as and when necessary.
Here is the list of minimum topics that should be prepared from Economy Theory / static portion
Basic
1. Basic terms: GDP, NDP, GNP, NNP, recession, purchasing power parity etc.2. Three types of Economies: Capitalism, Socialist, communism + LPG reforms of India
3. human development index
4. millennium development goalsIndian Economy
1. Planning commission, National development Council, five-year plans, main targets of 12 five-year plan.2. 14thFINANCEcommission and who is its chairman?
3. Inflation: types, impact, various terms associated with inflation WPI, CPI, their new series, who calculates what?
4. IIP, industrial licensing, definition of MSME, items reserved for SSI,
5. public sector undertaking, disinvestment
Finance
1. Money market vs capital market: functions, who supervises them?2. Commercial bills, Treasury bills, certificate of deposit, commercial paper
3. Derivatives, options-futures, currency swaps,
4. underwriting, factoring
5. debt vs equity: IPO-shares, stocks, debentures, bonds, mutual funds (+NAV), G-sec
6. venture capital, angel investor
7. SEBI: functions, who is their main boss?
8. STOCK EXCHANGE: BSE, NSE, SENSEX, Dollex etc.
9. Credit rating: CRISIL, Moody, S&P etc.
10. participatory notes, QFI, FII
11. FDI and its limits in various sectors, FIPB
12. PAN card and DEMAT account
13. external commercial borrowing (ECB), ADR, GDR, IDRBudget
1. Taxation:a. direct vs indirect. taxation powers of union and state
b. tax deduction at source
c. tax slabs
d. negative list in service tax
e. PAN Card, E-filling of tax returns
f. Basics of VAT, GST
2. types of budgets: surplus, deficit, balanced
3. votable vs non-votable items
4. FINANCEBill and appropriation Bill
5. cut motions: policy cut, economy cut, token cut
6. general budget versus railway budget
7. revenue versus capital expenditure
8. standing committees of Parliament
9. types of deficits, FRBM targets
10. fiscal deficit and its impact on economy
11. Consolidated fund, contingency fund, public account
Insurance
1. Types of insurance2. Nationalization, LIC, GIC etc.
3. IRDA: chairman, power-functions
4. NPS, EPFO, ESIC, social security
5. pension-insurance reforms, FDI
6. BancassuranceForeign trade
1. current account, capital account, balance of trade, balance of payment2. rupee convertibility
3. currency devaluation, appreciation
4. GATT, WTO
5. FERA, FEMA
6. NEER, REER
Sample questions from previous papers
1. Financial inclusion means provision of
1. Financial services, namely, payments, remittances, savings, loans and insurance at affordable cost to persons not yet given the same.
2. Ration at affordable cost to persons not yet given the same.
3. House at affordable cost to persons not yet given the same.
4. Food at affordable cost to persons not yet given the same.
5. Education at affordable cost to persons not yet given the same.
2. When the rate of inflation increases
3. purchasing power of money increases
4. purchasing power of money decreases
5. value of money increases
6. purchasing power of money remains unaffected
7. amount of money in circulation decreases1. When there is a difference between all receipts and expenditure of the Govt. of India, both capital and revenue, it is called
1. Revenue Deficit
2. Budgetary Deficit
3. Zero Budgeting
4. Trade Gap
5. Balance of payment problem
2. Which of the following is not considered a money market instrument?
Treasury bills
Repurchase Agreement
Commercial Paper
Certificate of Deposit
Shares and bonds
^as you can see, from theory very easy questions have been asked. Hence just get an overview, dont spend too much time on Economy theory portion. Now moving to:
#4: Economy: Current Affairs
Main focus should be on Union Budget 2013 + Economic survey. The summary of all Economic survey chapters=available on Mrunal.org/economy. And in those summaries, Ive also included various government schemes, organizations, even the Human development index.
Budget-2013Numbers related to Economy
For Budget-2013, you dont have to prepare each and everything, just focus on following areas
1. Chindus Budget speech: (click me).look for major announcements e.g.We are working with RBI and NABARD to bring all other banks, including some cooperative banks, on Core Banking solution and e-payment systems by 31.12.2013.2. Major highlights of Budget-2013 (click me)3. Income tax slabs
4. peak rates of excise, service tax and custom duty
5. Negative list of Service tax.For Numbers, prepare following
1. latest Estimates of GDP
2. IIP, WPI, CPI: highest lowest in recent times.
3. Repo rate, CRR, SLR, Bank rate: highest lowest in recent times.
4. Rupee vs dollar: highest lowest in recent times.
5. fiscal deficit, current account deficit
6. latest FDI limits in various sectors
7. top-5 items in export and import
8. excise, service tax, income tax, custom duty (highest to lowest in terms of income to government)
For remaining current affair related matters e.g. US/EU economic problems, measures taken by government to boost investment/GDP, curb current account deficit /GOLDconsumption etc.
1. Economy section under any one Monthly current affairs magazine AND/OR
2. economy related news within monthly updates of Competitionmaster.com
3. +keep a habit of reading English newspaper on daily basis, itll help you in reading comprehension, general awareness and interview.
Observe the sample questions from previous IBPS PO exam, it will give you an idea of what type of information you should be focusing on, while reading magazine/newspaper for economy current affairs.
Q. US/EU relatedAlmost all the major economies of the world had reacted sharply on the issue of the USAs ceiling limit on its debt. Why was the issue so important for other nations, which otherwise was an internal matter for the USA?
1. The Senates decision on the issue might have caused the US dollar to weaken further or get strengthened in international markets.
2. Weakening of the dollar might have pushed up Euro and other major currencies up and some European countries which were already in trouble would have faced a new crisis.
3. Debt limit was directly related to liquidity position of banks in USA.
answer choicesa. Only (A)
b. Only (B)
c. Only (A) and (B) both
d. Only (B) and (C) both
e. All (A), (B) and (C)
Q. Foreign Trade related1. The present Foreign Trade policy of India will continue till
A. December 2012
B. March 2013
C. March 2014
D. June 2013
E. December 2014The Govt. of India recently decided to lift the four-years- old ban on export of wheat. What was the reason for the same?
A. India had a bumper crop of wheat during last two years. Hence it has excess stock of wheat.
B. As per the Food Security Act, India is bound to provide 10 million tones of wheat to World food grain stock every year. India defaulted last year. This year it does not want to be one.
C. As advised by the Supreme Court of India, the money received from export should be used to pay subsidy to the farmers.
Answer Choices
a. Only(B)
b. Only (A)
c. Only (C)
d. Both (A) and (B)
e. All (A), (B) and (C)
Q.Govt schemes1. Which of the following schemes of the Govt. of India has provided electrically to 99000 villages and total 1.7 crore households uptill now?
