COMMITTEES

1. *A C Shah Committee:*NBFC
2. *A Ghosh Committee:*Final Accounts
3. *A Ghosh Committee:*Modalities Of Implementation Of New 20 Point
Programme
4. *A Ghosh Committee:*Frauds & Malpractices In Banks
5. *Abid Hussain Committee:*Development Of Capital Markets
6. *Adhyarjuna Committee:*Changes In NI Act And Stamp Act
7. *AK Bhuchar Committee:*Coordination Between Term Lending
Institutions And Commercial Banks
8. *B Eradi Committee:*Insolvency And Wind Up Laws
9. *B Sivaraman Committee:*Institutional Credit For Agricultural &
Rural Development
10. *B Venkatappaiah Committee:*All India Rural Credit Review
11. *BD Shah Committee:*Stock Lending Scheme
12. *BD Thakar Committee:*Job Criteria In Bank Loans (Approach)
13. *Bhagwati Committee:*Unemployment
14. *Bhagwati Committee:*Public Welfare
15. *Bhave Committee:*Share Transfer Reforms
16. *Bhide Committee:*Coordination Between Commercial Banks And SFC's
17. *Bhootlingam Committee:*Wage, Income & Prices
18. *C Rao Committee:*Agricultural Policy
19. *CE Kamath Committee:*Multi Agency Approach In Agricultural Finance
20. *Chatalier Committee:*Finance To Small Scale Industry
21. *Chesi Committee:*Direct Taxes
22. *Cook Committee (On Behalf Of BIS - Under Basel Committee ):*Capital
Adequacy Of Banks
23. *D R Mehta Committee:*Review Progress And Recommend Improvement
Measures Of IRDP
24. *Damle Committee:*MICR
25. *Dandekar Committee:*Regional Imbalances
26. *Dantwala Committee:*Estimation Of Employments
27. *Dave Committee:*Mutual Funds (Functioning)
28. *Dharia Committee:*Public Distribution System
29. *DR Gadgil Committee:*Agricultural Finance
30. *Dutta Committee:*Industrial Licensing
31. *G Lakshmai Narayan Committee:*Extension Of Credit Limits On Basis
Of Consortium
32. *G Sundaram Committee:*Export Credit
33. *Gadgil Committee (1969):*Lead Banking System
34. *Godwala Committee:*Rural Finance
35. *Goiporia Committee:*Customer Service In Banks
36. *GS Dahotre Committee:*Credit Requirements Of Leasing Industry
37. *GS Patel Committee:*Carry Forward System On Stock Exchanges
38. *Hathi Committee:*Soiled Banknotes
39. *Hazari Committee (1967):*Industrial Policy
40. *IT Vaz Committee:*Working Capital Finance In Banks
41. *J Reddy Committee:*Reforms In Insurance Sector
42. *James Raj Committee:*Functioning Of Public Sector Banks
43. *Jankiramanan Committee:*Securities Transactions Of Banks &
Financial Institutions
44. *JV Shetty Committee:*Consortium Advances
45. *K Madhav Das Committee:*Urban Cooperative Banks
46. *Kalyansundaram Committee:*Introduction Of Factoring Services In India
47. *Kamath Committee:*Education Loan Scheme
48. *Karve Committee:*Small Scale Industry
49. *KB Chore Committee:*To Review The Symbol Of Cash Credit Q
50. *Khanna Committee:*Non Performing Assets
51. *Khusrau Committee:*Agricultural Credit
52. *KS Krishnaswamy Committee:*Role Of Banks In Priority Sector And 20
Point Economic Programme
53. *L K Jha Committee:*Indirect Taxes
54. *LC Gupta Committee:*Financial Derivatives
55. *Mahadevan Committee:*Single Window System
56. *Mahalanobis Committee:*Income Distribution
57. *Marathe Committee:*Licensing Of New Banks
58. *ML Dantwala Committee:*Regional Rural Banks
59. *Mrs. KS Shere Committee:*Electronic Fund Transfer
60. *Nadkarni Committee:*Improved Procedures For Transactions In PSU
Bonds And Units
61. *Nariman Committee:*Branch Expansion Programme
62. *Narsimham Committee:*Financial System
63. *Omkar Goswami Committee:*Industrial Sickness And Corporate
Restructuring
