BANKING AWARENESS

Question 1

BASIC SAVINGS BANK DEPOSIT ACCOUNT (BSBDA)

Answer 1

It facilitates nil or very low minimum balances. It is also known as NO FRILLS account or PMJDY (Pradhan Mantri Jan Dhan Yojana) Account.

An individual is eligible to have only one BSBDA in one bank. Also holders are not eligible to open any other savings account in that bank. If a customer has any other savings account he is required to close it within 30 days from the date of opening BSBDA.

Total savings in these accounts should not exceed 1,00,000 rupees in a year. Max. Balance should not exceed 50,000 rupees at any time. Total of debits by way of cash withdrawals and transfers will not exceed 10,000 rupees in a month.

Question 2

SIDBI

Answer 2

Small Industries Develooment Bank of India (SIDBI) is the principal develooment financial institution of India headquartered in Lucknow.

It was set up on April 2, 1990.

Question 3

Subsidiaries of SIDBI

Answer 3

• SIDBI Venture Capital Limited (SVCL)
• Micro Units Development & Refinance Agency (MUDRA)
• Credit Guarantee Fund Trust - for Micro and Small Enterprises (CGTMSE)
• SMERA Ratings Limited
• India SME Technology Services Ltd. (ISTSL)
• India SME Assert Reconstruction Company Ltd. (ISARC)