A. Kuti Jyoti
B. Rajiv Gandhi Grameen Vidyutikaran Yojana
C. Bharat Nirman
D. PURA SEWA1. Which of the following schemes is launched to provide pension to people in unorganized sectors in India?
A. Swabhiman
B. Jeevan Dhara
C. Jeevan Kalyan
D. ASHA
E. Swavalamban
Q. Government Policies to boostINVESTMENT/GDP1. The Govt. of which of the following states has agreed to give captive mines of iron- ores to all the companies who are willing to establish plants there?
A. West Bengal
B. Odisha
C. Jharkhand
D. Bihar
E. Karnataka
2. POSCO is in the process of establishing its plants in India. What does the letter P denote in the name POSCO?
Popular
Pallin
Pohang
Paradeep
Peterburg1. In order to attract moreFOREIGN EXCHANGEthe Govt. of India decided to allow foreign investment in LLP firms. What is full form of LLP as used in this reference?
1. Local Labour Promotion
2. Low Labour Projects
3. Limited Loan Partnership
4. Longer Liability Partnership
5. Limited Liability Partnership
Enough of Economy, lets move to next topic.
#5: International Affairs (IA)
For CDS, CAPF, IBPS= international-affairs is a common topic. Even at interview stage, you might come across questions from here. The Cost: benefit is quite good, if you focus on the right areas.
Although IA+Polity current had less questions than Misc.GK in previous IBPS PO Exams, but I put them at higher place in this priority order. Why?
1. The cost: benefit of IA+Polity current is higher than Misc.GK (in terms of amount of data to be memorized, to solve one MCQ in the actual exam.)
2. Youll have to prepare current affairs related to IA+Polity for the interview anyways, while Misc.GK loses significance @interview stage.
Reference source for IA
1. International Affairs section under any one Monthly current affairs magazine (PRatiyogita, CST etc) AND/OR2. Monthly updates of Competitionmaster.com
3. +keep a habit of reading English newspaper on daily basis, itll help you in reading comprehension, general awareness and interview.
Areas to focus?
1. PIN (Persons in news) : election of new PM/Prez. in any country. Heads of main international organizations.2. Places in news: where some summit/controversial event happened.
3. Recent summits of ASEAN, SAARC, G-8 etc. Location and theme.
4. bilateral visits and agreements
5. Pravasi Bharatiya Divas, new Schemes related to NRIs
6. Any recent controversies: Snowden, Wikileaks, Syria, Egypt etc.
^Dont do Ph.D, just focus on persons/places in news and main reason(s)/features.
Observe the following questions that were asked in previous IBPS PO exams, itll give you an idea on what type of information you should be focusing on, while reading about international affairs.
Q. Bilateral visits1. The Home Minister of India was recently on a visit to Bangladesh, where both the countries signed a Coordinated Border Management Plan (CBMP). What are the major points of this agreement?
1. The plan will help in resolving the long-pending border dispute between both the nations.
2. The head count of the people living in enclaves on the border will be completed within next six months time.
3. India assured that no BSF Jawan will open fire on the people crossing the borders unless there is an attack on them.
answer choicesA. Only (A)
B. Only (B)
C. Only C
D. All (A), (B) and (C)
E. Both (A) and (C)1. The President of India was recently on a visit to South Korea and Mongolia. During her visit some agreements were signed by both the countries. Which of the following was a common area on which India signed agreements with South Korea and Mongolia both?
1. Peaceful use of Nuclear energy
2. Export of edible oil toSouth Korea and Mongolia
3. Providing technical help to become self-sufficient in production of food grains
4. Willingness of both the countries to support Indias bid to have permanent seat in UN Security Council
5. To hold Olympic games in 2022 in New Delhi jointly with South Korea and Mongolia
Q. Controversy related1. Which of the following was the issue over which India decided to vote against Sri Lanka in the meeting of one of the UN governed bodies/agencies?
a. Violations of human right in Sri Lanka
b. Allowing China to establish a military based in India ocean
c. Issue of subsidy on agricultural products in the meeting of the WTO
d. Allowing part of Sri Lanka to become an independent country governed by LTTE
e. Sri Lankas claim to become a permanent member of UN Security Council
2. The president of which of the following countries was accused of violation of War Powers Act of his country when he decide to attack Libya with other NATO countries in June 2011?
a. USA
b. France
c. Germany
d. Spain
e. Italy1. What was the reason owing to which Enrica Lexie, an Italian ship was detained by the Port Authorities in Kerala and was brought to Cochin port for inspection and search?
a. It was carrying objectionable material
b. It was involved in sea piracy
c. It was detained as the crew killed two Indian fishermen
d. The ship started sailing without making payments of iron ore it loaded
e. It was detained as it was dumping nuclear waste in deep sea
Q. International Places in News1. The 10th Basic Ministerial Meeting on Climate Change was organized in February 2012 in
a. Tokyo
b. Beijing
c. Manila
d. Moscow
e. New Delhi1. The Golden Jubilee of Afro-Asian Rural Development organization was organized in which of the following places in March 2012?
a. Dhaka
b. Tokyo
c. Cairo
d. Kuala Lampur
e. New Delhi
Q. International Persons in news (PIN)1. Angela Merkel was recently in India to receive Jawaharlal Nehru Award for International Understanding for the year 2009. What has been her contribution to international politics which made her the Best Choice for the award?
1. She played a major role in restarting negotiations between Russia and USA on START.
2. She initiated Health Care Reforms in Germany and solved problems related to future energy development.
3. She played a crucial role in negotiation of the Treaty of Lisbon and Berlin declaration.
Answer choicesA. Only (B) and (C)
B. Only (A) and (B)
C. Only (C)
D. Only (A) and (C)
E. None of these1. Who among the following was the Chief Guest at the three-day Pravasi Bharatiya Divas function held in January 2012?
a. Kamla Persad Bissessar
b. Ram Baran Yadav
c. Lakshmi Mittal
d. Salman Rushdie
e. Benjamin Netanyahu
2. Which of the following countries recently conferred its Highest State Honour on Late Mrs Indira Gandhi for her contribution in its Liberation war?
a. South Sudan
b. Bangladesh
c. Bhutan
d. Slovakia
e. Croatia
1. Yingluck Shinawatra won recently held election to become first PM of
a. Myanmar,
b. S.Korea
c. Thailand
d. N.Korea
e. none of Above
#6: Polity Current affairs
In past exams, 2-3 questions appeared from polity related current affairs. but still cost-benefit is good, just pay attention to key areas within newspaper, magazines and youll be able to solve those MCQs effortlessly.
Areas to focus (Dont do Ph.D, just keep an eye on following topics)1. PIN: new CM (particularly North East and those who won multiple times), New CAG/EC/CJI etc.