64. *P R Nayak Committee:*Institutional Credit To SSI Sector
65. *P Selvam Committee:*Non Performing Assets Of Banks
66. *PC Luther Committee:*Productivity, Operational Efficiency &
Profitability Of Banks
67. *PD Ojha Committee:*Service Area Approach
68. *Pendarkar Committee:*Review The System Of Inspection Of Commercial,
RRB And Urban Cooperative Banks
69. *Pillai Committee:*Pay Scales Of Bank Officers
70. *PL Tandon Committee:*Export Strategy
71. *PR Khanna Committee:*Develop Appropriate Supervisory Framework For
NBFC
72. *Purshottam Das Committee:*Agricultural Finance And Cooperative
Societies
73. *R Jilani Banks:*Inspection System Of Banks
74. *R S Saria Committee:*Agricultural Finance And Cooperative Societies
75. *Raghavan Committee:*Competition Law
76. *Raja Chelliah Committee:*Tax Reforms
77. *Rajamannar Committee:*Centre - State Fiscal Relationships
78. *Rajamannar Committee:*Changes In Banking Laws , Bouncing Of Cheques
Etc.
79. *Rakesh Mohan Committee:*Petro Chemical Sector
80. *Ram Niwas Mirdha Committee (JPC):*Securities Scam
81. *Rangrajan Committee:*Computerization Of Banking Industry
82. *Rangrajan Committee:*Public Sector Disinvestment
83. *Rashid Jilani Committee:*Cash Credit System
84. *Ray Committee:*Industrial Sickness
85. *RG Saraiya Committee (1972):*Banking Commission
86. *RH Khan Committee:*Harmonization Of Banks And Ssis
87. *RK Hajare Committee:*Differential Interest Rates Scheme
88. *RK Talwar Committee:*Customer Service
89. *RK Talwar Committee:*Enactment Having A Bearing On Agro Landings By
Commercial Banks
90. *RN Malhotra Committee:*Reforms In Insurance Sector
91. *RN Mirdha Committee:*Cooperative Societies
92. *RV Gupta Committee:*Agricultural Credit Delivery
93. *S Padmanabhan Committee:*Onsite Supervision Function Of Banks
94. *S Padmanabhan Committee:*Inspection Of Banks (By RBI)
95. *Samal Committee:*Rural Credit
96. *SC Choksi Committee:*Direct Tax Law
97. *Shankar Lal Gauri Committee:*Agricultural Marketing
98. *SK Kalia Committee:*Role Of NGO And SHG In Credit
99. *SL Kapoor Committee:*Institutional Credit To SSI
100. *Sodhani Committee:*Foreign Exchange Markets In NRI Investment In India
101. *SS Kohli Committee:*Rehabilitation Of Sick Industrial Units
102. *SS Kohli Committee:*Rationalization Of Staff Strength In Banks
103. *SS Kohli Committee:*Willful Defaulters
104. *SS Nadkarni Committee:*Trading In Public Sector Banks
105. *SS Tarapore Committee:*Capital Account Convertibility
106. *Sukhmoy Chakravarty Committee:*To Review The Working Of Monetary
System
107. *Tambe Committee:*Term Loans To SSI
108. *Tandon Committee:*Follow Up Of Bank Credit
109. *Tandon Committee:*Industrial Sickness
110. *Thakkar Committee:*Credit Schemes To Self Employed
111. *Thingalaya Committee:*Restructuring Of RRB
112. *Tiwari Committee:*Rehabilitation Of Sick Industrial Undertakings
113. *UK Sharma Committee:*Lead Bank Scheme (Review)
114. *Usha Thorat Panel: Financial Inclusion *
115. *Vaghul Committee:*Mutual Fund
116. *Varshney Committee:*Revised Methods For Loans (>2 Lakhs)
117. *Venketaiya Committee:*Review Of Rural Financing System
118. *Vipin Malik Committee:*Consolidated Accounting By Banks
119. *VT Dehejia Committee:*To Study Credit Needs Of Industry And Trade
Likely To Be Inflated
120. *Vyas Committee:*Rural Credit
121. *Wanchoo Committee:*Direct Taxes
122. *WS Saraf Committee:*Technology Issues In Banking Industry
123. *Y H Malegam Committee:*Disclosure Norms For Public Issues
124. *YV Reddy Committee:*Reforms In Small Savings

