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OCM > Business Services > Flashcards

Business Services Flashcards

1
Q

Services are __ in nature

A

Intangible

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2
Q

Services are __ in nature

A

Intangible

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3
Q

Define service

A

A service as an act or performance that one party offers to another is essentially intangible and doesn’t result in the ownership of anything. Its production may or may not be tied to physical product

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4
Q

Features of services

A

I PINCH
1. intangibility
2. Perishability
3. Non-transferability
4. Consumer participation
5. Heterogeneous (inconsistency)

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5
Q

Name the types of business services

A
  1. Transport
  2. Communication
  3. Insurance
  4. Banking
  5. Warehousing
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6
Q

What does banco mean

A

Bench

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7
Q

The term Bank comes from?

A

The French word “banco” which means bench

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8
Q

Types of banks

A
  1. Central Bank
  2. Commercial bank
  3. Co-operative bank
  4. Exchange bank
  5. Saving bank
  6. Investment bank
  7. Regional rural Bank
  8. Specialised bank
  9. Development bank
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9
Q

What is the central bank of india

A

Reserve bank of india (RBI)

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10
Q

When was RBI established?

A

Reserve bank of india was established in 1935 under Reserve Bank of india 1934

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11
Q

State the functions of central bank of india

A
  1. Issue currency notes
  2. Frames monetary policy
  3. Banker for the government
  4. Banker for other banks and commercial banks
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12
Q

Why is commercial bank imp?

A

It plays an important role in the economic and social development of the country

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13
Q

Functions of commercial bank

A

Primary functions :- accepting deposits and lending money
Secondary functions :- utility functions and agency functions

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14
Q

Commercial banks are divided into the following three groups

A

Public sector banks
private sector banks
Foreign sector banks

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15
Q

Commercial banks are divided into the following three groups

A

Public sector banks
private sector banks
Foreign sector banks

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16
Q

Example of public sector banks

A

Bank of India
State Bank of India

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17
Q

Example of public sector banks

A

Bank of India
State Bank of India

18
Q

Example of private sector banks

A

Axis Bank, HDFC bank

19
Q

Example of foreign bank

A

Citi Bank, HSBC, Standard Chartered

20
Q

Explain co-operative bank

A

They are registered under co-operative societies act and regulated under banking regulation act

21
Q

What are industrial development banks?

A

Financial institutions that provide medium and long term funds to business firms

22
Q

What are industrial development banks?

A

Financial institutions that provide medium and long term funds to business firms

23
Q

Example of industrial development banks?

A

Industrial finance corporation of India(IFCI)
State finance corporation (SFC)
Maharashtra finance corporation (MFC)

24
Q

Functions of industrial development banks

A

Giving medium and long term funds to business for expansion and modernization
2. Underwriting of shares given to public limited companies (banks, financial institutions)
3. Purchase debentures and bonds

25
Q

What are exchange banks?

A

Commercial banks that facilitate foreign exchange transactions

26
Q

Examples of exchange bank?

A

Barclays Bank, bank of tokyo

27
Q

State functions of exchange bank

A
  1. Financing foreign trade transactions
  2. Issue of letter of credit (LC)
  3. Discounting of bills of exchange
    4.giving dividend, intrest and profit.
28
Q

When were regional rural banks established

A

1975

29
Q

The capital of RRB is contributed by?

A

50% by central government, 15% by state government and 35% by sponsored banks

30
Q

contributed RRB’s capital is utilised for whom?

A

In semi-urban and rural areas for small and marginal farmers and labourers and rural artisans

31
Q

What is the main objective of savings bank?

A

To encourage saving of the people is rural areas

32
Q

Example of savings bank?

A

Postal savings bank and cooperatives bank

33
Q

What if the full form of SIDBI

A

Small industries development bank of india

34
Q

When was SIDBI set up?

A

2nd April 1990

35
Q

Aim of SIDBI

A

The main aim of SIDBI is the promote , finance and help develop MSME’S (Micro, Small and Medium Enterprises)

36
Q

full form of NABARD

A

NAtional Bank for agricultural and rural development

37
Q

What is NABARD?

A

And apex institution for financing agricultural and rural sector

38
Q

What is insurance

A

Insurance is a contract between the insurer and the insured , whereby the insurer agrees to compensate the insured against any loss of occurrence of an unseen event. It serves as a protection against the loss

39
Q

State the basic terms of insurance

A
  1. Insurer
  2. Insured
  3. Policy
  4. Premium
  5. Proposal
  6. Claim
  7. Subject matter
40
Q

State the Principles of insurance

A

Principle of :-
1. Utmost good faith
2. Insurable intrest
3. Indemnity
4. Subrogation
5. Contribution
6. Mitigation of loss
7. Causa-Proxima

41
Q

What is life policy?

A

Life policy is a contract between the insured and the insurer, whereby the insurer agrees to compensate the insured a certain sum of money after the expiry of a certain period or death

OCM (3 decks)

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