2. SC judgments/ scams / controversies
3. Bills/amendments/acts
4. committees, scams
Observe the questions from past exams
Q. Polity current: controversy relatedThe Lokayukta of which of the following States had submitted a report on illegal mining of iron ore in the State?
a. Andhra Pradesh
b. Tamil Nadu
c. Karnataka
d. Odisha
e. None of these1. Which of the following agencies/ organizations recently gave go-ahead verdict to Indias one of the most controversial project of inter linking rivers? (some of the rivers are international rivers)
a. UN Food and Agriculture Organization
b. World Meteorological Organization
c. International Court of Justice
d. Central Water Commission
e. Supreme Court of India
Polity: persons/places in news1. Who among the following has become the chief Minister of a State in India for third consecutive term?
a. Tarun Gogoi
b. Nitish Kumar
c. J Jayalalitha
d. Mamta Banerjee
e. None of these1. Gorkhaland Council, which was recently in news, is a body set up for administration of which of the following Districts?
a. Siliguri
b. Bagdogra
c. Malda
d. Darjeeiing
e. Gangtok
Polity: Acts/bills/amendments related1. Which of the following acts is vogue in India is against the thinking of raising school fee as per demand of the market forces?
a. Prevention of Corruption Act
b. Child Labour (Prohibition & Regulation) Act
c. Sharda Act
d. Right to Education Act
e. MG National Rural Employment Guarantee Act1. As per the provisions in the Food Security Bill 2011, per month how much food grain should be given to each person of the target group?
a. 5 kg
b. 7 kg
c. 9 kg
d. 10 kg
e. 20 kg
#7: Misc.GK: Filler topics
If youre preparing for CAPF, CDS, State PCS or SSC, youll definitely come across good number of questions on geography, census, defense, and science-tech. But for IBPS, theyre only using these topics as filler material. Hence cost: benefit = not good and therefore I put them under Misc.GK. But still while youre reading newspaper/magazine, doesnt hurt keeping an eye on following. Here are samples from previous IBPS PO exams.
GEOGRAPHYCENSUS
1. The worlds highest Rail Bridge is being constructed in the state of Jammu & Kashmir. This bridge will be on which of the following rivers?
a. Jhelum
b. Chenab
c. Indus
d. Ravi
e. None of these1. Which of the following statements containing results of Indias recent Census is not correct?
a. Kerala has about 94% literacy, the highest in India.
b. The sex ratio in India is 940.
c. Male literacy is lower than female literacy in seven most developed states.
d. Uttar Pradesh is the most populous State in India.
e. The population of India has increased by 181 million during the decade 2001-2011.
DEFENSESCI-TECH/NUKE
1. Akula-11 Class K-152 Nerpa was inducted in Indian Navy recently. These are
a. Aircrafts
b. Radar System
c. Submarines Missiles
d. Warship
e. Submarines1. As per newspaper reports, India is planning to use SEU as fuel in its 700 MV nuclear reactors being developed in new plans. What is full form of SEU as used here?
a. Safe Electrical Units
b. Small Electrical Units
c. Slightly Enriched Uranium
d. Sufficiently Enriched Units
e. Safely Enriched Uranium
#7: Misc.GK: PIN/Award/Sports
Finally the most bogus headache topic.
Previous IBPS PO Exams:20112012
Misc.PIN (persons in news, awards)63
Misc.Sports24
Misc.Books-Authors11
Misc.filler (Census, Geography, Nuke Reactors, Defense)22
total1110
Source of preparation Ive published Person in News compilation PIN2014click me Copy paste it in MS Word file
Goto library, read whatever competitive magazine you get (CST, Pratiyoigta, Chronicle, Wizard) and note down important names/details. You can also use list given by competitionmaster.com for example click me forJune 2013Observe the sample questions from previous exams:
Person in News (PIN)/Awards1. Which of the following awards was conferred upon Late Mario De Miranda (Posthumously) in January 2012?
a. Padma Vibhushan
b. Bharat Ratna
c. Kalidas Samman
d. Saraswati Samman
e. Padmashri
2. Which of the following films was not directed by Manikaul, who died recently?
a. 3 Idiots
b. Ghashiram Kotwal
c. Uski Roti
d. Dividha
e. Ashadh Ka Ek Din1. Ranbir Kapoor was awarded Best Actor in 47th Filmfare Award Function for his performance in
a. No One Killed Jessica
b. Stanley Ka Dabba
c. 7 Khoon Maaf
d. Rockstar
e. Zindagi Na Milegi Dobara
Books-AuthorsWho among the following is the author of the book Birbasan?
a. Mahashweta Devi
b. Taslima Nasreen
c. Sunil Gangopadhyay
d. Vikram Seth
e. Kiran DesaiWho among the following is the winner of Man Booker Prize 2011?
A. Andrea Levy
B. Nicola Barker
C. TomMcCarthy
D. Linda Grant
E. 5) Philip Roth
Sports: Location1. National Table Tennis Championship was organized in January 2012 in
a. Mumbai
b. Delhi
c. Hyderabad
d. Luck now
e. Jaipur1. The 5th Asian Indoor Athletics Championship was organized in February 2012 in
a. Bangladesh
b. India
c. Qatar
d. China
e. South Korea
Sports: Winner/loser1. Who among the following Indian Lawn Tennis player won a Doubles of Australian Open 2012?
a. Mahesh Bhupati
b. Kamlesh Mehta
c. Leander Paes
d. Samoa Mirza
e. Achanta Sarath Kamal
2. Japan won the womens Football World Cup 2011 by defeating
a. England
b. Germany
c. Argentina
d. USA
e. China1. What among the following was the Captain of the Australian Team which played 5 Test matches against India in January 2012 and won all of them?
a. Ricky Pointing
b. Michael Clarke
c. Nathan Lyon
d. Stuart Clark
e. Andrew Symonds
2. Who amongst following won the Wimbledon Mens final 2011, which was also his first Wimbledon Title?
a. Rafael Nadal
b. Novak Djokovic
c. Robert Bruce
d. Lleyton Hewitt
e. None of above.
Computer Awareness- Topicwise Breakup
Topic IBPS CWE PO/MT20122011
MS Office156
OS/software basics58
Internet/network1413
virus/security13
hardware614
programming65
database31
total5050
^For 2013s exam, there will be only 20 marks from Computer awareness.
Priority areas:
1. Within MS Office: Excel, PowerPoint, and Outlook.Important: IBPS asks questions about MS-offce 2007 and onwards (i.e. tabs-interface.) Good news is NIOS material covers that portion.2. Internet, Email, Webpage related
3. Within hardware: types of computers, hardware used in networking & internet
Reference?
IF you already have a book for Computer awareness from Kiran, Arihant etc. well and good. Revise it often and solve the mock questions given in it. If you dont have any book, there is no need to specially purchase any book because the (free) NIOS study material for computer awareness is available for free.Click me to Download. Solve the computer awareness questions from previous years Bank PO questions papers.
Lets look at some sample questions from previous years IBPS PO papers
MS Office
To find the Paste Special option, you use the Clipboard group on the tab of PowerPoint.(1) Design(2) Slide Show(3) Page Layout(4) Insert(5) NomeIn Power Point, the Header & Footer button can be found on the Insert tab in what group ?