list of important days

January 9-: NRI Day
January  10-: World Laughter Day
January  12-: National Youth Day

January  15-: Army Day
January  25-: National Tourism Day
January  26-: India's Republic Day, International Customs Day
January  30-: Martyrs' Day; World leprosy Eradication Day
February 2nd Sunday-: World Marriage Day
February 24-: Central Excise Day
February 28-: National Science Day
March 2nd Thursday-: World  Kidney Day
March 2nd Monday-: Commonwealth Day
March 8-: International Women's Day 
March 15-: World Diabled Day; World Consumer Rights Day
March 18-: Ordnance Factories Day (India)
March 21-: World Forestry Day
March 21-: International Day for the Elimination of Racial Discrimination
March 22-: World Day for Water
March 23-: World Meteorological Day
March 24-: World TB Day
April 3-: World Austism Day
April  5-: International Day for Mine Awareness; National Maritime Day
April  7-: World Heath Day
April  17-: World Haemophilia Day
April  18-: World Heritage Day
April  21-: Secretaries' Day
April  21-: National Civil Services Day
April  22-: Earth Day
April  23-: World Book and Copyright Day
April 26-: World Intellectual Property Day
May 1-:  Worker's Day (International Labour Day)
May 1st Sunday-: World Laughter Day
May 1st Tuesday-: World Asthma Day
May 3-: Press Freedom Day
May,2nd Sunday-: Mother's Day
May 4-: Coal Miners' Day
May 8-: World Red Cross Day
May 9-: World Thalassaemia Day
May 11-: National Technology Day
May 12-: World Hypertension Day; International Nurses Day
May 15-: International Day of the Family
May 17-: World Telecommunication Day
May 24-: Commonweath Day
May 25-: World Thyroid Day
May 29-: International Mount Everest day (Desginated by Nepal)
May 31-: Anti-tobacco Day
May 1-: World Milk Day (FAO)
June 4-: International Day of Innocent Children, Victims of Aggression
June 5-: World Environment Day
June 3rd Sunday-: Father's Day
June 26-: International Day aganist Drug Abuse and Illicit Trafficking, in support of Victims of Torture  
June 14-: World Blood Donor Day
June 1-: Doctor's Day
June 11-: World Populational Day
August 1st Sunday-: International Friendship Day
August 6-: Hiroshima Day
August 8-: World Semior Citizen's Day
August 9-: Quit India Day, Nagasaki Day
August 15-: India Independence Day
August 18-: Intl.Day of the World's Indigenous Peoples
August 19-: Photography Day
August 29-: National Sports Day
Paurnai Day of Shasrvana Month-: Sanskrit Day
September 2-: Coconut Day
September 5-: Teachers' Day
September 8-: International Literacy day (UNESCO)
September 15-: Engineers' Day
September 16-: World Ozone Day
September 21-: Alzheimer's Day; day for Peace & non-violence (UN)
September 22-: Rose Day (welfare of Cancer patients)
September 26-: Day of the Deaf
September 27-: World Tourism Day
October 1-: International Day for the Elderly
October 2-:  Gandhi Jayanthi; International Day of Non-Violence
October 3-: World Habitat Day
October 4-: World Animal Welfare Day
October 8-: India Air Force Day
October 9-: World Post Office Day
October 10-: Natioanl Post day
October, 2nd Thursday-: World Sight Day
October 13-: UN International Day Natural Disaster Reduction
October 15-: World White Cane Day (guiding the blind)
October 16-: World Food Day
October 24-: UN Day; World Development Information Day
October 30-: World Thrift Day
November 9-: Legal Services Day
November 14-: Children's Day; Diabetes Day
November 17-: National Epilepsy Day
November 19-: Citizens' Day
November 20-: Universal Children's Day (UN), Africa Industrialisation
November 29-: International Day of Solidarity with palestinian People
December 1-: World AIDS Day
December 3-: World Day of the Handicapped
December 4-: Navy Day
December 7-: Armed Forces flag Day
December 10-: Human Rights Day; Inti. Children's Day fo Broadcasting
December 18-: Minorities Rights Day(India)
December 23-: Kisan Divas (Farmer's Day)

