Important facts Flashcards
As per Section 10(1) of FEMA, who is authorized to deal in foreign exchange or foreign securities ?
Any person authorized by RBI
What does “Value Date” mean ?
Date on which a financial transaction or asset becomes effective
What contracts are covered under Master Direction on Margining for Non centrally cleared OTC derivatives ?
Foreign exchange
Interest rate
Credit derivative contracts
What are the primary types of risks mentioned in Framework for Income recognition, Asset classification and provisioning directions ?
Endogenous risks
Exogenous risks
Which organization must Standalone primary dealers report to for OTC derivative contracts ?
Trade repository of CCIL
What does AGL stand for in Authorised dealers ?
Aggregate Limits
Scheduled bank comes under which schedule of RBI Act 1934 ?
2nd
What is the target of UCB’s for priority sector lending ?
40%
Max individual housing loan per borrower is Rs 60 lakh in Tier 1 cities
What is the PSL target for SFB’s and RRB’s ?
75%
How many professional directors should UCB’s compulsorily have ?
2 – It will classify the UCB as Financially Sound and well managed status
If an ATM is cash out for > 10hrs, what is the penalty imposed ?
Rs 10,000 per ATM
As per the master circular of RBI, UCB’s should not issue guarantees beyond how many years in any case ?
10yrs
As per the master circular of RBI, Banks typically earmark funds, usually within how many days usance, against the buyers’ stock holding ?
120 to 180 days
Currency chests shall invariably report all transactions on the same day by what time ?
7pm
Through CyM-CC portal
What is the penalty for Counterfeit notes which are detected in the Soiled note remittance of the bank ?
Penalty at 100% of the notional value of Counterfeit notes
The Interest Equalization scheme for Pre and post shipment rupee export credit has been extended upto ?
June 30th 2024
What is the timeline for filing returns on Monthly basis ?
Within 15 days from reference day
To whom should lapses by Statutory auditors be reported ?
NABARD – within 2 months
As per the circular on Unclaimed amounts of Policyholders, notifications regarding Maturity claims and survival benefits should be sent how many months in advance ?
6 months
What is the CRAR requirement of UCB’s ?
Tier 1 UCB’s – 9% of RWAs
Tier 2 to 4 UCBs – 12% of RWAs
Which bank became the 1st bank to be a Trading cum clearing member India Intl Bullion Exchange – for trading in precious metals ?
SBI
When is Intl Day of Light celebrated and what is theme of 2024 ?
May 16th
Theme of 2024 – Light in our Lives