1. illustrations group
2. Object group
3. Text group
4. Tables group
5. None of these
The letter and number of the intersecting column and row is the
1. cell location
2. cell position
3. cell address
4. cell coordinates
5. Cell contents______ in Excel allows users to bring together copies of workbooks that other users have worked on independently.
1. Copying
2. Merging
3. Pasting
4. Compiling
5. None of these
OS/Software basics
Which of the following software could assist someone who cannot use their hands for computer input?
1. Video conferencing
2. Speech recognition
3. Audio digitizer
4. Synthesizer
5. None of these____ software creates a mirror image of the entire hard disk, including the operating system, applications, files, and data.
1. Operating system
2. Backup software
3. Utility programs
4. Driver imaging
5. None of these
What is the name given to those applications that combine text, sound, graphics, motion video, and/or animation ?
1. motionware
2. anigraphics
3. videoscapes
4. multimedia
5. maxomediaYou can keep your personal files/folders in
1. My folder
2. My Documents
3. My Files
4. My Text
5. None of these
Internet/Email/Networks
____ allows users to upload files to an online site so they can be viewed and edited from another location.
1. General-purpose applications
2. Microsoft Outlook
3. Web-hosted technology
4. Office Live
5. None of theseFourth-generation mobile technology provides enhanced capabilities allowing the transfer of both ____ data, including full-motion video, high-speed Internet access, and videoconferencing.
1. video data and information
2. voice and nonvoice
3. music and video
4. video and audio
5. None of these
The method of Internet access that requires a phone line, but offers faster access speeds than dial-up is the connection.
1. cable access
2. satellite access
3. fiber-optic service
4. Digital Subscriber Line (DSL)
5. modemA USB communication device that supports data encryption for secure wireless communication for notebook users is called a
1. USB wireless network adapter
2. wireless switch
3. wireless hub
4. router
5. None of these
Security
____ is a form of denial of service attack in which a hostile client repeatedly sends SYN packets to every port on the server using take IP addresses.
1. Cybergaming crime
2. Memory shaving
3. Syn flooding
4. Software piracy
5. None of theseA person who uses his or her expertise to gain access to other peoples computers to get information illegally or do damage is a
1. hacker
2. analyst
3. instant messenger
4. programmer
5. spammer
______are attempts by individuals to obtain confidential information from you by falsifying their identity.
1. Phishing trips
2. Computer viruses
3. Spyware scams
4. Viruses
5. Phishing scams
Hardware
Different components on the motherboard of a PC unit are linked together by sets of parallel electrical conducting lines. What are these lines called?
1. Conductors
2. Buses
3. Connectors
4. Consecutives
5. None of theseWhich part of the computer is used for calculating and comparing ?
1. ALU
2. Control unit
3. Disk unit
4. Modem
5. None of these
Reusable optical storage will typically have the acronym
1. CD
2. DVD
3. ROM
4. RW
5. ROSWhich ports connect special types of music instruments to sound cards?
1. BUS
2. CPU
3. USB
4. MIDI
5. MINI
Programming
A(n) _____ language reflects the way people think mathematically.
1. cross-platform programming
2. 3GL business programming
3. event-driven programming
4. functional
5. None of theseA(n) program is one that is ready to run and does not need to be altered in any way.
1. interpreter
2. high-level
3. compiler.
4. COBOL
5. executable
1. A set of rules for telling the computer what operations to perform is called a ___
1. procedural language
2. structures
3. natural language
4. command language
5. programming language1. A detailed written description of the programming cycle and the program, along with the test results and a printout of the program is called
1. documentation
2. output
3. reporting
4. spec sheets
5. Directory
Database management related
____ is used by public and private enterprises to publish and share financial information with eachother and industry analysts across all computer platforms and the Internet.
1. Extensible Markup Language (EML)
2. Extensible Business Reporting Language (XBRL)
3. Enterprise Application Integration (EAI)
4. Sales Force Automation (SFA) software
5. None of theseGrouping and processing all of a firms transactions at one time is called
1. a database management system
2. batch processing
3. a real-time system
4. an on-line system
5. None of these
This first step in the transaction processing cycle captures business data through various modes such as optical scanning or at an electronic commerce website.
1. Document and report generation
2. Database maintenance
3. Transaction processing start-up
4. Data Entry
5. None of Above
FAQs on the Banking Ombudsman Scheme
1. What is the Banking Ombudsman Scheme?The Banking Ombudsman Scheme enables an expeditious and inexpensive forum to bank customers for resolution of complaints relating to certain services rendered by banks. The Banking Ombudsman Scheme is introduced under Section 35 A of the Banking Regulation Act, 1949 by RBI with effect from 1995.
2. Who is a Banking Ombudsman?The Banking Ombudsman is a senior official appointed by the Reserve Bank of India to redress customer complaints against deficiency in certain banking services.
3. How many Banking Ombudsmen have been appointed and where are they located?As on date, fifteen Banking Ombudsmen have been appointed with their offices located mostly in state capitals. The addresses and contact details of the Banking Ombudsman offices have been provided in the annex.
4. Which are the banks covered under the Banking Ombudsman Scheme, 2006?All Scheduled Commercial Banks, Regional Rural Banks and Scheduled Primary Co-operative Banks are covered under the Scheme.
5. What are the grounds of complaints?The Banking Ombudsman can receive and consider any complaint relating to the following deficiency in banking services (including internet banking):
non-payment or inordinate delay in the payment or collection of cheques, drafts, bills etc.;
non-acceptance, without sufficient cause, of small denomination notes tendered for any purpose, and for charging of commission in respect thereof;
non-acceptance, without sufficient cause, of coins tendered and for charging of commission in respect thereof;
non-payment or delay in payment of inward remittances ;
failure to issue or delay in issue of drafts, pay orders or bankers cheques;
non-adherence to prescribed working hours ;
failure to provide or delay in providing a banking facility (other than loans and advances) promised in writing by a bank or its direct selling agents;
delays, non-credit of proceeds to parties accounts, non-payment of deposit or non-observance of the Reserve Bank directives, if any, applicable to rate of interest on deposits in any savings,current or other account maintained with a bank ;
complaints from Non-Resident Indians having accounts in India in relation to their remittances from abroad, deposits and other bank-related matters;
refusal to open deposit accounts without any valid reason for refusal;
levying of charges without adequate prior notice to the customer;
non-adherence by the bank or its subsidiaries to the instructions of Reserve Bank on ATM/Debit card operations or credit card operations;
non-disbursement or delay in disbursement of pension (to the extent the grievance can be attributed to the action on the part of the bank concerned, but not with regard to its employees);
refusal to accept or delay in accepting payment towards taxes, as required by Reserve Bank/Government;
refusal to issue or delay in issuing, or failure to service or delay in servicing or redemption of Government securities;
forced closure of deposit accounts without due notice or without sufficient reason;
refusal to close or delay in closing the accounts;
non-adherence to the fair practices code as adopted by the bank or non-adherence to the provisions of the Code of Bank s Commitments to Customers issued by Banking Codes and Standards Board of India and as adopted by the bank ;
non-observance of Reserve Bank guidelines on engagement of recovery agents by banks; and
any other matter relating to the violation of the directives issued by the Reserve Bank in relation to banking or other services.