CHIEF POSTS IN INDIA AS PER MAY 2012

Name Designation
Pratibha Devi
Singh Patil President of
India
Mohammad
Hamid Ansari Vice President
Manmohan
Singh Prime
Minister of
India
(Chairman of
Planing
Commission)
Ms. Meira
Kumar Speaker, Lok
Sabha
Mr. K. Rahman
Khan Deputy
Chairman,
Rajya Sabha
Mr. Karia
Munda Deputy
Speaker, Lok
Sabha
Ms. Sushma
Swaraj Leader of
Opposition
(Lok Sabha)
Mr. Arun
Jaitley Leader of
Opposition
(Rajya Sabha)
Dr. Montek
Singh
Ahluwalia Deputy
Chairman,
Planning
Commission
Mr. S.Y.
Quraishi Chief Election
Commissioner
Mr.
Harishankar
Brahma Election
Commissioner
Mr. Justice K.G.
Balakrishnan Chairperson,
National
Human Rights
Commission
Mr. Vinod Rai Comptroller
and Auditor
General of
India
Mr. Justice M.N.
Rao Chairman,
National
Commission
for Backward
Classes
Prof. D.P.
Agarwal Chairman,
UPSC
Dr. M.S.
Swaminathan Chairman,
National
Commission
on Farmers
(NCF)
Mr. Satyanand
Mishra Chief
Information
Commissioner
Mr. N. K.
Raghupathy Chairman, SSC
Dr. Vishwa
Mohan Katoch Director
General,
Indian Council
of Medical
Research
Mr. C.
Chandramouli Register
General and
Census
Commissioner
of India
Mr. P. V. Reddi Chairman Law
Commission
Mr. Duvvuri
Subbarao Governor,
Reserve Bank
of India (RBI)
Mr. Baldev Raj President,
Indian
National
Academy of
Engineering
Mr. Sam
Balsara Chairman,
Audit Bureau
Circulation
Mr. M. C. Joshi Chairperson,
Central Board
of Direct
Taxes(CBDT)
Mr. U. K. Sinha Chairman,
Securities &
Exchange
Board of India
Ms. Mamata
Sharma Chairperson,
National
Commission
for Women
Dr. Vijay KelkarChairman,
13th Finance
Commission
Mr. Sam
Pitroda Chairman,
National
Knowledge
Commission
Mr. Rajiv Takru CEO, Prashar
Bharti
Mr. Ratan Tata Chairman,
Investment
Commission
Mr. Rajendra
Pawar Chairman,
NASSCOM
Mr. Dilip Modi President,
ASSOCHAM
Mr. V. S.
Sampath Election
Commissioner
Mr. Shiv
Shankar
Menon National
Security
Advisor and
Special
Advisor to PM
(Internal
Security)
Dr. Vivek
Kumar
Agnihotri Secretary
General Rajya
Sabha
Mr. T. K.
Vishwanathan Secretary
General Lok
Sabha
Mr. Nehchal
Sandhu Director IB
Mr. A. P. Singh Director CBI
Mr. Sanjeev
Tripathi Director,
Research and
Analytical
Wing (RAW)
Mr. R. K.
Medhekar Director
General, NSG
Mr. Vijay
Kumar Director
General, CRPF
Mr. Rajiv Director
General,
Central
Industrial
Security Force
(CISF)
Mr. P. K. Mehta Director
General,
Railway
Protection
Force
Mr. Ranjit
Sinha Director
General, Indo
Tibetan
Border Police
Prof. Ved
Prakash Chairman UGC
Dr. V. K.
Saraswat Scientific
Advisor to
Defence
Minister and
Director
General DRDO
Dr. R.
Chidambaram Principal
Scientific
Advisor to the
Govt.
Dr. K.
Radhakrishnan Chairman
Space
Commission
and ISRO
Dr. Srikumar
Banerjee Chairman,
Atomic
Energy
Commission
and Secretary,
Dept of
Atomic
Energy.
Mr. Wajahat
Habibullah Chairperson,
National
Commission
for Minorities
Dr. Suresh
D.Tendulkar Chairman,
National
Statistical
Commission
Mr. Pranay
Sahay Director
General,
Sashastra
Seema Bal
Shri Kunwar
Singh Chairman,
National
Commission
for Scheduled
Tribes
Mr. P. L. Punia Chairman,
National
Commission
for Scheduled
Castes

List of Credit Rating Agencies In India :

1. Credit Rating Information
Services of India Limited
(CRISIL)
2. Investment Information
and Credit Rating Agency of
India (ICRA)
3. Credit Analysis & Research
Limited (CARE)
4. Duff & Phelps Credit
Rating India Private Ltd.
(DCR India)
5. ONICRA Credit Rating
Agency of India Ltd.

RBI Assistant exams GA answer key

India recently started a
nuclear plant at ? Jaitapur
Which county launched
tiangpong I in Orbit ? China
Recently China Started
Seychelles project at which
Sea ? Indian Ocean
Sachin Scored his 100th ton
against which country ?
Bangladesh
India's Credit Rating
agency ? CRISIL
Newly Elected Chief Minister
of Uttar Pradesh ? Akilesh
Yadav
Meaning of alphabet F in
NBFC ? Finance
Essential requirement to
involve poor people in
Financial Inclusion ?
Banking
Author of the Book Malgudi
Days ? RK Narayan
Who among the following
is the author of India
Origin ??? kiran desai
The Objective of Signing
Kyoto Protocol ? Climate
Change
Which among the following
is the member country of
the BRICS ? South Africa
Scheme to attract more
Children to the School ?
Mid-Day Meal
Functions of the NABARD
Bank ?
Lawn Tennis ? Davis Cup
2018 commenwealth
Games ? Australia
Rajiv Awas Yojana ? Slum-
free City Planning
Who is the present Solicitor-
General of India ? Rohinton
Fali Nariman
Who among the Following
is the Deputy Governor of
RBI ? HR Khan
With Which country, USA
called off the war after 9
years ? Iraq
Which among the Following
is not the Currency of any
country ? Ecuador
To which country did USA
asked India to stop
importing crude oil ? Iran
Which among the following
terms is associated with the
game of Cricket ? Silly Point
Dipika who recently won
the Crocodile Challenge Cup
2012 is associated with
which game ? Squash
Winner of Padam
Vibhushan Award 2012 T V
Rajeswar
Who among the following
won the Nobel Prize 2011
for Literature ? Tomas
Transtromar
Which actress won the
National Film Award 2011 ?
Vidya Balan
Who among the following
the President of a country ?
Nicolas Sarcozy
economic term- balance of
payment
.
Rafael-fighter planes.
commonwealth games in
2018-Australia
worlds aids day ---- 1st dec
Author – kiran desai

