Banking and Financial Awareness – 22

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Agnihotri Ravindra

26 Mar, 2013

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Actuarial

Banking Awareness, Banking and Insurance, IPBS, RBI Banking

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1) The term “Actuarial” is associated with which field? – Insurance (Actuarial is a science which calculates premium amount for different types of life insurance policies. This is done by using various models like life expectancy, risk quotient and complex statistical and mathematical models. Actuarial is a very important field of insurance industry)

2) Who was the head of a committee constituted under the 12th Five Year Plan in 2011, to give recommendations on state and welfare of the urban poor in India? – Prof. Amitabh Kundu

3) Concept of Tobin Tax is associated with which field? – Foreign Exchange Transactions (It is a tax proposed in 1978 by Prof. James Tobin, the Nobel Prize Winner for Economics, to be implemented on foreign exchange transactions)

4) What type of money transfer takes place in the RTGS (real time gross settlement system? – Inter-bank money transfer (Transfer from one bank account to another)

5) What function is performed by the RBI under “Open Market Operations”? – RBI primarily tries to stabilize the money flow in the banking system through Open Market Operations (It buys and sells government bonds on the open market to do so. It is part of RBI’s Monetary Policy tools to manipulate and maintain supply of money and short term interest in the economy)

6) Who is the author of the book “The Rediscovery of India”? – Lord Meghnad Desai

7) Which agency/institution is the regulatory authority for home loans in India? – National Housing Bank (NHB)

8) What is the meaning of term ‘MPLADS’ which often appears in newspapers? – Member of Parliament Local Area Development Scheme

9) The Financial Sector Legislative Reforms Commission (FSLRC), which was set up about two years ago, submitted its final report to the govt. on 22 March 2013. This report recommends a comprehensive review of the current financial sector regulatory architecture and legislation. Who is the Chairman of FSLRC? – Justice BN Shrikrishna, former Judge of Supreme Court

10) The Union govt. on 25 March 2013 announced reduction in interest rates offered under several small savings schemes like PPF, NSC, post office savings, etc. This reduction in interest rates was announced following govt.’s decision last year to link the small savings returns with the market rate. This decision was taken into effect after govt. implemented recommendations of which committee some time ago? – Shyamala Gopinath Committee (This committee had suggested that returns should be in sync with market rates determined by the returns offered by other securities. Hence the govt. has to announce new interest rates at the beginning of the financial year, which was what exactly done on 25 March 2013. The change in interest rates would come into effect from 1 April 2013)

Impact on major tools of Small Savings :

  • PPF (Public Provident Fund) : Annual rate of interest reduced from 8.8% to 8.7%
  • NSC (National Savings Certificate 5 yr) : Annual rate of interest reduced from 8.6% to 8.5%
  • NSC (National Savings Certificate 10 yr) : Annual rate of interest reduced from 8.9% to 8.8%
  • Senior Citizen’s Saving Scheme (SCSS) : Annual rate of interest reduced from 9.3% to 9.2%
  • Monthly Income Scheme (MIS) of 5 years maturity : Annual rate of interest reduced from 8.5% to 8.4%
  • Savings Deposit Scheme : Unchanged at 4%

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