A customer can also lodge a complaint on the following grounds of deficiency in service with respect to loans and advances
non-observance of Reserve Bank Directives on interest rates;
delays in sanction, disbursement or non-observance of prescribed time schedule for disposal of loan applications;
non-acceptance of application for loans without furnishing valid reasons to the applicant; and
non-adherence to the provisions of the fair practices code for lenders as adopted by the bank or Code of Banks Commitment to Customers, as the case may be;
non-observance of any other direction or instruction of the Reserve Bank as may be specified by the Reserve Bank for this purpose from time to time.
The Banking Ombudsman may also deal with such other matter as may be specified by the Reserve Bank from time to time.
6. When can one file a complaint?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 representation, or the bank rejects the complaint, or if the complainant is not satisfied with the reply given by the bank.
7. When will one s complaint not be considered by the Ombudsman ?One s complaint will not be considered if:
a. One has not approached his bank for redressal of his grievance first.
b. One has not made the complaint within one year from the date one has received the reply of the bank or if no reply is received if it is more than one year and one month from the date of representation to the bank.
c. The subject matter of the complaint is pending for disposal / has already been dealt with at any other forum like court of law, consumer court etc.
d. Frivolous or vexatious.
e. The institution complained against is not covered under the scheme.
f. The subject matter of the complaint is not within the ambit of the Banking Ombudsman.
g. If the complaint is for the same subject matter that was settled through the office of the Banking Ombudsman in any previous proceedings.
8. What is the procedure for filing the complaint before the Banking Ombudsman?
One can file a complaint with the Banking Ombudsman simply by writing on a plain paper. One can also file it online (atclick here to go to Banking Ombudsman schemeor by sending an email to the Banking Ombudsman. There is a form along with details of the scheme in our website.However, it is not necessary to use this format.
9. Where can one lodge his/her complaint?One may lodge his/ her complaint at the office of the Banking Ombudsman under whose jurisdiction, the bank branch complained against is situated.For complaints relating to credit cards and other types of services with centralized operations, complaints may be filed before the Banking Ombudsman within whose territorial jurisdiction the billing address of the customer is located.
Address and area of operation of the banking ombudsmen are provided in the annex.
10.Can a complaint be filed by one s authorized representative?Yes. The complainant can be filed by one s authorized representative (other than an advocate).11. Is there any cost involved in filing complaints with Banking Ombudsman?No. The Banking Ombudsman does not charge any fee for filing and resolving customers complaints.
12. Is there any limit on the amount of compensation as specified in an award?The amount, if any, to be paid by the bank to the complainant by way of compensation for any loss suffered by the complainant is limited to the amount arising directly out of the act or omission of the bank or Rs 10 lakhs, whichever is lower.
13. Can compensation be claimed for mental agony and harassment?The Banking Ombudsman may award compensation not exceeding Rs 1 lakh to the complainant only in the case of complaints relating to credit card operations for mental agony and harassment. The Banking Ombudsman will take into account the loss of the complainant s time, expenses incurred by the complainant, harassment and mental anguish suffered by the complainant while passing such award.
14. What details are required in the application?The complaint should have the name and address of the complainant, the name and address of the branch or office of the bank against which the complaint is made, facts giving rise to the complaint supported by documents, if any, the nature and extent of the loss caused to the complainant, the relief sought from the Banking Ombudsman and a declaration about the compliance of conditions which are required to be complied with by the complainant.
15. What happens after a complaint is received by the Banking Ombudsman?The Banking Ombudsman endeavours to promote, through conciliation or mediation, a settlement of the complaint by agreement between the complaint and the bank named in the complaint.If the terms of settlement (offered by the bank) are acceptable to one in full and final settlement of one s complaint, the Banking Ombudsman will pass an order as per the terms of settlement which becomes binding on the bank and the complainant.
16. Can the Banking Ombudsman reject a complaint at any stage?Yes. The Banking Ombudsman may reject a complaint at any stage if it appears to him that a complaint made to him is:
not on the grounds of complaint referred to above
compensation sought from the Banking Ombudsman is beyond Rs 10 lakh .
requires consideration of elaborate documentary and oral evidence and the proceedings before the Banking Ombudsman are not appropriate for adjudication of such complaint
without any sufficient cause
that it is not pursued by the complainant with reasonable diligence
in the opinion of the Banking Ombudsman there is no loss or damage or inconvenience caused to the complainant.
17. What happens if the complaint is not settled by agreement?If a complaint is not settled by an agreement within a period of one month, the Banking Ombudsman proceeds further to pass an award. Before passing an award, the Banking Ombudsman provides reasonable opportunity to the complainant and the bank, to present their case.It is up to the complainant to accept the award in full and final settlement of your complaint or to reject it.
18.Is there any further recourse available if one rejects the Banking Ombudsmans decision?If one is not satisfied with the decision passed by the Banking Ombudsman, one can approach the appellate authority against the Banking Ombudsmens decision. Appellate Authority is vested with a Deputy Governor of the RBI.One can also explore any other recourse and/or remedies available to him/her as per the law.The bank also has the option to file an appeal before the appellate authority under the scheme.
19. Is there any time limit for filing an appeal?If one is aggrieved by the decision, one may, within 30 days of the date of receipt of the award, appeal against the award before the appellate authority. The appellate authority may, if he/ she is satisfied that the applicant had sufficient cause for not making an application for appeal within time, also allow a further period not exceeding 30 days.
20. How does the appellate authority deal with the appeal?The appellate authority mayi. dismiss the appeal; orii. allow the appeal and set aside the award; oriii. send the matter to the Banking Ombudsman for fresh disposal in accordance with such directions as the appellate authority may consider necessary or proper; oriv. modify the award and pass such directions as may be necessary to give effect to the modified award; orv. pass any other order as it may deem fit.
Know Your Customer Guidelines
(updated up to December 22, 2014)
(This is a summarised and simplified version of the Reserve Bank of Indias Know Your Customer guidelines. For further details, please refer to the links which are provided below.)Q 1. What is KYC? Why is it required?
Response:KYC means Know Your Customer. It is a process by which banks obtain information about the identity and address of the customers. This process helps to ensure that banks services are not misused. The KYC procedure is to be completed by the banks while opening accounts and also periodically update the same.
Q 2. What are the KYC requirements for opening a bank account?
Response:To open a bank account, one needs to submit a proof of identity and proof of address together with a recent photograph.
Q3. What are the documents to be given as proof of identity and proof of address?