RBI answers
India recently started a
nuclear plant at ? Jaitapur
Which county launched
tiangpong I in Orbit ? China
Recently China Started
Seychelles project at which
Sea ? Indian Ocean
Sachin Scored his 100th ton
against which country ?
Bangladesh
India's Credit Rating
agency ? CRISIL
Newly Elected Chief Minister
of Uttar Pradesh ? Akilesh
Yadav
Meaning of alphabet F in
NBFC ? Finance
Essential requirement to
involve poor people in
Financial Inclusion ?
Banking
Author of the Book Malgudi
Days ? RK Narayan
Who among the following
is the author of India
Origin ??? kiran desai
The Objective of Signing
Kyoto Protocol ? Climate
Change
Which among the following
is the member country of
the BRICS ? South Africa
Scheme to attract more
Children to the School ?
Mid-Day Meal
Functions of the NABARD
Bank ?
Lawn Tennis ? Davis Cup
2018 commenwealth
Games ? Australia
Rajiv Awas Yojana ? Slum-
free City Planning
Who is the present Solicitor-
General of India ? Rohinton
Fali Nariman
Who among the Following
is the Deputy Governor of
RBI ? HR Khan
With Which country, USA
called off the war after 9
years ? Iraq
Which among the Following
is not the Currency of any
country ? Ecuador
To which country did USA
asked India to stop
importing crude oil ? Iran
Which among the following
terms is associated with the
game of Cricket ? Silly Point
Dipika who recently won
the Crocodile Challenge Cup
2012 is associated with
which game ? Squash
Winner of Padam
Vibhushan Award 2012 T V
Rajeswar
Who among the following
won the Nobel Prize 2011
for Literature ? Tomas
Transtromar
Which actress won the
National Film Award 2011 ?
Vidya Balan
Who among the following
the President of a country ?
Nicolas Sarcozy
economic term- balance of
payment
.
Rafael-fighter planes.
commonwealth games in
2018-Australia
worlds aids day ---- 1st dec
Author – kiran desai

Key Rates as per 20-04-2012

Bank Rate	9.00%
Repo Rate	8.00%
Reverse Repo Rate	7.00%
Cash Reserve Ratio (CRR)	4.75%
Statutory Liquidity Ratio (SLR)	24.0%
Base Rate	10.00%–10.75%
Reserve Bank Rate	4%

New Tax Slab For the Financial Year 2012-13

CURRENCY OF MAJOR COUNTRIES

Rupya- India, Morishus, Sri Lanka, Pakistan, Maldiu

Rupiyah- Indoneshiya

Dollar- Australia, USA, Canada, Newziland, Zamaica, Liberiya, Singapur, Fizi, Zimbabwey, Taivan

Riyal- Iran, Qatar, Saudi  Arab,

Dinar- Alziriya, Libya, Yugoslavia, Iraq, Jordan

Lira- Turkey, Italy

Peso- Bolivia, Chili, Columbia, Mexico, Portugal,

Pesa- Argentina

Frank- Belgium, Congo, Luxemburg, Malagasy, Rwanda, Senegal, Switzerland, France

Krona- Iceland, Norvey, Sweden

Crone- Denmark

Shilling- Kenya, Iran, Austria, Uganda, Tanzania

Pound- Ireland, Lebanon, Sypris, Egypt

Taka- Bangladesh

Yen- Japan

Yuan-China

Won- Korea

South Africa- Rand

Add More.......................................................