Response:The Government of India has notified six documents as Officially Valid Documents (OVDs) for the purpose of producing proof of identity. These six documents are Passport, Driving Licence, Voters Identity Card, PAN Card, Aadhaar Card issued by UIDAI and NREGA Card. You need to submit any one of these documents as proof of identity. If these documents also contain your address details, then it would be accepted as as proof of address. If the document submitted by you for proof of identity does not contain address details, then you will have to submit another officially valid document which contains address details.
(http://rbidocs.rbi.org.in/rdocs/content/pdfs/PMLAME170714_A.pdf)(http://rbidocs.rbi.org.in/rdocs/notification/PDFs/CA090614FCN.pdf)
Q 4. If I do not have any of the documents listed above to show my proof of identity, can I still open a bank account?
Response:Yes. You can still open a bank account known as Small Account by submitting your recent photograph and putting your signature or thumb impression in the presence of the bank official.
Q 5. Is there any difference between such small accounts and other accounts
Response:Yes. The Small Accounts have certain limitations such as:
balance in such accounts at any point of time should not exceed Rs.50,000
total credits in one year should not exceed Rs.1,00,000
total withdrawal and transfers should not exceed Rs.10,000 in a month.
Foreign remittances cannot be credited to such accounts.
Such accounts remain operational initially for a period of twelve months and thereafter, for a further period of twelve months, if the holder of such an account provides evidence to the bank of having applied for any of the officially valid documents within twelve months of the opening of such account. The bank will review such account after twenty four months to see if it requires such relaxation.
(http://rbidocs.rbi.org.in/rdocs/notification/PDFs/COSA270111.pdf)
Q 6. Would it be possible, if I do not have any of the officially valid documents, to have a bank account, which is not subjected to any limitations as in the case of small accounts?
Response:A normal account can be opened by submitting a copy of any one of the following documents:
(i) Identity card with persons photograph issued by Central/State Government Departments, Statutory/Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks, and Public Financial Institutions;
or
(ii) letter issued by a gazetted officer, with a duly attested photograph of the person.
This, however, is not a general rule and it is left to the judgement of the banks to decide whether this simplified procedure can be adopted in respect of any customer.
(http://rbidocs.rbi.org.in/rdocs/content/pdfs/PMLAME170714_A.pdf)
Q 7. Are banks required to categorise their customers based on risk assessment?
Response:Yes, banks are required to classify the customers into low, medium and high categories depending on their AML risk assessment.
Q 8. Do banks inform customers about this risk categorisation?
Response:No
Q 9. If I refuse to provide requested documents for KYC to my bank for opening an account, what may be the result?
Response:If you do not provide the required documents for KYC, the bank may not be able to open your account.
(http://www.rbi.org.in/scripts/BS_ViewMasCirculardetails.aspx?id=9031)
Q 10. Can I open a bank account with only an Aadhaar card?
Response:Yes, Aadhaar card is now accepted as a proof of both, identity and address.
(http://rbidocs.rbi.org.in/rdocs/notification/PDFs/KYC101212CFS.pdf)
Q 11. What is e-KYC? How does e-KYC work?
Response:e-KYC refers to electronic KYC.
e-KYC is possible only for those who have Aadhaar numbers. While using e-KYC service, you have to authorise the Unique Identification Authority of India (UIDAI), by explicit consent, to release your identity/address through biometric authentication to the bank branches/business correspondent (BC). The UIDAI then transfers your data comprising name, age, gender, and photograph of the individual, electronically to the bank/BC. Information thus provided through e-KYC process is permitted to be treated as an Officially Valid Document under PML Rules and is a valid process for KYC verification.
(http://rbidocs.rbi.org.in/rdocs/notification/PDFs/CKUI0209013E.pdf)
Q 12. Is introduction necessary while opening a bank account?
Response:No, introduction is not required.
(http://rbidocs.rbi.org.in/rdocs/notification/PDFs/KYC101212CFS.pdf)
Q 13. If I am staying in Chennai but if my address proof shows my address of New Delhi, can I still open an account in Chennai?
Response:Yes. You can open a bank account in Chennai even if your permanent address is in New Delhi and you do not have a proof of address for your Chennai. In that case, you can submit an officially valid document (proof of address document) of your New Delhi address together with a declaration about your Chennai address, for communication purposes.
(http://rbidocs.rbi.org.in/rdocs/notification/PDFs/CA090614FCN.pdf)
Q 14. Can I transfer my existing bank account from one place to another? Do I need to undergo full KYC again?
Response:Yes, it is possible to transfer an account from one branch to another branch of the same bank. There is no need for KYC exercise again to transfer a bank account from one branch to another branch of the same bank. However, if there is a change of address, then you would have to submit a declaration about the current address. If the address in the officially valid documents/ proof of address is neither permanent nor current address, a new proof of address would be required within six months. In case of opening an account in another bank, however, you would have to undergo KYC exercise afresh.
(http://rbidocs.rbi.org.in/rdocs/notification/PDFs/KYCAML290113_F.pdfandhttp://rbidocs.rbi.org.in/rdocs/notification/PDFs/CA090614FCN.pdf)
Q 15. Do I have to furnish KYC documents for each account I open in a bank even though I have furnished the documents of proof of identity and address?
Response:No, if you have opened an account with a bank, which is KYC compliant, then for opening another account with the same bank, furnishing of documents is not necessary.
Q 16. For which banking transactions do I need to quote my PAN number?
Response: PAN number needs to be quoted for transactions, such as, account opening, transactions above Rs.50,000 (whether in cash or non-cash), etc. A full list of transaction where PAN number needs to be quoted can be accessed from website of Income Tax Department at the following URL:
http://law.incometaxindia.gov.in/DIT/File_opener.aspx?page=ITRU&schT=rul&csId=21533008-bbb4-4f86-b609-9296e8b5223e&rNo=114B&sch=&title=Taxmann%20-%20Direct%20Tax%20Laws
Q 17. Whether KYC is applicable for Credit/Debit/Smart/Gift cards?
Response:Yes. Full KYC exercise is necessary for Credit/Debit/Smart/for purchaser of Gift Cards and also in respect of add-on/ supplementary cards.
(http://www.rbi.org.in/scripts/BS_ViewMasCirculardetails.aspx?id=9031)
Q 18. I do not have a bank account. But I need to make a remittance. Is KYC applicable to me?
Response:Yes. KYC exercise needs to be done for all those who want to make domestic remittances of Rs. 50,000 and above and all foreign remittances.
(http://rbidocs.rbi.org.in/rdocs/notification/PDFs/KYC12072013F.pdf)
Q 19. Can I purchase a Demand Draft/Payment Order/Travellers Cheque against cash without KYC?
Response:Demand Draft/Payment Order/Travellers Cheques for Rs.50,000/- and above can be issued only by way of debiting the customer's account or against cheques.