Cabinet of Ministers

1 Dr. Manmohan Singh--Prime Minister

2 Shri Pranab Mukherjee---Minister of Finance.

3 Shri Sharad Pawar---Minister of Agriculture and Minister of Food Processing Industries.

4 Shri A.K. Antony---Minister of Defence.

5 Shri P. Chidambaram--- Minister of Home Affairs

6 Shri S.M. Krishna --- Minister of External Affairs

7 Shri Virbhadra Singh --- Minister of Micro, Small and Medium Enterprises.

8 Shri Vilasrao Deshmukh ---Minister of Science and Technology and Minister of Earth Sciences.

9 Shri Ghulam Nabi Azad --- Minister of Health and Family Welfare

10 Shri Sushilkumar Shinde Minister of Power

11 Shri M. Veerappa Moily--- Minister of Corporate Affairs

12 Dr. Farooq Abdullah---Minister of New and Renewable Energy

13 Shri S. Jaipal Reddy ----Minister of Petroleum and Natural Gas

14 Shri Kamal Nath--- Minister of Urban Development.

15 Shri Ajit Singh ---Minister of Civil Aviation

16 Shri Vayalar Ravi ---Minister of Overseas Indian Affairs

17 Smt. Ambika Soni--- Minister of Information and Broadcasting.

18 Shri Mallikarjun Kharge---- Minister of Labour and Employment.

19 Shri Kapil Sibal ----Minister of Human Resource Development and Minister of Communications and Information Technology

20 Shri Anand Sharma ----Minister of Commerce and Industry and Minister of Textiles.

21 Shri C.P. Joshi ----Minister of Road Transport and Highways.

22 Kumari Shelja ---Minister of Housing and Urban Poverty Alleviation and Minister of Culture.

23 Shri Subodh Kant Sahay ---Minister of Tourism

24 Shri G.K. Vasan--- Minister of Shipping.

25 Shri Pawan Kumar Bansal--- Minister of Parliamentary Affairs and Minister of Water Resources.

26 Shri Mukul Wasnik ---Minister of Social Justice and Empowerment.

27 Shri M.K. Alagiri--- Minister of Chemicals and Fertilizers.

28 Shri Praful Patel--- Minister of Heavy Industries and Public Enterprises.

29 Shri Shriprakash Jaiswal--- Minister of Coal.

30 Shri Salman Khursheed--- Minister of Law and Justice and Minister of Minority Affairs.

31 Shri V. Kishore Chandra Deo--- Minister of Tribal Affairs and Minister of Panchayati Raj.

32 Shri Beni Prasad Verma-- Minister of Steel.

33 Shri Jairam Ramesh--- Minister of Rural Development and Minister of Drinking Water and Sanitation.

34 Shri Mukul Roy---- Minister of Railways.***************

Repo Rate & Reverse Repo Rate

A repo or repurchase Agreement is an instrument of money market. Usually reserve bank (federal bank in U.S) and commercial banks involve in repo transactions but not restricted to these two. Individuals, banks, financial institutes can also participate in repurchase agreement.

Repo is a collateralized lending i.e. the banks which borrow money from Reserve Bank to meet short term needs have to sell securities, usually bonds to Reserve Bank with an agreement to repurchase the same at a predetermined rate and date. In this way for the lender of the cash (usually Reserve Bank) the securities sold by the borrower are the collateral against default risk and for the borrower of cash (usually commercial banks) cash received from the lender is the collateral.

Reserve bank charges some interest rate on the cash borrowed by banks. This rate is usually less than the interest rate on bonds as the borrowing is collateral. This interest rate is called ‘repo rate’. The lender of securities is said to be doing repo whereas the lender of cash is said to be doing ‘reverse repo’.

In a reverse repo Reserve Bank borrows money from banks by lending securities. The interest paid by Reserve Bank in this case is called reverse repo rate.

Borrower of funds is called as seller of repo and lender of funds is called as buyer of repo. When the term of the loan is for one day it is known as an overnight repo and if it is for more than one day it is called a term repo.

The forward clean price of bonds is set at a level which is different from the spot clean price by adjusting the difference between repo rate and coupon earned on the security.

Difference between cheque and draft

An important difference between the two is that a draft can 
be issued only when the amount of the draft is submitted to 
the bank. Whereas a cheque can be issued irrespective of 
whether there is balance in the issuer's account or not. 
Incase there is no balance in the issuer's account at the 
time when the cheque is presented to the bank for 
encashment, the cheque will get bounced.

Difference between BANK DRAFT and DEMAND DRAFT

Bank Draft 

a check drawn by one bank against funds deposited into its account at another bank, authorizing the second bank to make payments to the individual named in the draft
&
Demand Draft
A method used by individuals to make transfer payments from one bank account to another. Demand drafts are marketed as a relatively secure method for cashing checks. The major difference between demand drafts and normal checks is that demand drafts do not require a signature in order to be cashed.

Banking in India

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Structure of the organised banking sector in India. Number of banks are in brackets.

Banking in India originated in the last decades of the 18th century. The first banks were The General Bank of India, which started in 1786, and Bank of Hindustan, which started in 1790; both are now defunct. The oldest bank in existence in India is the State Bank of India, which originated in the Bank of Calcutta in June 1806, which almost immediately became the Bank of Bengal. This was one of the three presidency banks, the other two being the Bank of Bombay and the Bank of Madras, all three of which were established under charters from the British East India Company. For many years the Presidency banks acted as quasi-central banks, as did their successors. The three banks merged in 1921 to form the Imperial Bank of India, which, upon India's independence, became the State Bank of India in 1955.

Indian merchants in Calcutta established the Union Bank in 1839, but it failed in 1848 as a consequence of the economic crisis of 1848-49. The Allahabad Bank, established in 1865 and still functioning today, is the oldest Joint Stock bank in India.(Joint Stock Bank: A company that issues stock and requires shareholders to be held liable for the company's debt) It was not the first though. That honor belongs to the Bank of Upper India, which was established in 1863, and which survived until 1913, when it failed, with some of its assets and liabilities being transferred to theAlliance Bank of Simla.

When the American Civil War stopped the supply of cotton to Lancashire from the Confederate States, promoters opened banks to finance trading in Indian cotton. With large exposure to speculative ventures, most of the banks opened in India during that period fey and lost interest in keeping deposits with banks. Subsequently, banking in India remained the exclusive domain of Europeans for next several decades until the beginning of the 20th century.

Foreign banks too started to arrive, particularly in Calcutta, in the 1860s. The Comptoire d'Escompte de Paris opened a branch in Calcutta in 1860, and another in Bombay in 1862; branches in Madras and Pondicherry, then a French colony, followed. HSBC established itself inBengal in 1869. Calcutta was the most active trading port in India, mainly due to the trade of the British Empire, and so became a banking center.