(http://rbidocs.rbi.org.in/rdocs/notification/PDFs/KYC12072013F.pdf)
Q 20. Do I need to submit KYC documents to the bank while purchasing third party products (like insurance or mutual fund products) from banks?
Response:Yes, all customers who do not have accounts with the banks (known as walk-in customers) have to produce proof of identity and address while purchasing third party products from banks if the transaction is for Rs.50,000 and above. KYC exercise may not be necessary for banks own customers for purchasing third party products. However, instructions to make payment by debit to customers accounts or against cheques for remittance of funds/issue of travellers cheques, sale ofGOLD/silver/platinum and the requirement of quoting PAN number for transactions of Rs.50,000 and above would be applicable to purchase of third party products from banks by banks customers as also to walk-in customers.
(http://rbidocs.rbi.org.in/rdocs/notification/PDFs/KYC12072013F.pdf)
Q 21. My KYC was completed when I opened the account. Why does my bank insist on doing KYC again?
Response:Banks are required to periodically update KYC records. This is a part of their ongoing due diligence on bank accounts. The periodicity of such updation would vary from account to account or categories of accounts depending on the banks perception of risk. Periodical updation of records also helps prevent frauds in customer accounts.
(http://rbidocs.rbi.org.in/rdocs/notification/PDFs/CPU230713FD.pdf)
Q 22. What are the rules regarding periodical updation of KYC?
Response:Different periodicities have been prescribed for updation of KYC records depending on the risk perception of the bank. KYC is required to be done at least every two years for high risk customers, at least every eight years for medium risk customers and ten years for low risk customers. This exercise would involve all formalities normally taken at the time of opening the account.
If there is no change in status with respect to the identity (change in name, etc.) and/or address, such customers who are categorised as low risk by the banks may now submit a self-certification to that effect at the time of periodic updation.
In case of change of address of such low risk customers, they could merely forward a certified copy of the document (proof of address) by mail/post, etc. Physical presence of such low risk customer is not required at the time of periodic updation.
(http://rbidocs.rbi.org.in/rdocs/notification/PDFs/NT269FKYC1014.pdf)
Customers who are minors have to submit fresh photograph on becoming major.
(http://rbidocs.rbi.org.in/rdocs/notification/PDFs/CPU230713FD.pdf)
Q 23. What if I do not provide the KYC documents at the time of periodic updation?
Response:If you do not provide your KYC documents at the time of periodic updation bank has the option to close your account. Before closing the account, the bank may, however, impose partial freezing (i.e. initially allowing all credits and disallowing all debits while giving an option to you to close the account and take your money back). Later even all credits also would not be allowed. The partial freezing however, would be exercised by the bank after giving you due notice.
(http://rbi.org.in/scripts/NotificationUser.aspx?Id=9289&Mode=0)
Q 24. How is partial freezing imposed?
Response:Partial freezing is imposed in the following ways:
While imposing partial freezing, banks have to give due notice of three months initially to the customers before exercising the option of partial freezing.
After that a reminder for further period of three months would be issued.
Thereafter, banks may impose partial freezing by allowing all credits and disallowing all debits with the freedom to close the accounts.
If the accounts are still KYC non-compliant after six months of imposing initial partial freezing banks may disallow all debits and credits from/to the accounts, rendering them inoperative.
Thus, one year after the account is due for updation, if you do not provide the necessary documents/information, your account would become fully inoperative i.e, neither credits nor debits would be allowed in the account.
Meanwhile, the account holders can revive accounts by submitting the KYC documents.
(http://rbidocs.rbi.org.in/rdocs/notification/PDFs/NT269FKYC1014.pdf)
Scheme for Payment of Pension to Government Pensioners by Authorised Banks
The Reserve Bank of India (the Reserve Bank) oversees disbursement of pension by its agency banks in respect of all Central Government Departments and some State Governments. In the process, it receives queries/complaints from pensioners in regard to fixation, calculation and payment of pension including revision of pension/Dearness Relief, transfer of pension account from one bank branch to another, etc. The Reserve Bank has analysed the queries/complaints, and put them in the form of answers to Frequently Asked Questions here. It is hoped that these will cover most of the queries/ doubts in the minds of pensioners.
1. Can the pensioner draw his/ her pension through a bank branch?
Yes. Even the Government employees earlier drawing their pension from a treasury or from a post office have the option to draw their pension from the authorized banks branches.
2. Who is the pension sanctioning authority?
The Ministry/ Department /Office where the Government servant last served is the pension sanctioning authority. The pension fixation is made by such authority for the first time and thereafter the refixation of pay, if any, is done by the pension paying bank based on the instructions from the concerned Central/ State Government authority.
3. Is it necessary for the pensioner to open a separate pension account for the purpose of crediting his/ her pension in authorized bank?
The pensioner is not required to open a separate pension account. The pension can be credited to his/her existing savings/ current account maintained with the branch selected by the pensioner.
4. Can a pensioner open a Joint Account with his/ her spouse?
Yes. All pensioners of the Central Government Pensioners and those State Governments which have accepted such arrangement can open Joint Account with their spouses.
5. Whether Joint Account of the pensioner with spouse can be operated either by ''Former or Survivor" or "Either or Survivor".
The Joint Account of the pensioner with spouse can be operated either as Former or Survivor" or Either or Survivor".
6. Whether a Joint Account can be continued for family pension after death of a pensioner?
Yes, the banks should not insist on opening of a new account in case of Central Government pensioner if the spouse in whose favour an authorization for family pension exists in the Pension Payment Order (PPO) is the survivor and the family pension should be credited to the existing account without opening a new account by the family pensioner for this purpose.
7. What is the minimum balance required to be maintained in the pension account maintained with the banks?
RBI has not stipulated any minimum balance to be maintained in pension accounts by the pensioners. Individual banks have framed their own rules in this regard. However, some banks have also permitted zero balance in the pensioners accounts.
8. Who sends the Pension Payment Orders (PPOs) to the authorized bank branch?
The concerned pension sanctioning authorities in the Ministries /Departments/ State Governments forward the PPOs to bank branches wherefrom the pensioner desires to draw his/her pension. However, on implementation of CPPCs, pension sanctioning authorities have gradually started sending PPOs to the CPPC of the bank instead of bank branch.
9. When is the pension credited to the pensioner's account by the paying branch?
The disbursement of pension by the paying branch is spread over the last four working days of the month depending on the convenience of the pension paying branch except for the month of March when the pension is credited on or after the first working day of April.
10. Can a pensioner transfer his/ her pension account from one branch to another branch of the same bank or to the branch of another bank?
(a) Pensioner can transfer his/ her pension account from one branch to another branch of the same bank within the same centre or at a different centre;
(b) He/ She can transfer his/ her account from one authorized bank to another within the same centre (such transfers to be allowed only once in a year);
(c) He/ She can also transfer his/ her account from one authorized bank to another authorized bank at a different centre.
11. What is the procedure for payment of pension in the case of the transfer of PPO to another branch or bank, as the case may be?