The first entirely Indian joint stock bank was the Oudh Commercial Bank, established in 1881 in Faizabad. It failed in 1958. The next was thePunjab National Bank, established in Lahore in 1895, which has survived to the present and is now one of the largest banks in India.

Around the turn of the 20th Century, the Indian economy was passing through a relative period of stability. Around five decades had elapsed since the Indian Mutiny, and the social, industrial and other infrastructure had improved. Indians had established small banks, most of which served particular ethnic and religious communities.

The presidency banks dominated banking in India but there were also some exchange banks and a number of Indian joint stock banks. All these banks operated in different segments of the economy. The exchange banks, mostly owned by Europeans, concentrated on financing foreign trade. Indian joint stock banks were generally under capitalized and lacked the experience and maturity to compete with the presidency and exchange banks. This segmentation let Lord Curzon to observe, "In respect of banking it seems we are behind the times. We are like some old fashioned sailing ship, divided by solid wooden bulkheads into separate and cumbersome compartments."

The period between 1906 and 1911, saw the establishment of banks inspired by the Swadeshi movement. The Swadeshi movement inspired local businessmen and political figures to found banks of and for the Indian community. A number of banks established then have survived to the present such as Bank of India, Corporation Bank, Indian Bank, Bank of Baroda, Canara Bank and Central Bank of India.

The fervour of Swadeshi movement lead to establishing of many private banks in Dakshina Kannada and Udupi district which were unified earlier and known by the name South Canara ( South Kanara ) district. Four nationalised banks started in this district and also a leading private sector bank. Hence undivided Dakshina Kannada district is known as "Cradle of Indian Banking".

During the First World War (1914–1918) through the end of the Second World War (1939–1945), and two years thereafter until theindependence of India were challenging for Indian banking. The years of the First World War were turbulent, and it took its toll with banks simply collapsing despite the Indian economy gaining indirect boost due to war-related economic activities. At least 94 banks in India failed between 1913 and 1918 as indicated in the following table:

Years	Number of banks that failed	Authorised capital (Rs. Lakhs)	Paid-up Capital (Rs. Lakhs)
1913	12	274	35
1914	42	710	109
1915	11	56	5
1916	13	231	4
1917	9	76	25
1918	7	209	1

[edit]Post-Independence

The partition of India in 1947 adversely impacted the economies of Punjab and West Bengal, paralyzing banking activities for months. India'sindependence marked the end of a regime of the Laissez-faire for the Indian banking. The Government of India initiated measures to play an active role in the economic life of the nation, and the Industrial Policy Resolution adopted by the government in 1948 envisaged a mixed economy. This resulted into greater involvement of the state in different segments of the economy including banking and finance. The major steps to regulate banking included:

• The Reserve Bank of India, India's central banking authority, was established in April 1934, but was nationalized on January 1, 1949 under the terms of the Reserve Bank of India (Transfer to Public Ownership) Act, 1948 (RBI, 2005b).[Reference www.rbi.org.in]
• In 1949, the Banking Regulation Act was enacted which empowered the Reserve Bank of India (RBI) "to regulate, control, and inspect the banks in India."
• The Banking Regulation Act also provided that no new bank or branch of an existing bank could be opened without a license from the RBI, and no two banks could have common directors.

[edit]Nationalisation

Banks Nationalisation in India: Newspaper Clipping, Times of India, July 20, 1969

Despite the provisions, control and regulations of Reserve Bank of India, banks in India except theState Bank of India or SBI, continued to be owned and operated by private persons. By the 1960s, the Indian banking industry had become an important tool to facilitate the development of the Indian economy. At the same time, it had emerged as a large employer, and a debate had ensued about the nationalization of the banking industry. Indira Gandhi, then Prime Minister of India, expressed the intention of the Government of India in the annual conference of the All India Congress Meeting in a paper entitled "Stray thoughts on Bank Nationalisation." The meeting received the paper with enthusiasm.

Thereafter, her move was swift and sudden. The Government of India issued an ordinance andnationalised the 14 largest commercial banks with effect from the midnight of July 19, 1969.Jayaprakash Narayan, a national leader of India, described the step as a "masterstroke of political sagacity." Within two weeks of the issue of the ordinance, the Parliament passed the Banking Companies (Acquisition and Transfer of Undertaking) Bill, and it received the presidential approval on 9 August 1969.

A second dose of nationalization of 6 more commercial banks followed in 1980. The stated reason for the nationalization was to give the government more control of credit delivery. With the second dose of nationalization, the Government of India controlled around 91% of the banking business of India. Later on, in the year 1993, the government merged New Bank of India with Punjab National Bank. It was the only merger between nationalized banks and resulted in the reduction of the number of nationalised banks from 20 to 19. After this, until the 1990s, the nationalised banks grew at a pace of around 4%, closer to the average growth rate of the Indian economy.

[edit]Liberalisation

In the early 1990s, the then Narasimha Rao government embarked on a policy of liberalization, licensing a small number of private banks. These came to be known as New Generation tech-savvy banks, and included Global Trust Bank (the first of such new generation banks to be set up), which later amalgamated with Oriental Bank of Commerce, Axis Bank(earlier as UTI Bank), ICICI Bank and HDFC Bank. This move, along with the rapid growth in the economy of India, revitalized the banking sector in India, which has seen rapid growth with strong contribution from all the three sectors of banks, namely, government banks, private banks and foreign banks.

The next stage for the Indian banking has been set up with the proposed relaxation in the norms for Foreign Direct Investment, where all Foreign Investors in banks may be given voting rights which could exceed the present cap of 10%,at present it has gone up to 74% with some restrictions.

The new policy shook the Banking sector in India completely. Bankers, till this time, were used to the 4-6-4 method (Borrow at 4%;Lend at 6%;Go home at 4) of functioning. The new wave ushered in a modern outlook and tech-savvy methods of working for traditional banks.All this led to the retail boom in India. People not just demanded more from their banks but also received more.

Currently (2010), banking in India is generally fairly mature in terms of supply, product range and reach-even though reach in rural India still remains a challenge for the private sector and foreign banks. In terms of quality of assets and capital adequacy, Indian banks are considered to have clean, strong and transparent balance sheets relative to other banks in comparable economies in its region. The Reserve Bank of India is an autonomous body, with minimal pressure from the government. The stated policy of the Bank on the Indian Rupee is to manage volatility but without any fixed exchange rate-and this has mostly been true.

With the growth in the Indian economy expected to be strong for quite some time-especially in its services sector-the demand for banking services, especially retail banking, mortgages and investment services are expected to be strong. One may also expect M&As, takeovers, and asset sales.

In March 2006, the Reserve Bank of India allowed Warburg Pincus to increase its stake in Kotak Mahindra Bank (a private sector bank) to 10%. This is the first time an investor has been allowed to hold more than 5% in a private sector bank since the RBI announced norms in 2005 that any stake exceeding 5% in the private sector banks would need to be vetted by them.

In recent years critics have charged that the non-government owned banks are too aggressive in their loan recovery efforts in connection with housing, vehicle and personal loans. There are press reports that the banks' loan recovery efforts have driven defaulting borrowers to suicide.^[1][2][3]

[edit]Adoption of banking technology

The IT revolution had a great impact in the Indian banking system. The use of computers had led to introduction of online banking in India. The use of the modern innovation and computerisation of the banking sector of India has increased many fold after the economic liberalisation of 1991 as the country's banking sector has been exposed to the world's market. The Indian banks were finding it difficult to compete with the international banks in terms of the customer service without the use of the information technology and computers.

Number of branche of scheduled banks of India as of March 2005

The RBI in 1984 formed Committee on Mechanisation in the Banking Industry (1984)^[4] whose chairman was Dr C Rangarajan, Deputy Governor, Reserve Bank of India. The major recommendations of this committee was introducing MICR^[5] Technology in all the banks in the metropolis in India.This provided use of standardized cheque forms and encoders.
In 1988, the RBI set up Committee on Computerisation in Banks (1988)^[6] headed by Dr. C.R. Rangarajan which emphasized that settlement operation must be computerized in the clearing houses of RBI in Bhubaneshwar, Guwahati, Jaipur, Patna and Thiruvananthapuram.It further stated that there should be National Clearing of inter-city cheques at Kolkata,Mumbai,Delhi,Chennai and MICR should be made Operational.It also focused on computerisation of branches and increasing connectivity among branches through computers.It also suggested modalities for implementing on-line banking.The committee submitted its reports in 1989 and computerisation began form 1993 with the settlement between IBA and bank employees' association.^[7]
In 1994, Committee on Technology Issues relating to Payments System, Cheque Clearing and Securities Settlement in the Banking Industry (1994)^[8] was set up with chairman Shri WS Saraf, Executive Director, Reserve Bank of India. It emphasized on Electronic Funds Transfer (EFT) system, with the BANKNET communications network as its carrier. It also said that MICR clearing should be set up in all branches of all banks with more than 100 branches.
Committee for proposing Legislation On Electronic Funds Transfer and other Electronic Payments (1995)^[9] emphasized on EFT system. Electronic banking refers to DOING BANKING by using technologies like computers, internet and networking,MICR,EFT so as to increase efficiency, quick service,productivity and transparency in the transaction.

Number of ATMs of different Scheduled Commercial Banks Of India as on end March 2005

^[7]

Apart from the above mentioned innovations the banks have been selling the third party products like Mutual Funds, insurances to its clients.Total numbers of ATMs installed in India by various banks as on end March 2005 is 17,642.^[10]The New Private Sector Banks in India is having the largest numbers of ATMs which is fol off site ATM is highest for the SBI and its subsidiaries and then it is followed by New Private Banks, Nationalised banks and Foreign banks. While on site is highest for the Nationalised banks of India.^[7]