Pension will be paid for three months on the basis of the photocopy of the pensioners PPO at the transferee (new) branch from the date of the last payment made at the transferor (old) branch. Both the branches (old and new) are required to ensure that all the required documents are received by the transferee branch within these three months.
12. Is it necessary for the pensioner to be present at the branch of the bank along with documents for the purpose of identification before commencement of pension?
Yes. Before the commencement of pension, a pensioner has to be present at the paying branch for the purpose of identification. The paying branch shall obtain the specimen signatures or the thumb/toe impression from the pensioner.
13. What is the procedure to be followed by the bank branch if the pensioner is handicapped /incapacitated and is not in a position to be present at the paying branch?
If the pensioner is physically handicapped/incapacitated and unable to be present at the branch, the requirement of personal appearance is waived. In such cases, the bank official visits the pensioners residence/hospital for the purpose of identification and obtaining specimen signature or thumb/toe impression.
14. Has the pensioner got right to retain half portion of the PPO for record and to get it updated from paying branch whenever there is a change in the quantum of pension due to revision in basic pension, dearness relief, etc.?
Yes. The pensioner has right to retain half portion of the PPO for record and whenever there is a revision in the basic pension/Dearness Relief (DR), etc. the paying branch has to call for the pensioner's half of the PPO and record thereon the changes according to government orders/notifications and return the same to the pensioner.
15. Whether the paying branch has to maintain a detailed record of pension payments made by it in the prescribed form?
Yes. The pension paying branch is required to maintain a detailed record of pension payments made by it from time to time in the prescribed form duly authenticated by the authorized officer.
16. Can the pension paying bank recover the excess amount credited to the pensioners account?
Yes. The paying branch before commencement of pension obtains an undertaking from the pensioner in the prescribed form for this purpose and, therefore, can recover the excess payment made to the pensioner's account due to delay in receipt of any material information or due to any bonafide error. The bank also has the right to recover the excess amount of pension credited to the deceased pensioners account from his/her legal heirs/nominees.
17. Question: Is it compulsory for a pensioner to furnish a Life Certificate/Non-Employment Certificate or Employment Certificate to the bank in the month of November? If so, how can this requirement be complied with?
Answer:Yes. The pensioner is required to furnish a Life Certificate / Non Employment Certificate or Employment Certificate to the bank in the prescribed format in the month of November every year to ensure continued receipt of pension without interruption. The pensioner can also present himself / herself at any branch of the pension paying bank for being identified for issue of life certificate. In case a pensioner is unable to obtain a Life Certificate on account of serious illness / incapacitation, bank official will visit his / her residence / hospital for the purpose of obtaining the life certificate.
A pensioner having Aadhar number can alternatively submit Jeevan Pramaan, a digital life certificate introduced by the Government of India. For obtaining this, he / she will have to enrol and biometrically authenticate himself / herself by downloading the application generating digital life certificate from the website jeevanpramaan.gov.in or other means described on the website. Once digital life certificates in the form of Jeevan Pramaan are fully implemented, pension paying branches will be able to obtain information about the digital life certificate of their pensioner customers by logging on to the website of Jeevan Pramaan and searching for the certificate or by downloading through their Core Banking Systems. Pensioners will also be able to forward to their bank branches by email/sms the relative link to their digital life certificate.
18. Can a pensioner be allowed to operate his/ her account by the holder of Power of Attorney?
The account is not allowed to be operated by a holder of Power of Attorney. However, the cheque book facility and acceptance of standing instructions for transfer of funds from the account is permissible.
19. Who is responsible for deduction of Income Tax at source from pension payment?
The pension paying bank is responsible for deduction of Income Tax from pension amount in accordance with the rates prescribed by the Income Tax authorities from time to time. While deducting such tax from the pension amount, the paying bank will also allow deductions on account of relief to the pensioner available under the Income Tax Act. The paying branch, in April each year, will also issue to the pensioner a certificate of tax deduction as per the prescribed form. If the pensioner is not liable to pay Income Tax, he should furnish to the pension paying branch, a declaration to that effect in the prescribed form (15 H).
20. Can old, sick physically handicapped pensioner who is unable to sign, open pension account or withdraw his/ her pension from the pension account?
A pensioner, who is old, sick or lost both his/her hands and, therefore, cannot sign, can put any mark or thumb/ toe impression on the form for opening of pension account. While withdrawing the pension amount he/she can put thumb/toe impression on the cheque/withdrawal form and it should be identified by two independent witnesses known to the bank one of whom should be a bank official.
21. Can a pensioner withdraw pension from his/ her account when he/she is not able to sign or put thumb/toe impression or unable to be present in the bank?
In such cases, a pensioner can put any mark or impression on the cheque/ withdrawal form and may indicate to the bank as to who would withdraw pension amount from the bank on the basis of cheque/withdrawal form. Such a person should be identified by two independent witnesses. The person who is actually drawing the money from the bank should be asked to furnish his/her specimen signature to the bank.
22. When does the family pension commence?
The family pension commences after the death of the pensioner. The family pension is payable to the person indicated in the PPO on receipt of a death certificate and application from the nominee.
23. How the payment of Dearness Relief at revised rate is to be paid to the pensioners?
Whenever any additional relief on pension/family pension is sanctioned by the Government, the same is intimated to the agency banks for issuing suitable instructions to their pension paying branches for payment of relief at the revised rates to the pensioners without any delay. The orders issued by Government Departments are also hosted on their websites and banks have been advised to watch the latest instructions on the website and act accordingly without waiting for any further orders from RBI in this regard.
24. Can pensioners get pension slips?
Yes. As decided by the Central Government (Civil, Defence & Railways), pension paying banks have been advised to issue pension slips to the pensioners in prescribed form when the pension is paid for the first time and thereafter whenever there is a change in quantum of pension due to revision in basic pension or revision in Dearness Relief.
25. Which authority the pensioner should approach for redressal of his/ her grievances?
A pensioner can initially approach the concerned Branch Manager and, thereafter, the Head Office of the concerned bank for redressal of his/her complaint. They can also approach the Banking Ombudsman of the concerned State in terms of Banking Ombudsman Scheme 2006 of the Reserve Bank of India (details available at the Banks websitewww.rbi.org.in) This is applicable only in respect of complaints relating toservicesrendered by banks. For other issues, the complainant will have to approach the respective pension sanctioning authority.
26. Where can a pensioner get information about the changes in the pension/Dearness Relief or any pension related issue?
The pensioner can visit the Official Website of the concerned Government Department as also Reserve Bank of India Website (www.rbi.org.in) to get the information about pension related issues.
27. Whether a pensioner is entitled for any compensation from the agency banks for delayed credit of pension/ arrears of pension?
Yes. A Pensioner is entitled for compensation for delayed credit of pension/arrears thereof at the fixed rate 8% and the same would be credited to the pensioner's account automatically by the bank on the same day when the bank affords delayed credit of s